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Financing Agreements (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of Repurchase Agreements [Abstract]  
Schedule of Financing Agreements
The following tables present the components of, and certain information with respect to, the Company’s Financing agreements at December 31, 2023 and 2022:

December 31, 2023
(In Thousands)CollateralUnpaid Principal Balance
Fair Value/Carrying Value (1)
Weighted Average Cost of Funding (2)
Weighted Average Term to Maturity (Months)
Agreements with mark-to-market collateral provisionsResidential Whole Loans and REO$1,738,543 $1,737,651 7.23 %11.8
Agreements with mark-to-market collateral provisionsSecurities622,603 622,603 5.75 %0.2
Total Agreements with mark-to-market collateral provisions2,361,146 2,360,254 6.93 %
Agreements with non-mark-to-market collateral provisionsResidential Whole Loans and REO1,217,671 1,216,697 7.71 %20.6
Securitized debtResidential Whole Loans4,894,746 4,750,805 4.00 %See Note 14
Convertible senior notesUnsecured209,589 208,989 6.94 %5.5
Impact of net Swap carry(1.36)%
Total Financing agreements (2)
$8,683,152 $8,536,745 4.11 %

December 31, 2022
(In Thousands)CollateralUnpaid Principal Balance
Fair Value/Carrying Value (1)
Weighted Average Cost of Funding (2)
Weighted Average Term to Maturity (Months)
Agreements with mark-to-market collateral provisionsResidential Whole Loans and REO$2,111,647 $2,111,396 3.63 %6.9
Agreements with mark-to-market collateral provisionsSecurities111,651 111,651 3.34 %1.5
Total Agreements with mark-to-market collateral provisions2,223,298 2,223,047 3.62 %
Agreements with non-mark-to-market collateral provisionsResidential Whole Loans and REO1,004,260 1,003,604 5.00 %16.8
Securitized debtResidential Whole Loans3,586,397 3,357,590 2.99 %See Note 14
Convertible senior notesUnsecured229,989 227,845 6.94 %17.5
Impact of net Swap carry(0.14)%
Total Financing agreements (2)
$7,043,944 $6,812,086 3.46 %

(1)The Company has both financing agreements held at fair value and financing agreements held at their carrying value (amortized cost basis). Financing agreements held at fair value are reported at estimated fair value each period as a result of the Company’s fair value option election. The fair value option was not elected for financing agreements held at carrying value. Consequently, total financing agreements as presented reflects a summation of balances reported at fair and carrying value. At December 31, 2023, the Company had $178.9 million of agreements with mark-to-market collateral provisions held at fair value, $469.4 million of agreements with non-mark-to-market collateral provisions held at fair value, and $4.0 billion of securitized debt held at fair value, with amortized cost bases of $178.9 million, $469.4 million, and, $4.1 billion respectively. At December 31, 2022, the Company had $884.5 million of agreements with mark-to-market collateral provisions held at fair value, $578.9 million of agreements with non-mark-to-market collateral provisions held at fair value, and $2.4 billion of securitized debt held at fair value, with amortized cost bases of $884.5 million, $578.9 million, and $2.6 billion, respectively.
(2)Weighted average cost of funding reflects year-to-date interest expense divided by average balance for the financing agreements. The cost of funding for the total financing agreements includes the impact of the net carry (the difference between swap interest income received and swap interest expense paid) on the Company’s Swaps. For the year ended December 31, 2023, this decreased the overall funding cost by 136 basis points, and for the year ended December 31, 2022, this decreased the overall funding cost by 14 basis points. The Company does not allocate the impact of the net carry by type of financing agreement.
The following table presents maturities with respect to the Company’s financing agreements with mark-to-market and non-mark-to-market collateral provisions:
As of December 31, 2023
Unpaid Principal Balance, Maturing In
(In Thousands)Collateral
0-3 Months (1)
3-6 Months
6-12 Months
Greater than 12 Months (2)
Total
Agreements with mark-to-market collateral provisionsResidential Whole Loans$601,102 $58,561 $564,772 $514,108 $1,738,543 
Agreements with mark-to-market collateral provisionsSecurities622,603 — — — 622,603 
Total Agreements with mark-to-market collateral provisions1,223,705 58,561 564,772 514,108 2,361,146 
Agreements with non-mark-to-market collateral provisionsResidential Whole Loans36,341 10,151 44,342 1,126,837 1,217,671 

