v3.25.4
Investment Securities Available For Sale, at Fair Value (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2025 and 2024, respectively (dollar amounts in thousands):
December 31, 2025December 31, 2024
Amortized CostUnrealizedFair ValueAmortized CostUnrealizedFair Value
GainsLossesGainsLosses
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 Mac2,854,899 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 Mae84,215 2,911 — 87,126 97,267 265 (631)96,901 
Freddie Mac30,212 751 — 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 RMBS22,203 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 
Schedule of Realized Gain or Loss Activity
The following tables summarize our investment securities sold during the years ended December 31, 2025, 2024 and 2023, respectively (dollar amounts in thousands):

Year Ended December 31, 2025
Sales ProceedsRealized GainsRealized LossesNet 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, 2024
Sales Proceeds Realized GainsRealized LossesNet Realized Gains (Losses)
Non-Agency RMBS
$5,284 $21 $— $21 
Total
$5,284 $21 $— $21 


Year Ended December 31, 2023
Sales Proceeds Realized GainsRealized LossesNet Realized Gains (Losses)
ABS
$595 $— $(41)$(41)
CMBS
30,419 — (1,387)(1,387)
Non-Agency RMBS33,676 1,472 (12,644)(11,172)
Total $64,690 $1,472 $(14,072)$(12,600)
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 December 31, 2025 and 2024, respectively (dollar amounts in thousands):
Weighted Average LifeDecember 31, 2025December 31, 2024
0 to 5 years$1,523,025 $604,459 
Over 5 to 10 years5,165,072 2,923,871 
10+ years216,684 300,214 
Total$6,904,781 $3,828,544