Borrowings

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Borrowings

Borrowings

We finance the majority of our investment portfolio through repurchase agreements. The following tables summarize certain characteristics of our borrowings at March 31, 2022 and December 31, 2021. Refer to Note 8 - "Collateral Positions" for collateral pledged and held under our repurchase agreements.

$ in thousands	March 31, 2022
				Weighted
		Weighted		Average
		Average		Remaining
	Amount	Interest		Maturity
	Outstanding	Rate		(days)
Repurchase Agreements - Agency RMBS	5,349,388	0.38	%	31
Repurchase Agreements - U.S. Treasury securities	488,032	0.19	%	1
Total Borrowings	5,837,420	0.37	%	28

$ in thousands	December 31, 2021
				Weighted
		Weighted		Average
		Average		Remaining
	Amount	Interest		Maturity
	Outstanding	Rate		(days)
Repurchase Agreements - Agency RMBS	6,987,834	0.14	%	29
Total Borrowings	6,987,834	0.14	%	29

Repurchase Agreements

Our repurchase agreements generally bear interest at a contractually agreed upon rate. Agency RMBS repurchase agreements generally have maturities ranging from one to six months. U.S. Treasury securities repurchase agreements generally have maturities ranging from one day to one month. Repurchase agreements are accounted for as secured borrowings since we maintain effective control of the financed assets. The repurchase agreements are subject to certain financial covenants. We were in compliance with all of these covenants as of March 31, 2022.