CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025		Jun. 30, 2024
Cash flows from operating activities
Net income (loss)	$ 190,676		$ 456,341
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Amortization of premiums and discounts of investments, net	118,013		40,216
Amortization of securitized debt premiums and discounts and deferred financing costs	(9,664)		5,238
Depreciation, amortization and other noncash expenses	18,296		16,134
Net (gains) losses on investments and derivatives	849,532		383,762
Income (loss) from unconsolidated joint ventures	3,527		(2,617)
Payments on purchases of loans held for sale	(104,589)		(20,225)
Proceeds from sales and repayments of loans held for sale	114,239		17,368
Proceeds from U.S. Treasury securities	2,465,677		4,039,385
Payments on U.S. Treasury securities	(2,486,009)		(4,118,083)
Net receipts (payments) on derivatives	(1,318,990)		963,260
Net change in
Other assets	(37,252)		(7,208)
Interest receivable	237,038		305,552
Interest payable	(12,072)		81,169
Other liabilities	(3,948)		14,670
Net cash provided by (used in) operating activities	24,474		2,174,962
Cash flows from investing activities
Payments on purchases of securities	(13,560,454)		(16,710,894)
Proceeds from sales of securities	9,488,533		14,936,642
Principal payments on securities	3,819,405		3,050,093
Payments on purchases and origination of loans	(7,952,371)		(5,978,114)
Proceeds from sales of loans	816,887		92,637
Principal payments on loans	2,157,581		928,297
Payments on purchases of MSR	(425,968)		(636,658)
Proceeds from sales of MSR	1,871		1,068
Proceeds from reverse repurchase agreements	336,792,414		295,838,237
Payments on reverse repurchase agreements	(336,792,414)		(295,838,237)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	4,913		11,189
Net cash provided by (used in) investing activities	(5,649,603)		(4,305,740)
Cash flows from financing activities
Proceeds from repurchase agreements and other secured financing	3,200,666,313		2,731,104,468
Payments on repurchase agreements and other secured financing	(3,199,538,563)		(2,732,418,011)
Proceeds from issuances of securitized debt	6,303,865		5,158,091
Principal payments on securitized debt	(1,958,111)		(844,020)
Payments on purchases of securitized debt	(4,350)		0
Payment of deferred financing cost	(10,305)		(1,331)
Proceeds from participations issued	3,472,780		2,279,391
Payments on repurchases of participations issued	(3,059,003)		(2,214,696)
Principal payments on participations issued	(42,829)		(27,729)
Net contributions (distributions) from (to) noncontrolling interests	(4,000)		(10,450)
Net proceeds from stock offerings, direct purchases and dividend reinvestments	1,256,288		10,899
Settlement of stock-based awards in satisfaction of withholding tax requirements	(13,936)		(6,157)
Dividends paid	(872,202)		(724,717)
Net cash provided by (used in) financing activities	6,195,947		2,305,738
Net (decrease) increase in cash and cash equivalents	570,818		174,960
Cash and cash equivalents including cash pledged as collateral, beginning of period	1,488,027	[1],[2]	1,412,148
Cash and cash equivalents including cash pledged as collateral, end of period	2,058,845	[2]	1,587,108
Supplemental disclosure of cash flow information
Interest received	2,009,100		1,823,472
Interest paid (excluding interest paid on interest rate swaps)	1,669,958		1,805,416
Net interest received (paid) on interest rate swaps	725,621		1,087,460
Taxes received (paid)	(203)		(657)
Noncash investing and financing activities
Receivable for unsettled trades	1,134,896		320,659
Payable for unsettled trades	1,538,526		1,096,271
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	277,636		178,473
Dividends declared, not yet paid	$ 449,453		$ 325,662

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

[2] (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.