Repurchase Agreements

9 Months Ended

Sep. 30, 2013

Repurchase Agreements

6. Repurchase Agreements

At September 30, 2013 and December 31, 2012, the Company had repurchase agreements in place in the amount of $18,829,771 and $22,866,429, respectively, to finance MBS purchases. As of September 30, 2013 and December 31, 2012, the weighted average interest rate on these borrowings was 0.36% 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 September 30, 2013 and December 31, 2012, the Company had repurchase agreements outstanding with 24 counterparties with a weighted average contractual maturity of 1.19 and 0.8 months, respectively. The following table presents the contractual repricing information regarding the Company’s repurchase agreements:

	September 30, 2013				December 31, 2012
			Weighted Average				Weighted Average
	Balance		Contractual Rate		Balance		Contractual Rate
Within 30 days		$14,478,198		0.35%		$    20,500,568		0.47%
30 days to 3 months		3,014,143		0.37%		2,365,861		0.48%
3 months to 12 months		1,337,430		0.46%		-		-
		$18,829,771		0.36%		$22,866,429		0.47%

The fair value of securities, cash, and accrued interest the Company had pledged under repurchase agreements at September 30, 2013 and December 31, 2012 was $19,877,165 and $24,268,949, respectively.