7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 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 2018-03-31 2017-06-30 2016-03-31 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 2008-12-31 2008-06-30 2008-03-31 2007-12-31 2006-12-31 2006-09-30 2006-06-30 2006-03-31 2005-12-31 2005-09-30 2005-06-30 2005-03-31 2004-12-31 2004-09-30 2004-06-30 2004-03-31 2003-09-30 
      
    		                                                               
      assets:
    		                                                               
      residential whole loans
    		8,813,834,000 8,819,525,000 8,784,358,000 8,811,224,000 9,027,371,000 9,186,236,000 9,118,665,000 9,041,292,000 8,424,216,000 8,139,786,000 7,794,250,000 7,518,739,000 8,194,049,000 8,190,581,000 8,261,905,000 7,913,000,000 7,081,462,000 5,550,979,000                                              
      securities, at fair value
    		2,259,657,000 1,829,809,000 1,790,285,000 1,537,513,000 1,140,036,000 863,289,000 736,950,000 746,090,000 723,959,000 594,294,000 504,639,000 333,364,000 227,407,000 245,613,000 250,171,000 256,685,000 283,037,000 302,835,000 350,115,000                                             
      cash and cash equivalents
    		305,172,000 275,731,000 253,713,000 338,931,000 305,560,000 289,412,000 306,266,000 318,000,000 300,089,000 329,391,000 362,452,000 334,183,000 434,086,000 385,598,000 410,939,000 304,696,000 526,241,000 906,409,000 780,714,000 814,354,000 884,171,000 666,172,000 214,686,000 745,480,000 146,236,000 274,672,000 565,370,000 503,852,000 448,282,000 601,570,000 401,293,000 450,442,000 593,376,000 374,621,000 394,022,000 421,026,000 503,228,000 629,423,000 345,243,000 270,925,000 531,543,000 768,656,000 653,460,000 486,695,000 282,492,000 405,567,000 361,167,000 231,857,000 339,767,000 234,410,000 47,200,000 53,143,000 54,879,000 74,944,000 64,301,000 132,834,000 91,982,000 77,547,000 68,341,000 45,213,000 94,174,000 68,608,000 167,425,000 
      restricted cash
    		231,797,000 269,224,000 219,581,000 262,381,000 197,348,000 252,015,000 222,905,000 170,211,000 153,449,000 174,005,000 165,137,000 159,898,000 167,310,000 159,745,000 144,600,000 99,751,000 55,507,000 8,839,000 5,150,000 7,165,000 5,303,000 7,680,000 7,100,000 11,843,000 123,676,000 26,139,000 37,520,000 59,275,000 3,020,000 5,017,000 5,016,000 7,013,000 9,009,000 13,005,000 15,502,000 22,498,000 22,993,000 34,565,000 41,927,000 41,213,000 43,393,000 39,387,000 67,504,000 44,009,000 39,930,000 78,819,000 70,749,000 387,000 33,055,000 4,517,000              
      other assets
    		487,021,000 480,398,000 471,569,000 459,555,000 489,531,000 485,973,000 489,344,000 497,097,000 503,087,000 498,755,000 485,129,000 766,221,000 496,994,000 498,089,000 857,343,000 565,556,000 541,603,000 439,347,000 392,726,000 385,381,000 571,614,000 613,474,000 303,920,000 287,470,000 176,082,000                                       
      total assets
    		12,097,481,000 11,674,687,000 11,519,506,000 11,409,604,000 11,159,846,000 11,076,925,000 10,874,130,000 10,772,690,000 10,104,800,000 9,736,231,000 9,311,607,000 9,112,405,000 9,519,846,000 9,479,626,000 9,924,958,000 9,139,688,000 8,487,850,000 7,208,409,000 6,717,960,000 6,932,300,000 7,483,259,000 7,567,408,000 10,615,212,000 11,536,816,000 12,844,441,000 12,792,989,000 12,471,908,000 12,598,554,000 13,196,711,000 13,652,752,000 13,517,550,000 13,735,169,000 12,891,623,000 12,451,724,000 11,750,634,000 11,994,763,000 11,927,054,000 11,436,361,000 8,687,407,000 8,478,004,000 8,684,334,000 8,434,713,000 9,627,209,000 9,999,002,000 9,806,194,000 10,517,718,000 10,641,419,000 10,809,469,000 8,551,765,000 8,605,859,000 6,443,967,000 4,714,086,000 3,535,931,000 4,670,848,000 5,846,917,000         
      liabilities:
    		                                                               
