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Financing Agreements (Tables)
 9 Months Ended
Sep. 30, 2021
Disclosure of Repurchase Agreements [Abstract]  
Financing agreements
The following tables present the components of the Company’s Financing agreements at September 30, 2021 and December 31, 2020:

September 30, 2021
(In Thousands)Unpaid Principal BalanceAmortized Cost Balance
Fair Value/Carrying Value(1)
Financing agreements, at fair value
Agreements with mark-to-market collateral provisions$1,275,172 $1,275,172 $1,275,172 
Agreements with non-mark-to-market collateral provisions689,205 689,205 690,583 
Securitized debt527,160 527,154 530,829 
Total Financing agreements, at fair value$2,491,537 $2,491,531 $2,496,584 
Financing agreements, at carrying value
Securitized debt $1,522,354 $1,514,900 
Agreements with mark-to-market collateral provisions1,155,964 1,155,820 
Agreements with non-mark-to-market collateral provisions157,784 157,366 
Convertible senior notes230,000 226,138 
Total Financing agreements, at carrying value$3,066,102 $3,054,224 
Total Financing agreements$5,557,639 $5,550,808 

December 31, 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$1,156,899 $1,156,899 $1,159,213 
Agreements with mark-to-market collateral provisions1,338,077 1,338,077 1,338,077 
Securitized debt866,203 857,553 869,482 
Total Financing agreements, at fair value$3,361,179 $3,352,529 $3,366,772 
Financing agreements, at carrying value
Securitized debt $648,300 $645,027 
Convertible senior notes230,000 225,177 
Senior notes100,000 100,000 
Total Financing agreements, at carrying value$978,300 $970,204 
Total Financing agreements$4,339,479 $4,336,976 

(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.
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, at fair value with non-mark-to-market collateral provisions and associated assets pledged as collateral at September 30, 2021 and December 31, 2020:
(Dollars in Thousands)September 30,
2021		December 31,
2020
Non-mark-to-market financing secured by residential whole loans$681,567 $1,156,125 
Fair value of residential whole loans pledged as collateral under financing agreements$1,191,747 $1,930,283 
Weighted average haircut on residential whole loans42.03 %39.46 %
Non-mark-to-market financing secured by real estate owned$9,016 $3,088 
Fair value of real estate owned pledged as collateral under financing agreements$23,296 $7,441 
Weighted average haircut on real estate owned61.09 %59.73 %
Financing agreements with mark-to-market collateral provisions and associated assets pledged as collateral
The following table presents information with respect to the Company’s financing agreements, at fair value with mark-to-market collateral provisions and associated assets pledged as collateral at September 30, 2021 and December 31, 2020:
(Dollars in Thousands)September 30,
2021		December 31,
2020
Mark-to-market financing agreements secured by residential whole loans$1,262,811 $1,113,553 
Fair value of residential whole loans pledged as collateral under financing agreements (1)
$1,910,051 $1,798,813 
Weighted average haircut on residential whole loans (2)
31.84 %34.17 %
Mark-to-market financing agreements secured by securities at fair value$— $213,915 
Securities at fair value pledged as collateral under financing agreements$— $399,999 
Weighted average haircut on securities at fair value (2)
— %41.16 %
Mark-to-market financing agreements secured by real estate owned$12,361 $10,609 
Fair value of real estate owned pledged as collateral under financing agreements$38,388 $22,525 
Weighted average haircut on real estate owned (2)
61.22 %55.56 %
 
(1)At December 31, 2020, includes Non-Agency MBS with an aggregate fair value of $141.9 million obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation.
(2)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 financing agreements
The following table presents repricing information (excluding the impact of associated derivative hedging instruments, if any) about the Company’s financing agreements, at fair value that have non-mark-to-market collateral provisions as well as those that have mark-to-market collateral provisions, at September 30, 2021 and December 31, 2020:

 September 30, 2021December 31, 2020
Amortized Cost BasisWeighted Average Interest RateAmortized Cost BasisWeighted Average Interest Rate
Time Until Interest Rate Reset
(Dollars in Thousands)    
Within 30 days$1,964,377 2.55 %$2,494,976 3.16 %
Over 30 days to 3 months— — — — 
Over 3 months to 12 months— — — — 
Over 12 months— — — — 
Total financing agreements$1,964,377 2.55 %$2,494,976 3.16 %
The following table presents repricing information (excluding the impact of associated derivative hedging instruments, if any) about the Company’s financing agreements, at carrying value that have non-mark-to-market collateral provisions as well as those that have mark-to-market collateral provisions, for which the fair value option was not elected, at September 30, 2021 and December 31, 2020:

