AGNC Investment (AGNC) 10-Q 6 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Entity Information [Line Items]
Entity Incorporation, State or Country Code	DE
Document Transition Report	false
Document Quarterly Report	true
Entity Tax Identification Number	26-1701984
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Entity File Number	001-34057
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Registrant Name	AGNC INVESTMENT CORP.
Entity Address, Address Line One	7373 Wisconsin Avenue, 22nd Floor
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	968-9315
Entity Central Index Key	0001423689
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		671,105,859
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	AGNC
Security Exchange Name	NASDAQ
Depository shares each representing a 1/1,000th interest in a share of 7.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary shares of 7.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Trading Symbol	AGNCN
Security Exchange Name	NASDAQ
Depository shares each representing a 1/1,000th interest in a share of 6.875% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary shares of 6.875% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Trading Symbol	AGNCM
Security Exchange Name	NASDAQ
Depository shares each representing a 1/1000th interest in a share of 6.500% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary shares of 6.50% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Trading Symbol	AGNCO
Security Exchange Name	NASDAQ
Depositary shares each representing a 1/1000th interest in a share of 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary shares of 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Trading Symbol	AGNCP
Security Exchange Name	NASDAQ
Depositary shares each representing a 1/1000th interest in a share of 7.75% Series G Fixed Rate Reset Cumulative Redeemable Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary shares of 7.75% Series G Fixed-Rate Reset Cumulative Redeemable Preferred Stock
Trading Symbol	AGNCL
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets:
Agency securities, at fair value (including pledged securities of $52,250 and $35,800, respectively)	$ 55,758	$ 39,346
Agency securities transferred to consolidated variable interest entities, at fair value (pledged securities)	120	144
Credit risk transfer securities, at fair value (including pledged securities of $709 and $703, respectively)	736	757
Non-Agency securities, at fair value, and other mortgage credit investments (including pledged securities of $253 and $605, respectively)	353	682
U.S. Treasury securities, at fair value (including pledged securities of $246 and $353, respectively)	246	353
Cash and cash equivalents	493	1,018
Restricted cash	1,389	1,316
Derivative assets, at fair value	413	617
Receivable for investment securities sold (including pledged securities of $273 and $119, respectively)	311	120
Receivable under reverse repurchase agreements	8,900	6,622
Goodwill and other intangible assets, net	526	526
Other assets	746	247
Total assets	69,991	51,748
Liabilities:
Repurchase Agreements	52,107	36,262
Debt of consolidated variable interest entities, at fair value	80	95
Payable for investment securities purchased	701	302
Derivative liabilities, at fair value	80	99
Dividends payable	109	100
Other liabilities	442	486
Total liabilities	62,541	43,878
Stockholders' equity:
Preferred Stock - aggregate liquidation preference of $1,688	1,634	1,634
Common stock - $0.01 par value; 1,500 shares authorized; 648.0 and 574.6 shares issued and outstanding, respectively	6	6
Additional paid-in capital	14,901	14,186
Retained deficit	(8,283)	(7,284)
Accumulated other comprehensive income (loss)	(808)	(672)
Total stockholders' equity	7,450	7,870
Total liabilities and stockholders' equity	69,991	51,748
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 9,022	$ 6,534

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Financial Instruments Owned and Pledged as Collateral [Line Items]
Preferred Stock, Liquidation Preference, Value	$ 1,688,000	$ 1,688,000
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	648,000	574,600
Common Stock, Shares, Outstanding	648,000	574,600
US Treasury Securities [Member] | Short [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Derivative, Forward Settlement Value	$ (10,070,000)	$ (10,561,000)
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	$ 52,250,000	35,800,000
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged Financial Instruments, Securities	253,000	605,000
Receivable for securities sold [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged Financial Instruments, Securities	273,000	119,000
Asset Pledged as Collateral [Member] | Credit Risk Transfer Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged Financial Instruments, Securities	709,000	703,000
Asset Pledged as Collateral [Member] | US Treasury Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged Financial Instruments, Securities	$ 246,000	$ 353,000

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Dividends declared per common share	$ 0.36	$ 0.36	$ 1.08	$ 1.08
Net gain (loss) on sale of investment securities	$ (534)	$ (560)	$ (870)	$ (1,848)
Unrealized loss on investment securities measured at fair value through net income, net	(1,356)	(1,738)	(1,125)	(5,257)
(Loss) gain on derivative instruments and other securities, net	1,574	1,474	2,026	4,474
Nonoperating Income (Expense)	(316)	(824)	31	(2,631)
Interest income	593	373	1,401	1,243
Interest expense	646	196	1,621	303
Net interest income	(53)	177	(220)	940
Labor and Related Expense	14	11	42	36
General and administrative expenses	9	8	26	24
Total expenses	23	19	68	60
Net loss	(392)	(666)	(257)	(1,751)
Dividend on preferred stock	31	26	92	76
Net income (loss) available (attributable) to common shareholders	(423)	(692)	(349)	(1,827)
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	(213)	(372)	(136)	(1,108)
Comprehensive (loss) income	(605)	(1,038)	(393)	(2,859)
Comprehensive (loss) income (attributable) available to common shareholders	$ (636)	$ (1,064)	$ (485)	$ (2,935)
Weighted average number of common shares outstanding - basic	622	528.7	600.2	526.4
Weighted average number of common shares outstanding - diluted	622	528.7	600.2	526.4
Earnings Per Share, Basic	$ (0.68)	$ (1.31)	$ (0.58)	$ (3.47)
Net income (loss) per common share - diluted	$ (0.68)	$ (1.31)	$ (0.58)	$ (3.47)

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, 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
Net income (loss)	(1,751,000)				(1,751,000)
Other comprehensive income (loss):
Unrealized Gains and (Losses), Net	$ (1,108,000)					(1,108,000)
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture	1,100
APIC, Share-based Payment Arrangement, Recognition and Exercise	$ 2,000			2,000
Stock Repurchased During Period, Shares			(4,700)
Proceeds from Issuance of Preferred Stock and Preference Stock	145,000
Stock Issued During Period, Shares, New Issues			32,700
Stock Issued During Period, Value, New Issues	339,000		$ 1,000	338,000
Stock Repurchased During Period, Value	51,000		0	51,000
Payments for Repurchase of Common Stock	51,000
Preferred dividends declared	(76,000)				(76,000)
Common dividends declared	(569,000)				(569,000)
Balance, value at Sep. 30, 2022	7,222,000	1,634,000	$ 6,000	13,999,000	(7,610,000)	(807,000)
Balance, Common Stock, shares at Sep. 30, 2022			551,300
Balance, value at Jun. 30, 2022	8,040,000	1,489,000	$ 5,000	13,707,000	(6,726,000)	(435,000)
Balance, Common Stock, shares at Jun. 30, 2022			522,700
Net income (loss)	(666,000)				(666,000)
Other comprehensive income (loss):
Unrealized Gains and (Losses), Net	$ (372,000)					(372,000)
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture	0
APIC, Share-based Payment Arrangement, Recognition and Exercise	$ 4,000			4,000
Proceeds from Issuance of Preferred Stock and Preference Stock	145,000
Stock Issued During Period, Shares, New Issues			28,600
Stock Issued During Period, Value, New Issues	289,000		$ 1,000	288,000
Preferred dividends declared	(26,000)				(26,000)
Common dividends declared	(192,000)				(192,000)
Balance, value at Sep. 30, 2022	7,222,000	1,634,000	$ 6,000	13,999,000	(7,610,000)	(807,000)
Balance, Common Stock, shares at Sep. 30, 2022			551,300
Balance, value at Dec. 31, 2022	$ 7,870,000	1,634,000	$ 6,000	14,186,000	(7,284,000)	(672,000)
Balance, Common Stock, shares at Dec. 31, 2022	574,600		574,600
Net income (loss)	$ (257,000)				(257,000)
Other comprehensive income (loss):
Unrealized Gains and (Losses), Net	$ (136,000)					(136,000)
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture	900
APIC, Share-based Payment Arrangement, Recognition and Exercise	$ 6,000			6,000
Proceeds from Issuance of Preferred Stock and Preference Stock	$ 0
Stock Issued During Period, Shares, New Issues	72,600		72,500
Stock Issued During Period, Value, New Issues	$ 709,000		$ 0	709,000
Payments for Repurchase of Common Stock	0
Preferred dividends declared	(92,000)				(92,000)
Common dividends declared	(650,000)				(650,000)
Balance, value at Sep. 30, 2023	$ 7,450,000	1,634,000	$ 6,000	14,901,000	(8,283,000)	(808,000)
Balance, Common Stock, shares at Sep. 30, 2023	648,000		648,000
Balance, value at Jun. 30, 2023	$ 7,878,000	1,634,000	$ 6,000	14,466,000	(7,633,000)	(595,000)
Balance, Common Stock, shares at Jun. 30, 2023			603,300
Net income (loss)	(392,000)				(392,000)
Other comprehensive income (loss):
Unrealized Gains and (Losses), Net	$ (213,000)					(213,000)
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture	0
APIC, Share-based Payment Arrangement, Recognition and Exercise	$ 3,000			3,000
Stock Issued During Period, Shares, New Issues	44,700		44,700
Stock Issued During Period, Value, New Issues	$ 432,000		$ 0	432,000
Preferred dividends declared	(31,000)				(31,000)
Common dividends declared	(227,000)				(227,000)
Balance, value at Sep. 30, 2023	$ 7,450,000	$ 1,634,000	$ 6,000	$ 14,901,000	$ (8,283,000)	$ (808,000)
Balance, Common Stock, shares at Sep. 30, 2023	648,000		648,000

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Statement of Cash Flows [Abstract]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 1,882,000	$ 3,162,000
Operating activities:
Net income (loss)	(257,000)	(1,751,000)
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premiums and discounts on mortgage-backed securities, net	185,000	(42,000)
Stock based compensation	6,000	2,000
Loss on sale of investment securities, net	870,000	1,848,000
Unrealized loss on investment securities measured at fair value through net income, net	1,125,000	5,257,000
Gain on derivative instruments and other securities, net	(2,026,000)	(4,474,000)
Increase in other assets	(75,000)	(59,000)
Increase in other liabilities	85,000	138,000
Net cash (used in) provided by operating activities	(87,000)	919,000
Investing activities:
Purchases of Agency mortgage-backed securities	(27,386,000)	(20,847,000)
Purchases of credit risk transfer and non-Agency securities and other mortgage credit investments	(299,000)	(1,132,000)
Proceeds from sale of Agency mortgage-backed securities	5,675,000	18,100,000
Proceeds from sale of credit risk transfer and non-Agency securities	650,000	841,000
Principal collections on Agency mortgage-backed securities	3,158,000	5,514,000
Principal collections on credit risk transfer and non-Agency securities	56,000	186,000
Payments on U.S. Treasury securities	(24,576,000)	(17,946,000)
Proceeds from Sale of U.S. Treasury securities	26,973,000	16,584,000
Net proceeds from (payments on) reverse repurchase agreements	(1,938,000)	2,966,000
Net proceeds from derivative instruments	1,515,000	3,754,000
Net cash (used in) provided by investing activities	(16,172,000)	8,020,000
Financing activities:
Proceeds from repurchase arrangements	2,590,724,000	1,749,235,000
Payments on repurchase agreements	(2,574,879,000)	(1,756,310,000)
Payments on debt of consolidated variable interest entities	(14,000)	(19,000)
Net proceeds from preferred stock issuance	0	(145,000)
Net proceeds from common stock issuance	709,000	339,000
Payments for common stock repurchases	0	(51,000)
Cash dividends paid	(733,000)	(641,000)
Net cash provided by (used in) financing activities	15,807,000	(7,302,000)
Net change in cash and cash equivalents	(452,000)	$ 1,637,000
Cash and cash equivalents at end of period	$ 493,000

Organization

Organization	9 Months Ended
	Sep. 30, 2023
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	9 Months Ended
	Sep. 30, 2023
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, 2022. 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 we may make adjustments to the models. We review our actual and anticipated prepayment experience on at least a quarterly basis and effective yields are recalculated when differences arise between (i) our previous estimate of future prepayments and (ii) actual prepayments to date and our current estimate of future prepayments. We are required to record an adjustment in the current period to premium amortization / discount accretion for the cumulative effect of the difference in the effective yields as if the recalculated yield had been in place as of the security's acquisition date through the reporting date. At the time we purchase CRT securities and non-Agency MBS that are not of high credit quality, we determine an effective yield based on our estimate of the timing and amount of future cash flows and our cost basis. Our initial cash flow estimates for these investments are based on our observations of current information and events and include assumptions related to interest rates, prepayment rates, collateral call provisions, and the impact of default and severity rates on the timing and amount of credit losses. On at least a quarterly basis, we review the estimated cash flows and make appropriate adjustments based on inputs and analysis received from external sources, internal models, and our judgment regarding such inputs and other factors. Any resulting changes in effective yield are recognized prospectively based on the current amortized cost of the investment adjusted for credit impairments, if any. Repurchase Agreements We finance the acquisition of securities for our investment portfolio primarily through repurchase agreements with our lending counterparties. Repurchase arrangements involve the sale and a simultaneous agreement to repurchase the securities at a future date. We maintain a beneficial interest in the specific securities pledged during the term of each repurchase arrangement and we receive the related principal and interest payments. Pursuant to ASC Topic 860, Transfers and Servicing , we account for repurchase agreements as collateralized financing transactions, which are carried at their contractual amounts (cost), plus accrued interest. Our repurchase agreements typically have maturities of less than one year. Reverse Repurchase Agreements and Obligation to Return Securities Borrowed under Reverse Repurchase Agreements We borrow securities to cover short sales of U.S. Treasury securities through reverse repurchase transactions 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 and US Treasury futures contracts We use U.S. Treasury securities and U.S. Treasury futures contracts to mitigate the potential impact of changes in interest rates on the performance of our portfolio. We enter into short-sales of U.S. Treasury securities by borrowing the securities under reverse repurchase agreements and selling them into the market. We account for these as securities borrowing transactions and recognize an obligation to return the borrowed securities at fair value on our accompanying consolidated balance sheets based on the value of the underlying U.S. Treasury security as of the reporting date. Treasury futures contracts are standardized contracts that obligate us to sell or buy U.S. Treasury securities for future delivery. Gains and losses associated with U.S. Treasury securities and U.S. Treasury futures contracts are recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. Fair Value Measurements We determine the fair value of financial instruments based on our estimate of the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. We utilize a three-level valuation hierarchy for disclosure of fair value measurements based upon the transparency of inputs to the valuation of the instrument as of the measurement date. We categorize a financial instrument within the hierarchy based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows: • Level 1 Inputs —Quoted prices (unadjusted) for identical unrestricted assets and liabilities in active markets that are accessible at the measurement date. • Level 2 Inputs —Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 Inputs —Instruments with primarily unobservable market data that cannot be corroborated. The majority of our financial instruments are classified as Level 2 inputs. The availability of observable inputs can be affected by a wide variety of factors, including the type of instrument, whether the instrument is new and not yet established in the marketplace and other characteristics particular to the instrument. We typically obtain price estimates from multiple third-party pricing sources, such as pricing services and dealers, or, if applicable, from the registered clearing exchange. We make inquiries of third-party pricing sources to understand the significant inputs and assumptions they used to determine their prices and that they are derived from orderly transactions, particularly during periods of elevated market turbulence and reduced market liquidity. We also review third-party price estimates and perform procedures to validate their reasonableness, including an analysis of the range of estimates for each position, comparison to recent trade activity for similar securities and for consistency with market conditions observed as of the measurement date. While we do not adjust prices we obtain from pricing sources, we will exclude prices for securities from our estimation of fair value if we determine based on our validation procedures and our market knowledge and expertise that the price is significantly different from what observable market data would indicate and we cannot obtain an understanding from the third-party source as to the significant inputs used to determine the price. The following is a description of the valuation methodologies used for financial instruments measured at fair value on a recurring basis classified as Level 2 inputs. These instruments trade in active markets such that participants transact with sufficient frequency and volume to provide transparent pricing information on an ongoing basis. The liquidity of these markets and the similarity of our instruments to those actively traded enable our pricing sources and us to utilize the observed quoted prices as a basis for formulating fair value measurements. Investment securities - are valued based on prices obtained from multiple third-party pricing sources. The pricing sources utilize various valuation approaches, including market and income approaches. For Agency RMBS, the pricing sources primarily utilize a matrix pricing technique that interpolates the estimated fair value based on observed quoted prices for 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, 2022.

