v3.26.3
Repurchase Agreements and Warehouse Facilities (Tables)
 9 Months Ended
Sep. 30, 2026
Federal Funds Sold, Security Purchased under Agreement to Resell, and Deposit Paid for Security Borrowed [Abstract]  
Schedule of Company's Repurchase Agreements and Warehouse Facilities
The following table presents the carrying value of the Company's repurchase agreements and warehouse facilities as of September 30, 2026 and December 31, 2025, respectively (dollar amounts in thousands):

Repurchase Agreements and Warehouse Facilities Secured By:
September 30, 2026December 31, 2025
Investment securities$6,633,635 $6,154,086 
Residential loans and real estate owned
635,461 462,127 
Residential loans held for sale
139,252 73,446 
Single-family rental properties51,771 63,758 
Total carrying value$7,460,119 $6,753,417 
Schedule of Unencumbered Securities The following table presents information about the Company's unencumbered securities at September 30, 2026 (dollar amounts in thousands):
Unencumbered SecuritiesSeptember 30, 2026
Agency RMBS$331,292 
Non-Agency RMBS (1)
15,915 
Total$347,207 

(1)Includes IOs in Consolidated SLST with a fair value of $9.0 million as of September 30, 2026. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP.
Schedule of Borrowings Under Financing Arrangements and Assets Pledged as Collateral The following table summarizes assets pledged as initial margin as of September 30, 2026 and December 31, 2025, respectively (dollar amounts in thousands):
Initial Margin Collateral
Consolidated Balance Sheet Location
September 30, 2026December 31, 2025
Agency RMBS
Investment securities available for sale, at fair value
$158,365 $68,458 
Restricted cash
Other assets
74,902 82,222 
Total initial margin collateral
$233,267 $150,680 
The following table presents detailed information about the Company’s financings under these repurchase agreements or warehouse facilities and associated assets pledged as collateral at September 30, 2026 and December 31, 2025, respectively (dollar amounts in thousands):
    
Maximum Aggregate Uncommitted Principal or Line Amount
Outstanding
Repurchase Agreements and Warehouse Facilities
Net Deferred Finance Costs (1)
Carrying Value of Repurchase Agreements and Warehouse Facilities
Carrying Value of Assets Pledged (2)
Weighted Average Rate
Weighted Average Months to Maturity (3)
September 30, 2026$3,825,000 $826,775 $(291)$826,484 $1,003,565 5.78 %6.28
December 31, 2025$3,225,000 $599,392 $(61)$599,331 $733,202 5.80 %5.86
(1)Costs related to repurchase agreements, which include commitment, underwriting, legal, accounting and other fees, are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying condensed consolidated balance sheets and are amortized as an adjustment to interest expense over the term of the agreement using the effective interest method, or straight-line method, if the result is not materially different.
(2)Includes residential loans and real estate owned with an aggregate carrying value of $761.4 million, residential loans held for sale with an aggregate carrying value of $147.5 million and single-family rental properties with a net carrying value of $94.6 million as of September 30, 2026. Includes residential loans and real estate owned with an aggregate fair value of $538.4 million, residential loans held for sale with an aggregate carrying value of $78.0 million and single-family rental properties with a net carrying value of $116.8 million as of December 31, 2025.
(3)The Company expects to either roll outstanding amounts under these repurchase agreements and warehouse facilities into new financing arrangements or repay outstanding amounts in full prior to or at maturity.
Schedule of Repurchase Agreements Secured by Investment Securities
The following table presents detailed information about the amounts outstanding under the Company’s repurchase agreements secured by investment securities and associated assets pledged as collateral at September 30, 2026 and December 31, 2025, respectively (dollar amounts in thousands):

September 30, 2026December 31, 2025
Outstanding Repurchase Agreements
Fair Value of Collateral Pledged (1)
Amortized Cost of Collateral Pledged (1)
Outstanding Repurchase Agreements
Fair Value of Collateral Pledged
Amortized Cost of Collateral Pledged
Agency RMBS$6,034,535 $6,247,095 $6,529,816 $5,894,367 $6,143,730 $6,033,884 
Non-Agency RMBS (2)
37,960 42,025 42,913 15,191 22,686 22,458 
U.S. Treasury securities
561,140 562,161 599,411 244,528 245,713 246,298 
Balance at end of the period$6,633,635 $6,851,281 $7,172,140 $6,154,086 $6,412,129 $6,302,640 

(1)Collateral pledged includes restricted cash posted as margin in the amount of $16.6 million as of September 30, 2026.
(2)Includes first loss subordinated securities in Consolidated SLST with a fair value of $18.6 million as of December 31, 2025. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP.
Schedule of Repurchase Agreements, Maturities
The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at September 30, 2026 and December 31, 2025, respectively (dollar amounts in thousands):

Contractual MaturitySeptember 30, 2026December 31, 2025
Within 30 days$3,122,817 $2,860,770 
Over 30 days to 90 days
3,510,818 3,293,316 
Total$6,633,635 $6,154,086