Dynex Capital (DX) 10-K 26 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 23, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-09819
Entity Registrant Name	DYNEX CAPITAL, INC.
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	52-1549373
Entity Address, Address Line One	4991 Lake Brook Drive
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Glen Allen,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23060-9245
City Area Code	(804)
Local Phone Number	217-5800
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 674,106,181
Entity Common Stock, Shares Outstanding		58,544,354
Entity Central Index Key	0000826675
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	DX
Security Exchange Name	NYSE
Series C Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	DXPRC
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Name	BDO USA, P.C.
Auditor Location	Richmond, Virginia
Auditor Firm ID	243

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Cash and cash equivalents	$ 119,639	$ 332,035
Cash collateral posted to counterparties	118,225	117,842
Mortgage-backed securities (including pledged of $5,880,747 and $2,810,957, respectively), at fair value	6,038,948	3,112,705
Due from counterparties	1,313	10,348
Derivative assets	54,361	7,102
Accrued interest receivable	28,727	15,260
Other assets, net	8,537	9,942
Total assets	6,369,750	3,605,234
Liabilities:
Repurchase agreements	5,381,104	2,644,405
Due to counterparties	95	4,159
Derivative liabilities	0	22,595
Cash collateral posted by counterparties	46,001	435
Accrued interest payable	53,194	16,450
Accrued dividends payable	10,320	9,103
Other liabilities	8,301	6,759
Total liabilities	5,499,015	2,703,906
Preferred Stock, Liquidation Preference, Value	111,500	111,500
Stockholders' Equity Attributable to Parent [Abstract]
Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; 4,460,000 and 4,460,000 shares issued and outstanding, respectively ($111,500 and $111,500 aggregate liquidation preference, respectively)	107,843	107,843
Common stock, par value $0.01 per share, 180,000,000 shares authorized; 57,038,247 and 53,637,095 shares issued and outstanding, respectively	570	536
Additional paid-in capital	1,404,431	1,357,514
Accumulated other comprehensive loss	(158,502)	(181,346)
Accumulated deficit	(483,607)	(383,219)
Total shareholders’ equity	870,735	901,328
Total liabilities and shareholders’ equity	$ 6,369,750	$ 3,605,234

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Mortgage-backed securities (including pledged of $5,880,747 and $2,810,957, respectively), at fair value	$ 6,038,948	$ 3,112,705
Preferred Stock, Par or Stated Value Per Share	$ 0.01
Preferred stock, Shares Authorized (in shares)	50,000,000
Preferred Stock, Shares Outstanding (in shares)	4,460,000	4,460,000
Preferred Stock, Shares Issued	4,460,000	4,460,000
Preferred Stock, Liquidation Preference, Value	$ 111,500	$ 111,500
Common Stock, Par or Stated Value Per Share	$ 0.01
Common Stock, Shares Authorized	180,000,000
Common Stock, Shares, Issued	57,038,247	53,637,095
Common Stock, Shares, Outstanding	57,038,247	53,637,095
Asset Pledged as Collateral without Right
Mortgage-backed securities (including pledged of $5,880,747 and $2,810,957, respectively), at fair value	$ 5,880,747	$ 2,810,957

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income	$ 207,517	$ 86,695	$ 60,051
Interest expense	(215,448)	(43,612)	(5,671)
Net interest (expense) income	(7,931)	43,083	54,380
Realized (loss) gains on sales of investments, net	(74,916)	(89,067)	6,705
Unrealized gain (loss) on investments, net	142,501	(213,022)	(14,814)
(Loss) gain on derivative instruments, net	(32,905)	436,007	81,417
Total other gains, net	34,680	133,918	73,308
Noninterest Expense [Abstract]
Compensation and benefits	(16,929)	(16,808)	(12,757)
Other general and administrative	(13,799)	(15,545)	(11,328)
Other operating expenses	(2,151)	(1,487)	(1,342)
Total operating expenses	(32,879)	(33,840)	(25,427)
Net (loss) income	(6,130)	143,161	102,261
Preferred stock dividends	(7,694)	(7,694)	(8,329)
Preferred Stock Redemption Premium	0	0	(2,987)
Net (loss) income to common shareholders	(13,824)	135,467	90,945
Other comprehensive income:
Unrealized gain (loss) on available-for-sale investments, net	22,844	(202,063)	(66,827)
Reclassification of realized (loss) gain on available-for-sale investments, net	0	13,988	(6,705)
Total other comprehensive income (loss)	22,844	(188,075)	(73,532)
Comprehensive income (loss) to common shareholders	$ 9,020	$ (52,608)	$ 17,413
Weighted average common shares-basic (in shares)	54,809,462	42,491,433	32,596,272
Weighted average common shares-diluted (in shares)	54,809,462	42,743,037	32,761,331
Net income (loss) per common share-basic (in dollars per share)	$ (0.25)	$ 3.19	$ 2.79
Net income (loss) per common share-diluted (in dollars per share)	$ (0.25)	$ 3.17	$ 2.78

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Preferred Stock	Preferred Stock Including Additional Paid in Capital	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance, Preferred shares outstanding (in shares) at Dec. 31, 2020		7,248,330
Balance, Common shares outstanding at Dec. 31, 2020				23,697,970
Balance, Preferred shares outstanding (in shares) at Dec. 31, 2021		4,460,000
Balance, Common shares outstanding at Dec. 31, 2021				36,665,805
Balance at Dec. 31, 2020	$ 633,453		$ 174,564	$ 237	$ 869,495	$ 80,261	$ (491,104)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, value	237,130			$ 130	237,000
Stock issuance, shares				12,972,447
Preferred Stock Redemption Premium	2,987						(2,987)
Stock Redeemed or Called During Period, Value	(69,708)		(66,721)
Stock redeemed in period (in shares)		(2,788,330)
Restricted stock granted, net of amortization (in shares)				40,027
Restricted stock granted, net of amortization, value	1,816			$ 0	1,816
Other share-based compensation, net of amortization, value				$ 0
Other share-based compensation, net of amortization (in shares)				0
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	700				700
Adjustments for tax withholding on share based compensation (in shares)				(44,639)
Adjustments for tax withholding on share-based compensation	(853)			$ 0	(853)
Stock issuance costs	(366)				(366)
Net Income (Loss)	102,261						102,261
Dividends on preferred stock	(8,329)						(8,329)
Dividends on common stock	(51,293)						(51,293)
Other comprehensive income (loss)	(73,532)					(73,532)
Balance at Dec. 31, 2021	$ 771,279		107,843	$ 367	1,107,792	6,729	(451,452)
Balance, Preferred shares outstanding (in shares) at Dec. 31, 2022	4,460,000	4,460,000
Balance, Common shares outstanding at Dec. 31, 2022	53,637,095			53,637,095
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, value	$ 246,882			$ 168	246,714
Stock issuance, shares				16,880,615
Preferred Stock Redemption Premium	0
Restricted stock granted, net of amortization (in shares)				71,216
Restricted stock granted, net of amortization, value	1,878			$ 1	1,877
Other share-based compensation, net of amortization, value				$ 1
Other share-based compensation, net of amortization (in shares)				118,390
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	2,541				2,540
Adjustments for tax withholding on share based compensation (in shares)				(98,931)
Adjustments for tax withholding on share-based compensation	(1,347)			$ (1)	(1,346)
Stock issuance costs	(63)				(63)
Net Income (Loss)	143,161						143,161
Dividends on preferred stock	(7,694)						(7,694)
Dividends on common stock	(67,234)						(67,234)
Other comprehensive income (loss)	(188,075)					(188,075)
Balance at Dec. 31, 2022	$ 901,328		107,843	$ 536	1,357,514	(181,346)	(383,219)
Balance, Preferred shares outstanding (in shares) at Dec. 31, 2023	4,460,000	4,460,000
Balance, Common shares outstanding at Dec. 31, 2023	57,038,247			57,038,247
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, value	$ 42,626			$ 33	42,593
Stock issuance, shares				3,329,802
Preferred Stock Redemption Premium	0
Restricted stock granted, net of amortization (in shares)				74,017
Restricted stock granted, net of amortization, value	1,169			$ 1	1,168
Other share-based compensation, net of amortization, value				$ 0
Other share-based compensation, net of amortization (in shares)				33,213
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	3,664				3,664
Adjustments for tax withholding on share based compensation (in shares)				(35,880)
Adjustments for tax withholding on share-based compensation	(445)			$ 0	(445)
Stock issuance costs	(63)				(63)
Net Income (Loss)	(6,130)						(6,130)
Dividends on preferred stock	(7,694)						(7,694)
Dividends on common stock	(86,564)						(86,564)
Other comprehensive income (loss)	22,844					22,844
Balance at Dec. 31, 2023	$ 870,735		$ 107,843	$ 570	$ 1,404,431	$ (158,502)	$ (483,607)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net (loss) income	$ (6,130)	$ 143,161	$ 102,261
Adjustments to reconcile net (loss) income to cash provided by operating activities:
Realized loss (gain) on sales of investments, net	74,916	89,067	(6,705)
Unrealized (gain) loss on investments, net	(142,501)	213,022	14,814
Loss (gain) on derivative instruments, net	32,905	(436,007)	(81,417)
Amortization of investment premiums, net	74,696	98,071	118,171
Other amortization and depreciation, net	2,315	2,354	2,308
Share-based compensation expense	4,833	4,419	2,516
(Increase) decrease in accrued interest receivable	(13,467)	(1,076)	204
Increase (decrease) in accrued interest payable	36,744	15,085	(45)
Change in other assets and liabilities, net	(2,111)	(1,744)	(5,137)
Net cash provided by operating activities	62,200	126,352	146,970
Investing activities:
Purchases of investments	(3,578,289)	(1,553,217)	(1,541,678)
Principal payments received on trading securities	233,387	123,982	36,515
Principal payments received on available-for-sale investments	86,272	225,639	394,341
Proceeds from sales of trading securities	348,091	588,651	0
Proceeds from Sale of Debt Securities, Available-for-sale	0	95,678	472,943
Principal payments received on mortgage loans held for investment	889	1,646	2,101
Net receipts on derivatives, including terminations	(95,968)	453,580	86,247
Decrease (increase) in cash collateral posted by counterparties	45,566	(1,399)	(5,847)
Net cash used in investing activities	(2,960,052)	(65,440)	(555,378)
Financing activities:
Borrowings under repurchase agreements	23,502,271	16,248,926	12,635,222
Repayments of repurchase agreement borrowings	(20,765,572)	(16,454,437)	(12,222,469)
Principal payments on non-recourse collateralized financing	0	0	(118)
Proceeds from issuance of common stock	42,626	246,882	237,130
Payments related to tax withholding for share-based compensation	(445)	(1,347)	(853)
Dividends paid	(93,041)	(72,366)	(58,895)
Net cash provided by (used in) financing activities	2,685,839	(32,342)	519,980
Net (decrease) increase in cash including cash posted to counterparties	(212,013)	28,570	111,572
Cash including cash posted to counterparties at beginning of period	449,877	421,307	309,735
Cash including cash posted to counterparties at end of period	237,864	449,877	421,307
Supplemental Disclosure of Cash Activity:
Cash paid for interest	178,705	28,527	5,709
Proceeds from (Repurchase of) Redeemable Preferred Stock	0	0	(69,708)
Cash paid for stock issuance costs	$ 0	$ 0	$ (329)

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies (Notes)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Dynex Capital, Inc. (the “Company”) was incorporated in the Commonwealth of Virginia on December 18, 1987 and commenced operations in February 1988. The Company is an internally managed mortgage real estate investment trust, or mortgage REIT, which primarily earns income from investing on a leveraged basis in Agency mortgage-backed securities (“Agency MBS”) and in to-be-announced securities (“TBAs” or “TBA securities”). Agency MBS have a guaranty of principal and interest payments by a U.S. government-sponsored entity (“GSE”) such as Fannie Mae and Freddie Mac, which are in conservatorship and are currently supported by a senior preferred stock purchase agreement from the U.S. Treasury. As of December 31, 2023, the majority of the Company’s Agency MBS are secured by residential real property (“Agency RMBS”). The remainder of the Company’s investments are in Agency commercial MBS (“Agency CMBS”) and in both Agency and non-Agency CMBS interest-only (“CMBS IO”). Non-Agency MBS do not have a GSE guaranty of principal or interest payments. Basis of Presentation The accompanying consolidated financial statements of Dynex Capital, Inc. and its subsidiaries (together, “Dynex” or, as appropriate, the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the instructions to the Annual Report on Form 10-K and Article 3 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. The most significant estimates used by management include, but are not limited to, amortization of premiums and discounts and fair value measurements of its investments, including TBA securities accounted for as derivative instruments. These items are discussed further below within this note to the consolidated financial statements. The Company believes the estimates and assumptions underlying the consolidated financial statements included herein are reasonable and supportable based on the information available as of December 31, 2023. Reclassifications “Mortgage loans held for investment, net” was reclassified to “Other assets” on the Company’s consolidated balance sheet as of December 31, 2022. Consolidation and Variable Interest Entities The consolidated financial statements include the accounts of the Company and the accounts of its majority owned subsidiaries and variable interest entities (“VIE”) for which it is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. The Company consolidates a VIE if the Company is determined to be the VIE’s primary beneficiary, which is defined as the party that has both: (i) the power to control the activities that most significantly impact the VIE’s financial performance and (ii) the right to receive benefits or absorb losses that could potentially be significant to the VIE. The Company reconsiders its evaluation of whether to consolidate a VIE on an ongoing basis, based on changes in the facts and circumstances pertaining to the VIE. Though the Company invests in Agency and non-Agency MBS which are generally considered to be interests in VIEs, the Company does not consolidate these entities because it does not meet the criteria to be deemed a primary beneficiary. Income Taxes The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986 (the “Tax Code”) and the corresponding provisions of state law. To qualify as a REIT, the Company must meet certain asset, income, ownership, and distribution tests. To meet these requirements, the Company’s main source of income is interest earned from obligations secured by mortgages on real property, and the Company must distribute at least 90% of its annual REIT taxable income to shareholders. The Company’s income will generally not be subject to federal income tax to the extent it is distributed as dividends to shareholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities and records these liabilities, if any, to the extent they are deemed more likely than not to have been incurred. Net Income (Loss) Per Common Share The Company calculates basic net income (loss) per common share by dividing net income (loss) to common shareholders for the period by weighted-average shares of common stock outstanding for that period. Please see Note 2 for the calculation of the Company’s basic and diluted net income (loss) per common share for the periods indicated. The Company currently has unvested restricted stock, service-based restricted stock units (“RSUs”) and performance-based stock units (“PSUs”) issued and outstanding. Restricted stock awards are considered participating securities and therefore are included in the computation of basic net income per common share using the two-class method because holders of unvested shares of restricted stock are eligible to receive non-forfeitable dividends. Holders of RSUs and PSUs accrue forfeitable dividend equivalent rights over the period outstanding, receiving dividend payments only upon the settlement date if the requisite service-based and performance-based conditions have been achieved, as applicable. As such, RSUs and PSUs are excluded from the computation of basic net income per common share, but are included in the computation of diluted net income per common share unless the effect is to reduce a net loss or increase the net income per common share (also known as “anti-dilutive”). Upon vesting, restrictions on transfer expire on each share of restricted stock, RSU, and PSU, and each such share or unit becomes one unrestricted share of common stock and is included in the computation of basic net income per common share. Because the Company’s 6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series C Preferred Stock”) is redeemable at the Company’s option for cash only and convertible into shares of common stock only upon a change of control of the Company (and subject to other circumstances) as described in Article IIIC of the Company’s Restated Articles of Incorporation, the effect of those shares and their related dividends are excluded from the calculation of diluted net income per common share for the periods presented. Cash and Cash Equivalents Cash and cash equivalents include unrestricted demand deposits at highly rated financial institutions and highly liquid investments with original maturities of three months or less. The Company’s cash balances fluctuate throughout the year and may exceed Federal Deposit Insurance Corporation (“FDIC”) insured limits from time to time. Although the Company bears risk to amounts in excess of those insured by the FDIC, the Company believes the risk of loss is mitigated by the financial position, creditworthiness, and strength of the depository institutions in which those deposits are held. Cash Collateral Posted To/By Counterparties Cash collateral posted to/by counterparties represents amounts pledged/received to cover margin requirements related to the Company’s financing and derivative instruments. If the amount pledged to a counterparty exceeds the amount received from a counterparty, the net amount is recorded as an asset within “cash collateral posted to counterparties”, and if the amount received from a counterparty exceeds the amount pledged to a counterparty, the net amount is recorded as a liability within “cash collateral posted by counterparties” on the Company’s consolidated balance sheets. The following table provides a reconciliation of “cash” and “cash posted to counterparties” reported on the Company's consolidated balance sheet as of December 31, 2023, that sum to the total of the same such amounts shown on the Company’s consolidated statement of cash flows for the year ended December 31, 2023: ($s in thousands) December 31, 2023 December 31, 2022 Cash and cash equivalents $ 119,639 $ 332,035 Cash collateral posted to counterparties 118,225 117,842 Total cash including cash posted to counterparties shown on consolidated statement of cash flows $ 237,864 $ 449,877 Mortgage-Backed Securities The Company’s MBS are recorded at fair value on the Company’s consolidated balance sheet. Changes in fair value of MBS purchased prior to January 1, 2021 are designated as available-for-sale (“AFS”) with changes in fair value reported in other comprehensive income (“OCI”) as an unrealized gain (loss) until the security is sold or matures. Effective January 1, 2021, the Company elected the fair value option (“FVO”) for all MBS purchased on or after that date with changes in fair value reported in net income as “unrealized gain (loss) on investments, net” until the security is sold or matures. Management elected the fair value option so that GAAP net income will reflect the changes in fair value for its future purchases of MBS in a manner consistent with the presentation and timing of the changes in fair value of its derivative instruments. Upon the sale of an MBS, any unrealized gain or loss within OCI or net income is reclassified to “realized gain (loss) on sale of investments, net” within net income using the specific identification method. Interest Income, Premium Amortization, and Discount Accretion. Interest income on MBS is accrued based on the outstanding principal balance (or notional balance in the case of IO securities) and the contractual terms. Premiums or discounts associated with the purchase of Agency MBS as well as any non-Agency MBS are amortized or accreted into interest income over the projected life of such securities using the effective interest method, and adjustments to premium amortization and discount accretion are made for actual cash payments. The Company’s projections of future cash payments are based on input received from external sources and internal models and may include assumptions about the amount and timing of loan prepayment rates, fluctuations in interest rates, credit losses, and other factors. On at least a quarterly basis, the Company reviews and makes any necessary adjustments to its cash flow projections and updates the yield recognized on these assets. Determination of MBS Fair Value. The Company estimates the fair value of the majority of its MBS based upon prices obtained from a pricing service. These prices are assessed for reasonableness using broker quotes and other third party pricing services. Please refer to Note 6 for further discussion of MBS fair value measurements. Allowance for Credit Losses. On at least a quarterly basis, the Company evaluates any MBS designated as AFS with a fair value less than its amortized cost for credit losses. If the difference between the present value of cash flows expected to be collected on the MBS is less than its amortized cost, the difference is recorded as an allowance for credit loss through net income up to and not exceeding the amount that the amortized cost exceeds current fair value. Subsequent changes in credit loss estimates are recognized in earnings in the period in which they occur. Because the majority of the Company’s investments are higher credit quality and most are guaranteed by a GSE, the Company is not likely to have an allowance for credit losses related to its MBS recorded on its consolidated balance sheet. Interest accrued between payment dates on MBS is presented separately from the Company’s investment portfolio as “accrued interest receivable” on its consolidated balance sheet. The Company does not estimate an allowance for credit loss for its accrued interest receivable because the interest is generally received within 30 days and amounts not received when due are written off against interest income. Repurchase Agreements The Company’s repurchase agreements are used to finance its purchases of MBS and are accounted for as secured borrowings. The Company pledges its securities as collateral to secure a loan, which is equal to a specified percentage of the estimated fair value of the pledged collateral. The Company retains beneficial ownership of the pledged collateral, which is disclosed parenthetically on the Company’s consolidated balance sheets. At the maturity of a repurchase agreement borrowing, the Company is required to repay the loan and concurrently receives back its pledged collateral from the lender or, with the consent of the lender, the Company may renew the agreement at the then prevailing financing rate. A repurchase agreement lender may require the Company to pledge additional collateral in the event of a decline in the fair value of the collateral pledged. Repurchase agreement financing is recourse to the Company and the assets pledged. The repurchase facilities available to the Company are uncommitted with no guarantee of renewal. Derivative Instruments Changes in the fair value of derivative instruments, including gains and losses realized upon termination, maturity, or settlement, are recorded in “gain (loss) on derivative instruments, net” on the Company’s consolidated statements of comprehensive income (loss). Cash receipts and payments related to derivative instruments are classified in the investing activities section of the consolidated statements of cash flows in accordance with the underlying nature or purpose of the derivative transactions. The Company’s short positions in U.S. Treasury futures contracts are valued based on exchange pricing with daily margin settlements. The margin requirement varies based on the market value of the open positions and the equity retained in the account. Any margin excess or deficit outstanding is recorded as a receivable or payable as of the date of the Company’s consolidated balance sheets. The Company realizes gains or losses on these contracts upon expiration at an amount equal to the difference between the current fair value of the underlying asset and the contractual price of the futures contract. The Company’s options on U.S. Treasury futures provide the Company the right, but not an obligation, to buy or sell U.S. Treasury futures at a predetermined notional amount and stated term in the future and are valued based on exchange pricing. The Company records the premium paid for the option contract as a derivative asset on its consolidated balance sheet and adjusts the balance for changes in fair value through “gain (loss) on derivative instruments” until the option is exercised or the contract expires. If the option contract expires unexercised, the realized loss is limited to the premium paid. If exercised, the realized gain or loss on the options is equal to the difference between the fair value of the underlying U.S. Treasury future and the premium paid for the option contract. The Company may also purchase swaptions, which provide the Company the right, but not an obligation, to enter into an interest rate swap at a predetermined notional amount with a stated term and pay and receive rates in the future. The accounting for swaptions is similar to options on U.S. Treasury futures. A TBA security is a forward contract (“TBA contract”) for the purchase (“long position”) or sale (“short position”) of a non-specified Agency MBS at a predetermined price with certain principal and interest terms and certain types of collateral, but the particular Agency securities to be delivered are not identified until shortly before the settlement date. The Company accounts for long and short positions in TBAs as derivative instruments because the Company cannot assert that it is probable at inception and throughout the term of an individual TBA transaction that its settlement will result in physical delivery of the underlying Agency RMBS or that the individual TBA transaction will settle in the shortest time period possible. Please refer to Note 5 for additional information regarding the Company’s derivative instruments as well as Note 6 for information on how the fair value of these instruments is calculated. Share-Based Compensation The Company’s 2020 Stock and Incentive Plan (the “2020 Plan”) reserves for issuance up to 2,300,000 common shares for eligible employees, non-employee directors, consultants, and advisors to the Company to be granted in the form of stock options, restricted stock, restricted stock units (“RSUs”), stock appreciation rights, performance-based stock units (“PSUs”), and performance-based cash awards (collectively, “awards”). As of December 31, 2023, 863,259 common shares are available for issuance under the 2020 Plan. The Company has issued restricted stock and RSUs, which are treated as equity awards and recorded at their fair value using the closing stock price on the grant date. Compensation expense is generally recognized over a service period specified within each award with a corresponding credit to shareholders’ equity using the straight-line method until the vesting date specified within each award or until the employee becomes eligible for retirement, if earlier than the vesting date. Compensation expense for subsequent equity awards to an employee who is retirement eligible is recognized immediately upon the grant date. The Company also has PSUs issued and outstanding which contain Company performance-based and market performance-based conditions. PSUs subject to Company performance-based conditions are initially recognized as equity at their fair value which is measured using the closing stock price on the grant date multiplied by the number of units expected to vest based on an assessment of the probability of achievement of the Company performance-based conditions as of the grant date. The grant date fair value is recognized as expense using the straight-line method until the earlier of the vesting date specified within each award or the date the employee becomes eligible for retirement. Adjustments are made, if necessary, based on any change in probability of achievement which is re-assessed as of each reporting date and on at least a quarterly basis. PSUs subject to market performance-based conditions are recognized as equity at their grant date fair value determined through a Monte-Carlo simulation of the Company’s common stock total shareholder return (“TSR”) relative to the common stock TSR of the group of peer companies specified in the award agreement. Awards subject to market performance-based conditions are not assessed for probability of achievement and are not remeasured subsequent to issuance. The grant date fair value is recognized as expense using the straight-line method until the earlier of the vesting date specified within each award or the date the employee becomes eligible for retirement, even if the market performance-based conditions are not achieved. The Company does not estimate forfeitures for any of its share-based compensation awards, but adjusts for actual forfeitures in the periods in which they occur. Because RSUs and PSUs have forfeitable dividend equivalent rights, which are paid in cash only upon settlement, any accrued dividend equivalent rights (“DERs”) on forfeited units are reversed with a corresponding credit to “Compensation and benefits.” Please see Note 7 for additional information about the Company’s share-based compensation awards. Contingencies The Company did not have any pending lawsuits, claims, or other contingencies as of December 31, 2023 or December 31, 2022. Recently Issued Accounting Pronouncements The Company evaluates Accounting Standards Updates issued by the Financial Accounting Standards Board on at least a quarterly basis to evaluate applicability and significance of any impact on its financial condition and results of operations. There were no accounting pronouncements issued during the year ended December 31, 2023, that are expected to have a material impact on the Company’s financial condition or results of operations.
Reclassifications	Reclassifications “Mortgage loans held for investment, net” was reclassified to “Other assets” on the Company’s consolidated balance sheet as of December 31, 2022.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	NET INCOME (LOSS) PER COMMON SHARE Please refer to Note 1 for information regarding the Company’s treatment of its preferred stock and stock awards in the calculation of its basic and diluted net income or loss per common share and to Note 7 for information regarding the Company’s stock award activity for the periods presented. The following table presents the computations of basic and diluted net income or loss per common share for the periods indicated: Year Ended December 31, ($s in thousands) 2023 2022 2021 Weighted average number of common shares outstanding - basic 54,809,462 42,491,433 32,596,272 Incremental common shares-unvested RSUs — 76,950 55,019 Incremental common shares-unvested PSUs — 174,654 110,040 Weighted average number of common shares outstanding - diluted 54,809,462 42,743,037 32,761,331 Net (loss) income to common shareholders $ (13,824) $ 135,467 $ 90,945 Net (loss) income per common share-basic $ (0.25) $ 3.19 $ 2.79 Net (loss) income per common share-diluted $ (0.25) $ 3.17 $ 2.78 The calculation of diluted net loss per common share for the year ended December 31, 2023 excludes unvested RSUs and PSUs of 401,522, which would have been anti-dilutive for the period.

Mortgage-Backed Securities

Mortgage-Backed Securities	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Mortgage-Backed Securities	MORTGAGE-BACKED SECURITIES The following tables provide details on the Company’s MBS by investment type as of the dates indicated: December 31, 2023 December 31, 2022 ($s in thousands) Par Value Amortized Cost Fair Value Par Value Amortized Cost Fair Value Agency RMBS $ 6,022,502 $ 5,993,922 $ 5,763,532 $ 3,104,498 $ 3,150,873 $ 2,762,878 Agency CMBS 121,293 121,799 115,595 131,578 132,333 124,690 CMBS IO (1) n/a 167,314 159,718 n/a 238,841 224,985 Non-Agency other 150 150 103 209 209 152 Total $ 6,143,945 $ 6,283,185 $ 6,038,948 $ 3,236,285 $ 3,522,256 $ 3,112,705 (1) The notional balance for Agency CMBS IO and non-Agency CMBS IO was $7,723,379 and $3,860,007, respectively, as of December 31, 2023, and $9,711,981 and $6,280,761, respectively, as of December 31, 2022. December 31, 2023 ($s in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value MBS measured at fair value through OCI: Agency RMBS $ 898,420 $ — $ (148,606) $ 749,814 Agency CMBS 106,527 28 (5,159) 101,396 CMBS IO 126,672 1,296 (6,014) 121,954 Non-Agency other 150 — (47) 103 Total $ 1,131,769 $ 1,324 $ (159,826) $ 973,267 MBS measured at fair value through net income: Agency RMBS $ 5,095,502 $ 48,459 $ (130,243) $ 5,013,718 Agency CMBS 15,272 — (1,073) 14,199 CMBS IO 40,642 2 (2,880) 37,764 Total $ 5,151,416 $ 48,461 $ (134,196) $ 5,065,681 December 31, 2022 ($s in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value MBS measured at fair value through OCI: Agency RMBS $ 977,624 $ — $ (164,949) $ 812,675 Agency CMBS 117,031 — (6,474) 110,557 CMBS IO 193,405 507 (10,373) 183,539 Non-Agency other 209 — (57) 152 Total $ 1,288,269 $ 507 $ (181,853) $ 1,106,923 MBS measured at fair value through net income: Agency RMBS $ 2,173,249 $ — $ (223,046) $ 1,950,203 Agency CMBS 15,302 — (1,169) 14,133 CMBS IO 45,436 — (3,990) 41,446 Total $ 2,233,987 $ — $ (228,205) $ 2,005,782 The majority of the Company’s MBS are pledged as collateral for the Company’s repurchase agreements, which are disclosed in Note 4 . Actual maturities of MBS are affected by the contractual lives of the underlying mortgage collateral, periodic payments of principal, prepayments of principal, and the payment priority structure of the security; therefore, actual maturities are generally shorter than the securities' stated contractual maturities. The following table presents information regarding unrealized gains and losses on investments reported within net income (loss) on the Company’s consolidated statements of comprehensive income (loss) for the periods indicated: Year Ended December 31, ($s in thousands) 2023 2022 2021 Agency RMBS $ 141,263 $ (208,129) $ (14,917) Agency CMBS 96 (1,169) — CMBS IO 1,111 (3,924) (65) Other assets 31 200 168 Total unrealized gain (loss) on investments, net $ 142,501 $ (213,022) $ (14,814) The following table presents information regarding realized gains and losses on sales of MBS reported in the Company’s consolidated statements of comprehensive income (loss) for the periods indicated: Year Ended December 31, ($s in thousands) 2023 2022 2021 Realized gains on sales of MBS - AFS $ — $ — $ 7,516 Realized losses on sales of MBS - AFS — (13,988) (811) Realized losses on sales of MBS - FVO (74,916) (75,079) — Total realized (loss) gain on sales of investments, net $ (74,916) $ (89,067) $ 6,705 The following table presents certain information for MBS designated as AFS that were in an unrealized loss position as of the dates indicated: December 31, 2023 December 31, 2022 ($s in thousands) Fair Value Gross Unrealized Losses # of Securities Fair Value Gross Unrealized Losses # of Securities Continuous unrealized loss position for less than 12 months: Agency MBS $ 3,926 $ 149 4 $ 346,064 $ 22,808 79 Non-Agency MBS 1,736 37 8 42,162 1,787 56 Continuous unrealized loss position for 12 months or longer: Agency MBS $ 932,682 $ 158,651 78 $ 697,514 $ 156,411 17 Non-Agency MBS 21,704 989 41 12,195 847 22 The unrealized losses on the Company’s MBS designated as AFS were the result of rising interests rates and declines in market prices and were not credit related; therefore, the Company did not have any allowance for credit losses as of December 31, 2023 or December 31, 2022. Although the unrealized losses are not credit related, the Company assesses its ability and intent to hold any MBS with an unrealized loss until the recovery in its value. This assessment is based on the amount of the unrealized loss and significance of the related investment as well as the Company’s leverage and liquidity position. In addition, for its non-Agency MBS, the Company reviews the credit ratings, the credit characteristics of the mortgage loans collateralizing these securities, and the estimated future cash flows including projected collateral losses.

Repurchase Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2023
Disclosure of Repurchase Agreements [Abstract]
Repurchase agreements	REPURCHASE AGREEMENTS The Company’s repurchase agreements outstanding as of December 31, 2023 and December 31, 2022 are summarized in the following tables: December 31, 2023 December 31, 2022 Collateral Type Balance Weighted Fair Value of Balance Weighted Fair Value of ($s in thousands) Agency RMBS $ 5,130,438 5.59 % $ 5,613,212 $ 2,349,181 4.15 % $ 2,496,781 Agency CMBS 104,495 5.60 % 113,753 108,580 3.76 % 108,146 Agency CMBS IO 120,979 5.83 % 127,823 137,569 4.62 % 150,517 Non-Agency CMBS IO 25,192 6.25 % 25,959 49,075 5.26 % 55,513 Total repurchase agreements $ 5,381,104 5.59 % $ 5,880,747 $ 2,644,405 4.18 % $ 2,810,957 . The Company had borrowings outstanding under 28 different repurchase agreements as of December 31, 2023, and its equity at risk did not exceed 10% with any counterparty as of that date. The Company also had $95.0 thousand and $4.2 million payable to counterparties for transactions pending settlement as of December 31, 2023 and December 31, 2022, respectively. The Company received noncash collateral with a fair value of $176.3 million pledged by its counterparties to compensate the Company for the increase in fair value of collateral previously pledged in excess of required margin related to its repurchase agreement borrowings outstanding as of December 31, 2023. In accordance with ASC Topic 860, the fair value of this noncash collateral is not recorded on the Company’s consolidated balance sheet unless the Company repledges the collateral or sells the collateral in the event of default by the counterparty. The Company had not repledged any of the noncash collateral pledged by its counterparties as of December 31, 2023. The following table provides information on the remaining term to maturity and original term to maturity for the Company’s repurchase agreements as of the dates indicated: December 31, 2023 December 31, 2022 Remaining Term to Maturity Balance Weighted WAVG Original Term to Maturity Balance Weighted WAVG Original Term to Maturity ($s in thousands) Less than 30 days $ 2,855,917 5.61 % 92 $ 858,161 4.44 % 42 30 to 90 days 2,525,187 5.58 % 86 1,786,244 4.06 % 104 Total $ 5,381,104 5.59 % 89 $ 2,644,405 4.18 % 84 The increase in the Company’s weighted average rate for its borrowings as of December 31, 2023 compared to December 31, 2022 resulted from the increase in the U.S. Federal Funds Target rate set by the Federal Reserve. The Company’s accrued interest payable related to its repurchase agreement borrowings increased to $53.2 million as of December 31, 2023 from $16.5 million as of December 31, 2022 due to higher financing rates and higher repurchase agreement borrowings outstanding as of December 31, 2023. The Company’s counterparties, as set forth in the master repurchase agreement with the counterparty, require the Company to comply with various customary operating and financial covenants, including, but not limited to, minimum net worth, maximum declines in net worth in a given period, and maximum leverage requirements as well as maintaining the Company’s REIT status. In addition, some of the agreements contain cross default features, whereby default under an agreement with one lender simultaneously causes default under agreements with other lenders. To the extent that the Company fails to comply with the covenants contained in these financing agreements or is otherwise found to be in default under the terms of such agreements, the counterparty has the right to accelerate amounts due under the master repurchase agreement. The Company believes it was in full compliance with all covenants in master repurchase agreements under which there were amounts outstanding as of December 31, 2023. The Company's repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of setoff in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its repurchase agreements to these arrangements on a gross basis. The following table presents information regarding the Company's repurchase agreements as if the Company had presented them on a net basis as of December 31, 2023 and December 31, 2022: ($s in thousands) Gross Amount of Recognized Liabilities Gross Amount Offset in the Balance Sheet Net Amount of Liabilities Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (1) Net Amount Financial Instruments Posted as Collateral Cash Posted as Collateral December 31, 2023: Repurchase agreements $ 5,381,104 $ — $ 5,381,104 $ (5,381,104) $ — $ — December 31, 2022: Repurchase agreements $ 2,644,405 $ — $ 2,644,405 $ (2,644,405) $ — $ — (1) Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the repurchase agreement liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically, and the total cash pledged or received as collateral which is disclosed in “cash collateral posted to/by counterparties.” Please see Note 5

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	DERIVATIVES Types and Uses of Derivatives Instruments Interest Rate Derivatives. During the periods presented herein, the Company used short positions in U.S. Treasury futures, interest rate swaptions, and put options on U.S. Treasury futures to mitigate the impact of changing interest rates on its repurchase agreement financing costs and the fair value of its investments. TBA Transactions. The Company purchases TBA securities as a means of investing in non-specified fixed-rate Agency RMBS and may also periodically sell TBA securities as a means of economically hedging its exposure to Agency RMBS. The Company holds long or short positions in TBA securities by executing a series of transactions, commonly referred to as “dollar roll” transactions, which effectively delay the settlement of a forward purchase (or sale) of a non-specified Agency RMBS by entering into an offsetting TBA position, net settling the paired-off positions in cash, and simultaneously entering into an identical TBA long (or short) position with a later settlement date. TBA securities purchased (or sold) for a forward settlement date are generally priced at a discount relative to TBA securities settling in the current month. This discount, often referred to as “drop income” represents the economic equivalent of net interest income (interest income less implied financing cost) on the underlying Agency security from trade date to settlement date. The Company accounts for all TBAs (whether net long or net short positions, or collectively “TBA dollar roll positions”) as derivative instruments because it cannot assert that it is probable at inception and throughout the term of an individual TBA transaction that its settlement will result in physical delivery of the underlying Agency RMBS, or that the individual TBA transaction will settle in the shortest period possible. The table below provides detail of the Company’s “(loss) gain on derivative instruments, net” by type of derivative instrument for the periods indicated: Year Ended December 31, Type of Derivative Instrument 2023 2022 2021 ($s in thousands) U.S. Treasury futures $ (12,430) $ 724,347 $ 61,215 Interest rate swaptions — 47,738 40,330 Put options on U.S. Treasury futures 1,588 (431) (2,141) TBA securities-long positions (22,063) (335,647) (17,987) (Loss) gain on derivative instruments, net $ (32,905) $ 436,007 $ 81,417 The table below provides the carrying amount by type of derivative instrument comprising the Company’s derivative assets and liabilities on its consolidated balance sheets as of the dates indicated: Type of Derivative Instrument Balance Sheet Location Purpose December 31, 2023 December 31, 2022 ($s in thousands) Put options on U.S. Treasury futures Derivative assets Economic hedging $ — $ 5,859 TBA securities Derivative assets Investing 54,361 1,243 Total derivatives assets $ 54,361 $ 7,102 TBA securities Derivative liabilities Investing $ — $ 22,595 Total derivatives liabilities $ — $ 22,595 The Company’s U.S. Treasury futures contracts were in a liability position of $(219.9) million as of December 31, 2023 and an asset position of $26.6 million as of December 31, 2022, but because these instruments are considered legally settled on a daily basis, the carrying value on the Company’s consolidated balance sheet nets to $0. The amount of cash posted by the Company to cover required initial margin for its U.S. Treasury futures was $118.2 million as of December 31, 2023 and $101.2 million as of December 31, 2022, which was recorded within “cash collateral posted to counterparties.” The Company had a margin excess of $1.3 million as of December 31, 2023 and $6.6 million as of December 31, 2022, which was recorded within “due from counterparties.” The following table summarizes information about the Company's long positions in TBA securities as of the dates indicated: ($s in thousands) December 31, 2023 December 31, 2022 Implied market value (1) $ 1,381,702 $ 2,751,568 Implied cost basis (2) 1,327,341 2,772,920 Net carrying value (3) $ 54,361 $ (21,352) (1) Implied market value represents the estimated fair value of the underlying Agency MBS as of the dates indicated. (2) Implied cost basis represents the forward price to be paid for the underlying Agency MBS as of the dates indicated. (3) Net carrying value is the amount included on the consolidated balance sheets within “derivative assets” and “derivative liabilities” and represents the difference between the implied market value and the implied cost basis of the TBA securities as of the dates indicated. Volume of Activity The table below summarizes changes in the Company’s derivative instruments for the year ended December 31, 2023: Type of Derivative Instrument Beginning Additions Settlements, Ending ($s in thousands) U.S. Treasury futures $ (4,920,000) $ (21,750,000) $ 21,790,000 $ (4,880,000) Put options on U.S. Treasury futures 250,000 600,000 (850,000) — TBA securities 2,869,000 28,231,000 (29,697,000) 1,403,000 Offsetting The Company's derivatives are subject to underlying agreements with master netting or similar arrangements, which provide for the right of setoff in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its derivative assets and liabilities subject to these arrangements on a gross basis. Please see Note 4 for information related to the Company’s repurchase agreements, which are also subject to underlying agreements with master netting or similar arrangements. The following tables present information regarding those derivative assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of December 31, 2023 and December 31, 2022: Offsetting of Assets ($s in thousands) Gross Amount of Recognized Assets Gross Amount Offset in the Balance Sheet Net Amount of Assets Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (1) Net Amount Financial Instruments Received as Collateral Cash Received as Collateral December 31, 2023 Put options on U.S. Treasury futures $ — $ — $ — $ — $ — $ — TBA securities 54,361 — 54,361 — (44,153) 10,208 Derivative assets $ 54,361 $ — $ 54,361 $ — $ (44,153) $ 10,208 December 31, 2022 Put options on U.S. Treasury futures $ 5,859 $ — $ 5,859 $ — $ — $ 5,859 TBA securities 1,243 — 1,243 (1,243) — — Derivative assets $ 7,102 $ — $ 7,102 $ (1,243) $ — $ 5,859 Offsetting of Liabilities ($s in thousands) Gross Amount of Recognized Liabilities Gross Amount Offset in the Balance Sheet Net Amount of Liabilities Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (1) Net Amount Financial Instruments Posted as Collateral Cash Posted as Collateral December 31, 2023 TBA securities $ — $ — $ — $ — $ — $ — Derivative liabilities $ — $ — $ — $ — $ — $ — December 31, 2022 TBA securities $ 22,595 $ — $ 22,595 $ (1,243) $ (16,639) $ 4,713 Derivative liabilities $ 22,595 $ — $ 22,595 $ (1,243) $ (16,639) $ 4,713 (1) Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the derivative asset or liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically, and the total cash pledged or received as collateral which is disclosed in “cash collateral posted to/by counterparties.”

