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GOVERNMENT AND GOVERNMENT-BACKED SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-sale The following tables summarize Agency and Treasury securities by designation:
March 31, 2025December 31,
2024
Gross UnrealizedWeighted Average
Outstanding Face AmountGainsLosses
Carrying Value(A)
Number of SecuritiesCouponYield
Life (Years)(B)
Carrying Value(A)
Securities Designated as AFS:
Agency(C)(D)
$68,354 $— $— $60,630 1 3.5 %3.5 %11.2$60,135 
Securities Measured at Fair Value through Net Income (“FVO”):
Agency(C)
7,827,454 61,666 (10,200)7,691,274 23 5.1 %5.1 %7.96,390,508
Treasury(C)
3,250,000 14,648 — 3,272,031 3 4.5 %4.5 %1.43,260,703
Total / Weighted Average$11,145,808 $76,314 $(10,200)$11,023,935 27 4.9 %4.9 %6.0$9,711,346 
(A)Fair value is equal to the carrying value for all securities. See Note 19 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)All fixed-rate as of March 31, 2025.
(D)Expected loss is realized through allowance for credit losses.
The following table summarizes purchases and sales of Agency and Treasury securities:
Three Months Ended March 31,
20252024
TreasuryAgency
Treasury(A)
Agency
Purchases:
Face$25,000 $1,355,800 $4,800,000 $1,287,034 
Purchase price24,732 1,326,895 4,773,892 1,255,894 
Sales:
Face$— $1,274 $— $— 
Amortized cost— 1,349 — — 
Sale price— 1,291 — — 
Gain (loss) on sale— (58)— — 
(A)Excludes Treasury short sales. Refer to Note 17 for information regarding short sales.
Schedule of Debt Securities, Held-to-Maturity
The following table summarizes Treasury securities, held-to-maturity (“HTM”):
March 31, 2025December 31,
2024
Weighted Average
Outstanding Face AmountAmortized Cost / Carrying ValueFair ValueUnrecognized Gains /(Losses)Number of SecuritiesYieldLife (Years)Amortized Cost / Carrying Value
Treasury Securities Designated as HTM:
Treasury$25,000 $24,766 $24,767 $1 1 4.2 %0.2$24,770