Repurchase Agreements

12 Months Ended

Dec. 31, 2012

Repurchase Agreements

6. Repurchase Agreements

At December 31, 2012 and 2011, the Company had repurchase agreements in place in the amount of $22,866,429 and $16,162,375, respectively, to finance agency securities purchases. As of December 31, 2012 and 2011, the weighted average interest rate on these borrowings was 0.47% and 0.37%, respectively. The Company’s repurchase agreements are collateralized by the Company’s agency securities and typically bear interest at rates that are closely related to LIBOR. At December 31, 2012 and 2011, the Company had repurchase agreements outstanding with 24 and 23 counterparties, respectively, with a weighted average contractual maturity of 0.8 months, respectively. The following table presents the contractual repricing information regarding the Company’s repurchase agreements:

	December 31, 2012					December 31, 2011
	Balance		Weighted Average Contractual Rate			Balance		Weighted Average Contractual Rate
Within 30 days	$	20,500,568		0.47	%	$	16,162,375		0.37	%
30 days to 3 months		2,365,861		0.48	%		—		—
3 months to 36 months		—		—			—		—
	$	22,866,429		0.47	%	$	16,162,375		0.37	%

The fair value of securities, cash, and accrued interest the Company had pledged under repurchase agreements at December 31, 2012 and 2011 was $24,268,949 and $17,061,970 respectively.