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Repurchase Agreements (Tables)
 12 Months Ended
Dec. 31, 2022
Broker-Dealer [Abstract]  
Schedule of Company's Repurchase Agreements
The following table presents the carrying value of the Company's repurchase agreements as of December 31, 2022 and 2021, respectively (dollar amounts in thousands):

Repurchase Agreements Secured By:December 31, 2022December 31, 2021
Residential loans$686,946 $554,259 
Investment securities50,077 — 
Total carrying value$737,023 $554,259 
Schedule of Unencumbered Securities The following table presents information about the Company's unencumbered securities at December 31, 2022 (dollar amounts in thousands):
Unencumbered SecuritiesDecember 31, 2022
Non-Agency RMBS (1)
$89,552 
CMBS30,133 
ABS856 
Total$120,541 

(1)Includes IOs in Consolidated SLST with a fair value of $21.0 million as of December 31, 2022.
Schedule of Borrowings Under Purchase Agreements Secured by Investments The following table presents detailed information about the Company’s financings under these repurchase agreements and associated residential loans pledged as collateral at December 31, 2022 and 2021, respectively (dollar amounts in thousands):
    
Maximum Aggregate Uncommitted Principal Amount
Outstanding
Repurchase Agreements (1)
Net Deferred Finance Costs (2)
Carrying Value of Repurchase AgreementsFair Value of Loans Pledged Weighted Average Rate
Weighted Average Months to Maturity (3)
December 31, 2022$2,030,879 $688,487 $(1,541)$686,946 $867,033 6.65 %16.69
December 31, 2021$1,252,352 $554,784 $(525)$554,259 $729,649 2.79 %4.38

(1)Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $446.8 million, a weighted average rate of 6.77%, and weighted average months to maturity of 23.96 months as of December 31, 2022. Includes a non-mark-to-market repurchase agreement with an outstanding balance of $15.6 million, a rate of 4.00%, and months to maturity of 2.03 months as of December 31, 2021.
(2)Costs related to the repurchase agreements, which include commitment, underwriting, legal, accounting and other fees, are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying consolidated balance sheets and are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different.(3)The Company expects to roll outstanding amounts under these repurchase agreements into new repurchase agreements or other financings, or to repay outstanding amounts, prior to or at maturity.
Schedule of Repurchase Agreements Secured by Investment Securities
The following table presents detailed information about the amounts outstanding under the Company’s repurchase agreements secured by investment securities and associated assets pledged as collateral at December 31, 2022 (dollar amounts in thousands):

December 31, 2022
Outstanding Repurchase AgreementsFair Value of Collateral PledgedAmortized Cost of Collateral Pledged
Non-Agency RMBS (1)
$50,077 $170,551 $210,733 
Balance at end of the period$50,077 $170,551 $210,733 

(1)Represents first loss subordinated securities in Consolidated SLST.
Schedule Of Repurchase Agreements, Maturities
The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at December 31, 2022 (dollar amounts in thousands):

Contractual MaturityDecember 31, 2022
Within 30 days$50,077 
Over 30 day to 90 days— 
Over 90 days— 
Total$50,077