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Repurchase Agreements (Tables)

9 Months Ended

Sep. 30, 2019

Disclosure of Repurchase Agreements [Abstract]

Schedule Of Repurchase Agreements By Term, Short Or Long

At September 30, 2019 and December 31, 2018, the repurchase agreement balances were as follows:



(in thousands)	September 30, 2019		December 31, 2018
Short-term	$	284,418	$	842,078
Long-term	1,440,494		658,465
Total	$	1,724,912	$	1,500,543

Schedule of Repurchase Agreements by Maturity

At September 30, 2019 and December 31, 2018, the repurchase agreements had the following characteristics and remaining maturities:



	September 30, 2019									December 31, 2018
	Collateral Type									Collateral Type
(dollars in thousands)	Loans			CMBS ⁽¹⁾			Total Amount Outstanding			Loans			CMBS ⁽¹⁾			Total Amount Outstanding
Within 30 days	$	—		$	—		$	—		$	—		$	—		$	—
30 to 59 days	—			21,664			21,664			—			25,854			25,854
60 to 89 days	—			—			—			—			—			—
90 to 119 days	—			—			—			—			—			—
120 to 364 days	262,754			—			262,754			816,224			—			816,224
One year and over	1,440,494			—			1,440,494			658,465			—			658,465
Total	$	1,703,248		$	21,664		$	1,724,912		$	1,474,689		$	25,854		$	1,500,543
Weighted average borrowing rate	4.22		%	4.39		%	4.22		%	4.61		%	4.78		%	4.61		%

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(1)	Includes repurchase agreements collateralized by both AFS securities and HTM securities.

Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets

The following table summarizes assets at carrying values that are pledged or restricted as collateral for the future payment obligations under repurchase agreements:



(in thousands)	September 30, 2019		December 31, 2018
Loans held-for-investment	$	2,283,362	$	2,012,550
Available-for-sale securities, at fair value	12,830		12,606
Held-to-maturity securities	19,594		26,696
Restricted cash	1,549		2,922
Total	$	2,317,335	$	2,054,774

Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity

The following table summarizes certain characteristics of the Company’s repurchase agreements and counterparty concentration at September 30, 2019 and December 31, 2018:



	September 30, 2019							December 31, 2018
(dollars in thousands)	Amount Outstanding		Net Counterparty Exposure ⁽¹⁾		Percent of Equity		Weighted Average Years to Maturity	Amount Outstanding		Net Counterparty Exposure ⁽¹⁾		Percent of Equity		Weighted Average Years to Maturity
Morgan Stanley Bank	$	600,000	$	221,137	22	%	1.75	$	475,474	$	203,274	25	%	1.49
JPMorgan Chase Bank	384,436		156,116		15	%	2.60	481,754		168,234		20	%	0.47
Goldman Sachs Bank	262,754		85,606		8	%	0.59	251,785		93,651		11	%	0.33
All other counterparties⁽²⁾	477,722		133,024		13	%	2.39	291,531		92,614		11	%	1.12
Total	$	1,724,912	$	595,883				$	1,500,544	$	557,773

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(1)	Represents the net carrying value of the loans held-for-investment, AFS securities and HTM securities pledged as collateral for repurchase agreements, including accrued interest plus any cash on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.

(2)

Represents amounts outstanding with two other counterparties as of September 30, 2019 and December 31, 2018.