CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013		Dec. 31, 2012
Mortgage-backed securities (“MBS”):
Agency MBS, at fair value ($6,484,697 and $6,747,299 pledged as collateral, respectively)	$ 6,937,911		$ 7,225,460
Non-Agency MBS, at fair value ($1,971,604 and $1,602,953 pledged as collateral, respectively)	2,857,418		2,762,006
Non-Agency MBS transferred to consolidated variable interest entities (VIEs)	2,438,235	[1]	2,620,159	[1]
Securities obtained and pledged as collateral, at fair value	405,458		408,833
Cash and cash equivalents	448,282		401,293
Restricted cash	3,020		5,016
MBS linked transactions, net (“Linked Transactions”), at fair value	10,519		12,704
Interest receivable	40,875		44,033
Derivative hedging instruments, at fair value	7,140		203
Goodwill	7,189		7,189
Prepaid and other assets	40,664		30,654
Total Assets	13,196,711		13,517,550
Liabilities:
Repurchase agreements	8,909,283		8,752,472	[2]
Securitized debt	443,748	[3]	646,816	[3]
Obligation to return securities obtained as collateral, at fair value	405,458		508,827
8% Senior Notes due 2042 (“Senior Notes”)	100,000		100,000
Accrued interest payable	11,331		16,104
Derivative hedging instruments, at fair value	39,107		63,034	[4]
Dividends and dividend equivalents rights (“DERs”) payable	80,440		72,222
Payable for unsettled purchases	27,588		33,479
Excise tax and interest payable	7,000		7,500
Accrued expenses and other liabilities	8,254		6,090
Total Liabilities	10,032,209		10,206,544
Commitments and contingencies (Note 10)
Stockholders’ Equity:
Common stock, $.01 par value; 886,950 and 895,000 shares authorized; 362,124 and 357,546 shares issued and outstanding, respectively	3,621		3,575
Additional paid-in capital, in excess of par	2,949,483		2,805,724
Accumulated deficit	(457,586)		(260,308)
Accumulated other comprehensive income	668,904		761,977
Total Stockholders’ Equity	3,164,502		3,311,006
Total Liabilities and Stockholders’ Equity	13,196,711		13,517,550
Series A
Stockholders’ Equity:
Preferred stock, $.01 par value	0		38
Series B
Stockholders’ Equity:
Preferred stock, $.01 par value	$ 80		$ 0

[1] Non-Agency MBS transferred to consolidated VIEs represent assets of the consolidated VIEs that can be used only to settle the obligations of each respective VIE.

[2] The fair value of securities pledged against the Company’s repurchase agreements was $10.755 billion and $10.550 billion at June 30, 2013 and December 31, 2012, respectively.

[3] Securitized Debt represents third-party liabilities of consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that eliminate in consolidation. The third-party beneficial interest holders in the VIEs have no recourse to the general credit of the Company. (See Notes 10 and 15 for further discussion.)

[4] The fair value of securities pledged against the Company’s Swaps was $41.3 million and $68.9 million at June 30, 2013 and December 31, 2012, respectively.