Repurchase Agreements Repurchase Agreements (Tables)

9 Months Ended

Sep. 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 September 30, 2014 and December 31, 2013 by the fair value and type of securities pledged as collateral:

	September 30, 2014
Collateral Type	Balance		Weighted Average Rate		Fair Value of Collateral Pledged
Agency RMBS	$	2,081,924	0.36	%	2,168,095
Agency CMBS	258,024		0.33	%	302,352
Agency CMBS IOs	351,518		0.94	%	411,686
Non-Agency RMBS	7,724		1.67	%	8,803
Non-Agency CMBS	198,203		1.16	%	240,802
Non-Agency CMBS IO	242,458		1.03	%	288,202
Securitization financing bonds	10,403		1.50	%	11,885
	$	3,150,254	0.53	%	$	3,431,825

	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 was 106 days as of September 30, 2014 compared to 114 days as of December 31, 2013. The following table provides a summary of the original maturities as of September 30, 2014 and December 31, 2013:

Original Maturity	September 30, 2014		December 31, 2013
Less than 30 days	$	574,164	$	4,736
30 to 90 days	566,959		1,176,631
91 to 180 days	1,514,454		1,439,225
181 to 364 days	329,232		960,405
1 year or longer	165,445		—
Deferred costs	—		(243		)
	$	3,150,254	$	3,580,754