Investment Securities

Investment Securities	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investment Securities	3 years and ≤ 5 years 1,710 1,835 4.97% 4.16% 2,643 2,824 4.57% 3.79% > 5 years and ≤10 years 49,139 53,782 4.70% 4.32% 30,958 33,985 3.96% 3.30% > 10 years 5,622 6,058 4.81% 4.76% 6,791 7,534 3.56% 3.43% Total $ 56,922 $ 62,156 4.73% 4.37% $ 40,904 $ 44,880 3.94% 3.37% ________________________________ 1. Table excludes other mortgage credit investments of $45 million and $25 million as of September 30, 2023 and December 31, 2022, respectively. The following table presents the gross unrealized loss and fair values of securities classified as available-for-sale by length of time that such securities have been in a continuous unrealized loss position as of September 30, 2023 and December 31, 2022 (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 September 30, 2023 $ — $ — $ 4,755 $ (808) $ 4,755 $ (808) December 31, 2022 $ 5,846 $ (665) $ 52 $ (7) $ 5,898 $ (672) Gains and Losses on Sale of Investment Securities The following table is a summary of our net gain (loss) from the sale of investment securities for the three and nine months ended September 30, 2023 and 2022 by investment classification of accounting (in millions): Three Months Ended September 30, 2023 2022 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 $ — $ (3,175) $ (3,175) $ 3 $ (5,901) $ (5,898) Proceeds from investment securities sold 1 — 2,641 2,641 (3) 5,341 5,338 Net gain (loss) on sale of investment securities $ — $ (534) $ (534) $ — $ (560) $ (560) Gross gain on sale of investment securities $ — $ 4 $ 4 $ — $ 4 $ 4 Gross loss on sale of investment securities — (538) (538) — (564) (564) Net gain (loss) on sale of investment securities $ — $ (534) $ (534) $ — $ (560) $ (560) Nine Months Ended September 30, 2023 2022 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 $ (418) $ (6,968) $ (7,386) $ (600) $ (21,358) $ (21,958) Proceeds from investment securities sold 1 370 6,146 6,516 576 19,534 20,110 Net gain (loss) on sale of investment securities $ (48) $ (822) $ (870) $ (24) $ (1,824) $ (1,848) Gross gain on sale of investment securities $ — $ 15 $ 15 $ 2 $ 8 $ 10 Gross loss on sale of investment securities (48) (837) (885) (26) (1,832) (1,858) Net gain (loss) on sale of investment securities $ (48) $ (822) $ (870) $ (24) $ (1,824) $ (1,848) ________________________________ 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 September 30, 2023 and December 31, 2022, our investment portfolio consisted of $56.9 billion and $40.9 billion investment securities, at fair value, respectively, $2.4 billion and $18.6 billion net TBA securities, at fair value, respectively, and other mortgage credit investments of $45 million and $25 million, respectively, which we account for under the equity method of accounting. Our TBA position is reported at its net carrying value totaling $(31) million and $167 million as of September 30, 2023 and December 31, 2022, respectively, in derivative assets / (liabilities) on our accompanying consolidated balance sheets. The net carrying value of our TBA position represents the difference between the fair value of the underlying security and the cost basis or the forward price to be paid or received for the underlying security. As of September 30, 2023 and December 31, 2022, our investment securities had a net unamortized premium balance of $1.1 billion and $1.5 billion, respectively. The following tables summarize our investment securities as of September 30, 2023 and December 31, 2022, excluding TBA securities and other mortgage credit investments (dollars in millions). Details of our TBA securities are included in Note 5. September 30, 2023 December 31, 2022 Investment Securities Amortized Fair Value Amortized Fair Value Agency RMBS: Fixed rate $ 60,601 $ 55,408 $ 43,046 $ 39,169 Adjustable rate 298 288 126 122 CMO 133 123 136 129 Interest-only and principal-only strips 70 59 77 70 Total Agency RMBS 61,102 55,878 43,385 39,490 Non-Agency RMBS 1 54 40 111 90 CMBS 298 268 605 567 CRT securities 702 736 779 757 Total investment securities $ 62,156 $ 56,922 $ 44,880 $ 40,904 September 30, 2023 Agency RMBS Non-Agency 1 Investment Securities Fannie Mae Freddie Mac Ginnie RMBS CMBS CRT Total Available-for-sale securities: Par value $ 4,066 $ 1,224 $ 1 $ — $ — $ — $ 5,291 Unamortized discount (1) — — — — — (1) Unamortized premium 223 71 — — — — 294 Amortized cost 4,288 1,295 1 — — — 5,584 Gross unrealized gains — — — — — — — Gross unrealized losses (616) (192) — — — — (808) Total available-for-sale securities, at fair value 3,672 1,103 1 — — — 4,776 Securities remeasured at fair value through earnings: Par value 34,333 20,318 33 56 304 699 55,743 Unamortized discount (212) (100) (1) (3) (7) (9) (332) Unamortized premium 769 378 — 1 1 12 1,161 Amortized cost 34,890 20,596 32 54 298 702 56,572 Gross unrealized gains 1 1 — — 2 35 39 Gross unrealized losses (2,900) (1,516) (2) (14) (32) (1) (4,465) Total securities remeasured at fair value through earnings 31,991 19,081 30 40 268 736 52,146 Total securities, at fair value $ 35,663 $ 20,184 $ 31 $ 40 $ 268 $ 736 $ 56,922 Weighted average coupon as of September 30, 2023 4.58 % 4.77 % 4.51 % 4.87 % 7.03 % 10.28 % 4.73 % Weighted average yield as of September 30, 2023 2 4.20 % 4.47 % 4.83 % 4.68 % 7.12 % 9.58 % 4.37 % December 31, 2022 Agency RMBS Non-Agency 1 Investment Securities Fannie Freddie Mac Ginnie RMBS CMBS CRT Total Available-for-sale securities: Par value $ 4,696 $ 1,535 $ 1 $ — $ — $ — $ 6,232 Unamortized discount (1) — — — — — (1) Unamortized premium 275 93 — — — — 368 Amortized cost 4,970 1,628 1 — — — 6,599 Gross unrealized gains — — — — — — — Gross unrealized losses (500) (172) — — — — (672) Total available-for-sale securities, at fair value 4,470 1,456 1 — — — 5,927 Securities remeasured at fair value through earnings: Par value 24,231 11,444 2 112 609 773 37,171 Unamortized discount (61) (37) — (4) (8) (6) (116) Unamortized premium 855 352 — 3 4 12 1,226 Amortized cost 25,025 11,759 2 111 605 779 38,281 Gross unrealized gains 13 8 — — — 8 29 Gross unrealized losses (2,307) (937) — (21) (38) (30) (3,333) Total securities remeasured at fair value through earnings 22,731 10,830 2 90 567 757 34,977 Total securities, at fair value $ 27,201 $ 12,286 $ 3 $ 90 $ 567 $ 757 $ 40,904 Weighted average coupon as of December 31, 2022 3.79 % 3.92 % 4.66 % 4.52 % 6.06 % 8.48 % 3.94 % Weighted average yield as of December 31, 2022 2 3.17 % 3.41 % 2.58 % 4.34 % 6.02 % 7.93 % 3.37 % ________________________________ 1. Non-Agency amounts exclude other mortgage credit investments of $45 million and $25 million as of September 30, 2023 and December 31, 2022, respectively. 2. Incorporates a weighted average future constant prepayment rate assumption of 8.3% and 7.4% based on forward rates as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 and December 31, 2022, our investments in CRT and non-Agency securities had the following credit ratings (in millions): September 30, 2023 December 31, 2022 CRT and Non-Agency Security Credit Ratings 1 CRT RMBS 2 CMBS CRT RMBS 2 CMBS AAA $ — $ — $ 9 $ — $ 9 $ 184 AA — 2 32 2 3 117 A 10 4 34 16 13 38 BBB 92 16 48 91 40 65 BB 236 7 78 299 13 91 B 31 2 49 72 2 58 Not Rated 367 9 18 277 10 14 Total $ 736 $ 40 $ 268 $ 757 $ 90 $ 567 ________________________________ 1. Represents the lowest of Standard and Poor's ("S&P"), Moody's, Fitch, DBRS, Kroll Bond Rating Agency ("KBRA") and Morningstar credit ratings, stated in terms of the S&P equivalent rating as of each date. 2. RMBS excludes other mortgage credit investments of $45 million and $25 million as of September 30, 2023 and December 31, 2022, respectively. 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 September 30, 2023 and December 31, 2022, 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 8.3% and 7.4%, respectively. Our estimates can differ materially for different securities and thus our individual holdings have a wide range of projected CPRs. The following table summarizes our investments as of September 30, 2023 and December 31, 2022 according to their estimated weighted average life classification (dollars in millions): September 30, 2023 December 31, 2022 Estimated Weighted Average Life of Investment Securities 1 Fair Value Amortized Weighted Weighted Fair Value Amortized Weighted Weighted ≤ 3 years $ 451 $ 481 6.20% 5.75% $ 512 $ 537 5.19% 4.66% > 3 years and ≤ 5 years 1,710 1,835 4.97% 4.16% 2,643 2,824 4.57% 3.79% > 5 years and ≤10 years 49,139 53,782 4.70% 4.32% 30,958 33,985 3.96% 3.30% > 10 years 5,622 6,058 4.81% 4.76% 6,791 7,534 3.56% 3.43% Total $ 56,922 $ 62,156 4.73% 4.37% $ 40,904 $ 44,880 3.94% 3.37% ________________________________ 1. Table excludes other mortgage credit investments of $45 million and $25 million as of September 30, 2023 and December 31, 2022, respectively. The following table presents the gross unrealized loss and fair values of securities classified as available-for-sale by length of time that such securities have been in a continuous unrealized loss position as of September 30, 2023 and December 31, 2022 (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 September 30, 2023 $ — $ — $ 4,755 $ (808) $ 4,755 $ (808) December 31, 2022 $ 5,846 $ (665) $ 52 $ (7) $ 5,898 $ (672) Gains and Losses on Sale of Investment Securities The following table is a summary of our net gain (loss) from the sale of investment securities for the three and nine months ended September 30, 2023 and 2022 by investment classification of accounting (in millions): Three Months Ended September 30, 2023 2022 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 $ — $ (3,175) $ (3,175) $ 3 $ (5,901) $ (5,898) Proceeds from investment securities sold 1 — 2,641 2,641 (3) 5,341 5,338 Net gain (loss) on sale of investment securities $ — $ (534) $ (534) $ — $ (560) $ (560) Gross gain on sale of investment securities $ — $ 4 $ 4 $ — $ 4 $ 4 Gross loss on sale of investment securities — (538) (538) — (564) (564) Net gain (loss) on sale of investment securities $ — $ (534) $ (534) $ — $ (560) $ (560) Nine Months Ended September 30, 2023 2022 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 $ (418) $ (6,968) $ (7,386) $ (600) $ (21,358) $ (21,958) Proceeds from investment securities sold 1 370 6,146 6,516 576 19,534 20,110 Net gain (loss) on sale of investment securities $ (48) $ (822) $ (870) $ (24) $ (1,824) $ (1,848) Gross gain on sale of investment securities $ — $ 15 $ 15 $ 2 $ 8 $ 10 Gross loss on sale of investment securities (48) (837) (885) (26) (1,832) (1,858) Net gain (loss) on sale of investment securities $ (48) $ (822) $ (870) $ (24) $ (1,824) $ (1,848) ________________________________ 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	9 Months Ended
	Sep. 30, 2023
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements And Other Debt	1 to ≤ 3 months 8,211 5.50 % 42 7,762 4.48 % 38 > 3 to ≤ 6 months 201 5.32 % 142 1,433 1.42 % 141 Investment securities repo 51,851 5.47 % 16 35,907 4.31 % 23 U.S. Treasury repo: ≤ 1 month 256 5.41 % 2 355 4.37 % 3 Total $ 52,107 5.47 % 16 $ 36,262 4.31 % 22 As of September 30, 2023 and December 31, 2022, $17.4 billion and $9.6 billion, respectively, of our investment securities repurchase agreements and all of our U.S. Treasury repurchase agreements had an overnight maturity of one business day and none of our repurchase agreements were due on demand. As of September 30, 2023, we had $13.6 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 5.42%. As of December 31, 2022, we had $6.4 billion of forward commitments to enter into repurchase agreements, with a weighted average forward start date of 4 days and a weighted average interest rate of 4.38%. As of September 30, 2023 and December 31, 2022, 46% and 49%, respectively, of our repurchase agreement funding was sourced through our wholly-owned captive broker-dealer subsidiary, Bethesda Securities, LLC ("BES"). Amounts sourced through BES include funding from the General Collateral Finance Repo service ("GCF Repo") offered by the Fixed Income Clearing Corporation ("FICC"), which totaled 43% and 48% of our repurchase agreement funding outstanding as of September 30, 2023 and December 31, 2022, 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 September 30, 2023, we had met all margin call requirements. For additional information regarding our pledged assets, please refer to Note 6. As of September 30, 2023 and December 31, 2022, we had $52.1 billion and $36.3 billion, respectively, of repurchase agreements outstanding used to fund our investment portfolio and temporary holdings of U.S. Treasury securities. The terms and conditions of our repurchase agreements are typically negotiated on a transaction-by-transaction basis or subject to a tri-party repo agreement. The following table summarizes our borrowings under repurchase agreements by their remaining maturities as of September 30, 2023 and December 31, 2022 (dollars in millions): September 30, 2023 December 31, 2022 Remaining Maturity Repurchase Agreements Weighted Weighted Repurchase Agreements Weighted Weighted Investment securities repo ≤ 1 month $ 43,439 5.46 % 11 $ 26,712 4.42 % 12 > 1 to ≤ 3 months 8,211 5.50 % 42 7,762 4.48 % 38 > 3 to ≤ 6 months 201 5.32 % 142 1,433 1.42 % 141 Investment securities repo 51,851 5.47 % 16 35,907 4.31 % 23 U.S. Treasury repo: ≤ 1 month 256 5.41 % 2 355 4.37 % 3 Total $ 52,107 5.47 % 16 $ 36,262 4.31 % 22 As of September 30, 2023 and December 31, 2022, $17.4 billion and $9.6 billion, respectively, of our investment securities repurchase agreements and all of our U.S. Treasury repurchase agreements had an overnight maturity of one business day and none of our repurchase agreements were due on demand. As of September 30, 2023, we had $13.6 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 5.42%. As of December 31, 2022, we had $6.4 billion of forward commitments to enter into repurchase agreements, with a weighted average forward start date of 4 days and a weighted average interest rate of 4.38%. As of September 30, 2023 and December 31, 2022, 46% and 49%, respectively, of our repurchase agreement funding was sourced through our wholly-owned captive broker-dealer subsidiary, Bethesda Securities, LLC ("BES"). Amounts sourced through BES include funding from the General Collateral Finance Repo service ("GCF Repo") offered by the Fixed Income Clearing Corporation ("FICC"), which totaled 43% and 48% of our repurchase agreement funding outstanding as of September 30, 2023 and December 31, 2022, respectively. Reverse Repurchase Agreements

Derivative and Other Hedging In

Derivative and Other Hedging Instruments	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
US Government Futures Securities [Table Text Block]	U.S. Treasury Futures September 30, 2023 December 31, 2022 Years to Maturity Notional Cost Fair Net Carrying Value 1 Notional Cost Fair Net Carrying Value 1 > 5 year ≤ 7 years $ (5,054) $ (5,557) $ (5,462) $ 95 $ (7,498) $ (8,463) $ (8,420) $ 43 > 7 year ≤ 10 years (2,824) (3,226) (3,151) 75 (901) (1,070) (1,065) 5 > 10 years (1,091) (1,287) (1,242) 45 (814) (1,028) (1,020) 8 Total U.S. Treasury futures $ (8,969) $ (10,070) $ (9,855) $ 215 $ (9,213) $ (10,561) $ (10,505) $ 56 ________________________________
Derivative and Other Hedging Instruments	Derivative and Other Hedging InstrumentsFor the periods presented, our interest rate based hedges primarily consisted of interest rate swaps, interest rate swaptions, U.S. Treasury securities and U.S. Treasury futures contracts. We also utilized forward contracts, primarily consisting of TBA securities, for the purchase and sale of investment securities. For additional information regarding our derivative instruments and our overall risk management strategy, please refer to the discussion of derivative and other hedging instruments in Note 2. Derivative and Other Hedging Instrument Assets (Liabilities), at Fair Value The table below summarizes fair value information about our derivative and other hedging instrument assets/(liabilities) as of September 30, 2023 and December 31, 2022 (in millions): Derivative and Other Hedging Instruments Balance Sheet Location September 30, 2023 December 31, 2022 Interest rate swaps 1 Derivative assets, at fair value $ — $ 2 Swaptions Derivative assets, at fair value 174 293 TBA and forward settling non-Agency securities Derivative assets, at fair value 24 266 U.S. Treasury futures - short Derivative assets, at fair value 215 56 Total derivative assets, at fair value $ 413 $ 617 Interest rate swaps 1 Derivative liabilities, at fair value $ — $ — TBA and forward settling non-Agency securities Derivative liabilities, at fair value (55) (99) SOFR futures contracts - long Derivative liabilities, at fair value (25) — Credit default swaps 1 Derivative liabilities, at fair value — — Total derivative liabilities, at fair value $ (80) $ (99) U.S. Treasury securities - long U.S. Treasury securities, at fair value $ 246 $ 353 U.S. Treasury securities - short Obligation to return securities borrowed under reverse repurchase agreements, at fair value (9,022) (6,534) Total U.S. Treasury securities, net at fair value $ (8,776) $ (6,181) ________________________________ 1. As of September 30, 2023 and December 31, 2022, the net fair value of our interest rate swaps excluding the recognition of variation margin settlements as a direct reduction of carrying value (see Note 2) was a net asset (liability) of $4.2 billion and $4.5 billion, respectively. As of September 30, 2023 and December 31, 2022, the net fair value of our credit default swaps excluding the recognition of variation margin settlements was $(2) million and $(2) million, respectively. The following tables summarize certain characteristics of our derivative and other hedging instruments outstanding as of September 30, 2023 and December 31, 2022 (dollars in millions): Pay Fixed / Receive Variable Interest Rate Swaps September 30, 2023 1 December 31, 2022 Years to Maturity Notional Average Average Average Notional Average Average Average ≤ 1 years $ 13,750 0.14% 5.31% 0.7 $ 5,250 0.03% 4.30% 0.7 > 1 to ≤ 3 years 14,300 0.48% 5.28% 2.2 22,250 0.14% 4.31% 1.9 > 3 to ≤ 5 years 6,300 0.24% 5.31% 4.1 10,550 0.22% 4.31% 3.8 > 5 to ≤ 7 years 3,650 0.69% 5.31% 6.4 5,625 0.85% 4.30% 6.1 > 7 to ≤ 10 years 5,546 3.22% 5.31% 9.4 3,650 1.60% 4.31% 8.4 > 10 years 850 3.12% 5.31% 13.2 500 3.54% 4.30% 10.0 Total $ 44,396 0.74% 5.30% 3.5 $ 47,825 0.37% 4.31% 3.2 ________________________________ 1. September 30, 2023 amounts are net of $1 billion receive fixed interest rate swaps. Pay Fixed / Receive Variable Interest Rate Swaps by Receive Index (% of Notional Amount) September 30, 2023 December 31, 2022 SOFR 80 % 81 % OIS 20 % 19 % Total 100 % 100 % Payer Swaptions Option Underlying Payer Swap Current Option Expiration Date Cost Basis Fair Value Average Notional Average Fixed Pay Rate 1 Average September 30, 2023 ≤ 1 year $ 30 $ 174 7 $ 1,350 2.57% 10.0 Total $ 30 $ 174 7 $ 1,350 2.57% 10.0 December 31, 2022 ≤ 1 year $ 26 $ 145 6 $ 1,300 2.04% 9.4 > 1 year ≤ 2 years 39 148 18 1,750 2.52% 10.0 Total $ 65 $ 293 13 $ 3,050 2.32% 9.8 ________________________________ 1. Receive index references SOFR. U.S. Treasury Securities 1 September 30, 2023 December 31, 2022 Years to Maturity Face Amount Long/(Short) Cost Basis Fair Value Face Amount Long/(Short) Cost Basis Fair Value ≤ 5 years $ (845) $ (839) $ (819) $ 356 $ 354 $ 353 > 5 year ≤ 7 years (818) (821) (667) (745) (747) (658) > 7 year ≤ 10 years (7,181) (6,904) (6,329) (5,532) (5,225) (4,823) > 10 years (1,030) (1,013) (961) (1,095) (1,048) (1,053) Total U.S. Treasury securities $ (9,874) $ (9,577) $ (8,776) $ (7,016) $ (6,666) $ (6,181) ________________________________ 1. As of September 30, 2023 and December 31, 2022, short U.S. Treasury securities totaling $(9.0) billion and $(6.5) billion, at fair value, respectively, had a weighted average yield of 3.40% and 2.80%, respectively. As of September 30, 2023 and December 31, 2022, long U.S. Treasury securities totaling $0.2 billion and $0.4 billion, at fair value, respectively, had a weighted average yield of 3.64% and 3.86%, respectively. U.S. Treasury Futures September 30, 2023 December 31, 2022 Years to Maturity Notional Cost Fair Net Carrying Value 1 Notional Cost Fair Net Carrying Value 1 > 5 year ≤ 7 years $ (5,054) $ (5,557) $ (5,462) $ 95 $ (7,498) $ (8,463) $ (8,420) $ 43 > 7 year ≤ 10 years (2,824) (3,226) (3,151) 75 (901) (1,070) (1,065) 5 > 10 years (1,091) (1,287) (1,242) 45 (814) (1,028) (1,020) 8 Total U.S. Treasury futures $ (8,969) $ (10,070) $ (9,855) $ 215 $ (9,213) $ (10,561) $ (10,505) $ 56 ________________________________ 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. September 30, 2023 December 31, 2022 TBA Securities by Coupon Notional Cost Fair Net Carrying Value 1 Notional Cost Fair Net Carrying Value 1 15-Year TBA securities: ≥ 4.5% $ 90 $ 89 $ 87 $ (2) $ — $ — $ — $ — Total 15-Year TBA securities 90 89 87 (2) — — — — 30-Year TBA securities: ≤ 2.5% 13 10 10 — 737 626 619 (7) 3.0% - 4.0% (247) (232) (221) 11 1,856 1,681 1,679 (2) 4.5% - 5.5% 430 467 446 (21) 16,301 15,949 16,117 168 ≥ 6.0% 2,065 2,073 2,054 (19) 156 151 159 8 Total 30-Year TBA securities, net 2,261 2,318 2,289 (29) 19,050 18,407 18,574 167 Total TBA securities, net $ 2,351 $ 2,407 $ 2,376 $ (31) $ 19,050 $ 18,407 $ 18,574 $ 167 ________________________________ 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. As of September 30, 2023, we had a two-year swap equivalent SOFR futures contract long notional position of $1.1 billion, with a net carrying value of $(25) million. As of September 30, 2023 and December 31, 2022, we had $171 million and $215 million, respectively, notional value of centrally cleared credit default swaps ("CDS") outstanding that reference the Markit CDX Investment Grade or High Yield Grade Index, maturing in June 2028 and June 2027, respectively. Under the terms of our CDS, we pay fixed periodic payments equal to 1% per annum of the notional value and we are entitled to receive payments for qualified credit events. As of September 30, 2023 and December 31, 2022, the CDS had a market value of $(2) million and $(2) million, respectively, and a net carrying value of zero dollars, net of variation margin settlements. 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 and nine months ended September 30, 2023 and 2022 (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 September 30, 2023: TBA securities, net $ 10,289 35,448 (43,386) $ 2,351 $ (148) Interest rate swaps - payer $ 48,726 1,920 (5,250) $ 45,396 759 Interest rate swaps - receiver $ (1,000) — — $ (1,000) (6) Credit default swaps - buy protection $ (710) (297) 836 $ (171) — Payer swaptions $ 1,600 — (250) $ 1,350 89 U.S. Treasury securities - short position $ (8,627) (5,668) 4,161 $ (10,134) 537 U.S. Treasury securities - long position $ 1,543 1,499 (2,782) $ 260 (20) U.S. Treasury futures contracts - short position $ (5,900) (10,070) 7,001 $ (8,969) 412 $ 1,623 Three months ended September 30, 2022: TBA securities, net $ 15,927 78,067 (75,075) $ 18,919 $ (1,192) Interest rate swaps - payer $ 49,935 — (2,810) $ 47,125 1,464 Credit default swaps - buy protection $ (215) (365) 290 $ (290) — Payer swaptions $ 6,800 — (3,400) $ 3,400 194 Receiver Swaptions $ (150) — 150 $ — — U.S. Treasury securities - short position $ (9,243) (2,696) 3,192 $ (8,747) 532 U.S. Treasury securities - long position $ 1,902 2,149 (2,727) $ 1,324 (3) U.S. Treasury futures contracts - short position $ (8,105) (11,241) 8,463 $ (10,883) 483 $ 1,478 Nine months ended September 30, 2023: TBA securities, net $ 19,050 138,448 (155,147) $ 2,351 $ (172) Interest rate swaps - payer $ 47,825 5,396 (7,825) $ 45,396 1,387 Interest rate swaps - receiver $ — (1,000) — $ (1,000) (9) Credit default swaps - buy protection $ (215) (1,292) 1,336 $ (171) (8) Payer swaptions $ 3,050 — (1,700) $ 1,350 49 U.S. Treasury securities - short position $ (7,373) (15,470) 12,709 $ (10,134) 614 U.S. Treasury securities - long position $ 357 11,786 (11,883) $ 260 (75) U.S. Treasury futures contracts - short position $ (9,213) (23,185) 23,429 $ (8,969) 389 $ 2,175 Nine months ended September 30, 2022: TBA securities, net $ 26,673 228,904 (236,658) $ 18,919 $ (3,030) Forward settling non-Agency securities $ 450 — (450) $ — — Interest rate swaps - payer $ 51,225 2,970 (7,070) $ 47,125 4,235 Credit default swaps - buy protection $ — (5,835) 5,545 $ (290) 21 Payer swaptions $ 13,000 1,750 (11,350) $ 3,400 866 Receiver swaptions $ — (150) 150 $ — — U.S. Treasury securities - short position $ (9,590) (9,604) 10,447 $ (8,747) 1,620 U.S. Treasury securities - long position $ 472 7,725 (6,873) $ 1,324 (32) U.S. Treasury futures contracts - short position $ (1,500) (26,466) 17,083 $ (10,883) 818 $ 4,498 ________________________________ 1. Amounts exclude other miscellaneous gains and losses and other interest income (expense) recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income.