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is based on the assumptions market participants would use when pricing an asset or liability and also considers all aspects of nonperformance risk, including the entity’s own credit standing, when measuring fair value of a liability. Accounting Standards Codification (“ASC”) Topic 820 established a valuation hierarchy of three levels as follows: • Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. • Level 2 – Inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs either directly observable or indirectly observable through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level 3 – Unobservable inputs are supported by little or no market activity. The unobservable inputs represent management’s best estimate of how market participants would price the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table presents the Company’s financial instruments that are measured at fair value on the Company’s consolidated balance sheet by their valuation hierarchy levels as of the dates indicated: ($s in thousands) December 31, 2023 December 31, 2022 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets carried at fair value: MBS $ 6,038,948 $ — $ 6,038,845 $ 103 $ 3,112,705 $ — $ 3,112,553 $ 152 Derivative assets: Put options on U.S. Treasury futures — — — — 5,859 5,859 — — TBA securities-long position 54,361 — 54,361 — 1,243 — 1,243 — Other assets: mortgage loans 1,793 — — 1,793 2,617 — — 2,617 Total assets carried at fair value $ 6,095,102 $ — $ 6,093,206 $ 1,896 $ 3,122,424 $ 5,859 $ 3,113,796 $ 2,769 Liabilities carried at fair value: TBA securities-long position $ — $ — $ — $ — $ 22,595 $ — $ 22,595 $ — Total liabilities carried at fair value $ — $ — $ — $ — $ 22,595 $ — $ 22,595 $ — The fair value measurements for the Company’s TBA securities and the majority of its MBS are considered Level 2 because there are substantially similar securities actively trading or for which there has been recent trading activity in their respective markets and are based on prices received from a pricing service. In valuing a security, the pricing service uses either a market approach, which uses observable prices and other relevant information that is generated by market transactions of identical or similar securities, or an income approach, which uses valuation techniques such as discounted cash flow modeling. The Company reviews the prices it receives from its pricing service as well as the assumptions and inputs utilized by the pricing service for reasonableness. Examples of the observable inputs and assumptions include market interest rates, credit spreads, and projected prepayment speeds, among other things. In addition, the prices received from the pricing service are assessed for reasonableness using broker quotes as well as other third party pricing services. The Company's mortgage loans held for investment are single-family mortgage loans, which were originated or purchased by the Company prior to 2000, and for which the Company has elected the fair value option. The fair value measurements for these mortgage loans and certain non-Agency MBS are considered Level 3 assets because there has been no recent trading activity of similar instruments upon which their fair value can be measured. The fair value for these Level 3 assets is measured by discounting the estimated future cash flows derived from cash flow models using certain inputs such as the security’s credit rating, coupon rate, estimated prepayment speeds, expected weighted average life, collateral composition, and expected credit losses as well as certain other relevant information. The Company used a constant prepayment rate assumption of 10%, default rate of 2%, loss severity of 20%, and a discount rate of 10.2% in measuring the fair value of its Level 3 assets as of December 31, 2023. The Company’s short positions in U.S. Treasury futures contracts and options on U.S. Treasury futures are valued based on exchange pricing and are classified accordingly as Level 1 measurements. The carrying value of the U.S. Treasury futures contracts on the Company’s consolidated balance sheets is $0 because the instruments require daily margin exchanges, which are considered by the settlement agent to represent legal settlement of the contracts

Shareholders' Equity and Share-

Shareholders' Equity and Share-Based Compensation (Notes)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Shareholders' Equity and Share-based Compensation	SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION Preferred Stock. The Company’s Board of Directors has designated 6,600,000 shares of the Company’s preferred stock for issuance as Series C Preferred Stock, of which the Company has 4,460,000 of such shares outstanding as of December 31, 2023. The Series C Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption, and will remain outstanding indefinitely unless redeemed, repurchased or converted into common stock pursuant to the terms of the Series C Preferred Stock. Except under certain limited circumstances described in Article IIIC of the Company’s Restated Articles of Incorporation, the Company may not redeem the Series C Preferred Stock prior to April 15, 2025. On or after that date, the Series C Preferred Stock may be redeemed at any time and from time to time at the Company's option at a cash redemption price of $25.00 per share plus any accumulated and unpaid dividends. Because the Series C Preferred Stock is redeemable only at the option of the issuer, it is classified as equity on the Company’s consolidated balance sheet. The Series C Preferred Stock pays a cumulative cash dividend equivalent to 6.900% of the $25.00 liquidation preference per share each year until April 15, 2025. The terms of the Series C Preferred Stock state that upon April 15, 2025 and thereafter, the Company will pay cumulative cash dividends at a percentage of the $25.00 liquidation value per share equal to an annual floating rate of 3-month LIBOR plus a spread of 5.461%. When 3-month LIBOR ceases to be a published, the fallback provision provided in the terms of the Series C Preferred Stock will allow for the Company to appoint a third-party independent financial institution of national standing to select an industry accepted alternative base rate. The Company paid its regular quarterly dividend of $0.43125 per share of Series C Preferred Stock on January 16, 2024 to shareholders of record as of January 1, 2024. Common Stock. During the year ended December 31, 2023, the Company issued 3,329,802 shares of its common stock through its at-the-market (“ATM”) program at an aggregate value of $42.6 million, net of broker commissions and fees. The Company currently pays a monthly dividend on its common stock. The Company’s timing, frequency, and amount of dividends declared on its common stock are determined by its Board of Directors. When declaring dividends, the Board of Directors considers the Company’s taxable income, the REIT distribution requirements of the Tax Code, and maintaining compliance with dividend requirements of the Series C Preferred Stock, along with other factors that the Board of Directors may deem relevant from time to time. Share-Based Compensation. The following tables present a rollforward of share-based awards for the periods indicated: Year Ended December 31, 2023 2022 2021 Type of Award Shares Weighted Average Shares Weighted Average Shares Weighted Average Restricted stock: Awards outstanding, beginning of period 133,951 $ 15.22 197,804 $ 15.27 281,761 $ 14.74 Granted 74,017 11.27 71,216 15.60 40,027 19.02 Vested (103,686) 15.03 (135,069) 15.49 (123,984) 15.28 Awards outstanding, end of period 104,282 $ 12.61 133,951 $ 15.22 197,804 $ 15.27 Target RSUs: (1) Awards outstanding, beginning of period 86,666 $ 16.57 55,019 $ 19.40 — $ — Granted 341,044 12.55 73,767 15.19 55,019 19.40 Vested (33,213) 16.96 (42,120) 17.85 — — Awards outstanding, end of period 394,497 $ 13.06 86,666 $ 16.57 55,019 $ 19.40 Target PSUs: (2) Awards outstanding, beginning of period 201,284 $ 16.60 110,040 $ 19.04 — $ — Granted 160,277 11.97 147,542 14.83 110,040 19.04 Vested (84,695) 19.04 (56,298) 16.73 — — Awards outstanding, end of period 276,866 $ 13.17 201,284 $ 16.60 110,040 $ 19.04 (1) The number of RSUs shown represent the target number of awards. Actual number of shares that will potentially settle may range from 0% if the recipient’s service-based vesting condition is not met to 100% if the service-based vesting condition is met. (2) The number of PSUs shown represent the target number of awards. Actual number of shares that will potentially settle may range from 0% to 200% based on the achievement of the performance goals defined in each grant award. As of December 31, 2023, the Company expects 79% of the remaining target PSUs will be settled on their vesting dates. The Company has DERs accrued for RSUs and PSUs of $0.4 million and $0.8 million, respectively, as of December 31, 2023 compared to $0.2 million and $0.4 million, respectively, as of December 31, 2022, which is included on the Company’s consolidated balance sheet within “accrued dividends payable.” Total share-based compensation expense recognized by the Company for the year ended December 31, 2023 was $4.8 million compared to $4.4 million for the year ended December 31, 2022 and $2.5 million for the year ended December 31, 2021. The following table discloses the Company’s remaining compensation expense related to stock awards it has granted as of December 31, 2023, which will be amortized over the period disclosed: December 31, 2023 ($s in thousands) Remaining Compensation Cost WAVG Period of Recognition Restricted stock $ 610 1.4 years RSUs 3,341 2.5 years PSUs 877 1.9 years Total $ 4,828 2.2 years

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company does not expect to incur any income tax liability for the year ended December 31, 2023 and did not incur any material income tax liability for the years ended December 31, 2022 or December 31, 2021. As of December 31, 2023, the Company has $590.8 million of capital loss carryforwards, the majority of which will expire by 2028, and $8.1 million of NOL carryforward remaining, which will expire over the next two years if not used.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSSubsequent to December 31, 2023, the Company issued 1,508,000 shares of common stock through its ATM program for which it received proceeds of approximately $18.9 million, net of commissions.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net (loss) income	$ (6,130)	$ 143,161	$ 102,261

