we believe that ellington 's proprietary research and analytics allow our manager to identify attractive assets in these classes , value these assets , monitor and forecast the performance of these assets , and opportunistically hedge our risk with respect to these assets . we continue to maintain a highly leveraged portfolio of agency rmbs to take advantage of opportunities in that market sector and to maintain our exclusion from registration as an investment company under the investment company act . unless we acquire very substantial amounts of whole mortgage loans or there are changes to the rules and regulations applicable to us under the investment company act , we expect that we will always maintain some core amount of agency rmbs . we also use leverage in our credit strategy , albeit significantly less leverage than that used in our agency rmbs strategy . through december 31 , 2015 , we financed our asset purchases almost exclusively through reverse repurchase agreements , or `` reverse repos , `` which we account for as collateralized borrowings and we expect to continue to obtain the vast majority of our financing through the use of reverse repos . the strategies that we employ are intended to capitalize on opportunities in the current market environment . 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 . as of december 31 , 2015 , outstanding borrowings under reverse repos were $ 1.2 billion and our debt-to-equity ratio was 1.59 to 1. our debt-to-equity ratio does not account for liabilities other than debt financings . of our total borrowings outstanding as of december 31 , 2015 , approximately 79.5 % , or $ 933.3 million , relates to our agency rmbs holdings . the remaining outstanding borrowings relate to our non-agency mbs , clos , consumer loans , and corporate debt . 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 believe that we have been organized and have operated so that we have qualified , and will continue to qualify , to be treated for u.s. federal income tax purposes as a partnership and not as an association or a publicly traded partnership taxable as a corporation . we also measure our book value per share and our total return on a diluted basis , assuming all convertible units were converted into common shares at their respective issuance dates . as of december 31 , 2015 , our diluted book value per share was $ 21.80 as compared to $ 23.09 as of december 31 , 2014. on a diluted basis , the company 's total return for the year ended december 31 , 2015 was 5.20 % . additionally our diluted net-asset-value-based total return was 162.06 % from our inception ( august 17 , 2007 ) through december 31 , 2015 , and our annualized inception-to-date diluted net-asset-value-based total return was 12.19 % as of december 31 , 2015 . trends and recent market developments key trends and recent market developments for the u.s. mortgage market include the following : u.s. federal reserve and u.s. monetary policy— in december 2015 , the u.s. federal reserve , or `` federal reserve , `` raised the target range for the federal funds rate by 0.25 % , but maintained its existing policy of reinvesting principal payments from its u.s. treasury security and agency rmbs holdings ; global macroeconomic events— continued declines in prices for oil and other commodities , driven by slowing demand from china and other emerging markets , has continued to strain companies and economies focused on energy , basic materials , and manufacturing . lower oil prices and higher exchange rate volatility raised the prospects of an emerging markets-led global recession ; 56 housing and mortgage market statistics— data released by s & p indices for its s & p/case-shiller home price indices showed modest year-to-date home price appreciation through december ; meanwhile the freddie mac survey 30-year mortgage rate ended 2015 at 4.01 % , rising from 3.87 % at the beginning of the year ; government sponsored enterprise , or `` gse , `` and government agency developments —the federal housing finance agency , or `` fhfa , `` and the gses continued to announce program and policy changes and clarifications intended to increase mortgage credit availability ; portfolio overview and outlook —the year ended december 31 , 2015 was marked by significant market volatility . in the latter part of the year , uncertainty around the health of the chinese economy and the decline in commodity prices fueled fears of slower global growth and led to a broad sell-off in global equity markets , and a significant widening in global credit spreads . yield spreads widened for most sectors of the fixed-income market , including agency rmbs . non-agency rmbs was also impacted by widening credit spreads , but not as much as other credit-sensitive fixed-income sectors . at the same time , relative stability in the u.s. economy fueled speculation of rising interest rates . the combination of concerns over global growth and the relative strength of the u.s. economy led to a high level of interest rate volatility , with interest rates fluctuating meaningfully over the course of the year . story_separator_special_tag it highlighted a number of important goals , including changing the appraisal framework to use third party sources for property valuation in order to reduce representation and warranty risks , as well as implementing a refinancing program aimed at high ltv borrowers in january 2017 to replace the home affordable refinance program , which expires in december 2016. in addition , the 2016 scorecard called for full implementation of the csp by 2018. the csp is to be utilized by both fannie mae and freddie mac to improve the liquidity of gse securities and housing markets more broadly . to date , no definitive legislation has been enacted with respect to a possible unwinding of the gses or a material reduction in their roles in the u.s. mortgage market . there have been several proposals offered by members of congress , including the corker-warner bill introduced in june 2013 , the johnson-crapo bill introduced in march 2014 , the partnership to strengthen homeownership act introduced in july 2014 , and a senate draft bill introduced in may 2015 by senator richard shelby that pushes for increased credit risk transfers to private investors . to date , the gses have engaged predominantly in `` second-loss `` risk sharing transactions , where the gses bear losses on their mortgage pools up to a capped amount first , before private investors bear any losses . furthermore , these risk sharing transactions to date have generally been `` back-end `` transactions , where the gse seeks to offload its risk only after it has actually issued guarantees on a defined pool of mortgages . under the shelby bill , not only would the gses be required to engage in significant and increasing levels of risk sharing transactions generally , but for the first time the gses would be required to engage both in `` first-loss `` risk sharing transactions and in `` front-end `` risk sharing transactions . many of these proposed bills could potentially increase private capital flows to the mortgage sector while reducing taxpayer risk . though it appears unlikely that any of these bills will be passed in their current form , features may be incorporated into future proposals . portfolio overview and outlook general market overview for the fixed income markets , 2015 was characterized by high levels of interest rate volatility and , especially during the latter part of the year , widening credit spreads in the face of concerns over the health of the chinese economy and the steep decline in commodity prices . despite these concerns , the u.s. economy appeared strong enough for the federal reserve to begin tightening monetary policy , and it actually did so in december . for the first time since june 2006 , the federal reserve raised its target interest rate by 0.25 % . while this increase was both modest in size and widely expected , the actual implementation was significant in that it made official the federal reserve 's view that the u.s. economy was on solid footing , and represented a reversal in course from previous monetary easing policy actions . anticipation of an increase in the target interest rate put upward pressure on interest rates , especially shorter-term rates , during the latter part of 2015. while there was also upward pressure on longer-term interest rates , this upward pressure was somewhat muted by global market concerns and the increase in demand for safe haven securities . the 10-year u.s. treasury yield ended the year at 2.27 % as compared to 2.17 % at the end of the 2014 , an increase of 10 basis points , and the 2-year u.s. treasury yield increased 39 basis points over the course of the year , from 0.66 % to 1.05 % . during 2015 , the 2-year swap rate increased 28 basis points while the 10-year swap rate actually decreased 10 basis points . the 10-year interest rate swap spread to u.s. treasury securities became negative during the second half of 2015 , the first time this spread had become negative since 2010. the average rate for a fixed rate 30-year conventional mortgage also increased over 2015 , rising to 4.01 % as of december 31 , 2015 from 3.87 % as of december 31 , 2014 . 61 credit as of december 31 , 2015 , the value of our long credit portfolio was $ 600.5 million , as compared to $ 880.4 million as of december 31 , 2014 , representing a decrease of approximately 31.8 % . the decline over the course of the year in the size of our credit portfolio was primarily related to sales of our non-agency rmbs , with proceeds primarily redeployed into several of our other credit asset classes , where we utilize less leverage . during the latter part of the year and in light of continuing market volatility , proceeds received from net sales of non-agency rmbs and certain other credit assets , such as clos and cmbs , were also used to increase our cash position , in order for us to be more defensively positioned . yield spreads on non-agency rmbs were generally not immune to the broader market widening that occurred over the course of 2015 , although this sector was somewhat less impacted than other credit sectors . a stable housing market continues to support the non-agency rmbs sector , while on the technical side the sector continues to be supported by the absence of a robust new issue market ( in contrast with the cmbs sector , where new issue supply has been heavy ) . over the course of the year , we steadily sold down our legacy non-agency rmbs , primarily in order to redeploy the net proceeds to our other targeted credit assets , and more recently in order to increase our cash holdings . while our non-agency rmbs portfolio currently represents a much smaller portion of our total credit

