Secured Financing Agreements (Tables)

9 Months Ended

Sep. 30, 2024

Disclosure of Repurchase Agreements [Abstract]

Schedule of Secured Financing Agreements and Maturities

The secured financing agreements principal outstanding, weighted average borrowing rates, weighted average remaining maturities, average balances and the fair value of the collateral pledged as of September 30, 2024 and December 31, 2023 were:

	September 30, 2024			December 31, 2023
Secured financing agreements outstanding principal secured by:
Agency RMBS (in thousands)	$	837,204		$	—
Agency CMBS (in thousands)	29,627			68,502
Non-Agency RMBS and Loans held for investment (in thousands)	2,368,241			2,375,589
Total:	$	3,235,072		$	2,444,091
MBS pledged as collateral at fair value on Secured financing agreements:
Agency RMBS (in thousands)	$	887,721		$	—
Agency CMBS (in thousands)	30,464			74,345
Non-Agency RMBS and Loans held for investment (in thousands)	3,634,971			3,465,071
Total:	$	4,553,156		$	3,539,416
Average balance of Secured financing agreements secured by:
Agency RMBS (in thousands)	$	472,153		$	1,551
Agency CMBS (in thousands)	37,507			139,746
Non-Agency RMBS and Loans held for investment (in thousands)	2,357,722			2,695,017
Total:	$	2,867,382		$	2,836,314
Average borrowing rate of Secured financing agreements secured by:
Agency RMBS	5.43		%	N/A
Agency CMBS	5.34		%	5.60		%
Non-Agency RMBS and Loans held for investment	7.17		%	7.56		%
Average remaining maturity of Secured financing agreements secured by:
Agency RMBS	9 Days			N/A
Agency CMBS	7 Days			32 Days
Non-Agency RMBS and Loans held for investment	298 Days			418 Days
Average original maturity of Secured financing agreements secured by:
Agency RMBS	36 Days			N/A
Agency CMBS	28 Days			86 Days
Non-Agency RMBS and Loans held for investment	320 Days			445 Days

At September 30, 2024 and December 31, 2023, the secured financing agreements collateralized by MBS and Loans held for investment had the following remaining maturities and borrowing rates.

	September 30, 2024				December 31, 2023
	(dollars in thousands)
	Principal		Weighted Average Borrowing Rates	Range of Borrowing Rates	Principal		Weighted Average Borrowing Rates	Range of Borrowing Rates
Overnight	$	282,250	5.47%	5.45% - 5.55%	$	—	N/A	NA
1 to 29 days	774,901		5.99%	5.20% - 7.78%	272,490		7.35%	6.30% - 8.22%
30 to 59 days	216,357		6.80%	6.00% - 7.76%	495,636		6.68%	5.58% - 7.87%
60 to 89 days	322,328		6.34%	5.46% - 7.10%	305,426		7.17%	5.93% - 7.85%
90 to 119 days	69,445		6.27%	6.27% - 6.27%	54,376		7.46%	6.59% - 7.80%
120 to 180 days	777,682		8.47%	5.72% - 12.50%	105,727		7.09%	6.72% - 7.80%
180 days to 1 year	205,604		6.26%	6.18% - 6.83%	39,620		7.06%	6.66% - 7.39%
1 to 2 years	241,397		7.93%	7.93% - 7.93%	808,601		9.36%	8.36% - 12.50%
2 to 3 years	—		—%	N/A	—		—%	N/A
Greater than 3 years	345,108		5.07%	5.07% - 5.07%	362,215		5.11%	5.10% - 7.15%
Total	$	3,235,072	6.70%		$	2,444,091	7.51%