CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023		Mar. 31, 2022
Cash flows from operating activities
Net income (loss)	$ (839,328)		$ 2,023,894
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Amortization of premiums and discounts of investments, net	66,570		(11,770)
Amortization of securitized debt premiums and discounts and deferred financing costs	2,806		(3,074)
Depreciation, amortization and other noncash expenses	5,050		4,746
Net (gains) losses on investments and derivatives	1,284,746		(1,544,765)
Business divestiture-related (gains) losses	0		354
Income (loss) from unconsolidated joint ventures	(676)		(8,384)
Loan loss provision (reversal)	(219)		608
Proceeds from sales and repayments of loans held for sale	636		994
Net receipts (payments) on derivatives	(1,075,189)		856,299
Net change in
Other assets	(36,601)		(5,266)
Interest receivable	(136,796)		(8,069)
Interest payable	(206,885)		(10,657)
Other liabilities	(83,086)		734,238
Net cash provided by (used in) operating activities	(1,018,972)		2,029,148
Cash flows from investing activities
Payments on purchases of securities	(6,332,698)		(5,061,300)
Proceeds from sales of securities	4,685,607		2,393,169
Principal payments on securities	1,349,348		3,047,356
Payments on purchases and origination of loans	(935,360)		(2,194,285)
Proceeds from sales of loans	0		4,215
Principal payments on loans	188,082		605,626
Payments on purchases of MSR	(35,825)		(421,012)
Payments on purchases of interests in MSR	0		(4,913)
Proceeds from reverse repurchase agreements	18,450,000		2,100,000
Payments on reverse repurchase agreements	(18,450,000)		(2,100,000)
Net cash provided by (used in) investing activities	(1,080,846)		(1,631,144)
Cash flows from financing activities
Proceeds from repurchase agreements and other secured financing	1,168,976,892		839,715,390
Payments on repurchase agreements and other secured financing	(1,167,496,471)		(841,845,524)
Proceeds from issuances of securitized debt	1,007,971		2,293,500
Principal payments on securitized debt	(158,983)		(398,843)
Payments on purchases of securitized debt	(1,974)		0
Proceeds from participations issued	236,121		676,499
Payments on repurchases of participations issued	(360,943)		(888,343)
Principal payments on participations issued	(11,168)		(17,370)
Net contributions (distributions) from (to) noncontrolling interests	13,000		24,390
Net proceeds from stock offerings, direct purchases and dividend reinvestments	562,709		6,104
Settlement of stock-based awards in satisfaction of withholding tax requirements	(5,810)		(1,977)
Dividends paid	(444,067)		(348,080)
Net cash provided by (used in) financing activities	2,317,277		(784,254)
Net (decrease) increase in cash and cash equivalents	217,459		(386,250)
Cash and cash equivalents including cash pledged as collateral, beginning of period	1,576,714	[1],[2]	1,342,090
Cash and cash equivalents including cash pledged as collateral, end of period	1,794,173	[2]	955,840
Supplemental disclosure of cash flow information
Interest received	746,161		565,361
Interest paid (excluding interest paid on interest rate swaps)	928,649		57,138
Net interest received (paid) on interest rate swaps	302,041		(66,918)
Taxes received (paid)	(139)		(677)
Noncash investing and financing activities
Receivable for unsettled trades	679,096		407,225
Payable for unsettled trades	3,259,034		1,992,568
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	1,158,282		(3,423,892)
Dividends declared, not yet paid	$ 321,023		$ 321,423

[1] (1)Derived from the audited consolidated financial statements at December 31, 2022.

[2] (2)Includes cash of consolidated Variable Interest Entities (“VIEs”) of $2.5 million and $2.2 million at March 31, 2023 and December 31, 2022, respectively.