v3.26.1
FAIR VALUE MEASUREMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Assets            
Agency mortgage-backed securities $ 87,768,578   $ 89,628,654      
Credit risk transfer securities 46,872   213,800      
Loans            
Mortgage servicing rights 4,089,485 $ 4,115,999 3,645,865 $ 3,281,190 $ 3,272,902 $ 2,909,134
Interests in MSR 106,775   28,626      
Assets transferred or pledged to securitization vehicles 38,256,690   32,067,433 [1]      
Derivative assets            
Interest rate swaps 81,784   115,533 [1]      
Other derivatives 67,647   108,161      
Total assets 139,331,198   132,165,871      
Liabilities            
Debt issued by securitization vehicles 34,366,098   28,918,753      
Participations issued 2,553,709   1,932,655 [1]      
U.S. Treasury securities sold, not yet purchased 0   2,396,724 [1]      
Derivative liabilities            
Interest rate swaps 7,219   16,385      
Other derivatives 240,749   37,370      
Total liabilities 37,167,775   33,301,887      
Assets transferred or pledged to securitization vehicles            
Loans            
Assets transferred or pledged to securitization vehicles 38,256,690   32,067,433      
Non-Agency mortgage-backed securities            
Assets            
Non-Agency mortgage-backed securities 1,565,016   1,445,176      
Commercial mortgage-backed securities            
Assets            
Non-Agency mortgage-backed securities 135,019          
Residential mortgage loans            
Loans            
Residential mortgage loans 7,280,979   5,020,784      
Interest rate swaps            
Derivative assets            
Interest rate swaps 14,137   7,372      
Level 1            
Assets            
Agency mortgage-backed securities 0   0      
Credit risk transfer securities 0   0      
Loans            
Mortgage servicing rights 0   0      
Interests in MSR 0   0      
Derivative assets            
Other derivatives 1,800   71,065      
Total assets 1,800   71,065      
Liabilities            
Debt issued by securitization vehicles 0   0      
Participations issued 0   0      
U.S. Treasury securities sold, not yet purchased     2,396,724      
Derivative liabilities            
Interest rate swaps 0   0      
Other derivatives 233,242   6,644      
Total liabilities 233,242   2,403,368      
Level 1 | Assets transferred or pledged to securitization vehicles            
Loans            
Assets transferred or pledged to securitization vehicles 0   0      
Level 1 | Non-Agency mortgage-backed securities            
Assets            
Non-Agency mortgage-backed securities 0   0      
Level 1 | Commercial mortgage-backed securities            
Assets            
Non-Agency mortgage-backed securities 0          
Level 1 | Residential mortgage loans            
Loans            
Residential mortgage loans 0   0      
Level 1 | Interest rate swaps            
Derivative assets            
Interest rate swaps 0   0      
Level 2            
Assets            
Agency mortgage-backed securities 87,768,578   89,628,654      
Credit risk transfer securities 46,872   213,800      
Loans            
Mortgage servicing rights 0   0      
Interests in MSR 0   0      
Derivative assets            
Other derivatives 65,847   37,096      
Total assets 135,133,138   128,420,315      
Liabilities            
Debt issued by securitization vehicles 34,366,098   28,918,753      
Participations issued 2,553,709   1,932,655      
U.S. Treasury securities sold, not yet purchased     0      
Derivative liabilities            
Interest rate swaps 7,219   16,385      
Other derivatives 7,507   30,726      
Total liabilities 36,934,533   30,898,519      
Level 2 | Assets transferred or pledged to securitization vehicles            
Loans            
Assets transferred or pledged to securitization vehicles 38,256,690   32,067,433      
Level 2 | Non-Agency mortgage-backed securities            
Assets            
Non-Agency mortgage-backed securities 1,565,016   1,445,176      
Level 2 | Commercial mortgage-backed securities            
Assets            
Non-Agency mortgage-backed securities 135,019          
Level 2 | Residential mortgage loans            
Loans            
Residential mortgage loans 7,280,979   5,020,784      
Level 2 | Interest rate swaps            
Derivative assets            
Interest rate swaps 14,137   7,372      
Level 3            
Assets            
Agency mortgage-backed securities 0   0      
Credit risk transfer securities 0   0      
Loans            
Mortgage servicing rights 4,089,485   3,645,865      
Interests in MSR 106,775   28,626      
Derivative assets            
Other derivatives 0   0      
Total assets 4,196,260   3,674,491      
Liabilities            
Debt issued by securitization vehicles 0   0      
Participations issued 0   0      
U.S. Treasury securities sold, not yet purchased     0      
Derivative liabilities            
Interest rate swaps 0   0      
Other derivatives 0   0      
Total liabilities 0   0      
Level 3 | Assets transferred or pledged to securitization vehicles            
Loans            
Assets transferred or pledged to securitization vehicles 0   0      
Level 3 | Non-Agency mortgage-backed securities            
Assets            
Non-Agency mortgage-backed securities 0   0      
Level 3 | Commercial mortgage-backed securities            
Assets            
Non-Agency mortgage-backed securities 0          
Level 3 | Residential mortgage loans            
Loans            
Residential mortgage loans 0   0      
Level 3 | Interest rate swaps            
Derivative assets            
Interest rate swaps $ 0   $ 0      
[1]
(1)Derived from the audited consolidated financial statements at December 31, 2025.