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

6 Months Ended

Jun. 30, 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 June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):


	June 30, 2025								December 31, 2024
	Amortized Cost		Unrealized				Fair Value		Amortized Cost		Unrealized				Fair Value
			Gains		Losses						Gains		Losses

Agency RMBS
Fixed rate
Fannie Mae	$	2,574,338	$	30,980	$	(2,302)	$	2,603,016	$	1,483,619	$	7,819	$	(7,991)	$	1,483,447
Freddie Mac	2,102,848		19,671		(3,033)		2,119,486		1,465,419		3,914		(13,720)		1,455,613
Total Fixed rate	4,677,186		50,651		(5,335)		4,722,502		2,949,038		11,733		(21,711)		2,939,060
Adjustable rate
Fannie Mae	92,031		1,759		—		93,790		97,267		265		(631)		96,901
Freddie Mac	31,036		480		—		31,516		32,852		20		(191)		32,681
Total Adjustable rate	123,067		2,239		—		125,306		130,119		285		(822)		129,582
Interest-only
Ginnie Mae	83,664		4,381		(10,035)		78,010		78,627		843		(16,092)		63,378
Freddie Mac	4,729		—		(748)		3,981		5,251		—		(459)		4,792
Total Interest-only	88,393		4,381		(10,783)		81,991		83,878		843		(16,551)		68,170
Total Agency RMBS	4,888,646		57,271		(16,118)		4,929,799		3,163,035		12,861		(39,084)		3,136,812
Non-Agency RMBS	36,849		5,048		(2,530)		39,367		66,203		6,098		(2,614)		69,687
U.S. Treasury securities	141,413		429		(1,407)		140,435		657,659		—		(35,614)		622,045

Total	$	5,066,908	$	62,748	$	(20,055)	$	5,109,601	$	3,886,897	$	18,959	$	(77,312)	$	3,828,544

Schedule of Realized Gain or Loss Activity

The following table summarizes our investment securities sold during the six months ended June 30, 2025 (dollar amounts in thousands):


	For the Six Months Ended June 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)

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 June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):


Weighted Average Life	June 30, 2025		December 31, 2024
0 to 5 years	$	1,258,855	$	604,459
Over 5 to 10 years	3,732,603		2,923,871
10+ years	118,143		300,214
Total	$	5,109,601	$	3,828,544