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Other Assets (Tables) | 6 Months Ended
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Jun. 30, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Schedule of Other Assets | The following table presents the components of the Company’s Other assets at June 30, 2026 and December 31, 2025:
(In Thousands) |  | June 30, 2026 |  | December 31, 2025
REO |  | $ | 128,090 |  |  | $ | 135,035 |
Commercial REO |  | 12,762 |  |  | 19,885 |
Goodwill |  | 61,076 |  |  | 61,076 |
Intangibles, net (1) |  | 2,000 |  |  | 2,600 |
Capital contributions made to loan origination partners |  | 21,088 |  |  | 20,182 |
Commercial loans |  | 4,510 |  |  | 6,079 |
Interest receivable |  | 108,840 |  |  | 111,118 |
Other loan related receivables |  | 7,054 |  |  | 8,874 |
Lease right-of-use asset (2) |  | 9,358 |  |  | 42,810 |
Other |  | 73,630 |  |  | 81,488 |
Total Other Assets |  | $ | 428,408 |  |  | $ | 489,147 |
(1)Net of aggregate accumulated amortization of $26.0 million and $25.4 million as of June 30, 2026 and December 31, 2025, respectively. (2)An estimated incremental borrowing rate of 7.5% was used in connection with the Company’s primary operating lease as of December 31, 2025, and an estimated incremental borrowing rate of 8.0% was used in connection with Lima One’s headquarters lease (see Notes 2 and 9).
Schedule of Aggregate Carrying Value of REO Properties | The following table summarizes the aggregate carrying value of REO properties by loan source prior to foreclosure proceeding or from completion of a deed-in-lieu of foreclosure or similar legal agreement.
(Dollars In Thousands) |  | June 30, 2026 |  | December 31, 2025
Non-QM loans |  | $ | 13,003 |  |  | $ | 12,066 |
Business purpose loans |  | 73,454 |  |  | 80,822 |
Seasoned RPL/NPL loans |  | 41,633 |  |  | 42,147 |
Total |  | $ | 128,090 |  |  | $ | 135,035 |
Number of properties |  | 298 |  |  | 322 |
Schedule of Activity for Real Estate Owned | The following table presents the activity in the Company’s REO for the three and six months ended June 30, 2026 and 2025:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars In Thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Balance at beginning of period |  | $ | 138,651 |  |  | $ | 130,634 |  |  | $ | 135,035 |  |  | $ | 130,854 |
Adjustments to record at lower of cost or fair value |  | (3,060) |  |  | (3,565) |  |  | (7,078) |  |  | (6,777) |
Transfer from residential whole loans (1) |  | 21,735 |  |  | 30,286 |  |  | 46,988 |  |  | 55,734 |
Purchases and capital improvements, net |  | 9 |  |  | 182 |  |  | 34 |  |  | 317 |
Disposals and other (2) |  | (29,245) |  |  | (21,713) |  |  | (46,889) |  |  | (44,304) |
Balance at end of period |  | $ | 128,090 |  |  | $ | 135,824 |  |  | $ | 128,090 |  |  | $ | 135,824 |
Number of properties |  | 298 |  |  | 377 |  |  | 298 |  |  | 377 |
(1)During the three and six months ended June 30, 2026, the Company recognized $(10.5) million and $(10.7) million of gains/(losses), respectively, on Residential whole loans in Other Income/(Loss), net associated with the transfer of loans to REO. During the three and six months ended June 30, 2025, the Company recognized $(4.4) million and $(4.4) million of gains/(losses), respectively, on Residential whole loans in Other Income/(Loss), net associated with the transfer of loans to REO. (2)During the three and six months ended June 30, 2026, the Company sold 76 and 144 REO properties for consideration of $30.7 million and $48.8 million, realizing net gains of approximately $1.6 million and $2.1 million, respectively. During the three and six months ended June 30, 2025, the Company sold 107 and 201 REO properties for consideration of $21.8 million and $46.0 million, realizing net gains of approximately $0.6 million and $2.3 million, respectively. These amounts are included in Other Income/(Loss), net on the Company’s consolidated statements of operations.
Schedule of Finite-Lived Intangible Assets Amortization Expense | The amortization period for each of the finite lived intangible assets and the activity for the six months ended June 30, 2026 are summarized in the table below:
(Dollars in Thousands) |  | Carrying Value at December 31, 2025 |  | Amortization Six months ended June 30, 2026 |  | Carrying Value at June 30, 2026 |  | Amortization Period (Years) (1)
Trademarks / Trade Names |  | $ | 2,200 |  |  | $ | (200) |  |  | $ | 2,000 |  |  | 10
Internally Developed Software |  | 400 |  |  | (400) |  |  | — |  |  | 5
Total Identified Intangibles |  | $ | 2,600 |  |  | $ | (600) |  |  | $ | 2,000 |  |  |
(1)Amortization is calculated on a straight-line basis over the amortization period.
