v3.25.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments Securities at Cost
The following table sets forth a summary of RMBS at cost as of June 30, 2025 and December 31, 2024:

June 30, 2025December 31, 2024
(in thousands)
AOMT RMBS$108,495 $101,801 
Whole Pool Agency RMBS$254,228 $201,994 
Schedule of Investments in RMBS and CMBS at Fair Value
The following tables sets forth certain information about the Company’s investments in RMBS at fair value as of June 30, 2025:

June 30, 2025Real Estate Securities at Fair ValueSecurities Sold Under Agreements to RepurchaseAllocated Capital
(in thousands)
AOMT RMBS (1)
Mezzanine$12,831 $(11,172)$1,659 
Subordinate80,509 (25,874)54,636 
Interest Only/Excess10,992 — 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 Mac239,595 — 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, 2024Real Estate Securities at Fair ValueSecurities Sold Under Agreements to RepurchaseAllocated Capital
(in thousands)
AOMT RMBS (1)
Mezzanine$12,735 $(5,440)$7,295 
Subordinate73,548 (19,829)53,719 
Interest Only/Excess12,508 — 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 Mac39,574 — 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.