|3 Months Ended|
Mar. 31, 2021
|Disclosure of Repurchase Agreements [Abstract]|
|Repurchase Agreements||Repurchase Agreements
As of March 31, 2021 and December 31, 2020, the Company had outstanding $11.7 billion and $15.1 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 0.24% and 0.28% and weighted average remaining maturities of 100 and 58 days as of March 31, 2021 and December 31, 2020, respectively.
At March 31, 2021 and December 31, 2020, the repurchase agreement balances were as follows:
At March 31, 2021 and December 31, 2020, the repurchase agreements had the following characteristics and remaining maturities:
The following table summarizes assets at carrying values that are pledged or restricted as collateral for the future payment obligations of 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.
As of both March 31, 2021 and December 31, 2020, the net carrying value of 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, with any individual counterparty or group of related counterparties did not exceed 10% of total stockholders’ equity. 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.
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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef