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

December 31, 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$1,322,362 $1,322,362 $1,322,362 
Agreements with non-mark-to-market collateral provisions627,026 627,026 628,280 
Securitized debt1,304,912 1,318,593 1,316,131 
Total Financing agreements, at fair value$3,254,300 $3,267,981 $3,266,773 
Financing agreements, at carrying value
Securitized debt $1,340,583 $1,334,342 
Agreements with mark-to-market collateral provisions1,240,510 1,239,937 
Agreements with non-mark-to-market collateral provisions311,977 311,260 
Convertible senior notes230,000 226,470 
Total Financing agreements, at carrying value$3,123,070 $3,112,009 
Total Financing agreements$6,377,370 $6,378,782 

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 and carrying value.
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 December 31, 2021 and 2020:

(Dollars in Thousands)December 31,
2021		December 31,
2020
Mark-to-market financing agreements secured by residential whole loans$2,391,602 $1,113,553 
Fair value of residential whole loans pledged as collateral under financing agreements (1)
$3,301,288 $1,798,813 
Weighted average haircut on residential whole loans (2)
25.27 %34.17 %
Mark-to-market financing agreements secured by securities at fair value$159,148 $213,915 
Securities at fair value pledged as collateral under financing agreements$256,685 $399,999 
Weighted average haircut on securities at fair value (2)
37.00 %41.16 %
Mark-to-market financing agreements secured by real estate owned$11,549 $10,609 
Fair value of real estate owned pledged as collateral under financing agreements$34,606 $22,525 
Weighted average haircut on real estate owned (2)
58.46 %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.
Finance 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 December 31, 2021 and 2020:
(Dollars in Thousands)December 31,
2021		December 31,
2020
Non-mark-to-market financing secured by residential whole loans$928,055 $1,156,125 
Fair value of residential whole loans pledged as collateral under financing agreements$1,420,283 $1,930,283 
Weighted average haircut on residential whole loans29.98 %39.46 %
Non-mark-to-market financing secured by real estate owned$11,485 $3,088 
Fair value of real estate owned pledged as collateral under financing agreements$29,894 $7,441 
Weighted average haircut on real estate owned61.28 %59.73 %
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 December 31, 2021 and 2020:

 December 31, 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$3,222,268 2.36 %$2,494,976 3.16 %
Over 30 days to 3 months257,444 2.49 — — 
Over 3 months to 12 months22,164 4.50 — — 
Over 12 months— — — — 
Total financing agreements$3,501,876 2.38 %$2,494,976 3.16 %
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 December 31, 2021:
 
December 31, 2021
Counterparty
Rating (1)
Amount 
at Risk (2)
Weighted 
Average Months 
to Repricing for
Repurchase Agreements		Percent of
Stockholders’ Equity
Counterparty
(Dollars in Thousands)
Credit SuisseBBB+/Baa1/A-$557,688 121.9 %
Barclays Bank (3)
BBB/Aa3/A535,524 121.1 
Wells FargoA+/Aa2/AA-251,079 19.9 
(1)As rated at December 31, 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 assets pledged by the Company as collateral, including accrued interest receivable on such assets.
(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 additional information about assets Pledged as collateral pursuant to borrowings under repurchase agreements and Derivative Hedging Contracts
The following tables present the Company’s assets (based on carrying value) pledged as collateral for its various financing arrangements as of December 31, 2021 and 2020:

December 31, 2021
Financing Agreements
(In Thousands)
Non-Mark-to-Market (1)
Mark-to-Market (1)
SecuritizedTotal
Assets:
Residential whole loans, at carrying value$693,982 $459,349 $1,476,588 $2,629,919 
Residential whole loans, at fair value706,377 2,810,865 1,525,114 5,042,356 
Securities, at fair value— 256,685 — 256,685 
Other assets: REO25,692 29,374 35,379 90,445 
Total$1,426,051 $3,556,273 $3,037,081 $8,019,405 

December 31, 2020
Financing Agreements
(In Thousands)
Non-Mark-to-Market (1)
Mark-to-Market (1)
SecuritizedTotal
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— 399,999 — 399,999 
Other assets: REO— — 49,477 49,477 
Total$1,927,464 $2,004,180 $1,868,142 $5,799,786 
(1)An aggregate of $25.7 million and $24.6 million of accrued interest on those assets pledged against non-mark-to-market and mark-to-market financings agreements had also been pledged as of December 31, 2021 and 2020, respectively.