v3.25.1
Repurchase Agreements, net
 3 Months Ended
Mar. 31, 2025
Disclosure of Repurchase Agreements [Abstract]  
Repurchase Agreements, net Note 6 - Repurchase Agreements, net
At March 31, 2025, we had active MRAs with 33 counterparties and had $12,490,792 in outstanding borrowings with 17 of those counterparties. At December 31, 2024, we had MRAs with 33 counterparties and had $10,713,830 in outstanding borrowings with 17 counterparties.
The following tables represent the contractual repricing regarding our repurchase agreements to finance MBS purchases at March 31, 2025 and December 31, 2024. Our repurchase agreements require excess collateral, known as a “haircut.” At March 31, 2025, the average gross haircut percentage was 2.74% compared to 2.77% at December 31, 2024. The haircut for our repurchase agreements vary by counterparty and therefore, the changes in the average haircut percentage will vary with the changes in our counterparty repurchase agreement balances.
March 31, 2025BalanceWeighted Average Contractual RateWeighted Average Maturity in days
≤ 30 days (1)
$6,776,203 4.47 %16
> 30 days to ≤ 60 days5,714,589 4.47 %43
Total or Weighted Average$12,490,792 4.47 %28
(1)Net of reverse repurchase agreements of $512,750 ($461,250 of which were with BUCKLER). Obligations to return securities received as collateral of $506,340 associated with the reverse repurchase agreements are all due within 30 days.

December 31, 2024BalanceWeighted Average Contractual RateWeighted Average Maturity in days
≤ 30 days (1)
$10,466,630 4.72 %17
> 30 days to ≤ 60 days$247,200 4.63 %31
Total or Weighted Average$10,713,830 4.72 %17
(1)Net of reverse repurchase agreements of $498,250 ($447,063 of which were with BUCKLER). Obligations to return securities received as collateral of $493,433 associated with the reverse repurchase agreements all matured in January 2025.
The following tables present information about the gross and net securities purchased and sold under our repurchase agreements, net on the accompanying consolidated balance sheets at March 31, 2025 and December 31, 2024.
March 31, 2025Gross Amounts Not Offset
Gross AmountsGross Amounts offset in the Consolidated Balance SheetNet Amounts Presented in the Consolidated Balance Sheet
Financial
Instruments (1)
Cash CollateralTotal Net
Assets
Reverse Repurchase Agreements$512,750 $(512,750)$— $— $— $— 
Totals$512,750 $(512,750)$— $— $— $— 
Liabilities
Repurchase Agreements$(13,003,542)$512,750 $(12,490,792)$12,490,792 $— $— 
Totals$(13,003,542)$512,750 $(12,490,792)$12,490,792 $— $— 
(1)The fair value of securities pledged against our repurchase agreements was $13,709,328 at March 31, 2025.
December 31, 2024Gross Amounts Not Offset
Gross AmountsGross Amounts offset in the Consolidated Balance SheetNet Amounts Presented in the Consolidated Balance Sheet
Financial
Instruments (1)
Cash CollateralTotal Net
Assets
Reverse Repurchase Agreements$498,250 $(498,250)$— $— $— $— 
Totals$498,250 $(498,250)$— $— $— $— 
Liabilities
Repurchase Agreements$(11,212,080)$498,250 $(10,713,830)$10,713,830 $— $— 
Totals$(11,212,080)$498,250 $(10,713,830)$10,713,830 $— $— 
(1)The fair value of securities pledged against our repurchase agreements was $11,796,858 at December 31, 2024.
Our repurchase agreements require that we maintain adequate pledged collateral. A decline in the value of the MBS pledged as collateral for borrowings under repurchase agreements could result in the counterparties demanding additional collateral pledges or liquidation of some of the existing collateral to reduce borrowing levels. We manage this risk by maintaining an adequate balance of available cash and unpledged securities. An event of default or termination event under the standard MRA would give our counterparty the option to terminate all repurchase transactions existing with us and require any amount due to be payable immediately. In addition, certain of our MRAs contain a restriction that prohibits our leverage from exceeding twelve times our stockholders’ equity as well as termination events in the case of significant reductions in equity capital. We also may receive cash or securities as collateral from our derivative counterparties which we may use as additional collateral for repurchase agreements. Certain interest rate swap contracts provide for cross collateralization and cross default with repurchase agreements and other contracts with the same counterparty.
At each of March 31, 2025 and December 31, 2024, BUCKLER accounted for 45.7% of our aggregate borrowings and had an amount at risk of 7.4% and 8.0%, respectively, of our total stockholders' equity with a weighted average maturity of 30 days and 15 days, respectively, on repurchase agreements, net (see Note 13 - Related Party Transactions).
In addition, at March 31, 2025, we had 4 repurchase agreement counterparties that individually accounted for over 5% of our aggregate borrowings. In total, these counterparties accounted for approximately 23.0% of our repurchase agreement borrowings outstanding at March 31, 2025. At December 31, 2024, we had 3 repurchase agreement counterparties that individually accounted for over 5% of our aggregate borrowings. In total, these counterparties accounted for 19.9% of our repurchase agreement borrowings at December 31, 2024.