Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles our GAAP net income (loss) to estimated REIT taxable income (loss) for the three and nine months ended September 30, 2022 and September 30, 2021.

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
GAAP net income (loss)	$	(144,315)	$	33,982	$	(269,340)	$	36,135
Book to tax differences:
TRS (income) loss	12		23		5		(43)
Premium amortization expense	(2)		(41)		(80)		(117)
Agency Securities, trading	514,483		2,387		1,017,894		45,790
U.S. Treasury Securities	15,951		9,170		128,321		9,198
Changes in interest rate contracts	(351,203)		(37,384)		(806,847)		(71,037)
Credit loss expense	4,183		—		4,183		—
(Gain) loss on Security Sales	—		(3,724)		7,501		(11,078)
Amortization of deferred hedging costs	(36,482)		(40,664)		(112,778)		(122,529)
Other	625		531		1,785		1,368
Estimated REIT taxable income (loss)	$	3,252	$	(35,720)	$	(29,356)	$	(112,313)

Summary of Tax Credit Carryforwards

Net capital losses realized	Amount		Available to offset capital gains through
2018	$	(136,388)	2023
2019	$	(13,819)	2024
2021	$	(15,605)	2026