Condensed Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Interest income	$ 92,289	$ 53,064	$ 173,379	$ 101,935
Interest expense	(69,135)	(53,761)	(130,512)	(105,122)
Net interest income (expense)	23,154	(697)	42,867	(3,187)
Realized losses on mortgage-backed securities	(7,990)	0	(9,288)	0
Unrealized gains (losses) on mortgage-backed securities and U.S. Treasury securities	9,540	(25,970)	87,132	(87,865)
(Losses) gains on derivative and other hedging instruments	(53,286)	26,068	(127,945)	113,967
Net portfolio (loss) income	(28,582)	(599)	(7,234)	22,915
Management fees	2,982	2,257	5,729	4,418
Allocated overhead	582	732	1,190	1,330
Incentive compensation	228	290	21	201
Directors' fees and liability insurance	334	343	672	672
Audit, legal and other professional fees	360	320	753	796
Direct REIT operating expenses	247	178	474	348
Other administrative	263	260	383	353
Total expenses	4,996	4,380	9,222	8,118
Net (loss) income	(33,578)	(4,979)	(16,456)	14,797
Unrealized gains (losses) on U.S. Treasury securities measured at fair value through other comprehensive net (loss) income	(64)	37	186	(10)
Comprehensive net (loss) income	$ (33,642)	$ (4,942)	$ (16,270)	$ 14,787
Basic and diluted net (loss) income per share (in dollars per share)	$ (0.29)	$ (0.09)	$ (0.16)	$ 0.27
Weighted Average Shares Outstanding (in shares)	114,453,216	57,763,857	104,742,591	54,798,596