      financing agreements
    		9,841,991,000 9,505,802,000 9,367,218,000 9,155,461,000 8,922,502,000 8,891,042,000 8,685,916,000 8,536,745,000 8,037,973,000 7,568,177,000 7,101,318,000 6,812,086,000 7,289,440,000 7,132,366,000 7,028,211,000 6,378,782,000 5,550,808,000 4,428,791,000 3,995,982,000 4,336,976,000 4,851,121,000 5,011,356,000                                          
      other liabilities
    		433,979,000 346,758,000 313,884,000 412,351,000 356,876,000 302,641,000 304,027,000 336,030,000 218,311,000 223,285,000 191,683,000 311,470,000 196,475,000 200,872,000 547,792,000 218,058,000 335,955,000 253,081,000 179,712,000 70,522,000 66,482,000 35,001,000 553,403,000 249,949,000 217,214,000                                       
      total liabilities
    		10,275,970,000 9,852,560,000 9,681,102,000 9,567,812,000 9,279,378,000 9,193,683,000 8,989,943,000 8,872,775,000 8,256,284,000 7,791,462,000 7,293,001,000 7,123,556,000 7,485,915,000 7,333,238,000 7,576,003,000 6,596,840,000 5,886,763,000 4,681,872,000 4,175,694,000 4,407,498,000 4,917,603,000 5,046,357,000 7,379,781,000 8,262,172,000 9,982,795,000 9,588,402,000 9,329,657,000 9,525,029,000 10,032,209,000 10,387,204,000 10,206,544,000 10,496,015,000 10,135,822,000 9,686,230,000 9,252,874,000 9,353,539,000 9,171,296,000 8,547,957,000 6,436,960,000 6,187,046,000 6,456,177,000 6,189,654,000 7,458,947,000 7,783,729,000 8,155,612,000 9,058,149,000 9,384,342,000 9,410,602,000 7,500,070,000 7,678,596,000 5,765,409,000 4,034,074,000 2,878,950,000 4,007,719,000 5,185,815,000         
      commitments and contingencies
    		                                                        6,405,765,000       
      stockholders’ equity:
    		                                                               
