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SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Rollforward of Company's Securities
The following table represents a rollforward of the activity for the Company’s securities for the year ended December 31, 2024:
Agency SecuritiesResidential Credit SecuritiesCommercial SecuritiesTotal
(dollars in thousands)
Beginning balance January 1, 2024
$66,308,788 $3,082,333 $222,444 $69,613,565 
Purchases28,692,300 574,256 — 29,266,556 
Sales(20,566,652)(802,933)(136,313)(21,505,898)
Principal paydowns(6,114,284)(706,226)(13,774)(6,834,284)
(Amortization) / accretion(100,506)1,692 642 (98,172)
Fair value adjustment(785,578)98,979 1,279 (685,320)
Ending balance December 31, 2024
$67,434,068 $2,248,101 $74,278 $69,756,447 
Schedule of Available-for-sale Securities Reconciliation
The following tables present the Company’s securities portfolio that were carried at their fair value at December 31, 2024 and 2023:
 December 31, 2024
 Principal /
Notional		Remaining PremiumRemaining DiscountAmortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated Fair Value
Agency(dollars in thousands)
Fixed-rate pass-through$65,010,762 $1,329,117 $(1,178,444)$65,161,435 $130,742 $(2,242,503)$63,049,674 
Adjustable-rate pass-through157,123 11,936 (42)169,017 2,216 (8,995)162,238 
CMO87,467 1,459 — 88,926 — (15,242)73,684 
Interest-only3,437,570 493,803 — 493,803 14,843 (127,914)380,732 
Multifamily (1)
26,216,351 514,726 (11,830)3,844,575 7,644 (110,454)3,741,765 
Reverse mortgages24,916 2,499 — 27,415 — (1,440)25,975 
Total agency securities$94,934,189 $2,353,540 $(1,190,316)$69,785,171 $155,445 $(2,506,548)$67,434,068 
Residential credit       
Credit risk transfer$707,169 $1,608 $(3,581)$705,196 $49,819 $(100)$754,915 
Alt-A172,368 35 (1,724)170,679 2,694 (8,481)164,892 
Prime (2)
1,824,609 27,484 (10,228)43,725 2,732 (667)45,790 
Subprime280,820 12 (30,081)250,751 6,325 (11,493)245,583 
NPL/RPL882,547 4,540 (3,762)883,325 1,630 (6,347)878,608 
Prime jumbo (>=2010 vintage) (3)
10,334,669 84,431 (30,385)146,285 17,072 (5,044)158,313 
Total residential credit securities$14,202,182 $118,110 $(79,761)$2,199,961 $80,272 $(32,132)$2,248,101 
Total residential securities$109,136,371 $2,471,650 $(1,270,077)$71,985,132 $235,717 $(2,538,680)$69,682,169 
Commercial
Commercial securities$74,151 193 $— $74,344 $38 $(104)$74,278 
Total securities$109,210,522 $2,471,843 $(1,270,077)$72,059,476 $235,755 $(2,538,784)$69,756,447 
 December 31, 2023
 Principal /
Notional		Remaining PremiumRemaining DiscountAmortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated Fair Value
Agency(dollars in thousands)
Fixed-rate pass-through$63,444,987 $1,448,886 $(1,318,948)$63,574,925 $477,242 $(1,853,226)$62,198,941 
Adjustable-rate pass-through188,996 15,834 (51)204,779 1,663 (14,953)191,489 
CMO94,448 1,612 — 96,060 — (13,088)82,972 
Interest-only2,010,697 416,955 — 416,955 4,729 (157,679)264,005 
Multifamily (1)
17,130,045 400,781 (9,752)3,552,217 52,055 (59,744)3,544,528 
Reverse mortgages26,183 3,193 — 29,376 — (2,523)26,853 
Total agency investments$82,895,356 $2,287,261 $(1,328,751)$67,874,312 $535,689 $(2,101,213)$66,308,788 
Residential credit       
Credit risk transfer$924,729 $2,240 $(4,358)$922,611 $51,984 $(536)$974,059 
Alt-A164,384 9 (3,922)160,471 2,135 (12,371)150,235 
Prime (2)
1,076,497 8,590 (21,163)207,077 1,704 (28,134)180,647 
Subprime272,955 — (31,751)241,204 5,622 (11,221)235,605 
NPL/RPL1,237,531 8,336 (9,224)1,236,643 4,578 (43,666)1,197,555 
Prime jumbo (>=2010 vintage) (3)
9,425,280 71,960 (49,859)365,676 10,696 (32,140)344,232 
Total residential credit securities$13,101,376 $91,135 $(120,277)$3,133,682 $76,719 $(128,068)$3,082,333 
Total residential securities$95,996,732 $2,378,396 $(1,449,028)$71,007,994 $612,408 $(2,229,281)$69,391,121 
Commercial
Commercial securities$224,597 $15 $(822)$223,790 $19 $(1,365)$222,444 
Total securities$96,221,329 $2,378,411 $(1,449,850)$71,231,784 $612,427 $(2,230,646)$69,613,565 
(1) Principal/Notional amount includes $22.9 billion and $14.0 billion of Agency Multifamly interest-only securities as of December 31, 2024 and December 31, 2023, respectively.
