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SECURITIES - Portfolio (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional $ 131,549,337 $ 109,210,522
Remaining Premium 2,745,657 2,471,843
Remaining Discount (1,385,827) (1,270,077)
Amortized Cost 85,274,909 72,059,476
Unrealized Gains 910,229 235,755
Unrealized Losses (1,122,413) (2,538,784)
Estimated Fair Value [1] 85,062,725 69,756,447 [2]
Total residential securities    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 131,549,337 109,136,371
Remaining Premium 2,745,657 2,471,650
Remaining Discount (1,385,827) (1,270,077)
Amortized Cost 85,274,909 71,985,132
Unrealized Gains 910,229 235,717
Unrealized Losses (1,122,413) (2,538,680)
Estimated Fair Value 85,062,725 69,682,169
Agency    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 115,864,212 94,934,189
Remaining Premium 2,608,011 2,353,540
Remaining Discount (1,306,715) (1,190,316)
Amortized Cost 83,564,797 69,785,171
Unrealized Gains 854,388 155,445
Unrealized Losses (1,101,366) (2,506,548)
Estimated Fair Value 83,317,819 67,434,068
Agency | Fixed-rate pass-through    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 76,814,459 65,010,762
Remaining Premium 1,411,294 1,329,117
Remaining Discount (1,292,553) (1,178,444)
Amortized Cost 76,933,200 65,161,435
Unrealized Gains 742,793 130,742
Unrealized Losses (973,432) (2,242,503)
Estimated Fair Value 76,702,561 63,049,674
Agency | Adjustable-rate pass-through    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 123,092 157,123
Remaining Premium 7,773 11,936
Remaining Discount (34) (42)
Amortized Cost 130,831 169,017
Unrealized Gains 1,788 2,216
Unrealized Losses (5,333) (8,995)
Estimated Fair Value 127,286 162,238
Agency | CMO    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 2,845 87,467
Remaining Premium 13 1,459
Remaining Discount 0 0
Amortized Cost 2,858 88,926
Unrealized Gains 0 0
Unrealized Losses (115) (15,242)
Estimated Fair Value 2,743 73,684
Agency | Interest-only    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 4,724,425 3,437,570
Remaining Premium 625,831 493,803
Remaining Discount 0 0
Amortized Cost 625,831 493,803
Unrealized Gains 36,966 14,843
Unrealized Losses (88,472) (127,914)
Estimated Fair Value 574,325 380,732
Agency | Multifamily    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 34,199,391 26,216,351
Remaining Premium 563,100 514,726
Remaining Discount (14,128) (11,830)
Amortized Cost 5,872,077 3,844,575
Unrealized Gains 72,841 7,644
Unrealized Losses (34,014) (110,454)
Estimated Fair Value 5,910,904 3,741,765
Agency | Reverse mortgages    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional   24,916
Remaining Premium   2,499
Remaining Discount   0
Amortized Cost   27,415
Unrealized Gains   0
Unrealized Losses   (1,440)
Estimated Fair Value   25,975
Agency | Multifamily interest-only security    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 28,900,000 22,900,000
Residential credit    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 15,685,125 14,202,182
Remaining Premium 137,646 118,110
Remaining Discount (79,112) (79,761)
Amortized Cost 1,710,112 2,199,961
Unrealized Gains 55,841 80,272
Unrealized Losses (21,047) (32,132)
Estimated Fair Value 1,744,906 2,248,101
Residential credit | Credit risk transfer    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 312,945 707,169
Remaining Premium 1,111 1,608
Remaining Discount (3,031) (3,581)
Amortized Cost 311,025 705,196
Unrealized Gains 19,648 49,819
Unrealized Losses (26) (100)
Estimated Fair Value 330,647 754,915
Residential credit | Non-QM    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 319,048 172,368
Remaining Premium 270 35
Remaining Discount (2,534) (1,724)
Amortized Cost 316,784 170,679
Unrealized Gains 3,393 2,694
Unrealized Losses (8,069) (8,481)
Estimated Fair Value 312,108 164,892
Residential credit | Prime    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 2,324,593 1,881,111
Remaining Premium 31,472 27,484
Remaining Discount (9,940) (10,416)
Amortized Cost 127,699 100,039
Unrealized Gains 3,468 2,857
Unrealized Losses (696) (779)
Estimated Fair Value 130,471 102,117
Residential credit | SBC    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 194,277 253,045
Remaining Premium 22 12
Remaining Discount (10,549) (11,624)
Amortized Cost 183,750 241,433
Unrealized Gains 5,110 3,632
Unrealized Losses (5,512) (11,493)
Estimated Fair Value 183,348 233,572
Residential credit | NPL/RPL    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 451,673 702,720
Remaining Premium 3,438 4,540
Remaining Discount (21,882) (21,897)
Amortized Cost 433,229 685,363
Unrealized Gains 4,675 3,168
Unrealized Losses (2,536) (6,091)
Estimated Fair Value 435,368 682,440
Residential credit | RTL    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 174,097 151,100
Remaining Premium 16 0
Remaining Discount (544) (134)
Amortized Cost 173,569 150,966
Unrealized Gains 1,226 1,030
Unrealized Losses (40) (144)
Estimated Fair Value 174,755 151,852
Residential credit | Prime jumbo (>=2010 vintage)    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 11,908,492 10,334,669
Remaining Premium 101,317 84,431
Remaining Discount (30,632) (30,385)
Amortized Cost 164,056 146,285
Unrealized Gains 18,321 17,072
Unrealized Losses (4,168) (5,044)
Estimated Fair Value 178,209 158,313
Residential credit | Prime interest-only    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 2,200,000 1,800,000
Residential credit | Prime jumbo interest-only    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 11,800,000 10,200,000
Commercial Securities    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 0 74,151
Remaining Premium 0 193
Remaining Discount 0 0
Amortized Cost 0 74,344
Unrealized Gains 0 38
Unrealized Losses 0 (104)
Estimated Fair Value $ 0 $ 74,278
[1]
(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. 
[2]
(1)Derived from the audited consolidated financial statements at December 31, 2024.