      preferred stock, 0.01 par value; 7.5% series b cumulative redeemable; 12,050 and 8,050 shares authorized, respectively; 8,072 and 8,000 shares issued and outstanding, respectively
    		81,000                                                               
      preferred stock, 0.01 par value; 6.5% series c fixed-to-floating rate cumulative redeemable; 16,650 and 12,650 shares authorized, respectively; 11,123 and 11,000 shares issued and outstanding, respectively
    		111,000                                                               
      common stock
    		1,022,000 1,027,000 1,027,000 1,021,000 1,021,000 1,021,000 1,021,000 1,019,000 1,019,000 1,019,000 1,019,000 1,018,000 1,018,000 1,018,000 1,050,000 4,326,000 4,409,000 4,408,000 4,461,000 4,517,000 4,533,000 4,532,000 3,984,000 3,963,000 3,710,000 3,662,000 3,651,000 3,658,000 3,621,000 3,584,000 3,575,000 3,570,000 3,569,000 3,563,000 3,561,000 3,556,000 3,554,000 3,553,000 2,805,000 2,803,000 2,803,000 2,802,000 2,801,000 2,800,000 2,225,000 2,224,000 2,195,000 1,978,000 1,517,000 1,229,000 807,000        820,000  782,000   
      additional paid-in capital, in excess of par
    		3,716,912,000 3,715,943,000 3,712,924,000 3,711,046,000 3,709,534,000 3,707,886,000 3,703,242,000 3,698,767,000 3,695,406,000 3,691,233,000 3,687,285,000 3,684,291,000 3,681,784,000 3,679,078,000 3,722,974,000 3,772,238,000 3,807,237,000 3,804,830,000 3,825,606,000 3,848,129,000 3,924,584,000 3,922,399,000 3,227,550,000 3,214,701,000 3,019,891,000 2,981,287,000 2,972,369,000 2,977,190,000 2,949,483,000 2,813,878,000 2,805,724,000 2,804,688,000 2,802,293,000 2,797,475,000 2,795,925,000 2,792,491,000 2,791,092,000 2,789,872,000 2,184,493,000 2,183,163,000 2,182,444,000 2,181,451,000 2,180,605,000 2,179,942,000 1,793,315,000 1,792,751,000 1,775,933,000 1,643,614,000 1,338,842,000 1,085,760,000 776,743,000 765,561,000 765,441,000 768,020,000          
      accumulated deficit
    		-1,900,942,000 -1,899,922,000 -1,883,953,000 -1,879,941,000 -1,840,399,000 -1,843,507,000 -1,839,792,000 -1,817,759,000 -1,862,452,000 -1,761,093,000 -1,690,113,000 -1,717,991,000 -1,680,129,000 -1,570,817,000 -1,417,115,000 -1,279,484,000 -1,267,504,000 -1,347,466,000 -1,361,664,000 -1,405,327,000 -1,408,910,000 -1,451,783,000 -578,913,000 -576,482,000 -572,445,000 -572,627,000 -571,544,000 -573,065,000 -457,586,000              -202,189,000 -132,400,000 -141,296,000 -159,182,000 -210,815,000 -171,698,000 -177,246,000 -89,263,000 -68,637,000 -64,142,000 -65,177,000 -39,392,000 -52,315,000 -11,481,000 -5,325,000 -489,000 -17,330,000    -15,175,000 
      accumulated other comprehensive income
    		4,327,000 4,889,000 8,216,000 9,476,000 10,122,000 17,652,000 19,526,000 17,698,000 14,353,000 13,420,000 20,225,000 21,341,000 31,068,000 36,919,000 41,856,000 45,578,000 56,755,000 64,575,000 73,673,000 77,293,000 45,259,000 45,713,000 582,730,000 632,382,000 410,410,000 792,185,000 737,695,000 665,662,000 668,904,000 892,372,000      59,924,000 167,972,000 289,714,000 254,680,000 226,215,000 185,778,000 182,320,000                     -3,388,000 
      total stockholders’ equity
    		1,821,511,000 1,822,127,000 1,838,404,000 1,841,792,000 1,880,468,000 1,883,242,000 1,884,187,000 1,899,915,000 1,848,516,000 1,944,769,000 2,018,606,000 1,988,849,000 2,033,931,000 2,146,388,000 2,348,955,000 2,542,848,000 2,601,087,000 2,526,537,000 2,542,266,000 2,524,802,000 2,565,656,000 2,521,051,000 3,235,431,000 3,274,644,000 2,861,646,000 3,204,587,000 3,142,251,000 3,073,525,000 3,164,502,000 3,265,548,000 3,311,006,000 3,239,154,000 2,755,801,000 2,765,494,000 2,497,760,000 2,641,224,000 2,755,758,000 2,888,404,000 2,250,447,000 2,290,958,000 2,228,157,000 2,245,059,000 2,168,262,000 2,215,273,000 1,650,582,000 1,459,569,000 1,257,077,000 1,398,867,000 1,051,695,000 927,263,000 678,558,000 680,012,000 656,981,000 663,129,000 661,102,000         
      total liabilities and stockholders’ equity
    		12,097,481,000 11,674,687,000 11,519,506,000 11,409,604,000 11,159,846,000 11,076,925,000 10,874,130,000 10,772,690,000 10,104,800,000 9,736,231,000 9,311,607,000 9,112,405,000 9,519,846,000 9,479,626,000 9,924,958,000 9,139,688,000 8,487,850,000 7,208,409,000 6,717,960,000 6,932,300,000 7,483,259,000 7,567,408,000 10,615,212,000 11,536,816,000 12,844,441,000 12,792,989,000 12,471,908,000 12,598,554,000 13,196,711,000 13,652,752,000 13,517,550,000 13,735,169,000 12,891,623,000 12,451,724,000 11,750,634,000 11,994,763,000 11,927,054,000 11,436,361,000 8,687,407,000 8,478,004,000 8,684,334,000 8,434,713,000 9,627,209,000 9,999,002,000 9,806,194,000 10,517,718,000 10,641,419,000 10,809,469,000 8,551,765,000 8,605,859,000 6,443,967,000 4,714,086,000 3,535,931,000 4,670,848,000          
      preferred stock, 0.01 par value; 7.5% series b cumulative redeemable; 8,050 shares authorized; 8,000 shares issued and outstanding
    		 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000  80,000                                           
      preferred stock, 0.01 par value; 6.5% series c fixed-to-floating rate cumulative redeemable; 12,650 shares authorized; 11,000 shares issued and outstanding
    		 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000 110,000  110,000                                           
      residential whole loans:
    		                                                               
      residential whole loans, at carrying value
    		                  3,932,300,000 4,195,332,000 4,493,805,000 4,813,119,000 1,099,876,000 661,319,000 376,235,000                                       
      residential whole loans, at fair value
    		                  1,320,199,000 1,216,902,000 1,229,664,000 1,200,981,000 1,555,620,000 983,270,000 647,360,000                                       
      allowance for credit losses on residential whole loans held at carrying value
    		                  -63,244,000 -86,833,000 -106,246,000 -136,589,000                                          
      total residential whole loans
    		                  5,189,255,000 5,325,401,000 5,617,223,000 5,877,511,000                                          
      residential mortgage securities, at fair value
    		                   161,000,000 152,765,000 148,343,000                                          
      mortgage servicing rights
    		                   238,999,000 252,183,000 254,228,000 455,124,000                                         
      preferred stock, 0.01 par value; 7.50% series b cumulative redeemable; 8,050 shares authorized; 8,000 shares issued and outstanding
    		                   80,000                                            
      preferred stock, 0.01 par value; 6.50% series c fixed-to-floating rate cumulative redeemable; 12,650 shares authorized; 11,000 shares issued and outstanding
    		                   110,000                                            
      preferred stock, .01 par value; 7.50% series b cumulative redeemable; 8,050 shares authorized; 8,000 shares issued and outstanding
    		                     80,000 80,000 80,000 80,000 80,000                                      
      preferred stock, .01 par value; 6.50% series c fixed-to-floating rate cumulative redeemable; 12,650 shares authorized; 11,000 shares issued and outstanding
    		                     110,000                                          
      mortgage-backed securities (“mbs”) and credit risk transfer (“crt”) securities:
    		                                                               
