Repurchase Agreements (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Borrowings Under Financing Arrangements and Assets Pledged as Collateral

The following table presents detailed information about the Company’s borrowings under these repurchase agreements and associated distressed and other residential mortgage loans pledged as collateral at March 31, 2019 and December 31, 2018 (dollar amounts in thousands):



	Maximum Aggregate Uncommitted Principal Amount		Outstanding Repurchase Agreements		Carrying Value of Loans Pledged ⁽¹⁾		Weighted Average Rate		Weighted Average Months to Maturity
March 31, 2019	$	1,100,000	$	619,605	$	792,380	4.58	%	7.68
December 31, 2018	$	950,000	$	589,148	$	754,352	4.67	%	9.24


⁽¹⁾	Includes distressed and other residential mortgage loans at fair value of $677.6 million and $626.2 million and distressed and other residential mortgage loans, net of $114.8 million and $128.1 million at March 31, 2019 and December 31, 2018, respectively.

The following table presents detailed information about the Company’s borrowings under repurchase agreements secured by investment securities and associated assets pledged as collateral at March 31, 2019 and December 31, 2018 (dollar amounts in thousands):



	March 31, 2019						December 31, 2018
	Outstanding Repurchase Agreements		Fair Value of Collateral Pledged		Amortized Cost of Collateral Pledged		Outstanding Repurchase Agreements		Fair Value of Collateral Pledged		Amortized Cost of Collateral Pledged
Agency ARMs RMBS	$	64,706	$	68,220	$	70,513	$	67,648	$	70,747	$	73,290
Agency Fixed-rate RMBS	829,154		879,501		897,055		857,582		907,610		940,994
Non-Agency RMBS	136,782		185,881		182,905		88,730		117,958		118,414
CMBS ⁽¹⁾	623,797		821,144		659,444		529,617		687,876		539,788
Balance at end of the period	$	1,654,439	$	1,954,746	$	1,809,917	$	1,543,577	$	1,784,191	$	1,672,486


⁽¹⁾	Includes first loss PO and mezzanine CMBS securities with a fair value amounting to $602.8 million and $543.0 million included in the Consolidated K-Series as of March 31, 2019 and December 31, 2018, respectively.

Schedule of Contractual Maturities of Outstanding Financing Arrangements

The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at March 31, 2019 and December 31, 2018 (dollar amounts in thousands):



Contractual Maturity	March 31, 2019		December 31, 2018
Within 30 days	$	531,548	$	732,051
Over 30 days to 90 days	989,271		677,906
Over 90 days	133,620		133,620
Total	$	1,654,439	$	1,543,577