Pledged Assets

Pledged Assets	9 Months Ended
	Sep. 30, 2023
Pledged Assets [Abstract]
Pledged Assets	1 and ≤ 2 months 8,505 9,246 35 7,922 8,680 27 > 2 and ≤ 3 months 631 689 2 240 252 — > 3 months 252 301 1 1,739 1,870 6 Total $ 53,727 $ 58,617 $ 222 $ 37,426 $ 40,970 $ 127 ________________________________ 1. Includes $40 million and $49 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of September 30, 2023 and December 31, 2022, respectively. Assets Pledged from Counterparties As of September 30, 2023 and December 31, 2022, we had assets pledged to us from counterparties as collateral under our reverse repurchase and derivative agreements summarized in the tables below (in millions). September 30, 2023 December 31, 2022 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 $ 8,783 $ — $ 1 $ 8,784 $ 6,572 $ — $ 28 $ 6,600 Cash 22 178 — 200 46 296 6 348 Total $ 8,805 $ 178 $ 1 $ 8,984 $ 6,618 $ 296 $ 34 $ 6,948 Offsetting Assets and Liabilities Certain of our repurchase agreements and derivative transactions are governed by underlying agreements that generally provide for a right of setoff under master netting arrangements (or similar agreements), including in the event of default or in the event of bankruptcy of either party to the transactions. We present our assets and liabilities subject to such arrangements on a gross basis in our consolidated balance sheets. The following tables present information about our assets and liabilities that are subject to master netting arrangements and can potentially be offset on our consolidated balance sheets as of September 30, 2023 and December 31, 2022 (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 September 30, 2023 Interest rate swap and swaption agreements, at fair value 1 $ 174 $ — $ 174 $ — $ (174) $ — TBA securities, at fair value 1 24 — 24 (24) — — Receivable under reverse repurchase agreements 8,900 — 8,900 (6,087) (2,806) 7 Total $ 9,098 $ — $ 9,098 $ (6,111) $ (2,980) $ 7 December 31, 2022 Interest rate swap and swaption agreements, at fair value 1 $ 295 $ — $ 295 $ — $ (293) $ 2 TBA securities, at fair value 1 266 — 266 (99) (167) — Receivable under reverse repurchase agreements 6,622 — 6,622 (4,007) (2,610) 5 Total $ 7,183 $ — $ 7,183 $ (4,106) $ (3,070) $ 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 September 30, 2023 TBA securities, at fair value 1 $ 55 $ — $ 55 $ (24) $ (31) $ — Repurchase agreements 52,107 — 52,107 (6,087) (46,020) — Total $ 52,162 $ — $ 52,162 $ (6,111) $ (46,051) $ — December 31, 2022 TBA securities, at fair value 1 $ 99 $ — $ 99 $ (99) $ — $ — Repurchase agreements 36,262 — 36,262 (4,007) (32,255) — Total $ 36,361 $ — $ 36,361 $ (4,106) $ (32,255) $ — ________________________________ 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 AssetsOur 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 September 30, 2023, our maximum amount at risk with any counterparty related to our repurchase agreements, excluding the Fixed Income Clearing Corporation, was less than 4% 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 September 30, 2023, less than 12% 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 September 30, 2023 and December 31, 2022 (in millions): September 30, 2023 Assets Pledged to Counterparties 1 Repurchase Agreements 2 Debt of Derivative Agreements and Other Total Agency RMBS - fair value $ 52,519 $ 120 $ 44 $ 52,683 CRT - fair value 709 — — 709 Non-Agency - fair value 253 — — 253 U.S. Treasury securities - fair value 246 — — 246 Accrued interest on pledged securities 222 — — 222 Restricted cash 317 — 1,072 1,389 Total $ 54,266 $ 120 $ 1,116 $ 55,502 December 31, 2022 Assets Pledged to Counterparties 1 Repurchase Agreements 2 Debt of Derivative Agreements and Other Total Agency RMBS - fair value $ 35,765 $ 144 $ 203 $ 36,112 CRT - fair value 703 — — 703 Non-Agency - fair value 605 — — 605 U.S. Treasury securities - fair value 353 — — 353 Accrued interest on pledged securities 127 1 — 128 Restricted cash 211 — 1,105 1,316 Total $ 37,764 $ 145 $ 1,308 $ 39,217 ________________________________ 1. Includes repledged assets received as collateral from counterparties and securities sold but not yet settled. 2. Includes $40 million and $49 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of September 30, 2023 and December 31, 2022, respectively. The following table summarizes our securities pledged as collateral under our repurchase agreements by the remaining maturity of our borrowings, including securities pledged related to sold but not yet settled securities, as of September 30, 2023 and December 31, 2022 (in millions). For the corresponding borrowings associated with the following amounts and the interest rates thereon, refer to Note 4 . September 30, 2023 December 31, 2022 Securities Pledged by Remaining Maturity of Repurchase Agreements 1 Fair Value of Pledged Securities Amortized Accrued Fair Value of Pledged Securities Amortized Accrued ≤ 1 month $ 44,339 $ 48,381 $ 184 $ 27,525 $ 30,168 $ 94 > 1 and ≤ 2 months 8,505 9,246 35 7,922 8,680 27 > 2 and ≤ 3 months 631 689 2 240 252 — > 3 months 252 301 1 1,739 1,870 6 Total $ 53,727 $ 58,617 $ 222 $ 37,426 $ 40,970 $ 127 ________________________________ 1. Includes $40 million and $49 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of September 30, 2023 and December 31, 2022, respectively. Assets Pledged from Counterparties As of September 30, 2023 and December 31, 2022, we had assets pledged to us from counterparties as collateral under our reverse repurchase and derivative agreements summarized in the tables below (in millions). September 30, 2023 December 31, 2022 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 $ 8,783 $ — $ 1 $ 8,784 $ 6,572 $ — $ 28 $ 6,600 Cash 22 178 — 200 46 296 6 348 Total $ 8,805 $ 178 $ 1 $ 8,984 $ 6,618 $ 296 $ 34 $ 6,948 Offsetting Assets and Liabilities Certain of our repurchase agreements and derivative transactions are governed by underlying agreements that generally provide for a right of setoff under master netting arrangements (or similar agreements), including in the event of default or in the event of bankruptcy of either party to the transactions. We present our assets and liabilities subject to such arrangements on a gross basis in our consolidated balance sheets. The following tables present information about our assets and liabilities that are subject to master netting arrangements and can potentially be offset on our consolidated balance sheets as of September 30, 2023 and December 31, 2022 (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 September 30, 2023 Interest rate swap and swaption agreements, at fair value 1 $ 174 $ — $ 174 $ — $ (174) $ — TBA securities, at fair value 1 24 — 24 (24) — — Receivable under reverse repurchase agreements 8,900 — 8,900 (6,087) (2,806) 7 Total $ 9,098 $ — $ 9,098 $ (6,111) $ (2,980) $ 7 December 31, 2022 Interest rate swap and swaption agreements, at fair value 1 $ 295 $ — $ 295 $ — $ (293) $ 2 TBA securities, at fair value 1 266 — 266 (99) (167) — Receivable under reverse repurchase agreements 6,622 — 6,622 (4,007) (2,610) 5 Total $ 7,183 $ — $ 7,183 $ (4,106) $ (3,070) $ 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 September 30, 2023 TBA securities, at fair value 1 $ 55 $ — $ 55 $ (24) $ (31) $ — Repurchase agreements 52,107 — 52,107 (6,087) (46,020) — Total $ 52,162 $ — $ 52,162 $ (6,111) $ (46,051) $ — December 31, 2022 TBA securities, at fair value 1 $ 99 $ — $ 99 $ (99) $ — $ — Repurchase agreements 36,262 — 36,262 (4,007) (32,255) — Total $ 36,361 $ — $ 36,361 $ (4,106) $ (32,255) $ — ________________________________ 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	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022, based on their categorization within the valuation hierarchy (in millions). There were no transfers between valuation hierarchy levels during the periods presented in our accompanying consolidated statements of comprehensive income. September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Agency securities $ — $ 55,758 $ — $ — $ 39,346 $ — Agency securities transferred to consolidated VIEs — 120 — — 144 — Credit risk transfer securities — 736 — — 757 — Non-Agency securities — 308 — — 657 — U.S. Treasury securities 246 — — 353 — — Interest rate swaps 1 — — — — 2 — Swaptions — 174 — — 293 — TBA securities — 24 — — 266 — U.S. Treasury futures 215 — — 56 — — Total $ 461 $ 57,120 $ — $ 409 $ 41,465 $ — Liabilities: Debt of consolidated VIEs $ — $ 80 $ — $ — $ 95 $ — Obligation to return U.S. Treasury securities borrowed under reverse repurchase agreements 9,022 — — 6,534 — — Credit default swaps 1 — — — — — — TBA securities — 55 — — 99 — U.S. Treasury futures — — — — — — SOFR Futures 25 — — — — — Total $ 9,047 $ 135 $ — $ 6,534 $ 194 $ — ________________________________ 1. As of September 30, 2023 and December 31, 2022, 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 $4.2 billion and $4.5 billion, respectively, based on "Level 2" inputs. As of September 30, 2023 and December 31, 2022, the net fair value of our credit default swaps excluding the recognition of variation margin settlements was $(2) million and $(2) million, respectively, based on "Level 2" inputs. See Notes 2 and 5 for additional details.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share (Notes)	9 Months Ended
	Sep. 30, 2023
Net Income (Loss) Per Common Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Weighted average number of common shares issued and outstanding 620.2 527.2 598.4 524.8 Weighted average number of fully vested restricted stock units outstanding 1.8 1.5 1.8 1.6 Weighted average number of common shares outstanding - basic 622.0 528.7 600.2 526.4 Weighted average number of dilutive unvested restricted stock units outstanding — — — — Weighted average number of common shares outstanding - diluted 622.0 528.7 600.2 526.4 Net income (loss) available (attributable) to common stockholders $ (423) $ (692) $ (349) $ (1,827) Net income (loss) per common share - basic $ (0.68) $ (1.31) $ (0.58) $ (3.47) Net income (loss) per common share - diluted $ (0.68) $ (1.31) $ (0.58) $ (3.47)
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Weighted average number of common shares issued and outstanding 620.2 527.2 598.4 524.8 Weighted average number of fully vested restricted stock units outstanding 1.8 1.5 1.8 1.6 Weighted average number of common shares outstanding - basic 622.0 528.7 600.2 526.4 Weighted average number of dilutive unvested restricted stock units outstanding — — — — Weighted average number of common shares outstanding - diluted 622.0 528.7 600.2 526.4 Net income (loss) available (attributable) to common stockholders $ (423) $ (692) $ (349) $ (1,827) Net income (loss) per common share - basic $ (0.68) $ (1.31) $ (0.58) $ (3.47) Net income (loss) per common share - diluted $ (0.68) $ (1.31) $ (0.58) $ (3.47) For the three months ended September 30, 2023 and 2022, 1.3 million and 1.1 million, respectively, and, for the nine months ended September 30, 2023 and 2022, 1.1 million and 1.1 million, respectively, of potentially dilutive unvested time and performance based RSUs outstanding were excluded from the computation of diluted net income (loss) per common share because to do so would have been anti-dilutive for the period.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Preferred Stock We are authorized to designate and issue up to 10.0 million shares of preferred stock in one or more classes or series. As of September 30, 2023 and December 31, 2022, 13,800, 10,350, 16,100, 23,000 and 6,900 shares of preferred stock were designated as 7.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 6.875% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 6.50% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock and 7.75% Series G Fixed-Rate Reset Cumulative Redeemable Preferred Stock, respectively, (referred to as "Series C, D, E, F and G Preferred Stock", respectively). As of September 30, 2023 and December 31, 2022, 13,000, 9,400, 16,100, 23,000 and 6,000 shares of Series C, D, E, F and G Preferred Stock, respectively, were issued and outstanding. Each share of preferred stock is represented by 1,000 depositary shares. Each share of preferred stock has a liquidation preference of $25,000 per share ($25 per depositary share). Our preferred stock ranks senior to our common stock with respect to the payment of dividends and the distribution of assets upon a voluntary or involuntary liquidation, dissolution or winding up of the Company. Our preferred stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and each series of preferred stock ranks on parity with one another. Under certain circumstances upon a change of control, our preferred stock is convertible to shares of our common stock. Holders of our preferred stock and depositary shares underlying our preferred stock have no voting rights, except under limited conditions. Beginning on each series' optional redemption date, we may redeem shares at $25.00 per depositary share, plus accumulated and unpaid dividends (whether or not declared), exclusively at our option. The following table includes a summary of preferred stock depositary shares issued and outstanding as of September 30, 2023 (dollars and shares in millions): Cumulative Redeemable Preferred Stock 1 Issue Date Depositary Carrying Aggregate Per Annum Dividend Rate 2,3 First Optional Redemption Date / Conversion Date 3,4 Fixed-to-Floating Rate: Series C August 22, 2017 13.0 $ 315 $ 325 10.683% October 15, 2022 Series D March 6, 2019 9.4 227 235 6.875% April 15, 2024 Series E October 3, 2019 16.1 390 403 6.500% October 15, 2024 Series F February 11, 2020 23.0 557 575 6.125% April 15, 2025 Fixed-Rate Reset: Series G September 14, 2022 6.0 145 150 7.750% October 15, 2027 Total 67.5 $ 1,634 $ 1,688 ________________________________ 1. The depositary shares underlying our preferred stock accrue dividends at an initial 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 or fixed-rate-reset conversion date; thereafter, dividends will accrue on a floating rate or fixed-rate-reset basis equal to the conversion rate plus a fixed spread. 2. The Series C per annum dividend rate represents the dividend rate in effect as of September 30, 2023. 3. The Series C dividend accrues at a rate equal to the 3-Month CME Term SOFR plus 0.26161%, plus a spread of 5.111%, per annum, resetting quarterly in accordance with the certificate of designations for such series and the Adjustable Interest Rate (LIBOR) Act of 2021 (the “LIBOR Act”). At the conclusion of the fixed rate period (the conversion date) for each of the Series D, E, and F Preferred Stock, the dividend for such series will accrue at a rate equal to the 3-Month CME Term SOFR plus 0.26161%, plus a spread of 4.332%, 4.993% and 4.697%, respectively, per annum, resetting quarterly in accordance with the certificate of designations for such series and the LIBOR Act. At the conclusion of the fixed rate period for the Series G Preferred Stock, the dividend will accrue at a floating rate equal to the 5-Year US Treasury rate, plus a spread of 4.39%, per annum and will reset in accordance with the certificate of designations for such series. 4. 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. During the three and nine months ended September 30, 2023, we sold 44.7 million and 72.6 million shares, respectively, of our common stock under the sales agreements for proceeds of $432 million and $709 million, respectively, or $9.67 and $9.77 per common share, respectively, net of offering costs. As of September 30, 2023, shares of our common stock with an aggregate offering price of $5 million remained authorized for issuance under this program through June 11, 2024. See Note 10. Subsequent Event for additional information regarding our at-the-market offering program. 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 September 30, 2023, shares of our common stock with an aggregate repurchase price of $1 billion remained authorized for repurchase through December 31, 2024. Accumulated Other Comprehensive Income (Loss) The following table summarizes changes to accumulated OCI for the three and nine months ended September 30, 2023 and 2022 (in millions): Three Months Ended September 30, Nine Months Ended September 30, Accumulated Other Comprehensive Income (Loss) 2023 2022 2023 2022 Beginning Balance $ (595) $ (435) $ (672) $ 301 OCI before reclassifications (213) (372) (184) (1,132) Net loss amounts for available-for-sale securities reclassified from accumulated OCI to realized gain (loss) on sale of investment securities, net — — 48 24 Ending Balance $ (808) $ (807) $ (808) $ (807)

