VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Variable Interest Entity [Line Items]
Securitized debt of consolidated VIEs	$ 24,107,249		$ 24,107,249		$ 19,540,678	[1]
Costs incurred in connection with securitization	50,018	$ 44,891	98,082	$ 83,461
Securitized debt of consolidated VIE, unrealized gain (loss)	(59,100)	4,800	(230,000)	90,800
Participations issued	1,556,900		1,556,900		1,154,816	[1]
Consolidated VIEs
Variable Interest Entity [Line Items]
Exposure to obligations of VIEs	2,700,000		2,700,000
Securitized debt of consolidated VIEs	24,100,000		24,100,000		19,500,000
Costs incurred in connection with securitization	5,700	$ 5,300	12,500	$ 9,100
Contractual principal amount of debt held by third parties	24,700,000		24,700,000		20,500,000
Consolidated VIEs | Consolidation, Eliminations
Variable Interest Entity [Line Items]
Non-Agency mortgage-backed securities	2,700,000		2,700,000		2,300,000
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Participations issued	$ 1,600,000		$ 1,600,000		$ 1,200,000

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