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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Interest income $ 85,408 $ 70,624 $ 165,049 $ 144,470
Interest expense 55,308 52,895 107,901 107,920
Net interest income 30,100 17,729 57,148 36,550
Other income (loss)        
Gain (loss) on investments, net (21,226) (5,268) (76,166) 76,890
Gain (loss) on derivative instruments, net 31,584 (30,916) 44,463 (107,595)
Total other income (loss) 10,358 (36,184) (31,703) (30,705)
Expenses        
Management fee – related party 3,329 2,831 6,303 5,827
General and administrative 2,125 2,041 4,042 3,704
Total expenses 5,454 4,872 10,345 9,531
Net income (loss) 35,004 (23,327) 15,100 (3,686)
Dividends to preferred stockholders (3,165) (3,297) (6,355) (6,638)
Gain (loss) on repurchase and retirement of preferred stock 3 57 (24) 46
Net income (loss) attributable to common stockholders 31,842 (26,567) 8,721 (10,278)
Net income (loss) attributable to common stockholders 31,842 (26,567) 8,721 (10,278)
Other comprehensive income (loss)        
Unrealized gain (loss) on mortgage-backed securities, net 0 (271) 0 229
Reclassification of unrealized (gain) loss on sale of mortgage-backed securities to gain (loss) on investments, net 0 (518) 0 (402)
Total other comprehensive income (loss) 0 (789) 0 (173)
Comprehensive income (loss) attributable to common stockholders $ 31,842 $ (27,356) $ 8,721 $ (10,451)
Earnings (loss) per share: Net income (loss) attributable to common stockholders        
Basic (in USD per share) $ 0.34 $ (0.40) $ 0.10 $ (0.16)
Diluted (in USD per share) $ 0.34 $ (0.40) $ 0.10 $ (0.16)