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Mortgage-Backed Securities (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Mortgage-backed securities [Table Text Block]
The following tables present details of the Company's mortgage-backed securities portfolio at December 31, 2022 and 2021. The Company's Agency RMBS include mortgage pass-through certificates and CMOs representing interests in or obligations backed by pools of residential mortgage loans issued or guaranteed by a U.S. government agency or government-sponsored enterprise, or "GSE." The non-Agency RMBS portfolio is not issued or guaranteed by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or any agency of the U.S. Government and is therefore subject to greater credit risk.
By RMBS Type
December 31, 2022:
($ in thousands)
Gross UnrealizedWeighted Average
Current PrincipalUnamortized Premium (Discount)
Amortized Cost
GainsLossesFair Value
Coupon(1)
Yield
Life
(Years)(2)
Agency RMBS:
15-year fixed-rate mortgages
$47,453 $1,446 $48,899 $— $(3,575)$45,324 3.23%2.31%3.71
20-year fixed-rate mortgages
10,812 696 11,508 — (1,817)9,691 2.84%1.77%6.72
30-year fixed-rate mortgages
841,823 7,345 849,168 1,316 (68,730)781,754 3.65%3.38%8.38
Adjustable rate mortgages
8,696 899 9,595 — (932)8,663 3.58%2.37%4.50
Reverse mortgages
17,506 2,153 19,659 — (1,807)17,852 4.06%2.73%4.70
Interest only securities
 n/a  n/a 9,212 581 (480)9,313 3.89%10.56%6.63
Total Agency RMBS 926,290 12,539 948,041 1,897 (77,341)872,597 3.65%3.35%7.99
Non-Agency RMBS:
Principal and interest securities16,895 (4,481)12,414 879 (727)12,566 5.26%6.65%7.18
Interest only securities
 n/a  n/a 6,289 1,849 — 8,138 0.24%17.94%9.58
Total Non-Agency RMBS16,895 (4,481)18,703 2,728 (727)20,704 0.36%10.45%8.12
Total RMBS$943,185 $8,058 $966,744 $4,625 $(78,068)$893,301 2.26%3.49%7.99
(1)Weighted average coupon represents the weighted average pass-through rates of the securities rather than the weighted average gross mortgage rates of the underlying collateral.
(2)Average lives of RMBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal.
December 31, 2021:
($ in thousands)
Gross UnrealizedWeighted Average
Current PrincipalUnamortized Premium (Discount)
Amortized Cost
Gains
LossesFair Value
Coupon(1)
Yield
Life
(Years)(2)
Agency RMBS:
15-year fixed-rate mortgages
$125,033 $5,066 $130,099 $1,488 $(877)$130,710 2.78%1.69%4.18
20-year fixed-rate mortgages
35,732 1,479 37,211 34 (898)36,347 2.31%1.50%5.96
30-year fixed-rate mortgages
1,027,843 38,504 1,066,347 13,672 (7,115)1,072,904 3.03%2.37%4.97
Adjustable rate mortgages
11,491 543 12,034 59 (133)11,960 2.82%2.21%4.23
Reverse mortgages
35,313 2,339 37,652 242 (597)37,297 3.33%2.27%4.24
Interest only securities
n/an/a12,983 95 (2,789)10,289 3.36%5.34%3.87
Total Agency RMBS1,235,412 47,931 1,296,326 15,590 (12,409)1,299,507 3.02%2.31%4.81
Non-Agency RMBS:
Principal and interest securities10,672 (3,438)7,234 1,822 — 9,056 1.47%6.25%7.49
Interest only securities
n/an/a2,684 114 — 2,798 0.27%11.58%6.79
Total Non-Agency RMBS10,672 (3,438)9,918 1,936 — 11,854 0.30%7.69%6.82
Total RMBS$1,246,084 $44,493 $1,306,244 $17,526 $(12,409)$1,311,361 2.48%2.33%5.21
(1)Weighted average coupon represents the weighted average pass-through rates of the securities rather than the weighted average gross mortgage rates of the underlying collateral.
(2)Average lives of RMBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal.
Weighted Average Life Classifications [Table Text Block]
By Estimated Weighted Average Life
As of December 31, 2022
($ in thousands)
Agency RMBSAgency Interest Only SecuritiesNon-Agency RMBS
Estimated Weighted Average Life(1)
Fair
Value		Amortized Cost
Weighted Average Coupon(2)
Fair ValueAmortized Cost
Weighted Average Coupon(2)
Fair ValueAmortized Cost
Weighted Average Coupon(2)
Less than three years$17,005 $17,868 3.80 %$797 $882 4.03 %$2,099 $2,092 5.67 %
Greater than three years and less than seven years204,858 221,291 4.10 %3,937 3,827 4.13 %1,889 1,763 4.67 %
Greater than seven years and less than eleven years640,207 698,391 3.48 %4,579 4,503 3.61 %16,049 14,848 0.32 %
Greater than eleven years1,214 1,279 4.50 %— — — %667 — 4.71 %
Total$863,284 $938,829 3.63 %$9,313 $9,212 3.89 %$20,704 $18,703 0.36 %
(1)Average lives of RMBS are generally shorter than stated contractual maturities.
(2)Weighted average coupon represents the weighted average pass-through rates of the securities rather than the weighted average gross mortgage rates of the underlying collateral.
As of December 31, 2021:
($ in thousands)
Agency RMBSAgency Interest Only SecuritiesNon-Agency RMBS
Estimated Weighted Average Life(1)
Fair
Value		Amortized Cost
Weighted Average Coupon(2)
Fair ValueAmortized Cost
Weighted Average Coupon(2)
Fair ValueAmortized Cost
Weighted Average Coupon(2)
Less than three years$28,443 $28,273 3.75 %$1,628 $2,027 2.10 %$561 $457 6.00 %
Greater than three years and less than seven years724,996 718,318 3.53 %7,820 10,095 4.38 %1,773 1,571 0.35 %
Greater than seven years and less than eleven years280,147 281,786 2.50 %841 861 2.39 %9,520 7,890 0.25 %
Greater than eleven years255,632 254,966 2.00 %— — — %— — — %
Total$1,289,218 $1,283,343 2.99 %$10,289 $12,983 3.36 %$11,854 $9,918 0.30 %
(1)Average lives of RMBS are generally shorter than stated contractual maturities.
(2)Weighted average coupon represents the weighted average pass-through rates of the securities rather than the weighted average gross mortgage rates of the underlying collateral.
Interest Income Components - Investments [Table Text Block]
The following tables reflect the components of interest income on the Company's RMBS for the years ended December 31, 2022 and 2021:
Year Ended
December 31, 2022		Year Ended
December 31, 2021
($ in thousands)
Coupon
Interest		Net AmortizationInterest
Income		Coupon
Interest		Net AmortizationInterest
Income
Agency RMBS$35,721 $(3,855)$31,866 $39,159 $(11,662)$27,497 
Non-Agency RMBS1,887 (329)1,558 210 547 757 
Total$37,608 $(4,184)$33,424 $39,369 $(11,115)$28,254