CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands		Jun. 30, 2025	Dec. 31, 2024	[2]
Assets
Cash and cash equivalents (includes pledged assets of $1,791.768 and $1,202,880, respectively)	[1]	$ 2,058,845	$ 1,488,027
Securities (includes pledged assets of $68,247,105 and $67,692,062, respectively)	[3]	73,500,626	69,756,447
Loans, net (includes pledged assets of $3,524,255 and $2,754,028, respectively)	[4]	3,722,272	3,546,902
Mortgage servicing rights (includes pledged assets of $3,245,125 and $2,460,252, respectively)		3,281,190	2,909,134
Assets transferred or pledged to securitization vehicles		27,021,790	21,973,188
Derivative assets		149,690	225,351
Receivable for unsettled trades		1,134,896	2,201,447
Principal and interest receivable		830,535	1,069,038
Intangible assets, net		8,071	9,416
Other assets		433,977	377,434
Total assets		112,141,892	103,556,384
Liabilities
Repurchase agreements		66,541,378	65,688,923
Other secured financing		1,025,000	750,000
Debt issued by securitization vehicles		24,107,249	19,540,678
Participations issued		1,556,900	1,154,816
U.S. Treasury securities sold, not yet purchased		2,528,167	2,470,629
Derivative liabilities		425,993	59,586
Payable for unsettled trades		1,538,526	308,282
Interest payable		256,245	268,317
Dividends payable		449,453	375,932
Other liabilities		238,618	242,269
Total liabilities		98,667,529	90,859,432
Stockholders’ equity
Preferred stock, par value $0.01 per share, 63,500,000 authorized, issued and outstanding		1,536,569	1,536,569
Common stock, par value $0.01 per share, 1,468,250,000 authorized, 642,076,127 and 578,357,118 issued and outstanding, respectively		6,421	5,784
Additional paid-in capital		26,520,657	25,257,716
Accumulated other comprehensive income (loss)		(740,046)	(1,017,682)
Accumulated deficit		(13,942,302)	(13,173,146)
Total stockholders’ equity		13,381,299	12,609,241
Noncontrolling interests		93,064	87,711
Total equity		13,474,363	12,696,952
Total liabilities and equity		$ 112,141,892	$ 103,556,384

[1] (2)Includes cash of consolidated Variable Interest Entities (“VIEs”) of $3.6 million and $2.8 million at June 30, 2025 and December 31, 2024, respectively.

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

[3] (3)Excludes $2.6 billion and $2.2 billion at June 30, 2025 and December 31, 2024, respectively, of non-Agency mortgage-backed securities in consolidated VIEs pledged as collateral and eliminated from the Company’s Consolidated Statements of Financial Condition. 

[4] (4)Includes $0.2 million and $10.0 million of residential mortgage loans held for sale at June 30, 2025 and December 31, 2024, respectively.