AGNC Investment (AGNC) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
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	Mar. 31, 2022
Entity File Number	001-34057
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	AGNC INVESTMENT CORP.
Entity Address, Address Line One	2 Bethesda Metro Center, 12th 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		523,359,770
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

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets:
Agency securities, at fair value (including pledged securities of $43,261 and $47,601, respectively)	$ 47,214	$ 52,396
Agency securities transferred to consolidated variable interest entities, at fair value (pledged securities)	184	208
Credit risk transfer securities, at fair value (including pledged securities of $471 and $510, respectively)	885	974
Non-Agency securities, at fair value (including pledged securities of $466 and $571, respectively)	804	843
U.S. Treasury securities, at fair value (including pledged securities of $684 and $471, respectively)	684	471
Cash and cash equivalents	1,004	998
Restricted cash	1,087	527
Derivative assets, at fair value	647	317
Receivable for investment securities sold (including pledged securities of $2,160 and $0, respectively)	2,317	0
Receivable under reverse repurchase agreements	10,645	10,475
Goodwill and other intangible assets, net	526	526
Other assets	397	414
Total assets	66,394	68,149
Liabilities:
Repurchase Agreements	44,715	47,381
Debt of consolidated variable interest entities, at fair value	116	126
Payable for investment securities purchased	857	80
Derivative liabilities, at fair value	668	86
Dividends payable	88	88
Accounts payable and other liabilities	743	400
Total liabilities	57,464	57,858
Stockholders' equity:
Preferred Stock - aggregate liquidation preference of $1,538	1,489	1,489
Common stock - $0.01 par value; 1,500 shares authorized; 523.3 and 522.2 shares issued and outstanding, respectively	5	5
Additional paid-in capital	13,704	13,710
Retained deficit	(6,078)	(5,214)
Accumulated other comprehensive income	(190)	301
Total stockholders' equity	8,930	10,291
Total liabilities and stockholders' equity	66,394	68,149
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 10,277	$ 9,697

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]
Preferred Stock, Liquidation Preference, Value	$ 1,538,000	$ 1,538,000
Preferred Stock C, Liquidation Preference, Value	325,000
Preferred Stock D, Liquidation Preference, Value	$ 235,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,500,000	1,500,000
Common Stock, Shares, Issued	523,300	522,200
Common Stock, Shares, Outstanding	523,300	522,200
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	$ 43,261,000	$ 47,601,000
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged Financial Instruments, Securities	466,000	571,000
Receivable for securities sold [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged Financial Instruments, Securities	2,160,000
Asset Pledged as Collateral [Member] | Credit Risk Transfer Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged Financial Instruments, Securities	471,000	510,000
Asset Pledged as Collateral [Member] | US Treasury Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged Financial Instruments, Securities	$ 684,000	$ 471,000

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Dividends declared per common share	$ 0.36	$ 0.36
Net gain (loss) on sale of investment securities	$ (342)	$ (13)
Unrealized loss on investment securities measured at fair value through net income, net	(2,532)	(955)
(Loss) gain on derivative instruments and other securities, net	1,796	1,439
Nonoperating Income (Expense)	(1,078)	471
Interest income	475	557
Interest expense	27	29
Net interest income	448	528
Labor and Related Expense	13	16
General and administrative expenses	8	8
Total expenses	21	24
Net income (loss)	(651)	975
Dividend on preferred stock	25	25
Net income (loss) available (attributable) to common shareholders	(676)	950
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	(491)	(237)
Comprehensive (loss) income	(1,142)	738
Comprehensive (loss) income (attributable) available to common shareholders	$ (1,167)	$ 713
Weighted average number of common shares outstanding - basic	524.3	533.7
Weighted average number of common shares outstanding - diluted	524.3	535.6
Earnings Per Share, Basic	$ (1.29)	$ 1.78
Net income (loss) per common share - diluted	$ (1.29)	$ 1.77
Interest income:
Interest income	$ 475	$ 557
Interest expense	27	29
Net interest income	448	528
Other gain (loss), net:
Loss on sale of investment securities, net	(342)	(13)
Unrealized loss on investment securities measured at fair value through net income, net	(2,532)	(955)
Gain on derivative instruments and other securities, net	1,796	1,439
Expenses:
Compensation and benefits	13	16
Other operating expense	8	8
Total operating expense	21	24
Net income (loss)	(651)	975
Dividend on preferred stock	25	25
Net income (loss) available (attributable) to common stockholders	(676)	950
Other comprehensive income (loss):
Unrealized loss on investment securities measured at fair value through other comprehensive loss, net	491	237
Comprehensive income (loss)	(1,142)	738
Comprehensive income (loss) available (attributable) to common stockholders	$ (1,167)	$ 713
Weighted average number of common shares outstanding - basic	524.3	533.7
Weighted average number of common shares outstanding - diluted	524.3	535.6
Net income (loss) per common share - basic	$ (1.29)	$ 1.78
Net income (loss) per common share - diluted	$ (1.29)	$ 1.77

Consolidated Statement of Stock

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, 2020	$ 11,079,000	$ 1,489,000	$ 5,000	$ 13,972,000	$ (5,106,000)	$ 719,000
Balance, Common Stock, shares at Dec. 31, 2020			539,500
Net income (loss)	975,000				975,000
Other comprehensive income (loss):
Unrealized Gains and (Losses), Net	$ (237,000)					(237,000)
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture	400
APIC, Share-based Payment Arrangement, Recognition and Exercise	$ 3,000			3,000
Stock Repurchased During Period, Shares			(15,000)
Stock Repurchased During Period, Value	239,000		$ 0	239,000
Payments for Repurchase of Common Stock	239,000
Preferred dividends declared	(25,000)				(25,000)
Common dividends declared	(192,000)				(192,000)
Balance, value at Mar. 31, 2021	11,364,000	1,489,000	$ 5,000	13,736,000	(4,348,000)	482,000
Balance, Common Stock, shares at Mar. 31, 2021			524,900
Balance, value at Dec. 31, 2021	$ 10,291,000	1,489,000	$ 5,000	13,710,000	(5,214,000)	301,000
Balance, Common Stock, shares at Dec. 31, 2021	522,200		522,200
Net income (loss)	$ (651,000)				(651,000)
Other comprehensive income (loss):
Unrealized Gains and (Losses), Net	$ (491,000)					(491,000)
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture	1,100
APIC, Share-based Payment Arrangement, Recognition and Exercise	$ (6,000)			(6,000)
Payments for Repurchase of Common Stock	0
Preferred dividends declared	(25,000)				(25,000)
Common dividends declared	(188,000)				(188,000)
Balance, value at Mar. 31, 2022	$ 8,930,000	$ 1,489,000	$ 5,000	$ 13,704,000	$ (6,078,000)	$ (190,000)
Balance, Common Stock, shares at Mar. 31, 2022	523,300		523,300

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Cash Flows [Abstract]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 2,091,000	$ 1,776,000
Operating activities:
Net income (loss)	(651,000)	975,000
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premiums and discounts on mortgage-backed securities, net	(78,000)	(77,000)
Stock based compensation	(6,000)	3,000
Loss on sale of investment securities, net	342,000	13,000
Unrealized loss on investment securities measured at fair value through net income, net	2,532,000	955,000
Gain on derivative instruments and other securities, net	(1,796,000)	(1,439,000)
Decrease in other assets	20,000	9,000
Increase (decrease) in accounts payable and other accrued liabilities	8,000	(12,000)
Net cash provided by operating activities	371,000	427,000
Investing activities:
Purchases of Agency mortgage-backed securities	(6,519,000)	(14,029,000)
Purchases of credit risk transfer and non-Agency securities	(280,000)	(497,000)
Proceeds from sale of Agency mortgage-backed securities	4,689,000	6,366,000
Proceeds from sale of credit risk transfer and non-Agency securities	279,000	137,000
Principal collections on Agency mortgage-backed securities	2,273,000	4,317,000
Principal collections on credit risk transfer and non-Agency securities	66,000	9,000
Payments on U.S. Treasury securities	(5,108,000)	(4,313,000)
Proceeds from Sale of U.S. Treasury securities	6,066,000	8,474,000
Net payments on reverse repurchase agreements	(169,000)	(5,055,000)
Net proceeds from derivative instruments	1,784,000	1,396,000
Net cash provided by (used in) investing activities	3,081,000	(3,195,000)
Financing activities:
Proceeds from repurchase arrangements	561,514,000	526,319,000
Payments on repurchase agreements	(564,180,000)	(523,629,000)
Payments on debt of consolidated variable interest entities	(7,000)	(12,000)
Payments for common stock repurchases	0	(239,000)
Cash dividends paid	(213,000)	(219,000)
Net cash (used in) provided by financing activities	(2,886,000)	2,220,000
Net change in cash and cash equivalents	566,000	$ (548,000)
Cash and cash equivalents at end of period	$ 1,004,000

Organization

Organization	3 Months Ended
	Mar. 31, 2022
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 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 providing our stockholders with favorable long-term returns on a risk-adjusted basis through attractive monthly dividends. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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, 2021. 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"). 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 mortgage loans from the GSEs and/or third parties to private investors. Unlike Agency RMBS, 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 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 and Equity 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). 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, such as during periods of elevated market uncertainty or unique market conditions, 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 financial institutions. Repurchase arrangements involve the sale and a simultaneous agreement to repurchase the transferred assets 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 under our master repurchase agreements (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. Cash receipts and payments related to 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 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 borrow U.S. Treasury securities under reverse repurchase agreements to cover short sales of U.S. Treasury securities. 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. 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, 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 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 securities and derivative instruments to those actively traded enable our pricing sources and us to observe quoted prices in the market and utilize those 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 forward contracts in the Agency RMBS "to-be-announced" market ("TBA securities") of 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, 2021.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investment Securities	3 years and ≤ 5 years 3,201 3,219 3.62% 3.08% 11,214 10,868 3.97% 2.74% > 5 years and ≤10 years 32,784 34,059 3.38% 2.63% 36,936 36,490 2.87% 2.32% > 10 years 12,252 13,186 2.34% 2.13% 4,594 4,628 2.48% 2.09% Total $ 49,087 $ 51,316 3.13% 2.56% $ 54,421 $ 53,628 3.08% 2.43% 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 March 31, 2022 and December 31, 2021 (in millions): Unrealized Loss Position For Less than 12 Months 12 Months or More Total Securities Classified as Available-for-Sale Fair Unrealized Fair Value Unrealized Fair Unrealized March 31, 2022 $ 6,820 $ (200) $ — $ — $ 6,820 $ (200) December 31, 2021 $ — $ — $ — $ — $ — $ — 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 months ended March 31, 2022 and 2021 by investment classification of accounting (in millions): Three Months Ended March 31, 2022 2021 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 $ (315) $ (7,312) $ (7,627) $ (493) $ (5,864) $ (6,357) Proceeds from investment securities sold 1 315 6,970 7,285 511 5,833 6,344 Net gain (loss) on sale of investment securities $ — $ (342) $ (342) $ 18 $ (31) $ (13) Gross gain on sale of investment securities $ 2 $ 4 $ 6 $ 18 $ 49 $ 67 Gross loss on sale of investment securities (2) (346) (348) — (80) (80) Net gain (loss) on sale of investment securities $ — $ (342) $ (342) $ 18 $ (31) $ (13) ________________________________ 1. Proceeds include cash received during the period, plus receivable for investment securities sold during the period as of period end." id="sjs-B4">Investment Securities As of March 31, 2022 and December 31, 2021, our investment portfolio consisted of: $49.1 billion and $54.4 billion investment securities, at fair value, respectively; $19.5 billion and $27.1 billion net TBA securities, at fair value, respectively; and, as of December 31, 2021, $0.4 billion forward settling non-Agency securities, at fair value. Our net TBA position and forward settling non-Agency securities are reported at their net carrying value totaling $(609) million and $(44) million as of March 31, 2022 and December 31, 2021, respectively, in derivative assets / (liabilities) on our accompanying consolidated balance sheets. The net carrying value of our TBA position and forward settling non-Agency securities 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 March 31, 2022 and December 31, 2021, our investment securities had a net unamortized premium balance of $1.8 billion and $1.8 billion, respectively. The following tables summarize our investment securities as of March 31, 2022 and December 31, 2021, excluding TBA and forward settling securities, (dollars in millions). Details of our TBA and forward settling securities as of each of the respective dates are included in Note 5. March 31, 2022 December 31, 2021 Investment Securities Amortized Fair Value Amortized Fair Value Agency RMBS: Fixed rate $ 49,320 $ 47,124 $ 51,546 $ 52,289 Adjustable rate 40 41 45 47 CMO 166 166 182 188 Interest-only and principal-only strips 64 67 70 80 Total Agency RMBS 49,590 47,398 51,843 52,604 Non-Agency RMBS 327 316 325 329 CMBS 496 488 505 514 CRT securities 903 885 955 974 Total investment securities $ 51,316 $ 49,087 $ 53,628 $ 54,421 March 31, 2022 Agency RMBS Non-Agency Investment Securities Fannie Mae Freddie Mac Ginnie RMBS CMBS CRT Total Available-for-sale securities: Par value $ 5,723 $ 1,886 $ 1 $ — $ — $ — $ 7,610 Unamortized discount (2) — — — — — (2) Unamortized premium 313 108 — — — — 421 Amortized cost 6,034 1,994 1 — — — 8,029 Gross unrealized gains 8 2 — — — — 10 Gross unrealized losses (145) (55) — — — — (200) Total available-for-sale securities, at fair value 5,897 1,941 1 — — — 7,839 Securities remeasured at fair value through earnings: Par value 27,608 12,564 3 333 498 895 41,901 Unamortized discount (25) (3) — (9) (6) (5) (48) Unamortized premium 953 461 — 3 4 13 1,434 Amortized cost 28,536 13,022 3 327 496 903 43,287 Gross unrealized gains 56 20 — 3 2 6 87 Gross unrealized losses (1,425) (653) — (14) (10) (24) (2,126) Total securities remeasured at fair value through earnings 27,167 12,389 3 316 488 885 41,248 Total securities, at fair value $ 33,064 $ 14,330 $ 4 $ 316 $ 488 $ 885 $ 49,087 Weighted average coupon as of March 31, 2022 3.11 % 3.10 % 4.73 % 3.39 % 3.76 % 4.23 % 3.13 % Weighted average yield as of March 31, 2022 1 2.47 % 2.46 % 2.56 % 5.63 % 4.43 % 5.30 % 2.56 % ________________________________ 1. Incorporates a weighted average future constant prepayment rate assumption of 7.9% based on forward rates as of March 31, 2022. December 31, 2021 Agency RMBS Non-Agency Investment Securities Fannie Freddie Mac Ginnie RMBS CMBS CRT Total Available-for-sale securities: Par value $ 6,345 $ 2,111 $ 2 $ — $ — $ — $ 8,458 Unamortized discount (3) (1) — — — — (4) Unamortized premium 299 105 — — — — 404 Amortized cost 6,641 2,215 2 — — — 8,858 Gross unrealized gains 234 67 — — — — 301 Gross unrealized losses — — — — — — — Total available-for-sale securities, at fair value 6,875 2,282 2 — — — 9,159 Securities remeasured at fair value through earnings: Par value 27,952 13,680 3 327 508 950 43,420 Unamortized discount (14) (4) — (6) (6) (7) (37) Unamortized premium 924 444 — 4 3 12 1,387 Amortized cost 28,862 14,120 3 325 505 955 44,770 Gross unrealized gains 517 213 — 6 11 21 768 Gross unrealized losses (181) (89) — (2) (2) (2) (276) Total securities remeasured at fair value through earnings 29,198 14,244 3 329 514 974 45,262 Total securities, at fair value $ 36,073 $ 16,526 $ 5 $ 329 $ 514 $ 974 $ 54,421 Weighted average coupon as of December 31, 2021 3.09 % 2.98 % 4.69 % 3.33 % 3.60 % 3.74 % 3.08 % Weighted average yield as of December 31, 2021 1 2.38 % 2.29 % 2.54 % 5.68 % 4.28 % 4.47 % 2.43 % ________________________________ 1. Incorporates a weighted average future constant prepayment rate assumption of 10.9% based on forward rates as of December 31, 2021. As of March 31, 2022 and December 31, 2021, our investments in CRT and non-Agency securities had the following credit ratings (in millions): March 31, 2022 December 31, 2021 CRT and Non-Agency Security Credit Ratings 1 CRT RMBS CMBS CRT RMBS CMBS AAA $ — $ 174 $ 26 $ — $ 164 $ 10 AA — 19 97 — 21 111 A 20 18 43 17 28 45 BBB 28 38 74 75 51 85 BB 329 46 105 126 43 126 B 192 5 123 327 7 117 Not Rated 316 16 20 429 15 20 Total $ 885 $ 316 $ 488 $ 974 $ 329 $ 514 ________________________________ 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. Our CRT securities reference the performance of loans underlying Agency RMBS issued by Fannie Mae or Freddie Mac, which were subject to their underwriting 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 March 31, 2022 and December 31, 2021, 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 7.9% and 10.9%, 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 March 31, 2022 and December 31, 2021 according to their estimated weighted average life classification (dollars in millions): March 31, 2022 December 31, 2021 Estimated Weighted Average Life of Investment Securities Fair Value Amortized Weighted Weighted Fair Value Amortized Weighted Weighted ≤ 3 years $ 850 $ 852 3.87% 4.48% $ 1,677 $ 1,642 3.64% 3.69% > 3 years and ≤ 5 years 3,201 3,219 3.62% 3.08% 11,214 10,868 3.97% 2.74% > 5 years and ≤10 years 32,784 34,059 3.38% 2.63% 36,936 36,490 2.87% 2.32% > 10 years 12,252 13,186 2.34% 2.13% 4,594 4,628 2.48% 2.09% Total $ 49,087 $ 51,316 3.13% 2.56% $ 54,421 $ 53,628 3.08% 2.43% 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 March 31, 2022 and December 31, 2021 (in millions): Unrealized Loss Position For Less than 12 Months 12 Months or More Total Securities Classified as Available-for-Sale Fair Unrealized Fair Value Unrealized Fair Unrealized March 31, 2022 $ 6,820 $ (200) $ — $ — $ 6,820 $ (200) December 31, 2021 $ — $ — $ — $ — $ — $ — 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 months ended March 31, 2022 and 2021 by investment classification of accounting (in millions): Three Months Ended March 31, 2022 2021 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 $ (315) $ (7,312) $ (7,627) $ (493) $ (5,864) $ (6,357) Proceeds from investment securities sold 1 315 6,970 7,285 511 5,833 6,344 Net gain (loss) on sale of investment securities $ — $ (342) $ (342) $ 18 $ (31) $ (13) Gross gain on sale of investment securities $ 2 $ 4 $ 6 $ 18 $ 49 $ 67 Gross loss on sale of investment securities (2) (346) (348) — (80) (80) Net gain (loss) on sale of investment securities $ — $ (342) $ (342) $ 18 $ (31) $ (13) ________________________________ 1. Proceeds include cash received during the period, plus receivable for investment securities sold during the period as of period end.

Repurchase Agreements And Rever

Repurchase Agreements And Reverse Repurchase Agreements	3 Months Ended
	Mar. 31, 2022
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements And Other Debt	1 to ≤ 3 months 13,287 0.39 % 59 14,781 0.15 % 61 > 3 to ≤ 6 months 6,754 0.44 % 149 4,576 0.19 % 154 > 6 to ≤ 9 months 1,862 0.33 % 232 2,445 0.21 % 264 > 9 to ≤ 12 months — — % — 1,362 0.23 % 307 > 12 to ≤ 24 months 750 0.94 % 456 — — % — Total Agency repo 44,034 0.37 % 64 46,911 0.15 % 63 U.S. Treasury repo: ≤ 1 month 681 0.16 % 1 470 (0.05) % 4 Total $ 44,715 0.37 % 63 $ 47,381 0.15 % 63 As of March 31, 2022 and December 31, 2021, $8.7 billion and $0.8 billion, respectively, of our Agency repurchase agreements had an overnight maturity of one business day and none of our repurchase agreements were due on demand. As of March 31, 2022, we had $5.9 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 0.39%. As of December 31, 2021, we had $9.8 billion of forward commitments to enter into repurchase agreements, with a weighted average forward start date of 3 days and a weighted average interest rate of 0.08%. As of March 31, 2022 and December 31, 2021, 43% and 43%, 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 41% and 42% of our repurchase agreement funding outstanding as of March 31, 2022 and December 31, 2021, respectively. Reverse Repurchase Agreements" id="sjs-B4">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 March 31, 2022, we had met all margin call requirements. For additional information regarding our pledged assets, please refer to Note 6. As of March 31, 2022 and December 31, 2021, we had $44.7 billion and $47.4 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. Our repurchase agreements with original maturities greater than one year may have floating interest rates based on an index plus or minus a fixed spread. The following table summarizes our borrowings under repurchase agreements by their remaining maturities as of March 31, 2022 and December 31, 2021 (dollars in millions): March 31, 2022 December 31, 2021 Remaining Maturity Repurchase Agreements Weighted Weighted Repurchase Agreements Weighted Weighted Agency repo: ≤ 1 month $ 21,381 0.32 % 11 $ 23,747 0.14 % 13 > 1 to ≤ 3 months 13,287 0.39 % 59 14,781 0.15 % 61 > 3 to ≤ 6 months 6,754 0.44 % 149 4,576 0.19 % 154 > 6 to ≤ 9 months 1,862 0.33 % 232 2,445 0.21 % 264 > 9 to ≤ 12 months — — % — 1,362 0.23 % 307 > 12 to ≤ 24 months 750 0.94 % 456 — — % — Total Agency repo 44,034 0.37 % 64 46,911 0.15 % 63 U.S. Treasury repo: ≤ 1 month 681 0.16 % 1 470 (0.05) % 4 Total $ 44,715 0.37 % 63 $ 47,381 0.15 % 63 As of March 31, 2022 and December 31, 2021, $8.7 billion and $0.8 billion, respectively, of our Agency repurchase agreements had an overnight maturity of one business day and none of our repurchase agreements were due on demand. As of March 31, 2022, we had $5.9 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 0.39%. As of December 31, 2021, we had $9.8 billion of forward commitments to enter into repurchase agreements, with a weighted average forward start date of 3 days and a weighted average interest rate of 0.08%. As of March 31, 2022 and December 31, 2021, 43% and 43%, 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 41% and 42% of our repurchase agreement funding outstanding as of March 31, 2022 and December 31, 2021, respectively. Reverse Repurchase Agreements

Derivative and Other Hedging In

Derivative and Other Hedging Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
US Government Futures Securities [Table Text Block]	U.S. Treasury Futures March 31, 2022 December 31, 2021 Maturity Notional Cost Fair Net Carrying Value 1 Notional Cost Fair Net Carrying Value 1 5 years $ (500) $ (588) $ (573) $ 15 $ — $ — $ — $ — 10 years (4,885) (6,125) (6,002) 123 (1,500) (1,942) (1,957) (15) Total U.S. Treasury futures $ (5,385) $ (6,713) $ (6,575) $ 138 $ (1,500) $ (1,942) $ (1,957) $ (15) ________________________________
Derivative and Other Hedging Instruments	Derivative and Other Hedging InstrumentsWe hedge a portion of our interest rate risk primarily utilizing interest rate swaps, interest rate swaptions, U.S. Treasury securities and U.S. Treasury futures contracts. We utilize TBA securities primarily as a means of investing in the Agency securities market. 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 March 31, 2022 and December 31, 2021 (in millions): Derivative and Other Hedging Instruments Balance Sheet Location March 31, 2022 December 31, 2021 Interest rate swaps 1 Derivative assets, at fair value $ — $ — Swaptions Derivative assets, at fair value 450 290 TBA and forward settling non-Agency securities Derivative assets, at fair value 59 27 U.S. Treasury futures - short Derivative assets, at fair value 138 — Total derivative assets, at fair value $ 647 $ 317 Interest rate swaps 1 Derivative liabilities, at fair value $ — $ — TBA and forward settling non-Agency securities Derivative liabilities, at fair value (668) (71) U.S. Treasury futures - short Derivative liabilities, at fair value — (15) Credit default swaps 1 Derivative liabilities, at fair value — — Total derivative liabilities, at fair value $ (668) $ (86) U.S. Treasury securities - long U.S. Treasury securities, at fair value $ 684 $ 471 U.S. Treasury securities - short Obligation to return securities borrowed under reverse repurchase agreements, at fair value (10,277) (9,697) Total U.S. Treasury securities, net at fair value $ (9,593) $ (9,226) ________________________________ 1. As of March 31, 2022 and December 31, 2021, 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 $3.5 billion and $1.6 billion, respectively. As of March 31, 2022, the net fair value of our credit default swaps excluding the recognition of variation margin settlements was $(42) million. We did not have credit default swaps outstanding as of December 31, 2021. The following tables summarize certain characteristics of our derivative and other hedging instruments outstanding as of March 31, 2022 and December 31, 2021 (dollars in millions): March 31, 2022 December 31, 2021 Pay Fixed / Receive Variable Interest Rate Swaps Notional Average Average Average Notional Average Average Average ≤ 3 years $ 20,500 0.11% 0.30% 1.8 $ 22,500 0.10% 0.05% 2.0 > 3 to ≤ 5 years 17,050 0.23% 0.30% 3.8 16,800 0.22% 0.06% 4.0 > 5 to ≤ 7 years 7,700 0.59% 0.29% 5.8 6,050 0.29% 0.05% 6.0 > 7 to ≤ 10 years 4,400 0.46% 0.30% 8.2 4,400 0.46% 0.05% 8.5 > 10 years 1,475 0.47% 0.30% 12.9 1,475 0.47% 0.05% 13.2 Total $ 51,125 0.26% 0.30% 4.0 $ 51,225 0.20% 0.05% 4.0 Pay Fixed / Receive Variable Interest Rate Swaps by Receive Index (% of Notional Amount) March 31, 2022 December 31, 2021 SOFR 79 % 75 % OIS 21 % 25 % Total 100 % 100 % Swaptions Option Underlying Payer Swap Current Option Expiration Date Cost Basis Fair Value Average Months to Current Option Expiration Date 1 Notional Average Fixed Pay Rate 2 Average March 31, 2022 ≤ 1 year $ 88 $ 103 9 $ 3,050 2.18% 7.4 > 1 year ≤ 2 years 138 273 21 5,650 2.13% 10.0 > 2 year ≤ 3 years 34 74 28 1,550 2.18% 10.0 Total $ 260 $ 450 18 $ 10,250 2.16% 9.2 December 31, 2021 ≤ 1 year $ 101 $ 64 6 $ 3,800 1.81% 8.5 > 1 year ≤ 2 years 128 147 20 5,150 1.69% 10.0 > 2 year ≤ 3 years 99 79 28 4,050 2.35% 10.0 Total $ 328 $ 290 18 $ 13,000 1.93% 9.6 ________________________________ 1. As of March 31, 2022 and December 31, 2021, ≤ 1 year notional amount includes $700 million of Bermudan swaptions where the options may be exercised on predetermined dates up to their final exercise date, which is six months prior to the underlying swaps' maturity date. 2. As of March 31, 2022, 93% and 7% of the underlying swap receive rates were tied to SOFR and 3-Month LIBOR, respectively. As of December 31, December 31, 2021, 95% and 5% of the underlying swap receive rates were tied to SOFR and 3-Month LIBOR, respectively. U.S. Treasury Securities March 31, 2022 December 31, 2021 Maturity Face Amount Long/(Short) Cost Basis 1 Fair Value Face Amount Long/(Short) Cost Basis 1 Fair Value 5 years $ 241 $ 239 $ 242 $ (310) $ (306) $ (293) 7 years (1,562) (1,556) (1,464) (1,218) (1,218) (1,206) 10 years (8,838) (8,779) (8,371) (7,590) (7,593) (7,727) Total U.S. Treasury securities $ (10,159) $ (10,096) $ (9,593) $ (9,118) $ (9,117) $ (9,226) ________________________________ 1. As of March 31, 2022 and December 31, 2021, short U.S. Treasury securities totaling $(10.3) billion and $(9.7) billion, at fair value, respectively, had a weighted average yield of 1.67% and 1.56%, respectively. As of March 31, 2022 and December 31, 2021, long U.S. Treasury securities totaling $0.7 billion and $0.5 billion, at fair value, respectively, had a weighted average yield of 1.90% and 1.18%, respectively. U.S. Treasury Futures March 31, 2022 December 31, 2021 Maturity Notional Cost Fair Net Carrying Value 1 Notional Cost Fair Net Carrying Value 1 5 years $ (500) $ (588) $ (573) $ 15 $ — $ — $ — $ — 10 years (4,885) (6,125) (6,002) 123 (1,500) (1,942) (1,957) (15) Total U.S. Treasury futures $ (5,385) $ (6,713) $ (6,575) $ 138 $ (1,500) $ (1,942) $ (1,957) $ (15) ________________________________ 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 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. March 31, 2022 December 31, 2021 TBA Securities by Coupon 2 Notional Cost Fair Net Carrying Value 1 Notional Cost Fair Net Carrying Value 1 15-Year TBA securities: ≤ 2.0% $ — $ — $ — — $ 2,039 $ 2,056 $ 2,059 $ 3 3.0% 123 128 124 (4) — — — — 3.5% 116 118 118 — — — — — Total 15-Year TBA securities 239 246 242 (4) 2,039 2,056 2,059 3 30-Year TBA securities: ≤ 2.0% (3,041) (2,863) (2,821) 42 2,892 2,872 2,874 2 2.5% 2,413 2,474 2,299 (175) 17,602 17,953 17,914 (39) 3.0% 8,125 8,360 7,930 (430) 3,559 3,692 3,682 (10) 3.5% 8,921 8,947 8,898 (49) 581 611 611 — 4.0% 2,950 2,988 2,995 7 — — — — Total 30-Year TBA securities, net 19,368 19,906 19,301 (605) 24,634 25,128 25,081 (47) Total TBA securities, net $ 19,607 $ 20,152 $ 19,543 $ (609) $ 26,673 $ 27,184 $ 27,140 $ (44) ________________________________ 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. 2. Table excludes forward settling non-Agency securities totaling $0.4 billion fair value and $0.2 million net carrying value as of December 31, 2021. As of March 31, 2022, we had $2.6 billion notional value of centrally cleared credit default swaps ("CDS") outstanding that reference the Markit CDX Investment Grade Index, maturing in June 2027. Under the terms of our CDS, we pay fixed periodic payments equal to 1% of the notional value and we are entitled to receive payments for qualified credit events. As of March 31, 2022, the CDS had an amortized cost basis of $(35) million, a market value of $(42) million, and a carrying value of zero dollars, net of variation margin settlements posted by us. Pursuant to rules governing central clearing activities, we recognize variation margin settlements as a direct reduction of the carrying value of the CDS asset or liability. 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 months ended March 31, 2022 and 2021 (in millions): Derivative and Other Hedging Instruments Beginning Additions Settlement, Termination, Ending Gain/(Loss) on Derivative Instruments and Other Securities, Net 1 Three months ended March 31, 2022: TBA securities, net $ 26,673 78,634 (85,700) $ 19,607 $ (1,234) Forward settling non-Agency securities $ 450 — (450) $ — — Interest rate swaps - payer $ 51,225 2,400 (2,500) $ 51,125 1,957 Credit default swaps - CDX IG - buy protection $ — (5,470) 2,860 $ (2,610) — Payer swaptions $ 13,000 1,500 (4,250) $ 10,250 363 U.S. Treasury securities - short position $ (9,590) (4,133) 2,861 $ (10,862) 605 U.S. Treasury securities - long position $ 472 2,251 (2,020) $ 703 (54) U.S. Treasury futures contracts - short position $ (1,500) (6,870) 2,985 $ (5,385) 196 $ 1,833 Three months ended March 31, 2021: TBA securities, net $ 30,364 93,336 (99,182) $ 24,518 $ (926) Interest rate swaps - payer $ 43,225 7,000 (500) $ 49,725 1,124 Payer swaptions $ 10,400 4,250 (1,500) $ 13,150 387 U.S. Treasury securities - short position $ (11,287) (7,261) 3,021 $ (15,527) 807 U.S. Treasury securities - long position $ — 1,315 (1,315) $ — (10) U.S. Treasury futures contracts - short position $ (1,000) (1,000) 1,000 $ (1,000) 61 $ 1,443 ________________________________ 1. Amounts exclude other miscellaneous gains and losses recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income.

