Question-and-Answer Session
Operator
(Operator Instructions). At this time, we will first go to the line of Bose George with KBW. Please go ahead.
Bose George - KBW
I had a couple of questions. The first was just on the seller-provided repo arrangements that you referred to. I was just wondering, what are the terms, the funding costs and are there any protections in terms of margin calls, things like that?
Craig Knutson
The seller-provided financing is basically a traditional repo, although it's a six-month term. Haircut range from 20% to 25% and the rates are, overall, less than 2%.
Bose George - KBW
Then, just speaking to the non-agency side of the business, what are the unlevered returns in the market right now?
Craig Knutson
It varies according to assumptions, but I'd say the way that we look at it, I'd say right now, in some cases, they've obviously tightened a lot. In some cases, they could be high single-digit, in some cases low-double digits. So call it 8%, 8.5% to 11%.
Bose George - KBW
Then just one last thing on REIT REMICs, I think you had mentioned last time that you guys were thinking about it. I was just wondering what your latest thoughts are on that subject?
Craig Knutson
We continued to look at it. I think that if you all recall that when we were first approached with a REIT REMIC structure as a means to finance the yield at which we would have sold the AAA super senior was 11%. We've said over the last, at least, six months that we continue to look at it. The executions have only improved during that time period. Again it is something that we continue to look at and evaluate. We're certainly poised and ready to take advantage of it, should it make sense.
Operator
Next we will go to the line of Andrew Wessel with JPMorgan. Please go ahead.
Andrew Wessel - JP Morgan
On the non-agency side, obviously you have almost $500 million of cash and you're starting to apply leverage, and given the opportunities you are seeing now, high-single digits/low-double digits, would you imagine that most of your investments going forward would be levered? Are you comfortable putting a big chunk of that cash to work unlevered in the non-agency market at this point?
Stewart Zimmerman
We got a little bit cut off into that. The first part, you are talking about the non-agencies only?
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