Repurchase Agreements (Tables)

3 Months Ended

Mar. 31, 2017

Banking and Thrift [Abstract]

Schedule of Repurchase Agreements

The repurchase agreements outstanding, weighted average borrowing rates, weighted average remaining maturities, average daily balances and the fair value of collateral pledged as of March 31, 2017 and December 31, 2016 is:

	March 31, 2017			December 31, 2016
Repurchase agreements outstanding secured by:
Agency MBS (in thousands)	$	3,059,267		$	3,087,734
Non-agency MBS (in thousands)	2,791,937			2,513,169
Total:	$	5,851,204		$	5,600,903
Average balance of Repurchase agreements secured by:
Agency MBS (in thousands)	$	3,120,531		$	4,159,651
Non-agency MBS (in thousands)	2,679,610			2,322,683
Total:	$	5,800,141		$	6,482,334
Weighted average borrowing rate of Repurchase agreements secured by:
Agency MBS	0.95		%	0.90		%
Non-agency MBS	3.20		%	3.05		%
Weighted average maturity of Repurchase agreements secured by:
Agency MBS	23 Days			32 Days
Non-agency MBS	97 Days			98 Days
MBS pledged as collateral at fair value on Repurchase agreements:
Agency MBS (in thousands)	$	3,274,112		$	3,334,245
Non-agency MBS (in thousands)	3,996,503			3,699,621
Total:	$	7,270,615		$	7,033,866

At March 31, 2017 and December 31, 2016, the repurchase agreements collateralized by MBS had the following remaining maturities.

	March 31, 2017		December 31, 2016
	(dollars in thousands)
Overnight	$	—	$	—
1 to 29 days	3,743,094		2,947,604
30 to 59 days	1,107,093		958,956
60 to 89 days	320,551		407,625
90 to 119 days	40,223		559,533
Greater than or equal to 120 days	640,243		727,185
Total	$	5,851,204	$	5,600,903