v3.26.3
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Interest Income:        
Interest Income $ 274,342 $ 210,182 $ 787,413 $ 563,949
Interest expense (including $(93,128) and $(82,157) and $(260,192) and $(211,475), respectively with BUCKLER) (190,599) (171,665) (556,137) (455,986)
Net Interest Income 83,743 38,517 231,276 107,963
Other Income (Loss):        
Gain (Loss) on derivatives, net [1] 792,440 (49,287) 983,700 (348,527)
Total Other Income (Loss) (390,972) 134,018 (446,033) 43,787
Expenses:        
Management fees 13,039 11,703 37,793 33,532
Compensation 1,480 926 3,596 2,626
Other operating 1,998 2,297 7,635 9,559
Total Expenses 16,517 14,926 49,024 45,717
Less management fees waived 0 (1,650) 0 (4,950)
Total Expenses after fees waived 16,517 13,276 49,024 40,767
Net Income (Loss) (323,746) 159,259 (263,781) 110,983
Dividends on preferred stock (3,326) (3,003) (9,765) (9,006)
Net Income (Loss) available (related) to common stockholders $ (327,072) $ 156,256 $ (273,546) $ 101,977
Net Income (Loss) per share available (related) to common stockholders (Note 11):        
Basic (in dollars per share) $ (2.26) $ 1.50 $ (2.09) $ 1.16
Diluted (in dollars per share) (2.26) 1.49 (2.09) 1.16
Dividends declared per common share (in dollars per share) $ 0.72 $ 0.72 $ 2.16 $ 2.16
Weighted average common shares outstanding:        
Basic (in shares) 144,564 104,318 131,176 87,886
Diluted (in shares) 144,564 104,573 131,176 88,141
Agency Securities        
Other Income (Loss):        
Gain (Loss) on Agency Securities, trading, net $ (1,165,185) $ 177,108 $ (1,390,404) $ 401,910
US Treasury Securities        
Other Income (Loss):        
Gain (Loss) on U.S. Treasury Securities, net (18,227) 6,197 (39,329) (9,596)
BUCKLER Securities, LLC | Related Party        
Interest Income:        
Interest expense (including $(93,128) and $(82,157) and $(260,192) and $(211,475), respectively with BUCKLER) $ (93,128) $ (82,157) $ (260,192) $ (211,475)
[1] Interest income and expense related to our interest rate swap contracts is recorded in gain (loss) on derivatives, net on the consolidated statements of operations. For additional information, see financial statement Note 7.