CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024		Jun. 30, 2023
Cash flows from operating activities
Net income (loss)	$ 456,341		$ (678,141)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Amortization of premiums and discounts of investments, net	40,216		105,438
Amortization of securitized debt premiums and discounts and deferred financing costs	5,238		6,435
Depreciation, amortization and other noncash expenses	16,134		12,032
Net (gains) losses on investments and derivatives	383,762		1,543,662
Income (loss) from unconsolidated joint ventures	(2,617)		(289)
Loan loss provision (reversal)	0		(219)
Payments on purchases of loans held for sale	(20,225)		0
Proceeds from sales and repayments of loans held for sale	17,368		747
Proceeds from U.S. Treasury securities	4,039,385		0
Payments on U.S. Treasury securities	(4,118,083)		0
Net receipts (payments) on derivatives	963,260		(332,685)
Net change in
Other assets	(7,208)		(12,979)
Interest receivable	305,552		(306,771)
Interest payable	81,169		(184,660)
Other liabilities	14,670		(34,903)
Net cash provided by (used in) operating activities	2,174,962		117,667
Cash flows from investing activities
Payments on purchases of securities	(16,710,894)		(18,067,651)
Proceeds from sales of securities	14,936,642		12,501,702
Principal payments on securities	3,050,093		3,012,034
Payments on purchases and origination of loans	(5,978,114)		(1,946,157)
Proceeds from sales of loans	92,637		0
Principal payments on loans	928,297		466,538
Payments on purchases of MSR	(636,658)		(213,346)
Proceeds from sales of MSR	1,068		0
Proceeds from reverse repurchase agreements	295,838,237		32,900,024
Payments on reverse repurchase agreements	(295,838,237)		(32,900,024)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	11,189		0
Net cash provided by (used in) investing activities	(4,305,740)		(4,246,880)
Cash flows from financing activities
Proceeds from repurchase agreements and other secured financing	2,731,104,468		2,519,472,348
Payments on repurchase agreements and other secured financing	(2,732,418,011)		(2,517,093,741)
Proceeds from issuances of securitized debt	5,158,091		2,355,559
Principal payments on securitized debt	(844,020)		(397,043)
Payments on purchases of securitized debt	0		(2,504)
Payment of deferred financing cost	(1,331)		0
Proceeds from participations issued	2,279,391		532,445
Payments on repurchases of participations issued	(2,214,696)		(825,613)
Principal payments on participations issued	(27,729)		(20,954)
Net contributions (distributions) from (to) noncontrolling interests	(10,450)		13,001
Net proceeds from stock offerings, direct purchases and dividend reinvestments	10,899		562,591
Settlement of stock-based awards in satisfaction of withholding tax requirements	(6,157)		(5,810)
Dividends paid	(724,717)		(800,908)
Net cash provided by (used in) financing activities	2,305,738		3,789,371
Net (decrease) increase in cash and cash equivalents	174,960		(339,842)
Cash and cash equivalents including cash pledged as collateral, beginning of period	1,412,148	[1],[2]	1,576,714
Cash and cash equivalents including cash pledged as collateral, end of period	1,587,108	[2]	1,236,872
Supplemental disclosure of cash flow information
Interest received	1,823,472		1,550,061
Interest paid (excluding interest paid on interest rate swaps)	1,805,416		1,780,252
Net interest received (paid) on interest rate swaps	1,087,460		618,036
Taxes received (paid)	(657)		(654)
Noncash investing and financing activities
Receivable for unsettled trades	320,659		787,442
Payable for unsettled trades	1,096,271		4,331,315
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	178,473		1,326,365
Dividends declared, not yet paid	$ 325,662		$ 321,031

[1] (1)Derived from the audited consolidated financial statements at December 31, 2023.

[2] (2)Includes cash of consolidated Variable Interest Entities (“VIEs”) of $2.3 million and $2.0 million at June 30, 2024 and December 31, 2023, respectively.