REPURCHASE AGREEMENTS

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



	March 31, 2014
Collateral Type	Balance			Weighted Average Rate		Fair Value of Collateral Pledged
Agency RMBS	$	2,350,781		0.39	%	2,421,202
Agency CMBS	265,475			0.37	%	330,182
Agency CMBS IOs	382,327			1.14	%	471,173
Non-Agency RMBS	11,905			1.77	%	14,691
Non-Agency CMBS	309,398			1.22	%	371,273
Non-Agency CMBS IO	149,105			1.23	%	187,227
Securitization financing bonds	16,692			1.52	%	18,607
Deferred costs	(139		)	n/a		n/a
	$	3,485,544		0.59	%	$	3,814,355



	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 93 days as of March 31, 2014 from 114 days as of December 31, 2013. The following table provides a summary of the original maturities as of March 31, 2014 and December 31, 2013:



Original Maturity	March 31, 2014		December 31, 2013
30 days or less	$	369,542	$	206,112
31 to 60 days	715,516		492,145
61 to 90 days	987,579		665,020
91 to 120 days	545,628		783,371
121 to 190 days	867,418		1,434,349
	$	3,485,683	$	3,580,997

As of March 31, 2014, the Company had approximately $97,517 of its shareholders' equity at risk (defined as the excess of collateral pledged over the borrowing outstanding) with Wells Fargo Bank National Association together with its affiliate Wells Fargo Securities, LLC. The borrowings outstanding with that counterparty and its affiliates as of March 31, 2014 were $348,399 with a weighted average borrowing rate of 1.27%. Of the amount outstanding with this counterparty and its affiliate, $165,693 is under a two-year repurchase facility with Wells Fargo Bank National Association. The facility provides an aggregate maximum borrowing capacity of $250,000 and matures on August 6, 2015, subject to early termination provisions contained in the master repurchase agreement. The facility is collateralized primarily by CMBS IO, and its weighted average borrowing rate as of March 31, 2014 was 1.42%. Shareholders' equity at risk did not exceed 10% for any of the Company's other counterparties.

As of March 31, 2014, the Company had repurchase agreement amounts outstanding with 21 of its 31 available counterparties. The Company's counterparties, as set forth in the master repurchase agreement with the counterparty, require the Company to comply with various customary operating and financial covenants, including, but not limited to, minimum net worth, maximum declines in net worth in a given period, and maximum leverage requirements as well as maintaining the Company's REIT status. In addition, some of the agreements contain cross default features, whereby default under an agreement with one lender simultaneously causes default under agreements with other lenders. To the extent that the Company fails to comply with the covenants contained in these financing agreements or is otherwise found to be in default under the terms of such agreements, the counterparty has the right to accelerate amounts due under the master repurchase agreement. The Company was in compliance with all covenants as of March 31, 2014.