Note 7 - Repurchase Agreements

12 Months Ended

Dec. 31, 2013

Disclosure of Repurchase Agreements [Abstract]

Repurchase Agreements

Repurchase Agreements

The following table represents the contractual repricing regarding our repurchase agreements to finance Agency Security purchases as of December 31, 2013 and December 31, 2012.

	December 31, 2013		December 31, 2012
	(in thousands)
Within 30 days	$	3,990,434	$	7,771,444
31 days to 60 days	7,098,298		7,840,268
61 days to 90 days	1,226,694		2,699,706
Greater than 90 days	836,078		54,677
Total	$	13,151,504	$	18,366,095

The following table represents the MRAs and other information regarding our repurchase agreements to finance Agency Security purchases as of December 31, 2013 and December 31, 2012.

	December 31, 2013		December 31, 2012
Number of MRAs	35		33
Number of counterparties with repurchase agreements outstanding	27		26
Weighted average maturity in days	45		34
Weighted average contractual rate	0.42	%	0.49	%
Haircut for repurchase agreements (1)	5.0	%	4.8	%

(1) The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount.

For the year ended December 31, 2013, we sold short $2.8 billion of U.S. Treasury Securities acquired under reverse repurchase agreements. We had purchases of $2.8 billion of U.S. Treasury Securities resulting in a gain of $14.2 million for the year ended December 31, 2013. During the years ended December 31, 2012 and December 31, 2011 we did not sell or purchase any U.S. Treasury Securities.