XML 52 R37.htm IDEA: XBRL DOCUMENT v3.24.0.1
Investment Securities Available For Sale, at Fair Value (Tables)
 12 Months Ended
Dec. 31, 2023
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 December 31, 2023 and 2022, respectively (dollar amounts in thousands):
December 31, 2023December 31, 2022
Amortized CostUnrealizedFair ValueAmortized CostUnrealizedFair Value
GainsLossesGainsLosses
Fair Value Option
Agency RMBS
Fixed rate
Fannie Mae$1,084,702 $15,902 $(723)$1,099,881 $— $— $— $— 
Freddie Mac676,436 5,679 (1,106)681,009 — — — — 
Total Fixed rate
1,761,138 21,581 (1,829)1,780,890 — — — — 
Adjustable rate
Fannie Mae110,036 1,299 — 111,335 — — — — 
Freddie Mac37,424 442 — 37,866 — — — — 
Total Adjustable rate
147,460 1,741 — 149,201 — — — — 
Interest-only
Ginnie Mae
52,623 6,813 (203)59,233 — — — — 
Total Interest-only
52,623 6,813 (203)59,233 — — — — 
Total Agency RMBS
1,961,221 30,135 (2,032)1,989,324 — — — — 
Non-Agency RMBS22,097 6,646 (4,281)24,462 48,958 9,436 (13,469)44,925 
CMBS— — — — 32,033 — (1,900)30,133 
ABS— — — — 797 59 — 856 
Total investment securities available for sale - fair value option1,983,318 36,781 (6,313)2,013,786 81,788 9,495 (15,369)75,914 
CECL Securities
Non-Agency RMBS 35 — (4)31 25,616 — (1,971)23,645 
Total investment securities available for sale - CECL Securities35 — (4)31 25,616 — (1,971)23,645 
Total$1,983,353 $36,781 $(6,317)$2,013,817 $107,404 $9,495 $(17,340)$99,559 
Schedule of Investments Securities Sold
The following tables summarize our investment securities sold during the years ended December 31, 2023, 2022, and 2021, respectively (dollar amounts in thousands):

Year Ended December 31, 2023
Sales ProceedsRealized GainsRealized LossesNet Realized Gains (Losses)
ABS
$595 $— $(41)$(41)
CMBS
30,419 — (1,387)(1,387)
Non-Agency RMBS
33,676 1,472 (12,644)(11,172)
Total$64,690 $1,472 $(14,072)$(12,600)


Year Ended December 31, 2022
Sales Proceeds Realized GainsRealized LossesNet Realized Gains (Losses)
Non-Agency RMBS
$24,374 $374 $— $374 
ABS
36,215 18,001 — 18,001 
U.S. Treasury Securities
24,848 — (31)(31)
Total
$85,437 $18,375 $(31)$18,344 


Year Ended December 31, 2021
Sales Proceeds Realized GainsRealized LossesNet Realized Gains (Losses)
Agency RMBS
$123,622 $— $(3,480)$(3,480)
Non-Agency RMBS176,166 4,923 (854)4,069 
CMBS132,797 11,083 (452)10,631 
Total $432,585 $16,006 $(4,786)$11,220 
Summary of Debt Securities, Available-For-Sale, Weighted Average Lives
The following table sets forth the weighted average lives of our investment securities available for sale as of December 31, 2023 and 2022, respectively (dollar amounts in thousands):
Weighted Average LifeDecember 31, 2023December 31, 2022
0 to 5 years$283,554 $39,655 
Over 5 to 10 years1,727,269 46,558 
10+ years2,994 13,346 
Total$2,013,817 $99,559 
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 and 2022, respectively (dollar amounts in thousands):

December 31, 2023Less than 12 MonthsGreater than 12 monthsTotal
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)


December 31, 2022Less than 12 MonthsGreater than 12 monthsTotal
Carrying
Value		Gross
Unrealized
Losses		Carrying
Value		Gross
Unrealized
Losses		Carrying
Value		Gross
Unrealized
Losses
Non-Agency RMBS$23,609 $(1,966)$36 $(5)$23,645 $(1,971)
Total
$23,609 $(1,966)$36 $(5)$23,645 $(1,971)