XML 15 R9.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Repurchase Agreements (Notes) | 3 Months Ended
--- | ---
Mar. 31, 2015
Disclosure of Repurchase Agreements [Abstract] |
Repurchase Agreements | REPURCHASE AGREEMENTS The following tables present the components of the Company’s repurchase agreements as of March 31, 2015 and December 31, 2014 by the fair value and type of securities pledged as collateral:
|  | March 31, 2015
Collateral Type |  | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged
Agency RMBS |  | $ | 1,901,144 |  |  | 0.40 | % |  | $ | 1,975,547 |
Non-Agency RMBS |  | 59,396 |  |  | 1.54 | % |  | 72,524 |
Agency CMBS |  | 451,290 |  |  | 0.36 | % |  | 521,934 |
Non-Agency CMBS |  | 143,107 |  |  | 1.07 | % |  | 167,759 |
Agency CMBS IO |  | 346,527 |  |  | 0.93 | % |  | 404,410 |
Non-Agency CMBS IO |  | 275,257 |  |  | 1.05 | % |  | 325,759 |
Securitization financing bonds |  | 9,122 |  |  | 1.53 | % |  | 10,208 |
|  | $ | 3,185,843 |  |  | 0.56 | % |  | $ | 3,478,141 |
|  | December 31, 2014
Collateral Type |  | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged
Agency RMBS |  | $ | 1,977,338 |  |  | 0.39 | % |  | $ | 2,064,704 |
Non-Agency RMBS |  | 17,594 |  |  | 1.57 | % |  | 21,787 |
Agency CMBS |  | 253,857 |  |  | 0.36 | % |  | 291,103 |
Non-Agency CMBS |  | 114,895 |  |  | 1.15 | % |  | 140,216 |
Agency CMBS IOs |  | 372,609 |  |  | 0.92 | % |  | 430,638 |
Non-Agency CMBS IOs |  | 266,983 |  |  | 1.04 | % |  | 315,149 |
Securitization financing bonds |  | 9,834 |  |  | 1.51 | % |  | 11,000 |
|  | $ | 3,013,110 |  |  | 0.55 | % |  | $ | 3,274,597 |
The combined weighted average original term to maturity for the Company’s repurchase agreements was 116 days as of March 31, 2015 compared to 144 days as of December 31, 2014. The following table provides a summary of the original maturities as of March 31, 2015 and December 31, 2014:
Original Maturity |  | March 31, 2015 |  | December 31, 2014
Less than 30 days |  | $ | 254,535 |  |  | $ | 250,635 |
30 to 90 days |  | 1,663,214 |  |  | 617,399 |
91 to 180 days |  | 292,472 |  |  | 904,830 |
181 to 364 days |  | 862,767 |  |  | 1,030,569 |
1 year or longer |  | 112,855 |  |  | 209,677 |
|  | $ | 3,185,843 |  |  | $ | 3,013,110 |
As of March 31, 2015, shareholders' equity at risk did not exceed 10% for any of the Company's counterparties. The Company had $253,160 of its repurchase agreement balance as of March 31, 2015 outstanding under a term repurchase facility with Wells Fargo Bank National Association. This facility has an aggregate maximum borrowing capacity of $300,000 and is scheduled to mature on August 6, 2016, 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, 2015 was 1.02%. As of March 31, 2015, the Company had repurchase agreement amounts outstanding with 20 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 March 31, 2015. Please see Note 5 for the Company's disclosures related to offsetting assets and liabilities.

X
- Details
Name: | us-gaap_DisclosureOfRepurchaseAgreementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration