Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income	$ 12,616	$ 146,546
Adjustments to reconcile net income to cash provided by operating activities:
Realized loss on sale of investments, net	74,916	18,550
Unrealized (gain) loss on investments, net	(57,609)	176,354
Gain on derivative instruments, net	(48,745)	(326,623)
Amortization of investment premiums, net	38,924	51,988
Other amortization and depreciation, net	1,193	1,135
Share-based compensation expense	2,140	1,873
(Increase) decrease in accrued interest receivable	(7,728)	1,087
Increase in accrued interest payable	17,344	446
Change in other assets and liabilities, net	2,176	(614)
Net cash provided by operating activities	35,227	70,742
Investing activities:
Purchases of investments	(2,109,585)	(372,815)
Principal payments received on trading securities	73,849	168,321
Principal payments received on available-for-sale investments	47,919	0
Proceeds from sales of trading securities	348,091	327,700
Principal payments received on mortgage loans held for investment	502	828
Net receipts on derivatives, including terminations	64,290	334,910
Decrease in cash collateral posted by counterparties	5,190	57,400
Net cash (used in) provided by investing activities	(1,569,744)	516,344
Financing activities:
Borrowings under repurchase agreements	10,999,164	7,039,210
Repayments of repurchase agreement borrowings	(9,441,668)	(7,686,478)
Proceeds from issuance of common stock	6,314	109,444
Payments related to tax withholding for share-based compensation	(445)	(725)
Dividends paid	(45,971)	(32,716)
Net cash provided by (used in) financing activities	1,517,394	(571,265)
Net (decrease) increase in cash including cash posted to counterparties	(17,123)	15,821
Cash including cash posted to counterparties at beginning of period	449,877	421,307
Cash including cash posted to counterparties at end of period	432,754	437,128
Supplemental Disclosure of Cash Activity:
Cash paid for interest	$ 59,105	$ 5,564