GOVERNMENT AND GOVERNMENT-BACKED SECURITIES (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-for-sale

The following table summarizes Agency and Treasury securities classified as available-for-sale (“AFS”) or measured under the Fair Value through Net Income (“FVO”) election:

	June 30, 2025														December 31, 2024
			Gross Unrealized							Weighted Average
	Outstanding Face Amount		Gains		Losses		Carrying Value(A)		Number of Securities	Coupon		Yield		Life (Years)(B)	Carrying Value(A)
Securities Designated as AFS:
Agency(C)(D)	$	67,150	$	—	$	—	$	60,066	1	3.5	%	3.5	%	11.3	$	60,135
Securities Measured at FVO:
Agency(C)	7,650,280		68,078		(8,257)		7,526,623		23	5.1	%	5.1	%	8.1	6,390,508
Treasury(C)	1,250,000		2,773		—		1,257,422		1	4.6	%	4.6	%	1.0	3,260,703
Total / Weighted Average	$	8,967,430	$	70,851	$	(8,257)	$	8,844,111	25	5.0	%	5.0	%	7.1	$	9,711,346

(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 underlying assets.

(C)All fixed-rate as of June 30, 2025.

(D)Expected loss is realized through allowance for credit losses.

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

	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
	Treasury		Agency		Treasury(A)		Agency		Treasury(A)		Agency		Treasury(A)		Agency
Purchases:
Face	$	25,000	$	—	$	25,000	$	—	$	50,000	$	1,355,800	$	4,825,000	$	1,287,034
Purchase price	24,736		—		24,668		—		49,468		1,326,895		4,798,560		1,255,894
Sales:
Face	$	2,000,000	$	—	$	3,000,000	$	—	$	2,000,000	$	1,274	$	3,000,000	$	—
Amortized cost	2,002,734		—		2,976,259		—		2,002,734		1,349		2,976,259		—
Sale price	2,013,809		—		2,957,344		—		2,013,809		1,291		2,957,344		—
Gain (loss) on sale	11,075		—		(18,915)		—		11,075		(58)		(18,915)		—

(A)Excludes Treasury short sales. Refer to Note 17 for information regarding short sales.

Schedule of Debt Securities, Held-to-Maturity

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

	June 30, 2025												December 31, 2024
										Weighted Average
	Outstanding Face Amount		Amortized Cost / Carrying Value		Fair Value (A)		Unrecognized Gains /(Losses)		Number of Securities	Yield		Life (Years)	Amortized Cost / Carrying Value
Treasury Securities Designated as HTM:
Treasury	$	25,000	$	24,768	$	24,766	$	(2)	1	4.3	%	0.2	$	24,770

(A)See Note 19 regarding the fair value measurements.