CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 63,270	$ 67,970
Cash collateral posted to counterparties	226,701	78,213
Investments in securities, at fair value:
Derivatives, at fair value	611,544	908,063
Accrued interest receivable	86,153	52,874
Prepaid and other	1,742	1,419
Total Assets	21,005,159	13,547,953
Liabilities:
Repurchase agreements, net (including $8,426,540 and $4,895,003, respectively with BUCKLER)	17,941,796	10,713,830
Obligations to return securities received as collateral, at fair value	0	493,433
Cash collateral posted by counterparties	419,427	833,857
Payable for unsettled purchases	302,094	103,509
Derivatives, at fair value	19,303	1,285
Accrued interest payable - repurchase agreements (including $27,752 and $14,442, respectively with BUCKLER)	59,267	32,090
Accrued interest payable - U.S. Treasury Securities sold short	0	3,801
Accounts payable and other accrued expenses	2,219	4,733
Total Liabilities	18,744,106	12,186,538
Commitments and contingencies (Note 8 and Note 14)
Stockholders’ Equity:
Preferred stock, $0.001 par value, 50,000 shares authorized; 7.00% Series C Cumulative Preferred Stock; 7,048 shares and 6,847 shares issued and outstanding ($176,196 and $171,175 aggregate liquidation preference), respectively.	7	7
Common stock, $0.001 par value, 175,000 and 125,000 shares authorized; 111,915 shares and 62,412 shares issued and outstanding, respectively.	112	62
Additional paid-in capital	5,446,152	4,585,739
Cumulative distributions to stockholders	(2,667,051)	(2,383,539)
Accumulated net loss	(518,167)	(840,854)
Total Stockholders’ Equity	2,261,053	1,361,415
Total Liabilities and Stockholders’ Equity	21,005,159	13,547,953
BUCKLER Securities, LLC | Related Party
Liabilities:
Repurchase agreements, net (including $8,426,540 and $4,895,003, respectively with BUCKLER)	8,426,540	4,895,003
Agency Securities
Investments in securities, at fair value:
Debt securities	19,417,640	12,439,414
Agency Securities | BUCKLER Securities, LLC | Related Party
Liabilities:
Accrued interest payable - repurchase agreements (including $27,752 and $14,442, respectively with BUCKLER)	27,752	14,442
U.S. Treasury Securities
Investments in securities, at fair value:
Debt securities	$ 598,109	$ 0