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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Cash flows from operating activities          
Net income (loss) $ (569,084) $ (273,977) $ (1,247,225) $ 2,613,234  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities          
Amortization of premiums and discounts of investments, net     132,558 43,676  
Amortization of securitized debt premiums and discounts and deferred financing costs     10,724 (3,829)  
Depreciation, amortization and other noncash expenses     19,348 15,879  
Net (gains) losses on investments and derivatives     2,524,035 (1,217,818)  
Business divestiture-related (gains) losses 0 2,936 0 27,245  
Income (loss) from unconsolidated joint ventures     (1,508) (11,985)  
Loan loss provision (reversal) 0 (1,613) (219) (27,918)  
Proceeds from sales and repayments of loans held for sale     1,336 3,946  
Net receipts (payments) on derivatives     1,230,848 2,799,188  
Net change in          
Other assets     (116,687) (6,511)  
Interest receivable     (521,322) (28,718)  
Interest payable     (127,196) (61,285)  
Other liabilities     83,989 1,025,727  
Net cash provided by (used in) operating activities     1,988,681 5,170,831  
Cash flows from investing activities          
Payments on purchases of securities     (29,960,271) (30,851,614)  
Proceeds from sales of securities     18,705,788 16,744,864  
Principal payments on securities     4,706,936 7,864,869  
Payments on purchases and origination of loans     (3,446,835) (5,165,059)  
Proceeds from sales of loans     0 1,918,996  
Principal payments on loans     773,928 1,357,018  
Payments on purchases of MSR     (398,664) (866,767)  
Proceeds from sales of MSR     0 9,076  
Payments on purchases of interests in MSR     0 (4,913)  
Proceeds from reverse repurchase agreements     46,800,024 18,450,024  
Payments on reverse repurchase agreements     (46,800,024) (18,450,024)  
Net cash provided by (used in) investing activities     (9,619,118) (8,993,530)  
Cash flows from financing activities          
Proceeds from repurchase agreements and other secured financing     3,993,811,505 2,581,103,609  
Payments on repurchase agreements and other secured financing     (3,988,383,706) (2,582,371,537)  
Proceeds from issuances of securitized debt     3,116,654 4,876,814  
Principal payments on securitized debt     (673,729) (1,059,955)  
Payments on purchases of securitized debt     (2,504) (8,495)  
Payment of deferred financing cost     (214) 0  
Proceeds from participations issued     1,182,639 1,637,231  
Payments on repurchases of participations issued     (1,160,902) (1,796,643)  
Principal payments on participations issued     (30,866) (40,241)  
Net contributions (distributions) from (to) noncontrolling interests     21,401 60,390  
Net proceeds from stock offerings, direct purchases and dividend reinvestments     580,100 2,627,079  
Settlement of stock-based awards in satisfaction of withholding tax requirements     (6,661) (4,039)  
Dividends paid     (1,158,872) (1,077,433)  
Net cash provided by (used in) financing activities     7,294,845 3,946,780  
Net (decrease) increase in cash and cash equivalents     (335,592) 124,081  
Cash and cash equivalents including cash pledged as collateral, beginning of period     1,576,714 [1],[2] 1,342,090 $ 1,342,090
Cash and cash equivalents including cash pledged as collateral, end of period 1,241,122 [2] 1,466,171 1,241,122 [2] 1,466,171 1,576,714 [1],[2]
Supplemental disclosure of cash flow information          
Interest received     2,400,942 1,751,099  
Interest paid (excluding interest paid on interest rate swaps)     2,673,922 457,122  
Net interest received (paid) on interest rate swaps     891,649 (57,302)  
Taxes received (paid)     1,290 (2,170)  
Noncash investing and financing activities          
Receivable for unsettled trades 1,047,566 2,153,895 1,047,566 2,153,895 575,091 [1]
Payable for unsettled trades 2,214,319 9,333,646 2,214,319 9,333,646 1,157,846 [1]
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment     1,014,120 (6,389,846)  
Dividends declared, not yet paid $ 321,629 $ 411,762 $ 321,629 $ 411,762 $ 412,113 [1]
[1] (1)Derived from the audited consolidated financial statements at December 31, 2022.
[2] (2)Includes cash of consolidated Variable Interest Entities (“VIEs”) of $3.6 million and $2.2 million at September 30, 2023 and December 31, 2022, respectively.