As of June 30, 2025, investment securities were comprised of: (i) non‑agency RMBS (“AOMT RMBS”) and (ii) Freddie Mac and Fannie Mae whole pool agency RMBS (“Whole Pool Agency RMBS”, and together with AOMT RMBS, “RMBS”).


	June 30, 2025		December 31, 2024
	(in thousands)
AOMT RMBS	$	108,495	$	101,801
Whole Pool Agency RMBS	$	254,228	$	201,994

The following tables sets forth certain information about the Company’s investments in RMBS at fair value as of June 30, 2025:


June 30, 2025	Real Estate Securities at Fair Value		Securities Sold Under Agreements to Repurchase		Allocated Capital
	(in thousands)
AOMT RMBS (1)

Mezzanine	$	12,831	$	(11,172)	$	1,659
Subordinate	80,509		(25,874)		54,636
Interest Only/Excess	10,992		—		10,992
Retained RMBS in VIEs (2)	—		(31,016)		(31,016)
Total AOMT RMBS	$	104,332	$	(68,062)	$	36,270




Whole Pool Agency RMBS (3)
Fannie Mae	$	17,957	$	—	$	17,957
Freddie Mac	239,595		—		239,595
Total Whole Pool Agency RMBS	$	257,552	$	—	$	257,552
Total RMBS	$	361,884	$	(68,062)	$	293,822

(1) AOMT RMBS held as of June 30, 2025 included both retained tranches of AOMT securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions.

(2) A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). These bonds, with a fair value of $178.3 million, are not reflected in the consolidated balance sheets, as the Company reflects the assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its condensed consolidated balance sheets.

(3) The whole pool RMBS presented as of June 30, 2025 were purchased from a broker to whom the Company owes approximately $254 million, payable upon the settlement date of the trade. See Note 6 - Due to Broker.

The following table sets forth certain information about the Company’s investments in RMBS at fair value as of December 31, 2024:


December 31, 2024	Real Estate Securities at Fair Value		Securities Sold Under Agreements to Repurchase		Allocated Capital
	(in thousands)
AOMT RMBS (1)

Mezzanine	$	12,735	$	(5,440)	$	7,295
Subordinate	73,548		(19,829)		53,719
Interest Only/Excess	12,508		—		12,508
Retained RMBS in VIEs (2)	—		(25,286)		(25,286)
Total AOMT RMBS	$	98,791	$	(50,555)	$	48,236




Whole Pool Agency RMBS (3)
Fannie Mae	$	161,878	$	—	$	161,878
Freddie Mac	39,574		—		39,574
Total Whole Pool Agency RMBS	$	201,452	$	—	$	201,452
Total RMBS	$	300,243	$	(50,555)	$	249,688

(1) AOMT RMBS held as of December 31, 2024 included both retained tranches of AOMT securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions.

(2) A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). These bonds, with a fair value of $163.9 million, are not reflected in the consolidated balance sheets, as the Company reflects the assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its consolidated balance sheets.

(3) The whole pool RMBS presented as of December 31, 2024 were purchased from a broker to whom the Company owes approximately $202 million, payable upon the settlement date of the trade. See Note 6 - Due to Broker.