Principal-Only Stripped Mortgage-Backed Securities (Tables)

6 Months Ended

Jun. 30, 2025

Principal-Only Stripped Mortgage-Backed Securities

Summary of principal-only stripped MBS

Following is a summary of activity in the Company’s investment in principal-only stripped MBS:

	Quarter ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
	(in thousands)
Balance at beginning of period	$	817,596	$	524,576	$	825,865	$	—
Purchases		—		410,617		—		935,356
Repayments		(46,529)		(13,336)		(84,267)		(13,452)
Changes in fair value included in income arising from:
Accrual of purchase discounts		6,699		8,826		18,034		9,090
Valuation adjustments		7,192		(16,460)		25,326		(16,771)
		13,891		(7,634)		43,360		(7,681)
Balance at end of period	$	784,958	$	914,223	$	784,958	$	914,223

Following is a summary of the Company’s investment in principal-only stripped MBS:

	June 30,		December 31,
	2025		2024
	(in thousands)
Principal balance	$	977,216	$	1,061,484
Unearned discounts		(179,383)		(197,418)
Cumulative valuation changes		(12,875)		(38,201)
Fair value	$	784,958	$	825,865
Fair value of principal-only stripped mortgage-backed securities pledged to secure Assets sold under agreements to repurchase	$	784,958	$	825,865