Dynex Capital (DX) 10-Q 26 Jul 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 24, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		74,707,776
Entity Central Index Key	0000826675
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets [Abstract]
Cash and cash equivalents	$ 286,132	$ 119,639
Cash collateral posted to counterparties	123,131	118,225
Mortgage-backed securities (including pledged of $5,788,148 and $5,880,747, respectively), at fair value	6,193,139	6,038,948
Due from counterparties	27,379	1,313
Derivative assets	8,461	54,361
Accrued interest receivable	28,323	28,727
Other assets, net	17,037	8,537
Total assets	6,683,602	6,369,750
Liabilities:
Repurchase agreements	5,494,428	5,381,104
Due to counterparties	49,606	95
Derivative liabilities	2,032	0
Cash collateral posted by counterparties	19,382	46,001
Accrued interest payable	54,567	53,194
Accrued dividends payable	12,785	10,320
Other liabilities	5,539	8,301
Total liabilities	5,638,339	5,499,015
Preferred Stock, Liquidation Preference, Value	111,500	111,500
Stockholders' Equity Attributable to Parent [Abstract]
Preferred stock, par value $0.00 per share; 50,000 shares authorized; 4,460 and 4,460 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; 74,707,776 and 57,038,247 shares issued and outstanding, respectively	747	570
Additional paid-in capital	1,620,355	1,404,431
Accumulated other comprehensive loss	(177,556)	(158,502)
Accumulated deficit	(506,126)	(483,607)
Total shareholders’ equity	1,045,263	870,735
Total liabilities and shareholders’ equity	$ 6,683,602	$ 6,369,750

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Mortgage-backed securities (including pledged of $5,788,148 and $5,880,747, respectively), at fair value	$ 6,193,139	$ 6,038,948
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	74,707,776	57,038,247
Common Stock, Shares, Outstanding	74,707,776	57,038,247
Asset Pledged as Collateral with Right
Mortgage-backed securities (including pledged of $5,788,148 and $5,880,747, respectively), at fair value	$ 5,788,148	$ 5,880,747

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest income	$ 76,054	$ 42,212	$ 147,580	$ 73,058
Interest Expense, Operating	74,767	45,142	149,484	76,450
Net interest income (expense)	1,287	(2,930)	(1,904)	(3,392)
Realized loss on sales of investments, net	(1,506)	(51,601)	(1,506)	(74,916)
Unrealized (loss) gain on investments, net	(41,977)	488	(112,001)	57,609
Gain on derivative instruments, net	41,135	116,012	165,771	48,745
Total other (losses) gains, net	(2,348)	64,899	52,264	31,438
Noninterest Expense [Abstract]
Compensation and benefits	(3,284)	(3,617)	(10,461)	(7,367)
Other general and administrative	(3,358)	(3,580)	(7,062)	(7,202)
Other operating expenses	(601)	(435)	(1,022)	(861)
Total operating expenses	(7,243)	(7,632)	(18,545)	(15,430)
Net income	(8,304)	54,337	31,815	12,616
Preferred stock dividends	(1,923)	(1,923)	(3,847)	(3,847)
Net (loss) income to common shareholders	(10,227)	52,414	27,968	8,769
Other comprehensive income:
Unrealized (loss) gain on available-for-sale investments, net	(1,786)	(9,443)	(19,054)	5,350
Total other comprehensive (loss) income	(1,786)	(9,443)	(19,054)	5,350
Comprehensive (loss) income to common shareholders	$ (12,013)	$ 42,971	$ 8,914	$ 14,119
Weighted average common shares-basic (in shares)	66,954,870	54,137,327	63,003,545	53,981,463
Weighted average common shares-diluted (in shares)	66,954,870	54,585,082	63,913,156	54,327,385
Net income (loss) per common share-basic (in dollars per share)	$ (0.15)	$ 0.97	$ 0.44	$ 0.16
Net income (loss) per common share-diluted (in dollars per share)	$ (0.15)	$ 0.96	$ 0.44	$ 0.16

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, 2022		4,460,000
Balance, Common shares outstanding at Dec. 31, 2022				53,637,095
Balance, Preferred shares outstanding (in shares) at Mar. 31, 2023		4,460,000
Balance, Common shares outstanding at Mar. 31, 2023				53,876,914
Balance at Dec. 31, 2022	$ 901,328		$ 107,843	$ 536	$ 1,357,514	$ (181,346)	$ (383,219)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, shares				199,274
Stock issuance, value	2,771			$ 2	2,769
Restricted stock granted, net of amortization, shares				27,932
Restricted stock granted, net of amortization, value				$ 0	360
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture				33,213
Other share-based compensation, net of amortization, value	650			$ 1	649
Adjustments for tax withholding on share based compensation (in shares)				(20,600)
Adjustments for tax withholding on share-based compensation	(276)			$ 0	(276)
Stock issuance costs	(16)				(16)
Net Income (Loss)	(41,722)						(41,722)
Dividends on preferred stock	(1,923)						(1,923)
Dividends on common stock	(21,137)						(21,137)
Other comprehensive income (loss)	14,793					14,793
Balance at Mar. 31, 2023	854,828		107,843	$ 539	1,361,000	(166,553)	(448,001)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock granted, net of amortization, value	360
Balance, Preferred shares outstanding (in shares) at Dec. 31, 2022		4,460,000
Balance, Common shares outstanding at Dec. 31, 2022				53,637,095
Balance, Preferred shares outstanding (in shares) at Jun. 30, 2023		4,460,000
Balance, Common shares outstanding at Jun. 30, 2023				54,204,319
Balance at Dec. 31, 2022	901,328		107,843	$ 536	1,357,514	(181,346)	(383,219)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	5,350
Balance at Jun. 30, 2023	880,962		107,843	$ 542	1,365,484	(175,996)	(416,911)
Balance, Preferred shares outstanding (in shares) at Mar. 31, 2023		4,460,000
Balance, Common shares outstanding at Mar. 31, 2023				53,876,914
Balance, Preferred shares outstanding (in shares) at Jun. 30, 2023		4,460,000
Balance, Common shares outstanding at Jun. 30, 2023				54,204,319
Balance at Mar. 31, 2023	854,828		107,843	$ 539	1,361,000	(166,553)	(448,001)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, shares				296,600
Stock issuance, value	3,543			$ 3	3,540
Restricted stock granted, net of amortization, shares				46,085
Restricted stock granted, net of amortization, value	296			$ 0	296
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture				0
Other share-based compensation, net of amortization, value	833			$ 0	833
Adjustments for tax withholding on share based compensation (in shares)				(15,280)
Adjustments for tax withholding on share-based compensation	(169)			$ 0	(169)
Stock issuance costs	(16)				(16)
Net Income (Loss)	54,337						54,337
Dividends on preferred stock	(1,923)						(1,923)
Dividends on common stock	(21,324)						(21,324)
Other comprehensive income (loss)	(9,443)					(9,443)
Balance at Jun. 30, 2023	$ 880,962		107,843	$ 542	1,365,484	(175,996)	(416,911)
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
Balance, Preferred shares outstanding (in shares) at Mar. 31, 2024		4,460,000
Balance, Common shares outstanding at Mar. 31, 2024				64,160,931
Balance at Dec. 31, 2023	$ 870,735		107,843	$ 570	1,404,431	(158,502)	(483,607)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, shares				7,007,448
Stock issuance, value	86,806			$ 70	86,736
Restricted stock granted, net of amortization, shares				46,544
Restricted stock granted, net of amortization, value				$ 0	510
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture				111,245
Other share-based compensation, net of amortization, value	3,760			$ 1	3,759
Adjustments for tax withholding on share based compensation (in shares)				(42,553)
Adjustments for tax withholding on share-based compensation	(527)			$ 0	(527)
Stock issuance costs	(16)				(16)
Net Income (Loss)	40,118						40,118
Dividends on preferred stock	(1,923)						(1,923)
Dividends on common stock	(23,663)						(23,663)
Other comprehensive income (loss)	(17,268)					(17,268)
Balance at Mar. 31, 2024	958,532		107,843	$ 641	1,494,893	(175,770)	(469,075)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock granted, net of amortization, value	$ 510
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
Balance, Preferred shares outstanding (in shares) at Jun. 30, 2024	4,460,000	4,460,000
Balance, Common shares outstanding at Jun. 30, 2024	74,707,776			74,707,776
Balance at Dec. 31, 2023	$ 870,735		107,843	$ 570	1,404,431	(158,502)	(483,607)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(19,054)
Balance at Jun. 30, 2024	$ 1,045,263		107,843	$ 747	1,620,355	(177,556)	(506,126)
Balance, Preferred shares outstanding (in shares) at Mar. 31, 2024		4,460,000
Balance, Common shares outstanding at Mar. 31, 2024				64,160,931
Balance, Preferred shares outstanding (in shares) at Jun. 30, 2024	4,460,000	4,460,000
Balance, Common shares outstanding at Jun. 30, 2024	74,707,776			74,707,776
Balance at Mar. 31, 2024	$ 958,532		107,843	$ 641	1,494,893	(175,770)	(469,075)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, shares				10,508,777
Stock issuance, value	124,844			$ 105	124,739
Restricted stock granted, net of amortization, shares				38,068
Restricted stock granted, net of amortization, value				$ 1	190
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture				0
Other share-based compensation, net of amortization, value	724			$ 0	724
Stock issuance costs	(191)				(191)
Net Income (Loss)	(8,304)						(8,304)
Dividends on preferred stock	(1,923)						(1,923)
Dividends on common stock	(26,824)						(26,824)
Other comprehensive income (loss)	(1,786)					(1,786)
Balance at Jun. 30, 2024	1,045,263		$ 107,843	$ 747	$ 1,620,355	$ (177,556)	$ (506,126)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock granted, net of amortization, value	$ 191

