subject to maintaining our qualification as a reit , we intend to adjust our strategies to changing market conditions by shifting our asset allocations across various asset classes as credit and liquidity trends evolve over time . we believe that this flexibility , combined with ellington 's experience , will help us generate more consistent returns on our capital throughout changing market cycles . subject to maintaining our qualification as a reit , we opportunistically hedge our credit risk , interest rate risk , and foreign currency risk ; however , at any point in time we may choose not to hedge all or a portion of these risks , and we will generally not hedge those risks that we believe are appropriate for us to take at such time , or that we believe would be impractical or prohibitively expensive to hedge . we also use leverage in our credit strategy , albeit significantly less leverage than that used in our agency rmbs strategy . through december 31 , 2020 , we financed the vast majority of our agency rmbs assets , and a portion of our credit assets , through repurchase agreements , which we sometimes refer to as `` repos , `` which we account for as collateralized borrowings . we expect to continue to finance the vast majority of our agency rmbs through the use of repos . in addition to financing assets through repos , we also enter into other secured borrowing transactions , which are accounted for as collateralized borrowings , to finance certain of our loan assets . we have also obtained , through the securitization markets , term financing for certain of our non-qualified mortgage , or `` non-qm , `` loans , certain of our consumer loans , and certain of our leveraged corporate loans . additionally , we have issued unsecured long-term debt . as of december 31 , 2020 , outstanding borrowings under repos and total other secured borrowings ( which include other secured borrowings and other secured borrowings , at fair value , as presented on our consolidated balance sheet ) were $ 2.3 66 tabl e of contents billion , of which approximately 40 % , or $ 921.9 million , relates to our agency rmbs holdings . the remaining outstanding borrowings relate to our credit portfolio . as of december 31 , 2020 , we also had $ 86.0 million outstanding of unsecured long-term debt , maturing in september of 2022 , or the `` senior notes . `` the senior notes bear interest at a rate of 5.50 % , subject to adjustment based on changes , if any , in the ratings of the senior notes . the indenture governing the senior notes contains a number of covenants , including several financial covenants . the senior notes were issued in connection with an exchange of our previously issued unsecured long-term debt ( the `` old senior notes `` ) on february 13 , 2019 ( the `` note exchange `` ) , in connection with our intended election to be taxed as a reit . at the time of the note exchange , the senior notes were rated a by egan-jones rating company 1 . 1 a rating is not a recommendation to buy , sell or hold securities . ratings may be subject to revision or withdrawal at any time by the assigning rating organization . each rating should be evaluated independently of any other rating . see note 11 of the notes to our consolidated financial statements for further detail on the senior notes and the note exchange . as of december 31 , 2020 , our book value per share of common stock , calculated using total stockholders ' equity less the aggregate liquidation preference of outstanding preferred stock , was $ 17.59. our debt-to-equity ratio was 2.6:1 as of december 31 , 2020. our debt-to-equity ratio does not account for liabilities other than debt financings and does not include debt associated with securitization transactions accounted for as sales . our recourse debt-to-equity ratio was 1.6:1 as of december 31 , 2020. on january 24 , 2020 , we completed a follow-on offering of 5,290,000 shares of our common stock , of which 690,000 shares were issued pursuant to the exercise of the underwriters ' option . the issuance and sale of such common shares generated net proceeds , after underwriters ' discount and offering costs , of $ 95.3 million . during the year ended december 31 , 2020 we repurchased 290,050 shares of our common stock at an average price per share of $ 10.54 and a total cost of $ 3.1 million . in addition to making discretionary repurchases , we from time to time use 10b5-1 plans to increase the number of trading days available to implement these repurchases . we elected to be taxed as a reit under the internal revenue code of 1986 , as amended , or `` the code , `` commencing with our taxable year ended december 31 , 2019. provided that we maintain our qualification as a reit , we generally will not be subject to u.s. federal , state , and local income tax on our reit taxable income that is currently distributed to our stockholders . any taxes paid by a domestic taxable reit subsidiary , or `` trs , `` will reduce the cash available for distribution to our stockholders . reits are subject to a