Borrowings (Tables)

The following table details the Company's outstanding borrowings under repurchase agreements for Agency RMBS, credit assets (which can include non-Agency RMBS, CMBS, CLOs, consumer loans, corporate debt, residential mortgage loans, commercial mortgage loans, and REO), reverse mortgage related assets, and U.S. Treasury securities by remaining maturity as of March 31, 2026 and December 31, 2025:


	March 31, 2026					December 31, 2025
			Weighted Average					Weighted Average
Remaining Maturity	Outstanding Borrowings		Interest Rate		Remaining Days to Maturity	Outstanding Borrowings		Interest Rate		Remaining Days to Maturity
Agency RMBS:	(In thousands)					(In thousands)
30 Days or Less	$	188,294	3.76	%	2	$	193,105	4.00	%	4
31-60 Days	1,844		4.20	%	53	317		4.43	%	40
61-90 Days	6,421		4.23	%	83	6,606		4.26	%	86
151-180 Days	1,561		4.33	%	163	1,663		4.41	%	161
Total Agency RMBS	198,120		3.78	%	7	201,691		4.01	%	8
Credit Assets:
30 Days or Less	10,765		5.03	%	16	40,822		5.56	%	17
31-60 Days	306,556		4.37	%	44	396,480		5.20	%	46
61-90 Days	154,036		4.41	%	79	198,525		4.47	%	75
91-120 Days	500,291		4.95	%	118	361,230		5.22	%	115
151-180 Days	11,093		4.55	%	163	11,480		4.62	%	161
181-364 Days	231,786		5.72	%	273	164,965		5.69	%	293
> 364 Days	1,158,677		5.61	%	487	1,125,943		5.66	%	505
Total Credit Assets	2,373,204		5.24	%	301	2,299,445		5.40	%	302
Reverse Mortgage Loans and Retained RMBS:
31-60 Days	—		—	%	—	9,850		5.00	%	55
61-90 Days	14,939		4.90	%	79	5,754		5.16	%	68
121-150 Days	7,418		6.81	%	126	—		—	%	—
181-364 Days	141,966		6.02	%	216	52,935		6.37	%	284
> 364 Days	28,642		5.93	%	487	52,459		5.97	%	505
Total Reverse Mortgage and Retained RMBS	192,965		5.95	%	233	120,998		6.03	%	356
U.S. Treasury Securities:
30 Days or Less	130,683		3.71	%	1	33,310		3.99	%	2
Total U.S. Treasury Securities	130,683		3.71	%	1	33,310		3.99	%	2
Total	$	2,894,972	5.12	%	263	$	2,655,444	5.18	%	268

Schedule of Principal Repayments

The following table details the Company's principal repayment schedule, over the next 5 years, for outstanding borrowings as of March 31, 2026:


Year	Repurchase Agreements(1)		Other Secured Borrowings(2)		HMBS-related Obligations(3)		Unsecured Borrowings(1)		Total
(In thousands)
Next Twelve Months	$	2,136,543	$	529,584	$	1,438,274	$	37,750	$	4,142,151
Year 2	730,285		295,929		1,077,878		210,000		2,314,092
Year 3	28,144		235,273		1,047,789		—		1,311,206
Year 4	—		203,472		1,359,188		—		1,562,660
Year 5	—		194,978		1,856,949		400,000		2,451,927
Total	$	2,894,972	$	1,459,236	$	6,780,078	$	647,750	$	11,782,036

(1)Reflects the Company's contractual principal repayment dates.

(2)Includes $750.7 million, $53.0 million, $375.6 million, and $15.4 million of expected principal repayments related to the Company's consolidated non-QM, RTL, reverse mortgage loan, and European Mortgage Loan securitizations, respectively, which are projected based upon the underlying assets' expected repayments and may be prior to the stated contractual maturities.

(3)Represents expected principal repayments projected based upon the expected repayments of the underlying HECM loans, which may be prior to the stated contractual maturities of the related HMBS.