Repurchase Agreements

12 Months Ended

Dec. 31, 2023

Repurchase Agreements [Abstract]

Repurchase Agreements

Note 11 — Repurchase Agreements

The Company had outstanding approximately $903.5 million and $826.0 million of borrowings under its repurchase agreements as of December 31, 2023 and December 31, 2022, respectively. The Company’s obligations under these agreements had weighted average remaining maturities of 21 days and 18 days as of December 31, 2023 and December 31, 2022, respectively. RMBS and cash have been pledged as collateral under these repurchase agreements (see Note 4).

The repurchase agreements had the following remaining maturities and weighted average rates as of the dates indicated (dollars in thousands):

Repurchase Agreements Characteristics

As of December 31, 2023

	Repurchase Agreements		Weighted Average Rate
Less than one month	$	772,466		5.55	%
One to three months		131,023		5.55	%
Total/Weighted Average	$	903,489		5.55	%

As of December 31, 2022

	Repurchase Agreements		Weighted Average Rate
Less than one month	$	715,899		4.39	%
One to three months		110,063		4.53	%
Total/Weighted Average	$	825,962		4.41	%

There were no overnight or demand securities as of December 31, 2023 or December 31, 2022.