number of organizational and operational requirements , including a requirement that they currently distribute at least 90 % of their annual reit taxable income excluding net capital gains . story_separator_special_tag hedging instruments interest rate hedging we opportunistically hedge our interest rate risk by using various hedging strategies , subject to maintaining our qualification as a reit . the interest rate hedging instruments that we use and may use in the future include , without limitation : tbas ; interest rate swaps ( including floating-to-fixed , fixed-to-floating , floating-to-floating , or more complex swaps such as floating-to-inverse floating , callable or non-callable ) ; cmos ; u.s. treasury securities ; swaptions , caps , floors , and other derivatives on interest rates ; futures and forward contracts ; and options on any of the foregoing . because fluctuations in short-term interest rates may expose us to fluctuations in the spread between the interest we earn on our investments and the interest we pay on our borrowings , we may seek to manage such exposure by entering into short positions in interest rate swaps . an interest rate swap is an agreement to exchange interest rate cash flows , calculated on a notional principal amount , at specified payment dates during the life of the agreement . typically , one party pays a fixed interest rate and receives a floating interest rate and the other party pays a floating interest rate and receives a fixed interest rate . each party 's payment obligation is computed using a different interest rate . in an interest rate swap , the notional principal is generally not exchanged . credit risk hedging we enter into credit-hedging positions in order to protect against adverse credit events with respect to our credit investments , subject to maintaining our qualification as a reit . our credit hedging portfolio can vary significantly from period to period , and can encompass a wide variety of financial instruments , including corporate debt or equity-related instruments , rmbs- or cmbs-related instruments , or instruments involving other markets . our hedging instruments can include both `` single-name `` instruments ( i.e . , instruments referencing one underlying entity or security ) and hedging instruments referencing indices . 71 tabl e of contents currently , our credit hedges consist primarily of financial instruments tied to corporate credit , such as cds on corporate bond indices , short positions in and cds on corporate bonds ; and positions involving exchange traded funds , or `` etfs , `` of corporate bonds . our credit hedges also currently include cds tied to individual mbs or an index of several mbs , such as cds on cmbs indices , or `` cmbx . `` foreign currency hedging to the extent that we hold instruments denominated in currencies other than u.s. dollars , we may enter into transactions to offset the potential adverse effects of changes in currency exchange rates , subject to maintaining our qualification as a reit . in particular , we may use currency forward contracts and other currency-related derivatives to mitigate this risk . trends and recent market developments market overview after lowering the target range for the federal funds rate three times in 2019 , the u.s. federal reserve , or `` federal reserve , `` elected to maintain its target range of 1.50 % –1.75 % at its january 2020 meeting , but noted concerns about the spread of the novel coronavirus disease ( `` covid-19 `` ) in its minutes . as the first quarter of 2020 progressed and covid-19 spread , economic activity declined as countries around the world implemented social-distancing restrictions ; unemployment claims surged and gdp growth forecasts were revised downward as the market began to price in a global recession . in march , macroeconomic conditions worsened , and financial markets experienced extreme volatility and dislocations . in response , the federal reserve implemented two emergency interest rate cuts totaling 150 basis points , resumed its asset purchases at an unprecedented pace , added additional liquidity to repo markets , and formed several credit facilities to stabilize markets . the white house and u.s. congress passed three rounds of stimulus packages , culminating in the $ 2 trillion cares act on march 27th , the largest emergency spending bill in history . in april , the federal reserve expanded many of its stimulus programs to provide up to $ 2.3 trillion in additional capital . similarly , central banks and governments around the globe responded swiftly and aggressively with interest rate cuts , quantitative easing programs , and stimulus packages . while these efforts were successful in stabilizing markets , the negative economic impact of covid-19 persisted , and the federal reserve continued its accommodative monetary policy throughout the rest of 2020 , including maintaining its target range of 0.00 % –0.25 % for the federal funds rate ; purchasing significant amounts of u.s. treasury securities , agency rmbs , and