Annaly Capital Management, Inc
(NYSE:NLY)

Annaly Capital Management, Inc., a diversified capital manager, invests in and finances residential and commercial assets. The company invests in various types of agency mortgage-backed securities, non-agency residential mortgage assets, and residential mortgage loans; and originates and invests in ...

Website: http://www.annaly.com

Founded: 1997

Full Time Employees: 10

Sector: Real Estate

Industry: REIT-Mortgage

Real Estate REIT

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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	2014-07-30	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

net interest income	452,691,000	366,579,000	275,750,000	273,200,000	219,971,000	187,288,000	13,401,000	53,558,000	-6,451,000	-53,550,000	-45,334,000	-31,963,000	19,463,000	135,087,000	277,997,000	475,140,000	580,928,000	360,995,000	362,534,000	322,859,000	687,405,000	432,863,000	447,317,000	398,780,000	51,553,000	454,156,000	152,394,000	177,381,000	218,491,000	272,900,000	315,623,000	334,114,000	512,066,000	426,712,000	353,613,000	315,145,000	389,302,000	623,626,000	384,514,000	304,363,000	240,696,000	457,580,000	340,495,000	511,274,000	389,752,000	513,632,000	517,571,000		557,855,000	530,930,000	633,856,000	551,684,000	548,681,000	559,627,000	-2,018,211,027	579,372,000	719,881	721,550	-2,378,625,708	809,385,000	843,748,000	522,444,000		400,408,000	363,440,000	377,880,000		436,746,000	387,805,000
interest income	1,724,930,000	1,690,707,000	1,532,497,000	1,418,893,000	1,317,108,000	1,338,880,000	1,229,341,000	1,177,325,000	1,094,488,000	990,352,000	1,001,485,000	921,494,000	818,250,000	798,934,000	678,488,000	645,615,000	655,850,000	422,780,000	412,972,000	383,906,000	763,378,000	527,344,000	562,443,000	584,812,000	555,026,000	1,074,214,000	919,299,000	927,598,000	866,186,000	859,674,000	816,596,000	776,806,000	879,487,000	745,423,000	622,550,000	537,426,000	587,727,000	807,022,000	558,668,000	457,118,000	388,143,000	576,387,000	450,792,000	624,346,000	519,172,000	648,144,000	644,640,000		683,962,000	655,901,000																		744,523,000	710,401,000
interest expense	1,272,239,000	1,324,128,000	1,256,747,000	1,145,693,000	1,097,137,000	1,151,592,000	1,215,940,000	1,123,767,000	1,100,939,000	1,043,902,000	1,046,819,000	953,457,000	798,787,000	663,847,000	400,491,000	170,475,000	74,922,000	61,785,000	50,438,000	61,047,000	75,973,000	94,481,000	115,126,000	186,032,000	503,473,000	620,058,000	766,905,000	750,217,000	647,695,000	586,774,000	500,973,000	442,692,000	367,421,000	318,711,000	268,937,000	222,281,000	198,425,000	183,396,000	174,154,000	152,755,000	147,447,000	118,807,000	110,297,000	113,072,000	129,420,000	134,512,000	127,069,000		126,107,000	124,971,000																		307,777,000	322,596,000
net servicing income	142,553,000	139,646,000	126,252,000	127,099,000	126,322,000	115,576,000	109,595,000	107,898,000	102,868,000	87,255,000	87,997,000	74,860,000	76,393,000	74,381,000	66,706,000	49,736,000	30,958,000
servicing and related income	159,133,000	156,131,000	141,356,000	141,670,000	140,435,000	127,224,000	122,583,000	120,515,000	115,084,000	98,474,000	97,620,000	83,790,000	84,273,000	82,040,000	74,486,000	55,685,000	34,715,000
servicing and related expense	16,580,000	16,485,000	15,104,000	14,571,000	14,113,000	11,648,000	12,988,000	12,617,000	12,216,000	11,219,000	9,623,000	8,930,000	7,880,000	7,659,000	7,780,000	5,949,000	3,757,000
other income																		26,617,000	16,221,000	1,675,000	15,258,000	15,205,000	7,959,000	15,224,000	14,926,000	42,656,000	35,074,000	28,181,000	30,502,000	52,377,000	-10,643,000	34,170,000	34,023,000	25,064,000	28,282,000	30,865,000	31,646,000	30,918,000	29,271,000	-9,930,000	-6,115,000	23,230,000	-13,521,000	-22,344,000	-1,082,000	-2,731,502,000	-22,249,000		4,687,000	1,460,000	1,664,608,000	4,212,000	7,192,000
net gains on investments and other	-672,119,000	289,428,000	561,927,000	83,503,000	810,812,000	-2,010,426,000	1,723,713,000	-568,745,000	-994,127,000	1,894,744,000	-2,713,126,000	-1,308,948,000	1,712,000	-1,124,924,000	-2,702,512,000	-615,216,000	-159,804,000
net gains on derivatives	409,112,000	251,799,000	-92,308,000	-388,785,000	-977,867,000	2,215,680,000	-1,754,010,000	430,487,000	1,377,144,000	-2,301,911,000	2,127,430,000	1,475,325,000	-900,752,000	84,263,000	2,117,240,000	1,015,643,000	1,642,028,000
other	9,323,000	13,952,000	13,959,000	15,812,000	7,398,000	19,339,000	27,438,000	24,791,000	23,367,000	22,863,000	26,250,000	9,105,000	15,498,000	7,569,000	1,526,000	-5,486,000	3,058,000																																		89,250	70,000	134,000
total other income	-253,684,000	555,179,000	483,578,000	-289,470,000	-159,657,000	224,593,000	-2,859,000	-113,467,000	406,384,000	-384,304,000	-559,446,000	175,482,000	-883,323,000	-1,053,363,000	-585,069,000	397,899,000	1,484,320,000															34,170,000	34,023,000	25,064,000	28,282,000	30,865,000	31,646,000	30,918,000	29,271,000	-9,930,000	-6,115,000	-865,750	-9,741,000	-7,422,000	-815,299,000	-408,486,250	-109,013,000		-842,030,000	-682,902,000	305,800,000	-299,925,000	1,154,755,000	368,370,000	747,299,398	-277,689,000	-734,836	264,625	2,265,502,424	-1,650,587,000	-652,940,000	241,713,000		-360,830,000	-532,227,000	-49,260,000			247,528,000
general and administrative expenses																																																											43,562,500	65,194,000	57,229,000	51,827,000		43,430,000	41,540,000	40,021,000		33,344,000	30,046,000
compensation expense	41,384,000	39,279,000	38,393,000	36,583,000	37,297,000	33,955,000	34,453,000	33,274,000	28,721,000	29,502,000	30,064,000	30,635,000	29,391,000	20,747,250	27,744,000	22,243,000																																						38,443,000	-164,669,298	52,310,000	53,536	59,014
other general and administrative expenses	11,180,000	11,928,000	11,947,000	13,435,000	10,767,000	10,019,000	9,468,000	11,617,000	9,849,000	9,399,000	9,845,000	12,280,000	11,437,000	13,291,000	10,178,000	13,795,000	12,762,000	13,640,000	16,023,000	21,513,000	18,177,000	20,443,000	19,636,000	30,630,000	36,804,000	32,948,000	24,977,000	34,177,000	38,904,000	33,323,000	80,526,000	18,202,000	17,981,000	15,128,000	15,023,000	15,085,000	14,566,000	15,608,000	59,028,000	13,173,000	10,948,000	9,827,750	12,007,000	14,995,000	12,309,000	8,514,500	12,289,000		12,912,000	8,857,000	12,951,500	16,970,000	21,367,000	13,469,000	-30,570,143	10,694,000	11,012	8,893
total general and administrative expenses	52,564,000	51,207,000	50,340,000	50,018,000	48,064,000	43,974,000	43,921,000	44,891,000	38,570,000	38,901,000	39,909,000	42,915,000	40,828,000	43,005,000	37,922,000	36,038,000	45,764,000	40,701,000	43,882,000	53,526,000	49,695,000	45,071,000	48,832,000	67,666,000	77,629,000	73,351,000	66,138,000	78,408,000	83,737,000	77,073,000	126,509,000	63,781,000	62,510,000	59,257,000	57,016,000	54,023,000	53,828,000	55,453,000	97,737,000	49,221,000	47,945,000	38,101,000	49,457,000	52,009,000	50,938,000	37,721,000	51,317,000		52,189,000	47,378,000	43,946,750	58,744,000	65,131,000
income before income taxes	288,996,000	1,010,197,000	835,240,000	60,811,000	138,572,000	483,483,000	76,216,000	3,098,000	464,231,000	-389,500,000	-556,692,000	175,464,000	-828,295,000	-886,900,000	-278,288,000	886,737,000	2,050,442,000	425,089,000	514,767,000	-289,714,000	1,750,813,000	865,140,000	1,025,267,000	858,289,000	-3,666,891,000	1,209,148,000	-754,076,000	-1,782,328,000	-846,670,000	-2,253,831,000	378,187,000	599,149,000	1,328,268,000	751,734,000	368,686,000	14,193,000		-104,634,000	728,954,000	-278,573,000	-868,917,000	-52,989,500	-627,861,000	892,388,000	-476,485,000	-44,618,250	357,241,000		-336,364,000	-199,350,000	676,851,250	193,015,000	1,638,305,000	876,085,000
income taxes	-1,519,000	-7,754,000	-7,823,000	440,000	8,267,000	10,407,000	-6,135,000	11,931,000	-943,000	1,732,000	12,392,000	14,277,000	11,033,000	-86,000	-4,311,000	23,420,000	26,548,000	6,629,000	-6,767,000	5,134,000	-321,000	-13,495,000	9,719,000	2,055,000	-26,702,000	-594,000	-6,907,000	-5,915,000	2,581,000	1,041,000	-7,242,000	3,262,000	564,000	4,963,000	1,371,000	-329,000	977,000	1,244,000	-1,926,000	-76,000	-837,000	6,085,000	-370,000	-7,683,000	14,000	-209,000	2,385,000		-852,000	4,001,000	1,757,000	557,000	92,000	-5,807,000	42,003,088	-13,921,000	-11,656	-16,462	41,694,949	-15,417,000	-12,762,000	-13,575,000		-11,076,000	8,837,000	7,314,000		9,657,000	7,801,000
net income	290,515,000	1,017,951,000	843,063,000	60,371,000	130,305,000	473,076,000	82,351,000	-8,833,000	465,174,000	-391,232,000	-569,084,000	161,187,000	-839,328,000	-886,814,000	-273,977,000	863,317,000	2,023,894,000	418,460,000	521,534,000	-294,848,000	1,751,134,000	878,635,000	1,015,548,000	856,234,000	-3,640,189,000	1,209,742,000	-747,169,000	-1,776,413,000	-849,251,000	-2,254,872,000	385,429,000	595,887,000	1,327,704,000	746,771,000	367,315,000	14,522,000	440,408,000	1,848,483,000	730,880,000	-278,497,000	-868,080,000	669,666,000	-627,491,000	900,071,000	-476,499,000	-658,272,000	354,856,000		-335,512,000	-203,351,000	1,028,749,000	192,458,000	1,638,213,000	870,278,000	-1,033,669,100	224,758,000	-91,159	901,806	101,445,461	-921,813,000	120,817,000	699,895,000		-14,060,000	-218,229,000	281,065,000		285,189,000	597,054,000
yoy	122.95%	115.18%	923.74%	-783.47%	-71.99%	-220.92%	-114.47%	-105.48%	-155.42%	-55.88%	107.71%	-81.33%	-141.47%	-311.92%	-152.53%	-392.80%	15.58%	-52.37%	-48.65%	-134.44%	-148.11%	-27.37%	-235.92%	-148.20%	328.64%	-153.65%	-293.85%	-398.11%	-163.96%	-401.95%	4.93%	4003.34%	201.47%	-59.60%	-49.74%	-105.21%	-150.73%	176.03%	-216.48%	-130.94%	82.18%	-201.73%	-276.83%		42.02%	223.71%	-65.51%		-120.48%	-123.37%	-199.52%	-14.37%	-1797194.09%	96403.90%	-1118.94%	-124.38%	-100.08%	-99.87%		6456.28%	-155.36%	149.02%		-104.93%	-136.55%
qoq	-71.46%	20.74%	1296.47%	-53.67%	-72.46%	474.46%	-1032.31%	-101.90%	-218.90%	-31.25%	-453.06%	-119.20%	-5.35%	223.68%	-131.74%	-57.34%	383.65%	-19.76%	-276.88%	-116.84%	99.30%	-13.48%	18.61%	-123.52%	-400.91%	-261.91%	-57.94%	109.17%	-62.34%	-685.03%	-35.32%	-55.12%	77.79%	103.31%	2429.37%	-96.70%	-76.17%	152.91%	-362.44%	-67.92%	-229.63%	-206.72%	-169.72%	-288.89%	-27.61%	-285.50%			64.99%	-119.77%	434.53%	-88.25%	88.24%	-184.19%	-559.90%	-246656.02%	-110.11%	-99.11%	-111.00%	-862.98%	-82.74%			-93.56%	-177.64%			-52.23%
net income attributable to noncontrolling interests	7,863,000	4,457,000	10,618,000	3,272,000	6,081,000	-8,976,000	15,906,000	650,000	2,282,000	12,511,000	-6,879,000	-5,846,000	4,928,000	1,548,000	1,287,000	-3,379,000	1,639,000	2,979,000	2,290,000	794,000	321,000	1,419,000	-126,000	32,000	66,000	68,000	-110,000	-83,000	-101,000	17,000	-149,000
net income attributable to annaly	282,652,000	1,013,494,000	832,445,000	57,099,000	124,224,000	482,052,000	66,445,000	-9,483,000	462,892,000	-403,743,000	-562,205,000	167,033,000	-844,256,000	-888,362,000	-275,264,000	866,696,000	2,022,255,000	415,481,000	519,244,000	-295,642,000	1,750,813,000	877,216,000	1,015,674,000	856,202,000	-3,640,255,000	1,209,674,000	-747,059,000	-1,776,330,000	-849,150,000	-2,254,889,000	385,578,000	595,919,000	1,327,800,000	746,922,000	367,547,000	14,624,000	440,511,000	1,848,570,000	731,216,000	-278,112,000	-867,918,000	670,039,000	-627,294,000	900,220,000	-476,409,000
dividends on preferred stock	40,652,000	42,387,000	41,127,000	37,260,000	37,157,000	38,704,000	41,628,000	37,158,000	37,061,000	37,181,000	36,854,000	35,766,000	31,875,000	29,974,000	26,883,000	26,883,000	26,883,000	26,883,000	26,883,000	26,883,000	26,883,000	35,509,000	35,509,000	35,509,000	35,509,000	35,509,000	36,151,000	32,422,000	32,494,000	32,494,000	31,675,000	31,377,000	33,766,000	32,334,000	30,355,000	23,473,000	23,473,000	23,473,000	22,803,000	17,992,000	17,992,000	17,992,000	17,992,000	17,992,000	17,992,000	17,992,000	17,992,000		17,992,000	17,992,000	17,992,000	17,992,000	17,992,000	17,992,000	-19,773,470	9,367,000	6,508	3,938	-12,689,146	4,172,000	4,267,000	4,267,000		4,515,000	4,625,000	4,625,000		4,625,000	4,625,000
net income available (related) to common stockholders	242,000,000	971,107,000	791,318,000	19,839,000	87,067,000	443,348,000	24,817,000	-46,641,000	425,831,000	-440,924,000	-599,059,000	131,267,000	-876,131,000	-918,336,000	-302,147,000	839,813,000	1,995,372,000	388,598,000	492,361,000	-322,525,000	1,723,930,000	841,707,000	980,165,000	820,693,000	-3,675,764,000	1,174,165,000	-783,210,000	-1,808,752,000	-881,644,000	-2,287,383,000	353,903,000	564,542,000	1,294,034,000	714,588,000	337,192,000	-8,849,000	417,038,000	1,825,097,000	708,413,000	-296,104,000	-885,910,000	652,047,000	-645,286,000	882,228,000	-494,401,000	-676,068,000	336,864,000		-353,504,000	-221,343,000
net income per share
basic	0.33	1.47	1.21	0.03	0.15	0.82	0.05	-0.09	0.85	-0.88	-1.21	0.27	-1.79	-2.53	-0.7	0.55	1.37	0.26	0.34	-0.23	1.23	0.59	0.7	0.58	-2.57	0.82	-0.54	-1.24	-0.63	-1.94	0.29	0.49	1.12	0.65	0.31	-0.01	0.41	1.89	0.7	-0.32	-0.96	0.69	-0.68	0.93	-0.52	-0.71	0.36		-0.37	-0.23	1.07	0.18	1.71	0.9
diluted	0.33	1.48	1.2	0.03	0.15	0.82	0.05	-0.09	0.85	-0.88	-1.21	0.27	-1.79	-2.53	-0.7	0.55	1.36	0.27	0.34	-0.23	1.23	0.59	0.7	0.58	-2.57	0.82	-0.54	-1.24	-0.63	-1.94	0.29	0.49	1.12	0.65	0.31	-0.01	0.41	1.89	0.7	-0.32	-0.96	0.69	-0.68	0.93	-0.52	-0.71	0.35		-0.37	-0.23	1.05	0.18	1.64	0.87
weighted-average number of common shares outstanding
basic	722,707,153	639,513,399	656,335,974	620,208,712	587,149,704	521,737,554	515,729,658	500,950,563	500,612,840	494,541,323	494,330,361	494,165,256	489,688,364	411,348,484	429,858,876	1,522,436,766	1,461,363,637	1,427,426,079	1,445,315,914	1,410,239,138	1,399,210,925	1,414,659,439	1,404,202,695	1,423,909,112	1,430,994,319	1,434,912,682	1,453,359,211	1,456,038,736	1,398,614,205	1,209,601,809	1,202,353,851	1,160,436,777	1,159,617,848	1,065,923,652	1,072,566,395	1,019,000,817	1,018,942,746	969,787,583	1,007,607,893	924,887,316	926,813,588	947,062,099	947,795,500	947,731,493	947,669,831	947,539,294	947,565,432		947,515,127	947,458,813	947,337,915	947,303,205	947,411,380	947,249,901		974,729,078	974,555,392	971,727,701		948,545,975	822,623,370	752,413,605		611,904,518	559,700,836	554,995,092
diluted	724,364,897	641,042,741	657,856,427	621,103,218	588,420,998	522,747,610	516,832,152	500,950,563	501,182,043	494,541,323	494,330,361	494,358,982	489,688,364	411,621,758	429,858,876	1,523,595,000	1,462,451,965	1,428,569,003	1,446,357,867	1,410,239,138	1,400,000,727	1,414,659,439	1,404,368,300	1,423,909,112	1,430,994,319	1,434,912,682	1,453,359,211	1,456,038,736	1,398,614,205	1,209,601,809	1,202,353,851	1,160,979,451	1,160,103,185	1,066,351,616	1,073,040,637	1,019,000,817	1,019,307,379	970,102,353	1,007,963,406	924,887,316	926,813,588	947,276,742	947,795,500	947,929,762	947,669,831	947,539,294	987,315,527		947,515,127	947,458,813	995,557,026	955,690,471	995,229,637	994,815,169		997,007,829	974,555,392	1,010,588,609		948,545,975	827,754,731	790,993,841		611,904,518	559,700,836	575,859,564
other comprehensive income	-45,048	135,821	115,659	47,356	230,280	-305,479	444,724	124,991	53,482	1,359,376	-312,245	168,083	1,158,282	1,722,540	-1,120,510	-1,845,444	-3,423,892	-680,228	-141,637	-221,956	-1,372,104	-214,721	-253,018	720,703	983,180	-175,624	948,812	1,684,379	1,660,489	1,843,091	-388,509	-434,367	-1,874,060	-485,871	210,618	275,324	-40,198	-2,205,570	2,631	476,680	1,017,962	14,493	617,820	-1,128,964	569,116	445,278.25	-395,564		1,516,223	660,454			-3,292,494	-1,049,994			646,890	-242,558	477,211.5	1,023,657	1,040,303			-662,664	652,349	-3,465		597,860	240,583
unrealized gains on available-for-sale securities	-45,048	74,992	113,281	33,559	164,877	-337,121	428,955	-54,243	-281,869	1,024,637	-825,286	-294,045	675,374	445,896	-2,578,509	-2,503,250	-3,568,679	-685,699	-113,451	-191,541	-1,428,927	-207,393	-140,671	986,146	1,374,796	-153,192	1,034,873	1,654,783	1,599,398	1,100,052	-719,609	-505,130	-1,879,479	-487,597	195,251	261,964	-59,615	-2,206,288	18,237	483,930	1,017,707	29,038.5	609,725	-1,125,043	631,472	468,106.75	-390,871		1,522,126	741,172			-3,144,496	-867,151			741,727	-162,259	505,184.25	1,115,325	1,047,639	-142,227
reclassification adjustment for net losses included in net income		60,829	2,378	13,797	65,403	31,642	15,769	179,234	335,351	334,739	513,041	462,128	482,908	1,276,644	1,457,999	657,806		5,471	-28,186	-30,415	56,823	-7,328	-112,347	-265,443	-391,616	-22,432	-86,061	29,596	61,091	743,039	331,100	70,763	5,419	1,726	15,367		19,417	718	-15,606	-7,250	255	-14,545.5	8,095	-3,921	-62,356	-22,828.5	-4,693		-5,903	-80,718				-182,843				-80,299	-31,547.25	-91,668	-7,336
comprehensive income	245,467	1,153,772	958,722	107,727	360,585	167,597	527,075	116,158	518,656	968,144	-881,329	329,270	318,954	835,726	-1,394,487	-982,127	-1,399,998	-261,768	379,897	-516,804	379,030	663,914	762,530	1,576,937	-2,657,009	1,034,118	201,643	-92,034	811,238	-411,781	-3,080	161,520	-546,356	260,900	577,933	289,846	400,210	-357,087	733,511	198,183	149,882	-36,486.75	-9,671	-228,893	92,617	399,276.5	-40,708		1,180,711	457,103			-1,654,281	-179,716			555,731	659,248	451,936.25	101,844	1,161,120	544,781		-676,724	434,120	277,600
comprehensive income attributable to noncontrolling interests	7,863	4,457	10,618	3,272	6,081	-8,976	15,906	650	2,282	12,511	-6,879	-5,846	4,928	1,548	1,287	-3,379	1,639	2,979	2,290	794	321	1,419	-126	32	66	68	-110	-83	-101	17	-149
comprehensive income attributable to annaly	237,604	1,149,315	948,104	104,455	354,504	176,573	511,169	115,508	516,374	955,633	-874,450	335,116	314,026	834,178	-1,395,774	-978,748	-1,401,637	-264,747	377,607	-517,598	378,709	662,495	762,656	1,576,905	-2,657,075	1,034,050	201,753	-91,951	811,339	-411,798	-2,931	161,552	-546,260	261,051	578,165	289,948	400,313	-357,000	733,847	198,568	150,044	-36,377.75	-9,474	-228,744	92,707
comprehensive income attributable to common stockholders	196,952	1,106,928	906,977	67,195	317,347	137,869	469,541	78,350	479,313	918,452	-911,304	299,350	282,151	804,204	-1,422,657	-1,005,631	-1,428,520	-291,630	350,724	-544,481	351,826	626,986	727,147	1,541,396	-2,692,584	998,541	165,602	-124,373	778,845	-444,292	-34,606	130,175	-580,026	228,717	547,810	266,475
see notes to consolidated financial statements.
the three and nine months ended september 30, 2025 include cumulative and undeclared dividends of 3.7 million on the company's 8.875% series j fixed-rate cumulative redeemable preferred stock (the “series j preferred stock”) as of september 30, 2025.
loan loss (provision) reversal													219,000	-7,258,000	1,613,000	26,913,000	-608,000	-194,000	6,134,000	-494,000	139,620,000
business divestiture-related gains														-13,013,000	-2,936,000	-23,955,000	-354,000	-16,514,000	-14,009,000	1,527,000	-249,563,000
compensation and management fee																	33,002,000	27,061,000	27,859,000	32,013,000	31,518,000	24,628,000	29,196,000	37,036,000	40,825,000	40,403,000	41,161,000	44,231,000	44,833,000	43,750,000	45,983,000	45,579,000	44,529,000	44,129,000	41,993,000	38,938,000	39,262,000	39,845,000	38,709,000	36,048,000	36,997,000	28,273,250	37,450,000	37,014,000	38,629,000	29,206,500	39,028,000		39,277,000	38,521,000	30,995,250	41,774,000	43,764,000
reclassification adjustment for net (gains) losses included in net income																	144,787																			13,360																	-147,998				-94,837
realized and unrealized gains
net interest component of interest rate swaps																		-58,897,000	-54,411,000	-83,087,000	-79,747,000	-66,807,000	-62,529,000	-64,561,000	-13,980,000	45,221,000	88,466,000	83,653,000	134,035,000	65,889,000	51,349,000	31,475,000
realized gains on termination or maturity of interest rate swaps																		-39,932,000	-1,196,417,000			2,092,000	-427,000	-1,521,732,000	-397,561,000	-4,615,000	-682,602,000	-167,491,000	-588,256,000		575,000		834,000
unrealized gains on interest rate swaps																		186,345,000	1,380,946,000	-141,067,000	772,262,000	258,236,000	170,327,000	1,494,628,000	-2,827,723,000	782,608,000	-326,309,000	-1,276,019,000	-390,556,000	-1,313,882,000	417,203,000	343,475,000	977,285,000	484,447,000	56,854,000	-177,567,000	149,184,000	1,430,668,000	256,462,000	-373,220,000	-1,031,720,000	-146,998,750	-822,585,000	700,792,000	-466,202,000	-18,821,750	98,593,000		175,062,000	-348,942,000	360,274,750	6,343,000	1,109,022,000	325,734,000	373,740,781	-104,197,000	-611,215	341,639	1,801,152,893	-1,505,333,000	-466,943,000	169,308,000
subtotal																		87,516,000	130,118,000	-224,154,000	692,515,000	193,521,000	107,371,000	-91,665,000	-3,239,264,000	823,214,000	-920,445,000	-1,359,857,000	-844,777,000	-1,247,993,000	469,127,000	374,950,000	929,959,000	242,101,000	-31,357,000	-274,095,000	45,028,000	1,271,582,000	133,227,000	-564,046,000	-1,179,195,000	-319,866,250	-984,889,000	556,327,000	-850,903,000	-376,268,000	-70,490,000		-818,363,000	-616,219,000	134,224,500	-41,701,000	294,109,000	284,490,000	-293,544,229	50,780,000	98,381	144,711	-189,525,074	86,595,000	30,763,000
net gains on disposal of investments and other																		-25,144,000	12,002,000	16,223,000	-65,786,000	163,037,500	198,888,000	246,679,000	206,583,000
net gains on other derivatives and financial instruments																		47,843,000	-45,168,000	-357,808,000	476,868,000
net unrealized gains on instruments measured at fair value through earnings																		-15,329,000	90,817,000	3,984,000	104,191,000	51,109,000	121,255,000	254,772,000	-730,160,000	-5,636,000	-1,091,000	-4,881,000	47,629,000	-18,169,000	-39,944,000	-48,376,000
total realized and unrealized gains																		78,178,000	179,894,000	-560,722,000	1,097,845,000	462,143,000	618,823,000	511,951,000	-3,655,741,000	785,687,000	-875,406,000	-1,909,482,000	-1,011,926,000	-2,502,035,000	199,716,000	294,646,000	844,689,000	359,215,000	43,807,000	-277,794,000	74,265,000	1,250,636,000	412,906,000	-523,785,000	-1,055,553,000	-324,403,000	-909,158,000	440,545,000
net gains on other derivatives																						209,647,000	169,316,000	170,916,000	206,426,000	-42,312,000	-16,888,000	-506,411,000	-115,159,000	-484,872,000	94,827,000	34,189,000
loan loss provision																						-1,497,000	21,993,000	-68,751,000	-99,326,000	-7,362,000	-3,504,000		-5,703,000
the three months ended september 30, 2019 exclude cumulative and undeclared dividends of 0.3 million on the company's series i preferred stock as of june 30, 2019.
net gains on disposal of investments																										17,783,000	66,522,000	-38,333,000	-93,916,000	-747,505,000	-324,294,000	-66,117,000	13,468,000	7,895,000	-11,552,000	-5,516,000	5,235,000	7,782,000	14,447,000	12,535,000	-1,675,000	14,561,500	-7,943,000	3,833,000	62,356,000	22,574,000	4,693,000		5,893,000	79,710,000	93,610,750	43,602,000	147,998,000	182,843,000
net interest income:
realized and unrealized gains:
general and administrative expenses:
weighted-average number of common shares outstanding:
basic	722,707,153	639,513,399	656,335,974	620,208,712	587,149,704	521,737,554	515,729,658	500,950,563	500,612,840	494,541,323	494,330,361	494,165,256	489,688,364	411,348,484	429,858,876	1,522,436,766	1,461,363,637	1,427,426,079	1,445,315,914	1,410,239,138	1,399,210,925	1,414,659,439	1,404,202,695	1,423,909,112	1,430,994,319	1,434,912,682	1,453,359,211	1,456,038,736	1,398,614,205	1,209,601,809	1,202,353,851	1,160,436,777	1,159,617,848	1,065,923,652	1,072,566,395	1,019,000,817	1,018,942,746	969,787,583	1,007,607,893	924,887,316	926,813,588	947,062,099	947,795,500	947,731,493	947,669,831	947,539,294	947,565,432		947,515,127	947,458,813	947,337,915	947,303,205	947,411,380	947,249,901		974,729,078	974,555,392	971,727,701		948,545,975	822,623,370	752,413,605		611,904,518	559,700,836	554,995,092
