CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Cash flows from operating activities
Net income (loss)	$ 1,011,768		$ (1,638,457)		$ 1,726,420
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Amortization of premiums and discounts of investments, net	113,040		185,728		87,154
Amortization of securitized debt premiums and discounts and deferred financing costs	3,579		13,824		(4,733)
Depreciation, amortization and other noncash expenses	30,356		24,806		20,506
Net (gains) losses on investments and derivatives	783,191		3,310,579		109,443
Business divestiture-related (gains) losses	0		0		40,258
Income (loss) from unconsolidated joint ventures	(5,790)		10,270		(11,454)
Loan loss provision (reversal)	0		(219)		(20,660)
Payments on purchases of loans held for sale	(58,306)		0		0
Proceeds from sales and repayments of loans held for sale	48,951		1,577		4,597
Proceeds from U.S. Treasury securities	8,613,104		2,015,608		0
Payments on U.S. Treasury securities	(8,156,998)		0		0
Net receipts (payments) on derivatives	779,334		(862,032)		3,643,954
Net change in
Other assets	(61,883)		(136,804)		(11,437)
Interest receivable	154,651		(585,817)		(403,613)
Interest payable	(19,620)		(37,343)		233,753
Other liabilities	75,282		65,483		(41,777)
Net cash provided by (used in) operating activities	3,310,659		2,367,203		5,372,411
Cash flows from investing activities
Payments on purchases of securities	(32,213,640)		(41,036,338)		(45,474,466)
Proceeds from sales of securities	21,106,379		31,259,983		25,055,929
Principal payments on securities	6,834,322		6,153,217		9,541,036
Payments on purchases and origination of loans	(13,239,286)		(5,503,696)		(6,137,067)
Proceeds from sales of loans	686,062		21,242		1,930,367
Principal payments on loans	2,612,778		1,086,508		1,562,308
Payments on purchases of MSR	(863,117)		(396,806)		(1,009,349)
Proceeds from sales of MSR	66,269		0		9,085
Payments on purchases of interests in MSR	0		0		(4,913)
Proceeds from reverse repurchase agreements	609,316,231		128,615,235		24,500,024
Payments on reverse repurchase agreements	(609,316,231)		(128,615,235)		(24,500,024)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	25,403		0		0
Net cash provided by (used in) investing activities	(14,984,830)		(8,415,890)		(14,527,070)
Cash flows from financing activities
Proceeds from repurchase agreements and other secured financing	6,004,596,943		5,351,050,481		3,571,043,066
Payments on repurchase agreements and other secured financing	(6,000,859,559)		(5,348,111,535)		(3,566,953,367)
Proceeds from issuances of securitized debt	10,330,083		4,480,804		5,473,311
Principal payments on securitized debt	(2,394,166)		(944,163)		(1,234,090)
Payments on purchases of securitized debt	0		(2,504)		(8,495)
Payment of deferred financing cost	(4,259)		(4,012)		0
Proceeds from participations issued	4,135,190		2,007,464		1,908,204
Payments on repurchases of participations issued	(4,055,490)		(1,674,650)		(1,973,666)
Principal payments on participations issued	(45,722)		(52,635)		(50,712)
Net contributions (distributions) from (to) noncontrolling interests	(11,449)		(14,399)		72,389
Net proceeds from stock offerings, direct purchases and dividend reinvestments	1,558,316		673,693		2,636,000
Settlement of stock-based awards in satisfaction of withholding tax requirements	(6,157)		(6,661)		(4,108)
Dividends paid	(1,493,680)		(1,517,762)		(1,519,249)
Net cash provided by (used in) financing activities	11,750,050		5,884,121		9,389,283
Net (decrease) increase in cash and cash equivalents	75,879		(164,566)		234,624
Cash and cash equivalents including cash pledged as collateral, beginning of period	1,412,148	[1]	1,576,714		1,342,090
Cash and cash equivalents including cash pledged as collateral, end of period	1,488,027	[1]	1,412,148	[1]	1,576,714
Supplemental disclosure of cash flow information
Interest received	3,782,985		3,278,519		2,459,012
Interest paid (excluding interest paid on interest rate swaps)	3,831,509		3,551,873		866,829
Net interest received (paid) on interest rate swaps	1,649,965		1,306,551		15,621
Taxes received (paid)	(1,688)		1,104		(492)
Noncash investing and financing activities
Receivable for unsettled trades	2,201,447		2,710,224		575,091
Payable for unsettled trades	308,282		3,249,389		1,157,846
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	317,718		2,373,496		(4,667,306)
Dividends declared, not yet paid	375,932		325,052		412,113
Derecognition of assets of consolidated VIEs	0		0		424,005
Derecognition of securitized debt of consolidated VIEs	$ 0		$ 0		$ 391,928

[1] (1) Includes cash of consolidated Variable Interest Entities (“VIEs”) of $2.8 million and $2.0 million at December 31, 2024 and 2023, respectively.