MFA Financial, Inc
(NYSE:MFA)

MFA Financial, Inc., through its subsidiaries, operates as a real estate investment trust (REIT) in the United States. The company invests in residential mortgage assets, including non-agency mortgage-backed securities (MBS), agency MBS, and credit risk transfer securities; residential whole loans, ...

Website: http://www.mfafinancial.com

Founded: 1997

Full Time Employees: 65

Sector: Real Estate

Industry: REIT-Mortgage

Real Estate REIT

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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	2008-12-31	2008-09-30	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

interest income:
residential whole loans	143,091,000	146,443,000	153,290,000	154,568,000	151,310,000	152,768,000	157,406,000	165,717,000	157,665,000	149,787,000	140,538,000	128,048,000	119,510,000	124,988,000	114,415,000	102,354,000	99,466,000	90,312,000	79,602,000	69,016,000
securities, at fair value	45,753,000	40,102,000	27,708,000	28,778,000	24,670,000	19,747,000	14,742,000	13,629,000	12,992,000	13,175,000	11,945,000	9,948,000	7,308,000	12,740,000	5,612,000	5,294,000	5,275,000	14,257,000	10,629,000	15,345,000	16,459,000
other interest-earning assets	491,000	523,000	515,000	528,000	398,000	717,000	4,001,000	1,177,000	1,163,000	1,467,000	2,587,000	2,622,000	2,351,000	2,366,000	2,216,000	1,349,000	1,506,000	1,168,000	524,000	108,000		761,000	3,017,000	3,165,000	2,907,000	2,880,000	1,679,000	1,287,000	1,306,000
cash and cash equivalent investments	2,591,000	3,356,000	4,278,000	4,470,000	4,127,000	5,097,000	5,825,000	6,308,000	5,011,000	5,448,000	4,095,000	3,732,000	3,036,000	2,783,000	1,629,000	324,000	102,000	105,000	126,000	59,000	54,000	30,000	100,000	60,000	486,000	690,000	903,000	1,036,000	764,000	588,000	754,000	685,000	909,000	1,395,000	1,452,000	1,047,000	355,000	243,000	221,000	170,000	140,000	42,000	32,000	29,000	27,000	26,000	20,000	17,000	26,000	31,000	21,000	36,000	36,000	43,000	38,000	27,000	19,000	30,000	25,000	27,000	54,000	99,000	121,000	112,000	53,000	77,000	149,000	260,000	611,000	1,018,000	1,529,000	2,151,000	3,031,000
interest income	191,926,000	190,424,000	185,791,000	188,344,000	180,505,000	178,329,000	181,974,000	186,831,000	176,831,000	169,877,000	159,165,000	144,350,000	132,205,000	142,877,000	123,872,000	109,321,000	106,349,000	105,842,000	90,881,000	84,528,000	61,853,000	60,476,000	66,080,000	87,368,000	145,460,000	153,118,000	142,721,000	144,935,000	140,952,000	132,744,000	117,432,000	101,747,000	103,752,000	100,902,000	105,133,000	110,157,000	117,257,000	112,528,000	112,716,000	114,507,000	117,477,000	118,499,000	119,706,000	123,996,000	129,942,000	113,041,000	110,960,000	118,642,000	121,174,000	121,049,000	118,482,000	120,671,000	122,738,000	124,968,000	125,135,000	125,531,000	123,523,000	123,994,000	130,766,000	132,109,000	109,878,000	97,597,000	97,417,000	88,627,000	107,697,000	121,512,000	124,548,000	126,737,000	132,764,000	137,780,000	140,948,000	120,693,000	128,096,000
interest expense:
asset-backed and other collateralized financing arrangements	127,811,000	130,192,000	124,403,000	122,523,000	118,431,000	122,996,000	126,833,000	126,755,000	123,442,000	119,665,000	109,088,000	95,884,000	88,880,000	83,277,000	67,636,000	52,805,000	39,365,000	31,770,000	25,135,000	21,640,000	26,050,000	32,041,000	50,054,000	82,085,000
other interest expense	4,925,000	4,751,000	4,598,000	4,545,000	4,537,000	4,530,000	4,516,000	6,587,000	5,575,000	3,748,000	3,936,000	3,961,000	3,956,000	3,949,000	3,943,000	3,937,000	3,931,000	3,925,000	3,930,000	3,915,000	4,020,000	9,003,000	5,910,000	5,906,000	11,061,000	11,352,000	11,583,000	9,154,000	8,217,000	8,438,000	7,997,000	5,576,000	4,837,000
interest expense	132,736,000	134,943,000	129,001,000	127,068,000	122,968,000	127,526,000	131,349,000	133,342,000	129,017,000	123,413,000	113,024,000	99,845,000	92,836,000	87,226,000	71,579,000	56,742,000	43,296,000	35,695,000	29,065,000	25,555,000	30,070,000	41,044,000	55,964,000	87,991,000	83,759,000	82,463,000	85,823,000	85,044,000	79,026,000	70,944,000	58,878,000	51,810,000	50,554,000	48,495,000	49,275,000	49,022,000	50,349,000	49,868,000	48,167,000	47,720,000	47,600,000	46,456,000	43,703,000	42,849,000	43,940,000	38,960,000	39,358,000							32,154,000	45,801,000	42,688,000						27,414,000	35,464,000	35,741,000	38,451,000	46,287,000	52,976,000	58,006,000	72,137,000	87,522,000	85,033,000	76,661,000	93,472,000		62,114,000	38,205,000	38,818,000	42,785,000	48,499,000	49,060,000	46,508,000	39,766,000	14,263,000	21,959,000
net interest income	59,190,000	55,481,000	56,790,000	61,276,000	57,537,000	50,803,000	50,625,000	53,489,000	47,814,000	46,464,000	46,141,000	44,505,000	39,369,000	55,651,000	52,293,000	52,579,000	63,053,000	70,147,000	61,816,000	58,973,000	31,783,000	19,432,000	10,116,000	-623,000	61,701,000	70,655,000	56,898,000	59,891,000	61,926,000	61,800,000	58,554,000	49,937,000	53,198,000	52,407,000	55,858,000	61,135,000	66,908,000	62,660,000	64,549,000	66,787,000	69,877,000	72,043,000	76,003,000	81,147,000	86,002,000	74,081,000	71,602,000	78,073,000	80,253,000	77,622,000	76,532,000	82,193,000	82,580,000	81,914,000	79,334,000	82,843,000	83,396,000	85,183,000	92,014,000	94,914,000	75,225,000	62,128,000	61,953,000	52,886,000	69,246,000	75,225,000	71,572,000	68,731,000	60,627,000	50,258,000	55,915,000	44,032,000	34,624,000		9,366,000	9,327,000	7,367,000	11,210,000	10,308,000	8,471,000	14,634,000	21,473,000	16,111,250	20,456,000	19,897,000	24,092,000
reversal/(provision) for credit losses on residential whole loans	242,000	276,000	-276,000	-791,000	-145,000	-397,000	1,942,000	1,079,000	460,000
reversal/(provision) for credit losses on other assets								-26,000	-1,109,000
net interest income after reversal/(provision) for credit losses	59,432,000	55,757,000	56,514,000	60,485,000	57,392,000	50,406,000	52,567,000	54,542,000	47,165,000
other income, net:
net gain on residential whole loans measured at fair value through earnings	-34,761,000	4,405,000	41,293,000	33,611,000	54,380,000	-102,339,000	143,416,000	16,430,000	-11,513,000				129,174,000					-42,589,000	21,815,000	6,021,000	49,809,000	49,782,000	76,871,000	20,320,000	-52,760,000	41,415,000	40,175,000	51,473,000	25,267,000
impairment and other net gain on securities and other portfolio investments	-38,270,000	15,715,000	18,004,000	6,645,000	21,179,000	-26,179,000	22,928,000	-2,842,000	-4,776,000				2,931,000
net gain on real estate owned	-2,981,000	-2,641,000	300,000	-2,911,000	-1,508,000	24,000	241,000	1,880,000	991,000	888,000	2,409,000	2,153,000	3,942,000	5,602,000	3,860,000	7,185,000	8,732,000	9,113,000	6,829,000	5,125,000
net gain on derivatives used for risk management purposes	30,726,000	13,562,000	200,000	-18,251,000	-31,055,000	69,293,000	-56,818,000	16,087,000	49,941,000	-70,342,000	34,860,000	60,451,000	-21,208,000
net gain on securitized debt measured at fair value through earnings	19,845,000	-1,534,000	-24,646,000	-7,105,000	-21,931,000	43,564,000	-75,273,000	-10,642,000	-22,462,000	-111,689,000	36,431,000	27,394,000	-51,725,000
lima one mortgage banking income	7,660,000	5,730,000	5,594,000	6,087,000	5,437,000	8,476,000	8,921,000
net realized gain on residential whole loans held at carrying value				-343,000	-539,000				418,000
other	1,896,000	-2,003,000	-9,786,000	-5,483,000	-1,451,000	54,000	-3,131,000	1,317,000	1,875,000	809,000	1,854,000	5,496,000	3,172,000	19,373,000	778,000	-10,269,000	-585,000	11,253,000	7,226,000	9,127,000	3,607,000	-21,255,000	7,498,000	-2,935,000	2,228,000	2,261,000	6,046,000	5,073,000	1,565,000	6,993,000	-2,998,000	1,134,000	345,000	14,579,000	-4,515,000	14,847,000	4,512,000	1,281,000	8,117,000	3,319,000	1,026,000	-1,478,000	327,000	-617,000	26,000	-1,794,000	1,251,000	708,000	-416,000	54,000	55,000	55,000	55,000	8,000	1,000	1,000				12,000
other income	-15,885,000	33,234,000	30,959,000	12,250,000	24,512,000	-7,107,000	40,284,000	29,849,000	22,402,000			-28,301,000	75,262,000	-16,435,000	-64,191,000	-76,448,000	-107,516,000	14,690,000	94,446,000	21,647,000	53,517,000	31,357,000	77,110,000	76,357,000	-790,763,000	55,397,000	62,429,000	56,862,000	51,169,000	20,950,000	48,359,000	41,006,000	47,660,000	64,985,000	29,097,000	36,944,000	27,993,000	25,681,000	33,901,000	27,030,000	22,652,000	15,720,000	16,502,000	10,163,000	9,037,000	18,353,000	17,690,000	12,336,000	6,406,000	8,848,000	5,555,000	4,125,000	3,224,000	2,943,000	7,457,000	569,000	10,652,000	-3,599,000	4,421,000		15,231,000	12,822,000	21,676,000	7,554,000	20,098,000	3,859,250	1,132,000	13,878,000				-3,532,000	-116,356,000
operating and other expense:
compensation and benefits	22,159,000	16,919,000	18,185,000	19,308,000	23,257,000	18,022,000	22,417,000	21,747,000	25,468,000	19,347,000	24,051,000	21,771,000	20,630,000	17,049,000	21,063,000	19,060,000	19,556,000	20,284,000	16,210,000	8,886,000	8,437,000	1,908,000	11,657,000	8,578,000	8,899,000	7,920,000	7,920,000	7,841,000	8,554,000	7,769,000	6,868,000	7,038,000	6,748,000	5,415,000	10,892,000	7,573,000	7,793,000	7,774,000	7,078,000	7,022,000	7,407,000	6,534,000	6,482,000	6,531,000	6,746,000	7,203,000	5,970,000	5,901,000	6,507,000	4,477,000	5,294,000	5,284,000	5,273,000	5,337,000	5,984,000	5,156,000	5,612,000	3,368,000	5,477,000	4,991,000	5,123,000	3,565,000	4,106,000	4,053,000	4,368,000	3,241,000	3,710,000	3,612,000	3,502,000	1,875,000	3,264,000	2,687,000	2,644,000		1,191,000	1,446,000	1,530,000	1,558,000	1,106,000	1,346,000	1,498,000	1,555,000	1,416,000	1,368,000	1,352,000	1,467,000	1,002,000
other general and administrative expense	12,154,000	10,059,000	10,769,000	10,621,000	10,291,000	9,994,000	11,430,000	10,835,000	13,044,000	11,982,000	10,605,000	11,169,000	10,391,000	7,796,000	8,812,000	10,507,000	8,697,000	8,391,000	8,659,000	7,887,000	6,792,000	7,010,000	6,611,000	7,652,000	4,575,000	4,812,000	5,022,000	5,934,000	4,645,000	4,084,000	4,155,000	5,582,000	3,832,000	3,900,000	4,081,000	5,754,000	4,225,000	3,823,000	3,709,000	4,881,000	3,918,000	4,079,000	3,538,000	4,678,000	3,457,000	3,703,000	3,831,000	4,546,000	3,964,000	3,186,000	3,434,000	3,561,000	3,180,000	2,801,000	2,666,000	3,210,000	2,803,000	3,269,000	3,031,000	2,789,000	2,161,000	2,576,000	2,003,000	2,139,000	1,853,000	1,630,000	1,713,000	1,978,000	1,868,000	1,535,000	1,465,000	1,353,000							894,000	871,000	927,000		1,138,000	684,000	763,000
loan servicing, financing and other related costs	9,918,000	7,394,000	10,216,000	8,584,000	7,252,000	11,044,000	8,503,000	8,717,000	7,042,000	8,010,000	8,989,000	7,598,000	9,539,000	7,901,000	11,357,000	13,235,000	10,401,000	12,276,000	5,291,000	6,000,000	7,299,000	11,763,000	8,992,000
amortization of intangible assets	300,000	300,000	300,000	800,000	800,000	800,000	800,000	800,000	800,000	800,000	800,000	1,300,000	1,300,000	1,300,000	1,300,000	3,300,000	3,300,000	3,300,000	3,300,000
operating and other expense	44,531,000	34,672,000	39,470,000	39,313,000	41,600,000	39,860,000	43,150,000	42,099,000	46,354,000	40,139,000	44,445,000	41,838,000	41,860,000	34,046,000	42,532,000	46,102,000	41,954,000	44,251,000	33,460,000	22,773,000	22,528,000	20,681,000	27,260,000	64,533,000	29,106,000	25,431,000	23,728,000	23,713,000	24,238,000	21,871,000	19,781,000	20,548,000	17,463,000	16,798,000	21,150,000	17,526,000	16,427,000	15,704,000	14,954,000	14,867,000	14,459,000	14,291,000	12,995,000	12,941,000	12,459,000	12,726,000	10,410,000	11,683,000	10,471,000	7,913,000	10,759,000	10,845,000	8,453,000	15,638,000	8,650,000	8,366,000	8,415,000	6,833,000	8,745,000	8,010,000	7,591,000	6,504,000	6,415,000	6,738,000	6,667,000	5,305,000	5,867,000	6,043,000	5,832,000	4,044,000	5,168,000	5,462,000	4,211,000
income before income taxes	-984,000	54,319,000	48,003,000	33,422,000	40,304,000	3,439,000	49,701,000	42,292,000
provision for income taxes			-101,000	238,000	-872,000	-2,470,000	1,518,000	346,000
net income	-984,000	54,319,000	48,104,000	33,184,000	41,176,000	5,909,000	48,183,000	41,946,000	23,213,000	89,746,000	-56,438,000	-25,928,000	72,784,000	6,710,000	-55,018,000	-100,367,000	-82,906,000	44,123,000	132,511,000	66,714,000	85,522,000	45,817,000	87,210,000	96,578,000	-908,995,000	100,621,000	95,599,000	93,040,000	88,857,000	60,879,000	87,132,000	70,395,000	83,395,000	100,594,000	63,805,000	79,935,000	78,060,000	72,637,000	83,011,000	78,950,000	78,070,000	73,472,000	79,510,000	78,071,000	82,173,000	79,708,000	78,882,000	78,726,000	76,188,000	78,557,000	71,328,000	75,473,000	77,351,000	69,219,000	78,141,000	74,766,000	84,713,000	70,564,000	83,699,000	79,286,000	82,865,000	61,581,000	77,214,000	48,290,000															-30,603,000	6,271,000	12,159,000	18,881,000	19,820,000	18,648,000	17,700,000	21,905,000	11,763,000
yoy	-102.39%	819.26%	-0.16%	-20.89%	77.38%	-93.42%	-185.37%	-261.78%	-68.11%	1237.50%	2.58%	-74.17%	-187.79%	-84.79%	-141.52%	-250.44%	-196.94%	-3.70%	51.94%	-30.92%	-109.41%	-54.47%	-8.78%	3.80%	-1122.99%	65.28%	9.72%	32.17%	6.55%	-39.48%	36.56%	-11.93%	6.83%	38.49%	-23.14%	1.25%	-0.01%	-1.14%	4.40%	1.13%	-4.99%	-7.82%	0.80%	-0.83%	7.86%	1.47%	10.59%	4.31%	-1.50%	13.49%	-8.72%	0.95%	-8.69%	-1.91%	-6.64%	-5.70%	2.23%	14.59%	8.40%	64.19%																			-254.40%	-66.37%	-31.31%	-13.81%	68.49%
