CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands		Sep. 30, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents (includes pledged assets of $0 and $1,202,880, respectively)	[1]	$ 2,096,696	$ 1,488,027	[2]
Securities (includes pledged assets of $0 and $67,692,062, respectively)	[3]	85,062,725	69,756,447	[2]
Loans, net (includes pledged assets of $0 and $2,754,028, respectively)	[4]	4,008,299	3,546,902	[2]
Mortgage servicing rights (includes pledged assets of $3,164,697 and $2,460,252, respectively)		3,476,181	2,909,134	[2]
Interests in MSR		35,833	0	[2]
Assets transferred or pledged to securitization vehicles		29,512,309	21,973,188	[2]
Derivative assets		47,899	225,351	[2]
Reverse repurchase agreements		35,004	0
Receivable for unsettled trades		185,916	2,201,447	[2]
Principal and interest receivable		959,435	1,069,038	[2]
Intangible assets, net		7,398	9,416	[2]
Other assets		433,877	377,434	[2]
Total assets		125,861,572	103,556,384	[2]
Liabilities
Repurchase agreements		75,118,963	65,688,923	[2]
Other secured financing		1,025,000	750,000	[2]
Debt issued by securitization vehicles		26,601,790	19,540,678	[2]
Participations issued		1,831,657	1,154,816	[2]
U.S. Treasury securities sold, not yet purchased		2,442,570	2,470,629	[2]
Derivative liabilities		199,100	59,586	[2]
Payable for unsettled trades		2,604,278	308,282	[2]
Interest payable		285,080	268,317	[2]
Dividends payable		476,737	375,932	[2]
Other liabilities		279,818	242,269	[2]
Total liabilities		110,864,993	90,859,432	[2]
Stockholders’ equity
Preferred stock, par value $0.01 per share, 75,000,000 and 63,500,000 authorized, 74,500,000 and 63,500,000 issued and outstanding, respectively		$ 1,802,480	$ 1,536,569	[2]
Preferred stock outstanding (shares)		74,500,000	63,500,000
Preferred stock issued (shares)		74,500,000	63,500,000
Common stock, par value $0.01 per share, 1,456,750,000 and 1,468,250,000 authorized, 681,052,317 and 578,357,118 issued and outstanding, respectively		$ 6,811	$ 5,784	[2]
Additional paid-in capital		27,352,976	25,257,716	[2]
Accumulated other comprehensive income (loss)		(624,387)	(1,017,682)	[2]
Accumulated deficit		(13,626,983)	(13,173,146)	[2]
Total stockholders’ equity		14,910,897	12,609,241	[2]
Noncontrolling interests		85,682	87,711	[2]
Total equity		14,996,579	12,696,952	[2]
Total liabilities and equity		$ 125,861,572	$ 103,556,384	[2]

[1] (2)Includes cash of consolidated Variable Interest Entities (“VIEs”) of $5.6 million and $2.8 million at September 30, 2025 and December 31, 2024, respectively.

[2] (1)Derived from the audited consolidated financial statements at December 31, 2024.

[3] (3)Excludes $2.9 billion and $2.2 billion at September 30, 2025 and December 31, 2024, respectively, of non-Agency mortgage-backed securities in consolidated VIEs pledged as collateral and eliminated from the Company’s Consolidated Statements of Financial Condition. 

[4] (4)Includes $10.9 million and $10.0 million of residential mortgage loans held for sale at September 30, 2025 and December 31, 2024, respectively.