All of the Company’s securitized debt is collateralized by residential mortgage loans or Non-Agency RMBS. For financial reporting purposes, the Company’s securitized debt is accounted for as secured borrowings. Thus, the residential mortgage loans or RMBS held as collateral are recorded in the assets of the Company as Loans held for investment or Non-Agency RMBS and the securitized debt is recorded as a non-recourse liability in the accompanying Consolidated Statements of Financial Condition.

At June 30, 2020 and December 31, 2019, the Company’s securitized debt collateralized by Non-Agency RMBS is carried at amortized cost and had a principal balance of $143 million and $152 million, respectively. At June 30, 2020 and December 31, 2019, the debt carried a weighted average coupon of 6.5%. As of June 30, 2020, the maturities of the debt range between the years 2035 and 2037. None of the Company’s securitized debt collateralized by Non-Agency RMBS is callable.

During the quarter and six months ended June 30, 2020, the Company did not acquire any securitized debt collateralized by Non-Agency RMBS. During the quarter and six months ended June 30, 2019, the Company acquired securitized debt collateralized by Non-Agency RMBS with an amortized cost balance of $2.9 million for $3.5 million. This transaction resulted in net loss on extinguishment of debt of $608 thousand.

The following table presents the estimated principal repayment schedule of the securitized debt collateralized by Non-Agency RMBS at June 30, 2020 and December 31, 2019, based on expected cash flows of the residential mortgage loans or RMBS, as adjusted for projected losses on the underlying collateral of the debt. All of the securitized debt recorded in the Company’s Consolidated Statements of Financial Condition is non-recourse to the Company.



	June 30, 2020		December 31, 2019
	(dollars in thousands)
Within One Year	$	15,541	$	18,826
One to Three Years	15,522		18,332
Three to Five Years	3,032		4,453
Greater Than Five Years	451		665
Total	$	34,546	$	42,276

Maturities of the Company’s securitized debt collateralized by Non-Agency RMBS are dependent upon cash flows received from the underlying collateral. The estimate of their repayment is based on scheduled principal payments on the underlying collateral. This estimate will differ from actual amounts to the extent prepayments or losses are experienced. See Note 3 for a more detailed discussion of the securities collateralizing the securitized debt.

At June 30, 2020 and December 31, 2019, the Company’s securitized debt collateralized by loans held for investment had a principal balance of $8.7 billion and $8.2 million, respectively. At June 30, 2020 and December 31, 2019, the total securitized debt collateralized by loans held for investment carried a weighted average coupon equal to 3.5% and 3.3%, respectively. As of June 30, 2020, the maturities of the debt range between the years 2023 and 2067.

During the quarter and six months ended June 30, 2020, the Company acquired securitized debt collateralized by loans held for investment with an amortized cost balance of $147 million. This transaction resulted in net gain on extinguishment of debt of $459 thousand. The Company did not acquire any securitized debt collateralized by loans held for investments during the quarters and six months ended June 30, 2019.

The following table presents the estimated principal repayment schedule of the securitized debt collateralized by loans held for investment at June 30, 2020 and December 31, 2019, based on expected cash flows of the residential mortgage loans or RMBS, as adjusted for projected losses on the underlying collateral of the debt. All of the securitized debt recorded in the Company’s Consolidated Statements of Financial Condition is non-recourse to the Company.



	June 30, 2020		December 31, 2019
	(dollars in thousands)
Within One Year	$	1,647,991	$	1,582,646
One to Three Years	2,688,204		2,563,699
Three to Five Years	1,856,959		1,791,756
Greater Than Five Years	2,451,374		2,129,460
Total	$	8,644,528	$	8,067,561

Maturities of the Company’s securitized debt collateralized by loans held for investment are dependent upon cash flows received from the underlying loans. The estimate of their repayment is based on scheduled principal payments on the underlying loans. This estimate will differ from actual amounts to the extent prepayments or loan losses are experienced. See Note 4 for a more detailed discussion of the loans collateralizing the securitized debt.

Certain of the securitized debt collateralized by loans held for investment contain call provisions at the option of the Company. The following table presents the par value of the callable debt by year at June 30, 2020.



June 30, 2020
(dollars in thousands)
Year	Principal
2020	3,201,993
2021	2,559,613
2022	1,510,154
2023	403,236
Total	$	7,674,996