Schedule of Financing Receivable Credit Quality Indicators | The following tables present additional information regarding the Company’s Residential whole loans: June 30, 2026
|  | Asset Amount |  | Fair Value |  | Unpaid Principal Balance (“UPB”) |  | Weighted Average Coupon (1) (2) |  | Weighted Average Term to Maturity (Months) |  | Weighted Average LTV Ratio (3) |  | Weighted Average Original FICO (4) |  | Aging by UPB |  | 60+ Days Past Due %
(Dollars In Thousands) |  |  |  |  |  |  |  |  |  |  | Past Due Days |
|  |  |  |  |  |  |  | Current |  | 30-59 |  | 60-89 |  | 90+ |
Non-QM loans |  | $ | 5,670,728 |  |  | $ | 5,655,660 |  |  | $ | 5,684,786 |  |  | 6.70 | % |  | 336 |  | 64 | % |  | 740 |  | $ | 5,290,874 |  |  | $ | 153,057 |  |  | $ | 53,291 |  |  | $ | 187,564 |  |  | 4.2 | %
Business purpose loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family rental |  | $ | 1,153,464 |  |  | $ | 1,155,689 |  |  | $ | 1,166,676 |  |  | 6.35 | % |  | 306 |  | 66 | % |  | 741 |  | $ | 1,113,690 |  |  | $ | 23,882 |  |  | $ | 1,644 |  |  | $ | 27,460 |  |  | 2.5 | %
Single-family transitional (5) | 654,221 |  |  | 654,585 |  |  | 671,699 |  |  | 10.09 | % |  | 6 |  | 68 | % |  | 754 |  | 559,111 |  |  | 20,782 |  |  | 13,167 |  |  | 78,639 |  |  | 13.7 | %
Multifamily transitional (5) |  | 320,882 |  |  | 320,882 |  |  | 360,373 |  |  | 10.09 | % |  | 2 |  | 90 | % |  | 750 |  | 269,854 |  |  | 2,439 |  |  | — |  |  | 88,080 |  |  | 24.4 | %
Total business purpose loans |  | $ | 2,128,567 |  |  | $ | 2,131,156 |  |  | $ | 2,198,748 |  |  | 8.11 | % |  |  |  | 70 | % |  |  |  | $ | 1,942,655 |  |  | $ | 47,103 |  |  | $ | 14,811 |  |  | $ | 194,179 |  |  | 9.5 | %
Seasoned RPL/NPL loans |  | 919,518 |  |  | 934,422 |  |  | 1,042,205 |  |  | 5.07 | % |  | 241 |  | 53 | % |  | 646 |  | 756,263 |  |  | 105,823 |  |  | 35,606 |  |  | 144,513 |  |  | 17.3 | %
Other loans |  | 49,054 |  |  | 49,054 |  |  | 57,968 |  |  | 3.43 | % |  | 302 |  | 62 | % |  | 757 |  | 57,464 |  |  | 504 |  |  | — |  |  | — |  |  | — | %
Residential whole loans, total or weighted average |  | $ | 8,767,867 |  |  | $ | 8,770,292 |  |  | $ | 8,983,707 |  |  | 6.85 | % |  |  |  | 64 | % |  |  |  | $ | 8,047,256 |  |  | $ | 306,487 |  |  | $ | 103,708 |  |  | $ | 526,256 |  |  | 7.0 | %
December 31, 2025
|  | Asset Amount |  | Fair Value |  | Unpaid Principal Balance (“UPB”) |  | Weighted Average Coupon (1) (2) |  | Weighted Average Term to Maturity (Months) |  | Weighted Average LTV Ratio (3) |  | Weighted Average Original FICO (4) |  | Aging by UPB |  | 60+ Days Past Due %
(Dollars In Thousands) |  |  |  |  |  |  |  |  |  |  | Past Due Days |
|  |  |  |  |  |  |  | Current |  | 30-59 |  | 60-89 |  | 90+ |
Non-QM loans |  | $ | 5,344,968 |  |  | $ | 5,332,533 |  |  | $ | 5,322,321 |  |  | 6.74 | % |  | 337 |  | 64 | % |  | 738 |  | $ | 4,929,485 |  |  | $ | 170,509 |  |  | $ | 47,154 |  |  | $ | 175,173 |  |  | 4.2 | %
Business purpose loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family rental | $ | 1,234,428 |  |  | $ | 1,237,464 |  |  | $ | 1,246,745 |  |  | 6.34 | % |  | 311 |  | 66 | % |  | 740 |  | $ | 1,193,041 |  |  | $ | 22,309 |  |  | $ | 4,165 |  |  | $ | 27,230 |  |  | 2.5 | %
Single-family transitional (5) | 717,303 |  |  | 717,702 |  |  | 732,059 |  |  | 10.31 | % |  | 6 |  | 69 | % |  | 750 |  | 599,798 |  |  | 48,180 |  |  | 2,535 |  |  | 81,546 |  |  | 11.5 | %
Multifamily transitional (5) | 489,637 |  |  | 489,637 |  |  | 531,804 |  |  | 10.17 | % |  | 1 |  | 64 | % |  | 749 |  | 399,686 |  |  | 44,523 |  |  | 32,905 |  |  | 54,690 |  |  | 16.5 | %
Total Business purpose loans | $ | 2,441,368 |  |  | $ | 2,444,803 |  |  | $ | 2,510,608 |  |  | 8.31 | % |  |  |  | 66 | % |  |  |  | $ | 2,192,525 |  |  | $ | 115,012 |  |  | $ | 39,605 |  |  | $ | 163,466 |  |  | 8.1 | %
