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v3.23.2

Securities, at Fair Value - Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022
Debt Securities, Available-for-sale [Line Items] |  |  |  |  |  |
Interest income | $ 9,948 |  | $ 5,294 |  | $ 17,256 | $ 10,569
Agency MBS |  |  |  |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |  |  |  |
Coupon interest | 4,471 |  | 0 |  | 6,522 | 0
Effective yield adjustment | (45) | [1],[2] | 0 | [1],[2] | (76) | 0
Interest income | 4,426 |  | 0 |  | 6,446 | 0
Other MBS |  |  |  |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |  |  |  |
Coupon interest | 2,025 |  | 1,055 |  | 3,936 | 1,950
Effective yield adjustment | 28 | [1],[2] | 1,006 | [1],[2] | 217 | 2,272
Interest income | 2,053 |  | 2,061 |  | 4,153 | 4,222
Term notes backed by MSR collateral |  |  |  |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |  |  |  |
Coupon interest | 2,100 |  | 1,419 |  | 4,063 | 2,576
Effective yield adjustment | 1,369 | [2] | 1,814 | [2] | 2,594 | 3,771
Interest income | $ 3,469 |  | $ 3,233 |  | $ 6,657 | $ 6,347
[1] | Includes amortization of premium paid net of accretion of purchase discount. Interest income is recorded at an effective yield, which reflects net premium amortization/accretion based on actual prepayment activity.
[2] | The effective yield adjustment is the difference between the net income calculated using the net yield less the current coupon yield. The net yield may be based on management’s estimates of the amount and timing of future cash flows or in the instrument’s contractual cash flows, depending on the relevant accounting standards.

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- Definition Represents the following effective yield adjustments pertaining to mortgage backed securities. (1) For Agency MBS, this reflects net premium amortization and discount accretion based on actual prepayment activity. (2) For Non-Agency MBS, this is the difference between the net income calculated using the net yield, which is based on management's estimates of future cash flows, less the current coupon yield. + References No definition available. + Details
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