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net income	$ 31,815	$ 12,616
Adjustments to reconcile net income to cash provided by operating activities:
Realized loss on sales of investments, net	1,506	74,916
Unrealized loss (gain) on investments, net	112,001	(57,609)
Gain on derivative instruments, net	(165,771)	(48,745)
Amortization of investment premiums, net	26,483	38,924
Other amortization and depreciation	925	1,193
Share-based compensation expense	5,184	2,140
Decrease (increase) in accrued interest receivable	404	(7,728)
Increase in accrued interest payable	1,373	17,344
Change in other assets and liabilities, net	(12,415)	2,176
Net cash provided by operating activities	1,505	35,227
Investing activities:
Purchases of investments	(501,921)	(2,109,585)
Principal payments received on trading securities	186,048	73,849
Principal payments received on available-for-sale investments	37,948	47,919
Proceeds from sales of trading securities	13,782	348,091
Principal payments received on mortgage loans held for investment	441	502
Net receipts on derivatives, including terminations	187,635	64,290
(Decrease) increase in cash collateral posted by counterparties	(26,618)	5,190
Net cash used in investing activities	(102,685)	(1,569,744)
Financing activities:
Borrowings under repurchase agreements	27,001,079	10,999,164
Repayments of repurchase agreement borrowings	(26,887,755)	(9,441,668)
Proceeds from issuance of common stock	211,650	6,314
Payments related to tax withholding for share-based compensation	(527)	(445)
Dividends paid	(51,868)	(45,971)
Net cash provided by financing activities	272,579	1,517,394
Net increase (decrease) in cash, including cash posted to counterparties	171,399	(17,123)
Cash including cash posted to counterparties at beginning of period	237,864	449,877
Cash including cash posted to counterparties at end of period	409,263	432,754
Supplemental Disclosure of Cash Activity:
Cash paid for interest	$ 148,111	$ 59,105

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies (Notes)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, 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 unaudited consolidated financial statements of the Company and its subsidiaries (together, “Dynex” or, as appropriate, the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10, Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all significant adjustments, consisting of normal recurring accruals, considered necessary for a fair statement of results for the interim period have been included. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for any other interim periods or for the entire year ending December 31, 2024. The unaudited consolidated financial statements included herein should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) filed with 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 June 30, 2024. 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. The maximum exposure to loss for these VIEs is the carrying value of the MBS. 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 The Company regularly pledges and receives amounts 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 June 30, 2024, that sum to the total of the same such amounts shown on the Company’s consolidated statement of cash flows for the six months ended June 30, 2024: ($s in thousands) June 30, 2024 Cash and cash equivalents $ 286,132 Cash collateral posted to counterparties 123,131 Total cash including cash posted to counterparties shown on consolidated statement of cash flows $ 409,263 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 received. 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 Derivatives are carried at fair value, and 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’s interest rate swaps are pay-fixed, which involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the interest rate swap without exchange of the underlying notional amount. These agreements are centrally cleared through the Chicago Mercantile Exchange (“CME”), which requires the Company to post initial margin as determined by the CME, and additional variation margin is exchanged, typically in cash, for changes in the fair value of the interest rate swaps. Similar to the Company’s U.S. Treasury futures, the exchange of variation margin for CME cleared swaps is legally considered to be the settlement of the derivative itself as opposed to a pledge of collateral. Accordingly, any margin excess or deficit outstanding is recorded as a receivable or payable as of the date of the Company’s consolidated balance sheets. Changes in the fair value of these instruments is recorded in “gain(loss) on derivative instruments” until termination or expiration. 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 June 30, 2024, 58,503 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” expense. 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 June 30, 2024 or December 31, 2023. Recently Issued Accounting Pronouncements The Company evaluates Accounting Standards Updates (“ASU”) 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. ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" amended existing guidance to improve disclosures about a public entity’s reportable segments and provide more detailed information about a reportable segment’s expenses. ASU 2023-07 clarifies that an entity which has a single reportable segment is to provide all the disclosures required by Topic 280 and ASU 2023-07. The amendment is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of ASU 2023-07 is not expected to have a significant impact on the Company's consolidated financial statements. There were no other accounting pronouncements issued during the six months ended June 30, 2024, that are applicable to the Company and expected to have a material impact on the Company’s financial condition or results of operations.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	6 Months Ended
	Jun. 30, 2024
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: Three Months Ended Six Months Ended June 30, June 30, ($s in thousands) 2024 2023 2024 2023 Weighted average number of common shares outstanding - basic 66,954,870 54,137,327 63,003,545 53,981,463 Incremental common shares-unvested RSUs — 160,303 460,118 119,570 Incremental common shares-unvested PSUs — 287,452 449,493 226,352 Weighted average number of common shares outstanding - diluted 66,954,870 54,585,082 63,913,156 54,327,385 Net (loss) income to common shareholders $ (10,227) $ 52,414 $ 27,968 $ 8,769 Net (loss) income per common share-basic $ (0.15) $ 0.97 $ 0.44 $ 0.16 Net (loss) income per common share-diluted $ (0.15) $ 0.96 $ 0.44 $ 0.16 The calculation of diluted net loss per common share for the three months ended June 30, 2024 excludes unvested RSUs and PSUs of 1,110,206, which would have been anti-dilutive for the period.

Mortgage-Backed Securities

Mortgage-Backed Securities	6 Months Ended
	Jun. 30, 2024
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: June 30, 2024 December 31, 2023 ($s in thousands) Par Value Amortized Cost Fair Value Par Value Amortized Cost Fair Value Agency RMBS $ 6,353,838 $ 6,326,070 $ 5,962,418 $ 6,022,502 $ 5,993,922 $ 5,763,532 Agency CMBS 102,299 102,516 97,482 121,293 121,799 115,595 CMBS IO (1) n/a 139,994 133,239 n/a 167,314 159,718 Non-Agency other — — — 150 150 103 Total $ 6,456,137 $ 6,568,580 $ 6,193,139 $ 6,143,945 $ 6,283,185 $ 6,038,948 (1) The notional balance for Agency CMBS IO and non-Agency CMBS IO was $7,321,369 and $3,167,395, respectively, as of June 30, 2024, and $7,723,379 and $3,860,007, respectively, as of December 31, 2023. June 30, 2024 ($s in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value MBS measured at fair value through OCI: Agency RMBS $ 863,181 $ — $ (168,488) $ 694,693 Agency CMBS 102,516 — (5,034) 97,482 CMBS IO 101,780 1,359 (5,392) 97,747 Total $ 1,067,477 $ 1,359 $ (178,914) $ 889,922 MBS measured at fair value through net income: Agency RMBS $ 5,462,889 $ 13,333 $ (208,497) $ 5,267,725 CMBS IO 38,214 — (2,722) 35,492 Total $ 5,501,103 $ 13,333 $ (211,219) $ 5,303,217 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 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: Three Months Ended Six Months Ended June 30, June 30, ($s in thousands) 2024 2023 2024 2023 Agency RMBS $ (43,705) $ 1,254 $ (113,381) $ 57,033 Agency CMBS 1,263 (275) 1,073 (37) CMBS IO 351 (466) 157 626 Other investments 114 (25) 150 (13) Total unrealized gain (loss) on investments, net $ (41,977) $ 488 $ (112,001) $ 57,609 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: Three Months Ended Six Months Ended June 30, June 30, ($s in thousands) 2024 2023 2024 2023 Realized losses on sales of MBS - FVO $ (1,506) $ (51,601) $ (1,506) $ (74,916) Total realized loss on sales of investments, net $ (1,506) $ (51,601) $ (1,506) $ (74,916) The following table presents certain information for MBS designated as AFS that were in an unrealized loss position as of the dates indicated: June 30, 2024 December 31, 2023 ($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 $ 6,309 $ (263) 7 $ 3,926 $ (149) 4 Non-Agency MBS 164 (3) 1 1,736 (37) 8 Continuous unrealized loss position for 12 months or longer: Agency MBS $ 862,038 $ (178,136) 70 $ 932,682 $ (158,651) 78 Non-Agency MBS 11,397 (512) 24 21,704 (989) 41 The unrealized losses on the Company’s MBS designated as AFS were the result of rising interest rates and declines in market prices and were not credit related; therefore, the Company did not have any allowance for credit losses as of June 30, 2024 or December 31, 2023. 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

Repurchase Agreements

Repurchase Agreements	6 Months Ended
	Jun. 30, 2024
Disclosure of Repurchase Agreements [Abstract]
Repurchase agreements	REPURCHASE AGREEMENTS The Company’s repurchase agreements outstanding as of June 30, 2024 and December 31, 2023 are summarized in the following tables: June 30, 2024 December 31, 2023 Collateral Type Balance Weighted Fair Value of Balance Weighted Fair Value of ($s in thousands) Agency RMBS $ 5,284,233 5.46 % $ 5,562,905 $ 5,130,438 5.59 % $ 5,613,212 Agency CMBS 92,472 5.45 % 96,046 104,495 5.60 % 113,753 Agency CMBS IO 103,281 5.75 % 113,334 120,979 5.83 % 127,823 Non-Agency CMBS IO 14,442 6.17 % 15,863 25,192 6.25 % 25,959 Total $ 5,494,428 5.46 % $ 5,788,148 $ 5,381,104 5.59 % $ 5,880,747 The Company had borrowings outstanding under 28 different repurchase agreements as of June 30, 2024, and its equity at risk did not exceed 10% with any counterparty as of that date. The Company received noncash collateral with a fair value of $2.4 million pledged by its counterparties to compensate the Company for the increase in fair value of collateral previously pledged in excess of required margin related to its repurchase agreement borrowings outstanding as of June 30, 2024. In accordance with Accounting Standards Codification (“ASC”) Topic 860, the fair value of this noncash collateral is not recorded on the Company’s consolidated balance sheet unless the Company re-pledges the collateral or sells the collateral in the event of default by the counterparty. The Company had not re-pledged any of the noncash collateral pledged by its counterparties as of June 30, 2024. The following table provides information on the remaining term to maturity and original term to maturity for the Company’s repurchase agreements as of the dates indicated: June 30, 2024 December 31, 2023 Remaining Term to Maturity Balance Weighted WAVG Original Term to Maturity Balance Weighted WAVG Original Term to Maturity ($s in thousands) Less than 30 days $ 2,350,410 5.46 % 99 $ 2,855,917 5.61 % 92 30 to 90 days 3,015,537 5.47 % 89 2,525,187 5.58 % 86 91 to 180 days 128,481 5.43 % 113 — — % — Total $ 5,494,428 5.46 % 94 $ 5,381,104 5.59 % 89 The Company’s accrued interest payable related to its repurchase agreement borrowings increased to $54.6 million as of June 30, 2024 from $53.2 million as of December 31, 2023. The Company’s counterparties, as set forth in the master repurchase agreement with the counterparty, require the Company to comply with various customary operating and financial covenants, including, but not limited to, minimum net worth, maximum declines in net worth in a given period, and maximum leverage requirements as well as maintaining the Company’s REIT status. In addition, some of the agreements contain cross default features, whereby default under an agreement with one lender simultaneously causes default under agreements with other lenders. To the extent that the Company fails to comply with the covenants contained in these financing agreements or is otherwise found to be in default under the terms of such agreements, the counterparty has the right to accelerate amounts due under the master repurchase agreement. The Company believes it was in full compliance with all covenants in master repurchase agreements under which there were amounts outstanding as of June 30, 2024. The Company's repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of setoff in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its repurchase agreements to these arrangements on a gross basis. The following table presents information regarding the Company's repurchase agreements as if the Company had presented them on a net basis as of June 30, 2024 and December 31, 2023: ($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 June 30, 2024: Repurchase agreements $ 5,494,428 $ — $ 5,494,428 $ (5,494,428) $ — $ — December 31, 2023: Repurchase agreements $ 5,381,104 $ — $ 5,381,104 $ (5,381,104) $ — $ — (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 as “cash collateral posted to/by counterparties.” Please see Note 5

