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Repurchase Agreements
 6 Months Ended
Jun. 30, 2020
Disclosure of Repurchase Agreements [Abstract]  
Repurchase Agreements Repurchase Agreements
As of June 30, 2020 and December 31, 2019, the Company had outstanding $17.0 billion and $29.1 billion, respectively, of repurchase agreements. Excluding the effect of the Company’s interest rate swaps and caps, the repurchase agreements had a weighted average borrowing rate of 0.65% and 2.14% and weighted average remaining maturities of 47 and 77 days as of June 30, 2020 and December 31, 2019, respectively.
At June 30, 2020 and December 31, 2019, the repurchase agreement balances were as follows:
(in thousands)June 30,
2020		December 31,
2019
Short-term$16,991,248  $29,147,463  
Long-term—  —  
Total$16,991,248  $29,147,463  
At June 30, 2020 and December 31, 2019, the repurchase agreements had the following characteristics and remaining maturities:
June 30, 2020
Collateral Type
(in thousands)Agency RMBSNon-Agency SecuritiesAgency DerivativesMortgage Servicing RightsTotal Amount Outstanding
Within 30 days$6,031,999  $—  $38,983  $—  $6,070,982  
30 to 59 days5,009,742  807  12,388  —  5,022,937  
60 to 89 days4,421,259  1,849  1,768  —  4,424,876  
90 to 119 days—  —  —  —  —  
120 to 364 days1,472,453  —  —  —  1,472,453  
Total$16,935,453  $2,656  $53,139  $—  $16,991,248  
Weighted average borrowing rate
0.65 %2.48 %1.34 %— %0.65 %
December 31, 2019
Collateral Type
(in thousands)Agency RMBSNon-Agency SecuritiesAgency DerivativesMortgage Servicing RightsTotal Amount Outstanding
Within 30 days$5,112,681  $193,235  $—  $—  $5,305,916  
30 to 59 days6,074,151  212,998  13,223  —  6,300,372  
60 to 89 days6,355,887  329,493  1,905  —  6,687,285  
90 to 119 days4,227,589  489,352  23,276  —  4,740,217  
120 to 364 days5,532,219  306,529  12,310  262,615  6,113,673  
Total$27,302,527  $1,531,607  $50,714  $262,615  $29,147,463  
Weighted average borrowing rate
2.08 %2.90 %2.70 %3.51 %2.14 %

The following table summarizes assets at carrying values that are pledged or restricted as collateral for the future payment obligations of repurchase agreements:
(in thousands)June 30,
2020		December 31,
2019
Available-for-sale securities, at fair value$17,300,640  $29,575,948  
Mortgage servicing rights, at fair value151,634  530,222  
Restricted cash364,028  919,010  
Due from counterparties21,364  102,365  
Derivative assets, at fair value72,103  68,874  
Total$17,909,769  $31,196,419  

Although the transactions under repurchase agreements represent committed borrowings until maturity, the respective lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral or fund margin calls. Additionally, certain repurchase facilities secured by MSR may be over-collateralized due to operational considerations.
As of both June 30, 2020 and December 31, 2019, the net carrying value of assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest, with any individual counterparty or group of related counterparties did not exceed 10% of total stockholders’ equity. The Company does not anticipate any defaults by its repurchase agreement counterparties. There can be no assurance, however, that any such default or defaults will not occur.