diluted	724,364,897	641,042,741	657,856,427	621,103,218	588,420,998	522,747,610	516,832,152	500,950,563	501,182,043	494,541,323	494,330,361	494,358,982	489,688,364	411,621,758	429,858,876	1,523,595,000	1,462,451,965	1,428,569,003	1,446,357,867	1,410,239,138	1,400,000,727	1,414,659,439	1,404,368,300	1,423,909,112	1,430,994,319	1,434,912,682	1,453,359,211	1,456,038,736	1,398,614,205	1,209,601,809	1,202,353,851	1,160,979,451	1,160,103,185	1,066,351,616	1,073,040,637	1,019,000,817	1,019,307,379	970,102,353	1,007,963,406	924,887,316	926,813,588	947,276,742	947,795,500	947,929,762	947,669,831	947,539,294	987,315,527		947,515,127	947,458,813	995,557,026	955,690,471	995,229,637	994,815,169		997,007,829	974,555,392	1,010,588,609		948,545,975	827,754,731	790,993,841		611,904,518	559,700,836	575,859,564
dividends declared per share of common stock																														0.225	0.3	0.3	0.3	0.225	0.3	0.3	0.3	0.225	0.3	0.3	0.3	0.225	0.3	0.3	0.3	0.225	0.3		0.3	0.3	0.3	0.35	0.4	0.45			0.55
other comprehensive income:
other income:
net income attributable to noncontrolling interest																																-32,000	-96,000	-151,000	-232,000	-102,000	-103,000	-87,000	-336,000	-385,000	-162,000	-373,000	-197,000	-149,000	-90,000
comprehensive income attributable to noncontrolling interest																																-32	-96	-151	-232	-102	-103	-87	-336	-385	-162	-109	-197	-149	-90
realized gains on interest rate swaps																																	-48,160,000	-82,271,000	-88,211,000	-96,470,000	-104,156,000	-103,872,000	-124,572,000	-130,762,000	-147,475,000	-116,252,000	-162,304,000	-144,465,000	-158,239,000	-162,613,000	-169,083,000		-220,934,000	-260,435,000	-166,528,000	-227,909,000	-212,727,000	-225,476,000	664,720,231	-224,272,000	-222,002	-219,340	653,874,605	-231,849,000	-216,760,000
net gains on trading assets																																	-47,145,000	121,334,000	154,208,000	-14,423,000	319,000	-139,470,000	162,981,000	81,880,000	125,189,000	-3,240,250	108,175,000	-114,230,000	-6,906,000	-47,010,250	4,676,000		-46,489,000	-146,228,000	-10,106,750	-96,022,000	54,046,000	1,549,000	-7,706,090	1,368,000	1,105	5,256	3,760,500	1,942,000	-5,712,000
net unrealized gains on investments measured at fair value through earnings																																	-51,593,000	-12,115,000	-67,492,000	16,240,000		110,742,000	29,675,000
realized gains on termination of interest rate swaps																																		-160,075,000		-58,000		-55,214,000	1,337,000	-60,064,000		-56,615,500			-226,462,000	-194,833,250			-772,491,000	-6,842,000	-22,171,250	-36,658,000	-35,649,000	-16,378,000	2,382,615			-2,385
bargain purchase gain																																							72,576,000
net unrealized gains on financial instruments measured at fair value through earnings																																					23,683,000			-54,154,000	128,000	-10,116,500	-24,501,000	17,581,000
income before income taxes and noncontrolling interest																																					441,385,000																															294,846,000	604,855,000
comprehensive income attibutable to common stockholders																																					376,840	-380,473	711,044	180,576	132,052	-49,871.75	-27,466	-246,736
impairment of goodwill																																										-5,741,500		-22,966,000							-5,996,750		-23,987,000
investment advisory income																																										6,212,000	3,780,000	10,604,000	10,464,000	5,121,250	8,253,000		6,109,000	6,123,000	8,788,250	9,558,000	12,187,000
dividend income from affiliate																																										2,159,000		4,318,000	4,318,000
net unrealized gains on interest-only agency mortgage-backed securities																																													-33,546,000	-14,163,000	-37,944,000		2,085,000	-20,793,000	46,137,250	-7,099,000	111,521,000	80,127,000
dividend income from affiliates																																														5,285,250	4,048,000		4,048,000	13,045,000	3,631,750	4,048,000	4,048,000	6,431,000	-21,210,664	7,097,000	6,621	7,521
loss on previously held equity interest in crexus																																																			-4,724,000		-18,896,000
average basic common share, compared to net income of 2.7 billion, or 2.79 per average basic common share, for the same period in 2013. we attribute the majority of the change in net income for the nine months ended september 30, 2014 from the same period in 2013 to the change in unrealized gains on swaps, which resulted in a net income of 75.3 million for the nine months ended september 30, 2014 compared to a net gain of 1.4 billion for the same period in 2013 and an increase in realized losses resulting from the termination of interest rate swaps, predominantly in the second quarter of 2014, of 690.6 million over the same comparative period. the change in unrealized gains was partially offset by the reversal of unrealized losses in connection with interest rate swap positions that were terminated. the change in the fair value of interest rate swaps was primarily attributable to the downward trend in forward interest
other information:
average total assets
average equity
return on average total assets
return on average equity
we use daily balances to calculate average interest earning assets and interest bearing liabilities. for the purpose of computing economic net interest income and certain ratios relating to cost of funds measures throughout this report, economic interest expense includes interest expense on interest rate swaps, which is recorded in the consolidated statements of comprehensive income as realized gains on interest rate swaps.
on disposals of investments and termination of interest rate swaps, unrealized gains or losses on interest rate swaps and agency interest-only mortgage-backed securities, net gains and losses on trading assets, impairment losses, and certain other non-recurring gains or losses. we believe that core earnings, core earnings per average basic common share, economic interest expense and economic net interest income provide meaningful information to consider, in addition to the respective amounts prepared in accordance with gaap. the non-gaap measures help us to evaluate our financial position and performance without the effects of certain transactions and gaap adjustments that are not necessarily indicative of our current investment portfolio and operations. our presentation of non-gaap financial measures has important limitations. other market participants may calculate core earnings, core earnings per average basic common share, economic interest expense and economic net interest income differently than we calculate them, making comparative analysis difficult. although we believe that the calculation of non-gaap financial measures described above helps evaluate and measure our financial position and performance without the effects of certain transactions, it is of limited usefulness as an analytical tool. therefore, the non-gaap financial measures should not be viewed in isolation and are not a substitute for net income, net income per basic share available (related) to
gaap net income
adjustments:
realized (gains) losses on termination of interest rate swaps
unrealized (gains) losses on interest rate swaps
net (gains) losses on disposal of investments
net (gains) losses on trading assets
net unrealized (gains) losses on interest-only agency mortgage-backed securities
other non-recurring expense
core earnings
gaap net income per average basic common share
core earnings per average basic common share
represents a one-time payment made by fidac to chimera investment corp. (chimera) to resolve issues raised in derivative demand letters sent to chimera’s board of directors. this amount is a component of other income in the company’s consolidated statements of comprehensive income.
economic interest expense and economic net interest income we believe the economic value of our investment strategy is depicted by the economic net interest income we earn. we calculate economic net interest
income by determining our gaap net interest income and reducing it by realized losses on interest rate swaps, which represents interest expense on interest rate swaps. our economic interest expense, which is composed of interest expense on our interest bearing liabilities plus interest expense on interest rate swaps, reflects total contractual interest payments.
quarter ended:
september 30, 2014
september 30, 2013
nine months ended:
economic interest expense includes interest expense on interest rate swaps.
interest income and average yield on interest earning assets prepayment speeds, as reflected by the constant prepayment rate, or cpr, and interest rates vary according to the type of investment, conditions in financial markets, competition and other factors, none of which can be predicted with any certainty. in general, as prepayment speeds on our agency mortgage-backed securities portfolio increase, related purchase premium amortization increases, thereby reducing the yield on such assets. the following table presents the weighted-average experienced cpr on our agency mortgage-backed securities portfolio for the periods presented. quarter ended cpr september 30, 2014 9% june 30, 2014 7% march 31, 2014 6% september 30, 2013 13% june 30, 2013 17% march 31, 2013 19% our interest income for the quarters ended september 30, 2014 and 2013 was 644.6 million and 697.2 million, respectively. we had average interest earning assets of 86.3 billion and 96.7 billion, and the average yield on interest earning assets was 2.99% and 2.88% for the quarters ended september 30, 2014 and 2013, respectively. the decline in interest income of 52.5 million for the quarter ended september 30, 2014
million, which included 227.9 million in interest expense on interest rate swaps, for the quarters ended september 30, 2014 and 2013, respectively. our average cost of interest bearing liabilities was 1.64% and 1.81%, including interest expense on interest rate swaps, for the quarters ended september 30, 2014 and 2013, respectively. economic interest expense, including interest expense on interest rate swaps, for the quarter ended september 30, 2014 decreased by 77.2 million when compared to the same period in 2013, primarily due to lower swap interest expense on lower average notional balances. in addition, average interest bearing liabilities and the average cost of interest bearing liabilities declined by 9.9 billion and 17 basis points, respectively, for the quarter ended september 30, 2014 compared to the same period in 2013. we had average interest bearing liabilities of 70.2 billion and 97.1 billion for the nine months ended september 30, 2014 and 2013, respectively. our total economic interest expense was 1.0 billion, which included 650.5 million in interest expense on interest rate swaps, and 1.2 billion, which included 666.1
we do not manage our portfolio to have a pre-designated amount of borrowings at quarter or year end. our borrowings at period end are a snapshot of our borrowings as of a date, and this number should be expected to differ from average borrowings over the period for a number of reasons. the mortgage-backed securities we own pay principal and interest towards the end of each month and the mortgage-backed securities we purchase are typically settled during the beginning of the month. as a result, depending on the amount of mortgage-backed securities we have committed to purchase, we may retain the principal and interest we receive in the prior month, or we may use it to pay down our borrowings. moreover, we use interest rate swaps, swaptions and other derivative instruments to hedge our portfolio and as we pledge or receive collateral under these agreements, our borrowings on any given day may be increased or decreased. our average borrowings during a quarter will differ from period end borrowings as we implement our portfolio management strategies and risk management strategies
increase the liquidity and strength of our balance sheet. as of september 30, 2014, the term to maturity of our repurchase agreements ranged from one day to five years. additionally, we have entered into borrowings giving the counterparty the right to call the balance prior to maturity. at september 30, 2014 and december 31, 2013, the weighted-average rate for our borrowings was 1.64% and 2.37%, respectively, including the effect of the interest rate swaps, 4% convertible senior notes due 2015, 5% convertible senior notes due 2015 (collectively, the convertible senior notes) and securitized debt of consolidated vie, and the weighted-average days to maturity was 161 days and 208 days, respectively. economic net interest income our economic net interest income, including interest paid on interest rate swaps, increased to 348.5 million for the quarter ended september 30, 2014 compared to																																																323.8
does not reflect unrealized gains/(losses) or premium/(discount).
economic net interest income includes interest expense on interest rate swaps.
other income other income is largely comprised of net gains or losses on interest rate swaps, net gains or losses from trading assets, net gains or losses on sales of agency mortgage-backed securities and other investments, net unrealized gains on interest-only agency mortgage-backed securities, dividend income from available-for-sale equity securities, investment advisory fees and other income. the aggregate net gain on interest rate swaps was a loss of 70.5 million and 258.2 million for the quarters ended september 30, 2014 and 2013, respectively, and a loss of 1.5 billion and a gain of 686.3 million for the nine months ended september 30, 2014 and 2013, respectively. the change in the aggregate net gain on interest rate swaps for the quarter and nine months ended september 30, 2014 as
interest income:
investment securities																																																			517,613,750	659,058,000	686,577,000									837,880,000
u.s. treasury securities																																																			5,239,000	7,718,000	7,242,000	5,996,000	-13,385,778	4,588,000	7,397	1,418	-13,609,294	2,302,000	6,497,000	4,825,000		751,000
securities loaned																																																			1,675,250	1,787,000	2,302,000	2,612,000	-7,787,097	2,581,000	2,698	2,518	-5,146,103	1,942,000	1,868,000	1,343,000		1,261,000	860,000	454,000
commercial real estate debt and preferred equity																																																			9,993,000	26,066,000
reverse repurchase agreements																																																			2,218,000	2,461,000	2,775,000
total interest income																																																			771,249,000	697,160,000	712,936,000	737,217,000	-2,499,224,855	761,265,000	886,324	854,895	-2,728,338,382	930,802,000	957,068,000	844,048,000		702,976,000	643,682,000	654,389,000
interest expense:
repurchase agreements																																																			104,783,000	120,123,000	141,945,000	157,064,000	-411,065,757	158,150,000	139,579	113,914	-311,353,231	109,014,000	100,164,000	102,602,000		105,393,000	96,999,000	272,927,000
convertible senior notes																																																			12,317,250	17,092,000	16,364,000	15,813,000	-51,650,779	18,026,000	18,965	14,727	-22,429,983	8,798,000	6,900,000	6,767,000		7,033,000	742,000	3,195,000
u.s. treasury securities sold, not yet purchased																																																			3,387,750	6,688,000	4,075,000	2,788,000	-12,168,886	3,739,000	5,801	2,644	-11,853,919	2,109,000	4,772,000	4,986,000		459,000
securities borrowed																																																			1,266,750	1,405,000	1,737,000	1,925,000	-6,128,406	1,978,000	2,098	2,060	-4,075,541	1,496,000	1,484,000	1,101,000		1,047,000	6,966,000	387,000
participation sold																																																			75,500	168,000	134,000
total interest expense																																																			137,393,000	145,476,000	164,255,000	177,590,000	-481,013,828	181,893,000	166,443	133,345	-349,712,674	121,417,000	113,320,000	321,604,000		302,568,000	280,242,000	276,509,000
net loss on extinguishment of convertible senior notes																																																							-21,832,000	-87,328,000
net income available (related) to common shareholders																																																			1,010,757,000	174,466,000	1,620,221,000	852,286,000	-1,013,895,630	215,391,000	-97,667	897,868	114,134,607	-925,985,000	116,550,000
commercial real estate investments																																																					13,906,000
interest expense related to the company’s interest rate swaps is recorded in realized gains on interest rate swaps on the consolidated statements of operations and comprehensive income.
investments																																																						728,609,000	-2,478,051,980	754,096,000	876,229	850,959	-2,709,582,985	926,558,000	948,703,000				642,822,000	653,935,000
investment advisory and other fee income																																																						13,540,000	-63,646,337	21,034,000	21,929	20,766	-58,665,795	20,828,000	20,710,000
expenses:
total expenses																																																						51,912,000	-195,239,441	63,004,000	64,548	67,907	-174,012,656	65,194,000	57,229,000	51,827,000		43,430,000	41,540,000	40,381,000		33,822,000	30,478,000
net gains on disposition of investments																																																							79,327,000	142,172,000
net unrealized gain (losses) on interest-only agency mortgage-backed securities																																																							-7,197,250	-33,563,000	-26,103	30,877	-9,761,250	-39,321,000
income from underwriting																																																									-8	-8	-5,593,382	2,772,000	-77,000	2,904,000		915,000	500,000
income before income taxes and income from equity method investment in affiliate																																																							-1,075,672,188	238,679,000	-79,503	918,268	60,889,372	-906,396,000	133,579,000	712,330,000
income from equity method investment in affiliate																																																											285,000			1,140,000
net income available (related) per share to common shareholders:
basic																																																							0.26	0.22	-0.1	0.92				0.92			-0.4	0.5
diluted																																																							0.25	0.22	-0.1	0.89				0.89			-0.4	0.49
net gains on sales of agency mortgage-backed securities and debentures																																																									94,837	80,299
unrealized losses on interest rate swaps																																																											3,574.5
interest expense related to the company’s interest rate swaps is recorded in realized gains on interest rate swaps on the consolidated statements of comprehensive income.
net gains (losses) on sales of agency mortgage-backed securities and debentures																																																											31,547,250	91,668,000
dividend income																																																											-23,201,484	8,706,000	8,230,000			8,097,000	7,330,000	7,964,000
distribution fees																																																																		360,000		478,000	432,000
net income (loss) available (related) per share to common shareholders:
basic																																																											-0.035	-0.98	0.14
diluted																																																											-0.035	-0.98	0.14
net gains (losses) on sales of mortgage-backed securities and agency debentures																																																													7,336,000
net gain (losses) on interest-only mortgage-backed securities																																																													276,000
interest rate swaps																																																														206,148,000		188,636,000	175,535,000
investment advisory and service fees																																																														17,207,000		15,343,000	13,863,000	12,546,000		14,620,000	11,736,000
gains on sales of mortgage-backed securities and agency debentures																																																														27,185,000
dividend income from available-for-sale equity securities																																																														6,297,000						5,398,000	3,221,000
net gains on trading securities																																																														18,812,000
net income available to common shareholders																																																														695,628,000				276,440,000		280,564,000	592,429,000
net income available per share to common shareholders:
basic																																																							0.26	0.22	-0.1	0.92				0.92			-0.4	0.5
diluted																																																							0.25	0.22	-0.1	0.89				0.89			-0.4	0.49
other comprehensive loss:
reclassification adjustment for net gains included in net income																																																														-27,185		-61,986				-591	-2,364
other comprehensive loss																																																														-155,114
mortgage-backed securities and agency debentures																																																																700,964,000
gain on sale of mortgage-backed securities and agency debentures																																																																61,986,000
unrealized gain on interest rate swaps																																																																-448,253,000	-593,038,000	-116,732,000		-128,687,000	230,207,000
net gain on trading securities																																																																1,082,000	77,000
expenses
income before income from equity method investments and income taxes																																																																-3,852,000	-210,327,000	288,239,000
income from equity method investment																																																																868,000	935,000	140,000
net income (related) available to common shareholders																																																																-18,575,000	-222,854,000
net income (related) available per share to common shareholders:
basic																																																																-0.03
diluted																																																																-0.03
unrealized gain on available-for-sale securities																																																																-619,080	664,544	7,416		542,396	176,013
gain on sale of investment securities																																																																	39,041,000	46,962,000			2,364,000
reclassification adjustment for net (gains) loss included in net income																																																																	-39,041	-46,962
gain (loss) on sale of investment securities																																																																				591,000
income from trading securities
loss on other-than-temporarily impaired securities
total other (loss) income																																																																				-108,078,000
noncontrolling interest
net income attributable to controlling interest																																																																				285,189,000	597,054,000
net income available per share to common shareholders-basic																																																																				0.51	1.09
net income available per share to common shareholders-diluted																																																																				0.51	1.08
weighted average number of common shares outstanding-basic																																																																				547,611,480	544,344,844
weighted average number of common shares outstanding-diluted																																																																				553,376,285	550,099,709
comprehensive income attributable to controlling interest																																																																				883,049	837,637

