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

March 31, 2021
(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$1,039,205 $1,039,205 $1,041,283 
Agreements with mark-to-market collateral provisions1,180,287 1,180,287 1,180,287 
Securitized debt748,717 748,708 753,008 
Total Financing agreements, at fair value$2,968,209 $2,968,200 $2,974,578 
Other financing agreements
Securitized debt $800,137 $795,912 
Convertible senior notes230,000 225,492 
Total Financing agreements at carrying value$1,030,137 $1,021,404 
Total Financing agreements$3,998,346 $3,995,982 

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 
Other financing agreements
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 value and carrying value.
Financing 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 March 31, 2021 and December 31, 2020:
(Dollars in Thousands)March 31,
2021		December 31,
2020
Non-mark-to-market financing secured by residential whole loans at carrying value$794,634 $906,466 
Fair value of residential whole loans at carrying value pledged as collateral under financing agreements$1,313,629 $1,500,100 
Weighted average haircut on residential whole loans at carrying value38.62 %38.36 %
Non-mark-to-market financing secured by residential whole loans at fair value$239,654 $249,659 
Fair value of residential whole loans at fair value pledged as collateral under financing agreements$427,234 $430,183 
Weighted average haircut on residential whole loans at fair value43.89 %42.69 %
Non-mark-to-market financing secured by real estate owned$6,995 $3,088 
Fair value of real estate owned pledged as collateral under financing agreements$16,183 $7,441 
Weighted average haircut on real estate owned56.41 %59.65 %
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 March 31, 2021 and December 31, 2020:
(Dollars in Thousands)March 31,
2021		December 31,
2020
Mark-to-market financing agreements secured by residential whole loans at carrying value
$732,442 $839,594 
Fair value of residential whole loans at carrying value pledged as collateral under financing agreements (1)
$1,168,394 $1,297,243 
Weighted average haircut on residential whole loans at carrying value (2)
34.39 %32.57 %
Mark-to-market financing agreements secured by residential whole loans at fair value
$236,321 $273,959 
Residential whole loans at fair value pledged as collateral under financing agreements (1)
$468,279 $501,570 
Weighted average haircut on residential whole loans at fair value (2)
48.71 %39.02 %
Mark-to-market financing agreements secured by securities at fair value$200,746 $213,915 
Securities at fair value pledged as collateral under financing agreements$350,115 $399,999 
Weighted average haircut on securities at fair value (2)
40.06 %41.16 %
Mark-to-market financing agreements secured by real estate owned$10,778 $10,609 
Fair value of real estate owned pledged as collateral under financing agreements$37,108 $22,525 
Weighted average haircut on real estate owned (2)
51.76 %55.25 %
 
(1)At March 31, 2021 and December 31, 2020, includes Non-Agency MBS with an aggregate fair value of $36.3 million and $141.9 million, respectively, 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.
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 March 31, 2021 and December 31, 2020:

 March 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$2,083,420 3.08 %$2,494,976 3.16 %
Over 30 days to 3 months136,072 2.14 — — 
Over 3 months to 12 months— — — — 
Over 12 months— — — — 
Total financing agreements$2,219,492 3.02 %$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 March 31, 2021:
 
March 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)
Barclays BankBBB/Aa3/A$489,085 119.2 %
Wells FargoA+/Aa2/AA-398,559 115.7 
Credit SuisseBBB+/Baa1/A-341,065 113.4 
Goldman Sachs (3)
BBB+/A2/A149,368 15.9 
(1)As rated at March 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 securities pledged by the Company as collateral, including accrued interest receivable on such securities.
(3)Includes $5.2 million at risk with Goldman Sachs and $144.2 million at risk with Goldman Sachs Bank USA.