Condensed Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2026 |
Sep. 30, 2025 |
Sep. 30, 2026 |
Sep. 30, 2025 |
|
| Interest income | $ 164,120 | $ 108,434 | $ 486,145 | $ 281,813 |
| Interest expense | (104,986) | (81,515) | (309,976) | (212,027) |
| Net interest income | 59,134 | 26,919 | 176,169 | 69,786 |
| Realized gains (losses) on mortgage-backed securities | 0 | 0 | 924 | (9,288) |
| Unrealized (losses) gains on mortgage-backed securities | (567,087) | 59,372 | (710,357) | 146,504 |
| Gains (losses) on derivative and other hedging instruments | 335,368 | (8,772) | 444,076 | (136,717) |
| Net portfolio (loss) income | (172,585) | 77,519 | (89,188) | 70,285 |
| Management fees | 4,072 | 3,294 | 12,183 | 9,023 |
| Allocated overhead | 510 | 887 | 1,881 | 2,077 |
| Incentive compensation | 402 | 221 | 2,232 | 242 |
| Directors' fees and liability insurance | 364 | 334 | 999 | 1,006 |
| Audit, legal and other professional fees | 306 | 300 | 1,018 | 1,053 |
| Direct REIT operating expenses | 506 | 309 | 1,487 | 783 |
| Other administrative | 175 | 96 | 695 | 479 |
| Total expenses | 6,335 | 5,441 | 20,495 | 14,663 |
| Net (loss) income | (178,920) | 72,078 | (109,683) | 55,622 |
| Unrealized (losses) gains on U.S. Treasury securities measured at fair value through other comprehensive net (loss) income | (280) | 94 | (836) | 280 |
| Comprehensive net (loss) income | $ (179,200) | $ 72,172 | $ (110,519) | $ 55,902 |
| Basic and diluted net (loss) income per share (in dollars per share) | $ (0.9) | $ 0.53 | $ (0.56) | $ 0.48 |
| Weighted Average Shares Outstanding (in shares) | 198,454,916 | 136,368,958 | 195,970,255 | 115,574,062 |
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- Definition Amount of portfolio income, net of losses. No definition available.
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Indirect cost incurred related to good produced and service rendered. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate direct operating costs incurred during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Aggregate net gain and losses (whether realized or unrealized) on all derivative instruments held for trading purposes whether or not settled physically. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of interest expense classified as operating. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of interest income (expense) classified as operating. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of expense for investment management fee, including, but not limited to, expense in connection with research, selection, supervision, and custody of investment. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of expense for service provided by entity's director. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after tax and reclassification adjustment, of gain (loss) in value of unsold investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), attributable to parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of general and administrative expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of realized gain (loss) on investment. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of unrealized gain (loss) on investment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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