5. BORROWINGS

The Company leverages its Agency RMBS portfolio through the use of repurchase agreements. Each of the borrowing vehicles used by the Company bears interest at floating rates based on a spread above or below the LIBOR. The fair value of borrowings under repurchase agreements approximates their carrying amount due to the short-term nature of these financial instruments.

Certain information with respect to the Company's borrowings is summarized in the following tables. Each of the borrowings listed is contractually due in one year or less (dollars in thousands).


December 31, 2011
Outstanding borrowings	$	7,880,814
Interest accrued thereon	$	3,747
Weighted average borrowing rate		0.36	%
Weighted average remaining maturity (in days)		27.6
Fair value of the collateral⁽¹⁾	$	8,284,423

December 31, 2010
Outstanding borrowings	$	3,443,843
Interest accrued thereon	$	1,084
Weighted average borrowing rate		0.32	%
Weighted average remaining maturity (in days)		39.3
Fair value of the collateral⁽¹⁾	$	3,657,185

⁽¹⁾	Collateral for borrowings consists of Agency RMBS.

At December 31, 2011 and 2010, the Company did not have any repurchase agreements where the amount at risk exceeded 10% of net assets.