liquidity and capital resources liquidity refers to our ability to meet our cash needs , including repaying our borrowings , funding and maintaining positions in mbs and other 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 repurchase agreements , or `` repos , '' reverse repos , tbas , and financial derivative contracts , repayment of reverse repo borrowings to the extent we are unable or unwilling to extend our reverse repos , payment of our general operating expenses , and payment of our quarterly dividend . our capital resources primarily include cash on hand , cash flow from our investments ( including monthly principal and interest payments received on our investments and proceeds from the sale of investments ) , borrowings under reverse repos , and proceeds from equity 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 reverse repos : reverse repurchase agreements ( in thousands ) average borrowed funds during the period borrowed funds outstanding at end of the period year ended december 31 , 2015 $ 1,410,938 $ 1,174,189 year ended december 31 , 2014 $ 1,360,964 $ 1,669,433 78 the following summarizes our borrowings under reverse repos by remaining maturity : replace_table_token_23_th reverse repos involving underlying investments that we sold prior to december 31 , 2015 , for settlement following december 31 , 2015 , are shown using their original maturity dates even though such reverse repos may be expected to be terminated early upon settlement of the sale of the underlying investment . not included are any reverse repos that we may have entered into prior to december 31 , 2015 for which delivery of the borrowed funds is not scheduled until after december 31 , 2015 . the amounts borrowed under our reverse repo agreements are generally subject to the application of `` haircuts . ''


 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 mbs and other 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 repurchase agreements , or `` repos , '' reverse repos , tbas , and financial derivative contracts , repayment of reverse repo borrowings to the extent we are unable or unwilling to extend our reverse repos , payment of our general operating expenses , and payment of our quarterly dividend . our capital resources primarily include cash on hand , cash flow from our investments ( including monthly principal and interest payments received on our investments and proceeds from the sale of investments ) , borrowings under reverse repos , and proceeds from equity 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 reverse repos : reverse repurchase agreements ( in thousands ) average borrowed funds during the period borrowed funds outstanding at end of the period year ended december 31 , 2015 $ 1,410,938 $ 1,174,189 year ended december 31 , 2014 $ 1,360,964 $ 1,669,433 78 the following summarizes our borrowings under reverse repos by remaining maturity : replace_table_token_23_th reverse repos involving underlying investments that we sold prior to december 31 , 2015 , for settlement following december 31 , 2015 , are shown using their original maturity dates even though such reverse repos may be expected to be terminated early upon settlement of the sale of the underlying investment . not included are any reverse repos that we may have entered into prior to december 31 , 2015 for which delivery of the borrowed funds is not scheduled until after december 31 , 2015 . the amounts borrowed under our reverse repo agreements are generally subject to the application of `` haircuts . ''
```    
 Suspicious Activity Report : we believe that ellington 's proprietary research and analytics allow our manager to identify attractive assets in these classes , value these assets , monitor and forecast the performance of these assets , and opportunistically hedge our risk with respect to these assets . we continue to maintain a highly leveraged portfolio of agency rmbs to take advantage of opportunities in that market sector and to maintain our exclusion from registration as an investment company under the investment company act . unless we acquire very substantial amounts of whole mortgage loans or there are changes to the rules and regulations applicable to us under the investment company act , we expect that we will always maintain some core amount of agency rmbs . we also use leverage in our credit strategy , albeit significantly less leverage than that used in our agency rmbs strategy . through december 31 , 2015 , we financed our asset purchases almost exclusively through reverse repurchase agreements , or `` reverse repos , `` which we account for as collateralized borrowings and we expect to continue to obtain the vast majority of our financing through the use of reverse repos . the strategies that we employ are intended to capitalize on opportunities in the current market environment . 