XML 18 R14.htm IDEA: XBRL DOCUMENT
v2.3.0.15

Repurchase Agreements | 9 Months Ended
--- | ---
Sep. 30, 2011
REPURCHASE AGREEMENTS [Abstract] |
Repurchase Agreements | REPURCHASE AGREEMENTS The Company uses repurchase agreements, which are recourse to the Company, to finance certain of its investments. The following tables present the components of the Company’s repurchase agreements as of September 30, 2011 and December 31, 2010 by the type of securities collateralizing the repurchase agreement:
| September 30, 2011
Collateral Type | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged
Agency RMBS | $ | 1,542,593 |  |  | 0.28 | % |  | $ | 1,606,539 |
Agency CMBS | 225,856 |  |  | 0.43 | % |  | 241,713 |
Non-Agency RMBS | 7,048 |  |  | 1.32 | % |  | 8,205 |
Non-Agency CMBS | 235,804 |  |  | 1.22 | % |  | 278,046 |
Securitization financing bonds (see Note 9) | 42,385 |  |  | 1.16 | % |  | 48,988 |
| $ | 2,053,686 |  |  | 0.43 | % |  | $ | 2,183,491 |
| December 31, 2010
Collateral Type | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged
Agency RMBS | $ | 869,537 |  |  | 0.33 | % |  | $ | 908,375 |
Agency CMBS | 150,178 |  |  | 0.31 | % |  | 161,143 |
Non-Agency RMBS | 12,126 |  |  | 1.29 | % |  | 13,628 |
Non-Agency CMBS | 135,143 |  |  | 1.31 | % |  | 164,871 |
Securitization financing bonds (see Note 9) | 67,199 |  |  | 1.36 | % |  | 79,080 |
| $ | 1,234,183 |  |  | 0.50 | % |  | $ | 1,327,097 |
The combined weighted average term to original maturity for the Company’s repurchase agreements was 45 days as of September 30, 2011 and 50 days as of December 31, 2010. The following table provides a summary of the original maturity as of September 30, 2011 and December 31, 2010:
Original Maturity | September 30, 2011 |  | December 31, 2010
30 days or less | $ | 1,177,698 |  |  | $ | 478,848 |
31 to 60 days | 347,951 |  |  | 372,702 |
61 to 90 days | 81,226 |  |  | 202,569 |
Greater than 90 days | 446,811 |  |  | 180,064 |
| $ | 2,053,686 |  |  | $ | 1,234,183 |
The Company's maximum amount of equity at risk (equal to the fair value of the collateral pledged in excess of the amount due) was $42,525 with Bank of America with whom the Company had repurchase agreements of $281,671 outstanding as of September 30, 2011. The maximum amount of equity at risk with all other counterparties did not exceed 10% of the Company's shareholders' equity as of September 30, 2011. Our repurchase agreement counterparties require us to comply with various customary operating and financial covenants, including, but not limited to, minimum net worth, minimum liquidity, and leverage requirements as well as maintaining our REIT status. In addition, some of the covenants contain cross default features, whereby default under one agreement simultaneously causes default under another agreement. To the extent that we fail to comply with the covenants contained in our financing agreements or are otherwise found to be in default under the terms of such agreements, we could be restricted from paying dividends or from engaging in other transactions that are necessary for us to maintain our REIT status. As of September 30, 2011, one of the Company's repurchase agreement counterparties required that the Company's total liabilities not exceed six times its shareholders' equity. Due to the Company's accrual of its litigation settlement costs (see Note 12), the Company failed to comply with this covenant as of September 30, 2011. The Company and the counterparty have entered into an amendment to increase the limit to seven times its shareholders' equity. No obligations were accelerated in connection with this covenant violation, and no cross-default provisions under other agreements were triggered as a result of the breach of this covenant. The Company was in compliance with all remaining covenants as of September 30, 2011. Please refer to "Liquidity and Capital Resources" within Item 2 of this Quarterly Report on Form 10-Q for additional information related to these covenants.

X
- Definition REPURCHASE AGREEMENTS [Abstract] + Details
Name: | dx_RepurchaseAgreementsAbstract
Namespace Prefix: | dx
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for short-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 03 -Paragraph 16 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Article 9 + Details
Name: | us-gaap_ShortTermDebtTextBlock
Namespace Prefix: | us-gaap
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration