Repurchase Agreements

6 Months Ended

Jun. 30, 2026

Disclosure of Repurchase Agreements [Abstract]

REPURCHASE AGREEMENTS

The Company’s repurchase agreements outstanding as of June 30, 2026 and December 31, 2025 are summarized in the following tables:


	June 30, 2026						December 31, 2025
Collateral Type	Balance		Weighted Average Rate		Fair Value of Collateral Pledged (1)		Balance		Weighted Average Rate		Fair Value of Collateral Pledged (1)
($s in thousands)
Agency RMBS	$	21,361,037	3.78	%	$	22,331,019	$	12,857,827	4.09	%	$	13,496,489
Agency CMBS	1,215,694		3.79	%	1,267,413		967,024		4.07	%	1,012,532
Agency CMBS IO	68,011		4.17	%	71,321		77,057		4.41	%	81,913
Non-Agency CMBS IO	—		—	%	—		2,323		4.72	%	2,536
Total	$	22,644,742	3.79	%	$	23,669,753	$	13,904,231	4.10	%	$	14,593,470

(1) Amounts disclosed for fair value of collateral pledged include amounts pledged to cover margin calls, which may differ in collateral type from the initial collateral type pledged.

The Company’s equity at risk did not exceed 10% with any single counterparty as of June 30, 2026.

The following table provides information on the remaining term to maturity and original term to maturity for the Company’s repurchase agreements as of the dates indicated:


	June 30, 2026					December 31, 2025
Remaining Term to Maturity	Balance		Weighted Average Rate		WAVG Original Term to Maturity	Balance		Weighted Average Rate		WAVG Original Term to Maturity
($s in thousands)
Less than 30 days	$	9,949,865	3.78	%	76	$	9,146,566	4.11	%	75
30 to 90 days	9,852,555		3.78	%	91	4,757,665		4.07	%	94
91 to 180 days	2,842,322		3.79	%	181	—		—	%	—

Total	$	22,644,742	3.79	%	96	$	13,904,231	4.10	%	81

The Company’s accrued interest payable related to its repurchase agreement borrowings increased to $135 million as of June 30, 2026 from $95 million as of December 31, 2025.

The Company’s counterparties, as set forth in the master repurchase agreement with each counterparty, require the Company to comply with various customary operating and financial covenants, including, but not limited to, minimum net worth, maximum declines in net worth in a given period, and maximum leverage requirements as well as maintaining the Company’s REIT status. In addition, some of the agreements contain cross default features, whereby default under an agreement with one lender simultaneously causes default under agreements with other lenders. To the extent that the Company fails to comply with the covenants contained in these financing agreements or is otherwise found to be in default under the terms of such agreements, the counterparty has the right to accelerate amounts due under the master repurchase agreement. The Company believes it was in full compliance with all covenants in master repurchase agreements under which there were amounts outstanding as of June 30, 2026.

The Company's repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of set off in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its repurchase agreements to these arrangements on a gross basis. The following table presents information regarding the Company's repurchase agreements as if the Company had

presented them on a net basis as of June 30, 2026 and December 31, 2025:


($s in thousands)	Gross Amount of Recognized Liabilities		Gross Amount Offset in the Balance Sheet		Net Amount of Liabilities Presented in the Balance Sheet		Gross Amount Not Offset in the Balance Sheet (1)				Net Amount
							Financial Instruments Posted as Collateral		Cash Posted as Collateral
June 30, 2026:
Repurchase agreements	$	22,644,742	$	—	$	22,644,742	$	(22,644,742)	$	—	$	—

December 31, 2025:
Repurchase agreements	$	13,904,231	$	—	$	13,904,231	$	(13,904,231)	$	—	$	—

(1) Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the repurchase agreement liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically, and the total cash pledged or received as collateral, which is disclosed as “cash collateral posted to/by counterparties.”

Please see Note 5 for information related to the Company’s derivatives, which are also subject to underlying agreements with master netting or similar arrangements.