Repurchase Agreements Repurchase Agreements (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014 by the fair value and type of securities pledged as collateral:

	March 31, 2015
Collateral Type	Balance		Weighted Average Rate		Fair Value of Collateral Pledged
Agency RMBS	$	1,901,144	0.40	%	$	1,975,547
Non-Agency RMBS	59,396		1.54	%	72,524
Agency CMBS	451,290		0.36	%	521,934
Non-Agency CMBS	143,107		1.07	%	167,759
Agency CMBS IO	346,527		0.93	%	404,410
Non-Agency CMBS IO	275,257		1.05	%	325,759
Securitization financing bonds	9,122		1.53	%	10,208
	$	3,185,843	0.56	%	$	3,478,141

	December 31, 2014
Collateral Type	Balance		Weighted Average Rate		Fair Value of Collateral Pledged
Agency RMBS	$	1,977,338	0.39	%	$	2,064,704
Non-Agency RMBS	17,594		1.57	%	21,787
Agency CMBS	253,857		0.36	%	291,103
Non-Agency CMBS	114,895		1.15	%	140,216
Agency CMBS IOs	372,609		0.92	%	430,638
Non-Agency CMBS IOs	266,983		1.04	%	315,149
Securitization financing bonds	9,834		1.51	%	11,000
	$	3,013,110	0.55	%	$	3,274,597

The combined weighted average original term to maturity for the Company’s repurchase agreements was 116 days as of March 31, 2015 compared to 144 days as of December 31, 2014. The following table provides a summary of the original maturities as of March 31, 2015 and December 31, 2014:

Original Maturity	March 31, 2015		December 31, 2014
Less than 30 days	$	254,535	$	250,635
30 to 90 days	1,663,214		617,399
91 to 180 days	292,472		904,830
181 to 364 days	862,767		1,030,569
1 year or longer	112,855		209,677
	$	3,185,843	$	3,013,110