
Repurchase Agreements Secured By:	June 30, 2025		December 31, 2024
Investment securities	$	4,602,078	$	3,516,611
Residential loans and real estate owned	239,330		428,399

Single-family rental properties	66,028		67,215
Total carrying value	$	4,907,436	$	4,012,225

As of June 30, 2025, the Company had repurchase agreement exposure where the amount at risk was in excess of 5% of the Company's stockholders’ equity with Atlas SP at 5.41%. The amount at risk is defined as the fair value of assets pledged as collateral to the financing arrangement in excess of the financing arrangement liability.

The financings under certain of our repurchase agreements are subject to margin calls to the extent the market value of the collateral subject to the repurchase agreement falls below specified levels and repurchase may be accelerated upon an event of default under the repurchase agreements. As of June 30, 2025, the Company had assets available to be posted as margin which included liquid assets, such as unrestricted cash and cash equivalents, and unencumbered securities that could be monetized to pay down or collateralize the liability immediately. As of June 30, 2025, the Company had $156.1 million included in cash and cash equivalents and $272.5 million in unencumbered investment securities available to meet additional haircuts or market valuation requirements. The following table presents information about the Company's unencumbered securities at June 30, 2025 (dollar amounts in thousands):

(1)Includes IOs in Consolidated SLST with a fair value of $12.6 million as of June 30, 2025. 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 $5.1 million as of June 30, 2025. Repurchased CDOs are eliminated in consolidation in accordance with GAAP.

The Company has repurchase agreements with six financial institutions to finance residential loans, real estate owned and single-family rental properties. The following table presents detailed information about the Company’s financings under these repurchase agreements and associated assets pledged as collateral at June 30, 2025 and December 31, 2024, 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)
June 30, 2025	$	2,925,000	$	305,440	$	(82)	$	305,358	$	427,669	6.44	%	9.70
December 31, 2024	$	2,775,000	$	496,410	$	(796)	$	495,614	$	659,183	6.70	%	9.64

(1)Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $7.1 million, a weighted average rate of 6.70%, and weighted average months to maturity of 26 months as of June 30, 2025. Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $15.0 million, a weighted average rate of 7.09%, and weighted average months to maturity of 8 months as of December 31, 2024.

(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 condensed consolidated balance sheets and are amortized as an adjustment to interest expense over the term of the agreement using the effective interest method, or straight line-method, if the result is not materially different.

(3)Includes residential loans and real estate owned with an aggregate carrying value of $297.7 million and single-family rental properties with a net carrying value of $129.9 million as of June 30, 2025. Includes residential loans and real estate owned with an aggregate carrying value of $524.6 million and single-family rental properties with a net carrying value of $134.6 million as of December 31, 2024.

(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.

During the terms of the repurchase agreements, proceeds from the residential loans, real estate owned and single-family rental properties will be applied to pay any price differential and to reduce the aggregate repurchase price of the collateral. The outstanding financings under the repurchase agreements with five of the counterparties with an aggregate outstanding balance of $298.3 million as of June 30, 2025 are subject to margin calls to the extent the market value of the collateral falls below specified levels and repurchase may be accelerated upon an event of default under the repurchase agreements.

The Company’s accrued interest payable on outstanding repurchase agreements secured by residential loans, real estate owned and single-family rental properties at June 30, 2025 and December 31, 2024 amounted to $1.5 million and $2.5 million, respectively, and is included in other liabilities on the Company’s condensed consolidated balance sheets.

As of June 30, 2025, the Company's repurchase agreements contain various covenants, including among other things, the maintenance of certain amounts of liquidity and total stockholders' equity as defined in the respective agreements. The Company is in compliance with such covenants as of June 30, 2025 and through the date of this Quarterly Report on Form 10-Q.

The Company has entered into repurchase agreements with financial institutions to finance certain investment securities available for sale and securities owned in Consolidated SLST. These repurchase agreements provide short-term financing that bear interest rates typically based on a spread to SOFR and are secured by the investment securities which they finance and additional collateral pledged, if any. As of June 30, 2025 and December 31, 2024, the Company had amounts outstanding under repurchase agreements with twelve counterparties and nine counterparties, respectively.

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 June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):


	June 30, 2025						December 31, 2024
	Outstanding Repurchase Agreements		Fair Value of Collateral Pledged		Amortized Cost of Collateral Pledged		Outstanding Repurchase Agreements		Fair Value of Collateral Pledged (1)		Amortized Cost of Collateral Pledged (1)
Agency RMBS	$	4,436,198	$	4,646,208	$	4,605,983	$	2,830,925	$	2,975,400	$	2,995,820
Non-Agency RMBS (2)	30,222		43,237		42,598		50,622		67,352		64,375
U.S. Treasury securities	135,658		138,650		139,638		635,064		633,833		669,447
Balance at end of the period	$	4,602,078	$	4,828,095	$	4,788,219	$	3,516,611	$	3,676,585	$	3,729,642

(2)Includes first loss subordinated securities in Consolidated SLST with a fair value of $25.2 million and $20.6 million as of June 30, 2025 and December 31, 2024, respectively. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP.

As of June 30, 2025 and December 31, 2024, the outstanding balances under our repurchase agreements secured by investment securities were funded at a weighted average advance rate of 96.1% and 96.0%, respectively, that implies an average "haircut" of 3.9% and 4.0%, respectively. As of June 30, 2025, the weighted average "haircut" related to our repurchase agreement financing for our Agency RMBS, non-Agency RMBS, and U.S. Treasury securities was approximately 3.8%, 32.4%, and 1.4%, respectively.

As of June 30, 2025 and December 31, 2024, the average days to maturity for repurchase agreements secured by investment securities were 36 days and 26 days, respectively, and the weighted average interest rates were 4.49% and 4.84%, respectively. The Company’s accrued interest payable on outstanding repurchase agreements secured by investment securities at June 30, 2025 and December 31, 2024 amounted to $30.6 million and $28.4 million, respectively, and is included in other liabilities on the Company’s condensed consolidated balance sheets.

The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):