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 . as of december 31 , 2015 , outstanding borrowings under reverse repos were $ 1.2 billion and our debt-to-equity ratio was 1.59 to 1. our debt-to-equity ratio does not account for liabilities other than debt financings . of our total borrowings outstanding as of december 31 , 2015 , approximately 79.5 % , or $ 933.3 million , relates to our agency rmbs holdings . the remaining outstanding borrowings relate to our non-agency mbs , clos , consumer loans , and corporate debt . 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 believe that we have been organized and have operated so that we have qualified , and will continue to qualify , to be treated for u.s. federal income tax purposes as a partnership and not as an association or a publicly traded partnership taxable as a corporation . we also measure our book value per share and our total return on a diluted basis , assuming all convertible units were converted into common shares at their respective issuance dates . as of december 31 , 2015 , our diluted book value per share was $ 21.80 as compared to $ 23.09 as of december 31 , 2014. on a diluted basis , the company 's total return for the year ended december 31 , 2015 was 5.20 % . additionally our diluted net-asset-value-based total return was 162.06 % from our inception ( august 17 , 2007 ) through december 31 , 2015 , and our annualized inception-to-date diluted net-asset-value-based total return was 12.19 % as of december 31 , 2015 . trends and recent market developments key trends and recent market developments for the u.s. mortgage market include the following : u.s. federal reserve and u.s. monetary policy— in december 2015 , the u.s. federal reserve , or `` federal reserve , `` raised the target range for the federal funds rate by 0.25 % , but maintained its existing policy of reinvesting principal payments from its u.s. treasury security and agency rmbs holdings ; global macroeconomic events— continued declines in prices for oil and other commodities , driven by slowing demand from china and other emerging markets , has continued to strain companies and economies focused on energy , basic materials , and manufacturing . lower oil prices and higher exchange rate volatility raised the prospects of an emerging markets-led global recession ; 56 housing and mortgage market statistics— data released by s & p indices for its s & p/case-shiller home price indices showed modest year-to-date home price appreciation through december ; meanwhile the freddie mac survey 30-year mortgage rate ended 2015 at 4.01 % , rising from 3.87 % at the beginning of the year ; government sponsored enterprise , or `` gse , `` and government agency developments —the federal housing finance agency , or `` fhfa , `` and the gses continued to announce program and policy changes and clarifications intended to increase mortgage credit availability ; portfolio overview and outlook —the year ended december 31 , 2015 was marked by significant market volatility . in the latter part of the year , uncertainty around the health of the chinese economy and the decline in commodity prices fueled fears of slower global growth and led to a broad sell-off in global equity markets , and a significant widening in global credit spreads . yield spreads widened for most sectors of the fixed-income market , including agency rmbs . non-agency rmbs was also impacted by widening credit spreads , but not as much as other credit-sensitive fixed-income sectors . at the same time , relative stability in the u.s. economy fueled speculation of rising interest rates . the combination of concerns over global growth and the relative strength of the u.s. economy led to a high level of interest rate volatility , with interest rates fluctuating meaningfully over the course of the year . story_separator_special_tag it highlighted a number of important goals , including changing the appraisal framework to use third party sources for property valuation in order to reduce representation and warranty risks , as well as implementing a refinancing program aimed at high ltv borrowers in january 2017 to replace the home affordable refinance program , which expires in december 2016. in addition , the 2016 scorecard called for full implementation of the csp by 2018. the csp is to be utilized by both fannie mae and freddie mac to improve the liquidity of gse securities and housing markets more broadly . to date , no definitive legislation