CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Mortgage-backed securities (“MBS”):
Agency MBS, at fair value ($6,142,306 and $6,747,299 pledged as collateral, respectively)	$ 6,519,221		$ 7,225,460
Non-Agency MBS, at fair value ($1,778,067 and $1,602,953 pledged as collateral, respectively)	2,569,766		2,762,006
Non-Agency MBS transferred to consolidated variable interest entities (“VIEs”) (1)	2,282,371	[1]	2,620,159	[1]
Securities obtained and pledged as collateral, at fair value	383,743		408,833
Cash and cash equivalents	565,370		401,293
Restricted cash	37,520		5,016
Interest receivable	35,828		44,033
Derivative instruments:
MBS linked transactions, net (“Linked Transactions”), at fair value	28,181		12,704
Derivative hedging instruments, at fair value	13,000		203
Goodwill	7,189		7,189
Prepaid and other assets	29,719		30,654
Total Assets	12,471,908		13,517,550
Liabilities:
Repurchase agreements	8,339,297	[2]	8,752,472	[2]
Securitized debt	366,205	[3]	646,816	[3]
Obligation to return securities obtained as collateral, at fair value	383,743		508,827
8% Senior Notes due 2042 (“Senior Notes”)	100,000		100,000
Accrued interest payable	14,726		16,104
Derivative hedging instruments, at fair value	28,217		63,034
Dividends and dividend equivalents rights (“DERs”) payable	73,643		72,222
Payable for unsettled purchases	6,737		33,479
Excise tax and interest payable	6,398		7,500
Accrued expenses and other liabilities	10,691		6,090
Total Liabilities	9,329,657		10,206,544
Commitments and contingencies
Stockholders’ Equity:
Common stock, $.01 par value	3,651		3,575
Additional paid-in capital, in excess of par	2,972,369		2,805,724
Accumulated deficit	(571,544)		(260,308)
Accumulated other comprehensive income	737,695		761,977
Total Stockholders’ Equity	3,142,251		3,311,006
Total Liabilities and Stockholders’ Equity	12,471,908		13,517,550
Series A Preferred Stock
Stockholders’ Equity:
Preferred stock, $.01 par value	0		38
Series B Preferred Stock
Stockholders’ Equity:
Preferred stock, $.01 par value	$ 80		$ 0

[1] Non-Agency MBS transferred to consolidated VIEs represent assets of 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 $10.116 billion and $10.550 billion at December 31, 2013 and 2012, respectively.

[3] Securitized Debt represents third-party liabilities of consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that eliminate on 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.)