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Secured Borrowings | 9 Months Ended
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Sep. 30, 2016
Disclosure of Repurchase Agreements [Abstract] |
Secured Borrowings | The Company’s secured borrowings, which consist of repurchase agreements and FHLB advances, that were outstanding as of September 30, 2016 and December 31, 2015 are summarized in the table below:
|  | September 30, 2016
Collateral Type |  | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged
Agency RMBS |  | $ | 1,156,635 |  |  | 0.70 | % |  | $ | 1,204,542 |
Non-Agency RMBS |  | 38,613 |  |  | 1.88 | % |  | 41,082 |
Agency CMBS |  | 594,661 |  |  | 0.69 | % |  | 643,207 |
Non-Agency CMBS |  | 69,687 |  |  | 1.50 | % |  | 82,573 |
Agency CMBS IO |  | 322,632 |  |  | 1.38 | % |  | 378,875 |
Non-Agency CMBS IO |  | 290,626 |  |  | 1.45 | % |  | 343,900 |
Securitization financing bond |  | 5,424 |  |  | 1.86 | % |  | 5,882 |
Total repurchase agreements |  | $ | 2,478,278 |  |  | 0.91 | % |  | $ | 2,700,061 |
FHLB advances (1) |  | 263,000 |  |  | 0.51 | % |  | 274,953 |
Total secured borrowings |  | $ | 2,741,278 |  |  | 0.88 | % |  | $ | 2,975,014 |
|  | December 31, 2015
Collateral Type |  | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged
Agency RMBS |  | $ | 1,439,436 |  |  | 0.47 | % |  | $ | 1,483,152 |
Non-Agency RMBS |  | 52,128 |  |  | 1.77 | % |  | 64,286 |
Agency CMBS |  | 301,427 |  |  | 0.49 | % |  | 345,728 |
Non-Agency CMBS |  | 126,378 |  |  | 1.26 | % |  | 143,785 |
Agency CMBS IOs |  | 360,245 |  |  | 1.24 | % |  | 421,285 |
Non-Agency CMBS IOs |  | 302,771 |  |  | 1.33 | % |  | 359,351 |
Securitization financing bond |  | 7,035 |  |  | 1.65 | % |  | 8,054 |
Total repurchase agreements |  | $ | 2,589,420 |  |  | 0.75 | % |  | $ | 2,825,641 |
FHLB advances (1) |  | 520,000 |  |  | 0.40 | % |  | 541,771 |
Total secured borrowings |  | $ | 3,109,420 |  |  | 0.69 | % |  | $ | 3,367,412 |
(1) As of September 30, 2016 and December 31, 2015, FHLB advances were collateralized primarily with Agency CMBS. As of September 30, 2016, the weighted average remaining term to maturity of our repurchase agreements was 18 days compared to 22 days as of December 31, 2015. The remaining balance of FHLB advances is due in October 2016. The following table provides a summary of the original term to maturity of our secured borrowings as of September 30, 2016 and December 31, 2015:
Original Term to Maturity |  | September 30, 2016 |  | December 31, 2015
Less than 30 days |  | $ | 607,051 |  |  | $ | 551,643 |
30 to 90 days |  | 1,143,854 |  |  | 782,393 |
91 to 180 days |  | 727,373 |  |  | 1,512,384 |
181 to 364 days |  | 263,000 |  |  | — |
1 year or longer |  | — |  |  | 263,000 |
|  | $ | 2,741,278 |  |  | $ | 3,109,420 |
The following table lists the counterparties with whom the Company had over 10% of its shareholders' equity at risk (defined as the excess of collateral pledged over the borrowings outstanding):
|  | September 30, 2016
Counterparty Name |  | Balance |  | Weighted Average Rate |  | Equity at Risk
Wells Fargo Bank, N. A. and affiliates |  | $ | 300,761 |  |  | 1.40 | % |  | $ | 54,432 |
Of the amount outstanding with Wells Fargo Bank, N.A. and affiliates, $287,538 is under a committed repurchase facility which has an aggregate maximum borrowing capacity of $350,000 and is scheduled to mature on August 6, 2018, 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, 2016 was 1.39%. As of September 30, 2016, the Company had repurchase agreement amounts outstanding with 18 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. With respect to outstanding repurchase agreement and FHLB advance financings as of September 30, 2016, the Company was in compliance with all covenants. Please see Note 5 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=55761124&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 + Details
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