The next column is the Non-Agency MBS portfolio. So this is a portion of the company that we've grown really, we timed it right, we got in the bottom at the end of ’08, I believe. The leverage is two to one and we've used different forms of leverage overtime. So when we reentered the Non-Agency space we’ve financed all the assets just with equity. And eventually as the market became available and as we became more comfortable, we added some repo financing.Again we waited for the market to become more efficient and we added secularization financing, and what we’re going to tell you today in this presentation is, we’ve actually added three-year term structured financing of $500 million. So we continue to diversify our funding sources of longer-term funding for a Non-Agency MBS. And why is that interesting to us? Well, the unlevered loss-adjusted yield our Non-Agencies as of the third quarter was 7.29%.
MFA Financial's Management Presents At Credit Suisse Financial Services Forum (Transcript)
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