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2024
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 swaps, 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 gain and losses by type of derivative instrument for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, Type of Derivative Instrument 2024 2023 2024 2023 ($s in thousands) U.S. Treasury futures $ 64,210 $ 171,219 $ 204,021 $ 64,846 Interest rate swaps (90) — (90) — Put options on U.S. Treasury futures — (1,211) — (5,468) TBA securities-long positions (22,985) (53,996) (38,160) (10,633) Gain on derivative instruments, net $ 41,135 $ 116,012 $ 165,771 $ 48,745 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 June 30, 2024 December 31, 2023 ($s in thousands) TBA securities Derivative assets Investing $ 8,461 $ 54,361 Total derivatives assets $ 8,461 $ 54,361 TBA securities Derivative liabilities Investing $ 2,032 $ — Total derivatives liabilities $ 2,032 $ — The Company entered into a 7-year interest rate swap during the three months ended June 30, 2024 with a notional amount of $10.0 million, a pay fixed rate of 4.15%, and a SOFR-based variable receive rate. Because the daily margin exchanged for the Company’s U.S. Treasury futures and interest rate swaps are considered legal settlement of the derivative as opposed to a pledge of collateral, these instruments have a carrying value of $0 on the Company’s consolidated balance sheets. The Company’s U.S. Treasury futures were in a liability position of $(34.2) million as of June 30, 2024 and $(219.9) million as of December 31, 2023, and its interest rate swaps were in a liability position of $(0.1) million as of June 30, 2024 and $0 as of December 31, 2023. The amount of cash posted by the Company to cover required initial margin for these instruments was $122.2 million as of June 30, 2024 and $118.2 million as of December 31, 2023, which was recorded within “cash collateral posted to counterparties.” The Company had a margin excess of $20.4 million as of June 30, 2024 and $1.3 million as of December 31, 2023, which was recorded within “due from counterparties.” The following table summarizes information about the Company's long positions in TBA securities as of the dates indicated: ($s in thousands) June 30, 2024 December 31, 2023 Implied market value (1) $ 2,662,350 $ 1,381,702 Implied cost basis (2) 2,655,920 1,327,341 Net carrying value (3) $ 6,430 $ 54,361 (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 six months ended June 30, 2024: Type of Derivative Instrument Beginning Additions Settlements, Ending ($s in thousands) U.S. Treasury futures $ (4,880,000) $ (11,035,000) $ 10,520,000 $ (5,395,000) Interest rate swaps — (10,000) — (10,000) TBA securities 1,403,000 12,447,000 (11,111,000) 2,739,000 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 June 30, 2024 and December 31, 2023: 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 June 30, 2024 TBA securities $ 8,461 $ — $ 8,461 $ (2,032) $ (6,311) $ 118 Derivative assets $ 8,461 $ — $ 8,461 $ (2,032) $ (6,311) $ 118 December 31, 2023 TBA securities $ 54,361 $ — $ 54,361 $ — $ (44,153) $ 10,208 Derivative assets $ 54,361 $ — $ 54,361 $ — $ (44,153) $ 10,208 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 June 30, 2024 TBA securities $ 2,032 $ — $ 2,032 $ (2,032) $ — $ — Derivative liabilities $ 2,032 $ — $ 2,032 $ (2,032) $ — $ — December 31, 2023 TBA securities $ — $ — $ — $ — $ — $ — Derivative liabilities $ — $ — $ — $ — $ — $ — (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 as “cash collateral posted to/by counterparties.”

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
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. 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) June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: MBS $ — $ 6,193,139 $ — $ — $ 6,038,845 $ 103 TBA securities (1) — 8,461 — — 54,361 — Mortgage loans — — 1,412 — — 1,793 Total assets $ — $ 6,201,600 $ 1,412 $ — $ 6,093,206 $ 1,896 Liabilities: TBA securities (1) $ — $ 2,032 $ — $ — $ — $ — Total liabilities $ — $ 2,032 $ — $ — $ — $ — (1) TBA securities are reflected on consolidated balance sheets at their implied fair value, net of implied cost basis. Please refer to Note 5 for additional information. 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 primarily uses a market approach, which uses observable prices and other relevant information that is generated by market transactions of identical or similar securities, but may use an income approach, which uses valuation techniques such as discounted cash flow modeling. The Company reviews the prices it receives from the pricing service as well as the assumptions and inputs, if any, 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 June 30, 2024.

Shareholders' Equity and Share-

Shareholders' Equity and Share-Based Compensation (Notes)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024. 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 July 15, 2024 to shareholders of record as of July 1, 2024. Common Stock. During the six months ended June 30, 2024, the Company issued 10,500,000 shares of its common stock through a public offering, resulting in proceeds of $124.5 million, net of issuance costs, and issued 7,016,225 shares of its common stock through its at-the-market (“ATM”) program at an aggregate value of $86.9 million, net of broker commissions and fees. The Company declared common dividends of $0.39 on its common stock for the three months ended June 30, 2024. 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 table presents a rollforward of share-based awards for the periods indicated: Six Months Ended June 30, 2024 2023 Type of Award Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share Restricted stock: Awards outstanding, beginning of period 104,282 $ 12.61 133,951 $ 15.22 Granted 65,668 12.56 74,017 11.27 Vested (76,355) 12.37 (36,573) 16.75 Awards outstanding, end of period 93,595 $ 12.78 171,395 $ 13.19 Target RSUs: (1) Awards outstanding, beginning of period 394,497 $ 13.06 86,666 $ 16.57 Granted 214,755 12.50 106,850 11.97 Vested (68,896) 14.42 (33,213) 16.96 Awards outstanding, end of period 540,356 $ 12.66 160,303 $ 13.42 Target PSUs: (2) Awards outstanding, beginning of period 276,866 $ 13.17 201,284 $ 16.60 Granted 322,132 12.50 160,277 11.97 Vested — — — — Awards outstanding, end of period 598,998 $ 12.81 361,561 $ 16.60 (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 June 30, 2024, the Company expects 95% of the remaining target PSUs will be settled on their vesting dates. The Company has DERs accrued for RSUs and PSUs of $0.6 million and $0.8 million, respectively, as of June 30, 2024 compared to $0.4 million and $0.8 million, respectively, as of December 31, 2023, 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 three and six months ended June 30, 2024 was $0.9 million and $5.2 million compared to $1.1 million and $2.1 million for the three and six months ended June 30, 2023. The increase in share-based compensation for the three and six months ended June 30, 2024 is due to accelerated recognition of expense for certain stock incentive awards granted in March 2024 to retirement eligible employees. The following table discloses the Company’s remaining compensation expense related to stock awards it has granted as of June 30, 2024, which will be amortized over the period disclosed: June 30, 2024 ($s in thousands) Remaining Compensation Cost WAVG Period of Recognition Restricted stock $ 975 1.5 years RSUs 3,932 2.2 years PSUs 2,514 2.2 years Total $ 7,421 2.1 years

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ (8,304)	$ 54,337	$ 31,815	$ 12,616

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, 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. 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. The maximum exposure to loss for these VIEs is the carrying value of the MBS.
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 The Company regularly pledges and receives amounts 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 June 30, 2024, that sum to the total of the same such amounts shown on the Company’s consolidated statement of cash flows for the six months ended June 30, 2024: ($s in thousands) June 30, 2024 Cash and cash equivalents $ 286,132 Cash collateral posted to counterparties 123,131 Total cash including cash posted to counterparties shown on consolidated statement of cash flows $ 409,263
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 received. 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 Derivatives are carried at fair value, and 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’s interest rate swaps are pay-fixed, which involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the interest rate swap without exchange of the underlying notional amount. These agreements are centrally cleared through the Chicago Mercantile Exchange (“CME”), which requires the Company to post initial margin as determined by the CME, and additional variation margin is exchanged, typically in cash, for changes in the fair value of the interest rate swaps. Similar to the Company’s U.S. Treasury futures, the exchange of variation margin for CME cleared swaps is legally considered to be the settlement of the derivative itself as opposed to a pledge of collateral. Accordingly, any margin excess or deficit outstanding is recorded as a receivable or payable as of the date of the Company’s consolidated balance sheets. Changes in the fair value of these instruments is recorded in “gain(loss) on derivative instruments” until termination or expiration. 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 June 30, 2024, 58,503 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” expense. 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 June 30, 2024 or December 31, 2023.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company evaluates Accounting Standards Updates (“ASU”) 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. ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" amended existing guidance to improve disclosures about a public entity’s reportable segments and provide more detailed information about a reportable segment’s expenses. ASU 2023-07 clarifies that an entity which has a single reportable segment is to provide all the disclosures required by Topic 280 and ASU 2023-07. The amendment is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of ASU 2023-07 is not expected to have a significant impact on the Company's consolidated financial statements. There were no other accounting pronouncements issued during the six months ended June 30, 2024, that are applicable to the Company and 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)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, that sum to the total of the same such amounts shown on the Company’s consolidated statement of cash flows for the six months ended June 30, 2024: ($s in thousands) June 30, 2024 Cash and cash equivalents $ 286,132 Cash collateral posted to counterparties 123,131 Total cash including cash posted to counterparties shown on consolidated statement of cash flows $ 409,263