other eligible collateral pursuant to the asset purchase programs it outlined earlier in the year ; and extending or expanding several of its liquidity support programs . at its final meeting of 2020 , in december , the federal reserve noted that `` the covid-19 pandemic is causing tremendous human and economic hardship across the united states and around the world . economic activity and employment have continued to recover but remain well below their levels at the beginning of the year . `` the federal reserve reiterated that it `` is committed to using its full range of tools to support the u.s. economy in this challenging time , thereby promoting its maximum employment and price stability goals . `` the federal reserve also directed the open market desk to increase its holdings of treasury securities by $ 80 billion per month , and of agency rmbs by $ 40 billion per month . finally , just prior to year end 2020 , congress and the administration approved an additional $ 900 billion of covid-related stimulus and economic aid . interest rates dropped dramatically during the first quarter of 2020 , as the spread of covid-19

liquidity and capital resources liquidity refers to our ability to meet our cash needs , including repaying our borrowings , funding and maintaining positions in our targeted assets , making distributions in the form of dividends , and other general business needs . our short-term ( one year or less ) and long-term liquidity requirements include acquisition costs for assets we acquire , payment of our base management fee and incentive fee , compliance with margin requirements under our repos , reverse repos , and financial derivative contracts , repayment of repo borrowings and other secured borrowings to the extent we are unable or unwilling to extend such borrowings , payment of our general operating expenses , payment of interest payments on our senior notes , and payment of our dividends . our capital resources primarily include cash on hand , cash flow from our investments ( including principal and interest payments received on our investments and proceeds from the sale of investments ) , borrowings under repos and other secured borrowings , and proceeds from equity and debt offerings . we expect that these sources of funds will be sufficient to meet our short-term and long-term liquidity needs . the following summarizes our borrowings under repos by remaining maturity : replace_table_token_25_th repos involving underlying investments that were sold prior to december 31 , 2020 for settlement following december 31 , 2020 , are shown using their original maturity dates even though such repos may be expected to be terminated early upon settlement of the sale of the underlying investment . the amounts borrowed under our repo agreements are generally subject to the application of `` haircuts . '' a haircut is the percentage discount that a repo lender applies to the market value of an asset serving as collateral for a repo borrowing , for the purpose of determining whether such repo borrowing is adequately collateralized .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources liquidity refers to our ability to meet our cash needs , including repaying our borrowings , funding and maintaining positions in our targeted assets , making distributions in the form of dividends , and other general business needs . our short-term ( one year or less ) and long-term liquidity requirements include acquisition costs for assets we acquire , payment of our base management fee and incentive fee , compliance with margin requirements under our repos , reverse repos , and financial derivative contracts , repayment of repo borrowings and other secured borrowings to the extent we are unable or unwilling to extend such borrowings , payment of our general operating expenses , payment of interest payments on our senior notes , and payment of our dividends . our capital resources primarily include cash on hand , cash flow from our investments ( including principal and interest payments received on our investments and proceeds from the sale of investments ) , borrowings under repos and other secured borrowings , and proceeds from equity and debt offerings . we expect that these sources of funds will be sufficient to meet our short-term and long-term liquidity needs . the following summarizes our borrowings under repos by remaining maturity : replace_table_token_25_th repos involving underlying investments that were sold prior to december 31 , 2020 for settlement following december 31 , 2020 , are shown using their original maturity dates even though such repos may be expected to be terminated early upon settlement of the sale of the underlying investment . the amounts borrowed under our repo agreements are generally subject to the application of `` haircuts . '' a haircut is the percentage discount that a repo lender applies to the market value of an asset serving as collateral for a repo borrowing , for the purpose of determining whether such repo borrowing is adequately collateralized .