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	Note 10. Subsequent Event At-the-Market Offering Program

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (392)	$ (666)	$ (257)	$ (1,751)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2023
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 we may make adjustments to the models. We review our actual and anticipated prepayment experience on at least a quarterly basis and effective yields are recalculated when differences arise between (i) our previous estimate of future prepayments and (ii) actual prepayments to date and our current estimate of future prepayments. We are required to record an adjustment in the current period to premium amortization / discount accretion for the cumulative effect of the difference in the effective yields as if the recalculated yield had been in place as of the security's acquisition date through the reporting date. At the time we purchase CRT securities and non-Agency MBS that are not of high credit quality, we determine an effective yield based on our estimate of the timing and amount of future cash flows and our cost basis. Our initial cash flow estimates for these investments are based on our observations of current information and events and include assumptions related to interest rates, prepayment rates, collateral call provisions, and the impact of default and severity rates on the timing and amount of credit losses. On at least a quarterly basis, we review the estimated cash flows and make appropriate adjustments based on inputs and analysis received from external sources, internal models, and our judgment regarding such inputs and other factors. Any resulting changes in effective yield are recognized prospectively based on the current amortized cost of the investment adjusted for credit impairments, if any.
Repurchase and Resale Agreements Policy [Policy Text Block]	Repurchase Agreements We finance the acquisition of securities for our investment portfolio primarily through repurchase agreements with our lending counterparties. Repurchase arrangements involve the sale and a simultaneous agreement to repurchase the securities at a future date. We maintain a beneficial interest in the specific securities pledged during the term of each repurchase arrangement and we receive the related principal and interest payments. Pursuant to ASC Topic 860, Transfers and Servicing , we account for repurchase agreements as collateralized financing transactions, which are carried at their contractual amounts (cost), plus accrued interest. Our repurchase agreements typically have maturities of less than one year.
Derivative Instruments	Derivative Instruments We use a variety of derivative instruments to hedge a portion of our exposure to market risks, including interest rate, prepayment, extension and liquidity risks. The objective of our risk management strategy is to reduce fluctuations in net book value over a range of interest rate scenarios. In particular, we attempt to mitigate the risk of the cost of our variable rate liabilities increasing during a period of rising interest rates. The primary instruments that we use are interest rate swaps, options to enter into interest rate swaps ("swaptions"), U.S. Treasury securities and U.S. Treasury futures contracts. We also use forward contracts in the Agency RMBS "to-be-announced" market, or TBA securities, to invest in and finance Agency securities and to periodically reduce our exposure to Agency RMBS. We account for derivative instruments in accordance with ASC Topic 815, Derivatives and Hedging ("ASC 815"). ASC 815 requires an entity to recognize all derivatives as either assets or liabilities in our accompanying consolidated balance sheets and to measure those instruments at fair value. None of our derivative instruments have been designated as hedging instruments for accounting purposes under the provisions of ASC 815, consequently changes in the fair value of our derivative instruments are reported in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. Our derivative agreements generally contain provisions that allow for netting or setting off derivative assets and liabilities with the counterparty; however, we report related assets and liabilities on a gross basis in our consolidated balance sheets. Derivative instruments in a gain position are reported as derivative assets at fair value and derivative instruments in a loss position are reported as derivative liabilities at fair value in our consolidated balance sheets. Changes in fair value of derivative instruments and periodic settlements related to our derivative instruments are recorded in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. 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 and US Treasury futures contracts We use U.S. Treasury securities and U.S. Treasury futures contracts to mitigate the potential impact of changes in interest rates on the performance of our portfolio. We enter into short-sales of U.S. Treasury securities by borrowing the securities under reverse repurchase agreements and selling them into the market. We account for these as securities borrowing transactions and recognize an obligation to return the borrowed securities at fair value on our accompanying consolidated balance sheets based on the value of the underlying U.S. Treasury security as of the reporting date. Treasury futures contracts are standardized contracts that obligate us to sell or buy U.S. Treasury securities for future delivery. Gains and losses associated with U.S. Treasury securities and U.S. Treasury futures contracts are recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income.
Fair Value Measurement, Policy	Fair Value Measurements We determine the fair value of financial instruments based on our estimate of the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. We utilize a three-level valuation hierarchy for disclosure of fair value measurements based upon the transparency of inputs to the valuation of the instrument as of the measurement date. We categorize a financial instrument within the hierarchy based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows: • Level 1 Inputs —Quoted prices (unadjusted) for identical unrestricted assets and liabilities in active markets that are accessible at the measurement date. • Level 2 Inputs —Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 Inputs —Instruments with primarily unobservable market data that cannot be corroborated. The majority of our financial instruments are classified as Level 2 inputs. The availability of observable inputs can be affected by a wide variety of factors, including the type of instrument, whether the instrument is new and not yet established in the marketplace and other characteristics particular to the instrument. We typically obtain price estimates from multiple third-party pricing sources, such as pricing services and dealers, or, if applicable, from the registered clearing exchange. We make inquiries of third-party pricing sources to understand the significant inputs and assumptions they used to determine their prices and that they are derived from orderly transactions, particularly during periods of elevated market turbulence and reduced market liquidity. We also review third-party price estimates and perform procedures to validate their reasonableness, including an analysis of the range of estimates for each position, comparison to recent trade activity for similar securities and for consistency with market conditions observed as of the measurement date. While we do not adjust prices we obtain from pricing sources, we will exclude prices for securities from our estimation of fair value if we determine based on our validation procedures and our market knowledge and expertise that the price is significantly different from what observable market data would indicate and we cannot obtain an understanding from the third-party source as to the significant inputs used to determine the price. The following is a description of the valuation methodologies used for financial instruments measured at fair value on a recurring basis classified as Level 2 inputs. These instruments trade in active markets such that participants transact with sufficient frequency and volume to provide transparent pricing information on an ongoing basis. The liquidity of these markets and the similarity of our instruments to those actively traded enable our pricing sources and us to utilize the observed quoted prices as a basis for formulating fair value measurements. Investment securities - are valued based on prices obtained from multiple third-party pricing sources. The pricing sources utilize various valuation approaches, including market and income approaches. For Agency RMBS, the pricing sources primarily utilize a matrix pricing technique that interpolates the estimated fair value based on observed quoted prices for 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)	9 Months Ended
	Sep. 30, 2023
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 and US Treasury futures contracts We use U.S. Treasury securities and U.S. Treasury futures contracts to mitigate the potential impact of changes in interest rates on the performance of our portfolio. We enter into short-sales of U.S. Treasury securities by borrowing the securities under reverse repurchase agreements and selling them into the market. We account for these as securities borrowing transactions and recognize an obligation to return the borrowed securities at fair value on our accompanying consolidated balance sheets based on the value of the underlying U.S. Treasury security as of the reporting date. Treasury futures contracts are standardized contracts that obligate us to sell or buy U.S. Treasury securities for future delivery. Gains and losses associated with U.S. Treasury securities and U.S. Treasury futures contracts are recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income.
Investment, Policy [Policy Text Block]	Investment Securities Agency RMBS consist of residential mortgage pass-through securities and collateralized mortgage obligations ("CMOs") guaranteed by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac," and together with Fannie Mae, the "GSEs") or the Government National Mortgage Association ("Ginnie Mae"). 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 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)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Securities by Credit Rating [Table Text Block]	As of September 30, 2023 and December 31, 2022, our investments in CRT and non-Agency securities had the following credit ratings (in millions): September 30, 2023 December 31, 2022 CRT and Non-Agency Security Credit Ratings 1 CRT RMBS 2 CMBS CRT RMBS 2 CMBS AAA $ — $ — $ 9 $ — $ 9 $ 184 AA — 2 32 2 3 117 A 10 4 34 16 13 38 BBB 92 16 48 91 40 65 BB 236 7 78 299 13 91 B 31 2 49 72 2 58 Not Rated 367 9 18 277 10 14 Total $ 736 $ 40 $ 268 $ 757 $ 90 $ 567 ________________________________ 1. Represents the lowest of Standard and Poor's ("S&P"), Moody's, Fitch, DBRS, Kroll Bond Rating Agency ("KBRA") and Morningstar credit ratings, stated in terms of the S&P equivalent rating as of each date. 2. RMBS excludes other mortgage credit investments of $45 million and $25 million as of September 30, 2023 and December 31, 2022, respectively.
Components of Investment Securities	The following tables summarize our investment securities as of September 30, 2023 and December 31, 2022, excluding TBA securities and other mortgage credit investments (dollars in millions). Details of our TBA securities are included in Note 5. September 30, 2023 December 31, 2022 Investment Securities Amortized Fair Value Amortized Fair Value Agency RMBS: Fixed rate $ 60,601 $ 55,408 $ 43,046 $ 39,169 Adjustable rate 298 288 126 122 CMO 133 123 136 129 Interest-only and principal-only strips 70 59 77 70 Total Agency RMBS 61,102 55,878 43,385 39,490 Non-Agency RMBS 1 54 40 111 90 CMBS 298 268 605 567 CRT securities 702 736 779 757 Total investment securities $ 62,156 $ 56,922 $ 44,880 $ 40,904
Summary Of Agency Securities Estimated Weighted Average Life Classifications	The following table summarizes our investments as of September 30, 2023 and December 31, 2022 according to their estimated weighted average life classification (dollars in millions): September 30, 2023 December 31, 2022 Estimated Weighted Average Life of Investment Securities 1 Fair Value Amortized Weighted Weighted Fair Value Amortized Weighted Weighted ≤ 3 years $ 451 $ 481 6.20% 5.75% $ 512 $ 537 5.19% 4.66% > 3 years and ≤ 5 years 1,710 1,835 4.97% 4.16% 2,643 2,824 4.57% 3.79% > 5 years and ≤10 years 49,139 53,782 4.70% 4.32% 30,958 33,985 3.96% 3.30% > 10 years 5,622 6,058 4.81% 4.76% 6,791 7,534 3.56% 3.43% Total $ 56,922 $ 62,156 4.73% 4.37% $ 40,904 $ 44,880 3.94% 3.37% ________________________________ 1. Table excludes other mortgage credit investments of $45 million and $25 million as of September 30, 2023 and December 31, 2022, respectively.
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 and nine months ended September 30, 2023 and 2022 by investment classification of accounting (in millions): Three Months Ended September 30, 2023 2022 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 $ — $ (3,175) $ (3,175) $ 3 $ (5,901) $ (5,898) Proceeds from investment securities sold 1 — 2,641 2,641 (3) 5,341 5,338 Net gain (loss) on sale of investment securities $ — $ (534) $ (534) $ — $ (560) $ (560) Gross gain on sale of investment securities $ — $ 4 $ 4 $ — $ 4 $ 4 Gross loss on sale of investment securities — (538) (538) — (564) (564) Net gain (loss) on sale of investment securities $ — $ (534) $ (534) $ — $ (560) $ (560) Nine Months Ended September 30, 2023 2022 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 $ (418) $ (6,968) $ (7,386) $ (600) $ (21,358) $ (21,958) Proceeds from investment securities sold 1 370 6,146 6,516 576 19,534 20,110 Net gain (loss) on sale of investment securities $ (48) $ (822) $ (870) $ (24) $ (1,824) $ (1,848) Gross gain on sale of investment securities $ — $ 15 $ 15 $ 2 $ 8 $ 10 Gross loss on sale of investment securities (48) (837) (885) (26) (1,832) (1,858) Net gain (loss) on sale of investment securities $ (48) $ (822) $ (870) $ (24) $ (1,824) $ (1,848) ________________________________ 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	September 30, 2023 Agency RMBS Non-Agency 1 Investment Securities Fannie Mae Freddie Mac Ginnie RMBS CMBS CRT Total Available-for-sale securities: Par value $ 4,066 $ 1,224 $ 1 $ — $ — $ — $ 5,291 Unamortized discount (1) — — — — — (1) Unamortized premium 223 71 — — — — 294 Amortized cost 4,288 1,295 1 — — — 5,584 Gross unrealized gains — — — — — — — Gross unrealized losses (616) (192) — — — — (808) Total available-for-sale securities, at fair value 3,672 1,103 1 — — — 4,776 Securities remeasured at fair value through earnings: Par value 34,333 20,318 33 56 304 699 55,743 Unamortized discount (212) (100) (1) (3) (7) (9) (332) Unamortized premium 769 378 — 1 1 12 1,161 Amortized cost 34,890 20,596 32 54 298 702 56,572 Gross unrealized gains 1 1 — — 2 35 39 Gross unrealized losses (2,900) (1,516) (2) (14) (32) (1) (4,465) Total securities remeasured at fair value through earnings 31,991 19,081 30 40 268 736 52,146 Total securities, at fair value $ 35,663 $ 20,184 $ 31 $ 40 $ 268 $ 736 $ 56,922 Weighted average coupon as of September 30, 2023 4.58 % 4.77 % 4.51 % 4.87 % 7.03 % 10.28 % 4.73 % Weighted average yield as of September 30, 2023 2 4.20 % 4.47 % 4.83 % 4.68 % 7.12 % 9.58 % 4.37 % December 31, 2022 Agency RMBS Non-Agency 1 Investment Securities Fannie Freddie Mac Ginnie RMBS CMBS CRT Total Available-for-sale securities: Par value $ 4,696 $ 1,535 $ 1 $ — $ — $ — $ 6,232 Unamortized discount (1) — — — — — (1) Unamortized premium 275 93 — — — — 368 Amortized cost 4,970 1,628 1 — — — 6,599 Gross unrealized gains — — — — — — — Gross unrealized losses (500) (172) — — — — (672) Total available-for-sale securities, at fair value 4,470 1,456 1 — — — 5,927 Securities remeasured at fair value through earnings: Par value 24,231 11,444 2 112 609 773 37,171 Unamortized discount (61) (37) — (4) (8) (6) (116) Unamortized premium 855 352 — 3 4 12 1,226 Amortized cost 25,025 11,759 2 111 605 779 38,281 Gross unrealized gains 13 8 — — — 8 29 Gross unrealized losses (2,307) (937) — (21) (38) (30) (3,333) Total securities remeasured at fair value through earnings 22,731 10,830 2 90 567 757 34,977 Total securities, at fair value $ 27,201 $ 12,286 $ 3 $ 90 $ 567 $ 757 $ 40,904 Weighted average coupon as of December 31, 2022 3.79 % 3.92 % 4.66 % 4.52 % 6.06 % 8.48 % 3.94 % Weighted average yield as of December 31, 2022 2 3.17 % 3.41 % 2.58 % 4.34 % 6.02 % 7.93 % 3.37 % ________________________________ 1. Non-Agency amounts exclude other mortgage credit investments of $45 million and $25 million as of September 30, 2023 and December 31, 2022, respectively. 2. Incorporates a weighted average future constant prepayment rate assumption of 8.3% and 7.4% based on forward rates as of September 30, 2023 and December 31, 2022, respectively.
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 September 30, 2023 and December 31, 2022 (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 September 30, 2023 $ — $ — $ 4,755 $ (808) $ 4,755 $ (808) December 31, 2022 $ 5,846 $ (665) $ 52 $ (7) $ 5,898 $ (672)

Repurchase Agreements and Rev_2

Repurchase Agreements and Reverse Repurchase Agreements (Tables)	9 Months Ended
	Sep. 30, 2023
Disclosure of Repurchase Agreements [Abstract]
Schedule of Borrowings under Repurchase Agreements and Weighted Average Interest Rates	The following table summarizes our borrowings under repurchase agreements by their remaining maturities as of September 30, 2023 and December 31, 2022 (dollars in millions): September 30, 2023 December 31, 2022 Remaining Maturity Repurchase Agreements Weighted Weighted Repurchase Agreements Weighted Weighted Investment securities repo ≤ 1 month $ 43,439 5.46 % 11 $ 26,712 4.42 % 12 > 1 to ≤ 3 months 8,211 5.50 % 42 7,762 4.48 % 38 > 3 to ≤ 6 months 201 5.32 % 142 1,433 1.42 % 141 Investment securities repo 51,851 5.47 % 16 35,907 4.31 % 23 U.S. Treasury repo: ≤ 1 month 256 5.41 % 2 355 4.37 % 3 Total $ 52,107 5.47 % 16 $ 36,262 4.31 % 22

