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Securities, at Fair Value (Tables)
 6 Months Ended
Jun. 30, 2026
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:
June 30, 2026
(Dollars in Thousands)Current FaceWeighted Average Purchase PriceWeighted Average Market PriceFair ValueWeighted Average Loan Age (Months)
CPR (1)
30-Year Fixed Rate:
4.50% Coupon
$113,777 97.1 %96.2 %$109,459 83.5 %
5.00% Coupon
1,635,300 99.4 %98.8 %1,615,241 84.4 %
5.50% Coupon
2,116,748 100.3 %100.7 %2,132,259 1714.0 %
6.00% Coupon
224,281 100.1 %102.6 %230,056 3226.3 %
6.50% Coupon
4,040 101.0 %103.7 %4,192 3126.3 %
Total$4,094,146 99.9 %99.9 %$4,091,207 1410.6 %
December 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
$859,115 99.5 %100.1 %$860,163 54.1 %
5.50% Coupon
2,123,143 100.2 %101.7 %2,159,949 1215.0 %
6.00% Coupon
269,129 100.1 %103.1 %277,489 2618.1 %
6.50% Coupon
5,373 101.0 %104.3 %5,603 258.2 %
Total$3,256,760 100.0 %101.4 %$3,303,204 1112.9 %
(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:
 
June 30, 2026
(In Thousands)Principal/Current FacePurchase PremiumsAccretable Purchase Discounts
Discount Designated as Credit Reserve (1)
Gross Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesNet Unrealized Gain/(Loss)Fair Value
Agency MBS$4,094,146 $15,009 $(20,884)$— $4,088,271 $21,790 $(18,854)$2,936 $4,091,207 
Other Securities (2)(3)(4)
59,309 5,405 (4,361)(7,191)53,162 3,192 (367)2,825 55,987 
Total residential mortgage securities (2)(3)(4)
$4,153,455 $20,414 $(25,245)$(7,191)$4,141,433 $24,982 $(19,221)$5,761 $4,147,194 

December 31, 2025
(In Thousands)Principal/Current FacePurchase PremiumsAccretable Purchase Discounts
Discount Designated as Credit Reserve (1)
Gross Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesNet Unrealized Gain/(Loss)Fair Value
Agency MBS$3,256,760 $13,996 $(13,070)$— $3,257,686 $45,539 $(21)$45,518 $3,303,204 
Other Securities (2)(3)(4)
59,919 4,009 (4,657)(7,191)52,080 5,231 (235)4,996 57,076 
Total residential mortgage securities (2)(3)(4)
$3,316,679 $18,005 $(17,727)$(7,191)$3,309,766 $50,770 $(256)$50,514 $3,360,280 
(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 June 30, 2026 include CRT securities with a fair value of $21.4 million for which the fair value option has been elected. Such securities had approximately $0.5 million gross unrealized gains and no gross unrealized losses at June 30, 2026. Amounts disclosed at December 31, 2025 include CRT securities with a fair value of $21.7 million for which the fair value option has been elected. Such securities had approximately $0.9 million gross unrealized gains and no gross unrealized losses at December 31, 2025.
(4)Amounts disclosed at June 30, 2026 include Non-Agency MBS with a fair value of $21.5 million for which the fair value option has been elected. Such securities had approximately $0.5 million gross unrealized gains and $0.4 million gross unrealized losses at June 30, 2026. Amounts disclosed at December 31, 2025 include Non-Agency MBS with a fair value of $22.1 million for which the fair value option has been elected. Such securities had approximately $0.6 million gross unrealized gains and $0.2 million gross unrealized losses at December 31, 2025.
Schedule of Impairment and Other Net Gain /(Loss) 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
June 30,		Six Months Ended
June 30,
 (In Thousands)2026202520262025
Net unrealized gain/(loss) on securities$(4,362)$4,008 $(43,233)$24,208 
Net realized gain/(loss) from the sale of securities— — — 234 
Impairment of securities— — — — 
Total Impairment and other net gain/(loss) on securities(4,362)4,008 (43,233)24,442 
Net unrealized gain/(loss) on other portfolio investments501 2,636 3,928 3,389 
Net realized gain/(loss) on other portfolio investments11 1 (2,815)(7)
Reversal of impairment/(impairment) on other portfolio investments— — — — 
Total Impairment and other net gain/(loss) on securities and other portfolio investments$(3,850)$6,645 $(42,120)$27,824 
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
June 30,		Six Months Ended
June 30,
(In Thousands)2026202520262025
AOCI from AFS securities:
Unrealized gain on AFS securities at beginning of period$2,922 $8,216 $3,675 $9,476 
Unrealized gain/(loss) on securities available-for-sale(767)(3,327)(1,520)(4,361)
Reclassification adjustment for MBS sales included in net income— — — (226)
Change in AOCI from AFS securities(767)(3,327)(1,520)(4,587)
Balance at end of period$2,155 $4,889 $2,155 $4,889 
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
June 30,		Six Months Ended
June 30,
(In Thousands)2026202520262025
Agency MBS
Coupon interest$51,179 $22,856 $95,585 $43,776 
Effective yield adjustment (1)(2)
(130)60 (419)61 
Interest income$51,049 $22,916 $95,166 $43,837 
Other MBS
Coupon interest$830 $1,435 $1,664 $2,963 
Effective yield adjustment (1)(2)
891 371 1,693 498 
Interest income$1,721 $1,806 $3,357 $3,461 
Term notes backed by MSR collateral
Coupon interest$— $696 $— $1,789 
Effective yield adjustment (2)(3)
— 3,360 — 4,361 
Interest income$— $4,056 $— $6,150 
(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 on the instrument’s contractual cash flows, depending on the relevant accounting standards.
(3)The effective yield adjustment for the second quarter of 2025 includes $2.6 million of accelerated discount accretion for MSR-related assets that were repaid in full during the quarter.