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          "text": "1As of March 31, 2023 and December 31, 2022 balances contain no bonds from consolidated joint ventures\n2Securities retained from our wholly owned secured borrowings and eliminated in our consolidated balance sheet\n3All debt securities repurchase agreement funding is mark to market",
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          "text": "Repurchase Agreement Funding Summary March 31, 2023 December 31, 2022 ($ in thousands) UPB Repurchase UPB Repurchase A Bonds - Joint ventures¹ $ 179,255 $ 134,520 $ 221,516 $ 163,285 B Bonds - Joint ventures¹ 49,171 29,353 50,315 29,092 M Bonds - Joint ventures¹ 11,924 6,219 3,333 1,856 B Bonds Retained - Secured borrowing² 20,151 12,713 20,151 12,639 M Bonds Retained - Secured borrowing² 22,618 15,086 22,618 15,086 Total Repurchase Agreement Funding - Debt Securities³ 283,119 197,891 317,933 221,958 Mortgage Loans - non mark to market 284,755 209,011 292,415 212,147 Mortgage Loans - mark to market 17,564 11,751 17,839 11,750 Total Repurchase Agreement Funding - Mortgage Loans 302,319 220,762 310,254 223,897 Total Repurchase Agreement Funding $ 585,438 $ 418,653 $ 628,187 $ 445,855 Unencumbered Pledgeable Assets Beneficial interests $ 135,614 $ 134,552 B Bonds - Joint ventures 9,827 9,105 M Bonds - Joint ventures 251 6,730 B Bonds - Secured borrowing² 130,464 130,464 Mortgage Loans 15,373 14,316 Total Unencumbered Pledgeable Assets 291,529 295,167 Net equity in asset backed borrowings 173,747 182,149 Other assets 45,032 39,139 Cash and cash equivalents 49,397 47,845 Total Unencumbered Assets $ 559,705 $ 564,300",
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