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Repurchase Agreements (Notes) | 9 Months Ended
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Sep. 30, 2018
Disclosure of Repurchase Agreements [Abstract] |
Repurchase agreements | REPURCHASE AGREEMENTS The Company’s repurchase agreements outstanding as of September 30, 2018 and December 31, 2017 are summarized in the following tables:
|  | September 30, 2018 |  | December 31, 2017
Collateral Type |  | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged |  | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged
Agency RMBS |  | $ | 1,362,687 |  |  | 2.26 | % |  | $ | 1,423,415 |  |  | $ | 836,281 |  |  | 1.47 | % |  | $ | 867,120 |
Agency CMBS |  | 840,346 |  |  | 2.22 | % |  | 897,077 |  |  | 1,003,146 |  |  | 1.44 | % |  | 1,071,904 |
Agency CMBS IO |  | 271,305 |  |  | 2.72 | % |  | 302,403 |  |  | 324,163 |  |  | 2.17 | % |  | 372,077 |
Non-Agency CMBS IO |  | 216,520 |  |  | 3.11 | % |  | 255,090 |  |  | 263,694 |  |  | 2.43 | % |  | 311,571 |
Non-Agency CMBS |  | — |  |  | — | % |  | — |  |  | 15,508 |  |  | 2.47 | % |  | 18,212 |
U.S. Treasuries |  | — |  |  | — | % |  | — |  |  | 123,110 |  |  | 1.85 | % |  | 124,215 |
Total repurchase agreements |  | $ | 2,690,858 |  |  | 2.36 | % |  | $ | 2,877,985 |  |  | $ | 2,565,902 |  |  | 1.67 | % |  | $ | 2,765,099 |
The Company also had $182,922 and $156,899 payable to counterparties as of September 30, 2018 and December 31, 2017, respectively, which consisted of securities pending settlement as of those respective dates. The following table provides information on the remaining term to maturity and original term to maturity for the Company’s repurchase agreements as of the dates indicated:
|  | September 30, 2018 |  | December 31, 2017
Remaining Term to Maturity |  | Balance |  | WAVG Original Term to Maturity |  | Balance |  | WAVG Original Term to Maturity
Less than 30 days |  | $ | 2,081,391 |  |  | 45 |  |  | $ | 2,240,791 |  |  | 49 |
30 to 90 days |  | 609,467 |  |  | 91 |  |  | 274,231 |  |  | 90 |
91 to 180 days |  | — |  |  | — |  |  | 50,880 |  |  | 121 |
Total |  | $ | 2,690,858 |  |  | 55 |  |  | $ | 2,565,902 |  |  | 54 |
The following table lists the counterparties with whom the Company had approximately 10% or more of its shareholders’ equity at risk (defined as the excess of collateral pledged over the borrowings outstanding):
|  | September 30, 2018
Counterparty Name |  | Balance |  | Weighted Average Rate |  | Equity at Risk
Wells Fargo Bank, N. A. and affiliates |  | $ | 303,564 |  |  | 2.93 | % |  | $ | 47,192 |
Of the amount outstanding with Wells Fargo Bank, N.A. and affiliates, $228,992 is under a committed repurchase facility which has an aggregate maximum borrowing capacity of $400,000 and is scheduled to mature on May 12, 2019, subject to early termination provisions contained in the master repurchase agreement. The facility is collateralized by CMBS IO, and its weighted average borrowing rate as of September 30, 2018 was 3.10%. As of September 30, 2018, the Company had repurchase agreement amounts outstanding with 17 of its 35 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 and earnings, 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 September 30, 2018. The Company's repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its repurchase agreements to these arrangements on a gross basis. The following tables present information regarding the Company's repurchase agreements as if the Company had presented them on a net basis as of September 30, 2018 and December 31, 2017:
| Gross Amount of Recognized Liabilities |  | Gross Amount Offset in the Balance Sheet |  | Net Amount of Liabilities Presented in the Balance Sheet |  | Gross Amount Not Offset in the Balance Sheet (1) |  | Net Amount
Financial Instruments Posted as Collateral |  | Cash Posted as Collateral
September 30, 2018 |  |  |  |  |  |  |  |  |  |  |
Repurchase agreements | $ | 2,690,858 |  |  | $ | — |  |  | $ | 2,690,858 |  |  | $ | (2,690,858 | ) |  | $ | — |  |  | $ | — |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |
Repurchase agreements | $ | 2,565,902 |  |  | $ | — |  |  | $ | 2,565,902 |  |  | $ | (2,565,902 | ) |  | $ | — |  |  | $ | — |
(1) | Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of debt securities up to and not exceeding the net amount of the asset or liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented.
Please see Note 4 for information related to the Company’s derivatives which are also subject to underlying agreements with master netting or similar arrangements.

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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 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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