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Repurchase Agreements
 12 Months Ended
Dec. 31, 2022
Disclosure of Repurchase Agreements [Abstract]  
Repurchase Agreements Repurchase Agreements
As of December 31, 2022 and December 31, 2021, the Company had outstanding $8.6 billion and $7.7 billion, respectively, of repurchase agreements. Excluding the effect of the Company’s interest rate swaps, the repurchase agreements had a weighted average borrowing rate of 3.95% and 0.24% and weighted average remaining maturities of 59 and 67 days as of December 31, 2022 and December 31, 2021, respectively. As of December 31, 2022, none of the Company’s repurchase agreements incorporated LIBOR as the referenced rate. See Note 2 - Basis of Presentation and Significant Accounting Policies for further discussion of the transition away from LIBOR.
At December 31, 2022 and December 31, 2021, the Company’s repurchase agreements had the following characteristics and remaining maturities:
December 31, 2022
Collateral Type
(in thousands)Agency RMBSNon-Agency SecuritiesAgency DerivativesMortgage Servicing Rights
U.S Treasuries (1)
Total Amount Outstanding
Within 30 days$2,570,254 $59,648 $4,177 $— $57,116 $2,691,195 
30 to 59 days1,774,622 10,984 — — 375,131 2,160,737 
60 to 89 days2,280,675 177 503 — 255,282 2,536,637 
90 to 119 days696,283 — 8,393 — 200,766 905,442 
120 to 364 days— — — 309,000 — 309,000 
Total$7,321,834 $70,809 $13,073 $309,000 $888,295 $8,603,011 
Weighted average borrowing rate
3.70 %5.73 %4.83 %7.91 %4.49 %3.95 %
December 31, 2021
Collateral Type
(in thousands)Agency RMBSNon-Agency SecuritiesAgency DerivativesMortgage Servicing Rights
U.S Treasuries (1)
Total Amount Outstanding
Within 30 days$1,617,186 $— $10,097 $— $— $1,627,283 
30 to 59 days1,807,544 — — — — 1,807,544 
60 to 89 days1,979,717 171 1,168 — — 1,981,056 
90 to 119 days1,240,915 — 8,520 — — 1,249,435 
120 to 364 days849,868 — 16,259 125,000 — 991,127 
Total$7,495,230 $171 $36,044 $125,000 $— $7,656,445 
Weighted average borrowing rate
0.17 %1.24 %0.74 %4.00 %— %0.24 %
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(1)U.S. Treasury securities effectively borrowed under reverse repurchase agreements.

The following table summarizes assets at carrying values that are pledged or restricted as collateral for the future payment obligations of the Company’s repurchase agreements:
(in thousands)December 31,
2022		December 31,
2021
Available-for-sale securities, at fair value$7,426,953 $7,009,449 
Mortgage servicing rights, at fair value (1)
667,238 725,985 
Restricted cash324,654 747,779 
Due from counterparties22,055 30,764 
Derivative assets, at fair value14,738 39,609 
U.S. Treasuries (2)
877,632 — 
Total$9,333,270 $8,553,586 
____________________
(1)MSR repurchase agreements are secured by a VFN issued in connection with the Company’s securitization of MSR, which is collateralized by the Company’s MSR.
(2)U.S. Treasury securities effectively borrowed under reverse repurchase agreements..

Although the transactions under repurchase agreements represent committed borrowings until maturity, the respective lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral or fund margin calls.
The following table summarizes certain characteristics of the Company’s repurchase agreements and counterparty concentration at December 31, 2022 and December 31, 2021:
December 31, 2022December 31, 2021
(dollars in thousands)Amount Outstanding
Net Counterparty Exposure (1)
Percent of EquityWeighted Average Days to MaturityAmount Outstanding
Net Counterparty Exposure (1)
Percent of EquityWeighted Average Days to Maturity
Credit Suisse
$309,000 $158,252 7 %363$125,000 $353,975 13 %181
All other counterparties (2)
8,294,011 316,564 14 %487,531,445 314,258 11 %65
Total$8,603,011 $474,816 $7,656,445 $668,233 
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(1)Represents the net carrying value of the assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.
(2)Represents amounts outstanding with 19 and 19 counterparties at December 31, 2022 and December 31, 2021, respectively.

The Company does not anticipate any defaults by its repurchase agreement counterparties. There can be no assurance, however, that any such default or defaults will not occur.