Derivative and Other Hedging _2

Derivative and Other Hedging Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
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) September 30, 2023 December 31, 2022 SOFR 80 % 81 % OIS 20 % 19 % 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 September 30, 2023 and December 31, 2022 (in millions): Derivative and Other Hedging Instruments Balance Sheet Location September 30, 2023 December 31, 2022 Interest rate swaps 1 Derivative assets, at fair value $ — $ 2 Swaptions Derivative assets, at fair value 174 293 TBA and forward settling non-Agency securities Derivative assets, at fair value 24 266 U.S. Treasury futures - short Derivative assets, at fair value 215 56 Total derivative assets, at fair value $ 413 $ 617 Interest rate swaps 1 Derivative liabilities, at fair value $ — $ — TBA and forward settling non-Agency securities Derivative liabilities, at fair value (55) (99) SOFR futures contracts - long Derivative liabilities, at fair value (25) — Credit default swaps 1 Derivative liabilities, at fair value — — Total derivative liabilities, at fair value $ (80) $ (99) U.S. Treasury securities - long U.S. Treasury securities, at fair value $ 246 $ 353 U.S. Treasury securities - short Obligation to return securities borrowed under reverse repurchase agreements, at fair value (9,022) (6,534) Total U.S. Treasury securities, net at fair value $ (8,776) $ (6,181) ________________________________ 1. As of September 30, 2023 and December 31, 2022, the net fair value of our interest rate swaps excluding the recognition of variation margin settlements as a direct reduction of carrying value (see Note 2) was a net asset (liability) of $4.2 billion and $4.5 billion, respectively. As of September 30, 2023 and December 31, 2022, the net fair value of our credit default swaps excluding the recognition of variation margin settlements was $(2) million and $(2) million, respectively.
Schedule of Interest Rate Swaption Agreements Outstanding	Payer Swaptions Option Underlying Payer Swap Current Option Expiration Date Cost Basis Fair Value Average Notional Average Fixed Pay Rate 1 Average September 30, 2023 ≤ 1 year $ 30 $ 174 7 $ 1,350 2.57% 10.0 Total $ 30 $ 174 7 $ 1,350 2.57% 10.0 December 31, 2022 ≤ 1 year $ 26 $ 145 6 $ 1,300 2.04% 9.4 > 1 year ≤ 2 years 39 148 18 1,750 2.52% 10.0 Total $ 65 $ 293 13 $ 3,050 2.32% 9.8 ________________________________ 1. Receive index references SOFR.
US government securities	U.S. Treasury Securities 1 September 30, 2023 December 31, 2022 Years to Maturity Face Amount Long/(Short) Cost Basis Fair Value Face Amount Long/(Short) Cost Basis Fair Value ≤ 5 years $ (845) $ (839) $ (819) $ 356 $ 354 $ 353 > 5 year ≤ 7 years (818) (821) (667) (745) (747) (658) > 7 year ≤ 10 years (7,181) (6,904) (6,329) (5,532) (5,225) (4,823) > 10 years (1,030) (1,013) (961) (1,095) (1,048) (1,053) Total U.S. Treasury securities $ (9,874) $ (9,577) $ (8,776) $ (7,016) $ (6,666) $ (6,181) ________________________________
US Government Futures Securities [Table Text Block]	U.S. Treasury Futures September 30, 2023 December 31, 2022 Years to Maturity Notional Cost Fair Net Carrying Value 1 Notional Cost Fair Net Carrying Value 1 > 5 year ≤ 7 years $ (5,054) $ (5,557) $ (5,462) $ 95 $ (7,498) $ (8,463) $ (8,420) $ 43 > 7 year ≤ 10 years (2,824) (3,226) (3,151) 75 (901) (1,070) (1,065) 5 > 10 years (1,091) (1,287) (1,242) 45 (814) (1,028) (1,020) 8 Total U.S. Treasury futures $ (8,969) $ (10,070) $ (9,855) $ 215 $ (9,213) $ (10,561) $ (10,505) $ 56 ________________________________
Summary of Long and Short Position of Derivative Instruments	September 30, 2023 December 31, 2022 TBA Securities by Coupon Notional Cost Fair Net Carrying Value 1 Notional Cost Fair Net Carrying Value 1 15-Year TBA securities: ≥ 4.5% $ 90 $ 89 $ 87 $ (2) $ — $ — $ — $ — Total 15-Year TBA securities 90 89 87 (2) — — — — 30-Year TBA securities: ≤ 2.5% 13 10 10 — 737 626 619 (7) 3.0% - 4.0% (247) (232) (221) 11 1,856 1,681 1,679 (2) 4.5% - 5.5% 430 467 446 (21) 16,301 15,949 16,117 168 ≥ 6.0% 2,065 2,073 2,054 (19) 156 151 159 8 Total 30-Year TBA securities, net 2,261 2,318 2,289 (29) 19,050 18,407 18,574 167 Total TBA securities, net $ 2,351 $ 2,407 $ 2,376 $ (31) $ 19,050 $ 18,407 $ 18,574 $ 167 ________________________________
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 and nine months ended September 30, 2023 and 2022 (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 September 30, 2023: TBA securities, net $ 10,289 35,448 (43,386) $ 2,351 $ (148) Interest rate swaps - payer $ 48,726 1,920 (5,250) $ 45,396 759 Interest rate swaps - receiver $ (1,000) — — $ (1,000) (6) Credit default swaps - buy protection $ (710) (297) 836 $ (171) — Payer swaptions $ 1,600 — (250) $ 1,350 89 U.S. Treasury securities - short position $ (8,627) (5,668) 4,161 $ (10,134) 537 U.S. Treasury securities - long position $ 1,543 1,499 (2,782) $ 260 (20) U.S. Treasury futures contracts - short position $ (5,900) (10,070) 7,001 $ (8,969) 412 $ 1,623 Three months ended September 30, 2022: TBA securities, net $ 15,927 78,067 (75,075) $ 18,919 $ (1,192) Interest rate swaps - payer $ 49,935 — (2,810) $ 47,125 1,464 Credit default swaps - buy protection $ (215) (365) 290 $ (290) — Payer swaptions $ 6,800 — (3,400) $ 3,400 194 Receiver Swaptions $ (150) — 150 $ — — U.S. Treasury securities - short position $ (9,243) (2,696) 3,192 $ (8,747) 532 U.S. Treasury securities - long position $ 1,902 2,149 (2,727) $ 1,324 (3) U.S. Treasury futures contracts - short position $ (8,105) (11,241) 8,463 $ (10,883) 483 $ 1,478 Nine months ended September 30, 2023: TBA securities, net $ 19,050 138,448 (155,147) $ 2,351 $ (172) Interest rate swaps - payer $ 47,825 5,396 (7,825) $ 45,396 1,387 Interest rate swaps - receiver $ — (1,000) — $ (1,000) (9) Credit default swaps - buy protection $ (215) (1,292) 1,336 $ (171) (8) Payer swaptions $ 3,050 — (1,700) $ 1,350 49 U.S. Treasury securities - short position $ (7,373) (15,470) 12,709 $ (10,134) 614 U.S. Treasury securities - long position $ 357 11,786 (11,883) $ 260 (75) U.S. Treasury futures contracts - short position $ (9,213) (23,185) 23,429 $ (8,969) 389 $ 2,175 Nine months ended September 30, 2022: TBA securities, net $ 26,673 228,904 (236,658) $ 18,919 $ (3,030) Forward settling non-Agency securities $ 450 — (450) $ — — Interest rate swaps - payer $ 51,225 2,970 (7,070) $ 47,125 4,235 Credit default swaps - buy protection $ — (5,835) 5,545 $ (290) 21 Payer swaptions $ 13,000 1,750 (11,350) $ 3,400 866 Receiver swaptions $ — (150) 150 $ — — U.S. Treasury securities - short position $ (9,590) (9,604) 10,447 $ (8,747) 1,620 U.S. Treasury securities - long position $ 472 7,725 (6,873) $ 1,324 (32) U.S. Treasury futures contracts - short position $ (1,500) (26,466) 17,083 $ (10,883) 818 $ 4,498 ________________________________ 1. Amounts exclude other miscellaneous gains and losses and other interest income (expense) recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income.
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Schedule Of Interest Rate Swap Agreement By Remaining Maturity	The following tables summarize certain characteristics of our derivative and other hedging instruments outstanding as of September 30, 2023 and December 31, 2022 (dollars in millions): Pay Fixed / Receive Variable Interest Rate Swaps September 30, 2023 1 December 31, 2022 Years to Maturity Notional Average Average Average Notional Average Average Average ≤ 1 years $ 13,750 0.14% 5.31% 0.7 $ 5,250 0.03% 4.30% 0.7 > 1 to ≤ 3 years 14,300 0.48% 5.28% 2.2 22,250 0.14% 4.31% 1.9 > 3 to ≤ 5 years 6,300 0.24% 5.31% 4.1 10,550 0.22% 4.31% 3.8 > 5 to ≤ 7 years 3,650 0.69% 5.31% 6.4 5,625 0.85% 4.30% 6.1 > 7 to ≤ 10 years 5,546 3.22% 5.31% 9.4 3,650 1.60% 4.31% 8.4 > 10 years 850 3.12% 5.31% 13.2 500 3.54% 4.30% 10.0 Total $ 44,396 0.74% 5.30% 3.5 $ 47,825 0.37% 4.31% 3.2

Pledged Assets (Tables)

Pledged Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Pledged Assets [Abstract]
Schedule of Securities and Cash Pledged as Collateral from Counterparties [Table Text Block]	As of September 30, 2023 and December 31, 2022, we had assets pledged to us from counterparties as collateral under our reverse repurchase and derivative agreements summarized in the tables below (in millions). September 30, 2023 December 31, 2022 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 $ 8,783 $ — $ 1 $ 8,784 $ 6,572 $ — $ 28 $ 6,600 Cash 22 178 — 200 46 296 6 348 Total $ 8,805 $ 178 $ 1 $ 8,984 $ 6,618 $ 296 $ 34 $ 6,948
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 September 30, 2023 and December 31, 2022 (in millions): September 30, 2023 Assets Pledged to Counterparties 1 Repurchase Agreements 2 Debt of Derivative Agreements and Other Total Agency RMBS - fair value $ 52,519 $ 120 $ 44 $ 52,683 CRT - fair value 709 — — 709 Non-Agency - fair value 253 — — 253 U.S. Treasury securities - fair value 246 — — 246 Accrued interest on pledged securities 222 — — 222 Restricted cash 317 — 1,072 1,389 Total $ 54,266 $ 120 $ 1,116 $ 55,502 December 31, 2022 Assets Pledged to Counterparties 1 Repurchase Agreements 2 Debt of Derivative Agreements and Other Total Agency RMBS - fair value $ 35,765 $ 144 $ 203 $ 36,112 CRT - fair value 703 — — 703 Non-Agency - fair value 605 — — 605 U.S. Treasury securities - fair value 353 — — 353 Accrued interest on pledged securities 127 1 — 128 Restricted cash 211 — 1,105 1,316 Total $ 37,764 $ 145 $ 1,308 $ 39,217 ________________________________ 1. Includes repledged assets received as collateral from counterparties and securities sold but not yet settled.
Offsetting Assets and Liabilities	The following tables present information about our assets and liabilities that are subject to master netting arrangements and can potentially be offset on our consolidated balance sheets as of September 30, 2023 and December 31, 2022 (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 September 30, 2023 Interest rate swap and swaption agreements, at fair value 1 $ 174 $ — $ 174 $ — $ (174) $ — TBA securities, at fair value 1 24 — 24 (24) — — Receivable under reverse repurchase agreements 8,900 — 8,900 (6,087) (2,806) 7 Total $ 9,098 $ — $ 9,098 $ (6,111) $ (2,980) $ 7 December 31, 2022 Interest rate swap and swaption agreements, at fair value 1 $ 295 $ — $ 295 $ — $ (293) $ 2 TBA securities, at fair value 1 266 — 266 (99) (167) — Receivable under reverse repurchase agreements 6,622 — 6,622 (4,007) (2,610) 5 Total $ 7,183 $ — $ 7,183 $ (4,106) $ (3,070) $ 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 September 30, 2023 and December 31, 2022 (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 September 30, 2023 Interest rate swap and swaption agreements, at fair value 1 $ 174 $ — $ 174 $ — $ (174) $ — TBA securities, at fair value 1 24 — 24 (24) — — Receivable under reverse repurchase agreements 8,900 — 8,900 (6,087) (2,806) 7 Total $ 9,098 $ — $ 9,098 $ (6,111) $ (2,980) $ 7 December 31, 2022 Interest rate swap and swaption agreements, at fair value 1 $ 295 $ — $ 295 $ — $ (293) $ 2 TBA securities, at fair value 1 266 — 266 (99) (167) — Receivable under reverse repurchase agreements 6,622 — 6,622 (4,007) (2,610) 5 Total $ 7,183 $ — $ 7,183 $ (4,106) $ (3,070) $ 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 September 30, 2023 TBA securities, at fair value 1 $ 55 $ — $ 55 $ (24) $ (31) $ — Repurchase agreements 52,107 — 52,107 (6,087) (46,020) — Total $ 52,162 $ — $ 52,162 $ (6,111) $ (46,051) $ — December 31, 2022 TBA securities, at fair value 1 $ 99 $ — $ 99 $ (99) $ — $ — Repurchase agreements 36,262 — 36,262 (4,007) (32,255) — Total $ 36,361 $ — $ 36,361 $ (4,106) $ (32,255) $ — ________________________________ 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.
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 September 30, 2023 and December 31, 2022 (in millions). For the corresponding borrowings associated with the following amounts and the interest rates thereon, refer to Note 4 . September 30, 2023 December 31, 2022 Securities Pledged by Remaining Maturity of Repurchase Agreements 1 Fair Value of Pledged Securities Amortized Accrued Fair Value of Pledged Securities Amortized Accrued ≤ 1 month $ 44,339 $ 48,381 $ 184 $ 27,525 $ 30,168 $ 94 > 1 and ≤ 2 months 8,505 9,246 35 7,922 8,680 27 > 2 and ≤ 3 months 631 689 2 240 252 — > 3 months 252 301 1 1,739 1,870 6 Total $ 53,727 $ 58,617 $ 222 $ 37,426 $ 40,970 $ 127 ________________________________ 1. Includes $40 million and $49 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of September 30, 2023 and December 31, 2022, respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022, based on their categorization within the valuation hierarchy (in millions). There were no transfers between valuation hierarchy levels during the periods presented in our accompanying consolidated statements of comprehensive income. September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Agency securities $ — $ 55,758 $ — $ — $ 39,346 $ — Agency securities transferred to consolidated VIEs — 120 — — 144 — Credit risk transfer securities — 736 — — 757 — Non-Agency securities — 308 — — 657 — U.S. Treasury securities 246 — — 353 — — Interest rate swaps 1 — — — — 2 — Swaptions — 174 — — 293 — TBA securities — 24 — — 266 — U.S. Treasury futures 215 — — 56 — — Total $ 461 $ 57,120 $ — $ 409 $ 41,465 $ — Liabilities: Debt of consolidated VIEs $ — $ 80 $ — $ — $ 95 $ — Obligation to return U.S. Treasury securities borrowed under reverse repurchase agreements 9,022 — — 6,534 — — Credit default swaps 1 — — — — — — TBA securities — 55 — — 99 — U.S. Treasury futures — — — — — — SOFR Futures 25 — — — — — Total $ 9,047 $ 135 $ — $ 6,534 $ 194 $ — ________________________________ 1. As of September 30, 2023 and December 31, 2022, 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 $4.2 billion and $4.5 billion, respectively, based on "Level 2" inputs. As of September 30, 2023 and December 31, 2022, the net fair value of our credit default swaps excluding the recognition of variation margin settlements was $(2) million and $(2) million, respectively, based on "Level 2" inputs. See Notes 2 and 5 for additional details.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Preferred Stock [Table Text Block]	Cumulative Redeemable Preferred Stock 1 Issue Date Depositary Carrying Aggregate Per Annum Dividend Rate 2,3 First Optional Redemption Date / Conversion Date 3,4 Fixed-to-Floating Rate: Series C August 22, 2017 13.0 $ 315 $ 325 10.683% October 15, 2022 Series D March 6, 2019 9.4 227 235 6.875% April 15, 2024 Series E October 3, 2019 16.1 390 403 6.500% October 15, 2024 Series F February 11, 2020 23.0 557 575 6.125% April 15, 2025 Fixed-Rate Reset: Series G September 14, 2022 6.0 145 150 7.750% October 15, 2027 Total 67.5 $ 1,634 $ 1,688 ________________________________ 1. The depositary shares underlying our preferred stock accrue dividends at an initial 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 or fixed-rate-reset conversion date; thereafter, dividends will accrue on a floating rate or fixed-rate-reset basis equal to the conversion rate plus a fixed spread. 2. The Series C per annum dividend rate represents the dividend rate in effect as of September 30, 2023. 3. The Series C dividend accrues at a rate equal to the 3-Month CME Term SOFR plus 0.26161%, plus a spread of 5.111%, per annum, resetting quarterly in accordance with the certificate of designations for such series and the Adjustable Interest Rate (LIBOR) Act of 2021 (the “LIBOR
Schedule of Stock by Class [Table Text Block]	During the three and nine months ended September 30, 2023, we sold 44.7 million and 72.6 million shares, respectively, of our common stock under the sales agreements for proceeds of $432 million and $709 million, respectively, or $9.67 and $9.77 per common share, respectively, net of offering costs. As of September 30, 2023, shares of our common stock with an aggregate offering price of $5 million remained authorized for issuance under this program through June 11, 2024. See Note 10. Subsequent Event for additional information regarding our at-the-market offering program. 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 September 30, 2023, shares of our common stock with an aggregate repurchase price of $1 billion remained authorized for repurchase through December 31, 2024.
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes changes to accumulated OCI for the three and nine months ended September 30, 2023 and 2022 (in millions): Three Months Ended September 30, Nine Months Ended September 30, Accumulated Other Comprehensive Income (Loss) 2023 2022 2023 2022 Beginning Balance $ (595) $ (435) $ (672) $ 301 OCI before reclassifications (213) (372) (184) (1,132) Net loss amounts for available-for-sale securities reclassified from accumulated OCI to realized gain (loss) on sale of investment securities, net — — 48 24 Ending Balance $ (808) $ (807) $ (808) $ (807)

Organization (Details)

Organization (Details)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Required Annual Distribution of Taxable Net Income	90%
Intended annual distribution of taxable net income	100%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2023
Derivative [Line Items]
Required Annual Distribution of Taxable Net Income	90%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Other Long-term Debt	$ 80	$ 95