Pledged Assets

Pledged Assets	3 Months Ended
	Mar. 31, 2022
Pledged Assets [Abstract]
Pledged Assets	30 and ≤ 60 days 7,468 7,824 19 7,869 7,735 19 > 60 and ≤ 90 days 6,187 6,410 16 7,006 6,906 16 > 90 days 10,369 10,989 24 9,073 9,036 21 Total $ 46,148 $ 48,315 $ 116 $ 48,496 $ 47,752 $ 117 ________________________________ 1. Includes $68 million and $81 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of March 31, 2022 and December 31, 2021, respectively. 2. Excludes $0.2 billion of repledged U.S. Treasury securities received as collateral from counterparties as of March 31, 2022. Assets Pledged from Counterparties As of March 31, 2022 and December 31, 2021, we had assets pledged to us from counterparties as collateral under our reverse repurchase and derivative agreements summarized in the tables below (in millions). March 31, 2022 December 31, 2021 Assets Pledged to AGNC Reverse Repurchase Agreements Derivative Agreements Repurchase Agreements Total Reverse Repurchase Agreements Derivative Agreements Repurchase Agreements Total U.S. Treasury securities - fair value 1 $ 10,535 $ — $ 17 $ 10,552 $ 10,420 $ — $ 11 $ 10,431 Cash — 517 20 537 — 303 7 310 Total $ 10,535 $ 517 $ 37 $ 11,089 $ 10,420 $ 303 $ 18 $ 10,741 ________________________________ 1. As of March 31, 2022 and December 31, 2021, amounts include $10.3 billion and $9.7 billion, respectively, of U.S. Treasury securities received from counterparties that were used to cover short sales of U.S. Treasury securities. 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 March 31, 2022 and December 31, 2021 (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 Net Amount Financial Instruments Collateral Received 2 March 31, 2022 Interest rate swap and swaption agreements, at fair value 1 $ 450 $ — $ 450 $ — $ (447) $ 3 TBA and forward settling non-Agency securities, at fair value 1 59 — 59 (59) — — Receivable under reverse repurchase agreements 10,645 — 10,645 (6,905) (3,740) — Total $ 11,154 $ — $ 11,154 $ (6,964) $ (4,187) $ 3 December 31, 2021 Interest rate swap and swaption agreements, at fair value 1 $ 290 $ — $ 290 $ — $ (290) $ — TBA securities, at fair value 1 27 — 27 (27) — — Receivable under reverse repurchase agreements 10,475 — 10,475 (6,087) (4,381) 7 Total $ 10,792 $ — $ 10,792 $ (6,114) $ (4,671) $ 7 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 Net Amount Financial Instruments Collateral Pledged 2 March 31, 2022 TBA and forward settling non-Agency securities, at fair value 1 $ 668 $ — $ 668 $ (59) $ (609) $ — Repurchase agreements 44,715 — 44,715 (6,905) (37,810) — Total $ 45,383 $ — $ 45,383 $ (6,964) $ (38,419) $ — December 31, 2021 Repurchase agreements $ 47,381 $ — $ 47,381 $ (6,087) $ (41,294) $ — Total $ 47,452 $ — $ 47,452 $ (6,114) $ (41,338) $ — ________________________________ 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." id="sjs-B4">Pledged Assets Our funding agreements require us to fully collateralize our obligations under the agreements based upon our counterparties' collateral requirements and their determination of the fair value of the securities pledged as collateral, which fluctuates with changes in interest rates, credit quality and liquidity conditions within the investment banking, mortgage finance and real estate industries. Our derivative contracts similarly require us to fully collateralize our obligations under such agreements, which will vary over time based on similar factors as well as our counterparties' determination of the value of the derivative contract. We are typically required to post initial margin upon execution of derivative transactions, such as under our interest rate swap agreements and TBA contracts, and subsequently post or receive variation margin based on daily fluctuations in fair value. Our brokerage and custody agreements and the clearing organizations utilized by our wholly-owned captive broker-dealer subsidiary, Bethesda Securities, LLC, also require that we post minimum daily clearing deposits. If we breach our collateral requirements, we will be required to fully settle our obligations under the agreements, which could include a forced liquidation of our pledged collateral. Our counterparties also apply a "haircut" to our pledged collateral, which means our collateral is valued at slightly less than market value and limits the amount we can borrow against our securities. This haircut reflects the underlying risk of the specific collateral and protects our counterparty against a change in its value. Our agreements do not specify the haircut; rather, haircuts are determined on an individual transaction basis. Consequently, our funding agreements and derivative contracts expose us to credit risk relating to potential losses that could be recognized if our counterparties fail to perform their obligations under such agreements. We minimize this risk by limiting our counterparties to major financial institutions with acceptable credit ratings or to registered clearinghouses and U.S. government agencies, and we monitor our positions with individual counterparties. In the event of a default by a counterparty, we may have difficulty obtaining our assets pledged as collateral to such counterparty and may not receive payments as and when due to us under the terms of our derivative agreements. In the case of centrally cleared instruments, we could be exposed to credit risk if the central clearing agency or a clearing member defaults on its respective obligation to perform under the contract. However, we believe that the risk is minimal due to the clearing exchanges' initial and daily mark-to-market margin requirements, clearinghouse guarantee funds and other resources that are available in the event of a clearing member default. As of March 31, 2022, our maximum amount at risk with any counterparty related to our repurchase agreements, excluding the Fixed Income Clearing Corporation, was less than 2% of our tangible stockholders' equity (or the excess/shortfall of the value of collateral pledged/received over our repurchase agreement liabilities/reverse repurchase agreement receivables). As of March 31, 2022, approximately 8% of our tangible stockholder's equity was at risk with the Fixed Income Clearing Corporation. 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 March 31, 2022 and December 31, 2021 (in millions): March 31, 2022 Assets Pledged to Counterparties 1 Repurchase Agreements 2 Debt of Derivative Agreements and Other 3 Total Agency RMBS - fair value $ 44,509 $ 184 $ 963 $ 45,656 CRT - fair value 489 — — 489 Non-Agency - fair value 466 — — 466 U.S. Treasury securities - fair value 922 — 133 1,055 Accrued interest on pledged securities 116 1 2 119 Restricted cash 45 — 1,042 1,087 Total $ 46,547 $ 185 $ 2,140 $ 48,872 December 31, 2021 Assets Pledged to Counterparties 1 Repurchase Agreements 2 Debt of Derivative Agreements and Other 3 Total Agency RMBS - fair value $ 46,943 $ 208 $ 739 $ 47,890 CRT - fair value 510 — — 510 Non-Agency - fair value 571 — — 571 U.S. Treasury securities - fair value 1,084 — 208 1,292 Accrued interest on pledged securities 117 1 2 120 Restricted cash 15 — 512 527 Total $ 49,240 $ 209 $ 1,461 $ 50,910 ________________________________ 1. Includes repledged assets received as collateral from counterparties and securities sold but not yet settled. 2. Includes $68 million and $81 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of March 31, 2022 and December 31, 2021, respectively. 3. Includes deposits under brokerage and clearing agreements. 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 March 31, 2022 and December 31, 2021 (in millions). For the corresponding borrowings associated with the following amounts and the interest rates thereon, refer to Note 4 . March 31, 2022 December 31, 2021 Securities Pledged by Remaining Maturity of Repurchase Agreements 1,2 Fair Value of Pledged Securities Amortized Accrued Fair Value of Pledged Securities Amortized Accrued ≤ 30 days $ 22,124 $ 23,092 $ 57 $ 24,548 $ 24,075 $ 61 > 30 and ≤ 60 days 7,468 7,824 19 7,869 7,735 19 > 60 and ≤ 90 days 6,187 6,410 16 7,006 6,906 16 > 90 days 10,369 10,989 24 9,073 9,036 21 Total $ 46,148 $ 48,315 $ 116 $ 48,496 $ 47,752 $ 117 ________________________________ 1. Includes $68 million and $81 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of March 31, 2022 and December 31, 2021, respectively. 2. Excludes $0.2 billion of repledged U.S. Treasury securities received as collateral from counterparties as of March 31, 2022. Assets Pledged from Counterparties As of March 31, 2022 and December 31, 2021, we had assets pledged to us from counterparties as collateral under our reverse repurchase and derivative agreements summarized in the tables below (in millions). March 31, 2022 December 31, 2021 Assets Pledged to AGNC Reverse Repurchase Agreements Derivative Agreements Repurchase Agreements Total Reverse Repurchase Agreements Derivative Agreements Repurchase Agreements Total U.S. Treasury securities - fair value 1 $ 10,535 $ — $ 17 $ 10,552 $ 10,420 $ — $ 11 $ 10,431 Cash — 517 20 537 — 303 7 310 Total $ 10,535 $ 517 $ 37 $ 11,089 $ 10,420 $ 303 $ 18 $ 10,741 ________________________________ 1. As of March 31, 2022 and December 31, 2021, amounts include $10.3 billion and $9.7 billion, respectively, of U.S. Treasury securities received from counterparties that were used to cover short sales of U.S. Treasury securities. 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 March 31, 2022 and December 31, 2021 (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 Net Amount Financial Instruments Collateral Received 2 March 31, 2022 Interest rate swap and swaption agreements, at fair value 1 $ 450 $ — $ 450 $ — $ (447) $ 3 TBA and forward settling non-Agency securities, at fair value 1 59 — 59 (59) — — Receivable under reverse repurchase agreements 10,645 — 10,645 (6,905) (3,740) — Total $ 11,154 $ — $ 11,154 $ (6,964) $ (4,187) $ 3 December 31, 2021 Interest rate swap and swaption agreements, at fair value 1 $ 290 $ — $ 290 $ — $ (290) $ — TBA securities, at fair value 1 27 — 27 (27) — — Receivable under reverse repurchase agreements 10,475 — 10,475 (6,087) (4,381) 7 Total $ 10,792 $ — $ 10,792 $ (6,114) $ (4,671) $ 7 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 Net Amount Financial Instruments Collateral Pledged 2 March 31, 2022 TBA and forward settling non-Agency securities, at fair value 1 $ 668 $ — $ 668 $ (59) $ (609) $ — Repurchase agreements 44,715 — 44,715 (6,905) (37,810) — Total $ 45,383 $ — $ 45,383 $ (6,964) $ (38,419) $ — December 31, 2021 Repurchase agreements $ 47,381 $ — $ 47,381 $ (6,087) $ (41,294) $ — Total $ 47,452 $ — $ 47,452 $ (6,114) $ (41,338) $ — ________________________________ 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.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 March 31, 2022 and December 31, 2021, 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. March 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Agency securities $ — $ 47,214 $ — $ — $ 52,396 $ — Agency securities transferred to consolidated VIEs — 184 — — 208 — Credit risk transfer securities — 885 — — 974 — Non-Agency securities — 804 — — 843 — U.S. Treasury securities 684 — — 471 — — Interest rate swaps 1 — — — — — — Swaptions — 450 — — 290 — TBA and forward settling securities — 59 — — 27 — U.S. Treasury futures 138 — — — — — Total $ 822 $ 49,596 $ — $ 471 $ 54,738 $ — Liabilities: Debt of consolidated VIEs $ — $ 116 $ — $ — $ 126 $ — Obligation to return U.S. Treasury securities borrowed under reverse repurchase agreements 10,277 — — 9,697 — — Interest rate swaps 1 — — — — — — Credit default swaps 1 — — — — — — TBA and forward settling securities — 668 — — 71 — U.S. Treasury futures — — — 15 — — Total $ 10,277 $ 784 $ — $ 9,712 $ 197 $ — ________________________________ 1. As of March 31, 2022 and December 31, 2021, 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 (liability) of $3.5 billion and $1.6 billion, respectively, based on "Level 2" inputs. As of March 31, 2022, the net fair value of our credit default swaps excluding the recognition of variation margin settlements was $(42) million based on "Level 2" inputs. We did not have credit default swaps outstanding as of December 31, 2021. See Notes 2 and 5 for additional details. Excluded from the table above are financial instruments presented in our consolidated financial statements at cost. The fair value of our repurchase agreements approximated cost as of March 31, 2022 and December 31, 2021, as 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 were 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.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share (Notes)	3 Months Ended
	Mar. 31, 2022
Net Income (Loss) Per Common Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2022 2021 Weighted average number of common shares issued and outstanding 522.6 532.5 Weighted average number of fully vested restricted stock units outstanding 1.7 1.2 Weighted average number of common shares outstanding - basic 524.3 533.7 Weighted average number of dilutive unvested restricted stock units outstanding — 1.9 Weighted average number of common shares outstanding - diluted 524.3 535.6 Net income (loss) available (attributable) to common stockholders $ (676) $ 950 Net income (loss) per common share - basic $ (1.29) $ 1.78 Net income (loss) per common share - diluted $ (1.29) $ 1.77
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") outstanding for the period granted under our long-term incentive program to employees and non-employee Board of Directors. Diluted net income (loss) per common share assumes the issuance of all potential common stock equivalents unless the effect is to reduce a loss or increase the 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 March 31, 2022 2021 Weighted average number of common shares issued and outstanding 522.6 532.5 Weighted average number of fully vested restricted stock units outstanding 1.7 1.2 Weighted average number of common shares outstanding - basic 524.3 533.7 Weighted average number of dilutive unvested restricted stock units outstanding — 1.9 Weighted average number of common shares outstanding - diluted 524.3 535.6 Net income (loss) available (attributable) to common stockholders $ (676) $ 950 Net income (loss) per common share - basic $ (1.29) $ 1.78 Net income (loss) per common share - diluted $ (1.29) $ 1.77

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, 13,800, 10,350, 16,100 and 23,000 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 and 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, respectively, (referred to as "Series C, D, E and F Preferred Stock", respectively). As of March 31, 2022 and December 31, 2021, 13,000, 9,400, 16,100 and 23,000 shares of Series C, D, E and F 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 March 31, 2022 (dollars and shares in millions): Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock 1 Issuance Depositary Carrying Aggregate Fixed Optional Redemption Date 2 Fixed-to-Floating Floating Series C August 22, 2017 13.0 315 325 7.000% October 15, 2022 October 15, 2022 3M LIBOR + 5.111% Series D March 6, 2019 9.4 227 235 6.875% April 15, 2024 April 15, 2024 3M LIBOR + 4.332% Series E October 3, 2019 16.1 390 403 6.500% October 15, 2024 October 15, 2024 3M LIBOR + 4.993% Series F February 11, 2020 23.0 557 575 6.125% April 15, 2025 April 15, 2025 3M LIBOR + 4.697% Total 61.5 $ 1,489 $ 1,538 ________________________________ 1. Fixed-to-floating rate redeemable preferred stock accrue dividends at an annual fixed rate of the $25.00 liquidation preference per depositary share from the issuance date up to, but not including, the fixed-to-floating rate conversion date; thereafter, dividends will accrue on a floating rate basis equal to 3-month LIBOR plus a fixed spread. 2. 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 of our common stock. As of March 31, 2022, shares of our common stock with an aggregate offering price of $1.25 billion remained authorized for issuance under this program through June 11, 2024. We did not issue shares under the program during the three months ended March 31, 2022. Common Stock Repurchase Program We are authorized by our Board of Directors to repurchase shares of our common stock in 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"). As of March 31, 2022, shares of our common stock with an aggregate repurchase price of $958 million remained authorized for repurchase through December 31, 2022. We did not repurchase shares under the program during the three months ended March 31, 2022. Accumulated Other Comprehensive Income (Loss) The following table summarizes changes to accumulated OCI for the three months ended March 31, 2022 and 2021 (in millions): Three Months Ended March 31, Accumulated Other Comprehensive Income (Loss) 2022 2021 Beginning Balance $ 301 $ 719 OCI before reclassifications (491) (219) Net loss amounts for available-for-sale securities reclassified from accumulated OCI to realized gain (loss) on sale of investment securities, net — (18) Ending Balance $ (190) $ 482

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2022
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 under our master repurchase agreements (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"). 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 mortgage loans from the GSEs and/or third parties to private investors. Unlike Agency RMBS, 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 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 and Equity 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.
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, such as during periods of elevated market uncertainty or unique market conditions, 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 financial institutions. Repurchase arrangements involve the sale and a simultaneous agreement to repurchase the transferred assets 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. Cash receipts and payments related to 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 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 borrow U.S. Treasury securities under reverse repurchase agreements to cover short sales of U.S. Treasury securities. 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. 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, 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 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 securities and derivative instruments to those actively traded enable our pricing sources and us to observe quoted prices in the market and utilize those 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 forward contracts in the Agency RMBS "to-be-announced" market ("TBA securities") of 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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. Cash receipts and payments related to 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 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 borrow U.S. Treasury securities under reverse repurchase agreements to cover short sales of U.S. Treasury securities. 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. 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"). 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 mortgage loans from the GSEs and/or third parties to private investors. Unlike Agency RMBS, 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 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 and Equity 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.
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, such as during periods of elevated market uncertainty or unique market conditions, 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.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Securities by Credit Rating [Table Text Block]	As of March 31, 2022 and December 31, 2021, our investments in CRT and non-Agency securities had the following credit ratings (in millions): March 31, 2022 December 31, 2021 CRT and Non-Agency Security Credit Ratings 1 CRT RMBS CMBS CRT RMBS CMBS AAA $ — $ 174 $ 26 $ — $ 164 $ 10 AA — 19 97 — 21 111 A 20 18 43 17 28 45 BBB 28 38 74 75 51 85 BB 329 46 105 126 43 126 B 192 5 123 327 7 117 Not Rated 316 16 20 429 15 20 Total $ 885 $ 316 $ 488 $ 974 $ 329 $ 514 ________________________________ 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.
Components of Investment Securities	The following tables summarize our investment securities as of March 31, 2022 and December 31, 2021, excluding TBA and forward settling securities, (dollars in millions). Details of our TBA and forward settling securities as of each of the respective dates are included in Note 5. March 31, 2022 December 31, 2021 Investment Securities Amortized Fair Value Amortized Fair Value Agency RMBS: Fixed rate $ 49,320 $ 47,124 $ 51,546 $ 52,289 Adjustable rate 40 41 45 47 CMO 166 166 182 188 Interest-only and principal-only strips 64 67 70 80 Total Agency RMBS 49,590 47,398 51,843 52,604 Non-Agency RMBS 327 316 325 329 CMBS 496 488 505 514 CRT securities 903 885 955 974 Total investment securities $ 51,316 $ 49,087 $ 53,628 $ 54,421
Summary Of Agency Securities Estimated Weighted Average Life Classifications	The following table summarizes our investments as of March 31, 2022 and December 31, 2021 according to their estimated weighted average life classification (dollars in millions): March 31, 2022 December 31, 2021 Estimated Weighted Average Life of Investment Securities Fair Value Amortized Weighted Weighted Fair Value Amortized Weighted Weighted ≤ 3 years $ 850 $ 852 3.87% 4.48% $ 1,677 $ 1,642 3.64% 3.69% > 3 years and ≤ 5 years 3,201 3,219 3.62% 3.08% 11,214 10,868 3.97% 2.74% > 5 years and ≤10 years 32,784 34,059 3.38% 2.63% 36,936 36,490 2.87% 2.32% > 10 years 12,252 13,186 2.34% 2.13% 4,594 4,628 2.48% 2.09% Total $ 49,087 $ 51,316 3.13% 2.56% $ 54,421 $ 53,628 3.08% 2.43%
Summary of Net Gain from Sale of Agency Securities	The following table is a summary of our net gain (loss) from the sale of investment securities for the three months ended March 31, 2022 and 2021 by investment classification of accounting (in millions): Three Months Ended March 31, 2022 2021 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 $ (315) $ (7,312) $ (7,627) $ (493) $ (5,864) $ (6,357) Proceeds from investment securities sold 1 315 6,970 7,285 511 5,833 6,344 Net gain (loss) on sale of investment securities $ — $ (342) $ (342) $ 18 $ (31) $ (13) Gross gain on sale of investment securities $ 2 $ 4 $ 6 $ 18 $ 49 $ 67 Gross loss on sale of investment securities (2) (346) (348) — (80) (80) Net gain (loss) on sale of investment securities $ — $ (342) $ (342) $ 18 $ (31) $ (13) ________________________________ 1. Proceeds include cash received during the period, plus receivable for investment securities sold during the period as of period end.
Schedule of Available-for-sale Securities Reconciliation	March 31, 2022 Agency RMBS Non-Agency Investment Securities Fannie Mae Freddie Mac Ginnie RMBS CMBS CRT Total Available-for-sale securities: Par value $ 5,723 $ 1,886 $ 1 $ — $ — $ — $ 7,610 Unamortized discount (2) — — — — — (2) Unamortized premium 313 108 — — — — 421 Amortized cost 6,034 1,994 1 — — — 8,029 Gross unrealized gains 8 2 — — — — 10 Gross unrealized losses (145) (55) — — — — (200) Total available-for-sale securities, at fair value 5,897 1,941 1 — — — 7,839 Securities remeasured at fair value through earnings: Par value 27,608 12,564 3 333 498 895 41,901 Unamortized discount (25) (3) — (9) (6) (5) (48) Unamortized premium 953 461 — 3 4 13 1,434 Amortized cost 28,536 13,022 3 327 496 903 43,287 Gross unrealized gains 56 20 — 3 2 6 87 Gross unrealized losses (1,425) (653) — (14) (10) (24) (2,126) Total securities remeasured at fair value through earnings 27,167 12,389 3 316 488 885 41,248 Total securities, at fair value $ 33,064 $ 14,330 $ 4 $ 316 $ 488 $ 885 $ 49,087 Weighted average coupon as of March 31, 2022 3.11 % 3.10 % 4.73 % 3.39 % 3.76 % 4.23 % 3.13 % Weighted average yield as of March 31, 2022 1 2.47 % 2.46 % 2.56 % 5.63 % 4.43 % 5.30 % 2.56 % ________________________________ 1. Incorporates a weighted average future constant prepayment rate assumption of 7.9% based on forward rates as of March 31, 2022. December 31, 2021 Agency RMBS Non-Agency Investment Securities Fannie Freddie Mac Ginnie RMBS CMBS CRT Total Available-for-sale securities: Par value $ 6,345 $ 2,111 $ 2 $ — $ — $ — $ 8,458 Unamortized discount (3) (1) — — — — (4) Unamortized premium 299 105 — — — — 404 Amortized cost 6,641 2,215 2 — — — 8,858 Gross unrealized gains 234 67 — — — — 301 Gross unrealized losses — — — — — — — Total available-for-sale securities, at fair value 6,875 2,282 2 — — — 9,159 Securities remeasured at fair value through earnings: Par value 27,952 13,680 3 327 508 950 43,420 Unamortized discount (14) (4) — (6) (6) (7) (37) Unamortized premium 924 444 — 4 3 12 1,387 Amortized cost 28,862 14,120 3 325 505 955 44,770 Gross unrealized gains 517 213 — 6 11 21 768 Gross unrealized losses (181) (89) — (2) (2) (2) (276) Total securities remeasured at fair value through earnings 29,198 14,244 3 329 514 974 45,262 Total securities, at fair value $ 36,073 $ 16,526 $ 5 $ 329 $ 514 $ 974 $ 54,421 Weighted average coupon as of December 31, 2021 3.09 % 2.98 % 4.69 % 3.33 % 3.60 % 3.74 % 3.08 % Weighted average yield as of December 31, 2021 1 2.38 % 2.29 % 2.54 % 5.68 % 4.28 % 4.47 % 2.43 % ________________________________ 1. Incorporates a weighted average future constant prepayment rate assumption of 10.9% based on forward rates as of December 31, 2021.
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	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 March 31, 2022 and December 31, 2021 (in millions): Unrealized Loss Position For Less than 12 Months 12 Months or More Total Securities Classified as Available-for-Sale Fair Unrealized Fair Value Unrealized Fair Unrealized March 31, 2022 $ 6,820 $ (200) $ — $ — $ 6,820 $ (200) December 31, 2021 $ — $ — $ — $ — $ — $ —

Repurchase Agreements and Rev_2

Repurchase Agreements and Reverse Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (dollars in millions): March 31, 2022 December 31, 2021 Remaining Maturity Repurchase Agreements Weighted Weighted Repurchase Agreements Weighted Weighted Agency repo: ≤ 1 month $ 21,381 0.32 % 11 $ 23,747 0.14 % 13 > 1 to ≤ 3 months 13,287 0.39 % 59 14,781 0.15 % 61 > 3 to ≤ 6 months 6,754 0.44 % 149 4,576 0.19 % 154 > 6 to ≤ 9 months 1,862 0.33 % 232 2,445 0.21 % 264 > 9 to ≤ 12 months — — % — 1,362 0.23 % 307 > 12 to ≤ 24 months 750 0.94 % 456 — — % — Total Agency repo 44,034 0.37 % 64 46,911 0.15 % 63 U.S. Treasury repo: ≤ 1 month 681 0.16 % 1 470 (0.05) % 4 Total $ 44,715 0.37 % 63 $ 47,381 0.15 % 63

