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Financing Agreements (Tables)
 3 Months Ended
Mar. 31, 2022
Disclosure of Repurchase Agreements [Abstract]  
Financing agreements
The following tables present the components of the Company’s Financing agreements at March 31, 2022 and December 31, 2021:

March 31, 2022
(In Thousands)Unpaid Principal BalanceAmortized Cost Balance
Fair Value/Carrying Value (1)
Financing agreements, at fair value
Agreements with mark-to-market collateral provisions$1,555,250 $1,555,250 $1,555,250 
Agreements with non-mark-to-market collateral provisions563,860 563,860 563,860 
Securitized debt1,741,305 1,751,112 1,685,796 
Total Financing agreements, at fair value$3,860,415 $3,870,222 $3,804,906 
Financing agreements, at carrying value
Securitized debt $1,178,650 $1,173,265 
Agreements with mark-to-market collateral provisions1,386,009 1,385,685 
Agreements with non-mark-to-market collateral provisions438,374 437,548 
Convertible senior notes230,000 226,807 
Total Financing agreements, at carrying value$3,233,033 $3,223,305 
Total Financing agreements$7,093,448 $7,028,211 
December 31, 2021
(In Thousands)Unpaid Principal BalanceAmortized Cost Balance
Fair Value/Carrying Value (1)
Financing agreements, at fair value
Agreements with mark-to-market collateral provisions$1,322,362 $1,322,362 $1,322,362 
Agreements with non-mark-to-market collateral provisions627,026 627,026 628,280 
Securitized debt1,304,912 1,318,593 1,316,131 
Total Financing agreements, at fair value$3,254,300 $3,267,981 $3,266,773 
Financing agreements, at carrying value
Securitized debt $1,340,583 $1,334,342 
Agreements with mark-to-market collateral provisions1,240,510 1,239,937 
Agreements with non-mark-to-market collateral provisions311,977 311,260 
Convertible senior notes230,000 226,470 
Total Financing agreements, at carrying value$3,123,070 $3,112,009 
Total Financing agreements$6,377,370 $6,378,782 
(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 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 mark-to-market collateral provisions and associated assets pledged as collateral at March 31, 2022 and December 31, 2021:

(Dollars in Thousands)March 31,
2022		December 31,
2021
Mark-to-market financing agreements secured by residential whole loans$2,769,019 $2,391,602 
Fair value of residential whole loans pledged as collateral under financing agreements$3,559,415 $3,301,288 
Weighted average haircut on residential whole loans (1)
21.15 %25.27 %
Mark-to-market financing agreements secured by securities at fair value$159,019 $159,148 
Securities at fair value pledged as collateral under financing agreements$250,171 $256,685 
Weighted average haircut on securities at fair value (1)
37.01 %37.00 %
Mark-to-market financing agreements secured by real estate owned$12,897 $11,549 
Fair value of real estate owned pledged as collateral under financing agreements$35,753 $34,606 
Weighted average haircut on real estate owned (1)
51.51 %58.46 %
 
(1)Haircut represents the percentage amount by which the collateral value is contractually required to exceed the loan amount.
Financing agreements with 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, 2022 and December 31, 2021:
(Dollars in Thousands)March 31,
2022		December 31,
2021
Non-mark-to-market financing secured by residential whole loans$989,612 $928,055 
Fair value of residential whole loans pledged as collateral under financing agreements$1,422,837 $1,420,283 
Weighted average haircut on residential whole loans26.88 %29.98 %
Non-mark-to-market financing secured by real estate owned$11,796 $11,485 
Fair value of real estate owned pledged as collateral under financing agreements$31,921 $29,894 
Weighted average haircut on real estate owned62.36 %61.28 %
Schedule of repricing information about borrowings under financing 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, 2022 and December 31, 2021:

 March 31, 2022December 31, 2021
Amortized Cost BasisWeighted Average Interest RateAmortized Cost BasisWeighted Average Interest Rate
Time Until Interest Rate Reset
(Dollars in Thousands)    
Within 30 days$3,629,100 2.57 %$3,222,268 2.36 %
Over 30 days to 3 months268,202 2.46 257,444 2.49 
Over 3 months to 12 months46,191 4.36 22,164 4.50 
Over 12 months— — — — 
Total financing agreements$3,943,493 2.59 %$3,501,876 2.38 %
Schedule of information about counterparty for financing 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, 2022:
 
March 31, 2022
Counterparty
Rating (1)
Amount 
at Risk (2)
Weighted 
Average Months 
to Repricing for
Repurchase Agreements		Percent of
Stockholders’ Equity
Counterparty
(Dollars in Thousands)
Barclays Bank (3)
BBB/Aa3/A$562,272 123.9 %
Credit SuisseBBB+/Baa1/A-301,857 112.9 
Wells FargoA+/Aa2/AA-256,657 110.9 
(1)As rated at March 31, 2022 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 assets pledged by the Company as collateral, including accrued interest receivable on such assets.
(3)Includes amounts at risk with various affiliates of Athene Holding, Ltd., held via participation in a loan syndication administered by Barclays Bank.
Schedule of company's assets (based on carrying value) pledged as collateral for its various financing arrangements
The following tables present the Company’s assets (based on carrying value) pledged as collateral for its various financing arrangements as of March 31, 2022 and December 31, 2021:

March 31, 2022
Financing Agreements
(In Thousands)
Non-Mark-to-Market (1)
Mark-to-Market (1)
SecuritizedTotal
Assets:
Residential whole loans, at carrying value$580,181 $380,393 $1,344,110 $2,304,684 
Residential whole loans, at fair value838,789 3,164,378 1,898,120 5,901,287 
Securities, at fair value— 250,171 — 250,171 
Other assets: REO27,391 30,681 36,321 94,393 
Total$1,446,361 $3,825,623 $3,278,551 $8,550,535 

December 31, 2021
Financing Agreements
(In Thousands)
Non-Mark-to-Market (1)
Mark-to-Market (1)
SecuritizedTotal
Assets:
Residential whole loans, at carrying value$693,982 $459,349 $1,476,588 $2,629,919 
Residential whole loans, at fair value706,377 2,810,865 1,525,114 5,042,356 
Securities, at fair value— 256,685 — 256,685 
Other assets: REO25,692 29,374 35,379 90,445 
Total$1,426,051 $3,556,273 $3,037,081 $8,019,405 
(1)An aggregate of $31.2 million and $25.7 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 March 31, 2022 and December 31, 2021, respectively.