Dynex Capital, Inc
(NYSE:DX)

Dynex Capital, Inc., a mortgage real estate investment trust, invests in mortgage-backed securities (MBS) on a leveraged basis in the United States. It invests in agency and non-agency MBS consisting of residential MBS, commercial MBS (CMBS), and CMBS interest-only securities. Agency MBS have a guar...

Website: http://www.dynexcapital.com

Founded: 1987

Full Time Employees: 20

Sector: Real Estate

Industry: REIT-Mortgage

REIT

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Quarterly

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Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2009-03-12	2005-12-31

interest income	257,390,000	177,037,000	149,679,000	111,746,000	88,496,000	83,458,000	76,054,000	71,525,000	71,188,000	63,271,000	42,212,000	30,846,000	30,528,000	20,404,000	18,335,000	17,427,000	17,051,000	15,714,000	13,393,000	13,892,000	16,704,000	20,088,000	19,853,000	39,822,000	41,961,000	44,502,000	43,748,000	39,957,000	32,014,000	26,925,000	25,922,000	25,190,000	24,124,000	23,103,000	24,856,000	22,419,000	22,858,000	21,135,000	22,816,000	25,089,000
interest expense	-178,136,000	-133,553,000	-119,068,000	-88,618,000	-81,609,000	-82,564,000	-74,767,000	-74,717,000	-73,465,000	-65,533,000	-45,142,000	-31,308,000	-24,320,000	-13,282,000	-4,262,000	-1,748,000	-1,443,000	-1,320,000	-1,275,000	-1,633,000	-62,942,000	3,375,000	4,850,000	22,101,000	25,766,000	31,256,000	30,813,000	26,276,000	19,053,000	14,751,000	14,175,000	11,595,000	10,056,000	9,889,000	8,714,000	7,519,000	6,753,000	6,068,000	6,100,000	6,310,000
net interest income	79,254,000	43,484,000	30,611,000	23,128,000	6,887,000	894,000	1,287,000		-2,277,000	-2,262,000	-2,930,000	-462,000	6,208,000	7,122,000	14,073,000	15,679,000	15,608,000	14,394,000	12,118,000	12,259,000	14,416,000	16,713,000	15,003,000	17,721,000	16,195,000	13,246,000	12,935,000	13,681,000	12,961,000	12,174,000	11,747,000	13,595,000	14,068,000	13,214,000	16,142,000	14,900,000	16,105,000	15,067,000	16,716,000	18,779,000	19,689,000	20,237,000	18,985,000	18,728,000	18,633,000	19,942,000	21,146,000	20,007,000
other gains
realized gain on sales of investments	8,721,000
unrealized gain on investments	-251,811,000	84,732,000	142,469,000	33,652,000	-223,225,000	192,874,000	-41,977,000	-70,024,000			488,000	57,120,000			-65,103,000		-11,833,000	-3,085,000	1,084,000
gain on derivative instruments	104,727,000	73,782,000	-10,694,000	-58,093,000	276,670,000	-154,064,000	41,135,000	124,635,000	-228,603,000	146,953,000	116,012,000	-67,267,000	12,437,000	96,947,000	106,412,000	220,211,000	16,954,000	9,603,000	-52,940,000	107,801,000	-49,039,000	7,974,000			42,992,000	-50,709,000	-117,535,000	-61,697,000	-81,981,000	19,499,000	20,667,000	38,354,000	12,678,000	5,993,000		175,000	-15,538,250	2,409,000	-16,297,000		-15,245,500	-52,749,000	17,090,000		-7,913,500	4,842,000	-23,074,000
total other gains	-138,363,000	158,514,000	131,775,000	-24,441,000	53,445,000	38,810,000	-2,348,000	54,611,000	35,389,000	-32,147,000	64,899,000	-33,462,000
expenses
compensation and benefits	-15,309,000	-11,871,000	-7,325,000	-8,013,000	-5,511,000	-4,534,000	-3,284,000	-7,177,000	-4,990,000	-4,572,000	-3,617,000	-3,750,000	-3,836,000	-6,104,000	-3,402,000	-3,466,000	-3,451,000	-2,977,000	-3,233,000	-3,096,000	-4,442,000	-2,402,000	-2,736,000	-2,163,000	-2,090,000	-1,786,000	-1,747,000	-1,898,000	-1,180,000	-1,712,000	-1,751,000	-1,962,000	-2,153,000	-2,070,000	-2,041,000	-2,245,000	-1,721,000	-1,736,000	-1,875,000	-2,219,000	-2,309,000	-2,327,000	-2,351,000	-2,117,000	-2,277,000	-2,351,000	-2,329,000	-2,552,000
other general and administrative	-5,169,000	-4,497,000	-4,139,000	-3,900,000	-3,289,000	-3,737,000	-3,358,000	-3,703,000	-3,328,000	-3,269,000	-3,580,000	-3,622,000	-4,061,000	-4,042,000	-3,799,000	-3,643,000	-2,911,000	-3,572,000	-2,473,000	-2,372,000	-2,411,000	-2,393,000	-2,075,000	-2,458,000	-1,920,000	-1,972,000	-2,518,000	-2,056,000	-2,312,000	-2,252,000	-2,255,000	-1,681,000	-1,690,000	-1,529,000	-2,056,000	-2,035,000	-1,869,000	-1,619,000	-1,796,000	-1,873,000	-1,969,000	-2,052,000	-2,403,000	-2,141,000	-1,878,000	-1,563,000	-1,490,000	-1,567,000
other operating expenses	-775,000	-271,000	-534,000	-380,000	-446,000	-436,000	-601,000	-421,000	-489,000	-801,000	-435,000	-426,000	-438,000	-433,000
total operating expenses	-21,253,000	-16,639,000	-11,998,000	-12,293,000	-9,246,000	-8,707,000	-7,243,000	-11,301,000	-8,807,000	-8,642,000	-7,632,000	-7,798,000
net income	-80,362,000	185,359,000	150,388,000	-13,606,000	51,086,000	30,997,000	-8,304,000	40,118,000	24,305,000	-43,051,000	54,337,000	-41,722,000	43,289,000	-46,674,000	29,336,000	117,209,000	14,058,000	14,033,000	-43,759,000	117,929,000	40,446,000	40,725,000	194,838,000	-98,479,000	55,135,000	-36,604,000	-118,985,000	-52,214,000	-78,522,000	25,586,000	15,652,000	44,307,000	21,962,000	10,311,000	-7,432,000	9,051,000	69,061,000	14,700,000	-3,231,000	-37,431,000	32,531,000	-36,977,000	30,462,000	-9,472,000	3,673,000	30,866,000	-5,999,000	-734,000
yoy	-257.31%	497.99%	-1911.03%	-133.91%	110.19%	-172.00%	-115.28%	-196.16%	-43.85%	-7.76%	85.22%	-135.60%	207.93%	-432.60%	-167.04%	-0.61%	-65.24%	-65.54%	-122.46%	-219.75%	-26.64%	-211.26%	-263.75%	88.61%	-170.22%	-243.06%	-860.19%	-217.85%	-457.54%	148.14%	-310.60%	389.53%	-68.20%	-29.86%	130.02%	-124.18%	112.29%	-139.75%	-110.61%	295.18%	785.68%	-219.80%	-607.78%	1190.46%
qoq	-143.35%	23.25%	-1205.31%	-126.63%	64.81%	-473.28%	-120.70%	65.06%	-156.46%	-179.23%	-230.24%	-196.38%	-192.75%	-259.10%	-74.97%	733.75%	0.18%	-132.07%	-137.11%	191.57%	-0.69%	-79.10%	-297.85%	-278.61%	-250.63%	-69.24%	127.88%	-33.50%	-406.89%	63.47%	-64.67%	101.74%	113.00%	-238.74%	-182.11%	-86.89%	369.80%	-554.97%	-91.37%	-215.06%	-187.98%	-221.39%	-421.60%	-357.88%	-88.10%	-614.52%	717.30%
preferred stock dividends	-2,658,000	-2,760,000	-2,827,000	-2,680,000	-1,924,000	-1,923,000	-1,923,000	-1,923,000	-1,924,000	-1,923,000	-1,923,000	-1,923,000	-1,924,000	-1,923,000	-1,923,000	-1,923,000	-1,924,000	-1,923,000	-1,923,000	-2,559,000	-3,253,000	-3,252,000	-3,253,000	-3,841,000	-3,361,000	-3,341,000	-3,206,000	-3,059,000	-2,963,000	-2,956,000	-2,942,000	-2,940,000	-2,909,000	-2,808,000	-2,641,000	-2,435,000	-2,303,000	-2,294,000	-2,294,000	-2,294,000	-2,294,000	-2,294,000	-2,294,000	-2,294,000	-2,294,000	-2,294,000	-2,294,000	-2,294,000
net loss to common shareholders	-83,020,000																							-106,234,000											-10,073,000					-39,725,000				-11,766,000
other comprehensive income:
unrealized gain on available-for-sale investments	-148,000	7,008,000	14,966,000	4,064,000	-36,600,000	41,667,000	-1,786,000	-17,268,000			-9,443,000	14,793,000			-60,910,000		-13,507,000	-9,139,000	16,278,000	-60,459,000	888,000	27,844,000	28,052,000	157,755,000	-43,204,000	59,800,000	100,767,000	86,632,000	44,701,000	-23,574,000	-22,156,000	-49,189,000	-15,437,000	981,000	8,739,000	18,368,000
total other comprehensive income	-148,000	7,008,000	14,966,000	4,064,000	-36,600,000	41,667,000	-1,786,000	-17,268,000							-60,910,000		-13,507,000	-9,139,000	14,270,000	-65,156,000	-8,468,000	6,998,000	-165,047,000	72,972,000	-43,204,000	55,195,000	111,127,000	86,467,000	50,054,000	-21,914,000	-9,760,000	-45,462,000	-14,583,000	6,144,000	12,375,000	19,977,000	-85,187,000	670,000	22,947,000	41,728,000	-44,877,000	27,418,000	-39,679,000	23,053,000	4,854,000	-14,482,000	35,199,000	29,560,000
comprehensive income to common shareholders	-83,168,000	189,607,000	162,527,000	-12,222,000	12,562,000	70,741,000	-12,013,000	20,927,000			42,971,000	-28,852,000	56,648,000	-99,705,000	-33,497,000	23,946,000	-1,373,000	2,971,000	-31,412,000	47,227,000	28,725,000	44,471,000	26,538,000	-33,262,000	8,570,000	15,250,000	-11,064,000	31,194,000	-31,431,000	716,000	2,950,000	-4,095,000	4,470,000	13,647,000	2,302,000	26,593,000	-18,429,000	13,076,000	17,422,000	2,003,000	-14,640,000	-11,853,000	-11,511,000	11,287,000	6,233,000	14,090,000	26,906,000	26,532,000
weighted-average common shares-basic	200,084,349,000	124,128,422,000	135,952,339,000	113,177,331,000	70,766,410,000	75,792,527,000	66,954,870,000	59,008,316,000	54,809,462,000	54,556,853,000	54,137,327,000	53,823,866,000	42,491,433,000	45,347,852,000	39,190,251,000	36,725,365,000	32,596,272,000	34,924,449,000	31,973,587,000
