Condensed Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Interest income	$ 108,434	$ 67,646	$ 281,813	$ 169,581
Interest expense	(81,515)	(67,306)	(212,027)	(172,428)
Net interest income (expense)	26,919	340	69,786	(2,847)
Realized (losses) gains on mortgage-backed securities	0	510	(9,288)	510
Unrealized gains on mortgage-backed securities	59,372	161,564	146,504	73,699
Losses on derivative and other hedging instruments	(8,772)	(140,825)	(136,717)	(26,858)
Net portfolio income	77,519	21,589	70,285	44,504
Management fees	3,294	2,449	9,023	6,867
Allocated overhead	887	637	2,077	1,967
Incentive compensation	221	269	242	470
Directors' fees and liability insurance	334	343	1,006	1,015
Audit, legal and other professional fees	300	269	1,053	1,065
Direct REIT operating expenses	309	216	783	564
Other administrative	96	86	479	439
Total expenses	5,441	4,269	14,663	12,387
Net income	72,078	17,320	55,622	32,117
Unrealized gains on U.S. Treasury securities measured at fair value through other comprehensive net income	94	48	280	38
Comprehensive net income	$ 72,172	$ 17,368	$ 55,902	$ 32,155
Basic and diluted net income per share (in dollars per share)	$ 0.53	$ 0.24	$ 0.48	$ 0.53
Weighted Average Shares Outstanding (in shares)	136,368,958	72,377,373	115,574,062	60,700,959