Repurchase Agreements

12 Months Ended

Dec. 31, 2014

Banking And Thrift [Abstract]

Repurchase Agreements

7. Repurchase Agreements

The Company uses repurchase agreements to finance MBS purchases.  These repurchase agreements are collateralized by the Company’s MBS and typically bear interest at rates that are closely related to LIBOR.  At December 31, 2014 and 2013, the Company had repurchase indebtedness outstanding with 25 counterparties, with a weighted-average remaining contractual maturity of 1.0 and 0.8 months, respectively.  The following table presents the contractual maturity information regarding the Company’s repurchase agreements:

	December 31, 2014					December 31, 2013
			Weighted Average					Weighted Average
	Balance		Contractual Rate			Balance		Contractual Rate
Within 30 days	$	13,770,099		0.35	%	$	13,170,898		0.37	%
30 days to 3 months		1,489,732		0.36	%		2,958,785		0.40	%
3 months to 36 months		500,000		0.53	%		-		-
	$	15,759,831		0.36	%	$	16,129,683		0.37	%

The fair value of securities, and accrued interest the Company had pledged under repurchase agreements at December 31, 2014 and 2013 was $16,575,106 and $17,088,392, respectively.

See Notes 2 and 8 for discussion of TBA dollar roll transactions, which represent off-balance sheet financing.