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v3.25.1

FAIR VALUE MEASUREMENTS - Real Estate And Other Securities Valuation Methodology and Results (Details) $ in Thousands | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2025 USD ($) source | Dec. 31, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Outstanding Face Amount | $ 17,078,481 | $ 15,878,274
Amortized Cost Basis | 8,563,776 | 7,259,894
Government and government-backed securities | $ 8,657,974 | 7,245,667
Number of broker quotation sources | source | 2 |
Multiple Quotes |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Government and government-backed securities | $ 8,593,451 | 7,196,838
Single Quote |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Government and government-backed securities | 64,523 | 48,829
Agency |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Outstanding Face Amount | 7,895,808 | 6,672,189
Amortized Cost Basis | 7,708,001 | 6,510,235
Agency | Level 2 |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Government and government-backed securities | 7,751,904 | 6,450,643
Agency | Level 2 | Multiple Quotes |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Government and government-backed securities | 7,751,904 | 6,450,643
Agency | Level 2 | Single Quote |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Government and government-backed securities | 0 | 0
Collateral |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Outstanding Face Amount | 268,896 | 243,355
Amortized Cost Basis | 260,448 | 234,397
Collateral | Fair Value, Inputs, Level 2 and 3 |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Government and government-backed securities | 266,612 | 242,227
Collateral | Fair Value, Inputs, Level 2 and 3 | Multiple Quotes |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Government and government-backed securities | 227,934 | 217,049
Collateral | Fair Value, Inputs, Level 2 and 3 | Single Quote |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Government and government-backed securities | 38,678 | 25,178
Non-Agency Securities |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Outstanding Face Amount | 8,913,777 | 8,962,730
Amortized Cost Basis | $ 595,327 | $ 515,262
Percent of securities | 76.90% | 82.10%
Fair Value | $ 491,437 | $ 453,978
Non-Agency Securities | Minimum | Discount Rate |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Discount Rate | 0.050 | 0.047
Non-Agency Securities | Minimum | Prepayment Rate |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Discount Rate | 0.000 | 0.000
Non-Agency Securities | Minimum | CDR |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Discount Rate | 0.000 | 0.000
Non-Agency Securities | Minimum | Loss Severity |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Discount Rate | 0.000 | 0.000
Non-Agency Securities | Maximum | Discount Rate |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Discount Rate | 0.200 | 0.200
Non-Agency Securities | Maximum | Prepayment Rate |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Discount Rate | 0.250 | 0.200
Non-Agency Securities | Maximum | CDR |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Discount Rate | 0.019 | 0.019
Non-Agency Securities | Maximum | Loss Severity |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Discount Rate | 0.500 | 0.500
Non-Agency Securities | Weighted Average | Discount Rate |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Discount Rate | 0.073 | 0.069
Non-Agency Securities | Weighted Average | Prepayment Rate |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Discount Rate | 0.060 | 0.063
Non-Agency Securities | Weighted Average | CDR |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Discount Rate | 0.004 | 0.005
Non-Agency Securities | Weighted Average | Loss Severity |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Discount Rate | 0.168 | 0.170
Non-Agency Securities | Level 3 |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Government and government-backed securities | $ 639,458 | $ 552,797
Non-Agency Securities | Level 3 | Multiple Quotes |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Government and government-backed securities | 613,613 | 529,146
Non-Agency Securities | Level 3 | Single Quote |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Government and government-backed securities | $ 25,845 | $ 23,651
Residential Mortgage Loans HFS, at Fair Value | Minimum | Discount Rate | Non-performing loans | Financial Asset Acquired and No Credit Deterioration [Member] |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Loans held-for-sale, measurement input | 0.092 | 0.085
Residential Mortgage Loans HFS, at Fair Value | Minimum | CDR | Non-performing loans | Financial Asset Acquired and No Credit Deterioration [Member] |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Loans held-for-sale, measurement input | 0.105 | 0.013
Residential Mortgage Loans HFS, at Fair Value | Maximum | Discount Rate | Non-performing loans | Financial Asset Acquired and No Credit Deterioration [Member] |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Loans held-for-sale, measurement input | 0.095 | 0.093
Residential Mortgage Loans HFS, at Fair Value | Maximum | CDR | Non-performing loans | Financial Asset Acquired and No Credit Deterioration [Member] |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Loans held-for-sale, measurement input | 0.177 | 0.051
Residential Mortgage Loans HFS, at Fair Value | Weighted Average | Discount Rate | Non-performing loans | Financial Asset Acquired and No Credit Deterioration [Member] |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Loans held-for-sale, measurement input | 0.094 | 0.088
Residential Mortgage Loans HFS, at Fair Value | Weighted Average | CDR | Non-performing loans | Financial Asset Acquired and No Credit Deterioration [Member] |  |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |  |
Loans held-for-sale, measurement input | 0.152 | 0.038

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