Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2025	Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$ 55,622	$ 32,117
Adjustments to reconcile net income to net cash provided by operating activities:
Stock based compensation		135	334
Net discount accretion on U.S. Treasury securities		(511)	(3,724)
Realized losses (gains) on mortgage-backed securities		9,288	(510)
Realized and unrealized losses on derivative instruments		158,059	93,902
Unrealized gains on mortgage-backed securities		(146,504)	(73,699)
Changes in operating assets and liabilities:
Accrued interest receivable		(16,309)	(7,917)
Other assets		(13)	(159)
Accrued interest payable		11,484	8,433
Other liabilities		610	535
Due to affiliates		331	164
NET CASH PROVIDED BY OPERATING ACTIVITIES		72,192	49,476
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases		(74,098)	(196,026)
Sales and maturities	[1]	733,904	288,242
Proceeds from maturity of U.S. Treasury securities, available-for-sale		50,000	200,000
Net payments on derivative instruments		(150,665)	(126,851)
NET CASH USED IN INVESTING ACTIVITIES		(3,140,317)	(1,597,460)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from repurchase agreements		44,874,923	30,279,982
Principal payments on repurchase agreements		(41,893,488)	(28,754,760)
Cash dividends		(120,976)	(64,065)
Proceeds from issuance of common stock, net of issuance costs		497,185	223,698
Common stock repurchases, including shares withheld from employee stock awards for payment of taxes		(7,364)	(3,443)
NET CASH PROVIDED BY FINANCING ACTIVITIES		3,350,280	1,681,412
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		282,155	133,428
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period		335,053	200,289
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period		617,208	333,717
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest		200,543	163,995
Collateralized Mortgage-Backed Securities [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases		(4,244,377)	(2,073,150)
Sales and maturities		733,904	288,242
Principal repayments		$ 544,919	$ 310,325

[1] During the nine months ended September 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.