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SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Rollforward of Company's Securities
The following table represents a rollforward of the activity for the Company’s securities for the six months ended June 30, 2025:
Agency
Securities		Residential Credit SecuritiesCommercial
Securities		Total
(dollars in thousands)
Beginning balance January 1, 2025
$67,434,068 $2,248,101 $74,278 $69,756,447 
Purchases14,488,441 303,780 — 14,792,221 
Sales
(8,141,852)(314,442)(41,814)(8,498,108)
Principal paydowns(3,304,684)(479,193)(32,451)(3,816,328)
(Amortization) / accretion(82,302)(3,249)(80)(85,631)
Fair value adjustment1,362,967 (11,009)67 1,352,025 
Ending balance June 30, 2025
$71,756,638 $1,743,988 $— $73,500,626 
Schedule of Available-for-sale Securities Reconciliation
The following tables present the Company’s securities portfolio that were carried at their fair value at June 30, 2025 and December 31, 2024:
 June 30, 2025
 Principal /
Notional		Remaining PremiumRemaining DiscountAmortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated Fair Value
Agency(dollars in thousands)
Fixed-rate pass-through$67,147,092 $1,278,878 $(1,262,508)$67,163,462 $402,772 $(1,347,384)$66,218,850 
Adjustable-rate pass-through129,886 8,796 (37)138,645 1,823 (6,326)134,142 
CMO2,989 14 — 3,003 — (161)2,842 
Interest-only4,335,356 598,234 — 598,234 40,821 (92,842)546,213 
Multifamily(1)
31,734,605 556,190 (10,139)4,816,031 50,760 (36,497)4,830,294 
Reverse mortgages23,332 2,066 — 25,398 — (1,101)24,297 
Total agency securities$103,373,260 $2,444,178 $(1,272,684)$72,744,773 $496,176 $(1,484,311)$71,756,638 
Residential credit       
Credit risk transfer$391,979 $1,226 $(3,236)$389,969 $24,123 $(45)$414,047 
Non-QM222,058 34 (2,184)219,908 3,488 (8,183)215,213 
Prime (2)
2,342,031 32,270 (10,086)101,380 3,484 (773)104,091 
SBC207,735 12 (10,864)196,883 5,183 (7,029)195,037 
NPL/RPL501,340 3,412 (22,290)482,462 4,726 (1,934)485,254 
RTL170,150 7 (574)169,583 1,112 (48)170,647 
Prime jumbo (>=2010 vintage) (3)
10,490,450 83,224 (30,904)146,558 17,248 (4,107)159,699 
Total residential credit securities$14,325,743 $120,185 $(80,138)$1,706,743 $59,364 $(22,119)$1,743,988 
Total residential securities$117,699,003 $2,564,363 $(1,352,822)$74,451,516 $555,540 $(1,506,430)$73,500,626 
Commercial
Commercial securities$— $— $— $— $— $— $— 
Total securities$117,699,003 $2,564,363 $(1,352,822)$74,451,516 $555,540 $(1,506,430)$73,500,626 
 December 31, 2024
 Principal /
Notional		Remaining PremiumRemaining DiscountAmortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated Fair Value
Agency(dollars in thousands)
Fixed-rate pass-through$65,010,762 $1,329,117 $(1,178,444)$65,161,435 $130,742 $(2,242,503)$63,049,674 
Adjustable-rate pass-through157,123 11,936 (42)169,017 2,216 (8,995)162,238 
CMO87,467 1,459 — 88,926 — (15,242)73,684 
Interest-only3,437,570 493,803 — 493,803 14,843 (127,914)380,732 
Multifamily (1)
26,216,351 514,726 (11,830)3,844,575 7,644 (110,454)3,741,765 
Reverse mortgages24,916 2,499 — 27,415 — (1,440)25,975 
Total agency investments$94,934,189 $2,353,540 $(1,190,316)$69,785,171 $155,445 $(2,506,548)$67,434,068 
Residential credit       
Credit risk transfer$707,169 $1,608 $(3,581)$705,196 $49,819 $(100)$754,915 
Non-QM172,368 35 (1,724)170,679 2,694 (8,481)164,892 
Prime (2)
1,881,111 27,484 (10,416)100,039 2,857 (779)102,117 
SBC253,045 12 (11,624)241,433 3,632 (11,493)233,572 
NPL/RPL702,720 4,540 (21,897)685,363 3,168 (6,091)682,440 
RTL151,100 — (134)150,966 1,030 (144)151,852 
Prime jumbo (>=2010 vintage) (3)
10,334,669 84,431 (30,385)146,285 17,072 (5,044)158,313 
Total residential credit securities$14,202,182 $118,110 $(79,761)$2,199,961 $80,272 $(32,132)$2,248,101 
Total residential securities$109,136,371 $2,471,650 $(1,270,077)$71,985,132 $235,717 $(2,538,680)$69,682,169 
Commercial
Commercial securities$74,151 $193 $— $74,344 $38 $(104)$74,278 
Total securities$109,210,522 $2,471,843 $(1,270,077)$72,059,476 $235,755 $(2,538,784)$69,756,447 
(1) Principal/Notional amount includes $27.5 billion and $22.9 billion of Agency Multifamily interest-only securities as of June 30, 2025 and December 31, 2024, respectively.
(2) Principal/Notional amount includes $2.3 billion and $1.8 billion of Prime interest-only securities as of June 30, 2025 and December 31, 2024, respectively.
(3) Principal/Notional amount includes $10.4 billion and $10.2 billion of Prime Jumbo interest-only securities as of June 30, 2025 and December 31, 2024, respectively.
Types of Agency Mortgage Backed Securities
The following table presents the Company’s Agency mortgage-backed securities portfolio by issuing Agency at June 30, 2025 and December 31, 2024: 
June 30, 2025December 31, 2024
Investment Type(dollars in thousands)
Fannie Mae$67,546,692 $63,211,517 
Freddie Mac4,048,152 4,115,085 
Ginnie Mae161,794 107,466 
Total$71,756,638 $67,434,068 
Schedule of Residential Investment Securities by Estimated Weighted Average Life Classification
The following table summarizes the Company’s Residential Securities at June 30, 2025 and December 31, 2024, according to their estimated weighted average life classifications:
 June 30, 2025December 31, 2024
Estimated Fair ValueAmortized
Cost		Estimated Fair ValueAmortized
Cost
Estimated weighted average life(dollars in thousands)
Less than one year$276,164 $275,153 $407,856 $408,090 
Greater than one year through five years1,609,276 1,602,006 1,308,898 1,325,093 
Greater than five years through ten years68,974,533 69,937,694 66,027,670 68,242,391 
Greater than ten years2,640,653 2,636,663 1,937,745 2,009,558 
Total$73,500,626 $74,451,516 $69,682,169 $71,985,132 
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 June 30, 2025 and December 31, 2024.
 June 30, 2025December 31, 2024
 
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$26,354 $(382)5 $49,820 $(1,477)34 
12 Months or more7,241,266 (744,563)1,296 8,054,162 (1,020,427)1,377 
Total$7,267,620 $(744,945)1,301 $8,103,982 $(1,021,904)1,411 
(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 three and six months ended June 30, 2025 and 2024, 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 three months ended(dollars in thousands)
June 30, 2025$9,230 $(34,988)$(25,758)
June 30, 2024$7,302 $(382,254)$(374,952)
For the six months ended
June 30, 2025$74,110 $(154,474)$(80,364)
June 30, 2024$40,226 $(853,425)$(813,199)