Investment Securities (Narrativ

Investment Securities (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Weighted average expected constant prepayment rate	8.30%	7.40%
Debt, at fair value	$ (80,000)	$ (95,000)
Mortgage Credit Investment Fund Limited Partnership	45,000	25,000
Agency Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Unamortized premium balance	1,100,000	1,500,000
TBA securities Fifteen Year and Thirty Year Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Net long TBA position, at fair value	2,400,000	18,600,000
TBA, net carrying value	$ (31,000)	$ 167,000

Investment Securities Investmen

Investment Securities Investment Securities (Summary of Investment in Agency Security) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	$ 62,156,000	$ 44,880,000
Debt Securities, Trading and Available-for-sale	56,922,000	40,904,000
Total agency MBS, at fair value	55,878,000	39,490,000
Mortgage Credit Investment Fund Limited Partnership	45,000	25,000
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	54,000	111,000
Debt Securities, Trading and Available-for-sale	40,000	90,000
Commercial Mortgage Backed Securities [Member]
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	298,000	605,000
Debt Securities, Trading and Available-for-sale	268,000	567,000
Credit Risk Transfer Securities [Member]
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	702,000	779,000
Debt Securities, Trading and Available-for-sale	736,000	757,000
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	60,601,000	43,046,000
Debt Securities, Trading and Available-for-sale	55,408,000	39,169,000
Adjustable-Rate [Member] | Agency Securities [Member]
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	298,000	126,000
Debt Securities, Trading and Available-for-sale	288,000	122,000
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	133,000	136,000
Debt Securities, Trading and Available-for-sale	123,000	129,000
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	70,000	77,000
Debt Securities, Trading and Available-for-sale	59,000	70,000
Agency Securities [Member]
Debt and Equity Securities, FV-NI [Line Items]
Debt Securities, Trading and Available-for-sale, Amortized Cost Basis	$ 61,102,000	$ 43,385,000

Investment Securities (Componen

Investment Securities (Components Of Investment Securities) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Debt Securities, Trading	$ 52,146,000	$ 34,977,000
Debt Securities, Trading and Available-for-sale	$ 56,922,000	$ 40,904,000
Weighted average coupon	4.73%	3.94%
Weighted average yield	4.37%	3.37%
Future Prepayment Rate Assumption Of Investment Portfolio	8.30%	7.40%
Fannie Mae [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading	$ 31,991,000	$ 22,731,000
Debt Securities, Trading and Available-for-sale	$ 35,663,000	$ 27,201,000
Weighted average coupon	4.58%	3.79%
Weighted average yield	4.20%	3.17%
Freddie Mac [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading	$ 19,081,000	$ 10,830,000
Debt Securities, Trading and Available-for-sale	$ 20,184,000	$ 12,286,000
Weighted average coupon	4.77%	3.92%
Weighted average yield	4.47%	3.41%
Ginnie Mae [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading	$ 30,000	$ 2,000
Debt Securities, Trading and Available-for-sale	$ 31,000	$ 3,000
Weighted average coupon	4.51%	4.66%
Weighted average yield	4.83%	2.58%
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading	$ 40,000	$ 90,000
Debt Securities, Trading and Available-for-sale	$ 40,000	$ 90,000
Weighted average coupon	4.87%	4.52%
Weighted average yield	4.68%	4.34%
Commercial Mortgage Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading	$ 268,000	$ 567,000
Debt Securities, Trading and Available-for-sale	$ 268,000	$ 567,000
Weighted average coupon	7.03%	6.06%
Weighted average yield	7.12%	6.02%
Credit Risk Transfer Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading	$ 736,000	$ 757,000
Debt Securities, Trading and Available-for-sale	$ 736,000
Weighted average coupon	10.28%	8.48%
Weighted average yield	9.58%	7.93%
Available-for-sale Securities [Member]
Schedule of Investments [Line Items]
Par value	$ 5,291,000	$ 6,232,000
Debt Securities, Available-for-Sale, Unamortized discount	1,000	1,000
Debt Securities, Available-for-Sale, Unamortized premium	294,000	368,000
Debt Securities, Available-for-sale, Amortized Cost	5,584,000	6,599,000
Debt Securities, Available-for-Sale, Gross Unrealized Losses	808,000	672,000
Total available-for-sale securities, at fair value	4,776,000	5,927,000
Debt Securities, Available-for-Sale, Gross Unrealized Gains	0	0
Available-for-sale Securities [Member] | Fannie Mae [Member]
Schedule of Investments [Line Items]
Par value	4,066,000	4,696,000
Debt Securities, Available-for-Sale, Unamortized discount	1,000	1,000
Debt Securities, Available-for-Sale, Unamortized premium	223,000	275,000
Debt Securities, Available-for-sale, Amortized Cost	4,288,000	4,970,000
Debt Securities, Available-for-Sale, Gross Unrealized Losses	616,000	500,000
Total available-for-sale securities, at fair value	3,672,000	4,470,000
Debt Securities, Available-for-Sale, Gross Unrealized Gains	0	0
Available-for-sale Securities [Member] | Freddie Mac [Member]
Schedule of Investments [Line Items]
Par value	1,224,000	1,535,000
Debt Securities, Available-for-Sale, Unamortized discount	0	0
Debt Securities, Available-for-Sale, Unamortized premium	71,000	93,000
Debt Securities, Available-for-sale, Amortized Cost	1,295,000	1,628,000
Debt Securities, Available-for-Sale, Gross Unrealized Losses	192,000	172,000
Total available-for-sale securities, at fair value	1,103,000	1,456,000
Debt Securities, Available-for-Sale, Gross Unrealized Gains	0	0
Available-for-sale Securities [Member] | Ginnie Mae [Member]
Schedule of Investments [Line Items]
Par value	1,000	1,000
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	1,000
Debt Securities, Available-for-Sale, Gross Unrealized Losses	0	0
Total available-for-sale securities, at fair value	1,000	1,000
Debt Securities, Available-for-Sale, Gross Unrealized Gains	0	0
Trading Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	39,000	29,000
Debt Securities, Trading Securities, Gross Unrealized Losses	4,465,000	3,333,000
Trading Securities Par	55,743,000	37,171,000
Debt Securities, Trading Securities, Unamortized discount	332,000	116,000
Debt Securities, Trading Securities, Unamortized Premium	1,161,000	1,226,000
Debt Securities, Trading, Amortized Cost	56,572,000	38,281,000
Trading Securities [Member] | Fannie Mae [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	1,000	13,000
Debt Securities, Trading Securities, Gross Unrealized Losses	2,900,000	2,307,000
Trading Securities Par	34,333,000	24,231,000
Debt Securities, Trading Securities, Unamortized discount	212,000	61,000
Debt Securities, Trading Securities, Unamortized Premium	769,000	855,000
Debt Securities, Trading, Amortized Cost	34,890,000	25,025,000
Trading Securities [Member] | Freddie Mac [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	1,000	8,000
Debt Securities, Trading Securities, Gross Unrealized Losses	1,516,000	937,000
Trading Securities Par	20,318,000	11,444,000
Debt Securities, Trading Securities, Unamortized discount	100,000	37,000
Debt Securities, Trading Securities, Unamortized Premium	378,000	352,000
Debt Securities, Trading, Amortized Cost	20,596,000	11,759,000
Trading Securities [Member] | Ginnie Mae [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	0	0
Debt Securities, Trading Securities, Gross Unrealized Losses	2,000	0
Trading Securities Par	33,000	2,000
Debt Securities, Trading Securities, Unamortized discount	(1,000)	0
Debt Securities, Trading Securities, Unamortized Premium	0	0
Debt Securities, Trading, Amortized Cost	32,000	2,000
Trading Securities [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	0	0
Debt Securities, Trading Securities, Gross Unrealized Losses	14,000	21,000
Trading Securities Par	56,000	112,000
Debt Securities, Trading Securities, Unamortized discount	3,000	4,000
Debt Securities, Trading Securities, Unamortized Premium	1,000	3,000
Debt Securities, Trading, Amortized Cost	54,000	111,000
Trading Securities [Member] | Commercial Mortgage Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	2,000	0
Debt Securities, Trading Securities, Gross Unrealized Losses	32,000	38,000
Trading Securities Par	304,000	609,000
Debt Securities, Trading Securities, Unamortized discount	7,000	8,000
Debt Securities, Trading Securities, Unamortized Premium	1,000	4,000
Debt Securities, Trading, Amortized Cost	298,000	605,000
Trading Securities [Member] | Credit Risk Transfer Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading Securities, Gross Unrealized Gains	35,000	8,000
Debt Securities, Trading Securities, Gross Unrealized Losses	1,000	30,000
Trading Securities Par	699,000	773,000
Debt Securities, Trading Securities, Unamortized discount	9,000	6,000
Debt Securities, Trading Securities, Unamortized Premium	12,000	12,000
Debt Securities, Trading, Amortized Cost	702,000	779,000
Securities Remeasured at Fair Value [Member] | Credit Risk Transfer Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale		757,000
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale	40,000	90,000
Commercial Mortgage Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale	268,000	567,000
Credit Risk Transfer Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale	736,000	757,000
Credit Risk Transfer Securities [Member] | Securities Remeasured at Fair Value [Member]
Schedule of Investments [Line Items]
Debt Securities, Trading and Available-for-sale	$ 736,000	$ 757,000

Investment Securities (Summary

Investment Securities (Summary Of Agency Securities Estimated Weighted Average Life Classifications) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value	$ 56,922	$ 40,904
Amortized Cost	$ 62,156	$ 44,880
Weighted Average Coupon	4.73%	3.94%
Weighted Average Yield	4.37%	3.37%
Less Than or Equal to Three Years [Member]
Fair Value	$ 451	$ 512
Amortized Cost	$ 481	$ 537
Weighted Average Coupon	6.20%	5.19%
Weighted Average Yield	5.75%	4.66%
Greater Than Three Years and Less Than or Equal to Five Years [Member]
Fair Value	$ 1,710	$ 2,643
Amortized Cost	$ 1,835	$ 2,824
Weighted Average Coupon	4.97%	4.57%
Weighted Average Yield	4.16%	3.79%
Greater Than Five Years [Member]
Fair Value	$ 49,139	$ 30,958
Amortized Cost	$ 53,782	$ 33,985
Weighted Average Coupon	4.70%	3.96%
Weighted Average Yield	4.32%	3.30%
Greater Than Ten Years [Member]
Fair Value	$ 5,622	$ 6,791
Amortized Cost	$ 6,058	$ 7,534
Weighted Average Coupon	4.81%	3.56%
Weighted Average Yield	4.76%	3.43%

Investment Securities (Summar_2

Investment Securities (Summary Of Changes In Accumulated OCI For Available-For-Sale Security) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Unrealized Gains and (Losses), Net	$ (213)	$ (372)	$ (136)	$ (1,108)
Agency Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning OCI Balance	(595)	(435)	(672)	301
Unrealized Gains and (Losses), Net	(213)	(372)	(184)	(1,132)
Reversal of Unrealized (Gains) and Losses, Net on Realization	0	0	48	24
Ending OCI Balance	$ (808)	$ (807)	$ (808)	$ (807)

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	Sep. 30, 2023	Dec. 31, 2022
Unrealized Loss Position For - Unrealized Loss - Less than 12 Months	$ 0	$ (665,000)
Unrealized Loss Position For - Unrealized Loss - 12 Months or More	(808,000)	(7,000)
Unrealized Loss Position For - Unrealized Loss - Total	(808,000)	(672,000)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	0	5,846,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	4,755,000	52,000
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 4,755,000	$ 5,898,000

Investment Securities (Summar_4

Investment Securities (Summary Of Net Gain From Sale Of Agency Securities) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cost of Sale of Fair Value Option Securities	$ (3,175)	$ (5,901)	$ (6,968)	$ (21,358)
Cost of Sale of Investment Securities	(3,175)	(5,898)	(7,386)	(21,958)
Proceeds from Sale of Debt Securities	2,641	5,338	6,516	20,110
Proceeds from Sale of Debt Securities, Trading	2,641	5,341	6,146	19,534
Proceeds from Sale of Debt Securities, Available-for-sale	0	(3)	(370)	(576)
Net gain (loss) on sale of investment securities	(534)	(560)	(870)	(1,848)
Available-for-sale Securities [Member]
Agency MBS sold, at cost	0	(3)	418	600
Net gain (loss) on sale of investment securities		0		(24)
Debt Securities, Available-for-sale, Realized Gain	0	0	0	2
Debt Securities, Available-for-sale, Realized Loss	0	0	48	26
Securities Remeasured at Fair Value [Member]
Net gain (loss) on sale of investment securities		(560)		(1,824)
Debt Securities, Available-for-sale, Realized Gain	4	4	15	8
Debt Securities, Available-for-sale, Realized Loss	538	564	837	1,832
Securities (Assets) [Member]
Net gain (loss) on sale of investment securities	(534)	(560)	(870)	(1,848)
Debt Securities, Available-for-sale, Realized Gain	4	4	15	10
Debt Securities, Available-for-sale, Realized Loss	538	$ 564	885	$ 1,858
Cost and Proceeds of Investment Securities [Member] | Available-for-sale Securities [Member]
Net gain (loss) on sale of investment securities	0		(48)
Cost and Proceeds of Investment Securities [Member] | Securities Remeasured at Fair Value [Member]
Net gain (loss) on sale of investment securities	(534)		(822)
Gross Gain & Loss of Investment Securities [Member] | Available-for-sale Securities [Member]
Net gain (loss) on sale of investment securities	0		(48)
Gross Gain & Loss of Investment Securities [Member] | Securities Remeasured at Fair Value [Member]
Net gain (loss) on sale of investment securities	$ (534)		$ (822)

Investment Securities Securitie

Investment Securities Securities by Credit Rating (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	$ 52,146	$ 34,977
Debt Securities, Trading and Available-for-sale	56,922	40,904
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading and Available-for-sale	40	90
Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading and Available-for-sale	268	567
Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading and Available-for-sale	736	757
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	736	757
BBB Rating [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	16	40
BBB Rating [Member] | Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	48	65
BBB Rating [Member] | Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	92	91
BB Rating [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	7	13
BB Rating [Member] | Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	78	91
BB Rating [Member] | Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	236	299
AAA Rating [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	0	9
AAA Rating [Member] | Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	9	184
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	2	3
AA Rating [Member] | Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	32	117
AA Rating [Member] | Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	0	2
A Rating [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	4	13
A Rating [Member] | Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	34	38
A Rating [Member] | Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	10	16
B Rating [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	2	2
B Rating [Member] | Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	49	58
B Rating [Member] | Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	31	72
Not Rated [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	9	10
Not Rated [Member] | Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	18	14
Not Rated [Member] | Credit Risk Transfer Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading	$ 367	$ 277

Repurchase Agreements And Rev_3

Repurchase Agreements And Reverse Repurchase Agreements (Narrative) (Details) $ in Millions	Sep. 30, 2023 USD ($) days	Dec. 31, 2022 USD ($) days
Assets Sold under Agreements to Repurchase [Line Items]
Receivable Under Reverse Repurchase Agreements	$ 8,900	$ 6,622
Securities Sold under Agreements to Repurchase	52,107	36,262
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 9,022	$ 6,534
Short-term Debt, Weighted Average Interest Rate, at Point in Time	5.47%	4.31%
Debt of consolidated variable interest entities, at fair value	$ (80)	$ (95)
TBA securities Fifteen Year and Thirty Year Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Derivative, Fair Value, Net	(31)	167
TBA and Forward Settling Agency Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Derivative, Forward Settlement Value	2,407	18,407
Derivative, Fair Value, Net	(31)	167
Maturity Overnight [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Securities Sold under Agreements to Repurchase	17,400	9,600
Forward Contracts [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Securities Sold under Agreements to Repurchase	$ 13,600	$ 6,400
Weighted Average Forward Start Days | days	3	4
Short-term Debt, Weighted Average Interest Rate, at Point in Time	5.42%	4.38%
Bethesda Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Percentage of Repurchase Agreement Funding	46%	49%
FICC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Percentage of Repurchase Agreement Funding	43%	48%
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 3,000	$ 1,500

Repurchase Agreements And Other

Repurchase Agreements And Other Debt (Repurchase Arrangements And Weighted Average Interest Rates Classified By Original Maturities) (Details) $ in Millions	Sep. 30, 2023 USD ($) days	Dec. 31, 2022 USD ($) days
Receivable Under Reverse Repurchase Agreements	$ 8,900	$ 6,622
Repurchase Agreements	$ 52,107	$ 36,262
Weighted Average Interest Rate	5.47%	4.31%
Weighted Average Days to Maturity | days	16	22
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 9,022	$ 6,534
Maturity Overnight [Member]
Repurchase Agreements	17,400	9,600
30 Days or Less [Member]
Repurchase Agreements	$ 43,439	$ 26,712
Weighted Average Interest Rate	5.46%	4.42%
Weighted Average Days to Maturity | days	11	12
1 to 3 Months
Repurchase Agreements	$ 8,211	$ 7,762
Weighted Average Interest Rate	5.50%	4.48%
Weighted Average Days to Maturity | days	42	38
3 to 6 Months
Repurchase Agreements	$ 201	$ 1,433
Weighted Average Interest Rate	5.32%	1.42%
Weighted Average Days to Maturity | days	142	141
US Treasury Securities [Member] | 2 Days to 1 Month [Member]
Repurchase Agreements	$ 256	$ 355
Weighted Average Interest Rate	5.41%	4.37%
Weighted Average Days to Maturity | days	2	3
FICC [Member]
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 3,000	$ 1,500
US Government Agencies Debt Securities [Member]
Repurchase Agreements	$ 51,851	$ 35,907
Weighted Average Interest Rate	5.47%	4.31%
Weighted Average Days to Maturity | days	16	23

