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Repurchase Agreements (Notes)
 12 Months Ended
Dec. 31, 2020
Disclosure of Repurchase Agreements [Abstract]  
Repurchase agreements REPURCHASE AGREEMENTS
The Company’s repurchase agreements outstanding as of December 31, 2020 and December 31, 2019 are summarized in the following tables:
 December 31, 2020December 31, 2019
Collateral Type
Balance (1)
Weighted
Average Rate		Fair Value of
Collateral Pledged		BalanceWeighted
Average Rate		Fair Value of
Collateral Pledged
Agency RMBS$1,874,176 0.23 %$1,973,608 $2,594,645 1.96 %$2,647,638 
Agency CMBS237,649 0.23 %255,741 1,735,848 1.98 %1,901,452 
Agency CMBS IO209,393 0.90 %243,042 255,912 2.30 %282,522 
Non-Agency CMBS IO115,945 1.28 %136,684 165,943 2.67 %193,013 
Total repurchase agreements$2,437,163 0.34 %$2,609,075 $4,752,348 2.01 %$5,024,625 

The amounts for fair value of collateral pledged in the table above as of December 31, 2020 include securities with an amortized cost of $141,215 which were sold but not settled as of that date, and for which the proceeds of $150,432 are recorded as “receivable for securities sold” on the consolidated balance sheet. These securities collateralized $140,612 of the Company’s repurchase agreement borrowings outstanding as of December 31, 2020. The Company also had $5 and $6,180 payable to counterparties as of December 31, 2020 and December 31, 2019, respectively, for transactions pending settlement as of those respective dates.

The following table provides information on the remaining term to maturity and original term to maturity for the Company’s repurchase agreements as of the dates indicated:
December 31, 2020December 31, 2019
Remaining Term to MaturityBalanceWeighted
Average Rate		WAVG Original Term to MaturityBalanceWeighted
Average Rate		WAVG Original Term to Maturity
Less than 30 days$1,416,608 0.37 %53 $2,078,185 2.12 %34 
30 to 90 days845,394 0.31 %35 2,674,163 1.93 %52 
91 to 180 days175,161 0.22 %13 — — %— 
Total$2,437,163 0.34 %44 $4,752,348 2.01 %45 

As of December 31, 2020, the Company had repurchase agreement amounts outstanding with 20 of its 37 available repurchase agreement counterparties. The Company has a committed repurchase facility with Wells Fargo that has an aggregate maximum borrowing capacity of $250,000, of which it had $121,379 outstanding at a weighted average borrowing rate of 1.01% as of December 31, 2020. The facility is available to the Company until its maturity date of June 11, 2021. The Company did not have more than 5% of its equity at risk with any of its counterparties as of December 31, 2020.

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 and earnings, 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 believes it was in full compliance with all covenants in master repurchase agreements under which there were amounts outstanding as of December 31, 2020.

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 December 31, 2020 and December 31, 2019:
Gross Amount of Recognized LiabilitiesGross Amount Offset in the Balance SheetNet Amount of Liabilities Presented in the Balance Sheet
Gross Amount Not Offset in the Balance Sheet (1)
Net Amount
Financial Instruments Posted as CollateralCash Posted as Collateral
December 31, 2020
Repurchase agreements$2,437,163 $— $2,437,163 $(2,437,163)$— $— 
December 31, 2019
Repurchase agreements$4,752,348 $— $4,752,348 $(4,752,348)$— $— 
(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 repurchase agreement liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented.
Please see Note 5 for information related to the Company’s derivatives, which are also subject to underlying agreements with master netting or similar arrangements.