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Organization	Organization Dynex Capital, Inc. (the “Company”) was incorporated in the Commonwealth of Virginia on December 18, 1987 and commenced operations in February 1988. The Company is an internally managed mortgage real estate investment trust, or mortgage REIT, which primarily earns income from investing on a leveraged basis in Agency mortgage-backed securities (“Agency MBS”) and in to-be-announced securities (“TBAs” or “TBA securities”). Agency MBS have a guaranty of principal and interest payments by a U.S. government-sponsored entity (“GSE”) such as Fannie Mae and Freddie Mac, which are in conservatorship and are currently supported by a senior preferred stock purchase agreement from the U.S. Treasury. As of December 31, 2023, the majority of the Company’s Agency MBS are secured by residential real property (“Agency RMBS”). The remainder of the Company’s investments are in Agency commercial MBS (“Agency CMBS”) and in both Agency and non-Agency CMBS interest-only (“CMBS IO”). Non-Agency MBS do not have a GSE guaranty of principal or interest payments.
Basis of Presentation	Basis of Presentation
Use of Estimates	Use of Estimates
Consolidation and Variable Interest Entities	Consolidation and Variable Interest Entities The consolidated financial statements include the accounts of the Company and the accounts of its majority owned subsidiaries and variable interest entities (“VIE”) for which it is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.
Income Taxes	Income Taxes The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986 (the “Tax Code”) and the corresponding provisions of state law. To qualify as a REIT, the Company must meet certain asset, income, ownership, and distribution tests. To meet these requirements, the Company’s main source of income is interest earned from obligations secured by mortgages on real property, and the Company must distribute at least 90% of its annual REIT taxable income to shareholders. The Company’s income will generally not be subject to federal income tax to the extent it is distributed as dividends to shareholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities and records these liabilities, if any, to the extent they are deemed more likely than not to have been incurred.
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share The Company calculates basic net income (loss) per common share by dividing net income (loss) to common shareholders for the period by weighted-average shares of common stock outstanding for that period. Please see Note 2 for the calculation of the Company’s basic and diluted net income (loss) per common share for the periods indicated. The Company currently has unvested restricted stock, service-based restricted stock units (“RSUs”) and performance-based stock units (“PSUs”) issued and outstanding. Restricted stock awards are considered participating securities and therefore are included in the computation of basic net income per common share using the two-class method because holders of unvested shares of restricted stock are eligible to receive non-forfeitable dividends. Holders of RSUs and PSUs accrue forfeitable dividend equivalent rights over the period outstanding, receiving dividend payments only upon the settlement date if the requisite service-based and performance-based conditions have been achieved, as applicable. As such, RSUs and PSUs are excluded from the computation of basic net income per common share, but are included in the computation of diluted net income per common share unless the effect is to reduce a net loss or increase the net income per common share (also known as “anti-dilutive”). Upon vesting, restrictions on transfer expire on each share of restricted stock, RSU, and PSU, and each such share or unit becomes one unrestricted share of common stock and is included in the computation of basic net income per common share. Because the Company’s 6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series C Preferred Stock”) is redeemable at the Company’s option for cash only and convertible into shares of common stock only upon a change of control of the Company (and subject to other circumstances) as described in Article IIIC of the Company’s Restated Articles of Incorporation, the effect of those shares and their related dividends are excluded from the calculation of diluted net income per common share for the periods presented.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include unrestricted demand deposits at highly rated financial institutions and highly liquid investments with original maturities of three months or less. The Company’s cash balances fluctuate throughout the year and may exceed Federal Deposit Insurance Corporation (“FDIC”) insured limits from time to time. Although the Company bears risk to amounts in excess of those insured by the FDIC, the Company believes the risk of loss is mitigated by the financial position, creditworthiness, and strength of the depository institutions in which those deposits are held.
Cash Collateral Posted To/By Counterparties	Cash Collateral Posted To/By Counterparties Cash collateral posted to/by counterparties represents amounts pledged/received to cover margin requirements related to the Company’s financing and derivative instruments. If the amount pledged to a counterparty exceeds the amount received from a counterparty, the net amount is recorded as an asset within “cash collateral posted to counterparties”, and if the amount received from a counterparty exceeds the amount pledged to a counterparty, the net amount is recorded as a liability within “cash collateral posted by counterparties” on the Company’s consolidated balance sheets. The following table provides a reconciliation of “cash” and “cash posted to counterparties” reported on the Company's consolidated balance sheet as of December 31, 2023, that sum to the total of the same such amounts shown on the Company’s consolidated statement of cash flows for the year ended December 31, 2023: ($s in thousands) December 31, 2023 December 31, 2022 Cash and cash equivalents $ 119,639 $ 332,035 Cash collateral posted to counterparties 118,225 117,842 Total cash including cash posted to counterparties shown on consolidated statement of cash flows $ 237,864 $ 449,877
Mortgage-Back Securities	Mortgage-Backed Securities The Company’s MBS are recorded at fair value on the Company’s consolidated balance sheet. Changes in fair value of MBS purchased prior to January 1, 2021 are designated as available-for-sale (“AFS”) with changes in fair value reported in other comprehensive income (“OCI”) as an unrealized gain (loss) until the security is sold or matures. Effective January 1, 2021, the Company elected the fair value option (“FVO”) for all MBS purchased on or after that date with changes in fair value reported in net income as “unrealized gain (loss) on investments, net” until the security is sold or matures. Management elected the fair value option so that GAAP net income will reflect the changes in fair value for its future purchases of MBS in a manner consistent with the presentation and timing of the changes in fair value of its derivative instruments. Upon the sale of an MBS, any unrealized gain or loss within OCI or net income is reclassified to “realized gain (loss) on sale of investments, net” within net income using the specific identification method. Interest Income, Premium Amortization, and Discount Accretion. Interest income on MBS is accrued based on the outstanding principal balance (or notional balance in the case of IO securities) and the contractual terms. Premiums or discounts associated with the purchase of Agency MBS as well as any non-Agency MBS are amortized or accreted into interest income over the projected life of such securities using the effective interest method, and adjustments to premium amortization and discount accretion are made for actual cash payments. The Company’s projections of future cash payments are based on input received from external sources and internal models and may include assumptions about the amount and timing of loan prepayment rates, fluctuations in interest rates, credit losses, and other factors. On at least a quarterly basis, the Company reviews and makes any necessary adjustments to its cash flow projections and updates the yield recognized on these assets. Determination of MBS Fair Value. The Company estimates the fair value of the majority of its MBS based upon prices obtained from a pricing service. These prices are assessed for reasonableness using broker quotes and other third party pricing services. Please refer to Note 6 for further discussion of MBS fair value measurements. Allowance for Credit Losses. On at least a quarterly basis, the Company evaluates any MBS designated as AFS with a fair value less than its amortized cost for credit losses. If the difference between the present value of cash flows expected to be collected on the MBS is less than its amortized cost, the difference is recorded as an allowance for credit loss through net income up to and not exceeding the amount that the amortized cost exceeds current fair value. Subsequent changes in credit loss estimates are recognized in earnings in the period in which they occur. Because the majority of the Company’s investments are higher credit quality and most are guaranteed by a GSE, the Company is not likely to have an allowance for credit losses related to its MBS recorded on its consolidated balance sheet. Interest accrued between payment dates on MBS is presented separately from the Company’s investment portfolio as “accrued interest receivable” on its consolidated balance sheet. The Company does not estimate an allowance for credit loss for its accrued interest receivable because the interest is generally received within 30 days and amounts not received when due are written off against interest income.
Repurchase Agreements	Repurchase Agreements The Company’s repurchase agreements are used to finance its purchases of MBS and are accounted for as secured borrowings. The Company pledges its securities as collateral to secure a loan, which is equal to a specified percentage of the estimated fair value of the pledged collateral. The Company retains beneficial ownership of the pledged collateral, which is disclosed parenthetically on the Company’s consolidated balance sheets. At the maturity of a repurchase agreement borrowing, the Company is required to repay the loan and concurrently receives back its pledged collateral from the lender or, with the consent of the lender, the Company may renew the agreement at the then prevailing financing rate. A repurchase agreement lender may require the Company to pledge additional collateral in the event of a decline in the fair value of the collateral pledged. Repurchase agreement financing is recourse to the Company and the assets pledged. The repurchase facilities available to the Company are uncommitted with no guarantee of renewal.
Derivative Instruments	Derivative Instruments Changes in the fair value of derivative instruments, including gains and losses realized upon termination, maturity, or settlement, are recorded in “gain (loss) on derivative instruments, net” on the Company’s consolidated statements of comprehensive income (loss). Cash receipts and payments related to derivative instruments are classified in the investing activities section of the consolidated statements of cash flows in accordance with the underlying nature or purpose of the derivative transactions. The Company’s short positions in U.S. Treasury futures contracts are valued based on exchange pricing with daily margin settlements. The margin requirement varies based on the market value of the open positions and the equity retained in the account. Any margin excess or deficit outstanding is recorded as a receivable or payable as of the date of the Company’s consolidated balance sheets. The Company realizes gains or losses on these contracts upon expiration at an amount equal to the difference between the current fair value of the underlying asset and the contractual price of the futures contract. The Company’s options on U.S. Treasury futures provide the Company the right, but not an obligation, to buy or sell U.S. Treasury futures at a predetermined notional amount and stated term in the future and are valued based on exchange pricing. The Company records the premium paid for the option contract as a derivative asset on its consolidated balance sheet and adjusts the balance for changes in fair value through “gain (loss) on derivative instruments” until the option is exercised or the contract expires. If the option contract expires unexercised, the realized loss is limited to the premium paid. If exercised, the realized gain or loss on the options is equal to the difference between the fair value of the underlying U.S. Treasury future and the premium paid for the option contract. The Company may also purchase swaptions, which provide the Company the right, but not an obligation, to enter into an interest rate swap at a predetermined notional amount with a stated term and pay and receive rates in the future. The accounting for swaptions is similar to options on U.S. Treasury futures. A TBA security is a forward contract (“TBA contract”) for the purchase (“long position”) or sale (“short position”) of a non-specified Agency MBS at a predetermined price with certain principal and interest terms and certain types of collateral, but the particular Agency securities to be delivered are not identified until shortly before the settlement date. The Company accounts for long and short positions in TBAs as derivative instruments because the Company cannot assert that it is probable at inception and throughout the term of an individual TBA transaction that its settlement will result in physical delivery of the underlying Agency RMBS or that the individual TBA transaction will settle in the shortest time period possible. Please refer to Note 5 for additional information regarding the Company’s derivative instruments as well as Note 6 for information on how the fair value of these instruments is calculated.
Share-based Compensation	Share-Based Compensation The Company’s 2020 Stock and Incentive Plan (the “2020 Plan”) reserves for issuance up to 2,300,000 common shares for eligible employees, non-employee directors, consultants, and advisors to the Company to be granted in the form of stock options, restricted stock, restricted stock units (“RSUs”), stock appreciation rights, performance-based stock units (“PSUs”), and performance-based cash awards (collectively, “awards”). As of December 31, 2023, 863,259 common shares are available for issuance under the 2020 Plan. The Company has issued restricted stock and RSUs, which are treated as equity awards and recorded at their fair value using the closing stock price on the grant date. Compensation expense is generally recognized over a service period specified within each award with a corresponding credit to shareholders’ equity using the straight-line method until the vesting date specified within each award or until the employee becomes eligible for retirement, if earlier than the vesting date. Compensation expense for subsequent equity awards to an employee who is retirement eligible is recognized immediately upon the grant date. The Company also has PSUs issued and outstanding which contain Company performance-based and market performance-based conditions. PSUs subject to Company performance-based conditions are initially recognized as equity at their fair value which is measured using the closing stock price on the grant date multiplied by the number of units expected to vest based on an assessment of the probability of achievement of the Company performance-based conditions as of the grant date. The grant date fair value is recognized as expense using the straight-line method until the earlier of the vesting date specified within each award or the date the employee becomes eligible for retirement. Adjustments are made, if necessary, based on any change in probability of achievement which is re-assessed as of each reporting date and on at least a quarterly basis. PSUs subject to market performance-based conditions are recognized as equity at their grant date fair value determined through a Monte-Carlo simulation of the Company’s common stock total shareholder return (“TSR”) relative to the common stock TSR of the group of peer companies specified in the award agreement. Awards subject to market performance-based conditions are not assessed for probability of achievement and are not remeasured subsequent to issuance. The grant date fair value is recognized as expense using the straight-line method until the earlier of the vesting date specified within each award or the date the employee becomes eligible for retirement, even if the market performance-based conditions are not achieved. The Company does not estimate forfeitures for any of its share-based compensation awards, but adjusts for actual forfeitures in the periods in which they occur. Because RSUs and PSUs have forfeitable dividend equivalent rights, which are paid in cash only upon settlement, any accrued dividend equivalent rights (“DERs”) on forfeited units are reversed with a corresponding credit to “Compensation and benefits.” Please see Note 7 for additional information about the Company’s share-based compensation awards.
Contingencies	Contingencies The Company did not have any pending lawsuits, claims, or other contingencies as of December 31, 2023 or December 31, 2022.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company evaluates Accounting Standards Updates issued by the Financial Accounting Standards Board on at least a quarterly basis to evaluate applicability and significance of any impact on its financial condition and results of operations. There were no accounting pronouncements issued during the year ended December 31, 2023, that are expected to have a material impact on the Company’s financial condition or results of operations.

