Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (19,955)	$ 17,122
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Stock based compensation	1,311	(243)
Net discount accretion on U.S. Treasury securities	(172)	(120)
Realized (gains) losses on mortgage-backed securities	(39)	1,298
Unrealized losses (gains) on mortgage-backed securities	115,968	(77,592)
Realized and unrealized (gains) losses on derivative instruments	(40,182)	91,315
Changes in operating assets and liabilities:
Accrued interest receivable	(4,753)	(8,474)
Other assets	(963)	(469)
Accrued interest payable	(2,939)	2,543
Other liabilities	212	217
Due to affiliates	127	182
NET CASH PROVIDED BY OPERATING ACTIVITIES	48,615	25,779
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(20,069)	(49,622)
Sales and maturities	25,006	168,634
Purchases of U.S. Treasury securities, available-for-sale	(20,069)	(49,622)
Proceeds from maturity of U.S. Treasury securities, available-for-sale	0	25,000
Net payments on reverse repurchase agreements	(230,127)	0
Net proceeds from (payments on) derivative instruments	273,770	(93,402)
NET CASH USED IN INVESTING ACTIVITIES	(802,238)	(1,526,514)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from repurchase agreements	23,449,233	14,563,906
Principal payments on repurchase agreements	(22,699,976)	(13,170,808)
Cash dividends	(67,169)	(32,679)
Proceeds from issuance of common stock, net of issuance costs	107,767	205,424
Common stock repurchases, including shares withheld from employee stock awards for payment of taxes	(659)	(69)
NET CASH PROVIDED BY FINANCING ACTIVITIES	789,196	1,565,774
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	35,573	65,039
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period	724,561	335,053
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	760,134	400,092
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	103,714	58,833
Collateralized Mortgage-Backed Securities [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(1,255,542)	(1,710,118)
Sales and maturities	25,006	168,634
Principal repayments	404,724	132,994
Purchases of U.S. Treasury securities, available-for-sale	$ (1,255,542)	$ (1,710,118)