```    
 Suspicious Activity Report : subject to maintaining our qualification as a reit , we intend to adjust our strategies to changing market conditions by shifting our asset allocations across various asset classes as credit and liquidity trends evolve over time . we believe that this flexibility , combined with ellington 's experience , will help us generate more consistent returns on our capital throughout changing market cycles . subject to maintaining our qualification as a reit , we opportunistically hedge our credit risk , interest rate risk , and foreign currency risk ; however , at any point in time we may choose not to hedge all or a portion of these risks , and we will generally not hedge those risks that we believe are appropriate for us to take at such time , or that we believe would be impractical or prohibitively expensive to hedge . we also use leverage in our credit strategy , albeit significantly less leverage than that used in our agency rmbs strategy . through december 31 , 2020 , we financed the vast majority of our agency rmbs assets , and a portion of our credit assets , through repurchase agreements , which we sometimes refer to as `` repos , `` which we account for as collateralized borrowings . we expect to continue to finance the vast majority of our agency rmbs through the use of repos . in addition to financing assets through repos , we also enter into other secured borrowing transactions , which are accounted for as collateralized borrowings , to finance certain of our loan assets . we have also obtained , through the securitization markets , term financing for certain of our non-qualified mortgage , or `` non-qm , `` loans , certain of our consumer loans , and certain of our leveraged corporate loans . additionally , we have issued unsecured long-term debt . as of december 31 , 2020 , outstanding borrowings under repos and total other secured borrowings ( which include other secured borrowings and other secured borrowings , at fair value , as presented on our consolidated balance sheet ) were $ 2.3 66 tabl e of contents billion , of which approximately 40 % , or $ 921.9 million , relates to our agency rmbs holdings . the remaining outstanding borrowings relate to our credit portfolio . as of december 31 , 2020 , we also had $ 86.0 million outstanding of unsecured long-term debt , maturing in september of 2022 , or the `` senior notes . `` the senior notes bear interest at a rate of 5.50 % , subject to adjustment based on changes , if any , in the ratings of the senior notes . the indenture governing the senior notes contains a number of covenants , including several financial covenants . the senior notes were issued in connection with an exchange of our previously issued unsecured long-term debt ( the `` old senior notes `` ) on february 13 , 2019 ( the `` note exchange `` ) , in connection with our intended election to be taxed as a reit . at the time of the note exchange , the senior notes were rated a by egan-jones rating company 1 . 1 a rating is not a recommendation to buy , sell or hold securities . ratings may be subject to revision or withdrawal at any time by the assigning rating organization . each rating should be evaluated independently of any other rating . see note 11 of the notes to our consolidated financial statements for further detail on the senior notes and the note exchange . as of december 31 , 2020 , our book value per share of common stock , calculated using total stockholders ' equity less the aggregate liquidation preference of outstanding preferred stock , was $ 17.59. our debt-to-equity ratio was 2.6:1 as of december 31 , 2020. our debt-to-equity ratio does not account for liabilities other than debt financings and does not include debt associated with securitization transactions accounted for as sales . our recourse debt-to-equity ratio was 1.6:1 as of december 31 , 2020. on january 24 , 2020 , we completed a follow-on offering of 5,290,000 shares of our common stock , of which 690,000 shares were issued pursuant to the exercise of the underwriters ' option . the issuance and sale of such common shares generated net proceeds , after underwriters ' discount and offering costs , of $ 95.3 million . during the year ended december 31 , 2020 we repurchased 290,050 shares of our common stock at an average price per share of $ 10.54 and a total cost of $ 3.1 million . in addition to making discretionary repurchases , we from time to time use 10b5-1 plans to increase the number of trading days available to implement these repurchases . we elected to be taxed as a reit under the internal revenue code of 1986 , as amended , or `` the code , `` commencing with our taxable year ended december 31 , 2019. provided that we maintain our qualification as a reit , we generally will not be subject to u.s. federal , state , and local income tax on our reit taxable income that is currently distributed to our stockholders . any taxes paid by a domestic taxable reit subsidiary , or `` trs , `` will reduce the cash available for distribution to our stockholders . reits are subject to a number of organizational and operational requirements , including a requirement that they currently distribute at least 90 % of their annual reit taxable income excluding net capital gains . story_separator_special_tag hedging instruments interest rate hedging we opportunistically hedge our interest rate risk by using various hedging strategies , subject to maintaining our qualification as a reit . the interest rate hedging instruments that we use and may use in the future include , without limitation : tbas ; interest rate swaps ( including