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Loans Held for Investment (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Summary of Changes in Carrying Value of Securitized Loans Held For Investment Carried at Fair Value The following table provides a summary of the changes in the carrying value of Loans held for investment at fair value at June 30, 2023 and December 31, 2022:
For the Six Months EndedFor the Year Ended
June 30, 2023December 31, 2022
 (dollars in thousands)
Balance, beginning of period$11,359,236 $12,261,926 
Transfer due to consolidation— 1,047,838 
Purchases1,232,969 1,615,377 
Principal paydowns(708,119)(2,160,445)
Sales and settlements(1,246)(5,369)
Net periodic accretion (amortization)(27,847)(52,616)
Change in fair value74,544 (1,347,475)
Balance, end of period$11,929,537 $11,359,236 
Schedule of Percentage of Securitized Loans Held For Investment Carried at Fair Value by Year Originated
The loan portfolio for all residential mortgages were originated during the following periods:

Origination YearJune 30, 2023December 31, 2022
2002 and prior5.5 %6.0 %
20034.8 %5.0 %
20049.0 %9.7 %
200515.3 %16.3 %
200619.1 %20.3 %
200720.8 %21.5 %
20086.5 %6.6 %
20091.5 %1.5 %
2010 and later17.5 %13.1 %
Total100.0 %100.0 %
Schedule of Key Characteristics of Residential Loan Portfolio
The following table presents a summary of key characteristics of the residential loan portfolio at June 30, 2023 and December 31, 2022:
 June 30, 2023December 31, 2022
Number of loans 118,807 116,876
Weighted average maturity (years) 21.2 20.9
Weighted average loan to value (1)
 79.0 % 82.2 %
Weighted average FICO 665 658
Weighted average loan balance (in thousands) $106  $103 
Weighted average percentage owner occupied 85.7 % 87.5 %
Weighted average percentage single family residence 78.3 % 79.3 %
Weighted average geographic concentration of top five statesCA14.7 %CA14.6 %
FL8.9 %FL8.5 %
NY8.4 %NY8.5 %
PA4.5 %VA4.5 %
VA4.3 %PA4.4 %
(1) Value represents appraised value of the collateral at the time of loan origination.
Schedule of Various Characteristics of Residential Loan Portfolio The following table summarizes the delinquency, bankruptcy, foreclosure and Real estate owned, or REO, total of the pools of mortgage loans securing the Company’s investments in Non-Agency RMBS at June 30, 2023 and December 31, 2022. When delinquency rates increase, it is expected that the Company will incur additional credit losses.
June 30, 202330 Days Delinquent60 Days Delinquent90+ Days DelinquentBankruptcyForeclosureREOTotal
% of Unpaid Principal Balance3.2 %1.1 %2.8 %1.3 %3.0 %0.6 %12.0 %


December 31, 202230 Days Delinquent60 Days Delinquent90+ Days DelinquentBankruptcyForeclosureREOTotal
% of Unpaid Principal Balance2.9 %1.3 %3.3 %1.3 %3.0 %0.6 %12.4 %
The following table summarizes the outstanding principal balance of the residential loan portfolio which are 30 days delinquent and greater as reported by the servicers at June 30, 2023 and December 31, 2022, respectively.
 30 Days Delinquent60 Days Delinquent90+ Days DelinquentBankruptcyForeclosureREOTotalUnpaid Principal Balance
(dollars in thousands)
June 30, 2023$731,633$219,106$389,020$168,162$334,893$29,358$1,872,172$12,570,243
% of Unpaid Principal Balance5.8 %1.7 %3.1 %1.3 %2.7 %0.2 %14.8 %
December 31, 2022$778,196$248,579$399,369$211,226$391,958$33,843$2,063,171$12,060,530
% of Unpaid Principal Balance6.5 %2.1 %3.3 %1.8 %3.2 %0.3 %17.1 %