Annual report [Section 13 and 15(d), not S-K Item 405]

Available-for-Sale Securities, at Fair Value (Tables)

v3.25.4
Available-for-Sale Securities, at Fair Value (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Securities, Available-for-Sale [Abstract]  
Schedule of Debt Securities, Available-for-Sale The following table presents the Company’s AFS investment securities by collateral type as of December 31, 2025 and December 31, 2024:
(in thousands) December 31,
2025		 December 31,
2024
Agency:
Federal National Mortgage Association $ 3,972,844  $ 4,764,502 
Federal Home Loan Mortgage Corporation 2,362,636  2,505,390 
Government National Mortgage Association 175,732  98,085 
Non-Agency 3,259  3,734 
Total available-for-sale securities $ 6,514,471  $ 7,371,711 
Schedule of Available-for-Sale Securities Reconciliation
The following tables present the amortized cost and carrying value of AFS securities by collateral type as of December 31, 2025 and December 31, 2024:
December 31, 2025
(in thousands) Principal/ Current Face Un-amortized Premium Accretable Purchase Discount Amortized Cost Allowance for Credit Losses Unrealized Gain Unrealized Loss Carrying Value
Agency:
Principal and interest
 $ 6,399,789  $ 118,427  $ (24,900) $ 6,493,316  $ —  $ 44,091  $ (43,117) $ 6,494,290 
Interest-only 315,438  18,892  —  18,892  (1,319) 422  (1,073) 16,922 
Total Agency 6,715,227  137,319  (24,900) 6,512,208  (1,319) 44,513  (44,190) 6,511,212 
Non-Agency
 458,740  3,311  (13) 3,808  (290) 170  (429) 3,259 
Total $ 7,173,967  $ 140,630  $ (24,913) $ 6,516,016  $ (1,609) $ 44,683  $ (44,619) $ 6,514,471 
December 31, 2024
(in thousands) Principal/ Current Face Un-amortized Premium Accretable Purchase Discount Amortized Cost Allowance for Credit Losses Unrealized Gain Unrealized Loss Carrying Value
Agency:
Principal and interest
 $ 7,600,374  $ 135,743  $ (71,116) $ 7,665,001  $ —  $ 2,789  $ (321,829) $ 7,345,961 
Interest-only 462,886  27,747  —  27,747  (2,386) 473  (3,818) 22,016 
Total Agency 8,063,260  163,490  (71,116) 7,692,748  (2,386) 3,262  (325,647) 7,367,977 
Non-Agency
 503,924  3,724  (16) 4,279  (480) 244  (309) 3,734 
Total $ 8,567,184  $ 167,214  $ (71,132) $ 7,697,027  $ (2,866) $ 3,506  $ (325,956) $ 7,371,711 
Schedule of Debt Securities, Available-for-Sale, Weighted Average Life Classifications
The following table presents the Company’s AFS securities according to their estimated weighted average life classifications as of December 31, 2025:
December 31, 2025
(in thousands)  Agency  Non-Agency  Total
< 1 year $ 141  $ —  $ 141 
≥ 1 and < 3 years 171,346  30  171,376 
≥ 3 and < 5 years 2,374,900  45  2,374,945 
≥ 5 and < 10 years 3,964,825  2,623  3,967,448 
≥ 10 years —  561  561 
Total $ 6,511,212  $ 3,259  $ 6,514,471 
Schedule of Debt Securities, Available-for-Sale, in Unrealized Loss Positions
The following tables present the components comprising the carrying value of AFS securities for which an allowance for credit losses has not been recorded by length of time that the securities had an unrealized loss position as of December 31, 2025 and December 31, 2024. At December 31, 2025 and December 31, 2024, the Company held 968 and 632 AFS securities, respectively; of the securities for which an allowance for credit losses has not been recorded, 70 and 159 were in an unrealized loss position for less than twelve consecutive months and 202 and 370 were in an unrealized loss position for more than twelve consecutive months, respectively.
December 31, 2025
Unrealized Loss Position for
Less than 12 Months 12 Months or More Total
(in thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Agency $ 660,143  $ (1,996) $ 1,885,254  $ (41,410) $ 2,545,397  $ (43,406)
Non-Agency 560  (88) 340  (99) 900  (187)
Total $ 660,703  $ (2,084) $ 1,885,594  $ (41,509) $ 2,546,297  $ (43,593)
December 31, 2024
Unrealized Loss Position for
Less than 12 Months 12 Months or More Total
(in thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Agency $ 3,252,413  $ (53,374) $ 3,845,019  $ (270,700) $ 7,097,432  $ (324,074)
Non-Agency 5  —  —  —  5  — 
Total $ 3,252,418  $ (53,374) $ 3,845,019  $ (270,700) $ 7,097,437  $ (324,074)
Schedule of Realized Gain (Loss) on Sales of Debt Securities, Available-for-Sale The following table presents details around sales of AFS securities during the years ended December 31, 2025, 2024 and 2023:
Year Ended
December 31,
(in thousands) 2025 2024 2023
Proceeds from sales of available-for-sale securities $ 9,643,404  $ 2,183,330  $ 2,673,827 
Amortized cost of available-for-sale securities sold (9,741,773) (2,222,634) (2,792,703)
Total realized losses on sales, net $ (98,369) $ (39,304) $ (118,876)
Gross realized gains $ 25,312  $ 2,426  $ 16,285 
Gross realized losses (123,681) (41,730) (135,161)
Total realized losses on sales, net $ (98,369) $ (39,304) $ (118,876)