has been enacted with respect to a possible unwinding of the gses or a material reduction in their roles in the u.s. mortgage market . there have been several proposals offered by members of congress , including the corker-warner bill introduced in june 2013 , the johnson-crapo bill introduced in march 2014 , the partnership to strengthen homeownership act introduced in july 2014 , and a senate draft bill introduced in may 2015 by senator richard shelby that pushes for increased credit risk transfers to private investors . to date , the gses have engaged predominantly in `` second-loss `` risk sharing transactions , where the gses bear losses on their mortgage pools up to a capped amount first , before private investors bear any losses . furthermore , these risk sharing transactions to date have generally been `` back-end `` transactions , where the gse seeks to offload its risk only after it has actually issued guarantees on a defined pool of mortgages . under the shelby bill , not only would the gses be required to engage in significant and increasing levels of risk sharing transactions generally , but for the first time the gses would be required to engage both in `` first-loss `` risk sharing transactions and in `` front-end `` risk sharing transactions . many of these proposed bills could potentially increase private capital flows to the mortgage sector while reducing taxpayer risk . though it appears unlikely that any of these bills will be passed in their current form , features may be incorporated into future proposals . portfolio overview and outlook general market overview for the fixed income markets , 2015 was characterized by high levels of interest rate volatility and , especially during the latter part of the year , widening credit spreads in the face of concerns over the health of the chinese economy and the steep decline in commodity prices . despite these concerns , the u.s. economy appeared strong enough for the federal reserve to begin tightening monetary policy , and it actually did so in december . for the first time since june 2006 , the federal reserve raised its target interest rate by 0.25 % . while this increase was both modest in size and widely expected , the actual implementation was significant in that it made official the federal reserve 's view that the u.s. economy was on solid footing , and represented a reversal in course from previous monetary easing policy actions . anticipation of an increase in the target interest rate put upward pressure on interest rates , especially shorter-term rates , during the latter part of 2015. while there was also upward pressure on longer-term interest rates , this upward pressure was somewhat muted by global market concerns and the increase in demand for safe haven securities . the 10-year u.s. treasury yield ended the year at 2.27 % as compared to 2.17 % at the end of the 2014 , an increase of 10 basis points , and the 2-year u.s. treasury yield increased 39 basis points over the course of the year , from 0.66 % to 1.05 % . during 2015 , the 2-year swap rate increased 28 basis points while the 10-year swap rate actually decreased 10 basis points . the 10-year interest rate swap spread to u.s. treasury securities became negative during the second half of 2015 , the first time this spread had become negative since 2010. the average rate for a fixed rate 30-year conventional mortgage also increased over 2015 , rising to 4.01 % as of december 31 , 2015 from 3.87 % as of december 31 , 2014 . 61 credit as of december 31 , 2015 , the value of our long credit portfolio was $ 600.5 million , as compared to $ 880.4 million as of december 31 , 2014 , representing a decrease of approximately 31.8 % . the decline over the course of the year in the size of our credit portfolio was primarily related to sales of our non-agency rmbs , with proceeds primarily redeployed into several of our other credit asset classes , where we utilize less leverage . during the latter part of the year and in light of continuing market volatility , proceeds received from net sales of non-agency rmbs and certain other credit assets , such as clos and cmbs , were also used to increase our cash position , in order for us to be more defensively positioned . yield spreads on non-agency rmbs were generally not immune to the broader market widening that occurred over the course of 2015 , although this sector was somewhat less impacted than other credit sectors . a stable housing market continues to support the non-agency rmbs sector , while on the technical side the sector continues to be supported by the absence of a robust new issue market ( in contrast with the cmbs sector , where new issue supply has been heavy ) . over the course of the year , we steadily sold down our legacy non-agency rmbs , primarily in order to redeploy the net proceeds to our other targeted credit assets , and more recently in order to increase our cash holdings . while our non-agency rmbs portfolio currently represents a much smaller portion of our total credit