qoq	-101.81%	12.92%	44.96%	-19.41%	596.84%	-87.74%	14.87%	80.70%	-74.13%	-259.02%	117.67%	-135.62%	984.71%	-112.20%	-45.18%	21.06%	-287.90%	-66.70%	98.63%	-21.99%	86.66%	-47.46%	-9.70%	-110.62%	-1003.38%	5.25%	2.75%	4.71%	45.96%	-30.13%	23.78%	-15.59%	-17.10%	57.66%	-20.18%	2.40%	7.47%	-12.50%	5.14%	1.13%	6.26%	-7.59%	1.84%	-4.99%	3.09%	1.05%	0.20%	3.33%	-3.02%	10.13%	-5.49%	-2.43%	11.75%	-11.42%	4.51%	-11.74%	20.05%	-15.69%	5.57%	-4.32%	34.56%	-20.25%	59.90%																-588.01%	-48.43%	-35.60%	-4.74%	6.28%	5.36%	-19.20%	86.22%
less preferred stock dividend requirement	10,424,000	10,705,000	10,834,000	10,560,000	8,219,000	8,219,000	8,219,000	8,218,000	8,219,000	8,219,000	8,219,000	8,218,000	8,219,000	8,219,000	8,218,000	8,219,000	8,219,000	8,219,000	8,218,000	8,219,000	8,219,000	8,218,000	8,219,000	8,144,000	5,215,000
net income available to common stock and participating securities	-11,408,000	43,614,000	37,270,000	22,624,000	32,957,000	-2,310,000	39,964,000	33,728,000	14,994,000	81,527,000	-64,657,000	-34,146,000	64,565,000	-1,509,000	-63,236,000	-108,586,000	-91,125,000	35,904,000	124,293,000	58,495,000	77,303,000	37,599,000	78,991,000	88,434,000	-914,210,000	96,871,000	91,849,000	89,290,000	85,107,000	57,129,000	83,382,000	66,645,000	79,645,000	96,844,000	60,055,000	76,185,000	74,310,000	68,887,000	79,261,000	75,200,000	74,320,000	69,722,000	75,760,000	74,321,000	78,423,000	75,958,000	75,132,000	74,976,000	72,438,000	74,807,000	67,578,000	67,316,000	75,311,000	67,179,000	76,101,000	72,726,000	82,673,000	68,524,000	81,659,000	77,246,000	80,825,000	59,541,000	75,174,000	46,250,000
basic earnings per common share	-110	420	360	220	320	-20	380	320	140	800	-640	-340	630	-30	-620	-1,060	-860	90	280	130	170	80	170	190	-2,020	210	200	200
diluted earnings per common share	-110	430	350	210	310	-10	370	320	140	800	-640	-340	620	-30	-620	-1,060	-860	90	270	130	170	80	170	190	-2,020	210	200	200
lima one - origination, servicing and other fee income								7,619,000	7,928,000	10,822,000	12,109,000	11,477,000	8,976,000	9,206,000	12,372,000	10,673,000	14,494,000	12,957,000	9,643,000
reversal of provision/(provision) for credit losses on residential whole loans										244,250	1,258,000
provision for credit losses on other assets																-28,579,000
net interest income after provision for credit losses										54,340,000	47,399,000	44,211,000
net loss on residential whole loans measured at fair value through earnings										-33,605,750	-132,894,000	-130,703,000
impairment and other net loss on securities and other portfolio investments										-3,949,750	-14,161,000	-4,569,000
other loss										-3,107,750	-59,392,000
(provision)/reversal of provision for credit losses on residential whole loans												-294,000		276,500	-588,000	-1,817,000
reversal of provision for credit losses on residential whole loans													13,000				3,511,000
net interest income after reversal of provision for credit losses													39,382,000				66,564,000
net interest income after (provision)/reversal of provision for credit losses														57,191,000	51,705,000	22,183,000
net mark-to-market and other net gain on residential whole loans measured at fair value														-199,166,000	-291,875,000	-216,414,000	-288,375,000
gain on investment in lima one common equity																			38,933,000
net gains on derivatives used for risk management purposes														63,430,250	111,816,000	47,804,000	94,101,000
net mark-to-market on securitized debt measured at fair value														61,887,000	98,858,000	84,573,000	64,117,000
reversal/(provision) for credit and valuation losses on residential whole loans and other financial instruments																		3,537,000	9,709,000			-9,522,500	27,244,000	85,377,000
net interest income after provision for credit and valuation losses																		73,684,000	71,525,000	67,840,000	54,533,000	35,141,000	37,360,000	84,754,000	-89,126,000
impairment and other gains and losses on securities available-for-sale and other assets																		23,956,000	10,000,000
net realized gain on sales of securities and residential whole loans
loss on terminated swaps previously designated as hedges for accounting purposes																							-7,177,000	-49,857,000
costs associated with restructuring/forbearance agreement																								39,966,000	4,468,000
reversal/(provision) for credit and valuation losses on residential whole loans																				8,867,000	22,750,000
impairment and other losses on securities available-for-sale and other assets																						-116,000	-221,000	-5,094,000	-419,651,000
net unrealized gain on securities measured at fair value through earnings																				1,374,000	101,000
mfa financial, inc.consolidated statements of comprehensive income
other comprehensive																				-9,098,000	-3,620,000
unrealized gains on securities available-for-sale																				-9,589,000	-3,855,000	11,696,000	15,082,000
reclassification adjustment for securities sales included in net income
reclassification adjustment for impairments included in net income
derivative hedging instrument fair value changes
changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk																				491,000	235,000	20,338,000	-22,652,000
reclassification adjustment for losses related to hedging instruments included in net income																							7,176,000
comprehensive income before preferred stock dividends																				57,616,000	81,902,000	77,851,000	86,756,000
dividends required on preferred stock																				-8,219,000	-8,219,000	-8,218,000	-8,219,000
comprehensive income available to common stock and participating securities																				49,397,000	73,683,000	69,633,000	78,537,000
residential whole loans held at carrying value																					45,340,000	51,458,000	54,393,000	69,427,000	83,486,000	72,255,000	64,226,000	57,879,000	49,620,000	39,133,000	29,524,000	17,935,000	14,329,000	9,968,000	9,026,000	8,503,000	8,690,000	7,804,000	5,917,000	5,758,000	4,496,000	4,219,000	4,033,000	4,193,000	3,591,000
net realized loss on sales of securities and residential whole loans
residential mortgage securities																						2,459,000	2,329,000	4,975,000
msr-related assets																						5,768,000	6,241,000	9,741,000	14,207,000	14,415,000	15,274,000	12,338,000	10,620,000
net realized gain on sales of residential mortgage securities and residential whole loans																							48,000	49,485,000	-238,380,000
net unrealized gain on residential mortgage securities measured at fair value through earnings																						2,946,000	91,000	64,438,000	-77,961,000	-1,021,000	-571,000		8,672,000
other comprehensive income:
reclassification adjustment for mbs sales included in net income																							-60,000
other comprehensive income																						-81,197,000	-454,000
loan servicing and other related operating expenses																								8,337,000	11,164,000	12,699,000	10,786,000	9,938,000	11,039,000	10,018,000	8,758,000	7,928,000	6,883,000	7,483,000	6,177,000	4,199,000	4,409,000	4,107,000	4,167,000	2,964,000	3,134,000	3,678,000	2,975,000	1,732,000
non-agency mbs																									32,551,000	49,460,000	44,582,000	52,027,000	54,001,000	56,984,000	58,667,000	55,043,000	56,102,000	58,384,000	63,252,000	74,217,000	80,163,000	77,914,000	80,370,000	80,441,000	80,305,000	76,381,000	79,276,000	80,916,000	81,248,000	50,607,000	48,571,000	43,473,000	43,155,000	42,310,000	43,131,000	43,997,000	41,047,000	39,346,000	37,087,000	32,674,000	25,794,000	24,956,000	24,379,000	28,825,000	22,894,000
agency mbs																									8,861,000	10,380,000	11,806,000	15,274,000	18,441,000	19,508,000	14,332,000	13,170,000	15,293,000	15,341,000	15,533,000	16,587,000	17,894,000	18,523,000	18,957,000	21,592,000	23,997,000	24,805,000	23,618,000	25,739,000	31,673,000	32,539,000	33,066,000	37,609,000	39,329,000	39,064,000	36,158,000	38,037,000	42,787,000	46,010,000	47,198,000	49,550,000	53,300,000	55,880,000	59,957,000	65,982,000	60,175,000
crt securities																									2,962,000	3,038,000	4,251,000	5,094,000	6,200,000	7,437,000	7,748,000	8,695,000	9,496,000	8,817,000	8,676,000	7,846,000	6,376,000	4,873,000	3,983,000	3,222,000	2,692,000	2,095,000	1,593,000	1,524,000	1,360,000
repurchase agreements																									72,698,000	71,111,000	74,240,000	75,890,000	70,809,000															40,223,000	41,182,000	35,890,000	35,935,000	36,690,000	36,729,000	38,700,000	37,113,000	33,397,000	34,675,000	37,128,000	39,317,000	36,252,000	36,070,000	35,226,000	34,924,000	34,535,000	33,054,000
provision for credit and valuation losses on residential whole loans and other financial instruments																									-150,827,000
net loss on swaps not designated as hedges for accounting purposes																									-4,239,000				-8,944,000
net realized gain on sales of residential mortgage securities																										11,975,000	17,708,000	7,710,000	24,609,000
net gain on swaps not designated as hedges for accounting purposes																										-4,316,750	-929,000	-7,394,000
less preferred stock dividends																										3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	4,210,000
earnings per common share - basic and diluted																													190	120	190	170	200	250	150	200	200	190	210	200	200	190	200	200	210	210	200	200	200	200	190	190	210	180	210	200	230	190	230	220	270
msr related assets																														5,062,250	6,407,000	6,219,000	7,623,000	6,997,000	7,194,000
repurchase agreements and other advances																														35,708,000	50,881,000	46,234,000	45,717,000	44,903,000	46,303,000	46,802,000	48,339,000	47,859,000	46,158,000	45,574,000	45,395,000	44,182,000	41,331,000
net gain on residential whole loans held at fair value																														26,470,750	34,942,000	32,443,000	38,498,000	41,359,000	18,679,000	16,208,000	13,773,000	14,632,000	18,701,000	14,470,000	11,881,000	7,546,000	4,979,000	3,163,000
net gain on sales of investment securities																														8,165,250	16,415,000	7,429,000	8,817,000
dividends declared per share of common stock																														0.15	0.2	0.2	0.2	0.15	0.2	0.2	0.2	0.15	0.2	0.2	0.2	0.15	0.2	0.2	0.2	0.15	0.2	0.2	0.2	0.36	0.5	0.22	0.72	0.17	0.21	0.23	0.24	0.185	0.25			0.108	0.19	0.24		0.52	0.25	0.22		0.43	0.2	0.18			0.11	0.05	0.05
other-than-temporary impairments:
total other-than-temporary impairment losses																																					-63,000		-1,255,000					-130,000	-395,000												-879,000									-6,975,000		-76,586,000
portion of loss reclassed from other comprehensive income																																				-618,000	-351,000							-168,000	-12,000
net impairment losses recognized in earnings																																				-618,000	-414,000		-485,000					-298,000	-407,000												-920,000									-8,919,000		-7,460,000
senior notes and other interest expense																																		1,800,500	2,972,000	2,220,000	2,010,000	2,009,000	2,009,000	2,146,000	2,205,000
portion of loss recognized in/(reclassed from) other comprehensive income																																		-242,250					770,000
net gain on sales of mbs and u.s. treasury securities																																		9,047,000	14,933,000	5,889,000	9,708,000
other interest-earning investments																																				1,957,000	1,699,000
non-agency mbs transferred to consolidated vies																																					2,080,000	3,171,000	3,268,000	3,324,000	5,847,000	10,957,000	11,154,000	11,595,000	12,043,000	25,014,000	29,303,000	37,543,000	38,664,000	39,644,000	39,172,000	38,601,000	38,868,000	39,569,000	40,812,000	43,280,000	44,410,000	43,128,000	46,405,000	37,275,000	26,755,000
gain on sales of mbs																																						9,768,000	7,083,000	9,241,000	9,745,000	6,312,000	11,196,000	7,617,000	6,435,000												2,953,000
securitized debt																																										265,000	363,000	618,000	750,000	1,062,000	1,415,000	1,871,000	2,185,000	2,719,000	2,830,000	3,075,000	3,476,000	3,920,000	4,477,000	4,652,000	4,057,000	3,585,000	3,828,000	2,660,000	1,599,000
senior notes																																										2,009,000	2,009,000	2,008,000	2,008,000	2,008,000	2,008,000	2,008,000	2,007,000	2,008,000	2,007,000	2,006,000	2,007,000	2,006,000	2,007,000	1,784,000
unrealized net gains and net interest income from linked transactions																																														7,506,000	2,559,000	3,776,000	3,251,000	1,440,000	544,000	-295,000	1,536,000	1,166,000	3,177,000	568,000	7,699,000	-6,955,000	733,000		14,850,000
excise tax and interest																																														-13,000		1,175,000		250,000		2,000,000
net income on residential whole loans held at fair value																																													2,576,000
other investment related operating expenses																																													2,256,000	1,833,000	609,000	61,000
unrealized losses on tba short positions																																																		-2,181,000	-8,724,000
gain on sales of mbs and u.s. treasury securities																																														12,194,000	13,880,000	7,852,000	3,571,000	6,147,000	13,680,000	4,365,000	1,633,000
impairment of resecuritization related costs																																																			2,031,000