weighted-average common shares-diluted	200,084,349,000	125,067,280,000	136,927,985,000	113,177,331,000	71,260,358,000	76,366,487,000	66,954,870,000	59,717,332,000	54,809,462,000	54,556,853,000	54,585,082,000	53,823,866,000	42,743,037,000	45,347,852,000	39,558,462,000	37,111,733,000	32,761,331,000	35,089,508,000	31,973,587,000
net loss per common share-basic	-410
net loss per common share-diluted	-410
realized loss on sales of investments							-1,506,000		-18,729,000		-51,601,000	-23,315,000
net income to common shareholders		182,599,000	147,561,000	-16,286,000	49,162,000	29,074,000	-10,227,000	38,195,000	22,381,000	-44,974,000	52,414,000	-43,645,000	41,365,000	-48,597,000	27,413,000	115,286,000	12,134,000	12,110,000	-45,682,000	112,383,000	37,193,000	37,473,000	191,585,000		51,774,000	-39,945,000	-122,191,000	-55,273,000	-81,485,000	22,630,000	12,710,000	41,367,000	19,053,000	7,503,000		6,616,000	66,758,000	12,406,000	-5,525,000		30,237,000	-39,271,000	28,168,000		1,379,000	28,572,000	-8,293,000	-3,028,000
net income per common share-basic		1,380	1,090	-140	650	380	-150	650	420	-820	970	-810	860	-1,070	700	3,140	270	350	-1,430
net income per common share-diluted		1,360	1,080	-140	650	380	-150	640	420	-820	960	-810	860	-1,070	690	3,110	270	350	-1,430
net interest expense								-3,192,000
reclassification of realized gain on available-for-sale investments
unrealized loss on investments									-30,372,750	-179,100,000			-61,387,750	-69,197,000		-111,251,000
unrealized loss on available-for-sale investments									-9,106,000	-41,774,000			-54,345,750	-65,133,000		-91,340,000
reclassification of realized loss on available-for-sale investments
total other comprehensive loss									-9,106,000	-41,774,000			15,283,000	-51,108,000		-91,340,000
comprehensive loss to common shareholders									-18,157,250	-86,748,000
dividends declared per common share									292.5	390	390	390	292.5	390	390	390	292.5	390	390																										187.5	250	250
total other comprehensive gain											-9,443,000	14,793,000
realized gain on sale of investments													450,000	-70,967,000	-18,550,000				2,008,000
general and administrative expenses:
preferred stock redemption charge																				-2,987,000				-3,914,000
reclassification adjustment for realized loss on available-for-sale investments													-37,000	14,025,000
balance as of december 31, 2021													91,750	4,460,000,000	4,460,000,000
stock issuance													4,459,997,000																			20,319,000
restricted stock granted, net of amortization
other share-based compensation, net of amortization
adjustments for tax withholding on share-based compensation
stock issuance costs
dividends on preferred stock
dividends on common stock
other comprehensive loss
balance as of march 31, 2022													92,500	4,460,000,000	4,460,000,000
balance as of june 30, 2022													108,750	4,460,000,000	4,460,000,000
other operating expense															-295,000	-321,000	-258,250	-330,000	-323,000	-380,000				-423,000				-231,000	-250,250	-409,000
reclassification adjustment for realized gain on available-for-sale investments																	-1,676,250		-2,008,000
balance as of december 31, 2020															7,248,330,000
gain on sale of investments																				4,697,000	9,356,000	20,846,000	193,099,000	84,783,000	-1,438,750	4,605,000														-3,941,000	-908,000	113,000		1,308,000	10,950,000	9,057,000	-477,000	-3,307,000
loss on investments																				-980,000
reclassification adjustment for realized gain on sale of available-for-sale investments																				-4,697,000
net income per common share-basic and diluted																				4,200	1,600	1,620	8,310		2,110	-1,650	-4,980	-810	-1,430	390	230	740	380	150		130	1,360	250	-110		560	-740	520
weighted-average common shares-basic and diluted																				26,788,693,000	23,106,000	23,141,000	23,057,000	22,963,000	23,620,000	24,174,000	24,541,000	68,435,000	57,705,000	57,727,000	56,295,000	55,871,000	50,417,000	49,832,000	49,218,000	49,176,000	49,114,000	49,147,000	49,119,000	49,041,000	52,847,000	52,777,000	54,574,000	54,800,000
fair value adjustments																					38,500	194,000	332,000	-372,000	-14,000	-13,000	-16,000	-13,000	-16,000	12,000	27,000	29,000	12,000	23,000	30,000	10,000	17,000	34,000	28,000	24,000	-6,000	16,000	20,000	39,000	46,000	42,000	88,000	32,000
other operating income																					-205,000	-207,000	-222,000		-28,000	25,000	256,000
reclassification adjustment for loss on sale of investments																					-74,682,000	-20,846,000	-193,099,000			-4,605,000	10,360,000		5,428,000	1,726,000	12,444,000	3,775,000	902,000	5,211,000	3,709,000	1,708,000			297,000	3,941,000	908,000	-113,000	1,491,000	-1,308,000	-1,318,250	-9,057,000	477,000
reclassification adjustment for de-designated cash flow hedges																												-165,000	-75,000	-66,000	-48,000	-48,000	-48,000	-48,000	-73,000	-99,000	-99,000	-99,000	-80,000	27,000	727,000	857,000	857,000	1,057,000
loss on derivative instruments																							-8,563,000	-195,567,000											-15,802,000					-48,264,000				-25,323,000				-13,422,000
reclassification adjustment for gain on sale of investments																								-84,783,000																								3,307,000
net loss per common share-basic and diluted																								-4,630											-200					-810				-210
loss on sale of investments																											-10,360,000		-5,428,000	-1,726,000	-12,444,000	-3,775,000	-902,000	-5,211,000	-3,709,000	-1,708,000			-297,000				-1,491,000
other income																															-339,000		-51,000	-109,000	4,000	-46,000	-18,000	545,000	290,000	63,000	76,000	-213,000	-99,000	12,000	-62,000	897,000	137,000	75,000
other expense																																-253,000
balance as ofdecember 31, 2017																																5,888,680,000
balance as ofmarch 31, 2018																																5,908,999,000
change in net unrealized gain on available-for-sale investments																																					-85,088,000	769,000	22,730,000	37,760,000	-46,512,000	26,674,000
interest income:
mortgage-backed securities																																									25,248,000	25,765,000	24,196,000	23,727,000	23,777,000	25,207,000	26,995,000	26,902,000
mortgage loans held for investment																																									274,000	331,000	331,000	372,000	508,000	793,000	723,000	738,000
interest income: - sum																																									25,522,000	26,096,000	24,527,000	24,099,000	24,285,000	26,000,000	27,718,000	27,640,000
interest expense:
repurchase agreements and fhlb advances																																									5,814,000	5,841,000	5,506,000
non-recourse collateralized financing																																									19,000	18,000	36,000	25,000	18,000	30,000	24,000	22,000
interest expense: - sum																																									5,833,000	5,859,000	5,542,000	5,371,000	5,652,000	6,058,000	6,572,000	7,633,000
equity in income of limited partnership																																									104,000	-2,000	711,000
change in unrealized gain on available-for-sale investments																																											-42,027,000
repurchase agreements																																												5,346,000	5,634,000	6,028,000	6,548,000	7,611,000
income from investment in limited partnership																																												22,000
change in fair value of available-for-sale investments																																												23,304,000	14,355,000	-6,867,000	33,114,000	23,965,000
provision for loan losses
change in fair value of cash flow hedges
reclassification adjustment for cash flow hedges																																													1,449,000	1,442,000	1,608,000	2,288,000
weighted-average common shares - basic and diluted																																													54,701,000	54,731,000	54,711,000	54,626,000
net income per common share - basic and diluted																																													20	520	-150	-60