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2024
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: Three Months Ended Six Months Ended June 30, June 30, ($s in thousands) 2024 2023 2024 2023 Weighted average number of common shares outstanding - basic 66,954,870 54,137,327 63,003,545 53,981,463 Incremental common shares-unvested RSUs — 160,303 460,118 119,570 Incremental common shares-unvested PSUs — 287,452 449,493 226,352 Weighted average number of common shares outstanding - diluted 66,954,870 54,585,082 63,913,156 54,327,385 Net (loss) income to common shareholders $ (10,227) $ 52,414 $ 27,968 $ 8,769 Net (loss) income per common share-basic $ (0.15) $ 0.97 $ 0.44 $ 0.16 Net (loss) income per common share-diluted $ (0.15) $ 0.96 $ 0.44 $ 0.16

Mortgage-Backed Securities (Tab

Mortgage-Backed Securities (Tables)	6 Months Ended
	Jun. 30, 2024
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: June 30, 2024 December 31, 2023 ($s in thousands) Par Value Amortized Cost Fair Value Par Value Amortized Cost Fair Value Agency RMBS $ 6,353,838 $ 6,326,070 $ 5,962,418 $ 6,022,502 $ 5,993,922 $ 5,763,532 Agency CMBS 102,299 102,516 97,482 121,293 121,799 115,595 CMBS IO (1) n/a 139,994 133,239 n/a 167,314 159,718 Non-Agency other — — — 150 150 103 Total $ 6,456,137 $ 6,568,580 $ 6,193,139 $ 6,143,945 $ 6,283,185 $ 6,038,948 (1) The notional balance for Agency CMBS IO and non-Agency CMBS IO was $7,321,369 and $3,167,395, respectively, as of June 30, 2024, and $7,723,379 and $3,860,007, respectively, as of December 31, 2023. June 30, 2024 ($s in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value MBS measured at fair value through OCI: Agency RMBS $ 863,181 $ — $ (168,488) $ 694,693 Agency CMBS 102,516 — (5,034) 97,482 CMBS IO 101,780 1,359 (5,392) 97,747 Total $ 1,067,477 $ 1,359 $ (178,914) $ 889,922 MBS measured at fair value through net income: Agency RMBS $ 5,462,889 $ 13,333 $ (208,497) $ 5,267,725 CMBS IO 38,214 — (2,722) 35,492 Total $ 5,501,103 $ 13,333 $ (211,219) $ 5,303,217 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
Debt Securities, Available-for-sale	The following tables provide details on the Company’s MBS by investment type as of the dates indicated: June 30, 2024 December 31, 2023 ($s in thousands) Par Value Amortized Cost Fair Value Par Value Amortized Cost Fair Value Agency RMBS $ 6,353,838 $ 6,326,070 $ 5,962,418 $ 6,022,502 $ 5,993,922 $ 5,763,532 Agency CMBS 102,299 102,516 97,482 121,293 121,799 115,595 CMBS IO (1) n/a 139,994 133,239 n/a 167,314 159,718 Non-Agency other — — — 150 150 103 Total $ 6,456,137 $ 6,568,580 $ 6,193,139 $ 6,143,945 $ 6,283,185 $ 6,038,948 (1) The notional balance for Agency CMBS IO and non-Agency CMBS IO was $7,321,369 and $3,167,395, respectively, as of June 30, 2024, and $7,723,379 and $3,860,007, respectively, as of December 31, 2023. June 30, 2024 ($s in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value MBS measured at fair value through OCI: Agency RMBS $ 863,181 $ — $ (168,488) $ 694,693 Agency CMBS 102,516 — (5,034) 97,482 CMBS IO 101,780 1,359 (5,392) 97,747 Total $ 1,067,477 $ 1,359 $ (178,914) $ 889,922 MBS measured at fair value through net income: Agency RMBS $ 5,462,889 $ 13,333 $ (208,497) $ 5,267,725 CMBS IO 38,214 — (2,722) 35,492 Total $ 5,501,103 $ 13,333 $ (211,219) $ 5,303,217 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
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: Three Months Ended Six Months Ended June 30, June 30, ($s in thousands) 2024 2023 2024 2023 Agency RMBS $ (43,705) $ 1,254 $ (113,381) $ 57,033 Agency CMBS 1,263 (275) 1,073 (37) CMBS IO 351 (466) 157 626 Other investments 114 (25) 150 (13) Total unrealized gain (loss) on investments, net $ (41,977) $ 488 $ (112,001) $ 57,609
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: Three Months Ended Six Months Ended June 30, June 30, ($s in thousands) 2024 2023 2024 2023 Realized losses on sales of MBS - FVO $ (1,506) $ (51,601) $ (1,506) $ (74,916) Total realized loss on sales of investments, net $ (1,506) $ (51,601) $ (1,506) $ (74,916)
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: June 30, 2024 December 31, 2023 ($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 $ 6,309 $ (263) 7 $ 3,926 $ (149) 4 Non-Agency MBS 164 (3) 1 1,736 (37) 8 Continuous unrealized loss position for 12 months or longer: Agency MBS $ 862,038 $ (178,136) 70 $ 932,682 $ (158,651) 78 Non-Agency MBS 11,397 (512) 24 21,704 (989) 41

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 are summarized in the following tables: June 30, 2024 December 31, 2023 Collateral Type Balance Weighted Fair Value of Balance Weighted Fair Value of ($s in thousands) Agency RMBS $ 5,284,233 5.46 % $ 5,562,905 $ 5,130,438 5.59 % $ 5,613,212 Agency CMBS 92,472 5.45 % 96,046 104,495 5.60 % 113,753 Agency CMBS IO 103,281 5.75 % 113,334 120,979 5.83 % 127,823 Non-Agency CMBS IO 14,442 6.17 % 15,863 25,192 6.25 % 25,959 Total $ 5,494,428 5.46 % $ 5,788,148 $ 5,381,104 5.59 % $ 5,880,747 The Company had borrowings outstanding under 28 different repurchase agreements as of June 30, 2024, and its equity at risk did not exceed 10% with any counterparty as of that date. The Company received noncash collateral with a fair value of $2.4 million pledged by its counterparties to compensate the Company for the increase in fair value of collateral previously pledged in excess of required margin related to its repurchase agreement borrowings outstanding as of June 30, 2024. In accordance with Accounting Standards Codification (“ASC”) Topic 860, the fair value of this noncash collateral is not recorded on the Company’s consolidated balance sheet unless the Company re-pledges the collateral or sells the collateral in the event of default by the counterparty. The Company had not re-pledged any of the noncash collateral pledged by its counterparties as of June 30, 2024. The following table provides information on the remaining term to maturity and original term to maturity for the Company’s repurchase agreements as of the dates indicated: June 30, 2024 December 31, 2023 Remaining Term to Maturity Balance Weighted WAVG Original Term to Maturity Balance Weighted WAVG Original Term to Maturity ($s in thousands) Less than 30 days $ 2,350,410 5.46 % 99 $ 2,855,917 5.61 % 92 30 to 90 days 3,015,537 5.47 % 89 2,525,187 5.58 % 86 91 to 180 days 128,481 5.43 % 113 — — % — Total $ 5,494,428 5.46 % 94 $ 5,381,104 5.59 % 89
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 June 30, 2024 and December 31, 2023: ($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 June 30, 2024: Repurchase agreements $ 5,494,428 $ — $ 5,494,428 $ (5,494,428) $ — $ — December 31, 2023: Repurchase agreements $ 5,381,104 $ — $ 5,381,104 $ (5,381,104) $ — $ — (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 as “cash collateral posted to/by counterparties.”

