| Schedule of Secured Financing Agreements and Maturities |
The secured financing agreements principal outstanding, weighted average borrowing rates, weighted average remaining maturities, average balances and the fair value of the collateral pledged for the Investment Portfolio segment as of June 30, 2026 and December 31, 2025 were: | | | | | | | | | | 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 secured financing agreements principal outstanding, weighted average borrowing rates, weighted average remaining maturities, average balances and the fair value of the collateral pledged for the Residential Origination segment as of June 30, 2026 and December 31, 2025 were: | | | | | | | | | | 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 |
At June 30, 2026 and December 31, 2025, the secured financing agreements collateralized by MBS, Loans held for investment, and LHFS had the following remaining maturities and borrowing rates. | | | | | | | | | | | | | | | | | | | | | | | | | 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% | |
(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.
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