Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 159,030	$ 37,662	$ (39,226)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock based compensation	309	553	1,198
Net discount accretion on U.S. Treasury securities	(693)	(4,884)	(1,875)
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
Realized and unrealized losses (gains) on derivative instruments	160,028	(46,370)	10,616
Changes in operating assets and liabilities:
Accrued interest receivable	(26,083)	(8,093)	(3,432)
Other assets	(41)	63	(7)
Accrued interest payable	20,647	2,811	(1,270)
Other liabilities	668	650	534
Due to affiliates	494	154	(118)
NET CASH PROVIDED BY OPERATING ACTIVITIES	120,449	66,990	8,003
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales and maturities	1,380,091	454,272	797,633
Maturity of U.S. Treasury securities	75,000	450,000	37,500
Net payments on reverse repurchase agreements	(128,613)	0	0
Net (payments on) proceeds from derivative instruments	(32,383)	24,121	15,940
NET CASH USED IN INVESTING ACTIVITIES	(5,376,044)	(1,415,487)	(441,064)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from repurchase agreements	65,830,796	45,596,555	37,761,388
Principal payments on repurchase agreements	(60,740,873)	(44,276,661)	(37,434,184)
Cash dividends paid	(178,863)	(92,503)	(80,754)
Proceeds from issuance of common stock, net of issuance costs	741,423	259,328	159,438
Common stock repurchases, including shares withheld from employee stock awards for payment of taxes	(7,380)	(3,458)	(9,757)
NET CASH PROVIDED BY FINANCING ACTIVITIES	5,645,103	1,483,261	396,131
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	389,508	134,764	(36,930)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period	335,053	200,289	237,219
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	724,561	335,053	200,289
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	285,084	233,471	203,188
Collateralized Mortgage-Backed Securities [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(7,464,907)	(2,393,320)	(1,521,070)
Sales and maturities	1,380,091	454,272	797,633
Principal repayments	903,378	495,306	326,720
Purchases	(7,464,907)	(2,393,320)	(1,521,070)
US Treasury Securities [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(108,610)	(445,866)	(97,787)
Purchases	$ (108,610)	$ (445,866)	$ (97,787)