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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Values, Assets and Liabilities Measured on Recurring Basis
The following tables present the estimated fair values of financial instruments and MSR measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024. There were no transfers between levels of the fair value hierarchy during the periods presented.
June 30, 2025
 Level 1Level 2Level 3Total
Assets(dollars in thousands)
Securities
Agency mortgage-backed securities$— $71,756,638 $— $71,756,638 
Credit risk transfer securities— 414,047 — 414,047 
Non-Agency mortgage-backed securities— 1,329,941 — 1,329,941 
Loans
Residential mortgage loans— 3,722,272 — 3,722,272 
Mortgage servicing rights— — 3,281,190 3,281,190 
Assets transferred or pledged to securitization vehicles— 27,021,790 — 27,021,790 
Derivative assets
Interest rate swaps— 5,003 — 5,003 
Other derivatives34,258 110,429 — 144,687 
Total assets$34,258 $104,360,120 $3,281,190 $107,675,568 
Liabilities
Debt issued by securitization vehicles$— $24,107,249 $— $24,107,249 
Participations issued— 1,556,900 — 1,556,900 
U.S. Treasury securities sold, not yet purchased2,528,167 — — 2,528,167 
Derivative liabilities
Interest rate swaps— 23,547 — 23,547 
Other derivatives401,113 1,333 — 402,446 
Total liabilities$2,929,280 $25,689,029 $— $28,618,309 
December 31, 2024
 Level 1Level 2Level 3Total
Assets(dollars in thousands)
Securities
Agency mortgage-backed securities$— $67,434,068 $— $67,434,068 
Credit risk transfer securities— 754,915 — 754,915 
Non-Agency mortgage-backed securities— 1,493,186 — 1,493,186 
   Commercial mortgage-backed securities— 74,278 — 74,278 
Loans
Residential mortgage loans— 3,546,902 — 3,546,902 
Mortgage servicing rights— — 2,909,134 2,909,134 
Assets transferred or pledged to securitization vehicles— 21,973,188 — 21,973,188 
Derivative assets
Interest rate swaps— 21,226 — 21,226 
Other derivatives190,980 13,145 — 204,125 
Total assets$190,980 $95,310,908 $2,909,134 $98,411,022 
Liabilities
Debt issued by securitization vehicles$— $19,540,678 $— $19,540,678 
Participations issued— 1,154,816 — 1,154,816 
U.S. Treasury securities sold, not yet purchased2,470,629 — — 2,470,629 
Derivative liabilities
Interest rate swaps— 7,212 — 7,212 
Other derivatives16,650 35,724 — 52,374 
Total liabilities$2,487,279 $20,738,430 $— $23,225,709 
Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Level 3 MSRs
The following table presents information about the significant unobservable inputs used for recurring fair value measurements for Level 3 MSR. The table does not give effect to the Company’s risk management practices that might offset risks inherent in these Level 3 investments.
Unobservable Input (1)
Range (Weighted Average) (2)
June 30, 2025December 31, 2024
Discount rate
6.3% - 12.3% (8.1%)
7.4% - 12.4% (8.4%)
Prepayment rate
4.4% - 20.2% (5.4%)
4.7% - 17.2% (5.6%)
Delinquency rate
0.2% - 3.5% (1.0%)
0.2% - 4.1% (1.3%)
Cost to service
$82 - $96 ($86)
$83 - $99 ($87)
(1) Represents rates, estimates and assumptions that the Company believes would be used by market participants when valuing these assets.
(2) Weighted average discount rate computed based on the fair value of MSR, weighted average prepayment rate, delinquency rate and cost to service based on unpaid principal balances of loans underlying the MSR.
Schedule of Estimated Fair Value for All Financial Assets and Liabilities
The following table summarizes the estimated fair values for financial assets and liabilities that are not carried at fair value at June 30, 2025 and December 31, 2024.
 June 30, 2025December 31, 2024
 Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Financial liabilities
Repurchase agreements$66,541,378$66,541,378$65,688,923$65,688,923
Other secured financing1,025,0001,025,000750,000750,000