Note 4. Borrowings:

Repurchase Agreements

The Company has entered into repurchase agreements to fund its investments in MBS. As of December 31, 2011, the amount at risk related to $177,402 and $219,737 of repurchase agreements with Credit Suisse Securities USA LLC and Barclays Capital Inc., respectively, was $46,848 or 25.55% and $19,995 or 10.90%, respectively, of the Company's equity with a weighted average maturity of 16 and 12 days, respectively. As of December 31, 2010, the amount at risk related to $19,852 of repurchase agreements with Credit Suisse Securities USA LLC was $31,943, or 14.74% of the Company's equity with a weighted average maturity of 35 days. The following tables provide information regarding the Company's outstanding repurchase agreement borrowings as of the dates and periods indicated:

	December 31,
	2011			2010
Outstanding balance	$	647,977		$	190,220
Value of assets pledged as collateral
Agency-backed MBS		653,322			174,055
Private-label MBS		78,110			59,830
Cash		-			1,300
Weighted-average rate		0.49	%		0.53	%
Weighted-average term to maturity	13.1 days			15.4 days
Weighted-average outstanding balance during the year ended	$	559,086		$	157,968
Weighted-average rate during the year ended		0.36	%		0.37	%

Long-Term Debt

As of December 31, 2011 and 2010, the Company had $15,000 of outstanding long-term debentures. The long-term debentures accrue and require payments of interest quarterly at an annual rate of three-month LIBOR plus 2.25% to 3.00%. The weighted average interest rate on these long-term debentures was 3.15% and 3.04% as of December 31, 2011 and 2010, respectively. All of these borrowings mature between 2033 and 2035. The Company extinguished $236,689 of this long-term debt at a gain of $160,435 during 2009. There were no extinguishments of long-term debt during the years ended December 31, 2011 and December 31, 2010.