INTEREST INCOME AND INTEREST EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Interest income
Agency securities	$ 820,182	$ 751,516
Residential credit securities	40,207	55,996
Residential mortgage loans	426,055	252,016
Commercial investment portfolio	1,055	3,554
Reverse repurchase agreements	29,609	31,406
Total interest income	1,317,108	1,094,488
Interest expense
Repurchase agreements	760,783	897,598
Debt issued by securitization vehicles	283,592	161,017
Participations issued	27,044	20,251
U.S. Treasury securities sold, not yet purchased	25,718	22,073
Total interest expense	1,097,137	1,100,939
Interest income	$ 219,971	$ (6,451)