Repurchase Agreements

12 Months Ended

Dec. 31, 2013

Repurchase Agreements

6. Repurchase Agreements

At December 31, 2013 and 2012, the Company had repurchase agreements in place in the amount of $16,129,683 and $22,866,429, respectively, to finance MBS purchases. As of December 31, 2013 and 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 December 31, 2013 and 2012, the Company had repurchase agreements outstanding with 25 and 24 counterparties, respectively, with a weighted average contractual maturity of 0.8 months. The following table presents the contractual repricing information regarding the Company’s repurchase agreements:

	December 31, 2013					December 31, 2012
			Weighted Average					Weighted Average
	Balance		Contractual Rate			Balance		Contractual Rate
Within 30 days	$	13,170,898		0.37	%	$	20,500,568		0.47	%
30 days to 3 months		2,958,785		0.40	%		2,365,861		0.48	%
	$	16,129,683		0.37	%	$	22,866,429		0.47	%

The fair value of securities, cash, and accrued interest the Company had pledged under repurchase agreements at December 31, 2013 and 2012 was $17,088,392 and $24,268,949 respectively.

See Note 2 for a discussion of TBA dollar roll transactions, which represent off-balance sheet financing.