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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Values, Assets and Liabilities Measured on Recurring Basis
The following tables present the estimated fair values of financial instruments and MSR measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023. There were no transfers between levels of the fair value hierarchy during the periods presented.
June 30, 2024
 Level 1Level 2Level 3Total
Assets(dollars in thousands)
Securities
Agency mortgage-backed securities$— $64,390,905 $— $64,390,905 
Credit risk transfer securities— 838,437 — 838,437 
Non-Agency mortgage-backed securities— 1,702,859 — 1,702,859 
   Commercial mortgage-backed securities— 112,552 — 112,552 
Loans
Residential mortgage loans— 2,548,228 — 2,548,228 
Mortgage servicing rights— — 2,785,614 2,785,614 
Assets transferred or pledged to securitization vehicles— 17,946,812 — 17,946,812 
Derivative assets
Interest rate swaps— 16,824 — 16,824 
Other derivatives1,723 169,321 — 171,044 
Total assets$1,723 $87,725,938 $2,785,614 $90,513,275 
Liabilities
Debt issued by securitization vehicles$— $15,831,915 $— $15,831,915 
Participations issued— 1,144,821 — 1,144,821 
U.S. Treasury securities sold, not yet purchased1,974,602 — — 1,974,602 
Derivative liabilities
Interest rate swaps— 15,314 — 15,314 
Other derivatives81,730 3,785 — 85,515 
Total liabilities$2,056,332 $16,995,835 $— $19,052,167 
December 31, 2023
 Level 1Level 2Level 3Total
Assets(dollars in thousands)
Securities
Agency mortgage-backed securities$— $66,308,788 $— $66,308,788 
Credit risk transfer securities— 974,059 — 974,059 
Non-Agency mortgage-backed securities— 2,108,274 — 2,108,274 
   Commercial mortgage-backed securities— 222,444 — 222,444 
Loans
Residential mortgage loans— 2,353,084 — 2,353,084 
Mortgage servicing rights— — 2,122,196 2,122,196 
Assets transferred or pledged to securitization vehicles— 13,307,622 — 13,307,622 
Derivative assets
Interest rate swaps— 26,344 — 26,344 
Other derivatives— 136,213 — 136,213 
Total assets$— $85,436,828 $2,122,196 $87,559,024 
Liabilities
Debt issued by securitization vehicles$— $11,600,338 $— $11,600,338 
Participations issued— 1,103,835 — 1,103,835 
U.S. Treasury securities sold, not yet purchased2,132,751 — — 2,132,751 
Derivative liabilities
Interest rate swaps— 83,051 — 83,051 
Other derivatives179,835 39,409 — 219,244 
Total liabilities$2,312,586 $12,826,633 $— $15,139,219 
Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Level 3 MSRs
The following table presents information about the significant unobservable inputs used for recurring fair value measurements for Level 3 MSR. The table does not give effect to the Company’s risk management practices that might offset risks inherent in these Level 3 investments.
Unobservable Input (1)
Range (Weighted Average) (2)
June 30, 2024December 31, 2023
Discount rate
5.3% - 12.4% (8.4%)
7.0% - 12.0% (8.6%)
Prepayment rate
4.7% - 17.3% (5.5%)
4.8% - 11.0% (5.6%)
Delinquency rate
0.2% - 3.8% (1.1%)
0.2% - 4.2% (1.3%)
Cost to service
$83 - $109 ($91)
$84 - $111 ($94)
(1) Represents rates, estimates and assumptions that the Company believes would be used by market participants when valuing these assets.
(2) Weighted average discount rate computed based on the fair value of MSR, weighted average prepayment rate, delinquency rate and cost to service based on unpaid principal balances of loans underlying the MSR.
Schedule of Estimated Fair Value for All Financial Assets and Liabilities
The following table summarizes the estimated fair values for financial assets and liabilities that are not carried at fair value at June 30, 2024 and December 31, 2023.
 June 30, 2024December 31, 2023
 Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Financial liabilities
Repurchase agreements$60,787,994$60,787,994$62,201,543$62,201,543
Other secured financing600,000600,000500,000500,000