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Mortgage-Backed Securities (Details)
3 Months Ended
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
Investments [Line Items]      
Debt Securities, Trading, Amortized Cost $ 68,542,000    
Debt Securities, Trading, Unrealized Gain 0    
Debt Securities, Trading, Unrealized Loss (960,000)    
Debt Securities, Trading 67,582,000    
Debt Securities, Trading and Available-for-sale 2,380,373,000    
Proceeds from Sale of Available-for-sale Securities 74,829,000 $ 1,991,034,000  
Debt Securities, Available-for-sale, Realized Gain (Loss) 4,697,000 84,783,000  
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year     2
Debt Securities, Available-for-sale, Allowance for Credit Loss 0    
Par value of available for sale debt security 1,887,309,000   $ 2,076,346,000
Debt Securities, Available-for-sale, Amortized Cost 2,297,687,000   2,515,995,000
Debt Securities, Available-for-sale 2,312,791,000   2,596,255,000
Par Value of Debt Security, Fair Value Option Elected 67,692,000    
Investments, Unamortized Premium (Discount) 410,378,000   439,649,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 40,599,000   81,293,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (25,495,000)   (1,033,000)
Fair Value Option      
Investments [Line Items]      
Investments, Unamortized Premium (Discount) 850,000    
Residential Mortgage Backed Securities      
Investments [Line Items]      
Par value of available for sale debt security     1,839,046,000
Debt Securities, Available-for-sale, Amortized Cost     1,897,043,000
Debt Securities, Available-for-sale     1,946,391,000
Investments, Unamortized Premium (Discount)     57,997,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax     49,348,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax     0
Residential Mortgage Backed Securities | Agency MBS      
Investments [Line Items]      
Debt Securities, Trading, Amortized Cost 68,542,000    
Debt Securities, Trading, Unrealized Gain 0    
Debt Securities, Trading, Unrealized Loss (960,000)    
Debt Securities, Trading 67,582,000    
Debt Securities, Trading and Available-for-sale 1,763,737,000    
Proceeds from Sale of Available-for-sale Securities 74,829,000 1,817,350,000  
Debt Securities, Available-for-sale, Realized Gain 4,697,000    
Debt Securities, Available-for-sale, Realized Loss   64,094,000  
Par value of available for sale debt security 1,651,864,000    
Debt Securities, Available-for-sale, Amortized Cost 1,706,982,000    
Debt Securities, Available-for-sale 1,696,155,000   1,946,391,000
Par Value of Debt Security, Fair Value Option Elected 67,692,000    
Investments, Unamortized Premium (Discount) 55,118,000    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 13,646,000    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (24,473,000)    
Residential Mortgage Backed Securities | Agency MBS | Fair Value Option      
Investments [Line Items]      
Investments, Unamortized Premium (Discount) 850,000    
Commercial Mortgage Backed Securities      
Investments [Line Items]      
Proceeds from Sale of Available-for-sale Securities 0    
Debt Securities, Available-for-sale, Realized Loss 0    
Debt Securities, Available-for-sale, Amortized Cost     238,953,000
Debt Securities, Available-for-sale     258,550,000
Investments, Unamortized Premium (Discount)     3,152,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax     19,597,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax     0
Commercial Mortgage Backed Securities | Agency MBS      
Investments [Line Items]      
Debt Securities, Trading and Available-for-sale 249,617,000    
Proceeds from Sale of Available-for-sale Securities   173,684,000  
Debt Securities, Available-for-sale, Realized Loss   $ 20,689,000  
Par value of available for sale debt security 234,091,000   235,801,000
Debt Securities, Available-for-sale, Amortized Cost 237,066,000    
Debt Securities, Available-for-sale 249,617,000   258,550,000
Investments, Unamortized Premium (Discount) 2,975,000    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 12,551,000    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 0    
Interest-Only-Strip      
Investments [Line Items]      
Debt Securities, Trading and Available-for-sale 365,876,000    
Par value of available for sale debt security 0 [1]   0
Debt Securities, Available-for-sale, Amortized Cost 352,655,000   378,940,000
Debt Securities, Available-for-sale 365,876,000   390,039,000
Investments, Unamortized Premium (Discount) 352,655,000   378,940,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 14,200,000   12,081,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (979,000)   (982,000)
Non-Agency MBS      
Investments [Line Items]      
Notional balance for interest only securities 9,209,025,000   9,319,520,000
Debt Securities, Trading and Available-for-sale 1,143,000    
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value 5,221,000   33,417,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss $ 111,000   $ 408,000
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year 5   23
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value $ 5,029,000   $ 2,156,000
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss $ 140,000   $ 93,000
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year 8   5
Par value of available for sale debt security $ 1,354,000   $ 1,499,000
Debt Securities, Available-for-sale, Amortized Cost 984,000   1,059,000
Debt Securities, Available-for-sale 1,143,000   1,275,000
Investments, Unamortized Premium (Discount) (370,000)   (440,000)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 202,000   267,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (43,000)   (51,000)
Agency MBS      
Investments [Line Items]      
Notional balance for interest only securities 11,097,619,000   11,277,908,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value 1,446,354,000   19,266,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss $ 25,019,000   $ 399,000
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year 32   19
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value $ 846,000   $ 749,000
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss $ 224,000   $ 133,000
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year 5    
[1] The notional balance for Agency CMBS IO and non-Agency CMBS IO was $11,097,619 and $9,209,025 respectively, as of March 31, 2021.
December 31, 2020
Agency RMBSAgency CMBS
CMBS IO (1)
Non-Agency OtherTotal
MBS designated as AFS:
Par value$1,839,046 $235,801 $— $1,499 $2,076,346 
Unamortized premium (discount)57,997 3,152 378,940 (440)439,649 
Amortized cost1,897,043 238,953 378,940 1,059 2,515,995 
Gross unrealized gain49,348 19,597 12,081 267 81,293 
Gross unrealized loss— — (982)(51)(1,033)
Fair value1,946,391 258,550 390,039 1,275 2,596,255 
MBS measured at fair value through net income:
Par value$— $— $— $— $— 
Unamortized premium (discount)— — — — — 
Amortized cost— — — — — 
Gross unrealized gain— — — — — 
Gross unrealized loss— — — — — 
Fair value— — — — — 
Total as of December 31, 2020$1,946,391 $258,550 $390,039 $1,275 $2,596,255