Balance Sheets:

Quarterly

Annual

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

assets
cash and cash equivalents	1,912,444,000	2,037,838,000	2,096,696,000	2,058,845,000	1,833,528,000	1,488,027,000	1,560,159,000	1,587,108,000	1,665,370,000	1,412,148,000	1,241,122,000	1,236,872,000	1,794,173,000	1,576,714,000	1,466,171,000	853,932,000	955,840,000	1,342,090,000	1,046,300,000	1,380,456,000	1,122,793,000	1,243,703,000	1,239,982,000	1,393,910,000	2,823,521,000	1,850,729,000	1,793,921,000	1,982,311,000	1,522,605,000	1,735,749,000	1,082,747,000	1,135,329,000	984,275,000	706,589,000	867,840,000	700,692,000	819,421,000	1,539,746,000	2,382,188,000	2,735,250,000	2,416,136,000	1,769,258,000	2,237,423,000	1,785,158,000	1,920,326,000	1,741,244,000	1,178,621,000	1,320,666,000	924,197,000	552,436,000	1,122,722,000	725,537,000	1,862,550,000	615,789,000	2,264,854,000	924,374,000	932,761,000	994,198,000	3,473,866,000	401,844,000	357,012,000	282,626,000	289,486,000	327,979,000	905,955,000	1,504,568,000	1,723,341,000	1,352,798,000
securities	88,473,681,000	91,287,630,000	85,062,725,000	73,500,626,000	70,361,364,000	69,756,447,000	71,700,177,000	67,044,753,000	66,500,689,000	69,613,565,000	69,860,730,000	71,202,461,000	69,238,185,000	65,789,907,000	66,839,353,000	59,042,734,000	60,727,637,000	63,655,674,000	65,622,352,000	69,032,335,000	71,849,437,000	75,652,396,000	76,098,985,000	77,805,743,000	79,357,596,000	114,833,580,000	116,094,061,000	119,926,869,000	104,993,271,000	92,623,788,000	91,338,611,000
loans	7,230,876,000	5,020,784,000	4,008,299,000	3,722,272,000	3,860,555,000	3,546,902,000	2,305,613,000	2,548,228,000	2,717,823,000	2,353,084,000	1,793,140,000	1,154,320,000	1,642,822,000	1,809,832,000	1,551,707,000	1,487,133,000	3,617,818,000	4,242,043,000	3,580,521,000	3,563,008,000	2,603,343,000	3,083,821,000	2,788,341,000	3,972,671,000	4,068,189,000	4,462,350,000	3,946,614,000	3,546,468,000	3,879,324,000	4,585,975,000	4,224,203,000
mortgage servicing rights	4,115,999,000	3,645,865,000	3,476,181,000	3,281,190,000	3,272,902,000	2,909,134,000	2,693,057,000	2,785,614,000	2,651,279,000	2,122,196,000	2,234,813,000	2,018,896,000	1,790,980,000	1,748,209,000	1,705,254,000	1,421,420,000	1,108,937,000	544,562,000	572,259,000	202,616,000	113,080,000	100,895,000	207,985,000	227,400,000	280,558,000	378,078,000	386,051,000	425,328,000	500,745,000	557,813,000	588,833,000	599,014,000	596,378,000	580,860,000	570,218,000	605,653,000	632,166,000	652,216,000	492,169,000
interests in msr	27,212,000	28,626,000	35,833,000													83,622,000	85,653,000	69,316,000	57,530,000	49,035,000
assets transferred or pledged to securitization vehicles	34,207,738,000	32,067,433,000	29,512,309,000	27,021,790,000	24,464,281,000	21,973,188,000	21,044,007,000	17,946,812,000	15,614,750,000	13,307,622,000	11,450,346,000	11,318,419,000	10,277,588,000	9,121,912,000	9,202,014,000	8,877,247,000	7,809,307,000	6,086,308,000	4,738,481,000	4,073,156,000	3,768,922,000	6,910,020,000	7,269,402,000	7,690,451,000	7,671,662,000	7,002,460,000	4,688,144,000	4,211,582,000	4,365,300,000	3,833,200,000	4,287,821,000
derivative assets	395,099,000	115,533,000	47,899,000	149,690,000	67,257,000	225,351,000	59,071,000	187,868,000	203,799,000	162,557,000	549,833,000	457,119,000	400,139,000	342,064,000	1,949,530,000	748,432,000	964,075,000	170,370,000	331,395,000	181,889,000	891,474,000	171,134,000	103,245,000	165,642,000	238,776,000	113,556,000	168,755,000	75,142,000	148,178,000	200,503,000	404,841,000
reverse repurchase agreements	33,524,000	34,389,000	35,004,000																										523,449,000	650,040,000	1,234,704,000	259,762,000	200,459,000												100,000,000	100,000,000			444,375,000	100,000,000	31,074,000	171,234,000	4,933,465,000	1,811,095,000	1,612,384,000	2,025,471,000	2,540,601,000	860,866,000	360,315,000	593,865,000		1,006,163,000	757,722,000	226,098,000	276,586,000	425,000,000	100,000,000
receivable for unsettled trades	891,293,000	1,031,000	185,916,000	1,134,896,000	2,523,000	2,201,447,000	766,341,000	320,659,000	941,366,000	2,710,224,000	1,047,566,000	787,442,000	679,096,000	575,091,000	2,153,895,000	434,227,000	407,225,000	2,656,000	42,482,000	14,336,000	144,918,000	15,912,000	54,200,000	747,082,000	1,006,853,000	4,792,000	193,229,000	5,322,000	1,574,251,000	68,779,000	1,266,840,000
principal and interest receivable	806,484,000	926,660,000	959,435,000	830,535,000	836,946,000	1,069,038,000	1,060,991,000	917,130,000	867,348,000	1,222,705,000	1,158,648,000	944,537,000	773,722,000	637,301,000	262,542,000	300,028,000	246,739,000	234,983,000	234,810,000	250,210,000	259,655,000	268,073,000	281,009,000	300,089,000	335,170,000	449,906,000	483,744,000
intangible assets	6,053,000	6,726,000	7,398,000	8,071,000	8,743,000	9,416,000	10,088,000	10,761,000	11,433,000	12,106,000	12,778,000	15,163,000																				19,194,000	20,948,000	23,220,000	25,742,000	28,715,000	31,517,000	34,184,000	39,903,000	43,306,000	35,853,000	38,536,000
other assets	437,188,000	437,323,000	433,877,000	433,977,000	407,247,000	377,434,000	316,491,000	319,644,000	309,689,000	311,029,000	299,447,000	195,248,000	219,391,000	233,003,000	247,490,000	272,865,000	238,793,000	197,683,000	172,890,000	300,761,000	177,907,000	225,494,000	221,765,000	271,918,000	284,918,000	381,220,000	381,189,000	357,027,000	441,706,000	333,988,000	329,868,000	475,230,000	421,448,000	384,117,000	353,708,000	399,456,000	388,224,000	333,063,000	301,419,000	237,959,000	234,407,000	119,422,000	101,162,000	81,594,000	70,813,000	68,321,000	39,798,000	50,743,000	33,101,000	34,949,000	52,211,000	61,146,000	54,282,000	41,607,000	38,595,000	41,937,000	29,412,000	24,295,000	26,112,000	22,282,000	87,988,000	24,899,000	26,351,000	42,665,000	65,850,000	14,397,000	8,695,000	5,346,000
total assets	138,537,591,000	135,609,838,000	125,861,572,000	112,141,892,000	105,115,346,000	103,556,384,000	101,515,995,000	93,668,577,000	91,483,546,000	93,227,236,000	89,648,423,000	89,330,477,000	86,832,017,000	81,850,712,000	85,406,764,000	73,637,249,000	76,185,134,000	76,764,064,000	76,662,433,000	82,376,305,000	85,369,589,000	88,455,103,000	89,192,411,000	93,458,653,000	96,917,274,000	130,295,081,000	128,956,120,000	131,800,776,000	119,172,549,000	105,787,527,000	105,961,803,000	98,832,997,000	100,382,233,000	101,760,050,000	97,574,181,000	84,976,578,000	84,658,957,000	87,905,046,000	86,909,306,000	77,716,470,000	77,443,965,000	75,190,893,000	75,338,687,000	75,545,680,000	78,675,677,000	88,355,367,000	87,387,986,000	87,150,945,000	82,414,777,000	81,922,460,000	93,433,157,000	102,468,584,000	125,501,856,000	133,452,295,000	141,576,600,000	128,304,571,000	120,281,540,000	109,630,002,000	113,631,706,000	100,557,007,000	98,427,608,000	83,026,590,000	82,584,763,000	73,507,984,000	72,719,162,000	69,376,190,000	70,162,678,000	68,267,255,000
liabilities and stockholders’ equity
liabilities
repurchase agreements	85,068,102,000	81,865,723,000	75,118,963,000	66,541,378,000	61,659,460,000	65,688,923,000	64,310,276,000	60,787,994,000	58,975,232,000	62,201,543,000	64,693,821,000	61,637,600,000	60,993,018,000	59,512,597,000	54,160,731,000	51,364,097,000	52,626,503,000	54,769,643,000	55,475,420,000	60,221,067,000	61,202,477,000	64,825,239,000	64,633,447,000	67,163,598,000	72,580,183,000	101,740,728,000	102,682,104,000	105,181,241,000	88,554,170,000	81,115,874,000	79,073,026,000	75,760,655,000	78,015,431,000	77,696,343,000	69,430,268,000	62,497,400,000	62,719,087,000	65,215,810,000	61,784,121,000	53,868,385,000	54,448,141,000	56,230,860,000	56,449,364,000	57,459,552,000	60,477,378,000	71,361,926,000	69,610,722,000	70,372,218,000	64,543,949,000	61,781,001,000	69,211,309,000	81,397,335,000	100,322,942,000	102,785,697,000	101,033,146,000	96,760,797,000	91,720,865,000	84,097,885,000	86,495,905,000	78,447,165,000	79,983,914,000	65,533,537,000	61,040,668,000	56,386,835,000	53,784,480,000	54,598,129,000	55,842,840,000	51,326,930,000
other secured financing	1,125,000,000	1,075,000,000	1,025,000,000	1,025,000,000	900,000,000	750,000,000	600,000,000	600,000,000	600,000,000	500,000,000	500,000,000	500,000,000	250,000,000	250,000,000	250,000,000		914,255,000	903,255,000	729,555,000	909,655,000	922,605,000	917,876,000	861,373,000	1,538,996,000	1,805,428,000	4,455,700,000	4,466,030,000	4,127,989,000	4,144,623,000	4,183,311,000	4,108,547,000	3,760,487,000	3,830,075,000	3,837,528,000	3,713,256,000	3,785,543,000	3,876,150,000	3,884,708,000	3,804,742,000	3,588,326,000	3,588,326,000	1,845,048,000	359,970,000	203,200,000
debt issued by securitization vehicles	30,719,417,000	28,918,753,000	26,601,790,000	24,107,249,000	21,802,193,000	19,540,678,000	18,709,118,000	15,831,915,000	13,690,967,000	11,600,338,000	9,983,847,000	9,789,282,000	8,805,911,000	7,744,160,000	7,844,518,000	7,502,483,000	6,711,953,000	5,155,633,000	3,935,410,000	3,315,087,000	3,044,725,000	5,652,982,000	6,027,576,000	6,458,130,000	6,364,949,000	5,622,801,000	3,856,082,000	3,470,168,000	3,693,766,000	3,347,062,000	3,799,542,000
participations issued	2,484,018,000	1,932,655,000	1,831,657,000	1,556,900,000	1,748,273,000	1,154,816,000	467,006,000	1,144,821,000	1,161,323,000	1,103,835,000	788,442,000	492,307,000	673,431,000	800,849,000	745,729,000	696,944,000	775,432,000	1,049,066,000	641,006,000	315,810,000	180,527,000	39,198,000
u.s. treasury securities sold, not yet purchased		2,396,724,000	2,442,570,000	2,528,167,000	2,519,125,000	2,470,629,000	2,043,519,000	1,974,602,000	2,077,404,000	2,132,751,000
derivative liabilities	207,369,000	53,755,000	199,100,000	425,993,000	181,065,000	59,586,000	102,628,000	100,829,000	103,142,000	302,295,000	97,616,000	156,182,000	473,515,000	204,172,000	764,535,000	379,708,000	826,972,000	881,537,000	912,134,000	900,259,000	939,622,000	1,033,345,000	1,182,681,000	1,257,038,000	1,331,188,000	803,866,000	972,415,000	1,043,197,000	775,980,000	889,750,000	379,794,000
payable for unsettled trades	1,522,750,000	2,059,386,000	2,604,278,000	1,538,526,000	2,304,774,000	308,282,000	1,885,286,000	1,096,271,000	2,556,798,000	3,249,389,000	2,214,319,000	4,331,315,000	3,259,034,000	1,157,846,000	9,333,646,000	1,995,960,000	1,992,568,000	147,908,000	571,540,000	154,405,000	1,070,080,000	884,069,000	1,176,001,000	2,122,735,000	923,552,000	463,387,000	245,626,000	620,784,000	4,763,376,000	583,036,000	2,505,428,000
interest payable	347,607,000	380,688,000	285,080,000	256,245,000	285,858,000	268,317,000	276,397,000	369,106,000	350,405,000	287,937,000	198,084,000	140,620,000	118,395,000	325,280,000	30,242,000	91,962,000	80,870,000	91,176,000	109,586,000	173,721,000	100,949,000	191,116,000	155,338,000	180,943,000	261,304,000	476,335,000	565,797,000	691,327,000	424,391,000	570,928,000	399,605,000
dividends payable	511,203,000	494,881,000	476,737,000	449,453,000	421,637,000	375,932,000	362,731,000	325,662,000	325,286,000	325,052,000	321,629,000	321,031,000	321,023,000	412,113,000	411,762,000	354,027,000	321,423,000	321,142,000	318,986,000	317,714,000	307,671,000	307,613,000	308,644,000	309,686,000	357,606,000	357,527,000	359,491,000	364,066,000	434,431,000	394,129,000	102,811,000	349,300,000	347,897,000	347,876,000	326,425,000	305,709,000	305,691,000	305,674,000	269,111,000	277,479,000	277,456,000	280,779,000	284,348,000	284,331,000	284,310,000	284,293,000	284,278,000	284,261,000	284,247,000	284,230,000	331,557,000	396,888,000	426,173,000	432,154,000	487,237,000	535,898,000	534,401,000	552,806,000	581,752,000	539,970,000	498,697,000	404,220,000	422,036,000	380,636,000	363,785,000	414,851,000	381,411,000	326,612,000
other liabilities	226,314,000	272,362,000	279,818,000	238,618,000	208,453,000	242,269,000	219,085,000	174,473,000	146,876,000	179,005,000	173,608,000	74,795,000	28,657,000	74,269,000	912,895,000	158,560,000	456,388,000	94,423,000	91,421,000	66,721,000	213,924,000	155,613,000	144,745,000	121,359,000	100,772,000	93,388,000	99,214,000	95,825,000	89,982,000	74,580,000	125,606,000
total liabilities	122,211,780,000	119,449,927,000	110,864,993,000	98,667,529,000	92,030,838,000	90,859,432,000	88,976,046,000	82,405,673,000	79,987,433,000	81,882,145,000	78,971,366,000	77,443,132,000	74,922,984,000	70,481,286,000	74,455,209,000	62,547,349,000	64,706,364,000	63,568,739,000	62,944,566,000	68,737,129,000	71,301,994,000	74,433,307,000	74,997,739,000	79,661,050,000	84,209,744,000	114,498,737,000	113,732,416,000	116,093,369,000	103,391,105,000	91,669,726,000	91,005,947,000	85,059,141,000	86,439,298,000	86,888,477,000	83,418,963,000	72,367,153,000	72,011,608,000	75,329,074,000	73,647,503,000	66,154,597,000	65,785,958,000	63,284,971,000	63,054,354,000	62,950,875,000	65,551,087,000	75,021,586,000	74,277,038,000	73,702,026,000	69,850,065,000	69,517,405,000	80,487,433,000	89,205,280,000	110,195,487,000	117,527,851,000	124,485,937,000	112,019,985,000	104,340,935,000	93,837,088,000	97,688,020,000	86,587,686,000	85,534,608,000	73,121,658,000	72,941,486,000	63,812,050,000	63,074,678,000	59,758,650,000	60,792,420,000	59,536,463,000
stockholders’ equity
preferred stock, par value 0.01 per share...	1,802,480,000	1,802,480,000	1,802,480,000	1,536,569,000	1,536,569,000	1,536,569,000	1,536,569,000	1,536,569,000	1,536,569,000	1,536,569,000	1,536,569,000	1,536,569,000	1,536,569,000	1,536,569,000	1,536,569,000	1,536,569,000	1,536,569,000	1,536,569,000	1,536,569,000	1,536,569,000	1,536,569,000	1,536,569,000	1,982,026,000	1,982,026,000	1,982,026,000	1,982,026,000	1,982,026,000	2,110,346,000	1,778,168,000	1,778,168,000	1,778,168,000
common stock, par value 0.01 per share...	7,303,000	7,070,000	6,811,000	6,421,000	6,023,000	5,784,000	5,580,000	5,010,000	5,004,000	5,001,000	4,948,000	4,939,000	4,939,000	4,683,000	4,679,000	16,092,000	14,610,000	14,597,000	14,499,000	14,442,000	13,985,000	13,982,000	14,029,000	14,077,000	14,304,000	14,301,000	14,380,000	14,562,000	14,481,000	13,138,000	13,031,000	11,643,000	11,597,000	11,596,000	10,881,000	10,190,000	10,190,000	10,189,000	10,189,000	9,249,000	9,249,000	9,359,000	9,478,000	9,478,000	9,477,000	9,476,000	9,476,000	9,475,000	9,475,000	9,474,000	9,473,000	9,475,000	9,473,000	9,472,000	9,748,000	9,747,000	9,743,000	9,702,000	9,699,000
additional paid-in capital	28,427,555,000	27,927,113,000	27,352,976,000	26,520,657,000	25,749,468,000	25,257,716,000	24,851,604,000	23,694,663,000	23,673,687,000	23,672,391,000	23,572,996,000	23,550,346,000	23,543,091,000	22,981,320,000	22,967,665,000	21,281,077,000	20,321,952,000	20,313,832,000	20,228,366,000	20,178,692,000	19,754,826,000	19,750,818,000	19,798,032,000	19,827,216,000	19,968,372,000	19,966,923,000	20,034,970,000	20,195,419,000	20,112,875,000	18,794,331,000	18,793,706,000	17,268,596,000	17,218,191,000	17,221,265,000	16,377,805,000	15,581,760,000	15,580,038,000	15,579,342,000	15,578,677,000	14,575,426,000	14,573,760,000	14,675,768,000	14,789,320,000	14,788,677,000	14,787,117,000	14,786,509,000	14,781,308,000	14,776,302,000	14,770,553,000	14,765,761,000	14,759,738,000	14,754,681,000	14,746,579,000	14,740,774,000	15,144,200,000	15,168,020,000	15,127,882,000	15,068,870,000	15,042,361,000	12,579,012,000	12,119,817,000	9,175,245,000	8,994,954,000	7,937,738,000	7,935,151,000	7,817,454,000	7,811,356,000	7,668,988,000
accumulated other comprehensive income	-533,614,000	-488,566,000	-624,387,000	-740,046,000	-787,402,000	-1,017,682,000	-712,203,000	-1,156,927,000	-1,281,918,000	-1,335,400,000	-2,694,776,000	-2,382,531,000	-2,550,614,000	-3,708,896,000	-5,431,436,000	-4,310,926,000	-2,465,482,000	958,410,000	1,638,638,000	1,780,275,000	2,002,231,000	3,374,335,000	3,589,056,000	3,842,074,000	3,121,371,000	2,138,191,000	2,313,815,000	1,365,003,000	-319,376,000	-1,979,865,000	-3,822,956,000	-3,434,447,000	-3,000,080,000	-1,126,020,000	-640,149,000	-850,767,000	-1,126,091,000	-1,085,893,000	1,119,677,000	1,117,046,000	640,366,000	-377,596,000	262,855,000	-354,965,000	773,999,000	204,883,000	-967,820,000	-572,256,000	-2,088,479,000	-2,748,933,000	-1,454,790,000	-1,289,246,000	2,003,248,000	3,053,242,000	4,069,607,000	3,413,320,000	2,766,430,000	3,008,988,000	3,073,488,000	2,049,831,000	1,009,528,000	1,164,642,000	1,877,537,000	2,540,201,000	1,887,852,000	1,891,317,000	1,959,994,000	1,362,134,000
accumulated deficit	-13,429,615,000	-13,157,325,000	-13,626,983,000	-13,942,302,000	-13,509,942,000	-13,173,146,000	-13,238,288,000	-12,898,191,000	-12,523,809,000	-12,622,768,000	-11,855,267,000	-10,933,044,000	-10,741,863,000	-9,543,233,000	-8,211,358,000	-7,496,061,000	-7,980,407,000	-9,653,582,000	-9,720,270,000	-9,892,863,000	-9,251,804,000	-10,667,388,000	-11,200,937,000	-11,871,927,000	-12,382,648,000	-8,309,424,000	-9,125,895,000	-7,982,649,000	-5,809,931,000	-4,493,660,000	-1,811,955,000	-1,800,370,000	-2,015,612,000	-2,961,749,000	-3,320,160,000	-3,339,228,000	-3,024,670,000	-3,136,017,000	-4,655,440,000	-5,061,565,000	-4,487,982,000	-3,324,616,000	-3,695,884,000	-2,766,250,000	-3,364,147,000	-2,585,436,000	-1,625,075,000	-1,677,661,000	-1,039,896,000	-534,306,000	-1,281,756,000	-1,124,665,000	-2,365,990,000	-2,792,103,000	-3,045,951,000	-2,774,103,000	-2,140,538,000	-2,504,006,000	-2,392,614,000	-884,879,000	-461,460,000	-658,391,000	-1,468,399,000	-1,027,789,000	-424,302,000	-336,964,000	-646,822,000	-545,980,000
total stockholders’ equity	16,274,109,000	16,090,772,000	14,910,897,000	13,381,299,000	12,994,716,000	12,609,241,000	12,443,262,000	11,181,124,000	11,409,533,000	11,255,793,000	10,564,470,000	11,776,279,000	11,792,122,000	11,270,443,000	10,866,119,000	11,026,751,000	11,427,242,000	13,169,826,000	13,697,802,000	13,617,115,000	14,055,807,000	14,008,316,000	14,182,206,000	13,793,466,000	12,703,425,000	15,792,017,000	15,219,296,000	15,702,681,000	15,776,217,000	14,112,112,000	14,949,994,000	13,768,590,000	13,937,264,000	14,865,473,000	14,148,758,000	12,602,514,000	12,640,026,000	12,568,180,000	13,253,662,000	11,553,215,000	11,648,452,000	11,895,974,000	12,278,828,000	12,589,999,000	13,119,505,000	13,328,491,000	13,110,948,000	13,448,919,000	12,564,712,000	12,405,055,000	12,945,724,000	13,263,304,000	15,306,369,000	15,924,444,000	17,090,663,000	16,284,586,000	15,940,605,000	15,760,642,000	15,910,022,000	13,929,362,000	12,853,017,000	9,864,900,000	9,587,386,000	9,632,836,000	9,581,386,000	9,554,426,000	9,307,144,000	8,667,674,000
