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Investment Securities Available For Sale, at Fair Value (Tables) | 9 Months Ended
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Sep. 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 September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
| September 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 | $ | 3,505,119 |  |  | $ | 54,745 |  |  | $ | (752) |  |  | $ | 3,559,112 |  |  | $ | 1,483,619 |  |  | $ | 7,819 |  |  | $ | (7,991) |  |  | $ | 1,483,447 |
Freddie Mac | 2,804,052 |  |  | 39,785 |  |  | (380) |  |  | 2,843,457 |  |  | 1,465,419 |  |  | 3,914 |  |  | (13,720) |  |  | 1,455,613 |
Total Fixed rate | 6,309,171 |  |  | 94,530 |  |  | (1,132) |  |  | 6,402,569 |  |  | 2,949,038 |  |  | 11,733 |  |  | (21,711) |  |  | 2,939,060 |
Adjustable rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fannie Mae | 88,317 |  |  | 2,981 |  |  | — |  |  | 91,298 |  |  | 97,267 |  |  | 265 |  |  | (631) |  |  | 96,901 |
Freddie Mac | 30,875 |  |  | 815 |  |  | — |  |  | 31,690 |  |  | 32,852 |  |  | 20 |  |  | (191) |  |  | 32,681 |
Total Adjustable rate | 119,192 |  |  | 3,796 |  |  | — |  |  | 122,988 |  |  | 130,119 |  |  | 285 |  |  | (822) |  |  | 129,582 |
Interest-only |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ginnie Mae | 110,459 |  |  | 1,401 |  |  | (12,944) |  |  | 98,916 |  |  | 78,627 |  |  | 843 |  |  | (16,092) |  |  | 63,378 |
Freddie Mac | 4,461 |  |  | — |  |  | (931) |  |  | 3,530 |  |  | 5,251 |  |  | — |  |  | (459) |  |  | 4,792 |
Total Interest-only | 114,920 |  |  | 1,401 |  |  | (13,875) |  |  | 102,446 |  |  | 83,878 |  |  | 843 |  |  | (16,551) |  |  | 68,170 |
Total Agency RMBS | 6,543,283 |  |  | 99,727 |  |  | (15,007) |  |  | 6,628,003 |  |  | 3,163,035 |  |  | 12,861 |  |  | (39,084) |  |  | 3,136,812 |
Non-Agency RMBS | 24,085 |  |  | 6,405 |  |  | (2,316) |  |  | 28,174 |  |  | 66,203 |  |  | 6,098 |  |  | (2,614) |  |  | 69,687 |
U.S. Treasury securities | 180,868 |  |  | 2,520 |  |  | (850) |  |  | 182,538 |  |  | 657,659 |  |  | — |  |  | (35,614) |  |  | 622,045 |
Total | $ | 6,748,236 |  |  | $ | 108,652 |  |  | $ | (18,173) |  |  | $ | 6,838,715 |  |  | $ | 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 nine months ended September 30, 2025 (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) |
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, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
Weighted Average Life | September 30, 2025 |  | December 31, 2024
0 to 5 years | $ | 1,630,237 |  |  | $ | 604,459 |
Over 5 to 10 years | 5,054,934 |  |  | 2,923,871 |
10+ years | 153,544 |  |  | 300,214 |
Total | $ | 6,838,715 |  |  | $ | 3,828,544 |

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