Borrowings (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Repurchase Agreements

The following table provides information regarding the Company’s outstanding repurchase agreement borrowings as of the dates indicated:

	September 30, 2022			December 31, 2021
Agency MBS repurchase financing:
Repurchase agreements outstanding	$	319,538		$	425,836
Agency MBS collateral, at fair value (1)		336,277			447,979
Net amount (2)		16,739			22,143
Weighted-average rate		3.02	%		0.14	%
Weighted-average term to maturity	13.0 days			13.0 days
Non-agency MBS repurchase financing:
Repurchase agreements outstanding	$	89,809		$	—
MBS collateral, at fair value		99,821			—
Net amount (2)		10,012			—
Weighted-average rate		3.68	%
Weighted-average term to maturity	26.5 days
Mortgage loans repurchase financing:
Repurchase agreements outstanding	$	20,563		$	20,788
Mortgage loans collateral, at fair value		29,375			29,697
Net amount (2)		8,812			8,909
Weighted-average rate		5.27	%		2.60	%
Weighted-average term to maturity	327.0 days			319.0 days
Total mortgage investments repurchase financing:
Repurchase agreements outstanding	$	429,910		$	446,624
Mortgage investments collateral, at fair value (1)		465,473			477,676
Net amount (2)		35,563			31,052
Weighted-average rate		3.27	%		0.25	%
Weighted-average term to maturity	30.8 days			27.2 days

(1)As of December 31, 2021, includes $28,219 at sale price of unsettled agency MBS sale commitments which is included in the line item “sold securities receivable” in the accompanying consolidated balance sheets.

(2)Net amount represents the value of collateral in excess of corresponding repurchase obligation. The amount of collateral at-risk is limited to the outstanding repurchase obligation and not the entire collateral balance.

The following table provides information regarding the Company’s outstanding repurchase agreement borrowings during the three and nine months ended September 30, 2022 and 2021:

	September 30, 2022			September 30, 2021
Weighted-average outstanding balance during the three months ended	$	430,792		$	599,224
Weighted-average rate during the three months ended		2.60	%		0.20	%
Weighted-average outstanding balance during the nine months ended	$	351,960		$	601,897
Weighted-average rate during the nine months ended		1.46	%		0.27	%

Schedule of Long-term Unsecured Debt Instruments

As of September 30, 2022 and December 31, 2021, the Company had $86,302 and $85,994, respectively, of outstanding long-term unsecured debentures, net of unamortized debt issuance costs of $1,379 and $1,687, respectively. The Company’s long-term unsecured debentures consisted of the following as of the dates indicated:

	September 30, 2022									December 31, 2021
	Senior Notes Due 2025			Senior Notes Due 2026			Trust Preferred Debt			Senior Notes Due 2025			Senior Notes Due 2026			Trust Preferred Debt
Outstanding   Principal	$	34,931		$	37,750		$	15,000		$	34,931		$	37,750		$	15,000
Annual    Interest Rate		6.75	%		6.000	%	LIBOR+ 2.25 - 3.00 %				6.75	%		6.000	%	LIBOR+ 2.25 - 3.00 %
Interest    Payment    Frequency	Quarterly			Quarterly			Quarterly			Quarterly			Quarterly			Quarterly
Weighted-    Average    Interest Rate		6.75	%		6.000	%		5.26	%		6.75	%		6.000	%		2.87	%
Maturity	March 15, 2025			August 1, 2026			2033 - 2035			March 15, 2025			August 1, 2026			2033 - 2035