​

​

Quarter ended March 31, 

​

​

2026

​

2025

​

​

(in thousands)

Balance at beginning of quarter

​

$

722,528

​

$

825,865

Repayments

​

​

(58,069)

​

​

(37,738)

Changes in fair value included in income arising from:

​

​

​

​

​

​

Accrual of purchase discounts

​

​

(5,185)

​

​

11,335

Valuation adjustments

​

​

(39)

​

​

18,134

​

​

​

(5,224)

​

​

29,469

Balance at end of quarter

​

$

659,235

​

$

817,596

​

​

March 31, 

​

December 31, 

​

​

2026

​

2025

​

​

(in thousands)

Principal balance

​

$

810,281

​

$

868,350

Unearned discount

​

​

(156,567)

​

​

(151,382)

Cumulative valuation change

​

​

5,521

​

​

5,560

Fair value

​

$

659,235

​

$

722,528

Fair value of principal-only stripped mortgage-backed securities pledged to secure Assets sold under agreements to repurchase

​

$

659,235

​

$

722,528