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Repurchase Agreements (Tables)
 6 Months Ended
Jun. 30, 2025
Carrying Value of Federal Funds Sold, Securities Purchased under Agreements to Resell, and Deposits Paid for Securities Borrowed [Abstract]  
Schedule of Company's Repurchase Agreements
The following table presents the carrying value of the Company's repurchase agreements as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

Repurchase Agreements Secured By:June 30, 2025December 31, 2024
Investment securities$4,602,078 $3,516,611 
Residential loans and real estate owned
239,330 428,399 
Single-family rental properties66,028 67,215 
Total carrying value$4,907,436 $4,012,225 
Schedule of Unencumbered Securities The following table presents information about the Company's unencumbered securities at June 30, 2025 (dollar amounts in thousands):
Unencumbered SecuritiesJune 30, 2025
Agency RMBS$231,746 
Non-Agency RMBS (1) (2)
39,002 
U.S. Treasury securities
1,785 
Total$272,533 

(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.
Schedule of Borrowings Under Financing Arrangements and Assets Pledged as Collateral The following table summarizes assets pledged as initial margin as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
Initial Margin Collateral
Consolidated Balance Sheet Location
June 30, 2025December 31, 2024
Agency RMBS
Investment securities available for sale, at fair value
$51,845 $33,399 
Restricted cash
Other assets
55,813 68,253 
Total initial margin collateral
$107,658 $101,652 
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.
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 June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

June 30, 2025December 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 

(1)Collateral pledged includes restricted cash posted as margin in the amount of $11.8 million as of December 31, 2024.
(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.
Schedule Of Repurchase Agreements, Maturities
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):

Contractual MaturityJune 30, 2025December 31, 2024
Within 30 days$1,989,813 $2,103,332 
Over 30 days to 90 days
2,612,265 1,413,279 
Total$4,602,078 $3,516,611