Derivative and Other Hedging _2

Derivative and Other Hedging Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative [Line Items]
Schedule of Interest Rate Swap Agreement by Receive Index (as a percentage of Notional Amount) [Table Text Block]	Pay Fixed / Receive Variable Interest Rate Swaps by Receive Index (% of Notional Amount) March 31, 2022 December 31, 2021 SOFR 79 % 75 % OIS 21 % 25 % Total 100 % 100 %
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 March 31, 2022 and December 31, 2021 (in millions): Derivative and Other Hedging Instruments Balance Sheet Location March 31, 2022 December 31, 2021 Interest rate swaps 1 Derivative assets, at fair value $ — $ — Swaptions Derivative assets, at fair value 450 290 TBA and forward settling non-Agency securities Derivative assets, at fair value 59 27 U.S. Treasury futures - short Derivative assets, at fair value 138 — Total derivative assets, at fair value $ 647 $ 317 Interest rate swaps 1 Derivative liabilities, at fair value $ — $ — TBA and forward settling non-Agency securities Derivative liabilities, at fair value (668) (71) U.S. Treasury futures - short Derivative liabilities, at fair value — (15) Credit default swaps 1 Derivative liabilities, at fair value — — Total derivative liabilities, at fair value $ (668) $ (86) U.S. Treasury securities - long U.S. Treasury securities, at fair value $ 684 $ 471 U.S. Treasury securities - short Obligation to return securities borrowed under reverse repurchase agreements, at fair value (10,277) (9,697) Total U.S. Treasury securities, net at fair value $ (9,593) $ (9,226) ________________________________ 1. As of March 31, 2022 and December 31, 2021, 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 $3.5 billion and $1.6 billion, respectively. As of March 31, 2022, the net fair value of our credit default swaps excluding the recognition of variation margin settlements was $(42) million. We did not have credit default swaps outstanding as of December 31, 2021.
Schedule of Interest Rate Swaption Agreements Outstanding	Swaptions Option Underlying Payer Swap Current Option Expiration Date Cost Basis Fair Value Average Months to Current Option Expiration Date 1 Notional Average Fixed Pay Rate 2 Average March 31, 2022 ≤ 1 year $ 88 $ 103 9 $ 3,050 2.18% 7.4 > 1 year ≤ 2 years 138 273 21 5,650 2.13% 10.0 > 2 year ≤ 3 years 34 74 28 1,550 2.18% 10.0 Total $ 260 $ 450 18 $ 10,250 2.16% 9.2 December 31, 2021 ≤ 1 year $ 101 $ 64 6 $ 3,800 1.81% 8.5 > 1 year ≤ 2 years 128 147 20 5,150 1.69% 10.0 > 2 year ≤ 3 years 99 79 28 4,050 2.35% 10.0 Total $ 328 $ 290 18 $ 13,000 1.93% 9.6 ________________________________ 1. As of March 31, 2022 and December 31, 2021, ≤ 1 year notional amount includes $700 million of Bermudan swaptions where the options may be exercised on predetermined dates up to their final exercise date, which is six months prior to the underlying swaps' maturity date. 2. As of March 31, 2022, 93% and 7% of the underlying swap receive rates were tied to SOFR and 3-Month LIBOR, respectively. As of December 31, December 31, 2021, 95% and 5% of the underlying swap receive rates were tied to SOFR and 3-Month LIBOR, respectively.
US government securities	U.S. Treasury Securities March 31, 2022 December 31, 2021 Maturity Face Amount Long/(Short) Cost Basis 1 Fair Value Face Amount Long/(Short) Cost Basis 1 Fair Value 5 years $ 241 $ 239 $ 242 $ (310) $ (306) $ (293) 7 years (1,562) (1,556) (1,464) (1,218) (1,218) (1,206) 10 years (8,838) (8,779) (8,371) (7,590) (7,593) (7,727) Total U.S. Treasury securities $ (10,159) $ (10,096) $ (9,593) $ (9,118) $ (9,117) $ (9,226) ________________________________
US Government Futures Securities [Table Text Block]	U.S. Treasury Futures March 31, 2022 December 31, 2021 Maturity Notional Cost Fair Net Carrying Value 1 Notional Cost Fair Net Carrying Value 1 5 years $ (500) $ (588) $ (573) $ 15 $ — $ — $ — $ — 10 years (4,885) (6,125) (6,002) 123 (1,500) (1,942) (1,957) (15) Total U.S. Treasury futures $ (5,385) $ (6,713) $ (6,575) $ 138 $ (1,500) $ (1,942) $ (1,957) $ (15) ________________________________
Summary of Long and Short Position of Derivative Instruments	March 31, 2022 December 31, 2021 TBA Securities by Coupon 2 Notional Cost Fair Net Carrying Value 1 Notional Cost Fair Net Carrying Value 1 15-Year TBA securities: ≤ 2.0% $ — $ — $ — — $ 2,039 $ 2,056 $ 2,059 $ 3 3.0% 123 128 124 (4) — — — — 3.5% 116 118 118 — — — — — Total 15-Year TBA securities 239 246 242 (4) 2,039 2,056 2,059 3 30-Year TBA securities: ≤ 2.0% (3,041) (2,863) (2,821) 42 2,892 2,872 2,874 2 2.5% 2,413 2,474 2,299 (175) 17,602 17,953 17,914 (39) 3.0% 8,125 8,360 7,930 (430) 3,559 3,692 3,682 (10) 3.5% 8,921 8,947 8,898 (49) 581 611 611 — 4.0% 2,950 2,988 2,995 7 — — — — Total 30-Year TBA securities, net 19,368 19,906 19,301 (605) 24,634 25,128 25,081 (47) Total TBA securities, net $ 19,607 $ 20,152 $ 19,543 $ (609) $ 26,673 $ 27,184 $ 27,140 $ (44) ________________________________ 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. 2. Table excludes forward settling non-Agency securities totaling $0.4 billion fair value and $0.2 million net carrying value as of December 31, 2021.
Schedule Of Outstanding Not Designated As Hedging Instruments	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 months ended March 31, 2022 and 2021 (in millions): Derivative and Other Hedging Instruments Beginning Additions Settlement, Termination, Ending Gain/(Loss) on Derivative Instruments and Other Securities, Net 1 Three months ended March 31, 2022: TBA securities, net $ 26,673 78,634 (85,700) $ 19,607 $ (1,234) Forward settling non-Agency securities $ 450 — (450) $ — — Interest rate swaps - payer $ 51,225 2,400 (2,500) $ 51,125 1,957 Credit default swaps - CDX IG - buy protection $ — (5,470) 2,860 $ (2,610) — Payer swaptions $ 13,000 1,500 (4,250) $ 10,250 363 U.S. Treasury securities - short position $ (9,590) (4,133) 2,861 $ (10,862) 605 U.S. Treasury securities - long position $ 472 2,251 (2,020) $ 703 (54) U.S. Treasury futures contracts - short position $ (1,500) (6,870) 2,985 $ (5,385) 196 $ 1,833 Three months ended March 31, 2021: TBA securities, net $ 30,364 93,336 (99,182) $ 24,518 $ (926) Interest rate swaps - payer $ 43,225 7,000 (500) $ 49,725 1,124 Payer swaptions $ 10,400 4,250 (1,500) $ 13,150 387 U.S. Treasury securities - short position $ (11,287) (7,261) 3,021 $ (15,527) 807 U.S. Treasury securities - long position $ — 1,315 (1,315) $ — (10) U.S. Treasury futures contracts - short position $ (1,000) (1,000) 1,000 $ (1,000) 61 $ 1,443 ________________________________ 1. Amounts exclude other miscellaneous gains and losses recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income.
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 March 31, 2022 and December 31, 2021 (dollars in millions): March 31, 2022 December 31, 2021 Pay Fixed / Receive Variable Interest Rate Swaps Notional Average Average Average Notional Average Average Average ≤ 3 years $ 20,500 0.11% 0.30% 1.8 $ 22,500 0.10% 0.05% 2.0 > 3 to ≤ 5 years 17,050 0.23% 0.30% 3.8 16,800 0.22% 0.06% 4.0 > 5 to ≤ 7 years 7,700 0.59% 0.29% 5.8 6,050 0.29% 0.05% 6.0 > 7 to ≤ 10 years 4,400 0.46% 0.30% 8.2 4,400 0.46% 0.05% 8.5 > 10 years 1,475 0.47% 0.30% 12.9 1,475 0.47% 0.05% 13.2 Total $ 51,125 0.26% 0.30% 4.0 $ 51,225 0.20% 0.05% 4.0

Pledged Assets (Tables)

Pledged Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Pledged Assets [Abstract]
Schedule of Securities and Cash Pledged as Collateral from Counterparties [Table Text Block]	As of March 31, 2022 and December 31, 2021, we had assets pledged to us from counterparties as collateral under our reverse repurchase and derivative agreements summarized in the tables below (in millions). March 31, 2022 December 31, 2021 Assets Pledged to AGNC Reverse Repurchase Agreements Derivative Agreements Repurchase Agreements Total Reverse Repurchase Agreements Derivative Agreements Repurchase Agreements Total U.S. Treasury securities - fair value 1 $ 10,535 $ — $ 17 $ 10,552 $ 10,420 $ — $ 11 $ 10,431 Cash — 517 20 537 — 303 7 310 Total $ 10,535 $ 517 $ 37 $ 11,089 $ 10,420 $ 303 $ 18 $ 10,741 ________________________________
Schedule of Financial Instruments Owned and Pledged as Collateral	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 March 31, 2022 and December 31, 2021 (in millions): March 31, 2022 Assets Pledged to Counterparties 1 Repurchase Agreements 2 Debt of Derivative Agreements and Other 3 Total Agency RMBS - fair value $ 44,509 $ 184 $ 963 $ 45,656 CRT - fair value 489 — — 489 Non-Agency - fair value 466 — — 466 U.S. Treasury securities - fair value 922 — 133 1,055 Accrued interest on pledged securities 116 1 2 119 Restricted cash 45 — 1,042 1,087 Total $ 46,547 $ 185 $ 2,140 $ 48,872 December 31, 2021 Assets Pledged to Counterparties 1 Repurchase Agreements 2 Debt of Derivative Agreements and Other 3 Total Agency RMBS - fair value $ 46,943 $ 208 $ 739 $ 47,890 CRT - fair value 510 — — 510 Non-Agency - fair value 571 — — 571 U.S. Treasury securities - fair value 1,084 — 208 1,292 Accrued interest on pledged securities 117 1 2 120 Restricted cash 15 — 512 527 Total $ 49,240 $ 209 $ 1,461 $ 50,910 ________________________________ 1. Includes repledged assets received as collateral from counterparties and securities sold but not yet settled. 2. Includes $68 million and $81 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of March 31, 2022 and December 31, 2021, respectively. 3. Includes deposits under brokerage and clearing agreements.
Schedules Of Securities Pledged As Collateral Under Repurchase Agreement	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 March 31, 2022 and December 31, 2021 (in millions). For the corresponding borrowings associated with the following amounts and the interest rates thereon, refer to Note 4 . March 31, 2022 December 31, 2021 Securities Pledged by Remaining Maturity of Repurchase Agreements 1,2 Fair Value of Pledged Securities Amortized Accrued Fair Value of Pledged Securities Amortized Accrued ≤ 30 days $ 22,124 $ 23,092 $ 57 $ 24,548 $ 24,075 $ 61 > 30 and ≤ 60 days 7,468 7,824 19 7,869 7,735 19 > 60 and ≤ 90 days 6,187 6,410 16 7,006 6,906 16 > 90 days 10,369 10,989 24 9,073 9,036 21 Total $ 46,148 $ 48,315 $ 116 $ 48,496 $ 47,752 $ 117 ________________________________ 1. Includes $68 million and $81 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of March 31, 2022 and December 31, 2021, respectively. 2. Excludes $0.2 billion of repledged U.S. Treasury securities received as collateral from counterparties as of March 31, 2022.
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 March 31, 2022 and December 31, 2021 (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 Net Amount Financial Instruments Collateral Received 2 March 31, 2022 Interest rate swap and swaption agreements, at fair value 1 $ 450 $ — $ 450 $ — $ (447) $ 3 TBA and forward settling non-Agency securities, at fair value 1 59 — 59 (59) — — Receivable under reverse repurchase agreements 10,645 — 10,645 (6,905) (3,740) — Total $ 11,154 $ — $ 11,154 $ (6,964) $ (4,187) $ 3 December 31, 2021 Interest rate swap and swaption agreements, at fair value 1 $ 290 $ — $ 290 $ — $ (290) $ — TBA securities, at fair value 1 27 — 27 (27) — — Receivable under reverse repurchase agreements 10,475 — 10,475 (6,087) (4,381) 7 Total $ 10,792 $ — $ 10,792 $ (6,114) $ (4,671) $ 7
Offsetting 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 March 31, 2022 and December 31, 2021 (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 Net Amount Financial Instruments Collateral Received 2 March 31, 2022 Interest rate swap and swaption agreements, at fair value 1 $ 450 $ — $ 450 $ — $ (447) $ 3 TBA and forward settling non-Agency securities, at fair value 1 59 — 59 (59) — — Receivable under reverse repurchase agreements 10,645 — 10,645 (6,905) (3,740) — Total $ 11,154 $ — $ 11,154 $ (6,964) $ (4,187) $ 3 December 31, 2021 Interest rate swap and swaption agreements, at fair value 1 $ 290 $ — $ 290 $ — $ (290) $ — TBA securities, at fair value 1 27 — 27 (27) — — Receivable under reverse repurchase agreements 10,475 — 10,475 (6,087) (4,381) 7 Total $ 10,792 $ — $ 10,792 $ (6,114) $ (4,671) $ 7 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 Net Amount Financial Instruments Collateral Pledged 2 March 31, 2022 TBA and forward settling non-Agency securities, at fair value 1 $ 668 $ — $ 668 $ (59) $ (609) $ — Repurchase agreements 44,715 — 44,715 (6,905) (37,810) — Total $ 45,383 $ — $ 45,383 $ (6,964) $ (38,419) $ — December 31, 2021 Repurchase agreements $ 47,381 $ — $ 47,381 $ (6,087) $ (41,294) $ — Total $ 47,452 $ — $ 47,452 $ (6,114) $ (41,338) $ — ________________________________ 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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table provides a summary of our assets and liabilities that are measured at fair value on a recurring basis, as of March 31, 2022 and December 31, 2021, 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. March 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Agency securities $ — $ 47,214 $ — $ — $ 52,396 $ — Agency securities transferred to consolidated VIEs — 184 — — 208 — Credit risk transfer securities — 885 — — 974 — Non-Agency securities — 804 — — 843 — U.S. Treasury securities 684 — — 471 — — Interest rate swaps 1 — — — — — — Swaptions — 450 — — 290 — TBA and forward settling securities — 59 — — 27 — U.S. Treasury futures 138 — — — — — Total $ 822 $ 49,596 $ — $ 471 $ 54,738 $ — Liabilities: Debt of consolidated VIEs $ — $ 116 $ — $ — $ 126 $ — Obligation to return U.S. Treasury securities borrowed under reverse repurchase agreements 10,277 — — 9,697 — — Interest rate swaps 1 — — — — — — Credit default swaps 1 — — — — — — TBA and forward settling securities — 668 — — 71 — U.S. Treasury futures — — — 15 — — Total $ 10,277 $ 784 $ — $ 9,712 $ 197 $ — ________________________________ 1. As of March 31, 2022 and December 31, 2021, 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 (liability) of $3.5 billion and $1.6 billion, respectively, based on "Level 2" inputs. As of March 31, 2022, the net fair value of our credit default swaps excluding the recognition of variation margin settlements was $(42) million based on "Level 2" inputs. We did not have credit default swaps outstanding as of December 31, 2021. See Notes 2 and 5 for additional details.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Preferred Stock [Table Text Block]	Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock 1 Issuance Depositary Carrying Aggregate Fixed Optional Redemption Date 2 Fixed-to-Floating Floating Series C August 22, 2017 13.0 315 325 7.000% October 15, 2022 October 15, 2022 3M LIBOR + 5.111% Series D March 6, 2019 9.4 227 235 6.875% April 15, 2024 April 15, 2024 3M LIBOR + 4.332% Series E October 3, 2019 16.1 390 403 6.500% October 15, 2024 October 15, 2024 3M LIBOR + 4.993% Series F February 11, 2020 23.0 557 575 6.125% April 15, 2025 April 15, 2025 3M LIBOR + 4.697% Total 61.5 $ 1,489 $ 1,538 ________________________________ 1. Fixed-to-floating rate redeemable preferred stock accrue dividends at an annual fixed rate of the $25.00 liquidation preference per depositary share from the issuance date up to, but not including, the fixed-to-floating rate conversion date; thereafter, dividends will accrue on a floating rate basis equal to 3-month LIBOR plus a fixed spread.
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes changes to accumulated OCI for the three months ended March 31, 2022 and 2021 (in millions): Three Months Ended March 31, Accumulated Other Comprehensive Income (Loss) 2022 2021 Beginning Balance $ 301 $ 719 OCI before reclassifications (491) (219) Net loss amounts for available-for-sale securities reclassified from accumulated OCI to realized gain (loss) on sale of investment securities, net — (18) Ending Balance $ (190) $ 482

Organization (Details)

Organization (Details)	3 Months Ended
	Mar. 31, 2022
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%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2022
Derivative [Line Items]
Required Annual Distribution of Taxable Net Income	90.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies Variable Interest Entities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Other Long-term Debt	$ 116	$ 126

Investment Securities (Narrativ

Investment Securities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	$ 49,100		$ 54,400
Weighted average expected constant prepayment rate	7.90%	10.90%
Debt, at fair value	$ (116)		(126)
Agency Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Unamortized premium balance	1,800		1,800
TBA securities Fifteen Year and Thirty Year Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Net long TBA position, at fair value	19,500		27,100
TBA, net carrying value	$ (609)		(44)
Forward Settling non-Agency Securities
Debt Securities, Available-for-sale [Line Items]
Net long TBA position, at fair value			400
TBA, net carrying value			$ 0.2

Investment Securities Investmen

Investment Securities Investment Securities (Summary of Investment in Agency Security) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	$ 51,316	$ 53,628
Debt Securities, Trading and Available-for-sale	49,087	54,421
Total agency MBS, at fair value	47,398	52,604
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	327	325
Debt Securities, Trading and Available-for-sale	316	329
Commercial Mortgage Backed Securities [Member]
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	496	505
Debt Securities, Trading and Available-for-sale	488	514
Credit Risk Transfer Securities [Member]
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	903	955
Debt Securities, Trading and Available-for-sale	885	974
Fixed Income Securities [Member] | Agency Securities [Member]
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	49,320	51,546
Debt Securities, Trading and Available-for-sale	47,124	52,289
Adjustable-Rate [Member] | Agency Securities [Member]
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	40	45
Debt Securities, Trading and Available-for-sale	41	47
Collateralized Mortgage Obligations [Member] | Agency Securities [Member]
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	166	182
Debt Securities, Trading and Available-for-sale	166	188
Interest Only And Principal Only Strip [Member] | Agency Securities [Member]
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	64	70
Debt Securities, Trading and Available-for-sale	67	80
Agency Securities [Member]
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	$ 49,590	$ 51,843

