CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025		Mar. 31, 2024
Cash flows from operating activities
Net income (loss)	$ 130,305		$ 465,174
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Amortization of premiums and discounts of investments, net	71,249		28,050
Amortization of securitized debt premiums and discounts and deferred financing costs	(2,724)		2,292
Depreciation, amortization and other noncash expenses	9,217		6,884
Net (gains) losses on investments and derivatives	358,600		(52,868)
Income (loss) from unconsolidated joint ventures	4,376		3,381
Payments on purchases of loans held for sale	(38,611)		(2,643)
Proceeds from sales and repayments of loans held for sale	42,072		0
Proceeds from U.S. Treasury securities	2,465,677		2,093,527
Payments on U.S. Treasury securities	(2,486,009)		(2,093,489)
Net receipts (payments) on derivatives	(899,210)		826,716
Net change in
Other assets	(26,196)		(2,877)
Interest receivable	230,790		354,997
Interest payable	17,541		62,468
Other liabilities	(33,343)		6,277
Net cash provided by (used in) operating activities	(156,266)		1,697,889
Cash flows from investing activities
Payments on purchases of securities	(4,368,706)		(7,788,513)
Proceeds from sales of securities	7,337,167		9,483,792
Principal payments on securities	1,672,398		1,424,656
Payments on purchases and origination of loans	(3,875,537)		(3,134,429)
Proceeds from sales of loans	378,893		0
Principal payments on loans	900,695		363,741
Payments on purchases of MSR	(387,147)		(515,760)
Proceeds from sales of MSR	1,871		0
Proceeds from reverse repurchase agreements	172,207,075		149,589,734
Payments on reverse repurchase agreements	(172,207,075)		(149,589,734)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	3,400		0
Net cash provided by (used in) investing activities	1,663,034		(166,513)
Cash flows from financing activities
Proceeds from repurchase agreements and other secured financing	1,549,426,696		1,373,554,795
Payments on repurchase agreements and other secured financing	(1,553,306,159)		(1,376,683,890)
Proceeds from issuances of securitized debt	2,914,309		2,496,810
Principal payments on securitized debt	(819,591)		(323,854)
Payments on purchases of securitized debt	(4,350)		0
Payment of deferred financing cost	(7,011)		(1,191)
Proceeds from participations issued	1,771,940		1,001,297
Payments on repurchases of participations issued	(1,188,368)		(933,543)
Principal payments on participations issued	(13,110)		(15,344)
Net contributions (distributions) from (to) noncontrolling interests	(4,000)		(5,000)
Net proceeds from stock offerings, direct purchases and dividend reinvestments	495,507		(48)
Settlement of stock-based awards in satisfaction of withholding tax requirements	(13,922)		(5,993)
Dividends paid	(413,208)		(362,193)
Net cash provided by (used in) financing activities	(1,161,267)		(1,278,154)
Net (decrease) increase in cash and cash equivalents	345,501		253,222
Cash and cash equivalents including cash pledged as collateral, beginning of period	1,488,027	[1],[2]	1,412,148
Cash and cash equivalents including cash pledged as collateral, end of period	1,833,528	[2]	1,665,370
Supplemental disclosure of cash flow information
Interest received	1,025,159		915,491
Interest paid (excluding interest paid on interest rate swaps)	799,833		913,729
Net interest received (paid) on interest rate swaps	448,039		759,440
Taxes received (paid)	(237)		(236)
Noncash investing and financing activities
Receivable for unsettled trades	2,523		941,366
Payable for unsettled trades	2,304,774		2,556,798
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	230,280		53,482
Dividends declared, not yet paid	$ 421,637		$ 325,286

[1] (1)Derived from the audited consolidated financial statements at December 31, 2024.

[2] (2)Includes cash of consolidated Variable Interest Entities (“VIEs”) of $3.7 million and $2.8 million at March 31, 2025 and December 31, 2024, respectively.