v3.26.1
DERIVATIVE INSTRUMENTS - Effect of Other Derivative Contracts on the Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Derivative [Line Items]        
Unrealized Gain (Loss) $ 448,853 $ (492,183) $ 680,679 $ (1,245,784)
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives 16,115 (50,460) 102,304 (422,482)
Purchase commitments        
Derivative [Line Items]        
Realized Gain (Loss) 0 0 0 0
Unrealized Gain (Loss) 10,543 2,580 7,211 12,439
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives 10,543 2,580 7,211 12,439
US Treasury Futures, And Options        
Derivative [Line Items]        
Realized Gain (Loss) 1,800 500 2,500 9,500
Unrealized Gain (Loss) (10,300) (6,000) (13,900) (6,000)
Net TBA derivatives        
Derivative [Line Items]        
Realized Gain (Loss) (164,932) (57,686) (151,184) (72,041)
Unrealized Gain (Loss) 150,058 74,703 42,816 119,236
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives (14,874) 17,017 (108,368) 47,195
Net interest rate swaptions        
Derivative [Line Items]        
Realized Gain (Loss) 0 (9,230) 20,230 (9,230)
Unrealized Gain (Loss) 1,043 8,600 1,945 0
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives 1,043 (630) 22,175 (9,230)
Futures contracts | Futures        
Derivative [Line Items]        
Realized Gain (Loss) 546,671 154,654 477,150 68,298
Unrealized Gain (Loss) (527,268) (224,081) (295,864) (541,184)
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives $ 19,403 $ (69,427) $ 181,286 $ (472,886)