Seasoned RPL/NPL loans |  | 972,996 |  |  | 992,120 |  |  | 1,097,698 |  |  | 5.09 | % |  | 245 |  | 54 | % |  | 646 |  | 757,826 |  |  | 125,621 |  |  | 47,620 |  |  | 166,631 |  |  | 19.5 | %
Other loans |  | 51,022 |  |  | 51,022 |  |  | 59,283 |  |  | 3.43 | % |  | 308 |  | 63 | % |  | 757 |  | 59,283 |  |  | — |  |  | — |  |  | — |  |  | — | %
Residential whole loans, total or weighted average |  | $ | 8,810,354 |  |  | $ | 8,820,478 |  |  | $ | 8,989,910 |  |  | 6.98 | % |  |  |  | 64 | % |  |  |  | $ | 7,939,119 |  |  | $ | 411,142 |  |  | $ | 134,379 |  |  | $ | 505,270 |  |  | 7.1 | %
(1)Weighted average is calculated based on the interest-bearing principal balance of each loan within the related category. For loans acquired with servicing rights released by the seller, interest rates included in the calculation do not reflect loan servicing fees. For loans acquired with servicing rights retained by the seller, interest rates included in the calculation are net of servicing fees. Certain Transitional Loans contain contractual features which increase the loan’s interest rate following an event of default. The weighted average coupon presented is calculated based on each loan’s coupon rate without regard to post-default rate adjustments. (2)For the quarter ended June 30, 2026, the gross coupon was 6.82% for Non-QM loans, 6.37% for Single-family rental loans, 10.10% for Single-family transitional loans, 10.10% for Multifamily transitional loans, and 5.08% for Seasoned RPL/NPL loans. For the quarter ended December 31, 2025, the gross coupon was 6.88% for Non-QM loans, 6.37% for Single-family rental loans, 10.32% for Single-family transitional loans, 10.18% for Multifamily transitional loans, and 5.10% for Seasoned RPL/NPL loans. (3)LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. Excluded from the calculation of weighted average are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful. (4)Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available. (5)For Single-family and Multifamily transitional loans that are less than 90 days delinquent, the LTV presented is generally the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, as of the most recent date available, which may be the origination date. For Single-family and Multifamily transitional loans that are 90 or more days delinquent, as well as certain performing loans for which an after repaired valuation was not available, the LTV presented is the ratio of the current unpaid principal balance of the loan to the estimated as-is value of the collateral securing the related loan as of the most recent date available, which may be the origination date. The following table presents certain additional credit-related information regarding the Company’s Residential whole loans, at carrying value:
|  | Amortized Cost Basis by Origination Year and LTV Bands
(In Thousands) |  | 2026 - 2022 |  |  |  |  |  |  |  |  |  | Prior |  | Total
Non-QM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV <= 80% (1) |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 527,764 |  |  | $ | 527,764 |
LTV > 80% (1) |  | — |  |  |  |  |  |  |  |  |  |  | 2,434 |  |  | 2,434 |
Total Non-QM loans |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 530,198 |  |  | $ | 530,198 |
Six Months Ended June 30, 2026 Gross write-offs |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |
Business purpose loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV <= 80% (1) |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 83,643 |  |  | $ | 83,643 |
LTV > 80% (1) |  | — |  |  |  |  |  |  |  |  |  |  | 2,148 |  |  | 2,148 |
Total Business purpose loans |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 85,791 |  |  | $ | 85,791 |
Six Months Ended June 30, 2026 Gross write-offs |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |
Seasoned RPL/NPL loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV <= 80% (1) |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 355,766 |  |  | $ | 355,766 |
