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Repurchase Agreements and Warehouse Facilities | 9 Months Ended
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Sep. 30, 2025
Carrying Value of Federal Funds Sold, Securities Purchased under Agreements to Resell, and Deposits Paid for Securities Borrowed [Abstract] |
Repurchase Agreements and Warehouse Facilities | 13. Repurchase Agreements and Warehouse Facilities The following table presents the carrying value of the Company's repurchase agreements and warehouse facilities as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
Repurchase Agreements and Warehouse Facilities Secured By: |  | September 30, 2025 |  | December 31, 2024
Investment securities |  | $ | 6,100,691 |  |  | $ | 3,516,611 |
Residential loans and real estate owned |  | 217,612 |  |  | 428,399 |
Residential loans held for sale |  | 97,290 |  |  | — |
Single-family rental properties |  | 65,479 |  |  | 67,215 |
Total carrying value |  | $ | 6,481,072 |  |  | $ | 4,012,225 |
As of September 30, 2025, the Company had no repurchase agreement or warehouse facility exposure where the amount at risk was in excess of 5% of the Company's stockholders’ equity. 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 September 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 September 30, 2025, the Company had $180.9 million included in cash and cash equivalents and $459.6 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 September 30, 2025 (dollar amounts in thousands):
Unencumbered Securities | September 30, 2025 |  |
Agency RMBS | $ | 423,418 |  |  |
Non-Agency RMBS (1) | 34,417 |  |  |
U.S. Treasury securities | 1,798 |  |  |
Total | $ | 459,633 |  |  |
(1)Includes IOs in Consolidated SLST with a fair value of $11.9 million as of September 30, 2025. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP. The Company also had unencumbered residential loans with a fair value of $57.7 million at September 30, 2025. Residential Loans, Real Estate Owned and Single-family Rental Properties The Company has repurchase agreements or warehouse facilities with eight financial institutions to finance residential loans, residential loans held for sale, real estate owned and single-family rental properties. The following table presents detailed information about the Company’s financings under these repurchase agreements or warehouse facilities and associated assets pledged as collateral at September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
| Maximum Aggregate Uncommitted Principal or Line Amount |  | Outstanding Repurchase Agreements and Warehouse Facilities |  | Net Deferred Finance Costs (1) |  | Carrying Value of Repurchase Agreements and Warehouse Facilities |  | Carrying Value of Assets Pledged (2) |  | Weighted Average Rate |  | Weighted Average Months to Maturity (3)
September 30, 2025 | $ | 3,225,000 |  |  | $ | 380,692 |  |  | $ | (311) |  |  | $ | 380,381 |  |  | $ | 474,220 |  |  | 6.37 | % |  | 5.56
December 31, 2024 | $ | 2,775,000 |  |  | $ | 496,410 |  |  | $ | (796) |  |  | $ | 495,614 |  |  | $ | 659,183 |  |  | 6.70 | % |  | 9.64
(1)Costs related to 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. (2)Includes residential loans and real estate owned with an aggregate carrying value of $252.9 million, residential loans held for sale with an aggregate carrying value of $102.8 million and single-family rental properties with a net carrying value of $118.5 million as of September 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. (3)The Company expects to either roll outstanding amounts under these repurchase agreements and warehouse facilities into new financing arrangements or repay outstanding amounts in full prior to or at maturity. The outstanding financing under these repurchase agreements and warehouse facilities as of September 30, 2025 is secured by the underlying residential loans and other related collateral and is subject to margin-type provisions that may require repayment of a portion of the borrowings or the posting of additional collateral if the market value of the collateral falls below specified levels or certain eligibility criteria are not met. During the terms of the repurchase agreements and warehouse facilities, proceeds from the residential loans, residential loans held for sale, real estate owned and single-family rental properties will be applied to pay any price differential, if applicable, and to reduce the aggregate repurchase price of the collateral. Repurchase of the residential loans, real estate owned and single-family rental properties financed by the repurchase agreements, or repayment obligations under warehouse revolving facilities may be accelerated upon an event of default. The Company’s accrued interest payable on outstanding repurchase agreements and warehouse facilities secured by residential loans, real estate owned and single-family rental properties at September 30, 2025 and December 31, 2024 amounted to $2.8 million and $2.5 million, respectively, and is included in other liabilities on the Company’s condensed consolidated balance sheets. As of September 30, 2025, the Company's repurchase agreements and warehouse facilities 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 September 30, 2025 and through the date of this Quarterly Report on Form 10-Q. Investment Securities 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 September 30, 2025 and December 31, 2024, the Company had amounts outstanding under repurchase agreements with 12 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 September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
| September 30, 2025 |  |  |  | December 31, 2024
| Outstanding Repurchase Agreements |  | Fair Value of Collateral Pledged (1) |  | Amortized Cost of Collateral Pledged (1) |  |  |  | Outstanding Repurchase Agreements |  | Fair Value of Collateral Pledged (1) |  | Amortized Cost of Collateral Pledged (1) |  |
Agency RMBS | $ | 5,903,078 |  |  | $ | 6,136,353 |  |  | $ | 6,055,555 |  |  |  |  | $ | 2,830,925 |  |  | $ | 2,975,400 |  |  | $ | 2,995,820 |  |  |
Non-Agency RMBS (2) | 18,482 |  |  | 27,662 |  |  | 27,073 |  |  |  |  | 50,622 |  |  | 67,352 |  |  | 64,375 |  |  |
U.S. Treasury securities | 179,131 |  |  | 181,390 |  |  | 179,745 |  |  |  |  | 635,064 |  |  | 633,833 |  |  | 669,447 |  |  |
Balance at end of the period | $ | 6,100,691 |  |  | $ | 6,345,405 |  |  | $ | 6,262,373 |  |  |  |  | $ | 3,516,611 |  |  | $ | 3,676,585 |  |  | $ | 3,729,642 |  |  |
(1)Collateral pledged includes restricted cash posted as margin in the amount of $0.7 million and $11.8 million as of September 30, 2025 and December 31, 2024, respectively. (2)Includes first loss subordinated securities in Consolidated SLST with a fair value of $22.0 million and $20.6 million as of September 30, 2025 and December 31, 2024, respectively. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP. As of September 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 96.4% and 96.0%, respectively, that implies an average "haircut" of 3.6% and 4.0%, respectively. As of September 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 3.6%, 34.5%, and 1.7%, respectively. As of September 30, 2025 and December 31, 2024, the average days to maturity for repurchase agreements secured by investment securities were 41 days and 26 days, respectively, and the weighted average interest rates were 4.43% and 4.84%, respectively. The Company’s accrued interest payable on outstanding repurchase agreements secured by investment securities at September 30, 2025 and December 31, 2024 amounted to $39.5 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 September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
Contractual Maturity | September 30, 2025 |  | December 31, 2024
Within 30 days | $ | 2,212,518 |  |  | $ | 2,103,332 |
Over 30 days to 90 days | 3,225,562 |  |  | 1,413,279 |
Over 90 days | 662,611 |  |  | — |
Total | $ | 6,100,691 |  |  | $ | 3,516,611 |

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481420/860-30-50-10 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/860/tableOfContent + Details
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