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30

assets
cash and cash equivalents	773,138,000	531,043,000	490,989,000	387,520,000	327,447,000	377,099,000	268,296,000	286,132,000	295,715,000	119,639,000	271,168,000	300,108,000	279,028,000	332,035,000	260,385,000							295,602,000	158,897,000	147,243,000	51,411,000	62,582,000	41,781,000	49,956,000	55,902,000	34,598,000	55,251,000	165,126,000	28,072,000	40,867,000	117,702,000	100,863,000	65,943,000	74,120,000	73,406,000	96,897,000	82,940,000	33,935,000	12,636,000	56,463,000	38,504,000	43,944,000	56,639,000	36,837,000	61,168,000	69,330,000	39,608,000	29,343,000	44,129,000	55,809,000	34,723,000	53,763,000	41,724,000	48,776,000	10,156,000	33,975,000	49,840,000	18,836,000	17,194,000	30,279,000
cash collateral posted to counterparties	516,502,000	399,344,000	332,818,000	318,317,000	260,563,000	244,440,000	137,296,000	123,131,000	122,614,000	118,225,000	145,268,000	132,646,000	114,594,000	117,842,000	246,168,000	111,449,000	114,732,000	55,284,000	16,639,000	85,342,000	49,180,000
mortgage-backed securities (including pledged assets of 22,120,332 and 14,593,470, respectively), at fair value	22,943,257,000
due from counterparties	3,434,000	17,425,000	25,255,000	12,349,000	2,645,000	10,445,000	28,973,000	27,379,000		1,313,000		1,364,000	115,323,000	10,348,000	352,310,000
derivative assets	695,000	10,498,000	14,100,000	31,816,000	6,791,000	133,000	4,138,000	8,461,000	8,386,000	54,361,000	4,594,000	174,000	37,179,000	7,102,000	13,865,000	81,919,000	34,183,000	7,969,000	70,098,000	16,854,000	109,746,000	11,342,000	4,266,000	7,926,000	3,031,000	4,290,000	4,845,000	342,000	6,030,000	6,563,000	2,612,000	7,642,000	4,754,000	2,940,000	368,000	267,000	272,000	28,534,000	12,985,000	18,421,000	14,845,000	7,835,000	10,057,000	20,804,000	8,079,000	5,727,000	7,297,000	5,237,000	12,064,000	18,488,000	12,908,000	14,860,000					89,000			432,000	3,021,000	692,000
accrued interest receivable	97,454,000	67,940,000	55,931,000	43,309,000	36,686,000	32,841,000	31,766,000	28,323,000	27,899,000	28,727,000	26,756,000	22,988,000	17,234,000	15,260,000	16,090,000	13,097,000	15,914,000	14,184,000	13,752,000	14,056,000	15,480,000	14,388,000	15,340,000	16,620,000	23,104,000	26,209,000	24,094,000	25,292,000	26,075,000	21,019,000	19,575,000	19,326,000	22,913,000	19,819,000	19,267,000	19,295,000	22,849,000	20,396,000	19,501,000	19,619,000	22,151,000	22,764,000	20,916,000	21,315,000	22,856,000	21,157,000	20,986,000	22,477,000	23,387,000	21,703,000	22,167,000	24,304,000	24,920,000	23,073,000	22,091,000	17,618,000	15,979,000	12,609,000	12,353,000	11,380,000	9,563,000	6,105,000	4,132,000	5,043,000
other assets	8,872,000	8,940,000	9,456,000	7,948,000	10,779,000	7,534,000	18,062,000	17,037,000	9,324,000	8,537,000	9,238,000	9,367,000	9,716,000	7,325,000	7,368,000	6,879,000	7,171,000	7,400,000	7,136,000	6,957,000	6,577,000	6,394,000	6,804,000	6,351,000	6,269,000	8,307,000	6,765,000	6,565,000	7,056,000	8,812,000	5,555,000	6,084,000	6,456,000	6,397,000	7,193,000	7,235,000	6,498,000	6,805,000	7,292,000	6,853,000	7,310,000	7,975,000	7,911,000	12,354,000	7,793,000	7,861,000	11,542,000	7,322,000	7,653,000	7,648,000	7,999,000	7,841,000	9,107,000	8,677,000	11,595,000	13,061,000	5,686,000	6,006,000	5,298,000	5,417,000	6,879,000	6,086,000	5,963,000	4,891,000
total assets	24,343,352,000	17,342,178,000	14,158,694,000	11,311,265,000	9,044,836,000	8,184,579,000	7,816,174,000	6,683,602,000	6,304,497,000	6,369,750,000	6,040,782,000	5,525,955,000	3,869,858,000	3,605,234,000	4,049,565,000	3,204,337,000	3,849,222,000	3,639,738,000	3,354,110,000	3,474,295,000	2,901,108,000	3,087,754,000	3,215,039,000	3,897,628,000	5,374,218,000	5,370,604,000	5,487,401,000	5,868,885,000	5,035,133,000	3,886,089,000	3,448,179,000	3,082,777,000	3,205,672,000	3,305,778,000	3,143,278,000	3,060,220,000	3,339,874,000	3,397,731,000	3,343,556,000	3,469,073,000	3,584,088,000	3,670,048,000	3,928,201,000	4,169,042,000	4,075,511,000	3,688,311,000	3,813,511,000	4,115,918,000	4,144,282,000	4,217,137,000	4,319,644,000	4,749,271,000	4,628,113,000	4,280,229,000	4,405,030,000	3,729,197,000	3,349,056,000	2,582,193,000	2,633,686,000	2,656,703,000	2,359,816,000	1,649,584,000	1,091,835,000	983,438,000
liabilities and shareholders’ equity
liabilities:
repurchase agreements	21,045,457,000	13,904,231,000	11,753,522,000	8,600,143,000	7,234,723,000	6,563,120,000	6,423,890,000	5,494,428,000	5,284,708,000	5,381,104,000	5,002,230,000	4,201,901,000	2,937,124,000	2,644,405,000	3,009,269,000	2,202,648,000	2,952,802,000	2,849,916,000	2,527,065,000	2,321,043,000	2,032,089,000	2,437,163,000	2,594,683,000	3,314,991,000	4,408,106,000	4,752,348,000	4,872,869,000	4,815,452,000	4,252,893,000	3,267,984,000	2,690,858,000	2,514,984,000	2,613,892,000	2,565,902,000	2,519,230,000	2,540,759,000	2,825,945,000	2,898,952,000	2,478,278,000	2,600,480,000	2,722,019,000	2,589,420,000	3,055,069,000	3,402,964,000	3,185,843,000	3,013,110,000	3,150,254,000	3,447,050,000	3,485,544,000	3,580,754,000	3,674,850,000	4,071,392,000	3,708,255,000	3,564,128,000	3,670,972,000	3,111,924,000	2,686,198,000	2,093,793,000	2,053,686,000	2,133,249,000	1,848,883,000	1,234,183,000	745,147,000	590,925,000
due to counterparties	379,893,000	811,656,000	270,719,000	976,506,000	332,676,000	341,924,000	167,609,000	49,606,000		95,000	152,955,000	371,576,000	24,918,000	4,159,000	147,925,000	71,894,000
derivative liabilities	14,121,000	4,830,000	4,635,000	31,000	3,810,000	22,814,000	3,662,000	2,032,000	1,314,000		22,029,000	23,621,000		22,595,000	99,670,000	12,559,000	18,328,000	2,471,000	12,584,000	27,325,000	19,866,000	1,634,000	5,164,000	4,208,000	13,640,000	974,000	439,000	207,000		1,218,000	2,039,000			269,000	133,000	1,686,000	58,000	6,922,000	84,023,000	90,260,000	90,487,000	41,205,000	63,708,000	48,240,000	57,168,000	35,898,000	18,058,000	23,974,000	11,137,000	6,681,000	20,837,000	21,192,000	37,687,000	42,537,000	46,496,000	39,267,000	27,668,000	27,997,000	28,838,000	13,295,000	3,236,000	3,532,000	4,889,000	2,835,000
cash collateral posted by counterparties		8,373,000	18,424,000	29,323,000	4,798,000		7,895,000	19,382,000	8,507,000	46,001,000			27,125,000	435,000		59,234,000	30,276,000	1,834,000	22,632,000	9,326,000	83,776,000
accrued interest payable	131,426,000	95,196,000	110,517,000	60,855,000	46,861,000	44,672,000	48,570,000	54,567,000	35,672,000	53,194,000	43,168,000	33,794,000	12,806,000	16,450,000	4,909,000	1,811,000	1,524,000	1,365,000	639,000	405,000	418,000	1,410,000	1,059,000	907,000	9,606,000	15,585,000	7,186,000	15,907,000	12,939,000	10,308,000	5,676,000	5,469,000	5,123,000	3,734,000	2,720,000	1,524,000	2,628,000	3,156,000	2,163,000	1,714,000	2,243,000	1,743,000	1,538,000	2,067,000	2,260,000	1,947,000	1,492,000	1,770,000	2,846,000	2,548,000	2,433,000	1,661,000	2,873,000	2,895,000	2,381,000	1,991,000	1,697,000	2,165,000	1,240,000	1,437,000	1,311,000	1,079,000	790,000	1,145,000
dividends payable	41,893,000	37,171,000	30,688,000
other liabilities	9,292,000	18,577,000	12,641,000	8,289,000	5,346,000	10,612,000	8,304,000	5,539,000	4,774,000	8,301,000	6,082,000	4,661,000	3,843,000	6,759,000	8,374,000	6,217,000	5,941,000	6,332,000	5,900,000	3,627,000	3,589,000	8,164,000	3,990,000	3,036,000	2,293,000	3,516,000	2,801,000	2,542,000	3,406,000	3,243,000	3,101,000	2,441,000	1,712,000	3,870,000	2,413,000	1,963,000	1,712,000	2,809,000	1,889,000	2,316,000	2,153,000	3,504,000	2,543,000	4,762,000	2,998,000	3,646,000	2,845,000	2,517,000	1,648,000	1,405,000	2,703,000	5,253,000	2,542,000	6,685,000	6,806,000	3,113,000	3,728,000	4,687,000	11,374,000	4,986,000	5,784,000	3,136,000	7,508,000	5,773,000
total liabilities	21,622,082,000	14,880,034,000	12,201,146,000	9,701,272,000	7,648,921,000	6,999,643,000	6,673,614,000	5,638,339,000	5,345,965,000	5,499,015,000	5,236,436,000	4,644,993,000	3,015,030,000	2,703,906,000	3,278,298,000	2,361,971,000	3,063,589,000	2,868,459,000	2,580,599,000	2,718,666,000	2,169,832,000	2,454,301,000	2,611,486,000	3,330,159,000	4,823,611,000	4,787,616,000	4,902,954,000	5,270,247,000	4,430,459,000	3,358,936,000	2,901,426,000	2,540,543,000	2,662,048,000	2,748,720,000	2,619,179,000	2,562,945,000	2,847,352,000	2,930,547,000	2,848,637,000	2,977,547,000	3,100,289,000	3,178,023,000	3,400,441,000	3,593,789,000	3,470,050,000	3,081,009,000	3,199,464,000	3,503,004,000	3,545,267,000	3,631,261,000	3,738,603,000	4,142,034,000	3,994,815,000	3,663,519,000	3,787,099,000	3,204,124,000	2,826,159,000	2,210,844,000	2,264,152,000	2,269,843,000
shareholders’ equity:
preferred stock, par value 0.01 per share...	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	107,843,000	174,564,000	174,709,000	174,709,000	174,709,000	162,807,000
common stock, par value 0.01 per share...	2,072,000	1,748,000	1,457,000	1,253,000	1,022,000	845,000	793,000	747,000	641,000	570,000	566,000	542,000	539,000	536,000	463,000	435,000	370,000	367,000	359,000	343,000	309,000	237,000	231,000	231,000	230,000	229,000
additional paid-in capital	3,368,130,000	2,921,551,000	2,524,286,000	2,268,143,000	1,982,781,000	1,742,471,000	1,677,062,000	1,620,355,000	1,494,893,000	1,404,431,000	1,397,268,000	1,365,484,000	1,361,000,000	1,357,514,000	1,264,831,000	1,218,298,000	1,112,628,000	1,107,792,000	1,094,296,000	1,065,670,000	997,326,000	869,495,000	859,089,000	858,451,000	858,203,000	858,347,000	858,050,000	882,633,000	872,010,000	818,442,000	795,630,000	782,011,000	776,117,000	775,873,000	742,845,000	728,124,000	727,503,000	727,369,000	726,701,000	726,063,000	725,438,000	725,358,000	734,689,000	758,230,000	763,979,000	763,935,000	763,228,000	762,502,000	761,827,000	761,550,000	761,862,000	767,172,000	764,272,000	759,214,000	759,647,000	759,167,000	758,652,000	634,683,000	634,317,000	633,969,000	633,620,000	538,304,000	423,700,000	390,544,000
accumulated other comprehensive loss	-127,209,000	-127,061,000	-134,069,000	-149,035,000	-153,099,000	-172,489,000	-135,889,000	-177,556,000	-175,770,000	-158,502,000	-217,770,000	-175,996,000	-166,553,000																	-35,779,000	-85,833,000	-63,919,000	-54,159,000	-8,697,000		-257,000	-12,632,000	-32,609,000											-4,256,000
accumulated deficit	-629,566,000	-441,937,000	-541,969,000	-618,211,000	-542,632,000	-493,734,000	-507,249,000	-506,126,000	-469,075,000	-483,607,000	-483,561,000	-416,911,000	-448,001,000	-383,219,000	-405,241,000	-338,689,000	-350,597,000	-451,452,000	-449,223,000	-447,602,000	-389,307,000	-491,104,000	-519,205,000	-547,653,000	-729,313,000	-612,201,000	-653,649,000	-602,127,000	-466,644,000	-399,021,000	-306,208,000	-318,215,000	-320,682,000	-351,970,000	-360,973,000	-359,249,000	-340,314,000	-338,073,000	-394,509,000	-396,594,000	-380,748,000	-330,713,000	-349,202,000	-297,867,000	-313,094,000	-288,154,000	-275,848,000	-290,737,000	-268,761,000	-252,059,000	-256,660,000	-235,045,000	-248,486,000	-250,965,000	-253,557,000	-256,143,000	-259,222,000	-260,483,000	-263,582,000	-254,211,000	-256,913,000	-256,307,000	-257,761,000	-259,050,000
total shareholders’ equity	2,721,270,000	2,462,144,000	1,957,548,000	1,609,993,000	1,395,915,000	1,184,936,000	1,142,560,000	1,045,263,000	958,532,000	870,735,000	804,346,000	880,962,000	854,828,000	901,328,000	771,267,000	842,366,000	785,633,000	771,279,000	773,511,000	755,629,000	731,276,000	633,453,000	603,553,000	567,469,000	550,607,000	582,988,000	584,447,000	598,638,000	604,674,000	527,153,000	546,753,000	542,234,000	543,624,000	557,058,000
total liabilities and shareholders’ equity	24,343,352,000	17,342,178,000	14,158,694,000	11,311,265,000	9,044,836,000	8,184,579,000	7,816,174,000	6,683,602,000	6,304,497,000	6,369,750,000	6,040,782,000	5,525,955,000	3,869,858,000	3,605,234,000	4,049,565,000	3,204,337,000	3,849,222,000	3,639,738,000	3,354,110,000	3,474,295,000	2,901,108,000	3,087,754,000	3,215,039,000	3,897,628,000	5,374,218,000	5,370,604,000	5,487,401,000	5,868,885,000	5,035,133,000	3,886,089,000	3,448,179,000	3,082,777,000	3,205,672,000	3,305,778,000	3,143,278,000	3,060,220,000	3,339,874,000	3,397,731,000	3,343,556,000	3,469,073,000	3,584,088,000	3,670,048,000	3,928,201,000	4,169,042,000	4,075,511,000	3,688,311,000	3,813,511,000	4,115,918,000	4,144,282,000	4,217,137,000	4,319,644,000	4,749,271,000	4,628,113,000	4,280,229,000	4,405,030,000	3,729,197,000	3,349,056,000	2,582,193,000	2,633,686,000	2,656,703,000	2,359,816,000	1,649,584,000	1,091,835,000	983,438,000
mortgage-backed securities (including pledged assets of 14,593,470 and 6,893,629, respectively), at fair value		16,306,988,000
mortgage-backed securities (including pledged of 12,382,611 and 6,893,629, respectively), at fair value			13,230,145,000
mortgage-backed securities (including pledged of 9,066,756 and 6,893,629, respectively), at fair value				10,510,006,000
accrued dividends payable				26,125,000	20,707,000	16,501,000	13,684,000	12,785,000	10,990,000	10,320,000	9,972,000	9,440,000	9,214,000	9,103,000	8,151,000	7,608,000	6,672,000	6,541,000	6,350,000	6,086,000	5,639,000	5,814,000	5,755,000	5,735,000	5,424,000	6,280,000	6,280,000	7,164,000	6,927,000	13,810,000	13,121,000	12,727,000	12,563,000	12,526,000	11,620,000	11,121,000	10,934,000	12,268,000	12,259,000	12,257,000	12,247,000	13,709,000	14,002,000	14,878,000	15,112,000	15,622,000	15,621,000	15,620,000	15,612,000	16,601,000	16,632,000	17,902,000	16,934,000	16,770,000	16,582,000	15,766,000	15,215,000	11,307,000	10,903,000	10,893,000	10,886,000	8,192,000
mortgage-backed securities (including pledged of 7,620,616 and 6,893,629, respectively), at fair value					8,399,925,000
