v3.26.1
Borrowings
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings
We finance the majority of our investment portfolio through repurchase agreements. Our repurchase agreements bear interest at a contractually agreed upon rate and generally have maturities ranging from one to six months. We account for our repurchase agreements as secured borrowings since we maintain effective control of the financed assets. Our repurchase agreements are subject to certain financial covenants. We were in compliance with all of these covenants as of June 30, 2026 and December 31, 2025.
The following table summarizes certain characteristics of our borrowings as of June 30, 2026 and December 31, 2025. Refer to Note 5 - “Collateral Positions” for collateral pledged and held under our repurchase agreements.
As of
$ in thousandsJune 30, 2026December 31, 2025
Amount
Outstanding		Weighted
Average
Interest
Rate		Weighted
Average
Remaining
Maturity
(days)		Amount
Outstanding		Weighted
Average
Interest
Rate		Weighted
Average
Remaining
Maturity
(days)
Repurchase agreements - Agency RMBS5,352,131 3.76 %264,758,568 4.04 %24
Repurchase agreements - Agency CMBS858,272 3.76 %23860,687 4.04 %20
Total borrowings6,210,403 3.76 %255,619,255 4.04 %23