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Mortgage Loans Held for Sale (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 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$391,434 $132 $— $83,962 $708 $— 
Hedging instruments (2)
Forward RMBS purchase contracts (3)
$516,600 $3,227 $— $51,100 $715 $817 
Interest rate swap futures contracts (4)
59,000 1,329 

— 7,300 489 — 
(1)Notional amounts provide an indication of the volume of the Company’s derivative capacity. The notional amount is the face amount of our contracts and does not represent our exposure to credit loss and therefore is not reflected on our condensed consolidated balance sheets.
(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 $5 million and $715 thousand as of June 30, 2024, and December 31, 2023, respectively.
(4)Derivative assets include cash collateral receivables of $2 million and $720 thousand as of June 30, 2024, and December 31, 2023, respectively.
Schedule of Net Gain (Losses) on Mortgage Loans Held for Sale Related Derivatives
Included in our net gains (losses) on investments and other financial instruments in our condensed consolidated statements of operations are net gains (losses) related to our mortgage loans and related hedging activities, which consisted of the following.
Net gains (losses) on mortgage loans held for sale
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2024202320242023
Net realized gains (losses)   
Mortgage loans$(1,252)$9 $(1,189)$9 
Mortgage loan hedging activities3,528 77 2,745 (39)
Total realized gains (losses)2,276 86 1,556 (30)
Mortgage loan servicing rights resulting from loan sales1,188 — 1,498 — 
Change in unrealized gains (losses) on mortgage loans and related derivatives sold or redeemed155 (91)(49)33 
Unrealized gains (losses) on mortgage loans and related derivatives still held
Mortgage loans (1)
(1,609)(167)(611)(94)
Mortgage loan hedging activities(2,060)266 (2,060)266 
Total net unrealized gains (losses)(3,669)99 (2,671)172 
Net gains (losses) on mortgage loans held for sale$(50)$94 $334 $175 
(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 on mortgage loans held for sale
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2024202320242023
Interest income$5,411 $574 $7,204 $768 
Interest expense5,108 400 6,546 477 
Net interest on mortgage loans held for sale$303 $174 $658 $291