less issuance costs of redeemed preferred stock																																																				3,947,000
total interest expense																																																40,569,000	40,921,000	43,427,000	41,950,000	38,478,000	40,158,000				40,127,000	38,811,000	38,752,000	37,195,000	34,653,000
less: preferred stock dividends																																																					2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000		2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	2,040,000	1,758,000	1,062,000	756,000
portion of loss recognized in/(reclassified from) other comprehensive income																																																										2,291,750	10,922,000
gains on sales of mbs																																																						1,808,000	4,279,000										33,739,000
revenue from operations of real estate held-for-sale																																																										286,500	390,000	375,000	381,000
real estate held-for-sale operating expense
portion of loss reclassified from other comprehensive income
other income:
gains on sale of mbs																																																										1,049,000	4,196,000			8,434,750
loss on termination of repurchase agreements
real estate held-for-sale operating expense, mortgage interest and prepayment penalty																																																										193,500	237,000	230,000
dividends declared on common stock																																																												250	235
real estate held-for-sale operating expense and mortgage interest																																																													307,000
mbs																																																														73,363,750	97,296,000	88,515,000	107,644,000	121,435,000	124,399,000
portion of loss (reclassified from)/recognized in other comprehensive income
gains on mbs forwards																																																														10,326,000	21,307,000
revenue from operations of real estate																																																														364,000	369,000	357,000	374,000	375,000	378,000	384,000	383,000	384,000	407,000	398,000	414,000		396,000	390,000	388,000	694,000	1,058,000	1,079,000	1,017,000	1,033,000	1,058,000	1,031,000	1,035,000	1,002,000	723,000
miscellaneous other income																																																																				-1,000	44,000	51,000	68,000	87,000	92,000						226,000	93,000	20,000	12,000	14,000	7,000	12,000	162,000
real estate operating expense, mortgage interest and prepayment penalty																																																														363,000	306,000	546,000
earnings per share - basic and diluted																																																														0.21	0.27	0.16
gain on mbs forwards																																																																7,197,000	12,800,000	8,075,000	754,000
portion of loss recognized in other comprehensive income																																																																		-1,944,000		69,126,000
losses on termination of repurchase agreements
real estate operating expense and mortgage interest																																																																	446,000	434,000	444,000	453,000	462,000	465,000	439,000	424,000	449,000
net income before preferred stock dividends																																																																	82,677,000	78,573,000	66,837,000	69,106,000	53,673,000	46,649,000	50,053,000	35,038,000	-85,943,000		6,451,000	7,077,000
net income to common stockholders																																																																	80,637,000	76,533,000	64,797,000	67,066,000	51,633,000	44,609,000	48,013,000	32,998,000	-87,983,000
income per share of common stock:
basic and diluted																																																																	0.29
net gain on sale of mbs																																																																		9,122,000		13,495,000					-24,530,000
loss on early termination of swaps
new business initiative																																																																						169,000		998,000
income per share of common stock: basic and diluted																																																																		0.195	0.25
investment securities																																																																				126,477,000	132,153,000	136,762,000	139,419,000	118,542,000	125,065,000
income per share of common stock-basic and diluted																																																																				0.3
net loss on sale of mbs
other-than-temporary impairment on investments securities																																																																					-1,549,000				-851,000
loss on termination of swaps																																																																							-986,000
other losses																																																																					-1,122,000	435,000	-694,000
income per share of common stock–basic and diluted																																																																					0.23
net loss on sales of mbs																																																																						-6,132,500
other-than-temporary impairment on investment securities																																																																							-183,000	-4,017,000
income from continuing operations																																																																						46,649,000	50,053,000				7,500,000	7,078,000	-19,677,000
discontinued operations:
gains-tax refunds
income from discontinued operations																																																																											3,656,000	-1,000	-56,000	-37,000
income per share of common stock:
income per share from continuing operations – basic and diluted																																																																						0.25	0.24
income from discontinued operations – basic and diluted																																																																														0.06
income per share of common stock – basic and diluted																																																																						0.25	0.24	0.2	-0.61
weighted average shares outstanding:
basic																																																																							199,406	165,896
diluted																																																																							199,849	165,925
gain on early termination of swaps
net loss on early termination of swaps																																																																									-91,481,000
other general and administrative																																																																									1,118,000		755,000	942,000	961,000	1,117,000				959,000				749,000	541,000
mbs income																																																																											70,836,000	47,061,000	45,645,000	53,329,000	57,708,000	56,396,000	60,752,000	60,942,000	54,003,000	42,210,000	38,678,000	40,066,000	26,290,000
interest income on temporary cash investments																																																																											419,250	471,000	540,000	666,000				297,000	264,000	205,000	171,000	167,000	192,000
total interest income																																																																											71,480,000	47,532,000	46,185,000	53,995,000	58,807,000	57,531,000	61,142,000	61,239,000	30,374,250	42,415,000	38,849,000	40,233,000
other operating income:
gain																																																																											-5,778,250	36,000
miscellaneous other																																																																											146,750	143,000	205,000	239,000
total other operating income																																																																											-5,341,500	569,000	-24,153,000
operating and other income:
real estate operating expense																																																																											199,000	261,000	237,000	473,000	690,000	742,000	674,000	699,000	704,000	739,000	708,000	709,000	466,000
mortgage interest on real estate																																																																											170,000	169,000	163,000	297,000	421,000	423,000	413,000	424,000	425,000	426,000	421,000	426,000	301,000
total operating and other income																																																																											2,200,500	2,818,000	2,891,000
gain on sale of real estate, net of tax of 1,820																																																																											1,176,250			4,705,000
net income available to common stockholders																																																																											4,411,000	5,037,000	-21,773,000	12,923,000	-32,643,000	4,231,000	10,119,000	16,841,000	18,062,000	17,586,000	16,944,000
earnings
earnings from continuing operations – basic and diluted																																																																											109.97	60
earnings from discontinued operations – basic and diluted																																																																											-59.96
earnings per share of common stock – basic and diluted																																																																											-0.013	0.06
loss on sale of mbs																																																																													-24,746,000
income before preferred stock dividends																																																																													-19,733,000	14,963,000
income from continuing operations – basic and diluted																																																																													-270	0.1
earnings per share – basic and diluted																																																																													-0.27	0.16
gain on sale of mbs																																																																														1,597,000
total other income																																																																														2,530,000	816,000	1,182,000	1,037,000	1,045,000	1,072,000	1,409,000	1,047,000	1,164,000	977,000
total operating and other expense																																																																														3,445,000	3,111,000	3,382,000	3,512,000	3,637,000	3,683,000	3,217,000	3,244,000	3,351,000	2,310,000
income before discontinued operations and preferred
stock dividends																																																																														10,295,000
discontinued operations																																																																														4,668,000
earnings per share of common stock:
weighted average shares outstanding – basic																																																																														79,950						78,607		68,910
weighted average shares outstanding – diluted																																																																														79,973								69,001
interest income on cash investments																																																																															455,500	1,135,000	390,000
gain on sale of securities																																																																															2,500	10,000
earnings per share – basic																																																																															0.095	0.05	0.12	0.2
weighted-average shares outstanding – basic																																																																																82,342	82,385	82,243	76,168		76,214
earnings per share – diluted																																																																															0.095	0.05	0.12	0.2
weighted-average shares outstanding – diluted																																																																																82,370	82,418	82,285	76,217
loss from equity interests in real estate
gain (loss) on sale of securities																																																																																			92,750	371,000
gain on sale of real estate and equity investments in
real estate
income per share available to common stockholders:
net income per share																																																																																			0.19	0.22	0.22	0.32	0.21
weighted average shares of common stock and common
stock equivalents outstanding – diluted																																																																																			18,660	78,653
interest expense on repurchase agreements																																																																																					18,952,000	16,141,000	13,386,000
income from equity interests in real estate																																																																																							-227,000
weighted-average shares of common stock and common stock equivalents outstanding – diluted																																																																																					76,260
loss from equity interest in real estate
income per share:
interest and dividend income:
corporate debt securities income
dividend income
total interest and dividend income																																																																																							26,482,000
net interest and dividend income																																																																																							13,096,000
net loss 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																																																																															82,025								57,248
weighted average shares outstanding - diluted																																																																															82,025								57,337

