CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025		Sep. 30, 2024
Cash flows from operating activities
Net income (loss)	$ 1,033,739		$ 538,692
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Amortization of premiums and discounts of investments, net	176,712		95,697
Amortization of securitized debt premiums and discounts and deferred financing costs	(18,577)		7,127
Depreciation, amortization and other noncash expenses	26,090		23,180
Net (gains) losses on investments and derivatives	571,804		731,542
Income (loss) from unconsolidated joint ventures	(573)		(3,119)
Payments on purchases of loans held for sale	(154,086)		(37,978)
Proceeds from sales and repayments of loans held for sale	153,190		38,063
Proceeds from U.S. Treasury securities	4,855,429		6,083,273
Payments on U.S. Treasury securities	(4,977,675)		(6,181,017)
Net receipts (payments) on derivatives	(1,735,541)		(967,289)
Net change in
Other assets	(23,252)		(8,787)
Interest receivable	107,289		176,430
Interest payable	16,763		(11,540)
Other liabilities	17,256		17,910
Net cash provided by (used in) operating activities	48,568		502,184
Cash flows from investing activities
Payments on purchases of securities	(26,670,451)		(22,984,768)
Proceeds from sales of securities	11,727,813		17,254,884
Principal payments on securities	5,855,619		4,875,202
Payments on purchases and origination of loans	(12,662,479)		(9,304,025)
Proceeds from sales of loans	1,221,545		414,706
Principal payments on loans	3,827,244		1,625,155
Payments on purchases of MSR	(710,020)		(701,418)
Proceeds from sales of MSR	1,871		66,269
Payments on purchases of interests in MSR	(32,240)		0
Proceeds from reverse repurchase agreements	510,513,471		442,510,370
Payments on reverse repurchase agreements	(510,548,475)		(442,510,370)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	6,669		19,264
Net cash provided by (used in) investing activities	(17,469,433)		(8,734,731)
Cash flows from financing activities
Proceeds from repurchase agreements and other secured financing	5,139,522,507		4,316,726,746
Payments on repurchase agreements and other secured financing	(5,129,802,568)		(4,314,490,574)
Proceeds from issuances of securitized debt	10,220,521		8,236,251
Principal payments on securitized debt	(3,210,527)		(1,478,171)
Payments on purchases of securitized debt	(260,618)		0
Payment of deferred financing cost	(10,921)		(2,783)
Proceeds from participations issued	5,461,827		2,984,799
Payments on repurchases of participations issued	(4,773,265)		(3,605,523)
Principal payments on participations issued	(67,519)		(40,805)
Net contributions (distributions) from (to) noncontrolling interests	(22,000)		(11,449)
Net proceeds from stock offerings, direct purchases and dividend reinvestments	2,345,320		1,160,350
Settlement of stock-based awards in satisfaction of withholding tax requirements	(13,936)		(6,157)
Dividends paid	(1,359,287)		(1,092,126)
Net cash provided by (used in) financing activities	18,029,534		8,380,558
Net (decrease) increase in cash and cash equivalents	608,669		148,011
Cash and cash equivalents including cash pledged as collateral, beginning of period	1,488,027	[1],[2]	1,412,148
Cash and cash equivalents including cash pledged as collateral, end of period	2,096,696	[2]	1,560,159
Supplemental disclosure of cash flow information
Interest received	3,090,755		2,787,729
Interest paid (excluding interest paid on interest rate swaps)	2,564,763		2,907,352
Net interest received (paid) on interest rate swaps	912,571		1,353,022
Taxes received (paid)	(353)		(1,127)
Noncash investing and financing activities
Receivable for unsettled trades	185,916		766,341
Payable for unsettled trades	2,604,278		1,885,286
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	393,295		623,197
Dividends declared, not yet paid	476,737		362,731
Derecognition of assets of consolidated VIEs	285,612		0
Derecognition of securitized debt of consolidated VIEs	$ 260,785		$ 0

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

[2] (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.