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Available-for-Sale Securities, at Fair Value (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Securities, Available-for-Sale [Abstract]  
Debt Securities, Available-for-sale The following table presents the Company’s AFS investment securities by collateral type as of December 31, 2023 and December 31, 2022:
(in thousands)December 31,
2023		December 31,
2022
Agency:
Federal National Mortgage Association$5,467,684 $4,112,556 
Federal Home Loan Mortgage Corporation2,790,662 3,332,314 
Government National Mortgage Association64,653 208,706 
Non-Agency4,150 125,158 
Total available-for-sale securities$8,327,149 $7,778,734 
Schedule of Available-for-sale Securities Reconciliation
The following tables present the amortized cost and carrying value of AFS securities by collateral type as of December 31, 2023 and December 31, 2022:
December 31, 2023
(in thousands)Principal/ Current FaceUn-amortized PremiumAccretable Purchase DiscountAmortized CostAllowance for Credit LossesUnrealized GainUnrealized LossCarrying Value
Agency:
Principal and interest
$8,421,733 $155,171 $(130,932)$8,445,972 $— $22,677 $(196,748)$8,271,901 
Interest-only840,723 58,567 — 58,567 (3,619)907 (4,757)51,098 
Total Agency9,262,456 213,738 (130,932)8,504,539 (3,619)23,584 (201,505)8,322,999 
Non-Agency
569,897 4,199 (19)4,844 (324)173 (543)4,150 
Total$9,832,353 $217,937 $(130,951)$8,509,383 $(3,943)$23,757 $(202,048)$8,327,149 
December 31, 2022
(in thousands)Principal/ Current FaceUn-amortized PremiumAccretable Purchase DiscountAmortized CostAllowance for Credit LossesUnrealized GainUnrealized LossCarrying Value
Agency:
Principal and interest
$7,781,277 $189,246 $(33,413)$7,937,110 $— $6,310 $(325,960)$7,617,460 
Interest-only963,866 45,882 — 45,882 (6,785)1,890 (4,871)36,116 
Total Agency8,745,143 235,128 (33,413)7,982,992 (6,785)8,200 (330,831)7,653,576 
Non-Agency
1,263,789 8,511 (225)131,635 (173)545 (6,849)125,158 
Total$10,008,932 $243,639 $(33,638)$8,114,627 $(6,958)$8,745 $(337,680)$7,778,734 
Debt Securities, Available-for-sale, Weighted Average Life Classifications
The following table presents the Company’s AFS securities according to their estimated weighted average life classifications as of December 31, 2023:
December 31, 2023
(in thousands) Agency Non-Agency Total
< 1 year$86 $— $86 
≥ 1 and < 3 years17,577 — 17,577 
≥ 3 and < 5 years261,625 — 261,625 
≥ 5 and < 10 years6,844,418 3,818 6,848,236 
≥ 10 years1,199,293 332 1,199,625 
Total$8,322,999 $4,150 $8,327,149 
Debt Securities, Available-for-sale, Allowance for Credit Losses The following tables present the changes for the years ended December 31, 2023, 2022 and 2021 in the allowance for credit losses on Agency and non-Agency AFS securities:
Year Ended
December 31, 2023
(in thousands)AgencyNon-AgencyTotal
Allowance for credit losses at beginning of period
$(6,785)$(173)$(6,958)
Additions on securities for which credit losses were not previously recorded
(55)(370)(425)
(Increase) decrease on securities with previously recorded credit losses
965 5 970 
Write-offs
2,256 214 2,470 
Allowance for credit losses at end of period
$(3,619)$(324)$(3,943)
Year Ended
December 31, 2022
(in thousands)AgencyNon-AgencyTotal
Allowance for credit losses at beginning of period
$(12,851)$(1,387)$(14,238)
Additions on securities for which credit losses were not previously recorded
(482)(501)(983)
(Increase) decrease on securities with previously recorded credit losses
(3,462)1,715 (1,747)
Write-offs
10,010 — 10,010 
Allowance for credit losses at end of period
$(6,785)$(173)$(6,958)
Year Ended
December 31, 2021
(in thousands)AgencyNon-AgencyTotal
Allowance for credit losses at beginning of period
$(17,889)$(4,639)$(22,528)
Additions on securities for which credit losses were not previously recorded
(190)(4,365)(4,555)
Increase on securities with previously recorded credit losses(4,542)(666)(5,208)
Write-offs
9,770 8,283 18,053 
Allowance for credit losses at end of period
$(12,851)$(1,387)$(14,238)
Debt Securities, Available-for-sale, in Unrealized Loss Positions
The following tables present the components comprising the carrying value of AFS securities for which an allowance for credit losses has not been recorded by length of time that the securities had an unrealized loss position as of December 31, 2023 and December 31, 2022. At December 31, 2023 and December 31, 2022, the Company held 646 and 704 AFS securities, respectively; of the securities for which an allowance for credit losses has not been recorded, 477 and 553 were in an unrealized loss position for less than twelve consecutive months. At both December 31, 2023 and December 31, 2022, none of the Company’s AFS securities were in an unrealized loss position for more than twelve months without an allowance for credit losses recorded.
December 31, 2023
Unrealized Loss Position for
Less than 12 Months12 Months or MoreTotal
(in thousands)Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Agency$6,269,848 $(199,276)$— $— $6,269,848 $(199,276)
Non-Agency883 (173)— — 883 (173)
Total$6,270,731 $(199,449)$— $— $6,270,731 $(199,449)
December 31, 2022
Unrealized Loss Position for
Less than 12 Months12 Months or MoreTotal
(in thousands)Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Agency$7,168,694 $(328,258)$— $— $7,168,694 $(328,258)
Non-Agency117,816 (5,933)— — 117,816 (5,933)
Total$7,286,510 $(334,191)$— $— $7,286,510 $(334,191)
Schedule of Realized Gain (Loss) on Sales of Debt Securities, Available-for-sale The following table presents details around sales of AFS securities during the years ended December 31, 2023, 2022 and 2021:
Year Ended
December 31,
(in thousands)202320222021
Proceeds from sales of available-for-sale securities$2,673,827 $7,793,705 $6,274,193 
Amortized cost of available-for-sale securities sold(2,792,703)(8,359,967)(6,137,824)
Total realized (losses) gains on sales, net$(118,876)$(566,262)$136,369 
Gross realized gains$16,285 $40,574 $167,269 
Gross realized losses(135,161)(606,836)(30,900)
Total realized (losses) gains on sales, net$(118,876)$(566,262)$136,369