LTV > 80% (1) |  | — |  |  |  |  |  |  |  |  |  |  | 40,440 |  |  | 40,440 |
Total Seasoned RPL/NPL loans |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 396,206 |  |  | $ | 396,206 |
Six Months Ended June 30, 2026 Gross write-offs |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 8 |  |  | $ | 8 |
Total LTV <= 80% (1) |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 967,173 |  |  | $ | 967,173 |
Total LTV > 80% (1) |  | — |  |  |  |  |  |  |  |  |  |  | 45,022 |  |  | 45,022 |
Total Residential whole loans, at carrying value |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 1,012,195 |  |  | $ | 1,012,195 |
Six Months Ended June 30, 2026 Total Gross write-offs |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 8 |  |  | $ | 8 |
(1)LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. For Single-family and Multifamily transitional loans that are less than 90 days delinquent, the LTV presented is generally the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, as of the most recent date available, which may be the origination date. For certain Single-family and Multifamily transitional loans that are 90 or more days delinquent, as well as certain performing loans for which an after repaired valuation was not available, the LTV presented is the ratio of the current unpaid principal balance of the loan to the estimated “as is” value of the collateral securing the related loan as of the most recent date available, which may be the origination date. Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots, for which the LTV is not meaningful. The following table presents vintage information regarding the Company’s Residential whole loans, at fair value:
|  | Fair Value by Origination Year
(In Thousands) |  | 2026 |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | Prior |  | Total
Non-QM loans |  | $ | 727,564 |  |  | $ | 1,647,412 |  |  | $ | 779,170 |  |  | $ | 455,301 |  |  | $ | 470,105 |  |  | $ | 1,062,270 |  |  | $ | 5,141,822 |
Business purpose loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family rental loans |  | $ | 64,589 |  |  | $ | 1,622 |  |  | $ | 37,118 |  |  | $ | 197,935 |  |  | $ | 456,264 |  |  | $ | 318,109 |  |  | $ | 1,075,637 |
Single-family transitional loans |  | 162,463 |  |  | 302,550 |  |  | 97,744 |  |  | 70,458 |  |  | 12,550 |  |  | 2,954 |  |  | 648,719 |
Multifamily transitional loans |  | — |  |  | — |  |  | 29,333 |  |  | 129,758 |  |  | 109,177 |  |  | 52,614 |  |  | 320,882 |
Total Business purpose loans |  | $ | 227,052 |  |  | $ | 304,172 |  |  | $ | 164,195 |  |  | $ | 398,151 |  |  | $ | 577,991 |  |  | $ | 373,677 |  |  | $ | 2,045,238 |
Seasoned RPL/NPL loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 528,951 |  |  | 528,951 |
Other loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 49,054 |  |  | 49,054 |
Total Residential whole loans, at fair value |  | $ | 954,616 |  |  | $ | 1,951,584 |  |  | $ | 943,365 |  |  | $ | 853,452 |  |  | $ | 1,048,096 |  |  | $ | 2,013,952 |  |  | $ | 7,765,065 |
The following table presents certain additional information about the Company’s commercial mortgage loans as of June 30, 2026 and December 31, 2025:
(Dollars In Thousands) |  | Fair Value / Carrying Value |  | UPB |  | Weighted Average Coupon (1) |  | Weighted Average Term to Maturity (Months) |  | UPB 60+ Days Delinquent | Weighted Average LTV Ratio
Commercial Loans - June 30, 2026 |  | $ | 4,510 |  |  | $ | 4,510 |  |  | 10.58 | % |  | 0 |  | $ | 4,510 |  | 80 | %
Commercial Loans - December 31, 2025 |  | $ | 6,079 |  |  | $ | 9,385 |  |  | 10.60 | % |  | 0 |  | $ | 9,385 |  | 189 | %
(1)Commercial Loans contain contractual features which increase the loan’s interest rate following an event of default. The weighted average coupon presented is calculated based on each loan’s coupon rate without regard to post-default rate adjustments.
