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Secured Financing Agreements
 9 Months Ended
Sep. 30, 2021
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 the one-month and three-month LIBOR rates 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 long-term repurchase agreements and secured financing arrangements with an original term of one year or greater which are secured by Non-Agency RMBS pledged as collateral. Maturity dates on these long-term financing agreements range from January 2022 through April 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 interest rates on the long-term financing agreements are generally indexed to one-month and three-month LIBOR rates.

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 the one-month and three-month LIBOR rates.

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, 2021, the Company has $1.3 billion 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, 2021, the Company has $117 million 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, 2021 and December 31, 2020 were:
 September 30, 2021December 31, 2020
Secured financing agreements outstanding secured by:  
Agency RMBS (in thousands)$24,700 $69,180 
Agency CMBS (in thousands)795,873 1,333,799 
Non-Agency RMBS and Loans held for investment (in thousands) (1)
2,967,763 3,233,868 
Total:$3,788,336 $4,636,847 
MBS pledged as collateral at fair value on Secured financing agreements:  
Agency RMBS (in thousands)$26,618 $86,160 
Agency CMBS (in thousands)835,984 1,382,783 
Non-Agency RMBS and Loans held for investment (in thousands)4,155,840 5,227,271 
Total:$5,018,442 $6,696,214 
Average balance of Secured financing agreements secured by:  
Agency RMBS (in thousands)$54,242 $1,407,713 
Agency CMBS (in thousands)1,040,018 1,818,721 
Non-Agency RMBS and Loans held for investment (in thousands)3,016,595 4,089,911 
Total:$4,110,855 $7,316,345 
Average borrowing rate of Secured financing agreements secured by:  
Agency RMBS0.67 %0.90 %
Agency CMBS0.16 %0.21 %
Non-Agency RMBS and Loans held for investment2.76 %4.78 %
Average remaining maturity of Secured financing agreements secured by:  
Agency RMBS4 Days12 days
Agency CMBS13 Days11 days
Non-Agency RMBS and Loans held for investment316 Days458 days
Average original maturity of Secured financing agreements secured by:
Agency RMBS32 Days14 days
Agency CMBS30 Days30 days
Non-Agency RMBS and Loans held for investment333 Days492 days
(1) The values for secured financing agreements in the table above is net of $3 million and $8 million of deferred financing cost as of September 30, 2021 and December 31, 2020, respectively.

At September 30, 2021 and December 31, 2020, we pledged $10 million and $42 million, respectively, of margin cash collateral to the Company's secured financing agreement counterparties. At September 30, 2021 and December 31, 2020, the secured financing agreements collateralized by MBS and Loans held for investment had the following remaining maturities and borrowing rates.
 September 30, 2021December 31, 2020
 (dollars in thousands)
Principal (1)
Weighted Average Borrowing RatesRange of Borrowing Rates
Principal (1)
Weighted Average Borrowing RatesRange of Borrowing Rates
Overnight$— NA
—% - —%
$— NANA
1 to 29 days1,005,444 0.37%
0.11% - 1.82%
1,521,134 0.38%
0.20% - 2.72%
30 to 59 days109,436 1.62%
1.62% - 1.62%
481,257 4.35%
2.42% - 6.61%
60 to 89 days245,058 1.62%
1.28% - 1.68%
352,684 2.78%
 1.34% - 6.30%
90 to 119 days455,938 1.78%
1.41% - 1.99%
301,994 7.97%
7.97% - 7.97%
120 to 180 days526,398 1.84%
 0.90% - 2.34%
595,900 5.29%
2.40% - 6.26%
180 days to 1 year899,381 3.59%
 0.94% - 4.38%
345,204 3.60%
3.25% - 4.50%
1 to 2 years261,999 3.06%
3.04% - 3.09%
— NANA
2 to 3 years— NANA642,696 4.91%
1.65% - 7.00%
Greater than 3 years284,682 5.56%
 5.56% - 5.56%
395,978 5.56%
5.56% - 5.56%
Total$3,788,336 2.20%$4,636,847 3.41%
(1) The values for secured financing agreements in the table above is net of $3 million and $8 million of deferred financing cost as of September 30, 2021 and December 31, 2020, respectively.

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 $924 million unused uncommitted warehouse credit facilities as of September 30, 2021.

At September 30, 2021, there was no amount at risk with any counterparty greater than 10% of the Company's equity. At December 31, 2020, the Company had amounts at risk with Goldman Sachs and Nomura of 17% and 11%, respectively, of its equity related to the collateral posted on secured financing agreements. The weighted average maturities of the secured financing agreements with Goldman Sachs and Nomura were 938 and 106 days, respectively. The amounts at risk with Goldman Sachs and Nomura were $649 million and $421 million, respectively.