Repurchase Agreements (Tables)

3 Months Ended

Mar. 31, 2019

The repurchase agreements outstanding, weighted average borrowing rates, weighted average remaining maturities, average balances and the fair value of collateral pledged as of March 31, 2019 and December 31, 2018 were:



	March 31, 2019			December 31, 2018
Repurchase agreements outstanding secured by:
Agency MBS (in thousands)	$	11,304,483		$	10,193,272
Non-agency MBS and Loans held for investment (in thousands)	4,019,391			3,837,193
Total:	$	15,323,874		$	14,030,465

Average balance of Repurchase agreements secured by:
Agency MBS (in thousands)	$	10,695,015		$	6,085,643
Non-agency MBS and Loans held for investment (in thousands)	3,898,372			3,730,527
Total:	$	14,593,387		$	9,816,170

Average borrowing rate of Repurchase agreements secured by:
Agency MBS	2.71		%	2.55		%
Non-agency MBS and Loans held for investment	4.06		%	4.04		%

Average remaining maturity of Repurchase agreements secured by:
Agency MBS	34 Days			30 Days
Non-agency MBS and Loans held for investment	217 Days			231 Days

Average original maturity of Repurchase agreements secured by:
Agency MBS	82 Days			88 Days
Non-agency MBS and Loans held for investment	244 Days			259 Days

MBS pledged as collateral at fair value on Repurchase agreements:
Agency MBS (in thousands)	$	11,925,748		$	10,832,018
Non-agency MBS and Loans held for investment (in thousands)	5,283,063			4,998,990
Total:	$	17,208,811		$	15,831,008

At March 31, 2019 and December 31, 2018, the repurchase agreements collateralized by MBS and Loans held for investment had the following remaining maturities.



	March 31, 2019		December 31, 2018
	(dollars in thousands)
Overnight	$	8,504	$	—
1 to 29 days	6,455,405		6,326,232
30 to 59 days	4,897,931		4,620,656
60 to 89 days	1,507,408		1,504,695
90 to 119 days	683,716		169,244
Greater than or equal to 120 days	1,770,910		1,409,638
Total	$	15,323,874	$	14,030,465