Schedule of Assets Pledged as Collateral Against Derivative Contracts | The following table presents the assets pledged as collateral against the Company’s Swaps:
(In Thousands) |  | June 30, 2026 |  | December 31, 2025 |  |
Agency MBS, at fair value |  | $ | 29,404 |  |  | $ | 32,015 |  |  |
Restricted Cash |  | 38,141 |  |  | 24,317 |  |  |
Schedule of Derivative Instruments | The following table presents information about the Company’s Swaps at June 30, 2026 and December 31, 2025:
|  | June 30, 2026 |  | December 31, 2025 |  |  |  |
Maturity (1) |  | Notional Amount (2) |  | Weighted Average Fixed-Pay Interest Rate |  | Weighted Average Variable Interest Rate (3) |  | Notional Amount (2) |  | Weighted Average Fixed-Pay Interest Rate |  | Weighted Average Variable Interest Rate (3) |  |  |  |
(Dollars in Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 30 days |  | $ | — |  |  | — | % |  | — | % |  | $ | — |  |  | — | % |  | — | % |  |  |  |
Over 30 days to 3 months |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Over 3 months to 6 months |  | 450,000 |  |  | 1.12 |  |  | 3.68 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Over 6 months to 12 months |  | 975,000 |  |  | 1.73 |  |  | 3.68 |  |  | 450,000 |  |  | 1.12 |  |  | 3.87 |  |  |  |  |
Over 12 months to 24 months |  | 90,000 |  |  | 3.25 |  |  | 3.68 |  |  | 1,065,000 |  |  | 1.85 |  |  | 3.87 |  |  |  |  |
Over 24 months to 36 months |  | 733,000 |  |  | 3.13 |  |  | 3.68 |  |  | 341,500 |  |  | 3.23 |  |  | 3.87 |  |  |  |  |
Over 36 months to 48 months |  | 22,800 |  |  | 3.17 |  |  | 3.68 |  |  | 332,800 |  |  | 2.96 |  |  | 3.87 |  |  |  |  |
Over 48 months to 60 months |  | 1,849,700 |  |  | 3.35 |  |  | 3.68 |  |  | 1,463,900 |  |  | 3.36 |  |  | 3.87 |  |  |  |  |
Over 60 months to 72 months |  | 29,000 |  |  | 3.99 |  |  | 3.68 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Over 72 months |  | 1,554,200 |  |  | 3.60 |  |  | 3.68 |  |  | 827,300 |  |  | 3.36 |  |  | 3.87 |  |  |  |  |
Total Swaps |  | $ | 5,703,700 |  |  | 2.94 | % |  | 3.68 | % |  | $ | 4,480,500 |  |  | 2.74 | % |  | 3.87 | % |  |  |  |
(1)Each maturity category reflects contractual amortization and/or maturity of notional amounts. (2)As of June 30, 2026, the aggregate notional amounts of Swaps include $2.1 billion of interest rate swap agreements and $3.6 billion of ERIS swap futures. As of December 31, 2025, the aggregate notional amounts of Swaps include $2.1 billion of interest rate swap agreements and $2.4 billion of ERIS swap futures. (3)Reflects the benchmark variable rate due from the counterparty at the date presented. This rate adjusts daily based on SOFR.
|  | June 30, 2026 |  | December 31, 2025
(Dollars in thousands) |  | Notional Amount |  | Settlement Date |  | Notional Amount |  | Settlement Date
TBA Security |  |  |  |  |  |  |  |
MBS 30 year 5.0% coupon |  | $ | 128,000 |  |  | 7/13/2026 |  | $ | — |  |  | — |
MBS 30 year 5.5% coupon |  | $ | 350,000 |  |  | 7/13/2026 |  | $ | — |  |  | — |
Schedule of Derivative Earnings | The following table presents the components of Net gain/(loss) on derivatives, which is presented in Other Income/(Loss), net in the consolidated statements of operations:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In Thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Income on Swaps variable receive leg |  | $ | 48,777 |  |  | $ | 36,850 |  |  | $ | 92,187 |  |  | $ | 70,927 |
Expense on Swaps fixed pay leg |  | (37,946) |  |  | (21,367) |  |  | (70,311) |  |  | (40,191) |
Unrealized mark-to-market gain/(loss) |  | 33,155 |  |  | (15,391) |  |  | 59,921 |  |  | (60,233) |
Net price alignment expense on margin collateral received |  | (714) |  |  | (1,169) |  |  | (1,041) |  |  | (2,635) |
Realized gain/(loss) on terminated Swaps |  | 536 |  |  | (17,174) |  |  | (6,223) |  |  | (17,174) |
Net gain/(loss) on TBA long positions |  | (168) |  |  | — |  |  | 1,168 |  |  | — |
TBA dollar roll income |  | 985 |  |  | — |  |  | 985 |  |  | — |
Total Net gain/(loss) on derivatives |  | $ | 44,625 |  |  | $ | (18,251) |  |  | $ | 76,686 |  |  | $ | (49,306) |

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