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


	December 31, 2025								December 31, 2024
	Amortized Cost		Unrealized				Fair Value		Amortized Cost		Unrealized				Fair Value
			Gains		Losses						Gains		Losses
Agency RMBS
Fixed rate
Fannie Mae	$	3,445,953	$	71,677	$	(420)	$	3,517,210	$	1,483,619	$	7,819	$	(7,991)	$	1,483,447
Freddie Mac	2,854,899		52,671		(280)		2,907,290		1,465,419		3,914		(13,720)		1,455,613
Total Fixed rate	6,300,852		124,348		(700)		6,424,500		2,949,038		11,733		(21,711)		2,939,060
Adjustable rate
Fannie Mae	84,215		2,911		—		87,126		97,267		265		(631)		96,901
Freddie Mac	30,212		751		—		30,963		32,852		20		(191)		32,681
Total Adjustable rate	114,427		3,662		—		118,089		130,119		285		(822)		129,582
Interest-only
Ginnie Mae	102,118		61		(14,354)		87,825		78,627		843		(16,092)		63,378
Freddie Mac	3,377		—		(315)		3,062		5,251		—		(459)		4,792
Total Interest-only	105,495		61		(14,669)		90,887		83,878		843		(16,551)		68,170
Total Agency RMBS	6,520,774		128,071		(15,369)		6,633,476		3,163,035		12,861		(39,084)		3,136,812
Non-Agency RMBS	22,203		5,701		(2,312)		25,592		66,203		6,098		(2,614)		69,687
U.S. Treasury securities	246,298		1,652		(2,237)		245,713		657,659		—		(35,614)		622,045
Total	$	6,789,275	$	135,424	$	(19,918)	$	6,904,781	$	3,886,897	$	18,959	$	(77,312)	$	3,828,544

Accrued interest receivable for investment securities available for sale in the amount of $34.0 million and $22.4 million as of December 31, 2025 and 2024, respectively, is included in other assets on the Company's consolidated balance sheets.

For the years ended December 31, 2025, 2024 and 2023, the Company recognized $173.9 million in net unrealized gains, $88.8 million in net unrealized losses and $36.3 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 consolidated balance sheets with the fair value of securities pledged disclosed in Notes 10 and 13, respectively.


	Year Ended December 31, 2025
	Sales Proceeds		Realized Gains		Realized Losses		Net Realized Gains (Losses)
U.S. Treasury securities	$	658,763	$	3,700	$	(30,570)	(26,870)
Agency RMBS	61,138		1,177		—		1,177
Non-Agency RMBS	4,573		52		—		52
Total	$	724,474	$	4,929	$	(30,570)	$	(25,641)


	Year Ended December 31, 2023
	Sales Proceeds		Realized Gains		Realized Losses		Net Realized Gains (Losses)
ABS	$	595	$	—	$	(41)	$	(41)
CMBS	30,419		—		(1,387)		(1,387)
Non-Agency RMBS	33,676		1,472		(12,644)		(11,172)
Total	$	64,690	$	1,472	$	(14,072)	$	(12,600)

The Company recognized write-downs of certain Agency RMBS IOs for a loss of $9.1 million for the year ended December 31, 2025, which is included in realized losses, net on the accompanying consolidated statements of operations. The Company recognized write-downs of non-Agency RMBS for a loss of $1.2 million and $1.7 million for the years ended December 31, 2024 and 2023, 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 December 31, 2025 and 2024, based on management’s estimates, the weighted average life of the Company’s investment securities available for sale portfolio was approximately 6.6 years and 7.4 years, respectively.