Investment Securities Available For Sale, at Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023, respectively (dollar amounts in thousands):


	December 31, 2024								December 31, 2023
	Amortized Cost		Unrealized				Fair Value		Amortized Cost		Unrealized				Fair Value
			Gains		Losses						Gains		Losses
Fair Value Option
Agency RMBS
Fixed rate
Fannie Mae	$	1,483,619	$	7,819	$	(7,991)	$	1,483,447	$	1,084,702	$	15,902	$	(723)	$	1,099,881
Freddie Mac	1,465,419		3,914		(13,720)		1,455,613		676,436		5,679		(1,106)		681,009
Total Fixed rate	2,949,038		11,733		(21,711)		2,939,060		1,761,138		21,581		(1,829)		1,780,890
Adjustable rate
Fannie Mae	97,267		265		(631)		96,901		110,036		1,299		—		111,335
Freddie Mac	32,852		20		(191)		32,681		37,424		442		—		37,866
Total Adjustable rate	130,119		285		(822)		129,582		147,460		1,741		—		149,201
Interest-only
Ginnie Mae	78,627		843		(16,092)		63,378		52,623		6,813		(203)		59,233
Freddie Mac	5,251		—		(459)		4,792		—		—		—		—
Total Interest-only	83,878		843		(16,551)		68,170		52,623		6,813		(203)		59,233
Total Agency RMBS	3,163,035		12,861		(39,084)		3,136,812		1,961,221		30,135		(2,032)		1,989,324
Non-Agency RMBS	66,203		6,098		(2,614)		69,687		22,097		6,646		(4,281)		24,462
U.S. Treasury securities	657,659		—		(35,614)		622,045		—		—		—		—
Total investment securities available for sale - fair value option	3,886,897		18,959		(77,312)		3,828,544		1,983,318		36,781		(6,313)		2,013,786

CECL Securities






Non-Agency RMBS	—		—		—		—		35		—		(4)		31

Total investment securities available for sale - CECL Securities	—		—		—		—		35		—		(4)		31
Total	$	3,886,897	$	18,959	$	(77,312)	$	3,828,544	$	1,983,353	$	36,781	$	(6,317)	$	2,013,817

Schedule of Investments Securities Sold

The following tables summarize our investment securities sold during the years ended December 31, 2024, 2023 and 2022, respectively (dollar amounts in thousands):


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


	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)


	Year Ended December 31, 2022
	Sales Proceeds		Realized Gains		Realized Losses		Net Realized Gains (Losses)
Non-Agency RMBS	$	24,374	$	374	$	—	$	374
ABS	36,215		18,001		—		18,001
U.S. Treasury Securities	24,848		—		(31)		(31)
Total	$	85,437	$	18,375	$	(31)	$	18,344

Summary of Debt Securities, Available-For-Sale, Weighted Average Lives

The following table sets forth the weighted average lives of our investment securities available for sale as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):


Weighted Average Life	December 31, 2024		December 31, 2023
0 to 5 years	$	604,459	$	283,554
Over 5 to 10 years	2,923,871		1,727,269
10+ years	300,214		2,994
Total	$	3,828,544	$	2,013,817

Schedule of Investment Securities Available-for-sale in an Unrealized Loss Position

The following table presents the Company’s CECL securities in an unrealized loss position with no credit losses reported, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2023 (dollar amounts in thousands):


December 31, 2023	Less than 12 Months				Greater than 12 months				Total
	Carrying Value		Gross Unrealized Losses		Carrying Value		Gross Unrealized Losses		Carrying Value		Gross Unrealized Losses
Non-Agency RMBS	$	—	$	—	$	31	$	(4)	$	31	$	(4)

Total	$	—	$	—	$	31	$	(4)	$	31	$	(4)