11. Securities Repurchase Agreements

Repurchase agreements related to real estate securities and Other Investment Securities involve the sale and a simultaneous agreement to repurchase the transferred assets or similar assets at a future date. The amount borrowed generally is equal to the fair value of the assets pledged less an agreed-upon discount, referred to as a "haircut." Repurchase agreements related to real estate securities and Other Investment Securities entered into by the Company are accounted for as financings and require the repurchase of the transferred securities at the end of each arrangement's term, typically 30 to 90 days. The Company maintains the beneficial interest in the specific securities pledged during the term of the repurchase arrangement and receives the related principal and interest payments. Interest rates on these borrowings are fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of the repurchase arrangement at which time the Company may enter into a new repurchase arrangement at prevailing market rates with the same counterparty or repay that counterparty and negotiate financing with a different counterparty. In response to declines in fair value of pledged securities due to changes in market conditions or the publishing of monthly security paydown factors, the lender requires the Company to post additional securities as collateral, pay down borrowings or establish cash margin accounts with the counterparty in order to re-establish the agreed-upon collateral requirements, referred to as margin calls. Under the terms of the Company's master repurchase agreements related to real estate securities and Other Investment Securities, the counterparty may sell or re-hypothecate the pledged collateral.

The following table presents certain information regarding the Company's securities repurchase agreements at December 31, 2014 and December 31, 2013 by remaining maturity and collateral type:

	December 31, 2014										December 31, 2013
	Non-Agency RMBS					Other Investment Securities					Non-Agency RMBS
	Balance		Weighted Average Rate			Balance		Weighted Average Rate			Balance		Weighted Average Rate
Securities repurchase agreements maturing within
30 days or less	$	101,553,292		1.57	%	$	1,460,813		1.66	%	$	121,913,678		1.90	%
31-60 days		—		—			—		—			6,415,000		1.84
61-90 days		—		—			—		—			10,263,000		1.85
Total/weighted average	$	101,553,292		1.57	%	$	1,460,813		1.66	%	$	138,591,678		1.89	%

Although securities repurchase agreements are committed borrowings until maturity, the lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral or cash to fund margin calls.

The following table presents information with respect to the Company's posting of collateral under its securities repurchase agreements at December 31, 2014 and December 31, 2013:

	December 31, 2014		December 31, 2013
Securities repurchase agreements secured by non-Agency RMBS	$	101,553,292	$	138,591,678
Securities repurchase agreements secured by Other Investment Securities		1,460,813		—
Fair value of non-Agency RMBS pledged as collateral		135,779,193		183,722,511
Fair value of Other Investment Securities pledged as collateral		2,040,532		—
Fair value of non-Agency RMBS not pledged as collateral		12,806,540		42,432,710
Fair value of Other Investment Securities not pledged as collateral		—		—
Cash pledged as collateral		684,256		1,360,528