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Secured Financing Agreements
 9 Months Ended
Sep. 30, 2022
Disclosure of Repurchase Agreements [Abstract]  
Secured Financing Agreements Secured Financing Agreements
Secured financing agreements include short term repurchase agreements with original maturity dates of less than one-year, long-term financing agreements with original maturity dates of more than one year and loan warehouse credit facilities collateralized by loans acquired by the Company.

The repurchase agreements are collateralized by Agency and Non-Agency mortgage-backed securities with interest rates generally indexed to either the one-month LIBOR rates, the three-month LIBOR rates, or the Secured Overnight Financing Rate (“SOFR”) and re-price accordingly. The maturity dates on the repurchase agreements are all less than one year and generally are less than 180 days. The collateral pledged as security on the repurchase agreements may include the Company’s investments in bonds issued by consolidated VIEs, which are eliminated in consolidation.

The long-term financing agreements include secured financing arrangements with an original term of one year or greater which is secured by Non-Agency RMBS pledged as collateral. These long-term secured financing agreements have a maturity date of February 2025. The collateral pledged as security on the long-term financing agreements may include the Company’s investments in bonds issued by consolidated VIEs, which are eliminated in consolidation.

The warehouse credit facilities collateralized by loans are repurchase agreements intended to finance loans until they can be sold into a longer-term securitization structure. The maturity dates on the warehouse credit facilities range from 30 days to one year with interest rates indexed to SOFR.

The secured financing agreements generally require the Company to post collateral at a specific rate in excess of the unpaid principal balance of the agreement. For certain secured financing agreements, this may require the Company to post additional margin if the fair value of the assets were to drop. To mitigate this risk, the Company has negotiated several long-term financing agreements which are not subject to additional margin requirements upon a drop in the fair value of the collateral pledged or until the drop is greater than a threshold. At September 30, 2022 and December 31, 2021, the Company has $737 million and $1.2 billion, respectively, of secured financing agreements which are not subject to additional margin requirements upon a change in the fair value of the collateral pledged. At September 30, 2022 and December 31, 2021, the Company has $476 million and $113 million, respectively, of secured financing agreements which are not subject to additional margin requirements until the drop in the fair value of collateral is greater than a threshold. Repurchase agreements may allow the credit counterparty to avoid the automatic stay provisions of the Bankruptcy Code, in the event of a bankruptcy of the Company, and take possession of, and liquidate, the collateral under such repurchase agreements without delay.

The secured financing agreements outstanding, weighted average borrowing rates, weighted average remaining maturities, average balances and the fair value of the collateral pledged as of September 30, 2022 and December 31, 2021 were:
 September 30, 2022December 31, 2021
Secured financing agreements outstanding secured by:  
Agency RMBS (in thousands)$6,141 $23,170 
Agency CMBS (in thousands)368,554 589,535 
Non-Agency RMBS and Loans held for investment (in thousands) (1)
2,446,236 2,648,908 
Total:$2,820,931 $3,261,613 
MBS pledged as collateral at fair value on Secured financing agreements:  
Agency RMBS (in thousands)$8,048 $28,320 
Agency CMBS (in thousands)395,286 617,457 
Non-Agency RMBS and Loans held for investment (in thousands)3,314,176 3,747,573 
Total:$3,717,510 $4,393,350 
Average balance of Secured financing agreements secured by:  
Agency RMBS (in thousands)$14,024 $47,155 
Agency CMBS (in thousands)382,806 963,894 
Non-Agency RMBS and Loans held for investment (in thousands)2,806,481 2,926,880 
Total:$3,203,311 $3,937,929 
Average borrowing rate of Secured financing agreements secured by:  
Agency RMBS3.10 %0.68 %
Agency CMBS3.12 %0.21 %
Non-Agency RMBS and Loans held for investment5.03 %2.78 %
Average remaining maturity of Secured financing agreements secured by:  
Agency RMBS 18 Days 4 Days
Agency CMBS 24 Days 13 Days
Non-Agency RMBS and Loans held for investment 301 Days 257 Days
Average original maturity of Secured financing agreements secured by:
Agency RMBS 92 Days 61 Days
Agency CMBS 35 Days 35 Days
Non-Agency RMBS and Loans held for investment 327 Days 283 Days
(1) The outstanding balance for secured financing agreements in the table above is net of $3 million of deferred financing cost as of December 31, 2021.

At September 30, 2022 and December 31, 2021, we pledged $56 million and $19 million, respectively, of margin cash collateral to the Company's secured financing agreement counterparties. At September 30, 2022 and December 31, 2021, the secured financing agreements collateralized by MBS and Loans held for investment had the following remaining maturities and borrowing rates.
 September 30, 2022December 31, 2021
 (dollars in thousands)
Principal Weighted Average Borrowing RatesRange of Borrowing Rates
Principal (1)
Weighted Average Borrowing RatesRange of Borrowing Rates
1 to 29 days$425,202 3.84%
2.77% - 6.11%
$1,018,670 0.73%
0.11% - 1.95%
30 to 59 days434,926 3.40%
2.74% - 4.13%
379,031 1.66%
1.55% - 1.70%
60 to 89 days181,282 4.26%
2.45% - 4.93%
342,790 1.86%
 0.90% - 2.35%
90 to 119 days146,780 4.36%
3.63% - 5.96%
67,840 1.66%
1.66% - 1.66%
120 to 180 days546,867 5.18%
 3.98% - 6.06%
157,944 1.38%
0.95% - 1.45%
180 days to 1 year596,387 4.67%
 4.33% - 5.33%
895,210 3.70%
1.95% - 4.38%
1 to 2 years— NANA143,239 3.05%
3.05% - 3.05%
2 to 3 years489,487 6.79%
6.79% - 6.79%
— NANA
Greater than 3 years— NANA256,889 5.56%
5.56% - 5.56%
Total$2,820,931 4.77%$3,261,613 2.30%
(1) The principal balance for secured financing agreements in the table above is net of $3 million of deferred financing cost as of and December 31, 2021.

Certain of the long-term financing agreements and warehouse credit facilities are subject to certain covenants. These covenants include that the Company maintain its REIT status as well as maintain a net asset value or GAAP equity greater than a certain level. If the Company fails to comply with these covenants at any time, the financing may become immediately due in full. Additionally, certain financing agreements become immediately due if the total stockholders' equity of the Company drops by 50% from the most recent year end. Currently, the Company is in compliance with all covenants and does not expect to fail to comply with any of these covenants within the next twelve months. The Company has a total of $2.0 billion unused uncommitted warehouse credit facilities as of September 30, 2022.

At September 30, 2022 and December 31, 2021, there was no amount at risk with any counterparty greater than 10% of the Company's equity.