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Repurchase Agreements (Tables)
 3 Months Ended
Mar. 31, 2023
Disclosure of Repurchase Agreements [Abstract]  
Schedule of Repurchase Agreements by Maturity
At March 31, 2023 and December 31, 2022, the Company’s repurchase agreements had the following characteristics and remaining maturities:
March 31, 2023
Collateral Type
(in thousands)Agency RMBSAgency OtherNon-Agency SecuritiesAgency DerivativesMortgage Servicing Rights
U.S. Treasuries (1)
Total Amount Outstanding
Within 30 days$1,371,533 $70,508 $58,528 $11,942 $— $200,766 $1,713,277 
30 to 59 days1,546,940 — 11,578 — — — 1,558,518 
60 to 89 days1,303,639 — — — — — 1,303,639 
90 to 119 days2,401,387 — — — — — 2,401,387 
120 to 364 days1,759,204 98,150 183 354 250,000 — 2,107,891 
Total$8,382,703 $168,658 $70,289 $12,296 $250,000 $200,766 $9,084,712 
Weighted average borrowing rate
5.01 %4.92 %6.14 %5.17 %8.43 %4.68 %5.11 %
December 31, 2022
Collateral Type
(in thousands)Agency RMBSAgency OtherNon-Agency SecuritiesAgency DerivativesMortgage Servicing Rights
U.S. Treasuries (1)
Total Amount Outstanding
Within 30 days$2,570,254$—$59,648$4,177$—$57,116$2,691,195
30 to 59 days1,774,622—10,984——375,1312,160,737
60 to 89 days2,280,675—177503—255,2822,536,637
90 to 119 days696,283——8,393—200,766905,442
120 to 364 days————309,000—309,000
Total$7,321,834$—$70,809$13,073$309,000$888,295$8,603,011
Weighted average borrowing rate
3.70 %— %5.73 %4.83 %7.91 %4.49 %3.95 %
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(1)U.S. Treasury securities effectively borrowed under reverse repurchase agreements.
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets
The following table summarizes assets at carrying values that are pledged or restricted as collateral for the future payment obligations of the Company’s repurchase agreements:
(in thousands)March 31,
2023		December 31,
2022
Available-for-sale securities, at fair value$8,952,534 $7,426,953 
Mortgage servicing rights, at fair value (1)
430,821 667,238 
Restricted cash77,429 324,654 
Due from counterparties29,510 22,055 
Derivative assets, at fair value15,309 14,738 
U.S. Treasuries (2)
195,290 877,632 
Total$9,700,893 $9,333,270 
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(1)MSR repurchase agreements are secured by a VFN issued in connection with the Company’s securitization of MSR, which is collateralized by the Company’s MSR.
(2)U.S. Treasury securities effectively borrowed under reverse repurchase agreements..