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Financing Agreements (Tables)
 9 Months Ended
Sep. 30, 2020
Disclosure of Repurchase Agreements [Abstract]  
Financing Agreements
The following tables present the components of the Company’s Financing agreements at September 30, 2020 and December 31, 2019:

September 30, 2020
(In Thousands)Unpaid Principal BalanceAmortized Cost Balance
Fair Value/Carrying Value(1)
Financing agreements, at fair value
Agreements with non-mark-to-market collateral provisions$1,723,959 $1,723,959 $1,727,407 
Agreements with mark-to-market collateral provisions1,489,097 1,489,097 1,490,271 
Senior secured credit agreement481,250 462,923 473,993 
Securitized debt389,051 380,407 388,790 
Total Financing agreements, at fair value$4,083,357 $4,056,386 $4,080,461 
Other financing agreements
Securitized debt $451,197 $448,893 
Convertible senior notes230,000 224,867 
Senior notes100,000 96,900 
Total Financing agreements at carrying value$781,197 $770,660 
Total Financing agreements$4,864,554 $4,851,121 

(1)    Financing agreements at fair value are reported at estimated fair value each period as a result of the Company’s fair value option election. Other financing arrangements are reported at their carrying value (amortized cost basis) as the fair value option was not elected on these liabilities. Consequently, Total Financing agreements as presented reflects a summation of balances reported at fair value and carrying value.

Set out below is information about the Company’s Financing agreements that existed as of December 31, 2019. During the second quarter of 2020, outstanding repurchase agreement transactions at that time were renegotiated as part of a reinstatement agreement that was entered into by the Company. The Company elected to account for these reinstated transactions under the fair value option from the time these repurchase agreements were reinstated. Accordingly, as of September 30, 2020, such liabilities are reported as Financing agreements at fair value.
December 31, 2019
(In Thousands)Unpaid Principal BalanceCarrying Value
Repurchase agreements$9,140,944 $9,139,821 
Securitized debt 573,900 570,952 
Convertible senior notes230,000 223,971 
Senior notes100,000 96,862 
Total Financing agreements at carrying value$10,044,844 $10,031,606 
Financing agreements with non-mark-to-market collateral provisions and associated assets pledged as collateral
The following table presents information with respect to the Company’s financing agreements with non-mark-to-market collateral provisions and associated assets pledged as collateral at September 30, 2020 and December 31, 2019:
(Dollars in Thousands)September 30,
2020		December 31,
2019
Non-mark-to-market financing secured by residential whole loans at carrying value$1,471,269 $— 
Fair value of residential whole loans at carrying value pledged as collateral under financing agreements$2,323,085 $— 
Weighted average haircut on residential whole loans at carrying value41.91 %— %
Non-mark-to-market financing secured by residential whole loans at fair value$256,138 $— 
Fair value of residential whole loans at fair value pledged as collateral under financing agreements$435,081 $— 
Weighted average haircut on residential whole loans at fair value41.25 %— %
Schedule of Company's borrowings under repurchase agreements and associated assets pledged as collateral
The following table presents information with respect to the Company’s financing agreements with mark-to-market collateral provisions and associated assets pledged as collateral at September 30, 2020 and December 31, 2019:
(Dollars in Thousands)September 30,
2020		December 31,
2019
Mark-to-market financing agreements secured by residential whole loans (1)
$1,231,734 $4,743,094 
Fair value of residential whole loans pledged as collateral under financing agreements (2)
$2,002,903 $5,986,267 
Weighted average haircut on residential whole loans (3)
30.88 %20.07 %
Mark-to-market financing agreement borrowings secured by Agency MBS
$— $1,557,675 
Fair value of Agency MBS pledged as collateral under financing agreements
$— $1,656,373 
Weighted average haircut on Agency MBS (3)
— %4.46 %
Mark-to-market financing agreement borrowings secured by Legacy Non-Agency MBS $1,282 $1,121,802 
Fair value of Legacy Non-Agency MBS pledged as collateral under financing agreements
$2,621 $1,420,797 
Weighted average haircut on Legacy Non-Agency MBS (3)
50.00 %20.27 %
Mark-to-market financing agreement borrowings secured by RPL/NPL MBS$32,950 $495,091 
Fair value of RPL/NPL MBS pledged as collateral under financing agreements
$53,809 $635,005 
Weighted average haircut on RPL/NPL MBS (3)
38.75 %21.52 %
Mark-to-market financing agreements secured by CRT securities
$54,883 $203,569 
Fair value of CRT securities pledged as collateral under financing agreements$96,336 $252,175 
Weighted average haircut on CRT securities (3)
42.47 %18.84 %
Mark-to-market financing agreements secured by MSR-related assets$135,340 $962,515 
Fair value of MSR-related assets pledged as collateral under financing agreements$252,183 $1,217,002 
Weighted average haircut on MSR-related assets (3)
39.87 %21.18 %
Mark-to-market financing agreements secured by other interest-earning assets$34,082 $57,198 
Fair value of other interest-earning assets pledged as collateral under financing agreements$44,079 $61,708 
Weighted average haircut on other interest-earning assets (3)
25.00 %22.01 %
 
