Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities:
Net income	$ 99,872	$ 88,203
Adjustments to reconcile net income to cash provided by operating activities:
Realized loss (gain) on sale of investments, net	89,517	(6,705)
Unrealized loss on investments, net	245,551	2,981
Gain on derivative instruments, net	(423,570)	(64,463)
Amortization of investment premiums, net	77,403	90,082
Other amortization and depreciation, net	1,709	1,726
Share-based compensation expense	4,031	1,755
(Increase) decrease in accrued interest receivable	(1,906)	636
Increase (decrease) in accrued interest payable	3,544	(771)
Change in other assets and liabilities, net	127	(4,718)
Net cash provided by operating activities	96,278	108,726
Investing activities:
Purchase of investments	(1,537,663)	(1,054,928)
Principal payments received on available-for-sale investments	195,855	305,864
Principal payments received on trading securities held for investment	87,136	15,398
Proceeds from sales of available-for-sale investments	0	474,908
Proceeds from sales of trading securities held for investment	327,700	0
Principal payments received on mortgage loans held for investment	1,163	1,629
Net receipts on derivatives, including terminations	656,172	22,082
Increase in cash collateral posted by counterparties	(1,834)	14,951
Net cash used in investing activities	(271,471)	(220,096)
Financing activities:
Borrowings under repurchase agreements	12,735,123	11,010,378
Repayments of repurchase agreement borrowings	(12,575,770)	(10,920,476)
Principal payments on non-recourse collateralized financing	0	(118)
Proceeds from issuance of common stock	154,483	224,350
Cash paid for redemption of preferred stock	0	(69,708)
Cash paid for stock issuance costs	0	(329)
Payments related to tax withholding for share-based compensation	(1,346)	(853)
Dividends paid	(52,051)	(42,799)
Net cash provided by financing activities	260,439	200,445
Net increase in cash including cash posted to counterparties	85,246	89,075
Cash including cash posted to counterparties at beginning of period	421,307	310,360
Cash including cash posted to counterparties at end of period	506,553	399,435
Supplemental Disclosure of Cash Activity:
Cash paid for interest	$ 15,748	$ 4,992