0001423689-26-000148 | 10-Q | XBRL Viewer

Derivative and Other Hedging Instruments

9 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

US Government Futures Securities [Table Text Block]


U.S. Treasury Futures1	September 30, 2026								December 31, 2025
Years to Maturity	Notional Amount Long (Short)		Cost Basis		Fair Value		Net Carrying Value 2		Notional Amount Long (Short)		Cost Basis		Fair Value		Net Carrying Value 2
≤ 5 years	$	3,163	$	3,254	$	3,215	$	(39)	$	—	$	—	$	—	$	—
> 5 to ≤ 7 years	3,504		3,803		3,652		(151)		4,606		5,175		5,178		3
> 7 to ≤ 10 years	(3,460)		(3,777)		(3,633)		144		—		—		—		—
> 10 years	(3,710)		(4,048)		(3,808)		240		(3,210)		(3,718)		(3,710)		8
Total U.S. Treasury futures, net	$	(503)	$	(768)	$	(574)	$	194	$	1,396	$	1,457	$	1,468	$	11

________________________________

1.As of September 30, 2026 and December 31, 2025, short U.S. Treasury futures totaled $(7.4) billion and $(3.7) billion, at fair value, respectively. As of September 30, 2026 and December 31, 2025, long U.S. Treasury futures totaled $6.9 billion and $5.2 billion, at fair value, respectively.

2.Net carrying value represents the difference between the fair market value and the cost basis (or the forward price to be paid/(received) for the underlying U.S. Treasury security) of the U.S. Treasury futures contract as of period-end and is reported in derivative assets/(liabilities), at fair value in our consolidated balance sheets.

Derivative and Other Hedging Instruments

For the periods presented, our interest rate based hedges primarily consisted of interest rate swaps, interest rate swaptions, U.S. Treasury securities and U.S. Treasury futures contracts. We also utilized forward contracts consisting of TBA securities, for the purchase and sale of Agency RMBS. For additional information regarding our derivative instruments and our overall risk management strategy, please refer to the discussion of derivative and other hedging instruments in Note 2.

Derivative and Other Hedging Instrument Assets (Liabilities), at Fair Value

The table below summarizes fair value information about our derivative and other hedging instrument assets/(liabilities) as of September 30, 2026 and December 31, 2025 (in millions):





Derivative and Other Hedging Instruments	Balance Sheet Location	September 30, 2026		December 31, 2025
Interest rate swaps 1	Derivative assets, at fair value	$	48	$	57
Swaptions	Derivative assets, at fair value	33		24
TBA securities	Derivative assets, at fair value	386		77
U.S. Treasury futures - long	Derivative assets, at fair value	—		3
U.S. Treasury futures - short	Derivative assets, at fair value	384		8

Total derivative assets, at fair value		$	851	$	169

Interest rate swaps 1	Derivative liabilities, at fair value	$	—	$	—
TBA securities	Derivative liabilities, at fair value	(456)		(6)
U.S. Treasury futures - long	Derivative liabilities, at fair value	(190)		—


Credit default swaps 1	Derivative liabilities, at fair value	—		—
Total derivative liabilities, at fair value		$	(646)	$	(6)

U.S. Treasury securities - long	U.S. Treasury securities, at fair value	$	13,028	$	13,477
U.S. Treasury securities - short	Obligation to return securities borrowed under reverse repurchase agreements, at fair value	(23,542)		(16,452)
Total U.S. Treasury securities, net at fair value		$	(10,514)	$	(2,975)

________________________________

1.As of September 30, 2026 and December 31, 2025, the net fair value of our interest rate swaps excluding the recognition of variation margin settlements as a direct reduction of carrying value (see Note 2) was a net asset (liability) of $4.2 billion and $1.3 billion, respectively. As of September 30, 2026, the net fair value of our credit default swaps excluding the recognition of variation margin settlements was a net asset (liability) of $(9) million.

The following tables summarize certain characteristics of our derivative and other hedging instruments outstanding as of September 30, 2026 and December 31, 2025 (dollars in millions):


Pay Fixed / Receive Variable Interest Rate Swaps	September 30, 2026					December 31, 2025
Years to Maturity	Notional Amount		Average Fixed Pay Rate	Average Variable Receive Rate 1	Average Maturity (Years)	Notional Amount		Average Fixed Pay Rate	Average Variable Receive Rate 1	Average Maturity (Years)
≤ 1 year	$	3,750	0.26%	3.90%	0.6	$	7,300	0.20%	3.80%	0.5
> 1 to ≤ 3 years	31,271		2.85%	3.90%	1.6	20,421		2.38%	3.86%	2.1
> 3 to ≤ 5 years	8,250		2.58%	3.90%	4.0	8,970		2.26%	3.85%	4.5
> 5 to ≤ 7 years	15,896		3.30%	3.90%	6.2	13,980		3.43%	3.87%	6.8
> 7 to ≤ 10 years	13,671		3.59%	3.90%	8.5	13,961		3.43%	3.87%	8.6
> 10 years	1,770		4.47%	3.90%	12.5	—		—%	—%	0.0
Total	$	74,608	2.96%	3.90%	4.3	$	64,632	2.57%	3.86%	4.7

________________________________

1.As of September 30, 2026, 98% and 2% of notional amount receive index references SOFR and OIS, respectively. As of December 31, 2025, 95% and 5% of notional amount receive index references SOFR and OIS, respectively.


Receiver Swaptions		Option					Underlying Receiver Swap
	Option Expiration Date	Cost Basis		Fair Value		Average Months to Option Expiration Date	Notional Amount		Average Fixed Receive Rate 1	Average Term (Years)

September 30, 2026	≤ 1 year	$	53	$	33	8	$	6,250	4.04%	9.3


December 31, 2025	≤ 1 year	$	70	$	24	9	$	7,000	3.04%	9.2

________________________________

1.Pay index references SOFR.


U.S. Treasury Securities 1	September 30, 2026						December 31, 2025
Years to Maturity	Face Amount Long/(Short)		Cost Basis		Fair Value		Face Amount Long/(Short)		Cost Basis		Fair Value
≤ 5 years	$	9,476	$	9,441	$	9,297	$	12,470	$	12,465	$	12,467
> 5 to ≤ 7 years	(212)		(210)		(206)		(838)		(834)		(774)
> 7 to ≤ 10 years	(18,902)		(18,575)		(17,652)		(12,390)		(12,334)		(12,493)
> 10 years	(2,162)		(2,208)		(1,953)		(2,162)		(2,210)		(2,175)
Total U.S. Treasury securities, net	$	(11,800)	$	(11,552)	$	(10,514)	$	(2,920)	$	(2,913)	$	(2,975)

________________________________

1.As of September 30, 2026 and December 31, 2025, short U.S. Treasury securities totaling $(23.5) billion and $(16.5) billion, at fair value, respectively, had a weighted average yield of 4.48% and 4.21%, respectively. As of September 30, 2026 and December 31, 2025, long U.S. Treasury securities totaling $13.0 billion and $13.5 billion, at fair value, respectively, had a weighted average yield of 3.76% and 3.67%, respectively.


U.S. Treasury Futures1	September 30, 2026								December 31, 2025
Years to Maturity	Notional Amount Long (Short)		Cost Basis		Fair Value		Net Carrying Value 2		Notional Amount Long (Short)		Cost Basis		Fair Value		Net Carrying Value 2
≤ 5 years	$	3,163	$	3,254	$	3,215	$	(39)	$	—	$	—	$	—	$	—
> 5 to ≤ 7 years	3,504		3,803		3,652		(151)		4,606		5,175		5,178		3
> 7 to ≤ 10 years	(3,460)		(3,777)		(3,633)		144		—		—		—		—
> 10 years	(3,710)		(4,048)		(3,808)		240		(3,210)		(3,718)		(3,710)		8
Total U.S. Treasury futures, net	$	(503)	$	(768)	$	(574)	$	194	$	1,396	$	1,457	$	1,468	$	11

________________________________


	September 30, 2026								December 31, 2025
TBA Securities by Coupon	Notional Amount Long (Short)		Cost Basis		Fair Value		Net Carrying Value 1		Notional Amount Long (Short)		Cost Basis		Fair Value		Net Carrying Value 1
15-Year TBA securities:




≥ 4.5%	$	267	$	289	$	260	$	(29)	$	148	$	151	$	151	$	—

Total 15-Year TBA securities	267		289		260		(29)		148		151		151		—
30-Year TBA securities:
≤ 3.0%	1,213		991		942		(49)		—		—		—		—
3.5%	—		—		—		—		452		415		417		2
4.0%	—		—		—		—		—		—		—		—
4.5%	(4,646)		(4,335)		(4,167)		168		5,317		5,156		5,193		37
5.0%	(3,987)		(3,822)		(3,677)		145		5,679		5,643		5,666		23
5.5%	6,453		6,389		6,156		(233)		1,842		1,851		1,857		6
6.0%	985		986		965		(21)		1,745		1,780		1,786		6
≥ 6.5%	1,885		1,940		1,889		(51)		(2,003)		(2,079)		(2,082)		(3)
Total 30-Year TBA securities, net	1,903		2,149		2,108		(41)		13,032		12,766		12,837		71
Total TBA securities, net	$	2,170	$	2,438	$	2,368	$	(70)	$	13,180	$	12,917	$	12,988	$	71

________________________________

1.Net carrying value represents the difference between the fair market value and the cost basis (or the forward price to be paid/(received) for the underlying Agency security) of the TBA contract as of period-end and is reported in derivative assets/(liabilities), at fair value in our consolidated balance sheets.

Gain (Loss) From Derivative Instruments and Other Securities, Net

The following table summarizes changes in our derivative and other hedge portfolio and their effect on our consolidated statements of comprehensive income for the three and nine months ended September 30, 2026 and 2025 (in millions):


Derivative and Other Hedging Instruments	Beginning Notional Amount		Additions	Settlement, Termination, Expiration or Exercise	Ending Notional Amount		Gain/(Loss) on Derivative Instruments and Other Securities, Net 1
Three months ended September 30, 2026:
TBA securities, net	$	10,047	28,827	(36,704)	$	2,170	$	(106)

Interest rate swaps - payer	$	73,752	4,156	(3,300)	$	74,608	2,205

Credit default swaps - buy protection	$	—	(1,000)	500	$	(500)	—

Receiver swaptions	$	(7,750)	(4,500)	6,000	$	(6,250)	(34)
U.S. Treasury securities - short position	$	(18,370)	(10,449)	3,644	$	(25,175)	1,142
U.S. Treasury securities - long position	$	12,500	2,197	(1,322)	$	13,375	(164)
U.S. Treasury futures contracts - short position	$	(4,920)	(8,919)	6,669	$	(7,170)	551
U.S. Treasury futures contracts - long position	$	8,667	11,417	(13,417)	$	6,667	(301)
							$	3,293

Three months ended September 30, 2025:
TBA securities, net	$	8,407	53,321	(47,762)	$	13,966	$	150

Interest rate swaps - payer	$	45,096	6,750	(3,750)	$	48,096	(27)


Payer swaptions	$	2,000	—	(2,000)	$	—	(1)
Receiver Swaptions	$	(150)	(7,000)	150	$	(7,000)	(15)
U.S. Treasury securities - short position	$	(21,396)	(4,543)	5,225	$	(20,714)	(148)
U.S. Treasury securities - long position	$	3,545	5,780	(3,429)	$	5,896	15
U.S. Treasury futures contracts - short position	$	(1,964)	(2,255)	2,622	$	(1,597)	(27)

							$	(53)

Nine months ended September 30, 2026:
TBA securities, net	$	13,180	133,892	(144,902)	$	2,170	$	(196)

Interest rate swaps - payer	$	64,632	55,176	(45,200)	$	74,608	3,300

Credit default swaps - buy protection	$	—	(1,000)	500	$	(500)	—

Receiver swaptions	$	(7,000)	(8,250)	9,000	$	(6,250)	(55)
U.S. Treasury securities - short position	$	(16,378)	(20,788)	11,991	$	(25,175)	1,401
U.S. Treasury securities - long position	$	13,458	28,004	(28,087)	$	13,375	(298)
U.S. Treasury futures contracts - short position	$	(3,210)	(18,758)	14,798	$	(7,170)	555
U.S. Treasury futures contracts - long position	$	4,606	48,616	(46,555)	$	6,667	(545)
							$	4,162

Nine months ended September 30, 2025:
TBA securities, net	$	6,955	116,987	(109,976)	$	13,966	$	238

Interest rate swaps - payer	$	39,646	17,500	(9,050)	$	48,096	(832)


Payer swaptions	$	2,000	1,500	(3,500)	$	—	(29)
Receiver swaptions	$	(150)	(7,000)	150	$	(7,000)	(15)
U.S. Treasury securities - short position	$	(17,792)	(16,335)	13,413	$	(20,714)	(747)
U.S. Treasury securities - long position	$	1,585	15,136	(10,825)	$	5,896	75
U.S. Treasury futures contracts - short position	$	(4,373)	(9,060)	11,836	$	(1,597)	(110)
U.S. Treasury futures contracts - long position	$	—	1,350	(1,350)	$	—	(13)
							$	(1,433)

________________________________

1.Amounts exclude other miscellaneous gains and losses and other interest income (expense) recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income.

Additionally, as of September 30, 2025, we held SOFR futures contracts with a long notional position of $1.2 billion measured on a two-year swap equivalent basis. As of September 30, 2026, we did not hold any SOFR futures contracts. For the three and nine months ended September 30, 2026, we recognized a gain of $6 million and $2 million, respectively, and for the three and nine months ended September 30, 2025, we recognized a gain of $8 million and $21 million

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Consolidated Statements Of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Statement [Line Items]
Interest Income, Operating	$ 1,196	$ 903	$ 3,260	$ 2,579
Interest Expense, Operating	794	755	2,234	2,110
Net interest income	$ 402	$ 148	$ 1,026	$ 469
Dividends declared per common share	$ 0.36	$ 0.36	$ 1.08	$ 1.08
Net gain (loss) on sale of investment securities	$ (17)	$ (81)	$ 41	$ (503)
Unrealized gain (loss) on investment securities measured at fair value through net income, net	(5,015)	805	(5,994)	2,258
(Loss) gain on derivative instruments and other securities, net	3,301	(36)	4,168	(1,422)
Nonoperating Income (Expense)	(1,731)	688	(1,785)	333
Labor and Related Expense	16	20	58	57
General and administrative expenses	12	10	34	29
Total expenses	28	30	92	86
Net income (loss)	(1,357)	806	(851)	716
Dividend on preferred stock	45	42	133	115
Net income (loss) available (attributable) to common stockholders	(1,402)	764	(984)	601
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	(140)	61	(155)	202
Comprehensive income (loss)	(1,497)	867	(1,006)	918
Comprehensive income (loss) available (attributable) to common stockholders	$ (1,542)	$ 825	$ (1,139)	$ 803
Weighted average number of common shares outstanding - basic	1,200.5	1,053.0	1,160.5	996.7
Weighted average number of common shares outstanding - diluted	1,200.5	1,056.6	1,160.5	999.9
Earnings Per Share, Basic	$ (1.17)	$ 0.73	$ (0.85)	$ 0.60
Net income (loss) per common share - diluted	$ (1.17)	$ 0.72	$ (0.85)	$ 0.60

Stockholders' Equity (Common Stock Repurchase Program) (Details) - USD ($) $ in Thousands	Oct. 29, 2026	Sep. 30, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Repurchase Program, Remaining Authorized, Amount		$ 1,000,000
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Repurchase Program, Remaining Authorized, Amount	$ 1,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 11, 2020	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Oct. 29, 2026	Dec. 31, 2025	Oct. 03, 2019	Mar. 06, 2019
Subsequent Event [Line Items]
Preferred Stock, Liquidation Preference, Value		$ 2,033,000		$ 2,033,000			$ 2,033,000
Preferred Stock D, Value, Issued									$ 227,000
Preferred Stock E, Value, Issued								$ 390,000
Preferred Stock E, Liquidation Preference, Value								$ 403,000
Dividends, Preferred Stock, Cash		$ 45,000	$ 42,000	$ 133,000	$ 115,000
Common Stock, Dividends, Per Share, Declared		$ 0.36	$ 0.36	$ 1.08	$ 1.08
Stock Issued During Period, Value, New Issues		$ 992,000	$ 309,000	$ 1,560,000	$ 1,617,000
Share Repurchase Program, Remaining Authorized, Amount		$ 1,000,000		$ 1,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Share Repurchase Program, Remaining Authorized, Amount						$ 1,000,000
Common Stock [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues		97,600,000	31,000,000.0	151,800,000	173,300,000
Stock Issued During Period, Value, New Issues		$ 1,000	$ 1,000	$ 2,000	$ 2,000
Series F Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred Stock, Liquidation Preference, Value	$ 575,000
Preferred Stock, Dividend Rate, Percentage	6.125%
Preferred Stock, Shares Issued		23,000		23,000
Preferred Stock, Capital Shares Reserved for Future Issuance		23,000		23,000
Depositary Share [Member]
Subsequent Event [Line Items]
Preferred Stock, Shares Issued		81,300,000		81,300,000
Depositary Share [Member] \| Series F Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred Stock, Shares Issued	23,000,000.0

Repurchase Agreements and Reverse Repurchase Agreements (Tables)

9 Months Ended

Sep. 30, 2026

Disclosure of Repurchase Agreements [Abstract]

Schedule of Borrowings under Repurchase Agreements and Weighted Average Interest Rates

The following table summarizes our borrowings under repurchase agreements by their remaining maturities as of September 30, 2026 and December 31, 2025 (dollars in millions):


	September 30, 2026					December 31, 2025
Remaining Maturity	Repurchase Agreements		Weighted Average Interest Rate		Weighted Average Days to Maturity	Repurchase Agreements		Weighted Average Interest Rate		Weighted Average Days to Maturity
Investment Securities Repo:
≤ 1 month	$	83,637	3.95	%	9	$	69,997	3.98	%	11
> 1 to ≤ 3 months	2,066		3.94	%	48	2,949		4.01	%	49





Total Investment Securities Repo	85,703		3.95	%	10	72,946		3.98	%	12
U.S. Treasury Repo:
≤ 1 month	11,016		3.94	%	1	12,340		3.90	%	2
Total Repo	$	96,719	3.95	%	9	$	85,286	3.97	%	11

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Derivative and Other Hedging Instruments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Statement [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 3,293,000	$ (53,000)	$ 4,162,000	$ (1,433,000)
Derivative assets, at fair value	851,000		851,000			$ 169,000
Derivative liability, fair value	(646,000)		(646,000)			(6,000)
Interest Rate Swaption [Member]
Statement [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(1,000)		(29,000)
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period		0		1,500,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period		(2,000,000)		(3,500,000)
Derivative, Notional Amount		0		0			$ 2,000,000
TBA and Forward Settling Agency Securities [Member]
Statement [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(106,000)	150,000	(196,000)	238,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	28,827,000	53,321,000	133,892,000	116,987,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period				(109,976,000)
Derivative Asset, Fair Value, Gross Asset	2,368,000		2,368,000			12,988,000
Derivative, Fair Value, Net	(70,000)		(70,000)			71,000
Derivative, Notional Amount	2,170,000	13,966,000	2,170,000	13,966,000	$ 10,047,000	13,180,000	8,407,000	$ 6,955,000
Credit Default Swap
Statement [Line Items]
Derivative, Fair Value, Net	(9,000)		(9,000)
Derivative liability, fair value	0		0			0
Credit Default Swap, Buying Protection
Statement [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0		0
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	1,000,000		1,000,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(500,000)		(500,000)
SOFR Futures Contracts
Statement [Line Items]
Derivative, Notional Amount		1,200,000		1,200,000
Not Designated as Hedging Instrument [Member] \| Interest Rate Swaption [Member]
Statement [Line Items]
Derivative, Notional Amount								2,000,000
Not Designated as Hedging Instrument [Member] \| Credit Default Swap, Buying Protection
Statement [Line Items]
Derivative, Notional Amount	500,000		500,000		0	0
Short [Member] \| US Treasury Securities [Member]
Statement [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	1,142,000	(148,000)	1,401,000	(747,000)
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	10,449,000	4,543,000	20,788,000	16,335,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(3,644,000)	(5,225,000)	(11,991,000)	(13,413,000)
Derivative, Notional Amount	25,175,000	20,714,000	25,175,000	20,714,000	18,370,000	16,378,000	21,396,000	17,792,000
Long [Member] \| US Treasury Securities [Member]
Statement [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(164,000)	15,000	(298,000)	75,000
Trading Securities Added During the Period	2,197,000	5,780,000	28,004,000	15,136,000
Notional Amount Of Trading Securities Settlement Expiration During The Period	(1,322,000)	(3,429,000)	(28,087,000)	(10,825,000)
Debt Securities, Trading, and Equity Securities, FV-NI	13,375,000	5,896,000	13,375,000	5,896,000	$ 12,500,000	$ 13,458,000	$ 3,545,000	$ 1,585,000
Long [Member] \| SOFR Futures Contracts
Statement [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 6,000	$ 8,000	$ 2,000	$ 21,000

Fair Value Measurements

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table provides a summary of our assets and liabilities that are measured at fair value on a recurring basis, as of September 30, 2026 and December 31, 2025, based on their categorization within the valuation hierarchy (in millions). There were no transfers between valuation hierarchy levels during the periods presented in our accompanying consolidated statements of comprehensive income.


	September 30, 2026						December 31, 2025
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Agency securities	$	—	$	91,394	$	—	$	—	$	81,003	$	—
Agency securities transferred to consolidated VIEs	—		—		—		—		85		—
Credit risk transfer securities	—		515		—		—		606		—
Non-Agency securities	—		23		—		—		25		—
U.S. Treasury securities	13,028		—		—		13,477		—		—
Interest rate swaps 1	—		48		—		—		57		—
Swaptions	—		33		—		—		24		—
TBA securities	—		386		—		—		77		—

U.S. Treasury futures	384		—		—		11		—		—
Total	$	13,412	$	92,399	$	—	$	13,488	$	81,877	$	—
Liabilities:
Debt of consolidated VIEs	$	—	$	—	$	—	$	—	$	56	$	—
Obligation to return U.S. Treasury securities borrowed under reverse repurchase agreements	23,542		—		—		16,452		—		—
Interest rate swaps 1	—		—		—		—		—		—
Credit default swaps 1	—		—		—		—		—		—
TBA securities	—		456		—		—		6		—
U.S. Treasury futures	190		—		—		—		—		—

Total	$	23,732	$	456	$	—	$	16,452	$	62	$	—

________________________________

1.As of September 30, 2026 and December 31, 2025, the net fair value of our interest rate swaps excluding the recognition of variation margin settlements as a direct reduction of carrying value was a net asset of $4.2 billion and $1.3 billion, respectively, based on “Level 2” inputs. As of September 30, 2026, the net fair value of our credit default swaps excluding the recognition of variation margin settlements was a net liability of $9 million based on “Level 2” inputs. See Notes 2 and 5 for additional details.

Excluded from the table above are financial instruments reported at cost and other mortgage credit investments reported under the equity method of accounting in our consolidated financial statements. As of September 30, 2026 and December 31, 2025, the fair value of our repurchase agreements approximated cost, given their short-term nature (less than one year) and because the rates on our outstanding repurchase agreements largely corresponded to prevailing rates observed in the repo market. The fair value of cash and cash equivalents, restricted cash, receivables and other payables was determined to approximate cost as of such dates due to their short duration. We estimate the fair value of these instruments carried at cost using “Level 1” or “Level 2” inputs. As of September 30, 2026 and December 31, 2025, the carrying value of other mortgage credit investments reported under the equity method of accounting was $72 million and $70 million, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	September 30, 2026						December 31, 2025
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Agency securities	$	—	$	91,394	$	—	$	—	$	81,003	$	—
Agency securities transferred to consolidated VIEs	—		—		—		—		85		—
Credit risk transfer securities	—		515		—		—		606		—
Non-Agency securities	—		23		—		—		25		—
U.S. Treasury securities	13,028		—		—		13,477		—		—
Interest rate swaps 1	—		48		—		—		57		—
Swaptions	—		33		—		—		24		—
TBA securities	—		386		—		—		77		—

U.S. Treasury futures	384		—		—		11		—		—
Total	$	13,412	$	92,399	$	—	$	13,488	$	81,877	$	—
Liabilities:
Debt of consolidated VIEs	$	—	$	—	$	—	$	—	$	56	$	—
Obligation to return U.S. Treasury securities borrowed under reverse repurchase agreements	23,542		—		—		16,452		—		—
Interest rate swaps 1	—		—		—		—		—		—
Credit default swaps 1	—		—		—		—		—		—
TBA securities	—		456		—		—		6		—
U.S. Treasury futures	190		—		—		—		—		—

Total	$	23,732	$	456	$	—	$	16,452	$	62	$	—

________________________________

1.As of September 30, 2026 and December 31, 2025, the net fair value of our interest rate swaps excluding the recognition of variation margin settlements as a direct reduction of carrying value was a net asset of $4.2 billion and $1.3 billion, respectively, based on “Level 2” inputs. As of September 30, 2026, the net fair value of our credit default swaps excluding the recognition of variation margin settlements was a net liability of $9 million based on “Level 2” inputs. See Notes 2 and 5 for additional details.

