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Mortgage Loans Held for Sale (Tables)
 3 Months Ended
Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Derivative Instruments Used to Hedge Mortgage Loan Activity
The following table reflects the outstanding derivative instruments related to our mortgage loan activity as of the dates indicated.
Derivative instruments
March 31, 2024December 31, 2023
Notional (1)
Fair Value
Notional (1)
Fair Value
(In thousands)Derivative
Assets		Derivative
Liabilities		Derivative
Assets		Derivative
Liabilities
Forward mortgage loan purchase commitments$277,339 $435 $— $83,962 $708 $— 
Hedging instruments (2)
Forward RMBS purchase contracts$238,350 $20 $397 $51,100 $715 $817 
Interest rate swap futures contracts (3)
22,500 499 

— 7,300 489 — 
(1)Notional amounts provide an indication of the volume of the Company’s derivative capacity.
(2)All of the derivatives used for hedging purposes are interest rate derivatives subject to master netting agreements and are considered economic hedges.
(3)Derivative assets include cash collateral receivables of $357 thousand and $720 thousand as of March 31, 2024, and December 31, 2023, respectively.
Schedule of Net Gain (Losses) on Mortgage Loans Held for Sale Related Derivatives
Included in our net gains (losses) on investments and other financial instruments in our condensed consolidated statements of operations are net gains (losses) related to our mortgage loans and related hedging activities, which consisted of the following.
Net gains (losses) on mortgage loans held for sale
Three Months Ended
March 31,
(In thousands)20242023
Net realized gains (losses) 
Mortgage loans$63 $— 
Mortgage loan hedging activities(783)(116)
Total realized gains (losses)(720)(116)
Mortgage loan servicing rights resulting from loan sales310 — 
Change in unrealized gains (losses) on mortgage loans and related derivatives sold or redeemed(49)33 
Unrealized gains (losses) on mortgage loans and related derivatives still held
Mortgage loans (1)
1,078 192 
Mortgage loan hedging activities(235)(29)
Total net unrealized gains (losses)843 163 
Net gains (losses) on mortgage loans held for sale$384 $80 
(1)Includes net gains (losses) on mortgage loan commitments accounted for as derivatives prior to settlement.
Net investment income earned on our mortgage loans held for sale and interest expense incurred on our mortgage loan financing facilities consisted of the following.
Net interest margin on mortgage loans held for sale
Three Months Ended
March 31,
(In thousands)20242023
Interest income$1,793 $194 
Interest expense1,438 77 
Net interest margin on mortgage loans held for sale$355 $117