Repurchase Agreements

3 Months Ended

Mar. 31, 2013

Repurchase Agreements

6. Repurchase Agreements

At March 31, 2013 and December 31, 2012, the Company had repurchase agreements in place in the amount of $22,586,932 and $22,866,429, respectively, to finance MBS purchases. As of March 31, 2013 and December 31, 2012, the weighted average interest rate on these borrowings was 0.39% and 0.47%, 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 March 31, 2013 and December 31, 2012, the Company had repurchase agreements outstanding with 25 and 24 counterparties with a weighted average contractual maturity of 0.9 months and 0.8 months, respectively. The following table presents the contractual repricing information regarding the Company’s repurchase agreements:

	March 31, 2013					December 31, 2012
			Weighted Average					Weighted Average
	Balance		Contractual Rate			Balance		Contractual Rate
Within 30 days	$	19,788,340		0.40	%	$	20,500,568		0.47	%
30 days to 3 months		2,798,592		0.37	%		2,365,861		0.48	%
3 months to 36 months		—		—			—		—
	$	22,586,932		0.39	%	$	22,866,429		0.47	%

The fair value of securities, cash, and accrued interest the Company had pledged under repurchase agreements at March 31, 2013 and December 31, 2012 was $23,736,288 and $24,268,949 respectively.