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of “cash” and “cash posted to counterparties” reported on the Company's consolidated balance sheet as of December 31, 2023, that sum to the total of the same such amounts shown on the Company’s consolidated statement of cash flows for the year ended December 31, 2023: ($s in thousands) December 31, 2023 December 31, 2022 Cash and cash equivalents $ 119,639 $ 332,035 Cash collateral posted to counterparties 118,225 117,842 Total cash including cash posted to counterparties shown on consolidated statement of cash flows $ 237,864 $ 449,877

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the computations of basic and diluted net income or loss per common share for the periods indicated: Year Ended December 31, ($s in thousands) 2023 2022 2021 Weighted average number of common shares outstanding - basic 54,809,462 42,491,433 32,596,272 Incremental common shares-unvested RSUs — 76,950 55,019 Incremental common shares-unvested PSUs — 174,654 110,040 Weighted average number of common shares outstanding - diluted 54,809,462 42,743,037 32,761,331 Net (loss) income to common shareholders $ (13,824) $ 135,467 $ 90,945 Net (loss) income per common share-basic $ (0.25) $ 3.19 $ 2.79 Net (loss) income per common share-diluted $ (0.25) $ 3.17 $ 2.78

Mortgage-Backed Securities (Tab

Mortgage-Backed Securities (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Trading, and Equity Securities, FV-NI	The following tables provide details on the Company’s MBS by investment type as of the dates indicated: December 31, 2023 December 31, 2022 ($s in thousands) Par Value Amortized Cost Fair Value Par Value Amortized Cost Fair Value Agency RMBS $ 6,022,502 $ 5,993,922 $ 5,763,532 $ 3,104,498 $ 3,150,873 $ 2,762,878 Agency CMBS 121,293 121,799 115,595 131,578 132,333 124,690 CMBS IO (1) n/a 167,314 159,718 n/a 238,841 224,985 Non-Agency other 150 150 103 209 209 152 Total $ 6,143,945 $ 6,283,185 $ 6,038,948 $ 3,236,285 $ 3,522,256 $ 3,112,705 (1) The notional balance for Agency CMBS IO and non-Agency CMBS IO was $7,723,379 and $3,860,007, respectively, as of December 31, 2023, and $9,711,981 and $6,280,761, respectively, as of December 31, 2022. December 31, 2023 ($s in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value MBS measured at fair value through OCI: Agency RMBS $ 898,420 $ — $ (148,606) $ 749,814 Agency CMBS 106,527 28 (5,159) 101,396 CMBS IO 126,672 1,296 (6,014) 121,954 Non-Agency other 150 — (47) 103 Total $ 1,131,769 $ 1,324 $ (159,826) $ 973,267 MBS measured at fair value through net income: Agency RMBS $ 5,095,502 $ 48,459 $ (130,243) $ 5,013,718 Agency CMBS 15,272 — (1,073) 14,199 CMBS IO 40,642 2 (2,880) 37,764 Total $ 5,151,416 $ 48,461 $ (134,196) $ 5,065,681 December 31, 2022 ($s in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value MBS measured at fair value through OCI: Agency RMBS $ 977,624 $ — $ (164,949) $ 812,675 Agency CMBS 117,031 — (6,474) 110,557 CMBS IO 193,405 507 (10,373) 183,539 Non-Agency other 209 — (57) 152 Total $ 1,288,269 $ 507 $ (181,853) $ 1,106,923 MBS measured at fair value through net income: Agency RMBS $ 2,173,249 $ — $ (223,046) $ 1,950,203 Agency CMBS 15,302 — (1,169) 14,133 CMBS IO 45,436 — (3,990) 41,446 Total $ 2,233,987 $ — $ (228,205) $ 2,005,782
Debt Securities, Available-for-sale	The following tables provide details on the Company’s MBS by investment type as of the dates indicated: December 31, 2023 December 31, 2022 ($s in thousands) Par Value Amortized Cost Fair Value Par Value Amortized Cost Fair Value Agency RMBS $ 6,022,502 $ 5,993,922 $ 5,763,532 $ 3,104,498 $ 3,150,873 $ 2,762,878 Agency CMBS 121,293 121,799 115,595 131,578 132,333 124,690 CMBS IO (1) n/a 167,314 159,718 n/a 238,841 224,985 Non-Agency other 150 150 103 209 209 152 Total $ 6,143,945 $ 6,283,185 $ 6,038,948 $ 3,236,285 $ 3,522,256 $ 3,112,705 (1) The notional balance for Agency CMBS IO and non-Agency CMBS IO was $7,723,379 and $3,860,007, respectively, as of December 31, 2023, and $9,711,981 and $6,280,761, respectively, as of December 31, 2022. December 31, 2023 ($s in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value MBS measured at fair value through OCI: Agency RMBS $ 898,420 $ — $ (148,606) $ 749,814 Agency CMBS 106,527 28 (5,159) 101,396 CMBS IO 126,672 1,296 (6,014) 121,954 Non-Agency other 150 — (47) 103 Total $ 1,131,769 $ 1,324 $ (159,826) $ 973,267 MBS measured at fair value through net income: Agency RMBS $ 5,095,502 $ 48,459 $ (130,243) $ 5,013,718 Agency CMBS 15,272 — (1,073) 14,199 CMBS IO 40,642 2 (2,880) 37,764 Total $ 5,151,416 $ 48,461 $ (134,196) $ 5,065,681 December 31, 2022 ($s in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value MBS measured at fair value through OCI: Agency RMBS $ 977,624 $ — $ (164,949) $ 812,675 Agency CMBS 117,031 — (6,474) 110,557 CMBS IO 193,405 507 (10,373) 183,539 Non-Agency other 209 — (57) 152 Total $ 1,288,269 $ 507 $ (181,853) $ 1,106,923 MBS measured at fair value through net income: Agency RMBS $ 2,173,249 $ — $ (223,046) $ 1,950,203 Agency CMBS 15,302 — (1,169) 14,133 CMBS IO 45,436 — (3,990) 41,446 Total $ 2,233,987 $ — $ (228,205) $ 2,005,782
Unrealized Gain (Loss) on Investments	The following table presents information regarding unrealized gains and losses on investments reported within net income (loss) on the Company’s consolidated statements of comprehensive income (loss) for the periods indicated: Year Ended December 31, ($s in thousands) 2023 2022 2021 Agency RMBS $ 141,263 $ (208,129) $ (14,917) Agency CMBS 96 (1,169) — CMBS IO 1,111 (3,924) (65) Other assets 31 200 168 Total unrealized gain (loss) on investments, net $ 142,501 $ (213,022) $ (14,814)
Realized Gain (Loss) on Investments	The following table presents information regarding realized gains and losses on sales of MBS reported in the Company’s consolidated statements of comprehensive income (loss) for the periods indicated: Year Ended December 31, ($s in thousands) 2023 2022 2021 Realized gains on sales of MBS - AFS $ — $ — $ 7,516 Realized losses on sales of MBS - AFS — (13,988) (811) Realized losses on sales of MBS - FVO (74,916) (75,079) — Total realized (loss) gain on sales of investments, net $ (74,916) $ (89,067) $ 6,705
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	The following table presents certain information for MBS designated as AFS that were in an unrealized loss position as of the dates indicated: December 31, 2023 December 31, 2022 ($s in thousands) Fair Value Gross Unrealized Losses # of Securities Fair Value Gross Unrealized Losses # of Securities Continuous unrealized loss position for less than 12 months: Agency MBS $ 3,926 $ 149 4 $ 346,064 $ 22,808 79 Non-Agency MBS 1,736 37 8 42,162 1,787 56 Continuous unrealized loss position for 12 months or longer: Agency MBS $ 932,682 $ 158,651 78 $ 697,514 $ 156,411 17 Non-Agency MBS 21,704 989 41 12,195 847 22

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of Repurchase Agreements [Abstract]
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets	The Company’s repurchase agreements outstanding as of December 31, 2023 and December 31, 2022 are summarized in the following tables: December 31, 2023 December 31, 2022 Collateral Type Balance Weighted Fair Value of Balance Weighted Fair Value of ($s in thousands) Agency RMBS $ 5,130,438 5.59 % $ 5,613,212 $ 2,349,181 4.15 % $ 2,496,781 Agency CMBS 104,495 5.60 % 113,753 108,580 3.76 % 108,146 Agency CMBS IO 120,979 5.83 % 127,823 137,569 4.62 % 150,517 Non-Agency CMBS IO 25,192 6.25 % 25,959 49,075 5.26 % 55,513 Total repurchase agreements $ 5,381,104 5.59 % $ 5,880,747 $ 2,644,405 4.18 % $ 2,810,957 . The Company had borrowings outstanding under 28 different repurchase agreements as of December 31, 2023, and its equity at risk did not exceed 10% with any counterparty as of that date. The Company also had $95.0 thousand and $4.2 million payable to counterparties for transactions pending settlement as of December 31, 2023 and December 31, 2022, respectively. The Company received noncash collateral with a fair value of $176.3 million pledged by its counterparties to compensate the Company for the increase in fair value of collateral previously pledged in excess of required margin related to its repurchase agreement borrowings outstanding as of December 31, 2023. In accordance with ASC Topic 860, the fair value of this noncash collateral is not recorded on the Company’s consolidated balance sheet unless the Company repledges the collateral or sells the collateral in the event of default by the counterparty. The Company had not repledged any of the noncash collateral pledged by its counterparties as of December 31, 2023. The following table provides information on the remaining term to maturity and original term to maturity for the Company’s repurchase agreements as of the dates indicated: December 31, 2023 December 31, 2022 Remaining Term to Maturity Balance Weighted WAVG Original Term to Maturity Balance Weighted WAVG Original Term to Maturity ($s in thousands) Less than 30 days $ 2,855,917 5.61 % 92 $ 858,161 4.44 % 42 30 to 90 days 2,525,187 5.58 % 86 1,786,244 4.06 % 104 Total $ 5,381,104 5.59 % 89 $ 2,644,405 4.18 % 84
Offsetting Repurchase Agreement Liabilities	The following table presents information regarding the Company's repurchase agreements as if the Company had presented them on a net basis as of December 31, 2023 and December 31, 2022: ($s in thousands) Gross Amount of Recognized Liabilities Gross Amount Offset in the Balance Sheet Net Amount of Liabilities Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (1) Net Amount Financial Instruments Posted as Collateral Cash Posted as Collateral December 31, 2023: Repurchase agreements $ 5,381,104 $ — $ 5,381,104 $ (5,381,104) $ — $ — December 31, 2022: Repurchase agreements $ 2,644,405 $ — $ 2,644,405 $ (2,644,405) $ — $ — (1) Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the repurchase agreement liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically, and the total cash pledged or received as collateral which is disclosed in “cash collateral posted to/by counterparties.”

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss)	The table below provides detail of the Company’s “(loss) gain on derivative instruments, net” by type of derivative instrument for the periods indicated: Year Ended December 31, Type of Derivative Instrument 2023 2022 2021 ($s in thousands) U.S. Treasury futures $ (12,430) $ 724,347 $ 61,215 Interest rate swaptions — 47,738 40,330 Put options on U.S. Treasury futures 1,588 (431) (2,141) TBA securities-long positions (22,063) (335,647) (17,987) (Loss) gain on derivative instruments, net $ (32,905) $ 436,007 $ 81,417
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below provides the carrying amount by type of derivative instrument comprising the Company’s derivative assets and liabilities on its consolidated balance sheets as of the dates indicated: Type of Derivative Instrument Balance Sheet Location Purpose December 31, 2023 December 31, 2022 ($s in thousands) Put options on U.S. Treasury futures Derivative assets Economic hedging $ — $ 5,859 TBA securities Derivative assets Investing 54,361 1,243 Total derivatives assets $ 54,361 $ 7,102 TBA securities Derivative liabilities Investing $ — $ 22,595 Total derivatives liabilities $ — $ 22,595
Schedule of Derivative Instruments	The following table summarizes information about the Company's long positions in TBA securities as of the dates indicated: ($s in thousands) December 31, 2023 December 31, 2022 Implied market value (1) $ 1,381,702 $ 2,751,568 Implied cost basis (2) 1,327,341 2,772,920 Net carrying value (3) $ 54,361 $ (21,352) (1) Implied market value represents the estimated fair value of the underlying Agency MBS as of the dates indicated. (2) Implied cost basis represents the forward price to be paid for the underlying Agency MBS as of the dates indicated. (3) Net carrying value is the amount included on the consolidated balance sheets within “derivative assets” and “derivative liabilities” and represents the difference between the implied market value and the implied cost basis of the TBA securities as of the dates indicated.
Schedule of Notional Amounts of Outstanding Derivative Positions	The table below summarizes changes in the Company’s derivative instruments for the year ended December 31, 2023: Type of Derivative Instrument Beginning Additions Settlements, Ending ($s in thousands) U.S. Treasury futures $ (4,920,000) $ (21,750,000) $ 21,790,000 $ (4,880,000) Put options on U.S. Treasury futures 250,000 600,000 (850,000) — TBA securities 2,869,000 28,231,000 (29,697,000) 1,403,000
Offsetting Assets	The following tables present information regarding those derivative assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of December 31, 2023 and December 31, 2022: Offsetting of Assets ($s in thousands) Gross Amount of Recognized Assets Gross Amount Offset in the Balance Sheet Net Amount of Assets Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (1) Net Amount Financial Instruments Received as Collateral Cash Received as Collateral December 31, 2023 Put options on U.S. Treasury futures $ — $ — $ — $ — $ — $ — TBA securities 54,361 — 54,361 — (44,153) 10,208 Derivative assets $ 54,361 $ — $ 54,361 $ — $ (44,153) $ 10,208 December 31, 2022 Put options on U.S. Treasury futures $ 5,859 $ — $ 5,859 $ — $ — $ 5,859 TBA securities 1,243 — 1,243 (1,243) — — Derivative assets $ 7,102 $ — $ 7,102 $ (1,243) $ — $ 5,859 (1) Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the derivative asset or liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically, and the total cash pledged or received as collateral which is disclosed in “cash collateral posted to/by counterparties.”
Offsetting Liabilities	Offsetting of Liabilities ($s in thousands) Gross Amount of Recognized Liabilities Gross Amount Offset in the Balance Sheet Net Amount of Liabilities Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (1) Net Amount Financial Instruments Posted as Collateral Cash Posted as Collateral December 31, 2023 TBA securities $ — $ — $ — $ — $ — $ — Derivative liabilities $ — $ — $ — $ — $ — $ — December 31, 2022 TBA securities $ 22,595 $ — $ 22,595 $ (1,243) $ (16,639) $ 4,713 Derivative liabilities $ 22,595 $ — $ 22,595 $ (1,243) $ (16,639) $ 4,713 (1) Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the derivative asset or liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically, and the total cash pledged or received as collateral which is disclosed in “cash collateral posted to/by counterparties.”