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2026	Oct. 28, 2026
Entity Information [Line Items]
Entity Incorporation, State or Country Code	DE
Document Transition Report	false
Document Quarterly Report	true
Entity Tax Identification Number	26-1701984
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2026
Entity File Number	001-34057
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Entity Registrant Name	AGNC INVESTMENT CORP.
Entity Address, Address Line One	7373 Wisconsin Avenue, 22nd Floor
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	968-9315
Entity Central Index Key	0001423689
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		1,273,805,642
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	AGNC
Security Exchange Name	NASDAQ
Depository shares each representing a 1/1,000th interest in a share of 7.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary shares of 7.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Trading Symbol	AGNCN
Security Exchange Name	NASDAQ
Depository shares each representing a 1/1,000th interest in a share of 6.875% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary shares of 6.875% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Trading Symbol	AGNCM
Security Exchange Name	NASDAQ
Depository shares each representing a 1/1000th interest in a share of 6.500% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary shares of 6.50% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Trading Symbol	AGNCO
Security Exchange Name	NASDAQ
Depositary shares each representing a 1/1000th interest in a share of 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary shares of 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Trading Symbol	AGNCP
Security Exchange Name	NASDAQ
Depositary shares each representing a 1/1000th interest in a share of 7.75% Series G Fixed Rate Reset Cumulative Redeemable Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary shares of 7.75% Series G Fixed-Rate Reset Cumulative Redeemable Preferred Stock
Trading Symbol	AGNCL
Security Exchange Name	NASDAQ
Depositary shares each representing a 1/1000th interest in a share of 8.75% Series H Fixed-Rate Cumulative Redeemable Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary shares of 8.75% Series H Fixed-Rate Cumulative Redeemable Preferred Stock
Trading Symbol	AGNCZ
Security Exchange Name	NASDAQ

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation Our accompanying consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. The accompanying consolidated financial statements and related notes are unaudited and include the accounts of all our wholly-owned subsidiaries and variable interest entities for which we are the primary beneficiary. Significant intercompany accounts and transactions have been eliminated. The accompanying consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements included in our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. In the opinion of management, all adjustments, consisting solely of normal recurring accruals, necessary for the fair presentation of consolidated financial statements for the interim period have been included. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the year. Investment Securities Agency RMBS consist of residential mortgage pass-through securities and collateralized mortgage obligations (“CMOs”) guaranteed by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac,” and together with Fannie Mae, the “GSEs”) or the Government National Mortgage Association (“Ginnie Mae”). Agency multifamily MBS consist of securities backed by one or more mortgage loans secured by one or more multifamily properties that are similarly guaranteed by a GSE. Our investments in Agency multifamily MBS primarily consist of securities issued under Fannie Mae’s Delegated Underwriting and Servicing (“DUS”) program, which are generally backed by a single mortgage loan secured by a single property and include lender risk-sharing. CRT securities are risk sharing instruments issued by the GSEs, and similarly structured transactions issued by third-party market participants, that synthetically transfer a portion of the risk associated with credit losses within pools of conventional residential and multifamily mortgage loans from the GSEs and/or third parties to private investors. Unlike Agency RMBS and Agency multifamily MBS, full repayment of the original principal balance of CRT securities is not guaranteed by a GSE or U.S. Government agency; rather, “credit risk transfer” is achieved by writing down the outstanding principal balance of the CRT securities if credit losses on a related pool of loans exceed certain thresholds. By reducing the principal amount that they are obligated to repay to holders of CRT securities, the GSEs and/or other third parties offset credit losses on the related loans. Non-Agency RMBS and CMBS (together, “non-Agency MBS”) are backed by residential and commercial mortgage loans, respectively, packaged and securitized by a private institution, such as a commercial bank. Non-Agency MBS typically benefit from credit enhancements derived from structural elements, such as subordination, over-collateralization or insurance, but nonetheless carry a higher level of credit exposure than Agency RMBS. All of our securities are reported at fair value on our consolidated balance sheet. Accounting Standards Codification (“ASC”) Topic 320, Investments—Debt Securities, requires that at the time of purchase, we designate a security as held-to-maturity, available-for-sale or trading, depending on our ability and intent to hold such security to maturity. Alternatively, we may elect the fair value option of accounting for securities pursuant to ASC Topic 825, Financial Instruments. Prior to fiscal year 2017, we primarily designated our investment securities as available-for-sale. On January 1, 2017, we began electing the fair value option of accounting for all investment securities newly acquired after such date. Unrealized gains and losses on securities classified as available-for-sale are reported in accumulated other comprehensive income (“OCI”), whereas unrealized gains and losses on securities for which we elected the fair value option, or are classified as trading, are reported in net income through other gain (loss). Upon the sale of a security designated as available-for-sale, we determine the cost of the security and the amount of unrealized gain or loss to reclassify out of accumulated OCI into earnings based on the specific identification method. In our view, the election of the fair value option simplifies the accounting for investment securities and more appropriately reflects the results of our operations for a reporting period by presenting the fair value changes for these assets in a manner consistent with the presentation and timing of the fair value changes for our derivative instruments. We generally recognize gains or losses through net income on available-for-sale securities only if the security is sold; however, if the fair value of a security declines below its amortized cost and we determine that it is more likely than not that we will incur a realized loss on the security when we sell the asset, we will recognize the difference between the amortized cost and the fair value in net income as a component of other gain (loss). We did not recognize any loss on available-for-sale securities through net income that we held as of September 30, 2026 because, as of such date, we neither intended to sell any securities in an unrealized loss position nor was it more likely than not that we would be required to sell such securities before recovery of their amortized cost basis. Since all of our available-for-sale designated securities consist of Agency RMBS, we do not have an allowance for credit losses. We have not recognized impairment losses on our available-for-sale securities through net income for the periods presented in our consolidated financial statements. Interest Income Interest income is accrued based on the outstanding principal amount of the investment securities and their contractual terms. Premiums or discounts associated with the purchase of Agency RMBS and non-Agency MBS of high credit quality are amortized or accreted into interest income, respectively, over the projected lives of the securities, including contractual payments and estimated prepayments, using the effective interest method in accordance with ASC Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs. We estimate long-term prepayment speeds of our mortgage securities using a third-party service and market data. The third-party service provider estimates prepayment speeds using models that incorporate the forward yield curve, primary to secondary mortgage rate spreads, current mortgage rates, mortgage rates of the outstanding loans, age and size of the outstanding loans, loan-to-value ratios, interest rate volatility and other factors. We review the prepayment speeds estimated by the third-party service for reasonableness with consideration given to both historical prepayment speeds and current market conditions. If, based on our assessment, we believe that the third-party model does not fully reflect our expectations of the current prepayment landscape, we may make adjustments to the models. We review our actual and anticipated prepayment experience on at least a quarterly basis and effective yields are recalculated when differences arise between (i) our previous estimate of future prepayments and (ii) actual prepayments to date and our current estimate of future prepayments. We are required to record an adjustment in the current period to premium amortization / discount accretion for the cumulative effect of the difference in the effective yields as if the recalculated yield had been in place as of the security’s acquisition date through the reporting date. At the time we purchase CRT securities and non-Agency MBS that are not of high credit quality, we determine an effective yield based on our estimate of the timing and amount of future cash flows and our cost basis. Our initial cash flow estimates for these investments are based on our observations of current information and events and include assumptions related to interest rates, prepayment rates, collateral call provisions, and the impact of default and severity rates on the timing and amount of credit losses. On at least a quarterly basis, we review the estimated cash flows and make appropriate adjustments based on inputs and analysis received from external sources, internal models, and our judgment regarding such inputs and other factors. Any resulting changes in effective yield are recognized prospectively based on the current amortized cost of the investment adjusted for credit impairments, if any. Repurchase Agreements We finance the acquisition of securities for our investment portfolio primarily through repurchase agreements with our lending counterparties. Repurchase arrangements involve the sale and a simultaneous agreement to repurchase the securities at a future date. We maintain a beneficial interest in the specific securities pledged during the term of each repurchase arrangement and we receive the related principal and interest payments. Pursuant to ASC Topic 860, Transfers and Servicing, we account for repurchase agreements as collateralized financing transactions, which are carried at their contractual amounts (cost), plus accrued interest. Our repurchase agreements typically have maturities of less than one year. Reverse Repurchase Agreements and Obligation to Return Securities Borrowed under Reverse Repurchase Agreements We borrow securities to cover short sales of U.S. Treasury securities through reverse repurchase transactions (see Derivative Instruments below). We account for these as securities borrowing transactions and recognize an obligation to return the borrowed securities at fair value on the balance sheet based on the value of the underlying borrowed securities as of the reporting date. We may also enter into reverse repurchase agreements to earn a yield on excess cash balances. The securities received as collateral in connection with our reverse repurchase agreements mitigate our credit risk exposure to counterparties. Our reverse repurchase agreements typically have maturities of 30 days or less. Derivative Instruments We use a variety of derivative instruments to hedge a portion of our exposure to market risks, including interest rate, prepayment, extension and liquidity risks. The objective of our risk management strategy is to reduce fluctuations in net book value over a range of interest rate scenarios. In particular, we attempt to mitigate the risk of the cost of our variable rate liabilities increasing during a period of rising interest rates. The primary instruments that we use are interest rate swaps, options to enter into interest rate swaps (“swaptions”), U.S. Treasury securities and U.S. Treasury futures contracts. We also use forward contracts in the Agency RMBS “to-be-announced” market, or TBA securities, to invest in and finance Agency securities and to periodically reduce our exposure to Agency RMBS. We account for derivative instruments in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASC 815 requires an entity to recognize all derivatives as either assets or liabilities in our accompanying consolidated balance sheets and to measure those instruments at fair value. None of our derivative instruments have been designated as hedging instruments for accounting purposes under the provisions of ASC 815; consequently, changes in the fair value of our derivative instruments are reported in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. Our derivative agreements generally contain provisions that allow for netting or setting off derivative assets and liabilities with the counterparty; however, we report related assets and liabilities on a gross basis in our consolidated balance sheets. Derivative instruments in a gain position are reported as derivative assets at fair value and derivative instruments in a loss position are reported as derivative liabilities at fair value in our consolidated balance sheets. Changes in fair value of derivative instruments and periodic settlements related to our derivative instruments are recorded in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. Net cash receipts from and payments on our derivative instruments are classified in our consolidated statements of cash flows according to the underlying nature or purpose of the derivative transaction, generally in the investing section. Interest rate swap agreements We use interest rate swaps to economically hedge the variable cash flows associated with our borrowings made under repurchase agreements. Under our interest rate swap agreements, we typically pay a fixed rate and receive a floating rate (“payer swaps”) based on a short-term benchmark rate, such as the Secured Overnight Financing Rate (“SOFR”) and Overnight Index Swap Rate (“OIS”). Our interest rate swaps typically have terms from one to 10 years. Our interest rate swaps are centrally cleared through a registered commodities exchange. The clearing exchange requires that we post an “initial margin” amount determined by the exchange. The initial margin amount is intended to be set at a level sufficient to protect the exchange from the interest rate swap’s maximum estimated single-day price movement and is subject to adjustment based on changes in market volatility and other factors. We also exchange daily settlements of “variation margin” based upon changes in fair value, as measured by the exchange. Pursuant to rules governing central clearing activities, we recognize variation margin settlements as a direct reduction of the carrying value of the interest rate swap asset or liability. Interest rate swaptions We purchase interest rate swaptions to help mitigate the potential impact of larger, more rapid changes in interest rates on the performance of our investment portfolio. Interest rate swaptions provide us the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future. Our interest rate swaption agreements are not subject to central clearing. The difference between the premium paid and the fair value of the swaption is reported in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. If a swaption expires unexercised, the realized loss on the swaption would be equal to the premium paid. If we sell or exercise a swaption, the realized gain or loss on the swaption would be equal to the difference between the cash or the fair value of the underlying interest rate swap and the premium paid. TBA securities A TBA security is a forward contract for the purchase or sale of Agency RMBS at a predetermined price, face amount, issuer, coupon and stated maturity on an agreed-upon future date. The specific Agency RMBS to be delivered into the contract are not known until shortly before the settlement date. We may choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting TBA position, net settling the offsetting positions for cash, and simultaneously purchasing or selling a similar TBA contract for a later settlement date (together referred to as a “dollar roll transaction”). The Agency securities purchased or sold for a forward settlement date are typically priced at a discount to equivalent securities settling in the current month. This difference, or “price drop,” is the economic equivalent of interest income on the underlying Agency securities, less an implied funding cost, over the forward settlement period (referred to as “dollar roll income”). Consequently, forward purchases of Agency securities and dollar roll transactions represent a form of off-balance sheet financing. We account for TBA contracts as derivative instruments since either the TBA contracts do not settle in the shortest period of time possible or we cannot assert that it is probable at inception and throughout the term of the TBA contract that we will physically settle the contract on the settlement date. We account for TBA dollar roll transactions as a series of derivative transactions. U.S. Treasury securities and U.S. Treasury futures contracts We use U.S. Treasury securities and U.S. Treasury futures contracts to mitigate the potential impact of changes in interest rates on the performance of our portfolio. We enter into short-sales of U.S. Treasury securities by borrowing the securities under reverse repurchase agreements and selling them into the market. We account for these as securities borrowing transactions and recognize an obligation to return the borrowed securities at fair value on our accompanying consolidated balance sheets based on the value of the underlying U.S. Treasury security as of the reporting date. Treasury futures contracts are standardized contracts that obligate us to sell or buy U.S. Treasury securities for future delivery. Gains and losses associated with U.S. Treasury securities and U.S. Treasury futures contracts are recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. Fair Value Measurements We determine the fair value of financial instruments based on our estimate of the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. We utilize a three-level valuation hierarchy for disclosure of fair value measurements based upon the transparency of inputs to the valuation of the instrument as of the measurement date. We categorize a financial instrument within the hierarchy based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows: •Level 1 Inputs —Quoted prices (unadjusted) for identical unrestricted assets and liabilities in active markets that are accessible at the measurement date. •Level 2 Inputs —Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. •Level 3 Inputs —Instruments with primarily unobservable market data that cannot be corroborated. The majority of our financial instruments are classified as Level 2 inputs. The availability of observable inputs can be affected by a wide variety of factors, including the type of instrument, whether the instrument is new and not yet established in the marketplace and other characteristics particular to the instrument. We typically obtain price estimates from multiple third-party pricing sources, such as pricing services and dealers, or, if applicable, from the registered clearing exchange. We make inquiries of third-party pricing sources to understand the significant inputs and assumptions they used to determine their prices and that they are derived from orderly transactions, particularly during periods of elevated market turbulence and reduced market liquidity. We also review third-party price estimates and perform procedures to validate their reasonableness, including an analysis of the range of estimates for each position, comparison to recent trade activity for similar securities and for consistency with market conditions observed as of the measurement date. While we do not adjust prices we obtain from pricing sources, we will exclude prices for securities from our estimation of fair value if we determine based on our validation procedures and our market knowledge and expertise that the price is significantly different from what observable market data would indicate and we cannot obtain an understanding from the third-party source as to the significant inputs used to determine the price. The following is a description of the valuation methodologies used for financial instruments measured at fair value on a recurring basis classified as Level 2 inputs. These instruments trade in active markets such that participants transact with sufficient frequency and volume to provide transparent pricing information on an ongoing basis. The liquidity of these markets and the similarity of our instruments to those actively traded enable our pricing sources and us to utilize the observed quoted prices as a basis for formulating fair value measurements. Investment securities - are valued based on prices obtained from multiple third-party pricing sources. The pricing sources utilize various valuation approaches, including market and income approaches. For Agency RMBS, the pricing sources primarily utilize a matrix pricing technique that interpolates the estimated fair value based on observed quoted prices for TBA securities having the same coupon, maturity and issuer, adjusted to reflect the specific characteristics of the pool of mortgages underlying the Agency security, such as maximum loan balance, loan vintage, loan-to-value ratio, geography and other characteristics as may be appropriate. For other investment securities, the pricing sources primarily utilize discounted cash flow model-derived pricing techniques to estimate the fair value. Such models incorporate market-based discount rate assumptions based on observable inputs such as recent trading activity, credit data, volatility statistics, benchmark interest rate curves, spread measurements to benchmark curves and other market data that are current as of the measurement date and may include certain unobservable inputs, such as assumptions of future levels of prepayment, defaults and loss severities. TBA securities - are valued using prices obtained from third-party pricing sources based on pricing models that reference recent trading activity. Interest rate swaps - are valued using the daily settlement price, or fair value, determined by the clearing exchange based on a pricing model that references observable market inputs, including current benchmark rates and the forward yield curve. Interest rate swaptions - are valued using prices obtained from the counterparty and other third-party pricing models. The pricing models are based on the value of the future interest rate swap that we have the option to enter into as well as the remaining length of time that we have to exercise the option based on observable market inputs, adjusted for non-performance risk, if any. U.S. Treasury securities and futures are valued based on quoted prices for identical instruments in active markets and are classified as Level 1 assets. None of our financial instruments are classified as Level 3 inputs. Recent Accounting Pronouncements We consider the applicability and impact of all ASUs issued by the FASB. There are no unadopted ASUs that are expected to have a significant impact on our consolidated financial statements when adopted or other recently adopted ASUs that had a significant impact on our consolidated financial statements upon adoption.
Basis of Accounting	Basis of Presentation Our accompanying consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. The accompanying consolidated financial statements and related notes are unaudited and include the accounts of all our wholly-owned subsidiaries and variable interest entities for which we are the primary beneficiary. Significant intercompany accounts and transactions have been eliminated. The accompanying consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements included in our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. In the opinion of management, all adjustments, consisting solely of normal recurring accruals, necessary for the fair presentation of consolidated financial statements for the interim period have been included. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the year.

Pledged Assets (Assets Pledged as Collateral) (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025
Offsetting Assets and Liabilities [Line Items]
Accrued interest on pledged securities	$ 459	$ 434
Restricted cash	1,765	1,292	$ 1,461
Total Fair Value of Securities Pledged and Accrued Interest	101,357
Total Fair Value Of Agency Securities Pledged And Accrued Interest		89,786
Security Owned and Pledged as Collateral, Fair Value	98,634	87,420
Retained Interests in Consolidated VIE's Pledged as Collateral Under Repurchase Agreements		30
Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	86,639	74,213
Derivative Agreements and Other
Offsetting Assets and Liabilities [Line Items]
Total Fair Value of Securities Pledged and Accrued Interest	1,761	1,807
Security Owned and Pledged as Collateral, Fair Value	14	115
Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Accrued interest on pledged securities	457	430
Total Fair Value of Securities Pledged and Accrued Interest	99,596
Total Fair Value Of Agency Securities Pledged And Accrued Interest		87,894
Variable Interest Entity, Primary Beneficiary [Member]
Offsetting Assets and Liabilities [Line Items]
Accrued interest on pledged securities	0	0
Total Fair Value of Securities Pledged and Accrued Interest	0
Total Fair Value Of Agency Securities Pledged And Accrued Interest		85
Security Owned and Pledged as Collateral, Fair Value	0	85
Includes Sold But Not Yet Settled Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	86,653	74,413
Credit Risk Transfer Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	468	558
Credit Risk Transfer Securities [Member] \| Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	468	558
Non-Agency [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	7	13
Non-Agency [Member] \| Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	7	13
US Treasury Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	12,005	13,076
US Treasury Securities [Member] \| Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	11,520	12,636
US Treasury Securities [Member] \| Derivative Agreements and Other
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	485	440
Derivative Agreements and Other
Offsetting Assets and Liabilities [Line Items]
Accrued interest on pledged securities	2	4
Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Restricted cash	505	44
Excluding Cash Received [Member]
Offsetting Assets and Liabilities [Line Items]
Restricted cash	1,765	1,292
Derivative Agreements and Other
Offsetting Assets and Liabilities [Line Items]
Restricted cash	$ 1,260	$ 1,248

Derivative and Other Hedging Instruments (Tables)

9 Months Ended

Sep. 30, 2026

Derivative [Line Items]

Schedule of Outstanding Derivatives Not Designated as Hedging Instruments

The table below summarizes fair value information about our derivative and other hedging instrument assets/(liabilities) as of September 30, 2026 and December 31, 2025 (in millions):





Derivative and Other Hedging Instruments	Balance Sheet Location	September 30, 2026		December 31, 2025
Interest rate swaps 1	Derivative assets, at fair value	$	48	$	57
Swaptions	Derivative assets, at fair value	33		24
TBA securities	Derivative assets, at fair value	386		77
U.S. Treasury futures - long	Derivative assets, at fair value	—		3
U.S. Treasury futures - short	Derivative assets, at fair value	384		8

Total derivative assets, at fair value		$	851	$	169

Interest rate swaps 1	Derivative liabilities, at fair value	$	—	$	—
TBA securities	Derivative liabilities, at fair value	(456)		(6)
U.S. Treasury futures - long	Derivative liabilities, at fair value	(190)		—


Credit default swaps 1	Derivative liabilities, at fair value	—		—
Total derivative liabilities, at fair value		$	(646)	$	(6)

U.S. Treasury securities - long	U.S. Treasury securities, at fair value	$	13,028	$	13,477
U.S. Treasury securities - short	Obligation to return securities borrowed under reverse repurchase agreements, at fair value	(23,542)		(16,452)
Total U.S. Treasury securities, net at fair value		$	(10,514)	$	(2,975)

________________________________

Schedule of Interest Rate Swaption Agreements Outstanding


Receiver Swaptions		Option					Underlying Receiver Swap
	Option Expiration Date	Cost Basis		Fair Value		Average Months to Option Expiration Date	Notional Amount		Average Fixed Receive Rate 1	Average Term (Years)

September 30, 2026	≤ 1 year	$	53	$	33	8	$	6,250	4.04%	9.3


December 31, 2025	≤ 1 year	$	70	$	24	9	$	7,000	3.04%	9.2

________________________________

1.Pay index references SOFR.