noncontrolling interests	51,702,000	69,139,000	85,682,000	93,064,000	89,792,000	87,711,000	96,687,000	81,780,000	86,580,000	89,298,000	112,587,000	111,066,000	116,911,000	98,983,000	85,436,000	63,149,000	51,528,000	25,499,000	20,065,000	22,061,000	11,788,000	13,480,000	12,466,000	4,137,000	4,105,000	4,327,000	4,408,000	4,726,000	5,227,000	5,689,000	5,862,000
total equity	16,325,811,000	16,159,911,000	14,996,579,000	13,474,363,000	13,084,508,000	12,696,952,000	12,539,949,000	11,262,904,000	11,496,113,000	11,345,091,000	10,677,057,000	11,887,345,000	11,909,033,000	11,369,426,000	10,951,555,000	11,089,900,000	11,478,770,000	13,195,325,000	13,717,867,000	13,639,176,000	14,067,595,000	14,021,796,000	14,194,672,000	13,797,603,000	12,707,530,000	15,796,344,000	15,223,704,000	15,707,407,000	15,781,444,000	14,117,801,000	14,955,856,000	13,773,856,000	13,942,935,000	14,871,573,000	14,155,218,000	12,609,425,000	12,647,349,000	12,575,972,000	13,261,803,000	11,561,873,000	11,658,007,000	11,905,922,000	12,284,333,000	12,594,805,000	13,124,590,000	13,333,781,000
total liabilities and equity	138,537,591,000	135,609,838,000	125,861,572,000	112,141,892,000	105,115,346,000	103,556,384,000	101,515,995,000	93,668,577,000	91,483,546,000	93,227,236,000	89,648,423,000	89,330,477,000	86,832,017,000	81,850,712,000	85,406,764,000	73,637,249,000	76,185,134,000	76,764,064,000	76,662,433,000	82,376,305,000	85,369,589,000	88,455,103,000	89,192,411,000	93,458,653,000	96,917,274,000	130,295,081,000	128,956,120,000	131,800,776,000	119,172,549,000	105,787,527,000	105,961,803,000	98,832,997,000	100,382,233,000	101,760,050,000	97,574,181,000	84,976,578,000	84,658,957,000	87,905,046,000	86,909,306,000	77,716,470,000	77,443,965,000	75,190,893,000	75,338,687,000	75,545,680,000	78,675,677,000	88,355,367,000
derived from the audited consolidated financial statements at december 31, 2025.
includes cash of consolidated variable interest entities (“vies”) of 6.3 million and 4.1 million at march 31, 2026 and december 31, 2025, respectively.
excludes 3.4 billion and 3.1 billion at march 31, 2026 and december 31, 2025, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 25.2 million and 37.1 million of residential mortgage loans held for sale at march 31, 2026 and december 31, 2025, respectively.
see notes to consolidated financial statements.
includes cash of consolidated variable interest entities (“vies”) of 4.1 million and 2.8 million at december 31, 2025 and 2024, respectively.
excludes 3.1 billion and 2.2 billion at december 31, 2025 and 2024, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 37.1 million and 10.0 million of residential mortgage loans held for sale at december 31, 2025 and 2024, respectively.
derived from the audited consolidated financial statements at december 31, 2024.
includes cash of consolidated variable interest entities (“vies”) of 5.6 million and 2.8 million at september 30, 2025 and december 31, 2024, respectively.
excludes 2.9 billion and 2.2 billion at september 30, 2025 and december 31, 2024, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 10.9 million and 10.0 million of residential mortgage loans held for sale at september 30, 2025 and december 31, 2024, respectively.
includes cash of consolidated variable interest entities (“vies”) of 3.6 million and 2.8 million at june 30, 2025 and december 31, 2024, respectively.
excludes 2.6 billion and 2.2 billion at june 30, 2025 and december 31, 2024, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 0.2 million and 10.0 million of residential mortgage loans held for sale at june 30, 2025 and december 31, 2024, respectively.
includes cash of consolidated variable interest entities (“vies”) of 3.7 million and 2.8 million at march 31, 2025 and december 31, 2024, respectively.
excludes 2.3 billion and 2.2 billion at march 31, 2025 and december 31, 2024, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 6.3 million and 10.0 million of residential mortgage loans held for sale at march 31, 2025 and december 31, 2024, respectively.
includes cash of consolidated variable interest entities (“vies”) of 2.8 million and 2.0 million at december 31, 2024 and 2023, respectively.
excludes 2.2 billion and 1.5 billion at december 31, 2024 and 2023, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 10.0 million and 1.2 million of residential mortgage loans held for sale at december 31, 2024 and 2023, respectively.
derived from the audited consolidated financial statements at december 31, 2023.
includes cash of consolidated variable interest entities (“vies”) of 2.4 million and 2.0 million at september 30, 2024 and december 31, 2023, respectively.
excludes 2.0 billion and 1.5 billion at september 30, 2024 and december 31, 2023, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 0.8 million and 1.2 million of residential mortgage loans held for sale at september 30, 2024 and december 31, 2023, respectively.
includes cash of consolidated variable interest entities (“vies”) of 2.3 million and 2.0 million at june 30, 2024 and december 31, 2023, respectively.
excludes 1.8 billion and 1.5 billion at june 30, 2024 and december 31, 2023, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 3.9 million and 1.2 million of residential mortgage loans held for sale at june 30, 2024 and december 31, 2023, respectively.
includes cash of consolidated variable interest entities (“vies”) of 2.3 million and 2.0 million at march 31, 2024 and december 31, 2023, respectively.
excludes 1.8 billion and 1.5 billion at march 31, 2024 and december 31, 2023, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 3.6 million and 1.2 million of residential mortgage loans held for sale at march 31, 2024 and december 31, 2023, respectively.
includes cash of consolidated variable interest entities (“vies”) of 2.0 million and 2.2 million at december 31, 2023 and 2022, respectively.
excludes 1.5 billion and 1.0 billion at december 31, 2023 and 2022, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 1.2 million and 1.3 million of residential mortgage loans held for sale at december 31, 2023 and 2022, respectively.
derived from the audited consolidated financial statements at december 31, 2022.
includes cash of consolidated variable interest entities (“vies”) of 3.6 million and 2.2 million at september 30, 2023 and december 31, 2022, respectively.
excludes 1.3 billion and 1.0 billion at september 30, 2023 and december 31, 2022, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 1.1 million and 1.3 million of residential mortgage loans held for sale at september 30, 2023 and december 31, 2022, respectively.
includes cash of consolidated variable interest entities (“vies”) of 3.5 million and 2.2 million at june 30, 2023 and december 31, 2022, respectively.
excludes 1.3 billion and 1.0 billion at june 30, 2023 and december 31, 2022, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 1.1 million and 1.3 million of residential mortgage loans held for sale at june 30, 2023 and december 31, 2022, respectively.
goodwill and intangible assets													15,921,000	16,679,000	17,437,000	18,195,000	23,110,000	24,241,000	25,371,000	26,502,000	37,337,000	127,341,000	136,900,000	137,680,000	98,293,000	92,772,000	94,904,000	96,591,000	98,551,000	100,854,000	103,043,000
includes cash of consolidated variable interest entities (“vies”) of 2.5 million and 2.2 million at march 31, 2023 and december 31, 2022, respectively.
excludes 1.2 billion and 1.0 billion at march 31, 2023 and december 31, 2022, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 1.2 million and 1.3 million of residential mortgage loans held for sale at march 31, 2023 and december 31, 2022, respectively.
assets of disposal group held for sale															11,371,000	97,414,000		194,138,000	238,042,000	3,302,001,000	4,400,723,000
liabilities of disposal group held for sale															1,151,000	3,608,000		154,956,000	159,508,000	2,362,690,000	3,319,414,000
includes cash of consolidated variable interest entities (“vies”) of 2.2 million and 16.2 million at december 31, 2022 and 2021, respectively.
excludes 0.0 million and 44.2 million at december 31, 2022 and 2021, respectively, of agency mortgage-backed securities, 1.0 billion and 350.4 million at december 31, 2022 and 2021, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 1.3 million and 2.3 million of residential mortgage loans held for sale at december 31, 2022 and 2021, respectively.
derived from the audited consolidated financial statements at december 31, 2021.
includes cash of consolidated variable interest entities (“vies”) of 3.5 million and 16.2 million at september 30, 2022 and december 31, 2021, respectively.
excludes 27.3 million and 44.2 million at september 30, 2022 and december 31, 2021, respectively, of agency mortgage-backed securities and 1.0 billion and 350.4 million at september 30, 2022 and december 31, 2021, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 1.4 million and 2.3 million of residential mortgage loans held for sale at september 30, 2022 and december 31, 2021, respectively.
includes cash of consolidated variable interest entities (“vies”) of 2.4 million and 16.2 million at june 30, 2022 and december 31, 2021, respectively.
excludes 30.1 million and 44.2 million at june 30, 2022 and december 31, 2021, respectively, of agency mortgage-backed securities and 971.9 million and 350.4 million at june 30, 2022 and december 31, 2021, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 1.5 million and 2.3 million of residential mortgage loans held for sale at june 30, 2022 and december 31, 2021, respectively.
includes cash of consolidated variable interest entities (“vies”) of 8.6 million and 16.2 million at march 31, 2022 and december 31, 2021, respectively.
excludes 38.5 million and 44.2 million at march 31, 2022 and december 31, 2021, respectively, of agency mortgage-backed securities and 709.0 million and 350.4 million at march 31, 2022 and december 31, 2021, respectively, of non-agency mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 1.9 million and 2.3 million of residential mortgage loans held for sale at march 31, 2022 and december 31, 2021, respectively.
real estate																						656,314,000	790,597,000	746,067,000	751,738,000	725,638,000	725,508,000	733,196,000	734,239,000	739,473,000	753,014,000
mortgages payable																						426,256,000	507,934,000	508,565,000	484,762,000	485,005,000	485,657,000	498,772,000	510,386,000	511,056,000	511,588,000	309,878,000	309,794,000	309,686,000	311,886,000	311,810,000	311,707,000	311,636,000	327,632,000	327,643,000	334,765,000	334,707,000	166,697,000	146,359,000	146,470,000	146,553,000	42,635,000	30,316,000	19,317,000	19,332,000	19,346,000	19,361,000
includes cash of consolidated variable interest entities (“vies”) of 16.2 million and 22.2 million at december 31, 2021 and 2020, respectively.
excludes 44.2 million and 81.5 million at december 31, 2021 and 2020, respectively, of agency mortgage-backed securities, 350.4 million and 576.6 million at december 31, 2021 and 2020, respectively, of non-agency mortgage-backed securities and 0.0 million and 391.0 million at december 31, 2021 and 2020, respectively, of commercial mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 2.3 million and 47.0 million of residential mortgage loans held for sale at december 31, 2021 and 2020, respectively.
derived from the audited consolidated financial statements at december 31, 2020.
includes cash of consolidated variable interest entities (“vies”) of 11.0 million and 22.2 million at september 30, 2021 and december 31, 2020, respectively.
excludes 46.4 million and 81.5 million at september 30, 2021 and december 31, 2020, respectively, of agency mortgage-backed securities, 245.8 million and 576.6 million at september 30, 2021 and december 31, 2020, respectively, of non-agency mortgage-backed securities and 0 and 391.0 million at september 30, 2021 and december 31, 2020, respectively, of commercial mortgage-backed securities in consolidated vies pledged as collateral and eliminated from the company’s consolidated statements of financial condition.
includes 3.7 million and 47.0 million of residential mortgage loans held for sale at september 30, 2021 and december 31, 2020, respectively, and 2.1 million and 0 of corporate loans held for sale at september 30, 2021 and december 31, 2020, respectively.
includes 86.2 million and 0 million of mortgage servicing rights held for sale at september 30, 2021 and december 31, 2020.
interest receivable																												440,940,000	390,930,000	357,365,000	347,278,000
liabilities:
stockholders’ equity:
investments, at fair value:
agency mortgage-backed securities																																86,593,058,000	88,579,097,000	90,551,763,000	85,889,131,000	73,963,998,000	72,708,490,000	75,589,873,000	73,476,105,000	64,862,992,000	65,439,824,000	65,718,224,000	65,806,640,000	67,605,287,000	69,388,001,000	81,565,256,000	81,462,387,000	81,055,337,000	75,350,388,000	70,388,949,000	79,902,834,000	92,487,318,000	108,256,671,000	123,963,207,000	129,597,714,000	118,500,649,000	110,291,712,000	104,251,055,000	106,588,710,000	96,773,448,000
credit risk transfer securities																																563,796,000	628,942,000	651,764,000	582,938,000	605,826,000	686,943,000	724,722,000	669,295,000	520,321,000	501,167,000	456,510,000	330,727,000
non-agency mortgage-backed securities																																1,006,785,000	1,066,343,000	1,097,294,000	1,227,235,000	1,234,053,000	1,409,093,000	1,401,307,000	1,460,261,000	1,197,549,000	1,157,507,000	906,722,000	490,037,000
residential mortgage loans																																1,666,157,000	1,535,685,000	1,438,322,000	895,919,000	779,685,000	682,416,000	342,289,000	310,148,000
commercial real estate debt investments																																2,857,463,000	2,960,323,000	3,089,108,000	3,869,110,000	3,972,560,000	4,102,613,000	4,321,739,000	4,319,077,000	4,361,972,000	4,401,725,000	2,911,828,000	2,881,659,000	2,812,824,000	1,515,903,000
commercial real estate debt and preferred equity, held for investment																																1,251,138,000	1,081,295,000	1,029,327,000	981,748,000	928,181,000	985,091,000	970,505,000	1,070,197,000	1,137,971,000	1,177,468,000	1,348,817,000	1,316,595,000	1,332,955,000	1,498,406,000
loans held for sale																																42,458,000								164,175,000	278,600,000	278,600,000	476,550,000
investments in commercial real estate																																477,887,000	480,063,000	485,953,000	470,928,000	474,510,000	462,760,000	474,567,000	500,027,000	504,605,000	527,786,000	535,946,000	301,447,000	216,800,000	207,209,000	210,032,000	73,827,000	74,355,000	40,313,000	60,132,000	60,424,000
corporate debt																																1,256,276,000	1,152,745,000	1,011,275,000	856,110,000	773,957,000	841,265,000	773,274,000	716,831,000	669,612,000	639,481,000	488,508,000	424,974,000	311,640,000																	21,224,000	21,683,000
interest rate swaps, at fair value																																82,458,000	69,109,000	30,272,000	12,250,000	10,472,000	19,195,000	68,194,000	113,253,000	146,285,000	93,312,000	19,642,000	39,295,000	30,259,000	25,908,000	75,225,000	198,066,000	170,604,000	340,890,000	559,044,000	360,373,000	38,950,000	2,259,173,000	2,584,907,000	2,926,461,000	2,822,264,000	2,211,048,000	2,552,687,000	2,540,558,000	1,035,215,000	8,879,000	2,561,000	1,604,639,000	1,174,788,000	608,688,000	5,417,000	788,065,000	7,267,000
other derivatives, at fair value																																129,680,000	161,193,000	283,613,000	266,249,000	154,004,000	196,935,000	171,266,000	87,921,000	137,490,000	77,449,000	22,066,000	87,516,000	38,074,000	113,503,000	5,499,000	19,407,000	7,938,000	40,105,000	146,725,000
receivable for investments sold																																21,728,000	45,126,000	1,232,000	340,033,000	9,784,000	354,126,000	51,461,000	493,839,000	697,943,000	2,220,000	121,625,000	127,571,000	247,361,000	2,009,937,000	1,010,094,000	855,161,000	856,983,000	19,116,000	1,193,730,000	934,964,000	1,499,140,000	1,292,478,000	290,722,000	470,266,000	1,320,996,000	454,278,000		402,817,000
accrued interest and dividends receivable																																323,769,000	326,989,000	323,526,000	293,207,000	263,217,000	266,887,000	270,400,000	260,583,000	227,225,000	232,180,000	231,336,000	228,169,000	234,006,000	247,801,000	278,489,000	287,231,000	283,423,000	276,007,000	273,079,000	297,161,000	340,671,000	388,665,000	419,259,000	434,026,000	420,390,000	418,489,000	409,023,000	410,862,000	386,160,000	391,356,000	345,250,000	345,153,000	322,853,000	327,666,000	318,919,000	332,861,000	313,772,000
goodwill																																71,815,000	71,815,000	71,815,000	71,815,000	71,815,000	71,815,000	71,815,000	71,815,000	71,815,000	71,815,000	71,815,000	71,815,000	71,815,000	94,781,000	94,781,000	94,781,000	94,781,000	94,781,000	94,781,000	103,245,000	102,783,000	55,417,000	55,417,000	55,417,000	55,417,000	55,417,000	42,030,000	42,030,000	42,030,000	42,030,000	42,030,000	27,917,000	27,917,000	27,917,000	27,917,000	27,917,000	27,917,000
securitized debt of consolidated vies																																2,728,692,000	2,904,873,000	2,971,771,000	3,357,929,000	3,438,675,000	3,477,059,000	3,655,802,000	3,712,821,000	3,748,289,000	3,802,682,000	2,540,711,000	2,553,398,000	2,610,974,000	1,491,829,000
payable for investments purchased																																1,108,834,000	91,327,000	656,581,000	5,243,868,000	1,043,379,000	340,383,000	65,041,000	454,237,000	746,090,000	250,612,000	107,115,000	744,378,000	673,933,000	5,205,000	264,984,000	2,153,789,000	781,227,000	1,898,507,000	764,131,000	2,546,467,000	2,833,214,000	3,203,461,000	8,256,957,000	16,107,038,000	7,387,410,000	5,708,412,000	4,315,796,000	5,852,986,000	4,824,618,000
