Repurchase Agreements

9 Months Ended

Sep. 30, 2019

Repurchase Agreements [Abstract]

Repurchase Agreements

Note 11 – Repurchase Agreements

The Company had outstanding approximately $2,266.8 million and $1,598.6 million of borrowings under its repurchase agreements as of September 30, 2019 and December 31, 2018, respectively. The Company’s obligations under these agreements had weighted average remaining maturities of 54 days and 38 days as of September 30, 2019 and December 31, 2018, respectively. RMBS and cash have been pledged as collateral under these repurchase agreements (see Note 4).

The repurchase agreements had the following remaining maturities and weighted average rates as of the dates indicated (dollars in thousands):

Repurchase Agreements Characteristics

As of September 30, 2019

	Repurchase Agreements		Weighted Average Rate
Less than one month	$	623,936		2.50	%
One to three months		1,215,235		2.29	%
Greater than three months		427,670		2.33	%
Total/Weighted Average	$	2,266,841		2.36	%

As of December 31, 2018

	Repurchase Agreements		Weighted Average Rate
Less than one month	$	776,666		2.51	%
One to three months		821,926		2.56	%
Greater than three months		-		-	%
Total/Weighted Average	$	1,598,592		2.54	%

There were no overnight or demand securities as of September 30, 2019 or December 31, 2018.