Repurchase Agreements Repurchase Agreements (Tables)

6 Months Ended

Jun. 30, 2014

Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]

Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings [Table Text Block]

The following tables present the components of the Company’s repurchase agreements as of June 30, 2014 and December 31, 2013 by the fair value and type of securities pledged as collateral:

	June 30, 2014
Collateral Type	Balance			Weighted Average Rate		Fair Value of Collateral Pledged
Agency RMBS	$	2,242,441		0.33	%	2,332,716
Agency CMBS	262,822			0.35	%	316,139
Agency CMBS IOs	377,554			0.97	%	447,501
Non-Agency RMBS	10,279			1.65	%	12,735
Non-Agency CMBS	321,769			1.18	%	391,437
Non-Agency CMBS IO	216,644			1.10	%	265,278
Securitization financing bonds	15,576			1.50	%	17,775
Deferred costs	(35		)	n/a		n/a
	$	3,447,050		0.54	%	$	3,783,581

	December 31, 2013
Collateral Type	Balance			Weighted Average Rate		Fair Value of Collateral Pledged
Agency RMBS	$	2,522,503		0.42	%	2,598,158
Agency CMBS	246,849			0.39	%	306,318
Agency CMBS IOs	369,948			1.16	%	449,072
Non-Agency RMBS	10,569			1.80	%	12,746
Non-Agency CMBS	303,674			1.27	%	367,859
Non-Agency CMBS IOs	106,803			1.27	%	136,227
Securitization financing bonds	20,651			1.59	%	19,686
Deferred costs	(243		)	n/a		n/a
	$	3,580,754		0.61	%	$	3,890,066

The combined weighted average original term to maturity for the Company’s repurchase agreements decreased to 70 days as of June 30, 2014 from 114 days as of December 31, 2013. The following table provides a summary of the original maturities as of June 30, 2014 and December 31, 2013:

Original Maturity	June 30, 2014			December 31, 2013
30 days or less	$	362,588		$	206,112
31 to 60 days	797,617			492,145
61 to 90 days	1,208,340			665,020
91 to 120 days	921,603			783,371
121 to 190 days	156,937			1,434,349
Deferred costs	(35		)	(243		)
	$	3,447,050		$	3,580,754