 September 30, 2021
Amortized Cost BasisWeighted Average Interest Rate
Time Until Interest Rate Reset
(Dollars in Thousands)  
Within 30 days$1,259,588 1.90 %
Over 30 days to 3 months36,141 4.30 
Over 3 months to 12 months18,018 4.50 
Over 12 months— — 
Total financing agreements$1,313,747 2.00 %
Schedule of Company's borrowings under financing agreements and associated assets pledged as collateral
The following table presents information with respect to the Company’s financing agreements, at carrying value with non-mark-to-market collateral provisions, for which the fair value option was not elected, and associated assets pledged as collateral at September 30, 2021 (none were outstanding at December 31, 2020):

(Dollars in Thousands)September 30,
2021
Non-mark-to-market financing agreements secured by residential whole loans$157,366 
Fair value of residential whole loans pledged as collateral under financing agreements$182,316 
Weighted average haircut on residential whole loans (1)
13.00 %
(1)Haircut represents the percentage amount by which the collateral value is contractually required to exceed the loan amount.
The following table presents information with respect to the Company’s financing agreements, at carrying value with mark-to-market collateral provisions, for which the fair value option was not elected, and associated assets pledged as collateral at September 30, 2021 (none were outstanding at December 31, 2020):
(Dollars in Thousands)September 30,
2021
Mark-to-market financing agreements secured by residential whole loans$984,016 
Fair value of residential whole loans pledged as collateral under financing agreements$1,161,100 
Weighted average haircut on residential whole loans (1)
15.21 %
Mark-to-market financing agreements secured by securities at fair value$171,804 
Securities at fair value pledged as collateral under financing agreements$283,037 
Weighted average haircut on securities at fair value (1)
38.33 %
(1)Haircut represents the percentage amount by which the collateral value is contractually required to exceed the loan amount.
Schedule of information about counterparty for financing 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, 2021:
 
September 30, 2021
Counterparty
Rating (1)
Amount 
at Risk (2)
Weighted 
Average Months 
to Repricing for
Repurchase Agreements		Percent of
Stockholders’ Equity
Counterparty
(Dollars in Thousands)
Barclays Bank (3)
BBB/Aa3/A$527,745 120.3 %
Credit SuisseBBB+/Baa1/A-420,704 116.2 
Wells FargoA+/Aa2/AA-296,559 111.4 
(1)As rated at September 30, 2021 by S&P, Moody’s and Fitch, Inc., respectively.  The counterparty rating presented is the lowest published rating 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 amounts at risk with various affiliates of Athene Holding, Ltd., held via participation in a loan syndication administered by Barclays Bank.
Schedule of Company's assets (based on carrying value) pledged as collateral for its various financing arrangements The following tables present the Company’s assets (based on carrying value) pledged as collateral for its various financing arrangements as of September 30, 2021 and December 31, 2020:
September 30, 2021
Financing Agreements
(In Thousands)Non-Mark-to-MarketMark-to-MarketSecuritizedTotal
Assets:
Residential whole loans, at carrying value$794,267 $533,633 $1,679,702 $3,007,602 
Residential whole loans, at fair value555,738 2,499,284 650,507 3,705,529 
Securities, at fair value— 222,705 — 222,705 
Other assets: REO19,919 32,363 36,053 88,335 
Total$1,369,924 $3,287,985 $2,366,262 $7,024,171 

December 31, 2020
Financing Agreements
(In Thousands)Non-Mark-to-MarketMark-to-MarketSecuritizedTotal
Assets:
Residential whole loans, at carrying value$1,497,281 $1,207,364 $1,436,316 $4,140,961 
Residential whole loans, at fair value430,183 396,817 382,349 1,209,349 
Securities, at fair value— 442,773 — 442,773 
Other assets: REO— — 49,477 49,477 
Total$1,927,464 $2,046,954 $1,868,142 $5,842,560