accrued interest payable																																478,439,000	284,696,000	253,068,000	231,611,000	185,720,000	182,478,000	163,013,000	173,320,000	159,435,000	163,983,000	151,843,000	145,554,000	131,629,000	155,072,000	180,501,000	180,345,000	157,782,000	170,644,000	160,921,000	162,755,000	164,190,000	175,749,000	186,896,000	181,502,000	174,819,000	129,108,000	138,965,000	128,371,000	122,753,000	113,101,000	115,766,000	113,837,000	99,366,000	88,346,000	89,460,000	97,693,000	102,662,000
accounts payable and other liabilities																																68,819,000	74,264,000	207,770,000	121,231,000	84,948,000	161,378,000	184,319,000	115,606,000	62,868,000	54,679,000	53,088,000	63,280,000	58,139,000	140,774,000	47,328,000	36,511,000	35,160,000	39,081,000	25,055,000	44,983,000	82,316,000	37,048,000	10,798,000	83,086,000	94,853,000	57,927,000	7,223,000	74,837,000	78,895,000	79,087,000	8,921,000	51,440,000	33,815,000	70,290,000	10,005,000	37,991,000	40,115,000
7.625% series c cumulative redeemable preferred stock: 12,000,000 authorized, 7,000,000 and 12,000,0000 issued and outstanding, respectively																																169,466,000	169,466,000
7.50% series d cumulative redeemable preferred stock: 18,400,000 authorized, issued and outstanding																																445,457,000	445,457,000	445,457,000	445,457,000	445,457,000	445,457,000	445,457,000	445,457,000	445,457,000	445,457,000	445,457,000	445,457,000	445,457,000	445,457,000	445,457,000	445,457,000	445,457,000	445,457,000	445,457,000
7.625% series e cumulative redeemable preferred stock: 11,500,000 authorized, 0 and 11,500,000 issued and outstanding, respectively
6.95% series f fixed-to-floating rate cumulative redeemable preferred stock: 28,800,000 authorized, issued and outstanding																																696,910,000
6.50% series g fixed-to-floating rate cumulative redeemable preferred stock: 19,550,000 and 0 authorized, 17,000,000 and 0 issued, and outstanding, respectively																																411,335,000
noncontrolling interest																																5,266,000	5,671,000	6,100,000	6,460,000	6,911,000	7,323,000	7,792,000	8,141,000	8,658,000	9,555,000	9,948,000	5,505,000	4,806,000	5,085,000	5,290,000
6.95% series f cumulative redeemable preferred stock: 28,800,000 authorized, issued and outstanding																																	696,910,000
6.50% series g cumulative redeemable preferred stock: 19,550,000 and 0 authorized, 17,000,000 and 0 issued, and outstanding, respectively																																	411,335,000
commercial loans held for sale																																						114,425,000	144,275,000
participation sold																																					12,760,000	12,869,000	12,976,000	13,079,000	13,182,000	13,286,000	13,389,000	13,490,000	13,589,000	13,693,000	13,768,000	13,866,000	13,963,000	14,065,000	14,164,000	14,324,000
7.875% series a cumulative redeemable preferred stock: 0 and 7,412,500 authorized, issued and outstanding, respectively
7.625% series c cumulative redeemable preferred stock: 12,000,000 and 12,650,000 authorized, 12,000,000 issued and outstanding, respectively																																		290,514,000
7.625% series e cumulative redeemable preferred stock: 11,500,000 authorized, issued and outstanding																																		287,500,000	287,500,000	287,500,000	287,500,000	287,500,000	287,500,000
6.95% series f cumulative redeemable preferred stock: 28,800,000 and 0 authorized, issued and outstanding, respectively																																		696,910,000
7.875% series a cumulative redeemable preferred stock: 7,412,500 authorized, 0 and 7,412,500 issued and outstanding, respectively
7.625% series c cumulative redeemable preferred stock: 12,650,000 authorized, 12,000,000 issued and outstanding																																			290,514,000	290,514,000	290,514,000	290,514,000	290,514,000	290,514,000	290,514,000	290,514,000	290,514,000	290,514,000	290,514,000	290,514,000	290,514,000	290,514,000	290,514,000	290,514,000	290,514,000	290,514,000	290,514,000
6.95% series f cumulative redeemable preferred stock: 32,200,000 and 0 authorized, 28,800,000 and 0 issued and outstanding, respectively																																			696,910,000
7.875% series a cumulative redeemable preferred stock: 7,412,500 authorized, issued and outstanding																																				177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000	177,088,000
agency debentures																																									157,035,000	152,038,000	413,115,000	429,845,000	995,408,000	1,368,350,000	1,334,181,000	1,348,727,000	2,408,259,000	2,969,885,000	3,128,853,000	3,306,473,000	3,970,279,000	3,009,568,000	2,935,538,000	1,250,506,000	1,499,127,000	889,580,000	824,092,000	703,093,000
investment in affiliate																																												123,343,000	141,246,000
receivable for investment advisory income																																											3,992,000	10,589,000	10,268,000	10,402,000	8,369,000	6,380,000	6,498,000	6,839,000	10,055,000	10,374,000
convertible senior notes																																													749,512,000	845,295,000	836,625,000	831,167,000	827,486,000	825,262,000	824,512,000	824,229,000	824,902,000	825,541,000	999,749,000	1,245,915,000	524,420,000	539,913,000	557,045,000	600,000,000	600,000,000	600,000,000	600,000,000	600,000,000	600,000,000
agency crt securities																																												214,130,000	108,337,000
corporate debt, held for investment																																													227,830,000	166,464,000	144,451,000	151,344,000	145,394,000	117,687,000	75,988,000	61,682,000	66,539,000	63,944,000	64,928,000	60,638,000	50,806,000	52,073,000	27,988,000	27,982,000
securities borrowed																																																	513,500,000	2,582,893,000	3,439,954,000	2,425,024,000	2,688,485,000	2,160,942,000	1,602,692,000	1,465,327,000	1,122,453,000	928,732,000	1,052,810,000	519,929,000			251,242,000	87,352,000	60,132,000	29,077,000
u.s. treasury securities																																																		1,117,915,000	2,459,617,000		1,645,930,000	752,076,000	2,242,039,000	1,998,363,000	2,622,714,000	928,547,000	172,892,000	748,118,000
investment in affiliates																																														143,045,000	136,748,000	143,495,000	137,647,000	139,447,000
commercial real estate debt and preferred equity																																														1,518,165,000	1,554,958,000	1,586,169,000	1,640,206,000		1,227,182,000
u.s. treasury securities sold, not yet purchased, at fair value																																																		1,918,394,000	2,403,524,000		611,167,000	495,437,000	1,418,750,000	1,884,922,000	2,577,905,000	826,912,000	549,505,000	491,740,000	788,898,000	909,462,000	691,593,000
securities loaned																																															7,000	7,000	513,510,000	2,527,668,000	3,299,090,000												251,332,000	242,242,000	60,377,000	29,057,000
securitized debt of consolidated vie																																														260,700,000	260,700,000	260,700,000	260,700,000
total liabilities and stockholders’ equity																																															87,387,986,000	87,150,945,000	82,414,777,000	81,922,460,000	93,433,157,000	102,468,584,000	125,501,856,000
commercial real estate debt and preferred equity investments																																																		1,583,969,000
intangible for customer relationships																																																			4,572,000	6,474,000	6,731,000	6,989,000	9,146,000	9,714,000	10,281,000		11,531,000	12,141,000	8,990,000	9,290,000	9,590,000	9,891,000	10,191,000	10,491,000	10,791,000	11,091,000
payable for share buyback program																																																						141,149,000
investments in affiliates																																																			136,748,000	134,948,000	267,547,000	234,120,000	224,899,000	203,057,000	225,818,000	211,970,000	209,374,000
other derivative contracts, at fair value																																																			85,180,000	91,270,000	4,812,000	9,830,000	559,000	3,717,000	321,000	113,000	1,450,000	767,000	1,539,000	2,607,000	186,000	216,000
7.50% series d cumulative redeemable preferred stock: 18,400,000 authorized, issued and outstanding, respectively																																																			445,457,000	445,457,000	445,457,000
derived from the audited consolidated financial statements at december 31, 2012.
commercial real estate investments																																																				1,005,560,000
securities loaned, at fair value																																																				2,284,245,000	2,330,060,000	1,808,315,000	1,248,968,000	1,113,107,000	876,849,000	804,901,000	907,061,000	447,330,000	359,852,000	217,841,000
receivable for advisory and service fees																																																					12,817,000	17,730,000	20,271,000	20,743,000	19,608,000	19,550,000	19,656,000	19,666,000	16,631,000	16,172,000	15,138,000	13,359,000	11,714,000	12,566,000	12,807,000	10,039,000
derived from the audited consolidated financial statements at december 31, 2012. see notes to consolidated financial statements.
equity securities																																																									4,470,000	3,891,000	3,929,000
receivable from prime broker																																																							3,272,000	3,272,000	3,272,000	3,272,000	3,272,000	3,272,000	3,272,000	3,272,000	3,272,000	3,272,000	3,272,000	3,272,000	16,886,000	16,886,000
6.00% series b cumulative convertible preferred stock: 4,600,000 shares authorized, 0 and 1,331,849 shares issued and outstanding, respectively
7.625% series c cumulative redeemable preferred stock: 12,650,000 and 0 authorized, respectively, 12,000,000 and 0 issued and outstanding, respectively																																																						290,514,000	290,514,000	290,514,000
7.50% series d cumulative redeemable preferred stock: 18,400,000 and 0 authorized, issued and outstanding, respectively																																																						445,457,000	445,457,000
total liabilities, series b cumulative convertible preferred stock and stockholders’ equity																																																						133,452,295,000	141,576,600,000	128,304,571,000	120,281,540,000	109,630,002,000	113,631,706,000	100,557,007,000	98,427,608,000	83,026,590,000	82,584,763,000	73,507,984,000	72,719,162,000	69,376,190,000	70,162,678,000	68,267,255,000
6.00% series b cumulative convertible preferred stock:
4,600,000 shares authorized, 0 and 1,331,849 shares issued and outstanding, respectively
derived from the audited consolidated financial statements at december 31, 2011. see notes to consolidated financial statements.
intangible for customer relationships,																																																										10,807,000
6.00% series b cumulative convertible preferred stock: 4,600,000 shares authorized, 1,331,849 and 1,652,047 shares issued and outstanding, respectively																																																										32,272,000
6.00% series b cumulative convertible preferred stock: 4,600,000 shares authorized, 1,389,249 and 1,652,047 shares issued and outstanding, respectively																																																											33,664,000
investments with affiliates																																																												261,659,000	303,713,000	252,863,000
receivable for investment sold																																																												40,751,000
6.00% series b cumulative convertible preferred stock: 4,600,000 shares authorized, 1,649,047 and 1,652,047 shares issued and outstanding, respectively																																																												39,959,000
common stock																																																												8,310,000	8,044,000		6,206,000	5,598,000	5,597,000
u.s. treasury securities, at fair value																																																													1,088,657,000	1,100,447,000	754,993,000	242,242,000
reverse repurchase agreements, at fair value																																																													1,348,069,000
securities borrowed, at fair value																																																													368,714,000	216,676,000
agency mortgage-backed securities, at fair value																																																													93,644,409,000
agency debentures, at fair value																																																													414,660,000	1,108,261,000	2,046,371,000	2,390,429,000	2,931,945,000	915,752,000	625,615,000	616,893,000
receivable for investment securities sold																																																													320,465,000							412,214,000
payable for investments securities purchased																																																													2,476,409,000
payable for investments purchased with affiliate																																																													57,500,000
6.00% series b cumulative convertible preferred stock: 4,600,000 shares authorized, 1,650,047 and 1,652,047 shares issued and outstanding, respectively																																																													39,983,000
derived from the audited consolidated financial statements at december 31, 2010.
reverse repurchase agreements with affiliate																																																																82,678,000	255,580,000	328,757,000
mortgage-backed securities, at fair value																																																														78,440,330,000	76,174,141,000	69,422,400,000	67,239,930,000	64,805,725,000	66,837,761,000	65,165,126,000
receivable for mortgage-backed securities sold																																																														151,460,000		78,581,000	359,636,000	732,134,000
payable for mortgage-backed securities and agency debentures purchased																																																														4,575,026,000	8,165,941,000
6.00% series b cumulative convertible preferred stock: 4,600,000 shares authorized 1,652,047 and 2,604,614 shares issued and outstanding, respectively.																																																														40,032,000
commitments and contingencies
7.875% series a cumulative redeemable preferred stock: 7,412,500 shares authorized, issued and outstanding																																																														177,088,000				177,088,000	177,088,000	177,088,000
common stock: par value .01 per share; 987,987,500 shares authorized, 631,594,205 and, 553,134,877 issued and outstanding, respectively																																																														6,316,000
investment with affiliates																																																															245,659,000	230,268,000	242,788,000	242,198,000
receivable for mortgage backed securities sold																																																															1,637,542,000
6.00% series b cumulative convertible preferred stock: 4,600,000 shares authorized, 2,306,537 and 2,604,614 shares issued and outstanding, respectively																																																															55,891,000
7.875% series a cumulative redeemable preferred stock: 7,412,500 authorized, 7,412,500 shares issued and outstanding																																																															177,088,000
derived from the audited consolidated financial statements at december 31, 2009.
payable for investment securities purchased																																																																4,867,945,000	7,498,712,000	4,083,786,000	3,644,420,000	7,017,444,000
u.s. treasury securities purchased, not yet settled																																																																26,207,000
6.00% series b cumulative convertible preferred stock: 4,600,000 shares authorized, 2,603,969 and 2,604,614 shares issued and outstanding, respectively.																																																																63,098,000
7.875% series a cumulative redeemable preferred stock: 7,412,500 authorized, 7,412,500 shares issued and outstanding, respectively																																																																177,088,000
6.00% series b cumulative convertible preferred stock: 4,600,000shares authorized, 2,603,969 and 2,604,614 shares issued and outstanding, respectively.																																																																	63,098,000
7.875% series a cumulative redeemable preferred stock: 7,412,500 authorized, 7,412,500 shares issued and outstanding respectively																																																																	177,088,000
6.00% series b cumulative convertible preferred stock: 4,600,000 shares authorized 2,604,614 and 4,496,525 shares issued and outstanding, respectively.																																																																		63,114,000
common stock: par value .01 per share; 987,987,500 shares authorized, 553,134,877 and, 541,475,366 issued and outstanding, respectively																																																																		5,531,000
reverse repurchase agreements with affiliates																																																																			226,264,000	170,916,000
available for sale equity securities, at fair value																																																																			171,834,000	156,990,000
investment in affiliate, equity method																																																																			67,906,000
6.00% series b cumulative convertible preferred stock: 4,600,000 shares authorized 2,604,614 and 3,963,525 shares issued and outstanding, respectively																																																																			63,114,000
common stock: par value .01 per share; 987,987,500 shares authorized, 552,778,531 and 541,475,366 issued and outstanding, respectively																																																																			5,528,000
derived from the audited consolidated statement of financial condition at december 31, 2008.
6.00% series b cumulative convertible preferred stock: 4,600,000 shares authorized 2,604,814 and 3,963,525 shares issued and outstanding, respectively																																																																				63,118,000
common stock: par value .01 per share; 987,987,500 shares authorized, 544,353,997and 541,475,366 issued and outstanding, respectively																																																																				5,444,000