Balance Sheets:

Quarterly

Annual

Unit: USD	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	2008-12-31	2008-09-30	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																										207,923,000
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	116,465,000	70,629,000	154,193,000	88,661,000	76,579,000	51,965,000	104,186,000	54,880,000	214,686,000	449,757,000	608,173,000	745,480,000	421,572,000	260,112,000	288,698,000	182,765,000	146,236,000	165,007,000	174,160,000	218,492,000	168,717,000	182,437,000	423,891,000	343,719,000	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	438,530,000	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		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	216,902,000	64,035,000	38,998,000	31,056,000	41,999,000	36,744,000	6,489,000	3,298,000	7,100,000	13,307,000	15,440,000	11,843,000	10,980,000	58,463,000	122,656,000	143,084,000	123,676,000	71,538,000	109,997,000	68,057,000	93,287,000	67,255,000	43,751,000	54,430,000	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	1,171,639,000	784,251,000	735,209,000	607,745,000	551,618,000	527,785,000	406,069,000	618,148,000	303,920,000	238,847,000	233,357,000	287,470,000	286,495,000	280,295,000	208,049,000	227,555,000	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	11,130,337,000	13,567,364,000	13,104,821,000	13,208,092,000	12,801,613,000	12,420,327,000	11,781,993,000	10,644,763,000	10,615,212,000	10,954,734,000	11,103,459,000	11,536,816,000	11,900,106,000	12,484,022,000	12,751,389,000	12,827,548,000	12,844,441,000	13,167,323,000	13,384,403,000	13,654,883,000	13,901,755,000	12,354,744,000	12,242,777,000	12,650,861,000	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	10,779,054,000	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	921,482,000	1,043,591,000	1,129,973,000	1,174,077,000	887,369,000	1,125,139,000	951,483,000	978,007,000	553,403,000	574,335,000	246,278,000	249,949,000	99,581,000	155,352,000	213,329,000	233,019,000	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	8,689,662,000	10,183,412,000	9,701,395,000	9,804,719,000	9,397,082,000	9,004,226,000	8,229,753,000	7,438,150,000	7,379,781,000	7,693,098,000	7,845,808,000	8,262,172,000	8,844,159,000	9,450,120,000	9,717,951,000	9,879,880,000	9,982,795,000	10,200,062,000	10,332,621,000	10,509,214,000	10,693,583,000	9,151,472,000	8,989,033,000	9,375,567,000	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	9,474,952,000	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...	81,000	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	80,000	80,000
common stock, 0.01 par value...	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
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	3,906,613,000	3,640,341,000	3,634,140,000	3,625,399,000	3,622,636,000	3,623,275,000	3,620,268,000	3,230,055,000	3,227,550,000	3,227,304,000	3,219,398,000	3,214,701,000	3,030,603,000	3,029,062,000	3,023,033,000	3,021,861,000	3,019,891,000	3,019,956,000	3,017,355,000	3,016,362,000	3,014,594,000	3,013,634,000	3,002,549,000	2,991,927,000	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	1,702,242,000	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	-1,548,361,000	-631,040,000	-637,161,000	-638,396,000	-637,286,000	-632,040,000	-598,971,000	-592,218,000	-578,913,000	-578,950,000	-596,022,000	-576,482,000	-573,127,000	-572,641,000	-566,917,000	-571,709,000	-572,445,000	-572,332,000	-567,649,000	-569,055,000	-569,031,000	-568,596,000	-570,106,000	-571,421,000	-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	-163,410,000	-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	77,702,000	370,047,000	401,850,000	411,784,000	414,596,000	420,288,000	526,368,000	564,711,000	582,730,000	609,224,000	630,226,000	632,382,000	594,663,000	573,682,000	573,531,000	493,726,000	410,410,000	515,851,000	598,294,000	694,580,000	758,828,000	754,453,000	817,534,000	851,033,000	792,185,000	737,695,000	665,662,000	668,904,000	892,372,000	761,977,000	686,449,000	206,184,000	210,851,000		59,924,000	167,972,000	289,714,000	254,680,000	226,215,000	185,778,000	182,320,000	187,007,000	164,893,000																				-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	2,440,675,000	3,383,952,000	3,403,426,000	3,403,373,000	3,404,531,000	3,416,101,000	3,552,240,000	3,206,613,000	3,235,431,000	3,261,636,000	3,257,651,000	3,274,644,000	3,055,947,000	3,033,902,000	3,033,438,000	2,947,668,000	2,861,646,000	2,967,261,000	3,051,782,000	3,145,669,000	3,208,172,000	3,203,272,000	3,253,744,000	3,275,294,000	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	1,304,102,000	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	11,130,337,000	13,567,364,000	13,104,821,000	13,208,092,000	12,801,613,000	12,420,327,000	11,781,993,000	10,644,763,000	10,615,212,000	10,954,734,000	11,103,459,000	11,536,816,000	11,900,106,000	12,484,022,000	12,751,389,000	12,827,548,000	12,844,441,000	13,167,323,000	13,384,403,000	13,654,883,000	13,901,755,000	12,354,744,000	12,242,777,000	12,650,861,000	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	10,779,054,000	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
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	5,934,042,000	6,066,345,000	4,969,414,000	4,391,983,000	3,724,146,000	3,016,715,000	2,471,567,000	1,906,242,000	1,099,876,000	908,516,000	639,216,000	661,319,000	573,715,000	590,540,000	550,623,000	392,172,000	376,235,000	271,845,000	245,894,000	245,402,000	242,777,000
residential whole loans, at fair value																			1,320,199,000	1,216,902,000	1,229,664,000	1,200,981,000	1,243,792,000	1,381,583,000	1,453,169,000	1,525,814,000	1,512,337,000	1,665,978,000	1,449,365,000	1,502,986,000	1,555,620,000	1,325,115,000	1,103,518,000	983,270,000	775,152,000	814,682,000	797,191,000	684,582,000	647,360,000	623,276,000	531,537,000	183,861,000	144,507,000	143,472,000
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	6,959,823,000
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	738,054,000	1,217,002,000	1,164,284,000	1,169,872,000	825,363,000	611,807,000	565,272,000	381,390,000	455,124,000	492,080,000	411,840,000
preferred stock, .01 par value...																						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	80,000	80,000	80,000	80,000	80,000	80,000	80,000				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	38,000	38,000	38,000	38,000	38,000	38,000	38,000	38,000	38,000									38,000
common stock, .01 par value...																						4,532,000	4,531,000	4,524,000	4,517,000	4,506,000	4,505,000	4,498,000	4,495,000	3,985,000	3,984,000	3,978,000	3,969,000	3,963,000	3,728,000	3,719,000	3,711,000	3,710,000	3,710,000	3,706,000	3,702,000	3,702,000	3,701,000	3,701,000	3,687,000	3,675,000	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	2,067,000	1,978,000	1,517,000	1,229,000									820,000
allowance for credit and valuation losses on residential whole loans held at carrying value and held-for-sale																							-218,011,000
residential mortgage securities:
non-agency mbs, at fair value																							1,119,940,000	2,063,529,000	2,397,789,000	2,728,270,000	3,099,272,000	3,318,299,000	3,334,610,000	3,242,967,000	3,398,254,000	3,533,966,000	3,911,660,000	4,592,275,000	5,468,178,000	5,651,412,000	5,721,796,000	5,911,206,000	5,902,305,000	5,822,519,000	5,895,371,000	6,222,676,000	6,161,390,000	3,358,426,000	3,311,062,000	2,801,049,000	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
agency mbs, at fair value																							553,413,000	1,664,582,000	1,813,873,000	2,257,375,000	2,546,597,000	2,698,213,000	2,905,490,000	2,362,897,000	2,647,148,000	2,824,681,000	3,019,304,000	3,248,007,000	3,494,614,000	3,738,497,000	4,021,535,000	4,307,882,000	4,544,883,000	4,752,244,000	5,020,477,000	5,331,211,000	5,671,195,000	5,904,207,000	6,174,176,000	6,549,451,000	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
credit risk transfer																							254,101,000	255,408,000	377,892,000	407,316,000	423,702,000	492,821,000
repurchase agreements																							7,768,180,000	9,139,821,000	8,571,422,000	8,630,642,000	8,509,713,000	7,879,087,000	7,278,270,000	5,892,228,000												9,635,036,000	9,809,586,000	8,267,388,000	8,125,723,000	8,384,101,000	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	9,379,474,000	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	1,537,152,000	5,155,660,000	3,764,118,000
mortgage-backed securities (“mbs”) and credit risk transfer (“crt”) securities:
crt securities, at fair value																													538,945,000	571,955,000	679,491,000	664,403,000	653,633,000	636,315,000	498,067,000	404,850,000	347,640,000	272,569,000	215,803,000	183,582,000	149,968,000	128,910,000	127,182,000	102,983,000
payable for unsettled mbs and residential whole loans purchases																														567,915,000			124,006,000	364,389,000
securities obtained and pledged as collateral, at fair value																															253,993,000	504,062,000	507,318,000	370,837,000	371,333,000	510,767,000	506,182,000	512,059,000	513,409,000	507,443,000	509,620,000	498,336,000	506,861,000	512,105,000	442,370,000	446,375,000	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	6,614,701,000	6,871,443,000	7,040,844,000	8,137,102,000	8,687,268,000	8,697,756,000	9,038,087,000	9,143,645,000	9,388,902,000	9,475,834,000
obligation to return securities obtained as collateral, at fair value																															253,993,000	504,062,000	507,318,000	510,237,000	510,733,000	510,767,000	506,182,000	512,059,000	513,409,000	507,443,000	509,620,000	498,336,000	506,861,000	512,105,000	442,370,000	446,375,000	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						203,960,000
8% senior notes due 2042																																	96,763,000	96,753,000	96,743,000	96,733,000	96,724,000	96,715,000	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	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000
non-agency mbs transferred to consolidated variable interest entities (“vies”), at fair value																																				174,404,000	187,019,000	193,674,000	198,452,000	598,298,000	628,851,000	659,477,000	693,933,000	1,397,006,000
securitized debt																																							11,821,000	22,057,000	32,217,000	62,320,000	91,280,000	110,574,000	156,276,000	214,048,000	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
interest receivable																																								29,002,000	30,115,000	31,263,000	32,885,000	31,257,000	32,499,000	34,673,000	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	51,318,000	50,787,000	42,154,000	43,610,000
derivative instruments:
mbs linked transactions, net (“linked transactions”), at fair value																																												398,336,000	190,681,000	106,859,000	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																																								1,127,000	18,000	849,000	1,051,000	3,136,000	4,322,000	2,755,000	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	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																																								134,253,000	81,206,000	59,160,000	50,781,000	39,012,000	160,572,000	104,073,000	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	1,787,000	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		1,792,000	1,292,000
accrued interest payable																																								16,949,000	15,028,000	13,759,000	12,341,000	13,095,000	12,172,000	10,915,000	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	20,464,000	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		11,200,000	11,233,000
swaps, at fair value																																								70,526,000	105,473,000	65,420,000	92,480,000	62,198,000	35,493,000	57,426,000	32,755,000												116,333,000									237,291,000	58,612,000	53,656,000	141,584,000	99,836,000	1,893,000
dividends and dividend equivalents payable																																								74,575,000	74,560,000	74,584,000																										46,351,000				18,005,000
accrued expenses and other liabilities																																								19,610,000	19,889,000	59,759,000	6,454,000	11,583,000	42,873,000	88,598,000	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	7,055,000	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		1,210,000	1,531,000
dividends and dividend equivalents rights (“ders”) payable																																											74,581,000	74,529,000	74,126,000	74,104,000	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
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		5,697,601,000
non-agency mbs transferred to consolidated variable interest entities																																													1,452,264,000	2,200,288,000	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
excise tax and interest payable																																															6,198,000	6,398,000	6,208,000	7,000,000	5,000,000	7,500,000
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
other derivative instruments, at fair value																																																	4,629,000
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	11,410,000	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
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	9,347,000	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		8,172,000	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	10,260,648,000	10,492,955,000	8,115,988,000
accumulated other comprehensive loss																																																																		-3,700,000	-176,262,000	-310,274,000	-236,835,000	-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
excess margin cash collateral																																																																						11,500,000
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
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		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		22,832,000	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
common stock																																																																									807,000
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
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		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		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		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		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		1,002,000	723,000
gain on sale of securities																																																																														10,000				371,000
miscellaneous other income																																																																														93,000	20,000	12,000	195,000	7,000		162,000
total other income																																																																														1,182,000	1,037,000	1,045,000		1,409,000		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		1,467,000	1,002,000
real estate operating expense																																																																														742,000	674,000	699,000	2,860,000	739,000		709,000	466,000
mortgage interest on real estate																																																																														423,000	413,000	424,000	1,698,000	426,000		426,000	301,000
other general and administrative expense																																																																														871,000	927,000		3,334,000	684,000
total operating and other income																																																																														3,382,000	3,512,000	3,637,000	13,495,000	3,217,000		3,351,000	2,310,000
net income																																																																														6,271,000	12,159,000	18,881,000	78,073,000	18,648,000		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
net income available to common stockholders																																																																														4,231,000	10,119,000	16,841,000	74,497,000	17,586,000
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		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		30,500,000
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		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
mbs purchase payable																																																																																				2,659,000
stockholders’ equity
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			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
interest rate swaps																																																																																		1,066,000
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		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		320	210
weighted-average shares of common stock and common
stock equivalents outstanding – diluted																																																																																		78,653,000
interest-earning assets:
adjustable-rate mbs																																																																																			561,953,000
fixed-rate mbs
cash																																																																																			94,174,000
total interest-earning assets																																																																																			656,127,000
interest-bearing liabilities:
total interest-bearing liabilities																																																																																			1,537,152,000
gap before hedging instruments																																																																																			-881,025,000
hedging instruments notional amounts																																																																																			100,000,000
cumulative difference between interest earnings assets and interest bearing liabilities after derivatives																																																																																			-781,025,000
cumulative difference as a percentage of total assets																																																																																			-14,260
74,976,327 and 63,201,224 issued and outstanding at
march 31, 2004 and december 31, 2003, respectively																																																																																				750,000
accumulated other comprehensive income/																																																																																				14,574,000
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

