Repurchase Agreements

6 Months Ended

Jun. 30, 2013

Repurchase Agreements

6. Repurchase Agreements

At June 30, 2013 and December 31, 2012, the Company had repurchase agreements in place in the amount of $23,077,252 and $22,866,429, respectively, to finance MBS purchases. As of June 30, 2013 and December 31, 2012, the weighted average interest rate on these borrowings was 0.37% 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 June 30, 2013 and December 31, 2012, the Company had repurchase agreements outstanding with 25 and 24 counterparties with a weighted average contractual maturity 0.8 months, respectively. The following table presents the contractual repricing information regarding the Company’s repurchase agreements:

	June 30, 2013				December 31, 2012
			Weighted Average				Weighted Average
	Balance		Contractual Rate		Balance		Contractual Rate
Within 30 days		$22,569,149		0.37%		$    20,500,568		0.47%
30 days to 3 months		508,103		0.38%		2,365,861		0.48%
		$23,077,252		0.37%		$22,866,429		0.47%

The fair value of securities, cash, and accrued interest the Company had pledged under repurchase agreements at June 30, 2013 and December 31, 2012 was $24,216,775 and $24,268,949 respectively.