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss)	The table below provides detail of the Company’s gain and losses by type of derivative instrument for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, Type of Derivative Instrument 2024 2023 2024 2023 ($s in thousands) U.S. Treasury futures $ 64,210 $ 171,219 $ 204,021 $ 64,846 Interest rate swaps (90) — (90) — Put options on U.S. Treasury futures — (1,211) — (5,468) TBA securities-long positions (22,985) (53,996) (38,160) (10,633) Gain on derivative instruments, net $ 41,135 $ 116,012 $ 165,771 $ 48,745
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 June 30, 2024 December 31, 2023 ($s in thousands) TBA securities Derivative assets Investing $ 8,461 $ 54,361 Total derivatives assets $ 8,461 $ 54,361 TBA securities Derivative liabilities Investing $ 2,032 $ — Total derivatives liabilities $ 2,032 $ —
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) June 30, 2024 December 31, 2023 Implied market value (1) $ 2,662,350 $ 1,381,702 Implied cost basis (2) 2,655,920 1,327,341 Net carrying value (3) $ 6,430 $ 54,361 (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 six months ended June 30, 2024: Type of Derivative Instrument Beginning Additions Settlements, Ending ($s in thousands) U.S. Treasury futures $ (4,880,000) $ (11,035,000) $ 10,520,000 $ (5,395,000) Interest rate swaps — (10,000) — (10,000) TBA securities 1,403,000 12,447,000 (11,111,000) 2,739,000
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 June 30, 2024 and December 31, 2023: 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 June 30, 2024 TBA securities $ 8,461 $ — $ 8,461 $ (2,032) $ (6,311) $ 118 Derivative assets $ 8,461 $ — $ 8,461 $ (2,032) $ (6,311) $ 118 December 31, 2023 TBA securities $ 54,361 $ — $ 54,361 $ — $ (44,153) $ 10,208 Derivative assets $ 54,361 $ — $ 54,361 $ — $ (44,153) $ 10,208 (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 as “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 June 30, 2024 TBA securities $ 2,032 $ — $ 2,032 $ (2,032) $ — $ — Derivative liabilities $ 2,032 $ — $ 2,032 $ (2,032) $ — $ — December 31, 2023 TBA securities $ — $ — $ — $ — $ — $ — Derivative liabilities $ — $ — $ — $ — $ — $ — (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 as “cash collateral posted to/by counterparties.”

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
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) June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: MBS $ — $ 6,193,139 $ — $ — $ 6,038,845 $ 103 TBA securities (1) — 8,461 — — 54,361 — Mortgage loans — — 1,412 — — 1,793 Total assets $ — $ 6,201,600 $ 1,412 $ — $ 6,093,206 $ 1,896 Liabilities: TBA securities (1) $ — $ 2,032 $ — $ — $ — $ — Total liabilities $ — $ 2,032 $ — $ — $ — $ — (1) TBA securities are reflected on consolidated balance sheets at their implied fair value, net of implied cost basis. Please refer to Note 5

Shareholders' Equity and Shar_2

Shareholders' Equity and Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table presents a rollforward of share-based awards for the periods indicated: Six Months Ended June 30, 2024 2023 Type of Award Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share Restricted stock: Awards outstanding, beginning of period 104,282 $ 12.61 133,951 $ 15.22 Granted 65,668 12.56 74,017 11.27 Vested (76,355) 12.37 (36,573) 16.75 Awards outstanding, end of period 93,595 $ 12.78 171,395 $ 13.19 Target RSUs: (1) Awards outstanding, beginning of period 394,497 $ 13.06 86,666 $ 16.57 Granted 214,755 12.50 106,850 11.97 Vested (68,896) 14.42 (33,213) 16.96 Awards outstanding, end of period 540,356 $ 12.66 160,303 $ 13.42 Target PSUs: (2) Awards outstanding, beginning of period 276,866 $ 13.17 201,284 $ 16.60 Granted 322,132 12.50 160,277 11.97 Vested — — — — Awards outstanding, end of period 598,998 $ 12.81 361,561 $ 16.60 (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 three and six months ended June 30, 2024 was $0.9 million and $5.2 million compared to $1.1 million and $2.1 million for the three and six months ended June 30, 2023. The increase in share-based compensation for the three and six months ended June 30, 2024 is due to accelerated recognition of expense for certain stock incentive awards granted in March 2024 to retirement eligible employees. The following table discloses the Company’s remaining compensation expense related to stock awards it has granted as of June 30, 2024, which will be amortized over the period disclosed: June 30, 2024 ($s in thousands) Remaining Compensation Cost WAVG Period of Recognition Restricted stock $ 975 1.5 years RSUs 3,932 2.2 years PSUs 2,514 2.2 years Total $ 7,421 2.1 years

Organization and Summary of S_4

Organization and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 286,132	$ 119,639
Cash collateral posted to counterparties	123,131	118,225
Total cash including cash posted to counterparties shown on consolidated statement of cash flows	$ 409,263	$ 237,864	$ 432,754	$ 449,877
Share-based incentive plan, number of shares authorized for issuance	2,300,000
Number of shares available for grant (in shares)	58,503

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares-basic (in shares)	66,954,870	54,137,327	63,003,545	53,981,463
Weighted average common shares-diluted (in shares)	66,954,870	54,585,082	63,913,156	54,327,385
Net (loss) income to common stockholders	$ (10,227)	$ 52,414	$ 27,968	$ 8,769
Net income (loss) per common share-basic (in dollars per share)	$ (0.15)	$ 0.97	$ 0.44	$ 0.16
Net income (loss) per common share-diluted (in dollars per share)	$ (0.15)	$ 0.96	$ 0.44	$ 0.16
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	160,303	460,118	119,570
Performance Shares [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Incremental common shares - unvested (in shares)	0	287,452	449,493	226,352

Net Income (Loss) Per Common _4

Net Income (Loss) Per Common Share - Narrative (Details)	3 Months Ended
	Jun. 30, 2024 shares
Earnings Per Share [Abstract]
Antidilutive unvested RSUs and PSUs (in shares)	1,110,206

Mortgage-Backed Securities - In

Mortgage-Backed Securities - Investment Type (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Trading and Available-for-sale [Abstract]
Par Value		$ 6,456,137	$ 6,143,945
Amortized Cost		6,568,580	6,283,185
Non-Agency other, Amortized Cost		1,067,477	1,131,769
Fair Value		6,193,139	6,038,948
Gross Unrealized Gain		1,359	1,324
Gross Unrealized Loss		(178,914)	(159,826)
Fair Value		889,922	973,267
Amortized Cost		5,501,103	5,151,416
Gross Unrealized Gain		13,333	48,461
Gross Unrealized Loss		(211,219)	(134,196)
Fair Value		5,303,217	5,065,681
Residential Mortgage Backed Securities [Member] | Agency MBS
Debt Securities, Trading and Available-for-sale [Abstract]
Par Value		6,353,838	6,022,502
Amortized Cost		6,326,070	5,993,922
Non-Agency other, Amortized Cost		863,181	898,420
Fair Value		5,962,418	5,763,532
Gross Unrealized Gain		0	0
Gross Unrealized Loss		(168,488)	(148,606)
Fair Value		694,693	749,814
Amortized Cost		5,462,889	5,095,502
Gross Unrealized Gain		13,333	48,459
Gross Unrealized Loss		(208,497)	(130,243)
Fair Value		5,267,725	5,013,718
Commercial Mortgage Backed Securities [Member] | Agency MBS
Debt Securities, Trading and Available-for-sale [Abstract]
Par Value		102,299	121,293
Amortized Cost		102,516	121,799
Non-Agency other, Amortized Cost		102,516	106,527
Fair Value		97,482	115,595
Gross Unrealized Gain		0	28
Gross Unrealized Loss		(5,034)	(5,159)
Fair Value		97,482	101,396
Amortized Cost			15,272
Gross Unrealized Gain			0
Gross Unrealized Loss			(1,073)
Fair Value			14,199
Interest-Only-Strip [Member]
Debt Securities, Trading and Available-for-sale [Abstract]
Amortized Cost	[1]	139,994	167,314
Non-Agency other, Amortized Cost		101,780	126,672
Fair Value	[1]	133,239	159,718
Gross Unrealized Gain		1,359	1,296
Gross Unrealized Loss		(5,392)	(6,014)
Fair Value		97,747	121,954
Amortized Cost		38,214	40,642
Gross Unrealized Gain		0	2
Gross Unrealized Loss		(2,722)	(2,880)
Fair Value		35,492	37,764
Interest-Only-Strip, Agency CMBS [Member]
Debt Securities, Trading and Available-for-sale [Abstract]
Par Value		7,321,369	7,723,379
Interest-Only-Strip, Non-Agency CMBS [Member]
Debt Securities, Trading and Available-for-sale [Abstract]
Par Value		3,167,395	3,860,007
Non-Agency MBS
Debt Securities, Trading and Available-for-sale [Abstract]
Par Value		0	150
Non-Agency other, Amortized Cost		0	150
Gross Unrealized Gain			0
Gross Unrealized Loss			(47)
Fair Value		$ 0	$ 103
[1] (1) The notional balance for Agency CMBS IO and non-Agency CMBS IO was $7,321,369 and $3,167,395, respectively, as of June 30, 2024, and $7,723,379 and $3,860,007, respectively, as of December 31, 2023.