US government securities


U.S. Treasury Securities 1	September 30, 2026						December 31, 2025
Years to Maturity	Face Amount Long/(Short)		Cost Basis		Fair Value		Face Amount Long/(Short)		Cost Basis		Fair Value
≤ 5 years	$	9,476	$	9,441	$	9,297	$	12,470	$	12,465	$	12,467
> 5 to ≤ 7 years	(212)		(210)		(206)		(838)		(834)		(774)
> 7 to ≤ 10 years	(18,902)		(18,575)		(17,652)		(12,390)		(12,334)		(12,493)
> 10 years	(2,162)		(2,208)		(1,953)		(2,162)		(2,210)		(2,175)
Total U.S. Treasury securities, net	$	(11,800)	$	(11,552)	$	(10,514)	$	(2,920)	$	(2,913)	$	(2,975)

________________________________

US Government Futures Securities [Table Text Block]


U.S. Treasury Futures1	September 30, 2026								December 31, 2025
Years to Maturity	Notional Amount Long (Short)		Cost Basis		Fair Value		Net Carrying Value 2		Notional Amount Long (Short)		Cost Basis		Fair Value		Net Carrying Value 2
≤ 5 years	$	3,163	$	3,254	$	3,215	$	(39)	$	—	$	—	$	—	$	—
> 5 to ≤ 7 years	3,504		3,803		3,652		(151)		4,606		5,175		5,178		3
> 7 to ≤ 10 years	(3,460)		(3,777)		(3,633)		144		—		—		—		—
> 10 years	(3,710)		(4,048)		(3,808)		240		(3,210)		(3,718)		(3,710)		8
Total U.S. Treasury futures, net	$	(503)	$	(768)	$	(574)	$	194	$	1,396	$	1,457	$	1,468	$	11

________________________________

Summary of Long and Short Position of Derivative Instruments


	September 30, 2026								December 31, 2025
TBA Securities by Coupon	Notional Amount Long (Short)		Cost Basis		Fair Value		Net Carrying Value 1		Notional Amount Long (Short)		Cost Basis		Fair Value		Net Carrying Value 1
15-Year TBA securities:




≥ 4.5%	$	267	$	289	$	260	$	(29)	$	148	$	151	$	151	$	—

Total 15-Year TBA securities	267		289		260		(29)		148		151		151		—
30-Year TBA securities:
≤ 3.0%	1,213		991		942		(49)		—		—		—		—
3.5%	—		—		—		—		452		415		417		2
4.0%	—		—		—		—		—		—		—		—
4.5%	(4,646)		(4,335)		(4,167)		168		5,317		5,156		5,193		37
5.0%	(3,987)		(3,822)		(3,677)		145		5,679		5,643		5,666		23
5.5%	6,453		6,389		6,156		(233)		1,842		1,851		1,857		6
6.0%	985		986		965		(21)		1,745		1,780		1,786		6
≥ 6.5%	1,885		1,940		1,889		(51)		(2,003)		(2,079)		(2,082)		(3)
Total 30-Year TBA securities, net	1,903		2,149		2,108		(41)		13,032		12,766		12,837		71
Total TBA securities, net	$	2,170	$	2,438	$	2,368	$	(70)	$	13,180	$	12,917	$	12,988	$	71

________________________________

Schedule Of Outstanding Not Designated As Hedging Instruments


Derivative and Other Hedging Instruments	Beginning Notional Amount		Additions	Settlement, Termination, Expiration or Exercise	Ending Notional Amount		Gain/(Loss) on Derivative Instruments and Other Securities, Net 1
Three months ended September 30, 2026:
TBA securities, net	$	10,047	28,827	(36,704)	$	2,170	$	(106)

Interest rate swaps - payer	$	73,752	4,156	(3,300)	$	74,608	2,205

Credit default swaps - buy protection	$	—	(1,000)	500	$	(500)	—

Receiver swaptions	$	(7,750)	(4,500)	6,000	$	(6,250)	(34)
U.S. Treasury securities - short position	$	(18,370)	(10,449)	3,644	$	(25,175)	1,142
U.S. Treasury securities - long position	$	12,500	2,197	(1,322)	$	13,375	(164)
U.S. Treasury futures contracts - short position	$	(4,920)	(8,919)	6,669	$	(7,170)	551
U.S. Treasury futures contracts - long position	$	8,667	11,417	(13,417)	$	6,667	(301)
							$	3,293

Three months ended September 30, 2025:
TBA securities, net	$	8,407	53,321	(47,762)	$	13,966	$	150

Interest rate swaps - payer	$	45,096	6,750	(3,750)	$	48,096	(27)


Payer swaptions	$	2,000	—	(2,000)	$	—	(1)
Receiver Swaptions	$	(150)	(7,000)	150	$	(7,000)	(15)
U.S. Treasury securities - short position	$	(21,396)	(4,543)	5,225	$	(20,714)	(148)
U.S. Treasury securities - long position	$	3,545	5,780	(3,429)	$	5,896	15
U.S. Treasury futures contracts - short position	$	(1,964)	(2,255)	2,622	$	(1,597)	(27)

							$	(53)

Nine months ended September 30, 2026:
TBA securities, net	$	13,180	133,892	(144,902)	$	2,170	$	(196)

Interest rate swaps - payer	$	64,632	55,176	(45,200)	$	74,608	3,300

Credit default swaps - buy protection	$	—	(1,000)	500	$	(500)	—

Receiver swaptions	$	(7,000)	(8,250)	9,000	$	(6,250)	(55)
U.S. Treasury securities - short position	$	(16,378)	(20,788)	11,991	$	(25,175)	1,401
U.S. Treasury securities - long position	$	13,458	28,004	(28,087)	$	13,375	(298)
U.S. Treasury futures contracts - short position	$	(3,210)	(18,758)	14,798	$	(7,170)	555
U.S. Treasury futures contracts - long position	$	4,606	48,616	(46,555)	$	6,667	(545)
							$	4,162

Nine months ended September 30, 2025:
TBA securities, net	$	6,955	116,987	(109,976)	$	13,966	$	238

Interest rate swaps - payer	$	39,646	17,500	(9,050)	$	48,096	(832)


Payer swaptions	$	2,000	1,500	(3,500)	$	—	(29)
Receiver swaptions	$	(150)	(7,000)	150	$	(7,000)	(15)
U.S. Treasury securities - short position	$	(17,792)	(16,335)	13,413	$	(20,714)	(747)
U.S. Treasury securities - long position	$	1,585	15,136	(10,825)	$	5,896	75
U.S. Treasury futures contracts - short position	$	(4,373)	(9,060)	11,836	$	(1,597)	(110)
U.S. Treasury futures contracts - long position	$	—	1,350	(1,350)	$	—	(13)
							$	(1,433)

________________________________

Not Designated as Hedging Instrument [Member]

Derivative [Line Items]

Schedule Of Interest Rate Swap Agreement By Remaining Maturity

The following tables summarize certain characteristics of our derivative and other hedging instruments outstanding as of September 30, 2026 and December 31, 2025 (dollars in millions):


Pay Fixed / Receive Variable Interest Rate Swaps	September 30, 2026					December 31, 2025
Years to Maturity	Notional Amount		Average Fixed Pay Rate	Average Variable Receive Rate 1	Average Maturity (Years)	Notional Amount		Average Fixed Pay Rate	Average Variable Receive Rate 1	Average Maturity (Years)
≤ 1 year	$	3,750	0.26%	3.90%	0.6	$	7,300	0.20%	3.80%	0.5
> 1 to ≤ 3 years	31,271		2.85%	3.90%	1.6	20,421		2.38%	3.86%	2.1
> 3 to ≤ 5 years	8,250		2.58%	3.90%	4.0	8,970		2.26%	3.85%	4.5
> 5 to ≤ 7 years	15,896		3.30%	3.90%	6.2	13,980		3.43%	3.87%	6.8
> 7 to ≤ 10 years	13,671		3.59%	3.90%	8.5	13,961		3.43%	3.87%	8.6
> 10 years	1,770		4.47%	3.90%	12.5	—		—%	—%	0.0
Total	$	74,608	2.96%	3.90%	4.3	$	64,632	2.57%	3.86%	4.7

Stockholders' Equity

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred Stock

We are authorized to designate and issue up to 10.0 million shares of preferred stock in one or more classes or series. As of September 30, 2026 and December 31, 2025, 13,800, 10,350, 16,100, 23,000, 6,900 and 13,800 shares of preferred stock were designated as 7.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 6.875% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 6.50% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 7.75% Series G Fixed-Rate Reset Cumulative Redeemable Preferred Stock and 8.75% Series H Fixed-Rate Cumulative Redeemable Preferred Stock, respectively (referred to as “Series C, D, E, F, G and H Preferred Stock,” respectively). As of September 30, 2026 and December 31, 2025, 13,000, 9,400, 16,100, 23,000, 6,000 and 13,800 shares of Series C, D, E, F, G and H Preferred Stock, respectively, were issued and outstanding. Each share of preferred stock is represented by 1,000 depositary shares. Each share of preferred stock has a liquidation preference of $25,000 per share ($25 per depositary share).

Our preferred stock ranks senior to our common stock with respect to the payment of dividends and the distribution of assets upon a voluntary or involuntary liquidation, dissolution or winding up of the Company. Our preferred stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and each series of preferred stock ranks on parity with one another. Under certain circumstances upon a change of control, our preferred stock is convertible to shares of our common stock. Holders of our preferred stock and depositary shares underlying our preferred stock have no voting rights, except under limited conditions. Beginning on each series’ optional redemption date, we may redeem shares at $25.00 per depositary share, plus accumulated and unpaid dividends (whether or not declared), exclusively at our option.

The following table includes a summary of preferred stock depositary shares issued and outstanding as of September 30, 2026 (dollars and shares in millions):


Cumulative Redeemable Preferred Stock	Issue Date	Depositary Shares Issued and Outstanding	Carrying Value		Aggregate Liquidation Preference		Per Annum Dividend Rate 1,2	First Optional Redemption Date / Conversion Date 2,3
Fixed-to-Floating Rate:
Series C	August 22, 2017	13.0	$	315	$	325	9.16547%	October 15, 2022
Series D	March 6, 2019	9.4	227		235		8.38647%	April 15, 2024
Series E	October 3, 2019	16.1	390		403		9.04747%	October 15, 2024
Series F	February 11, 2020	23.0	557		575		8.75147%	April 15, 2025
Fixed-Rate Reset:
Series G	September 14, 2022	6.0	145		150		7.75000%	October 15, 2027
Fixed-Rate:
Series H	September 10, 2025	13.8	334		345		8.75000%	October 15, 2030
Total		81.3	$	1,968	$	2,033

________________________________

1.The depositary shares underlying our preferred stock accrue dividends on the $25.00 liquidation preference per depositary share from the issuance date until they are redeemed in accordance with their terms. The per annum dividend rates for the depositary shares underlying the Series C, D, E and F Preferred Stock represent the rates in effect as of September 30, 2026, and are reset quarterly. The depositary shares underlying the Series G

Preferred Stock accrue dividends at an initial annual fixed rate until the fixed-rate-reset conversion date, after which dividends on these depositary shares accrue on a fixed-rate-reset basis equal to the conversion rate plus a fixed spread. The depositary shares underlying the Series H Preferred Stock accrue dividends at a fixed rate.

2.The Series C, D, E and F dividends accrue at a rate equal to the 3-Month CME Term SOFR plus 0.26161%, plus spreads of 5.111%, 4.332%, 4.993% and 4.697%, respectively, per annum, resetting quarterly in accordance with the certificate of designations for such series and the Adjustable Interest Rate (LIBOR) Act of 2021 (the “LIBOR Act”). At the conclusion of the fixed rate period for the Series G Preferred Stock, the dividend will accrue at a floating rate equal to the 5-Year U.S. Treasury rate plus a spread of 4.39% per annum and will reset in accordance with the certificate of designations for such series.

3.Shares may be redeemed prior to our optional redemption date under certain circumstances intended to preserve our qualification as a REIT for U.S. federal income tax purposes.

At-the-Market Offering Program

We are authorized by our Board of Directors to enter into agreements with sales agents to publicly offer and sell shares of our common stock in privately negotiated and/or at-the-market transactions from time to time, up to a maximum aggregate offering price. As of September 30, 2026, shares of our common stock with an aggregate offering price of $1.1 billion remained authorized for issuance under this program through December 31, 2027. The following table includes a summary of shares of our common stock issued under the sales agreements during the three and nine months ended September 30, 2026 and 2025 (in millions, except for per share data).


ATM Offerings	Average Price Received Per Share, Net	Shares	Net Proceeds
Three months ended:
September 30, 2026	$10.17	97.6	$992
September 30, 2025	$9.95	31.0	$309
Nine months ended:
September 30, 2026	$10.28	151.8	$1,560
September 30, 2025	$9.33	173.3	$1,617

Accumulated Other Comprehensive Income (Loss)

The following table summarizes changes to accumulated OCI for the three and nine months ended September 30, 2026 and 2025 (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
Accumulated Other Comprehensive Income (Loss)	2026		2025		2026		2025
Beginning Balance	$	(338)	$	(450)	$	(323)	$	(591)
OCI before reclassifications	(140)		61		(161)		188
Net (gain) loss amounts for available-for-sale securities reclassified from accumulated OCI to realized gain (loss) on sale of investment securities, net	—		—		6		14
Ending Balance	$	(478)	$	(389)	$	(478)	$	(389)

- Definition

The entire disclosure for equity.

+ References

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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2026
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Common Stock Repurchase Program We have maintained a stock repurchase plan that enables us to repurchase shares of our common stock from time to time. We intend to repurchase shares under the stock repurchase plan only when the repurchase price is equal to or less than our then-current estimate of tangible net book value per common share. Our existing stock repurchase plan, which had $1 billion in remaining capacity, was due to expire on December 31, 2026. During October 2026, our Board of Directors terminated this stock repurchase plan and replaced it with a new plan authorizing us to repurchase up to $1 billion of common stock through December 31, 2028. Under the new plan, we may repurchase shares in the open market or through privately negotiated transactions or pursuant to a trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our stock repurchase plan may be limited or terminated at any time without prior notice.

Stockholders' Equity Schedule of Dividends Declared (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share	$ 0.36	$ 0.36	$ 1.08	$ 1.08

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Pledged Assets (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Offsetting Assets and Liabilities [Line Items]
Collateral Received	$ (11,714)
Assets [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	24,293	$ 16,773
Gross Amount Offset in the Consolidated Balance Sheets	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	24,293	16,773
Financial Instruments	(12,516)	(12,509)
Collateral Received		(4,207)
Net Amount	63	57
Assets [Member] \| ERROR in label resolution.
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	81	81
Net Amounts of Assets Presented in the Consolidated Balance Sheets	81	81
Financial Instruments	0	0
Collateral Received	(18)	(24)
Net Amount	63	57
Assets [Member] \| TBA and Forward Settling Agency Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	386	77
Net Amounts of Assets Presented in the Consolidated Balance Sheets	386	77
Financial Instruments	(386)	(6)
Collateral Received	0	(71)
Net Amount	0	0
Assets [Member] \| Reverse Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	23,826	16,615
Gross Amount Offset in the Consolidated Balance Sheets	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	23,826	16,615
Financial Instruments	(12,130)	(12,503)
Collateral Received	(11,696)	(4,112)
Net Amount	0	0
Liability [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	97,175	85,292
Gross Amount Offset in the Consolidated Balance Sheets	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	97,175	85,292
Financial Instruments	(12,516)	(12,509)
Collateral Received	(84,659)	(72,783)
Net Amount	0
Liability [Member] \| Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	96,719	85,286
Gross Amount Offset in the Consolidated Balance Sheets	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	96,719	85,286
Financial Instruments	(12,130)	(12,503)
Collateral Received	(84,589)	(72,783)
Net Amount	0	0
Liability [Member] \| ERROR in label resolution.
Offsetting Assets and Liabilities [Line Items]
Net Amount		0
Liability [Member] \| TBA and Forward Settling Agency Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	456	6
Net Amounts of Assets Presented in the Consolidated Balance Sheets	456	6
Financial Instruments	(386)	(6)
Collateral Received	(70)	0
Net Amount	$ 0	$ 0

Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance, value at Dec. 31, 2024	$ 9,762,000	$ 1,634,000	$ 9,000	$ 17,264,000	$ (8,554,000)	$ (591,000)
Balance, Common Stock, shares at Dec. 31, 2024			897,400
Statement [Line Items]
Net income (loss)	716,000				716,000
Other comprehensive income (loss):
Unrealized Gains and (Losses), Net	$ 202,000					202,000
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture	2,000
APIC, Share-based Payment Arrangement, Recognition and Exercise	$ 13,000			13,000
Proceeds from Issuance of Preferred Stock and Preference Stock	334,000
Stock Issued During Period, Shares, New Issues			173,300
Stock Issued During Period, Value, New Issues	1,617,000		$ 2,000	1,615,000
Preferred dividends declared	(115,000)				(115,000)
Common dividends declared	(1,085,000)				(1,085,000)
Balance, value at Sep. 30, 2025	11,444,000	1,968,000	$ 11,000	18,892,000	(9,038,000)	(389,000)
Balance, Common Stock, shares at Sep. 30, 2025			1,072,700
Balance, value at Jun. 30, 2025	10,347,000	1,634,000	$ 10,000	18,575,000	(9,422,000)	(450,000)
Balance, Common Stock, shares at Jun. 30, 2025			1,041,700
Statement [Line Items]
Net income (loss)	806,000				806,000
Other comprehensive income (loss):
Unrealized Gains and (Losses), Net	$ 61,000					61,000
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture	0
APIC, Share-based Payment Arrangement, Recognition and Exercise	$ 9,000			9,000
Proceeds from Issuance of Preferred Stock and Preference Stock	334,000
Stock Issued During Period, Shares, New Issues			31,000
Stock Issued During Period, Value, New Issues	309,000		$ 1,000	308,000
Preferred dividends declared	(42,000)				(42,000)
Common dividends declared	(380,000)				(380,000)
Balance, value at Sep. 30, 2025	11,444,000	1,968,000	$ 11,000	18,892,000	(9,038,000)	(389,000)
Balance, Common Stock, shares at Sep. 30, 2025			1,072,700
Balance, value at Dec. 31, 2025	$ 12,393,000	1,968,000	$ 11,000	19,261,000	(8,524,000)	(323,000)
Balance, Common Stock, shares at Dec. 31, 2025	1,107,600		1,107,600
Statement [Line Items]
Net income (loss)	$ (851,000)				(851,000)
Other comprehensive income (loss):
Unrealized Gains and (Losses), Net	$ (155,000)					(155,000)
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture	2,400
APIC, Share-based Payment Arrangement, Recognition and Exercise	$ 8,000			8,000
Proceeds from Issuance of Preferred Stock and Preference Stock	0
Stock Issued During Period, Shares, New Issues			151,800
Stock Issued During Period, Value, New Issues	1,560,000		$ 2,000	1,558,000
Preferred dividends declared	(133,000)				(133,000)
Common dividends declared	(1,262,000)				(1,262,000)
Balance, value at Sep. 30, 2026	$ 11,560,000	1,968,000	$ 13,000	20,827,000	(10,770,000)	(478,000)
Balance, Common Stock, shares at Sep. 30, 2026	1,261,800		1,261,800
Balance, value at Jun. 30, 2026	$ 12,543,000	1,968,000	$ 12,000	19,830,000	(8,929,000)	(338,000)
Balance, Common Stock, shares at Jun. 30, 2026			1,164,200
Statement [Line Items]
Net income (loss)	(1,357,000)				(1,357,000)
Other comprehensive income (loss):
Unrealized Gains and (Losses), Net	$ (140,000)					(140,000)
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture	0
APIC, Share-based Payment Arrangement, Recognition and Exercise	$ 6,000			6,000
Stock Issued During Period, Shares, New Issues			97,600
Stock Issued During Period, Value, New Issues	992,000		$ 1,000	991,000
Preferred dividends declared	(45,000)				(45,000)
Common dividends declared	(439,000)				(439,000)
Balance, value at Sep. 30, 2026	$ 11,560,000	$ 1,968,000	$ 13,000	$ 20,827,000	$ (10,770,000)	$ (478,000)
Balance, Common Stock, shares at Sep. 30, 2026	1,261,800		1,261,800

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Assets:
Agency securities, at fair value (including pledged securities of $86,455 and $74,149, respectively)	$ 91,394	$ 81,003
Agency securities transferred to consolidated variable interest entities, at fair value (pledged securities)	0	85
Credit risk transfer securities, at fair value (including pledged securities of $468 and $558, respectively)	515	606
Non-Agency securities, at fair value, and other mortgage credit investments (including pledged securities of $7 and $13, respectively)	95	95
U.S. Treasury securities, at fair value (including pledged securities of $11,992 and $13,056, respectively)	13,028	13,477
Cash and cash equivalents	468	450
Restricted cash	1,765	1,292
Derivative assets, at fair value	851	169
Receivable for investment securities sold (including pledged securities of $198 and $149, respectively)	230	152
Receivable under reverse repurchase agreements	23,826	16,615
Goodwill and other intangible assets, net	526	526
Other assets	734	607
Total assets	133,432	115,077
Liabilities:
Repurchase Agreements	96,719	85,286
Debt of consolidated variable interest entities, at fair value	0	56
Payable for investment securities purchased	279	193
Derivative liabilities, at fair value	646	6
Dividends payable	197	182
Other liabilities	489	509
Total liabilities	121,872	102,684
Stockholders' equity:
Preferred Stock - aggregate liquidation preference of $2,033	1,968	1,968
Common stock - $0.01 par value; 2,250 shares authorized, 1,261.8 and 1,107.6 shares issued and outstanding, respectively	13	11
Additional paid-in capital	20,827	19,261
Retained deficit	(10,770)	(8,524)
Accumulated other comprehensive loss	(478)	(323)
Total stockholders' equity	11,560	12,393
Total liabilities and stockholders' equity	133,432	115,077
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 23,542	$ 16,452

Investment Securities (Summary Of Agency Securities Estimated Weighted Average Life Classifications) (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Statement [Line Items]
Fair Value	$ 91,932	$ 81,719
Amortized Cost	$ 98,178	$ 81,817
Weighted Average Coupon	5.04%	5.19%
Weighted Average Yield	4.99%	4.93%
Less Than or Equal to Three Years [Member]
Statement [Line Items]
Fair Value	$ 773	$ 4,670
Amortized Cost	$ 767	$ 4,630
Weighted Average Coupon	6.52%	6.59%
Weighted Average Yield	6.45%	5.50%
Greater Than Three Years and Less Than or Equal to Five Years [Member]
Statement [Line Items]
Fair Value	$ 1,209	$ 19,068
Amortized Cost	$ 1,263	$ 18,755
Weighted Average Coupon	4.10%	5.85%
Weighted Average Yield	4.64%	5.50%
Greater Than Five Years [Member]
Statement [Line Items]
Fair Value	$ 65,977	$ 55,562
Amortized Cost	$ 70,751	$ 56,048
Weighted Average Coupon	5.09%	4.86%
Weighted Average Yield	4.90%	4.68%
Greater Than Ten Years [Member]
Statement [Line Items]
Fair Value	$ 23,973	$ 2,419
Amortized Cost	$ 25,397	$ 2,384
Weighted Average Coupon	4.92%	4.93%
Weighted Average Yield	5.23%	5.11%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
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-Name Accounting Standards Codification
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-Subparagraph (01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 35
-Paragraph 12A
-Subparagraph (b)
-Publisher FASB
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 272
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 47: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
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Reference 50: http://www.xbrl.org/2003/role/disclosureRef
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Reference 52: http://www.xbrl.org/2003/role/disclosureRef
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Reference 55: http://www.xbrl.org/2003/role/disclosureRef
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Reference 86: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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+ Details

Summary of Significant Accounting Policies (Details)	9 Months Ended
Summary of Significant Accounting Policies (Details)	Sep. 30, 2026
Derivative [Line Items]
Required Annual Distribution of Taxable Net Income	90.00%

Pledged Assets (Securities Pledged as Collateral) (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	$ 98,634	$ 87,420
Agency Securities Pledged As Collateral Amortized Cost	104,760	87,440
Agency Securities Pledged As Collateral Accrued Interest	457	430
Maturity Less than 30 Days [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	95,731	83,600
Agency Securities Pledged As Collateral Amortized Cost	101,601	83,502
Agency Securities Pledged As Collateral Accrued Interest	446	415
Maturity 31 To 59 Days [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	1,862	3,324
Agency Securities Pledged As Collateral Amortized Cost	2,039	3,435
Agency Securities Pledged As Collateral Accrued Interest	7	13
Maturity 60 To 90 Days [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	1,041	496
Agency Securities Pledged As Collateral Amortized Cost	1,120	503
Agency Securities Pledged As Collateral Accrued Interest	4	2
Maturity over 90 days [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	0	0
Agency Securities Pledged As Collateral Amortized Cost	0	0
Agency Securities Pledged As Collateral Accrued Interest	0	0
Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	86,639	74,213
Credit Risk Transfer Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	468	558
Credit Risk Transfer Securities [Member] \| Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	468	558
US Treasury Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	12,005	13,076
US Treasury Securities [Member] \| Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	11,520	12,636
Non-Agency [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	7	13
Non-Agency [Member] \| Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	$ 7	$ 13

