Quarterly report [Sections 13 or 15(d)]

Repurchase Agreements

v3.25.1
Repurchase Agreements
 3 Months Ended
Mar. 31, 2025
Disclosure of Repurchase Agreements [Abstract]  
Repurchase Agreements Repurchase Agreements
As of March 31, 2025 and December 31, 2024, the Company had outstanding $9.7 billion and $7.8 billion, respectively, of repurchase agreements. Excluding the effect of the Company’s interest rate swaps, the repurchase agreements had a weighted average borrowing rate of 4.73% and 5.15% and weighted average remaining maturities of 96 and 94 days as of March 31, 2025 and December 31, 2024, respectively.
At March 31, 2025 and December 31, 2024, the Company’s repurchase agreements had the following characteristics and remaining maturities:
March 31, 2025
Collateral Type
(dollars in thousands)
 Agency RMBS Non-Agency Securities Agency Derivatives Mortgage Servicing Rights Total Amount Outstanding
Within 30 days $ 3,854,675 $ — $ 3,344 $ — $ 3,858,019
30 to 59 days 1,095,184 — 12,518 — 1,107,702
60 to 89 days 898,956 — — — 898,956
90 to 119 days 915,695 — — — 915,695
120 to 364 days 2,189,644 195 619 125,000 2,315,458
One year and over — — — 645,000 645,000
Total $ 8,954,154 $ 195 $ 16,481 $ 770,000 $ 9,740,830
Weighted average borrowing rate
 4.50  % 5.01  % 4.79  % 7.38  % 4.73  %
December 31, 2024
Collateral Type
(dollars in thousands)
 Agency RMBS Non-Agency Securities Agency Derivatives Mortgage Servicing Rights Total Amount Outstanding
Within 30 days $ 2,373,562 $ — $ 4,262 $ — $ 2,377,824
30 to 59 days 2,316,237 — — — 2,316,237
60 to 89 days 1,304,175 207 731 — 1,305,113
90 to 119 days 759,177 — — — 759,177
120 to 364 days 291,706 — — 75,000 366,706
One year and over — — — 680,000 680,000
Total $ 7,044,857 $ 207 $ 4,993 $ 755,000 $ 7,805,057
Weighted average borrowing rate
 4.90  % 5.39  % 5.31  % 7.44  % 5.15  %

The following table summarizes assets at carrying value that are pledged or restricted as collateral for the future payment obligations of the Company’s repurchase agreements:
(in thousands) March 31,
2025		 December 31, 2024
Available-for-sale securities, at fair value $ 8,575,773  $ 7,097,561 
Mortgage servicing rights, at fair value (1)
1,337,875  1,355,639 
Restricted cash 58,137  218,363 
Due from counterparties 691,270  25,231 
Derivative assets, at fair value 20,297  5,031 
Total $ 10,683,352  $ 8,701,825 
____________________
(1)As of March 31, 2025 and December 31, 2024, MSR repurchase agreements totaling $770.0 million and $755.0 million, respectively, were secured by VFNs issued in connection with the Company’s securitization of MSR. The VFNs are collateralized by portions of the Company’s MSR portfolio.

Although the transactions under repurchase agreements represent committed borrowings until maturity, the respective lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral or fund margin calls.
As of both March 31, 2025 and December 31, 2024, the net carrying value of assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest, with any individual counterparty or group of related counterparties did not exceed 10% of total stockholders’ equity. The Company does not anticipate any defaults by its repurchase agreement counterparties. There can be no assurance, however, that any such default or defaults will not occur.