Derivative and Other Hedging _3

Derivative and Other Hedging Instruments (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) month	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) month	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Interest Rate Swaption [Member]
Average Maturity (Years)			10 years		9 years 9 months 18 days
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | month			7		13
Notional Amount	$ 1,350,000		$ 1,350,000		$ 3,050,000
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	89,000	$ 194,000	49,000	$ 866,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	0	0	0	1,750,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	$ (250,000)	(3,400,000)	$ (1,700,000)	(11,350,000)
Derivative, Average Fixed Interest Rate	2.57%		2.57%		2.32%
Interest Rate Derivatives, at Fair Value, Net	$ 174,000		$ 174,000		$ 293,000
Options At Cost			30,000		65,000
Derivative, Notional Amount	1,350,000	3,400,000	1,350,000	3,400,000	3,050,000	$ 1,600,000	$ 6,800,000
TBA and Forward Settling Agency Securities [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(148,000)	(1,192,000)	(172,000)	(3,030,000)
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	35,448,000	78,067,000	138,448,000	228,904,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period				(236,658,000)
Derivative Asset, Fair Value, Gross Asset	2,376,000		2,376,000		18,574,000
Derivative, Fair Value, Net	(31,000)		(31,000)		167,000
Derivative, Notional Amount	2,351,000	18,919,000	2,351,000	18,919,000	19,050,000	10,289,000	15,927,000	$ 26,673,000
US Treasury Securities [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	412,000	483,000	389,000	818,000
Derivative, Fair Value, Net	215,000		215,000		56,000
Credit Default Swap
Derivative, Fair Value, Net	(2,000)		(2,000)		(2,000)
Credit Default Swap, Buying Protection
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0	0	(8,000)	21,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	297,000	365,000	1,292,000	5,835,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(836,000)	(290,000)	(1,336,000)	(5,545,000)
Derivative, Notional Amount	171,000		171,000		215,000
SOFR Futures Contracts
Derivative, Notional Amount	1,100,000		1,100,000			1,300,000
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	1,623,000	1,478,000	2,175,000	4,498,000
Derivative assets, at fair value	413,000		413,000		617,000
Not Designated as Hedging Instrument [Member] | Interest Rate Swaption [Member]
Derivative, Notional Amount								13,000,000
Not Designated as Hedging Instrument [Member] | Credit Default Swap, Buying Protection
Derivative, Notional Amount	171,000	290,000	171,000	290,000	215,000	710,000	215,000	0
Short [Member] | US Treasury Securities [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	537,000	532,000	614,000	1,620,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	5,668,000	2,696,000	15,470,000	9,604,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(4,161,000)	(3,192,000)	(12,709,000)	(10,447,000)
Derivative Asset, Fair Value, Gross Asset	9,855,000		9,855,000		10,505,000
Derivative, Notional Amount	10,134,000	8,747,000	10,134,000	8,747,000	7,373,000	8,627,000	9,243,000	9,590,000
Long [Member] | US Treasury Securities [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(20,000)	(3,000)	(75,000)	(32,000)
Trading Securities Added During the Period	1,499,000	2,149,000	11,786,000	7,725,000
Notional Amount Of Trading Securities Settlement Expiration During The Period	(2,782,000)	(2,727,000)	(11,883,000)	(6,873,000)
Debt Securities, Trading, and Equity Securities, FV-NI	260,000	$ 1,324,000	260,000	$ 1,324,000	$ 357,000	$ 1,543,000	$ 1,902,000	$ 472,000
Long [Member] | SOFR Futures Contracts
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (6,000)		$ (25,000)

Derivative and Other Hedging _4

Derivative and Other Hedging Instruments (Fair Value Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative asset, fair value	$ 413,000		$ 413,000			$ 617,000
Derivative liability, fair value	(80,000)		(80,000)			(99,000)
Derivative assets, at fair value	(413,000)		(413,000)			(617,000)
Derivative Liability	(80,000)		(80,000)			(99,000)
U.S. Treasury securities	246,000		246,000			353,000
U.S. Treasury Securities - short	(9,022,000)		(9,022,000)			(6,534,000)
Total - (short)/long, net	(8,776,000)		(8,776,000)			(6,181,000)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	1,623,000	$ 1,478,000	2,175,000	$ 4,498,000
Net Fair Value of Interest Rate Swaps Excluding the Recognition of Variation Margin Settlements as a Reduction of Carrying Value	4,200,000		4,200,000			4,500,000
TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	35,448,000	78,067,000	138,448,000	228,904,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period				(236,658,000)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(148,000)	(1,192,000)	(172,000)	(3,030,000)
Derivative, Fair Value, Net	(31,000)		(31,000)			167,000
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount	44,396,000		44,396,000			47,825,000
Derivative liability, fair value	0		0			0
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	1,920,000	0	5,396,000	2,970,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(5,250,000)	(2,810,000)	(7,825,000)	(7,070,000)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	759,000	1,464,000	1,387,000	4,235,000
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Derivative asset, fair value	0		0			2,000
Interest Rate Swaption [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount	1,350,000		1,350,000			3,050,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	0	0	0	1,750,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(250,000)	(3,400,000)	(1,700,000)	(11,350,000)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	89,000	194,000	49,000	866,000
Interest Rate Swaption [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Derivative asset, fair value	174,000		174,000			293,000
Purchases Of TBAs And Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative liability, fair value	(55,000)		(55,000)			(99,000)
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(43,386,000)	(75,075,000)	(155,147,000)
US Treasury Securities [Member]
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	412,000	483,000	389,000	818,000
Derivative, Fair Value, Net	215,000		215,000			56,000
Credit Default Swap
Derivative [Line Items]
Derivative liability, fair value	0		0			0
Derivative, Fair Value, Net	(2,000)		(2,000)			(2,000)
SOFR Futures Contracts
Derivative [Line Items]
Derivative liability, fair value	(25,000)		(25,000)			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	215,000		215,000			56,000
Derivative Liability	0		0			0
TBA and Forward Settling Agency Securities [Member] | Fair Value, Recurring [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Derivative assets, at fair value	(24,000)		(24,000)			(266,000)
Sale Of TBA And Forward Settling Agency Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Derivative Liability	(55,000)		(55,000)			(99,000)
Sale Of TBA And Forward Settling Agency Securities [Member] | Fair Value, Recurring [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Derivative assets, at fair value	(24,000)		(24,000)
Short [Member] | US Treasury Securities [Member]
Derivative [Line Items]
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	5,668,000	2,696,000	15,470,000	9,604,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(4,161,000)	(3,192,000)	(12,709,000)	(10,447,000)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	537,000	532,000	614,000	1,620,000
Long [Member] | US Treasury Securities [Member]
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(20,000)	(3,000)	(75,000)	(32,000)
Debt Securities, Trading, and Equity Securities, FV-NI	260,000	1,324,000	260,000	1,324,000	$ 1,543,000	$ 357,000	$ 1,902,000	$ 472,000
Trading Securities Added During the Period	1,499,000	2,149,000	11,786,000	7,725,000
Notional Amount Of Trading Securities Settlement Expiration During The Period	(2,782,000)	$ (2,727,000)	(11,883,000)	$ (6,873,000)
Long [Member] | SOFR Futures Contracts
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (6,000)		$ (25,000)

Derivative and Other Hedging _5

Derivative and Other Hedging Instruments (Summary Of Outstanding Interest Rate Swaps) (Details) $ in Millions	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Mar. 31, 2023	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) month	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) month
Interest Rate Swaps Linked to Overnight Index Swap Rate	20%			20%		19%
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 1,623		$ 1,478	$ 2,175	$ 4,498
Interest Rate Swaps Linked to Secured Overnight Financing Rate	80%			80%		81%
Interest Rate Swaption [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 89		194	$ 49	866
Notional Amount	$ 1,350			$ 1,350		$ 3,050
Average Fixed Pay Rate	2.57%			2.57%		2.32%
Options At Cost				$ 30		$ 65
Interest Rate Derivatives, at Fair Value, Net	$ 174			$ 174		$ 293
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | month				7		13
Average Maturity (Years)				10 years		9 years 9 months 18 days
Interest Rate Swap [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	759		1,464	$ 1,387	4,235
Notional Amount	$ 44,396			$ 44,396		$ 47,825
Average Fixed Pay Rate	0.74%			0.74%		0.37%
Average Receive Rate	5.30%			5.30%		4.31%
Average Maturity (Years)		3 years 2 months 12 days		3 years 6 months
Receiver Swaption [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net			$ 0		$ 0
Less Than or Equal to One Year [Member] | Interest Rate Swaption [Member]
Notional Amount	$ 1,350			$ 1,350		$ 1,300
Average Fixed Pay Rate	2.57%			2.57%		2.04%
Options At Cost				$ 30		$ 26
Interest Rate Derivatives, at Fair Value, Net	$ 174			$ 174		$ 145
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | month				7		6
Average Maturity (Years)				10 years		9 years 4 months 24 days
Less Than or Equal to One Year [Member] | Interest Rate Swap [Member]
Notional Amount	$ 13,750			$ 13,750		$ 5,250
Average Fixed Pay Rate	0.14%			0.14%		0.03%
Average Receive Rate	5.31%			5.31%		4.30%
Average Maturity (Years)		8 months 12 days		8 months 12 days
Greater Than One Year and Less Than or Equal to Two Years [Member] | Interest Rate Swaption [Member]
Notional Amount						$ 1,750
Average Fixed Pay Rate						2.52%
Options At Cost						$ 39
Interest Rate Derivatives, at Fair Value, Net						$ 148
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | month						18
Average Maturity (Years)						10 years
Greater Than One Year and Less Than or Equal to Three Years [Member] | Interest Rate Swap [Member]
Notional Amount	$ 14,300			$ 14,300		$ 22,250
Average Fixed Pay Rate	0.48%			0.48%		0.14%
Average Receive Rate	5.28%			5.28%		4.31%
Average Maturity (Years)		1 year 10 months 24 days		2 years 2 months 12 days
Greater Than Three Years and Less Than or Equal to Five Years [Member] | Interest Rate Swap [Member]
Notional Amount	$ 6,300			$ 6,300		$ 10,550
Average Fixed Pay Rate	0.24%			0.24%		0.22%
Average Receive Rate	5.31%			5.31%		4.31%
Average Maturity (Years)		3 years 9 months 18 days		4 years 1 month 6 days
Greater Than Five Years and Less than or Equal to Seven Years [Member] | Interest Rate Swap [Member]
Notional Amount	$ 3,650			$ 3,650		$ 5,625
Average Fixed Pay Rate	0.69%			0.69%		0.85%
Average Receive Rate	5.31%			5.31%		4.30%
Average Maturity (Years)		6 years 1 month 6 days		6 years 4 months 24 days
Greater Than Seven Years and Less than or Equal to Ten Years [Member] | Interest Rate Swap [Member]
Notional Amount	$ 5,546			$ 5,546		$ 3,650
Average Fixed Pay Rate	3.22%			3.22%		1.60%
Average Receive Rate	5.31%			5.31%		4.31%
Average Maturity (Years)		8 years 4 months 24 days		9 years 4 months 24 days
Greater Than Ten Years [Member] | Interest Rate Swap [Member]
Notional Amount	$ 850			$ 850		$ 500
Average Fixed Pay Rate	3.12%			3.12%		3.54%
Average Receive Rate	5.31%			5.31%		4.30%
Average Maturity (Years)		10 years		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			9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Mar. 31, 2023	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) month	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) month
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 1,623		$ 1,478	$ 2,175	$ 4,498
Interest Rate Swaps Linked to Overnight Index Swap Rate	20%			20%		19%
Interest Rate Swaption [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 89		194	$ 49	866
Cost				30		$ 65
Fair Value	174			$ 174		$ 293
Average Months to Expiration | month				7		13
Derivative Liability, Notional Amount	$ 1,350			$ 1,350		$ 3,050
Average Fixed Pay Rate	2.57%			2.57%		2.32%
Average Maturity (Years)				10 years		9 years 9 months 18 days
Interest Rate Swap [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 759		$ 1,464	$ 1,387	$ 4,235
Derivative Liability, Notional Amount	$ 44,396			$ 44,396		$ 47,825
Average Fixed Pay Rate	0.74%			0.74%		0.37%
Average Maturity (Years)		3 years 2 months 12 days		3 years 6 months
Less Than or Equal to One Year [Member] | Interest Rate Swaption [Member]
Cost				$ 30		$ 26
Fair Value	$ 174			$ 174		$ 145
Average Months to Expiration | month				7		6
Derivative Liability, Notional Amount	$ 1,350			$ 1,350		$ 1,300
Average Fixed Pay Rate	2.57%			2.57%		2.04%
Average Maturity (Years)				10 years		9 years 4 months 24 days
Less Than or Equal to One Year [Member] | Interest Rate Swap [Member]
Derivative Liability, Notional Amount	$ 13,750			$ 13,750		$ 5,250
Average Fixed Pay Rate	0.14%			0.14%		0.03%
Average Maturity (Years)		8 months 12 days		8 months 12 days
Greater Than One Year and Less Than or Equal to Three Years [Member] | Interest Rate Swap [Member]
Derivative Liability, Notional Amount	$ 14,300			$ 14,300		$ 22,250
Average Fixed Pay Rate	0.48%			0.48%		0.14%
Average Maturity (Years)		1 year 10 months 24 days		2 years 2 months 12 days

Derivative and Other Hedging _7

Derivative and Other Hedging Instruments (US Treasury Securities) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
U.S. Treasury securities, net	$ (8,776)		$ (6,181)
Weighted Average Yield Percentage	4.37%		3.37%
At Par Value [Member]
Derivative [Line Items]
U.S. Treasury securities, net	$ (9,874)		$ (7,016)
US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	215		56
TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(2,351)	$ (10,289)	(19,050)	$ (18,919)	$ (15,927)	$ (26,673)
Derivative, Forward Settlement Value	(2,407)		(18,407)
Derivative Asset, Fair Value, Gross Asset	(2,376)		(18,574)
Derivative, Fair Value, Net	(31)		167
Less Than or Equal to Five Years
Derivative [Line Items]
U.S. Treasury securities, net	(845)		356
Greater Than Five Years and Less than or Equal to Seven Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(818)		(745)
Greater Than Seven Years and Less than or Equal to Ten Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(7,181)		(5,532)
Greater Than Ten Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(1,030)		(1,095)
Greater Than Ten Years [Member] | US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	45		8
Greater Than Five Years and Less than or Equal to Seven Years [Member] | US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	95		43
Greater Than Seven Years and Less than or Equal to Ten Years [Member] | US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	75		5
Short [Member] | US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(10,134)	(8,627)	(7,373)	(8,747)	(9,243)	(9,590)
Derivative, Forward Settlement Value	(10,070)		(10,561)
Derivative Asset, Fair Value, Gross Asset	(9,855)		(10,505)
Short [Member] | US Treasury Securities [Member] | Future [Member]
Derivative [Line Items]
Derivative, Notional Amount	(8,969)	$ (5,900)	(9,213)	$ (10,883)	$ (8,105)	$ (1,500)
Short [Member] | Greater Than Ten Years [Member] | US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(1,091)		(814)
Derivative, Forward Settlement Value	(1,287)		(1,028)
Derivative Asset, Fair Value, Gross Asset	(1,242)		(1,020)
Short [Member] | Greater Than Five Years and Less than or Equal to Seven Years [Member] | US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(5,054)		(7,498)
Derivative, Forward Settlement Value	(5,557)		(8,463)
Derivative Asset, Fair Value, Gross Asset	(5,462)		(8,420)
Short [Member] | Greater Than Seven Years and Less than or Equal to Ten Years [Member] | US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(2,824)		(901)
Derivative, Forward Settlement Value	(3,226)		(1,070)
Derivative Asset, Fair Value, Gross Asset	(3,151)		(1,065)
Fair Value Hedging [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(8,776)		(6,181)
Fair Value Hedging [Member] | Less Than or Equal to Five Years
Derivative [Line Items]
U.S. Treasury securities, net	(819)		353
Fair Value Hedging [Member] | Greater Than Five Years and Less than or Equal to Seven Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(667)		(658)
Fair Value Hedging [Member] | Greater Than Seven Years and Less than or Equal to Ten Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(6,329)		(4,823)
Fair Value Hedging [Member] | Greater Than Ten Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(961)		(1,053)
Fair Value Hedging [Member] | Long [Member]
Derivative [Line Items]
U.S. Treasury securities, net	200		400
At Cost Basis [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(9,577)		(6,666)
At Cost Basis [Member] | Less Than or Equal to Five Years
Derivative [Line Items]
U.S. Treasury securities, net	(839)		354
At Cost Basis [Member] | Greater Than Five Years and Less than or Equal to Seven Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(821)		(747)
At Cost Basis [Member] | Greater Than Seven Years and Less than or Equal to Ten Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	(6,904)		(5,225)
At Cost Basis [Member] | Greater Than Ten Years [Member]
Derivative [Line Items]
U.S. Treasury securities, net	$ (1,013)		$ (1,048)
US Treasury Securities [Member] | Short [Member]
Derivative [Line Items]
Weighted Average Yield Percentage	3.40%		2.80%
US Treasury Securities [Member] | Long [Member]
Derivative [Line Items]
Weighted Average Yield Percentage	3.64%		3.86%

