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Mortgage Loans Held for Sale (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Derivative Instruments Used to Hedge Mortgage Loan Activity

The following table reflects the outstanding derivative instruments used to hedge our mortgage loan activity as of the dates indicated.


Derivative hedging instruments

	December 31, 2023						December 31, 2022
	Notional (1)		Fair Value				Notional (1)		Fair Value
(In thousands)			Derivative Assets		Derivative Liabilities				Derivative Assets		Derivative Liabilities
Hedging instruments (2)
Forward RMBS purchase contracts	$	51,100	$	715	$	817	$	4,450	$	—	$	42
Interest rate swap futures contracts	7,300		489		—		—		—		—

(1)Notional amounts provide an indication of the volume of the Company’s derivative activity.

(2)All of the derivatives used for hedging purposes are interest rate derivatives subject to master netting agreements and are considered economic hedges.

Schedule of Net Gain (Losses) on Mortgage Loans Held for Sale Related Derivatives

Net gains (losses) on our mortgage loans held for sale and related derivatives consisted of the following.


Net gains (losses) on mortgage loans held for sale

	Years Ended December 31,
(In thousands)	2023		2022
Net realized gains (losses)
Mortgage loans	$	(2,634)	$	28
Mortgage loan hedging activities	3,144		—
Total realized gains (losses)	510		28

Mortgage servicing rights resulting from loan sales	41		—

Change in unrealized gains (losses) on mortgage loans and related derivatives sold or redeemed	(20)		—

Unrealized gains (losses) on mortgage loans and related derivatives still held
Mortgage loans (1)	1,331		62
Mortgage loan hedging activities	(1,048)		(42)
Total net unrealized gains (losses)	283		20
Net gains (losses) on investments and other financial instruments	$	814	$	48

(1)Includes net gains (losses) on mortgage loan commitments accounted for as derivatives prior to settlement.

Net investment income earned on the mortgage loans held for sale and interest expense incurred on the mortgage loan financing facilities consisted of the following.


Net interest margin on mortgage loans held for sale

	Years Ended December 31,
(In thousands)	2023		2022
Net investment income	$	4,212	$	39
Interest expense	3,507		15
Net interest margin on mortgage loans held for sale	$	705	$	24

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details