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents the Company’s financial instruments that are measured at fair value on the Company’s consolidated balance sheet by their valuation hierarchy levels as of the dates indicated: ($s in thousands) December 31, 2023 December 31, 2022 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets carried at fair value: MBS $ 6,038,948 $ — $ 6,038,845 $ 103 $ 3,112,705 $ — $ 3,112,553 $ 152 Derivative assets: Put options on U.S. Treasury futures — — — — 5,859 5,859 — — TBA securities-long position 54,361 — 54,361 — 1,243 — 1,243 — Other assets: mortgage loans 1,793 — — 1,793 2,617 — — 2,617 Total assets carried at fair value $ 6,095,102 $ — $ 6,093,206 $ 1,896 $ 3,122,424 $ 5,859 $ 3,113,796 $ 2,769 Liabilities carried at fair value: TBA securities-long position $ — $ — $ — $ — $ 22,595 $ — $ 22,595 $ — Total liabilities carried at fair value $ — $ — $ — $ — $ 22,595 $ — $ 22,595 $ —

Shareholders' Equity and Shar_2

Shareholders' Equity and Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following tables present a rollforward of share-based awards for the periods indicated: Year Ended December 31, 2023 2022 2021 Type of Award Shares Weighted Average Shares Weighted Average Shares Weighted Average Restricted stock: Awards outstanding, beginning of period 133,951 $ 15.22 197,804 $ 15.27 281,761 $ 14.74 Granted 74,017 11.27 71,216 15.60 40,027 19.02 Vested (103,686) 15.03 (135,069) 15.49 (123,984) 15.28 Awards outstanding, end of period 104,282 $ 12.61 133,951 $ 15.22 197,804 $ 15.27 Target RSUs: (1) Awards outstanding, beginning of period 86,666 $ 16.57 55,019 $ 19.40 — $ — Granted 341,044 12.55 73,767 15.19 55,019 19.40 Vested (33,213) 16.96 (42,120) 17.85 — — Awards outstanding, end of period 394,497 $ 13.06 86,666 $ 16.57 55,019 $ 19.40 Target PSUs: (2) Awards outstanding, beginning of period 201,284 $ 16.60 110,040 $ 19.04 — $ — Granted 160,277 11.97 147,542 14.83 110,040 19.04 Vested (84,695) 19.04 (56,298) 16.73 — — Awards outstanding, end of period 276,866 $ 13.17 201,284 $ 16.60 110,040 $ 19.04 (1) The number of RSUs shown represent the target number of awards. Actual number of shares that will potentially settle may range from 0% if the recipient’s service-based vesting condition is not met to 100% if the service-based vesting condition is met. (2) The number of PSUs shown represent the target number of awards. Actual number of shares that will potentially settle may range from 0% to 200% based on the achievement of the performance goals defined in each grant award.
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	Total share-based compensation expense recognized by the Company for the year ended December 31, 2023 was $4.8 million compared to $4.4 million for the year ended December 31, 2022 and $2.5 million for the year ended December 31, 2021. The following table discloses the Company’s remaining compensation expense related to stock awards it has granted as of December 31, 2023, which will be amortized over the period disclosed: December 31, 2023 ($s in thousands) Remaining Compensation Cost WAVG Period of Recognition Restricted stock $ 610 1.4 years RSUs 3,341 2.5 years PSUs 877 1.9 years Total $ 4,828 2.2 years

Organization and Summary of S_4

Organization and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 119,639	$ 332,035
Cash collateral posted to counterparties	118,225	117,842
Total cash including cash posted to counterparties shown on consolidated statement of cash flows	$ 237,864	$ 449,877	$ 421,307	$ 309,735
Share-based incentive plan, number of shares authorized for issuance	2,300,000
Number of shares available for grant (in shares)	863,259

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares-basic (in shares)	54,809,462	42,491,433	32,596,272
Weighted average common shares-diluted (in shares)	54,809,462	42,743,037	32,761,331
Net (loss) income to common stockholders	$ (13,824)	$ 135,467	$ 90,945
Net income (loss) per common share-basic (in dollars per share)	$ (0.25)	$ 3.19	$ 2.79
Net income (loss) per common share-diluted (in dollars per share)	$ (0.25)	$ 3.17	$ 2.78
Restricted Stock Units (RSUs) [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Incremental common shares - unvested (in shares)	0	76,950	55,019
Performance Shares [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Incremental common shares - unvested (in shares)	0	174,654	110,040

Net Income (Loss) Per Common _4

Net Income (Loss) Per Common Share - Narrative (Details)	3 Months Ended
	Dec. 31, 2023 shares
Earnings Per Share [Abstract]
Antidilutive unvested RSUs and PSUs (in shares)	401,522

Mortgage-Backed Securities - In

Mortgage-Backed Securities - Investment Type (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Trading and Available-for-sale [Abstract]
Par Value		$ 6,143,945	$ 3,236,285
Amortized Cost		6,283,185	3,522,256
Fair Value		6,038,948	3,112,705
Amortized cost		1,131,769	1,288,269
Gross Unrealized Gain		1,324	507
Gross Unrealized Loss		(159,826)	(181,853)
Fair Value		973,267	1,106,923
Amortized Cost		5,151,416	2,233,987
Gross Unrealized Gain		48,461	0
Gross Unrealized Loss		(134,196)	(228,205)
Fair Value		5,065,681	2,005,782
Residential Mortgage Backed Securities [Member] | Agency MBS
Debt Securities, Trading and Available-for-sale [Abstract]
Par Value		6,022,502	3,104,498
Amortized Cost		5,993,922	3,150,873
Fair Value		5,763,532	2,762,878
Amortized cost		898,420	977,624
Gross Unrealized Gain		0	0
Gross Unrealized Loss		(148,606)	(164,949)
Fair Value		749,814	812,675
Amortized Cost		5,095,502	2,173,249
Gross Unrealized Gain		48,459	0
Gross Unrealized Loss		(130,243)	(223,046)
Fair Value		5,013,718	1,950,203
Commercial Mortgage Backed Securities [Member] | Agency MBS
Debt Securities, Trading and Available-for-sale [Abstract]
Par Value		121,293	131,578
Amortized Cost		121,799	132,333
Fair Value		115,595	124,690
Amortized cost		106,527	117,031
Gross Unrealized Gain		28	0
Gross Unrealized Loss		(5,159)	(6,474)
Fair Value		101,396	110,557
Amortized Cost		15,272	15,302
Gross Unrealized Gain		0	0
Gross Unrealized Loss		(1,073)	(1,169)
Fair Value		14,199	14,133
Interest-Only-Strip [Member]
Debt Securities, Trading and Available-for-sale [Abstract]
Amortized Cost	[1]	167,314	238,841
Fair Value	[1]	159,718	224,985
Amortized cost		126,672	193,405
Gross Unrealized Gain		1,296	507
Gross Unrealized Loss		(6,014)	(10,373)
Fair Value		121,954	183,539
Amortized Cost		40,642	45,436
Gross Unrealized Gain		2	0
Gross Unrealized Loss		(2,880)	(3,990)
Fair Value		37,764	41,446
Interest-Only-Strip, Agency CMBS [Member]
Debt Securities, Trading and Available-for-sale [Abstract]
Notional balance		7,723,379	9,711,981
Interest-Only-Strip, Non-Agency CMBS [Member]
Debt Securities, Trading and Available-for-sale [Abstract]
Notional balance		3,860,007	6,280,761
Non-Agency MBS
Debt Securities, Trading and Available-for-sale [Abstract]
Par Value		150	209
Fair Value		103	152
Amortized cost		150	209
Gross Unrealized Gain		0	0
Gross Unrealized Loss		(47)	(57)
Fair Value		$ 103	$ 152
[1] (1) The notional balance for Agency CMBS IO and non-Agency CMBS IO was $7,723,379 and $3,860,007, respectively, as of December 31, 2023, and $9,711,981 and $6,280,761, respectively, as of December 31, 2022.

Mortgage-Backed Securities - Un

Mortgage-Backed Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments [Line Items]
Unrealized gain (loss) on investments, net	$ 142,501	$ (213,022)	$ (14,814)
Residential Mortgage Backed Securities [Member] | Agency MBS
Investments [Line Items]
Unrealized loss on debt securities		(208,129)	(14,917)
Residential Mortgage Backed Securities [Member] | Agency MBS
Investments [Line Items]
Unrealized loss on debt securities	141,263
Commercial Mortgage Backed Securities [Member] | Agency MBS
Investments [Line Items]
Unrealized loss on debt securities		(1,169)	0
Commercial Mortgage Backed Securities [Member] | Agency MBS
Investments [Line Items]
Unrealized loss on debt securities	96
Interest-Only-Strip [Member]
Investments [Line Items]
Unrealized loss on debt securities	1,111	(3,924)	(65)
Asset-backed Securities, Securitized Loans and Receivables
Investments [Line Items]
Unrealized gain (loss) on other investments	$ 31	$ 200	$ 168

Mortgage-Backed Securities - Re

Mortgage-Backed Securities - Realize Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments [Line Items]
Realized gains on sales of MBS - AFS	$ 0	$ 0	$ 7,516
Realized losses on sales of MBS - AFS	0	(13,988)	(811)
Realized losses on sales of MBS - FVO	(74,916)	(75,079)	0
Realized (loss) gains on sales of investments, net	$ (74,916)	$ (89,067)	$ 6,705

Mortgage-Backed Securities - Gr

Mortgage-Backed Securities - Gross Unrealized Losses (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Investments [Line Items]
Allowance for credit loss	$ 0	$ 0
Agency MBS
Investments [Line Items]
Fair value, Less than 12 Months	3,926	346,064
Gross Unrealized Losses, Less than 12 Month	$ 149	$ 22,808
Number of Securities, Less than 12 Months	4	79
Fair value, 12 Months or Longer	$ 932,682	$ 697,514
Gross Unrealized Losses, 12 Months or Longer	$ 158,651	$ 156,411
Number of Securities, 12 Months or Longer	78	17
Non-Agency MBS
Investments [Line Items]
Fair value, Less than 12 Months	$ 1,736	$ 42,162
Gross Unrealized Losses, Less than 12 Month	$ 37	$ 1,787
Number of Securities, Less than 12 Months	8	56
Fair value, 12 Months or Longer	$ 21,704	$ 12,195
Gross Unrealized Losses, 12 Months or Longer	$ 989	$ 847
Number of Securities, 12 Months or Longer	41	22

Repurchase Agreements (Details)

Repurchase Agreements (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 5,381,104,000	$ 2,644,405,000
Weighted Average Rate	5.59%	4.18%
Fair Value of Collateral Pledged	$ 5,880,747,000	$ 2,810,957,000
Securities Received as Collateral	176,300,000
Collateral Securities Repledged, Delivered, or Used	0
Accrued interest payable	53,194,000	16,450,000
Residential Mortgage Backed Securities [Member] | Agency MBS
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 5,130,438,000	$ 2,349,181,000
Weighted Average Rate	5.59%	4.15%
Fair Value of Collateral Pledged	$ 5,613,212,000	$ 2,496,781,000
Commercial Mortgage Backed Securities [Member] | Agency MBS
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 104,495,000	$ 108,580,000
Weighted Average Rate	5.60%	3.76%
Fair Value of Collateral Pledged	$ 113,753,000	$ 108,146,000
Interest-Only-Strip [Member] | Agency MBS
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 120,979,000	$ 137,569,000
Weighted Average Rate	5.83%	4.62%
Fair Value of Collateral Pledged	$ 127,823,000	$ 150,517,000
Interest-Only-Strip [Member] | Non-Agency MBS
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 25,192,000	$ 49,075,000
Weighted Average Rate	6.25%	5.26%
Fair Value of Collateral Pledged	$ 25,959,000	$ 55,513,000

Repurchase Agreements - Narrati

Repurchase Agreements - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($) counterparty	Dec. 31, 2022 USD ($)
Disclosure of Repurchase Agreements [Abstract]
Number of counterparties | counterparty	28
Due to counterparties | $	$ 95	$ 4,159

Repurchase Agreements - Remaini

Repurchase Agreements - Remaining Term to Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 5,381,104	$ 2,644,405
Weighted Average Rate	5.59%	4.18%
WAVG Original Term to Maturity	89	84
Less than 30 days
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 2,855,917	$ 858,161
Weighted Average Rate	5.61%	4.44%
WAVG Original Term to Maturity	92	42
30 to 90 days
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 2,525,187	$ 1,786,244
Weighted Average Rate	5.58%	4.06%
WAVG Original Term to Maturity	86	104

Repurchase Agreements - Offsett

Repurchase Agreements - Offsetting (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Offsetting [Abstract]
Gross Amount of Recognized Liabilities		$ 5,381,104	$ 2,644,405
Gross Amount Offset in the Balance Sheet		0	0
Net Amount of Liabilities Presented in the Balance Sheet		5,381,104	2,644,405
Financial Instruments Posted as Collateral	[1]	(5,381,104)	(2,644,405)
Cash Posted as Collateral		0	0
Net Amount		$ 0	$ 0
[1]Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the repurchase agreement liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically, and the total cash pledged or received as collateral which is disclosed in “cash collateral posted to/by counterparties.”

