Borrowings (Tables)

The following table details the Company's outstanding borrowings under repurchase agreements by remaining maturity as of June 30, 2026 and December 31, 2025:


	June 30, 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 Pass-Throughs(1):	(In thousands)					(In thousands)
30 days or less	$	110,005	3.75	%	3	$	193,105	4.00	%	4
Total Agency Pass-Throughs	110,005		3.75	%	3	193,105		4.00	%	4
U.S. Treasury securities:
30 Days or Less	139,584		3.73	%	1	33,310		3.99	%	2
Total U.S. Treasury securities	139,584		3.73	%	1	33,310		3.99	%	2
Other(2):
30 days or less	3,185		5.03	%	17	40,822		5.56	%	17
31-60 days	412,134		4.49	%	47	406,647		5.19	%	46
61-90 days	306,978		4.47	%	77	210,885		4.48	%	75
91-120 days	361,958		5.20	%	117	361,230		5.22	%	115
121-150 days	133,599		5.73	%	126	—		—	%	—
151-180 days	7,478		4.33	%	163	13,143		4.59	%	161
181-364 days	502,381		5.44	%	282	217,900		5.86	%	291
> 364 days	1,086,975		5.72	%	526	1,178,402		5.67	%	505
Total other	2,814,688		5.28	%	290	2,429,029		5.43	%	304
Total	$	3,064,277	5.16	%	267	$	2,655,444	5.18	%	268

(1)Excludes Agency IOs.

(2)Includes securities, loans, and REO.

Schedule of Principal Repayments

The following table details the Company's principal repayment schedule, over the next 5 years, for outstanding borrowings as of June 30, 2026:


Year	Repurchase Agreements(1)		Other Secured Borrowings(2)		HMBS-related Obligations(3)		Unsecured Borrowings(1)		Total
(In thousands)
Next Twelve Months	$	2,206,784	$	476,010	$	1,472,669	$	247,750	$	4,403,213
Year 2	567,954		328,414		1,129,734		—		2,026,102
Year 3	289,539		278,641		1,195,590		—		1,763,770
Year 4	—		252,387		1,620,757		—		1,873,144
Year 5	—		249,611		1,995,818		400,000		2,645,429
Total	$	3,064,277	$	1,585,063	$	7,414,568	$	647,750	$	12,711,658

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

(2)Includes $706.9 million, $206.1 million, $401.0 million, and $14.0 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.