Derivative and Other Hedging Instruments (TBA Securities by Coupon and Issuer) (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024
Derivative [Line Items]
Derivative liability, fair value	$ (646)		$ (6)
TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(2,170)	$ (10,047)	(13,180)	$ (13,966)	$ (8,407)	$ (6,955)
Cost Basis	(2,438)		(12,917)
Net long TBA position, at fair value	(2,368)		(12,988)
TBA, net carrying value	(70)		71
SOFR Futures Contracts
Derivative [Line Items]
Derivative, Notional Amount				$ (1,200)
30 Year Maturity [Member] \| TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(1,903)		(13,032)
Cost Basis	(2,149)		(12,766)
Net long TBA position, at fair value	(2,108)		(12,837)
TBA, net carrying value	(41)		71
30 Year Maturity [Member] \| 6.5% Coupon \| TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(1,885)
Cost Basis	(1,940)
Net long TBA position, at fair value	(1,889)
TBA, net carrying value	(51)		(3)
30 Year Maturity [Member] \| 5.5% Coupon \| TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(6,453)		(1,842)
Cost Basis	(6,389)		(1,851)
Net long TBA position, at fair value	(6,156)		(1,857)
TBA, net carrying value	(233)		6
30 Year Maturity [Member] \| 5.0% Coupon \| TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount			(5,679)
Cost Basis			(5,643)
Net long TBA position, at fair value			(5,666)
TBA, net carrying value	145		23
30 Year Maturity [Member] \| 3.0% Coupon [Member] \| TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(1,213)		0
Cost Basis	(991)		0
Net long TBA position, at fair value	(942)		0
TBA, net carrying value	(49)		0
30 Year Maturity [Member] \| 3.5% Coupon [Member] \| TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	0		(452)
Cost Basis	0		(415)
Net long TBA position, at fair value	0		(417)
TBA, net carrying value	0		2
30 Year Maturity [Member] \| 4.0% Coupon [Member] \| TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	0		0
Cost Basis	0		0
Net long TBA position, at fair value	0		0
TBA, net carrying value	0		0
30 Year Maturity [Member] \| 4.5% Coupon [Member] \| TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount			(5,317)
Cost Basis			(5,156)
Net long TBA position, at fair value			(5,193)
TBA, net carrying value	168		37
30 Year Maturity [Member] \| 6.0% Coupon \| TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(985)		(1,745)
Cost Basis	(986)		(1,780)
Net long TBA position, at fair value	(965)		(1,786)
TBA, net carrying value	(21)		6
30 Year Maturity [Member] \| Short [Member] \| 6.5% Coupon \| TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount			(2,003)
Cost Basis			(2,079)
Net long TBA position, at fair value			(2,082)
30 Year Maturity [Member] \| Short [Member] \| 5.0% Coupon \| TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(3,987)
Cost Basis	(3,822)
Net long TBA position, at fair value	(3,677)
30 Year Maturity [Member] \| Short [Member] \| 4.5% Coupon [Member] \| TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(4,646)
Cost Basis	(4,335)
Net long TBA position, at fair value	(4,167)
15 Year Maturity [Member] \| TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(267)		(148)
Cost Basis	(289)		(151)
Net long TBA position, at fair value	(260)		(151)
TBA, net carrying value	(29)		0
15 Year Maturity [Member] \| 4.5% Coupon [Member] \| TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(267)		(148)
Cost Basis	(289)		(151)
Net long TBA position, at fair value	(260)		(151)
TBA, net carrying value	$ (29)		$ 0

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Financial Instruments Owned and Pledged as Collateral [Line Items]
Preferred Stock, Liquidation Preference, Value	$ 2,033,000	$ 2,033,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	2,250,000	2,250,000
Common Stock, Shares, Issued	1,261,800	1,107,600
Common Stock, Shares, Outstanding	1,261,800	1,107,600
Common Stock [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Depository shares each representing a 1/1,000th interest in a share of 7.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Title of 12(b) Security	Depositary shares of 7.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Depository shares each representing a 1/1,000th interest in a share of 6.875% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Title of 12(b) Security	Depositary shares of 6.875% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Depository shares each representing a 1/1000th interest in a share of 6.500% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Title of 12(b) Security	Depositary shares of 6.50% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Depositary shares each representing a 1/1000th interest in a share of 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Title of 12(b) Security	Depositary shares of 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Agency Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged Financial Instruments, Securities	$ 86,455,000	$ 74,149,000
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged Financial Instruments, Securities	7,000	13,000
Receivable for securities sold [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged Financial Instruments, Securities	198,000	149,000
Asset Pledged as Collateral [Member] \| Credit Risk Transfer Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged Financial Instruments, Securities	468,000	558,000
Asset Pledged as Collateral [Member] \| US Treasury Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged Financial Instruments, Securities	$ 11,992,000	$ 13,056,000

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Preferred Stock [Table Text Block]


Cumulative Redeemable Preferred Stock	Issue Date	Depositary Shares Issued and Outstanding	Carrying Value		Aggregate Liquidation Preference		Per Annum Dividend Rate 1,2	First Optional Redemption Date / Conversion Date 2,3
Fixed-to-Floating Rate:
Series C	August 22, 2017	13.0	$	315	$	325	9.16547%	October 15, 2022
Series D	March 6, 2019	9.4	227		235		8.38647%	April 15, 2024
Series E	October 3, 2019	16.1	390		403		9.04747%	October 15, 2024
Series F	February 11, 2020	23.0	557		575		8.75147%	April 15, 2025
Fixed-Rate Reset:
Series G	September 14, 2022	6.0	145		150		7.75000%	October 15, 2027
Fixed-Rate:
Series H	September 10, 2025	13.8	334		345		8.75000%	October 15, 2030
Total		81.3	$	1,968	$	2,033

________________________________

3.Shares may be redeemed prior to our optional redemption date under certain circumstances intended to preserve our qualification as a REIT for U.S. federal income tax purposes.

Schedule of Stock by Class [Table Text Block]

ended September 30, 2026 and 2025 (in millions, except for per share data).

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes changes to accumulated OCI for the three and nine months ended September 30, 2026 and 2025 (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
Accumulated Other Comprehensive Income (Loss)	2026		2025		2026		2025
Beginning Balance	$	(338)	$	(450)	$	(323)	$	(591)
OCI before reclassifications	(140)		61		(161)		188
Net (gain) loss amounts for available-for-sale securities reclassified from accumulated OCI to realized gain (loss) on sale of investment securities, net	—		—		6		14
Ending Balance	$	(478)	$	(389)	$	(478)	$	(389)

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-11

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

+ Details

Income Taxes (Details)	9 Months Ended
Income Taxes (Details)	Sep. 30, 2026
Investments, Owned, Federal Income Tax Note [Line Items]
Required Annual Distribution of Taxable Net Income	90.00%

Pledged Assets (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Pledged Assets [Abstract]
Retained Interests in Consolidated VIE's Pledged as Collateral Under Repurchase Agreements		$ 30
Risk Of Repurchase Agreement To Stockholders Equity	2.00%

Investment Securities

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Investment Securities

As of September 30, 2026 and December 31, 2025, our investment portfolio consisted of $91.9 billion and $81.7 billion of investment securities, at fair value, respectively, $2.4 billion and $13.0 billion of net TBA securities, at fair value, respectively, and other mortgage credit investments of $72 million and $70 million, respectively, which we account for under the equity method of accounting. Our TBA position is reported at its net carrying value totaling $(70) million and $71 million as of September 30, 2026 and December 31, 2025, respectively, in derivative assets / (liabilities) on our accompanying consolidated balance sheets. The net carrying value of our TBA position represents the difference between the fair value of the underlying security and the cost basis or the forward price to be paid or received for the underlying security.

As of September 30, 2026 and December 31, 2025, our investment securities had a net unamortized premium balance of $0.3 billion and $1.0 billion, respectively.

The following tables summarize our investment securities as of September 30, 2026 and December 31, 2025, excluding TBA securities and other mortgage credit investments (dollars in millions). Details of our TBA securities are included in Note 5.


	September 30, 2026				December 31, 2025
Investment Securities	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Agency RMBS:
Fixed rate	$	92,931	$	86,874	$	77,643	$	77,483
Adjustable rate	796		778		858		867
CMO	73		69		85		83
Interest-only and principal-only strips	121		110		122		116
Multifamily	3,750		3,563		2,521		2,539
Total Agency RMBS	97,671		91,394		81,229		81,088
Non-Agency RMBS 1	16		14		16		15
CMBS	10		9		11		10
CRT securities	481		515		561		606
Total investment securities	$	98,178	$	91,932	$	81,817	$	81,719


	September 30, 2026										December 31, 2025
			Non-Agency 1										Non-Agency 1
Investment Securities	Agency RMBS		RMBS		CMBS		CRT		Total		Agency RMBS		RMBS		CMBS		CRT		Total
Available-for-sale securities:
Par value 2	$	3,098	$	—	$	—	$	—	$	3,098	$	3,517	$	—	$	—	$	—	$	3,517
Unamortized discount	—		—		—		—		—		—		—		—		—		—
Unamortized premium	185		—		—		—		185		210		—		—		—		210
Amortized cost	3,283		—		—		—		3,283		3,727		—		—		—		3,727
Gross unrealized gains	—		—		—		—		—		—		—		—		—		—
Gross unrealized losses	(478)		—		—		—		(478)		(323)		—		—		—		(323)
Total available-for-sale securities, at fair value	2,805		—		—		—		2,805		3,404		—		—		—		3,404
Securities remeasured at fair value through earnings:
Par value 2	94,314		18		11		476		94,819		76,729		18		11		555		77,313
Unamortized discount	(1,137)		(3)		(1)		(7)		(1,148)		(521)		(3)		—		(10)		(534)
Unamortized premium	1,211		1		—		12		1,224		1,294		1		—		16		1,311
Amortized cost	94,388		16		10		481		94,895		77,502		16		11		561		78,090
Gross unrealized gains	3		—		—		34		37		1,129		1		—		45		1,175
Gross unrealized losses	(5,802)		(2)		(1)		—		(5,805)		(947)		(2)		(1)		—		(950)
Total securities remeasured at fair value through earnings	88,589		14		9		515		89,127		77,684		15		10		606		78,315
Total securities, at fair value	$	91,394	$	14	$	9	$	515	$	91,932	$	81,088	$	15	$	10	$	606	$	81,719

________________________________

1.Non-Agency amounts exclude other mortgage credit investments of $72 million and $70 million as of September 30, 2026 and December 31, 2025, respectively.

2.Par value excludes interest-only securities. As of September 30, 2026 and December 31, 2025, Agency RMBS interest-only securities had a par value of $6,388 million and $4,475 million, respectively, and non-Agency interest-only securities had a par value of $16 million and $16 million, respectively.

The following table presents the Company’s Agency RMBS portfolio by issuing GSE or U.S. Government agency at fair value as of September 30, 2026 and December 31, 2025 (in millions):



Investment Type	September 30, 2026		December 31, 2025
Fannie Mae	$	48,026	$	43,148
Freddie Mac	43,279		37,670
Ginnie Mae	89		270
Total	$	91,394	$	81,088

As of September 30, 2026 and December 31, 2025, our investments in CRT and non-Agency securities had the following credit ratings (in millions):


	September 30, 2026						December 31, 2025
CRT and Non-Agency Security Credit Ratings 1	CRT		RMBS 2		CMBS		CRT		RMBS 2		CMBS
AAA	$	—	$	1	$	—	$	—	$	1	$	—
AA	8		—		—		13		—		—
A	—		1		—		—		—		—
BBB	13		1		5		—		2		5
BB	23		—		—		46		—		—
B	10		—		—		11		—		5
Not Rated	461		11		4		536		12		—
Total	$	515	$	14	$	9	$	606	$	15	$	10

________________________________

1.Represents the lowest of Standard and Poor’s (“S&P”), Moody’s, Fitch, DBRS, Kroll Bond Rating Agency (“KBRA”) and Morningstar credit ratings, stated in terms of the S&P equivalent rating as of each date.

2.RMBS excludes other mortgage credit investments of $72 million and $70 million as of September 30, 2026 and December 31, 2025, respectively.

Our CRT securities primarily reference the performance of single-family and multifamily mortgage loans underlying Agency RMBS and CMBS issued by Fannie Mae or Freddie Mac, which are subject to the respective agency’s underwriting standards. The remainder of our CRT holdings reference single-family loans originated and issued by third-party market participants and may not be subject to the same standards.

The actual maturities of our investment securities are generally shorter than their stated contractual maturities. The actual maturities of our Agency and high credit quality non-Agency RMBS are primarily affected by principal prepayments and to a lesser degree the contractual lives of the underlying mortgages and periodic contractual principal repayments. The actual maturities of our credit-oriented investments are primarily impacted by their contractual lives and default and loss recovery rates. As of September 30, 2026 and December 31, 2025, the weighted average expected constant prepayment rate (“CPR”) over the remaining life of our Agency and high credit quality non-Agency RMBS investment portfolio was 6.7% and 9.6%, respectively. Our estimates can differ materially for different securities and thus our individual holdings have a wide range of projected CPRs. The following table summarizes our investments as of September 30, 2026 and December 31, 2025 according to their estimated weighted average life classification (dollars in millions):


	September 30, 2026						December 31, 2025
Estimated Weighted Average Life of Investment Securities 1	Fair Value		Amortized Cost		Weighted Average Coupon	Weighted Average Yield	Fair Value		Amortized Cost		Weighted Average Coupon	Weighted Average Yield
≤ 3 years	$	773	$	767	6.52%	6.45%	$	4,670	$	4,630	6.59%	5.50%
> 3 years and ≤ 5 years	1,209		1,263		4.10%	4.64%	19,068		18,755		5.85%	5.50%
> 5 years and ≤ 10 years	65,977		70,751		5.09%	4.90%	55,562		56,048		4.86%	4.68%
> 10 years	23,973		25,397		4.92%	5.23%	2,419		2,384		4.93%	5.11%
Total	$	91,932	$	98,178	5.04%	4.99%	$	81,719	$	81,817	5.19%	4.93%

________________________________

1.Table excludes other mortgage credit investments of $72 million and $70 million as of September 30, 2026 and December 31, 2025, respectively.

The following table presents the gross unrealized loss and fair values of securities classified as available-for-sale by length of time that such securities have been in a continuous unrealized loss position as of September 30, 2026 and December 31, 2025 (in millions):


	Unrealized Loss Position For
	Less than 12 Months				12 Months or More				Total
Securities Classified as Available-for-Sale	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
September 30, 2026	$	—	$	—	$	2,795	$	(478)	$	2,795	$	(478)
December 31, 2025	$	—	$	—	$	3,391	$	(323)	$	3,391	$	(323)

Gains and Losses on Sale of Investment Securities

The following table is a summary of our net gain (loss) from the sale of investment securities for the three and nine months ended September 30, 2026 and 2025 by investment classification of accounting (in millions):


	Three Months Ended September 30,
	2026						2025
Investment Securities	Available-for-Sale Securities 2		Fair Value Option Securities		Total		Available-for-Sale Securities 2		Fair Value Option Securities		Total
Investment securities sold, at cost	$	—	$	(1,483)	$	(1,483)	$	—	$	(8,055)	$	(8,055)
Proceeds from investment securities sold 1	—		1,466		1,466		—		7,974		7,974
Net gain (loss) on sale of investment securities	$	—	$	(17)	$	(17)	$	—	$	(81)	$	(81)

Gross gain on sale of investment securities	$	—	$	6	$	6	$	—	$	66	$	66
Gross loss on sale of investment securities	—		(23)		(23)		—		(147)		(147)
Net gain (loss) on sale of investment securities	$	—	$	(17)	$	(17)	$	—	$	(81)	$	(81)

	Nine Months Ended September 30,
	2026						2025
Investment Securities	Available-for-Sale Securities 2,3		Fair Value Option Securities		Total		Available-for-Sale Securities 2,3		Fair Value Option Securities		Total
Investment securities sold, at cost	$	(93)	$	(22,572)	$	(22,665)	$	(109)	$	(20,959)	$	(21,068)
Proceeds from investment securities sold 1	87		22,619		22,706		95		20,470		20,565
Net gain (loss) on sale of investment securities	$	(6)	$	47	$	41	$	(14)	$	(489)	$	(503)

Gross gain on sale of investment securities	$	—	$	131	$	131	$	—	$	99	$	99
Gross loss on sale of investment securities	(6)		(84)		(90)		(14)		(588)		(602)
Net gain (loss) on sale of investment securities	$	(6)	$	47	$	41	$	(14)	$	(489)	$	(503)

________________________________

1.Proceeds include cash received during the period, plus receivable for investment securities sold during the period as of period end.

2.See Note 9 for a summary of changes in accumulated OCI.

3.During the nine months ended September 30, 2026 and 2025, we received principal repayments on available-for-sale securities of $333 million and $408 million, respectively.

Derivative and Other Hedging Instruments (Effect Of Derivative Instruments Not Designated As Hedges On Comprehensive Income Statement) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Amount Gain/(Loss) Recognized in Income on Derivatives	$ 3,293	$ (53)	$ 4,162	$ (1,433)
Interest Rate Swaption [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount		0		0			$ (2,000)
Additions		0		1,500
Settlement, Expirations or Exercise		(2,000)		(3,500)
Amount Gain/(Loss) Recognized in Income on Derivatives		(1)		(29)
TBA and Forward Settling Agency Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(2,170)	(13,966)	(2,170)	(13,966)	$ (10,047)	$ (13,180)	(8,407)	$ (6,955)
Additions	28,827	53,321	133,892	116,987
Settlement, Expirations or Exercise				(109,976)
Amount Gain/(Loss) Recognized in Income on Derivatives	(106)	150	(196)	238
Purchases Of TBAs And Forward Settling Agency Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Settlement, Expirations or Exercise	(36,704)	(47,762)	(144,902)
Interest Rate Swap [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Additions	4,156	6,750	55,176	17,500
Settlement, Expirations or Exercise	(3,300)	(3,750)	(45,200)	(9,050)
Notional Amount	(74,608)		(74,608)
Amount Gain/(Loss) Recognized in Income on Derivatives	2,205	(27)	3,300	(832)
Receiver Swaption [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(6,250)	(7,000)	(6,250)	(7,000)	(7,750)	(7,000)	(150)	(150)
Additions	4,500	7,000	8,250	7,000
Settlement, Expirations or Exercise	6,000	(150)	9,000	150
Amount Gain/(Loss) Recognized in Income on Derivatives	(34)	(15)	(55)	(15)
Credit Default Swap, Buying Protection
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Additions	1,000		1,000
Settlement, Expirations or Exercise	(500)		(500)
Amount Gain/(Loss) Recognized in Income on Derivatives	0		0
SOFR Futures Contracts
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount		(1,200)		(1,200)
Not Designated as Hedging Instrument [Member] \| Interest Rate Swaption [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount								(2,000)
Not Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(74,608)	(48,096)	(74,608)	(48,096)	(73,752)	(64,632)	(45,096)	(39,646)
Not Designated as Hedging Instrument [Member] \| Credit Default Swap, Buying Protection
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(500)		(500)		0	0
Short [Member] \| US Treasury Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(25,175)	(20,714)	(25,175)	(20,714)	(18,370)	(16,378)	(21,396)	(17,792)
Additions	10,449	4,543	20,788	16,335
Settlement, Expirations or Exercise	(3,644)	(5,225)	(11,991)	(13,413)
Amount Gain/(Loss) Recognized in Income on Derivatives	1,142	(148)	1,401	(747)
Long [Member] \| US Treasury Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Amount Gain/(Loss) Recognized in Income on Derivatives	(164)	15	(298)	75
Debt Securities, Trading, and Equity Securities, FV-NI	13,375	5,896	13,375	5,896	12,500	13,458	3,545	1,585
Trading Securities Added During the Period	2,197	5,780	28,004	15,136
Notional Amount Of Trading Securities Settlement Expiration During The Period	(1,322)	(3,429)	(28,087)	(10,825)
Long [Member] \| SOFR Futures Contracts
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Amount Gain/(Loss) Recognized in Income on Derivatives	6	8	2	21
Future [Member] \| US Treasury Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(503)		(503)			(1,396)
Future [Member] \| Short [Member] \| US Treasury Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(7,170)	(1,597)	(7,170)	(1,597)	(4,920)	(3,210)	$ (1,964)	(4,373)
Additions	8,919	2,255	18,758	9,060
Settlement, Expirations or Exercise	(6,669)	(2,622)	(14,798)	(11,836)
Amount Gain/(Loss) Recognized in Income on Derivatives	551	(27)	555	(110)
Future [Member] \| Long [Member] \| US Treasury Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(6,667)	$ 0	(6,667)	0	$ (8,667)	$ (4,606)		$ 0
Additions	11,417		48,616	1,350
Settlement, Expirations or Exercise	(13,417)		(46,555)	(1,350)
Amount Gain/(Loss) Recognized in Income on Derivatives	$ (301)		$ (545)	$ (13)

