| Schedule of Repurchase Agreements by Maturity |
At March 31, 2025 and December 31, 2024, the Company’s repurchase agreements had the following characteristics and remaining maturities:
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March 31, 2025 |
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Collateral Type |
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(dollars in thousands) |
Agency RMBS |
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Non-Agency Securities |
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Agency Derivatives |
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Mortgage Servicing Rights |
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Total Amount Outstanding |
| Within 30 days |
$ |
3,854,675 |
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$ |
— |
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$ |
3,344 |
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$ |
— |
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$ |
3,858,019 |
| 30 to 59 days |
1,095,184 |
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— |
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12,518 |
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— |
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1,107,702 |
| 60 to 89 days |
898,956 |
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— |
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— |
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— |
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898,956 |
| 90 to 119 days |
915,695 |
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— |
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— |
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— |
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915,695 |
| 120 to 364 days |
2,189,644 |
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195 |
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619 |
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125,000 |
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2,315,458 |
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| One year and over |
— |
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— |
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— |
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645,000 |
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645,000 |
| Total |
$ |
8,954,154 |
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$ |
195 |
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$ |
16,481 |
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$ |
770,000 |
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$ |
9,740,830 |
Weighted average borrowing rate |
4.50 |
% |
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5.01 |
% |
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4.79 |
% |
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7.38 |
% |
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4.73 |
% |
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December 31, 2024 |
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Collateral Type |
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(dollars in thousands) |
Agency RMBS |
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Non-Agency Securities |
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Agency Derivatives |
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Mortgage Servicing Rights |
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Total Amount Outstanding |
| Within 30 days |
$ |
2,373,562 |
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$ |
— |
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$ |
4,262 |
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$ |
— |
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$ |
2,377,824 |
| 30 to 59 days |
2,316,237 |
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— |
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— |
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— |
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2,316,237 |
| 60 to 89 days |
1,304,175 |
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207 |
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731 |
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— |
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1,305,113 |
| 90 to 119 days |
759,177 |
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— |
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— |
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— |
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759,177 |
| 120 to 364 days |
291,706 |
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— |
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— |
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75,000 |
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366,706 |
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| One year and over |
— |
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— |
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— |
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680,000 |
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680,000 |
| Total |
$ |
7,044,857 |
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$ |
207 |
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$ |
4,993 |
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$ |
755,000 |
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$ |
7,805,057 |
Weighted average borrowing rate |
4.90 |
% |
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5.39 |
% |
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5.31 |
% |
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7.44 |
% |
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5.15 |
% |
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| Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets |
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:
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| (in thousands) |
March 31,
2025 |
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December 31, 2024 |
| Available-for-sale securities, at fair value |
$ |
8,575,773 |
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$ |
7,097,561 |
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Mortgage servicing rights, at fair value (1)
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1,337,875 |
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1,355,639 |
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| Restricted cash |
58,137 |
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218,363 |
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| Due from counterparties |
691,270 |
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25,231 |
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| Derivative assets, at fair value |
20,297 |
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5,031 |
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| Total |
$ |
10,683,352 |
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$ |
8,701,825 |
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____________________
(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.
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