      agency mbs, at fair value
    		                      2,647,148,000 3,248,007,000 4,544,883,000 6,841,033,000 6,519,221,000 6,697,689,000 6,937,911,000 7,153,905,000 7,225,460,000 7,476,848,000 7,014,611,000 7,059,629,000 7,137,531,000 7,519,002,000 7,295,275,000 7,374,510,000 5,980,623,000                         
      non-agency mbs, at fair value
    		                      3,398,254,000 4,592,275,000 5,902,305,000 2,801,336,000 2,569,766,000 2,632,659,000 2,857,418,000 2,795,645,000 2,762,006,000 2,541,846,000 2,129,359,000 1,756,565,000 1,492,376,000 1,431,102,000 1,337,967,000 1,462,374,000 1,372,383,000 1,804,776,000 1,564,021,000 1,312,030,000                      
      crt securities, at fair value
    		                      679,491,000 636,315,000 215,803,000                                       
      securities obtained and pledged as collateral, at fair value
    		                      253,993,000 370,837,000 513,409,000 435,888,000 383,743,000 252,796,000 405,458,000 408,118,000 408,833,000 509,704,000 512,907,000 503,740,000 306,401,000                             
      repurchase agreements and other advances
    		                      6,558,860,000 7,040,844,000 9,143,645,000                                       
      obligation to return securities obtained as collateral, at fair value
    		                      253,993,000 510,237,000 513,409,000 435,888,000 383,743,000 252,796,000 405,458,000 508,187,000 508,827,000 509,704,000 512,907,000 503,740,000 306,401,000                             
      payable for unsettled residential whole loans purchases
    		                      13,525,000                                         
      8% senior notes due 2042
    		                       96,753,000 96,706,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000                               
      payable for unsettled mbs and residential whole loans purchases
    		                       364,389,000                                        
      non-agency mbs transferred to consolidated variable interest entities (“vies”), at fair value
    		                        198,452,000                                       
      securitized debt
    		                        11,821,000 292,526,000 366,205,000 419,693,000 443,748,000 542,014,000 646,816,000 749,471,000 861,255,000 967,422,000 875,520,000 958,406,000 1,062,040,000 663,367,000 220,933,000                         
      mortgage-backed securities
    		                                          8,757,954,000 9,349,052,000      8,301,183,000 6,340,668,000     6,306,254,000 6,965,861,000 6,936,124,000 6,777,574,000 6,103,930,000 5,317,396,000 5,697,601,000  
      non-agency mbs transferred to consolidated variable interest entities
    		                         2,243,819,000 2,282,371,000 2,340,719,000 2,438,235,000 2,592,632,000 2,620,159,000 2,655,129,000 2,546,534,000 2,658,712,000 2,283,070,000 2,458,208,000 2,626,312,000 1,739,466,000                          
      interest receivable
    		                         36,680,000 35,828,000 37,804,000 40,875,000 42,106,000 44,033,000 44,980,000 44,569,000 42,670,000 42,837,000 44,340,000 46,648,000 43,931,000 38,215,000 34,297,000 34,641,000 35,099,000 41,775,000 44,646,000 45,549,000 48,139,000 49,724,000 50,787,000 42,154,000 43,610,000              
      derivative instruments:
    		                                                               
