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Repurchase Agreements (Tables)
 12 Months Ended
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, 2020December 31, 2019
Investment securities$— $2,352,102 
Residential loans405,531 753,314 
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 AgreementsFair Value of Collateral PledgedAmortized
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 AmountOutstanding
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 MaturityDecember 31, 2019
Within 30 days$449,474 
Over 30 days to 90 days1,647,683 
Over 90 days254,945 
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 SecuritiesDecember 31, 2019
Agency RMBS$83,351 
CMBS235,199 
Non-Agency RMBS168,063 
ABS49,214 
Total$535,827