v3.26.1
Investment Securities Available For Sale, at Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025, respectively (dollar amounts in thousands):
 March 31, 2026December 31, 2025
Amortized CostUnrealizedFair ValueAmortized CostUnrealizedFair Value
 GainsLossesGainsLosses
Agency RMBS
Fixed rate
Fannie Mae$3,388,655 $39,953 $(2,555)$3,426,053 $3,445,953 $71,677 $(420)$3,517,210 
Freddie Mac2,957,583 27,019 (3,923)2,980,679 2,854,899 52,671 (280)2,907,290 
Total Fixed rate
6,346,238 66,972 (6,478)6,406,732 6,300,852 124,348 (700)6,424,500 
Adjustable rate
Fannie Mae79,629 2,186 — 81,815 84,215 2,911 — 87,126 
Freddie Mac28,397 573 — 28,970 30,212 751 — 30,963 
Total Adjustable rate
108,026 2,759 — 110,785 114,427 3,662 — 118,089 
Interest-only
Ginnie Mae
118,543 2,334 (11,382)109,495 102,118 61 (14,354)87,825 
Freddie Mac
2,918 47 — 2,965 3,377 — (315)3,062 
Total Interest-only
121,461 2,381 (11,382)112,460 105,495 61 (14,669)90,887 
Total Agency RMBS6,575,725 72,112 (17,860)6,629,977 6,520,774 128,071 (15,369)6,633,476 
Non-Agency RMBS
27,600 4,867 (2,307)30,160 22,203 5,701 (2,312)25,592 
U.S. Treasury securities
305,203 621 (5,648)300,176 246,298 1,652 (2,237)245,713 
Total
$6,908,528 $77,600 $(25,815)$6,960,313 $6,789,275 $135,424 $(19,918)$6,904,781 
Schedule of Realized Gain or Loss Activity
The following table summarizes our investment securities sold during the three months ended March 31, 2025 (dollar amounts in thousands):

For the Three Months Ended March 31, 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 March 31, 2026 and December 31, 2025, respectively (dollar amounts in thousands):

Weighted Average LifeMarch 31, 2026December 31, 2025
0 to 5 years$1,469,377 $1,523,025 
Over 5 to 10 years5,257,097 5,165,072 
10+ years233,839 216,684 
Total$6,960,313 $6,904,781