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Repurchase Agreements (Notes) | 9 Months Ended
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Sep. 30, 2014
Disclosure of Repurchase Agreements [Abstract] |
Repurchase Agreements | REPURCHASE AGREEMENTS The following tables present the components of the Company’s repurchase agreements as of September 30, 2014 and December 31, 2013 by the fair value and type of securities pledged as collateral:
|  | September 30, 2014
Collateral Type |  | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged
Agency RMBS |  | $ | 2,081,924 |  |  | 0.36 | % |  | 2,168,095 |
Agency CMBS |  | 258,024 |  |  | 0.33 | % |  | 302,352 |
Agency CMBS IOs |  | 351,518 |  |  | 0.94 | % |  | 411,686 |
Non-Agency RMBS |  | 7,724 |  |  | 1.67 | % |  | 8,803 |
Non-Agency CMBS |  | 198,203 |  |  | 1.16 | % |  | 240,802 |
Non-Agency CMBS IO |  | 242,458 |  |  | 1.03 | % |  | 288,202 |
Securitization financing bonds |  | 10,403 |  |  | 1.50 | % |  | 11,885 |
|  | $ | 3,150,254 |  |  | 0.53 | % |  | $ | 3,431,825 |
|  | 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 was 106 days as of September 30, 2014 compared to 114 days as of December 31, 2013. The following table provides a summary of the original maturities as of September 30, 2014 and December 31, 2013:
Original Maturity |  | September 30, 2014 |  | December 31, 2013
Less than 30 days |  | $ | 574,164 |  |  | $ | 4,736 |
30 to 90 days |  | 566,959 |  |  | 1,176,631 |
91 to 180 days |  | 1,514,454 |  |  | 1,439,225 |
181 to 364 days |  | 329,232 |  |  | 960,405 |
1 year or longer |  | 165,445 |  |  | — |
Deferred costs |  | — |  |  | (243 | )
|  | $ | 3,150,254 |  |  | $ | 3,580,754 |
As of September 30, 2014, shareholders' equity at risk did not exceed 10% for any of the Company's counterparties. The Company had $131,275 of its repurchase agreement balance as of September 30, 2014 outstanding under a two-year repurchase facility with Wells Fargo Bank National Association. This 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 September 30, 2014 was 1.06%. As of September 30, 2014, the Company had repurchase agreement amounts outstanding with 21 of its 33 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 September 30, 2014. Please see Note 6 for the Company's disclosures related to offsetting assets and liabilities.

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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=34720971&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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