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

9 Months Ended

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