Mortgage-Backed Securities - Un

Mortgage-Backed Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments [Line Items]
Unrealized (loss) gain on investments, net	$ (41,977)	$ 488	$ (112,001)	$ 57,609
Residential Mortgage Backed Securities [Member] | Agency MBS
Investments [Line Items]
Unrealized loss on debt securities	(43,705)	1,254	(113,381)	57,033
Commercial Mortgage Backed Securities [Member] | Agency MBS
Investments [Line Items]
Unrealized loss on debt securities	1,263	(275)	1,073	(37)
Interest-Only-Strip [Member]
Investments [Line Items]
Unrealized loss on debt securities	351	(466)	157	626
Asset-backed Securities, Securitized Loans and Receivables
Investments [Line Items]
Unrealized gain (loss) on other investments	$ 114	$ (25)	$ 150	$ (13)

Mortgage-Backed Securities - Re

Mortgage-Backed Securities - Realize Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments [Line Items]
Realized losses on sales of MBS - FVO	$ (1,506)	$ (51,601)	$ (1,506)	$ (74,916)
Realized loss on sales of investments, net	$ (1,506)	$ (51,601)	$ (1,506)	$ (74,916)

Mortgage-Backed Securities - Gr

Mortgage-Backed Securities - Gross Unrealized Losses (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Investments [Line Items]
Allowance for credit loss	$ 0	$ 0
Agency MBS
Investments [Line Items]
Fair value, Less than 12 Months	6,309	3,926
Gross Unrealized Losses, Less than 12 Month	$ (263)	$ (149)
Number of Securities, Less than 12 Months	7	4
Fair value, 12 Months or Longer	$ 862,038	$ 932,682
Gross Unrealized Losses, 12 Months or Longer	$ (178,136)	$ (158,651)
Number of Securities, 12 Months or Longer	70	78
Non-Agency MBS
Investments [Line Items]
Fair value, Less than 12 Months	$ 164	$ 1,736
Gross Unrealized Losses, Less than 12 Month	$ (3)	$ (37)
Number of Securities, Less than 12 Months	1	8
Fair value, 12 Months or Longer	$ 11,397	$ 21,704
Gross Unrealized Losses, 12 Months or Longer	$ (512)	$ (989)
Number of Securities, 12 Months or Longer	24	41

Repurchase Agreements (Details)

Repurchase Agreements (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 5,494,428,000	$ 5,381,104,000
Weighted Average Rate	5.46%	5.59%
Fair Value of Collateral Pledged	$ 5,788,148,000	$ 5,880,747,000
Securities Received as Collateral	2,400,000
Collateral Securities Repledged, Delivered, or Used	0
Accrued interest payable	54,567,000	53,194,000
Residential Mortgage Backed Securities [Member] | Agency MBS
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 5,284,233,000	$ 5,130,438,000
Weighted Average Rate	5.46%	5.59%
Fair Value of Collateral Pledged	$ 5,562,905,000	$ 5,613,212,000
Commercial Mortgage Backed Securities [Member] | Agency MBS
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 92,472,000	$ 104,495,000
Weighted Average Rate	5.45%	5.60%
Fair Value of Collateral Pledged	$ 96,046,000	$ 113,753,000
Interest-Only-Strip [Member] | Agency MBS
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 103,281,000	$ 120,979,000
Weighted Average Rate	5.75%	5.83%
Fair Value of Collateral Pledged	$ 113,334,000	$ 127,823,000
Interest-Only-Strip [Member] | Non-Agency MBS
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 14,442,000	$ 25,192,000
Weighted Average Rate	6.17%	6.25%
Fair Value of Collateral Pledged	$ 15,863,000	$ 25,959,000

Repurchase Agreements - Narrati

Repurchase Agreements - Narrative (Details)	Jun. 30, 2024 counterparty
Disclosure of Repurchase Agreements [Abstract]
Number of counterparties	28

Repurchase Agreements - Remaini

Repurchase Agreements - Remaining Term to Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 5,494,428	$ 5,381,104
Weighted Average Rate	5.46%	5.59%
WAVG Original Term to Maturity	94	89
Less than 30 days
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 2,350,410	$ 2,855,917
Weighted Average Rate	5.46%	5.61%
WAVG Original Term to Maturity	99	92
30 to 90 days
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 3,015,537	$ 2,525,187
Weighted Average Rate	5.47%	5.58%
WAVG Original Term to Maturity	89	86
91 to 180 days
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase agreements	$ 128,481	$ 0
Weighted Average Rate	5.43%	0%
WAVG Original Term to Maturity	113	0

Repurchase Agreements - Offsett

Repurchase Agreements - Offsetting (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Offsetting [Abstract]
Gross Amount of Recognized Liabilities		$ 5,494,428	$ 5,381,104
Gross Amount Offset in the Balance Sheet		0	0
Net Amount of Liabilities Presented in the Balance Sheet		5,494,428	5,381,104
Financial Instruments Posted as Collateral	[1]	(5,494,428)	(5,381,104)
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 as “cash collateral posted to/by counterparties.”

Derivatives - Gain (loss) on De

Derivatives - Gain (loss) on Derivative Instruments , Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Gain on derivative instruments, net	$ 41,135	$ 116,012	$ 165,771	$ 48,745
Put options on U.S. Treasury futures
Derivative [Line Items]
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	0	(1,211)	0	(5,468)
Interest rate swaps
Derivative [Line Items]
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	(90)	0	(90)	0
Short position | U.S. Treasury futures
Derivative [Line Items]
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	64,210	171,219	204,021	64,846
Long position | TBA securities
Derivative [Line Items]
Gain (Loss) on Derivative Instruments Held for Trading Purposes, Net	$ (22,985)	$ (53,996)	$ (38,160)	$ (10,633)

Derivatives - Derivative Inform

Derivatives - Derivative Information about Carrying Value by Type on the Balance Sheet Location (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative assets	$ 8,461	$ 54,361
Derivative liabilities	2,032	0
Margin Deposit Assets	122,200	118,200
Variation Margin Receivable, Derivative	20,400	1,300
TBA securities | Long position
Derivative [Line Items]
Derivative assets	8,461	54,361
Derivative liabilities	2,032	0
U.S. Treasury futures
Derivative [Line Items]
Derivative liabilities	34,200	219,900
Interest rate swaps
Derivative [Line Items]
Derivative liabilities	$ 100	$ 0