Summary of Significant Accounting Policies (Policy)	9 Months Ended
Summary of Significant Accounting Policies (Policy)	Sep. 30, 2026
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reverse Repurchase Agreements Policy [Policy Text Block]	Reverse Repurchase Agreements and Obligation to Return Securities Borrowed under Reverse Repurchase Agreements We borrow securities to cover short sales of U.S. Treasury securities through reverse repurchase transactions (see Derivative Instruments below). We account for these as securities borrowing transactions and recognize an obligation to return the borrowed securities at fair value on the balance sheet based on the value of the underlying borrowed securities as of the reporting date. We may also enter into reverse repurchase agreements to earn a yield on excess cash balances. The securities received as collateral in connection with our reverse repurchase agreements mitigate our credit risk exposure to counterparties. Our reverse repurchase agreements typically have maturities of 30 days or less.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements We consider the applicability and impact of all ASUs issued by the FASB. There are no unadopted ASUs that are expected to have a significant impact on our consolidated financial statements when adopted or other recently adopted ASUs that had a significant impact on our consolidated financial statements upon adoption.
Investment Securities	Investment Securities Agency RMBS consist of residential mortgage pass-through securities and collateralized mortgage obligations (“CMOs”) guaranteed by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac,” and together with Fannie Mae, the “GSEs”) or the Government National Mortgage Association (“Ginnie Mae”). Agency multifamily MBS consist of securities backed by one or more mortgage loans secured by one or more multifamily properties that are similarly guaranteed by a GSE. Our investments in Agency multifamily MBS primarily consist of securities issued under Fannie Mae’s Delegated Underwriting and Servicing (“DUS”) program, which are generally backed by a single mortgage loan secured by a single property and include lender risk-sharing. CRT securities are risk sharing instruments issued by the GSEs, and similarly structured transactions issued by third-party market participants, that synthetically transfer a portion of the risk associated with credit losses within pools of conventional residential and multifamily mortgage loans from the GSEs and/or third parties to private investors. Unlike Agency RMBS and Agency multifamily MBS, full repayment of the original principal balance of CRT securities is not guaranteed by a GSE or U.S. Government agency; rather, “credit risk transfer” is achieved by writing down the outstanding principal balance of the CRT securities if credit losses on a related pool of loans exceed certain thresholds. By reducing the principal amount that they are obligated to repay to holders of CRT securities, the GSEs and/or other third parties offset credit losses on the related loans. Non-Agency RMBS and CMBS (together, “non-Agency MBS”) are backed by residential and commercial mortgage loans, respectively, packaged and securitized by a private institution, such as a commercial bank. Non-Agency MBS typically benefit from credit enhancements derived from structural elements, such as subordination, over-collateralization or insurance, but nonetheless carry a higher level of credit exposure than Agency RMBS. All of our securities are reported at fair value on our consolidated balance sheet. Accounting Standards Codification (“ASC”) Topic 320, Investments—Debt Securities, requires that at the time of purchase, we designate a security as held-to-maturity, available-for-sale or trading, depending on our ability and intent to hold such security to maturity. Alternatively, we may elect the fair value option of accounting for securities pursuant to ASC Topic 825, Financial Instruments. Prior to fiscal year 2017, we primarily designated our investment securities as available-for-sale. On January 1, 2017, we began electing the fair value option of accounting for all investment securities newly acquired after such date. Unrealized gains and losses on securities classified as available-for-sale are reported in accumulated other comprehensive income (“OCI”), whereas unrealized gains and losses on securities for which we elected the fair value option, or are classified as trading, are reported in net income through other gain (loss). Upon the sale of a security designated as available-for-sale, we determine the cost of the security and the amount of unrealized gain or loss to reclassify out of accumulated OCI into earnings based on the specific identification method. In our view, the election of the fair value option simplifies the accounting for investment securities and more appropriately reflects the results of our operations for a reporting period by presenting the fair value changes for these assets in a manner consistent with the presentation and timing of the fair value changes for our derivative instruments. We generally recognize gains or losses through net income on available-for-sale securities only if the security is sold; however, if the fair value of a security declines below its amortized cost and we determine that it is more likely than not that we will incur a realized loss on the security when we sell the asset, we will recognize the difference between the amortized cost and the fair value in net income as a component of other gain (loss). We did not recognize any loss on available-for-sale securities through net income that we held as of September 30, 2026 because, as of such date, we neither intended to sell any securities in an unrealized loss position nor was it more likely than not that we would be required to sell such securities before recovery of their amortized cost basis. Since all of our available-for-sale designated securities consist of Agency RMBS, we do not have an allowance for credit losses. We have not recognized impairment losses on our available-for-sale securities through net income for the periods presented in our consolidated financial statements.
Interest Income	Interest Income Interest income is accrued based on the outstanding principal amount of the investment securities and their contractual terms. Premiums or discounts associated with the purchase of Agency RMBS and non-Agency MBS of high credit quality are amortized or accreted into interest income, respectively, over the projected lives of the securities, including contractual payments and estimated prepayments, using the effective interest method in accordance with ASC Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs. We estimate long-term prepayment speeds of our mortgage securities using a third-party service and market data. The third-party service provider estimates prepayment speeds using models that incorporate the forward yield curve, primary to secondary mortgage rate spreads, current mortgage rates, mortgage rates of the outstanding loans, age and size of the outstanding loans, loan-to-value ratios, interest rate volatility and other factors. We review the prepayment speeds estimated by the third-party service for reasonableness with consideration given to both historical prepayment speeds and current market conditions. If, based on our assessment, we believe that the third-party model does not fully reflect our expectations of the current prepayment landscape, we may make adjustments to the models. We review our actual and anticipated prepayment experience on at least a quarterly basis and effective yields are recalculated when differences arise between (i) our previous estimate of future prepayments and (ii) actual prepayments to date and our current estimate of future prepayments. We are required to record an adjustment in the current period to premium amortization / discount accretion for the cumulative effect of the difference in the effective yields as if the recalculated yield had been in place as of the security’s acquisition date through the reporting date. At the time we purchase CRT securities and non-Agency MBS that are not of high credit quality, we determine an effective yield based on our estimate of the timing and amount of future cash flows and our cost basis. Our initial cash flow estimates for these investments are based on our observations of current information and events and include assumptions related to interest rates, prepayment rates, collateral call provisions, and the impact of default and severity rates on the timing and amount of credit losses. On at least a quarterly basis, we review the estimated cash flows and make appropriate adjustments based on inputs and analysis received from external sources, internal models, and our judgment regarding such inputs and other factors. Any resulting changes in effective yield are recognized prospectively based on the current amortized cost of the investment adjusted for credit impairments, if any.
Repurchase and Resale Agreements Policy [Policy Text Block]	Repurchase Agreements We finance the acquisition of securities for our investment portfolio primarily through repurchase agreements with our lending counterparties. Repurchase arrangements involve the sale and a simultaneous agreement to repurchase the securities at a future date. We maintain a beneficial interest in the specific securities pledged during the term of each repurchase arrangement and we receive the related principal and interest payments. Pursuant to ASC Topic 860, Transfers and Servicing, we account for repurchase agreements as collateralized financing transactions, which are carried at their contractual amounts (cost), plus accrued interest. Our repurchase agreements typically have maturities of less than one year.
Derivative Instruments	Derivative Instruments We use a variety of derivative instruments to hedge a portion of our exposure to market risks, including interest rate, prepayment, extension and liquidity risks. The objective of our risk management strategy is to reduce fluctuations in net book value over a range of interest rate scenarios. In particular, we attempt to mitigate the risk of the cost of our variable rate liabilities increasing during a period of rising interest rates. The primary instruments that we use are interest rate swaps, options to enter into interest rate swaps (“swaptions”), U.S. Treasury securities and U.S. Treasury futures contracts. We also use forward contracts in the Agency RMBS “to-be-announced” market, or TBA securities, to invest in and finance Agency securities and to periodically reduce our exposure to Agency RMBS. We account for derivative instruments in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASC 815 requires an entity to recognize all derivatives as either assets or liabilities in our accompanying consolidated balance sheets and to measure those instruments at fair value. None of our derivative instruments have been designated as hedging instruments for accounting purposes under the provisions of ASC 815; consequently, changes in the fair value of our derivative instruments are reported in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. Our derivative agreements generally contain provisions that allow for netting or setting off derivative assets and liabilities with the counterparty; however, we report related assets and liabilities on a gross basis in our consolidated balance sheets. Derivative instruments in a gain position are reported as derivative assets at fair value and derivative instruments in a loss position are reported as derivative liabilities at fair value in our consolidated balance sheets. Changes in fair value of derivative instruments and periodic settlements related to our derivative instruments are recorded in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. Net cash receipts from and payments on our derivative instruments are classified in our consolidated statements of cash flows according to the underlying nature or purpose of the derivative transaction, generally in the investing section. Interest rate swap agreements We use interest rate swaps to economically hedge the variable cash flows associated with our borrowings made under repurchase agreements. Under our interest rate swap agreements, we typically pay a fixed rate and receive a floating rate (“payer swaps”) based on a short-term benchmark rate, such as the Secured Overnight Financing Rate (“SOFR”) and Overnight Index Swap Rate (“OIS”). Our interest rate swaps typically have terms from one to 10 years. Our interest rate swaps are centrally cleared through a registered commodities exchange. The clearing exchange requires that we post an “initial margin” amount determined by the exchange. The initial margin amount is intended to be set at a level sufficient to protect the exchange from the interest rate swap’s maximum estimated single-day price movement and is subject to adjustment based on changes in market volatility and other factors. We also exchange daily settlements of “variation margin” based upon changes in fair value, as measured by the exchange. Pursuant to rules governing central clearing activities, we recognize variation margin settlements as a direct reduction of the carrying value of the interest rate swap asset or liability. Interest rate swaptions We purchase interest rate swaptions to help mitigate the potential impact of larger, more rapid changes in interest rates on the performance of our investment portfolio. Interest rate swaptions provide us the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future. Our interest rate swaption agreements are not subject to central clearing. The difference between the premium paid and the fair value of the swaption is reported in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. If a swaption expires unexercised, the realized loss on the swaption would be equal to the premium paid. If we sell or exercise a swaption, the realized gain or loss on the swaption would be equal to the difference between the cash or the fair value of the underlying interest rate swap and the premium paid. TBA securities A TBA security is a forward contract for the purchase or sale of Agency RMBS at a predetermined price, face amount, issuer, coupon and stated maturity on an agreed-upon future date. The specific Agency RMBS to be delivered into the contract are not known until shortly before the settlement date. We may choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting TBA position, net settling the offsetting positions for cash, and simultaneously purchasing or selling a similar TBA contract for a later settlement date (together referred to as a “dollar roll transaction”). The Agency securities purchased or sold for a forward settlement date are typically priced at a discount to equivalent securities settling in the current month. This difference, or “price drop,” is the economic equivalent of interest income on the underlying Agency securities, less an implied funding cost, over the forward settlement period (referred to as “dollar roll income”). Consequently, forward purchases of Agency securities and dollar roll transactions represent a form of off-balance sheet financing. We account for TBA contracts as derivative instruments since either the TBA contracts do not settle in the shortest period of time possible or we cannot assert that it is probable at inception and throughout the term of the TBA contract that we will physically settle the contract on the settlement date. We account for TBA dollar roll transactions as a series of derivative transactions. U.S. Treasury securities and U.S. Treasury futures contracts We use U.S. Treasury securities and U.S. Treasury futures contracts to mitigate the potential impact of changes in interest rates on the performance of our portfolio. We enter into short-sales of U.S. Treasury securities by borrowing the securities under reverse repurchase agreements and selling them into the market. We account for these as securities borrowing transactions and recognize an obligation to return the borrowed securities at fair value on our accompanying consolidated balance sheets based on the value of the underlying U.S. Treasury security as of the reporting date. Treasury futures contracts are standardized contracts that obligate us to sell or buy U.S. Treasury securities for future delivery. Gains and losses associated with U.S. Treasury securities and U.S. Treasury futures contracts are recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income.
Fair Value Measurement, Policy	Fair Value Measurements We determine the fair value of financial instruments based on our estimate of the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. We utilize a three-level valuation hierarchy for disclosure of fair value measurements based upon the transparency of inputs to the valuation of the instrument as of the measurement date. We categorize a financial instrument within the hierarchy based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows: •Level 1 Inputs —Quoted prices (unadjusted) for identical unrestricted assets and liabilities in active markets that are accessible at the measurement date. •Level 2 Inputs —Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. •Level 3 Inputs —Instruments with primarily unobservable market data that cannot be corroborated. The majority of our financial instruments are classified as Level 2 inputs. The availability of observable inputs can be affected by a wide variety of factors, including the type of instrument, whether the instrument is new and not yet established in the marketplace and other characteristics particular to the instrument. We typically obtain price estimates from multiple third-party pricing sources, such as pricing services and dealers, or, if applicable, from the registered clearing exchange. We make inquiries of third-party pricing sources to understand the significant inputs and assumptions they used to determine their prices and that they are derived from orderly transactions, particularly during periods of elevated market turbulence and reduced market liquidity. We also review third-party price estimates and perform procedures to validate their reasonableness, including an analysis of the range of estimates for each position, comparison to recent trade activity for similar securities and for consistency with market conditions observed as of the measurement date. While we do not adjust prices we obtain from pricing sources, we will exclude prices for securities from our estimation of fair value if we determine based on our validation procedures and our market knowledge and expertise that the price is significantly different from what observable market data would indicate and we cannot obtain an understanding from the third-party source as to the significant inputs used to determine the price. The following is a description of the valuation methodologies used for financial instruments measured at fair value on a recurring basis classified as Level 2 inputs. These instruments trade in active markets such that participants transact with sufficient frequency and volume to provide transparent pricing information on an ongoing basis. The liquidity of these markets and the similarity of our instruments to those actively traded enable our pricing sources and us to utilize the observed quoted prices as a basis for formulating fair value measurements. Investment securities - are valued based on prices obtained from multiple third-party pricing sources. The pricing sources utilize various valuation approaches, including market and income approaches. For Agency RMBS, the pricing sources primarily utilize a matrix pricing technique that interpolates the estimated fair value based on observed quoted prices for TBA securities having the same coupon, maturity and issuer, adjusted to reflect the specific characteristics of the pool of mortgages underlying the Agency security, such as maximum loan balance, loan vintage, loan-to-value ratio, geography and other characteristics as may be appropriate. For other investment securities, the pricing sources primarily utilize discounted cash flow model-derived pricing techniques to estimate the fair value. Such models incorporate market-based discount rate assumptions based on observable inputs such as recent trading activity, credit data, volatility statistics, benchmark interest rate curves, spread measurements to benchmark curves and other market data that are current as of the measurement date and may include certain unobservable inputs, such as assumptions of future levels of prepayment, defaults and loss severities. TBA securities - are valued using prices obtained from third-party pricing sources based on pricing models that reference recent trading activity. Interest rate swaps - are valued using the daily settlement price, or fair value, determined by the clearing exchange based on a pricing model that references observable market inputs, including current benchmark rates and the forward yield curve. Interest rate swaptions - are valued using prices obtained from the counterparty and other third-party pricing models. The pricing models are based on the value of the future interest rate swap that we have the option to enter into as well as the remaining length of time that we have to exercise the option based on observable market inputs, adjusted for non-performance risk, if any. U.S. Treasury securities and futures are valued based on quoted prices for identical instruments in active markets and are classified as Level 1 assets. None of our financial instruments are classified as Level 3 inputs.

- Definition

Disclosure of accounting policy for its derivative instruments and hedging activities.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Pledged Assets

9 Months Ended

Sep. 30, 2026

Pledged Assets [Abstract]

Pledged Assets

Our funding agreements require us to fully collateralize our obligations based on our counterparties’ collateral requirements and their determination of the fair value of the securities pledged, which fluctuates with changes in interest rates, credit spreads, liquidity, and overall market conditions.

Bilateral funding agreements typically include a “haircut,” or discount applied to the market value of pledged collateral, which reflects the risk characteristics of the underlying securities. Haircuts are determined on a transaction-specific basis and are not contractually fixed under the applicable Master Repurchase Agreement.

Margin requirements for centrally cleared repurchase agreements executed through the FICC are determined in accordance with the FICC’s clearing rules. These include an initial margin requirement, calculated daily using a Value-at-Risk (“VaR”) model, which takes into account any offsetting risk sensitivities of positions such as repos and reverse repos and is intended to protect the FICC against potential future exposure from a member default. The FICC also imposes variation margin based on amounts borrowed plus accrued interest, adjusted daily for fluctuations in collateral value, which is intended to cover our current repo exposure. Initial margin posted to the FICC may also be mutualized, meaning it can be used to absorb losses from the default of another clearing member, subject to applicable caps and withdrawal provisions.

We are also required to post collateral under our derivative agreements. These agreements typically require the posting of initial margin at inception and the daily exchange of variation margin as market values change. Initial margin for derivatives is generally based on counterparty risk models, including VaR-based approaches, and is intended to cover potential future exposure in the event of a default. Variation margin reflects current exposure and serves to settle gains and losses on a daily basis.

Our funding and derivative agreements expose us to credit risk in the event a counterparty fails to perform its obligations. We seek to mitigate this risk by actively monitoring our collateral positions and limiting our counterparties to registered clearinghouses and regulated financial institutions, including banks and broker-dealers (both bank affiliated and independent) with acceptable credit ratings. In the event of a counterparty default, we may experience delays or losses in recovering pledged collateral or receiving payments due. We believe the credit risk associated with centrally cleared transactions is limited by the clearinghouses’ daily margin practices, mutualized loss protections, designations as systemically important financial market utilities, and other risk management safeguards.

As of September 30, 2026, our maximum amount at risk with any counterparty related to our repurchase agreements (i.e., the excess/shortfall of the value of collateral pledged/received over our repurchase agreement liabilities/reverse repurchase agreement receivables), excluding the FICC, was less than 2% of our tangible stockholders’ equity. As of September 30, 2026, less than 14% of our tangible stockholders’ equity was at risk with the FICC.

Assets Pledged to Counterparties

The following tables summarize our assets pledged as collateral under our funding, derivative and brokerage and clearing agreements by type, including securities pledged related to securities sold but not yet settled, as of September 30, 2026 and December 31, 2025 (in millions):


	September 30, 2026
Assets Pledged to Counterparties 1	Repurchase Agreements		Debt of Consolidated VIEs		Derivative Agreements and Other		Total
Agency RMBS - fair value	$	86,639	$	—	$	14	$	86,653
CRT - fair value	468		—		—		468
Non-Agency - fair value	7		—		—		7
U.S. Treasury securities - fair value	11,520		—		485		12,005
Accrued interest on pledged securities	457		—		2		459
Restricted cash	505		—		1,260		1,765
Total	$	99,596	$	—	$	1,761	$	101,357


	December 31, 2025
Assets Pledged to Counterparties 1	Repurchase Agreements 2		Debt of Consolidated VIEs		Derivative Agreements and Other		Total
Agency RMBS - fair value	$	74,213	$	85	$	115	$	74,413
CRT - fair value	558		—		—		558
Non-Agency - fair value	13		—		—		13
U.S. Treasury securities - fair value	12,636		—		440		13,076
Accrued interest on pledged securities	430		—		4		434
Restricted cash	44		—		1,248		1,292
Total	$	87,894	$	85	$	1,807	$	89,786

________________________________

1.Includes repledged assets received as collateral from counterparties and securities sold but not yet settled.

2.Includes $30 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of December 31, 2025.

The following table summarizes our securities pledged as collateral under our repurchase agreements by the remaining maturity of our borrowings, including securities pledged related to sold but not yet settled securities, as of September 30, 2026 and December 31, 2025 (in millions). For the corresponding borrowings associated with the following amounts and the interest rates thereon, refer to Note 4.


	September 30, 2026						December 31, 2025
Securities Pledged by Remaining Maturity of Repurchase Agreements	Fair Value of Pledged Securities		Amortized Cost of Pledged Securities		Accrued Interest on Pledged Securities		Fair Value of Pledged Securities 1		Amortized Cost of Pledged Securities		Accrued Interest on Pledged Securities
≤ 1 month	$	95,731	$	101,601	$	446	$	83,600	$	83,502	$	415
> 1 and ≤ 2 months	1,862		2,039		7		3,324		3,435		13
> 2 and ≤ 3 months	1,041		1,120		4		496		503		2
> 3 months	—		—		—		—		—		—
Total	$	98,634	$	104,760	$	457	$	87,420	$	87,440	$	430

________________________________

1.Includes $30 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of December 31, 2025.

Assets Pledged from Counterparties

As of September 30, 2026 and December 31, 2025, we had assets pledged to us from counterparties as collateral under our reverse repurchase and derivative agreements summarized in the tables below (in millions).


	September 30, 2026								December 31, 2025
Assets Pledged to AGNC	Reverse Repurchase Agreements		Derivative Agreements		Repurchase Agreements		Total		Reverse Repurchase Agreements		Derivative Agreements		Repurchase Agreements		Total
Agency securities - fair value	$	—	$	—	$	—	$	—	$	—	$	—	$	33	$	33
U.S. Treasury securities - fair value	23,414		—		2		23,416		16,429		—		10		16,439
Cash	—		18		42		60		—		100		19		119
Total	$	23,414	$	18	$	44	$	23,476	$	16,429	$	100	$	62	$	16,591

Offsetting Assets and Liabilities

Certain of our repurchase agreements and derivative transactions are governed by underlying agreements that generally provide for a right of setoff under master netting arrangements (or similar agreements), including in the event of default or in the event of bankruptcy of either party to the transactions. We present our assets and liabilities subject to such arrangements on a gross basis in our consolidated balance sheets. The following tables present information about our assets and liabilities that are subject to master netting arrangements and can potentially be offset on our consolidated balance sheets as of September 30, 2026 and December 31, 2025 (in millions):


	Offsetting of Financial and Derivative Assets
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets				Net Amount
							Financial Instruments		Collateral Received 2
September 30, 2026
Interest rate swap and swaption agreements, at fair value 1	$	81	$	—	$	81	$	—	$	(18)	$	63
TBA securities, at fair value 1	386		—		386		(386)		—		—
Receivable under reverse repurchase agreements	23,826		—		23,826		(12,130)		(11,696)		—
Total	$	24,293	$	—	$	24,293	$	(12,516)	$	(11,714)	$	63

December 31, 2025
Interest rate swap and swaption agreements, at fair value 1	$	81	$	—	$	81	$	—	$	(24)	$	57
TBA securities, at fair value 1	77		—		77		(6)		(71)		—
Receivable under reverse repurchase agreements	16,615		—		16,615		(12,503)		(4,112)		—
Total	$	16,773	$	—	$	16,773	$	(12,509)	$	(4,207)	$	57


	Offsetting of Financial and Derivative Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets				Net Amount
							Financial Instruments		Collateral Pledged 2
September 30, 2026

TBA securities, at fair value 1	$	456	$	—	$	456	$	(386)	$	(70)	$	—
Repurchase agreements	96,719		—		96,719		(12,130)		(84,589)		—
Total	$	97,175	$	—	$	97,175	$	(12,516)	$	(84,659)	$	—

December 31, 2025

TBA securities, at fair value 1	$	6	$	—	$	6	$	(6)	$	—	$	—
Repurchase agreements	85,286		—		85,286		(12,503)		(72,783)		—
Total	$	85,292	$	—	$	85,292	$	(12,509)	$	(72,783)	$	—

________________________________

1.Reported under derivative assets / liabilities, at fair value in the accompanying consolidated balance sheets. Refer to Note 5 for a reconciliation of derivative assets / liabilities, at fair value to their sub-components.

2.Includes cash and securities pledged / received as collateral, at fair value. Amounts include repledged collateral. Amounts presented are limited to collateral pledged sufficient to reduce the net amount to zero for individual counterparties, as applicable.

Derivative and Other Hedging Instruments (Summary Of Outstanding Interest Rate Swaps) (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) month	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) month
Statement [Line Items]
Interest Rate Swaps Linked to Overnight Index Swap Rate	2.00%		2.00%		5.00%
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 3,293	$ (53)	$ 4,162	$ (1,433)
Interest Rate Swaps Linked to Secured Overnight Financing Rate	98.00%		98.00%		95.00%
Interest Rate Swaption [Member]
Statement [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(1)		(29)
Interest Rate Swap [Member]
Statement [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 2,205	(27)	$ 3,300	(832)
Notional Amount	$ 74,608		$ 74,608		$ 64,632
Average Fixed Pay Rate	2.96%		2.96%		2.57%
Average Receive Rate	3.90%		3.90%		3.86%
Average Maturity (Years)			4 years 3 months 18 days		4 years 8 months 12 days
Receiver Swaption [Member]
Statement [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (34)	$ (15)	$ (55)	$ (15)
Less Than or Equal to One Year [Member] \| Interest Rate Swap [Member]
Statement [Line Items]
Notional Amount	$ 3,750		$ 3,750		$ 7,300
Average Fixed Pay Rate	0.26%		0.26%		0.20%
Average Receive Rate	3.90%		3.90%		3.80%
Average Maturity (Years)			7 months 6 days		6 months
Less Than or Equal to One Year [Member] \| Receiver Swaption [Member]
Statement [Line Items]
Notional Amount					$ 7,000
Average Fixed Pay Rate					3.04%
Options At Cost					$ 70
Interest Rate Derivatives, at Fair Value, Net					$ 24
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration \| month					9
Average Maturity (Years)					9 years 2 months 12 days
Greater Than One Year and Less Than or Equal to Two Years [Member] \| Receiver Swaption [Member]
Statement [Line Items]
Notional Amount	$ 6,250		$ 6,250
Average Fixed Pay Rate	4.04%		4.04%
Options At Cost			$ 53
Interest Rate Derivatives, at Fair Value, Net	$ 33		$ 33
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration \| month			8
Average Maturity (Years)			9 years 3 months 18 days
Greater Than One Year and Less Than or Equal to Three Years [Member] \| Interest Rate Swap [Member]
Statement [Line Items]
Notional Amount	$ 31,271		$ 31,271		$ 20,421
Average Fixed Pay Rate	2.85%		2.85%		2.38%
Average Receive Rate	3.90%		3.90%		3.86%
Average Maturity (Years)			1 year 7 months 6 days		2 years 1 month 6 days
Greater Than Three Years and Less Than or Equal to Five Years [Member] \| Interest Rate Swap [Member]
Statement [Line Items]
Notional Amount	$ 8,250		$ 8,250		$ 8,970
Average Fixed Pay Rate	2.58%		2.58%		2.26%
Average Receive Rate	3.90%		3.90%		3.85%
Average Maturity (Years)			4 years		4 years 6 months
Greater Than Five Years and Less than or Equal to Seven Years [Member] \| Interest Rate Swap [Member]
Statement [Line Items]
Notional Amount	$ 15,896		$ 15,896		$ 13,980
Average Fixed Pay Rate	3.30%		3.30%		3.43%
Average Receive Rate	3.90%		3.90%		3.87%
Average Maturity (Years)			6 years 2 months 12 days		6 years 9 months 18 days
Greater Than Seven Years and Less than or Equal to Ten Years [Member] \| Interest Rate Swap [Member]
Statement [Line Items]
Notional Amount	$ 13,671		$ 13,671		$ 13,961
Average Fixed Pay Rate	3.59%		3.59%		3.43%
Average Receive Rate	3.90%		3.90%		3.87%
Average Maturity (Years)			8 years 6 months		8 years 7 months 6 days
Greater Than Ten Years [Member] \| Interest Rate Swap [Member]
Statement [Line Items]
Notional Amount	$ 1,770		$ 1,770		$ 0
Average Fixed Pay Rate	4.47%		4.47%		0.00%
Average Receive Rate	3.90%		3.90%		0.00%
Average Maturity (Years)			12 years 6 months		0 years

Investment Securities Securities by Credit Rating (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	$ 89,127,000	$ 78,315,000
Debt Securities, Trading and Available-for-sale	91,932,000	81,719,000
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading and Available-for-sale	14,000	15,000
Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading and Available-for-sale	9,000	10,000
Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading and Available-for-sale	515,000	606,000
Securities Remeasured at Fair Value [Member] \| Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading and Available-for-sale	515,000	606,000
BBB Rating [Member] \| Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	1,000	2,000
BBB Rating [Member] \| Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	5,000	5,000
BBB Rating [Member] \| Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	13,000	0
BB Rating [Member] \| Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	0	0
BB Rating [Member] \| Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	0	0
BB Rating [Member] \| Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	23,000	46,000
AAA Rating [Member] \| Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	1,000	1,000
AAA Rating [Member] \| Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	0	0
AAA Rating [Member] \| Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	0	0
AA Rating [Member] \| Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	0	0
AA Rating [Member] \| Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	0	0
AA Rating [Member] \| Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	8,000	13,000
A Rating [Member] \| Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	1,000	0
A Rating [Member] \| Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	0	0
A Rating [Member] \| Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	0	0
B Rating [Member] \| Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	0	0
B Rating [Member] \| Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	0	5,000
B Rating [Member] \| Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	10,000	11,000
Not Rated [Member] \| Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	11,000	12,000
Not Rated [Member] \| Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	4,000	0
Not Rated [Member] \| Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	$ 461,000	$ 536,000

Balance Sheet Offsetting (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Other Assets [Line Items]
Other assets	$ 734	$ 607
Other liabilities	$ 489	$ 509

- Definition

Amount of assets classified as other.

