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SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Rollforward of Company's Securities
The following represents a rollforward of the activity for the Company’s securities for the year ended December 31, 2023:
Agency SecuritiesResidential Credit SecuritiesCommercial SecuritiesTotal
(dollars in thousands)
Beginning balance January 1, 2023
$62,274,895 $2,988,703 $526,309 $65,789,907 
Purchases42,728,938 905,952 76,166 43,711,056 
Sales(35,733,141)(706,750)(392,202)(36,832,093)
Principal paydowns(5,843,220)(303,908)(5,538)(6,152,666)
(Amortization) / accretion(186,553)21,396 1,271 (163,886)
Fair value adjustment3,067,869 176,940 16,438 3,261,247 
Ending balance December 31, 2023
$66,308,788 $3,082,333 $222,444 $69,613,565 
Schedule of Available-for-sale Securities Reconciliation
The following tables present the Company’s securities portfolio that were carried at their fair value at December 31, 2023 and 2022:
 December 31, 2023
 Principal /
Notional		Remaining PremiumRemaining DiscountAmortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated Fair Value
Agency(dollars in thousands)
Fixed-rate pass-through$63,444,987 $1,448,886 $(1,318,948)$63,574,925 $477,242 $(1,853,226)$62,198,941 
Adjustable-rate pass-through188,996 15,834 (51)204,779 1,663 (14,953)191,489 
CMO94,448 1,612 — 96,060 — (13,088)82,972 
Interest-only2,010,697 416,955 — 416,955 4,729 (157,679)264,005 
Multifamily (1)
17,130,045 400,781 (9,752)3,552,217 52,055 (59,744)3,544,528 
Reverse mortgages26,183 3,193 — 29,376 — (2,523)26,853 
Total agency securities$82,895,356 $2,287,261 $(1,328,751)$67,874,312 $535,689 $(2,101,213)$66,308,788 
Residential credit       
Credit risk transfer$924,729 $2,240 $(4,358)$922,611 $51,984 $(536)$974,059 
Alt-A164,384 9 (3,922)160,471 2,135 (12,371)150,235 
Prime (2)
1,076,497 8,590 (21,163)207,077 1,704 (28,134)180,647 
Subprime272,955 — (31,751)241,204 5,622 (11,221)235,605 
NPL/RPL1,237,531 8,336 (9,224)1,236,643 4,578 (43,666)1,197,555 
Prime jumbo (>=2010 vintage) (3)
9,425,280 71,960 (49,859)365,676 10,696 (32,140)344,232 
Total residential credit securities$13,101,376 $91,135 $(120,277)$3,133,682 $76,719 $(128,068)$3,082,333 
Total residential securities$95,996,732 $2,378,396 $(1,449,028)$71,007,994 $612,408 $(2,229,281)$69,391,121 
Commercial
Commercial securities$224,597 15 $(822)$223,790 $19 $(1,365)$222,444 
Total securities$96,221,329 $2,378,411 $(1,449,850)$71,231,784 $612,427 $(2,230,646)$69,613,565 
 December 31, 2022
 Principal /
Notional		Remaining PremiumRemaining DiscountAmortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated Fair Value
Agency(dollars in thousands)
Fixed-rate pass-through$63,232,479 $2,105,813 $(1,003,225)$64,335,067 $62,060 $(4,367,369)$60,029,758 
Adjustable-rate pass-through232,028 17,065 (85)249,008 2,138 (16,759)234,387 
CMO101,543 1,781 — 103,324 — (13,714)89,610 
Interest-only1,824,339 438,295 — 438,295 153 (220,371)218,077 
Multifamily (1)
9,801,375 311,785 (1,021)1,750,737 7,588 (84,160)1,674,165 
Reverse mortgages28,478 3,379 — 31,857 — (2,959)28,898 
Total agency investments$75,220,242 $2,878,118 $(1,004,331)$66,908,288 $71,939 $(4,705,332)$62,274,895 
Residential credit       
Credit risk transfer$1,013,368 $6,790 $(4,828)$1,015,330 $6,629 $(24,402)$997,557 
Alt-A111,009 9 (5,048)105,970 — (14,754)91,216 
Prime (2)
1,946,186 19,496 (17,375)240,694 1,528 (44,352)197,870 
Subprime202,304 — (32,188)170,116 1,275 (15,078)156,313 
NPL/RPL1,426,616 1,624 (15,500)1,412,740 87 (95,673)1,317,154 
Prime jumbo (>=2010 vintage) (3)
5,717,558 37,260 (29,242)272,623 1,685 (45,715)228,593 
Total residential credit securities$10,417,041 $65,179 $(104,181)$3,217,473 $11,204 $(239,974)$2,988,703 
Total residential securities$85,637,283 $2,943,297 $(1,108,512)$70,125,761 $83,143 $(4,945,306)$65,263,598 
Commercial
Commercial securities$546,499 $— $(2,405)$544,094 $— $(17,785)$526,309 
Total securities$86,183,782 $2,943,297 $(1,110,917)$70,669,855 $83,143 $(4,963,091)$65,789,907 
(1) Principal/Notional amount includes $14.0 billion and $8.4 billion of Agency Multifamly interest-only securities as of December 31, 2023 and December 31, 2022, respectively.
