CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025		Dec. 31, 2024		Dec. 31, 2023
Cash flows from operating activities
Net income (loss)	$ 2,051,690		$ 1,011,768		$ (1,638,457)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Amortization of premiums and discounts of investments, net	246,644		113,040		185,728
Amortization of securitized debt premiums and discounts and deferred financing costs	(35,246)		3,579		13,824
Depreciation, amortization and other noncash expenses	34,036		30,356		24,806
Net (gains) losses on investments and derivatives	177,971		783,191		3,310,579
Income (loss) from unconsolidated joint ventures	12,953		(5,790)		10,270
Loan loss provision (reversal)	0		0		(219)
Payments on purchases of loans held for sale	(262,294)		(58,306)		0
Proceeds from sales and repayments of loans held for sale	235,102		48,951		1,577
Proceeds from U.S. Treasury securities	7,268,860		8,613,104		2,015,608
Payments on U.S. Treasury securities	(7,439,550)		(8,156,998)		0
Net receipts (payments) on derivatives	(1,822,026)		779,334		(862,032)
Net change in
Other assets	(31,637)		(61,883)		(136,804)
Interest receivable	138,326		154,651		(585,817)
Interest payable	112,371		(19,620)		(37,343)
Other liabilities	5,711		75,282		65,483
Net cash provided by (used in) operating activities	692,911		3,310,659		2,367,203
Cash flows from investing activities
Payments on purchases of securities	(40,746,554)		(32,213,640)		(41,036,338)
Proceeds from sales of securities	17,171,775		21,106,379		31,259,983
Principal payments on securities	8,342,418		6,834,322		6,153,217
Payments on purchases and origination of loans	(18,647,865)		(13,239,286)		(5,503,696)
Proceeds from sales of loans	1,349,790		686,062		21,242
Principal payments on loans	6,108,625		2,612,778		1,086,508
Payments on purchases of MSR	(882,834)		(863,117)		(396,806)
Proceeds from sales of MSR	1,871		66,269		0
Payments on purchases of interests in MSR	(32,240)		0		0
Proceeds from reverse repurchase agreements	636,212,211		609,316,231		128,615,235
Payments on reverse repurchase agreements	(636,246,600)		(609,316,231)		(128,615,235)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	6,669		25,403		0
Net cash provided by (used in) investing activities	(27,362,734)		(14,984,830)		(8,415,890)
Cash flows from financing activities
Proceeds from repurchase agreements and other secured financing	7,237,347,672		6,004,596,943		5,351,050,481
Payments on repurchase agreements and other secured financing	(7,220,845,591)		(6,000,859,559)		(5,348,111,535)
Proceeds from issuances of securitized debt	14,589,254		10,330,083		4,480,804
Principal payments on securitized debt	(5,068,806)		(2,394,166)		(944,163)
Payments on purchases of securitized debt	(485,604)		0		(2,504)
Payment of deferred financing cost	(13,893)		(4,259)		(4,012)
Proceeds from participations issued	7,804,644		4,135,190		2,007,464
Payments on repurchases of participations issued	(6,990,309)		(4,055,490)		(1,674,650)
Principal payments on participations issued	(88,890)		(45,722)		(52,635)
Net contributions (distributions) from (to) noncontrolling interests	(43,000)		(11,449)		(14,399)
Net proceeds from stock offerings, direct purchases and dividend reinvestments	2,910,571		1,558,316		673,693
Settlement of stock-based awards in satisfaction of withholding tax requirements	(14,177)		(6,157)		(6,661)
Dividends paid	(1,882,237)		(1,493,680)		(1,517,762)
Net cash provided by (used in) financing activities	27,219,634		11,750,050		5,884,121
Net (decrease) increase in cash and cash equivalents	549,811		75,879		(164,566)
Cash and cash equivalents including cash pledged as collateral, beginning of period	1,488,027	[1]	1,412,148		1,576,714
Cash and cash equivalents including cash pledged as collateral, end of period	2,037,838	[1]	1,488,027	[1]	1,412,148
Supplemental disclosure of cash flow information
Interest received	4,302,067		3,782,985		3,278,519
Interest paid (excluding interest paid on interest rate swaps)	3,445,916		3,831,509		3,551,873
Net interest received (paid) on interest rate swaps	1,129,717		1,649,965		1,306,551
Taxes received (paid)	1,200		(1,688)		1,104
Noncash investing and financing activities
Receivable for unsettled trades	1,031		2,201,447		2,710,224
Payable for unsettled trades	2,059,386		308,282		3,249,389
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	529,116		317,718		2,373,496
Dividends declared, not yet paid	$ 494,881		$ 375,932		$ 325,052

[1] (1) Includes cash of consolidated Variable Interest Entities (“VIEs”) of $4.1 million and $2.8 million at December 31, 2025 and 2024, respectively.