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Mortgage-Backed Securities - Investment Type (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
MBS designated as AFS:    
Par value $ 1,310,070 $ 1,369,816
Unamortized premium (discount) (291,626) (317,264)
Amortized cost 1,601,696 1,687,080
Gross unrealized gain 6,015 27,191
Gross unrealized loss (90,626) (20,462)
Fair value 1,517,085 1,693,809
MBS measured at fair value through net income:    
Par value 1,773,996 1,445,796
Unamortized premium (291,626) (317,264)
Amortized cost 1,824,245 1,503,012
Gross unrealized gain 0 57
Gross unrealized loss (126,313) (15,039)
Fair value 1,697,932 1,488,030
Total as of March 31, 2022 3,215,017 3,181,839
Fair Value Option    
MBS designated as AFS:    
Unamortized premium (discount) (50,249) (57,216)
MBS measured at fair value through net income:    
Unamortized premium (50,249) (57,216)
Agency RMBS-designated as AFS    
MBS designated as AFS:    
Par value 1,137,360 1,193,951
Unamortized premium (discount) (36,649) (38,787)
Amortized cost 1,174,009 1,232,738
Gross unrealized gain 1,209 7,779
Gross unrealized loss (86,458) (19,994)
Fair value 1,088,760 1,220,523
MBS measured at fair value through net income:    
Par value 1,773,996 1,445,796
Unamortized premium (36,649) (38,787)
Amortized cost 1,802,913 1,481,169
Gross unrealized gain 0 0
Gross unrealized loss (125,118) (14,917)
Fair value 1,677,795 1,466,252
Total as of March 31, 2022 2,766,555 2,686,775
Agency RMBS-designated as AFS | Fair Value Option    
MBS designated as AFS:    
Unamortized premium (discount) (28,917) (35,373)
MBS measured at fair value through net income:    
Unamortized premium (28,917) (35,373)
Agency CMBS-designated as AFS    
MBS designated as AFS:    
Par value 171,846 174,899
Unamortized premium (discount) (2,174) (2,312)
Amortized cost 174,020 177,211
Gross unrealized gain 868 7,636
Gross unrealized loss (1,911) 0
Fair value 172,977 184,847
MBS measured at fair value through net income:    
Par value   0
Unamortized premium (2,174) (2,312)
Amortized cost   0
Gross unrealized gain   0
Gross unrealized loss   0
Fair value   0
Total as of March 31, 2022 172,977 184,847
Agency CMBS-designated as AFS | Fair Value Option    
MBS designated as AFS:    
Unamortized premium (discount)   0
MBS measured at fair value through net income:    
Unamortized premium   0
Agency CMBS IO -designated as AFS    
MBS designated as AFS:    
Par value 0 0
Unamortized premium (discount) (252,946) (276,354)
Amortized cost 252,946 276,354
Gross unrealized gain 3,910 11,713
Gross unrealized loss (2,214) (426)
Fair value 254,642 287,641
MBS measured at fair value through net income:    
Unamortized premium (252,946) (276,354)
Amortized cost 21,332 21,843
Gross unrealized gain 0 57
Gross unrealized loss (1,195) (122)
Fair value 20,137 21,778
Total as of March 31, 2022 274,779 309,419
Notional balance for interest only securities   10,189,497
Agency CMBS IO -designated as AFS | Fair Value Option    
MBS designated as AFS:    
Unamortized premium (discount) (21,332) (21,843)
MBS measured at fair value through net income:    
Par value 0 0
Unamortized premium (21,332) (21,843)
Non-Agency MBS    
MBS designated as AFS:    
Par value 864 966
Unamortized premium (discount) (143) (189)
Amortized cost 721 777
Gross unrealized gain 28 63
Gross unrealized loss (43) (42)
Fair value 706 798
MBS measured at fair value through net income:    
Par value   0
Unamortized premium (143) (189)
Amortized cost   0
Gross unrealized gain   0
Gross unrealized loss   0
Fair value   0
Total as of March 31, 2022 706 798
Notional balance for interest only securities 7,859,450 8,635,666
Non-Agency MBS | Fair Value Option    
MBS designated as AFS:    
Unamortized premium (discount)   0
MBS measured at fair value through net income:    
Unamortized premium   0
Agency Securities    
MBS measured at fair value through net income:    
Notional balance for interest only securities 9,882,225  
Agency Securities | Fair Value Option    
MBS measured at fair value through net income:    
Notional balance for interest only securities $ 441,081 $ 441,217