      mbs linked transactions, net (“linked transactions”), at fair value
    		                         59,826,000 28,181,000 23,940,000 10,519,000 12,572,000 12,704,000 12,767,000 14,295,000 20,124,000 55,801,000 64,494,000 60,022,000 103,855,000 179,915,000                         
      interest rate swap agreements (“swaps”), at fair value
    		                         5,485,000            2,862,000 139,142,000 175,303,000 167,679,000 153,750,000                      
      goodwill
    		                         7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 7,189,000 
      prepaid and other assets
    		                         60,922,000 29,719,000 38,002,000 40,664,000 33,674,000 30,654,000 29,251,000 19,774,000 15,469,000 15,879,000 16,172,000 14,935,000 9,872,000 5,476,000 2,305,000 3,063,000 3,057,000 2,315,000 2,878,000 2,804,000 2,458,000 1,546,000 1,926,000 2,069,000 1,622,000 1,166,000 1,378,000 1,629,000 1,763,000 1,431,000 1,839,000 1,866,000 1,932,000 1,584,000 1,491,000 1,615,000 1,792,000 1,292,000 
      repurchase agreements
    		                         8,606,129,000 8,339,297,000 8,568,171,000 8,909,283,000 8,902,827,000 8,752,472,000 8,832,326,000 8,368,407,000 7,908,932,000 7,813,159,000 8,017,663,000 7,870,251,000 7,652,713,000 5,992,269,000 5,995,447,000 6,274,220,000 6,013,875,000 7,195,827,000 7,575,287,000 7,951,931,000 8,772,641,000 9,038,836,000 9,310,176,000 7,311,767,000 7,526,014,000 5,722,711,000 3,986,090,000 2,835,200,000 3,953,000,000 5,099,532,000 5,741,132,000 6,323,743,000 6,311,874,000 6,113,032,000 5,484,029,000 4,771,653,000 5,155,660,000 3,764,118,000 
      accrued interest payable
    		                         11,743,000 14,726,000 13,601,000 11,331,000 12,867,000 16,104,000 14,117,000 13,402,000 11,516,000 9,112,000 7,478,000 7,615,000 8,199,000 8,007,000 7,397,000 7,770,000 8,263,000 13,274,000 12,722,000 14,851,000 16,122,000 23,867,000 20,169,000 23,858,000 20,212,000 23,164,000 27,538,000 23,321,000 31,645,000 54,157,000 65,412,000 54,609,000 44,477,000 28,351,000 19,742,000 13,982,000 11,200,000 11,233,000 
      swaps, at fair value
    		                         32,755,000            116,333,000         237,291,000 53,656,000 141,584,000 99,836,000 1,893,000             
      dividends and dividend equivalents rights (“ders”) payable
    		                         73,875,000 73,643,000 81,171,000 80,440,000 259,607,000 72,222,000 76,051,000 83,263,000 86,778,000 97,525,000 90,200,000 90,080,000 84,692,000 67,040,000 538,000 487,000 387,000                      
      excise tax and interest payable
    		                         6,198,000 6,398,000 6,208,000 7,000,000 5,000,000 7,500,000                                 
      accrued expenses and other liabilities
    		                         29,288,000 10,691,000 18,136,000 8,254,000 5,863,000 6,090,000 10,142,000 7,493,000 5,967,000 36,937,000 145,080,000 15,990,000 4,995,000 9,569,000 8,361,000 6,021,000 4,278,000 11,954,000 7,978,000 6,196,000 3,883,000 6,064,000 5,716,000 13,436,000 5,067,000 3,136,000 3,628,000 3,972,000 6,597,000 5,516,000 5,934,000 4,761,000 2,766,000 2,611,000 2,833,000 1,881,000 1,210,000 1,531,000 
      derivative hedging instruments, at fair value
    		                          13,000,000  7,140,000 324,000 203,000    26,000 81,000 1,843,000                           
      payable for unsettled purchases
    		                          6,737,000  27,588,000  33,479,000 126,035,000 99,272,000 99,772,000                              
      preferred stock, .01 par value; 8.50% series a cumulative redeemable 5,000 shares authorized; 0 and 3,840 shares issued and outstanding, respectively
    		                                                               
      preferred stock, .01 par value; 7.50% series b cumulative redeemable 8,050 and 0 shares authorized; 8,000 and 0 shares issued and outstanding, respectively
    		                          80,000 80,000 80,000                                   
      other derivative instruments, at fair value
    		                           4,629,000                                    
      preferred stock, .01 par value; series a 8.50% cumulative redeemable 5,000 shares authorized; 3,840 shares issued and outstanding
    		                             38,000                                  
      preferred stock, .01 par value; series a 8.50% cumulative redeemable; 5,000 shares authorized; 3,840 shares issued and outstanding
    		                              38,000 38,000 38,000 38,000 38,000 38,000 38,000 38,000 38,000 38,000 38,000 38,000 38,000 38,000                    
      accumulated other comprehensive income/
    		                              761,977,000 686,449,000 206,184,000 210,851,000         187,007,000 164,893,000                  14,574,000  
      real estate
    		                                      10,732,000 10,802,000 10,883,000 10,954,000 10,998,000 11,074,000 11,188,000 11,264,000 11,337,000 11,477,000 11,543,000 11,611,000 11,789,000 11,860,000 11,921,000 20,748,000 29,398,000        21,614,000 
      accumulated other comprehensive (loss)/income
    		                                                               
      real estate held-for-sale as of september 30, 2011
    		                                   10,651,000                            
      real estate held-for-sale as of june 30, 2011
    		                                    10,642,000                           
      real estate held for sale as of march 31, 2011
    		                                     10,656,000                          
      securities held as collateral, at fair value
    		                                     17,658,000        19,763,000 17,124,000                 
      obligations to return securities held as collateral, at fair value
    		                                     17,658,000                          
      non-agency mbs transferred to a consolidated variable interest entity
    		                                      705,704,000                         
      mortgage payable on real estate
    		                                         9,101,000 9,143,000 9,184,000 9,224,000 9,270,000 9,309,000 9,385,000 9,425,000 9,462,000              
      agency mortgage-backed securities
    		                                       6,180,753,000 6,385,570,000 6,156,682,000                      
      forward contracts to repurchase mbs (“mbs forwards”), at fair value
    		                                       125,744,000 104,031,000 101,659,000                      
      forward contracts to repurchase mbs
    		                                          86,014,000 53,459,000                    
      interest rate swap agreements
    		                                          152,463,000 178,353,000 173,410,000 226,470,000  12,891,000                
      obligations to return cash and security collateral, at fair value
    		                                             29,763,000 22,624,000                 
      dividends and dividend equivalent rights
    		                                          76,286,000                     
      dividends and dividend equivalents rights
    		                                           205,000                    
      stockholders' equity:
    		                                                               
      investment securities at fair value
    		                                            9,417,042,000 9,944,519,000 10,122,583,000 10,492,955,000 8,115,988,000               
      dividends and dividend equivalents payable
    		                                              46,351,000   18,005,000              
      preferred stock, .01 par value; series a 8.50% cumulative redeemable; 5,000 shares authorized; 3,840 shares issued and outstanding at june 30, 2009 and december 31, 2008
    		                                            38,000                   
      accumulated other comprehensive loss
    		                                            -3,700,000 -176,262,000 -310,274,000 -75,065,000 -111,456,000 -70,501,000 -30,393,000 -22,237,000 -44,113,000 -66,333,000 -58,211,000 -97,655,000 -57,446,000 -80,762,000 -35,100,000 -30,514,000 -57,052,000   
      preferred stock, .01 par value; series a 8.50% cumulative redeemable; 5,000 shares authorized; 3,840 shares issued and outstanding at march 31, 2009 and december 31, 2008
    		                                             38,000                  
      preferred stock, .01 par value; series a 8.50% cumulative redeemable; 5,000 shares authorized; 3,840 shares issued and outstanding at december 31, 2008 and 2007
    		                                              38,000                 
      excess margin cash collateral
    		                                               11,500,000                
      preferred stock, .01 par value; series a 8.50% cumulative redeemable; 5,000 shares authorized; 3,840 shares issued and outstanding at june 30, 2008 and december 31, 2007
    		                                               38,000                
      preferred stock, .01 par value; series a 8.50% cumulative redeemable; 5,000 shares authorized; 3,840 shares issued and outstanding at march 31, 2008 and december 31, 2007
    		                                                38,000               
      income notes
    		                                                 1,614,000              
      interest rate cap agreements
    		                                                  361,000    2,402,000 2,134,000 1,144,000 2,159,000 1,245,000   2,071,000 281,000 
      swap agreements
    		                                                 103,000 2,412,000    3,092,000 2,991,000 1,878,000 2,703,000 321,000     
      preferred stock, .01 par value; series a 8.50% cumulative redeemable; 5,000 shares authorized; 3,840 shares issued and outstanding at december 31, 2007 and 2006
    		                                                 38,000              
      accrued interest receivable
    		                                                  33,182,000 24,115,000 16,424,000 20,156,000 24,198,000 25,753,000 27,864,000 27,407,000 26,428,000 26,258,000 21,759,000 22,582,000  
      mortgages payable on real estate
    		                                                  9,606,000   16,477,000 22,552,000 22,602,000 22,652,000 22,707,000 22,686,000 22,734,000 22,780,000 22,832,000 16,205,000 
      dividends payable
    		                                                  4,899,000    4,058,000    18,170,000    16,889,000 
      preferred stock, par value .01; series a 8.50% cumulative redeemable; 5,000 shares authorized; 3,840 shares issued and outstanding at december 31, 2006 and 2005
    		                                                  38,000             
      mortgage-backed securities (“mbs”), at fair value (including pledged
    		                                                               
      mbs of 4,294,696 and 5,394,144 at september 30, 2006 and
    		                                                               
      december 31, 2005, respectively)
    		                                                   4,606,637,000 3,430,834,000 4,540,596,000          
      derivative assets
    		                                                   908,000            
      real estate held for sale
    		                                                   8,856,000            
      mortgages on real estate, including mortgages on real estate held for sale
    		                                                   16,403,000 16,457,000           
      derivative liabilities
    		                                                   415,000            
      preferred stock, .01 par value; series a 8.50% cumulative redeemable;
    		                                                               
