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INTEREST INCOME AND INTEREST EXPENSE (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest income    
Agency securities $ 751,516 $ 603,102
Residential credit securities 55,996 53,745
Residential mortgage loans 252,016 147,231
Commercial investment portfolio 3,554 9,887
Reverse repurchase agreements 31,406 4,285
Total interest income 1,094,488 818,250
Interest expense    
Repurchase agreements 897,598 698,742
Debt issued by securitization vehicles 161,017 88,934
Participations issued 20,251 11,111
U.S. Treasury securities sold, not yet purchased 22,073 0
Total interest expense 1,100,939 798,787
Net interest income $ (6,451) $ 19,463