2.4.0.81060 - Disclosure - Borrowings under Repurchase Agreementstruefalsefalse1false falsefalseD2013Q2YTDhttp://www.sec.gov/CIK0001465885duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_DebtDisclosureAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Borrowings under Repurchase Agreements2false 2us-gaap_DebtDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div style="font-size:10.0pt;font-family:Times New Roman;"> Note 6 — Borrowings under Repurchase Agreements   As of June 30, 2013, the Company had master repurchase agreements with 17 counterparties. As of June 30, 2013, the Company had borrowings under repurchase agreements with 15 counterparties. For the three and six months ended June 30, 2013, the Company had average borrowings under its repurchase agreements of approximately $4.0 billion and $4.3 billion, respectively, had a maximum month-end balance during the three and six months ended of approximately $4.2 billion and $4.8 billion, respectively and accrued interest payable of approximately $1.5 million. For the period from May 15, 2012 (commencement of operations) through June 30, 2012, the Company had average borrowings under its repurchase agreements of approximately $1.5 billion and had a maximum month-end balance during the period of approximately $1.7 billion and accrued interest payable of approximately $279 thousand.   The repurchase agreements bear interest at a contractually agreed-upon rate and typically have terms ranging from one month to three months. The Company’s repurchase agreement borrowings are accounted for as secured borrowings when the Company maintains effective control of the financed assets. Under the repurchase agreements, the respective lender retains the right to determine the fair value of the underlying collateral. A reduction in the value of pledged assets requires the Company to post additional securities as collateral, pay down borrowings or establish cash margin accounts with the counterparties in order to re-establish the agreed-upon collateral requirements, referred to as margin calls. The inability of the Company to post adequate collateral for a margin call by the counterparty, in a timeframe as short as the close of the same business day, could result in a condition of default under the Company’s repurchase agreements, thereby enabling the counterparty to liquidate the collateral pledged by the Company, which may have an adverse effect on the Company’s financial condition and results of operations. The recent volatility and spread widening in both the Agency and Non-Agency RMBS markets during the three months ended June 30, 2013, necessitated the Company being required to post additional collateral with respect to its repurchase agreements. The Company was able to satisfy the requirement for incremental collateral by utilizing unpledged assets and cash on hand. In addition, the Company also pledged U.S. Treasury securities it received from its interest rate swap counterparties as incremental collateral in order to generate additional cash proceeds in order to satisfy such margin requirements. Continued volatility in these markets may create additional stress on the overall liquidity of the Company due to the long-term nature of its assets and the short-term nature of its liabilities. In an instance of severe volatility, or where the additional stress on liquidity resulting from volatility is sustained over an extended period of time, the Company could be required to sell securities, possibly even at a loss to generate sufficient liquidity to satisfy collateral and margin requirements which could have a material adverse effect on the Company’s financial position, results of operations and cash flows. All of the Company’s repurchase agreement counterparties are either U.S. financial institutions or the U.S. broker-dealer subsidiaries of foreign financial institutions.   Further, if the Company is unable to renew, replace or expand repurchase financing with other sources of financing on substantially similar terms it may have an adverse effect on the Company’s business and results of operations, due to the long term nature of the Company’s investments and relatively short-term maturities of the Company’s repurchase agreements. The financial covenants of certain of the repurchase agreements require the Company to maintain certain equity and leverage metrics, the most restrictive of which include a limit on leverage based on the composition of the Company’s portfolio. The Company is in compliance with these covenants for the three and six months ended and at June 30, 2013.   The following tables summarize certain characteristics of the Company’s repurchase agreements at June 30, 2013 and December 31, 2012 (dollars in thousands):   <table style="text-align:left;WIDTH: 83.32%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0.5in;" border="0" cellspacing="0" cellpadding="0" width="83%"> <tr style="padding:0;"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 39.42%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="39%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 56.4%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="56%" colspan="6"> June 30, 2013</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.18%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 39.42%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="39%"> RMBS Pledged</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="16%" colspan="2"> Repurchase Agreement Borrowings</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="16%"> Weighted Average Interest Rate on Borrowings Outstanding at end of period</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="16%"> Weighted Average Remaining Maturity (days)</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.18%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 39.42%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="39%"> Agency RMBS</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="15%"> 3,864,990</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="16%"> 0.40</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="3%"> %</td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="16%"> 31</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.18%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 39.42%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="39%"> Non-Agency RMBS</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="16%" colspan="2"> 96,639</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="16%"> 1.79</td> <td style="PADDING-BOTTOM: 0.375pt; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%"> %</td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="16%"> 22</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.18%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 39.42%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="39%"> Total</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="15%"> 3,961,629</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="16%"> 0.44</td> <td style="PADDING-BOTTOM: 2.25pt; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="3%"> %</td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="16%"> 31</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.18%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr></table>   <table style="text-align:left;WIDTH: 83.32%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0.5in;" border="0" cellspacing="0" cellpadding="0" width="83%"> <tr style="padding:0;"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 39.42%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="39%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 56.4%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="56%" colspan="6"> December 31, 2012</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.18%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 39.42%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="39%"> RMBS Pledged</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="16%" colspan="2"> Repurchase Agreement Borrowings</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="16%"> Weighted Average Interest Rate on Borrowings Outstanding at end of period</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="16%"> Weighted Average Remaining Maturity (days)</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.18%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 39.42%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="39%"> Agency RMBS</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="15%"> 4,794,730</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="16%"> 0.48</td> <td style="PADDING-BOTTOM: 0.375pt; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="3%"> %</td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="16%"> 19</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.18%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 39.42%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="39%"> Total</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="1%"> $</td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15.5%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="15%"> 4,794,730</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="16%"> 0.48</td> <td style="PADDING-BOTTOM: 2.25pt; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%"> %</td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 16.8%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="16%"> 19</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.18%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="1%">  </td></tr></table>   At June 30, 2013, repurchase agreements collateralized by RMBS had the following remaining maturities.   <div align="center"> <table style="text-align:left;WIDTH: 43.34%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0.25in;" border="0" cellspacing="0" cellpadding="0" width="43%"> <tr style="padding:0;"> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 61.26%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="61%"> (dollars in thousands)</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 4.64%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="4%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 33%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="33%" colspan="2"> Balance</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.08%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 61.26%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" width="61%"> Overnight</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 4.64%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="4%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 31.7%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="31%"> 66,083</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.08%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 61.26%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" width="61%"> 2 to 29 days</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 4.64%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="4%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 33%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="33%" colspan="2"> 2,108,710</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.08%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 61.26%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" width="61%"> 30 to 59 days</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 4.64%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="4%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 33%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="33%" colspan="2"> 1,401,570</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.08%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 61.26%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" width="61%"> 60 to 89 days</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 4.64%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="4%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 33%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="33%" colspan="2"> 385,266</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.08%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 61.26%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" width="61%"> 90 to 119 days</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 4.64%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="4%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 33%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="33%" colspan="2"> —</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.08%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 61.26%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" width="61%"> Greater than or equal to 120 days</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 4.64%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="4%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 33%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="33%" colspan="2"> —</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.08%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 61.26%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" width="61%"> Total</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 4.64%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="4%">  </td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 31.7%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="31%"> 3,961,629</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.08%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr></table></div>   As discussed in Note 3, for any transactions determined to be linked, the initial transfer and repurchase financing will be recorded as a forward commitment to purchase assets. At June 30, 2013, the Company had repurchase agreements of approximately $3.3 million that were accounted for as linked transactions. At December 31, 2012, the Company had no transactions determined to be linked. These linked repurchase agreements are not included in the above tables. See Note 8 for details.   At June 30, 2013, the following table reflects amounts at risk under its repurchase agreements greater than 10% of the Company’s equity with any counterparty, including linked transactions.     <table style="text-align:left;WIDTH: 73.34%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 1in;" border="0" cellspacing="0" cellpadding="0" width="73%"> <tr style="padding:0;"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 33.9%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="33%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 61.34%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="61%" colspan="6"> June 30, 2013 (dollars in thousands)</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.36%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 33.9%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="33%"> Counterparty</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 19.1%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="19%" colspan="2"> Amount at Risk, at fair value</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 17.72%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="17%"> Weighted Average Remaining Maturity (days)</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 17.72%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="17%"> Percentage of Stockholders’ Equity</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.36%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 33.9%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="33%"> JP Morgan Securities LLC</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.3%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%"> $</td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 17.8%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="17%"> 60,869</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 17.72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="17%"> 14</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 17.72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="17%"> 14.2</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.36%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%"> %</td></tr> <tr style="padding:0;"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 33.9%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="33%"> Credit Suisse Securities (USA) LLC</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 19.1%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="19%" colspan="2"> 54,903</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 17.72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="17%"> 13</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 17.72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="17%"> 13.0</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.36%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 33.9%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="33%"> Barclays Capital Inc.</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 19.1%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="19%" colspan="2"> 43,573</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 17.72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="17%"> 38</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.4%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="3%">  </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 17.72%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="17%"> 10.3</td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.36%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%">  </td></tr> <tr style="padding:0;"> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BORDER-TOP: medium none; BORDER-RIGHT: medium none;" width="186"></td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BORDER-TOP: medium none; BORDER-RIGHT: medium none;" width="18"></td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BORDER-TOP: medium none; BORDER-RIGHT: medium none;" width="7"></td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BORDER-TOP: medium none; BORDER-RIGHT: medium none;" width="97"></td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BORDER-TOP: medium none; BORDER-RIGHT: medium none;" width="18"></td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BORDER-TOP: medium none; BORDER-RIGHT: medium none;" width="97"></td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BORDER-TOP: medium none; BORDER-RIGHT: medium none;" width="18"></td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BORDER-TOP: medium none; BORDER-RIGHT: medium none;" width="97"></td> <td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BORDER-TOP: medium none; BORDER-RIGHT: medium none;" width="11"></td></tr></table> </div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false0Borrowings under Repurchase AgreementsfalseBorrowings under Repurchase AgreementsUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.westernassetmcc.com/role/DisclosureBorrowingsUnderRepurchaseAgreements12