3.	Borrowings:

Repurchase Agreements

The Company has entered into repurchase agreements to fund its investments in MBS. As of March 31, 2012, the amount at risk related to $203,576 of repurchase agreements with Credit Suisse Securities USA LLC was $46,460, or 21.01% of the Company's equity, with a weighted-average maturity of 15 days. 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 and $19,995, respectively, or 25.55% and 10.90% of the Company's equity, respectively, with a weighted-average maturity of 16 and 12 days, respectively. The following tables provide information regarding the Company's outstanding repurchase agreement borrowings as of the dates and for the periods indicated:

	March 31, 2012				December 31, 2011
Outstanding balance		$	668,618			$	647,977
Value of assets pledged as collateral
Agency-backed MBS			674,379				653,322
Private-label MBS			76,553				78,110
Weighted-average rate			0.45	%			0.49	%
Weighted-average term to maturity		13.0 days				13.1 days

	March 31, 2012				March 31, 2011
Weighted-average outstanding balance during the three months ended		$	645,469			$	321,850
Weighted-average rate during the three months ended			0.42	%			0.39	%

Long-Term Debt

As of March 31, 2012 and December 31, 2011, 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 3.32% and 3.15% as of March 31, 2012 and December 31, 2011, respectively. All of these borrowings mature between 2033 and 2035.