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Collateralized Borrowings (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Collateralized Borrowings
The following tables summarize details of the Company’s collateralized borrowings outstanding as of September 30, 2020 and December 31, 2019:
September 30, 2020
(in thousands)
Maturity Date (1)
Amount OutstandingUnused CapacityTotal CapacityCarrying Value of CollateralWeighted Average Borrowing Rate
Repurchase agreements:
Morgan Stanley BankJune 28, 2021$498,181 $101,819 $600,000 $703,898 2.3 %
Goldman Sachs BankMay 2, 2021405,971 94,029 500,000 582,376 2.5 %
JPMorgan Chase BankJune 28, 2022400,880 103,226 504,106 550,025 2.8 %
CitibankJanuary 9, 2023390,767 9,233 400,000 492,830 1.8 %
Wells Fargo Bank (2)
June 28, 2021155,046 119,954 275,000 220,152 1.9 %
Total/Weighted Average$1,850,845 $428,261 $2,279,106 $2,549,281 
Asset-specific financings:
Canadian Imperial Bank of Commerce
Various$123,091 $26,909 $150,000 $152,262 2.5 %
December 31, 2019
(in thousands)
Maturity Date (1)
Amount OutstandingUnused CapacityTotal CapacityCarrying Value of CollateralWeighted Average Borrowing Rate
Repurchase agreements:
Morgan Stanley BankJune 28, 2021$556,887 $43,113 $600,000 $740,791 3.9 %
Goldman Sachs BankMay 2, 2020405,057 94,943 500,000 541,640 3.8 %
JPMorgan Chase BankJune 28, 2022408,819 41,181 450,000 553,020 3.7 %
CitibankJuly 15, 2022339,888 60,112 400,000 432,867 3.4 %
Wells Fargo Bank (2)
June 28, 2021194,113 80,887 275,000 286,672 3.5 %
JPMorgan Chase BankFebruary 10, 202019,257 NANA30,906 4.1 %
Total/Weighted Average$1,924,021 $320,236 $2,225,000 $2,585,896 
Asset-specific financings:
Canadian Imperial Bank of Commerce
Various$116,465 $33,535 $150,000 $144,322 3.5 %
Revolving credit facilities:
CitibankJuly 26, 2021$42,008 $32,992 $75,000 $80,473 4.0 %
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(1)The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms.
(2)As of September 30, 2020, the Company retained an option to increase the maximum facility capacity amount up to $350 million, subject to customary terms and conditions.
Schedule of Collateralized Borrowings by Maturity
At September 30, 2020, the Company’s collateralized borrowings outstanding had the following remaining maturities:
September 30, 2020
(dollars in thousands)Repurchase AgreementsAsset-Specific FinancingsRevolving Credit FacilitiesTotal Amount Outstanding
Within one year$1,059,198 $— $— $1,059,198 
One to three years791,647 123,091 — 914,738 
Three to five years— — — — 
Five years and over— — — — 
Total$1,850,845 $123,091 $— $1,973,936 
Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity
The following table summarizes certain characteristics of the Company’s repurchase agreements and counterparty concentration at September 30, 2020 and December 31, 2019:
September 30, 2020December 31, 2019
(dollars in thousands)Amount Outstanding
Net Counterparty Exposure (1)
Percent of EquityWeighted Average Years to MaturityAmount Outstanding
Net Counterparty Exposure (1)
Percent of EquityWeighted Average Years to Maturity
Morgan Stanley Bank$498,181 $213,187 23 %0.74$556,887 $185,022 18 %1.49
JPMorgan Chase Bank400,880 157,689 17 %1.74428,076 156,764 15 %2.39
Goldman Sachs Bank405,971 183,251 20 %0.59405,057 137,326 13 %0.34
Citibank390,767 106,905 11 %2.28339,888 93,553 9 %2.54
Wells Fargo Bank155,046 67,075 7 %0.74194,113 93,004 9 %1.49
Total$1,850,845 $728,107 $1,924,021 $665,669 
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(1)Represents the excess of the carrying amount or market value of the loans held-for-investment, AFS securities and HTM securities pledged as collateral for repurchase agreements, including accrued interest plus any cash on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. As of September 30, 2020, the Company no longer held AFS or HTM securities.