Repurchase Agreements

3 Months Ended

Mar. 31, 2014

Repurchase Agreements

6.       Repurchase Agreements

At March 31, 2014 and December 31, 2013, the Company had repurchase agreements in place in the amount of $15,183,457 and $16,129,683, respectively, to finance MBS purchases.  As of March 31, 2014 and December 31, 2013, the weighted average interest rate on these borrowings was 0.33% 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 March 31, 2014 and December 31, 2013, the Company had repurchase indebtness outstanding with 25 counterparties, with a weighted average contractual maturity of 0.8 months.  The following table presents the contractual repricing information regarding the Company’s repurchase agreements:

	March 31, 2014					December 31, 2013
			Weighted Average					Weighted Average
	Balance		Contractual Rate			Balance		Contractual Rate
Within 30 days	$	13,752,842		0.28	%	$	13,170,898		0.37	%
30 days to 3 months		1,430,615		0.63	%		2,958,785		0.40	%
	$	15,183,457		0.33	%	$	16,129,683		0.37	%

The fair value of securities, cash, and accrued interest the Company had pledged under repurchase agreements at March 31, 2014 and December 31, 2013 was $15,933,514 and $17,088,392, respectively.  

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