| Summary of principal-only stripped MBS |
| | | | | | | | | | | | | | | Quarter ended June 30, | | Six months ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | (in thousands) | | (in thousands) | Balance at beginning of period | | $ | 659,235 | | $ | 817,596 | | $ | 722,528 | | $ | 825,865 | Repayments | | | (55,758) | | | (46,529) | | | (113,827) | | | (84,267) | Changes in fair value included in income arising from: | | | | | | | | | | | | | Accrual of purchase discounts | | | 8,712 | | | 6,699 | | | 3,527 | | | 18,034 | Valuation adjustments | | | (3,086) | | | 7,192 | | | (3,125) | | | 25,326 | | | | 5,626 | | | 13,891 | | | 402 | | | 43,360 | Balance at end of period | | $ | 609,103 | | $ | 784,958 | | $ | 609,103 | | $ | 784,958 |
| | | | | | | | | June 30, | | December 31, | | | 2026 | | 2025 | | | | (in thousands) | Principal balance | | $ | 754,523 | | $ | 868,350 | Unearned discount | | | (147,856) | | | (151,382) | Cumulative valuation change | | | 2,436 | | | 5,560 | Fair value | | $ | 609,103 | | $ | 722,528 | Fair value of principal-only stripped mortgage-backed securities pledged to secure Assets sold under agreements to repurchase | | $ | 609,103 | | $ | 722,528 |
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