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Repurchase Agreements (Notes) | 6 Months Ended
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Jun. 30, 2015
Disclosure of Repurchase Agreements [Abstract] |
Repurchase Agreements | REPURCHASE AGREEMENTS The Company finances its purchases of investments primarily using repurchase agreements which bear interest at a floating rate based on a spread to London Interbank Offered Rate ("LIBOR").The Company’s repurchase agreement borrowings outstanding as of June 30, 2015 and December 31, 2014 are summarized in the table below by the fair value and type of securities pledged as collateral:
|  | June 30, 2015
Collateral Type |  | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged
Agency RMBS |  | $ | 1,786,642 |  |  | 0.40 | % |  | $ | 1,856,421 |
Non-Agency RMBS |  | 57,775 |  |  | 1.61 | % |  | 69,906 |
Agency CMBS |  | 740,454 |  |  | 0.36 | % |  | 807,758 |
Non-Agency CMBS |  | 168,920 |  |  | 1.04 | % |  | 194,021 |
Agency CMBS IO |  | 360,837 |  |  | 0.94 | % |  | 420,519 |
Non-Agency CMBS IO |  | 280,125 |  |  | 1.06 | % |  | 332,530 |
Securitization financing bond |  | 8,211 |  |  | 1.54 | % |  | 8,999 |
|  | $ | 3,402,964 |  |  | 0.56 | % |  | $ | 3,690,154 |
|  | 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 bond |  | 9,834 |  |  | 1.51 | % |  | 11,000 |
|  | $ | 3,013,110 |  |  | 0.55 | % |  | $ | 3,274,597 |
As of June 30, 2015, the weighted average remaining term to maturity of our repurchase agreements was 27 days. The following table provides a summary of the original term to maturity of our repurchase agreements as of June 30, 2015 and December 31, 2014:
Original Term to Maturity |  | June 30, 2015 |  | December 31, 2014
Less than 30 days |  | $ | 127,899 |  |  | $ | 250,635 |
30 to 90 days |  | 2,437,689 |  |  | 617,399 |
91 to 180 days |  | 388,951 |  |  | 904,830 |
181 to 364 days |  | 335,570 |  |  | 1,030,569 |
1 year or longer |  | 112,855 |  |  | 209,677 |
|  | $ | 3,402,964 |  |  | $ | 3,013,110 |
As of June 30, 2015, shareholders' equity at risk did not exceed 10% for any of the Company's counterparties. The Company had $271,576 of its repurchase agreement balance as of June 30, 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 June 30, 2015 was 1.04%. As of June 30, 2015, the Company had repurchase agreement amounts outstanding with 21 of its 32 available repurchase agreement 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 June 30, 2015. 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 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 2: 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 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph m -Article 4 + Details
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