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Repurchase Agreements
 12 Months Ended
Dec. 31, 2022
Disclosure of Repurchase Agreements [Abstract]  
Repurchase agreements REPURCHASE AGREEMENTS
The Company’s repurchase agreements outstanding as of December 31, 2022 and December 31, 2021 are summarized in the following tables:
 December 31, 2022December 31, 2021
Collateral TypeBalanceWeighted
Average Rate		Fair Value of
Collateral Pledged		BalanceWeighted
Average Rate		Fair Value of
Collateral Pledged
Agency RMBS$2,349,181 4.15 %$2,496,781 $2,408,126 0.17 %$2,536,094 
Agency CMBS108,580 3.76 %108,146 176,268 0.14 %184,847 
Agency CMBS IO137,569 4.62 %150,517 180,912 0.68 %192,481 
Non-Agency CMBS IO49,075 5.26 %55,513 84,610 0.99 %97,897 
Total repurchase agreements$2,644,405 4.18 %$2,810,957 $2,849,916 0.23 %$3,011,319 
The Company had borrowings outstanding under 24 different repurchase agreements as of December 31, 2022, and its equity at risk did not exceed 5% with any counterparty as of that date. The Company also had $4,159 and $2,471 payable to counterparties for transactions pending settlement as of December 31, 2022 and December 31, 2021, respectively.

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, 2022December 31, 2021
Remaining Term to MaturityBalanceWeighted
Average Rate		WAVG Original Term to MaturityBalanceWeighted
Average Rate		WAVG Original Term to Maturity
Less than 30 days$858,161 4.44 %42 $602,994 0.42 %123 
30 to 90 days1,786,244 4.06 %104 763,302 0.14 %166 
91 to 180 days— — %— 1,075,324 0.15 %198 
181 days to 1 year— — %— 408,296 0.30 %366 
Total$2,644,405 4.18 %84 $2,849,916 0.23 %198 

The increase in the Company’s weighted average rate for its borrowings as of December 31, 2022 compared to December 31, 2021 resulted from the increase in the Federal Funds rate set by the Federal Reserve. The Company’s accrued interest payable related to its repurchase agreement borrowings increased to $16,450 as of December 31, 2022 compared to $1,365 as of December 31, 2021.

The Company has an agreement with Wells Fargo Bank, N.A. for a committed repurchase facility, which has an aggregate maximum borrowing capacity of $250,000 and a maturity date of June 8, 2023. As of December 31, 2022, the Company had $54,248 outstanding with this facility at a weighted average borrowing rate of 4.90%. The remaining repurchase facilities available to the Company are uncommitted with no guarantee of renewal or terms of renewal.

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, 2022.

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 table presents information regarding the Company's repurchase agreements as if the Company had presented them on a net basis as of December 31, 2022 and December 31, 2021:
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, 2022:
Repurchase agreements$2,644,405 $— $2,644,405 $(2,644,405)$— $— 
December 31, 2021:
Repurchase agreements$2,849,916 $— $2,849,916 $(2,849,916)$— $— 
(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.