(2) Principal/Notional amount includes $0.9 billion and $1.7 billion of Prime interest-only securities as of December 31, 2023 and December 31, 2022, respectively.
(3) Principal/Notional amount includes $9.1 billion and $5.5 billion of Prime Jumbo interest-only securities as of December 31, 2023 and December 31, 2022, respectively.
Types of Agency Mortgage Backed Securities
The following table presents the Company’s Agency mortgage-backed securities portfolio by issuing Agency at December 31, 2023 and 2022: 
December 31, 2023December 31, 2022
Investment Type(dollars in thousands)
Fannie Mae$60,477,303 $54,043,015 
Freddie Mac5,778,809 8,174,080 
Ginnie Mae52,676 57,800 
Total$66,308,788 $62,274,895 
Schedule of Residential Investment Securities by Estimated Weighted Average Life Classification
The following table summarizes the Company’s Residential Securities at December 31, 2023 and 2022, according to their estimated weighted average life classifications:
 December 31, 2023December 31, 2022
Estimated Fair ValueAmortized
Cost		Estimated Fair ValueAmortized
Cost
Estimated weighted average life(dollars in thousands)
Less than one year$254,753 $257,170 $247,921 $264,637 
Greater than one year through five years5,159,969 5,213,575 3,002,471 3,206,250 
Greater than five years through ten years62,158,711 63,662,144 55,593,990 59,658,578 
Greater than ten years1,817,688 1,875,105 6,419,216 6,996,296 
Total$69,391,121 $71,007,994 $65,263,598 $70,125,761 
Schedule of Unrealized Losses on Investments
The following table presents the gross unrealized losses and estimated fair value of the Company’s Agency mortgage-backed securities, accounted for as available-for-sale where the fair value option has not been elected, by length of time that such securities have been in a continuous unrealized loss position at December 31, 2023 and 2022.
 December 31, 2023December 31, 2022
 
Estimated Fair Value (1)
Gross Unrealized Losses (1)
Number of Securities (1)
Estimated Fair Value (1)
Gross Unrealized Losses (1)
Number of Securities (1)
 (dollars in thousands)
Less than 12 months$35,453 $(418)16 $33,061,267 $(3,448,120)2,481 
12 Months or more15,455,118 (1,340,032)1,747 1,260,378 (266,686)129 
Total$15,490,571 $(1,340,450)1,763 $34,321,645 $(3,714,806)2,610 
(1) Excludes interest-only mortgage-backed securities and reverse mortgages and, effective July 1, 2022, newly purchased Agency pass-through, collateralized mortgage obligation (“CMO”) and multifamily securities.
Schedule of Realized Gain (Loss) The following table presents the Company’s net gains (losses) from the disposal of Residential Securities for the years ended December 31, 2023 and 2022, which is included in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss).
 Gross Realized GainsGross Realized LossesNet Realized Gains (Losses)
For the year ended(dollars in thousands)
December 31, 2023
$29,668 $(2,920,487)$(2,890,819)
December 31, 2022
$66,587 $(3,663,446)$(3,596,859)