Investment Securities (Componen

Investment Securities (Components Of Investment Securities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Schedule of Investments [Line Items]
Debt Securities, Trading	$ 41,248,000		$ 45,262,000
Debt Securities, Trading and Available-for-sale	$ 49,087,000		$ 54,421,000
Weighted average coupon	3.13%		3.08%
Weighted average yield	2.56%		2.43%
Future Prepayment Rate Assumption Of Investment Portfolio	7.90%	10.90%
Available-for-sale Securities [Member]
Schedule of Investments [Line Items]
Par value	$ 7,610,000		$ 8,458,000
Debt Securities, Available-for-Sale, Unamortized discount	2,000		4,000
Debt Securities, Available-for-Sale, Unamortized premium	421,000		404,000
Debt Securities, Available-for-sale, Amortized Cost	8,029,000		8,858,000
Debt Securities, Available-for-Sale, Gross Unrealized Losses	200,000		0
Total available-for-sale securities, at fair value	7,839,000		9,159,000
Debt Securities, Available-for-Sale, Gross Unrealized Gains	10,000		301,000
Trading Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	87,000		768,000
Debt Securities, Trading Securities, Gross Unrealized Losses	2,126,000		276,000
Trading Securities Par	41,901,000		43,420,000
Debt Securities, Trading Securities, Unamortized discount	48,000		37,000
Debt Securities, Trading Securities, Unamortized Premium	1,434,000		1,387,000
Debt Securities, Trading, Amortized Cost	43,287,000		44,770,000
Fannie Mae [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading	27,167,000		29,198,000
Debt Securities, Trading and Available-for-sale	$ 33,064,000		$ 36,073,000
Weighted average coupon	3.11%		3.09%
Weighted average yield	2.47%		2.38%
Fannie Mae [Member] | Available-for-sale Securities [Member]
Schedule of Investments [Line Items]
Par value	$ 5,723,000		$ 6,345,000
Debt Securities, Available-for-Sale, Unamortized discount	2,000		3,000
Debt Securities, Available-for-Sale, Unamortized premium	313,000		299,000
Debt Securities, Available-for-sale, Amortized Cost	6,034,000		6,641,000
Debt Securities, Available-for-Sale, Gross Unrealized Losses	145,000		0
Total available-for-sale securities, at fair value	5,897,000		6,875,000
Debt Securities, Available-for-Sale, Gross Unrealized Gains	8,000		234,000
Fannie Mae [Member] | Trading Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	56,000		517,000
Debt Securities, Trading Securities, Gross Unrealized Losses	1,425,000		181,000
Trading Securities Par	27,608,000		27,952,000
Debt Securities, Trading Securities, Unamortized discount	25,000		14,000
Debt Securities, Trading Securities, Unamortized Premium	953,000		924,000
Debt Securities, Trading, Amortized Cost	28,536,000		28,862,000
Freddie Mac [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading	12,389,000		14,244,000
Debt Securities, Trading and Available-for-sale	$ 14,330,000		$ 16,526,000
Weighted average coupon	3.10%		2.98%
Weighted average yield	2.46%		2.29%
Freddie Mac [Member] | Available-for-sale Securities [Member]
Schedule of Investments [Line Items]
Par value	$ 1,886,000		$ 2,111,000
Debt Securities, Available-for-Sale, Unamortized discount	0		1,000
Debt Securities, Available-for-Sale, Unamortized premium	108,000		105,000
Debt Securities, Available-for-sale, Amortized Cost	1,994,000		2,215,000
Debt Securities, Available-for-Sale, Gross Unrealized Losses	55,000		0
Total available-for-sale securities, at fair value	1,941,000		2,282,000
Debt Securities, Available-for-Sale, Gross Unrealized Gains	2,000		67,000
Freddie Mac [Member] | Trading Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	20,000		213,000
Debt Securities, Trading Securities, Gross Unrealized Losses	653,000		89,000
Trading Securities Par	12,564,000		13,680,000
Debt Securities, Trading Securities, Unamortized discount	3,000		4,000
Debt Securities, Trading Securities, Unamortized Premium	461,000		444,000
Debt Securities, Trading, Amortized Cost	13,022,000		14,120,000
Ginnie Mae [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading	3,000		3,000
Debt Securities, Trading and Available-for-sale	$ 4,000		$ 5,000
Weighted average coupon	4.73%		4.69%
Weighted average yield	2.56%		2.54%
Ginnie Mae [Member] | Available-for-sale Securities [Member]
Schedule of Investments [Line Items]
Par value	$ 1,000		$ 2,000
Debt Securities, Available-for-Sale, Unamortized discount	0		0
Debt Securities, Available-for-Sale, Unamortized premium	0		0
Debt Securities, Available-for-sale, Amortized Cost	1,000		2,000
Debt Securities, Available-for-Sale, Gross Unrealized Losses	0		0
Total available-for-sale securities, at fair value	1,000		2,000
Debt Securities, Available-for-Sale, Gross Unrealized Gains	0		0
Ginnie Mae [Member] | Trading Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	0		0
Debt Securities, Trading Securities, Gross Unrealized Losses	0		0
Trading Securities Par	3,000		3,000
Debt Securities, Trading Securities, Unamortized discount	0		0
Debt Securities, Trading Securities, Unamortized Premium	0		0
Debt Securities, Trading, Amortized Cost	3,000		3,000
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading	316,000		329,000
Debt Securities, Trading and Available-for-sale	$ 316,000		$ 329,000
Weighted average coupon	3.39%		3.33%
Weighted average yield	5.63%		5.68%
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Available-for-sale Securities [Member]
Schedule of Investments [Line Items]
Par value	$ 0		$ 0
Debt Securities, Available-for-Sale, Unamortized discount	0		0
Debt Securities, Available-for-Sale, Unamortized premium	0		0
Debt Securities, Available-for-sale, Amortized Cost	0		0
Debt Securities, Available-for-Sale, Gross Unrealized Losses	0		0
Total available-for-sale securities, at fair value	0		0
Debt Securities, Available-for-Sale, Gross Unrealized Gains	0		0
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Trading Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	3,000		6,000
Debt Securities, Trading Securities, Gross Unrealized Losses	14,000		2,000
Trading Securities Par	333,000		327,000
Debt Securities, Trading Securities, Unamortized discount	9,000		6,000
Debt Securities, Trading Securities, Unamortized Premium	3,000		4,000
Debt Securities, Trading, Amortized Cost	327,000		325,000
Commercial Mortgage Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading	488,000		514,000
Debt Securities, Trading and Available-for-sale	$ 488,000		$ 514,000
Weighted average coupon	3.76%		3.60%
Weighted average yield	4.43%		4.28%
Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member]
Schedule of Investments [Line Items]
Par value	$ 0		$ 0
Debt Securities, Available-for-Sale, Unamortized discount	0		0
Debt Securities, Available-for-Sale, Unamortized premium	0		0
Debt Securities, Available-for-sale, Amortized Cost	0		0
Debt Securities, Available-for-Sale, Gross Unrealized Losses	0		0
Total available-for-sale securities, at fair value	0		0
Debt Securities, Available-for-Sale, Gross Unrealized Gains	0		0
Commercial Mortgage Backed Securities [Member] | Trading Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	2,000		11,000
Debt Securities, Trading Securities, Gross Unrealized Losses	10,000		2,000
Trading Securities Par	498,000		508,000
Debt Securities, Trading Securities, Unamortized discount	6,000		6,000
Debt Securities, Trading Securities, Unamortized Premium	4,000		3,000
Debt Securities, Trading, Amortized Cost	496,000		505,000
Credit Risk Transfer Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading	885,000		974,000
Debt Securities, Trading and Available-for-sale	$ 885,000		$ 974,000
Weighted average coupon	4.23%		3.74%
Weighted average yield	5.30%		4.47%
Credit Risk Transfer Securities [Member] | Available-for-sale Securities [Member]
Schedule of Investments [Line Items]
Par value	$ 0		$ 0
Debt Securities, Available-for-Sale, Unamortized discount	0		0
Debt Securities, Available-for-Sale, Unamortized premium	0		0
Debt Securities, Available-for-sale, Amortized Cost	0		0
Debt Securities, Available-for-Sale, Gross Unrealized Losses	0		0
Total available-for-sale securities, at fair value	0		0
Debt Securities, Available-for-Sale, Gross Unrealized Gains	0		0
Credit Risk Transfer Securities [Member] | Trading Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	6,000		21,000
Debt Securities, Trading Securities, Gross Unrealized Losses	24,000		2,000
Trading Securities Par	895,000		950,000
Debt Securities, Trading Securities, Unamortized discount	5,000		7,000
Debt Securities, Trading Securities, Unamortized Premium	13,000		12,000
Debt Securities, Trading, Amortized Cost	903,000		955,000
Credit Risk Transfer Securities [Member] | Securities Remeasured at Fair Value [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale	$ 885,000		$ 974,000

Investment Securities (Summary

Investment Securities (Summary Of Agency Securities Estimated Weighted Average Life Classifications) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value	$ 49,087	$ 54,421
Amortized Cost	$ 51,316	$ 53,628
Weighted Average Coupon	3.13%	3.08%
Weighted Average Yield	2.56%	2.43%
Less Than or Equal to Three Years [Member]
Fair Value	$ 850	$ 1,677
Amortized Cost	$ 852	$ 1,642
Weighted Average Coupon	3.87%	3.64%
Weighted Average Yield	4.48%	3.69%
Greater Than Three Years and Less Than or Equal to Five Years [Member]
Fair Value	$ 3,201	$ 11,214
Amortized Cost	$ 3,219	$ 10,868
Weighted Average Coupon	3.62%	3.97%
Weighted Average Yield	3.08%	2.74%
Greater Than Five Years [Member]
Fair Value	$ 32,784	$ 36,936
Amortized Cost	$ 34,059	$ 36,490
Weighted Average Coupon	3.38%	2.87%
Weighted Average Yield	2.63%	2.32%
Greater Than Ten Years [Member]
Fair Value	$ 12,252	$ 4,594
Amortized Cost	$ 13,186	$ 4,628
Weighted Average Coupon	2.34%	2.48%
Weighted Average Yield	2.13%	2.09%

Investment Securities (Summar_2

Investment Securities (Summary Of Changes In Accumulated OCI For Available-For-Sale Security) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Unrealized Gains and (Losses), Net	$ (491)	$ (237)
Agency Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning OCI Balance	301	719
Unrealized Gains and (Losses), Net	(491)	(219)
Reversal of Unrealized (Gains) and Losses, Net on Realization	0	(18)
Ending OCI Balance	$ (190)	$ 482

Investment Securities (Summar_3

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	Mar. 31, 2022	Dec. 31, 2021
Unrealized Loss Position For - Unrealized Loss - Less than 12 Months	$ (200,000)	$ 0
Unrealized Loss Position For - Unrealized Loss - 12 Months or More	0	0
Unrealized Loss Position For - Unrealized Loss - Total	(200,000)	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	6,820,000	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0	0
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 6,820,000	$ 0

Investment Securities (Summar_4

Investment Securities (Summary Of Net Gain From Sale Of Agency Securities) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cost of Sale of Fair Value Option Securities	$ (7,312)	$ (5,864)
Cost of Sale of Investment Securities	(7,627)	(6,357)
Proceeds from Sale of Debt Securities	7,285	6,344
Proceeds from Sale of Debt Securities, Trading	6,970	5,833
Proceeds from Sale of Debt Securities, Available-for-sale	315	511
Net gain (loss) on sale of investment securities	(342)	(13)
Available-for-sale Securities [Member]
Agency MBS sold, at cost	(315)	(493)
Net gain (loss) on sale of investment securities		18
Debt Securities, Available-for-sale, Realized Gain	2	18
Debt Securities, Available-for-sale, Realized Loss	2	0
Securities Remeasured at Fair Value [Member]
Net gain (loss) on sale of investment securities		(31)
Debt Securities, Available-for-sale, Realized Gain	4	49
Debt Securities, Available-for-sale, Realized Loss	346	80
Securities (Assets) [Member]
Net gain (loss) on sale of investment securities	(342)	(13)
Debt Securities, Available-for-sale, Realized Gain	6	67
Debt Securities, Available-for-sale, Realized Loss	348	$ 80
Cost and Proceeds of Investment Securities [Member] | Available-for-sale Securities [Member]
Net gain (loss) on sale of investment securities	0
Cost and Proceeds of Investment Securities [Member] | Securities Remeasured at Fair Value [Member]
Net gain (loss) on sale of investment securities	(342)
Gross Gain & Loss of Investment Securities [Member] | Available-for-sale Securities [Member]
Net gain (loss) on sale of investment securities	0
Gross Gain & Loss of Investment Securities [Member] | Securities Remeasured at Fair Value [Member]
Net gain (loss) on sale of investment securities	$ (342)

Investment Securities Securitie

Investment Securities Securities by Credit Rating (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	$ 41,248	$ 45,262
Debt Securities, Trading and Available-for-sale	49,087	54,421
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	316	329
Debt Securities, Trading and Available-for-sale	316	329
Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	488	514
Debt Securities, Trading and Available-for-sale	488	514
Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	885	974
Debt Securities, Trading and Available-for-sale	885	974
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	885	974
BBB Rating [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	38	51
BBB Rating [Member] | Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	74	85
BBB Rating [Member] | Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	28	75
BB Rating [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	46	43
BB Rating [Member] | Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	105	126
BB Rating [Member] | Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	329	126
AAA Rating [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	174	164
AAA Rating [Member] | Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	26	10
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	19	21
AA Rating [Member] | Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	97	111
AA Rating [Member] | Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	0	0
A Rating [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	18	28
A Rating [Member] | Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	43	45
A Rating [Member] | Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	20	17
B Rating [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	5	7
B Rating [Member] | Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	123	117
B Rating [Member] | Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	192	327
Not Rated [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	16	15
Not Rated [Member] | Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	20	20
Not Rated [Member] | Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	$ 316	$ 429

Repurchase Agreements And Rev_3

Repurchase Agreements And Reverse Repurchase Agreements (Narrative) (Details) $ in Millions	Mar. 31, 2022USD ($)days	Dec. 31, 2021USD ($)days
Assets Sold under Agreements to Repurchase [Line Items]
Receivable Under Reverse Repurchase Agreements	$ 10,645	$ 10,475
Securities Sold under Agreements to Repurchase	44,715	47,381
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 10,277	$ 9,697
Short-term Debt, Weighted Average Interest Rate, at Point in Time	0.37%	0.15%
Debt of consolidated variable interest entities, at fair value	$ (116)	$ (126)
TBA securities Fifteen Year and Thirty Year Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Derivative, Fair Value, Net	(609)	(44)
TBA and Forward Settling Agency Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Derivative, Forward Settlement Value	20,152	27,184
Derivative, Fair Value, Net	(609)	(44)
Maturity Overnight [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Securities Sold under Agreements to Repurchase	8,700	800
Forward Contracts [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Securities Sold under Agreements to Repurchase	$ 5,900	$ 9,800
Weighted Average Forward Start Days | days	1	3
Short-term Debt, Weighted Average Interest Rate, at Point in Time	0.39%	0.08%
Bethesda Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Percentage of Repurchase Agreement Funding	43.00%	43.00%
FICC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Percentage of Repurchase Agreement Funding	41.00%	42.00%
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 2,600	$ 3,000

