Borrowings (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of Repurchase Agreements

As of September 30, 2018 and December 31, 2017, the Company had no amount at risk with a single repurchase agreement counterparty or lender greater than 10% of equity. The following table provides information regarding the Company’s outstanding repurchase agreement borrowings as of the dates indicated:

	September 30, 2018			December 31, 2017
Pledged with agency MBS:
Repurchase agreements outstanding	$	4,092,251		$	3,667,181
Agency MBS collateral, at fair value		4,303,913			3,858,815
Net amount (1)		211,662			191,634
Weighted-average rate		2.30	%		1.56	%
Weighted-average term to maturity	15.3 days			12.6 days

⁽¹⁾ 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, 2018 and 2017:

	September 30, 2018			September 30, 2017
Weighted-average outstanding balance during the three months ended	$	3,841,280		$	3,819,095
Weighted-average rate during the three months ended		2.17	%		1.31	%
Weighted-average outstanding balance during the nine months ended	$	3,730,460		$	3,956,579
Weighted-average rate during the nine months ended		1.93	%		1.10	%

Schedule of Long-term Unsecured Debt Instruments

As of September 30, 2018 and December 31, 2017, the Company had $74,048 and $73,880, respectively, of outstanding long-term unsecured debentures, net of unamortized debt issuance costs of $1,252 and $1,420, respectively. The Company’s long-term debentures consisted of the following as of the dates indicated:

	September 30, 2018									December 31, 2017
	Senior Notes Due 2025			Senior Notes Due 2023			Trust Preferred Debt			Senior Notes Due 2025			Senior Notes Due 2023			Trust Preferred Debt
Outstanding Principal	$	35,300		$	25,000		$	15,000		$	35,300		$	25,000		$	15,000
Annual Interest Rate		6.75	%		6.625	%	LIBOR+ 2.25 - 3.00 %				6.75	%		6.625	%	LIBOR+ 2.25 - 3.00 %
Interest Payment Frequency	Quarterly			Quarterly			Quarterly			Quarterly			Quarterly			Quarterly
Weighted-Average Interest Rate		6.75	%		6.625	%		5.09	%		6.75	%		6.625	%		4.11	%
Maturity	March 15, 2025			May 1, 2023			2033 - 2035			March 15, 2025			May 1, 2023			2033 - 2035
Early Redemption Date	March 15, 2018			May 1, 2016			2008 - 2010			March 15, 2018			May 1, 2016			2008 - 2010