CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024		Sep. 30, 2023
Cash flows from operating activities
Net income (loss)	$ 538,692		$ (1,247,225)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Amortization of premiums and discounts of investments, net	95,697		132,558
Amortization of securitized debt premiums and discounts and deferred financing costs	7,127		10,724
Depreciation, amortization and other noncash expenses	23,180		19,348
Net (gains) losses on investments and derivatives	731,542		2,524,035
Income (loss) from unconsolidated joint ventures	(3,119)		(1,508)
Loan loss provision (reversal)	0		(219)
Payments on purchases of loans held for sale	(37,978)		0
Proceeds from sales and repayments of loans held for sale	38,063		1,336
Proceeds from U.S. Treasury securities	6,083,273		0
Payments on U.S. Treasury securities	(6,181,017)		0
Net receipts (payments) on derivatives	(967,289)		1,230,848
Net change in
Other assets	(8,787)		(116,687)
Interest receivable	176,430		(521,322)
Interest payable	(11,540)		(127,196)
Other liabilities	17,910		83,989
Net cash provided by (used in) operating activities	502,184		1,988,681
Cash flows from investing activities
Payments on purchases of securities	(22,984,768)		(29,960,271)
Proceeds from sales of securities	17,254,884		18,705,788
Principal payments on securities	4,875,202		4,706,936
Payments on purchases and origination of loans	(9,304,025)		(3,446,835)
Proceeds from sales of loans	414,706		0
Principal payments on loans	1,625,155		773,928
Payments on purchases of MSR	(701,418)		(398,664)
Proceeds from sales of MSR	66,269		0
Proceeds from reverse repurchase agreements	442,510,370		46,800,024
Payments on reverse repurchase agreements	(442,510,370)		(46,800,024)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	19,264		0
Net cash provided by (used in) investing activities	(8,734,731)		(9,619,118)
Cash flows from financing activities
Proceeds from repurchase agreements and other secured financing	4,316,726,746		3,993,811,505
Payments on repurchase agreements and other secured financing	(4,314,490,574)		(3,988,383,706)
Proceeds from issuances of securitized debt	8,236,251		3,116,654
Principal payments on securitized debt	(1,478,171)		(673,729)
Payments on purchases of securitized debt	0		(2,504)
Payment of deferred financing cost	(2,783)		(214)
Proceeds from participations issued	2,984,799		1,182,639
Payments on repurchases of participations issued	(3,605,523)		(1,160,902)
Principal payments on participations issued	(40,805)		(30,866)
Net contributions (distributions) from (to) noncontrolling interests	(11,449)		21,401
Net proceeds from stock offerings, direct purchases and dividend reinvestments	1,160,350		580,100
Settlement of stock-based awards in satisfaction of withholding tax requirements	(6,157)		(6,661)
Dividends paid	(1,092,126)		(1,158,872)
Net cash provided by (used in) financing activities	8,380,558		7,294,845
Net (decrease) increase in cash and cash equivalents	148,011		(335,592)
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	1,560,159	[2]	1,241,122
Supplemental disclosure of cash flow information
Interest received	2,787,729		2,400,942
Interest paid (excluding interest paid on interest rate swaps)	2,907,352		2,673,922
Net interest received (paid) on interest rate swaps	1,353,022		891,649
Taxes received (paid)	(1,127)		1,290
Noncash investing and financing activities
Receivable for unsettled trades	766,341		1,047,566
Payable for unsettled trades	1,885,286		2,214,319
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	623,197		1,014,120
Dividends declared, not yet paid	$ 362,731		$ 321,629

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

[2] (2)Includes cash of consolidated Variable Interest Entities (“VIEs”) of $2.4 million and $2.0 million at September 30, 2024 and December 31, 2023, respectively.