INTEREST INCOME AND INTEREST EXPENSE - Components of Company's Interest Income and Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest income
Agency securities	$ 3,205,862	$ 2,740,320	$ 2,144,696
Residential credit securities	203,758	225,266	140,220
Residential mortgage loans	1,282,941	703,838	410,229
Commercial investment portfolio	9,857	28,385	81,855
Reverse repurchase agreements	137,616	33,772	1,887
Total interest income	4,840,034	3,731,581	2,778,887
Interest expense
Repurchase agreements	3,579,837	3,337,527	1,026,201
Debt issued by securitization vehicles	856,418	443,584	225,216
Participations issued	67,748	50,357	39,366
U.S. Treasury securities sold, not yet purchased	88,235	11,497	0
Other	0	0	18,952
Total interest expense	4,592,238	3,842,965	1,309,735
Net interest income	$ 247,796	$ (111,384)	$ 1,469,152