INTEREST INCOME AND INTEREST EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Interest income
Agency securities	$ 949,511	$ 789,403	$ 2,645,630	$ 2,331,698
Residential credit securities	33,462	49,863	110,522	156,754
Residential mortgage loans	505,527	346,031	1,399,541	899,867
Commercial investment portfolio	0	2,240	1,218	8,235
Reverse repurchase agreements	43,997	41,804	111,587	104,600
Total interest income	1,532,497	1,229,341	4,268,498	3,501,154
Interest expense
Repurchase agreements	852,175	942,780	2,388,876	2,722,304
Debt issued by securitization vehicles	349,959	234,299	945,934	596,128
Participations issued	28,651	17,834	86,433	57,841
U.S. Treasury securities sold, not yet purchased	25,962	21,027	78,334	64,373
Total interest expense	1,256,747	1,215,940	3,499,577	3,440,646
Interest income	$ 275,750	$ 13,401	$ 768,921	$ 60,508