v3.25.2
Repurchase Agreements, net (Tables)
 6 Months Ended
Jun. 30, 2025
Disclosure of Repurchase Agreements [Abstract]  
Schedule of Repurchase Agreements
The following tables represent the contractual repricing regarding our repurchase agreements to finance MBS purchases at June 30, 2025 and December 31, 2024. Our repurchase agreements require excess collateral, known as a “haircut.” At June 30, 2025, the average gross haircut percentage was 2.68% 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.
June 30, 2025BalanceWeighted Average Contractual RateWeighted Average Maturity in days
≤ 30 days (1)
$8,703,930 4.50 %15
> 30 days to ≤ 60 days4,106,157 4.48 %33
Total or Weighted Average$12,810,087 4.50 %21
(1)Net of reverse repurchase agreements of $518,125 ($466,875 of which were with BUCKLER). Obligations to return securities received as collateral of $509,410 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 days247,200 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.
Schedule of Reverse Repurchase Agreements Gross and Net Securities Purchased and Sold
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 June 30, 2025 and December 31, 2024.
June 30, 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$518,125 $(518,125)$— $— $— $— 
Totals$518,125 $(518,125)$— $— $— $— 
Liabilities
Repurchase Agreements$(13,328,212)$518,125 $(12,810,087)$12,810,087 $— $— 
Totals$(13,328,212)$518,125 $(12,810,087)$12,810,087 $— $— 
(1)The fair value of securities pledged against our repurchase agreements was $13,882,821 at June 30, 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.