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

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023, respectively (dollar amounts in thousands):


	September 30, 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	$	1,401,283	$	28,596	$	(185)	$	1,429,694	$	1,084,702	$	15,902	$	(723)	$	1,099,881
Freddie Mac	1,304,533		20,523		(30)		1,325,026		676,436		5,679		(1,106)		681,009
Total Fixed rate	2,705,816		49,119		(215)		2,754,720		1,761,138		21,581		(1,829)		1,780,890
Adjustable rate
Fannie Mae	100,537		2,224		—		102,761		110,036		1,299		—		111,335
Freddie Mac	34,893		668		—		35,561		37,424		442		—		37,866
Total Adjustable rate	135,430		2,892		—		138,322		147,460		1,741		—		149,201
Interest-only
Ginnie Mae	79,846		2,526		(11,405)		70,967		52,623		6,813		(203)		59,233
Freddie Mac	5,511		—		(1,554)		3,957		—		—		—		—
Total Interest-only	85,357		2,526		(12,959)		74,924		52,623		6,813		(203)		59,233
Total Agency RMBS	2,926,603		54,537		(13,174)		2,967,966		1,961,221		30,135		(2,032)		1,989,324
Non-Agency RMBS	64,998		6,054		(2,836)		68,216		22,097		6,646		(4,281)		24,462
U.S. Treasury securities	352,829		678		(4,419)		349,088		—		—		—		—

Total investment securities available for sale - fair value option	3,344,430		61,269		(20,429)		3,385,270		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	$	3,344,430	$	61,269	$	(20,429)	$	3,385,270	$	1,983,353	$	36,781	$	(6,317)	$	2,013,817

Schedule of Realized Gain or Loss Activity

The Company did not sell investment securities during the three and nine months ended September 30, 2024. The following tables summarize our investment securities sold during the three and nine months ended September 30, 2023, respectively (dollar amounts in thousands):


	Three Months Ended September 30, 2023
	Sales Proceeds		Realized Gains			Realized Losses		Net Realized Gains (Losses)






CMBS	$	24,772	$	—	`	$	(1,035)	$	(1,035)


Total	$	24,772	$	—		$	(1,035)	$	(1,035)


	Nine Months Ended September 30, 2023
	Sales Proceeds		Realized Gains		Realized Losses		Net Realized Gains (Losses)






ABS	$	595	$	—	$	(41)	$	(41)

CMBS	24,772		—		(1,035)		(1,035)
Total	$	25,367	$	—	$	(1,076)	$	(1,076)

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 September 30, 2024 and December 31, 2023, respectively (dollar amounts in thousands):


Weighted Average Life	September 30, 2024		December 31, 2023
0 to 5 years	$	2,795,776	$	283,554
Over 5 to 10 years	261,736		1,727,269
10+ years	327,758		2,994
Total	$	3,385,270	$	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 (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)