      5,000 shares authorized; 3,840 shares issued and outstanding
    		                                                               
      at september 30, 2006 and december 31, 2005 (96,000
    		                                                               
      aggregate liquidation preference)
    		                                                   38,000 38,000 38,000  38,000 38,000 38,000      
      79,211 and 80,121 issued and outstanding at september 30, 2006
    		                                                               
      and december 31, 2005, respectively
    		                                                   792,000 792,000 796,000          
      mbs of 3,012,419 and 5,394,144 at june 30, 2006 and
    		                                                               
      interest rate cap agreements, at fair value
    		                                                    1,923,000 2,364,000          
      swap agreements, at fair value
    		                                                    2,323,000 3,088,000          
      real estate and related assets held for sale
    		                                                    8,809,000           
      5,000 shares authorized; 3,840 shares issued and
    		                                                               
      outstanding at june 30, 2006 and december 31, 2005 (96,000
    		                                                               
      79,211 and 80,121 issued and outstanding at june 30, 2006
    		                                                               
      mbs of 4,198,147 and 5,394,144 at march 31, 2006 and
    		                                                               
      outstanding at march 31, 2006 and december 31, 2005 (96,000
    		                                                               
      79,652 and 80,121 issued and outstanding at march 31, 2006
    		                                                               
      assets of 5,394,144 and 6,475,970 at december 31, 2005 and 2004,
    		                                                               
      respectively, notes 4 and 7)
    		                                                      5,714,906,000         
      receivable under discount waiver, direct stock purchase and dividend
    		                                                               
      reinvestment plan
    		                                                               
      5,000 shares authorized; 3,840 shares issued and outstanding at
    		                                                               
      december 31, 2005 and 2004 (96,000 aggregate liquidation
    		                                                               
      preference)
    		                                                      38,000         
      80,121 and 82,017 issued and outstanding at december 31,
    		                                                               
      2005 and 2004, respectively
    		                                                      801,000         
      additional paid-in capital
    		                                                      770,789,000 781,755,000 783,652,000 783,526,000 780,406,000 717,039,000 703,197,000 626,348,000 480,458,000 
      total liabilities and shareholders’ equity
    		                                                      5,846,917,000         
      real estate investments
    		                                                       29,564,000 29,724,000       
      receivable under discount waiver, direct stock purchase and
    		                                                               
      dividend reinvestment plan
    		                                                           3,393,000  11,031,000  
      outstanding at september 30, 2005 and december 31, 2004 (96,000
    		                                                               
      82,063 and 82,017 shares issued and outstanding at september 30, 2005
    		                                                               
      and december 31, 2004, respectively
    		                                                       821,000 824,000 824,000      
      interest income:
    		                                                               
      mbs income
    		                                                       56,396,000 60,752,000 60,942,000 174,957,000 42,210,000 38,678,000 40,066,000 26,290,000 
      interest income on cash investments
    		                                                       1,135,000 390,000       
      total interest income
    		                                                       57,531,000 61,142,000 61,239,000  42,415,000 38,849,000 40,233,000  
      interest expense
    		                                                       49,060,000 46,508,000 39,766,000  21,959,000    
      net interest income
    		                                                       8,471,000 14,634,000 21,473,000  20,456,000 19,897,000 24,092,000  
      other income:
    		                                                               
      revenue from operations of real estate
    		                                                       1,079,000 1,017,000 1,033,000 4,126,000 1,031,000 1,035,000 1,002,000 723,000 
      gain on sale of securities
    		                                                       10,000    371,000    
      miscellaneous other income
    		                                                       93,000 20,000 12,000 195,000 7,000 12,000 162,000  
      total other income
    		                                                       1,182,000 1,037,000 1,045,000  1,409,000 1,047,000 1,164,000  
      operating and other income:
    		                                                               
      compensation and benefits
    		                                                       1,346,000 1,498,000 1,555,000 5,603,000 1,368,000 1,352,000 1,467,000 1,002,000 
      real estate operating expense
    		                                                       742,000 674,000 699,000 2,860,000 739,000 708,000 709,000 466,000 
      mortgage interest on real estate
    		                                                       423,000 413,000 424,000 1,698,000 426,000 421,000 426,000 301,000 
      other general and administrative expense
    		                                                       871,000 927,000  3,334,000 684,000 763,000   
      total operating and other income
    		                                                       3,382,000 3,512,000 3,637,000 13,495,000 3,217,000 3,244,000 3,351,000 2,310,000 
      net income
    		                                                       6,271,000 12,159,000 18,881,000 78,073,000 18,648,000 17,700,000 21,905,000 11,763,000 
      less: preferred stock dividends
    		                                                       2,040,000 2,040,000 2,040,000 3,576,000 1,062,000 756,000   
      net income available to common stockholders
    		                                                       4,231,000 10,119,000 16,841,000 74,497,000 17,586,000 16,944,000   
      earnings per share of common stock:
    		                                                               
      earnings per share – basic
    		                                                       50 120 200 980     
      weighted-average shares outstanding – basic
    		                                                       82,342,000 82,385,000 82,243,000 76,168,000 78,607,000 76,214,000 68,910,000  
      earnings per share – diluted
    		                                                       50 120 200 980     
      weighted-average shares outstanding – diluted
    		                                                       82,370,000 82,418,000 82,285,000 76,217,000   69,001,000  
      outstanding at june 30, 2005 and december 31, 2004 (96,000
    		                                                               
