The Company accounts for its investment securities available for sale using the fair value election pursuant to ASC 825, Financial Instruments, where changes in fair value are recorded in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. The Company's investment securities available for sale consisted of the following as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):


	September 30, 2025								December 31, 2024
	Amortized Cost		Unrealized				Fair Value		Amortized Cost		Unrealized				Fair Value
			Gains		Losses						Gains		Losses

Agency RMBS
Fixed rate
Fannie Mae	$	3,505,119	$	54,745	$	(752)	$	3,559,112	$	1,483,619	$	7,819	$	(7,991)	$	1,483,447
Freddie Mac	2,804,052		39,785		(380)		2,843,457		1,465,419		3,914		(13,720)		1,455,613
Total Fixed rate	6,309,171		94,530		(1,132)		6,402,569		2,949,038		11,733		(21,711)		2,939,060
Adjustable rate
Fannie Mae	88,317		2,981		—		91,298		97,267		265		(631)		96,901
Freddie Mac	30,875		815		—		31,690		32,852		20		(191)		32,681
Total Adjustable rate	119,192		3,796		—		122,988		130,119		285		(822)		129,582
Interest-only
Ginnie Mae	110,459		1,401		(12,944)		98,916		78,627		843		(16,092)		63,378
Freddie Mac	4,461		—		(931)		3,530		5,251		—		(459)		4,792
Total Interest-only	114,920		1,401		(13,875)		102,446		83,878		843		(16,551)		68,170
Total Agency RMBS	6,543,283		99,727		(15,007)		6,628,003		3,163,035		12,861		(39,084)		3,136,812
Non-Agency RMBS	24,085		6,405		(2,316)		28,174		66,203		6,098		(2,614)		69,687
U.S. Treasury securities	180,868		2,520		(850)		182,538		657,659		—		(35,614)		622,045

Total	$	6,748,236	$	108,652	$	(18,173)	$	6,838,715	$	3,886,897	$	18,959	$	(77,312)	$	3,828,544

Accrued interest receivable for investment securities available for sale in the amount of $32.2 million and $22.4 million as of September 30, 2025 and December 31, 2024, respectively, is included in other assets on the Company's condensed consolidated balance sheets.

For the three and nine months ended September 30, 2025, the Company recognized $47.8 million and $148.8 million in net unrealized gains on investment securities available for sale, respectively. For the three and nine months ended September 30, 2024, the Company recognized $58.3 million and $10.4 million in net unrealized gains on investment securities available for sale, respectively.

The Company's investment securities available for sale pledged as collateral against interest rate swap agreements and repurchase agreements are included in investment securities available for sale on the accompanying condensed consolidated balance sheets with the fair value of securities pledged disclosed in Notes 10 and 13, respectively.

The Company did not sell investment securities during the three months ended September 30, 2025. The following table summarizes our investment securities sold during the nine months ended September 30, 2025 (dollar amounts in thousands):


	For the Nine Months Ended September 30, 2025
	Sales Proceeds		Realized Gains		Realized Losses		Net Realized Gains (Losses)
U.S. Treasury Securities	$	658,763	$	3,700	$	(30,570)	$	(26,870)
Non-Agency RMBS	4,573		52		—		52

Total	$	663,336	$	3,752	$	(30,570)	$	(26,818)

The Company recognized write-downs of certain Agency RMBS IOs for a loss of $2.5 million for the nine months ended September 30, 2025, which is included in realized losses, net on the accompanying condensed consolidated statements of operations. The Company recognized write-downs of non-Agency RMBS for a loss of $0.4 million and $0.9 million for the three and nine months ended September 30, 2024, respectively.

Actual maturities of our investment securities available for sale are generally shorter than stated contractual maturities (with contractual maturities up to 38 years), as they are affected by periodic payments and prepayments of principal on the underlying mortgages. As of September 30, 2025 and December 31, 2024, based on management’s estimates, the weighted average life of the Company’s investment securities available for sale portfolio was approximately 6.5 years and 7.4 years, respectively.