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, 2026 and December 31, 2025, respectively (dollar amounts in thousands):


	September 30, 2026								December 31, 2025
	Amortized Cost		Unrealized				Fair Value		Amortized Cost		Unrealized				Fair Value
			Gains		Losses						Gains		Losses

Agency RMBS
Fixed rate
Fannie Mae	$	3,599,464	$	636	$	(142,333)	$	3,457,767	$	3,445,953	$	71,677	$	(420)	$	3,517,210
Freddie Mac	3,211,478		386		(139,593)		3,072,271		2,854,899		52,671		(280)		2,907,290
Total Fixed rate	6,810,942		1,022		(281,926)		6,530,038		6,300,852		124,348		(700)		6,424,500
Adjustable rate
Fannie Mae	74,310		592		(187)		74,715		84,215		2,911		—		87,126
Freddie Mac	26,698		74		(22)		26,750		30,212		751		—		30,963
Total Adjustable rate	101,008		666		(209)		101,465		114,427		3,662		—		118,089
Interest-only
Ginnie Mae	135,027		1,125		(34,000)		102,152		102,118		61		(14,354)		87,825
Freddie Mac	2,610		486		—		3,096		3,377		—		(315)		3,062
Total Interest-only	137,637		1,611		(34,000)		105,248		105,495		61		(14,669)		90,887
Total Agency RMBS	7,049,587		3,299		(316,135)		6,736,751		6,520,774		128,071		(15,369)		6,633,476
Non-Agency RMBS (1)	60,557		3,840		(3,575)		60,822		22,203		5,701		(2,312)		25,592
U.S. Treasury securities	582,838		—		(37,250)		545,588		246,298		1,652		(2,237)		245,713

Total	$	7,692,982	$	7,139	$	(356,960)	$	7,343,161	$	6,789,275	$	135,424	$	(19,918)	$	6,904,781

Accrued interest receivable for investment securities available for sale in the amount of $37.0 million and $34.0 million as of September 30, 2026 and December 31, 2025, respectively, is included in other assets on the Company's condensed consolidated balance sheets.

For the three and nine months ended September 30, 2026, the Company recognized $392.9 million and $465.3 million in net unrealized losses on investment securities available for sale, respectively. 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.

The Company's investment securities available for sale pledged as collateral against derivative instruments 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 9 and 12, respectively.

The Company did not sell investment securities during the three months ended September 30, 2026 and 2025. The following tables summarize our investment securities sold during the nine months ended September 30, 2026 and 2025, respectively (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 $1.1 million and $5.6 million during the three and nine months ended September 30, 2026, respectively, which is included in realized losses, net on the accompanying condensed consolidated statements of operations. The Company recognized write-downs of certain Agency RMBS IOs for a loss of $2.5 million during the nine months ended September 30, 2025.

Actual maturities of our investment securities available for sale are generally shorter than stated contractual maturities (with contractual maturities up to 44 years), as they are affected by periodic payments and prepayments of principal on the underlying mortgages. As of September 30, 2026 and December 31, 2025, based on management’s estimates, the weighted average life of the Company’s investment securities available for sale portfolio was approximately 7.9 years and 6.6 years, respectively.