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FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 30, 2024
Investments, All Other Investments [Abstract]  
FINANCIAL INSTRUMENTS
4. FINANCIAL INSTRUMENTS
The following table presents characteristics for certain of the Company’s financial instruments at June 30, 2024 and December 31, 2023.
Financial Instruments (1)
Balance Sheet Line ItemType / FormMeasurement BasisJune 30, 2024December 31, 2023
Assets(dollars in thousands)
Securities
Agency mortgage-backed securities (2)
Fair value, with unrealized gains (losses) through other comprehensive income$9,669,178 $15,665,352 
Securities
Agency mortgage-backed securities (3)
Fair value, with unrealized gains (losses) through earnings54,721,727 50,643,436 
SecuritiesResidential credit risk transfer securitiesFair value, with unrealized gains (losses) through earnings838,437 974,059 
SecuritiesNon-agency mortgage-backed securitiesFair value, with unrealized gains (losses) through earnings1,702,859 2,108,274 
SecuritiesCommercial real estate debt investments - CMBSFair value, with unrealized gains (losses) through earnings112,552 222,444 
Total securities67,044,753 69,613,565 
Loans, netResidential mortgage loansFair value, with unrealized gains (losses) through earnings2,548,228 2,353,084 
Assets transferred or pledged to securitization vehiclesResidential mortgage loansFair value, with unrealized gains (losses) through earnings17,946,812 13,307,622 
Liabilities
Repurchase agreementsRepurchase agreementsAmortized cost$60,787,994 $62,201,543 
Other secured financingLoansAmortized cost600,000 500,000 
Debt issued by securitization vehiclesSecuritiesFair value, with unrealized gains (losses) through earnings15,831,915 11,600,338 
Participations issuedParticipations issuedFair value, with unrealized gains (losses) through earnings1,144,821 1,103,835 
U.S. Treasury securities sold, not yet purchasedSecuritiesFair value, with unrealized gains (losses) through earnings1,974,602 2,132,751 
(1) Receivable for unsettled trades, Principal and interest receivable, Payable for unsettled trades, Interest payable and Dividends payable are accounted for at cost.
(2) Includes Agency pass-through, collateralized mortgage obligation (“CMO”) and multifamily securities purchased prior to July 1, 2022.
(3) Includes interest-only securities and reverse mortgages and, effective July 1, 2022, newly purchased Agency pass-through, collateralized mortgage obligation (“CMO”) and multifamily securities.