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FAIR VALUE MEASUREMENTS - Schedule of Securities Valuation Methodology (Details)
$ in Thousands
9 Months Ended
Sep. 30, 2024
USD ($)
source
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Number of broker quotation sources | source 2
Government-Backed Securities  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Outstanding Face Amount $ 6,816,127
Amortized Cost Basis 6,650,778
Government-Backed Securities | Level 2  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Fair Value 6,812,900
Government-Backed Securities | Level 2 | Multiple Quotes  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Fair Value 6,812,900
Government-Backed Securities | Level 2 | Single Quote  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Fair Value 0
CLOs(D)  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Outstanding Face Amount 277,100
Amortized Cost Basis 268,750
CLOs(D) | Level 2 and Level 3  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Fair Value 275,771
CLOs(D) | Level 2 and Level 3 | Multiple Quotes  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Fair Value 210,383
CLOs(D) | Level 2 and Level 3 | Single Quote  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Fair Value 65,388
Non-Agency and Other Securities  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Outstanding Face Amount 9,177,737
Amortized Cost Basis $ 538,211
Percent of securities 86.90%
Fair Value $ 503,651
Non-Agency and Other Securities | Minimum | Discount Rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Non agency RMBS, measurement input 0.045
Non-Agency and Other Securities | Minimum | Prepayment Rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Non agency RMBS, measurement input 0.000
Non-Agency and Other Securities | Minimum | Delinquency  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Non agency RMBS, measurement input 0.000
Non-Agency and Other Securities | Minimum | Loss Severity  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Non agency RMBS, measurement input 0.250
Non-Agency and Other Securities | Maximum | Discount Rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Non agency RMBS, measurement input 0.200
Non-Agency and Other Securities | Maximum | Prepayment Rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Non agency RMBS, measurement input 0.200
Non-Agency and Other Securities | Maximum | Delinquency  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Non agency RMBS, measurement input 0.015
Non-Agency and Other Securities | Maximum | Loss Severity  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Non agency RMBS, measurement input 0.500
Non-Agency and Other Securities | Weighted Average | Discount Rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Non agency RMBS, measurement input 0.068
Non-Agency and Other Securities | Weighted Average | Prepayment Rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Non agency RMBS, measurement input 0.068
Non-Agency and Other Securities | Weighted Average | Delinquency  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Non agency RMBS, measurement input 0.005
Non-Agency and Other Securities | Weighted Average | Loss Severity  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Non agency RMBS, measurement input 0.320
Non-Agency and Other Securities | Level 3  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Fair Value $ 579,717
Non-Agency and Other Securities | Level 3 | Multiple Quotes  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Fair Value 555,406
Non-Agency and Other Securities | Level 3 | Single Quote  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Fair Value 24,311
Mortgage Backed Securities, Excluding Treasury Securities  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Outstanding Face Amount 16,270,964
Amortized Cost Basis 7,457,739
Fair Value 7,668,388
Mortgage Backed Securities, Excluding Treasury Securities | Multiple Quotes  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Fair Value 7,578,689
Mortgage Backed Securities, Excluding Treasury Securities | Single Quote  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Fair Value $ 89,699