mortgage-backed securities (including pledged of 6,893,629 and 5,880,747, respectively), at fair value						7,512,087,000
mortgage-backed securities (including pledged of 6,767,948 and 5,880,747, respectively), at fair value							7,327,643,000
mortgage-backed securities (including pledged of 5,788,148 and 5,880,747, respectively), at fair value								6,193,139,000
mortgage-backed securities (including pledged of 5,570,076 and 5,880,747, respectively), at fair value									5,840,559,000
mortgage-backed securities (including pledged of 5,880,747 and 2,810,957, respectively), at fair value										6,038,948,000
mortgage-backed securities (including pledged of 5,279,554 and 2,810,957, respectively), at fair value											5,583,758,000
mortgage-backed securities (including pledged of 4,441,105 and 2,810,957, respectively), at fair value												5,059,308,000
mortgage-backed securities (including pledged of 3,012,970 and 2,810,957, respectively), at fair value													3,296,784,000
mortgage-backed securities (including pledged of 2,810,957 and 3,011,319, respectively), at fair value														3,112,705,000
mortgage loans held for investment, at fair value														2,617,000	3,073,000	3,412,000	3,757,000	4,268,000	4,717,000	5,146,000	5,749,000				7,922,000
accumulated other comprehensive income														-181,346,000	-196,629,000	-145,521,000	-84,611,000	6,729,000	20,236,000	29,375,000	15,105,000	80,261,000	88,729,000	81,731,000	246,778,000	173,806,000	217,010,000	161,815,000	50,688,000						5,886,000				52,578,000	51,908,000	28,960,000	-12,768,000	32,109,000	4,691,000	44,369,000	21,316,000	16,462,000	30,944,000		-33,816,000	-34,363,000	-35,100,000	61,557,000	52,511,000	55,890,000	21,505,000	22,924,000	-3,255,000	-1,605,000	6,699,000	6,383,000	10,057,000	17,600,000	17,436,000
mortgage-backed securities (including pledged of 2,903,659 and 3,011,319, respectively), at fair value															3,150,306,000
cash																325,679,000	456,957,000	366,023,000	382,796,000	349,381,000	328,936,000
mortgage-backed securities (including pledged of 2,373,246 and 3,011,319, respectively), at fair value																2,659,386,000
receivable for securities pending settlement																2,516,000	1,491,000	2,771,000
mortgage-backed securities (including pledged of 3,119,668 and 3,011,319, respectively), at fair value																	3,215,017,000
payable for securities pending settlement																	48,046,000																																						12,567,000	502,000	59,416,000		74,098,000
mortgage-backed securities (including pledged of 3,011,319 and 2,467,859, respectively), at fair value																		3,181,839,000
mortgage-backed securities (including pledged of 2,677,652 and 2,467,859, respectively), at fair value																			2,858,166,000
receivable for sales pending settlement																			806,000	1,057,000	5,067,000
payable for purchases pending settlement																			5,429,000	350,854,000	24,455,000
mortgage-backed securities (including pledged of 2,473,257 and 2,467,859, respectively), at fair value																				2,995,502,000
mortgage-backed securities (including pledged of 2,173,333 and 2,467,859, respectively), at fair value																					2,380,373,000
restricted cash																						7,077,000	26,006,000	59,150,000	59,204,000	71,648,000	97,154,000	61,394,000	86,761,000	54,106,000	58,334,000	52,832,000	58,312,000	46,333,000	43,987,000	45,377,000	34,822,000	24,769,000	84,685,000	83,679,000	86,864,000	51,190,000	78,179,000	57,880,000	66,967,000	42,263,000	32,755,000	30,747,000	18,242,000	13,385,000	15,849,000
mortgage-backed securities (including pledged of 2,467,859 and 5,024,625, respectively), at fair value																						2,596,255,000
mortgage loans held for investment (includes 6,264 and 8,857 at fair value, respectively); see note 3																						6,264,000
receivable for securities sold																						150,432,000	1,145,000					1,242,000				277,000	643,000		13,435,000									96,168,000			16,321,000					22,875,000
payable for unsettled securities																						5,000	190,000		382,371,000	6,180,000	10,429,000	425,897,000	151,075,000	58,915,000	182,922,000	529,000	23,468,000	156,899,000	77,357,000
non-recourse collateralized financing																						111,000	645,000	1,282,000	2,171,000	2,733,000	2,950,000	3,078,000	3,219,000	3,458,000	3,709,000	4,393,000	5,290,000	5,520,000	5,706,000	5,892,000	6,075,000	6,440,000	7,025,000	7,520,000	8,140,000	8,442,000	8,581,000	8,788,000	10,196,000	10,786,000	11,194,000	12,073,000	12,394,000	12,914,000	21,148,000	24,634,000	28,473,000	30,504,000	31,295,000	31,561,000	32,237,000	70,895,000	84,013,000	105,983,000	106,223,000	107,105,000	108,027,000	191,929,000
mortgage-backed securities (including pledged of 2,766,132 and 5,024,625, respectively), at fair value																							2,995,660,000
mortgage loans held for investment (includes 6,921 and 8,857 at fair value, respectively); see note 1																							6,921,000
receivable for securities sold, pledged to counterparties																								156,047,000	1,503,571,000
mortgage-backed securities (including pledged of 3,391,112 and 5,024,625 respectively), at fair value																								3,496,925,000
mortgage loans held for investment (includes 7,366 and 8,857 at fair value, respectively); see note 1																								7,366,000
mortgage-backed securities (including pledged of 3,224,750 and 5,024,625 respectively), at fair value																									3,719,706,000
mortgage-backed securities																										5,188,163,000	5,302,926,000	5,713,788,000	4,842,447,000	3,749,464,000	3,294,510,000	2,759,894,000	2,864,822,000	3,026,989,000	2,921,444,000	2,864,026,000	3,186,749,000	3,212,084,000	3,110,467,000	3,208,735,000	3,328,752,000	3,493,701,000	3,737,729,000	3,852,883,000	3,879,723,000	3,516,239,000	3,615,393,000	3,949,965,000	3,959,852,000
mortgage loans held for investment																										9,405,000	9,836,000	10,306,000	10,862,000	11,527,000	12,342,000	13,628,000	15,099,000	15,738,000	16,523,000	17,345,000	18,183,000	19,036,000	20,366,000	21,815,000	23,271,000	24,145,000	27,439,000	29,858,000	32,775,000	39,700,000	41,454,000	52,564,000	53,804,000
preferred stock, par value .01 per share; 50,000,000 shares authorized; 6,788,330 and 5,954,594 shares issued and outstanding, respectively																											162,807,000
common stock																											229,000	246,000	722,000	628,000	590,000	569,000	560,000	558,000	513,000	492,000	492,000	492,000	491,000	491,000	491,000	490,000	506,000	541,000	549,000	547,000	547,000	547,000	547,000	543,000	544,000	552,000	548,000	543,000	544,000	544,000	543,000	404,000	404,000	403,000	403,000	303,000	187,000	152,000
preferred stock, par value .01 per share; 50,000,000 shares authorized; 6,514,130 and 5,954,594 shares issued and outstanding, respectively																												156,071,000
preferred stock, par value .01 per share; 50,000,000 shares authorized; 6,168,062 and 5,954,594 shares issued and outstanding, respectively																													147,898,000
investments in debt securities, at fair value:
u.s. treasuries																																57,923,000	204,535,000	146,530,000
preferred stock, par value .01 per share; 50,000,000 shares authorized; 5,954,594 and 5,888,680 shares issued and outstanding, respectively																														142,883,000
investments in securities, at fair value:
preferred stock, par value .01 per share; 50,000,000 shares authorized; 5,941,659 and 5,888,680 shares issued and outstanding, respectively																															142,574,000
principal receivable on investments																																45,000	66,000	165,000	3,359,000	5,812,000	4,558,000	11,978,000	9,594,000	7,794,000	6,382,000	6,193,000	11,128,000	10,584,000	8,792,000	7,420,000	11,124,000	10,769,000	8,112,000	12,999,000	18,267,000	22,860,000	18,615,000	17,008,000	20,374,000	16,592,000	9,408,000	13,826,000	10,305,000	14,402,000	10,903,000
preferred stock, par value .01 per share; 50,000,000 shares authorized; 5,908,999 and 5,888,680 shares issued and outstanding, respectively																																141,788,000	141,788,000
preferred stock, par value .01 per share; 50,000,000 shares authorized; 5,888,680 and 4,571,937 shares issued and outstanding, respectively																																		141,294,000
preferred stock, par value .01 per share; 50,000,000 shares authorized; 5,665,101 and 4,571,937 shares issued and outstanding, respectively																																			135,828,000
total shareholders' equity																																			524,099,000	497,275,000	492,522,000	467,184,000	494,919,000	491,526,000	483,799,000	492,025,000	527,760,000	575,253,000	605,461,000	607,302,000	614,047,000	612,914,000	599,015,000	585,876,000	581,041,000	607,237,000	633,298,000	616,710,000	617,931,000	525,073,000	522,897,000	371,349,000	369,534,000	386,860,000
preferred stock, par value .01 per share; 50,000,000 shares authorized; 5,348,658 and 4,571,937 shares issued and outstanding, respectively																																				128,165,000
preferred stock, par value .01 per share; 50,000,000 shares authorized; 4,897,138 and 4,571,937 shares issued and outstanding, respectively																																					117,473,000
investment in limited partnership																																									98,000	10,835,000	10,731,000	10,733,000	10,022,000	4,000,000
investment in fhlb stock																																						9,000	5,260,000	5,260,000	11,475,000	11,475,000	11,475,000
fhlb advances																																							263,000,000	263,000,000	263,000,000	520,000,000	255,000,000	108,076,000
preferred stock, par value .01 per share; 50,000,000 shares authorized; 4,571,937 and 4,550,000 shares issued and outstanding, respectively																																						110,005,000
preferred stock, par value .01 per share, 8.5% series a cumulative redeemable; 8,000,000 shares authorized; 2,300,000 shares issued and outstanding																																							55,407,000	55,407,000	55,407,000	55,407,000	55,407,000	55,407,000	55,407,000	55,407,000	55,407,000	55,407,000	55,407,000	55,407,000	55,407,000	55,407,000
preferred stock, par value .01 per share, 7.625% series b cumulative redeemable; 7,000,000 shares authorized; 2,250,000 shares issued and outstanding																																							54,251,000	54,251,000	54,251,000	54,251,000	54,251,000	54,251,000	54,251,000	54,251,000	54,251,000	54,251,000	54,251,000	54,251,000	54,251,000	54,251,000
payable for unsettled mortgage-backed securities																																												4,014,000	196,473,000				16,086,000	10,358,000
mortgage-backed securities, at fair value																																																		4,018,161,000	4,141,744,000	4,559,323,000	4,267,917,000
securitized mortgage loans																																																		54,748,000	59,797,000	62,083,000	64,825,000	70,823,000	77,748,000	89,225,000	100,675,000	113,703,000	118,700,000	130,925,000	143,445,000	152,962,000	160,895,000	192,666,000
other investments																																																		675,000	1,305,000	5,782,000	822,000	858,000	896,000	933,000	53,621,000	1,018,000	1,059,000	1,127,000	1,171,000	1,229,000	1,437,000	1,597,000
assets - sum																																																		4,073,584,000				4,175,662,000				2,500,976,000				1,617,865,000	1,064,546,000	943,225,000
commitments and contingencies
mortgage-backed securities pending settlement																																																					197,778,000
payable for mortgage-backed securities pending settlement																																																					198,051,000
preferred stock, par value .01 per share, 8.5% series a cumulative redeemable; 8,000,000 shares authorized; 2,300,000 shares issued and outstanding, respectively																																																					55,407,000
agency mbs																																																						3,492,659,000	3,650,672,000	2,979,039,000	2,656,163,000	1,965,159,000	2,072,110,000	2,181,850,000	1,869,765,000	1,196,311,000	676,843,000	568,966,000
non-agency mbs																																																						611,322,000	586,931,000	558,966,000	465,711,000	421,096,000	403,705,000	277,195,000	265,229,000	267,363,000	225,371,000
preferred stock, par value .01 per share, 8.5% series a cumulative redeemable; 8,000,000 shares authorized; 2,300,000 and no shares issued and outstanding, respectively																																																						55,407,000	55,407,000
liabilities: - sum																																																													1,976,323,000	1,357,227,000	866,361,000	792,607,000
shareholders’ equity: - sum																																																													383,493,000	292,357,000	225,474,000	190,831,000
preferred stock, par value .01 per share, 9.5% cumulative convertible series d; none and 4,221,539 shares issued and outstanding, respectively
preferred stock, par value .01 per share, 50,000,000 shares
authorized; 9.5% cumulative convertible series d, 4,221,387 shares
issued and outstanding																																																															41,748,000	41,749,000
non-agency securities																																																																179,996,000
authorized; 9.5% cumulative convertible series d, 4,221,539 shares

