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Investment Securities Available For Sale, at Fair Value
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Available For Sale, at Fair Value
3. Investment Securities Available For Sale, at Fair Value

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

 September 30, 2025December 31, 2024
Amortized CostUnrealizedFair ValueAmortized CostUnrealizedFair Value
 GainsLossesGainsLosses
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 Mac2,804,052 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 Mae88,317 2,981 — 91,298 97,267 265 (631)96,901 
Freddie Mac30,875 815 — 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 RMBS6,543,283 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 

Accrued interest receivable for investment securities available for sale in the amount of $32.2 million and $22.4 million as of September 30, 2025 and December 31, 2024, respectively, is included in other assets on the Company's condensed consolidated balance sheets.

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. For the three and nine months ended September 30, 2024, the Company recognized $58.3 million and $10.4 million in net unrealized gains on investment securities available for sale, respectively.

The Company's investment securities available for sale pledged as collateral against interest rate swap agreements 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 10 and 13, respectively.
Realized Gain and Loss Activity

The Company did not sell investment securities during the three months ended September 30, 2025. 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 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)

The Company did not sell investment securities during the three and nine months ended September 30, 2024.

The Company recognized write-downs of certain Agency RMBS IOs for a loss of $2.5 million for the nine months ended September 30, 2025, which is included in realized losses, net on the accompanying condensed consolidated statements of operations. The Company recognized write-downs of non-Agency RMBS for a loss of $0.4 million and $0.9 million for the three and nine months ended September 30, 2024, respectively.

Weighted Average Life

Actual maturities of our investment securities available for sale are generally shorter than stated contractual maturities (with contractual maturities up to 38 years), as they are affected by periodic payments and prepayments of principal on the underlying mortgages. As of September 30, 2025 and December 31, 2024, based on management’s estimates, the weighted average life of the Company’s investment securities available for sale portfolio was approximately 6.5 years and 7.4 years, respectively.

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 LifeSeptember 30, 2025December 31, 2024
0 to 5 years$1,630,237 $604,459 
Over 5 to 10 years5,054,934 2,923,871 
10+ years153,544 300,214 
Total$6,838,715 $3,828,544