REPURCHASE AGREEMENTS

The Company’s repurchase agreements outstanding as of June 30, 2017 and December 31, 2016 are summarized in the following tables:



	June 30, 2017						December 31, 2016
Collateral Type	Balance		Weighted Average Rate		Fair Value of Collateral Pledged		Balance		Weighted Average Rate		Fair Value of Collateral Pledged
Agency CMBS	$	1,192,447	1.21	%	$	1,252,560	$	1,005,726	0.82	%	$	1,095,002
Non-Agency CMBS	31,407		2.23	%	38,934		66,881		1.63	%	77,840
Agency CMBS IO	353,922		2.04	%	415,988		346,892		1.57	%	407,481
Non-Agency CMBS IO	293,725		2.13	%	343,600		291,199		1.67	%	341,139
Agency RMBS	665,346		1.29	%	692,126		1,157,302		0.82	%	1,191,147
Non-Agency RMBS	—		—	%	—		26,149		1.98	%	31,952
Securitization financing bond	3,912		2.45	%	4,249		4,803		2.00	%	5,278
Total repurchase agreements	$	2,540,759	1.47	%	$	2,747,457	$	2,898,952	1.03	%	$	3,149,839

As of June 30, 2017, the weighted average remaining term to maturity of our repurchase agreements was 19 days compared to 20 days as of December 31, 2016. The following table provides a summary of the original term to maturity of our secured borrowings as of June 30, 2017 and December 31, 2016:



Original Term to Maturity	June 30, 2017		December 31, 2016
Less than 30 days	$	1,215,553	$	910,937
30 to 90 days	1,268,716		533,112
91 to 180 days	56,490		1,454,903
	$	2,540,759	$	2,898,952

The following table lists the counterparties with whom the Company had over 10% of its shareholders' equity at risk (defined as the excess of collateral pledged over the borrowings outstanding):



	June 30, 2017
Counterparty Name	Balance		Weighted Average Rate		Equity at Risk
Wells Fargo Bank, N. A. and affiliates	$	371,660	2.09	%	$	65,366

Of the amount outstanding with Wells Fargo Bank, N.A. and affiliates, $359,263 is under a committed repurchase facility which has an aggregate maximum borrowing capacity of $400,000 and is scheduled to mature on May 12, 2019, subject to early termination provisions contained in the master repurchase agreement. The facility is collateralized primarily by CMBS IO, and its weighted average borrowing rate as of June 30, 2017 was 2.09%.

As of June 30, 2017, the Company had repurchase agreement amounts outstanding with 18 of its 34 available repurchase agreement counterparties. The Company's counterparties, as set forth in the master repurchase agreement with the counterparty, require the Company to comply with various customary operating and financial covenants, including, but not limited to, minimum net worth, maximum declines in net worth in a given period, and maximum leverage requirements as well as maintaining the Company's REIT status. In addition, some of the agreements contain cross default features, whereby default under an agreement with one lender simultaneously causes default under agreements with other lenders. To the extent that the Company fails to comply with the covenants contained in these financing agreements or is otherwise found to be in default under the terms of such agreements, the counterparty has the right to accelerate amounts due under the master repurchase agreement. The Company was in full compliance with all covenants as of June 30, 2017.

The Company's repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its repurchase agreements to these arrangements on a gross basis. The following tables present information regarding the Company's repurchase agreements as if the Company had presented them on a net basis as of June 30, 2017 and December 31, 2016:



	Gross Amount of Recognized Liabilities		Gross Amount Offset in the Balance Sheet		Net Amount of Liabilities Presented in the Balance Sheet		Gross Amount Not Offset in the Balance Sheet ⁽¹⁾					Net Amount
	Gross Amount of Recognized Liabilities		Gross Amount Offset in the Balance Sheet		Net Amount of Liabilities Presented in the Balance Sheet		Financial Instruments Posted as Collateral			Cash Posted as Collateral		Net Amount
June 30, 2017
Repurchase agreements	$	2,540,759	$	—	$	2,540,759	$	(2,540,759	)	$	—	$	—

December 31, 2016:
Repurchase agreements	$	2,898,952	$	—	$	2,898,952	$	(2,898,952	)	$	—	$	—


(1)	Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the asset or liability presented in the balance sheet. The fair value of the actual collateral received by or posted to the same counterparty may exceed the amounts presented.

Please see Note 4 for information related to the Company's derivatives which are also subject to underlying agreements with master netting or similar arrangements.