(1)$945.8 million of the mark-to-market agreements (included in the 0-3 months category) can be terminated by either party.
(2)Amounts presented are based on the assumed exercise of the Company’s unilateral option to extend by one year the maturity of an agreement with mark-to-market collateral provisions with $335.2 million outstanding. The longest maturity date is approximately 33 months.
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, 2023 and 2022:

(Dollars in Thousands)December 31,
2023		December 31,
2022
Mark-to-market financing agreements secured by residential whole loans$1,712,489 $2,095,002 
Fair value of residential whole loans pledged as collateral under financing agreements$2,204,239 $2,632,489 
Weighted average haircut on residential whole loans (1)
20.90 %18.33 %
Mark-to-market financing agreements secured by securities at fair value$622,603 $111,651 
Securities at fair value pledged as collateral under financing agreements$689,818 $177,111 
Weighted average haircut on securities at fair value (1)
8.07 %37.43 %
Mark-to-market financing agreements secured by real estate owned$25,163 $16,394 
Fair value of real estate owned pledged as collateral under financing agreements$50,365 $33,367 
Weighted average haircut on real estate owned (1)
49.39 %48.07 %
 
(1)Haircut represents the percentage amount by which the collateral value is contractually required to exceed the loan amount.
Schedule of 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, 2023 and 2022:
(Dollars in Thousands)December 31,
2023		December 31,
2022
Non-mark-to-market financing secured by residential whole loans$1,216,697 $994,494 
Fair value of residential whole loans pledged as collateral under financing agreements$1,510,146 $1,301,685 
Weighted average haircut on residential whole loans17.65 %21.43 %
Non-mark-to-market financing secured by real estate owned$— $9,109 
Fair value of real estate owned pledged as collateral under financing agreements$— $22,902 
Weighted average haircut on real estate owned— %60.23 %
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, 2023 and 2022:

 December 31, 2023December 31, 2022
Amortized Cost BasisWeighted Average Interest RateAmortized Cost BasisWeighted Average Interest Rate
Time Until Interest Rate Reset
(Dollars in Thousands)    
Within 30 days$3,578,816 7.36 %$3,060,111 6.60 %
Over 30 days to 3 months— — 167,447 6.19 
Over 3 months to 12 months— — — — 
Over 12 months— — — — 
Total financing agreements$3,578,816 7.37 %$3,227,558 6.58 %
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, 2023:
 
December 31, 2023
Amount 
at Risk (1)
Weighted 
Average Months 
to Repricing for
Repurchase Agreements		Percent of
Stockholders’ Equity
Counterparty
(Dollars in Thousands)
Wells Fargo$283,820 114.9 %
Barclays168,512 18.9 
Churchill152,409 18.0 
(1)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.
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, 2023 and 2022:

December 31, 2023
Financing Agreements
(In Thousands)
Non-Mark-to-Market (1)
Mark-to-Market (1)
SecuritizedTotal
Assets:
Residential whole loans, at carrying value$55,056 $318,762 $1,170,268 $1,544,086 
Residential whole loans, at fair value1,458,848 1,414,912 4,526,461 7,400,221 
Securities, at fair value— 689,818 — 689,818 
Other assets: REO— 43,295 33,334 76,629 
Total$1,513,904 $2,466,787 $5,730,063 $9,710,754 

December 31, 2022
Financing Agreements
(In Thousands)
Non-Mark-to-Market (1)
Mark-to-Market (1)
SecuritizedTotal
Assets:
Residential whole loans, at carrying value$215,993 $284,683 $1,314,104 $1,814,780 
Residential whole loans, at fair value1,095,556 2,164,158 2,720,757 5,980,471 
Securities, at fair value— 177,111 — 177,111 
Other assets: REO19,837 28,490 36,486 84,813 
Total$1,331,386 $2,654,442 $4,071,347 $8,057,175 
(1)An aggregate of $36.4 million and $30.9 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, 2023 and 2022, respectively.