INTEREST INCOME AND INTEREST EXPENSE - Components of Company's Interest Income and Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest income
Agency securities	$ 603,102	$ 522,951
Residential credit securities	53,745	22,122
Residential mortgage loans	147,231	73,488
Commercial investment portfolio	9,887	37,283
Reverse repurchase agreements	4,285	6
Total interest income	818,250	655,850
Interest expense
Repurchase agreements	698,742	26,879
Debt issued by securitization vehicles	88,934	34,625
Participations issued	11,111	5,852
Other	0	7,566
Total interest expense	798,787	74,922
Net interest income	$ 19,463	$ 580,928