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2009-03-12	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30

operating activities:
net loss	-80,362,000																								-98,479,000																-37,431,000
adjustments to reconcile net loss to cash from operating activities:
realized gain on sales of investments	-8,721,000
unrealized loss on investments	251,811,000			-33,652,000	-109,997,000	223,225,000	-192,874,000	41,977,000	70,024,000	-263,992,000	179,100,000	-489,000	-57,120,000	-32,529,000	69,197,000	65,103,000	111,251,000	11,833,000	3,085,000
loss on derivative instruments,net	-104,727,000
amortization of investment premiums	5,951,000	5,596,000	6,009,000	6,401,000	7,961,000	9,494,000	11,694,000	12,424,000	14,059,000	16,594,000	19,178,000	19,282,000	19,642,000	20,668,000	25,415,000	24,884,000	27,104,000	28,089,000	29,959,000	29,962,000	30,161,000	30,377,000	32,229,000	30,671,000	33,118,000	35,363,000	35,088,000	32,156,000	31,083,000	32,535,000	36,365,000	38,367,000	35,769,000	35,085,000	41,433,000	41,326,000	39,862,000	38,311,000	38,821,000	36,050,000	37,547,000	37,910,000	39,661,000	38,097,000	36,640,000	33,544,000
other amortization and depreciation	545,000	542,000	544,000	516,000	496,000	509,000	433,000	424,000	501,000	576,000	546,000	608,000	585,000	645,000	574,000	569,000	566,000	582,000	620,000	507,000	599,000	561,000	469,000	460,000	499,000	498,000	479,000	485,000	222,000	295,000	312,000	313,000	312,000	304,000	301,000	357,000	325,000	316,000	336,000	373,000	477,000	1,195,000	1,296,000	1,326,000	1,521,000	1,893,000
share-based compensation expense	7,666,000	4,249,000	2,801,000	3,486,000	2,029,000	1,067,000	984,000	914,000	4,270,000	1,233,000	1,460,000	1,130,000	1,010,000	388,000	2,158,000	1,027,000	846,000	761,000	760,000
increase in accrued interest receivable	-29,514,000	-12,009,000				-780,000							-1,974,000				-1,730,000												-5,056,000				-3,094,000											1,541,000	-1,699,000			910,000	-1,684,000			170,000	-1,401,000	-1,081,000	-4,374,000	-1,748,000	-3,261,000
increase in accrued interest payable	36,230,000	-15,321,000	49,662,000	13,994,000	2,189,000	-3,898,000	-5,997,000			10,026,000	9,374,000	20,988,000	-3,644,000	11,541,000	3,098,000	287,000	159,000							-8,699,000	-5,979,000	8,399,000	-8,721,000	2,968,000	2,631,000	4,632,000	207,000	346,000	1,389,000	1,014,000			-528,000	993,000	449,000	-529,000	500,000			-193,000	313,000				298,000	115,000				514,000	390,000	294,000	-468,000	925,000	-197,000	126,000	232,000
change in other assets and liabilities	-9,030,000	4,402,000	3,267,000	3,270,000	-7,482,000	11,110,000	1,539,000	-7,668,000	-4,747,000	1,197,000	-5,484,000	5,798,000	-3,622,000	-1,871,000	741,000	28,000	-642,000	-419,000	1,479,000	-847,000	-5,350,000	3,853,000	98,000	178,000	254,000	-1,406,000	-648,000	-983,000	1,625,000	-3,222,000	848,000	770,000	-2,514,000
net cash from operating activities	69,849,000	14,304,000	68,275,000	31,879,000	6,363,000	15,142,000	-2,255,000	18,609,000	-17,104,000	16,571,000	10,402,000	31,490,000	3,737,000	30,074,000	25,536,000	36,190,000	34,552,000	38,244,000	40,872,000	37,665,000	30,189,000																																														6,050,000	3,735,000	2,502,000		1,994,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0																																														0	0	0		0
free cash flows	69,849,000	14,304,000	68,275,000	31,879,000	6,363,000	15,142,000	-2,255,000	18,609,000	-17,104,000	16,571,000	10,402,000	31,490,000	3,737,000	30,074,000	25,536,000	36,190,000	34,552,000	38,244,000	40,872,000	37,665,000	30,189,000																																														6,050,000	3,735,000	2,502,000		1,994,000
investing activities:
purchases of investments	-8,453,854,000	-2,751,975,000	-3,500,687,000	-1,672,443,000	-957,078,000	-437,810,000	-932,691,000			-369,515,000	-1,099,189,000	-1,799,233,000	-310,352,000
principal payments received on trading securities	453,334,000	292,688,000	232,842,000	186,436,000	120,906,000	134,547,000	119,305,000	107,917,000	78,131,000	163,232,000	-3,694,000	43,616,000	30,233,000
principal payments received on available-for-sale investments	18,000,000	15,852,000	23,583,000	20,430,000	59,986,000	17,998,000	19,078,000	19,074,000	18,874,000	-66,067,000	104,420,000	25,601,000	22,318,000	29,784,000
proceeds from sales of trading securities	633,301,000					0	0			0	0
principal payments received on mortgage loans held for investment	17,000	333,000	92,000	57,000	67,000	97,000	224,000	134,000	307,000	188,000	199,000	223,000	279,000	483,000	335,000	316,000	512,000	472,000	458,000	683,000	488,000	684,000	651,000	904,000	615,000	426,000	478,000	553,000	646,000	835,000	1,274,000	1,452,000	649,000	745,000	765,000	889,000	987,000	1,244,000	1,390,000	1,420,000	899,000	3,329,000	2,416,000	2,841,000	6,984,000	2,637,000	11,261,000	1,284,000	1,605,000
net receipts (payments) on derivative instruments	169,042,000
increase in cash collateral posted by counterparties	-8,373,000	-10,051,000	-10,899,000	24,525,000	4,798,000	-7,895,000	-11,488,000	10,876,000	-37,494,000				26,690,000	435,000	-59,234,000	28,958,000	28,442,000	-20,798,000	13,306,000	-74,450,000	76,095,000
net cash from investing activities	-7,188,533,000	-2,372,914,000	-3,287,641,000	-1,505,066,000	-908,356,000	31,904,000	-955,245,000	-335,287,000	232,602,000	-555,965,000	-834,343,000	-1,237,487,000	-332,257,000	206,031,000	-787,815,000	491,186,000	25,158,000	-335,282,000	-294,674,000	-323,757,000	398,335,000
financing activities:
borrowings under repurchase agreements	51,354,129,000	46,556,620,000	40,187,474,000	34,383,135,000	22,760,699,000	20,506,970,000	18,929,229,000	14,727,758,000	12,273,321,000	7,156,857,000	5,346,250,000	5,570,287,000	5,428,877,000	3,513,803,000	5,695,913,000	4,841,663,000	2,197,547,000	1,624,844,000	3,054,705,000	3,461,606,000	4,494,067,000	2,750,077,000	4,617,516,000	7,131,097,000	16,555,552,000	9,397,443,000	32,480,274,000	28,018,775,000	32,608,826,000	28,345,884,000	22,312,867,000	27,068,750,000	27,508,732,000		21,222,300,000	17,258,393,000	21,748,733,000													-94,200,000	-396,647,000	363,033,000	144,023,000	-106,948,000	559,812,000	425,726,000	592,405,000	40,107,000				489,036,000
repayments of repurchase agreement borrowings	-44,212,903,000	-44,405,911,000	-37,034,095,000	-33,017,715,000	-22,089,096,000	-20,367,740,000	-17,999,767,000	-14,518,038,000	-12,369,717,000	-6,777,983,000	-4,545,921,000	-4,305,510,000	-5,136,158,000	-3,878,667,000	-4,889,292,000	-5,591,817,000	-2,094,661,000	-1,301,993,000	-2,848,683,000	-3,172,652,000	-4,899,141,000	-2,907,597,000	-5,337,824,000	-8,224,212,000	-16,899,794,000	-9,517,964,000	-32,422,857,000	-27,456,216,000	-31,623,917,000	-27,768,758,000	-22,136,993,000	-27,167,658,000	-27,460,742,000
proceeds from issuance of common stock	441,743,000	393,332,000	254,139,000	282,149,000	239,658,000	64,426,000	56,241,000	124,844,000	86,806,000	5,950,000	30,362,000	3,543,000	2,771,000	92,399,000	45,039,000	105,199,000	4,245,000	12,780,000	27,898,000	68,302,000	128,150,000					0	138,000	9,879,000	53,872,000	22,577,000	13,367,000	5,620,000	294,000	32,687,000	14,356,000	12,000	127,000	35,000												61,000	-37,000	2,260,000	5,152,000	36,000	24,000	75,000	123,733,000	21,000	19,000	36,000	95,206,000	72,840,000	33,151,000	1,406,000	9,453,000	2,989,000
cash paid for stock issuance costs	-120,000	0				0												0	-16,000	-43,000	-270,000					0	0	0	-185,000	0				0	-9,000	-16,000	-36,000
payments related to tax withholding for share-based compensation	-2,367,000	-7,000	-441,000	0	-1,181,000	-1,000	-421,000	0	-527,000	1,000	-1,000	-169,000	-276,000	-1,000	-621,000	-489,000	-236,000	0	0																							-1,000	1,000	-12,000	-545,000	0	-2,000	0	-505,000	0	0	0	-545,000
dividends paid	-102,545,000	-78,844,000	-69,584,000	-56,555,000	-41,616,000	-34,754,000	-31,222,000	-26,952,000	-24,916,000	-24,003,000	-23,067,000	-23,022,000	-22,949,000	-20,315,000	-19,335,000	-16,493,000	-16,223,000	-16,096,000	-15,390,000	-14,089,000	-13,320,000	-12,286,000	-12,257,000	-12,867,000	-15,027,000	-13,687,000	-15,802,000	-16,261,000	-22,292,000	-13,602,000	-13,185,000	-13,021,000	-12,982,000	-12,053,000	-11,537,000	-11,316,000	-12,626,000	-12,615,000	-12,615,000	-12,604,000	-14,066,000	-14,334,000	-15,235,000	-15,469,000	-15,978,000	-15,978,000	-15,976,000	-15,969,000	-16,957,000	-16,989,000	-18,259,000	-17,124,000	-16,960,000	-17,587,000	-14,950,000	-15,217,000	-11,307,000	-10,903,000	-10,893,000	-10,885,000	-8,192,000	-5,733,000	-4,492,000	-4,461,000	-4,207,000	-4,125,000	-4,032,000	-3,800,000	-3,802,000	-1,003,000	-3,802,000	-2,827,000	-2,220,000	-1,002,000	-1,003,000	-1,003,000	-1,002,000	-1,002,000	-1,003,000	-1,003,000	-1,370,000	-1,337,000	-1,336,000
net cash from financing activities	7,477,937,000	2,465,190,000	3,337,336,000	1,591,014,000	868,464,000	168,901,000	953,829,000	307,612,000	-35,033,000	360,822,000	807,623,000	1,245,129,000	272,265,000	-292,781,000	831,704,000	-661,937,000	90,672,000	319,535,000	218,514,000	342,699,000	-360,768,000																																														67,047,000	52,586,000	124,386,000
net increase in cash, including cash posted to counterparties	359,253,000	106,580,000	117,970,000	117,827,000	-33,529,000	215,947,000	-3,671,000	-9,066,000	180,465,000
cash including cash collateral posted to counterparties at beginning of period	930,387,000	0
cash including cash collateral posted to counterparties at end of period	1,289,640,000	106,580,000
supplemental disclosure of cash activity:
cash paid for interest on repurchase agreements	141,905,000	148,873,000
noncash investing activities:
net income		185,359,000	150,389,000	-13,606,000	-3,076,000	51,086,000	30,997,000	-8,303,000	40,118,000	24,305,000	-43,051,000	54,338,000	-41,722,000	43,289,000	-46,674,000	29,337,000	117,209,000	14,058,000	14,033,000	-43,759,000	117,929,000	40,446,000	40,725,000			55,135,000	-36,604,000	-118,985,000	-52,214,000	-78,522,000	25,586,000	15,652,000	44,307,000	21,962,000	10,312,000	-7,432,000	9,051,000					32,531,000	-36,977,000	30,462,000	-9,472,000	3,673,000	30,866,000	-5,999,000	-734,000	21,559,000	-4,626,000	31,533,000	19,603,000	20,367,000	18,352,000	18,847,000	16,476,000	14,406,000	1,532,000	13,594,000	10,280,000	9,646,000	7,022,000	7,267,000	5,537,000	4,076,000	6,002,000	4,369,000	3,134,000	2,461,000	8,364,000	-1,023,000	5,319,000	6,213,000	-16,000	760,000	1,942,000	5,124,000	-1,830,000	402,000	1,213,000	11,484,000	-11,493,000
adjustments to reconcile net income to cash from operating activities:
realized loss on sales of investments						0	0
loss on derivative instruments		-73,782,000	10,694,000	58,093,000	118,088,000	-276,671,000			-124,635,000				67,267,000					-16,954,000	-9,602,000	52,940,000	-107,801,000	-23,866,000	-7,974,000	8,563,000	195,567,000	-42,992,000	50,708,000	117,536,000	61,697,000	81,981,000	-19,499,000			-12,678,000	-5,993,000	15,802,000	-175,000	-56,547,000	-2,408,000	16,297,000	48,264,000	-17,854,000	52,749,000	-17,090,000	25,323,000	21,739,000	-4,842,000	23,074,000	13,422,000	-2,607,000
net (payments) receipts on derivative instruments		80,239,000	-32,572,000	-64,071,000	-137,035,000
payable for purchases of investments
unrealized gain on investments
decrease in accrued interest receivable				-6,623,000	-3,845,000			-424,000	828,000					830,000	-2,993,000			-432,000	304,000	1,424,000	-1,092,000	952,000	1,280,000	6,484,000	3,105,000	-2,115,000	1,198,000			-1,444,000	-249,000			-552,000	28,000	3,554,000	-2,453,000	-895,000	118,000	2,532,000	613,000	-1,848,000				-171,000				464,000											-3,458,000				313,000
cash including cash posted to counterparties at beginning of period				0	621,539,000	0	0	0	237,864,000	0	0	0	449,877,000	0	0	0	421,307,000	-625,000	0
cash including cash posted to counterparties at end of period				117,827,000	588,010,000	215,947,000	-3,671,000	-9,066,000	418,329,000	-178,572,000	-16,318,000	39,132,000	393,622,000	-56,676,000	69,425,000	-134,561,000	571,689,000	21,872,000	-35,288,000