Derivative and Other Hedging _8

Derivative and Other Hedging Instruments (TBA Securities by Coupon and Issuer) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 2,351	$ 10,289	$ 19,050	$ 18,919	$ 15,927	$ 26,673
Cost Basis	2,407		18,407
Net long TBA position, at fair value	2,376		18,574
TBA, net carrying value	(31)		167
Forward Settling non-Agency Securities
Derivative [Line Items]
Derivative, Notional Amount				$ 0		$ 450
30 Year Maturity [Member] | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	2,261		19,050
Cost Basis	2,318		18,407
Net long TBA position, at fair value	2,289		18,574
TBA, net carrying value	(29)		167
30 Year Maturity [Member] | 2.5% Coupon [Member] | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	13		737
Cost Basis	10		626
Net long TBA position, at fair value	10		619
TBA, net carrying value	0		(7)
30 Year Maturity [Member] | 3.0% - 4.0% Coupons | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount			1,856
Cost Basis			1,681
Net long TBA position, at fair value			1,679
TBA, net carrying value	11		(2)
30 Year Maturity [Member] | 4.5% - 5.5% Coupons | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	430		16,301
Cost Basis	467		15,949
Net long TBA position, at fair value	446		16,117
TBA, net carrying value	(21)		168
30 Year Maturity [Member] | 6.0% Coupon | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	2,065		156
Cost Basis	2,073		151
Net long TBA position, at fair value	2,054		159
TBA, net carrying value	(19)		8
30 Year Maturity [Member] | Short [Member] | 3.0% - 4.0% Coupons | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	247
Cost Basis	232
Net long TBA position, at fair value	221
15 Year Maturity [Member] | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	90		0
Cost Basis	89		0
Net long TBA position, at fair value	87		0
TBA, net carrying value	(2)		0
15 Year Maturity [Member] | 4.5% Coupon [Member] | TBA and Forward Settling Agency Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	90		0
Cost Basis	89		0
Net long TBA position, at fair value	87		0
TBA, net carrying value	$ (2)		$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Amount Gain/(Loss) Recognized in Income on Derivatives	$ 1,623	$ 1,478	$ 2,175	$ 4,498
Interest Rate Swaption [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(1,350)	(3,400)	(1,350)	(3,400)	$ (1,600)	$ (3,050)	$ (6,800)
Additions	0	0	0	(1,750)
Settlement, Expirations or Exercise	250	3,400	1,700	11,350
Notional Amount	(1,350)		(1,350)
Amount Gain/(Loss) Recognized in Income on Derivatives	89	194	49	866
TBA and Forward Settling Agency Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(2,351)	(18,919)	(2,351)	(18,919)	(10,289)	(19,050)	(15,927)	$ (26,673)
Additions	(35,448)	(78,067)	(138,448)	(228,904)
Settlement, Expirations or Exercise				236,658
Amount Gain/(Loss) Recognized in Income on Derivatives	(148)	(1,192)	(172)	(3,030)
Purchases Of TBAs And Forward Settling Agency Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Settlement, Expirations or Exercise	43,386	75,075	155,147
Interest Rate Swap [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Additions	(1,920)	0	(5,396)	(2,970)
Settlement, Expirations or Exercise	5,250	2,810	7,825	7,070
Notional Amount	(44,396)		(44,396)
Amount Gain/(Loss) Recognized in Income on Derivatives	759	1,464	1,387	4,235
US Treasury Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Amount Gain/(Loss) Recognized in Income on Derivatives	412	483	389	818
Receiver Swaption [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount		0		0			(150)	0
Additions		0		(150)
Settlement, Expirations or Exercise		150		(150)
Amount Gain/(Loss) Recognized in Income on Derivatives		0		0
Forward Settling non-Agency Securities
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount		0		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	(171)		(171)			(215)
Additions	(297)	(365)	(1,292)	(5,835)
Settlement, Expirations or Exercise	836	290	1,336	5,545
Amount Gain/(Loss) Recognized in Income on Derivatives	0	0	(8)	21
SOFR Futures Contracts
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(1,100)		(1,100)		(1,300)
Interest Rate Receive Swap
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Additions	0		(1,000)
Settlement, Expirations or Exercise	0		0
Notional Amount	(1,000)		(1,000)
Amount Gain/(Loss) Recognized in Income on Derivatives	(6)		(9)
Not Designated as Hedging Instrument [Member] | Interest Rate Swaption [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount								(13,000)
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(45,396)	(47,125)	(45,396)	(47,125)	(48,726)	(47,825)	(49,935)	(51,225)
Not Designated as Hedging Instrument [Member] | Credit Default Swap, Buying Protection
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(171)	(290)	(171)	(290)	(710)	(215)	(215)	0
Not Designated as Hedging Instrument [Member] | Interest Rate Receive Swap
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(1,000)		(1,000)		(1,000)	0
Short [Member] | US Treasury Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(10,134)	(8,747)	(10,134)	(8,747)	(8,627)	(7,373)	(9,243)	(9,590)
Additions	(5,668)	(2,696)	(15,470)	(9,604)
Settlement, Expirations or Exercise	4,161	3,192	12,709	10,447
Amount Gain/(Loss) Recognized in Income on Derivatives	537	532	614	1,620
Long [Member] | US Treasury Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Amount Gain/(Loss) Recognized in Income on Derivatives	(20)	(3)	(75)	(32)
Debt Securities, Trading, and Equity Securities, FV-NI	260	1,324	260	1,324	1,543	357	1,902	472
Trading Securities Added During the Period	1,499	2,149	11,786	7,725
Notional Amount Of Trading Securities Settlement Expiration During The Period	(2,782)	(2,727)	(11,883)	(6,873)
Long [Member] | SOFR Futures Contracts
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Amount Gain/(Loss) Recognized in Income on Derivatives	(6)		(25)
Future [Member] | Short [Member] | US Treasury Securities [Member]
Changes in Derivative and Other Hedge Portfolio [Roll Forward]
Notional Amount	(8,969)	(10,883)	(8,969)	(10,883)	$ (5,900)	$ (9,213)	$ (8,105)	$ (1,500)
Additions	(10,070)	(11,241)	23,185	(26,466)
Settlement, Expirations or Exercise	$ 7,001	$ 8,463	$ (23,429)	$ 17,083

Balance Sheet Offsetting (Detai

Balance Sheet Offsetting (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Other Assets [Line Items]
Other assets	$ 746	$ 247
Other liabilities	$ 442	$ 486

Pledged Assets (Narrative) (Det

Pledged Assets (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Pledged Assets [Abstract]
Retained Interests in Consolidated VIE's Pledged as Collateral Under Repurchase Agreements	$ 40	$ 49
Risk Of Repurchase Agreement To Stockholders Equity	4%

Pledged Assets Repurchase Agree

Pledged Assets Repurchase Agreements with Counterparties Greater than or Equal to 5% of Equity at Risk (Details) $ in Millions	Sep. 30, 2023 USD ($) days	Dec. 31, 2022 USD ($) days
Repurchase Agreements with Counterparties Greater than or equal to 5% of Equity at Risk [Line Items]
Securities Sold under Agreements to Repurchase | $	$ 52,107	$ 36,262
Weighted Average Days to Maturity | days	16	22
Risk Of Repurchase Agreement To Stockholders Equity	4%
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	12%

Pledged Assets (Assets Pledged

Pledged Assets (Assets Pledged as Collateral) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Offsetting Assets and Liabilities [Line Items]
Accrued interest on pledged securities	$ 222	$ 128
Restricted cash	1,389	1,316
Total Fair Value of Securities Pledged and Accrued Interest	55,502
Total Fair Value Of Agency Securities Pledged And Accrued Interest		39,217
Security Owned and Pledged as Collateral, Fair Value	53,727	37,426
Retained Interests in Consolidated VIE's Pledged as Collateral Under Repurchase Agreements	40	49
Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	52,519	35,765
Derivative Agreements and Other
Offsetting Assets and Liabilities [Line Items]
Total Fair Value of Securities Pledged and Accrued Interest	1,116	1,308
Security Owned and Pledged as Collateral, Fair Value	44	203
Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Accrued interest on pledged securities	222	127
Total Fair Value of Securities Pledged and Accrued Interest	54,266
Total Fair Value Of Agency Securities Pledged And Accrued Interest		37,764
Variable Interest Entity, Primary Beneficiary [Member]
Offsetting Assets and Liabilities [Line Items]
Accrued interest on pledged securities	0	1
Total Fair Value of Securities Pledged and Accrued Interest	120
Total Fair Value Of Agency Securities Pledged And Accrued Interest		145
Security Owned and Pledged as Collateral, Fair Value	120	144
Includes Sold But Not Yet Settled Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	52,683	36,112
Credit Risk Transfer Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	709	703
Credit Risk Transfer Securities [Member] | Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	709	703
Non-Agency [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	253	605
Non-Agency [Member] | Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	253	605
US Treasury Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	246	353
US Treasury Securities [Member] | Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	246	353
US Treasury Securities [Member] | Derivative Agreements and Other
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	0	0
Derivative Agreements and Other
Offsetting Assets and Liabilities [Line Items]
Accrued interest on pledged securities	0	0
Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Restricted cash	317	211
Excluding Cash Received [Member]
Offsetting Assets and Liabilities [Line Items]
Restricted cash	1,389	1,316
Derivative Agreements and Other
Offsetting Assets and Liabilities [Line Items]
Restricted cash	$ 1,072	$ 1,105

Pledged Assets (Securities Pled

Pledged Assets (Securities Pledged as Collateral) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	$ 53,727	$ 37,426
Agency Securities Pledged As Collateral Amortized Cost	58,617	40,970
Agency Securities Pledged As Collateral Accrued Interest	222	127
Maturity Less than 30 Days [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	44,339	27,525
Agency Securities Pledged As Collateral Amortized Cost	48,381	30,168
Agency Securities Pledged As Collateral Accrued Interest	184	94
Maturity 31 To 59 Days [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	8,505	7,922
Agency Securities Pledged As Collateral Amortized Cost	9,246	8,680
Agency Securities Pledged As Collateral Accrued Interest	35	27
Maturity 60 To 90 Days [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	631	240
Agency Securities Pledged As Collateral Amortized Cost	689	252
Agency Securities Pledged As Collateral Accrued Interest	2	0
Maturity over 90 days [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	252	1,739
Agency Securities Pledged As Collateral Amortized Cost	301	1,870
Agency Securities Pledged As Collateral Accrued Interest	1	6
Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	52,519	35,765
Credit Risk Transfer Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	709	703
Credit Risk Transfer Securities [Member] | Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	709	703
US Treasury Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	246	353
US Treasury Securities [Member] | Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	246	353
Non-Agency [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	253	605
Non-Agency [Member] | Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Security Owned and Pledged as Collateral, Fair Value	$ 253	$ 605

Pledged Assets (Assets Pledge_2

Pledged Assets (Assets Pledged from Counterparties) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Offsetting Assets and Liabilities [Line Items]
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	$ 9,022	$ 6,534
Restricted Cash and Cash Equivalents	1,389	1,316
Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Restricted Cash and Cash Equivalents	200	348
Restricted Cash and Securities Pledged	8,984	6,948
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	(1)	(28)
Restricted Cash and Cash Equivalents	0	6
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	(1)	(34)
Derivative [Member] | Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Restricted Cash and Securities Pledged	178	296
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	(8,784)	(6,600)
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	(8,805)	(6,618)
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	(8,783)	(6,572)
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	178	296
Reverse Repurchase Agreements [Member] | Assets Pledged to Us [Member]
Offsetting Assets and Liabilities [Line Items]
Restricted Cash and Cash Equivalents	$ 22	$ 46

Pledged Assets (Offsetting Asse

Pledged Assets (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Offsetting Assets and Liabilities [Line Items]
Collateral Received	$ (2,980)
Assets [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	9,098	$ 7,183
Gross Amount Offset in the Consolidated Balance Sheets	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	9,098	7,183
Financial Instruments	(6,111)	(4,106)
Collateral Received		(3,070)
Net Amount	7	7
Assets [Member] | ERROR in label resolution.
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	174	295
Net Amounts of Assets Presented in the Consolidated Balance Sheets	174	295
Financial Instruments	0	0
Collateral Received	(174)	(293)
Net Amount	0	2
Assets [Member] | TBA and Forward Settling Agency Securities [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	24	266
Net Amounts of Assets Presented in the Consolidated Balance Sheets	24	266
Financial Instruments	(24)	(99)
Collateral Received	0	(167)
Net Amount	0	0
Assets [Member] | Reverse Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Net Amount	7	5
Liability [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	52,162	36,361
Gross Amount Offset in the Consolidated Balance Sheets	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	52,162	36,361
Financial Instruments	(6,111)	(4,106)
Collateral Received	(46,051)	(32,255)
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	55	99
Net Amounts of Assets Presented in the Consolidated Balance Sheets	55	99
Financial Instruments	(24)	(99)
Collateral Received	(31)	0
Net Amount	0	0
Reverse Repurchase Agreements [Member] | Assets [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	8,900	6,622
Gross Amount Offset in the Consolidated Balance Sheets	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	8,900	6,622
Financial Instruments	(6,087)	(4,007)
Collateral Received	(2,806)	(2,610)
Repurchase Agreements [Member] | Liability [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amounts of Recognized Assets	52,107	36,262
Gross Amount Offset in the Consolidated Balance Sheets	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	52,107	36,262
Financial Instruments	(6,087)	(4,007)
Collateral Received	$ (46,020)	$ (32,255)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
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	$ 215,000	$ 56,000
Derivative Liability	0	0
Future [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | SOFR Futures Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	25,000	0
Interest Rate Swaption [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	174,000	293,000
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0	2,000
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	(24,000)	(266,000)
Purchases Of TBAs And Forward Settling Agency Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Sale Of TBA And Forward Settling Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
TBA securities	(24,000)
Securities Sold under Agreements to Repurchase	$ 52,107,000	36,262,000
Transfers between hierarchy levels	no
Agency securities	$ 55,758,000	39,346,000
Non-Agency Securities, at Fair Value	353,000	682,000
Financial Instruments, Owned, Other, at Fair Value	736,000	757,000
U.S. Treasury securities	246,000	353,000
TBA securities	(413,000)	(617,000)
Derivative Liability	80,000	99,000
Debt of consolidated variable interest entities, at fair value	80,000	95,000
Obligation to return securities borrowed under reverse repurchase agreements, at fair value	9,022,000	6,534,000
Interest rate swaps	413,000	617,000
Mortgage Credit Investment Fund Limited Partnership	45,000	25,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	461,000	409,000
Total liabilities	9,047,000	6,534,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	57,120,000	41,465,000
Total liabilities	135,000	194,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Sale Of TBA And Forward Settling Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ 55,000	$ 99,000

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted Average Number of Shares Outstanding	620,200	527,200	598,400	524,800
Weighted Average Number of Fully Vested Restricted Stock Units and Performance Share Units Outstanding	1,800	1,500	1,800	1,600
Weighted Average Number of Shares Outstanding, Basic	622,000	528,700	600,200	526,400
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0	0	0	0
Weighted Average Number of Shares Outstanding, Diluted	622,000	528,700	600,200	526,400
Net Income (Loss) Available to Common Stockholders, Basic	$ (423)	$ (692)	$ (349)	$ (1,827)
Earnings Per Share, Basic	$ (0.68)	$ (1.31)	$ (0.58)	$ (3.47)
Earnings Per Share, Diluted	$ (0.68)	$ (1.31)	$ (0.58)	$ (3.47)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,300	1,100	1,100	1,100

Stockholders' Equity (Preferred

Stockholders' Equity (Preferred Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	9 Months Ended
	Feb. 11, 2020	Oct. 03, 2019	Aug. 22, 2017	May 31, 2014	Sep. 30, 2023	Dec. 31, 2022	Sep. 14, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock E, Value, Issued		$ 390,000
Preferred Stock E, Liquidation Preference, Value		$ 403,000
Preferred Stock F, Value, Issued	$ 557,000
Preferred Stock D, Value, Issued					$ 227,000
Preferred Stock D, Liquidation Preference, Value					235,000
Preferred Stock C, Value, Issued					315,000
Preferred Stock C, Liquidation Preference, Value					325,000
Preferred Stock, Value, Issued					1,634,000	$ 1,634,000
Preferred Stock, Liquidation Preference, Value					$ 1,688,000	$ 1,688,000
Preferred Stock G, Value, Issued							$ 145,000
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%		10.683%
Preferred Stock Dividend Payment Rate Variable Rate Spread					5.111%
Preferred Stock, Liquidation Preference Per Share					$ 25
Preferred Stock, Shares Issued					13,000
Preferred Stock, Dividedn Rate, Percentage, Basis Spread					511.10%
Series D Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Capital Shares Reserved for Future Issuance					10,350
Preferred Stock, Dividend Rate, Percentage					6.875%
Preferred Stock Dividend Payment Rate Variable Rate Spread					4.332%
Preferred Stock, Shares Issued					9,400
Preferred Stock, Dividedn Rate, Percentage, Basis Spread					433.20%
Series E Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Capital Shares Reserved for Future Issuance					16,100
Preferred Stock, Dividend Rate, Percentage		6.50%
Preferred Stock, Shares Issued					16,100
Preferred Stock, Dividedn Rate, Percentage, Basis Spread					499.30%
Series F Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Capital Shares Reserved for Future Issuance					23,000
Preferred Stock, Dividend Rate, Percentage	6.125%
Preferred Stock, Shares Issued					23,000
Preferred Stock, Liquidation Preference, Value	$ 575,000
Preferred Stock, Dividedn Rate, Percentage, Basis Spread					469.70%
Series G Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Capital Shares Reserved for Future Issuance					6,900
Preferred Stock, Dividend Rate, Percentage					7.75%
Preferred Stock, Shares Issued					6,000
Preferred Stock, Liquidation Preference, Value							$ 150,000
Preferred Stock, Dividedn Rate, Percentage, Basis Spread					439%
Depositary Share [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Shares Issued					67,500,000
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
Depositary Share [Member] | Series G Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Shares Issued							6,000,000

Stockholders' Equity (Common St

Stockholders' Equity (Common Stock Repurchase Program) (Details) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock, value		$ (51,000)
Payments for Repurchase of Common Stock	$ 0	$ 51,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 1,000,000
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock shares		(4,700)
Repurchase of common stock, value		$ 0

Stockholders' Equity (Accumulat

Stockholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
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	$ (213)	$ (372)	$ (136)	$ (1,108)
Agency Securities [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning OCI Balance	(595)	(435)	(672)	301
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	(213)	(372)	(184)	(1,132)
Amounts reclassified from accumulated OCI	0	0	48	24
Ending OCI Balance	$ (808)	$ (807)	$ (808)	$ (807)

Stockholders' Equity (Follow-On

Stockholders' Equity (Follow-On Equity Offerings) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	44,700		72,600
Stock Issued During Period, Value, New Issues	$ 432,000	$ 289,000	$ 709,000	$ 339,000

Stockholders' Equity (At-the-Ma

Stockholders' Equity (At-the-Market Offering Program) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Shares Authorized	$ 5,000		$ 5,000
Stock Issued During Period, Shares, New Issues	44,700		72,600
Stock Issued During Period, Value, New Issues	$ 432,000	$ 289,000	$ 709,000	$ 339,000
Stock Issued During Period, Price Per Share	$ 9.67		$ 9.77

Stockholders' Equity Schedule o

Stockholders' Equity Schedule of Dividends Declared (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share	$ 0.36	$ 0.36	$ 1.08	$ 1.08

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 11, 2020	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Oct. 31, 2023	Dec. 31, 2022	Oct. 03, 2019
Subsequent Event [Line Items]
Preferred Stock, Liquidation Preference, Value		$ 1,688,000		$ 1,688,000			$ 1,688,000
Preferred Stock D, Value, Issued		227,000		227,000
Preferred Stock E, Value, Issued								$ 390,000
Preferred Stock E, Liquidation Preference, Value								$ 403,000
Dividends, Preferred Stock, Cash		$ 31,000	$ 26,000	$ 92,000	$ 76,000
Common Stock, Dividends, Per Share, Declared		$ 0.36	$ 0.36	$ 1.08	$ 1.08
Stock Issued During Period, Shares, New Issues		44,700,000		72,600,000
Stock Issued During Period, Value, New Issues		$ 432,000	$ 289,000	$ 709,000	$ 339,000
Stock Repurchased During Period, Value					$ 51,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount		1,000,000		1,000,000
Common Stock, Shares Authorized		$ 5,000		$ 5,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock, Shares Authorized						$ 1,250,000
Common Stock [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues		44,700,000	28,600,000	72,500,000	32,700,000
Stock Issued During Period, Value, New Issues		$ 0	$ 1,000	$ 0	$ 1,000
Stock Repurchased During Period, Shares					4,700,000
Stock Repurchased During Period, Value					$ 0
Series F Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred Stock, Liquidation Preference, Value	$ 575,000
Preferred Stock, Dividend Rate, Percentage	6.125%
Preferred Stock, Shares Issued		23,000		23,000
Preferred Stock, Capital Shares Reserved for Future Issuance		23,000		23,000
Depositary Share [Member]
Subsequent Event [Line Items]
Preferred Stock, Shares Issued		67,500,000		67,500,000
Depositary Share [Member] | Series F Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred Stock, Shares Issued	23,000,000

Uncategorized Items - agnc-2023

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 2,334,000,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 1,525,000,000