Derivatives - Schedule of Inter

Derivatives - Schedule of Interest Rate Hedging Instruments (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative assets	$ 8,461,000	$ 54,361,000
Derivative liabilities	2,032,000	0
U.S. Treasury futures
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, at Carrying Value	0
Derivative liabilities	34,200,000	219,900,000
U.S. Treasury futures | Short position | Not Designated as Hedging Instrument, Economic Hedge
Derivative [Line Items]
Notional balance	5,395,000,000	4,880,000,000
Interest rate swaps
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, at Carrying Value	0
Derivative liabilities	100,000	0
Interest rate swaps | Not Designated as Hedging Instrument, Economic Hedge
Derivative [Line Items]
Notional balance	$ 10,000,000	$ 0
Derivative, Fixed Interest Rate	4.15%
Interest rate swaps | Not Designated as Hedging Instrument, Economic Hedge | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative [Line Items]
Notional balance	$ 10,000,000

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		Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Implied market value, TBA	[1]	$ 2,662,350	$ 1,381,702
Implied cost basis, TBA	[2]	2,655,920	1,327,341
Derivative, Fair Value, Net	[3]	$ 6,430	$ 54,361
[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	6 Months Ended
	Jun. 30, 2024 USD ($)
Not Designated as Hedging Instrument, Economic Hedge | U.S. Treasury futures | Short position
Derivatives [Roll Forward]
Derivative, Notional Amount	$ 4,880,000
Derivative, Notional Amount, Derivative Instruments Added	(11,035,000)
Derivative, Notional Amount, Derivative Instruments Maturing, Settled, Terminated, or Paired-Off	(10,520,000)
Derivative, Notional Amount	5,395,000
Not Designated as Hedging Instrument, Economic Hedge | Interest rate swaps
Derivatives [Roll Forward]
Derivative, Notional Amount	0
Derivative, Notional Amount, Derivative Instruments Added	(10,000)
Derivative, Notional Amount	10,000
Not Designated as Hedging Instrument, Trading | TBA securities | Long position
Derivatives [Roll Forward]
Derivative, Notional Amount	1,403,000
Derivative, Notional Amount, Derivative Instruments Added	(12,447,000)
Derivative, Notional Amount, Derivative Instruments Maturing, Settled, Terminated, or Paired-Off	(11,111,000)
Derivative, Notional Amount	$ 2,739,000

Derivatives Offsetting Assets (

Derivatives Offsetting Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Offsetting Assets [Line Items]
Gross Amount of Recognized Assets		$ 8,461	$ 54,361
Gross Amount Offset in the Balance Sheet		0	0
Derivative assets		8,461	54,361
Financial Instruments Received as Collateral	[1]	(2,032)	0
Cash collateral posted by counterparties	[1]	(6,311)	(44,153)
Net Amount		118	10,208
Long position | TBA securities
Offsetting Assets [Line Items]
Gross Amount of Recognized Assets		8,461	54,361
Gross Amount Offset in the Balance Sheet		0	0
Derivative assets		8,461	54,361
Financial Instruments Received as Collateral	[1]	(2,032)	0
Cash collateral posted by counterparties	[1]	(6,311)	(44,153)
Net Amount		$ 118	$ 10,208
[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 as “cash collateral posted to/by counterparties.”

Derivatives Offsetting Liabilit

Derivatives Offsetting Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024		Dec. 31, 2023
Offsetting Liabilities [Line Items]
Gross Amount of Recognized Liabilities	$ 2,032		$ 0
Gross Amount Offset in the Balance Sheet	0		0
Derivative liabilities	2,032		0
Financial Instruments Posted as Collateral	(2,032)	[1]	0
Cash Posted as Collateral	0	[1]	0
Net Amount	0		0
TBA securities | Long position
Offsetting Liabilities [Line Items]
Gross Amount of Recognized Liabilities	2,032		0
Gross Amount Offset in the Balance Sheet	0		0
Derivative liabilities	2,032		0
Financial Instruments Posted as Collateral	(2,032)	[1]	0
Cash Posted as Collateral	0	[1]	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 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 as “cash collateral posted to/by counterparties.”

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands		Jun. 30, 2024		Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
TBA securities		$ 8,461		$ 54,361
TBA securities		2,032		0
Long position | TBA securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
TBA securities		8,461		54,361
TBA securities		2,032		0
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
MBS		0		0
Mortgage loans		0		0
Total assets		0		0
Total liabilities		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
Mortgage loans		0		0
Total assets		6,201,600		6,093,206
Total liabilities		2,032		0
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
MBS		0		103
Mortgage loans		1,412		1,793
Total assets		1,412		1,896
Total liabilities		0		0
Fair Value, Measurements, Recurring | TBA securities | Level 1 | Long position
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
TBA securities		0		0
TBA securities		0		0
Fair Value, Measurements, Recurring | TBA securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
MBS		6,193,139
Fair Value, Measurements, Recurring | TBA securities | Level 2 | Long position
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
TBA securities	[1]	8,461		54,361
TBA securities		2,032	[1]	0
Fair Value, Measurements, Recurring | TBA securities | Level 3 | Long position
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
TBA securities		0		0
TBA securities		$ 0		$ 0
[1] TBA securities are reflected on consolidated balance sheets at their implied fair value, net of implied cost basis. Please refer to Note 5 for additional information.

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details)	Jun. 30, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loansheldfor investment, fair value option, measurement input	0.10
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, at Carrying Value	$ 0
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				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
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	$ 124,844	$ 86,806	$ 3,543	$ 2,771
Share-based compensation expense	$ 900		$ 1,100		$ 5,184	$ 2,140
Secondary public offering
Class of Stock [Line Items]
Stock issuance, shares					10,500,000
Stock issuance, value					$ 124,500
ATM Offering
Class of Stock [Line Items]
Stock issuance, shares					7,016,225
Stock issuance, value					$ 86,900
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
Common Stock
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.39

Shareholders' Equity and Shar_3

Shareholders' Equity and Share-Based Compensation Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023		Dec. 31, 2023
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		$ 12,785		$ 12,785			$ 10,320
Share-based compensation expense		$ 900	$ 1,100	$ 5,184	$ 2,140
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)				104,282	133,951
Granted (in shares)				65,668	74,017
Vested (in shares)				(76,355)	(36,573)
Awards outstanding, end of period (in shares)		93,595	171,395	93,595	171,395
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)				$ 12.61	$ 15.22
Granted (in dollars per share)				12.56	11.27
Vested (in dollars per share)				12.37	16.75
Awards outstanding, end of period (in dollars per share)		$ 12.78	$ 13.19	$ 12.78	$ 13.19
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]			394,497	86,666
Granted (in shares)	[1]			214,755	106,850
Vested (in shares)	[1]			(68,896)	(33,213)
Awards outstanding, end of period (in shares)	[1]	540,356	160,303	540,356	160,303
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)				$ 13.06	$ 16.57
Granted (in dollars per share)				12.50	11.97
Vested (in dollars per share)				14.42	16.96
Awards outstanding, end of period (in dollars per share)		$ 12.66	$ 13.42	$ 12.66	$ 13.42
Accrued dividends payable		$ 600		$ 600			400
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%		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%		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]			276,866	201,284
Granted (in shares)	[2]			322,132	160,277
Vested (in shares)				0	0	[2]
Awards outstanding, end of period (in shares)	[2]	598,998	361,561	598,998	361,561
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)				$ 13.17	$ 16.60
Granted (in dollars per share)				12.50	11.97
Vested (in dollars per share)				0	0
Awards outstanding, end of period (in dollars per share)		$ 12.81	$ 16.60	$ 12.81	$ 16.60
Nonvested awards expected to settle on their vesting date (percent)		95%		95%
Accrued dividends payable		$ 800		$ 800			$ 800
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%		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%		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	6 Months Ended
	Jun. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Compensation Cost	$ 7,421
WAVG Period of Recognition	2 years 1 month 6 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Compensation Cost	$ 975
WAVG Period of Recognition	1 year 6 months
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Compensation Cost	$ 3,932
WAVG Period of Recognition	2 years 2 months 12 days
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Compensation Cost	$ 2,514