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	2017-03-31	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

cash flows from operating activities
net income	290,515,000	1,017,951,000	843,063,000	60,371,000	130,305,000	473,076,000	82,351,000	-8,833,000	465,174,000	-391,232,000	-569,084,000	161,187,000	-839,328,000	-886,814,000	-273,977,000	863,317,000	2,023,894,000	418,460,000	521,534,000	-294,848,000	1,751,134,000	878,635,000	1,015,548,000	856,234,000	-3,640,189,000	1,209,742,000	-747,169,000	-1,776,413,000	-849,251,000	-2,254,872,000	385,429,000	595,887,000	1,327,704,000	746,771,000	440,408,000	1,848,483,000	730,880,000	-278,497,000	-868,080,000	669,666,000	-627,491,000	900,071,000	-476,499,000	-658,272,000	354,856,000	-335,512,000	-203,351,000	3,537,240,000	-1,445,755,000	767,935,000	870,278,000	1,511,142,000	315,917,000	-992,965,000	901,806,000	1,266,274,000	-1,042,630,000	-579,078,000	699,895,000	1,281,340,000	204,169,000	-499,294,000	281,065,000	1,676,282,000	-311,865,000
adjustments to reconcile net income to net cash from operating activities
amortization of premiums and discounts of investments	102,602,000	69,932,000	58,699,000	46,764,000	71,249,000	17,343,000	55,481,000	12,166,000	28,050,000	53,170,000	27,120,000	38,868,000	66,570,000	43,478,000	24,272,000	31,174,000	-11,770,000	228,451,000	242,353,000	323,266,000	-9,960,000	240,893,000	249,273,000	262,212,000	618,800,000	169,996,000	373,871,000	323,256,000	246,150,000	218,362,000	184,756,000	196,717,000	92,976,000
amortization of securitized debt premiums and discounts and deferred financing costs	-21,248,000	-16,669,000	-8,913,000	-6,940,000	-2,724,000	-3,548,000	1,889,000	2,946,000	2,292,000	3,100,000	4,289,000	3,629,000	2,806,000	-904,000	549,000	-1,304,000	-3,074,000	-2,491,000	140,000	-681,000	-3,588,000	-4,313,000	-2,709,000	-1,673,000	-2,881,000	-397,000	-437,000	-7,393,000	-3,627,000	-4,430,000	1,193,000	-610,000	408,000
depreciation, amortization and other noncash expenses	9,623,000	7,946,000	7,794,000	9,079,000	9,217,000	7,176,000	7,046,000	9,250,000	6,884,000	5,458,000	7,316,000	6,982,000	5,050,000	4,627,000	4,734,000	6,399,000	4,746,000	3,552,000	3,366,000	9,310,000	8,408,000	13,176,000	11,286,000	9,211,000	7,684,000	7,452,000	7,569,000	9,466,000	7,072,000	8,525,000	50,932,000	7,085,000	5,822,000
net losses on investments and derivatives	359,854,000	-393,833,000	-277,728,000	490,932,000	358,600,000	51,649,000	347,780,000	436,630,000	-52,868,000	786,544,000	980,373,000	258,916,000	1,284,746,000	1,327,261,000				-178,927,000	-230,178,000	494,891,000	-1,353,321,000	-521,084,000	-460,471,000			-734,660,000	344,288,000	1,787,311,000	458,086,000	1,816,594,000	-472,086,000	-329,288,000	-878,547,000
income from unconsolidated joint ventures	5,294,000	13,526,000	-4,100,000	-849,000	4,376,000	-2,671,000	-502,000	-5,998,000	3,381,000	11,778,000	-1,219,000	387,000	-676,000	531,000	-1,607,000	-1,994,000	-8,384,000	6,292,000	0	6,914,000	-1,025,000	9,668,000	-1,247,000	-979,000	-370,000	3,543,000	669,000	721,000	1,960,000	-3,601,000	1,374,000	4,449,000	618,000
payments on purchases of loans held for sale	-83,732,000	-108,208,000	-49,497,000	-65,978,000	-38,611,000	-20,328,000	-17,753,000	-17,582,000	-2,643,000									0	-1,817,000	-48,617,000	-969,000	-26,978,000	-30,568,000	-35,467,000	-54,820,000	-54,096,000	-61,748,000	-85,434,000	-49,070,000	-36,230,000	-81,291,000	-73,160,000	-37,190,000
proceeds from sales and repayments of loans held for sale	90,524,000	81,912,000	38,951,000	72,167,000	42,072,000	10,888,000	20,695,000			241,000	589,000	111,000	636,000	651,000	2,327,000	625,000	994,000	1,970,000	3,059,000	81,924,000	3,067,000	29,044,000	44,121,000	33,887,000	61,664,000	62,284,000	106,574,000	69,018,000	44,817,000	33,453,000
proceeds from u.s. treasury securities	702,110,000	2,413,431,000	2,389,752,000	0	2,465,677,000	2,529,831,000	2,043,888,000	1,945,858,000	2,093,527,000																																			0	0	0	3,159,253,000	93,126,665,000	9,777,177,000	17,467,153,000	21,683,636,000	50,942,458,000	-2,203,295,000	-519,309,000	15,808,494,000	34,471,443,000	-9,977,961,000	-3,448,729,000	8,123,321,000
payments on u.s. treasury securities	-3,099,102,000	-2,461,875,000	-2,491,666,000	0	-2,486,009,000	-1,975,981,000	-2,062,934,000	-2,024,594,000	-2,093,489,000																																			0	0	0	-3,920,425,000	-91,824,199,000	-10,797,908,000	-16,240,391,000	-22,157,117,000	-51,338,702,000	4,346,722,000	-3,668,126,000	-14,086,314,000	-34,207,382,000	10,408,028,000	3,507,504,000	-8,198,723,000
net receipts (payments) on derivatives	182,198,000	-86,485,000	-416,551,000	-419,780,000	-899,210,000	1,746,623,000	-1,930,549,000	136,544,000	826,716,000	-2,092,880,000	1,563,533,000	742,504,000	-1,075,189,000	844,766,000	1,159,859,000	783,030,000	856,299,000	324,683,000	1,730,000	171,347,000	435,107,000	252,750,000	327,256,000	142,796,000	-2,680,933,000	621,536,000	-509,552,000	-1,418,397,000	-633,221,000	-1,039,012,000
net change in
other assets	22,422,000	-8,385,000	14,000,000	-11,056,000	-26,196,000	-53,096,000	-1,579,000	-4,331,000	-2,877,000	-20,117,000	-103,708,000	23,622,000	-36,601,000	-4,926,000	36,230,000	-37,475,000	-5,266,000	8,603,000	144,317,000	-90,640,000	-31,236,000	-41,967,000	53,626,000	132,483,000	105,636,000	5,667,000	-24,840,000	86,333,000	-107,040,000	-1,906,000	198,466,000	-56,095,000	-42,361,000	-28,344,000	-52,887,000	-37,617,000	-7,147,000	736,000	-66,389,000	4,985,000	-13,638,000	-13,059,000	-2,627,000	-646,000	7,433,000	-12,883,000	3,439,000	-2,934,000	10,181,000	11,429,000	-14,779,000	-6,017,000	-11,298,000	13,990,000	-5,918,000	1,537,000	-69,535,000
interest receivable	118,815,000	31,037,000	-129,749,000	6,248,000	230,790,000	-21,779,000	-129,122,000	-49,445,000	354,997,000	-64,495,000	-214,551,000	-169,975,000	-136,796,000	-374,895,000	-9,590,000	-11,059,000	-8,069,000	-1,955,000	16,204,000	9,291,000	9,386,000	11,155,000	8,925,000	23,899,000	115,341,000	7,008,000	-17,676,000	-45,792,000	-29,491,000	-11,095,000
interest payable	-33,081,000	95,608,000	28,835,000	-29,613,000	17,541,000	-8,080,000	-92,709,000	18,701,000	62,468,000	89,853,000	57,464,000	22,225,000	-206,885,000	295,038,000	-61,720,000	11,092,000	-10,657,000	-18,407,000	-65,018,000	72,835,000	-89,000,000	35,778,000	-25,605,000	-80,362,000	-215,030,000	-89,462,000	-125,530,000	266,936,000	-146,537,000	171,324,000																											-4,034,000
other liabilities	-48,238,000	-11,545,000	21,204,000	29,395,000	-33,343,000	57,372,000	3,240,000	8,393,000	6,277,000	-18,506,000	118,892,000	48,183,000	-83,086,000	-1,067,504,000	845,198,000	-553,709,000	734,238,000	29,475,000	12,675,000	-211,243,000	170,818,000	-1,101,000	31,915,000	-82,759,000	20,075,000	-2,356,000	7,696,000	8,062,000	18,436,000	-48,773,000
net cash from operating activities	-1,401,444,000	644,343,000	24,094,000	180,740,000	-156,266,000	2,808,475,000	-1,672,778,000	477,073,000	1,697,889,000	378,522,000	1,871,014,000	1,136,639,000	-1,018,972,000	201,580,000	2,453,980,000	687,703,000	2,029,148,000	861,558,000	644,238,000	506,493,000	1,064,550,000	867,790,000	1,000,469,000	682,970,000	-2,023,262,000	1,195,836,000	-709,303,000	-743,993,000	-942,097,000	-401,139,000	733,107,000	957,134,000	1,332,916,000	1,977,708,000	177,599,000	6,022,724,000	-1,032,713,000	1,999,345,000	-133,493,000	-459,000	1,418,596,000	456,816,000	-5,041,972,000	1,329,484,000	-1,078,330,000	1,576,845,000	4,300,469,000	-13,703,590,000	4,631,724,000	61,398,000	-3,882,254,000	4,041,515,000	4,903,674,000	-6,300,117,000	4,994,435,000	752,310,000	4,244,147,000	-7,532,677,000	4,956,283,000	10,334,052,000	-3,838,723,000	2,546,757,000	1,821,024,000	6,312,721,000	1,594,366,000
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
free cash flows	-1,401,444,000	644,343,000	24,094,000	180,740,000	-156,266,000	2,808,475,000	-1,672,778,000	477,073,000	1,697,889,000	378,522,000	1,871,014,000	1,136,639,000	-1,018,972,000	201,580,000	2,453,980,000	687,703,000	2,029,148,000	861,558,000	644,238,000	506,493,000	1,064,550,000	867,790,000	1,000,469,000	682,970,000	-2,023,262,000	1,195,836,000	-709,303,000	-743,993,000	-942,097,000	-401,139,000	733,107,000	957,134,000	1,332,916,000	1,977,708,000	177,599,000	6,022,724,000	-1,032,713,000	1,999,345,000	-133,493,000	-459,000	1,418,596,000	456,816,000	-5,041,972,000	1,329,484,000	-1,078,330,000	1,576,845,000	4,300,469,000	-13,703,590,000	4,631,724,000	61,398,000	-3,882,254,000	4,041,515,000	4,903,674,000	-6,300,117,000	4,994,435,000	752,310,000	4,244,147,000	-7,532,677,000	4,956,283,000	10,334,052,000	-3,838,723,000	2,546,757,000	1,821,024,000	6,312,721,000	1,594,366,000
cash flows from investing activities
payments on purchases of securities	-6,233,181,000	-14,076,103,000	-13,109,997,000	-9,191,748,000	-4,368,706,000	-9,228,872,000	-6,273,874,000	-8,922,381,000	-7,788,513,000	-11,076,067,000	-11,892,620,000	-11,734,953,000	-6,332,698,000	-14,622,852,000	-16,428,975,000	-9,361,339,000	-5,061,300,000	-4,009,879,000	-5,753,141,000	-7,103,317,000	-5,478,414,000	-7,706,618,000	-7,285,498,000	-6,157,836,000	-11,526,904,000
proceeds from sales of securities	4,148,264,000	5,443,962,000	2,239,280,000	2,151,366,000	7,337,167,000	3,851,495,000	2,318,242,000	5,452,850,000	9,483,792,000	12,554,195,000	6,204,086,000	7,816,095,000	4,685,607,000	8,311,065,000	8,354,332,000	5,997,363,000	2,393,169,000	523,325,000	4,796,349,000	3,497,883,000	2,852,764,000	2,344,740,000	3,488,614,000	5,674,310,000	41,132,114,000
principal payments on securities	2,625,873,000	2,486,799,000	2,036,214,000	2,147,007,000	1,672,398,000	1,959,120,000	1,825,109,000	1,625,437,000	1,424,656,000	1,446,281,000	1,694,902,000	1,662,686,000	1,349,348,000	1,676,167,000	2,127,132,000	2,690,381,000	3,047,356,000	4,104,495,000	4,409,521,000	5,242,927,000	4,986,008,000	5,179,316,000	5,063,405,000	4,428,175,000	4,900,580,000
payments on purchases and origination of loans	-7,200,274,000	-5,985,386,000	-4,710,108,000	-4,076,834,000	-3,875,537,000	-3,935,261,000	-3,325,911,000	-2,843,685,000	-3,134,429,000	-2,056,861,000	-1,500,678,000	-1,010,797,000	-935,360,000	-972,008,000	-1,183,564,000	-1,787,210,000	-2,194,285,000	-3,004,775,000	-1,956,049,000	-2,102,979,000	-651,397,000	-598,736,000	-70,047,000	-439,957,000	-1,148,574,000
proceeds from sales of loans		128,245,000	404,658,000	437,994,000	378,893,000	271,356,000	322,069,000							11,371,000	86,066,000	1,828,715,000	4,215,000		762,577,000	70,399,000	46,171,000	40,986,000	72,633,000	239,400,000	271,007,000
principal payments on loans	2,763,588,000	2,281,381,000	1,669,663,000	1,256,886,000	900,695,000	987,623,000	696,858,000	564,556,000	363,741,000	312,580,000	307,390,000	278,456,000	188,082,000	205,290,000	283,439,000	467,953,000	605,626,000	594,539,000	517,605,000	815,317,000	683,451,000	663,641,000	518,290,000	569,185,000	471,384,000
payments on purchases of msr	-500,870,000	-172,814,000	-284,052,000	-38,821,000	-387,147,000	-161,699,000	-64,760,000	-120,898,000	-515,760,000	1,858,000	-185,318,000	-177,521,000	-35,825,000	-142,582,000	-182,795,000	-262,960,000	-421,012,000	-56,886,000	-317,166,000
proceeds from sales of msr		0	0	0	1,871,000	0	65,201,000							9,000	11,000			81,799,000	0
proceeds from reverse repurchase agreements	54,309,040,000	125,698,740,000	173,721,057,000	164,585,339,000	172,207,075,000	166,805,861,000	146,672,133,000	146,248,503,000	149,589,734,000	81,815,211,000	13,900,000,000	14,450,024,000	18,450,000,000	6,050,000,000	10,700,000,000	5,650,024,000	2,100,000,000	1,550,000,000	3,100,000,000	3,450,000,000	8,634,313,000	12,700,000,000	9,000,000,000	9,950,000,000	27,150,000,000	19,900,000,000	18,893,243,000	31,439,206,000	28,107,306,000	15,301,574,000	28,768,202,000	21,198,674,000	20,050,112,000		21,015,000,000			15,150,000,000	14,550,000,000	13,075,000,000	12,950,000,000	11,600,000,000	15,325,000,000	47,200,000,000	4,775,125,000	20,741,563,000	35,181,890,000																4,291,430,000	5,314,428,000
payments on reverse repurchase agreements	-54,308,175,000	-125,698,125,000	-173,756,061,000	-164,585,339,000	-172,207,075,000	-166,805,861,000	-146,672,133,000	-146,248,503,000	-149,589,734,000	-81,815,211,000	-13,900,000,000	-14,450,024,000	-18,450,000,000	-6,050,000,000	-10,700,000,000	-5,650,024,000	-2,100,000,000	-1,550,000,000	-3,100,000,000	-3,450,000,000	-8,634,313,000	-12,700,000,000	-9,000,000,000	-9,950,000,000	-27,150,000,000	-19,900,000,000	-18,893,243,000	-30,915,757,000	-27,980,715,000	-14,716,910,000	-28,804,893,000	-21,257,977,000	-20,250,571,000		-21,015,000,000			-15,150,000,000	-14,550,000,000	-13,075,000,000	-12,950,000,000	-11,500,000,000	-15,325,000,000	-47,300,000,000	-4,775,125,000	-20,297,188,000	-35,526,265,000																-4,032,426,000	-4,981,720,000	-4,497,341,000
distributions in excess of cumulative earnings from unconsolidated joint ventures		0	1,756,000	1,513,000	3,400,000	6,139,000	8,075,000											0	0	0	290,000	949,000	309,000	315,000	6,017,000	1,180,000	1,719,000	15,000	241,000	20,794,000	1,301,000	1,320,000	2,813,000	1,838,000	2,042,000	465,000	2,038,000	1,064,000	1,053,000
net cash from investing activities	-4,395,735,000	-9,893,301,000	-11,819,830,000	-7,312,637,000	1,663,034,000	-6,250,099,000	-4,428,991,000	-4,139,227,000	-166,513,000	1,203,228,000	-5,372,238,000	-3,166,034,000	-1,080,846,000	-5,533,540,000	-6,944,354,000	-418,032,000	-1,631,144,000	-1,445,031,000	3,571,860,000	330,058,000	2,442,392,000	149,928,000	1,779,657,000	4,317,724,000	34,104,465,000	-876,122,000	3,250,321,000	-15,111,879,000	-7,903,991,000	-488,945,000	-1,493,063,000	2,019,530,000	-945,942,000	-9,240,166,000	2,535,198,000	-4,269,360,000	2,148,916,000	721,497,000	-663,202,000	-1,640,959,000	1,114,393,000	2,249,955,000	9,945,526,000	-1,373,603,000	392,194,000	-5,222,032,000	-1,599,436,000	24,913,722,000	754,634,000	4,728,753,000	7,151,109,000	-15,372,887,000	985,338,000	3,507,252,000	-7,812,732,000			17,260,414,000	-17,100,267,000	-8,386,892,000	-2,016,748,000	-2,870,609,000	-571,504,000	-3,057,080,000	-2,133,194,000
cash flows from financing activities
proceeds from repurchase agreements and other secured financing	2,020,371,851,000	2,097,825,165,000	1,938,856,194,000	1,651,239,617,000	1,549,426,696,000	1,687,870,197,000	1,585,622,278,000	1,357,549,673,000	1,373,554,795,000	1,357,238,976,000	1,474,339,157,000	1,350,495,456,000	1,168,976,892,000	989,939,457,000	731,742,219,000	1,009,646,000,000	839,715,390,000	586,207,478,000	572,660,183,000	595,230,000,000	534,607,127,000	422,636,853,000	442,774,769,000	784,147,754,000	1,126,771,986,000	1,194,796,010,000	1,468,012,520,000	1,396,454,751,000	1,411,469,975,000	1,250,972,114,000	1,138,519,583,000	1,428,074,669,000	1,299,589,620,000
payments on repurchase agreements and other secured financing	-2,017,119,752,000	-2,091,043,023,000	-1,930,264,005,000	-1,646,232,404,000	-1,553,306,159,000	-1,686,368,985,000	-1,582,072,563,000	-1,355,734,121,000	-1,376,683,890,000	-1,359,727,829,000	-1,471,289,965,000	-1,349,597,270,000	-1,167,496,471,000	-984,581,830,000	-728,741,938,000	-1,011,784,075,000	-841,845,524,000	-586,739,556,000	-577,856,394,000	-596,246,063,000	-537,932,992,000		-445,982,543,000	-789,830,771,000	-1,158,603,746,000
proceeds from issuances of securitized debt	4,469,947,000	4,368,733,000	3,916,656,000	3,389,556,000	2,914,309,000	2,093,832,000	3,078,160,000	2,661,281,000	2,496,810,000	1,364,150,000	761,095,000	1,347,588,000	1,007,971,000	596,497,000	930,200,000	1,653,114,000	2,293,500,000	1,713,947,000	1,035,915,000	717,786,000	251,379,000	0	961,449,000	29,860,000	1,394,065,000	1,413,699,000	415,776,000	709,315,000	905,265,000
principal payments on securitized debt	-2,523,837,000	-1,858,279,000	-1,252,416,000	-1,138,520,000	-819,591,000	-915,995,000	-634,151,000	-520,166,000	-323,854,000	-270,434,000	-276,686,000	-238,060,000	-158,983,000	-174,135,000	-216,485,000	-444,627,000	-398,843,000	-445,829,000	-407,272,000	-505,871,000	-357,224,000		-319,378,000	-264,377,000	-276,551,000
payments on purchases of securitized debt		-224,986,000	-256,268,000	0	-4,350,000					0	0	-530,000	-1,974,000	0
payment of deferred financing cost	-451,000	-2,972,000	-616,000	-3,294,000	-7,011,000	-1,476,000	-1,452,000	-140,000	-1,191,000	-3,798,000												0	0			-7,006,000	-698,000	-2,743,000	-1,781,000						-1,079,000	0	0	-2,676,000	-400,000	-1,722,000	-245,000	0	-641,000	-2,094,000	0	0	-4,288,000
proceeds from participations issued	2,423,331,000	2,342,817,000	1,989,047,000	1,700,840,000	1,771,940,000	1,150,391,000	705,408,000	1,278,094,000	1,001,297,000	824,825,000	650,194,000	296,324,000	236,121,000	270,973,000	420,281,000	540,451,000	676,499,000	811,021,000	536,936,000
payments on repurchases of participations issued	-1,855,332,000	-2,217,044,000	-1,714,262,000	-1,870,635,000	-1,188,368,000	-449,967,000	-1,390,827,000	-1,281,153,000	-933,543,000	-513,748,000	-335,289,000	-464,670,000	-360,943,000	-177,023,000	-328,259,000	-580,041,000	-888,343,000	-383,702,000	-211,045,000	-183,394,000	-40,434,000
principal payments on participations issued	-22,167,000	-21,371,000	-24,690,000	-29,719,000	-13,110,000	-4,917,000	-13,076,000	-12,385,000	-15,344,000	-21,769,000	-9,912,000	-9,786,000	-11,168,000	-10,471,000	-8,397,000	-14,474,000	-17,370,000	-12,954,000	-6,405,000	-2,722,000	-1,293,000
net contributions (distributions) from (to) noncontrolling interests	-25,300,000	-21,000,000	-18,000,000	0	-4,000,000	0	-999,000	-5,450,000	-5,000,000	-35,800,000	8,400,000	1,000	13,000,000	11,999,000	21,000,000	15,000,000	24,390,000	2,455,000	-4,286,000	9,479,000	-2,013,000	-405,000	8,455,000	0	-288,000	-149,000	-208,000	-418,000	-361,000	-191,000
net proceeds from stock offerings, direct purchases and dividend reinvestments	508,349,000	565,251,000	1,089,032,000	760,781,000	495,507,000	397,966,000	1,149,451,000	10,947,000	-48,000	93,593,000	17,509,000	-118,000	562,709,000	8,921,000	1,671,480,000	949,495,000	6,104,000	82,881,000	48,908,000			100,000	670,000			0	41,146,000	468,170,000	1,319,709,000	666,000	1,070,646,000	48,963,000	412,081,000
settlement of stock-based awards in satisfaction of withholding tax requirements	-19,156,000	-241,000	0	-14,000	-13,922,000	0	0	-164,000	-5,993,000	0	-851,000	0	-5,810,000	-69,000	-989,000	-1,073,000	-1,977,000	-57,000	-1,781,000	-396,000	-596,000
dividends paid	-535,698,000	-522,950,000	-487,085,000	-458,994,000	-413,208,000	-401,554,000	-367,409,000	-362,524,000	-362,193,000	-358,890,000	-357,964,000	-356,841,000	-444,067,000	-441,816,000	-380,994,000	-348,359,000	-348,080,000	-345,924,000	-344,653,000	-334,601,000	-334,543,000	-344,200,000	-345,241,000	-393,143,000	-393,066,000	-395,025,000	-400,602,000	-466,570,000	-426,819,000	-135,497,000	-644,473,000	-379,274,000	-381,642,000	-367,098,000	-329,147,000	-293,253,000	-333,459,000	-295,448,000	-298,771,000	-302,340,000	-302,323,000	-302,302,000	-302,285,000	-302,270,000	-302,253,000	-302,239,000	-302,222,000	-1,225,868,000	11,293,000	23,973,000	-450,146,000	-1,604,607,000	-4,356,000	15,835,000	-556,744,000	-1,497,348,000	-41,180,000	-94,474,000	-408,487,000	-1,214,188,000	-16,745,000	51,065,000	-419,471,000	-938,187,000	-54,443,000
net cash from financing activities	5,671,785,000	9,190,100,000	11,833,587,000	7,357,214,000	-1,161,267,000	3,369,492,000	6,074,820,000	3,583,892,000	-1,278,154,000	-1,410,724,000	3,505,474,000	1,472,094,000	2,317,277,000	5,442,503,000	5,102,613,000	-371,579,000	-784,254,000	879,263,000	-4,550,254,000	-578,888,000	-3,627,852,000	-1,013,997,000	-2,934,054,000	-6,430,305,000	-31,108,411,000	-262,906,000	-2,729,408,000	16,315,578,000	8,632,944,000	1,543,086,000	707,374,000	-2,825,610,000	-109,288,000	7,101,207,000	-3,433,122,000	-2,595,806,000	-1,469,265,000	-2,401,728,000	1,443,573,000	1,173,253,000	-2,080,724,000	-2,841,939,000	-4,724,472,000	606,742,000	544,091,000	4,041,656,000	-2,329,272,000	-11,670,670,000	-3,852,160,000	-7,173,925,000	-2,022,094,000	9,612,483,000	-4,540,145,000	2,845,915,000	2,756,860,000			-9,757,291,000	12,218,370,000						591,691,000
net increase in cash and cash equivalents	-125,394,000	-58,858,000	37,851,000	225,317,000	345,501,000	-72,132,000	-26,949,000	-78,262,000	253,222,000	171,026,000	4,250,000	-557,301,000	217,459,000	110,543,000	612,239,000	-101,908,000	-386,250,000	295,790,000	-334,156,000	257,663,000	-120,910,000	3,721,000	-153,928,000	-1,429,611,000	972,792,000	56,808,000	-188,390,000	459,706,000	-213,144,000	653,002,000	-52,582,000	151,054,000	277,686,000	-161,251,000	-720,325,000	-842,442,000	-353,062,000	319,114,000	646,878,000	-468,165,000	452,265,000	-135,168,000	179,082,000	562,623,000	-142,045,000	396,469,000	371,761,000	-460,538,000	1,534,198,000	-2,383,774,000	1,246,761,000	-1,718,889,000	1,348,867,000	53,050,000	-61,437,000	-2,360,450,000	3,027,190,000	-29,554,000	74,386,000	-1,183,449,000	539,483,000	20,637,000	-598,613,000	224,672,000	52,863,000
cash and cash equivalents including cash pledged as collateral, beginning of period	2,037,838,000	0	0	0	1,488,027,000	0	0	0	1,412,148,000	0	0	0	1,576,714,000	0	0	0	1,342,090,000	0	0	0	1,243,703,000	0	0	0	1,850,729,000	0	0	0	1,735,749,000	0	0	0	706,589,000
cash and cash equivalents including cash pledged as collateral, end of period	1,912,444,000	-58,858,000	37,851,000	225,317,000	1,833,528,000	-72,132,000	-26,949,000	-78,262,000	1,665,370,000	171,026,000	4,250,000	-557,301,000	1,794,173,000	110,543,000	612,239,000	-101,908,000	955,840,000	295,790,000	-334,156,000	257,663,000	1,122,793,000	3,721,000	-153,928,000	-1,429,611,000	2,823,521,000	56,808,000	-188,390,000	459,706,000	1,522,605,000	653,002,000	-52,582,000	151,054,000	984,275,000
supplemental disclosure of cash flow information
interest received	1,227,178,000	1,211,312,000	1,081,655,000	983,941,000	1,025,159,000	995,256,000	964,257,000	907,981,000	915,491,000	877,577,000	850,881,000	803,900,000	746,161,000	707,913,000	606,975,000	578,763,000	565,361,000	593,527,000	629,477,000	694,477,000	783,900,000	755,228,000	-428,393,000	2,094,832,000	1,260,159,000	1,228,029,000	1,287,135,000	1,216,760,000	1,079,294,000	1,047,943,000	966,604,000	862,397,000	1,017,534,000	987,211,000	787,971,000	770,281,000	741,804,000	729,146,000	726,930,000	724,586,000	699,583,000	725,953,000	815,765,000	853,027,000	836,407,000	848,177,000	769,627,000	3,093,079,000	-136,090,000	-109,530,000	1,188,202,000	3,514,926,000	17,306,000	61,289,000	1,125,003,000
dividends received	296,000																	0	0	18,000	33,000	158,000	-1,695,000	4,064,000	2,116,000	2,116,000	2,093,000	2,070,000	2,116,000	2,116,000	2,093,000			1,464,000	1,267,000	1,267,000				0	4,318,000	4,318,000	4,048,000	4,048,000	4,048,000	4,048,000	13,045,000	17,576,000	-2,383,000	-666,000	7,097,000	22,901,000	-900,000	-762,000	8,283,000
interest paid	889,127,000	881,153,000	894,805,000	870,125,000	799,833,000	924,157,000	1,101,936,000	891,687,000	913,729,000	877,951,000	893,670,000	851,603,000	928,649,000	409,707,000	286,528,000	113,456,000	57,138,000	40,369,000	44,923,000	67,924,000	116,028,000	116,774,000	-448,505,000	922,735,000	575,973,000	861,105,000	763,715,000	644,019,000	633,805,000	567,503,000	419,198,000	419,198,000	320,988,000	293,975,000	223,109,000	183,663,000	158,975,000	154,697,000	127,449,000	113,064,000	96,296,000	93,599,000	124,673,000	125,249,000	103,681,000	148,972,000	118,131,000	492,838,000	-5,088,000	-15,528,000	184,426,000	421,263,000	58,125,000	-18,335,000	134,099,000	337,334,000	-201,889,000			848,929,000	18,875,000	-8,402,000	277,624,000	1,093,541,000	-19,645,000
net interest received on interest rate swaps	254,058,000	217,146,000	186,950,000	277,582,000	448,039,000	296,943,000	265,562,000	328,020,000	759,440,000	414,902,000	273,613,000	315,995,000	302,041,000	72,923,000
taxes received	-364,000	1,553,000	-150,000	34,000	-237,000	-561,000	-470,000	-421,000	-236,000	-186,000	1,944,000	-515,000	-139,000	1,678,000	-509,000	-984,000	-677,000	-4,577,000	447,000			-36,000	948,000	551,000	52,000	2,010,000	70,000	234,000	-30,000
noncash investing and financing activities
