GOVERNMENT AND GOVERNMENT-BACKED SECURITIES (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-for-sale

The following tables summarize Agency and Treasury securities by designation:

	December 31, 2024
			Gross Unrealized							Weighted Average
	Outstanding Face Amount		Gains		Losses		Carrying Value(A)		Number of Securities	Coupon		Yield		Life (Years)(B)
Securities Designated as AFS:
Agency(C)	$	69,295	$	—	$	—	$	60,135	1	3.5	%	3.5	%	7.8
Securities Measured at Fair Value through Net Income (“FVO”):
Agency(C)	6,602,894		428		(51,024)		6,390,508		42	5.0	%	5.0	%	5.7
Treasury(C)	3,250,000		4,102		(781)		3,260,703		3	4.5	%	4.5	%	1.9
Total / Weighted Average	$	9,922,189	$	4,530	$	(51,805)	$	9,711,346	46	4.8	%	4.8	%	4.4

	December 31, 2023
			Gross Unrealized							Weighted Average
	Outstanding Face Amount		Gains		Losses		Carrying Value(A)		Number of Securities	Coupon		Yield		Life (Years)(B)
Securities Designated as AFS:
Agency(C)	$	74,639	$	—	$	—	$	65,496	1	3.5	%	3.5	%	10.8
Securities Measured at FVO:
Agency(C)	8,515,621		121,771		(5,666)		8,467,634		43	5.2	%	5.2	%	8.2
Total / Weighted Average	$	8,590,260	$	121,771	$	(5,666)	$	8,533,130	44	5.2	%	5.2	%	8.2

(A)Fair value is equal to the carrying value for all securities. See Note 19 regarding the fair value measurements.

(B)Based on the timing of expected principal reduction on the assets.

(C)All fixed-rate as of December 31, 2024 and 2023.

The following table summarizes purchases and sales of Agency and Treasury securities:

	Year Ended December 31,
	2024				2023				2022
	Treasury(A)		Agency		Treasury(A)		Agency		Treasury(A)		Agency
Purchases:
Face	$	8,825,000	$	1,280,545	$	1,055,000	$	3,373,770	$	—	$	16,479,286
Purchase price	8,813,058		1,249,562		1,028,051		3,350,588		—		16,314,613
Sales:
Face	$	5,500,000	$	2,556,839	$	—	$	1,691,131	$	—	$	16,515,951
Amortized cost	5,481,688		2,536,357		—		1,671,349		—		16,759,658
Sale price	5,499,395		2,583,782		—		1,614,293		—		15,026,290
Gain (loss) on sale	17,707		47,425		—		(57,056)		—		(1,733,368)

(A)Excludes Treasury short sales and purchases to cover short sale liabilities. Refer to Note 17 for information regarding short sales.

Summary of Debt Securities, Held-to-Maturity

The following table summarizes Treasury securities, held-to-maturity (“HTM”):

	December 31, 2024
										Weighted Average
	Outstanding Face Amount		Amortized Cost / Carrying Value		Fair Value		Unrecognized Gains /(Losses)		Number of Securities	Yield		Life (Years)
Treasury Securities Designated as HTM:
December 31, 2024	$	25,000	$	24,770	$	24,775	$	5	1	4.3	%	0.5
December 31, 2023	$	25,000	$	24,553	$	24,566	$	13	1	5.4	%	0.3