Borrowings Under Repurchase Agreements (Tables)

6 Months Ended

Jun. 30, 2017

Borrowings Under Repurchase Agreements

Schedule of repurchase agreements including certain characteristics and maturity information

The following table presents certain characteristics of our repurchase agreements at June 30, 2017:

			Weighted		Weighted
	Repurchase		Average		Average
	Agreement		Borrowing		Remaining
(In Thousands)	Borrowings		Rate		Maturity (days)
Securities financed:
Short term investments	$	100,000	1.3	%	3
Loans, held-for-investment / Loans, held at fair value		412,192	4.5	%	214
Mortgage backed securities		7,977	3.2	%	89
Total securities financed	$	520,169	3.8	%	172

The following table presents certain characteristics of our repurchase agreements at December 31, 2016:

			Weighted		Weighted
	Repurchase		Average		Average
	Agreement		Borrowing		Remaining
(In Thousands)	Borrowings		Rate		Maturity (days)
Securities financed:
Short term investments	$	319,690	0.2	%	5
Loans, held-for-investment / Loans, held at fair value		273,050	3.6	%	144
Mortgage backed securities		8,112	2.9	%	86
Total securities financed	$	600,852	1.8	%	69

Schedule of contractual maturity information about borrowings under repurchase agreements

	June 30, 2017				December 31, 2016
			Weighted				Weighted
	Balance		Average		Balance		Average
Time Until Contractual Maturity	(In Thousands)		Interest Rate		(In Thousands)		Interest Rate
Within 30 days	$	117,106	1.5	%	$	350,054	0.4	%
Over 30 days to 60 days		15,445	3.1	%		87,942	4.0	%
Over 60 days to 90 days		18,557	3.1	%		8,112	2.9	%
Over 90 days to 120 days		—	—	%		—	—	%
Over 120 days to 360 days		369,061	4.6	%		154,744	3.6	%
Total	$	520,169	3.8	%	$	600,852	1.8	%

Schedule of carry value or fair value of collateral positions pledged with respect to borrowings under repurchase agreements

The following table presents the carrying value or fair value of collateral positions the Company pledged with respect to the Company’s borrowings under repurchase agreements at June 30, 2017:

							Fair Value of
	Assets						Assets Pledged
	Pledged at		Amortized		Accrued		and Accrued
(In Thousands)	Fair Value		Cost		Interest		Interest
Collateral pledged:
Short term investments	$	100,000	$	100,000	$	—	$	100,000
Loans, held-for-investment / Loans, held at fair value		545,067		542,455		2,822		547,889
Mortgage backed securities		11,534		11,075		19		11,553
Retained interest in assets of consolidated VIEs		67,800		67,800		414		68,214
Total collateral pledged	$	724,401	$	721,330	$	3,255	$	727,656

The $100.0 million in short term investments that had been pledged against our borrowings under repurchase agreements has been sold and is reflected as a trade date receivable and classified as a receivable from third parties on the consolidated balance sheet as of June 30, 2017.

The following table presents the carrying value or fair value of collateral positions the Company pledged with respect to the Company’s borrowings under repurchase agreements at December 31, 2016:

							Fair Value of
	Assets						Assets Pledged
	Pledged at		Amortized		Accrued		and Accrued
(In Thousands)	Fair Value		Cost		Interest		Interest
Collateral pledged:
Short term investments	$	319,984	$	319,984	$	—	$	319,984
Loans, held-for-investment / Loans, held at fair value		332,029		329,997		1,890		333,919
Mortgage backed securities		11,815		11,676		22		11,837
Retained interest in assets of consolidated VIEs		53,749		53,749		379		54,128
Total collateral pledged	$	717,577	$	715,406	$	2,291	$	719,868