Condensed Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Interest income	$ 157,838	$ 81,090
Interest expense	(100,775)	(61,377)
Net interest income	57,063	19,713
Realized gains (losses) on mortgage-backed securities	39	(1,298)
Unrealized (losses) gains on mortgage-backed securities	(115,968)	77,592
Gains (losses) on derivative and other hedging instruments	46,308	(74,659)
Net portfolio (loss) income	(12,558)	21,348
Management fees	3,988	2,747
Allocated overhead	786	608
Incentive compensation	1,415	(207)
Directors' fees and liability insurance	312	338
Audit, legal and other professional fees	312	393
Direct REIT operating expenses	472	227
Other administrative	112	120
Total expenses	7,397	4,226
Net (loss) income	(19,955)	17,122
Unrealized (losses) gains on U.S. Treasury securities measured at fair value through other comprehensive net (loss) income	(279)	250
Comprehensive net (loss) income	$ (20,234)	$ 17,372
Basic and diluted net (loss) income per share (in dollars per share)	$ (0.11)	$ 0.18
Weighted Average Shares Outstanding (in shares)	189,259,574	95,174,719