Investment Securities Available For Sale, at Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

The Company's investment securities available for sale consisted of the following as of March 31, 2024 and December 31, 2023, respectively (dollar amounts in thousands):


	March 31, 2024								December 31, 2023
	Amortized Cost		Unrealized				Fair Value		Amortized Cost		Unrealized				Fair Value
			Gains		Losses						Gains		Losses
Fair Value Option
Agency RMBS
Fixed rate
Fannie Mae	$	1,152,811	$	10,475	$	(2,349)	$	1,160,937	$	1,084,702	$	15,902	$	(723)	$	1,099,881
Freddie Mac	862,267		3,915		(4,463)		861,719		676,436		5,679		(1,106)		681,009
Total Fixed rate	2,015,078		14,390		(6,812)		2,022,656		1,761,138		21,581		(1,829)		1,780,890
Adjustable rate
Fannie Mae	108,212		1,301		—		109,513		110,036		1,299		—		111,335
Freddie Mac	37,157		440		—		37,597		37,424		442		—		37,866
Total Adjustable rate	145,369		1,741		—		147,110		147,460		1,741		—		149,201
Interest-only
Ginnie Mae	62,222		—		(14,503)		47,719		52,623		6,813		(203)		59,233
Total Interest-only	62,222		—		(14,503)		47,719		52,623		6,813		(203)		59,233
Total Agency RMBS	2,222,669		16,131		(21,315)		2,217,485		1,961,221		30,135		(2,032)		1,989,324
Non-Agency RMBS	21,447		6,443		(4,035)		23,855		22,097		6,646		(4,281)		24,462


Total investment securities available for sale - fair value option	2,244,116		22,574		(25,350)		2,241,340		1,983,318		36,781		(6,313)		2,013,786

CECL Securities
Non-Agency RMBS	—		—		—		—		35		—		(4)		31

Total investment securities available for sale - CECL Securities	—		—		—		—		35		—		(4)		31
Total	$	2,244,116	$	22,574	$	(25,350)	$	2,241,340	$	1,983,353	$	36,781	$	(6,317)	$	2,013,817

Schedule of Weighted Average Lives of Investment Securities

The following table sets forth the weighted average lives of our investment securities available for sale as of March 31, 2024 and December 31, 2023, respectively (dollar amounts in thousands):


Weighted Average Life	March 31, 2024		December 31, 2023
0 to 5 years	$	374,823	$	283,554
Over 5 to 10 years	1,863,538		1,727,269
10+ years	2,979		2,994
Total	$	2,241,340	$	2,013,817

Schedule of Investment Securities Available-for-sale in an Unrealized Loss Position

The following table presents the Company's CECL Securities in an unrealized loss position with no credit losses reported, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2023, respectively (dollar amounts in thousands):


December 31, 2023	Less than 12 months				Greater than 12 months				Total
	Carrying Value		Gross Unrealized Losses		Carrying Value		Gross Unrealized Losses		Carrying Value		Gross Unrealized Losses
Non-Agency RMBS	$	—	$	—	$	31	$	(4)	$	31	$	(4)
Total	$	—	$	—	$	31	$	(4)	$	31	$	(4)