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Repurchase Agreements
 3 Months Ended
Mar. 31, 2024
Disclosure of Repurchase Agreements [Abstract]  
Repurchase agreements REPURCHASE AGREEMENTS
The Company’s repurchase agreements outstanding as of March 31, 2024 and December 31, 2023 are summarized in the following tables:
 March 31, 2024December 31, 2023
Collateral TypeBalanceWeighted
Average Rate		Fair Value of
Collateral Pledged		BalanceWeighted
Average Rate		Fair Value of
Collateral Pledged
($s in thousands)
Agency RMBS$5,048,942 5.46 %$5,319,619 $5,130,438 5.59 %$5,613,212 
Agency CMBS104,557 5.46 %109,935 104,495 5.60 %113,753 
Agency CMBS IO112,156 5.74 %120,037 120,979 5.83 %127,823 
Non-Agency CMBS IO19,053 6.16 %20,485 25,192 6.25 %25,959 
Total repurchase agreements$5,284,708 5.46 %$5,570,076 $5,381,104 5.59 %$5,880,747 
The Company had borrowings outstanding under 28 different repurchase agreements as of March 31, 2024, and its equity at risk did not exceed 10% with any counterparty as of that date. The Company received noncash collateral with a fair value of $11.5 million pledged by its counterparties to compensate the Company for the increase in fair value of collateral previously pledged in excess of required margin related to its repurchase agreement borrowings outstanding as of March 31, 2024. In accordance with Accounting Standards Codification (“ASC”) Topic 860, the fair value of this noncash collateral is not recorded on the Company’s consolidated balance sheet unless the Company re-pledges the collateral or sells the collateral in the event of default by the counterparty. The Company had not re-pledged any of the noncash collateral pledged by its counterparties as of March 31, 2024.

The following table provides information on the remaining term to maturity and original term to maturity for the Company’s repurchase agreements as of the dates indicated:
March 31, 2024December 31, 2023
Remaining Term to MaturityBalanceWeighted
Average Rate		WAVG Original Term to MaturityBalanceWeighted
Average Rate		WAVG Original Term to Maturity
($s in thousands)
Less than 30 days$2,440,188 5.48 %58 $2,855,917 5.61 %92 
30 to 90 days2,305,208 5.46 %71 2,525,187 5.58 %86 
91 to 180 days539,312 5.42 %182 — — %— 
Total$5,284,708 5.46 %76 $5,381,104 5.59 %89 

The Company’s accrued interest payable related to its repurchase agreement borrowings decreased to $35.7 million as of March 31, 2024 from $53.2 million as of December 31, 2023.

The Company’s counterparties, as set forth in the master repurchase agreement with the counterparty, require the Company to comply with various customary operating and financial covenants, including, but not limited to, minimum net worth, maximum declines in net worth in a given period, and maximum leverage requirements as well as maintaining the Company’s REIT status. In addition, some of the agreements contain cross default features, whereby default under an agreement with one lender simultaneously causes default under agreements with other
lenders. To the extent that the Company fails to comply with the covenants contained in these financing agreements or is otherwise found to be in default under the terms of such agreements, the counterparty has the right to accelerate amounts due under the master repurchase agreement. The Company believes it was in full compliance with all covenants in master repurchase agreements under which there were amounts outstanding as of March 31, 2024.

The Company's repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of setoff in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its repurchase agreements to these arrangements on a gross basis. The following table presents information regarding the Company's repurchase agreements as if the Company had presented them on a net basis as of March 31, 2024 and December 31, 2023:
($s in thousands)
Gross Amount of Recognized LiabilitiesGross Amount Offset in the Balance SheetNet Amount of Liabilities Presented in the Balance Sheet
Gross Amount Not Offset in the Balance Sheet (1)
Net Amount
Financial Instruments Posted as CollateralCash Posted as Collateral
March 31, 2024:
Repurchase agreements$5,284,708 $— $5,284,708 $(5,284,708)$— $— 
December 31, 2023:
Repurchase agreements$5,381,104 $— $5,381,104 $(5,381,104)$— $— 
(1) Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the repurchase agreement liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically, and the total cash pledged or received as collateral, which is disclosed as “cash collateral posted to/by counterparties.”
Please see Note 5 for information related to the Company’s derivatives, which are also subject to underlying agreements with master netting or similar arrangements.