cash paid for interest				74,624,000	75,738,000	85,507,000	88,561,000	55,872,000	92,239,000		56,161,000	24,153,000	34,952,000			3,975,000	1,589,000	717,000	1,086,000	1,287,000	2,619,000	1,838,000	2,603,000	13,539,000	28,074,000	17,362,000	39,974,000	27,843,000	23,807,000	14,492,000	14,599,000	13,863,000	10,251,000	9,085,000	8,737,000	9,888,000	8,141,000	5,848,000	5,709,000	6,695,000	5,781,000	4,894,000	5,524,000	4,853,000	3,989,000	3,742,000	4,842,000	5,926,000	4,935,000	11,452,000	0	11,684,000	10,381,000	9,751,000	8,970,000	7,826,000	7,488,000	5,699,000	6,530,000	5,576,000	4,305,000																						27,996,000
proceeds from sales of available-for-sale investments
net receipts on derivatives, including terminations							-149,673,000			-305,177,000	144,919,000			-202,592,000	321,262,000	75,730,000	259,180,000													-86,753,000	26,568,000	17,779,000	36,271,000
gain on derivative instruments											-146,953,000				-96,947,000	-106,412,000	-220,211,000																-38,354,000
decrease in accrued interest payable									-17,522,000										234,000	-13,000	-992,000																					205,000					-278,000					-1,212,000	-22,000										-355,000	-17,000	-46,000
net receipts (payments) on derivatives, including terminations									172,784,000									64,165,000	-403,807,000	373,810,000	52,079,000													10,243,000	4,338,000
decrease in cash collateral posted by counterparties										21,374,000	19,002,000
principal payments on non-recourse collateralized financing																		0	0	0	-118,000	-539,000	-640,000	-898,000	-569,000	-221,000	-131,000	-144,000	-242,000	-256,000	-694,000	-910,000	-234,000	-191,000	-190,000	-187,000	-370,000	-596,000	-504,000	-634,000	-305,000	-146,000	-214,000	-1,432,000	-603,000	-414,000	-895,000	-331,000	-527,000	-8,338,000	-3,562,000	-3,916,000	-2,024,000	-853,000	-318,000	-674,000	-38,781,000	-13,202,000	-494,000	-462,000	-1,138,000	-1,177,000	-27,108,000	-9,138,000	-6,406,000
cash paid for redemption of preferred stock																		0	0	0	-69,708,000	0	0	0	-100,000,000
net increase in cash including cash posted to counterparties										-178,572,000	-16,318,000	39,132,000	-56,255,000	-56,676,000	69,425,000	-134,561,000	150,382,000	22,497,000	-35,288,000
realized loss on sale of investments											0	51,601,000	23,315,000	-450,000	70,967,000
net (payments) receipts on derivatives, including terminations													-101,425,000													44,081,000	-54,978,000	-111,641,000	-62,382,000
purchases of trading securities
purchases of available-for-sale investments
proceeds from issuance of preferred stock																						-145,000	0	0	107,988,000	0	6,736,000	8,173,000	5,015,000	309,000	796,000	0	494,000	5,466,000	7,672,000	10,708,000	7,504,000													0	0			0
cash paid for common stock repurchases																						0	0	-166,000	-206,000	0
purchase of investments															-1,164,848,000	-22,976,000	-349,839,000	-486,750,000	-2,438,000	-983,947,000	-68,543,000	0	381,910,000	-2,663,269,000	-155,594,000	-157,963,000	-732,636,000	-1,081,612,000	-1,019,100,000	-708,787,000	-512,781,000	-246,356,000	-321,348,000	-545,369,000	-489,647,000	-141,507,000	-141,436,000	-338,230,000	-91,846,000	0	-4,970,000	-56,509,000	-66,391,000	-613,410,000	-386,660,000	-142,373,000	-158,309,000	-171,147,000	-127,552,000	-93,978,000	-14,288,000	-872,418,000	-438,376,000	-185,058,000	-937,310,000	-635,687,000	-881,854,000	-166,225,000	-195,907,000	-474,902,000	-769,785,000	-680,622,000	-212,903,000	-118,848,000	-100,431,000
principal payments received on trading securities held for investment
proceeds from sales of trading securities held for investment
principal payments received on investments																81,458,000	86,863,000	109,594,000	97,556,000	105,684,000	118,022,000	130,676,000	94,289,000	109,734,000	140,032,000	189,916,000	152,504,000	121,244,000	73,817,000	51,536,000	41,910,000	43,480,000	51,972,000	58,835,000	64,662,000	88,090,000	95,546,000	110,848,000	150,282,000	95,017,000	92,420,000	110,212,000	147,465,000	134,565,000	102,033,000	113,839,000	151,201,000	124,587,000	128,676,000	169,400,000	256,886,000	269,566,000	217,358,000	648,779,000	-235,604,000	152,411,000	117,231,000	133,839,000	137,635,000	122,648,000	84,366,000	108,224,000															15,578,000	16,169,000	26,297,000	24,044,000	27,435,000
proceeds from sales of investments																		-1,965,000	251,000	254,463,000	220,194,000	89,964,000	175,588,000	3,738,857,000	487,464,000	0	600,514,000			90,164,000	116,927,000	371,360,000	154,613,000	280,117,000	393,501,000	342,310,000	57,173,000	5,251,000	0	16,503,000	77,530,000	110,589,000	106,094,000	130,315,000	102,923,000	127,640,000	280,346,000	36,133,000	59,799,000	30,128,000	163,046,000	133,758,000	31,158,000	45,660,000	79,279,000	56,637,000	49,569,000	59,891,000	89,446,000			5,703,000	-1,000	19,478,000	31,405,000
realized gain on sale of investments																			0
other investing activities																										62,000	1,165,000	-1,246,000	-102,000	-30,000	-4,000	-1,000	-67,000	0	-2,000	-66,000	-146,000	68,000	-50,000	-17,000	-38,000	-103,000	1,000	-60,000	-75,000	1,000	-3,000	0	-5,000	489,000	5,260,000	1,143,000	-1,001,000	108,000	-1,294,000	-1,173,000	-534,000	342,000	281,000	-198,000	-6,000	-2,000	-1,151,000	17,599,000	-16,743,000
gain on sale of investments																					-4,697,000				-84,783,000																					-10,950,000				-757,000	825,000	-2,031,000	-1,391,000	-2,043,000	-3,480,000	-2,587,000	-351,000	-773,000	-581,000			-2,098,000	0	-717,000	-77,000	49,000	1,000	-304,000	83,000		-331,000	43,000	-2,093,000		15,000				-342,000	92,000	24,000
loss on investments																					980,000
stock-based compensation expense																					452,000	524,000	568,000	424,000	307,000	306,000	306,000	295,000	298,000	301,000	301,000	294,000	335,000	387,000	388,000	641,000	538,000	643,000	623,000	614,000	829,000	745,000	745,000	782,000	693,000	674,000	690,000	683,000	672,000	552,000	647,000	625,000	490,000	418,000	490,000	467,000	453,000	425,000	139,000	258,000	95,000
payments related to tax withholding for stock-based compensation																					-428,000	0	-10,000	0	-235,000	0	0	0	-296,000	0	0	0	-364,000	0	0	0	-521,000	0	0	0	-485,000
net increase in cash and cash posted to counterparties																					67,756,000
cash and cash posted to counterparties at beginning of period																					310,360,000
cash and cash posted to counterparties at end of period																					378,116,000
loss on sale of investments																						-9,356,000	-20,846,000			0	-4,605,000			5,428,000	1,726,000	12,444,000	3,775,000	902,000	5,211,000	3,709,000	1,708,000	0	0	297,000	3,941,000	908,000	-113,000	1,491,000	-1,308,000			477,000	3,307,000
net payments on derivatives, including terminations																						13,075,000	12,780,000	-22,890,000	-187,822,000												21,573,000	-36,105,000	1,609,000	-20,100,000	-5,992,000	-2,427,000
net increase in cash, cash equivalents, and restricted cash																						117,776,000	-21,490,000	95,778,000	-23,615,000	-4,705,000	27,585,000	-31,313,000	53,959,000	-24,881,000	-104,373,000	131,574,000	-816,000	-74,489,000
cash, cash equivalents, and restricted cash at beginning of period																						0	0	0	134,230,000	0	0	0	88,704,000	0	0	0	87,200,000	0
cash, cash equivalents, and restricted cash at end of period																						117,776,000	-21,490,000	95,778,000	110,615,000	-4,705,000	27,585,000	-31,313,000	142,663,000	-24,881,000	-104,373,000	131,574,000	86,384,000	-74,489,000
fair value adjustments																							-194,000	-332,000	372,000	14,000	13,000	16,000	13,000	16,000	-12,000	-27,000	-29,000	-12,000	-23,000	-30,000	-10,000	-17,000	-35,000	-27,000	-24,000	6,000	-16,000	-20,000	-39,000	-46,000	-43,000	-87,000	-32,000	62,000	11,186,000	-10,753,000	157,000	44,000	36,000	-117,000	210,000	19,000	662,000	-132,000	127,000	-64,000	-77,000	-71,000	-82,000	-524,000	457,000	-783,000	645,000	-1,628,000	-5,346,000	-4,404,000	4,231,000
net cash and cash equivalents from operating activities																							46,507,000	39,488,000	43,981,000	53,202,000	37,214,000	44,631,000	40,299,000	42,000,000	45,585,000	51,079,000	41,896,000	48,359,000	53,069,000	55,912,000	47,108,000	52,878,000	51,406,000	52,617,000	53,613,000	54,441,000	54,161,000	57,428,000	50,958,000	54,901,000	54,116,000	55,631,000	49,903,000	50,756,000	56,015,000	56,584,000	45,405,000	53,054,000	37,549,000	34,462,000	24,323,000	17,039,000	20,322,000	19,328,000	13,952,000	9,505,000	7,558,000	7,404,000	5,604,000								2,920,000	1,377,000	2,021,000	2,760,000	1,867,000	2,462,000	1,193,000	2,260,000	1,510,000	5,114,000	542,000
net cash and cash equivalents from investing activities																							665,218,000	1,163,336,000	284,695,000	76,522,000	-32,953,000	-640,150,000	-1,007,121,000	-653,035,000	-326,106,000	187,714,000	-77,910,000	-195,429,000	-26,383,000	275,548,000	33,697,000	-256,924,000	61,385,000	92,921,000	170,586,000	165,091,000	163,051,000	-350,312,000	-187,200,000	95,415,000	281,361,000	-12,552,000	59,981,000	96,898,000	394,569,000	-469,874,000	-186,731,000	94,305,000	-655,739,000	-432,333,000	-697,425,000	29,227,000	46,790,000	-308,248,000	-683,524,000	-562,829,000	-120,010,000	15,880,000	-18,703,000								-19,248,000	10,841,000	33,445,000	14,564,000	13,818,000	17,120,000	29,736,000	44,327,000	17,323,000	87,783,000	53,153,000
net cash and cash equivalents from financing activities																							-733,215,000	-1,107,046,000	-352,291,000	-134,429,000	23,324,000	564,206,000	1,020,781,000	586,154,000	176,148,000	-107,219,000	35,198,000	72,581,000	9,371,000	-296,540,000	-88,982,000	204,760,000	-136,282,000	-131,581,000	-175,194,000	-198,233,000	-261,039,000	310,843,000	130,802,000	-163,011,000	-315,675,000	-67,410,000	-118,046,000	-117,932,000	-440,319,000	398,504,000	129,646,000	-126,273,000	599,150,000	409,910,000	666,050,000	-7,646,000	-90,931,000	273,055,000	700,576,000	554,966,000	99,367,000	-23,719,000	13,640,000								18,911,000
distributions received from limited partnership																																						0	0	98,000	10,737,000
cash paid for repurchases of common stock																																						0	0	0	-310,000	-10,120,000	-24,363,000	-6,557,000	-131,000					-969,000
increase in other assets and liabilities																																		1,947,000
payment to acquire interest in limited partnership																																										0	0	0	-6,000,000
borrowings under repurchase agreements and fhlb advances																																						21,301,396,000	7,898,591,000	5,991,563,000	5,403,089,000
repayments of repurchase agreement borrowings and fhlb advances																																		-24,600,444,000	-21,243,829,000	-17,543,579,000	-21,821,740,000	-21,143,723,000	-8,020,792,000	-6,113,102,000	-5,527,490,000
decrease in other assets and liabilities																																				-910,000	-1,210,000
increase in restricted cash																																				-10,555,000	-10,053,000		-1,006,000	3,185,000	-35,674,000	26,989,000	-20,299,000	9,087,000	-24,704,000	-9,508,000	-2,008,000	-12,505,000	-4,857,000	2,503,000
net increase in cash and cash equivalents																																				34,920,000	-8,177,000	714,000	-23,491,000	13,957,000	49,005,000															12,039,000	-7,052,000			-15,865,000	31,004,000			-435,000	541,000							4,566,000	2,583,000	-95,000	-27,109,000	4,713,000	963,000	4,595,000	4,593,000	24,402,000	-21,945,000	26,021,000	-4,575,000
cash and cash equivalents at beginning of period																																				0	74,120,000	0	0	0	33,935,000	0	0	0	43,944,000	0	0	0	69,330,000	0	0	0	55,809,000	0	0	0	48,776,000	0	0	0	18,836,000	0	0	0	30,173,000		0	0	24,335,000		0	0	35,352,000		0	0	56,880,000		0	0	45,235,000	0	0
cash and cash equivalents at end of period																																				34,920,000	65,943,000	714,000	-23,491,000	13,957,000	82,940,000	21,299,000	-43,827,000	17,959,000	38,504,000	-12,695,000	19,802,000	-24,331,000	61,168,000	29,722,000	10,265,000	-14,786,000	44,129,000	21,086,000	-19,040,000	12,039,000	41,724,000	38,620,000	-23,819,000	-15,865,000	49,840,000	1,642,000	-13,085,000	-435,000	30,714,000		-10,451,000	10,359,000	21,841,000		-26,090,000	4,566,000	37,935,000		-27,109,000	4,713,000	57,843,000		4,593,000	24,402,000	23,290,000	26,021,000	-4,575,000
