Secured Financing Agreements (Tables)

3 Months Ended

Mar. 31, 2024

Disclosure of Repurchase Agreements [Abstract]

Schedule of Secured Financing Agreements and Maturities

The secured financing agreements principal outstanding, weighted average borrowing rates, weighted average remaining maturities, average balances and the fair value of the collateral pledged as of March 31, 2024 and December 31, 2023 were:

	March 31, 2024			December 31, 2023
Secured financing agreements outstanding principal secured by:
Agency CMBS (in thousands)	36,434			68,502
Non-Agency RMBS and Loans held for investment (in thousands)	2,367,244			2,375,589
Total:	$	2,403,678		$	2,444,091
MBS pledged as collateral at fair value on Secured financing agreements:
Agency CMBS (in thousands)	38,644			74,345
Non-Agency RMBS and Loans held for investment (in thousands)	3,514,938			3,465,071
Total:	$	3,553,582		$	3,539,416
Average balance of Secured financing agreements secured by:
Agency RMBS (in thousands)	$	—		$	1,551
Agency CMBS (in thousands)	44,632			139,746
Non-Agency RMBS and Loans held for investment (in thousands)	2,377,321			2,695,017
Total:	$	2,421,953		$	2,836,314
Average borrowing rate of Secured financing agreements secured by:
Agency CMBS	5.47		%	5.60		%
Non-Agency RMBS and Loans held for investment	7.51		%	7.56		%
Average remaining maturity of Secured financing agreements secured by:
Agency CMBS	34 Days			32 Days
Non-Agency RMBS and Loans held for investment	378 Days			418 Days
Average original maturity of Secured financing agreements secured by:
Agency CMBS	45 Days			86 Days
Non-Agency RMBS and Loans held for investment	401 Days			445 Days

At March 31, 2024 and December 31, 2023, the secured financing agreements collateralized by MBS and Loans held for investment had the following remaining maturities and borrowing rates.

	March 31, 2024				December 31, 2023
	(dollars in thousands)
	Principal		Weighted Average Borrowing Rates	Range of Borrowing Rates	Principal		Weighted Average Borrowing Rates	Range of Borrowing Rates
Overnight	—		N/A	N/A	—		N/A	NA
1 to 29 days	$	259,229	7.56%	6.20% - 8.18%	$	272,490	7.35%	6.30% - 8.22%
30 to 59 days	473,497		6.71%	5.44% - 7.82%	495,636		6.68%	5.58% - 7.87%
60 to 89 days	194,024		7.21%	5.84% - 7.58%	305,426		7.17%	5.93% - 7.85%
90 to 119 days	69,793		6.29%	6.29% - 6.29%	54,376		7.46%	6.59% - 7.80%
120 to 180 days	187,582		6.89%	6.35% - 7.65%	105,727		7.09%	6.72% - 7.80%
180 days to 1 year	616,005		9.50%	6.63% - 12.50%	39,620		7.06%	6.66% - 7.39%
1 to 2 years	244,967		8.33%	8.33% - 8.33%	808,601		9.36%	8.36% - 12.50%
2 to 3 years	—		N/A	N/A	—		N/A	N/A
Greater than 3 years	358,581		5.08%	5.08% - 5.08%	362,215		5.11%	5.10% - 7.15%
Total	$	2,403,678	7.48%		$	2,444,091	7.51%