v3.25.3
Investment Securities Available For Sale, at Fair Value (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale Securities Reconciliation 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, 2025December 31, 2024
Amortized CostUnrealizedFair ValueAmortized CostUnrealizedFair Value
 GainsLossesGainsLosses
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 Mac2,804,052 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 Mae88,317 2,981 — 91,298 97,267 265 (631)96,901 
Freddie Mac30,875 815 — 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 RMBS6,543,283 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 
Schedule of Realized Gain or Loss Activity 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 GainsRealized LossesNet 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)
Schedule of Weighted Average Lives of Investment Securities
The following table sets forth the weighted average lives of our investment securities available for sale as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
Weighted Average LifeSeptember 30, 2025December 31, 2024
0 to 5 years$1,630,237 $604,459 
Over 5 to 10 years5,054,934 2,923,871 
10+ years153,544 300,214 
Total$6,838,715 $3,828,544