Repurchase Agreements

12 Months Ended

Dec. 31, 2019

The interest rates of the Company’s repurchase agreements are generally indexed to the one-month and three-month LIBOR rates and re-price accordingly. The repurchase agreements outstanding, weighted average borrowing rates, weighted average remaining maturities, average balances and the fair value of collateral pledged as of December 31, 2019 and 2018 were:



	December 31, 2019			December 31, 2018
Repurchase agreements outstanding secured by:
Agency RMBS (in thousands)	$	6,247,275		$	8,588,446
Agency CMBS (in thousands)	2,013,515			1,604,826
Non-agency RMBS and Loans held for investment (in thousands)	5,166,755			3,837,193
Total:	$	13,427,545		$	14,030,465

MBS pledged as collateral at fair value on Repurchase agreements:
Agency RMBS (in thousands)	$	6,602,039		$	9,123,369
Agency CMBS (in thousands)	2,102,520			1,708,648
Non-agency RMBS and Loans held for investment (in thousands)	6,694,685			4,998,990
Total:	$	15,399,244		$	15,831,007

Average balance of Repurchase agreements secured by:
Agency RMBS (in thousands)	$	8,062,881		$	4,651,613
Agency CMBS (in thousands)	1,993,372			1,434,030
Non-agency RMBS and Loans held for investment (in thousands)	4,436,133			3,730,527
Total:	$	14,492,386		$	9,816,170

Average borrowing rate of Repurchase agreements secured by:
Agency RMBS (in thousands)	2.10		%	2.55		%
Agency CMBS (in thousands)	2.10		%	2.58		%
Non-agency RMBS and Loans held for investment (in thousands)	3.19		%	4.04		%

Average remaining maturity of Repurchase agreements secured by:
Agency RMBS (in thousands)	14 Days			29 Days
Agency CMBS (in thousands)	13 Days			33 Days
Non-agency RMBS and Loans held for investment (in thousands)	255 Days			231 Days

Average original maturity of Repurchase agreements secured by:
Agency RMBS (in thousands)	38 Days			89 Days
Agency CMBS (in thousands)	34 Days			84 Days
Non-agency RMBS and Loans held for investment (in thousands)	279 Days			259 Days

At December 31, 2019 and 2018, the repurchase agreements collateralized by MBS and Loans held for investment had the following remaining maturities.



	December 31, 2019		December 31, 2018
	(dollars in thousands)
Overnight	$	—	$	—
1 to 29 days	9,709,387		6,326,232
30 to 59 days	800,648		4,620,656
60 to 89 days	608,520		1,504,695
90 to 119 days	—		169,244
Greater than or equal to 120 days	2,308,990		1,409,638
Total	$	13,427,545	$	14,030,465

At December 31, 2019 and 2018, there was no amount at risk with any counterparty greater than 10% of the Company's equity.