Secured financing agreements include short-term repurchase agreements with original maturity dates of less than one year, long-term financing agreements with original maturity dates of more than one year, loan warehouse credit facilities collateralized by loans acquired by the Company that are classified as repurchase agreements, and loan warehouse credit facilities used to fund, and secured by, the residential mortgage loans originated by the Company which are classified as loans held-for-sale. The Company accounts for repurchase agreements and other similar collateralized financing arrangements as secured borrowings. Under its repurchase agreements and other forms of collateralized financing, the Company pledges financial assets as collateral to secure the related borrowings, generally in an amount equal to a specified percentage of the fair value of the pledged assets. The Company retains beneficial ownership of the pledged assets, including the right to receive principal and interest cash flows, subject to the terms of the respective agreements.

At June 30, 2026 and December 31, 2025, the repurchase agreements are collateralized by Agency and Non-Agency mortgage-backed securities and loans held for investment with interest rates generally indexed to the Secured Overnight Financing Rate (“SOFR”). The maturity dates on the repurchase agreements are all less than one year and generally are less than 180 days. The collateral pledged as security on the repurchase agreements may include the Company’s investments in bonds issued by consolidated VIEs, which are eliminated in consolidation.

The long-term financing agreements include secured financing arrangements with an original term of one year or greater which is secured by Non-Agency RMBS and Loans held for investment pledged as collateral. These long-term secured financing agreements have maturity dates of July 2026 and February 2027. The collateral pledged as security on the long-term financing agreements may include the Company’s investments in bonds issued by consolidated VIEs, which are eliminated in consolidation.

The secured financing agreements generally require the Company to post collateral at a specific rate in excess of the UPB of the agreement. For certain secured financing agreements, this may require the Company to post additional margin if the fair value of the assets were to decline. To mitigate this risk, the Company has negotiated several long-term financing agreements which are not subject to additional margin requirements upon a decline in the fair value of the collateral pledged or until the decline is greater than a threshold. At June 30, 2026 and December 31, 2025, the Company had $833 million and $890 million, respectively, of secured financing agreements that are not subject to additional margin requirements upon a change in the fair value of the collateral pledged. At June 30, 2026 and December 31, 2025, the Company had $356 million and $402 million, respectively, of secured financing agreements that are not subject to additional margin requirements until the decline in the fair value of collateral is greater than a threshold. Repurchase agreements may allow the credit counterparty to avoid the automatic stay provisions of the Bankruptcy Code, in the event of a bankruptcy of the Company, and take possession of, and liquidate, the collateral under such repurchase agreements without delay.

At June 30, 2026 and December 31, 2025, the Company pledged $8 million and $17 million of margin cash collateral to the Company's secured financing agreement counterparties. At June 30, 2026, the weighted average haircut on the Company’s secured financing agreements collateralized by Agency RMBS was 4.2%, Agency CMBS was 4.0%, LHFS was 9.0% and Non-Agency RMBS and Loans held for investment was 25.9%. At December 31, 2025, the weighted average haircut on the Company’s secured financing agreements collateralized by Agency RMBS was 4.4%, Agency CMBS was 5.4%, and Non-Agency RMBS and Loans held for investment was 27.1%.

At June 30, 2026, the Company had amounts at risk with Nomura Securities International, Inc., or Nomura, of 14% of its equity related to the collateral posted on secured financing agreements. The weighted average maturities of the secured financing agreements with Nomura were 172 days. The amount at risk with Nomura was $347 million. At December 31, 2025, the Company had amounts at risk with Nomura of 18% of its equity related to the collateral posted on secured financing

Certain of the long-term financing agreements and warehouse credit facilities are subject to certain covenants. These covenants include that the Company maintain its REIT status as well as maintain a net asset value or GAAP equity greater than a certain level. If the Company fails to comply with these covenants at any time, the financing may become immediately due in full. Additionally, certain financing agreements become immediately due if the total stockholders' equity of the Company drops by 50% from the most recent year end. Currently, the Company is in compliance with all covenants and does not expect to be in violation of these covenants within the next twelve months. The Company has a total of $2.1 billion unused uncommitted warehouse credit facilities as of June 30, 2026.