other operating activities																																						1,013,000	-1,198,000	241,000	-1,103,000	643,000	-3,054,000	1,032,000	-1,014,000	4,089,000	-4,306,000	773,000	-175,000
decrease in restricted cash																																																																			0	0	2,974,000
proceeds from issuance of common stock, net of issuance costs																																								11,000	47,000	28,000	42,000	29,000	30,000	33,000	37,000	-7,000	114,000
borrowings under (repayments of) repurchase agreements and fhlb advances																																											-200,971,000
net decrease in cash and cash equivalents																																													-5,440,000		19,802,000	-24,331,000	-8,162,000				-11,680,000									1,642,000
net payments on derivatives not designated as hedges																																												-4,563,000	-6,405,000	-2,329,000	-3,135,000	-3,409,000	-2,542,000	-15,453,000	-23,208,000
borrowings under (repayments of) repurchase agreements																																													172,733,000
provision for loan losses																																																		0	0	0	261,000	22,000	110,000	0	60,000	121,000	300,000	200,000	250,000	610,000	210,000	150,000	409,000				-179,000													7,402,000	-958,000
(repayments of) borrowings under repurchase agreements																																														-137,144,000	-296,831,000	-38,598,000	-95,314,000
amortization and depreciation																																																36,876,000	34,829,000	34,350,000	35,507,000	34,634,000	32,117,000	31,531,000	25,987,000	19,755,000	13,257,000	10,193,000	10,885,000	7,042,000	4,385,000	1,914,000	1,069,000	1,627,000	1,570,000	658,000	719,000	657,000	436,000	109,000	35,000	-1,465,000	-264,000	935,000	-1,335,000	152,000	-335,000	-784,000	-100,000	-19,000	365,000	1,182,000	319,000
loss on non-recourse collateralized financing																																																										0
net change in other assets and other liabilities																																																		-2,982,000	-3,125,000	3,618,000	-4,400,000	3,282,000	133,000	-428,000	-2,053,000	-26,000	-1,276,000	799,000	2,041,000	1,533,000	-1,056,000	-167,000	-2,078,000	3,018,000	168,000	-1,473,000	-1,340,000	399,000	-3,094,000	-2,952,000	1,912,000	-1,860,000	268,000	1,208,000	1,407,000	1,252,000	-1,328,000	677,000	75,000
principal payments received on securitized mortgage loans																																																		5,053,000	2,280,000	2,758,000	5,737,000	-418,550,000	442,972,000	2,663,000	13,745,000	4,901,000	11,238,000	12,352,000	9,065,000	3,868,000	31,666,000	11,673,000	7,770,000	11,752,000	6,766,000	5,477,000	5,089,000	5,606,000	8,833,000	12,350,000	6,825,000	17,270,000	23,815,000
deferred borrowing costs paid																																																						0
cash paid to redeem securitization financing bond
increase in principal receivable on investments																																																			4,593,000				-3,782,000						-7,164,000
cash payments on stock appreciation rights																																																				0	-9,000	0	-95,000
decrease in principal receivable on investments																																																					-1,607,000				4,418,000	-3,521,000	4,097,000
borrowings under non-recourse collateralized financing																																																														0
cash paid to redeem securitization financing bonds
cash paid for common stock repurchase
increase in litigation settlement and related costs reserve
cash paid to redeem non-recourse collateralized financing
borrowings under (repayment of) repurchase agreements																																																												284,366,000	614,700,000
supplemental disclosure of cash activities:
loss on redemption of securitization financing
stock based compensation expense																																																														68,000	395,000	105,000	58,000	101,000	75,000	284,000	67,000					227,000	0
cash payments made on stock appreciation rights
change in principal payment receivable on investments																																																														0
redemption of securitization financing																																																														0				0	-1,000
gain on redemption of securitization financing bonds
equity in income of joint venture																																																																								2,811,000	-2,251,000		-96,000
supplemental non-cash investing and financing activities:
common dividends declared but not paid																																																															1,188,000	30,000	3,459,000
preferred dividends declared but not paid																																																															52,000	0	1,003,000
equity in loss of joint venture																																																																				898,000	-754,000									2,513,000
payments received on investments																																																																85,978,000	59,296,000
(repayment of) borrowings under repurchase agreements																																																																-11,526,000	-35,878,000
non-recourse collateralized financing
proceeds from non-recourse collateralized financing																																																																	50,678,000
distribution of joint venture earnings																																																																										0
loss on acquisition of controlling interest in joint venture
provision for (recapture of) loan loss
distributions received from joint venture
purchase of controlling interest in joint venture
other																																																																		-790,000	-131,000	-1,116,000	-549,000	2,066,000	-2,968,000	78,000	8,000	1,027,000	33,000	-59,000	34,000	-326,000	12,000	-46,000	-25,000	146,000	67,000
principal payments on securitization financing																																																																		-4,015,000	-5,376,000	-4,166,000	-3,714,000	-6,897,000	-3,984,000	-9,419,000	-3,814,000	-13,428,000	-17,623,000	-4,839,000	-4,657,000				-13,009,000
proceeds from sale of securitization financing bonds
decrease (increase) in restricted cash
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
equity in (income) loss of joint venture
benefit from loan losses																																																																			248,000
purchases of agency mbs																																																																			-127,100,000	-83,524,000	-153,951,000
purchases of other investments
payments received on agency mbs and other investments																																																																			36,912,000	31,367,000	18,169,000
proceeds from sales of other investments																																																																			5,000	1,834,000	1,860,000
proceeds from sales of agency mbs
net cash used by investing activities																																																																			-83,548,000	-45,962,000	-129,382,000
net borrowings under repurchase agreements																																																																			73,230,000	69,386,000	128,928,000
supplemental disclosure of non-cash financing activities:
dividends declared and unpaid
proceeds from sale of common stock
supplemental disclosure of non-cash investing activities:
increase in agency mbs pending settlement
increase in payable for securities pending settlement
see notes to unaudited condensed consolidated financial statements.
interest income:
investments																																																																					9,472,000
cash and cash equivalents																																																																					5,000			-147,000	324,000		-27,109,000	4,713,000	57,843,000		4,593,000	24,402,000	23,290,000		-4,575,000
interest expense																																																																					4,433,000
net interest income																																																																					5,044,000			80,000	2,421,000		-506,000	503,000	2,460,000		626,000	255,000	2,288,000		-118,000
net interest income after provision for loan losses																																																																					4,865,000			-215,000	2,395,000		-1,081,000				559,000	136,000	2,407,000		-1,076,000
other income																																																																					21,000			2,958,000	67,000		783,000	67,000	-545,000		312,000	12,000	109,000		-2,184,000
general and administrative expenses																																																																								-37,000	-1,216,000		363,000	-37,000	-1,126,000		185,000	162,000	-1,327,000		-212,000
compensation and benefits																																																																					-883,000
other general and administrative expenses																																																																					-843,000
preferred stock dividends																																																																					-1,003,000			0	-1,003,000
net income to common shareholders																																																																					2,131,000			-1,023,000	4,316,000		-16,000	760,000	939,000		-1,830,000	435,000	177,000		-11,492,000
net income per common share:
basic																																																																					180			-90	360
diluted																																																																					180			-60	320
balance at december 31, 2008																																																																					41,749,000
other comprehensive income:
change in market value of securities and other investments
reclassification adjustment for equity in the joint venture’s other-than-temporary impairment
reclassification adjustment for net gains included in net income
total comprehensive income
dividends on common stock
dividends on preferred stock
vesting of restricted stock
balance at march 31, 2009																																																																					41,749,000
net change in cash and cash equivalents																																																																					-2,494,000
equity in loss (earnings) of joint venture
loss on capitalization of joint venture																																																																														2,388,000
(gain) loss on sale of investments
purchase of agency mbs and other investments
proceeds from sales of agency mbs and other investments
redemption of preferred stock
repurchase of common stock
equity in loss (income) of joint venture
benefit from (recapture of) loan losses
stock based compensation (benefit) expense
purchases of agency rmbs
payments received on agency rmbs and other investments
proceeds from sales of agency rmbs
return of capital from joint venture																																																																										0
net cash (used) provided by investing activities																																																																							-156,714,000
net borrowings under (repayments of) repurchase agreements
net cash provided (used) by financing activities																																																																							128,630,000
(provision for) recapture of loan losses
(loss) gain on sale of investments																																																																													6,000
change in net unrealized gain on :
investments classified as available-for-sale																																																																								3,623,000	-2,373,000		1,178,000	-728,000	126,000		-232,000	-280,000	364,000		349,000
investment in joint venture																																																																								3,349,000	-3,636,000		-17,939,000	449,000	38,847,000
comprehensive income																																																																								5,949,000	-690,000		1,090,000	-1,020,000	2,897,000		-2,062,000	122,000	1,577,000		-11,324,000
balance at december 31, 2007																																																																								0	41,749,000
