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Repurchase Agreements (Tables) | 9 Months Ended
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Sep. 30, 2024
Disclosure of Repurchase Agreements [Abstract] |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets | The Company’s repurchase agreements outstanding as of September 30, 2024 and December 31, 2023 are summarized in the following tables:
|  | September 30, 2024 |  | December 31, 2023
Collateral Type |  | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged |  | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged
($s in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Agency RMBS |  | $ | 6,221,024 |  |  | 5.39 | % |  | $ | 6,549,630 |  |  | $ | 5,130,438 |  |  | 5.59 | % |  | $ | 5,613,212 |
Agency CMBS |  | 91,985 |  |  | 5.36 | % |  | 97,627 |  |  | 104,495 |  |  | 5.60 | % |  | 113,753 |
Agency CMBS IO |  | 100,080 |  |  | 5.71 | % |  | 108,817 |  |  | 120,979 |  |  | 5.83 | % |  | 127,823 |
Non-Agency CMBS IO |  | 10,801 |  |  | 6.07 | % |  | 11,873 |  |  | 25,192 |  |  | 6.25 | % |  | 25,959 |
Total |  | $ | 6,423,890 |  |  | 5.40 | % |  | $ | 6,767,947 |  |  | $ | 5,381,104 |  |  | 5.59 | % |  | $ | 5,880,747 |
The Company had borrowings outstanding under 28 different repurchase agreements as of September 30, 2024, and its equity at risk did not exceed 10% with any counterparty as of that date. The Company received noncash collateral with a fair value of $21.4 million pledged by its counterparties to compensate the Company for the increase in fair value of collateral previously pledged in excess of required margin related to its repurchase agreement borrowings outstanding as of September 30, 2024. In accordance with Accounting Standards Codification (“ASC”) Topic 860, the fair value of this noncash collateral is not recorded on the Company’s consolidated balance sheet unless the Company re-pledges the collateral or sells the collateral in the event of default by the counterparty. The Company had not re-pledged any of the noncash collateral pledged by its counterparties as of September 30, 2024. The following table provides information on the remaining term to maturity and original term to maturity for the Company’s repurchase agreements as of the dates indicated:
|  | September 30, 2024 |  | December 31, 2023
Remaining Term to Maturity |  | Balance |  | Weighted Average Rate |  | WAVG Original Term to Maturity |  | Balance |  | Weighted Average Rate |  | WAVG Original Term to Maturity
($s in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Less than 30 days |  | $ | 4,403,523 |  |  | 5.39 | % |  | 59 |  | $ | 2,855,917 |  |  | 5.61 | % |  | 92 |
30 to 90 days |  | 2,020,367 |  |  | 5.40 | % |  | 89 |  | 2,525,187 |  |  | 5.58 | % |  | 86 |
Total |  | $ | 6,423,890 |  |  | 5.40 | % |  | 68 |  |  | $ | 5,381,104 |  |  | 5.59 | % |  | 89 |
Offsetting Repurchase Agreement Liabilities | The following table presents information regarding the Company's repurchase agreements as if the Company had presented them on a net basis as of September 30, 2024 and December 31, 2023:
($s in thousands) | Gross Amount of Recognized Liabilities |  | Gross Amount Offset in the Balance Sheet |  | Net Amount of Liabilities Presented in the Balance Sheet |  | Gross Amount Not Offset in the Balance Sheet (1) |  | Net Amount
Financial Instruments Posted as Collateral |  | Cash Posted as Collateral
September 30, 2024: |  |  |  |  |  |  |  |  |  |  |
Repurchase agreements | $ | 6,423,890 |  |  | $ | — |  |  | $ | 6,423,890 |  |  | $ | (6,423,890) |  |  | $ | — |  |  | $ | — |
December 31, 2023: |  |  |  |  |  |  |  |  |  |  |
Repurchase agreements | $ | 5,381,104 |  |  | $ | — |  |  | $ | 5,381,104 |  |  | $ | (5,381,104) |  |  | $ | — |  |  | $ | — |
(1) Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the repurchase agreement liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically, and the total cash pledged or received as collateral, which is disclosed as “cash collateral posted to/by counterparties.”

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- Definition Tabular disclosure of repurchase agreements that are subject to underlying agreements with master netting or similar arrangements, including amounts Company elects not to offset. + References No definition available. + Details
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- Definition Tabular disclosure, as of the most recent balance sheet date, of securities or other assets sold under repurchase agreements when this amount exceeds 10 percent of total assets. Disclosure may include the following: the type of securities or assets sold under agreements to repurchase, the carrying amount, market value (including accrued interest plus any cash or other assets on deposit. The information is segregated into securities maturing (1) overnight; (2) term up to 30 days; (3) term of 30 to 90 days; (4) term over 90 days; (5) demand. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(m)(1)(ii)(A)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
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