SECURED FINANCING (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Repurchase Agreements Remaining Maturity ,Collateral Types and Weighted Average Rates

At June 30, 2025 and December 31, 2024, the repurchase agreements had the following remaining maturities and collateral types:


June 30, 2025
	Agency Mortgage-Backed Securities		CRTs		Non-Agency Mortgage-Backed Securities		Residential Mortgage Loans		Commercial Mortgage-Backed Securities				Total Repurchase Agreements
	(dollars in thousands)
1 day	$	27,251,644	$	—	$	60,497	$	—	$	—			$	27,312,141
2 to 29 days	577,753		286,134		967,919		—		—				1,831,806
30 to 59 days	12,233,772		—		672,983		—		—				12,906,755
60 to 89 days	25,304,682		—		403,259		162,222		—				25,870,163
90 to 119 days	246,080		—		54,150		—		—				300,230
Over 119 days (1)	863		—		348,759		1,501,429		—				1,851,051
Total	$	65,614,794	$	286,134	$	2,507,567	$	1,663,651	$	—			$	70,072,146

Amounts offset in accordance with netting arrangements											(3,530,768)
Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition											$	66,541,378


December 31, 2024
	Agency Mortgage-Backed Securities		CRTs		Non-Agency Mortgage-Backed Securities		Residential Mortgage Loans		Commercial Mortgage-Backed Securities				Total Repurchase Agreements
	(dollars in thousands)
1 day	$	—	$	—	$	—	$	—	$	—			$	—
2 to 29 days	28,603,831		405,341		861,271		—		66,010				29,936,453
30 to 59 days	34,496,443		116,087		682,037		251,357		—				35,545,924
60 to 89 days	692,255		47,583		545,684		—		—				1,285,522
90 to 119 days	2,085		—		60,383		—		—				62,468
Over 119 days (1)	—		—		332,040		1,139,604		—				1,471,644
Total	$	63,794,614	$	569,011	$	2,481,415	$	1,390,961	$	66,010			$	68,302,011

Amounts offset in accordance with netting arrangements											(2,613,088)
Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition											$	65,688,923

(1) Less than 1% of repurchase agreements had a remaining maturity over 1 year at June 30, 2025 and December 31, 2024.

Summary of Gross Amounts, Amounts Offset and Net Amounts of Repurchase Agreement and Reverse Repurchase Agreement

The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at June 30, 2025 and December 31, 2024. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.


	June 30, 2025				December 31, 2024
	Reverse Repurchase Agreements		Repurchase Agreements		Reverse Repurchase Agreements		Repurchase Agreements
	(dollars in thousands)
Gross amounts	$	3,530,768	$	70,072,146	$	2,613,088	$	68,302,011
Amounts offset	(3,530,768)		(3,530,768)		(2,613,088)		(2,613,088)
Netted amounts	$	—	$	66,541,378	$	—	$	65,688,923