Repurchase Agreements (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Borrowings Under Purchase Agreements Secured by Investments

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 December 31, 2019 and 2018, respectively (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
December 31, 2019	$	1,200,000	$	754,132	$	961,749	3.67	%	11.20
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 $881.2 million and $626.2 million and distressed and other residential mortgage loans, net of $80.6 million and $128.1 million at December 31, 2019 and 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 December 31, 2019 and 2018, respectively (dollar amounts in thousands):



	December 31,
	2019						2018
	Outstanding Borrowings		Fair Value of Collateral Pledged		Amortized Cost Of Collateral Pledged		Outstanding Borrowings		Fair Value of Collateral Pledged		Amortized Cost Of Collateral Pledged
Agency RMBS ⁽¹⁾	$	812,742	$	865,765	$	864,428	$	925,230	$	978,357	$	1,014,284
Agency CMBS ⁽²⁾	133,184		139,317		140,118		—		—		—
Non-Agency RMBS ⁽³⁾	594,286		797,784		785,952		88,730		117,958		118,414
CMBS ⁽⁴⁾	811,890		1,036,513		853,043		529,617		687,876		539,788
Balance at end of the period	$	2,352,102	$	2,839,379	$	2,643,541	$	1,543,577	$	1,784,191	$	1,672,486


⁽¹⁾	Includes senior RMBS securities with a fair value amounting to $26.2 million included in Consolidated SLST as of December 31, 2019.


(2)	Includes senior CMBS securities with a fair value amounting to $88.4 million included in the Consolidated K-Series as of December 31, 2019.


(3)	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)	Includes first loss PO, IO and mezzanine CMBS securities with a fair value amounting to $848.2 million and $543.0 million included in the Consolidated K-Series as of December 31, 2019 and 2018, respectively.

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 and 2018, respectively (dollar amounts in thousands):



Contractual Maturity	December 31, 2019		December 31, 2018
Within 30 days	$	449,474	$	732,051
Over 30 days to 90 days	1,647,683		677,906
Over 90 days	254,945		133,620
Total	$	2,352,102	$	1,543,577

Unencumbered Investments Securities

The following table presents information about the Company’s unencumbered investment securities at December 31, 2019 and 2018, respectively (dollar amounts in thousands):



Unencumbered Securities	December 31, 2019		December 31, 2018
Agency RMBS	$	83,351	$	59,372
CMBS	235,199		107,040
Non-Agency RMBS	168,063		96,081
ABS	49,214		—
Total	$	535,827	$	262,493