Repurchase Agreements And Other

Repurchase Agreements And Other Debt (Repurchase Arrangements And Weighted Average Interest Rates Classified By Original Maturities) (Details) $ in Millions	Mar. 31, 2022USD ($)days	Dec. 31, 2021USD ($)days
Receivable Under Reverse Repurchase Agreements	$ 10,645	$ 10,475
Repurchase Agreements	$ 44,715	$ 47,381
Weighted Average Interest Rate	0.37%	0.15%
Weighted Average Days to Maturity | days	63	63
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 10,277	$ 9,697
Maturity Overnight [Member]
Repurchase Agreements	8,700	800
30 Days or Less [Member]
Repurchase Agreements	$ 21,381	$ 23,747
Weighted Average Interest Rate	0.32%	0.14%
Weighted Average Days to Maturity | days	11	13
1 to 3 Months
Repurchase Agreements	$ 13,287	$ 14,781
Weighted Average Interest Rate	0.39%	0.15%
Weighted Average Days to Maturity | days	59	61
3 to 6 Months
Repurchase Agreements	$ 6,754	$ 4,576
Weighted Average Interest Rate	0.44%	0.19%
Weighted Average Days to Maturity | days	149	154
6 to 9 Months
Repurchase Agreements	$ 1,862	$ 2,445
Weighted Average Interest Rate	0.33%	0.21%
Weighted Average Days to Maturity | days	232	264
9 to 12 Months
Repurchase Agreements	$ 0	$ 1,362
Weighted Average Interest Rate	0.00%	0.23%
Weighted Average Days to Maturity | days	0	307
12 to 24 Months
Repurchase Agreements	$ 750	$ 0
Weighted Average Interest Rate	0.94%	0.00%
Weighted Average Days to Maturity | days	456	0
US Treasury Securities [Member] | 2 Days to 1 Month [Member]
Repurchase Agreements	$ 681	$ 470
Weighted Average Interest Rate	0.16%	(0.05%)
Weighted Average Days to Maturity | days	1	4
FICC [Member]
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 2,600	$ 3,000
US Government Agencies Debt Securities [Member]
Repurchase Agreements	$ 44,034	$ 46,911
Weighted Average Interest Rate	0.37%	0.15%
Weighted Average Days to Maturity | days	64	63

Derivative and Other Hedging _3

Derivative and Other Hedging Instruments (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)month	Mar. 31, 2021USD ($)month	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Interest Rate Swaption [Member]
Average Maturity (Years)	9 years 2 months 12 days	9 years 7 months 6 days
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | month	18	18
Notional Amount	$ 10,250,000		$ 13,000,000
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	363,000	$ 387,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	1,500,000	4,250,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	$ (4,250,000)	(1,500,000)
Derivative, Average Fixed Interest Rate	2.16%		1.93%
Interest Rate Derivatives, at Fair Value, Net	$ 450,000		$ 290,000
Options At Cost	260,000	328,000
TBA and Forward Settling Agency Securities [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(1,234,000)	(926,000)
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	78,634,000	93,336,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period		(99,182,000)
Derivative Asset, Fair Value, Gross Asset	19,543,000		27,140,000
Derivative, Fair Value, Net	(609,000)		(44,000)
US Treasury Securities [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	196,000	61,000
Derivative, Fair Value, Net	138,000		(15,000)
Credit Default Swap
Derivative, Fair Value, Net	(42,000)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	1,833,000	1,443,000
Derivative assets, at fair value	647,000		317,000
At Cost Basis [Member]
Credit Default Swaps	(35,000)
At Carrying Value
Credit Default Swaps	0
Short [Member] | US Treasury Securities [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	605,000	807,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	4,133,000	7,261,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	2,861,000	(3,021,000)
Derivative Asset, Fair Value, Gross Asset	6,575,000		1,957,000
Long [Member] | US Treasury Securities [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(54,000)	(10,000)
Trading Securities Added During the Period	2,251,000	1,315,000
Notional Amount Of Trading Securities Settlement Expiration During The Period	(2,020,000)	(1,315,000)
Debt Securities, Trading, and Equity Securities, FV-NI	$ 703,000	$ 0	$ 472,000	$ 0

Derivative and Other Hedging _4

Derivative and Other Hedging Instruments (Fair Value Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative asset, fair value	$ 647		$ 317
Derivative liability, fair value	(668)		(86)
Derivative assets, at fair value	(647)		(317)
Derivative Liability	(668)		(86)
U.S. Treasury securities	684		471
U.S. Treasury Securities - short	(10,277)		(9,697)
Total - (short)/long, net	(9,593)		(9,226)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	1,833	$ 1,443
Net Fair Value of Interest Rate Swaps Excluding the Recognition of Variation Margin Settlements as a Reduction of Carrying Value	3,500		1,600
TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	78,634	93,336
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period		(99,182)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(1,234)	(926)
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount	51,125		51,225
Derivative liability, fair value	0		0
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	2,400	7,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(2,500)	(500)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	1,957	1,124
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Derivative asset, fair value	0		0
Interest Rate Swaption [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount	10,250		13,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	1,500	4,250
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(4,250)	(1,500)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	363	387
Interest Rate Swaption [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Derivative asset, fair value	450		290
Purchases Of TBAs And Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative liability, fair value	(668)		(71)
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(85,700)
US Treasury Securities [Member]
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	196	61
Credit Default Swap
Derivative [Line Items]
Derivative liability, fair value	0		0
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Future [Member] | Fair Value, Inputs, Level 1 [Member]
Derivative [Line Items]
Derivative assets, at fair value	138		0
Derivative Liability	0		(15)
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	(59)		(27)
Sale Of TBA And Forward Settling Agency Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Derivative Liability	(668)		(71)
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	(59)
Short [Member] | US Treasury Securities [Member]
Derivative [Line Items]
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	4,133	7,261
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	2,861	(3,021)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	605	807
Long [Member] | US Treasury Securities [Member]
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(54)	(10)
Debt Securities, Trading, and Equity Securities, FV-NI	703	0	$ 472	$ 0
Trading Securities Added During the Period	2,251	1,315
Notional Amount Of Trading Securities Settlement Expiration During The Period	$ (2,020)	$ (1,315)

Derivative and Other Hedging _5

Derivative and Other Hedging Instruments (Summary Of Outstanding Interest Rate Swaps) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)month	Mar. 31, 2021USD ($)month	Dec. 31, 2021USD ($)
Interest Rate Swaps Linked to Overnight Index Swap Rate	21.00%		25.00%
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 1,833	$ 1,443
Interest Rate Swaps Linked to Secured Overnight Financing Rate	79.00%		75.00%
Interest Rate Swaption [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 363	387
Notional Amount	$ 10,250		$ 13,000
Average Fixed Pay Rate	2.16%		1.93%
Options At Cost	$ 260	$ 328
Interest Rate Derivatives, at Fair Value, Net	$ 450		$ 290
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | month	18	18
Average Maturity (Years)	9 years 2 months 12 days	9 years 7 months 6 days
Interest Rate Swap [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 1,957	$ 1,124
Notional Amount	$ 51,125		$ 51,225
Average Fixed Pay Rate	0.26%		0.20%
Average Receive Rate	0.30%		0.05%
Average Maturity (Years)	4 years	4 years
Less Than or Equal to One Year [Member] | Interest Rate Swaption [Member]
Notional Amount	$ 3,050		$ 3,800
Average Fixed Pay Rate	2.18%		1.81%
Options At Cost	$ 88	$ 101
Interest Rate Derivatives, at Fair Value, Net	$ 103		$ 64
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | month	9	6
Average Maturity (Years)	7 years 4 months 24 days	8 years 6 months
Greater Than One Year and Less Than or Equal to Two Years [Member] | Interest Rate Swaption [Member]
Notional Amount	$ 5,650		$ 5,150
Average Fixed Pay Rate	2.13%		1.69%
Options At Cost	$ 138	$ 128
Interest Rate Derivatives, at Fair Value, Net	$ 273		$ 147
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | month	21	20
Average Maturity (Years)	10 years	10 years
Greater Than Two Years and Less Than or Equal to Three Years [Member] | Interest Rate Swaption [Member]
Notional Amount	$ 1,550		$ 4,050
Average Fixed Pay Rate	2.18%		2.35%
Options At Cost	$ 34	$ 99
Interest Rate Derivatives, at Fair Value, Net	$ 74		$ 79
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | month	28	28
Average Maturity (Years)	10 years	10 years
Greater Than One Year and Less Than or Equal to Three Years [Member] | Interest Rate Swap [Member]
Notional Amount	$ 20,500		$ 22,500
Average Fixed Pay Rate	0.11%		0.10%
Average Receive Rate	0.30%		0.05%
Average Maturity (Years)	1 year 9 months 18 days	2 years
Greater Than Three Years and Less Than or Equal to Five Years [Member] | Interest Rate Swap [Member]
Notional Amount	$ 17,050		$ 16,800
Average Fixed Pay Rate	0.23%		0.22%
Average Receive Rate	0.30%		0.06%
Average Maturity (Years)	3 years 9 months 18 days	4 years
Greater Than Five Years and Less than or Equal to Seven Years [Member] | Interest Rate Swap [Member]
Notional Amount	$ 7,700		$ 6,050
Average Fixed Pay Rate	0.59%		0.29%
Average Receive Rate	0.29%		0.05%
Average Maturity (Years)	5 years 9 months 18 days	6 years
Greater Than Seven Years and Less than or Equal to Ten Years [Member] | Interest Rate Swap [Member]
Notional Amount	$ 4,400		$ 4,400
Average Fixed Pay Rate	0.46%		0.46%
Average Receive Rate	0.30%		0.05%
Average Maturity (Years)	8 years 2 months 12 days	8 years 6 months
Greater Than Ten Years [Member] | Interest Rate Swap [Member]
Notional Amount	$ 1,475		$ 1,475
Average Fixed Pay Rate	0.47%		0.47%
Average Receive Rate	0.30%		0.05%
Average Maturity (Years)	12 years 10 months 24 days	13 years 2 months 12 days

Derivative and Other Hedging _6

Derivative and Other Hedging Instruments (Remaining Interest Rate Swap Term) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)month	Mar. 31, 2021USD ($)month	Dec. 31, 2021USD ($)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 1,833	$ 1,443
Interest Rate Swaps Linked to Overnight Index Swap Rate	21.00%		25.00%
Interest Rate Swaption [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 363	387
Cost	260	$ 328
Fair Value	$ 450		$ 290
Average Months to Expiration | month	18	18
Derivative Liability, Notional Amount	$ 10,250		$ 13,000
Average Fixed Pay Rate	2.16%		1.93%
Average Maturity (Years)	9 years 2 months 12 days	9 years 7 months 6 days
Interest Rate Swap [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 1,957	$ 1,124
Derivative Liability, Notional Amount	$ 51,125		$ 51,225
Average Fixed Pay Rate	0.26%		0.20%
Average Maturity (Years)	4 years	4 years
Less Than or Equal to One Year [Member] | Interest Rate Swaption [Member]
Cost	$ 88	$ 101
Fair Value	$ 103		$ 64
Average Months to Expiration | month	9	6
Derivative Liability, Notional Amount	$ 3,050		$ 3,800
Average Fixed Pay Rate	2.18%		1.81%
Average Maturity (Years)	7 years 4 months 24 days	8 years 6 months
Greater Than One Year and Less Than or Equal to Three Years [Member] | Interest Rate Swap [Member]
Derivative Liability, Notional Amount	$ 20,500		$ 22,500
Average Fixed Pay Rate	0.11%		0.10%
Average Maturity (Years)	1 year 9 months 18 days	2 years
Bermudan [Member] | Interest Rate Swaption [Member]
Derivative Liability, Notional Amount	$ 700

Derivative and Other Hedging _7

Derivative and Other Hedging Instruments (US Treasury Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
U.S. Treasury securities, net	$ (9,593)	$ (9,226)
Weighted Average Yield Percentage	2.56%	2.43%
7 Years Maturity [Member]
Derivative [Line Items]
U.S. Treasury securities, net	$ (1,562)	$ (1,218)
At Par Value [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(10,159)	(9,118)
US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	138	(15)
TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(19,607)	(26,673)	$ (24,518)	$ (30,364)
Derivative, Forward Settlement Value	(20,152)	(27,184)
Derivative Asset, Fair Value, Gross Asset	(19,543)	(27,140)
Derivative, Fair Value, Net	(609)	(44)
5 Year Maturity [Member]
Derivative [Line Items]
U.S. Treasury securities, net	241	(310)
10 Year Maturity [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(8,838)	(7,590)
10 Year Maturity [Member] | US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	123	(15)
5 Year Maturity [Member] | US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	15	0
Short [Member] | US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(10,862)	(9,590)	(15,527)	(11,287)
Derivative, Forward Settlement Value	(6,713)	(1,942)
Derivative Asset, Fair Value, Gross Asset	(6,575)	(1,957)
Short [Member] | US Treasury Securities [Member] | Future [Member]
Derivative [Line Items]
Derivative, Notional Amount	(5,385)	(1,500)	$ (1,000)	$ (1,000)
Short [Member] | 10 Year Maturity [Member] | US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(4,885)	(1,500)
Derivative, Forward Settlement Value	(6,125)	(1,942)
Derivative Asset, Fair Value, Gross Asset	(6,002)	(1,957)
Short [Member] | 5 Year Maturity [Member] | US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(500)	0
Derivative, Forward Settlement Value	(588)	0
Derivative Asset, Fair Value, Gross Asset	(573)	0
Fair Value Hedging [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(9,593)	(9,226)
Fair Value Hedging [Member] | 7 Years Maturity [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(1,464)	(1,206)
Fair Value Hedging [Member] | 5 Year Maturity [Member]
Derivative [Line Items]
U.S. Treasury securities, net	242	(293)
Fair Value Hedging [Member] | 10 Year Maturity [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(8,371)	(7,727)
Fair Value Hedging [Member] | Long [Member]
Derivative [Line Items]
U.S. Treasury securities, net	700
At Cost Basis [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(10,096)	(9,117)
At Cost Basis [Member] | 7 Years Maturity [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(1,556)	(1,218)
At Cost Basis [Member] | 5 Year Maturity [Member]
Derivative [Line Items]
U.S. Treasury securities, net	239	(306)
At Cost Basis [Member] | 10 Year Maturity [Member]
Derivative [Line Items]
U.S. Treasury securities, net	$ (8,779)	$ (7,593)
US Treasury Securities [Member] | Short [Member]
Derivative [Line Items]
Weighted Average Yield Percentage	1.67%	1.56%
US Treasury Securities [Member] | Long [Member]
Derivative [Line Items]
Weighted Average Yield Percentage	1.90%

