REPURCHASE AGREEMENTS

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

As of March 31, 2015, shareholders' equity at risk did not exceed 10% for any of the Company's counterparties. The Company had $253,160 of its repurchase agreement balance as of March 31, 2015 outstanding under a term repurchase facility with Wells Fargo Bank National Association. This facility has an aggregate maximum borrowing capacity of $300,000 and is scheduled to mature on August 6, 2016, 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, 2015 was 1.02%.

As of March 31, 2015, the Company had repurchase agreement amounts outstanding with 20 of its 33 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, 2015.

Please see Note 5 for the Company's disclosures related to offsetting assets and liabilities.