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Repurchase Agreements
 6 Months Ended
Jun. 30, 2025
Disclosure of Repurchase Agreements [Abstract]  
Repurchase agreements REPURCHASE AGREEMENTS
The Company’s repurchase agreements outstanding as of June 30, 2025 and December 31, 2024 are summarized in the following tables:

 June 30, 2025December 31, 2024
Collateral TypeBalanceWeighted
Average Rate		Fair Value of
Collateral Pledged		BalanceWeighted
Average Rate		Fair Value of
Collateral Pledged
($s in thousands)
Agency RMBS$8,236,132 4.46 %$8,679,237 $6,368,457 4.79 %$6,689,336 
Agency CMBS275,298 4.48 %290,138 90,717 4.78 %95,071 
Agency CMBS IO84,326 4.82 %92,622 96,146 5.18 %101,165 
Non-Agency CMBS IO4,387 5.22 %4,759 7,800 5.52 %8,057 
Total
$8,600,143 4.47 %$9,066,756 $6,563,120 4.80 %$6,893,629 
The Company had borrowings outstanding under 27 different repurchase agreements as of June 30, 2025, and its equity at risk did not exceed 10% with any counterparty as of that date. The Company also had $939 million recorded as a payable within “due to counterparties” for transactions pending settlement as of June 30, 2025 and $342 million as of December 31, 2024.
The following table provides information on the remaining term to maturity and original term to maturity for the Company’s repurchase agreements as of the dates indicated:
June 30, 2025December 31, 2024
Remaining Term to MaturityBalanceWeighted
Average Rate		WAVG Original Term to MaturityBalanceWeighted
Average Rate		WAVG Original Term to Maturity
($s in thousands)
Less than 30 days$7,037,298 4.49 %67$1,742,440 4.83 %68
30 to 90 days— — %—4,820,680 4.78 %83
91 to 180 days1,562,845 4.37 %184— — %— 
Total$8,600,143 4.47 %88 $6,563,120 4.80 %79 

The Company’s accrued interest payable related to its repurchase agreement borrowings increased to $61 million as of June 30, 2025 from $45 million as of December 31, 2024.
The Company’s counterparties, as set forth in the master repurchase agreement with the counterparty, require the Company to comply with various customary operating and financial covenants, including, but not limited to, minimum net worth, maximum declines in net worth in a given period, and maximum leverage requirements as well as maintaining the Company’s REIT status. In addition, some of the agreements contain cross default features, whereby default under an agreement with one lender simultaneously causes default under agreements with other lenders. To the extent that the Company fails to comply with the covenants contained in these financing agreements or is otherwise found to be in default under the terms of such agreements, the counterparty has the right to accelerate amounts due under the master repurchase agreement. The Company believes it was in full compliance with all covenants in master repurchase agreements under which there were amounts outstanding as of June 30, 2025.
The Company's repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of set off in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its repurchase agreements to these arrangements on a gross basis. The following table presents information regarding the Company's repurchase agreements as if the Company had
presented them on a net basis as of June 30, 2025 and December 31, 2024:
($s in thousands)
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
June 30, 2025:
Repurchase agreements$8,600,143 $— $8,600,143 $(8,600,143)$— $— 
December 31, 2024:
Repurchase agreements$6,563,120 $— $6,563,120 $(6,563,120)$— $— 
(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. Please refer to the consolidated balance sheets for the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically, and the total cash pledged or received as collateral, which is disclosed as “cash collateral posted to/by counterparties.”
Please see Note 5 for information related to the Company’s derivatives, which are also subject to underlying agreements with master netting or similar arrangements.