+ References

+ Details

- Definition

Amount of liabilities classified as other.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Investment Securities (Summary Of Continuous Unrealized Loss Positions Of Available-For-Sale Security) (Details) - Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 0	$ 0
Unrealized Loss Position For - Unrealized Loss - Less than 12 Months	0	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	2,795,000	3,391,000
Unrealized Loss Position For - Unrealized Loss - 12 Months or More	(478,000)	(323,000)
Debt Securities, Available-for-sale, Unrealized Loss Position	2,795,000	3,391,000
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss	$ (478,000)	$ (323,000)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 58: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b))
-Publisher FASB
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Reference 59: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
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Reference 60: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 6
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-Publisher FASB
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Reference 61: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 6
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Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 6
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Reference 63: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (3)
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-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-19

+ Details

Organization	9 Months Ended
Organization	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization AGNC Investment Corp. (referred throughout this report as the “Company,” “we,” “us” and “our”) was organized in Delaware on January 7, 2008 and commenced operations on May 20, 2008 following the completion of our initial public offering. Our common stock is traded on The Nasdaq Global Select Market under the symbol “AGNC.” We are a leading provider of private capital to the U.S. housing market, enhancing liquidity in the residential real estate mortgage markets and, in turn, facilitating home ownership in the U.S. We invest primarily in Agency residential mortgage-backed securities (“Agency RMBS”) for which the principal and interest payments are guaranteed by a U.S. Government-sponsored enterprise (“GSE”) or a U.S. Government agency. We also invest in Agency multifamily mortgage-backed securities (“Agency multifamily MBS”) that are similarly guaranteed by the GSEs and in other types of mortgage and mortgage-related securities, such as credit risk transfer (“CRT”) securities and non-Agency residential and commercial mortgage-backed securities (“non-Agency RMBS” and “CMBS,” respectively), where repayment of principal and interest is not guaranteed by a GSE or U.S. Government agency, and other assets related to the housing, mortgage or real estate markets. We fund our investments primarily through collateralized borrowings structured as repurchase agreements. We operate to qualify to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). As a REIT, we are required to distribute annually 90% of our taxable income, and we will generally not be subject to U.S. federal or state corporate income tax to the extent that we distribute our annual taxable income to our stockholders on a timely basis. It is our intention to distribute 100% of our taxable income within the time limits prescribed by the Internal Revenue Code, which may extend into the subsequent tax year. We are internally managed with the principal objective of generating favorable long-term stockholder returns with a substantial yield component. We generate income from the interest earned on our investments, net of associated borrowing and hedging costs, and net realized gains and losses on our investment and hedging activities.

Derivative and Other Hedging Instruments (Fair Value Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Derivative [Line Items]
Derivative asset, fair value	$ 851,000		$ 851,000			$ 169,000
Derivative liability, fair value	(646,000)		(646,000)			(6,000)
Derivative assets, at fair value	851,000		851,000			169,000
Derivative Liability	(646,000)		(646,000)			(6,000)
U.S. Treasury securities	13,028,000		13,028,000			13,477,000
U.S. Treasury Securities - short	(23,542,000)		(23,542,000)			(16,452,000)
Total - (short)/long, net	(10,514,000)		(10,514,000)			(2,975,000)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	3,293,000	$ (53,000)	4,162,000	$ (1,433,000)
Net Fair Value of Interest Rate Swaps Excluding the Recognition of Variation Margin Settlements as a Reduction of Carrying Value	4,200,000		4,200,000			1,300,000
TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	28,827,000	53,321,000	133,892,000	116,987,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period				(109,976,000)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(106,000)	150,000	(196,000)	238,000
Derivative, Fair Value, Net	(70,000)		(70,000)			71,000
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount	74,608,000		74,608,000			64,632,000
Derivative liability, fair value	0		0			0
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	4,156,000	6,750,000	55,176,000	17,500,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(3,300,000)	(3,750,000)	(45,200,000)	(9,050,000)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	2,205,000	(27,000)	3,300,000	(832,000)
Interest Rate Swap [Member] \| Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Derivative asset, fair value	48,000		48,000			57,000
Interest Rate Swaption [Member]
Derivative [Line Items]
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period		0		1,500,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period		(2,000,000)		(3,500,000)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(1,000)		(29,000)
Interest Rate Swaption [Member] \| Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Derivative asset, fair value	33,000		33,000			24,000
Purchases Of TBAs And Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative liability, fair value	(456,000)		(456,000)			(6,000)
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(36,704,000)	(47,762,000)	(144,902,000)
Credit Default Swap
Derivative [Line Items]
Derivative liability, fair value	0		0			0
Derivative, Fair Value, Net	(9,000)		(9,000)
US Treasury Securities [Member] \| Fair Value, Recurring [Member] \| Future [Member] \| Fair Value, Inputs, Level 1 [Member]
Derivative [Line Items]
Derivative assets, at fair value	(384,000)		(384,000)			(11,000)
Derivative Liability	190,000		190,000			0
TBA and Forward Settling Agency Securities [Member] \| Fair Value, Recurring [Member] \| Purchases Of TBAs And Forward Settling Agency Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Derivative assets, at fair value	386,000		386,000			77,000
Sale Of TBA And Forward Settling Agency Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Derivative Liability	(456,000)		(456,000)			(6,000)
Sale Of TBA And Forward Settling Agency Securities [Member] \| Fair Value, Recurring [Member] \| Purchases Of TBAs And Forward Settling Agency Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Derivative assets, at fair value	386,000		386,000
Short [Member] \| US Treasury Securities [Member]
Derivative [Line Items]
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	10,449,000	4,543,000	20,788,000	16,335,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(3,644,000)	(5,225,000)	(11,991,000)	(13,413,000)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	1,142,000	(148,000)	1,401,000	(747,000)
Short [Member] \| US Treasury Securities [Member] \| Future [Member]
Derivative [Line Items]
Derivative assets, at fair value	(384,000)		(384,000)			(8,000)
Long [Member] \| US Treasury Securities [Member]
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(164,000)	15,000	(298,000)	75,000
Debt Securities, Trading, and Equity Securities, FV-NI	13,375,000	5,896,000	13,375,000	5,896,000	$ 12,500,000	13,458,000	$ 3,545,000	$ 1,585,000
Trading Securities Added During the Period	2,197,000	5,780,000	28,004,000	15,136,000
Notional Amount Of Trading Securities Settlement Expiration During The Period	(1,322,000)	(3,429,000)	(28,087,000)	(10,825,000)
Long [Member] \| SOFR Futures Contracts
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	6,000	$ 8,000	2,000	$ 21,000
Long [Member] \| US Treasury Securities [Member] \| Future [Member]
Derivative [Line Items]
Derivative assets, at fair value	0		0			(3,000)
Derivative Liability	$ (190,000)		$ (190,000)			$ 0

Repurchase Agreements And Reverse Repurchase Agreements (Narrative) (Details) $ in Millions	Sep. 30, 2026 USD ($) days	Dec. 31, 2025 USD ($) days
Assets Sold under Agreements to Repurchase [Line Items]
Receivable Under Reverse Repurchase Agreements	$ 23,826	$ 16,615
Securities Sold under Agreements to Repurchase	96,719	85,286
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 23,542	$ 16,452
Short-term Debt, Weighted Average Interest Rate, at Point in Time	3.95%	3.97%
Debt of consolidated variable interest entities, at fair value	$ 0	$ (56)
TBA securities Fifteen Year and Thirty Year Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Derivative, Fair Value, Net	(70)	71
TBA and Forward Settling Agency Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Derivative, Forward Settlement Value	2,438	12,917
Derivative, Fair Value, Net	(70)	71
Maturity Overnight [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Securities Sold under Agreements to Repurchase	39,800	27,500
Maturity Overnight [Member] \| US Treasury Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Securities Sold under Agreements to Repurchase	11,000	10,900
Forward Contracts [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Securities Sold under Agreements to Repurchase	$ 31,700	$ 24,700
Weighted Average Forward Start Days \| days	1	2
Short-term Debt, Weighted Average Interest Rate, at Point in Time	3.95%	3.81%
Bethesda Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Percentage of Repurchase Agreement Funding	59.00%	57.00%
FICC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Percentage of Repurchase Agreement Funding	43.00%	44.00%
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 6,000	$ 5,200

Investment Securities (Summary of Investment in Agency Securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	$ 98,178,000	$ 81,817,000
Debt Securities, Trading and Available-for-sale	91,932,000	81,719,000
Total agency MBS, at fair value	91,394,000	81,088,000
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	16,000	16,000
Debt Securities, Trading and Available-for-sale	14,000	15,000
Commercial Mortgage Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	10,000	11,000
Debt Securities, Trading and Available-for-sale	9,000	10,000
Credit Risk Transfer Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	481,000	561,000
Debt Securities, Trading and Available-for-sale	515,000	606,000
Fixed Income Securities [Member] \| Agency Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	92,931,000	77,643,000
Debt Securities, Trading and Available-for-sale	86,874,000	77,483,000
Adjustable-Rate [Member] \| Agency Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	796,000	858,000
Debt Securities, Trading and Available-for-sale	778,000	867,000
Collateralized Mortgage Obligations [Member] \| Agency Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	73,000	85,000
Debt Securities, Trading and Available-for-sale	69,000	83,000
Interest Only And Principal Only Strip [Member] \| Agency Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	121,000	122,000
Debt Securities, Trading and Available-for-sale	110,000	116,000
Multifamily [Member] \| Agency Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	3,750,000	2,521,000
Debt Securities, Trading and Available-for-sale	3,563,000	2,539,000
Agency Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	$ 97,671,000	$ 81,229,000

Repurchase Agreements And Other Debt (Repurchase Arrangements And Weighted Average Interest Rates Classified By Original Maturities) (Details) $ in Millions	Sep. 30, 2026 USD ($) days	Dec. 31, 2025 USD ($) days
Statement [Line Items]
Receivable Under Reverse Repurchase Agreements	$ 23,826	$ 16,615
Repurchase Agreements	$ 96,719	$ 85,286
Weighted Average Interest Rate	3.95%	3.97%
Weighted Average Days to Maturity \| days	9	11
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 23,542	$ 16,452
Maturity Overnight [Member]
Statement [Line Items]
Repurchase Agreements	39,800	27,500
30 Days or Less [Member]
Statement [Line Items]
Repurchase Agreements	$ 83,637	$ 69,997
Weighted Average Interest Rate	3.95%	3.98%
Weighted Average Days to Maturity \| days	9	11
1 to 3 Months
Statement [Line Items]
Repurchase Agreements	$ 2,066	$ 2,949
Weighted Average Interest Rate	3.94%	4.01%
Weighted Average Days to Maturity \| days	48	49
US Treasury Securities [Member] \| Maturity Overnight [Member]
Statement [Line Items]
Repurchase Agreements	$ 11,000	$ 10,900
US Treasury Securities [Member] \| 2 Days to 1 Month [Member]
Statement [Line Items]
Repurchase Agreements	$ 11,016	$ 12,340
Weighted Average Interest Rate	3.94%	3.90%
Weighted Average Days to Maturity \| days	1	2
FICC [Member]
Statement [Line Items]
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 6,000	$ 5,200
US Government Agencies Debt Securities [Member]
Statement [Line Items]
Repurchase Agreements	$ 85,703	$ 72,946
Weighted Average Interest Rate	3.95%	3.98%
Weighted Average Days to Maturity \| days	10	12

Investment Securities (Schedule of Mortgage Backed Securities by Agency) (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Schedule of investment Securities by Issuer [Line Items]
Agency securities	$ 91,394,000	$ 81,003,000
Agency Mortgage Backed Securities
Schedule of investment Securities by Issuer [Line Items]
Agency securities	91,394,000	81,088,000
Fannie Mae [Member] \| Agency Mortgage Backed Securities
Schedule of investment Securities by Issuer [Line Items]
Agency securities	48,026,000	43,148,000
Freddie Mac [Member] \| Agency Mortgage Backed Securities
Schedule of investment Securities by Issuer [Line Items]
Agency securities	43,279,000	37,670,000
Ginnie Mae [Member] \| Agency Mortgage Backed Securities
Schedule of investment Securities by Issuer [Line Items]
Agency securities	$ 89,000	$ 270,000

Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted Average Number of Shares Outstanding	1,197,800	1,051,200	1,157,500	994,800
Weighted Average Number of Fully Vested Restricted Stock Units and Performance Share Units Outstanding	2,700	1,800	3,000	1,900
Weighted Average Number of Shares Outstanding, Basic	1,200,500	1,053,000	1,160,500	996,700
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0	3,600	0	3,200
Weighted Average Number of Shares Outstanding, Diluted	1,200,500	1,056,600	1,160,500	999,900
Net Income (Loss) Available to Common Stockholders, Basic	$ (1,402)	$ 764	$ (984)	$ 601
Earnings Per Share, Basic	$ (1.17)	$ 0.73	$ (0.85)	$ 0.60
Earnings Per Share, Diluted	$ (1.17)	$ 0.72	$ (0.85)	$ 0.60
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,600		4,500

Pledged Assets (Tables)

9 Months Ended

Sep. 30, 2026

Pledged Assets [Abstract]

Schedule of Securities and Cash Pledged as Collateral from Counterparties [Table Text Block]


	September 30, 2026								December 31, 2025
Assets Pledged to AGNC	Reverse Repurchase Agreements		Derivative Agreements		Repurchase Agreements		Total		Reverse Repurchase Agreements		Derivative Agreements		Repurchase Agreements		Total
Agency securities - fair value	$	—	$	—	$	—	$	—	$	—	$	—	$	33	$	33
U.S. Treasury securities - fair value	23,414		—		2		23,416		16,429		—		10		16,439
Cash	—		18		42		60		—		100		19		119
Total	$	23,414	$	18	$	44	$	23,476	$	16,429	$	100	$	62	$	16,591

Schedule of Financial Instruments Owned and Pledged as Collateral


	September 30, 2026
Assets Pledged to Counterparties 1	Repurchase Agreements		Debt of Consolidated VIEs		Derivative Agreements and Other		Total
Agency RMBS - fair value	$	86,639	$	—	$	14	$	86,653
CRT - fair value	468		—		—		468
Non-Agency - fair value	7		—		—		7
U.S. Treasury securities - fair value	11,520		—		485		12,005
Accrued interest on pledged securities	457		—		2		459
Restricted cash	505		—		1,260		1,765
Total	$	99,596	$	—	$	1,761	$	101,357


	December 31, 2025
Assets Pledged to Counterparties 1	Repurchase Agreements 2		Debt of Consolidated VIEs		Derivative Agreements and Other		Total
Agency RMBS - fair value	$	74,213	$	85	$	115	$	74,413
CRT - fair value	558		—		—		558
Non-Agency - fair value	13		—		—		13
U.S. Treasury securities - fair value	12,636		—		440		13,076
Accrued interest on pledged securities	430		—		4		434
Restricted cash	44		—		1,248		1,292
Total	$	87,894	$	85	$	1,807	$	89,786

________________________________

1.Includes repledged assets received as collateral from counterparties and securities sold but not yet settled.

2.Includes $30 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of December 31, 2025.

Offsetting Assets and Liabilities

The following tables present information about our assets and liabilities that are subject to master netting arrangements and can potentially be offset on our consolidated balance sheets as of September 30, 2026 and December 31, 2025 (in millions):


	Offsetting of Financial and Derivative Assets
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets				Net Amount
							Financial Instruments		Collateral Received 2
September 30, 2026
Interest rate swap and swaption agreements, at fair value 1	$	81	$	—	$	81	$	—	$	(18)	$	63
TBA securities, at fair value 1	386		—		386		(386)		—		—
Receivable under reverse repurchase agreements	23,826		—		23,826		(12,130)		(11,696)		—
Total	$	24,293	$	—	$	24,293	$	(12,516)	$	(11,714)	$	63

December 31, 2025
Interest rate swap and swaption agreements, at fair value 1	$	81	$	—	$	81	$	—	$	(24)	$	57
TBA securities, at fair value 1	77		—		77		(6)		(71)		—
Receivable under reverse repurchase agreements	16,615		—		16,615		(12,503)		(4,112)		—
Total	$	16,773	$	—	$	16,773	$	(12,509)	$	(4,207)	$	57

Offsetting Liabilities


	Offsetting of Financial and Derivative Assets
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets				Net Amount
							Financial Instruments		Collateral Received 2
September 30, 2026
Interest rate swap and swaption agreements, at fair value 1	$	81	$	—	$	81	$	—	$	(18)	$	63
TBA securities, at fair value 1	386		—		386		(386)		—		—
Receivable under reverse repurchase agreements	23,826		—		23,826		(12,130)		(11,696)		—
Total	$	24,293	$	—	$	24,293	$	(12,516)	$	(11,714)	$	63

December 31, 2025
Interest rate swap and swaption agreements, at fair value 1	$	81	$	—	$	81	$	—	$	(24)	$	57
TBA securities, at fair value 1	77		—		77		(6)		(71)		—
Receivable under reverse repurchase agreements	16,615		—		16,615		(12,503)		(4,112)		—
Total	$	16,773	$	—	$	16,773	$	(12,509)	$	(4,207)	$	57


	Offsetting of Financial and Derivative Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets				Net Amount
							Financial Instruments		Collateral Pledged 2
September 30, 2026

TBA securities, at fair value 1	$	456	$	—	$	456	$	(386)	$	(70)	$	—
Repurchase agreements	96,719		—		96,719		(12,130)		(84,589)		—
Total	$	97,175	$	—	$	97,175	$	(12,516)	$	(84,659)	$	—

December 31, 2025

TBA securities, at fair value 1	$	6	$	—	$	6	$	(6)	$	—	$	—
Repurchase agreements	85,286		—		85,286		(12,503)		(72,783)		—
Total	$	85,292	$	—	$	85,292	$	(12,509)	$	(72,783)	$	—

________________________________

Schedules Of Securities Pledged As Collateral Under Repurchase Agreement


	September 30, 2026						December 31, 2025
Securities Pledged by Remaining Maturity of Repurchase Agreements	Fair Value of Pledged Securities		Amortized Cost of Pledged Securities		Accrued Interest on Pledged Securities		Fair Value of Pledged Securities 1		Amortized Cost of Pledged Securities		Accrued Interest on Pledged Securities
≤ 1 month	$	95,731	$	101,601	$	446	$	83,600	$	83,502	$	415
> 1 and ≤ 2 months	1,862		2,039		7		3,324		3,435		13
> 2 and ≤ 3 months	1,041		1,120		4		496		503		2
> 3 months	—		—		—		—		—		—
Total	$	98,634	$	104,760	$	457	$	87,420	$	87,440	$	430

________________________________

1.Includes $30 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of December 31, 2025.

- Definition

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References + Details

- Definition

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References + Details

Investment Securities (Components Of Investment Securities) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Schedule of Investments [Line Items]
Debt Securities, Trading	$ 89,127,000		$ 78,315,000
Debt Securities, Trading and Available-for-sale	$ 91,932,000		81,719,000
Future Prepayment Rate Assumption Of Investment Portfolio	6.70%	9.60%
Mortgage Credit Investment Fund Limited Partnership	$ 72,000		70,000
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading	14,000		15,000
Debt Securities, Trading and Available-for-sale	14,000		15,000
Commercial Mortgage Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading	9,000		10,000
Debt Securities, Trading and Available-for-sale	9,000		10,000
Credit Risk Transfer Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading	515,000		606,000
Debt Securities, Trading and Available-for-sale	515,000		606,000
Agency Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading	88,589,000		77,684,000
Debt Securities, Trading and Available-for-sale	91,394,000		81,088,000
Available-for-sale Securities [Member]
Schedule of Investments [Line Items]
Available For Sale Securities Par	3,098,000		3,517,000
Debt Securities, Available-for-Sale, Unamortized discount	0		0
Debt Securities, Available-for-Sale, Unamortized premium	185,000		210,000
Debt Securities, Available-for-sale, Amortized Cost	3,283,000		3,727,000
Debt Securities, Available-for-Sale, Gross Unrealized Losses	478,000		323,000
Debt Securities, Available-for-Sale	2,805,000		3,404,000
Debt Securities, Available-for-Sale, Gross Unrealized Gains	0		0
Available-for-sale Securities [Member] \| Agency Securities [Member]
Schedule of Investments [Line Items]
Available For Sale Securities Par	3,098,000		3,517,000
Debt Securities, Available-for-Sale, Unamortized discount	0		0
Debt Securities, Available-for-Sale, Unamortized premium	185,000		210,000
Debt Securities, Available-for-sale, Amortized Cost	3,283,000		3,727,000
Debt Securities, Available-for-Sale, Gross Unrealized Losses	478,000		323,000
Debt Securities, Available-for-Sale	2,805,000		3,404,000
Debt Securities, Available-for-Sale, Gross Unrealized Gains	0		0
Trading Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	37,000		1,175,000
Debt Securities, Trading Securities, Gross Unrealized Losses	5,805,000		950,000
Trading Securities Par	94,819,000		77,313,000
Debt Securities, Trading Securities, Unamortized discount	1,148,000		534,000
Debt Securities, Trading Securities, Unamortized Premium	1,224,000		1,311,000
Debt Securities, Trading, Amortized Cost	94,895,000		78,090,000
Trading Securities [Member] \| Mortgage-backed Securities, Issued by Private Enterprises [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	0		1,000
Debt Securities, Trading Securities, Gross Unrealized Losses	2,000		2,000
Trading Securities Par	18,000		18,000
Debt Securities, Trading Securities, Unamortized discount	3,000		3,000
Debt Securities, Trading Securities, Unamortized Premium	1,000		1,000
Debt Securities, Trading, Amortized Cost	16,000		16,000
Trading Securities [Member] \| Commercial Mortgage Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	0		0
Debt Securities, Trading Securities, Gross Unrealized Losses	1,000		1,000
Trading Securities Par	11,000		11,000
Debt Securities, Trading Securities, Unamortized discount	1,000		0
Debt Securities, Trading Securities, Unamortized Premium	0		0
Debt Securities, Trading, Amortized Cost	10,000		11,000
Trading Securities [Member] \| Credit Risk Transfer Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	34,000		45,000
Debt Securities, Trading Securities, Gross Unrealized Losses	0		0
Trading Securities Par	476,000		555,000
Debt Securities, Trading Securities, Unamortized discount	7,000		10,000
Debt Securities, Trading Securities, Unamortized Premium	12,000		16,000
Debt Securities, Trading, Amortized Cost	481,000		561,000
Trading Securities [Member] \| Agency Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	3,000		1,129,000
Debt Securities, Trading Securities, Gross Unrealized Losses	5,802,000		947,000
Trading Securities Par	94,314,000		76,729,000
Debt Securities, Trading Securities, Unamortized discount	1,137,000		521,000
Debt Securities, Trading Securities, Unamortized Premium	1,211,000		1,294,000
Debt Securities, Trading, Amortized Cost	94,388,000		77,502,000
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale	14,000		15,000
Commercial Mortgage Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale	9,000		10,000
Credit Risk Transfer Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale	515,000		606,000
Credit Risk Transfer Securities [Member] \| Securities Remeasured at Fair Value [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale	515,000		606,000
Non-Agency [Member] \| Trading Securities [Member] \| Interest-Only-Strip
Schedule of Investments [Line Items]
Trading Securities Par	$ 16,000		$ 16,000

Repurchase Agreements And Reverse Repurchase Agreements

9 Months Ended

Sep. 30, 2026

Disclosure of Repurchase Agreements [Abstract]

Repurchase Agreements And Other Debt

Repurchase Agreements and Reverse Repurchase Agreements

Repurchase Agreements

We pledge our securities as collateral under our borrowings structured as repurchase agreements with financial institutions. Amounts available to be borrowed are dependent upon the fair value of the securities pledged as collateral, which fluctuates with changes in interest rates, type of security, and liquidity conditions within the banking, mortgage finance and real estate industries. If the fair value of our pledged securities declines, lenders will typically require us to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as “margin calls.” Similarly, if the fair value of our pledged securities increases, lenders may release collateral back to us. As of September 30, 2026, we had met all margin call requirements. For additional information regarding our pledged assets, please refer to Note 6.

As of September 30, 2026 and December 31, 2025, we had $96.7 billion and $85.3 billion, respectively, of repurchase agreements outstanding used to fund our investment portfolio and temporary holdings of U.S. Treasury securities. The terms and conditions of our repurchase agreements are typically negotiated on a transaction-by-transaction basis or subject to a tri-

party repo agreement. The following table summarizes our borrowings under repurchase agreements by their remaining maturities as of September 30, 2026 and December 31, 2025 (dollars in millions):


	September 30, 2026					December 31, 2025
Remaining Maturity	Repurchase Agreements		Weighted Average Interest Rate		Weighted Average Days to Maturity	Repurchase Agreements		Weighted Average Interest Rate		Weighted Average Days to Maturity
Investment Securities Repo:
≤ 1 month	$	83,637	3.95	%	9	$	69,997	3.98	%	11
> 1 to ≤ 3 months	2,066		3.94	%	48	2,949		4.01	%	49





Total Investment Securities Repo	85,703		3.95	%	10	72,946		3.98	%	12
U.S. Treasury Repo:
≤ 1 month	11,016		3.94	%	1	12,340		3.90	%	2
Total Repo	$	96,719	3.95	%	9	$	85,286	3.97	%	11

As of September 30, 2026 and December 31, 2025, $39.8 billion and $27.5 billion, respectively, of our investment securities repurchase agreements and $11.0 billion and $10.9 billion, respectively, of our U.S. Treasury repurchase agreements had an overnight maturity of one business day and none of our repurchase agreements were due on demand. As of September 30, 2026, we had $31.7 billion of forward commitments to enter into repurchase agreements with a weighted average forward start date of 1 day and a weighted average interest rate of 3.95%. As of December 31, 2025, we had $24.7 billion of forward commitments to enter into repurchase agreements, with a weighted average forward start date of 2 days and a weighted average interest rate of 3.81%. As of September 30, 2026 and December 31, 2025, 59% and 57%, respectively, of our repurchase agreement funding was sourced through our wholly-owned captive broker-dealer subsidiary, Bethesda Securities, LLC (“BES”). Amounts sourced through BES include funding from the General Collateral Finance Repo service (“GCF Repo”) offered by the Fixed Income Clearing Corporation (“FICC”), which totaled 43% and 44% of our repurchase agreement funding outstanding as of September 30, 2026 and December 31, 2025, respectively.

Reverse Repurchase Agreements

As of September 30, 2026 and December 31, 2025, we had $23.8 billion and $16.6 billion, respectively, of reverse repurchase agreements outstanding used primarily to borrow securities to cover short sales of U.S. Treasury securities, for which we had associated obligations to return borrowed securities at fair value of $23.5 billion and $16.5 billion, respectively. As of September 30, 2026 and December 31, 2025, $6.0 billion and $5.2 billion, respectively, of our reverse repurchase agreements were with the FICC sourced through BES.

Investment Securities (Tables)

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Securities by Credit Rating [Table Text Block]

As of September 30, 2026 and December 31, 2025, our investments in CRT and non-Agency securities had the following credit ratings (in millions):


	September 30, 2026						December 31, 2025
CRT and Non-Agency Security Credit Ratings 1	CRT		RMBS 2		CMBS		CRT		RMBS 2		CMBS
AAA	$	—	$	1	$	—	$	—	$	1	$	—
AA	8		—		—		13		—		—
A	—		1		—		—		—		—
BBB	13		1		5		—		2		5
BB	23		—		—		46		—		—
B	10		—		—		11		—		5
Not Rated	461		11		4		536		12		—
Total	$	515	$	14	$	9	$	606	$	15	$	10

________________________________

2.RMBS excludes other mortgage credit investments of $72 million and $70 million as of September 30, 2026 and December 31, 2025, respectively.

Components of Investment Securities


	September 30, 2026				December 31, 2025
Investment Securities	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Agency RMBS:
Fixed rate	$	92,931	$	86,874	$	77,643	$	77,483
Adjustable rate	796		778		858		867
CMO	73		69		85		83
Interest-only and principal-only strips	121		110		122		116
Multifamily	3,750		3,563		2,521		2,539
Total Agency RMBS	97,671		91,394		81,229		81,088
Non-Agency RMBS 1	16		14		16		15
CMBS	10		9		11		10
CRT securities	481		515		561		606
Total investment securities	$	98,178	$	91,932	$	81,817	$	81,719

Summary Of Agency Securities Estimated Weighted Average Life Classifications

The following table summarizes our investments as of September 30, 2026 and December 31, 2025 according to their estimated weighted average life classification (dollars in millions):


	September 30, 2026						December 31, 2025
Estimated Weighted Average Life of Investment Securities 1	Fair Value		Amortized Cost		Weighted Average Coupon	Weighted Average Yield	Fair Value		Amortized Cost		Weighted Average Coupon	Weighted Average Yield
≤ 3 years	$	773	$	767	6.52%	6.45%	$	4,670	$	4,630	6.59%	5.50%
> 3 years and ≤ 5 years	1,209		1,263		4.10%	4.64%	19,068		18,755		5.85%	5.50%
> 5 years and ≤ 10 years	65,977		70,751		5.09%	4.90%	55,562		56,048		4.86%	4.68%
> 10 years	23,973		25,397		4.92%	5.23%	2,419		2,384		4.93%	5.11%
Total	$	91,932	$	98,178	5.04%	4.99%	$	81,719	$	81,817	5.19%	4.93%

________________________________

1.Table excludes other mortgage credit investments of $72 million and $70 million as of September 30, 2026 and December 31, 2025, respectively.

Summary of Net Gain from Sale of Agency Securities


	Three Months Ended September 30,
	2026						2025
Investment Securities	Available-for-Sale Securities 2		Fair Value Option Securities		Total		Available-for-Sale Securities 2		Fair Value Option Securities		Total
Investment securities sold, at cost	$	—	$	(1,483)	$	(1,483)	$	—	$	(8,055)	$	(8,055)
Proceeds from investment securities sold 1	—		1,466		1,466		—		7,974		7,974
Net gain (loss) on sale of investment securities	$	—	$	(17)	$	(17)	$	—	$	(81)	$	(81)

Gross gain on sale of investment securities	$	—	$	6	$	6	$	—	$	66	$	66
Gross loss on sale of investment securities	—		(23)		(23)		—		(147)		(147)
Net gain (loss) on sale of investment securities	$	—	$	(17)	$	(17)	$	—	$	(81)	$	(81)

	Nine Months Ended September 30,
	2026						2025
Investment Securities	Available-for-Sale Securities 2,3		Fair Value Option Securities		Total		Available-for-Sale Securities 2,3		Fair Value Option Securities		Total
Investment securities sold, at cost	$	(93)	$	(22,572)	$	(22,665)	$	(109)	$	(20,959)	$	(21,068)
Proceeds from investment securities sold 1	87		22,619		22,706		95		20,470		20,565
Net gain (loss) on sale of investment securities	$	(6)	$	47	$	41	$	(14)	$	(489)	$	(503)

Gross gain on sale of investment securities	$	—	$	131	$	131	$	—	$	99	$	99
Gross loss on sale of investment securities	(6)		(84)		(90)		(14)		(588)		(602)
Net gain (loss) on sale of investment securities	$	(6)	$	47	$	41	$	(14)	$	(489)	$	(503)

________________________________

1.Proceeds include cash received during the period, plus receivable for investment securities sold during the period as of period end.

2.See Note 9 for a summary of changes in accumulated OCI.

3.During the nine months ended September 30, 2026 and 2025, we received principal repayments on available-for-sale securities of $333 million and $408 million, respectively.

Schedule of Available-for-sale Securities Reconciliation


	September 30, 2026										December 31, 2025
			Non-Agency 1										Non-Agency 1
Investment Securities	Agency RMBS		RMBS		CMBS		CRT		Total		Agency RMBS		RMBS		CMBS		CRT		Total
Available-for-sale securities:
Par value 2	$	3,098	$	—	$	—	$	—	$	3,098	$	3,517	$	—	$	—	$	—	$	3,517
Unamortized discount	—		—		—		—		—		—		—		—		—		—
Unamortized premium	185		—		—		—		185		210		—		—		—		210
Amortized cost	3,283		—		—		—		3,283		3,727		—		—		—		3,727
Gross unrealized gains	—		—		—		—		—		—		—		—		—		—
Gross unrealized losses	(478)		—		—		—		(478)		(323)		—		—		—		(323)
Total available-for-sale securities, at fair value	2,805		—		—		—		2,805		3,404		—		—		—		3,404
Securities remeasured at fair value through earnings:
Par value 2	94,314		18		11		476		94,819		76,729		18		11		555		77,313
Unamortized discount	(1,137)		(3)		(1)		(7)		(1,148)		(521)		(3)		—		(10)		(534)
Unamortized premium	1,211		1		—		12		1,224		1,294		1		—		16		1,311
Amortized cost	94,388		16		10		481		94,895		77,502		16		11		561		78,090
Gross unrealized gains	3		—		—		34		37		1,129		1		—		45		1,175
Gross unrealized losses	(5,802)		(2)		(1)		—		(5,805)		(947)		(2)		(1)		—		(950)
Total securities remeasured at fair value through earnings	88,589		14		9		515		89,127		77,684		15		10		606		78,315
Total securities, at fair value	$	91,394	$	14	$	9	$	515	$	91,932	$	81,088	$	15	$	10	$	606	$	81,719

________________________________

1.Non-Agency amounts exclude other mortgage credit investments of $72 million and $70 million as of September 30, 2026 and December 31, 2025, respectively.

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value


	Unrealized Loss Position For
	Less than 12 Months				12 Months or More				Total
Securities Classified as Available-for-Sale	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
September 30, 2026	$	—	$	—	$	2,795	$	(478)	$	2,795	$	(478)
December 31, 2025	$	—	$	—	$	3,391	$	(323)	$	3,391	$	(323)

Schedule of Mortgage Backed Securities Agency Concentration

The following table presents the Company’s Agency RMBS portfolio by issuing GSE or U.S. Government agency at fair value as of September 30, 2026 and December 31, 2025 (in millions):



Investment Type	September 30, 2026		December 31, 2025
Fannie Mae	$	48,026	$	43,148
Freddie Mac	43,279		37,670
Ginnie Mae	89		270
Total	$	91,394	$	81,088

Fair Value Measurements (Details) - USD ($) $ in Thousands	9 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Sold under Agreements to Repurchase	$ 96,719,000	$ 85,286,000
Transfers between hierarchy levels	no
Agency securities	$ 91,394,000	81,003,000
Non-Agency Securities, at Fair Value	95,000	95,000
Financial Instruments, Owned, Other, at Fair Value	515,000	606,000
U.S. Treasury securities	13,028,000	13,477,000
TBA securities	(851,000)	(169,000)
Derivative Liability	646,000	6,000
Debt of consolidated variable interest entities, at fair value	0	56,000
Obligation to return securities borrowed under reverse repurchase agreements, at fair value	23,542,000	16,452,000
Interest rate swaps	851,000	169,000
Mortgage Credit Investment Fund Limited Partnership	72,000	70,000
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Agency securities	23,000	25,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	13,412,000	13,488,000
Total liabilities	23,732,000	16,452,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	92,399,000	81,877,000
Total liabilities	456,000	62,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Sale Of TBA And Forward Settling Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	456,000	6,000
Future [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
TBA securities	384,000	11,000
Derivative Liability	(190,000)	0
Interest Rate Swaption [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	33,000	24,000
Interest Rate Swap [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	48,000	57,000
Interest Rate Swap [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0	0
Purchases Of TBAs And Forward Settling Agency Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| TBA and Forward Settling Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
TBA securities	(386,000)	$ (77,000)
Purchases Of TBAs And Forward Settling Agency Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Sale Of TBA And Forward Settling Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
TBA securities	$ (386,000)

Investment Securities (Summary Of Changes In Accumulated OCI For Available-For-Sale Security) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Unrealized Gains and (Losses), Net	$ (140)	$ 61	$ (155)	$ 202
Agency Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning OCI Balance	(338)	(450)	(323)	(591)
Unrealized Gains and (Losses), Net	(140)	61	(161)	188
Reversal of Unrealized (Gains) and Losses, Net on Realization	0	0	6	14
Ending OCI Balance	$ (478)	$ (389)	$ (478)	$ (389)

Stockholders' Equity (Preferred Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended	9 Months Ended
	Feb. 11, 2020	Oct. 03, 2019	Mar. 06, 2019	Aug. 22, 2017	May 31, 2014	Sep. 30, 2026	Dec. 31, 2025	Sep. 10, 2025	Sep. 14, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock E, Value, Issued		$ 390,000
Preferred Stock E, Liquidation Preference, Value		$ 403,000
Preferred Stock F, Value, Issued	$ 557,000
Preferred Stock D, Value, Issued			$ 227,000
Preferred Stock D, Liquidation Preference, Value			$ 235,000
Preferred Stock C, Value, Issued				$ 315,000
Preferred Stock C, Liquidation Preference, Value				$ 325,000
Preferred Stock, Value, Issued						$ 1,968,000	$ 1,968,000
Preferred Stock, Liquidation Preference, Value						$ 2,033,000	$ 2,033,000
Preferred Stock G, Value, Issued									$ 145,000
Preferred Stock H, Value, Issued								$ 334,000
Preferred Stock, Shares Authorized						10,000,000.0
Series B Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Percent Interest Per Share					0.10%
Series C Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Capital Shares Reserved for Future Issuance						13,800
Preferred Stock, Dividend Rate, Percentage				7.00%
Preferred Stock Dividend Payment Rate Variable Rate Spread						5.111%
Preferred Stock, Liquidation Preference Per Share						$ 25.00
Preferred Stock, Shares Issued						13,000
Preferred Stock, Dividedn Rate, Percentage, Basis Spread						511.10%
Series D Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Capital Shares Reserved for Future Issuance						10,350
Preferred Stock, Dividend Rate, Percentage			6.875%
Preferred Stock Dividend Payment Rate Variable Rate Spread						4.332%
Preferred Stock, Shares Issued						9,400
Preferred Stock, Dividedn Rate, Percentage, Basis Spread						433.20%
Series E Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Capital Shares Reserved for Future Issuance						16,100
Preferred Stock, Dividend Rate, Percentage		6.50%
Preferred Stock, Shares Issued						16,100
Preferred Stock, Dividedn Rate, Percentage, Basis Spread						499.30%
Series F Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Capital Shares Reserved for Future Issuance						23,000
Preferred Stock, Dividend Rate, Percentage	6.125%
Preferred Stock, Shares Issued						23,000
Preferred Stock, Liquidation Preference, Value	$ 575,000
Preferred Stock, Dividedn Rate, Percentage, Basis Spread						469.70%
Series G Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Capital Shares Reserved for Future Issuance						6,900
Preferred Stock, Dividend Rate, Percentage						7.75%
Preferred Stock, Shares Issued						6,000
Preferred Stock, Liquidation Preference, Value									$ 150,000
Preferred Stock, Dividedn Rate, Percentage, Basis Spread						439.00%
Series H Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Capital Shares Reserved for Future Issuance						13,800
Preferred Stock, Dividend Rate, Percentage						8.75%
Preferred Stock, Shares Issued						13,800
Preferred Stock, Liquidation Preference, Value								$ 345,000
Depositary Share [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Shares Issued						81,300,000
Depositary Share [Member] \| Series C Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Shares Issued				13,000,000.0
Depositary Share [Member] \| Series D Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Shares Issued			9,400,000
Depositary Share [Member] \| Series E Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Shares Issued		16,100,000
Depositary Share [Member] \| Series F Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Shares Issued	23,000,000.0
Depositary Share [Member] \| Series G Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Shares Issued									6,000,000.0
Depositary Share [Member] \| Series H Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Shares Issued								13,800,000

Segment Reporting	9 Months Ended
Segment Reporting	Sep. 30, 2026
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Our investment portfolio consists primarily of Agency RMBS, and we fund our investments primarily through collateralized borrowings structured as repurchase agreements. As part of our operations, we are exposed to market risks, including interest rate, prepayment, extension, spread, and credit risks. Our portfolio is managed as a whole, with investment and hedging decisions assessed collectively by the Chief Operating Decision Maker (“CODM”). The CODM, represented by our Chief Executive Officer with the support of our Executive Management Committee, allocates resources and evaluates financial performance by considering the market risks identified above. The CODM also considers factors such as total assets and repurchase agreements outstanding, as reported on the consolidated balance sheet; our TBA position, as disclosed in Note 5. Derivative and Other Hedging Instruments; our ability to hedge certain risks; and our intention to qualify as a REIT. Consequently, the Company operates as a single reportable segment, as reflected in the accompanying consolidated financial statements and notes. The CODM assesses performance using comprehensive income (loss), as reported on the consolidated statement of comprehensive income (loss). Comprehensive income (loss) is a key determinant of the Company’s economic return, calculated as the change in tangible stockholders’ equity attributable to common stockholders plus common stock dividends declared, divided by the prior period’s ending tangible stockholders’ equity attributable to common stockholders, each computed on a per common share basis. This measure is used to monitor actual results, benchmark performance against peers, and inform management’s compensation. The CODM also evaluates consolidated expense information, including interest expense, compensation and benefits, and other operating expenses, as significant metrics in decision-making.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Summary of Significant Accounting Policies Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Variable Interest Entity [Line Items]
Other Long-term Debt	$ 0	$ 56

Pledged Assets Repurchase Agreements with Counterparties Greater than or Equal to 5% of Equity at Risk (Details) $ in Millions	Sep. 30, 2026 USD ($) days	Dec. 31, 2025 USD ($) days
Repurchase Agreements with Counterparties Greater than or equal to 5% of Equity at Risk [Line Items]
Securities Sold under Agreements to Repurchase \| $	$ 96,719	$ 85,286
Weighted Average Days to Maturity \| days	9	11
Risk Of Repurchase Agreement To Stockholders Equity	2.00%
FICC [Member]
Repurchase Agreements with Counterparties Greater than or equal to 5% of Equity at Risk [Line Items]
Risk Of Repurchase Agreement To Stockholders Equity	14.00%

- Definition

Amount, after the effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Derivative and Other Hedging Instruments (US Treasury Securities) (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024
Derivative [Line Items]
U.S. Treasury securities, net	$ (10,514)		$ (2,975)
At Par Value [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(11,800)		(2,920)
US Treasury Securities [Member] \| Future [Member]
Derivative [Line Items]
Derivative, Notional Amount	(503)		(1,396)
Derivative, Forward Settlement Value	(768)		(1,457)
Derivative Asset, Fair Value, Gross Asset	(574)		1,468
Derivative, Fair Value, Net	194		11
TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(2,170)	$ (10,047)	(13,180)	$ (13,966)	$ (8,407)	$ (6,955)
Derivative, Forward Settlement Value	(2,438)		(12,917)
Derivative Asset, Fair Value, Gross Asset	2,368		12,988
Derivative, Fair Value, Net	(70)		71
Less Than or Equal to Five Years
Derivative [Line Items]
U.S. Treasury securities, net	9,476		12,470
Greater Than Five Years and Less than or Equal to Seven Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(212)		(838)
Greater Than Seven Years and Less than or Equal to Ten Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(18,902)		(12,390)
Greater Than Ten Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(2,162)		(2,162)
5 Year Maturity [Member] \| US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	(39)		0
Greater Than Ten Years [Member] \| US Treasury Securities [Member] \| Future [Member]
Derivative [Line Items]
Derivative, Notional Amount	(3,710)		(3,210)
Derivative, Forward Settlement Value	(4,048)		(3,718)
Derivative Asset, Fair Value, Gross Asset	3,808		3,710
Derivative, Fair Value, Net	240		8
Greater Than Five Years and Less than or Equal to Seven Years [Member] \| US Treasury Securities [Member] \| Future [Member]
Derivative [Line Items]
Derivative, Notional Amount	(3,504)		(4,606)
Derivative, Forward Settlement Value	(3,803)		(5,175)
Derivative Asset, Fair Value, Gross Asset	3,652		5,178
Derivative, Fair Value, Net	(151)		3
Greater Than Seven Years and Less than or Equal to Ten Years [Member] \| US Treasury Securities [Member] \| Future [Member]
Derivative [Line Items]
Derivative, Notional Amount	(3,460)		0
Derivative, Forward Settlement Value	(3,777)		0
Derivative Asset, Fair Value, Gross Asset	3,633		0
Derivative, Fair Value, Net	$ 144		$ 0
Short [Member] \| US Treasury Securities [Member]
Derivative [Line Items]
Weighted Average Yield Percentage	4.48%		4.21%
Short [Member] \| US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ (25,175)	(18,370)	$ (16,378)	(20,714)	(21,396)	(17,792)
Short [Member] \| US Treasury Securities [Member] \| Future [Member]
Derivative [Line Items]
Derivative, Notional Amount	(7,170)	(4,920)	(3,210)	(1,597)	$ (1,964)	(4,373)
Derivative Asset, Fair Value, Gross Asset	7,400		3,700
Short [Member] \| 5 Year Maturity [Member] \| US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(3,163)		0
Derivative, Forward Settlement Value	(3,254)		0
Derivative Asset, Fair Value, Gross Asset	$ 3,215		$ 0
Long [Member] \| US Treasury Securities [Member]
Derivative [Line Items]
Weighted Average Yield Percentage	3.76%		3.67%
Long [Member] \| US Treasury Securities [Member] \| Future [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ (6,667)	$ (8,667)	$ (4,606)	$ 0		$ 0
Derivative Asset, Fair Value, Gross Asset	6,900		5,200
Fair Value Hedging [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(10,514)		(2,975)
Fair Value Hedging [Member] \| Less Than or Equal to Five Years
Derivative [Line Items]
U.S. Treasury securities, net	9,297		12,467
Fair Value Hedging [Member] \| Greater Than Five Years and Less than or Equal to Seven Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(206)		(774)
Fair Value Hedging [Member] \| Greater Than Seven Years and Less than or Equal to Ten Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(17,652)		(12,493)
Fair Value Hedging [Member] \| Greater Than Ten Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(1,953)		(2,175)
Fair Value Hedging [Member] \| Short [Member]
Derivative [Line Items]
U.S. Treasury securities, net	23,500		16,500
Fair Value Hedging [Member] \| Long [Member]
Derivative [Line Items]
U.S. Treasury securities, net	13,000		13,500
At Cost Basis [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(11,552)		(2,913)
At Cost Basis [Member] \| Less Than or Equal to Five Years
Derivative [Line Items]
U.S. Treasury securities, net	9,441		12,465
At Cost Basis [Member] \| Greater Than Five Years and Less than or Equal to Seven Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(210)		(834)
At Cost Basis [Member] \| Greater Than Seven Years and Less than or Equal to Ten Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(18,575)		(12,334)
At Cost Basis [Member] \| Greater Than Ten Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	$ (2,208)		$ (2,210)

Stockholders' Equity (At-the-Market Offering Program) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Value, New Issues	$ 992,000	$ 309,000	$ 1,560,000	$ 1,617,000
Stock Issued During Period, Price Per Share	$ 10.17	$ 9.95	$ 10.28	$ 9.33
Authorization through 12/31/2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Shares Authorized	$ 1,100,000		$ 1,100,000
Additional Paid-in Capital [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Value, New Issues	$ 991,000	$ 308,000	$ 1,558,000	$ 1,615,000
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, New Issues	97.6	31.0	151.8	173.3
Stock Issued During Period, Value, New Issues	$ 1,000	$ 1,000	$ 2,000	$ 2,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Number of new stock issued during the period.

