XML 43 R31.htm IDEA: XBRL DOCUMENT v3.25.2
FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, All Other Investments [Abstract]  
Schedule of Characteristics of Financial Instruments The following table presents characteristics for certain of the Company’s financial instruments at June 30, 2025 and December 31, 2024.
Financial Instruments (1)
Balance Sheet Line ItemType / FormMeasurement BasisJune 30, 2025December 31, 2024
Assets(dollars in thousands)
Securities
Agency mortgage-backed securities (2)
Fair value, with unrealized gains (losses) through other comprehensive income$7,402,350 $8,234,911 
Securities
Agency mortgage-backed securities (3)
Fair value, with unrealized gains (losses) through earnings64,354,288 59,199,157 
SecuritiesResidential credit risk transfer securitiesFair value, with unrealized gains (losses) through earnings414,047 754,915 
SecuritiesNon-agency mortgage-backed securitiesFair value, with unrealized gains (losses) through earnings1,329,941 1,493,186 
SecuritiesCommercial real estate debt investments - CMBSFair value, with unrealized gains (losses) through earnings— 74,278 
Total securities73,500,626 69,756,447 
Loans, netResidential mortgage loansFair value, with unrealized gains (losses) through earnings3,722,272 3,546,902 
Assets transferred or pledged to securitization vehiclesResidential mortgage loansFair value, with unrealized gains (losses) through earnings27,021,790 21,973,188 
Liabilities
Repurchase agreementsRepurchase agreementsAmortized cost$66,541,378 $65,688,923 
Other secured financingLoansAmortized cost1,025,000 750,000 
Debt issued by securitization vehiclesSecuritiesFair value, with unrealized gains (losses) through earnings24,107,249 19,540,678 
Participations issuedParticipations issuedFair value, with unrealized gains (losses) through earnings1,556,900 1,154,816 
U.S. Treasury securities sold, not yet purchasedSecuritiesFair value, with unrealized gains (losses) through earnings2,528,167 2,470,629 
(1) Receivable for unsettled trades, Principal and interest receivable, Payable for unsettled trades, Interest payable and Dividends payable are accounted for at cost.
(2) Includes Agency pass-through, collateralized mortgage obligation (“CMO”) and multifamily securities purchased prior to July 1, 2022.
(3) Includes interest-only securities and reverse mortgages and, effective July 1, 2022, newly purchased Agency pass-through, CMO and multifamily securities.