(1)Excludes $0 and $1.1 million of unamortized debt issuance costs at September 30, 2020 and December 31, 2019, respectively.
(2)At September 30, 2020 and December 31, 2019, includes RPL/NPL MBS with an aggregate fair value of $192.7 million and $238.8 million, respectively, obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation.
(3) Haircut represents the percentage amount by which the collateral value is contractually required to exceed the loan amount.
Schedule of repricing information about borrowings under repurchase agreements
The following table presents repricing information (excluding the impact of associated derivative hedging instruments, if any) about the Company’s financing agreements that have non-mark-to-market collateral provisions as well as those that have mark-to-market collateral provisions, at September 30, 2020 and December 31, 2019:

 September 30, 2020December 31, 2019
Amortized Cost BasisWeighted Average Interest RateAmortized Cost BasisWeighted Average Interest Rate
Time Until Interest Rate Reset
(Dollars in Thousands)    
Within 30 days$2,932,213 3.36 %$4,472,120 2.55 %
Over 30 days to 3 months— — 2,746,384 3.43 
Over 3 months to 12 months280,843 3.02 1,014,441 3.36 
Over 12 months— — 907,999 3.44 
Total financing agreements$3,213,056 3.33 %$9,140,944 2.99 %
Less debt issuance costs— 1,123 
Total financing agreements less debt
issuance costs		$3,213,056 $9,139,821 
Schedule of information about counterparty for repurchase agreements for which the entity had greater than 5% of stockholders' equity at risk The following table presents information with respect to each counterparty under financing agreements for which the Company had greater than 5% of stockholders’ equity at risk in the aggregate at September 30, 2020:
 
September 30, 2020
Counterparty
Rating (1)
Amount 
at Risk (2)
Weighted 
Average Months 
to Repricing for
Repurchase Agreements		Percent of
Stockholders’ Equity
Counterparty
(Dollars in Thousands)
Barclays BankBBB/Aa3/A$750,922 129.3 %
Credit SuisseBBB+/Baa2/A-574,835 122.4 
Wells FargoA+/Aa2/AA-349,825 113.6 
Goldman Sachs (3)
BBB+/A3/A173,266 36.8 
Athene (4)
BBB+/N/A/BBB+144,245 15.6 

(1)As rated at September 30, 2020 by S&P, Moody’s and Fitch, Inc., respectively.  The counterparty rating presented is the lowest published for these entities.
(2)The amount at risk reflects the difference between (a) the amount loaned to the Company through financing agreements, including interest payable, and (b) the cash and the fair value of the securities pledged by the Company as collateral, including accrued interest receivable on such securities.
(3)Includes $20.6 million at risk with Goldman Sachs and $152.7 million at risk with Goldman Sachs Bank USA.
(4)Includes amounts at risk with various Athene affiliates that collectively exceed 5% of stockholders’ equity.