floating-to-fixed , fixed-to-floating , floating-to-floating , or more complex swaps such as floating-to-inverse floating , callable or non-callable ) ; cmos ; u.s. treasury securities ; swaptions , caps , floors , and other derivatives on interest rates ; futures and forward contracts ; and options on any of the foregoing . because fluctuations in short-term interest rates may expose us to fluctuations in the spread between the interest we earn on our investments and the interest we pay on our borrowings , we may seek to manage such exposure by entering into short positions in interest rate swaps . an interest rate swap is an agreement to exchange interest rate cash flows , calculated on a notional principal amount , at specified payment dates during the life of the agreement . typically , one party pays a fixed interest rate and receives a floating interest rate and the other party pays a floating interest rate and receives a fixed interest rate . each party 's payment obligation is computed using a different interest rate . in an interest rate swap , the notional principal is generally not exchanged . credit risk hedging we enter into credit-hedging positions in order to protect against adverse credit events with respect to our credit investments , subject to maintaining our qualification as a reit . our credit hedging portfolio can vary significantly from period to period , and can encompass a wide variety of financial instruments , including corporate debt or equity-related instruments , rmbs- or cmbs-related instruments , or instruments involving other markets . our hedging instruments can include both `` single-name `` instruments ( i.e . , instruments referencing one underlying entity or security ) and hedging instruments referencing indices . 71 tabl e of contents currently , our credit hedges consist primarily of financial instruments tied to corporate credit , such as cds on corporate bond indices , short positions in and cds on corporate bonds ; and positions involving exchange traded funds , or `` etfs , `` of corporate bonds . our credit hedges also currently include cds tied to individual mbs or an index of several mbs , such as cds on cmbs indices , or `` cmbx . `` foreign currency hedging to the extent that we hold instruments denominated in currencies other than u.s. dollars , we may enter into transactions to offset the potential adverse effects of changes in currency exchange rates , subject to maintaining our qualification as a reit . in particular , we may use currency forward contracts and other currency-related derivatives to mitigate this risk . trends and recent market developments market overview after lowering the target range for the federal funds rate three times in 2019 , the u.s. federal reserve , or `` federal reserve , `` elected to maintain its target range of 1.50 % –1.75 % at its january 2020 meeting , but noted concerns about the spread of the novel coronavirus disease ( `` covid-19 `` ) in its minutes . as the first quarter of 2020 progressed and covid-19 spread , economic activity declined as countries around the world implemented social-distancing restrictions ; unemployment claims surged and gdp growth forecasts were revised downward as the market began to price in a global recession . in march , macroeconomic conditions worsened , and financial markets experienced extreme volatility and dislocations . in response , the federal reserve implemented two emergency interest rate cuts totaling 150 basis points , resumed its asset purchases at an unprecedented pace , added additional liquidity to repo markets , and formed several credit facilities to stabilize markets . the white house and u.s. congress passed three rounds of stimulus packages , culminating in the $ 2 trillion cares act on march 27th , the largest emergency spending bill in history . in april , the federal reserve expanded many of its stimulus programs to provide up to $ 2.3 trillion in additional capital . similarly , central banks and governments around the globe responded swiftly and aggressively with interest rate cuts , quantitative easing programs , and stimulus packages . while these efforts were successful in stabilizing markets , the negative economic impact of covid-19 persisted , and the federal reserve continued its accommodative monetary policy throughout the rest of 2020 , including maintaining its target range of 0.00 % –0.25 % for the federal funds rate ; purchasing significant amounts of u.s. treasury securities , agency rmbs , and other eligible collateral pursuant to the asset purchase programs it outlined earlier in the year ; and extending or expanding several of its liquidity support programs . at its final meeting of 2020 , in december , the federal reserve noted that `` the covid-19 pandemic is causing tremendous human and economic hardship across the united states and around the world . economic activity and employment have continued to recover but remain well below their levels at the beginning of the year . `` the federal reserve reiterated that it `` is committed to using its full range of tools to support the u.s. economy in this challenging time , thereby promoting its maximum employment and price stability goals . `` the federal reserve also directed the open market desk to increase its holdings of treasury securities by $ 80 billion per month , and of agency rmbs by $ 40 billion per month . finally , just prior to year end 2020 , congress and the administration approved an additional $ 900 billion of covid-related stimulus and economic aid . interest rates dropped dramatically during the first quarter of 2020 , as the spread of covid-19

