BORROWINGS

Repurchase Agreements

The Company has entered into repurchase agreements at March 31, 2017 to finance its portfolio of investments. The repurchase agreements bear interest at a contractually agreed rate. The repurchase obligations mature and typically reinvest every 30 days to one year and have a weighted average aggregate interest rate of 1.06% at March 31, 2017. Repurchase agreements are accounted for as secured borrowings since the Company maintains effective control of the financed assets. The following table summarizes certain characteristics of the Company’s repurchase agreements at March 31, 2017 and December 31, 2016:



	March 31, 2017						December 31, 2016
	Amount outstanding		Weighted average interest rate		Market value of collateral held		Amount outstanding		Weighted average interest rate		Market value of collateral held
Agency	$	948,712,000	1.03	%	$	999,910,670	$	755,221,000	0.97	%	$	790,190,232
Non-Agency	2,151,000		3.11	%	4,877,688		7,313,000		2.39	%	12,784,707
Multi-Family	20,362,000		2.35	%	35,810,200		42,277,000		2.52	%	73,146,566
Total	$	971,225,000	1.06	%	$	1,040,598,558	$	804,811,000	1.07	%	$	876,121,505

At March 31, 2017 and December 31, 2016, the repurchase agreements had the following remaining maturities:



	March 31, 2017		December 31, 2016
< or equal to 30 days	$	805,495,000	$	737,823,000
31 to 60 days	—		19,897,000
61 to 90 days	165,730,000		47,091,000
Total	$	971,225,000	$	804,811,000

Under the repurchase agreements, the respective 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 fund margin calls. In addition, the repurchase agreements are subject to certain financial covenants, the most restrictive of which requires that, on the last day of any fiscal quarter, our total stockholders’ equity shall not be less than the greater of (1) $75,000,000 or (2) 50% of the highest stockholders’ equity on the last day of the preceding eight fiscal quarters. The Company was in compliance with these covenants as of March 31, 2017 and December 31, 2016.

The following tables summarize certain characteristics of the Company’s repurchase agreements at March 31, 2017 and December 31, 2016:



	March 31, 2017
Repurchase Agreement Counterparties	Amount Outstanding		Percent of total amount outstanding		Weighted days to maturity	Market Value of collateral held
North America	$	865,682,000	89.13	%	25	$	926,452,396
Asia (1)	103,392,000		10.65	%	11	109,268,474
Europe (1)	2,151,000		0.22	%	81	4,877,688
Total	$	971,225,000	100.00	%	24	$	1,040,598,558

(1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.



	December 31, 2016
Repurchase Agreement Counterparties	Amount Outstanding		Percent of total amount outstanding		Weighted days to maturity	Market Value of collateral held
Wells Fargo Securities	$	33,666,000	4.18	%	8	$	57,627,433
Other North America	703,788,000		87.45	%	16	742,690,286
Asia (1)	62,733,000		7.79	%	14	66,198,478
Europe (1)	4,624,000		0.58	%	44	9,605,308
Total	$	804,811,000	100.00	%	16	$	876,121,505

(1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.