	June 30, 2026			December 31, 2025
Secured financing agreements outstanding principal secured by:
Agency RMBS (in thousands)	$	5,038,134		$	3,257,275
Agency CMBS (in thousands)	16,705			30,918
Loans held for sale (in thousands)	274,931			N/A
Non-Agency RMBS and Loans held for investment (in thousands) (1)	1,677,682			1,948,416
Total	$	7,007,452		$	5,236,609

Securities pledged as collateral at fair value on Secured financing agreements:
Agency RMBS (in thousands)	$	5,246,616		$	3,412,955
Agency CMBS (in thousands)	17,414			27,839
Loans held for sale (in thousands)	307,031			N/A
Non-Agency RMBS and Loans held for investment (in thousands)	2,495,662			3,020,818
Total	$	8,066,723		$	6,461,612

Average balance of Secured financing agreements secured by:
Agency RMBS (in thousands)	$	4,160,168		$	1,830,021
Agency CMBS (in thousands)	31,485			30,509
Loans held for sale (in thousands)	26,315			N/A
Non-Agency RMBS and Loans held for investment (in thousands)	1,852,855			2,321,499
Total	$	6,070,823		$	4,182,029

Average borrowing rate of Secured financing agreements secured by:
Agency RMBS	3.78		%	3.99		%
Agency CMBS	3.76		%	4.04		%
Loans held for sale	5.06		%	N/A
Non-Agency RMBS and Loans held for investment	6.33		%	6.43		%

Average remaining maturity of Secured financing agreements secured by:
Agency RMBS	24 Days			26 Days
Agency CMBS	15 Days			8 Days
Loans held for sale	28 Days			N/A
Non-Agency RMBS and Loans held for investment	210 Days			278 Days

Average original maturity of Secured financing agreements secured by:
Agency RMBS	47 Days			48 Days
Agency CMBS	29 Days			35 Days
Loans held for sale	28 Days			N/A
Non-Agency RMBS and Loans held for investment	230 Days			299 Days

(1) The values for secured financing agreements in the table above are net of $37 thousand and $271 thousand of deferred financing costs as of June 30, 2026 and December 31, 2025, respectively.

The Residential Origination segment has seven warehouse financing facilities under master purchase agreements with various lenders. These warehouse facilities are used to fund, and are secured by, the residential mortgage loans originated by the Company which are classified as loans held-for-sale. Two of the master purchase agreements required the establishment of the LLCs to facilitate the warehouse fundings. These LLCs are consolidated as part of the Company’s consolidated financial statements. The master repurchase agreements contain various affirmative, negative, and financial covenants. The covenants include leverage restrictions, minimum levels of liquidity and net worth, and profitability. The Company was in compliance with these covenants as of June 30, 2026. These financing agreements are non-recourse to the Company's other segments and operations, and do not contain cross-default or cross-collateralization provisions.


	June 30, 2026		December 31, 2025
Secured financing agreements outstanding principal secured by:
Loans held for sale (in thousands)	727,158		801,727

Securities pledged as collateral at fair value on Secured financing agreements:
Loans held for sale (in thousands)	815,413		891,937

Average balance of Secured financing agreements secured by:
Loans held for sale (in thousands)	721,929		620,654

Average borrowing rate of Secured financing agreements secured by:
Loans held for sale	5.55	%	5.84	%

Average remaining maturity of Secured financing agreements secured by:
Loans held for sale	121 Days		218 Days

Average original maturity of Secured financing agreements secured by:
Loans held for sale	121 Days		218 Days


	June 30, 2026				December 31, 2025
	(dollars in thousands)
	Principal (1)		Weighted Average Borrowing Rates	Range of Borrowing Rates	Principal (1)		Weighted Average Borrowing Rates	Range of Borrowing Rates
Overnight	$	—	N/A	N/A	$	—	N/A	N/A
1 to 29 days	4,451,095		4.15%	3.73% - 8.38%	2,630,804		4.15%	3.93% - 6.76%
30 to 59 days	1,049,078		3.96%	3.77% - 6.40%	781,654		4.86%	3.94% - 6.54%
60 to 89 days	746,512		4.63%	3.81% - 5.99%	722,995		4.75%	3.90% - 6.54%
90 to 119 days	88,699		5.83%	5.30% - 6.40%	263,081		6.78%	5.37% - 6.97%
120 to 180 days	448,422		5.36%	5.30% - 6.03%	96,153		5.47%	5.36% - 6.54%
180 days to 1 year	657,751		7.12%	4.57% - 8.15%	810,443		6.03%	4.77% - 8.38%
1 to 2 years	293,052		5.00%	5.00% - 5.37%	733,206		6.79%	4.98% - 8.15%


Total	$	7,734,609	4.54%		$	6,038,336	5.02%