+ References

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+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References

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+ Details

Net Income (Loss) Per Common Share (Notes)

9 Months Ended

Sep. 30, 2026

Net Income (Loss) Per Common Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Weighted average number of common shares issued and outstanding	1,197.8		1,051.2		1,157.5		994.8
Weighted average number of fully vested restricted stock units outstanding	2.7		1.8		3.0		1.9
Weighted average number of common shares outstanding - basic	1,200.5		1,053.0		1,160.5		996.7
Weighted average number of dilutive unvested restricted stock units outstanding	—		3.6		—		3.2
Weighted average number of common shares outstanding - diluted	1,200.5		1,056.6		1,160.5		999.9
Net income (loss) available (attributable) to common stockholders	$	(1,402)	$	764	$	(984)	$	601
Net income (loss) per common share - basic	$	(1.17)	$	0.73	$	(0.85)	$	0.60
Net income (loss) per common share - diluted	$	(1.17)	$	0.72	$	(0.85)	$	0.60

Earnings Per Share [Text Block]

Net Income (Loss) Per Common Share

Basic net income (loss) per common share is computed by dividing (i) net income (loss) available (attributable) to common stockholders by (ii) the sum of our weighted-average number of common shares outstanding and the weighted-average number of vested but not yet issued time- and performance-based restricted stock units (“RSUs”) that were outstanding during the period, which were granted under our long-term incentive program to employees and non-employee members of the Board of Directors (the “Board”). Diluted net income (loss) per common share assumes the issuance of all potential common stock equivalents unless doing so would reduce a loss or increase income per common share. Our potential common stock equivalents consist of unvested time- and performance-based RSUs. The following table presents the computations of basic and diluted net income (loss) per common share for the periods indicated (shares and dollars in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Weighted average number of common shares issued and outstanding	1,197.8		1,051.2		1,157.5		994.8
Weighted average number of fully vested restricted stock units outstanding	2.7		1.8		3.0		1.9
Weighted average number of common shares outstanding - basic	1,200.5		1,053.0		1,160.5		996.7
Weighted average number of dilutive unvested restricted stock units outstanding	—		3.6		—		3.2
Weighted average number of common shares outstanding - diluted	1,200.5		1,056.6		1,160.5		999.9
Net income (loss) available (attributable) to common stockholders	$	(1,402)	$	764	$	(984)	$	601
Net income (loss) per common share - basic	$	(1.17)	$	0.73	$	(0.85)	$	0.60
Net income (loss) per common share - diluted	$	(1.17)	$	0.72	$	(0.85)	$	0.60

Stockholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	$ (140)	$ 61	$ (155)	$ 202
Agency Securities [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning OCI Balance	(338)	(450)	(323)	(591)
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	(140)	61	(161)	188
Amounts reclassified from accumulated OCI	0	0	6	14
Ending OCI Balance	$ (478)	$ (389)	$ (478)	$ (389)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Investment Securities (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Weighted average expected constant prepayment rate	6.70%	9.60%
Debt, at fair value	$ 0		$ (56,000)
Mortgage Credit Investment Fund Limited Partnership	72,000		70,000
Agency Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Unamortized premium balance	300,000		1,000,000
TBA securities Fifteen Year and Thirty Year Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Net long TBA position, at fair value	2,400,000		13,000,000
TBA, net carrying value	$ (70,000)		$ 71,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Summary of Significant Accounting Policies Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2026
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Derivatives, Policy [Policy Text Block]	Derivative Instruments We use a variety of derivative instruments to hedge a portion of our exposure to market risks, including interest rate, prepayment, extension and liquidity risks. The objective of our risk management strategy is to reduce fluctuations in net book value over a range of interest rate scenarios. In particular, we attempt to mitigate the risk of the cost of our variable rate liabilities increasing during a period of rising interest rates. The primary instruments that we use are interest rate swaps, options to enter into interest rate swaps (“swaptions”), U.S. Treasury securities and U.S. Treasury futures contracts. We also use forward contracts in the Agency RMBS “to-be-announced” market, or TBA securities, to invest in and finance Agency securities and to periodically reduce our exposure to Agency RMBS. We account for derivative instruments in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASC 815 requires an entity to recognize all derivatives as either assets or liabilities in our accompanying consolidated balance sheets and to measure those instruments at fair value. None of our derivative instruments have been designated as hedging instruments for accounting purposes under the provisions of ASC 815; consequently, changes in the fair value of our derivative instruments are reported in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. Our derivative agreements generally contain provisions that allow for netting or setting off derivative assets and liabilities with the counterparty; however, we report related assets and liabilities on a gross basis in our consolidated balance sheets. Derivative instruments in a gain position are reported as derivative assets at fair value and derivative instruments in a loss position are reported as derivative liabilities at fair value in our consolidated balance sheets. Changes in fair value of derivative instruments and periodic settlements related to our derivative instruments are recorded in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. Net cash receipts from and payments on our derivative instruments are classified in our consolidated statements of cash flows according to the underlying nature or purpose of the derivative transaction, generally in the investing section. Interest rate swap agreements We use interest rate swaps to economically hedge the variable cash flows associated with our borrowings made under repurchase agreements. Under our interest rate swap agreements, we typically pay a fixed rate and receive a floating rate (“payer swaps”) based on a short-term benchmark rate, such as the Secured Overnight Financing Rate (“SOFR”) and Overnight Index Swap Rate (“OIS”). Our interest rate swaps typically have terms from one to 10 years. Our interest rate swaps are centrally cleared through a registered commodities exchange. The clearing exchange requires that we post an “initial margin” amount determined by the exchange. The initial margin amount is intended to be set at a level sufficient to protect the exchange from the interest rate swap’s maximum estimated single-day price movement and is subject to adjustment based on changes in market volatility and other factors. We also exchange daily settlements of “variation margin” based upon changes in fair value, as measured by the exchange. Pursuant to rules governing central clearing activities, we recognize variation margin settlements as a direct reduction of the carrying value of the interest rate swap asset or liability. Interest rate swaptions We purchase interest rate swaptions to help mitigate the potential impact of larger, more rapid changes in interest rates on the performance of our investment portfolio. Interest rate swaptions provide us the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future. Our interest rate swaption agreements are not subject to central clearing. The difference between the premium paid and the fair value of the swaption is reported in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. If a swaption expires unexercised, the realized loss on the swaption would be equal to the premium paid. If we sell or exercise a swaption, the realized gain or loss on the swaption would be equal to the difference between the cash or the fair value of the underlying interest rate swap and the premium paid. TBA securities A TBA security is a forward contract for the purchase or sale of Agency RMBS at a predetermined price, face amount, issuer, coupon and stated maturity on an agreed-upon future date. The specific Agency RMBS to be delivered into the contract are not known until shortly before the settlement date. We may choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting TBA position, net settling the offsetting positions for cash, and simultaneously purchasing or selling a similar TBA contract for a later settlement date (together referred to as a “dollar roll transaction”). The Agency securities purchased or sold for a forward settlement date are typically priced at a discount to equivalent securities settling in the current month. This difference, or “price drop,” is the economic equivalent of interest income on the underlying Agency securities, less an implied funding cost, over the forward settlement period (referred to as “dollar roll income”). Consequently, forward purchases of Agency securities and dollar roll transactions represent a form of off-balance sheet financing. We account for TBA contracts as derivative instruments since either the TBA contracts do not settle in the shortest period of time possible or we cannot assert that it is probable at inception and throughout the term of the TBA contract that we will physically settle the contract on the settlement date. We account for TBA dollar roll transactions as a series of derivative transactions. U.S. Treasury securities and U.S. Treasury futures contracts We use U.S. Treasury securities and U.S. Treasury futures contracts to mitigate the potential impact of changes in interest rates on the performance of our portfolio. We enter into short-sales of U.S. Treasury securities by borrowing the securities under reverse repurchase agreements and selling them into the market. We account for these as securities borrowing transactions and recognize an obligation to return the borrowed securities at fair value on our accompanying consolidated balance sheets based on the value of the underlying U.S. Treasury security as of the reporting date. Treasury futures contracts are standardized contracts that obligate us to sell or buy U.S. Treasury securities for future delivery. Gains and losses associated with U.S. Treasury securities and U.S. Treasury futures contracts are recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income.
Investment, Policy [Policy Text Block]	Investment Securities Agency RMBS consist of residential mortgage pass-through securities and collateralized mortgage obligations (“CMOs”) guaranteed by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac,” and together with Fannie Mae, the “GSEs”) or the Government National Mortgage Association (“Ginnie Mae”). Agency multifamily MBS consist of securities backed by one or more mortgage loans secured by one or more multifamily properties that are similarly guaranteed by a GSE. Our investments in Agency multifamily MBS primarily consist of securities issued under Fannie Mae’s Delegated Underwriting and Servicing (“DUS”) program, which are generally backed by a single mortgage loan secured by a single property and include lender risk-sharing. CRT securities are risk sharing instruments issued by the GSEs, and similarly structured transactions issued by third-party market participants, that synthetically transfer a portion of the risk associated with credit losses within pools of conventional residential and multifamily mortgage loans from the GSEs and/or third parties to private investors. Unlike Agency RMBS and Agency multifamily MBS, full repayment of the original principal balance of CRT securities is not guaranteed by a GSE or U.S. Government agency; rather, “credit risk transfer” is achieved by writing down the outstanding principal balance of the CRT securities if credit losses on a related pool of loans exceed certain thresholds. By reducing the principal amount that they are obligated to repay to holders of CRT securities, the GSEs and/or other third parties offset credit losses on the related loans. Non-Agency RMBS and CMBS (together, “non-Agency MBS”) are backed by residential and commercial mortgage loans, respectively, packaged and securitized by a private institution, such as a commercial bank. Non-Agency MBS typically benefit from credit enhancements derived from structural elements, such as subordination, over-collateralization or insurance, but nonetheless carry a higher level of credit exposure than Agency RMBS. All of our securities are reported at fair value on our consolidated balance sheet. Accounting Standards Codification (“ASC”) Topic 320, Investments—Debt Securities, requires that at the time of purchase, we designate a security as held-to-maturity, available-for-sale or trading, depending on our ability and intent to hold such security to maturity. Alternatively, we may elect the fair value option of accounting for securities pursuant to ASC Topic 825, Financial Instruments. Prior to fiscal year 2017, we primarily designated our investment securities as available-for-sale. On January 1, 2017, we began electing the fair value option of accounting for all investment securities newly acquired after such date. Unrealized gains and losses on securities classified as available-for-sale are reported in accumulated other comprehensive income (“OCI”), whereas unrealized gains and losses on securities for which we elected the fair value option, or are classified as trading, are reported in net income through other gain (loss). Upon the sale of a security designated as available-for-sale, we determine the cost of the security and the amount of unrealized gain or loss to reclassify out of accumulated OCI into earnings based on the specific identification method. In our view, the election of the fair value option simplifies the accounting for investment securities and more appropriately reflects the results of our operations for a reporting period by presenting the fair value changes for these assets in a manner consistent with the presentation and timing of the fair value changes for our derivative instruments. We generally recognize gains or losses through net income on available-for-sale securities only if the security is sold; however, if the fair value of a security declines below its amortized cost and we determine that it is more likely than not that we will incur a realized loss on the security when we sell the asset, we will recognize the difference between the amortized cost and the fair value in net income as a component of other gain (loss). We did not recognize any loss on available-for-sale securities through net income that we held as of September 30, 2026 because, as of such date, we neither intended to sell any securities in an unrealized loss position nor was it more likely than not that we would be required to sell such securities before recovery of their amortized cost basis. Since all of our available-for-sale designated securities consist of Agency RMBS, we do not have an allowance for credit losses. We have not recognized impairment losses on our available-for-sale securities through net income for the periods presented in our consolidated financial statements.
Interest Income [Policy Text Block]	Interest Income Interest income is accrued based on the outstanding principal amount of the investment securities and their contractual terms. Premiums or discounts associated with the purchase of Agency RMBS and non-Agency MBS of high credit quality are amortized or accreted into interest income, respectively, over the projected lives of the securities, including contractual payments and estimated prepayments, using the effective interest method in accordance with ASC Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs. We estimate long-term prepayment speeds of our mortgage securities using a third-party service and market data. The third-party service provider estimates prepayment speeds using models that incorporate the forward yield curve, primary to secondary mortgage rate spreads, current mortgage rates, mortgage rates of the outstanding loans, age and size of the outstanding loans, loan-to-value ratios, interest rate volatility and other factors. We review the prepayment speeds estimated by the third-party service for reasonableness with consideration given to both historical prepayment speeds and current market conditions. If, based on our assessment, we believe that the third-party model does not fully reflect our expectations of the current prepayment landscape, we may make adjustments to the models. We review our actual and anticipated prepayment experience on at least a quarterly basis and effective yields are recalculated when differences arise between (i) our previous estimate of future prepayments and (ii) actual prepayments to date and our current estimate of future prepayments. We are required to record an adjustment in the current period to premium amortization / discount accretion for the cumulative effect of the difference in the effective yields as if the recalculated yield had been in place as of the security’s acquisition date through the reporting date. At the time we purchase CRT securities and non-Agency MBS that are not of high credit quality, we determine an effective yield based on our estimate of the timing and amount of future cash flows and our cost basis. Our initial cash flow estimates for these investments are based on our observations of current information and events and include assumptions related to interest rates, prepayment rates, collateral call provisions, and the impact of default and severity rates on the timing and amount of credit losses. On at least a quarterly basis, we review the estimated cash flows and make appropriate adjustments based on inputs and analysis received from external sources, internal models, and our judgment regarding such inputs and other factors. Any resulting changes in effective yield are recognized prospectively based on the current amortized cost of the investment adjusted for credit impairments, if any.

- Definition

Disclosure of accounting policy for its derivative instruments and hedging activities.

+ References

+ Details

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stockholders' Equity (Follow-On Equity Offerings) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Class of Stock [Line Items]
Stock Issued During Period, Value, New Issues	$ 992	$ 309	$ 1,560	$ 1,617

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

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+ Details

Consolidated Statements Of Cash Flows $ in Millions	9 Months Ended
Consolidated Statements Of Cash Flows $ in Millions	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Statement of Cash Flows [Abstract]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 2,233	$ 1,911	$ 1,771
Operating activities:
Net income (loss)	(851)	716
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premiums and discounts on mortgage-backed securities, net	65	126
Stock based compensation	8	13
(Gain) loss on sale of investment securities, net	(41)	503
Unrealized (gain) loss on investment securities measured at fair value through net income, net	5,994	(2,258)
(Gain) loss on derivative instruments and other securities, net	(4,168)	1,422
Increase in other assets	(24)	(82)
Increase in other liabilities	26	85
Net cash provided by operating activities	1,009	525
Investing activities:
Purchases of Agency mortgage-backed securities	(47,738)	(33,357)
Purchases of credit risk transfer and non-Agency securities and other mortgage credit investments	(2)	(68)
Proceeds from sale of Agency mortgage-backed securities	22,613	18,794
Proceeds from sale of credit risk transfer and non-Agency securities	15	270
Principal collections on Agency mortgage-backed securities	8,666	5,237
Principal collections on credit risk transfer and non-Agency securities	66	25
Payments on U.S. Treasury securities	(40,625)	(28,564)
Proceeds from Sale of U.S. Treasury securities	48,692	27,440
Net payments on reverse repurchase agreements	(6,707)	(3,578)
Net proceeds from (payments on) derivative instruments	2,946	(707)
Net cash used in investing activities	(12,074)	(14,508)
Financing activities:
Proceeds from repurchase arrangements	8,052,340	4,968,577
Payments on repurchase agreements	(8,040,907)	(4,955,223)
Payments on debt of consolidated variable interest entities	(57)	(9)
Net proceeds from preferred stock issuance	0	(334)
Net proceeds from common stock issuance	1,560	1,617
Cash dividends paid	(1,380)	(1,173)
Net cash provided by financing activities	11,556	14,123
Net change in cash and cash equivalents	491	140
Cash and cash equivalents at end of period	468	450
Supplemental disclosure to cash flow information:
Restricted Cash and Cash Equivalent	$ 1,765	$ 1,461

Organization (Details)	9 Months Ended
Organization (Details)	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Required Annual Distribution of Taxable Net Income	90.00%
Intended annual distribution of taxable net income	100.00%

Derivative and Other Hedging Instruments (Remaining Interest Rate Swap Term) (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) month	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) month
Statement [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 3,293	$ (53)	$ 4,162	$ (1,433)
Interest Rate Swaps Linked to Overnight Index Swap Rate	2.00%		2.00%		5.00%
Interest Rate Swaption [Member]
Statement [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(1)		(29)
Interest Rate Swap [Member]
Statement [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 2,205	(27)	$ 3,300	(832)
Derivative Liability, Notional Amount	$ (74,608)		$ (74,608)		$ (64,632)
Average Fixed Pay Rate	2.96%		2.96%		2.57%
Average Maturity (Years)			4 years 3 months 18 days		4 years 8 months 12 days
Average Receive Rate	3.90%		3.90%		3.86%
Receiver Swaption [Member]
Statement [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (34)	$ (15)	$ (55)	$ (15)
Less Than or Equal to One Year [Member] \| Interest Rate Swap [Member]
Statement [Line Items]
Derivative Liability, Notional Amount	$ (3,750)		$ (3,750)		$ (7,300)
Average Fixed Pay Rate	0.26%		0.26%		0.20%
Average Maturity (Years)			7 months 6 days		6 months
Average Receive Rate	3.90%		3.90%		3.80%
Less Than or Equal to One Year [Member] \| Receiver Swaption [Member]
Statement [Line Items]
Cost					$ 70
Fair Value					$ 24
Average Months to Expiration \| month					9
Derivative Liability, Notional Amount					$ (7,000)
Average Fixed Pay Rate					3.04%
Average Maturity (Years)					9 years 2 months 12 days
Greater Than One Year and Less Than or Equal to Two Years [Member] \| Receiver Swaption [Member]
Statement [Line Items]
Cost			$ 53
Fair Value	$ 33		$ 33
Average Months to Expiration \| month			8
Derivative Liability, Notional Amount	$ (6,250)		$ (6,250)
Average Fixed Pay Rate	4.04%		4.04%
Average Maturity (Years)			9 years 3 months 18 days
Greater Than One Year and Less Than or Equal to Three Years [Member] \| Interest Rate Swap [Member]
Statement [Line Items]
Derivative Liability, Notional Amount	$ (31,271)		$ (31,271)		$ (20,421)
Average Fixed Pay Rate	2.85%		2.85%		2.38%
Average Maturity (Years)			1 year 7 months 6 days		2 years 1 month 6 days
Average Receive Rate	3.90%		3.90%		3.86%

Pledged Assets (Assets Pledged from Counterparties) (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025
Offsetting Assets and Liabilities [Line Items]
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 23,542,000	$ 16,452,000
Restricted Cash and Cash Equivalent	1,765,000	1,292,000	$ 1,461,000
Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Restricted Cash and Cash Equivalent	60,000	119,000
Restricted Cash and Securities Pledged	23,476,000	16,591,000
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] \| Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Pledged Financial Instruments, Not Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment	(2,000)	(10,000)
Restricted Cash and Cash Equivalent	42,000	19,000
Securities Sold under Agreements to Repurchase [Member] \| Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Pledged Financial Instruments, Not Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment	(44,000)	(62,000)
Derivative [Member] \| Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Restricted Cash and Securities Pledged	18,000	100,000
US Treasury Securities [Member] \| Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Pledged Financial Instruments, Not Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment	(23,416,000)	(16,439,000)
Reverse Repurchase Agreements [Member] \| Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Pledged Financial Instruments, Not Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment	(23,414,000)	(16,429,000)
Agency Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Pledged Financial Instruments, Not Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment	(86,455,000)	(74,149,000)
Agency Securities [Member] \| Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Pledged Financial Instruments, Not Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment	0	(33,000)
Reverse Repurchase Agreements [Member] \| US Treasury Securities [Member] \| Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Pledged Financial Instruments, Not Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment	(23,414,000)	(16,429,000)
Derivative [Member] \| US Treasury Securities [Member] \| Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Pledged Financial Instruments, Not Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment	0	0
Repurchase Agreements [Member] \| Agency Securities [Member] \| Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Pledged Financial Instruments, Not Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment	0	(33,000)
Derivative [Member] \| Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Restricted Cash and Cash Equivalent	18,000	100,000
Reverse Repurchase Agreements [Member] \| Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Restricted Cash and Cash Equivalent	$ 0	$ 0

Investment Securities (Summary Of Net Gain From Sale Of Agency Securities) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Statement [Line Items]
Cost of Sale of Fair Value Option Securities	$ (1,483,000)	$ (8,055,000)	$ (22,572,000)	$ (20,959,000)
Cost of Sale of Investment Securities	(1,483,000)	(8,055,000)	(22,665,000)	(21,068,000)
Proceeds from Sale of Debt Securities	1,466,000	7,974,000	22,706,000	20,565,000
Proceeds from Sale of Debt Securities, Trading	1,466,000	7,974,000	22,619,000	20,470,000
Proceeds from Sale of Debt Securities, Available-for-sale	0	0	87,000	95,000
Net gain (loss) on sale of investment securities	(17,000)	(81,000)	41,000	(503,000)
Principal Payments Received on Available-For-Sale securities			333,000	408,000
Trading Securities [Member]
Statement [Line Items]
Trading Securities Par	94,819,000		94,819,000		$ 77,313,000
Available-for-sale Securities [Member]
Statement [Line Items]
Agency MBS sold, at cost	0	0	93,000	109,000
Net gain (loss) on sale of investment securities		0		(14,000)
Debt Securities, Available-for-sale, Realized Gain	0	0	0	0
Debt Securities, Available-for-sale, Realized Loss	0	0	6,000	14,000
Securities Remeasured at Fair Value [Member]
Statement [Line Items]
Net gain (loss) on sale of investment securities		(81,000)		(489,000)
Debt Securities, Available-for-sale, Realized Gain	6,000	66,000	131,000	99,000
Debt Securities, Available-for-sale, Realized Loss	23,000	147,000	84,000	588,000
Securities (Assets) [Member]
Statement [Line Items]
Net gain (loss) on sale of investment securities	(17,000)	(81,000)	41,000	(503,000)
Debt Securities, Available-for-sale, Realized Gain	6,000	66,000	131,000	99,000
Debt Securities, Available-for-sale, Realized Loss	23,000	$ 147,000	90,000	$ 602,000
Cost and Proceeds of Investment Securities [Member] \| Available-for-sale Securities [Member]
Statement [Line Items]
Net gain (loss) on sale of investment securities	0		(6,000)
Cost and Proceeds of Investment Securities [Member] \| Securities Remeasured at Fair Value [Member]
Statement [Line Items]
Net gain (loss) on sale of investment securities	(17,000)		47,000
Gross Gain & Loss of Investment Securities [Member] \| Available-for-sale Securities [Member]
Statement [Line Items]
Net gain (loss) on sale of investment securities	0		(6,000)
Gross Gain & Loss of Investment Securities [Member] \| Securities Remeasured at Fair Value [Member]
Statement [Line Items]
Net gain (loss) on sale of investment securities	(17,000)		47,000
Non-Agency [Member] \| Interest-Only-Strip \| Trading Securities [Member]
Statement [Line Items]
Trading Securities Par	16,000		16,000		16,000
Agency Securities [Member] \| Interest-Only-Strip \| Trading Securities [Member]
Statement [Line Items]
Trading Securities Par	$ 6,388,000		$ 6,388,000		$ 4,475,000