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Net Gains (Losses) on Investments and Financings (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of Net Gains (Losses) on Investments and Financings

Net gains (losses) on investments and financings are summarized below:

 

 

Quarter ended September 30,

 

 

Nine months ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Mortgage-backed securities

 

$

123,433

 

 

$

(144,031

)

 

$

50,310

 

 

$

(127,434

)

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

Held in VIEs

 

 

75,360

 

 

 

(54,082

)

 

 

71,381

 

 

 

(61,318

)

Distressed

 

 

(10

)

 

 

(59

)

 

 

(51

)

 

 

(485

)

CRT arrangements

 

 

20,834

 

 

 

30,154

 

 

 

89,118

 

 

 

136,890

 

Asset-backed financings

 

 

(72,922

)

 

 

58,474

 

 

 

(64,151

)

 

 

66,108

 

Hedging derivatives

 

 

—

 

 

 

—

 

 

 

20,098

 

 

 

—

 

 

$

146,695

 

 

$

(109,544

)

 

$

166,705

 

 

$

13,761