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SECURITIES - Portfolio (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional $ 117,699,003 $ 109,210,522
Remaining Premium 2,564,363 2,471,843
Remaining Discount (1,352,822) (1,270,077)
Amortized Cost 74,451,516 72,059,476
Unrealized Gains 555,540 235,755
Unrealized Losses (1,506,430) (2,538,784)
Estimated Fair Value [1] 73,500,626 69,756,447 [2]
Total residential securities    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 117,699,003 109,136,371
Remaining Premium 2,564,363 2,471,650
Remaining Discount (1,352,822) (1,270,077)
Amortized Cost 74,451,516 71,985,132
Unrealized Gains 555,540 235,717
Unrealized Losses (1,506,430) (2,538,680)
Estimated Fair Value 73,500,626 69,682,169
Agency    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 103,373,260 94,934,189
Remaining Premium 2,444,178 2,353,540
Remaining Discount (1,272,684) (1,190,316)
Amortized Cost 72,744,773 69,785,171
Unrealized Gains 496,176 155,445
Unrealized Losses (1,484,311) (2,506,548)
Estimated Fair Value 71,756,638 67,434,068
Agency | Fixed-rate pass-through    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 67,147,092 65,010,762
Remaining Premium 1,278,878 1,329,117
Remaining Discount (1,262,508) (1,178,444)
Amortized Cost 67,163,462 65,161,435
Unrealized Gains 402,772 130,742
Unrealized Losses (1,347,384) (2,242,503)
Estimated Fair Value 66,218,850 63,049,674
Agency | Adjustable-rate pass-through    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 129,886 157,123
Remaining Premium 8,796 11,936
Remaining Discount (37) (42)
Amortized Cost 138,645 169,017
Unrealized Gains 1,823 2,216
Unrealized Losses (6,326) (8,995)
Estimated Fair Value 134,142 162,238
Agency | CMO    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 2,989 87,467
Remaining Premium 14 1,459
Remaining Discount 0 0
Amortized Cost 3,003 88,926
Unrealized Gains 0 0
Unrealized Losses (161) (15,242)
Estimated Fair Value 2,842 73,684
Agency | Interest-only    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 4,335,356 3,437,570
Remaining Premium 598,234 493,803
Remaining Discount 0 0
Amortized Cost 598,234 493,803
Unrealized Gains 40,821 14,843
Unrealized Losses (92,842) (127,914)
Estimated Fair Value 546,213 380,732
Agency | Multifamily    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 31,734,605 26,216,351
Remaining Premium 556,190 514,726
Remaining Discount (10,139) (11,830)
Amortized Cost 4,816,031 3,844,575
Unrealized Gains 50,760 7,644
Unrealized Losses (36,497) (110,454)
Estimated Fair Value 4,830,294 3,741,765
Agency | Reverse mortgages    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 23,332 24,916
Remaining Premium 2,066 2,499
Remaining Discount 0 0
Amortized Cost 25,398 27,415
Unrealized Gains 0 0
Unrealized Losses (1,101) (1,440)
Estimated Fair Value 24,297 25,975
Agency | Multifamily interest-only security    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 27,500,000 22,900,000
Residential credit    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 14,325,743 14,202,182
Remaining Premium 120,185 118,110
Remaining Discount (80,138) (79,761)
Amortized Cost 1,706,743 2,199,961
Unrealized Gains 59,364 80,272
Unrealized Losses (22,119) (32,132)
Estimated Fair Value 1,743,988 2,248,101
Residential credit | Credit risk transfer    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 391,979 707,169
Remaining Premium 1,226 1,608
Remaining Discount (3,236) (3,581)
Amortized Cost 389,969 705,196
Unrealized Gains 24,123 49,819
Unrealized Losses (45) (100)
Estimated Fair Value 414,047 754,915
Residential credit | Non-QM    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 222,058 172,368
Remaining Premium 34 35
Remaining Discount (2,184) (1,724)
Amortized Cost 219,908 170,679
Unrealized Gains 3,488 2,694
Unrealized Losses (8,183) (8,481)
Estimated Fair Value 215,213 164,892
Residential credit | Prime    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 2,342,031 1,881,111
Remaining Premium 32,270 27,484
Remaining Discount (10,086) (10,416)
Amortized Cost 101,380 100,039
Unrealized Gains 3,484 2,857
Unrealized Losses (773) (779)
Estimated Fair Value 104,091 102,117
Residential credit | SBC    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 207,735 253,045
Remaining Premium 12 12
Remaining Discount (10,864) (11,624)
Amortized Cost 196,883 241,433
Unrealized Gains 5,183 3,632
Unrealized Losses (7,029) (11,493)
Estimated Fair Value 195,037 233,572
Residential credit | NPL/RPL    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 501,340 702,720
Remaining Premium 3,412 4,540
Remaining Discount (22,290) (21,897)
Amortized Cost 482,462 685,363
Unrealized Gains 4,726 3,168
Unrealized Losses (1,934) (6,091)
Estimated Fair Value 485,254 682,440
Residential credit | RTL    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 170,150 151,100
Remaining Premium 7 0
Remaining Discount (574) (134)
Amortized Cost 169,583 150,966
Unrealized Gains 1,112 1,030
Unrealized Losses (48) (144)
Estimated Fair Value 170,647 151,852
Residential credit | Prime jumbo (>=2010 vintage)    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 10,490,450 10,334,669
Remaining Premium 83,224 84,431
Remaining Discount (30,904) (30,385)
Amortized Cost 146,558 146,285
Unrealized Gains 17,248 17,072
Unrealized Losses (4,107) (5,044)
Estimated Fair Value 159,699 158,313
Residential credit | Prime interest-only    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 2,300,000 1,800,000
Residential credit | Prime jumbo interest-only    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 10,400,000 10,200,000
Commercial Securities    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 0 74,151
Remaining Premium 0 193
Remaining Discount 0 0
Amortized Cost 0 74,344
Unrealized Gains 0 38
Unrealized Losses 0 (104)
Estimated Fair Value $ 0 $ 74,278
[1]
(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. 
[2]
(1)Derived from the audited consolidated financial statements at December 31, 2024.