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	2008-12-31	2008-09-30	2008-06-30	2008-03-31	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

cash flows from operating activities:
net income	-984,000	54,319,000	48,104,000	33,184,000	41,176,000	5,909,000	48,183,000	41,946,000	23,213,000	89,746,000	-56,438,000	-25,928,000	72,784,000	6,710,000	-55,018,000	-100,367,000	-82,906,000	44,123,000	132,511,000	66,714,000	85,522,000	45,817,000	87,210,000	96,578,000	-908,995,000	100,621,000	95,599,000	93,040,000	88,857,000	60,879,000	87,132,000	70,395,000	83,395,000	100,594,000	63,804,000	79,935,000	78,060,000	72,637,000	83,011,000	78,950,000	78,070,000	73,472,000	79,510,000	78,071,000	82,173,000	79,708,000	78,882,000	78,726,000	76,188,000	78,557,000	71,328,000	75,473,000	77,351,000	69,219,000	78,141,000	74,766,000	84,713,000	70,564,000	83,699,000	79,286,000	82,865,000	61,581,000	77,214,000	48,290,000	82,677,000	78,573,000	66,837,000	69,106,000	53,673,000	46,649,000	50,053,000	35,038,000	-85,943,000				14,963,000	-30,603,000	6,271,000	12,159,000	18,881,000	19,820,000	18,648,000
adjustments to reconcile net income to net cash from operating activities:
net loss on residential whole loans	32,092,000	-5,807,000	-42,911,000	-34,365,000	-55,757,000	98,455,000	-146,956,000	-16,821,000	11,095,000	-221,802,000	132,894,000	130,703,000	-129,174,000
impairment and other net loss on securities and other portfolio investments	38,271,000	-15,715,000	-17,997,000	-6,643,000	-21,188,000	25,787,000	-22,712,000	2,003,000	4,112,000	-22,200,000	13,504,000	4,570,000	-2,932,000
net loss on real estate owned	3,029,000	2,677,000	-232,000
accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities	3,151,000	1,910,000	505,000	-1,928,000	741,000	773,000	576,000	-3,514,000	-3,327,000	-4,318,000	-4,314,000	-5,829,000	-4,507,000
provision/(reversal of provision) for credit losses on residential whole loans and other assets	-241,000	-276,000	276,000	791,000	145,000	397,000	-1,942,000	-1,053,000	649,000					-270,000	238,000
net loss on derivatives used for risk management purposes	-26,767,000	-602,000	5,981,000	15,391,000	44,842,000	-46,633,000	57,100,000	10,237,000	-23,182,000	97,399,000	-9,432,000	-37,018,000	42,879,000
net loss on securitized debt measured at fair value through earnings	-22,901,000	-1,586,000	21,302,000	3,712,000	18,575,000	-47,266,000	71,475,000	7,597,000	20,169,000	108,693,000	-40,229,000	-30,908,000	48,846,000
net margin received for derivatives used for risk management purposes	13,485,000	108,000	-724,000	-12,316,000	-83,136,000	31,944,000	-30,358,000	4,249,000	-5,112,000	-103,980,000	37,953,000	58,812,000	-28,428,000
net other non-cash losses included in net income	7,253,000	7,711,000	17,003,000	30,624,000	12,061,000	9,168,000	37,911,000	8,085,000	14,103,000	10,626,000	8,802,000	4,436,000	7,855,000	6,369,000	6,282,000	149,470,000	-134,618,000	-5,210,000	6,898,000	4,002,000	5,212,000
decrease in other assets	23,612,000	-4,699,000	-20,839,000	-744,000	30,747,000	39,360,000	-27,554,000	-6,071,000	19,397,000	7,715,000	-37,848,000	-23,275,000	-27,522,000	-251,168,000	129,385,000	83,406,000	78,454,000	-39,925,000	2,392,000			39,471,000	-21,625,000														5,241,000
increase in other liabilities	1,070,000	-414,000	4,257,000	7,807,000	-4,267,000	-6,433,000	3,202,000	1,603,000	-6,915,000	51,278,000	-3,919,000	4,131,000	11,471,000			-5,179,000	609,000			6,860,000	4,975,000	-33,884,000	8,872,000			6,797,000	7,040,000			-1,000								2,082,000	-18,166,000	12,939,000	-3,798,000
net cash from operating activities	71,070,000	37,626,000	14,725,000	38,458,000	-14,564,000	111,447,000	-11,274,000	46,480,000	53,467,000	3,817,000	39,795,000	77,795,000	-12,668,000	4,509,000	151,645,000	76,363,000	133,560,000	11,221,000	12,476,000	72,431,000	24,165,000	21,645,000	-39,893,000	43,430,000	13,214,000	62,179,000	67,649,000	48,865,000	37,082,000	57,631,000	46,445,000	37,909,000	5,896,000	57,096,000	22,830,000	52,689,000	43,455,000	-13,324,000	62,730,000	-2,893,000	38,999,000	122,983,000	36,426,000	70,937,000	51,828,000	78,314,000	62,537,000	66,697,000	48,265,000	70,960,000	85,882,000	70,080,000	71,166,000	77,794,000	71,859,000	80,801,000	79,933,000	89,339,000	87,517,000	95,471,000	62,082,000	59,146,000	65,494,000	60,747,000	60,551,000	79,849,000	68,603,000	70,593,000	50,919,000	54,875,000	57,107,000	25,107,000	49,336,000	1,621,000	10,354,000			12,298,000	38,981,000	37,937,000	46,978,000	44,219,000	15,856,000	50,041,000	18,182,000
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	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	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			0	0	0	0	0	0	0	0
free cash flows	71,070,000	37,626,000	14,725,000	38,458,000	-14,564,000	111,447,000	-11,274,000	46,480,000	53,467,000	3,817,000	39,795,000	77,795,000	-12,668,000	4,509,000	151,645,000	76,363,000	133,560,000	11,221,000	12,476,000	72,431,000	24,165,000	21,645,000	-39,893,000	43,430,000	13,214,000	62,179,000	67,649,000	48,865,000	37,082,000	57,631,000	46,445,000	37,909,000	5,896,000	57,096,000	22,830,000	52,689,000	43,455,000	-13,324,000	62,730,000	-2,893,000	38,999,000	122,983,000	36,426,000	70,937,000	51,828,000	78,314,000	62,537,000	66,697,000	48,265,000	70,960,000	85,882,000	70,080,000	71,166,000	77,794,000	71,859,000	80,801,000	79,933,000	89,339,000	87,517,000	95,471,000	62,082,000	59,146,000	65,494,000	60,747,000	60,551,000	79,849,000	68,603,000	70,593,000	50,919,000	54,875,000	57,107,000	25,107,000	49,336,000	1,621,000	10,354,000			12,298,000	38,981,000	37,937,000	46,978,000	44,219,000	15,856,000	50,041,000	18,182,000
cash flows from investing activities:
purchases and origination of residential whole loans, loan related investments and capitalized advances	-675,729,000	-658,331,000	-678,689,000	-743,848,000	-607,825,000	-729,305,000	-567,003,000	-691,878,000	-761,214,000	-763,181,000	-810,961,000	-881,761,000	-459,012,000
proceeds from sales of residential whole loans	85,791,000	54,628,000	83,261,000	64,771,000	72,261,000	246,441,000	241,306,000	14,732,000	151,664,000	80,721,000	2,243,000	-322,000	263,014,000										15,602,000
principal payments on residential whole loans and loan related investments	551,547,000	591,146,000	615,766,000	643,220,000	586,807,000	591,461,000	608,605,000	599,787,000	402,354,000	375,015,000	375,752,000	373,366,000	321,626,000	341,939,000	402,363,000	567,386,000	567,114,000	579,702,000	515,646,000	492,253,000	425,300,000
purchases of securities	-350,944,000	-1,345,070,000	-355,811,000	-162,183,000	-299,642,000	-465,133,000	-228,514,000			-53,257,000	-151,912,000	-77,888,000	-305,858,000
proceeds from sales of securities and other assets	1,561,000	26,023,000	18,173,000	0	2,617,000	0	16,013,000			18,227,000				0	15,291,000	0	369,000
principal payments on securities	128,077,000	117,731,000	43,325,000	96,081,000	32,512,000	39,434,000	18,276,000	18,227,000	8,081,000	8,887,000	10,972,000	10,012,000	5,755,000	49,694,000	974,000	983,000	1,470,000	26,611,000	20,366,000	51,424,000	58,896,000
proceeds from sales of real estate owned	26,287,000	22,472,000	27,317,000	22,332,000	24,308,000	17,989,000	18,324,000	25,615,000	24,217,000	22,616,000	26,235,000	32,207,000	33,968,000	28,829,000	23,709,000	40,106,000	41,336,000	53,853,000	44,532,000	38,006,000	50,619,000	76,183,000	90,244,000	61,317,000	52,042,000	26,806,000	25,133,000	32,110,000	23,963,000	27,669,000	35,405,000	38,923,000	19,307,000	23,837,000	21,375,000	20,021,000	10,438,000	12,367,000	5,700,000	9,976,000	6,157,000
other investing activities	7,796,000	-40,074,000	-25,316,000	49,121,000	-62,584,000	57,311,000	-17,131,000	-1,856,000	83,496,000	1,762,000	-5,560,000
net cash from investing activities	-225,614,000	-1,231,475,000	-271,974,000	-30,506,000	-251,546,000	-241,802,000	89,876,000	-181,269,000	-91,402,000	-309,210,000	-548,164,000	-550,114,000	-142,102,000	-86,050,000	-292,963,000	-164,189,000	-583,454,000	-941,280,000	-1,265,242,000	-305,982,000	345,476,000	517,549,000	460,524,000	4,583,193,000	822,242,000	-570,394,000	174,030,000	-240,919,000	-497,458,000	-544,821,000	-1,879,685,000	382,791,000	-116,160,000	-126,123,000	91,096,000	1,121,360,000	730,015,000	4,920,000	420,445,000	264,850,000	336,711,000	52,179,000	204,172,000	246,993,000	46,740,000	-53,916,000	483,671,000	455,789,000	-434,541,000	408,747,000	744,160,000	98,650,000	349,044,000	131,853,000	-472,543,000	-201,277,000	-108,461,000	284,571,000	-84,548,000	-508,753,000	-2,074,629,000	-54,576,000	125,714,000	-475,615,000	1,319,856,000				295,273,000
cash flows from financing activities:
principal payments on financing agreements with mark-to-market collateral provisions	-797,391,000	-680,790,000	-915,304,000	-692,569,000	-406,558,000	-1,139,059,000	-697,619,000	-539,062,000	-290,021,000	-921,897,000	-746,246,000	-476,085,000	-766,604,000	-226,090,000	-1,016,502,000	-1,141,857,000	-586,883,000	-880,730,000	-243,248,000	123,496,000	-821,716,000	-409,342,000	-379,785,000
proceeds from borrowings under financing agreements with mark-to-market collateral provisions	1,057,410,000	1,865,247,000	882,908,000	895,642,000	699,300,000	966,724,000	740,535,000	759,255,000	438,616,000	920,878,000	705,379,000	782,275,000	640,498,000	324,346,000	515,870,000	826,120,000	965,270,000	1,012,588,000	1,288,311,000	57,454,000	663,926,000	258,322,000	212,633,000
principal payments on other collateralized financing agreements	-813,830,000	-608,191,000	-411,992,000	-437,003,000	-444,264,000	-609,549,000	-782,276,000	-678,350,000	-576,135,000	-585,448,000	-472,717,000	-524,203,000	-415,443,000	-496,883,000	-393,523,000	-500,615,000	-761,122,000	-398,941,000	-411,262,000	-551,606,000	-521,259,000
proceeds from borrowings under other collateralized financing agreements	797,120,000	519,624,000	755,468,000	364,758,000	341,077,000	1,057,305,000	694,915,000	749,987,000	482,499,000	983,182,000	1,029,650,000	712,168,000	778,400,000	427,754,000	1,149,686,000	1,002,812,000	1,096,258,000	1,109,594,000	339,122,000	805,945,000	437,915,000
payments made for other collateralized financing agreement related costs	-2,953,000	-2,853,000	-3,920,000	-1,965,000	-2,154,000	-2,403,000	-866,000
payments made for settlements and unwinds of swaps	-6,759,000	-1,258,000	-8,846,000			0																28,383,000	0	0	-88,405,000
proceeds from issuance of preferred stock, net of expenses	3,427,000
proceeds from issuances of common stock, net of expenses	-10,000	-7,000	-21,000	-20,000	-20,000	-20,000	-21,000	-20,000	-20,000
payments made for the repurchase of common stock	-9,033,000	-5,047,000	-5,077,000	0	-5,189,000	0	0	0	-1,491,000
dividends paid on preferred stock	-10,424,000	-10,704,000	-10,834,000	-10,560,000	-8,219,000	-8,219,000	-8,218,000	-8,219,000	-8,219,000	-8,219,000	-8,218,000	-8,219,000	-8,219,000	-8,219,000	-8,218,000	-8,219,000	-8,219,000	-8,219,000	-8,218,000	-8,219,000	-8,219,000	-8,218,000				-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000															-2,040,000	-2,040,000	-2,040,000	-2,040,000	-2,040,000	-2,040,000	-2,040,000	-2,040,000	-2,040,000	-2,040,000	-2,040,000	-2,040,000	-2,040,000	-2,040,000	-2,040,000	-2,040,000	-1,758,000	-1,062,000
dividends paid on common stock and dividend equivalents	-38,870,000	-37,326,000	-37,577,000	-37,400,000	-35,881,000	-36,020,000	-36,047,000	-36,015,000	-35,789,000	-35,789,000	-35,789,000	-35,756,000	-35,769,000	-44,965,000	-44,962,000	-46,878,000	-47,230,000	-44,248,000	-44,236,000	-33,641,000	-34,015,000	-22,759,000	0	0	-90,749,000	-90,614,000	-90,400,000	-90,353,000	-90,198,000	-90,136,000	-79,947,000	-79,907,000	-79,769,000	-79,606,000	-79,549,000	-74,811,000	-74,622,000	-74,510,000	-74,498,000	-74,462,000	-74,425,000	-74,390,000	-74,377,000
net cash from financing activities	178,687,000	1,043,548,000	249,263,000	63,709,000	138,092,000	228,759,000	-117,121,000	147,045,000	78,895,000	340,066,000	458,511,000	448,126,000	188,278,000	-25,774,000	197,371,000	77,630,000	600,986,000	752,758,000	919,266,000	362,935,000	-405,296,000	-607,149,000	-205,009,000	-4,286,138,000	-636,753,000	449,688,000	-168,205,000	193,193,000	490,245,000	464,545,000	1,885,737,000	-584,308,000	-131,014,000	-89,389,000	-251,233,000	-850,141,000	-612,010,000	-20,182,000	-377,242,000	-225,428,000	-394,481,000	-184,315,000	-284,930,000	-268,155,000	-112,288,000	-265,852,000	-466,036,000	-453,439,000	95,578,000	-418,189,000	-774,472,000	-322,018,000	-219,933,000	-258,796,000	257,750,000	339,231,000	9,127,000	-400,914,000	-85,171,000	287,087,000	2,296,727,000	69,748,000								-380,220,000	74,406,000									-5,126,000	181,630,000	671,774,000	705,347,000	-317,299,000	1,216,736,000
net increase in cash, cash equivalents and restricted cash	24,143,000	-150,301,000	-7,986,000	71,661,000	-128,018,000	98,404,000	-38,519,000	12,256,000	40,960,000	34,673,000	-49,858,000	-24,193,000	33,508,000	-107,315,000	56,053,000	-10,196,000	151,092,000	-177,301,000	-333,500,000	129,384,000	-35,655,000	-67,955,000	215,622,000	340,485,000	198,703,000	-58,527,000	73,474,000	1,139,000	29,869,000	-22,645,000	52,497,000
cash, cash equivalents and restricted cash at beginning of period	386,668,000	0	0	0	601,312,000	0	0	0	488,211,000	0	0	0	494,081,000	0	0	0	404,447,000	0	0	0	821,519,000	0	0	0	134,664,000	0	0	0	88,709,000	679,000	0
cash, cash equivalents and restricted cash at end of period	410,811,000	-150,301,000	-7,986,000	71,661,000	473,294,000	98,404,000	-38,519,000	12,256,000	529,171,000	34,673,000	-49,858,000	-24,193,000	527,589,000	-107,315,000	56,053,000	-10,196,000	555,539,000	-177,301,000	-333,500,000	129,384,000	785,864,000	-67,955,000	215,622,000	340,485,000	333,367,000	-58,527,000	73,474,000	1,139,000	118,578,000	-21,966,000	52,497,000
supplemental disclosure of cash flow information
cash paid for interest	132,301,000	131,018,000	127,771,000	126,915,000	122,604,000	126,768,000	130,939,000	135,771,000	122,746,000
non-cash investing and financing activities:
transfer from residential whole loans to real estate owned	25,252,000	22,046,000	29,325,000	30,286,000	25,448,000	21,583,000	37,132,000	25,609,000	19,342,000	18,491,000	16,990,000	28,256,000	20,925,000		16,658,000	23,138,000	22,079,000			18,302,000	20,068,000				50,693,000	64,170,000	61,887,000	66,484,000	65,160,000		58,051,000	48,699,000	54,822,000		38,944,000	27,346,000	31,098,000		24,812,000	22,711,000	22,280,000	17,210,000	5,892,000	3,554,000	3,448,000
dividends and dividend equivalents declared and unpaid	37,725,000	-194,000	-180,000	110,000	37,400,000	19,000	-28,000	33,000	36,015,000	0	0	33,000	35,756,000		1,000	-1,394,000	46,357,000			10,596,000	33,640,000					135,000	214,000	47,000	90,353,000		10,188,000	43,000	79,905,000		46,000	4,729,000	74,830,000		-28,000	1,000	74,583,000	15,000	-24,000
payable for unsettled investment purchases	41,843,000				31,048,000
increase in right-of-use lease asset from lease modification	-32,581,000
increase in lease liability from lease modification	-36,027,000
redemption and repurchase of convertible senior notes						0	0
proceeds from issuance of senior notes						0	6,000	72,044,000	110,626,000																																													0	0
transfer from commercial loans to real estate owned						0
receivable for sale of unsettled residential whole loans
proceeds from issuance of preferred stock
payments made for costs related to preferred stock issuance
net gain on real estate owned					1,497,000	-14,000	-199,000	-1,781,000	-735,000	-1,132,000	-2,251,000	-2,193,000	-3,936,000
deconsolidation of securitized agency eligible investor loans and related debt
payable for purchase of unsettled agency mbs
payment made for other collateralized financing agreement related costs									-1,340,000	-2,702,000	-3,218,000	-2,071,000	-4,602,000	-1,744,000	-5,014,000	-6,762,000	-2,870,000	-298,000	-1,728,000	-3,748,000	-1,371,000
redemption of convertible senior notes									-39,831,000
increase in cash balances resulting from lima one purchase transaction																		-1,000
redemption of convertible senior notes and senior notes
proceeds from issuances of common stock										-20,000	-21,000	17,000	17,000	27,000	34,000	541,000	581,000	528,000	525,000	396,000	376,000	6,716,000	1,000	37,000	687,000	3,464,000	7,724,000	586,000	551,000	542,000	390,221,000	481,000	1,230,000	6,292,000	4,266,000	182,298,000	3,952,000	3,719,000	341,000	294,000	306,000	292,000	303,000	311,000	312,000	9,268,000	9,525,000	9,230,000	7,616,000	10,216,000	27,011,000	33,120,000	7,278,000	8,640,000	603,000	3,344,000	451,000	2,038,000	373,000	197,000	605,195,000	239,000	97,000	148,000	125,000	70,000	386,786,000	139,000	16,373,000	73,407,000	58,412,000	304,890,000	253,074,000
payments made for the repurchase of common stock through the stock repurchase program														0	0	-47,512,000	-54,799,000
interest paid										124,248,000	105,003,000	101,827,000	87,057,000	87,438,000	62,380,000	54,640,000	34,727,000	35,330,000	23,026,000	29,056,000	29,554,000				80,158,000	92,754,000	67,792,000	88,417,000	81,435,000
transfer from other interest earning assets (commercial loans) to reo
right-of-use lease asset and lease liability
provision for credit losses on residential whole loans and other assets											1,073,000
reversal of provision for credit losses on residential whole loans and other assets													-4,000
purchases of real estate owned and capital improvements													-137,000	-133,000	-216,000	-276,000	-353,000	-251,000	-463,000	-407,000	-217,000	-864,000	-536,000	-3,192,000	-5,606,000	-4,439,000	-5,110,000	-4,638,000	-5,923,000	-3,188,000	-4,897,000	-2,604,000	-2,678,000	-2,577,000
additions to leasehold improvements, furniture and fixtures													-1,458,000	1,231,000	-306,000	-272,000	-953,000	38,687,000	-7,146,000	-39,174,000	-4,415,000	-3,437,000	-2,262,000	1,013,000	-176,000	-528,000	-308,000	-652,000	-391,000	-124,000	-458,000	-380,000	-171,000	-276,000	-263,000	-200,000	-133,000	-328,000	-133,000	-191,000	-56,000	-470,000	-833,000	-99,000	-158,000		-162,000	-136,000	-85,000		-137,000
payable for unsettled residential whole loan and treasury bill purchases																	329,706,000
accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities, and amortization of terminated hedging instruments														-15,260,000	-5,208,000	-2,711,000	-4,135,000	-36,129,000
purchases of residential whole loans, loan related investments and capitalized advances														-507,610,000	-734,778,000	-772,116,000	-1,192,437,000	-1,639,881,000	-1,844,299,000	-848,084,000	-184,707,000	-131,898,000	-60,316,000	-165,642,000	-1,119,464,000	-1,609,962,000	-1,044,369,000	-922,303,000	-1,021,557,000
proceeds from sales of residential whole loans, and residential whole loan repurchases
principal payment on redemption of senior notes																		0	0	0	-100,000,000
payments made for settlements and unwinds of swaps designated as hedges
proceeds from issuance of series c preferred stock																						0	0	0	275,000,000
payments made for costs related to series c preferred stock issuance																						0	0	-36,000	-8,912,000
proceeds from the issuance of warrants																						0	0
payments made for the repurchase of warrants
losses on residential whole loans and real estate owned															285,433,000	207,828,000	277,273,000	36,141,000	-26,426,000	-5,525,000	-35,893,000	-36,209,000
losses on securities															-1,620,000	1,459,000	2,921,000				-100,000
impairment and other gains and losses on securities available-for-sale and other assets																		-23,957,000
net gains on derivatives used for risk management purposes
net mark-to-market on securitized debt measured at fair value															-100,767,000
unrealized loss on loan originator investment															2,032,000
decrease in other liabilities																									-9,653,000				-6,709,000			2,137,000	-12,228,000				-12,392,000
payable for unsettled residential whole loan purchases																				19,073,000	112,202,000
repayment of lima one preferred stock in connection with the lima one transaction
net losses on derivatives used for risk management purposes
(reversal of provision)/provision for credit and valuation losses on residential whole loans and other financial instruments																	-4,038,000	-4,805,000	-10,316,000	-9,267,000	-23,967,000
gains on securities																		363,000	-493,000
loss on terminated swaps previously designed as hedges for accounting purposes
proceeds from issuance of convertible senior notes																										0	-133,000
payments made for the repurchase of common stock through the share repurchase program																		-37,516,000	0	-27,142,000	-20,933,000
impairment and other losses on securities available-for-sale and other assets																						116,000	221,000	5,094,000	419,651,000
accretion of purchase discounts on residential whole loans and securities																				-17,886,000	-16,436,000
amortization of purchase premiums on residential whole loans and securities, and amortization of terminated hedging instruments																				8,878,000	6,791,000
increase in other assets																					-1,939,000				-37,811,000		2,331,000	-18,208,000	-8,770,000									-64,853,000	25,871,000	-67,373,000	-6,259,000
receivable for unsettled residential whole loan and securities sales
gains on residential mortgage securities and msr related assets																						-2,946,000
accretion of purchase discounts on residential mortgage securities, residential whole loans and msr-related assets																						-7,518,000	-7,341,000	-8,130,000	-12,114,000	-24,393,000	-12,797,000	-17,278,000	-15,915,000
amortization of purchase premiums on residential mortgage securities and residential whole loans, and amortization of terminated hedging instruments																						5,100,000	5,358,000	20,328,000	15,266,000
provision for credit and valuation losses on residential whole loans and other financial instruments																						-15,969,000	-27,244,000	-85,493,000	150,827,000
net valuation and other non-cash losses included in net income																						27,667,000
purchases of residential mortgage securities and msr-related assets																						0	0	-1,141,000	-162,607,000		-139,618,000	-370,752,000	-327,221,000
proceeds from sales of residential mortgage securities, msr-related assets, and other assets																						0	116,000
principal payments on residential mortgage securities and msr-related assets																						23,436,000	18,837,000	51,039,000	539,882,000	542,967,000	624,858,000	538,950,000	391,641,000
proceeds from settlements on swaps																														7,737,000	5,945,000	21,000,000	30,711,000
payments made for costs related to common stock issuances																														21,000
losses on terminated swaps previously designated as hedges and other
principal payments on residential whole loans																							398,839,000	353,625,000	508,855,000	472,457,000	382,472,000	289,876,000	233,724,000	185,992,000	171,204,000	102,848,000	71,865,000	54,920,000	35,934,000	34,162,000	35,453,000	33,268,000	23,625,000	25,438,000	21,666,000	24,376,000	10,624,000	10,167,000	6,260,000
principal payments on financing agreements with non-mark-to-market collateral provisions
proceeds from borrowings under financing agreements with non-mark-to-market collateral provisions																							0
principal payments made on senior secured credit agreement
proceeds from issuance of senior secured credit agreement																							0
principal payments on securitized debt																							-76,046,000	-19,986,000	-37,418,000	-35,036,000	-21,854,000	-31,995,000	-25,501,000	-30,024,000	-39,306,000	-15,822,000	-12,817,000	-7,422,000	-6,488,000			0	0	-11,924,000	-10,133,000	-10,160,000	-30,080,000	-28,921,000	-19,186,000	-45,376,000	-57,406,000	-78,034,000	-73,262,000	-105,998,000	-100,540,000
proceeds from issuance of securitized debt																														0	236,000,000			235,000,000	0															52,829,000				0	0	0	186,691,000	0	0	474,866,000	488,389,000
loss on sales of residential whole loans
gain on sales of residential mortgage securities, msr-related assets, and other assets
gain on sales of real estate owned																								-2,997,000	-3,107,000	-1,655,000	-2,093,000	-2,294,000	-1,398,000	-1,133,000	-1,909,000	-2,680,000	-1,993,000	-1,631,000	-805,000	-1,164,000	-875,000
gain on liquidation of residential whole loans																								-1,528,000	-1,105,000	-4,543,000	-4,877,000	-4,977,000	-4,684,000	-3,811,000	-5,856,000	-7,463,000	-5,279,000	-4,690,000	-5,119,000
loss on terminated swaps previously designated as hedges for accounting purposes
depreciation and amortization on real estate, fixed assets and other assets																								388,000	3,582,000	1,361,000	873,000	652,000	432,000	471,000	549,000	382,000	423,000	320,000	760,000	229,000	210,000	218,000	181,000	293,000	272,000	293,000	235,000	217,000	115,000
equity-based compensation expense																								1,554,000	1,273,000	4,515,000	1,288,000	2,438,000	998,000	4,116,000	1,082,000	2,256,000	553,000	2,664,000	1,910,000	2,353,000	1,106,000	5,019,000	1,101,000	1,908,000	1,134,000	4,232,000	1,031,000	1,657,000	912,000	4,224,000	1,271,000	1,602,000	1,484,000	1,212,000	760,000	1,301,000	885,000	2,114,000	1,793,000	1,480,000	1,101,000			1,024,000	932,000	1,093,000	622,000	846,000	722,000	594,000	416,000	426,000	474,000	412,000	305,000	297,000	342,000
unrealized losses on residential whole loans at fair value																								-2,010,000	74,556,000				1,060,000
unrealized losses on residential mortgage securities and interest rate swap agreements (“swaps”) and other																								-24,483,000	82,464,000	2,291,000	-1,485,000
loss on sales of residential whole loans at carrying value																									145,791,000
loss on sales of residential mortgage securities and msr-related assets																									92,589,000
proceeds from sales of residential mortgage securities																									1,009,316,000		330,972,000	196,490,000	208,306,000
principal payments on repurchase agreements																									-12,903,818,000	-13,359,980,000	-16,035,713,000	-19,188,890,000	-18,879,173,000															-26,606,643,000	-25,536,927,000	-13,372,550,000	-21,394,812,000	-20,968,997,000	-20,203,589,000	-9,539,368,000	-21,028,230,000	-21,259,147,000	-18,024,857,000	-14,326,178,000	-17,720,107,000	-16,446,942,000	-14,744,454,000	-10,207,487,000	-16,008,325,000	-15,585,664,000	-12,249,066,000	-10,626,175,000	-12,342,438,000	-13,183,067,000	-13,998,897,000	-11,188,500,000	-16,353,059,000	-17,202,680,000	-16,630,370,000	-19,828,608,000	-16,427,776,000	-11,968,625,000	-15,762,869,000	-5,698,791,000	-3,524,840,000	-2,738,489,000	-9,139,598,000
proceeds from borrowings under repurchase agreements																									12,216,862,000	13,928,011,000	15,976,412,000	19,309,804,000	19,509,794,000	18,676,046,000	18,319,467,000													26,432,091,000	25,559,532,000	13,514,215,000	21,136,434,000	20,746,969,000	20,470,421,000	9,310,494,000	20,687,118,000	21,265,603,000	18,175,212,000	14,246,324,000	18,184,026,000	16,906,417,000	14,840,227,000	10,002,983,000	16,155,737,000	15,803,202,000	13,862,812,000	10,543,905,000	12,063,665,000	13,443,412,000	12,816,945,000	10,809,040,000	15,976,415,000	16,381,970,000	16,364,175,000	19,487,970,000	16,497,074,000	13,967,034,000	15,548,622,000
receivable for unsettled mbs, msr-related asset, and residential whole loan sales																									419,583,000
gain on sales of residential mortgage securities and u.s. treasury securities
other-than-temporary impairment charges																																		0	0	618,000	414,000	0				0	0	298,000	407,000									0	0	280,000	920,000	4,187,000	3,991,000			6,865,000	0			8,919,000	0	7,460,000	1,549,000	0
amortization of purchase premiums on residential mortgage securities and residential whole loans																										13,131,000	12,663,000	11,802,000	7,620,000
unrealized gains on residential whole loans at fair value																										-14,536,000	-13,185,000
proceeds from sales of residential mortgage securities and u.s. treasury securities
purchases of residential mortgage securities, msr-related assets and u.s. treasury securities
redemption of federal home loan bank stock																																		0	0	0	10,422,000	1,805,000	13,200,000	25,920,000	10,475,000
payments made for securitization related costs																														-25,000	-1,516,000			-1,126,000	-512,000
payments made for settlements on swaps																										7,593,000	-491,000	-25,653,000	-21,478,000
net increase in securities obtained as collateral/obligation to return securities obtained as collateral																																	-248,650,000				4,155,000		-1,775,000	-6,500,000	-5,175,000	7,520,000	2,220,000	1,940,000	20,990,000	71,474,000	13,316,000	2,607,000	47,768,000	179,557,000	21,480,000	-1,000	200,099,000
payable for unsettled residential whole loans purchases																											-27,463,000
gain on sales of residential mortgage securities																											-17,708,000	-7,710,000	-24,609,000
net decrease in securities obtained as collateral/obligation to return securities obtained as collateral
unrealized losses on residential mortgage securities and interest rate swap agreements ("swaps") and other																													200,000
unrealized gain on residential whole loans at fair value																														-9,937,000	-8,442,000	-4,599,000	-13,747,000	-21,118,000	-5,290,000	-4,261,000	-2,948,000		-10,913,000	-8,390,000	-6,226,000		-2,362,000	-908,000	-602,000
unrealized losses on residential mortgage securities and swaps
purchases of federal home loan bank stock																																										-49,400,000
principal payments on repurchase agreements and other advances																														-18,075,249,000	-16,933,458,000	-15,445,484,000	-16,609,092,000	-15,444,955,000	-17,530,164,000	-19,074,387,000	-20,513,712,000	-20,031,865,000	-22,153,866,000	-20,446,243,000	-19,776,510,000	-16,042,564,000
payments made for settlements on interest rate swap agreements																														-20,617,000	-7,569,000	-22,650,000	-10,666,000
