Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (39,226)	$ (258,453)	$ (64,760)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock based compensation	1,198	685	772
Discount accretion on U.S. Treasury Bills	(1,875)	0	0
Realized losses on mortgage-backed securities	22,642	133,695	5,542
Unrealized losses on mortgage-backed securities and U.S. Treasury securities	18,941	642,710	198,454
Realized and unrealized losses (gains) on derivative instruments	10,616	(245,421)	(35,350)
Changes in operating assets and liabilities:
Accrued interest receivable	(3,432)	7,340	(9,138)
Other assets	(7)	(128)	196
Accrued interest payable	(1,270)	8,421	(369)
Other liabilities	534	454	663
Due to affiliates	(118)	69	430
NET CASH PROVIDED BY OPERATING ACTIVITIES	8,003	289,372	96,440
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(97,787)	0	(37,440)
Maturity of U.S. Treasury securities	37,500	0	0
Net proceeds from derivative instruments	15,940	245,335	8,571
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES	(441,064)	2,440,822	(3,016,800)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from repurchase agreements	37,761,388	40,040,024	35,950,241
Principal payments on repurchase agreements	(37,434,184)	(42,905,685)	(33,301,721)
Cash dividends paid	(80,754)	(93,494)	(90,984)
Proceeds from issuance of common stock, net of issuance costs	159,438	40,580	514,059
Common stock repurchases, including shares withheld from employee stock awards for payment of taxes	(9,757)	(24,842)	(299)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	396,131	(2,943,417)	3,071,296
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(36,930)	(213,223)	150,936
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period	237,219	450,442	299,506
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	200,289	237,219	450,442
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	203,188	53,288	7,458
Collateralized Mortgage-Backed Securities [Member]
Adjustments to reconcile net loss to net cash provided by operating activities:
Realized losses on mortgage-backed securities	22,642	133,695	5,542
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(1,521,070)	(1,004,526)	(6,430,725)
Sales and maturities	797,633	2,759,919	2,851,708
Principal repayments	$ 326,720	$ 440,094	$ 591,086