Some $3.70 billion of ARMs were included in agency MBS issued during the second quarter of 2025.

Nomura has issued a handful of other non-agency mortgage-backed securities in recent years.

There are more questions than answers as the Trump administration considers action involving Fannie Mae and Freddie Mac.

Combined, 17 MBS-focused REITs held $213.74 billion of residential MBS at midyear.

"I think any outcome is ultimately an acceptable outcome," Michael Comparato, president of Franklin BSP Realty Trust, said of potential reforms to the GSEs.

"By rethinking the role of the master servicer, we see significant opportunities to expand our platform and deliver long-term value to clients," said Shane Ross, head of servicing for Newrez.

The Fed will have a new governor in place as it considers monetary policy this week and Fed Governor Lisa Cook will also remain in place.

The real market share winner, of course, has been Ginnie Mae.

"The backdrop for investors owning agency mortgages feels a lot more supportive," said Jay Bacow, co-head of securitized products research at Morgan Stanley.

PRMI is a portfolio manager founded in 2019 with ties to Merchants Bank of Indiana.