Derivatives - Gain (loss) on De

Derivatives - Gain (loss) on Derivative Instruments , Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
(Loss) gain on derivative instruments, net	$ (32,905)	$ 436,007	$ 81,417
Interest rate swaptions
Derivative [Line Items]
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	0	47,738	40,330
Put options on U.S. Treasury futures
Derivative [Line Items]
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	1,588	(431)	(2,141)
Short position | U.S. Treasury futures
Derivative [Line Items]
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	(12,430)	724,347	61,215
Long position | TBA securities
Derivative [Line Items]
Gain (Loss) on Derivative Instruments Held for Trading Purposes, Net	$ (22,063)	$ (335,647)	$ (17,987)

Derivatives - Derivative Inform

Derivatives - Derivative Information about Carrying Value by Type on the Balance Sheet Location (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative assets	$ 54,361	$ 7,102
Derivative liabilities	0	22,595
Put options on U.S. Treasury futures
Derivative [Line Items]
Derivative assets	0	5,859
TBA securities | Long position
Derivative [Line Items]
Derivative assets	54,361	1,243
Derivative liabilities	$ 0	$ 22,595

Derivatives - Schedule of Futur

Derivatives - Schedule of Futures and Options (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative assets	$ 54,361,000	$ 7,102,000
Derivative liabilities	0	22,595,000
U.S. Treasury futures
Derivative [Line Items]
Derivative assets		26,600,000
Margin Deposit Assets	118,200,000	101,200,000
Variation Margin Receivable, Derivative	1,300,000	6,600,000
Derivative liabilities	219,900,000
Put options on U.S. Treasury futures
Derivative [Line Items]
Derivative assets	0	$ 5,859,000
Put options on U.S. Treasury futures | Short position
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, at Carrying Value	$ 0

Derivatives - Schedule of Long

Derivatives - Schedule of Long Positions in TBA (Details) - TBA securities - Not Designated as Hedging Instrument, Trading - Long position - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Implied market value, TBA	[1]	$ 1,381,702	$ 2,751,568
Implied cost basis, TBA	[2]	1,327,341	2,772,920
Derivative, Fair Value, Net	[3]	$ 54,361	$ (21,352)
[1]Implied market value represents the estimated fair value of the underlying Agency MBS as of the dates indicated[2]Implied cost basis represents the forward price to be paid for the underlying Agency MBS as of the dates indicated.[3]Net carrying value is the amount included on the consolidated balance sheets within “derivative assets” and “derivative liabilities” and represents the difference between the implied market value and the implied cost basis of the TBA securities as of the dates indicated.

Derivatives Volume of Activity

Derivatives Volume of Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Not Designated as Hedging Instrument, Economic Hedge | U.S. Treasury futures | Short position
Derivatives [Roll Forward]
Derivative, Notional Amount	$ 4,920,000
Derivative, Notional Amount, Derivative Instruments Added	21,750,000
Derivative, Notional Amount, Derivative Instruments Maturing, Settled, Terminated, or Paired-Off	(21,790,000)
Derivative, Notional Amount	4,880,000
Not Designated as Hedging Instrument, Economic Hedge | Put options on U.S. Treasury futures
Derivatives [Roll Forward]
Derivative, Notional Amount	250,000
Derivative, Notional Amount, Derivative Instruments Added	600,000
Derivative, Notional Amount, Derivative Instruments Maturing, Settled, Terminated, or Paired-Off	(850,000)
Derivative, Notional Amount	0
Not Designated as Hedging Instrument, Trading | TBA securities | Long position
Derivatives [Roll Forward]
Derivative, Notional Amount	2,869,000
Derivative, Notional Amount, Derivative Instruments Added	28,231,000
Derivative, Notional Amount, Derivative Instruments Maturing, Settled, Terminated, or Paired-Off	(29,697,000)
Derivative, Notional Amount	$ 1,403,000

Derivatives Offsetting Assets (

Derivatives Offsetting Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Gross Amount of Recognized Assets		$ 54,361	$ 7,102
Gross Amount Offset in the Balance Sheet		0	0
Net Amount of Assets Presented in the Balance Sheet		54,361	7,102
Financial Instruments Received as Collateral	[1]	0	(1,243)
Cash collateral posted by counterparties	[1]	(44,153)	0
Net Amount		10,208	5,859
Put options on U.S. Treasury futures | Not Designated as Hedging Instrument, Economic Hedge
Offsetting Assets [Line Items]
Gross Amount of Recognized Assets		0	5,859
Gross Amount Offset in the Balance Sheet		0	0
Net Amount of Assets Presented in the Balance Sheet		0	5,859
Financial Instruments Received as Collateral	[1]	0	0
Cash collateral posted by counterparties	[1]	0	0
Net Amount		0	5,859
Long position | TBA securities
Offsetting Assets [Line Items]
Gross Amount of Recognized Assets		54,361	1,243
Gross Amount Offset in the Balance Sheet		0	0
Net Amount of Assets Presented in the Balance Sheet		54,361	1,243
Financial Instruments Received as Collateral	[1]	0	(1,243)
Cash collateral posted by counterparties	[1]	(44,153)	0
Net Amount		$ 10,208	$ 0
[1]Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the derivative asset or liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically, and the total cash pledged or received as collateral which is disclosed in “cash collateral posted to/by counterparties.”

Derivatives Offsetting Liabilit

Derivatives Offsetting Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023		Dec. 31, 2022
Offsetting Liabilities [Line Items]
Gross Amount of Recognized Liabilities	$ 0		$ 22,595
Gross Amount Offset in the Balance Sheet	0		0
Net Amount of Liabilities Presented in the Balance Sheet	0		22,595
Financial Instruments Posted as Collateral	0	[1]	(1,243)
Cash Posted as Collateral	0	[1]	(16,639)
Net Amount	0		4,713
TBA securities | Long position
Offsetting Liabilities [Line Items]
Gross Amount of Recognized Liabilities	0		22,595
Gross Amount Offset in the Balance Sheet	0		0
Net Amount of Liabilities Presented in the Balance Sheet	0		22,595
Financial Instruments Posted as Collateral	0	[1]	(1,243)
Cash Posted as Collateral	0	[1]	(16,639)
Net Amount	$ 0		$ 4,713
[1]Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the derivative asset or liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically, and the total cash pledged or received as collateral which is disclosed in “cash collateral posted to/by counterparties.”

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of Assets Presented in the Balance Sheet	$ 54,361	$ 7,102
Net Amount of Liabilities Presented in the Balance Sheet	0	22,595
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
MBS	6,038,948	3,112,705
Other Assets, Fair Value Disclosure	1,793	2,617
Total assets carried at fair value	6,095,102	3,122,424
Total liabilities carried at fair value	0	22,595
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
MBS	0	0
Other Assets, Fair Value Disclosure	0	0
Total assets carried at fair value	0	5,859
Total liabilities carried at fair value	0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
MBS	6,038,845	3,112,553
Other Assets, Fair Value Disclosure	0	0
Total assets carried at fair value	6,093,206	3,113,796
Total liabilities carried at fair value	0	22,595
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
MBS	103	152
Other Assets, Fair Value Disclosure	1,793	2,617
Total assets carried at fair value	1,896	2,769
Total liabilities carried at fair value	0	0
Fair Value, Measurements, Recurring | Put options on U.S. Treasury futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of Assets Presented in the Balance Sheet	0	5,859
Fair Value, Measurements, Recurring | Put options on U.S. Treasury futures | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of Assets Presented in the Balance Sheet	0	5,859
Fair Value, Measurements, Recurring | Put options on U.S. Treasury futures | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of Assets Presented in the Balance Sheet	0	0
Fair Value, Measurements, Recurring | Put options on U.S. Treasury futures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of Assets Presented in the Balance Sheet	0	0
Fair Value, Measurements, Recurring | TBA securities | Long position
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of Assets Presented in the Balance Sheet	54,361	1,243
Net Amount of Liabilities Presented in the Balance Sheet	0	22,595
Fair Value, Measurements, Recurring | TBA securities | Level 1 | Long position
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of Assets Presented in the Balance Sheet	0	0
Net Amount of Liabilities Presented in the Balance Sheet	0	0
Fair Value, Measurements, Recurring | TBA securities | Level 2 | Long position
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of Assets Presented in the Balance Sheet	54,361	1,243
Net Amount of Liabilities Presented in the Balance Sheet	0	22,595
Fair Value, Measurements, Recurring | TBA securities | Level 3 | Long position
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of Assets Presented in the Balance Sheet	0	0
Net Amount of Liabilities Presented in the Balance Sheet	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details)	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loansheldfor investment, fair value option, measurement input	0.10
Measurement Input, Constant Prepayment Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS, Measurement Input	0.10
Measurement Input, Default Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS, Measurement Input	0.02
Loansheldfor investment, fair value option, measurement input	0.02
Measurement Input, Loss Severity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS, Measurement Input	0.20
Loansheldfor investment, fair value option, measurement input	0.20
Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS, Measurement Input	0.102
Loansheldfor investment, fair value option, measurement input	0.102

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	4,460,000	4,460,000	4,460,000
Stock issuance, value		$ 42,626	$ 246,882	$ 237,130
Share-based compensation expense		$ 4,833	$ 4,419	$ 2,516
ATM Offering
Class of Stock [Line Items]
Stock issuance, shares		3,329,802
Stock issuance, value		$ 42,600
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	6,600,000	6,600,000
Preferred stock, shares outstanding (in shares)	4,460,000	4,460,000
Liquidation preference per share (in dollars per share)	$ 25	$ 25
Dividend rate, percent		6.90%
Dividend payment rate, basis spread on variable rate		5.461%
Dividends declared (in dollars per share)	$ 0.43125

Shareholders' Equity and Shar_3

Shareholders' Equity and Share-Based Compensation Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Accrued dividends payable		$ 10,320	$ 9,103
Share-based compensation expense		$ 4,833	$ 4,419	$ 2,516
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Rollforward]
Awards outstanding, beginning of period (in shares)		133,951	197,804	281,761
Granted (in shares)		74,017	71,216	40,027
Vested (in shares)		(103,686)	(135,069)	(123,984)
Awards outstanding, end of period (in shares)		104,282	133,951	197,804
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Awards outstanding, beginning of period (in dollars per share)		$ 15.22	$ 15.27	$ 14.74
Granted (in dollars per share)		11.27	15.60	19.02
Vested (in dollars per share)		15.03	15.49	15.28
Awards outstanding, end of period (in dollars per share)		$ 12.61	$ 15.22	$ 15.27
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Rollforward]
Awards outstanding, beginning of period (in shares)	[1]	86,666	55,019	0
Granted (in shares)	[1]	341,044	73,767	55,019
Vested (in shares)	[1]	(33,213)	(42,120)	0
Awards outstanding, end of period (in shares)	[1]	394,497	86,666	55,019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Awards outstanding, beginning of period (in dollars per share)		$ 16.57	$ 19.40	$ 0
Granted (in dollars per share)		12.55	15.19	19.40
Vested (in dollars per share)		16.96	17.85	0
Awards outstanding, end of period (in dollars per share)		$ 13.06	$ 16.57	$ 19.40
Accrued dividends payable		$ 400	$ 200
Restricted Stock Units (RSUs) [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested awards expected to settle on their vesting date (percent)		0%
Restricted Stock Units (RSUs) [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested awards expected to settle on their vesting date (percent)		100%
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Rollforward]
Awards outstanding, beginning of period (in shares)	[2]	201,284	110,040	0
Granted (in shares)	[2]	160,277	147,542	110,040
Vested (in shares)	[2]		(56,298)	0
Awards outstanding, end of period (in shares)	[2]	276,866	201,284	110,040
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Awards outstanding, beginning of period (in dollars per share)		$ 16.60	$ 19.04	$ 0
Granted (in dollars per share)		11.97	14.83	19.04
Vested (in dollars per share)		19.04	16.73	0
Awards outstanding, end of period (in dollars per share)		$ 13.17	$ 16.60	$ 19.04
Nonvested awards expected to settle on their vesting date (percent)		79%
Accrued dividends payable		$ 800	$ 400
Performance Shares [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested awards expected to settle on their vesting date (percent)		0%
Performance Shares [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested awards expected to settle on their vesting date (percent)		200%
[1] The number of RSUs shown represent the target number of awards. Actual number of shares that will potentially settle may range from 0% if the recipient’s service-based vesting condition is not met to 100% if the service-based vesting condition is met. The number of PSUs shown represent the target number of awards. Actual number of shares that will potentially settle may range from 0% to 200% based on the achievement of the performance goals defined in each grant award.

Shareholders' Equity and Shar_4

Shareholders' Equity and Share-Based Compensation - Schedule of Remaining Unvested Awards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Compensation Cost	$ 4,828
WAVG Period of Recognition	2 years 2 months 12 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Compensation Cost	$ 610
WAVG Period of Recognition	1 year 4 months 24 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Compensation Cost	$ 3,341
WAVG Period of Recognition	2 years 6 months
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Compensation Cost	$ 877
WAVG Period of Recognition	1 year 10 months 24 days

Income Taxes (Details)

Income Taxes (Details) $ in Millions	Dec. 31, 2023 USD ($)
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforward	$ 8.1
Capital Loss Carryforward
Tax Credit Carryforward [Line Items]
Capital Loss Carryforward, Amount	$ 590.8

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 17, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Stock issuance, value		$ 42,626	$ 246,882	$ 237,130
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock issuance, shares	1,508,000
Stock issuance, value	$ 18,900