gain on sales of mbs, crt securities and u.s. treasury securities																															-16,415,000
accretion of purchase discounts on mbs and crt securities, residential whole loans and msr related assets																															-23,263,000	-21,155,000	-19,793,000	-19,253,000
amortization of purchase premiums on mbs, crt securities, and residential whole loans
unrealized losses on mbs, crt securities and swaps
decrease in other assets and other																															-7,957,000	-1,051,000	-22,010,000
principal payments on mbs, crt securities and msr related assets																															689,141,000	623,537,000	484,334,000	608,816,000
proceeds from sales of mbs, crt securities and u.s. treasury securities																															143,197,000
purchases of mbs, crt securities, msr related assets and u.s. treasury securities																															-1,698,605,000	-128,981,000	-194,328,000
purchases of residential whole loans and capitalized advances																															-1,214,672,000	-429,582,000	-513,851,000	-674,368,000	-382,205,000	-4,381,000	-5,027,000	-309,263,000	-111,441,000	-90,789,000	-165,510,000
payable for unsettled mbs and residential whole loans purchases
amortization of purchase premiums on mbs and crt securities																																7,116,000	5,392,000	6,564,000	7,764,000	7,973,000	8,029,000
gain on sales of mbs and u.s. treasury securities																																	-8,817,000	-9,047,000	-14,933,000	-5,889,000	-9,708,000									-12,194,000	-13,880,000	-7,852,000	-3,571,000	-6,147,000	-13,680,000
proceeds from sales of mbs and u.s. treasury securities																																	19,362,000	20,938,000	44,518,000	16,928,000	160,697,000
proceeds from borrowings under repurchase agreements and other advances																																	16,553,139,000	15,188,089,000	17,360,597,000	17,977,954,000	19,963,451,000	20,021,259,000	21,813,159,000	20,340,257,000	19,532,131,000	15,955,633,000
net increase in cash, cash equivalents, and restricted cash																																	-241,278,000
cash, cash equivalents, and restricted cash at beginning of period																																	463,064,000
cash, cash equivalents, and restricted cash at end of period																																	221,786,000
increase in other assets and other																																		-1,742,000																																					87,000	136,000	-542,000		159,000	-11,000	-1,196,000	357,000	-123,000	53,000	-352,000			-195,000	-356,000
purchases of mbs, crt securities, msr related assets, and u.s. treasury securities
payments made for margin calls and settlements on repurchase agreements and interest rate swap agreements																																		5,089,000	-10,633,000
proceeds from reverse margin calls and settlements on repurchase agreements and swaps																																		13,000,000	15,000,000
net increase in cash and cash equivalents																																		-158,416,000	-137,307,000	323,908,000	161,460,000	-28,586,000	105,933,000							-241,454,000	80,172,000	69,047,000	-290,698,000	61,518,000	55,570,000	-153,288,000	200,277,000	-49,149,000	-142,934,000			-27,004,000	-82,202,000	-126,195,000	284,180,000	74,318,000			115,196,000	166,765,000			44,400,000	-77,363,000	206,673,000	-107,910,000	105,357,000				10,643,000	-68,533,000	40,852,000	14,435,000	9,206,000
cash and cash equivalents at beginning of period																																		0	0	0	260,112,000	0	0	0	165,007,000	0	0	0	182,437,000	0	0	0	565,370,000	0	0	0	401,293,000	0	0	0	394,022,000	0	0	0	345,243,000	0	0	0	653,460,000	0	0	0	361,167,000	0	0	0	234,410,000	0	0	0	64,301,000	0	0	0	68,341,000	0	0	0	139,707,000
cash and cash equivalents at end of period																																		-158,416,000	-137,307,000	323,908,000	421,572,000	-28,586,000	105,933,000	36,529,000	146,236,000	-9,153,000	-44,332,000	49,775,000	168,717,000	-241,454,000	80,172,000	69,047,000	274,672,000	61,518,000	55,570,000	-153,288,000	601,570,000	-49,149,000	-142,934,000	218,755,000	374,621,000	-27,004,000	-82,202,000	-126,195,000	629,423,000	74,318,000	-260,618,000	-237,113,000	768,656,000	166,765,000	204,203,000	-123,075,000	405,567,000	-77,363,000	206,673,000	-107,910,000	339,767,000	-5,943,000	-1,736,000	-20,065,000	74,944,000	-68,533,000	40,852,000	14,435,000	77,547,000	23,128,000	-48,961,000	25,566,000	68,608,000
purchases of mbs, crt securities and msr related assets
accretion of purchase discounts on mbs and crt securities and residential whole loans																																				-22,497,000	-23,682,000	-20,522,000	-21,355,000	-20,655,000	-22,083,000	-22,185,000	-23,387,000	-24,551,000	-25,254,000
principal payments on mbs and crt securities and other investments																																				1,698,984,000	762,747,000
purchases of mbs and crt securities and other investments																																				-644,154,000	-244,582,000
payments made for margin calls on repurchase agreements and interest rate swap agreements																																					-24,846,000	1,665,000	2,372,000	-63,600,000	-117,800,000
proceeds from reverse margin calls on repurchase agreements and swaps																																					37,517,000	63,300,000	39,000,000	34,000,000	55,700,000	59,000,000	32,300,000	63,800,000	60,000,000	61,900,000	22,500,000	18,400,000	30,000,000	20,809,000	0			2,000,000	2,000,000	4,800,000	4,090,000	17,000,000	500,000	17,381,000	8,033,000	0	5,500,000
gain on sales of mbs																																						-9,768,000	-7,083,000	-9,241,000	-9,745,000		-11,196,000	-7,617,000	-6,435,000																																-2,094,000
unrealized loss on residential whole loans at fair value
principal payments on mbs and crt securities																																						758,090,000	950,146,000	824,012,000	807,349,000	593,593,000	848,645,000	886,481,000	588,088,000
proceeds from sale of mbs																																											23,523,000	16,332,000	10,845,000										65,976,000	0	71,103,000	74,135,000				0	0	0	939,119,000	212,401,000	0					0	1,851,019,000	0	20,298,000	1,034,871,000	788,490,000	564,812,000				0
purchases of mbs and crt securities																																						-509,740,000	-473,901,000	-549,301,000	-375,404,000	-377,096,000	-252,685,000	-662,395,000	-518,127,000
cash disbursements on financial instruments underlying linked transactions																																														-4,011,842,000	-1,599,269,000	-765,619,000	-374,073,000	-165,647,000	-139,252,000
cash received from financial instruments underlying linked transactions																																														3,753,128,000	1,518,637,000	720,603,000	344,504,000	162,111,000	125,771,000	58,309,000	59,245,000	72,526,000	61,848,000	110,246,000	218,269,000	245,555,000	421,054,000	514,827,000	529,084,000
loss on sales of real estate owned																																							-733,000	-598,000	-509,000
amortization of purchase premiums on mbs																																							10,331,000	9,274,000	8,143,000	8,879,000	11,637,000	11,986,000	9,122,000	6,066,000	8,308,000	7,463,000	10,215,000	11,009,000	15,897,000	16,508,000	14,793,000	14,123,000	14,873,000	12,520,000	10,782,000
proceeds from sales of mbs																																							13,249,000	19,785,000	32,034,000
mbs and crt securities recorded upon adoption of revised accounting standard for repurchase agreement financing																																										0	0	0	1,917,813,000
repurchase agreements recorded upon adoption of revised accounting standard for repurchase agreement financing																																										0	0	0	1,519,593,000
net decrease in cash and cash equivalents																																									-18,771,000				-13,720,000												-19,401,000																											25,566,000	-71,099,000
unrealized gains on derivative instruments																																														869,000	1,552,000	-2,018,000	-2,076,000
decrease in interest receivable																																										1,114,000	2,472,000			1,243,000	2,174,000	2,007,000	-863,000	1,987,000	3,051,000	1,251,000	1,891,000				244,000					-3,918,000	344,000	458,000	6,676,000	2,871,000	903,000	2,590,000	1,585,000				1,456,000	-9,067,000				1,555,000							-3,773,000
increase in prepaid and other assets																																										16,929,000	-2,245,000	-8,023,000	-12,939,000	7,140,000	-3,889,000	-6,291,000	-9,644,000								1,844,000
realized loss on tba short positions
increase in accrued expenses and other liabilities, and excise tax and interest																																										2,600,000				-1,867,000	-5,249,000			-7,227,000	9,117,000
increase in accrued interest payable on financial instruments																																										49,961,000	-22,793,000	13,519,000	10,058,000	13,085,000	13,527,000	11,169,000	7,384,000	16,311,000	2,270,000
proceeds from sale of mbs and u.s. treasury securities																																														20,285,000	61,596,000	26,528,000	15,501,000	81,256,000	277,534,000	9,876,000	206,203,000
purchases of residential whole loans																																										-158,871,000	-414,485,000	-3,493,000	-40,168,000
payments made on obligation to return securities obtained as collateral																																																		-46,800,000	100,069,000
maturity of obligation to return securities obtained as collateral																																																		0
payments made for margin calls on repurchase agreements and swaps																																										-68,376,000	-50,124,000	-50,700,000	-98,000,000	-96,800,000	-24,100,000	-58,700,000	-29,000,000																	-47,238,000	-12,770,000	-27,440,000	-74,360,000
settlement of tba short positions
payments made for redemption of series a preferred stock																																																		0	0
proceeds from issuance of series b preferred stock																																																		0	0
payments made for preferred stock offering costs																																																		0	0
payments made to repurchase common stock																																																		-16,254,000
supplemental disclosure of cash flow information:
mbs recorded upon de-linking of linked transactions																																														50,191,000								254,000	16,561,000	35,553,000	122,826,000	28,815,000	28,233,000	284,418,000	431,580,000
repurchase agreements recorded upon de-linking of linked transactions																																																										0	0	0	46,698,000
decrease in accrued expenses and other liabilities, and excise tax and interest																																												4,666,000	-5,365,000				-3,745,000
increase in interest receivable																																													-364,000																									1,594,000	-531,000									-457,000	-979,000
dividends paid on common stock and ders																																													-74,269,000	-74,045,000	-73,795,000	-73,541,000	-73,289,000	-80,814,000	-182,326,000															-70,240,000	-55,730,000			-45,662,000	-39,726,000			-4,007,000
dividends and ders declared and unpaid																																													74,581,000	403,000	22,000	229,000	73,875,000	-7,528,000	731,000	-179,167,000	259,607,000	-3,829,000	-7,212,000	-3,515,000	86,778,000	7,325,000	120,000	5,388,000	84,692,000
additions to leasehold improvements, furniture, fixtures and real estate investment
payments made for resecuritization related costs
payments made for senior notes related costs
accretion of purchase discounts on mbs and other investments																																															-20,438,000
depreciation and amortization on fixed assets and other assets																																															279,000	330,000	327,000		973,000	1,063,000	1,097,000
principal payments on mbs and other investments																																															534,975,000
purchases of mbs and other investments																																															-112,738,000
accretion of purchase discounts on mbs																																																	-27,434,000	-25,125,000	-19,560,000
principal payments on mbs																																																	438,149,000	539,215,000	748,019,000	771,575,000	711,901,000	693,771,000	754,704,000	664,146,000	558,516,000	602,633,000	627,488,000	539,236,000	521,796,000	566,855,000	673,749,000	1,275,474,000	574,798,000									462,573,000	342,471,000	389,151,000	443,109,000	647,721,000	795,930,000	653,098,000	533,138,000	561,234,000	551,407,000	603,339,000	362,585,000
purchases of mbs																																																	-888,106,000	-211,623,000	-281,256,000															-142,459,000								-2,214,013,000	-1,519,753,000	-323,288,000	-71,412,000	-634,628,000	-248,222,000	-672,602,000	-752,682,000	-1,253,636,000	-1,361,680,000	-310,669,000	-1,669,010,000
gain on sale of real estate																																																																											0	0	-4,705,000
unrealized losses on derivative instruments																																																		-9,429,000
decrease in prepaid and other assets
proceeds from sale of real estate																																																																										9,511,000	0	0	14,023,000
payments made for margin calls on repurchase agreements and interest rate swaps																																																		-8,500,000	-61,399,000
payment made to purchase interest rate swaption
unrealized gains and other on linked transactions
adjustments to reconcile net income to net cash provided by operating activities:
gains on sale of mbs																																																																										0
losses on termination of repurchase agreements																																																														0	0	0	26,815,000
depreciation and amortization on real estate and other assets																																																						1,063,000	1,149,000	895,000	427,000	401,000	1,362,000
unrealized losses and other on linked transactions																																																											2,991,000
increase in accrued expenses, other liabilities and excise tax and interest
payments to terminate repurchase agreements
principal amortization and prepayment on mortgage loan
noncash investing and financing activities:
securities obtained as collateral																																																						-871,000	-3,203,000	9,167,000	197,339,000
increase in accrued expenses and other liabilities																																																											-6,384,000							3,976,000	1,816,000			-991,000	1,339,000	-7,720,000	8,369,000				1,066,000		934,000
increase in accrued interest payable																																																							715,000	1,886,000	2,404,000				192,000					552,000				3,403,000	295,000	-3,689,000	3,646,000					-11,255,000	10,803,000	10,132,000	16,126,000
decrease in accrued expenses and other liabilities																																																																																	155,000				-12,508,000
