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Secured Borrowings (Notes) | 12 Months Ended
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Dec. 31, 2016
Disclosure of Repurchase Agreements [Abstract] |
Secured Borrowings | The Company’s secured borrowings that were outstanding as of December 31, 2016 and December 31, 2015 are summarized in the following tables:
|  | December 31, 2016
Collateral Type |  | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged
Agency RMBS |  | $ | 1,157,302 |  |  | 0.82 | % |  | $ | 1,191,147 |
Non-Agency RMBS |  | 26,149 |  |  | 1.98 | % |  | 31,952 |
Agency CMBS |  | 1,005,726 |  |  | 0.82 | % |  | 1,095,002 |
Non-Agency CMBS |  | 66,881 |  |  | 1.63 | % |  | 77,840 |
Agency CMBS IO |  | 346,892 |  |  | 1.57 | % |  | 407,481 |
Non-Agency CMBS IO |  | 291,199 |  |  | 1.67 | % |  | 341,139 |
Securitization financing bond |  | 4,803 |  |  | 2.00 | % |  | 5,278 |
Total repurchase agreements |  | $ | 2,898,952 |  |  | 1.03 | % |  | $ | 3,149,839 |
FHLB advances |  | — |  |  | — | % |  | — |
Total secured borrowings |  | $ | 2,898,952 |  |  | 1.03 | % |  | $ | 3,149,839 |
|  | 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) FHLB advances were collateralized primarily with Agency CMBS as of December 31, 2015. As a result of a final rule issued by the Federal Housing Finance Administration ("FHFA") in January 2016 regarding the exclusion of captive insurance entities from membership in the FHLB, the Company's wholly owned subsidiary, Mackinaw Insurance Company, LLC ("Mackinaw"), must terminate its membership in the FHLB of Indianapolis by February 19, 2017 and is no longer permitted new advances or renewals of existing advances. The Company has repaid all FHLB advances as of December 31, 2016. As of December 31, 2016, the weighted average remaining term to maturity of our repurchase agreements was 20 days compared to 22 days as of December 31, 2015. The following table provides a summary of the original term to maturity of our secured borrowings as of December 31, 2016 and December 31, 2015:
Original Term to Maturity |  | December 31, 2016 |  | December 31, 2015
Less than 30 days |  | $ | 910,937 |  |  | $ | 551,643 |
30 to 90 days |  | 533,112 |  |  | 782,393 |
91 to 180 days |  | 1,454,903 |  |  | 1,512,384 |
181 to 364 days |  | — |  |  | — |
1 year or longer |  | — |  |  | 263,000 |
|  | $ | 2,898,952 |  |  | $ | 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):
|  | December 31, 2016
Counterparty Name |  | Balance |  | Weighted Average Rate |  | Equity at Risk
Wells Fargo Bank, N. A. and affiliates |  | $ | 342,160 |  |  | 1.64 | % |  | $ | 62,041 |
Of the amount outstanding with Wells Fargo Bank, N.A. and affiliates, $329,424 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 December 31, 2016 was 1.64%. As of December 31, 2016, the Company had repurchase agreement amounts outstanding with 19 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 full compliance with all covenants as of December 31, 2016. 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=64858031&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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