v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Cash Flows Provided By (Used In) Operating Activities:          
Net Income (loss) $ (323,746) $ 159,259 $ (263,781) $ 110,983  
Adjustments to reconcile net income (loss) to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:          
Net (accretion) amortization of premium on Agency Securities     2,235 (1,176)  
Stock based compensation     2,266 1,556  
Changes in operating assets and liabilities:          
Increase in accrued interest receivable     (7,666) (26,888)  
Increase in prepaid and other assets     (1,162) (1,256)  
Change in derivatives, at fair value     (743,564) 367,416  
Increase (decrease) in accrued interest payable- repurchase agreements     (976) 31,898  
Decrease in accrued interest payable- U.S. Treasury Securities sold short     0 (3,801)  
Increase in accounts payable and other accrued expenses     3,660 2,091  
Net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities     420,669 88,641  
Cash Flows Provided By (Used In) Investing Activities:          
Purchases of Agency Securities     (6,467,149) (7,669,859)  
Principal repayments of Agency Securities     2,035,765 1,038,458  
Proceeds from sales of Agency Securities     1,751,196 1,341,698  
Disbursements on reverse repurchase agreements (includes $0 and $(1,860,188) with BUCKLER, respectively)     0 (2,268,875)  
Receipts from reverse repurchase agreements (includes $0 and $2,307,250 with BUCKLER, respectively)     0 2,767,125  
Decrease in cash collateral posted by counterparties     230,086 (380,237)  
Net cash and cash equivalents and cash collateral posted to counterparties used in investing activities     (2,365,221) (5,926,492)  
Cash Flows Provided By (Used In) Financing Activities:          
Issuance of common stock, net of expenses     639,804 874,195  
Proceeds from repurchase agreements (including $60,497,426 and $64,158,045, respectively with BUCKLER)     124,246,399 106,444,574  
Principal repayments on repurchase agreements (including $(59,279,674) and $(62,334,995), respectively with BUCKLER)     (122,809,067) (101,099,228)  
Common stock dividends paid     (284,755) (190,679)  
Common stock repurchased     (7,162) (19,947)  
Net cash and cash equivalents and cash collateral posted to counterparties provided by financing activities     1,788,456 6,000,188  
Net increase (decrease) in cash and cash equivalents and cash collateral posted to counterparties     (156,096) 162,337  
Cash and cash equivalents and cash collateral posted to counterparties - beginning of period     289,971 146,183 $ 146,183
Cash and cash equivalents and cash collateral posted to counterparties - end of period 133,875 308,520 133,875 308,520 $ 289,971
Supplemental Disclosure:          
Cash paid during the period for interest     759,080 507,495  
Non-Cash Investing Activities:          
Receivable for unsettled sales     411,773 296,523  
Payable for unsettled purchases     0 (72,933)  
Series C Preferred Stock          
Cash Flows Provided By (Used In) Financing Activities:          
Issuance of Series C Preferred stock, net of expenses     13,002 279  
Series C Preferred stock dividends paid     (9,765) (9,006)  
BUCKLER Securities, LLC | Related Party          
Cash Flows Provided By (Used In) Investing Activities:          
Disbursements on reverse repurchase agreements (includes $0 and $(1,860,188) with BUCKLER, respectively)     0 (1,860,188)  
Receipts from reverse repurchase agreements (includes $0 and $2,307,250 with BUCKLER, respectively)     0 2,307,250  
Cash Flows Provided By (Used In) Financing Activities:          
Proceeds from repurchase agreements (including $60,497,426 and $64,158,045, respectively with BUCKLER)     60,497,426 64,158,045  
Principal repayments on repurchase agreements (including $(59,279,674) and $(62,334,995), respectively with BUCKLER)     (59,279,674) (62,334,995)  
US Treasury Securities          
Adjustments to reconcile net income (loss) to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:          
Net (accretion) amortization of U.S. Treasury Securities     (76) 132  
Loss on U.S. Treasury Securities, net     39,329 9,596  
Cash Flows Provided By (Used In) Investing Activities:          
Purchases of U.S. Treasury Securities (includes $50,049 and $203,422 with BUCKLER, respectively)     (501,709) (1,106,410)  
US Treasury Securities | BUCKLER Securities, LLC | Related Party          
Cash Flows Provided By (Used In) Investing Activities:          
Purchases of U.S. Treasury Securities (includes $50,049 and $203,422 with BUCKLER, respectively)     (50,049) (203,422)  
Agency Securities          
Adjustments to reconcile net income (loss) to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:          
(Gain) Loss on Agency Securities, trading, net $ 1,165,185 $ (177,108) 1,390,404 (401,910)  
Cash Flows Provided By (Used In) Investing Activities:          
Proceeds from sales of U.S. Treasury Securities (includes $49,000 and $100,502 with BUCKLER, respectively)     586,590 351,608  
Agency Securities | BUCKLER Securities, LLC | Related Party          
Cash Flows Provided By (Used In) Investing Activities:          
Proceeds from sales of U.S. Treasury Securities (includes $49,000 and $100,502 with BUCKLER, respectively)     $ 49,000 $ 100,502