receivable for unsettled trades	891,293,000	-184,885,000	-948,980,000	1,132,373,000	2,523,000	1,435,106,000	445,682,000	-620,707,000	941,366,000	1,662,658,000	260,124,000	108,346,000	679,096,000	-1,578,804,000	1,719,668,000	27,002,000	407,225,000	-39,826,000	28,146,000	-130,582,000	144,918,000	-38,288,000	-692,882,000	-259,771,000	1,006,853,000	-188,437,000	187,907,000	-1,568,929,000	1,574,251,000	-1,198,061,000
payable for unsettled trades	1,522,750,000	-544,892,000	1,065,752,000	-766,248,000	2,304,774,000	-1,577,004,000	789,015,000	-1,460,527,000	2,556,798,000	1,035,070,000	-2,116,996,000	1,072,281,000	3,259,034,000	-8,175,800,000	7,337,686,000	3,392,000	1,992,568,000	-423,632,000	417,135,000	-915,675,000	1,070,080,000	-291,932,000	-946,734,000	1,199,183,000	923,552,000	217,761,000	-375,158,000	-4,142,592,000	4,763,376,000	-1,922,392,000
net change in unrealized gains on available-for-sale securities, net of reclassification adjustment	-45,048,000	135,821,000	115,659,000	47,356,000	230,280,000	-305,479,000	444,724,000	124,991,000	53,482,000	1,359,376,000	-312,245,000	168,083,000	1,158,282,000	1,722,540,000	-1,120,510,000	-1,845,444,000	-3,423,892,000	-680,228,000	-141,637,000	-221,956,000	-1,372,104,000	-214,721,000	-253,018,000	720,703,000	983,180,000	-175,624,000	948,812,000	1,684,379,000	1,660,489,000	1,843,091,000	-388,509,000	-434,367,000	-1,874,060,000	-485,871,000	-40,198,000	-2,205,570,000	2,631,000	476,680,000	1,017,962,000	-640,451,000	617,820,000	-1,128,964,000	569,116,000	1,172,703,000	-395,564,000	1,516,223,000	660,454,000	-5,636,631,000	3,126,950,000
dividends declared, not yet paid	511,203,000	18,144,000	27,284,000	27,816,000	421,637,000	13,201,000	37,069,000	376,000	325,286,000	3,423,000	598,000	8,000	321,023,000	351,000	57,735,000	32,604,000	321,423,000	2,156,000	1,272,000	10,043,000	307,671,000	-1,031,000	-1,042,000	-47,920,000	357,606,000	-1,964,000	-4,575,000	-70,365,000	434,431,000	291,318,000	-246,489,000	1,403,000	347,897,000	21,451,000	305,691,000	36,563,000	-8,368,000	23,000	277,456,000	-3,569,000	17,000	21,000	284,310,000	15,000	17,000	14,000	284,247,000	-47,327,000	-65,331,000	-29,285,000	426,173,000	-55,083,000	-48,661,000	1,497,000	534,401,000	-28,946,000	41,782,000	41,273,000	498,697,000	-17,816,000	41,400,000	16,851,000	363,785,000	33,440,000	54,799,000
see notes to consolidated financial statements.
loan loss provision										0	0	0	-219,000	7,258,000	-1,613,000	-26,913,000	608,000	194,000	-6,134,000	494,000	-139,620,000	1,497,000	-21,993,000	68,751,000	99,326,000	7,362,000	3,504,000	0	5,703,000
payments on purchases of interests in msr		0												0	0	0	-4,913,000	-12,073,000	-5,936,000
derecognition of assets of consolidated vies																		23,681,000	2,075,590,000			0
derecognition of securitized debt of consolidated vies																		10,681,000	1,602,618,000			0
business divestiture-related losses														13,013,000
investments in real estate																		-514,000	0	-1,069,000	-746,000	-1,327,000	-5,303,000	339,000	-1,159,000
proceeds from sales of real estate																		0	0	49,645,000	4,265,000					18,294,000	0	0	6,661,000
proceeds from sale of equity securities																		0	0
net proceeds from business divestiture																		340,000
net principal receipts (payments) on mortgages payable																		-1,218,000	-360,000	-329,000	-330,000	-83,530,000	-823,000
derecognition of mortgages payable
cash acquired (paid) in asset acquisition
redemptions of preferred stock																										0	-175,000,000
net payments on share repurchase
net (gains) losses on investments and derivatives																-399,435,000	-1,544,765,000								3,749,018,000
business divestiture-related (gains) losses																23,955,000	354,000
payments from relief of securitized debt
net interest received (paid) on interest rate swaps																-8,980,000	-66,918,000
net losses on disposals of investments and other
net losses on business divestitures																		16,514,000	14,009,000	-1,527,000	249,563,000
proceeds from sales and maturities of loans
net losses on disposal of investments and other																			-12,002,000	-16,223,000	65,786,000		-198,888,000
cash acquired in asset acquisition																							-2,746,000
net payment on share repurchase																							-31,412,000													0	0	0	-102,712,000												-141,149,000
net interest paid on interest rate swaps																			121,043,000	3,390,000	133,628,000		-67,941,000	186,253,000	171,965,000		93,939,000	-224,771,000	34,663,000	242,052,000	-102,174,000	-180,978,000	39,206,000	104,695,000	77,192,000	121,451,000	134,103,000	128,662,000	152,458,000	161,361,000	145,423,000	128,932,000	176,395,000	171,792,000	161,310,000	228,435,000	250,571,000	678,827,000	-9,361,000	-10,695,000	226,463,000	668,501,000	3,417,000	123,000	220,615,000	646,990,000
derecognition of mortage payable of consolidated vies
proceeds from partcipations issued																					183,067,000
payments on purchases of msrs																														0
proceeds from sales of msrs
principal payments on repurchase agreements and other secured financing																										-1,195,747,716,000	-1,470,173,616,000	-1,379,844,314,000	-1,404,070,367,000	-1,248,854,501,000	-1,138,420,966,000	-1,430,399,033,000	-1,299,277,944,000
principal repayments on securitized debt																										-253,645,000	-280,499,000	-935,860,000	-561,955,000	-769,797,000	-126,201,000	-170,562,000	-317,773,000	-688,608,000	-197,749,000	-69,980,000	-109,619,000	-66,611,000	-96,861,000	-2,088,000	-46,645,000	-235,000	-37,680,000
net payments on share repurchases
noncash investing activities
noncash financing activities
net (gains) losses on disposal of investments and other																									-206,583,000
principal payments on mortgages payable																									-811,000	-804,000	-12,923,000	-11,753,000	-722,000	-667,000				-2,311,000	-18,000	-16,081,000	-101,000	-7,300,000	-99,000	-98,000	-97,000	-96,000	-69,000	-17,000
net losses on disposals of investments																										-17,783,000	-66,522,000	38,333,000	93,916,000	747,026,000	324,294,000	66,117,000	-13,468,000
due to / from brokers																																		0	-16,000			0	-5,000					0	0	0	8,596,000	479,000	-635,000
payments on purchases of residential securities																										-11,503,683,000	-7,716,784,000	-25,200,304,000	-18,374,100,000	-27,570,938,000
proceeds from sales of residential securities																										5,893,320,000	6,523,201,000	5,274,372,000	7,822,334,000	23,698,153,000
principal payments on residential securities																										5,992,526,000	5,100,792,000	3,719,447,000	2,343,383,000	2,669,444,000
payments on purchases of corporate debt																										-258,767,000	-381,028,000	-124,896,000	-125,351,000	-497,747,000	-279,575,000	-234,393,000	-230,103,000			-74,850,000	-79,416,000	-64,368,000	-181,079,000	-95,900,000	-114,704,000	-124,020,000	-63,015,000	-22,770,000	-44,435,000	-41,043,000	-28,705,000				-3,483,000
proceeds from sales of corporate debt																										0	30,087,000	56,019,000	179,112,000
principal payments on corporate debt																										225,643,000	56,042,000	53,697,000	33,545,000	143,442,000	8,700,000	133,903,000	92,820,000	167,242,000	44,418,000	18,740,000	32,738,000	35,226,000	30,578,000	32,722,000	1,494,000	40,619,000	1,733,000	831,000	51,649,000	35,378,000	1,051,000	2,651,000	1,455,000	-301,000	911,000	3,682,000	440,000	-1,210,000	1,335,000			219,000	468,000
originations and purchases of commercial real estate investments																										-680,699,000	-180,130,000	-168,729,000	-269,489,000
proceeds from sales of commercial real estate investments																										0	0	152,833,000	41,013,000
principal repayments on commercial real estate investments																										115,767,000	282,161,000	992,662,000	578,031,000
payments on purchases of residential mortgage loans held for investment																										-954,481,000	-719,836,000	-599,067,000	-373,745,000	-556,129,000	-356,866,000	-205,927,000	-167,124,000
proceeds from repayments of residential mortgage loans held for investment																										274,778,000	254,097,000	208,623,000	107,783,000	96,044,000
payments on purchases of equity securities
cash paid related to asset acquisition, net of cash acquired																														0
net payment from disposal of subsidiary
principal payments on participation sold																																		0	-84,000	-106,000	-77,000	-76,000	-77,000	-76,000	-73,000	-71,000	-76,000	-102,000	-68,000
securitized debt assumed through consolidation of vies
bargain purchase gain																																				0
fees received																																				0													15,357,000	-3,823,000	18,453,000	62,977,000	712,000	86,000	20,708,000
cash flows from operating activities:
adjustments to reconcile net income to net cash from operating activities:
net change in:
cash flows from investing activities:
originations and purchases of commercial real estate related assets																															-339,574,000	-266,532,000	-91,647,000
proceeds from sales of commercial real estate related assets
principal repayments on commercial real estate related assets																															83,401,000	264,770,000	130,555,000
cash flows from financing activities:
proceeds from issuance of securitized debt																															308,908,000	0	279,203,000			0	0	0	1,381,640,000	0	0	1,114,896,000	1,267,914,000	0	0	0	260,700,000
redemption of preferred stock																															0	0	-412,500,000
supplemental disclosure of cash flow information:
taxes paid																															-50,000	134,000	2,000	-4,114,000		76,000	267,000	347,000	244,000	3,000	25,000	1,258,000	643,000	1,389,000	1,864,000	2,924,000	2,137,000	9,611,000	-3,221,000	1,675,000	2,382,000	35,216,000	9,608,000	-13,635,000	21,401,000	43,126,000	14,644,000	-19,126,000	22,401,000	25,412,000	4,345,000	1,753,000	5,232,000	32,652,000	-1,675,000
noncash investing activities:
noncash financing activities:
proceeds of sales and repayments of loans held for sale																																16,543,000	30,178,000
net payments on derivatives																																335,387,000	951,021,000	499,083,000	-738,872,000	-191,980,000	-172,848,000	104,658,000	91,358,000	47,926,000	123,410,000	-49,518,000	-66,604,000	-35,580,000	-5,988,000	-2,276,000	-90,440,000	-151,451,000	61,386,000	-41,468,000	-1,490,000	-9,525,000	17,661,000	-19,158,000	849,000	-5,387,000	32,000	-832,000	-971,000
accrued interest and dividends receivable																																3,722,000	-2,963,000	-34,880,000	3,294,000	13,742,000	10,768,000	4,749,000	-1,547,000	-4,164,000	6,160,000	17,011,000	28,886,000	5,986,000	-1,943,000	-9,384,000	-16,035,000	95,952,000	-6,085,000
accrued interest payable																																193,743,000	31,628,000	21,179,000	19,465,000	-9,392,000	8,137,000	-4,548,000	12,140,000	6,289,000	13,910,000	-23,432,000	-25,425,000	156,000	22,563,000	-12,862,000	25,032,000	-24,476,000	9,996,000	-348,000	-11,147,000	41,248,000	-39,028,000	55,568,000	-9,857,000
accounts payable and other liabilities																																-3,363,000	-132,910,000	92,582,000	-15,995,000	66,182,000	-47,493,000	-2,199,000	26,530,000	-15,389,000	3,465,000	10,243,000	3,709,000	-1,971,000	6,883,000	-17,726,000	13,801,000	38,957,000	-67,684,000	6,386,000	26,250,000	15,008,000	-48,693,000	-13,778,000	50,704,000	2,360,000	-3,866,000
payments on purchases of residential investment securities																																-3,590,360,000	-3,718,947,000	-14,435,268,000	-2,043,364,000	-11,900,806,000	-6,540,170,000	-2,443,615,000	-4,644,731,000
proceeds from sales of residential investment securities																																2,902,757,000	463,214,000	1,803,956,000	1,787,574,000	3,758,995,000	4,721,621,000	411,614,000	3,596,677,000
principal payments on residential investment securities																																2,968,566,000	2,696,245,000	3,044,746,000	2,952,739,000
purchase of msrs																																-132,000	-249,000		-7,210,000	-46,678,000
proceeds from sales on commercial real estate related assets																																18,523,000	9,556,000
proceeds from repayments from residential mortgage loans held for investment																																86,338,000	67,384,000		28,308,000	6,497,000
net contributions/(distributions) from/(to) noncontrolling interests																																-373,000	-333,000
receivable for investments sold																																-23,398,000	45,126,000	-338,801,000	354,126,000	-442,378,000	-204,104,000	695,723,000	2,220,000	-5,946,000	-119,790,000	-1,762,576,000	2,009,937,000	154,933,000	-1,822,000	837,867,000	19,116,000	258,766,000	-564,176,000	206,662,000	1,292,478,000	-179,544,000	-850,730,000	866,718,000	454,278,000		362,066,000
payable for investments purchased																																1,017,507,000	91,327,000	-4,587,287,000	340,383,000	-389,196,000	-291,853,000	495,478,000	250,612,000	-637,263,000	70,445,000	668,728,000	5,205,000	-1,888,805,000	1,372,562,000	-1,117,280,000	1,898,507,000	-1,782,336,000	-286,747,000	-370,247,000	3,203,461,000	-7,850,081,000	8,719,628,000	1,678,998,000	5,708,412,000	-1,537,190,000	1,028,368,000
amortization of residential investment securities premiums and discounts																																		203,951,000	203,634,000	-19,682,000	213,111,000	265,475,000	355,671,000
amortization of residential mortgage loans premiums and discounts																																		487,000	77,000
amortization of securitized debt premiums and discounts																																		-4,791,000	-27,000
amortization of commercial real estate investment premiums and discounts																																		539,000	-1,019,000	-585,000	-841,000	-1,305,000	-247,000	-241,000	-499,000	-421,000	-160,000	9,000	216,000	-401,000	792,000	-72,000	-658,000
amortization of intangibles																																		2,249,000	2,304,000	2,447,000	2,825,000	5,192,000	2,429,000	2,214,000	1,509,000	2,391,000	1,195,000	945,000	217,000	129,000	99,000	646,000	1,645,000	0	323,000	3,446,000	1,000	42,000	591,000	1,624,000	207,000	103,000	366,000	1,193,000	1,000	-1,000	407,000	1,909,000	-7,000
amortization of deferred financing costs																																		577,000	367,000	294,000	296,000	499,000	520,000	227,000	631,000	1,647,000	2,914,000	1,928,000	2,563,000	2,647,000	2,813,000
amortization of net origination fees and costs																																		-826,000	-1,102,000	-1,042,000	-1,057,000	-1,131,000	-1,737,000	-913,000	-1,000,000	-1,160,000	-1,190,000	-1,580,000	-1,247,000	-1,117,000	-973,000
amortization of contingent beneficial conversion feature and equity component of convertible senior notes																																								0	0	488,000	11,758,000	13,213,000	9,887,000	7,831,000	6,410,000
depreciation expense																																		3,891,000	4,601,000	5,357,000	5,827,000	6,114,000	4,570,000	3,888,000	3,086,000	2,864,000	2,823,000	1,941,000	528,000	444,000	292,000
net losses on sale of commercial real estate
net losses on sales of commercial loans held for sale																																		0
net losses on sales of residential investment securities																																		-7,911,000	-1,179,000	-6,098,000	-14,670,000	-11,946,000	1,675,000
net losses on sales of residential mortgage loans																																		1,297,000	993,000
net (gain) on sale of subsidiary																																		-114,000
net losses on sales of msrs
net losses on sales of corporate debt
net losses on sales of other investments
net loss on sale of investment in affiliate																																								0
stock compensation expense																																		130,000	101,000	98,000	5,865,000	1,015,000	69,000	67,000	65,000	985,000	39,000	74,000	0
impairment of goodwill																																								0	0
unrealized losses on interest rate swaps																																		-484,447,000	-149,184,000	-1,430,668,000	-256,462,000	373,220,000	1,031,720,000	-463,126,000	822,585,000	-700,792,000	466,202,000	873,468,000	-98,593,000	-175,062,000	348,942,000				-325,734,000						1,038,390,000
net unrealized losses on investments measured at fair value through earnings																																		12,115,000		-110,742,000
equity in net income from unconsolidated joint venture																																								2,368,000
distributions of cumulative earnings from unconsolidated joint venture																																		402,000
net losses on trading assets																																		-121,334,000	-319,000	139,470,000	-162,981,000	-81,880,000	-125,189,000	-42,584,000	-108,175,000	114,230,000	6,906,000	57,454,000	-4,676,000	46,489,000	146,228,000				14,829,000
originations of loans held for sale
proceeds from sale of commercial loans held for sale																																		0	114,422,000	29,848,000
payments on purchases of residential mortgage loans
proceeds from repayments from residential mortgage loans																																		80,000,000	30,468,000	27,311,000
payments on purchases of corporate debt held for sale
proceeds from sales of corporate debt held for sale
proceeds from repurchase agreements of rcap																																		1,040,315,000,000	732,852,385,000	608,870,000,000	585,050,000,000	610,375,000,000	466,225,000,000	582,172,000,000	552,250,000,000	509,400,000,000	386,000,000,000	133,890,000,000	216,575,000,000	201,565,837,000	329,649,937,000	966,333,927,000	184,690,013,000
payments on repurchase agreements of rcap																																		-1,039,240,000,000	-732,452,385,000	-603,145,000,000	-586,350,000,000	-608,925,000,000	-466,825,000,000	-582,322,000,000	-551,350,000,000	-509,400,000,000	-391,250,000,000	-132,940,000,000	-218,175,000,000	-200,064,915,000	-324,602,992,000	-984,844,755,000	-174,088,851,000
receivable for investment advisory income																																								3,992,000	6,597,000	-321,000	134,000	-2,033,000	-1,989,000	118,000	341,000	10,572,000	-2,124,000
purchases of msrs
sales of msrs
proceeds from sale of investment in affiliate																																								0
purchases of corporate debt
purchases of commercial real estate debt investments																																		-15,746,000	-38,410,000	-75,000,000	0	0	-76,862,000	-43,000,000	-91,593,000	-90,993,000	-185,925,000
sales of commercial real estate debt investments																																								0	0	0	41,016,000
purchases of securitized loans at fair value
originations of commercial real estate investments
proceeds from sale of commercial real estate investments																																		0	11,960,000	26,780,000	0			0	180,644,000							0
principal payments on commercial real estate debt investments																																		43,800,000	68,178,000	9,325,000	9,515,000	60,227,000	1,374,000	650,000	8,554,000
principal payments on securitized loans at fair value																																		741,613,000	213,782,000	75,654,000	54,379,000	120,000	52,287,000
principal payments on commercial real estate investments																																		32,106,000	88,729,000	167,682,000	83,976,000	50,529,000	351,930,000	117,062,000	6,886,000	238,642,000	82,408,000	78,286,000	66,606,000	101,395,000	69,795,000	85,415,000	8,744,000
purchases of investments in real estate
investments in unconsolidated joint ventures
purchases of residential mortgage loans held for investment
principal payments on residential mortgage loans held for investment
purchases of equity securities
proceeds from sales of equity securities																																				0	0	0	16,112,000
cash acquired in business combinations
net proceeds from disposal of subsidiary
proceeds from repurchase agreements																																		60,339,057,000	50,845,041,000	51,039,313,000	42,878,279,000	41,752,600,000	43,970,988,000	46,076,504,000	50,377,266,000	48,043,129,000	57,776,249,000	47,805,965,000	49,081,627,000	48,756,248,000	49,726,537,000	284,528,466,000	-26,228,971,000	21,710,249,000	101,631,583,000	260,639,683,000	7,651,080,000	1,276,779,000	82,930,109,000	200,233,011,000	10,401,763,000	-3,058,798,000	65,447,646,000	169,063,360,000	2,241,990,000	-4,037,711,000	57,522,092,000	247,695,921,000	-12,507,480,000
principal payments on repurchase agreements																																		-53,147,982,000	-53,741,764,000	-53,332,622,000	-44,085,302,000	-43,782,356,000	-45,153,707,000	-46,145,008,000	-52,287,454,000	-51,060,955,000	-63,410,797,000	-47,004,761,000	-48,243,123,000	-44,428,901,000	-52,010,534,000	-294,836,308,000	22,367,390,000	-29,050,812,000	-103,063,408,000	-249,933,647,000	-11,254,485,000	532,504,000	-79,618,116,000	-188,259,468,000	-5,244,768,000	-4,117,268,000	-55,765,779,000	-171,843,095,000	3,121,680,000	5,028,318,000	-59,649,330,000	-249,793,883,000	13,012,204,000
payments on maturity of convertible senior notes																																								0	0	-750,000,000	-107,541,000
proceeds from other secured financing																																		265,933,000	6,801,000	80,327,000	212,230,000	0	2,146,084,000	1,866,978,000	484,735,000	113,200,000	90,000,000
payments on other secured financing																																		-141,620,000	-15,353,000	-3,711,000	-31,652,000	0	-402,806,000	-381,900,000
principal repayments on securitized loans																																								0	151,000
payments of deferred financing cost
net proceeds from issuances of preferred stock
net proceeds from direct purchases and dividend reinvestments																																		593,000	596,000	567,000	619,000	652,000	524,000	522,000	580,000	575,000	569,000	585,000	577,000	601,000	607,000	2,120,000	65,000	-91,000	761,000	1,660,000	289,000
net proceeds from issuances of common stock
proceeds from mortgages payable																																								171,925,000				103,950,000	12,350,000
contributions from noncontrolling interests																																		12,000						5,009,000
distributions to noncontrolling interests																																		-221,000	-366,000	-274,000	-183,000	-513,000	-230,000	-193,000	-211,000	-130,000	-115,000
cash and cash equivalents, beginning of period																																		0	1,539,746,000	0	0	0	1,769,258,000	0	0	0	1,741,244,000	0	0	0	552,436,000	-109,748,000	-1,137,013,000	1,246,761,000	615,789,000	69,824,000	-8,387,000	-61,437,000	994,198,000		44,832,000	74,386,000	282,626,000	1,176,589,000	-577,976,000	-598,613,000	1,504,568,000	-443,445,000	317,680,000
cash and cash equivalents, end of period																																		-161,251,000	819,421,000	-842,442,000	-353,062,000	319,114,000	2,416,136,000	-468,165,000	452,265,000	-135,168,000	1,920,326,000	562,623,000	-142,045,000	396,469,000	924,197,000	-570,286,000	397,185,000	-1,137,013,000	1,862,550,000	-1,649,065,000	1,340,480,000	-8,387,000	932,761,000		3,072,022,000	44,832,000	357,012,000	-6,860,000	-38,493,000	-577,976,000	905,955,000	-218,773,000	370,543,000
investment advisory income received																																								3,992,000	10,377,000	9,889,000	10,992,000	8,825,000	6,264,000	6,227,000	6,464,000
reclassification of loans held for sale to investments in commercial real estate
residential mortgage loans acquired through consolidation of vies
net losses on sales of commercial real estate
equity in net income from unconsolidated joint ventures																																			1,031,000		927,000	1,270,000	3,147,000
payments on purchase of residential mortgage loans																																			-34,740,000	-26,220,000
payment on purchase of corporate debt held for sale
proceeds from sale of corporate debt held for sale
proceeds from reverse repurchase agreements of rcap																																																321,528,005,000	44,101,757,000
payments on reverse repurchase agreements of rcap																																																-320,023,901,000	-48,726,829,000
purchase of securitized loans at fair value																																				0	0	0	-1,489,268,000	0	0	-1,204,342,000	-1,370,011,000
