Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest income	$ 414,001	$ 241,577	$ 177,569
Interest expense	(305,732)	(236,281)	(201,918)
Net interest income (expense)	108,269	5,296	(24,349)
Realized losses on mortgage-backed securities	(6,321)	(4,602)	(22,642)
Unrealized gains (losses) on mortgage-backed securities and U.S. Treasury securities	200,231	(79,842)	(18,941)
(Losses) gains on derivative instruments	(122,669)	133,554	45,237
Net portfolio income (loss)	179,510	54,406	(20,695)
Management fees	12,723	9,354	10,491
Allocated overhead	2,782	2,644	2,389
Incentive compensation	450	723	1,419
Directors' fees and liability insurance	1,340	1,358	1,322
Audit, legal and other professional fees	1,338	1,341	1,495
Direct REIT operating expenses	1,208	787	715
Other administrative	639	537	700
Total expenses	20,480	16,744	18,531
Net income (loss)	159,030	37,662	(39,226)
Unrealized gains on U.S. Treasury securities measured at fair value through other comprehensive net income (loss)	279	122	17
Comprehensive net income (loss)	$ 159,309	$ 37,784	$ (39,209)
Basic and diluted net income (loss) per share (in dollars per share)	$ 1.24	$ 0.57	$ (0.89)
Weighted Average Shares Outstanding (in shares)	128,302,423	65,449,149	44,649,039