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INTEREST INCOME AND INTEREST EXPENSE - Components of Company's Interest Income and Interest Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest income      
Agency Securities $ 2,740,320 $ 2,144,696 $ 1,484,354
Residential credit securities 225,266 140,220 78,681
Residential mortgage loans 703,838 410,229 182,359
Commercial investment portfolio 28,385 81,855 237,597
Reverse repurchase agreements 33,772 1,887 45
Total interest income 3,731,581 2,778,887 1,983,036
Interest expense      
Repurchase agreements 3,337,527 1,026,201 116,974
Debt issued by securitization vehicles 443,584 225,216 93,006
Participations issued 50,357 39,366 12,071
U.S. Treasury securities sold, not yet purchased 11,497 0 0
Other 0 18,952 27,192
Total interest expense 3,842,965 1,309,735 249,243
Net interest income $ (111,384) $ 1,469,152 $ 1,733,793