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Securities, at Fair Value (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Agency MBS Portfolio
The following table presents certain information regarding the composition of the Company’s Agency MBS portfolio:
March 31, 2025
(Dollars in Thousands)Current FaceWeighted Average Purchase PriceWeighted Average Market PriceFair ValueWeighted Average Loan Age (Months)
CPR (1)
30-Year Fixed Rate:  
5.00% Coupon
$71,277 100.2 %98.2 %$69,967 240.6 %
5.50% Coupon
1,242,201 99.9 %100.1 %1,242,953 105.9 %
6.00% Coupon
304,195 100.1 %101.9 %310,007 178.2 %
6.50% Coupon
24,405 100.4 %103.5 %25,265 1812.3 %
  Total$1,642,078 100.0 %100.4 %$1,648,193 126.2 %
December 31, 2024
(Dollars in Thousands)Current FaceWeighted Average Purchase PriceWeighted Average Market PriceFair ValueWeighted Average Loan Age (Months)
CPR (1)
30-Year Fixed Rate:  
5.00% Coupon
$71,645 100.2 %96.6 %$69,233 213.3 %
5.50% Coupon
993,466 100.2 %98.8 %981,796 98.2 %
6.00% Coupon
313,173 100.1 %100.7 %315,317 1411.5 %
6.50% Coupon
25,607 100.4 %102.7 %26,289 1536.1 %
  Total$1,403,891 100.2 %99.2 %$1,392,635 119.2 %
(1) Reflects the average of the one month CPR for the number of months the security was held during the most recent three month period.
Schedule of Information about MBS and CRT Securities
The following tables present certain information about the Company’s Agency MBS and other Securities:
 
March 31, 2025
(In Thousands)Principal/Current
Face		Purchase PremiumsAccretable
Purchase Discounts
Discount Designated as Credit Reserve (1)
Gross
Amortized
Cost		Gross
Unrealized Gains		Gross
Unrealized Losses		Net
Unrealized Gain/(Loss)		Fair Value
Agency MBS$1,642,078 $5,431 $(6,037)$— $1,641,472 $11,619 $(4,898)$6,721 $1,648,193 
Other Securities (2)(3)(4)
143,750 15,812 (5,410)(23,691)130,461 11,766 (135)11,631 142,092 
Total residential mortgage securities (2)(3)(4)
$1,785,828 $21,243 $(11,447)$(23,691)$1,771,933 $23,385 $(5,033)$18,352 $1,790,285 

December 31, 2024
(In Thousands)Principal/Current
Face		Purchase PremiumsAccretable
Purchase Discounts
Discount Designated as Credit Reserve (1)
Gross
Amortized
Cost		Gross
Unrealized Gains		Gross
Unrealized Losses		Net
Unrealized Gain/(Loss)		Fair Value
Agency MBS$1,403,891 $5,534 $(3,525)$— $1,405,900 $2,318 $(15,583)$(13,265)$1,392,635 
Other Securities (2)(3)(4)
146,808 14,747 (5,662)(23,691)132,202 13,166 (490)12,676 144,878 
Total residential mortgage securities (2)(3)(4)
$1,550,699 $20,281 $(9,187)$(23,691)$1,538,102 $15,484 $(16,073)$(589)$1,537,513 
(1)Discount designated as Credit Reserve is generally not expected to be accreted into interest income.
(2)Based on management’s current estimates of future principal cash flows expected to be received.
(3)Amounts disclosed at March 31, 2025 includes CRT securities with a fair value of $51.1 million for which the fair value option has been elected. Such securities had approximately $2.9 million gross unrealized gains and no gross unrealized losses at March 31, 2025. Amounts disclosed at December 31, 2024 include CRT securities with a fair value of $51.5 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $3.2 million and no gross unrealized losses at December 31, 2024.
(4)Amounts disclosed at March 31, 2025 include Non-Agency MBS with a fair value of $22.9 million for which the fair value option has been elected. Such securities had approximately $0.7 million gross unrealized gains and $0.1 million gross unrealized losses at March 31, 2025. Amounts disclosed at December 31, 2024 include Non-Agency MBS with a fair value of $22.6 million for which the fair value option has been elected. Such securities had $0.5 million gross unrealized gains and $0.5 million gross unrealized losses at December 31, 2024.
Schedule of Impairment and Other Net (Loss)/Gain on Securities and Other Portfolio Investments
The following table presents the components of Impairment and other net gain/(loss) on securities and other portfolio investments, which is presented in Other Income/(Loss), net in the consolidated statements of operations:

Three Months Ended
March 31,
 (In Thousands)20252024
Net unrealized gain/(loss) on securities$20,201 $(4,112)
Net realized gain/(loss) from the sale of securities234 — 
Impairment of securities— — 
Total Impairment and other net gain/(loss) on securities20,435 (4,112)
Net unrealized gain/(loss) on other portfolio investments753 (664)
Net realized gain/(loss) on other portfolio investments(9)— 
Total Impairment and other net gain/(loss) on securities and other portfolio investments$21,179 $(4,776)
Schedule of Impact of AFS on AOCI
The following table presents the impact of the Company’s AFS securities (whose changes in fair value are recorded through OCI) on its AOCI:
Three Months Ended
March 31,
(In Thousands)20252024
AOCI from AFS securities:  
Unrealized gain on AFS securities at beginning of period$9,476 $17,698 
Unrealized gain/(loss) on securities available-for-sale(1,034)1,828 
Reclassification adjustment for MBS sales included in net income(226)— 
Change in AOCI from AFS securities(1,260)1,828 
Balance at end of period$8,216 $19,526 
Schedule of Interest Income on MBS, CRT Securities and MSR Related Assets
The following table presents the components of interest income on the Company’s Securities, at fair value: 
 Three Months Ended
March 31,
(In Thousands)20252024
Agency MBS
Coupon interest$20,919 $7,730 
Effective yield adjustment (1)(2)
1 (15)
Interest income$20,920 $7,715 
Other MBS
Coupon interest$1,528 $2,085 
Effective yield adjustment (1)(2)
127 30 
Interest income$1,655 $2,115 
Term notes backed by MSR collateral
Coupon interest$1,093 $1,951 
Effective yield adjustment (2)
1,002 1,211 
Interest income$2,095 $3,162 
(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.