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Repurchase Agreements (Tables)
 12 Months Ended
Dec. 31, 2023
Broker-Dealer [Abstract]  
Schedule of Company's Repurchase Agreements
The following table presents the carrying value of the Company's repurchase agreements as of December 31, 2023 and 2022, respectively (dollar amounts in thousands):

Repurchase Agreements Secured By:December 31, 2023December 31, 2022
Investment securities
$1,862,063 $50,077 
Residential loans
534,754 686,946 
Single-family rental properties
74,296 — 
Total carrying value$2,471,113 $737,023 
Schedule of Unencumbered Securities The following table presents information about the Company's unencumbered securities at December 31, 2023 (dollar amounts in thousands):
Unencumbered SecuritiesDecember 31, 2023
Agency RMBS$95,272 
Non-Agency RMBS (1) (2)
75,280 
Total$170,552 

(1)Includes IOs in Consolidated SLST with a fair value of $16.9 million as of December 31, 2023. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP.
(2)Includes CDOs repurchased from our residential loan securitizations with a fair value of $33.9 million as of December 31, 2023. Repurchased CDOs are eliminated in consolidation in accordance with GAAP.
Schedule of Borrowings Under Purchase Agreements Secured by Investments The following table presents detailed information about the Company’s financings under these repurchase agreements and associated assets pledged as collateral at December 31, 2023 and 2022, respectively (dollar amounts in thousands):
    
Maximum Aggregate Uncommitted Principal Amount
Outstanding
Repurchase Agreements (1)
Net Deferred Finance Costs (2)
Carrying Value of Repurchase Agreements
Carrying Value of Assets Pledged (3)
Weighted Average Rate
Weighted Average Months to Maturity (4)
December 31, 2023$2,225,000 $611,055 $(2,005)$609,050 $805,082 7.87 %13.89
December 31, 2022$2,030,879 $688,487 $(1,541)$686,946 $867,033 6.65 %16.69
(1)Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $179.1 million, a weighted average rate of 8.19%, and weighted average months to maturity of 14 months as of December 31, 2023. Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $446.8 million, a weighted average rate of 6.77%, and weighted average months to maturity of 24 months as of December 31, 2022.
(2)Costs related to the repurchase agreements, which include commitment, underwriting, legal, accounting and other fees, are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying consolidated balance sheets and are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different.
(3)Includes residential loans with an aggregate fair value of $658.3 million and single-family rental properties with a net carrying value of $146.7 million as of December 31, 2023. Includes residential loans with an aggregate fair value of $867.0 million as of December 31, 2022.
(4)The Company expects to roll outstanding amounts under these repurchase agreements into new repurchase agreements or other financings, or to repay outstanding amounts, prior to or at maturity.
Schedule of Repurchase Agreements Secured by Investment Securities
The following table presents detailed information about the amounts outstanding under the Company’s repurchase agreements secured by investment securities and associated assets pledged as collateral at December 31, 2023 and 2022, respectively (dollar amounts in thousands):

December 31, 2023December 31, 2022
Outstanding Repurchase AgreementsFair Value of Collateral PledgedAmortized Cost of Collateral PledgedOutstanding Repurchase AgreementsFair Value of Collateral PledgedAmortized Cost of Collateral Pledged
Agency RMBS$1,771,436 $1,894,052 $1,869,415 $— $— $— 
Non-Agency RMBS (1) (2)
90,627 182,383 232,997 50,077 170,551 210,733 
Balance at end of the period$1,862,063 $2,076,435 $2,102,412 $50,077 $170,551 $210,733 

(1)Includes first loss subordinated securities in Consolidated SLST with a fair value of $140.3 million and $170.6 million as of December 31, 2023 and 2022, respectively. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP.
(2)Includes CDOs repurchased from our residential loan securitizations with a fair value of $42.1 million as of December 31, 2023. Amounts included in amortized cost of collateral pledged for repurchased CDOs represent the current par value of the securities. Repurchased CDOs are eliminated in consolidation in accordance with GAAP.
Schedule Of Repurchase Agreements, Maturities
The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at December 31, 2023 and 2022, respectively (dollar amounts in thousands):

Contractual MaturityDecember 31, 2023December 31, 2022
Within 30 days$505,446 $50,077 
Over 30 day to 90 days1,263,000 — 
Over 90 days93,617 — 
Total$1,862,063 $50,077