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INTEREST INCOME AND INTEREST EXPENSE (Tables)
 6 Months Ended
Jun. 30, 2025
Banking and Thrift, Interest [Abstract]  
Summary of Interest Income Recognition Methodology for Residential Investment Securities
The following table summarizes the interest income recognition methodology for Residential Securities:
 Interest Income Methodology
Agency 
Fixed-rate pass-through (1)
Effective yield (3)
Adjustable-rate pass-through (1)
Effective yield (3)
Multifamily (1)
Contractual Cash Flows
CMO (1)
Effective yield (3)
Reverse mortgages (2)
Prospective
Interest-only (2)
Prospective
Residential credit 
CRT (2)
Prospective
Non-QM (2)
Prospective
Prime (2)
Prospective
SBC (2)
Prospective
NPL/RPL (2)
Prospective
RTL (2)
Prospective
Prime jumbo (2)
Prospective
(1) Changes in fair value are recognized in Other comprehensive income (loss) in the accompanying Consolidated Statements of Comprehensive Income (Loss) for securities purchased prior to July 1, 2022. Effective July 1, 2022, changes in fair value are recognized in Net gains (losses) on investments and other in the accompanying Consolidated Statements of Comprehensive Income (Loss) for newly purchased securities.
(2) Changes in fair value are recognized in Net gains (losses) on investments and other in the accompanying Consolidated Statements of Comprehensive Income (Loss).
(3) Effective yield is recalculated for differences between estimated and actual prepayments and the amortized cost is adjusted as if the new effective yield had been applied since inception.
Components of Company's Interest Income and Interest Expense
The following table presents the components of the Company’s interest income and interest expense for the three and six months ended June 30, 2025 and 2024.
 For the Three Months Ended
For the Six Months Ended
 June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Interest income(dollars in thousands)
Agency securities$875,937 $790,779 $1,696,119 $1,542,295 
Residential credit securities36,853 50,895 77,060 106,891 
Residential mortgage loans (1)
467,959 301,820 894,014 553,836 
Commercial investment portfolio (1)
163 2,441 1,218 5,995 
Reverse repurchase agreements37,981 31,390 67,590 62,796 
Total interest income$1,418,893 $1,177,325 $2,736,001 $2,271,813 
Interest expense  
Repurchase agreements$775,918 $881,926 $1,536,701 $1,779,524 
Debt issued by securitization vehicles312,383 200,812 595,975 361,829 
Participations issued30,738 19,756 57,782 40,007 
U.S. Treasury securities sold, not yet purchased26,654 21,273 52,372 43,346 
Total interest expense1,145,693 1,123,767 2,242,830 2,224,706 
Net interest income$273,200 $53,558 $493,171 $47,107 
(1) Includes assets transferred or pledged to securitization vehicles.