v3.26.3
Repurchase Agreements (Tables)
 9 Months Ended
Sep. 30, 2026
Disclosure of Repurchase Agreements [Abstract]  
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets The Company’s repurchase agreements outstanding as of September 30, 2026 and December 31, 2025 are
summarized in the following tables:
 
September 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
$22,756,369
3.91%
$23,782,830
$12,857,827
4.09%
$13,496,489
Agency CMBS
1,370,224
3.92%
1,390,727
967,024
4.07%
1,012,532
Agency CMBS IO
63,683
4.24%
65,784
77,057
4.41%
81,913
Non-Agency CMBS IO
—
—%
—
2,323
4.72%
2,536
Total
$24,190,276
3.91%
$25,239,341
$13,904,231
4.10%
$14,593,470
(1)  Amounts disclosed for fair value of collateral pledged include amounts pledged to cover margin calls, which may differ in
collateral type from the initial collateral type pledged.
The Company’s equity at risk did not exceed 10% with any single counterparty as of September 30, 2026.
The following table provides information on the remaining term to maturity and original term to maturity
for the Company’s repurchase agreements as of the dates indicated: 
September 30, 2026
December 31, 2025
Remaining Term to
Maturity
Balance
Weighted
Average
Rate
WAVG
Original
Term to
Maturity
Balance
Weighted
Average
Rate
WAVG
Original
Term to
Maturity
($s in thousands)
Less than 30 days
$10,662,438
3.88%
79
$9,146,566
4.11%
75
30 to 90 days
12,563,547
3.93%
88
4,757,665
4.07%
94
91 to 180 days
964,291
4.00%
179
—
—%
—
Total
$24,190,276
3.91%
87
$13,904,231
4.10%
81
Offsetting Repurchase Agreement Liabilities The following table presents information regarding the Company's repurchase agreements as if the Company had
presented them on a net basis as of September 30, 2026 and December 31, 2025:
($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
September 30, 2026:
Repurchase agreements
$24,190,276
$—
$24,190,276
$(24,190,276)
$—
$—
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.”