Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
ASSETS:
Mortgage-backed securities, at fair value (includes pledged assets of $8,319,938 and $5,209,068, respectively)	$ 8,356,080	$ 5,253,310
U.S. Treasury securities, available-for-sale (amortized cost of $125,367 and $100,412; includes pledged assets of $125,440 and $100,551, respectively)	125,440	100,551
Cash and cash equivalents	583,887	309,330
Restricted cash	33,321	25,723
Accrued interest receivable	39,353	23,044
Derivative assets	548	9,277
Other assets	405	392
Total Assets	9,139,034	5,721,627
LIABILITIES:
Repurchase agreements	8,006,978	5,025,543
Dividends payable	17,815	9,940
Derivative liabilities	2,949	332
Accrued interest payable	22,234	10,750
Other liabilities	1,471	5,395
Total Liabilities	8,052,945	5,053,127
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued and outstanding as of September 30, 2025 and December 31, 2024	0	0
Common Stock, $0.01 par value; 200,000,000 shares authorized, 148,239,401 shares issued and outstanding as of September 30, 2025 and 82,622,464 shares issued and outstanding as of December 31, 2024	1,482	826
Additional paid-in capital	1,371,337	1,010,306
Accumulated deficit	(287,149)	(342,771)
Accumulated other comprehensive income	419	139
Total Stockholders' Equity	1,086,089	668,500
Total Liabilities and Stockholders' Equity	9,139,034	5,721,627
Related Party [Member]
LIABILITIES:
Due to affiliates	$ 1,498	$ 1,167