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Repurchase Agreements (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of Repurchase Agreements [Abstract]  
Schedule of Repurchase Agreements by Maturity
At December 31, 2023 and December 31, 2022, the Company’s repurchase agreements had the following characteristics and remaining maturities:
December 31, 2023
Collateral Type
(in thousands)Agency RMBSNon-Agency SecuritiesAgency DerivativesMortgage Servicing Rights
U.S. Treasuries (1)
Total Amount Outstanding
Within 30 days$2,772,975 $— $1,615 $58,572 $— $2,833,162 
30 to 59 days1,918,818 — — — — 1,918,818 
60 to 89 days2,058,518 233 687 — — 2,059,438 
90 to 119 days989,045 — 5,744 — — 994,789 
120 to 364 days— — — 214,000 — 214,000 
Total$7,739,356 $233 $8,046 $272,572 $— $8,020,207 
Weighted average borrowing rate
5.64 %6.36 %6.14 %7.08 %— %5.74 %
December 31, 2022
Collateral Type
(in thousands)Agency RMBSNon-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 days1,774,62210,984——375,1312,160,737
60 to 89 days2,280,675177503—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)December 31,
2023		December 31,
2022
Available-for-sale securities, at fair value$8,126,028 $7,426,953 
Mortgage servicing rights, at fair value (1)
463,529 667,238 
Restricted cash12,375 324,654 
Due from counterparties36,420 22,055 
Derivative assets, at fair value11,877 14,738 
U.S. Treasuries (2)
— 877,632 
Total$8,650,229 $9,333,270 
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(1)As of December 31, 2023 and December 31, 2022, MSR repurchase agreements of $214.0 million and $309.0 million, respectively, were secured by a VFN issued in connection with the Company’s securitization of MSR. Additionally, as of December 31, 2023, MSR repurchase agreements of $58.6 million were secured by a portion of the term notes issued in connection with the Company’s securitization of MSR and repurchased by the Company. The VFN and the term notes are both collateralized by the Company’s MSR.
(2)U.S. Treasury securities effectively borrowed under reverse repurchase agreements.