Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS:
Mortgage-backed securities, at fair value (includes pledged assets of $11,259,049 and $10,502,743, respectively)	$ 11,338,541	$ 10,628,658
U.S. Treasury securities, available-for-sale (amortized cost of $154,956 and $134,715; includes pledged assets of $149,585 and $135,133, respectively)	155,095	135,133
Cash and cash equivalents	674,020	665,865
Restricted cash	86,114	58,696
Accrued interest receivable	53,880	49,127
Derivative assets	3,008	9,253
Reverse repurchase agreements	358,740	128,613
Receivable for investment securities and TBA transactions	597	0
Other assets	1,396	648
Total Assets	12,671,391	11,675,993
LIABILITIES:
Repurchase agreements	10,864,723	10,115,466
Payable for investment securities and TBA transactions	0	1,519
Dividends payable	23,629	21,865
Derivative liabilities	635	1,846
Accrued interest payable	28,458	31,397
Obligation to return securities borrowed under reverse repurchase agreements, at fair value	359,202	128,724
Other liabilities	1,148	1,567
Total Liabilities	11,279,583	10,304,045
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025	0	0
Common Stock, $0.01 par value; 400,000,000 shares authorized, 196,700,226 shares issued and outstanding as of March 31, 2026 and 181,985,900 shares issued and outstanding as of December 31, 2025	1,967	1,820
Additional paid-in capital	1,593,398	1,553,451
Accumulated deficit	(203,696)	(183,741)
Accumulated other comprehensive income	139	418
Total Stockholders' Equity	1,391,808	1,371,948
Total Liabilities and Stockholders' Equity	12,671,391	11,675,993
Related Party [Member]
LIABILITIES:
Due to affiliates	$ 1,788	$ 1,661