Secured Financing Agreements (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024 were:

	March 31, 2025			December 31, 2024
Secured financing agreements outstanding principal secured by:
Agency RMBS (in thousands)	$	482,907		$	402,644
Agency CMBS (in thousands)	30,542			29,123
Non-Agency RMBS and Loans held for investment (in thousands) (1)	2,492,357			2,410,393
Total:	$	3,005,806		$	2,842,160
MBS pledged as collateral at fair value on Secured financing agreements:
Agency RMBS (in thousands)	$	507,117		$	423,768
Agency CMBS (in thousands)	29,314			29,146
Non-Agency RMBS and Loans held for investment (in thousands)	3,685,796			3,633,183
Total:	$	4,222,227		$	4,086,097
Average balance of Secured financing agreements secured by:
Agency RMBS (in thousands)	$	396,246		$	540,735
Agency CMBS (in thousands)	29,972			35,555
Non-Agency RMBS and Loans held for investment (in thousands)	2,476,388			2,370,931
Total:	$	2,902,606		$	2,947,221
Average borrowing rate of Secured financing agreements secured by:
Agency RMBS	4.52		%	4.83		%
Agency CMBS	4.48		%	4.77		%
Non-Agency RMBS and Loans held for investment	6.57		%	6.78		%
Average remaining maturity of Secured financing agreements secured by:
Agency RMBS	26 Days			16 Days
Agency CMBS	7 Days			8 Days
Non-Agency RMBS and Loans held for investment	356 Days			237 Days
Average original maturity of Secured financing agreements secured by:
Agency RMBS	39 Days			43 Days
Agency CMBS	31 Days			33 Days
Non-Agency RMBS and Loans held for investment	381 Days			267 Days

(1) The values for secured financing agreements in the table above is net of $1 million of deferred financing costs as of March 31, 2025.

At March 31, 2025 and December 31, 2024, the secured financing agreements collateralized by MBS and Loans held for investment had the following remaining maturities and borrowing rates.

	March 31, 2025				December 31, 2024
	(dollars in thousands)
	Principal (1)		Weighted Average Borrowing Rates	Range of Borrowing Rates	Principal		Weighted Average Borrowing Rates	Range of Borrowing Rates
Overnight	$	—	N/A	NA	$	—	N/A	NA
1 to 29 days	704,233		5.21%	4.46% - 7.20%	642,358		5.61%	4.66% - 7.52%
30 to 59 days	469,914		6.23%	5.04% - 6.80%	959,559		7.79%	5.34% - 12.50%
60 to 89 days	219,973		5.29%	4.72% - 5.65%	318,750		5.58%	4.87% - 7.02%
90 to 119 days	70,769		5.25%	5.25% - 5.25%	51,416		6.38%	5.51% - 6.77%
120 to 180 days	156,424		5.75%	5.24% - 6.54%	123,072		6.15%	5.82% - 6.77%
180 days to 1 year	469,938		6.70%	5.61% - 7.47%	409,760		6.79%	5.80% - 7.49%
1 to 2 years	582,209		8.31%	8.15% - 8.57%	—		N/A	N/A
2 to 3 years	332,346		5.01%	5.01% - 6.09%	337,245		5.02%	5.02% - 5.02%
Total	$	3,005,806	6.22%		$	2,842,160	6.48%

(1) The values for secured financing agreements in the table above is net of $1 million of deferred financing costs as of March 31, 2025.