v3.26.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets [Abstract]    
Cash and cash equivalents $ 993,008 $ 531,043
Cash collateral posted to counterparties 834,736 399,344
Mortgage-backed securities (including pledged assets of $25,239,341 and $14,593,470, respectively), at fair value 25,912,607 16,306,988
Due from counterparties 61,439 17,425
Derivative assets 0 10,498
Accrued interest receivable 113,913 67,940
Other assets 9,503 8,940
Total assets 27,925,206 17,342,178
Liabilities:    
Repurchase agreements 24,190,276 13,904,231
Due to counterparties 389,511 811,656
Derivative liabilities 89,336 4,830
Cash collateral posted by counterparties 0 8,373
Accrued interest payable 137,153 95,196
Dividends payable 50,580 37,171
Other liabilities 16,295 18,577
 Total liabilities 24,873,151 14,880,034
Stockholders' Equity Attributable to Parent [Abstract]    
Preferred stock, par value $0.01 per share, 50,000,000 shares authorized; 9,260,000 and 4,460,000 shares issued and outstanding, respectively ($231,500 and $111,500 aggregate liquidation preference, respectively) 223,593 107,843
Common stock, par value $0.01 per share, 720,000,000 and 360,000,000 shares authorized, respectively; 258,430,745 and 174,814,912 shares issued and outstanding, respectively 2,584 1,748
Additional paid-in capital 4,025,147 2,921,551
Accumulated other comprehensive loss (164,603) (127,061)
Accumulated deficit (1,034,666) (441,937)
 Total shareholders’ equity 3,052,055 2,462,144
Total liabilities and shareholders’ equity $ 27,925,206 $ 17,342,178