unrealized gain and other on linked transactions
decrease in prepaid and other assets and other
equity-based compensation expense and other																																																										1,402,000
negative amortization and principal accretion on mbs
net additions to leasehold improvements, furniture, fixtures and real estate investment																																																																			-89,000	-242,000	-218,000
payment made to purchase interest rate swaptions
net (accretion of purchase discounts)/amortization of purchase premiums
increase in prepaid and other assets and other																																																																			-111,000
decrease in accrued interest payable
payments made to purchase swaptions
net accretion of purchase premiums and discount amortization on mbs
depreciation and amortization																																																													521,000																						205,000	206,000	191,000
principal amortization on mortgage loan
losses on sale of mbs																																																																								0	25,101,000	0	0
losses on termination of swaps																																																																						0
net amortization of purchase premiums and discounts on mbs																																																														373,000	-804,000
depreciation and amortization on real estate																																																														247,000	142,000	178,000	163,000	159,000	132,000	127,000	94,000								198,000			189,000	189,000
payments on termination of swaps																																																																						0
unrealized gain and other on mbs forwards
principal payments on mbs forwards																																																																		-133,319,000
proceeds from mbs forwards																																																															397,046,000	225,249,000	339,717,000	106,110,000
net cash used by financing activities																																																																177,755,000	-1,265,211,000				-301,792,000
net amortization of purchase (discount) and premium on mbs
proceeds received for reverse margin calls on repurchase agreements and swaps																																																																	287,416,000
principal payments on mortgage loan																																																																		-41,000	-40,000	-46,000	-39,000
gains on termination of swaps
amortization of purchase premium on mbs, net of accretion of discounts																																																																		-1,908,000	739,000	3,501,000	4,228,000				5,267,000
amortization of premium costs for caps
negative amortization and principal accretion on investments securities
principal payments on mbs and other investment securities																																																																						261,133,000	309,998,000
net additions to leasehold improvements, furniture, fixtures, and real estate investment
net cash provided/(used) by investing activities																																																																		589,316,000	240,697,000						157,295,000					577,905,000
proceeds from termination of swaps
cash received for reverse margin calls on repurchase agreements and swaps																																																																		23,758,000	8,710,000	56,338,000	70,820,000
net cash (used)/provided by financing activities																																																																		-502,400,000	-105,097,000						-101,274,000					-658,736,000
built-in gains taxes refunded on sales of real estate
gains on sales of mbs																																																																			0				0	0	-571,000
losses on early termination of swaps																																																																									91,481,000
principal payments on mbs and other investments securities																																																																			579,626,000	476,560,000	357,525,000				395,632,000
payments made on termination of swaps
negative amortization and principal accretion on investment securities																																																																				0	-12,000		-154,000	-101,000	-238,000
purchases of mbs and other investment securities																																																																				-265,554,000	-62,034,000	-13,151,000	-234,838,000	-2,864,738,000	-2,089,356,000
decrease in cash and cash equivalents
losses on sale of mbs, gross
gains on sales of mbs, gross
(increase)/ decrease in other assets and other																																																																					-746,000
(decrease)/ increase in accrued expenses and other liabilities																																																																					-2,181,000
(decrease)/ increase in accrued interest payable																																																																					-7,745,000
dividends paid on common stock and dividend equivalent rights																																																																					-46,351,000				-18,005,000
amortization of premium cost for caps																																																																												454,000	383,000	242,000	342,000	564,000	430,000
depreciation and amortization on real estate, including discontinued operations																																																																						96,000			117,000	108,000	108,000
gain on sale of real estate included in discontinued operations
loss on sale of real estate included in discontinued operations
additions to leasehold improvements
net cash used by investing activities																																																																						247,982,000	75,160,000									-18,376,000	-219,402,000	-692,865,000	-770,164,000	292,824,000	-1,306,017,000
proceeds from terminations of swaps
common stock repurchased																																																																										-430,000	0	-2,818,000	-2,879,000	-10,912,000
principal payments on and satisfaction of mortgages from discontinued operations
mortgage prepayment penalty paid – discontinued operations
built-in gains taxes (refunded)/paid on sales of real estate
losses on sales of mbs
gain on termination of swaps
amortization of purchase premiums on mbs, net of accretion of discounts																																																																							4,425,000				6,508,000	7,869,000	8,123,000		16,914,000	14,359,000	11,606,000
amortization of premium cost for interest rate cap agreements																																																																																				609,000	405,000
tax refunds-discontinued operations
decrease in restricted cash																																																																							387,000
principal payments on mortgage																																																																							-38,000	-40,000	-37,000
losses/(gain) on early termination of swaps
other-than-temporary impairment charge																																																																								4,017,000	851,000
increase in excess margin cash collateral
increase in restricted cash																																																																									-28,538,000
payments made for termination of swaps																																																																									-91,481,000
gains on early termination of swaps
other-than-temporary impairment recognized on mbs
decrease in receivable under the discount waiver, direct stock purchase and dividend reinvestment plan
share-based compensation expense
negative amortization on investments securities
net cash (used)/provided by investing activities
payments made for terminations of swaps
proceeds from issuance of common stock																																																																										11,018,000
dividends paid on common stock and der payments
net cash provided/(used) by financing activities
net income, including discontinued operations
amortization of premium cost for derivative assets																																																																										393,000
decrease in receivable under drspp																																																																														0	0	0	985,000
gain on sale of real estate from discontinued operations
loss on sale of real estate from discontinued operations
negative amortization on mbs																																																																										0	-134,000	-612,000	-868,000
cash increase from initial consolidation of subsidiary
purchase of caps
proceeds from borrowings on repurchase agreements																																																																										7,435,412,000	4,675,730,000	1,620,689,000	7,993,066,000
principal payments on and satisfaction of mortgages, including discontinued operations
built-in gains taxes paid on sales of real estate
(decrease) increase in accrued expenses and other liabilities																																																																											-344,000
(decrease) increase in accrued interest payable																																																																											4,217,000	-8,324,000	-22,512,000
stock option expense and stock based compensation																																																																											20,000
principal payments on mortgages																																																																											-54,000	-20,000	-6,075,000
decrease in receivable under the dividend reinvestment and stock repurchase plan
net (decrease) increase in cash and cash equivalents																																																																											-1,736,000
net (loss) income
decrease (increase) in interest receivable																																																																												3,732,000	4,042,000
net cash provided (used) by investing activities																																																																												1,100,734,000	1,174,210,000
dividends paid on common stock																																																																												-4,012,000	-4,058,000	-4,134,000	-10,387,000	-14,955,000	-18,170,000	-18,550,000	-19,700,000
decrease in receivable under the dividend reinvestment and stock
repurchase plan
net cash (used) provided by financing activities																																																																												-1,126,690,000	-1,161,584,000
loss on sale of mbs																																																																													497,000
stock option expense																																																																													120,000	119,000	122,000	126,000	126,000	141,000	126,000	120,000	171,000
net cash (used) provided by operating activities																																																																													-1,983,000
amortization of purchase premium on investments, net of accretion of discounts
increase in accrued expenses and other liabilities and mbs purchase payable
equity loss from equity investments in real estate
net gain on sale of real estate equity interests and real estate
distributions from equity investees
netincrease in borrowing under repurchase agreements
net proceeds from issuance of preferred stock																																																																																		43,768,000	0
net proceeds from issuance of common stock																																																																														0				19,498,000	13,732,000
principal amortization on real estate investment mortgages
proceeds from exercise of common stock options
cash paid during the period for interest																																																																																		22,492,000	14,694,000	15,577,000	12,606,000
net gain on sale of portfolio investments
depreciation and amortization on real estate and fixed assets
cash recognized upon consolidation of subsidiary																																																																																			0	0	258,000
net increase in borrowings under repurchase agreements																																																																															-582,611,000	11,869,000	198,842,000		712,376,000	-384,007,000	1,131,284,000
amortization of mortgage principal for real estate																																																																															18,000	-55,000	-47,000
adjustments to reconcile net income to net cash from operating
activities:
net proceeds from issuances of common stock																																																																																0	2,998,000				103,770,000
net proceeds from issuances of preferred stock
purchase of interest rate caps
net loss on sale of securities
other-than-temporary impairment recognized on corporate debt securities
increase receivable under drspp
proceeds from sale of corporate equity securities
proceeds from sale of corporate debt securities
purchase of controlling interest in consolidated subsidiary
net increase in borrowing under repurchase agreements
amortization of purchase premiums on investments																																																																																			12,545,000	14,500,000	8,420,000
amortization of premium cost for cap agreements
(increase) decrease in interest receivable
increase in other assets, receivable under drspp and other
(decrease) increase in accrued expenses, other liabilities and mbs purchase payables
increase (decrease) in accrued interest payable																																																																																					3,918,000
loss from equity interests in real estate in excess of distributions
amortization of mortgage principal for real estate investments																																																																																			-46,000	-52,000	-41,000
non-cash equity losses from operations of real estate investments
gains on sales of equity interest in real estate
purchase of cap agreements
proceeds from exercise of stock options
supplemental cash flow information:
non-cash investing disclosure:
consolidation of investment previously accounted for on the equity method																																																																																			0	0	2,747,000
increase in accrued expenses, other liabilities and mbs purchase payable
purchase of interest rate cap agreements																																																																																				0	-2,395,000
adjustments to reconcile net income to net cash
provided by operating activities:
dividends paid																																																																																					-15,923,000
net loss on sale of portfolio investments
cash received from real estate operations, sales of real estate and
equity interests in real estate
principal amortization of mortgage principal of consolidated real estate investments
depreciation and amortization on consolidated real estate investments
non-cash equity losses (income) from operations of real estate investments
net proceeds from common stock offering

MFA Financial, Inc(NYSE:MFA)

MFA Financial, Inc
(NYSE:MFA)