origination of commercial real estate investments																																			-102,213,000	-66,968,000	-15,164,000	-9,921,000	-179,099,000	346,427,000	-646,346,000	-119,029,000	-61,502,000	-39,984,000	-34,729,000	-46,171,000	-125,949,000
purchase of investments in real estate																																			-415,000	-875,000	-856,000	-577,000	-610,000	-244,956,000	-29,779,000			-154,000,000	0
investment in unconsolidated joint venture																																			-1,700,000	-536,000	-2,550,000			700,000	-58,192,000
payments on purchase of residential mortgage loans held for investment																																			-375,367,000	-57,601,000
purchase of equity securities																																			-2,104,000	0	0	0	-88,062,000	-74,679,000	-19,389,000	-4,528,000	-3,602,000													0
cash acquired in business combination																																				1,000
net proceeds from issuance of preferred stock
net proceeds from issuance of common stock
net gain on sale of commercial real estate																																			-5,052,000	-2,044,000	0							0	0	-1,535,000	-1,213,000
net gain on sale of commercial loans held for sale																																			3,000	2,000	5,000
net unrealized losses on financial instruments measured at fair value through earnings																																			-23,683,000			54,154,000	-128,000	62,703,000	24,501,000
origination of corporate debt held for sale																																			-19,494,000
origination of corporate debt																																			-91,749,000
proceeds from securities borrowed																																												0	0	3,895,375,000	19,993,580,000	185,320,184,000	1,360,210,000	22,675,517,000	53,799,157,000	47,964,400,000	13,655,730,000	6,058,085,000	6,683,283,000	14,815,483,000	10,986,154,000	466,690,000	993,039,000	2,046,327,000	241,973,000	159,473,000	476,309,000
payments on securities borrowed																																												0	0	-3,381,875,000	-17,924,187,000	-184,727,205,000	-2,638,601,000	-21,884,513,000	-54,326,700,000	-49,059,245,000	-13,450,221,000	-6,207,238,000	-6,877,004,000	-14,994,658,000	-11,367,820,000	-465,867,000	-1,145,077,000	-2,224,926,000	-68,863,000	-310,528,000	-507,364,000
proceeds from securities loaned																																												0	0	4,760,563,000	37,178,735,000	328,411,778,000	51,419,108,000	-5,719,480,000	110,725,140,000	126,333,483,000	25,467,194,000	1,853,960,000	32,002,954,000	41,727,401,000	11,069,763,000	153,747,000	1,175,210,000	2,234,232,000	186,693,000	250,721,000	559,552,000
payments on securities loaned																																												-7,000	0	-5,274,066,000	-39,192,893,000	-328,707,270,000	-50,358,448,000	5,151,920,000	-110,203,395,000	-125,465,930,000	-25,567,591,000	-1,689,650,000	-31,931,006,000	-41,600,072,000	-10,697,510,000	-208,280,000	-1,033,199,000	-2,054,538,000	-359,468,000	-100,176,000	-528,232,000
principal payments on agency mortgage-backed securities																																				3,889,815,000	3,964,848,000	2,669,007,000	1,946,498,000	2,114,662,000	2,469,315,000	2,745,089,000	2,596,964,000	2,367,137,000	2,375,139,000	1,894,933,000	1,675,575,000	17,260,462,000	-2,060,926,000	-1,965,479,000	8,514,074,000	25,189,634,000	2,066,367,000	501,055,000	7,376,488,000	18,491,181,000
proceeds from sales of commercial real estate held for sale																																												0	0	5,279,000	20,740,000
contingent beneficial conversion feature on 4% convertible senior notes																																												4,543,000	4,429,000	4,150,000	4,186,000	13,063,000	-230,000			88,328,000	-49,623,000
net losses on sale of residential mortgage loans
originations of commercial loans held for sale
decrease in securitized debt
net loss on sale of commerical real estate debt investments
proceeds from sale of loans held for sale
loss on previously held equity interest in crexus
realized loss on disposal of subsidiary
proceeds from agency debentures called																																																		452,795,000	847,205,000	1,473,898,000	-371,138,000	546,883,000	151,640,000	835,075,000	265,573,000	-570,894,000	594,246,000
proceeds from corporate debt called																																																				48,484,000
acquisition of crexus																																																-724,424,000	723,959,000
proceeds from derivatives
payment on disposal of subsidiary
proceeds from exercise of stock options																																																		1,674,000	265,000	7,768,000	-2,879,000	1,707,000	1,842,000	7,201,000	-1,923,000	1,238,000	2,437,000	3,566,000	279,000	-305,000	1,058,000	4,594,000	221,000
amortization of investment securities premiums and discounts																																									255,123,000	94,037,000	284,777,000	198,041,000	197,709,000	149,641,000	118,988,000	772,056,000	-118,213,000
net loss on sale of commercial real estate debt held for investment																																									0
net losses on sales of investment securities																																									-4,507,000	-3,933,000	-62,356,000
payments on purchases of investment securities																																									-4,534,805,000	-3,572,374,000	-5,065,764,000
proceeds from sales of investment securities																																									3,802,787,000	4,305,000,000	13,973,224,000
net unrealized losses on interest-only agency mortgage-backed securities																																											33,546,000	29,520,000	37,944,000	-2,085,000	20,793,000				-80,127,000
net losses on sales of agency mortgage-backed securities and debentures																																												-3,162,000	-4,693,000	-5,903,000	-80,718,000				-182,843,000
net loss on extinguishment of 4% convertible senior notes
non-cash component of disposal of subsidiary
receivable from prime broker
payments on purchases of agency mortgage-backed securities and debentures																																												-10,728,094,000	-6,176,074,000	-12,355,487,000	-9,367,034,000	-33,741,342,000	3,169,716,000	9,199,721,000	-17,699,472,000	-64,763,679,000	-3,377,123,000	2,078,174,000	-20,099,149,000	-52,010,315,000
proceeds from sales of agency mortgage-backed securities and debentures																																												7,124,991,000	4,153,838,000	5,220,627,000	6,155,091,000	40,552,757,000	316,164,000	-2,024,770,000	15,484,409,000	22,732,424,000	2,665,295,000	374,815,000	4,770,341,000	15,768,335,000
earn out payment																																																							-13,387,000
net proceeds from series c preferred offering
net proceeds from series d preferred offering																																																				0
net proceeds from issuance of 5% convertible senior notes offering
net payment on extinguishment of 4% convertible senior notes
net proceeds from follow-on offerings																																																											2,941,411,000
conversion of series b cumulative preferred stock																																																							32,232,000		6,271,000	-24,000	48,000	15,875,000
equity component of 5% convertible senior notes																																																				0	0
principal payments on mortgage payable
payments on participation sold																																															-72,000	-135,000	2,000
amortization of deferred expenses																																																6,114,000	0	0	2,038,000	4,776,000	351,000	938,000	900,000	2,700,000	0
loss on investment with affiliate, equity method
unrealized losses on equity securities
proceeds from reverse repurchase agreements of shannon																																																698,450,000	-99,786,000
payments on reverse repurchase agreements of shannon																																																-631,619,000	102,787,000
payments on purchase of corporate debt																																																-66,167,000	3,564,000			-57,570,000	-13,620,000
purchases of commercial real estate investments																																																-650,761,000	-103,982,000
purchase of investment in affiliate
purchase of customer relationships
adjustments to reconcile net income to net cash provided by (used in) operating activities:
amortization of contingent beneficial conversion feature on convertible senior notes																																																	728,000	552,000	3,324,000				7,828,000	5,652,000
net (gains) losses on sales of agency mortgage-backed securities and debentures																																																	104,396,000					-14,538,000	-80,299,000
net income on extinguishment of 4% convertible senior notes																																																				75,012,000
unrealized (gains) losses on interest rate swaps																																																	1,102,679,000			-71,978,000	-507,018,000	952,854,000	-341,639,000				-169,308,000
net unrealized (gains) losses on interest-only agency mortgage-backed securities																																																	118,620,000			26,374,000	7,460,000	56,980,000	-30,877,000
net (gains) losses on trading assets																																																	166,446,000			-19,157,000	-263,000	1,766,000	-2,871,000
net payment from extinguishment of 4% convertible senior notes
net (payments) proceeds from follow-on offerings
adjustments to reconcile net income to net cash from (used in) operating activities:
amortization of investment premiums and discounts																																																			421,057,000	1,015,308,000	152,724,000	22,433,000	280,336,000	593,263,000	74,441,000
stock option and long-term compensation expense																																																			817,000	4,587,000	-14,000	-838,000	1,849,000	3,866,000	206,000	-65,000	1,262,000	3,561,000	1,000	24,000	1,171,000	3,576,000	-116,000
proceeds from repurchase agreements from rcap																																																			237,569,485,000	564,834,073,000	-45,080,950,000	86,933,032,000	127,052,942,000
payments on repurchase agreements from rcap																																																			-238,600,415,000	-561,124,646,000	47,916,772,000	-91,325,363,000	-122,741,955,000
proceeds from reverse repurchase agreements to rcap																																																			104,959,663,000	288,468,083,000	-17,327,259,000	75,888,421,000	54,896,766,000
payments on reverse repurchase agreements to rcap																																																			-108,104,936,000	-289,751,977,000	17,201,018,000	-73,676,283,000	-56,577,802,000
proceeds from reverse repurchase agreements to shannon																																																			376,198,000	494,885,000	55,792,000	35,956,000	93,892,000	107,506,000	51,803,000
payments on reverse repurchase agreements to shannon																																																			-353,295,000	-574,307,000	-31,594,000	-53,229,000	-92,591,000	-101,705,000	-64,067,000
accrued interest and dividend receivable																																																			22,616,000		-3,250,000	9,006,000	-10,568,000		-30,175,000
advisory and service fees receivable																																																			4,913,000	1,348,000	1,607,000	-1,077,000	-58,000		3,045,000
net gains on other derivative securities																																																			7,465,000
statement continued on following page.
statement continued from previous page.
net change in unrealized loss on available-for-sale securities and interest rate swaps, net of reclassification adjustment																																																			-1,049,994,000		9,397,000	889,448,000	-242,558,000				-155,114,000
contingent beneficial conversion feature on convertible senior notes																																																			3,963,000				23,321,000
adjustments to reconcile net income to net cash provided by operating activities:
amortization of contingent beneficial conversion feature and equity component on convertible senior notes																																																				16,579,000	-4,794,000
(gains) losses on disposal of investments
(gain) loss on investment with affiliate, equity method
unrealized (gains) losses on equity securities
net proceeds from issuance of 5% convertible senior notes
net proceeds from issuance of 4% convertible senior notes
net proceeds from common stock follow-on offerings
net change in unrealized gains on available-for-sale securities and interest rate swaps, net of reclassification adjustment
conversion of series b cumulative convertible preferred stock
net (gains) losses on disposal of investments
gain on investment in affiliate, equity method
net (payment) proceeds from follow-on offerings																																																							-231,000
payable for investments purchased with affiliate																																																											57,500,000
(gains) losses on sales of agency mortgage-backed securities and debentures
unrealized (gains) losses on interest-only agency mortgage-backed securities
proceeds from repurchase agreements from broker dealer																																																								720,664,765,000	-103,709,520,000	-41,951,346,000	302,730,166,000	903,426,088,000	43,762,839,000	71,099,592,000	250,140,649,000	129,392,625,000
payments on repurchase agreements from broker dealer																																																								-722,122,700,000	108,138,014,000	33,140,286,000	-297,961,656,000	-894,364,778,000	-47,075,031,000	-68,674,195,000	-248,827,060,000	-123,887,329,000
proceeds from reverse repurchase agreements to broker dealer																																																								129,048,782,000	-20,934,647,000
payments on reverse repurchase agreements to broker dealer																																																								-129,142,836,000	20,426,257,000
receivable for advisory and service fees
issuance of convertible senior notes
proceeds from direct purchase and dividend reinvestment																																																												277,787,000	357,000	-114,878,000	115,518,000	586,000
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
contingent beneficial conversion feature on senior convertible notes
losses on sales of agency mortgage-backed securities and debentures
unrealized losses on interest-only agency mortgage-backed securities
net losses on trading securities																																																									-7,654,000
net cash from (used in) investing activities
net cash from (used in) financing activities
contingent beneficial conversion feature
losses on sales of mortgage-backed securities and agency debentures
unrealized losses on interest-only mortgage-backed securities
gain on investment with affiliate, equity method																																																											-98,000				-140,000
payments on purchases of mortgage-backed securities and agency debentures																																																										21,025,240,000	-26,657,476,000
proceeds from sales of mortgage-backed securities and agency debentures																																																										-1,362,461,000	3,397,846,000
principal payments on mortgage-backed securities																																																										-1,744,732,000	5,549,651,000
proceeds from direct purchases and dividend reinvestments																																																										453,422,000	1,142,000
net change in unrealized loss on available-for-sale securities and interest rate
swaps, net of reclassification adjustment
amortization of mortgage backed securities premiums and discounts																																																											174,743,000			-26,830,000	164,007,000
amortization on deferred expenses																																																											900,000
gains on sales of mortgage-backed securities and agency debentures																																																											-27,185,000
net gains on trading securities																																																											-18,812,000		-1,005,000
proceeds from reverse repo to broker dealer																																																											56,147,084,000
payments on reverse repo to broker dealer																																																											-56,488,990,000
increase in other assets																																																											-64,055,000
increase in accrued interest and dividend receivable																																																											-48,671,000	-4,853,000
increase in advisory and service fees receivable																																																											-459,000
decrease in interest payable																																																											-2,665,000				-1,115,000
increase in accounts payable and other liabilities																																																											70,166,000	-18,620,000	54,011,000	-96,761,000	60,286,000
proceeds from other derivative securities																																																											14,998,000
interest paid, including interest rate swaps																																																											324,269,000
receivable for investment securities sold																																																											320,465,000			-281,055,000	359,636,000
payable for investments securities purchased																																																											2,476,409,000
net income attributable to non controlling interest
amortization on deferred
amortization of trading securities premiums and discounts
gain on sale of mortgage-backed securities and agency debentures																																																												-119,805,000
unrealized gain on interest rate swaps																																																												-129,421,000					358,894,000
realized loss on futures
realized gain on treasuries
unrealized loss on treasuries
unrealized loss on options
net realized gain on trading investments
unrealized depreciation on trading investments
loss on other-than-temporarily impaired securities
decrease (increase) in other assets																																																												-11,358,000
increase in interest payable																																																												11,835,000
purchase of trading securities																																																													-2,639,709,000
proceeds from sale of trading securities																																																													2,699,017,000
purchase of equity trading securities sold, not yet purchased
proceeds from equity trading securities sold, not yet purchased
decrease (increase) in receivable from prime broker
reduction of net assets in the fund
proceeds from reverse repo from broker dealer																																																														3,508,521,000	2,727,269,000	-4,998,217,000	812,860,000
payments on reverse repo from broker dealer																																																														-3,247,718,000	-2,764,682,000
payments on treasuries
proceeds from treasuries
payments on future contract
purchase of mortgage-backed securities																																																												-38,759,791,000	3,644,979,000	-9,327,025,000	-6,980,855,000	-16,186,773,000	-3,383,303,000
proceeds from sale of mortgage-backed securities and agency debentures																																																												7,978,335,000
principal payments of mortgage-backed securities																																																												23,391,475,000	-4,977,522,000	4,356,455,000	6,190,795,000	9,779,938,000	504,446,000
agency debentures called																																																												1,782,127,000	-524,125,000
purchase of agency debentures																																																														1,201,790,000	-2,014,728,000
purchase of corporate debt
investment in affiliates
investment to purchase subsidiary
issuance of convertible notes																																																															582,000,000
net proceeds from atm programs
noncontrolling interest
net cash provided (used) by financing activities
receivable for mortgage-backed securities sold																																																												-1,486,082,000
payable for mortgage-backed securities and agency debentures purchased																																																												-3,590,915,000
net change in unrealized gain on available-for-sale securities and interest rate swaps, net of reclassification adjustment																																																												-64,011,000	-1,315,013,000	655,814,000	-3,465,000	1,041,227,000	357,277,000
amortization of mortgage-backed securities and agency debentures premiums and discounts
deferred expense amortization																																																													0	450,000	450,000
net change in investment with affiliate, equity method																																																													-22,000
(increase) in advisory and service fees receivable
payments on reverse repurchase agreements from broker dealer
proceeds from reverse repurchase agreements from broker dealer
purchase of available-for-sale equity securities from affiliate
net proceeds from follow-on offering
gain on sale of investment securities																																																														7,921,000	-46,962,000
unrealized loss on interest rate swaps																																																														476,306,000	116,732,000
decrease in accrued interest and dividend receivable																																																														-5,523,000	1,746,000
decrease in other assets																																																														55,999,000	-33,915,000
increase (decrease in) interest payable
proceeds from sale of investment securities																																																																3,423,890,000	458,731,000
net cash (used) provided by financing activities																																																														344,489,000	-1,848,133,000
payable for investment securities purchased																																																														-2,630,767,000	7,498,712,000	439,366,000	-3,373,024,000
decrease in advisory and service fees receivable																																																															851,000
proceeds from sale of mortgage-backed securities																																																															1,974,280,000
adjustments to reconcile net income to net cash provided
by operating activities:
(gain) loss on sale of investment securities																																																																-98,537,000
gain on termination of interest rate swaps
unrealized depreciation (appreciation) on trading investments
(increase) decrease in other assets																																																																-5,325,000
purchase of trading securities sold, not yet purchased
proceeds from trading securities sold, not yet purchased
(increase) decrease in advisory and service fees receivable
(decrease) increase in interest payable																																																																-105,556,000
increase (decrease) in accounts payable and other liabilities
loss on receivable from prime broker
proceeds from termination of interest rate swaps
net income attributable to noncontrolling interest
amortization of mortgage-backed securities premiums and discounts																																																																	16,657,000
equity in investment with affiliate
unrealized (appreciation) depreciation on trading investments
(increase) decrease in accrued interest and dividends receivable
proceeds from securities sold, not yet purchased
increase (decrease) in accrued expenses and other liabilities																																																																	-18,269,000
payment on reverse repo from broker dealer																																																																	-891,182,000
increase in accrued interest and dividends receivable
decrease in trading sales receivables
proceeds from repurchase agreements on from broker dealer
payments on repurchase agreements, broker dealer
purchase of reverse repurchase agreements

Annaly Capital Management, Inc(NYSE:NLY)

Annaly Capital Management, Inc
(NYSE:NLY)