Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2025	Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income		$ (16,456)	$ 14,797
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Stock based compensation		(50)	101
Net discount accretion on U.S. Treasury securities		(316)	(2,405)
Realized losses on mortgage-backed securities		9,288	0
Unrealized (gains) losses on mortgage-backed securities and U.S. Treasury securities		(87,132)	87,865
Realized and unrealized losses (gains) on derivative instruments		144,349	(41,972)
Changes in operating assets and liabilities:
Accrued interest receivable		(8,938)	(4,037)
Other assets		(196)	(278)
Accrued interest payable		3,098	9,658
Other liabilities		393	498
Due to affiliates		182	73
NET CASH PROVIDED BY OPERATING ACTIVITIES		44,222	64,300
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases		(74,098)	(196,025)
Sales and maturities	[1]	733,904	221,733
Proceeds from maturity of U.S. Treasury securities, available-for-sale		50,000	200,000
Net payments on derivative instruments		(131,446)	(4,090)
NET CASH USED IN INVESTING ACTIVITIES		(1,817,749)	(719,723)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from repurchase agreements		28,368,377	18,417,873
Principal payments on repurchase agreements		(26,738,041)	(17,777,818)
Cash dividends		(73,026)	(38,793)
Proceeds from issuance of common stock, net of issuance costs		344,840	113,807
Common stock repurchases, including shares withheld from employee stock awards for payment of taxes		(7,348)	(2,924)
NET CASH PROVIDED BY FINANCING ACTIVITIES		1,894,802	712,145
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		121,275	56,722
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period		335,053	200,289
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period		456,328	257,011
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest		127,414	95,464
Collateralized Mortgage-Backed Securities [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases		(2,728,263)	(1,113,948)
Sales and maturities		733,904	221,733
Principal repayments		$ 332,154	$ 172,607

[1] During the six months ended June 30, 2024, the Company resecuritized RMBS with a fair value of $221.7 million by transferring the RMBS into a larger RMBS that is backed by the transferred RMBS. The Company retained the entire larger RMBS. No gain or loss was recorded on this resecuritization.