      82,385 and 82,017 shares issued and outstanding at june 30, 2005
    		                                                               
      real estate held for investment
    		                                                         29,900,000 30,017,000 30,210,000 30,345,000 30,500,000  
      5,000,000 shares authorized; 3,840,000 shares issued and
    		                                                               
      outstanding at march 31, 2005 and december 31, 2004 (96,000
    		                                                               
      82,385,443 and 82,016,741 issued and outstanding at march 31, 2005
    		                                                               
      interest income on temporary cash investments
    		                                                         297,000 807,000 205,000 171,000 167,000 192,000 
      other general and administrative
    		                                                         959,000    749,000 541,000 
      equity interests in real estate investments
    		                                                               
      receivable under discount waiver, direct stock purchase and dividend reinvestment plan
    		                                                          985,000  879,000   
      mbs purchase payable
    		                                                            15,543,000 2,659,000  
      stockholders’ equity
    		                                                               
      preferred stock, .01 par value; series a 8.50% cumulative redeemable; 5,000,000 shares authorized; 3,840,000 and 0 shares issued and outstanding at december 31, 2004 and 2003, respectively
    		                                                          38,000     
      interest and dividend income:
    		                                                               
      corporate debt securities income
    		                                                               
      dividend income
    		                                                               
      total interest and dividend income
    		                                                          175,764,000    26,482,000 
      interest expense on repurchase agreements
    		                                                          88,888,000  18,952,000 16,141,000 13,386,000 
      net interest and dividend income
    		                                                          86,876,000    13,096,000 
      other income/
    		                                                               
      net gain/(loss) on sale of securities
    		                                                          371,000     
      gain on sale of real estate and equity investments in real estate
    		                                                               
      other-than-temporary impairment of securities
    		                                                               
      total other income/
    		                                                          4,692,000    977,000 
      interest rate caps
    		                                                           1,391,000 2,993,000   
      interest rate swaps
    		                                                           1,066,000 122,000   
      5,000,000 shares authorized; 2,000,000 and 0 issued and outstanding at
    		                                                               
      september 30, 2004 and december 31, 2003, respectively (50,000 and
    		                                                               
      0 aggregate liquidation preference)
    		                                                           20,000    
      79,788,932 and 63,201,224 issued and outstanding at
    		                                                               
      september 30, 2004 and december 31, 2003, respectively
    		                                                           798,000    
      accumulated earnings/
    		                                                           1,328,000 3,442,000 6,141,000  
      income from equity interests in real estate
    		                                                               
      gain on sale of real estate and equity investments in
    		                                                               
      income per share available to common stockholders:
    		                                                               
      net income per share
    		                                                           220 220 320 210 
      weighted-average shares of common stock and common
    		                                                               
      stock equivalents outstanding – diluted
    		                                                           78,653,000    
      preferred stock, .01 par value; series a 8.50% cumulative redeemable; 5,000,000 shares authorized; 2,000,000 and 0 issued and outstanding at june 30, 2004 and december 31, 2003, respectively
    		                                                            20,000   
      weighted-average shares of common stock and common stock equivalents outstanding – diluted
    		                                                            76,260,000   
      74,976,327 and 63,201,224 issued and outstanding at
    		                                                               
      march 31, 2004 and december 31, 2003, respectively
    		                                                             750,000  
      income from equity interest in real estate
    		                                                               
      income per share:
    		                                                               
      mortgage backed securities
    		                                                              4,053,218,000 
      accrued interest and dividends receivable
    		                                                              18,598,000 
      equity interest in real estate investments
    		                                                              2,853,000 
      59,867,105 and 46,270,855 issued and outstanding at
    		                                                               
      september 30, 2003 and december 31, 2002, respectively
    		                                                              599,000 
      (loss)/income from equity interests in real estate
    		                                                              -227,000 
      net income on sale securities
    		                                                              -599,000 
      gain on sale of real estate and equity investments in real
    		                                                               
      estate
    		                                                              1,080,000 
      other-than-temporary impairment on investment
    		                                                               
      securities
    		                                                               
      weighted-average shares outstanding - basic
    		                                                              57,248,000 
      weighted-average shares outstanding - diluted
    		                                                              57,337,000 
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.