cumulative effect of adoption of sfas 159
stock option issuance
grant and vesting of restricted stock
balance at june 30, 2008
provision for (recapture of) loan losses
purchases of securities and other investments
payments received on securities, other investments and other loans
proceeds from sales of securities and other investments																																																																								14,946,000	8,991,000	3,310,000	323,000	46,000	83,000	1,219,000	993,000	1,032,000	104,000	-4,976,000	1,923,000
net borrowings under (repayments on) repurchase agreements
securitized mortgage loans																																																																									5,602,000
securities																																																																									428,000		8,100,000	-3,006,000	16,452,000		-1,218,000	-20,085,000	36,271,000		-10,666,000
other loans and investments																																																																									129,000
interest and related expenses:
securitization financing																																																																									3,599,000		-17,976,000	-5,569,000	206,615,000						-2,694,000
repurchase agreements																																																																									54,000		35,035,000	-96,000	1,258,000		14,000	4,000	1,515,000		-15,920,000
obligation to joint venture under payment agreement																																																																									401,000
(provision for) recapture of provision for loan losses																																																																									-26,000
gain (loss) on sale of investments																																																																									2,093,000
balance at march 31, 2008																																																																									41,749,000
provision for (recapture of provision for) loan losses																																																																									26,000
purchase of securities and other investments																																																																									-37,730,000	-11,484,000			-5,591,000	0	-579,000	-474,000	-16,168,000
payments received on securities and other loans and investments																																																																									2,581,000
net borrowings (repayments on) repurchase agreement																																																																									24,945,000
equity in (earnings) loss of joint venture
(recapture of) provision for loan loss																																																																														37,000	67,000	0	-119,000
impairment charges																																																																																		2,681,000	1,579,000
payments received on securities, other loans and investments
proceeds on sale of bonds
assets
other assets																																																																											-92,000	-609,000	4,705,000		1,544,000	-207,000	4,480,000		-1,251,000
investments:
liabilities and shareholders' equity
liabilities
obligation under payment agreement																																																																											-16,000	-18,000	16,847,000
other liabilities																																																																											605,000	220,000	6,132,000		-1,126,000	471,000	6,637,000
commitments and contingencies
shareholders' equity
preferred stock, par value 0.01 per share, 50,000,000 shares authorized,
9.5% cumulative convertible series d, 4,221,539 shares issued
and outstanding,																																																																											0
common stock, par value 0.01 per share, 100,000,000 shares authorized,
12,136,262 and 12,131,262 shares issued and outstanding, respectively																																																																											0
additional paid-in capital																																																																											0	42,000	366,674,000		4,000	21,000	366,612,000		0
accumulated other comprehensive income																																																																											282,000	-825,000	1,618,000		-148,000	84,000	504,000		-96,000
accumulated deficit																																																																											1,683,000	1,699,000	-271,692,000		-1,218,000	612,000	-273,320,000		-3,235,000
recapture of (provision for) loan losses																																																																																	119,000
basic and diluted																																																																											0	60	80				10
adjustments to reconcile net income to cash from
equity in earnings of joint venture																																																																											-576,000	-1,932,000	630,000
recapture of provision for loan loss																																																																											-127,000
net repayments on repurchase agreement																																																																											-43,949,000
net cash and cash equivalents used for financing activities																																																																											-62,575,000	-12,611,000	-14,722,000	-14,987,000	-26,336,000	-22,185,000	-40,778,000	-66,876,000	-58,270,000
securitized mortgage loans:
commercial
single-family
other investments																																																																												-432,000	2,671,000		-455,000	-305,000	3,829,000		-664,000
other loans																																																																												-207,000	3,645,000		-4,480,000	-334,000	5,008,000		-101,000
repurchase agreements secured by securitization financing																																																																												-5,961,000	86,926,000		-10,235,000	-7,475,000	120,963,000
securitized finance receivables																																																																												-177,000	7,025,000		-305,514,000	-25,943,000	694,086,000		-2,457,000
recapture of provision for loan losses
preferred stock charge																																																																												0	-1,003,000		0	33,000	-1,036,000
adjustments to reconcile net income to cash
provided by operating activities:
purchase of securities
securitized finance receivables:
commercial mortgage loans																																																																													224,173,000
single-family mortgage loans																																																																													106,654,000
9.5% cumulative convertible series d, 4,221,539 shares issued and
outstanding																																																																													41,749,000
12,136,262 and 12,131,262 shares issued outstanding, respectively																																																																													121,000
non-recourse securitization financing																																																																													4,096,000		-268,379,000	-16,107,000	503,536,000
recapture of loan losses																																																																													523,000
net interest income after recapture of loan losses																																																																													2,983,000
payments received on securities, other investments and loans																																																																													2,811,000	1,003,000	1,578,000	20,355,000	5,883,000
net repayments on repurchase agreements																																																																													-9,100,000
issuance (retirement) of common stock																																																																													37,000
retirement of preferred stock																																																																															0	0	-14,072,000
loss (gain) on sale of investments
proceeds from issuance of securitization financing
repayment of senior notes
other mortgage loans
securitization financing:
repurchase agreements secured by securities																																																																																-78,000	162,000
9.5% cumulative convertible series d,
4,221,539 and 5,628,737 shares issued and outstanding, respectively,
(43,218 and 57,624 aggregate liquidation
preference, respectively)																																																																															0	0	41,749,000
12,131,262 and 12,163,391 shares issued and outstanding, respectively
change in net unrealized gain on:
hedge instruments																																																																																			-180,000
compensation expense for stock options																																																																															0
principal payments on non-recourse securitization financing																																																																															-15,018,000				-21,653,000
net (repayment of) borrowings under repurchase agreement																																																																															-10,319,000
redemption of securitization financing bonds																																																																																			0
retirement of common stock																																																																															4,000	-83,000	-137,000
supplemental information:
interest paid during the period
non-cash transactions:
acquisition of investment in joint venture
12,130,831 and 12,163,391 shares issued and outstanding, respectively
12,143,091 and 12,163,391 shares issued outstanding, respectively																																																																																	121,000
repayment of purchase agreement borrowings																																																																																	-12,190,000
proceeds from repurchase agreement borrowings
loans																																																																																			-41,528,000
debt securities																																																																																			-158,000
liabilities and shareholders’ equity
non-recourse bonds																																																																																			-21,685,000
accrued expenses and other liabilities																																																																																			1,354,000
shareholders’ equity
9.75% cumulative convertible series d preferred stock, par value .01 per share, 50,000,000 shares authorized, 5,628,737 shares issued and outstanding																																																																																			0
common stock, par value .01 per share, 100,000,000 shares authorized, 12,163,391 and 12,162,391 shares issued and outstanding, respectively																																																																																			0
interest and related expense:
repurchase agreements and senior notes																																																																																			-71,000
weighted average number of common shares outstanding:
adjustments to reconcile net income to net cash from operating activities:
net change in other assets, accrued expenses and other liabilities																																																																																			245,000
principal payments received on securitized finance receivables																																																																																			39,853,000
payments received on other investments, securities and other loans																																																																																			22,187,000
purchase of, or advances on, investments																																																																																			-10,802,000
net borrowings under securitization financing repurchase agreement																																																																																			-15,920,000
proceeds from sale of redemption rights
net repayments on repurchase agreement borrowings																																																																																			-19,361,000
supplement disclosures of cash flow information:
preferred stock (charge) benefit
proceeds from issuance of bonds

Dynex Capital, Inc(NYSE:DX)

Dynex Capital, Inc
(NYSE:DX)