(2) Principal/Notional amount includes $1.8 billion and $0.9 billion of Prime interest-only securities as of December 31, 2024 and December 31, 2023, respectively.
(3) Principal/Notional amount includes $10.2 billion and $9.1 billion of Prime Jumbo interest-only securities as of December 31, 2024 and December 31, 2023, respectively.
Types of Agency Mortgage Backed Securities
The following table presents the Company’s Agency mortgage-backed securities portfolio by issuing Agency at December 31, 2024 and 2023: 
December 31, 2024December 31, 2023
Investment Type(dollars in thousands)
Fannie Mae$63,211,517 $60,477,303 
Freddie Mac4,115,085 5,778,809 
Ginnie Mae107,466 52,676 
Total$67,434,068 $66,308,788 
Schedule of Residential Investment Securities by Estimated Weighted Average Life Classification
The following table summarizes the Company’s Residential Securities at December 31, 2024 and 2023, according to their estimated weighted average life classifications:
 December 31, 2024December 31, 2023
Estimated Fair ValueAmortized
Cost		Estimated Fair ValueAmortized
Cost
Estimated weighted average life(dollars in thousands)
Less than one year$407,856 $408,090 $254,753 $257,170 
Greater than one year through five years1,308,898 1,325,093 5,159,969 5,213,575 
Greater than five years through ten years66,027,670 68,242,391 62,158,711 63,662,144 
Greater than ten years1,937,745 2,009,558 1,817,688 1,875,105 
Total$69,682,169 $71,985,132 $69,391,121 $71,007,994 
Schedule of Unrealized Losses on Investments
The following table presents the gross unrealized losses and estimated fair value of the Company’s Agency mortgage-backed securities, accounted for as available-for-sale where the fair value option has not been elected, by length of time that such securities have been in a continuous unrealized loss position at December 31, 2024 and 2023.
 December 31, 2024December 31, 2023
 
Estimated Fair Value (1)
Gross Unrealized Losses (1)
Number of Securities (1)
Estimated Fair Value (1)
Gross Unrealized Losses (1)
Number of Securities (1)
 (dollars in thousands)
Less than 12 months$49,820 $(1,477)34 $35,453 $(418)16 
12 Months or more8,054,162 (1,020,427)1,377 15,455,118 (1,340,032)1,747 
Total$8,103,982 $(1,021,904)1,411 $15,490,571 $(1,340,450)1,763 
(1) Excludes interest-only mortgage-backed securities and reverse mortgages and, effective July 1, 2022, newly purchased Agency pass-through, collateralized mortgage obligation (“CMO”) and multifamily securities.
Schedule of Realized Gain (Loss) The following table presents the Company’s net gains (losses) from the disposal of Residential Securities for the years ended December 31, 2024 and 2023, which is included in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss).
 Gross Realized GainsGross Realized LossesNet Realized Gains (Losses)
For the year ended(dollars in thousands)
December 31, 2024
$90,968 $(977,010)$(886,042)
December 31, 2023
$29,668 $(2,920,487)$(2,890,819)