XML 30 R18.htm IDEA: XBRL DOCUMENT v3.23.1
Repurchase Agreements (Tables)
 3 Months Ended
Mar. 31, 2023
Disclosure of Repurchase Agreements [Abstract]  
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets
The Company’s repurchase agreements outstanding as of March 31, 2023 and December 31, 2022 are summarized in the following tables:
 March 31, 2023December 31, 2022
Collateral TypeBalanceWeighted
Average Rate		Fair Value of
Collateral Pledged		BalanceWeighted
Average Rate		Fair Value of
Collateral Pledged
Agency RMBS$2,675,157 4.90 %$2,724,745 $2,349,181 4.15 %$2,496,781 
Agency CMBS98,373 4.89 %102,710 108,580 3.76 %108,146 
Agency CMBS IO128,819 5.23 %145,157 137,569 4.62 %150,517 
Non-Agency CMBS IO34,775 5.76 %40,358 49,075 5.26 %55,513 
Total repurchase agreements$2,937,124 4.92 %$3,012,970 $2,644,405 4.18 %$2,810,957 
The Company had borrowings outstanding under 25 different repurchase agreements as of March 31, 2023, and its equity at risk did not exceed 5% with any counterparty as of that date. The Company also had $24,918 and $4,159 payable to counterparties for transactions pending settlement as of March 31, 2023 and December 31, 2022, respectively.

The following table provides information on the remaining term to maturity and original term to maturity for the Company’s repurchase agreements as of the dates indicated:
March 31, 2023December 31, 2022
Remaining Term to MaturityBalanceWeighted
Average Rate		WAVG Original Term to MaturityBalanceWeighted
Average Rate		WAVG Original Term to Maturity
Less than 30 days$1,288,034 4.96 %35 $858,161 4.44 %42 
30 to 90 days1,254,958 4.88 %78 1,786,244 4.06 %104 
91 to 180 days394,132 4.95 %183 — — %— 
Total$2,937,124 4.92 %73 $2,644,405 4.18 %84 
Offsetting Repurchase Agreement Liabilities The following table presents information regarding the Company's repurchase agreements as if the Company had presented them on a net basis as of March 31, 2023 and December 31, 2022:
Gross Amount of Recognized LiabilitiesGross Amount Offset in the Balance SheetNet Amount of Liabilities Presented in the Balance Sheet
Gross Amount Not Offset in the Balance Sheet (1)
Net Amount
Financial Instruments Posted as CollateralCash Posted as Collateral
March 31, 2023:
Repurchase agreements$2,937,124 $— $2,937,124 $(2,937,124)$— $— 
December 31, 2022:
Repurchase agreements$2,644,405 $— $2,644,405 $(2,644,405)$— $— 
(1) Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the repurchase agreement liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented.