v3.26.3
Investment Securities Available For Sale, at Fair Value (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2026 and December 31, 2025, respectively (dollar amounts in thousands):
September 30, 2026December 31, 2025
Amortized CostUnrealizedFair ValueAmortized CostUnrealizedFair Value
GainsLossesGainsLosses
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 Mac3,211,478 386 (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 Mae74,310 592 (187)74,715 84,215 2,911 — 87,126 
Freddie Mac26,698 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 RMBS7,049,587 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 

(1)Includes non-Agency RMBS held in a securitization trust with a total fair value of $11.9 million as of September 30, 2026 (see Note 7).
Schedule of Realized Gain or Loss Activity 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, 2026
Sales Proceeds Realized GainsRealized LossesNet Realized Gains (Losses)
U.S. Treasury securities
$293,348 $291 $(5,353)$(5,062)
Total $293,348 $291 $(5,353)$(5,062)

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

Weighted Average LifeSeptember 30, 2026December 31, 2025
0 to 5 years$213,718 $1,523,025 
Over 5 to 10 years7,014,578 5,165,072 
10+ years114,865 216,684 
Total$7,343,161 $6,904,781