| Schedule of Repurchase Agreements |
The Company’s MBS repurchase agreement arrangements generally carry a fixed rate of interest and are short-term in nature with contract durations generally ranging from 30 to 60 days, but may be as short as one day or as long as one year. The Company’s mortgage loan repurchase agreement arrangement has a maturity date of November 15, 2022 and an interest rate that resets monthly at a rate equal to one-month LIBOR plus 2.50%. Under the terms of the Company’s mortgage loan repurchase agreement, the Company may request extensions of the maturity date of the agreement for up to 364 days, subject to the lender’s approval.
As of December 31, 2021 and 2020, the Company had no amount at risk with a single repurchase agreement counterparty or lender greater than 10% of equity. The following table provides information regarding the Company’s outstanding repurchase agreement borrowings as of the dates indicated:
|
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
|
Agency MBS repurchase financing: |
|
|
|
|
|
|
|
|
|
Repurchase agreements outstanding |
|
$ |
425,836 |
|
|
$ |
623,712 |
|
|
Agency MBS collateral, at fair value (1) |
|
|
447,979 |
|
|
|
656,154 |
|
|
Net amount (2) |
|
|
22,143 |
|
|
|
32,442 |
|
|
Weighted-average rate |
|
|
0.14 |
% |
|
|
0.21 |
% |
|
Weighted-average term to maturity |
|
13.0 days |
|
|
14.0 days |
|
|
Mortgage loans repurchase financing: |
|
|
|
|
|
|
|
|
|
Repurchase agreements outstanding |
|
$ |
20,788 |
|
|
$ |
31,500 |
|
|
Mortgage loans collateral, at fair value |
|
|
29,697 |
|
|
|
45,000 |
|
|
Net amount (2) |
|
|
8,909 |
|
|
|
13,500 |
|
|
Weighted-average rate |
|
|
2.60 |
% |
|
|
3.00 |
% |
|
Weighted-average term to maturity |
|
319.0 days |
|
|
315.0 days |
|
|
Total mortgage investments repurchase financing: |
|
|
|
|
|
|
|
|
|
Repurchase agreements outstanding |
|
$ |
446,624 |
|
|
$ |
655,212 |
|
|
Mortgage investments collateral, at fair value (1) |
|
|
477,676 |
|
|
|
701,154 |
|
|
Net amount (2) |
|
|
31,052 |
|
|
|
45,942 |
|
|
Weighted-average rate |
|
|
0.25 |
% |
|
|
0.34 |
% |
|
Weighted-average term to maturity |
|
27.2 days |
|
|
28.5 days |
|
|
(1) |
As of December 31, 2021, includes $28,219 at sale price of unsettled agency MBS sale commitments which is included in the line item “sold securities receivable” in the accompanying consolidated balance sheets. |
|
(2) |
Net amount represents the value of collateral in excess of corresponding repurchase obligation. The amount of collateral at-risk is limited to the outstanding repurchase obligation and not the entire collateral balance. |
The following table provides information regarding the Company’s outstanding repurchase agreement borrowings during the years ended December 31, 2021 and 2020:
|
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
|
Weighted-average outstanding balance |
|
$ |
575,615 |
|
|
$ |
1,167,357 |
|
|
Weighted-average rate |
|
|
0.25 |
% |
|
|
1.41 |
% |
|
| Schedule of Long-term Unsecured Debt Instruments |
As of December 31, 2021 and 2020, the Company had $85,994 and $73,027, respectively, of outstanding long-term unsecured debentures, net of unamortized debt issuance costs of $1,687 and $732, respectively. The Company’s long-term unsecured debentures consisted of the following as of the dates indicated:
|
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
|
|
|
Senior
Notes Due 2025 |
|
|
Senior
Notes Due 2026 |
|
|
Trust
Preferred Debt |
|
|
Senior
Notes Due 2025 |
|
|
Senior
Notes Due 2023 |
|
|
Trust
Preferred Debt |
|
|
Outstanding
Principal |
|
$ |
34,931 |
|
|
$ |
37,750 |
|
|
$ |
15,000 |
|
|
$ |
34,931 |
|
|
$ |
23,828 |
|
|
$ |
15,000 |
|
|
Annual Interest
Rate |
|
|
6.75 |
% |
|
|
6.000 |
% |
|
LIBOR+
2.25 - 3.00 % |
|
|
|
6.75 |
% |
|
|
6.625 |
% |
|
LIBOR+
2.25 - 3.00 % |
|
|
Interest Payment
Frequency |
|
Quarterly |
|
|
Quarterly |
|
|
Quarterly |
|
|
Quarterly |
|
|
Quarterly |
|
|
Quarterly |
|
|
Weighted-Average
Interest Rate |
|
|
6.75 |
% |
|
|
6.000 |
% |
|
|
2.87 |
% |
|
|
6.75 |
% |
|
|
6.625 |
% |
|
|
2.99 |
% |
|
Maturity |
|
March 15, 2025 |
|
|
August 1, 2026 |
|
|
2033 - 2035 |
|
|
March 15, 2025 |
|
|
May 1, 2023 |
|
|
2033 - 2035 |
|
|