Derivative and Other Hedging _8

Derivative and Other Hedging Instruments (TBA Securities by Coupon and Issuer) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ (19,607)	$ (26,673)	$ (24,518)	$ (30,364)
Cost Basis	(20,152)	(27,184)
Net long TBA position, at fair value	(19,543)	(27,140)
TBA, net carrying value	(609)	(44)
Forward Settling non-Agency Securities
Derivative [Line Items]
Derivative, Notional Amount	0	(450)
Net long TBA position, at fair value		(400)
TBA, net carrying value		0.2
30 Year Maturity [Member] | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(19,368)	(24,634)
Cost Basis	(19,906)	(25,128)
Net long TBA position, at fair value	(19,301)	(25,081)
TBA, net carrying value	(605)	(47)
30 Year Maturity [Member] | 2.0% Coupon [Member] | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount		(2,892)
Cost Basis		(2,872)
Net long TBA position, at fair value		(2,874)
TBA, net carrying value	42	2
30 Year Maturity [Member] | 2.5% Coupon [Member] | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(2,413)	(17,602)
Cost Basis	(2,474)	(17,953)
Net long TBA position, at fair value	(2,299)	(17,914)
TBA, net carrying value	(175)	(39)
30 Year Maturity [Member] | 3.0% Coupon [Member] | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(8,125)	(3,559)
Cost Basis	(8,360)	(3,692)
Net long TBA position, at fair value	(7,930)	(3,682)
TBA, net carrying value	(430)	(10)
30 Year Maturity [Member] | 3.5% Coupon [Member] | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(8,921)	(581)
Cost Basis	(8,947)	(611)
Net long TBA position, at fair value	(8,898)	(611)
TBA, net carrying value	(49)	0
30 Year Maturity [Member] | 4.0% Coupon [Member] | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(2,950)
Cost Basis	(2,988)	0
Net long TBA position, at fair value	(2,995)	0
TBA, net carrying value	7	0
30 Year Maturity [Member] | Short [Member] | 2.0% Coupon [Member] | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(3,041)
Cost Basis	(2,863)
Net long TBA position, at fair value	(2,821)
30 Year Maturity [Member] | Short [Member] | 4.0% Coupon [Member] | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount		0
15 Year Maturity [Member] | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(239)	(2,039)
Cost Basis	(246)	(2,056)
Net long TBA position, at fair value	(242)	(2,059)
TBA, net carrying value	(4)	3
15 Year Maturity [Member] | 2.0% Coupon [Member] | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	0	(2,039)
Cost Basis	0	(2,056)
Net long TBA position, at fair value	0	(2,059)
TBA, net carrying value	0	3
15 Year Maturity [Member] | 3.0% Coupon [Member] | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(123)	0
Cost Basis	(128)	0
Net long TBA position, at fair value	(124)	0
TBA, net carrying value	(4)	0
15 Year Maturity [Member] | 3.5% Coupon [Member] | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(116)	0
Cost Basis	(118)	0
Net long TBA position, at fair value	(118)	0
TBA, net carrying value	$ 0	$ 0

Derivative and Other Hedging _9

Derivative and Other Hedging Instruments (Effect Of Derivative Instruments Not Designated As Hedges On Comprehensive Income Statement) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Amount Gain/(Loss) Recognized in Income on Derivatives	$ 1,833	$ 1,443
Interest Rate Swaption [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(10,250)	(13,150)	$ (13,000)
Additions	(1,500)	(4,250)
Settlement, Expirations or Exercise	4,250	1,500
Notional Amount	(10,250)
Amount Gain/(Loss) Recognized in Income on Derivatives	363	387
TBA and Forward Settling Agency Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(19,607)	(24,518)	(26,673)	$ (30,364)
Additions	(78,634)	(93,336)
Settlement, Expirations or Exercise		99,182
Amount Gain/(Loss) Recognized in Income on Derivatives	(1,234)	(926)
Purchases Of TBAs And Forward Settling Agency Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Settlement, Expirations or Exercise	85,700
Interest Rate Swap [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Additions	(2,400)	(7,000)
Settlement, Expirations or Exercise	2,500	500
Notional Amount	(51,125)
Amount Gain/(Loss) Recognized in Income on Derivatives	1,957	1,124
US Treasury Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Amount Gain/(Loss) Recognized in Income on Derivatives	196	61
Forward Settling non-Agency Securities
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	0		(450)
Additions	0
Amount Gain/(Loss) Recognized in Income on Derivatives	0
Purchases Of Forward Settling non-Agency Securities
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Settlement, Expirations or Exercise	450
Credit Default Swap, Buying Protection
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(2,600)
Additions	5,470
Settlement, Expirations or Exercise	(2,860)
Amount Gain/(Loss) Recognized in Income on Derivatives	0
Not Designated as Hedging Instrument [Member] | Interest Rate Swaption [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount				(10,400)
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(51,125)	(49,725)	(51,225)	(43,225)
Not Designated as Hedging Instrument [Member] | Credit Default Swap, Buying Protection
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(2,610)		0
Short [Member] | US Treasury Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(10,862)	(15,527)	(9,590)	(11,287)
Additions	(4,133)	(7,261)
Settlement, Expirations or Exercise	(2,861)	3,021
Amount Gain/(Loss) Recognized in Income on Derivatives	605	807
Long [Member] | US Treasury Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Amount Gain/(Loss) Recognized in Income on Derivatives	(54)	(10)
Debt Securities, Trading, and Equity Securities, FV-NI	703	0	472	0
Trading Securities Added During the Period	2,251	1,315
Notional Amount Of Trading Securities Settlement Expiration During The Period	(2,020)	(1,315)
Future [Member] | Short [Member] | US Treasury Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(5,385)	(1,000)	$ (1,500)	$ (1,000)
Additions	6,870	(1,000)
Settlement, Expirations or Exercise	$ (2,985)	$ 1,000

Pledged Assets (Narrative) (Det

Pledged Assets (Narrative) (Details)	Mar. 31, 2022
Pledged Assets [Abstract]
Risk Of Repurchase Agreement To Stockholders Equity	2.00%

Pledged Assets Repurchase Agree

Pledged Assets Repurchase Agreements with Counterparties Greater than or Equal to 5% of Equity at Risk (Details) $ in Millions	Mar. 31, 2022USD ($)days	Dec. 31, 2021USD ($)days
Repurchase Agreements with Counterparties Greater than or equal to 5% of Equity at Risk [Line Items]
Securities Sold under Agreements to Repurchase | $	$ 44,715	$ 47,381
Risk Of Repurchase Agreement To Stockholders Equity	2.00%
Weighted Average Days to Maturity | days	63	63
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	8.00%

Pledged Assets (Assets Pledged

Pledged Assets (Assets Pledged as Collateral) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Offsetting Assets and Liabilities [Line Items]
Retained Interests in Consolidated VIE's Pledged as Collateral Under Repurchase Agreements	$ 68	$ 81
Accrued interest on pledged securities	119	120
Restricted cash	1,087	527
Total Fair Value of Securities Pledged and Accrued Interest	48,872
Total Fair Value Of Agency Securities Pledged And Accrued Interest		50,910
Security Owned and Pledged as Collateral, Fair Value	46,148	48,496
Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	44,509	46,943
Derivative Agreements and Other
Offsetting Assets and Liabilities [Line Items]
Total Fair Value of Securities Pledged and Accrued Interest	2,140	1,461
Security Owned and Pledged as Collateral, Fair Value	963	739
Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Accrued interest on pledged securities	116	117
Total Fair Value of Securities Pledged and Accrued Interest	46,547
Total Fair Value Of Agency Securities Pledged And Accrued Interest		49,240
Variable Interest Entity, Primary Beneficiary [Member]
Offsetting Assets and Liabilities [Line Items]
Accrued interest on pledged securities	1	1
Total Fair Value of Securities Pledged and Accrued Interest	185
Total Fair Value Of Agency Securities Pledged And Accrued Interest		209
Security Owned and Pledged as Collateral, Fair Value	184	208
Includes Sold But Not Yet Settled Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	45,656	47,890
Credit Risk Transfer Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	489	510
Credit Risk Transfer Securities [Member] | Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	489	510
Non-Agency [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	466	571
Non-Agency [Member] | Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	466	571
US Treasury Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	1,055	1,292
US Treasury Securities [Member] | Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	922	1,084
US Treasury Securities [Member] | Derivative Agreements and Other
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	133	208
Derivative Agreements and Other
Offsetting Assets and Liabilities [Line Items]
Accrued interest on pledged securities	2	2
Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Restricted cash	45	15
Excluding Cash Received [Member]
Offsetting Assets and Liabilities [Line Items]
Restricted cash	1,087	527
Derivative Agreements and Other
Offsetting Assets and Liabilities [Line Items]
Restricted cash	$ 1,042	$ 512

Pledged Assets (Securities Pled

Pledged Assets (Securities Pledged as Collateral) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Offsetting Assets and Liabilities [Line Items]
Retained Interests in Consolidated VIE's Pledged as Collateral Under Repo	$ 68	$ 81
Security Owned and Pledged as Collateral, Fair Value	46,148	48,496
Agency Securities Pledged As Collateral Amortized Cost	48,315	47,752
Agency Securities Pledged As Collateral Accrued Interest	116	117
Maturity Less than 30 Days [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	22,124	24,548
Agency Securities Pledged As Collateral Amortized Cost	23,092	24,075
Agency Securities Pledged As Collateral Accrued Interest	57	61
Maturity 31 To 59 Days [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	7,468	7,869
Agency Securities Pledged As Collateral Amortized Cost	7,824	7,735
Agency Securities Pledged As Collateral Accrued Interest	19	19
Maturity 60 To 90 Days [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	6,187	7,006
Agency Securities Pledged As Collateral Amortized Cost	6,410	6,906
Agency Securities Pledged As Collateral Accrued Interest	16	16
Maturity over 90 days [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	10,369	9,073
Agency Securities Pledged As Collateral Amortized Cost	10,989	9,036
Agency Securities Pledged As Collateral Accrued Interest	24	21
Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	44,509	46,943
Credit Risk Transfer Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	489	510
Credit Risk Transfer Securities [Member] | Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	489	510
US Treasury Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	1,055	1,292
Securities Received as Collateral, Amount Repledged and Sold	200
US Treasury Securities [Member] | Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	922	1,084
Non-Agency [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	466	571
Non-Agency [Member] | Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	$ 466	$ 571

Pledged Assets (Assets Pledge_2

Pledged Assets (Assets Pledged from Counterparties) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Offsetting Assets and Liabilities [Line Items]
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 10,277	$ 9,697
Restricted Cash and Cash Equivalents	1,087	527
Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Restricted Cash and Cash Equivalents	537	310
Restricted Cash and Securities Pledged	11,089	10,741
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	(17)	(11)
Restricted Cash and Cash Equivalents	20	7
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	(37)	(18)
Derivative [Member] | Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Restricted Cash and Securities Pledged	517	303
US Treasury Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Securities Received as Collateral, Amount Repledged and Sold	200
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	(10,552)	(10,431)
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	(10,535)	(10,420)
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	(10,535)	(10,420)
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
Derivative [Member] | Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Restricted Cash and Cash Equivalents	$ 517	$ 303

Pledged Assets (Offsetting Asse

Pledged Assets (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Offsetting Assets and Liabilities [Line Items]
Collateral Received	$ (4,187)
Assets [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	11,154	$ 10,792
Gross Amount Offset in the Consolidated Balance Sheets	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	11,154	10,792
Financial Instruments	(6,964)	(6,114)
Collateral Received		(4,671)
Net Amount	3	7
Assets [Member] | ERROR in label resolution.
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	450	290
Net Amounts of Assets Presented in the Consolidated Balance Sheets	450	290
Financial Instruments	0	0
Collateral Received	(447)	(290)
Net Amount	3	0
Assets [Member] | TBA and Forward Settling Agency Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	59	27
Net Amounts of Assets Presented in the Consolidated Balance Sheets	59	27
Financial Instruments	(59)	(27)
Net Amount	0	0
Assets [Member] | Reverse Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Net Amount	0	7
Liability [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	45,383	47,452
Gross Amount Offset in the Consolidated Balance Sheets	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	45,383	47,452
Financial Instruments	(6,964)	(6,114)
Collateral Received	(38,419)	(41,338)
Net Amount	0
Liability [Member] | Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
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	668
Net Amounts of Assets Presented in the Consolidated Balance Sheets	668
Financial Instruments	(59)
Collateral Received	(609)
Net Amount	0
Reverse Repurchase Agreements [Member] | Assets [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	10,645	10,475
Gross Amount Offset in the Consolidated Balance Sheets	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	10,645	10,475
Financial Instruments	(6,905)	(6,087)
Collateral Received	(3,740)	(4,381)
Repurchase Agreements [Member] | Liability [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	44,715	47,381
Gross Amount Offset in the Consolidated Balance Sheets	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	44,715	47,381
Financial Instruments	(6,905)	(6,087)
Collateral Received	$ (37,810)	$ (41,294)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
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	$ 138	$ 0
Derivative Liability	0	15
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	450	290
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	0	0
Interest Rate Swap [Member] | Derivative liabilities, at fair value [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	(59)	(27)
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	(59)
Securities Sold under Agreements to Repurchase	$ 44,715	47,381
Transfers between hierarchy levels	no
Agency securities	$ 47,214	52,396
Non-Agency Securities, at Fair Value	804	843
Financial Instruments, Owned, Other, at Fair Value	885	974
U.S. Treasury securities	684	471
TBA securities	(647)	(317)
Derivative Liability	668	86
Debt of consolidated variable interest entities, at fair value	116	126
Obligation to return securities borrowed under reverse repurchase agreements, at fair value	10,277	9,697
Interest rate swaps	647	317
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	822	471
Total liabilities	10,277	9,712
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	49,596	54,738
Total liabilities	784	197
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	$ 668	$ 71

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted Average Number of Shares Outstanding	522,600	532,500
Weighted Average Number of Fully Vested Restricted Stock Units and Performance Share Units Outstanding	1,700	1,200
Weighted Average Number of Shares Outstanding, Basic	524,300	533,700
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0	1,900
Weighted Average Number of Shares Outstanding, Diluted	524,300	535,600
Net Income (Loss) Available to Common Stockholders, Basic	$ (676)	$ 950
Earnings Per Share, Basic	$ (1.29)	$ 1.78
Earnings Per Share, Diluted	$ (1.29)	$ 1.77
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,400

Stockholders' Equity (Preferred

Stockholders' Equity (Preferred Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 11, 2020	Oct. 03, 2019	May 31, 2014	Mar. 31, 2022	Dec. 31, 2021
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				1,489,000	$ 1,489,000
Preferred Stock, Liquidation Preference, Value				$ 1,538,000	$ 1,538,000
Preferred Stock, Shares Authorized				10,000,000
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
Preferred Stock, Shares Issued				13,000
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
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
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
Depositary Share [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Shares Issued				61,500,000
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
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

Stockholders' Equity (Common St

Stockholders' Equity (Common Stock Repurchase Program) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock, value		$ (239,000)
Payments for Repurchase of Common Stock	$ 0	$ 239,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 958,000
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock shares		(15,000)
Repurchase of common stock, value		$ 0

Stockholders' Equity (Accumulat

Stockholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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	$ (491)	$ (237)
Agency Securities [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning OCI Balance	301	719
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	(491)	(219)
Amounts reclassified from accumulated OCI	0	(18)
Ending OCI Balance	$ (190)	$ 482

Stockholders' Equity (At-the-Ma

Stockholders' Equity (At-the-Market Offering Program) (Details) $ in Thousands	Mar. 31, 2022USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Shares Authorized	$ 1,250,000

Stockholders' Equity Schedule o

Stockholders' Equity Schedule of Dividends Declared (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share	$ 0.36	$ 0.36

Uncategorized Items - agnc-2022

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 1,525,000,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 2,324,000,000