v3.26.1
SECURITIES - Portfolio (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional $ 153,209,203 $ 143,442,198
Remaining Premium 2,861,117 2,907,747
Remaining Discount (1,312,580) (1,209,032)
Amortized Cost 90,222,214 90,963,777
Unrealized Gains 583,899 1,201,303
Unrealized Losses (1,290,628) (877,450)
Estimated Fair Value [1] 89,515,485 91,287,630 [2]
Total residential securities    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 153,074,203 143,442,198
Remaining Premium 2,861,117 2,907,747
Remaining Discount (1,312,580) (1,209,032)
Amortized Cost 90,087,214 90,963,777
Unrealized Gains 583,858 1,201,303
Unrealized Losses (1,290,606) (877,450)
Estimated Fair Value 89,380,466 91,287,630
Agency    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 137,705,706 127,985,976
Remaining Premium 2,721,955 2,771,507
Remaining Discount (1,236,382) (1,131,718)
Amortized Cost 88,489,377 89,332,300
Unrealized Gains 546,664 1,153,878
Unrealized Losses (1,267,463) (857,524)
Estimated Fair Value 87,768,578 89,628,654
Agency | Fixed-rate pass-through    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 79,330,278 81,291,560
Remaining Premium 1,375,584 1,464,326
Remaining Discount (1,181,699) (1,120,301)
Amortized Cost 79,524,163 81,635,585
Unrealized Gains 497,517 1,055,907
Unrealized Losses (1,072,873) (709,842)
Estimated Fair Value 78,948,807 81,981,650
Agency | Adjustable-rate pass-through    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 154,101 114,642
Remaining Premium 6,578 6,678
Remaining Discount (27) (32)
Amortized Cost 160,652 121,288
Unrealized Gains 1,744 2,008
Unrealized Losses (4,902) (4,244)
Estimated Fair Value 157,494 119,052
Agency | CMO    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 2,436 2,709
Remaining Premium 11 12
Remaining Discount 0 0
Amortized Cost 2,447 2,721
Unrealized Gains 0 0
Unrealized Losses (110) (81)
Estimated Fair Value 2,337 2,640
Agency | Interest-only    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 5,528,714 5,266,587
Remaining Premium 695,794 683,108
Remaining Discount 0 0
Amortized Cost 695,794 683,108
Unrealized Gains 13,040 28,590
Unrealized Losses (120,747) (97,630)
Estimated Fair Value 588,087 614,068
Agency | Multifamily    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 52,690,177 41,310,478
Remaining Premium 643,988 617,383
Remaining Discount (54,656) (11,385)
Amortized Cost 8,106,321 6,889,598
Unrealized Gains 34,363 67,373
Unrealized Losses (68,831) (45,727)
Estimated Fair Value 8,071,853 6,911,244
Agency | Multifamily interest-only security    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 45,200,000 35,000,000
Residential credit    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 15,368,497 15,456,222
Remaining Premium 139,162 136,240
Remaining Discount (76,198) (77,314)
Amortized Cost 1,597,837 1,631,477
Unrealized Gains 37,194 47,425
Unrealized Losses (23,143) (19,926)
Estimated Fair Value 1,611,888 1,658,976
Residential credit | Credit risk transfer    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 45,704 204,518
Remaining Premium 41 42
Remaining Discount 0 (2,239)
Amortized Cost 45,745 202,321
Unrealized Gains 1,132 11,486
Unrealized Losses (5) (7)
Estimated Fair Value 46,872 213,800
Residential credit | Non-QM    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 453,577 343,495
Remaining Premium 210 249
Remaining Discount (3,301) (2,514)
Amortized Cost 450,486 341,230
Unrealized Gains 1,692 3,022
Unrealized Losses (9,660) (8,100)
Estimated Fair Value 442,518 336,152
Residential credit | Prime    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 2,635,217 2,294,631
Remaining Premium 35,115 31,005
Remaining Discount (10,604) (9,746)
Amortized Cost 209,090 111,526
Unrealized Gains 2,951 3,497
Unrealized Losses (1,842) (748)
Estimated Fair Value 210,199 114,275
Residential credit | SBC    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 173,949 186,929
Remaining Premium 27 23
Remaining Discount (9,754) (10,317)
Amortized Cost 164,222 176,635
Unrealized Gains 5,113 4,991
Unrealized Losses (4,422) (4,648)
Estimated Fair Value 164,913 176,978
Residential credit | NPL/RPL    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 440,651 462,956
Remaining Premium 3,516 3,520
Remaining Discount (20,094) (21,613)
Amortized Cost 424,073 444,863
Unrealized Gains 4,625 5,053
Unrealized Losses (2,477) (2,099)
Estimated Fair Value 426,221 447,817
Residential credit | RTL    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 115,031 191,767
Remaining Premium 0 13
Remaining Discount (347) (488)
Amortized Cost 114,684 191,292
Unrealized Gains 426 1,342
Unrealized Losses (190) (8)
Estimated Fair Value 114,920 192,626
Residential credit | Prime jumbo (>=2010 vintage)    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 11,504,368 11,771,926
Remaining Premium 100,253 101,388
Remaining Discount (32,098) (30,397)
Amortized Cost 189,537 163,610
Unrealized Gains 21,255 18,034
Unrealized Losses (4,547) (4,316)
Estimated Fair Value 206,245 177,328
Residential credit | Prime interest-only    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 2,500,000 2,200,000
Residential credit | Prime jumbo interest-only    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 11,400,000 11,700,000
Commercial Securities    
Mortgage-Backed Securities Portfolio [Line Items]    
Principal / Notional 135,000 0
Remaining Premium 0 0
Remaining Discount 0 0
Amortized Cost 135,000 0
Unrealized Gains 41 0
Unrealized Losses (22) 0
Estimated Fair Value $ 135,019 $ 0
[1]
(3)Excludes $3.7 billion and $3.1 billion at June 30, 2026 and December 31, 2025, 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, 2025.