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Secured Financing Agreements (Tables)
 9 Months Ended
Sep. 30, 2021
Disclosure of Repurchase Agreements [Abstract]  
Schedule of Secured Financing Agreements and Maturities 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.