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Repurchase Agreements | 3 Months Ended
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Mar. 31, 2014
REPURCHASE AGREEMENTS [Abstract] |
Repurchase Agreements | REPURCHASE AGREEMENTS The following tables present the components of the Company’s repurchase agreements as of March 31, 2014 and December 31, 2013 by the fair value and type of securities pledged as collateral:
|  | March 31, 2014
Collateral Type |  | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged
Agency RMBS |  | $ | 2,350,781 |  |  | 0.39 | % |  | 2,421,202 |
Agency CMBS |  | 265,475 |  |  | 0.37 | % |  | 330,182 |
Agency CMBS IOs |  | 382,327 |  |  | 1.14 | % |  | 471,173 |
Non-Agency RMBS |  | 11,905 |  |  | 1.77 | % |  | 14,691 |
Non-Agency CMBS |  | 309,398 |  |  | 1.22 | % |  | 371,273 |
Non-Agency CMBS IO |  | 149,105 |  |  | 1.23 | % |  | 187,227 |
Securitization financing bonds |  | 16,692 |  |  | 1.52 | % |  | 18,607 |
Deferred costs |  | (139 | ) |  | n/a |  |  | n/a |
|  | $ | 3,485,544 |  |  | 0.59 | % |  | $ | 3,814,355 |
|  | December 31, 2013
Collateral Type |  | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged
Agency RMBS |  | $ | 2,522,503 |  |  | 0.42 | % |  | 2,598,158 |
Agency CMBS |  | 246,849 |  |  | 0.39 | % |  | 306,318 |
Agency CMBS IOs |  | 369,948 |  |  | 1.16 | % |  | 449,072 |
Non-Agency RMBS |  | 10,569 |  |  | 1.80 | % |  | 12,746 |
Non-Agency CMBS |  | 303,674 |  |  | 1.27 | % |  | 367,859 |
Non-Agency CMBS IOs |  | 106,803 |  |  | 1.27 | % |  | 136,227 |
Securitization financing bonds |  | 20,651 |  |  | 1.59 | % |  | 19,686 |
Deferred costs |  | (243 | ) |  | n/a |  |  | n/a |
|  | $ | 3,580,754 |  |  | 0.61 | % |  | $ | 3,890,066 |
The combined weighted average original term to maturity for the Company’s repurchase agreements decreased to 93 days as of March 31, 2014 from 114 days as of December 31, 2013. The following table provides a summary of the original maturities as of March 31, 2014 and December 31, 2013:
Original Maturity |  | March 31, 2014 |  | December 31, 2013
30 days or less |  | $ | 369,542 |  |  | $ | 206,112 |
31 to 60 days |  | 715,516 |  |  | 492,145 |
61 to 90 days |  | 987,579 |  |  | 665,020 |
91 to 120 days |  | 545,628 |  |  | 783,371 |
121 to 190 days |  | 867,418 |  |  | 1,434,349 |
|  | $ | 3,485,683 |  |  | $ | 3,580,997 |
As of March 31, 2014, the Company had approximately $97,517 of its shareholders' equity at risk (defined as the excess of collateral pledged over the borrowing outstanding) with Wells Fargo Bank National Association together with its affiliate Wells Fargo Securities, LLC. The borrowings outstanding with that counterparty and its affiliates as of March 31, 2014 were $348,399 with a weighted average borrowing rate of 1.27%. Of the amount outstanding with this counterparty and its affiliate, $165,693 is under a two-year repurchase facility with Wells Fargo Bank National Association. The facility provides an aggregate maximum borrowing capacity of $250,000 and matures on August 6, 2015, 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 March 31, 2014 was 1.42%. Shareholders' equity at risk did not exceed 10% for any of the Company's other counterparties. As of March 31, 2014, the Company had repurchase agreement amounts outstanding with 21 of its 31 available 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 compliance with all covenants as of March 31, 2014.

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph m -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7523297&loc=SL6224234-111729 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(m)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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