Note 8 -Repurchase Agreements

At March 31, 2016, we had MRAs with 37 counterparties and had $9,923,859 in outstanding borrowings with 26 of those counterparties. At December 31, 2015, we had MRAs with 38 counterparties and had $11,570,481 in outstanding borrowings with 26 of those counterparties.

The following table represents the contractual repricing regarding our repurchase agreements to finance our MBS purchases at March 31, 2016 and December 31, 2015. No amounts below are subject to offsetting.



March 31, 2016	Repurchase Agreements		Weighted Average Contractual Rate		Weighted Average Maturity in days	Haircut for Repurchase Agreements ₍₁₎
Agency Securities	$	9,722,888	0.69	%	32	4.80	%
Non-Agency Securities	200,971		2.15	%	31	24.83	%
Total or Weighted Average	$	9,923,859	0.72	%	32	5.21	%

(1) The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount.



December 31, 2015	Repurchase Agreements		Weighted Average Contractual Rate		Weighted Average Maturity in days	Haircut for Repurchase Agreements ₍₁₎
Agency Securities	$	11,570,481	0.57	%	38	4.79	%
Total or Weighted Average	$	11,570,481	0.57	%	38	4.79	%

(1) The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount.

Our repurchase agreements require that we maintain adequate pledged collateral. A decline in the value of the Agency Securities pledged as collateral for borrowings under repurchase agreements could result in the counterparties demanding additional collateral pledges or liquidation of some of the existing collateral to reduce borrowing levels. We manage this risk by maintaining an adequate balance of available cash and unpledged securities. An event of default or termination event under the standard MRA would give our counterparty the option to terminate all repurchase transactions existing with us and require any amount due to be payable immediately. In addition, certain of our MRAs contain a restriction that prohibits our leverage from exceeding twelve times our stockholders’ equity as well as termination events in the case of significant reductions in equity capital. We also may receive cash or securities as collateral from our derivative counterparties which we may use as additional collateral for repurchase agreements. Certain interest rate swap contracts provide for cross collateralization and cross default with repurchase agreements and other contracts with the same counterparty.



	March 31, 2016				December 31, 2015
Maturing or Repricing	Repurchase Agreements		Weighted Average Contractual Rate		Repurchase Agreements		Weighted Average Contractual Rate
Within 30 days	$	7,366,962	0.71	%	$	8,089,403	0.55	%
31 days to 60 days	1,794,880		0.70	%	2,487,174		0.57	%
61 days to 90 days	112,017		1.01	%	343,904		0.71	%
Greater than 90 days	650,000		0.81	%	650,000		0.67	%
Total or Weighted Average	$	9,923,859	0.72	%	$	11,570,481	0.57	%

At March 31, 2016, 5 repurchase agreement counterparties individually accounted for between 5% and 10% of our aggregate borrowings and 1 counterparty that individually accounted for 10.5% of our aggregate borrowings. In total, these counterparties accounted for approximately 43.5% of our repurchase agreement borrowings outstanding at March 31, 2016. At December 31, 2015, we had 8 repurchase agreement counterparties that individually accounted for between 5% and 10% of our aggregate borrowings. In total, these counterparties accounted for 53.48% of our repurchase agreement borrowings at December 31, 2015. At March 31, 2016 and December 31, 2015, we did not have any repurchase counterparties that individually account for 5% or greater of our stockholders' equity.