Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS:
Mortgage-backed securities, at fair value (includes pledged assets of $10,502,743 and $5,209,068, respectively)	$ 10,628,658	$ 5,253,310
U.S. Treasury securities, available-for-sale (amortized cost of $134,715 and $100,412; includes pledged assets of $135,133 and $100,551, respectively)	135,133	100,551
Cash and cash equivalents	665,865	309,330
Restricted cash	58,696	25,723
Accrued interest receivable	49,127	23,044
Derivative assets	9,253	9,277
Reverse repurchase agreements	128,613	0
Other assets	648	392
Total Assets	11,675,993	5,721,627
LIABILITIES:
Repurchase agreements	10,115,466	5,025,543
Payable for investment securities and TBA transactions	1,519	0
Dividends payable	21,865	9,940
Derivative liabilities	1,846	332
Accrued interest payable	31,397	10,750
Obligation to return securities borrowed under reverse repurchase agreements, at fair value	128,724	0
Other liabilities	1,567	5,395
Total Liabilities	10,304,045	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 December 31, 2025 and December 31, 2024	0	0
Common Stock, $0.01 par value; 400,000,000 shares authorized, 181,985,900 shares issued and outstanding as of December 31, 2025 and 82,622,464 shares issued and outstanding as of December 31, 2024	1,820	826
Additional paid-in capital	1,553,451	1,010,306
Accumulated deficit	(183,741)	(342,771)
Accumulated other comprehensive income	418	139
Total Stockholders' Equity	1,371,948	668,500
Total Liabilities and Stockholders' Equity	11,675,993	5,721,627
Related Party [Member]
LIABILITIES:
Due to affiliates	$ 1,661	$ 1,167