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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, All Other Investments [Abstract]  
Schedule of Characteristics of Financial Instruments The following table presents characteristics for certain of the Company’s financial instruments at December 31, 2024 and 2023.
Financial Instruments (1)
Balance Sheet Line ItemType / FormMeasurement BasisDecember 31, 2024December 31, 2023
Assets(dollars in thousands)
Securities
Agency mortgage-backed securities (2)
Fair value, with unrealized gains (losses) through other comprehensive income$8,234,911 $15,665,352 
Securities
Agency mortgage-backed securities (3)
Fair value, with unrealized gains (losses) through earnings59,199,157 50,643,436 
SecuritiesResidential credit risk transfer securitiesFair value, with unrealized gains (losses) through earnings754,915 974,059 
SecuritiesNon-agency mortgage-backed securitiesFair value, with unrealized gains (losses) through earnings1,493,186 2,108,274 
SecuritiesCommercial real estate debt investments - CMBSFair value, with unrealized gains (losses) through earnings74,278 222,444 
Total securities69,756,447 69,613,565 
Loans, netResidential mortgage loansFair value, with unrealized gains (losses) through earnings3,546,902 2,353,084 
Assets transferred or pledged to securitization vehiclesResidential mortgage loansFair value, with unrealized gains (losses) through earnings21,973,188 13,307,622 
Liabilities
Repurchase agreementsRepurchase agreementsAmortized cost$65,688,923 $62,201,543 
Other secured financingLoansAmortized cost750,000 500,000 
Debt issued by securitization vehiclesSecuritiesFair value, with unrealized gains (losses) through earnings19,540,678 11,600,338 
Participations issuedParticipations issuedFair value, with unrealized gains (losses) through earnings1,154,816 1,103,835 
U.S. Treasury securities sold, not yet purchasedSecuritiesFair value, with unrealized gains (losses) through earnings2,470,629 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, CMO and multifamily securities.