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Repurchase Agreements (Tables) | 12 Months Ended
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Dec. 31, 2020
Brokers and Dealers [Abstract] |
Schedule of Repurchase Agreements | The following table presents the carrying value of the Company's repurchase agreements as of December 31, 2020 and 2019, respectively (dollar amounts in thousands):
Repurchase Agreements Secured By: |  | December 31, 2020 |  | December 31, 2019
Investment securities |  | $ | — |  |  | $ | 2,352,102 |
Residential loans |  | 405,531 |  |  | 753,314 |
Total carrying value |  | $ | 405,531 |  |  | $ | 3,105,416 |
Schedule of Borrowings Under Purchase Agreements Secured by Investments | The following table presents detailed information about the amounts outstanding under the Company’s repurchase agreements secured by investment securities and associated assets pledged as collateral at December 31, 2019 (dollar amounts in thousands):
|  |  | December 31, 2019
|  |  |  |  |  |  | Outstanding Repurchase Agreements |  | Fair Value of Collateral Pledged |  | Amortized Cost Of Collateral Pledged
Agency RMBS (1) |  |  |  |  |  |  | $ | 812,742 |  |  | $ | 865,765 |  |  | $ | 864,428 |
Agency CMBS (2) |  |  |  |  |  |  | 133,184 |  |  | 139,317 |  |  | 140,118 |
Non-Agency RMBS (3) |  |  |  |  |  |  | 594,286 |  |  | 797,784 |  |  | 785,952 |
CMBS (4) |  |  |  |  |  |  | 811,890 |  |  | 1,036,513 |  |  | 853,043 |
Balance at end of the period |  |  |  |  |  |  | $ | 2,352,102 |  |  | $ | 2,839,379 |  |  | $ | 2,643,541 |
(1)Collateral pledged includes Agency RMBS securities with a fair value amounting to $26.2 million included in Consolidated SLST as of December 31, 2019. (2)Collateral pledged includes Agency CMBS securities with a fair value amounting to $88.4 million included in the Consolidated K-Series as of December 31, 2019. (3)Collateral pledged includes first loss subordinated RMBS securities with a fair value amounting to $214.8 million included in Consolidated SLST as of December 31, 2019. (4)Collateral pledged includes first loss POs, IOs and mezzanine CMBS securities with a fair value amounting to $848.2 million included in the Consolidated K-Series as of December 31, 2019. The following table presents detailed information about the Company’s financings under these repurchase agreements and associated residential loans pledged as collateral at December 31, 2020 and 2019, respectively (dollar amounts in thousands):
| Maximum Aggregate Uncommitted Principal Amount |  | Outstanding Repurchase Agreements |  | Net Deferred Finance Costs (1) |  | Carrying Value of Repurchase Agreements |  | Carrying Value of Loans Pledged (2) |  | Weighted Average Rate |  | Weighted Average Months to Maturity (3)
December 31, 2020 | $ | 1,301,389 |  |  | $ | 407,213 |  |  | $ | (1,682) |  |  | $ | 405,531 |  |  | $ | 575,380 |  |  | 2.92 | % |  | 11.92
December 31, 2019 | $ | 1,200,000 |  |  | $ | 754,132 |  |  | $ | (818) |  |  | $ | 753,314 |  |  | $ | 961,749 |  |  | 3.67 | % |  | 11.20
(1)Costs related to the repurchase agreements which include commitment, underwriting, legal, accounting and other fees are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying consolidated balance sheets and are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different. (2)Includes residential loans, at fair value of $575.4 million and $881.2 million at December 31, 2020 and 2019, respectively, and residential loans, net of $80.6 million at December 31, 2019. (3)The Company expects to roll outstanding amounts under these repurchase agreements into new repurchase agreements or other financings, or to repay outstanding amounts, prior to or at maturity.
Outstanding Repurchase Agreements by Contractual Maturity | The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at December 31, 2019 (dollar amounts in thousands):
Contractual Maturity |  |  | December 31, 2019
Within 30 days |  |  | $ | 449,474 |
Over 30 days to 90 days |  |  | 1,647,683 |
Over 90 days |  |  | 254,945 |
Total |  |  | $ | 2,352,102 |
Unencumbered Investments Securities | The following table presents information about the Company’s unencumbered investment securities at December 31, 2019 (dollar amounts in thousands):
Unencumbered Securities |  |  | December 31, 2019
Agency RMBS |  |  | $ | 83,351 |
CMBS |  |  | 235,199 |
Non-Agency RMBS |  |  | 168,063 |
ABS |  |  | 49,214 |
Total |  |  | $ | 535,827 |

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- Definition Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66007379&loc=d3e113888-111728 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729 + Details
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- Definition The entire disclosure for repurchase agreements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(m)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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