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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities    
Net income (loss) $ 15,100 $ (3,686)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Amortization of premiums and (discounts), net (2,072) (3,392)
Realized and unrealized (gain) loss on derivative instruments, net (2,128) 164,305
(Gain) loss on investments, net 76,166 (76,890)
Other amortization 283 349
Changes in operating assets and liabilities:    
(Increase) decrease in operating assets (3,053) 1,769
Increase (decrease) in operating liabilities (15,380) (22,475)
Net cash provided by (used in) operating activities 68,916 59,980
Cash Flows from Investing Activities    
Purchase of mortgage-backed securities (1,379,170) (1,073,240)
Principal payments from mortgage-backed securities 420,135 233,995
Proceeds from sale of mortgage-backed securities 211,544 1,179,303
Net settlement (termination) of derivative instruments (9,088) (149,124)
Net change in due from counterparties and collateral held payable on derivative instruments 4,097 580
Net cash provided by (used in) investing activities (752,482) 191,514
Cash Flows from Financing Activities    
Net proceeds from issuance of common stock 251,602 38,231
Repurchase of preferred stock (2,731) (4,475)
Proceeds from repurchase agreements 29,072,580 24,111,314
Principal repayments of repurchase agreements (28,481,432) (24,369,391)
Net change in due from counterparties and collateral held payable on repurchase agreements 2,606 6,238
Payments of dividends (84,954) (53,750)
Net cash provided by (used in) financing activities 757,671 (271,833)
Net change in cash, cash equivalents and restricted cash 74,105 (20,339)
Cash, cash equivalents and restricted cash, beginning of period 166,431 210,881
Cash, cash equivalents and restricted cash, end of period 240,536 190,542
Supplement Disclosure of Cash Flow Information    
Interest paid 124,053 130,082
Non-cash Investing and Financing Activities Information    
Dividends declared not paid 12,008 22,545
Unsettled receivables recorded within investment related receivable $ 97 $ 0