CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013
Mortgage-backed securities (“MBS”):
Agency MBS, at fair value ($6,150,048 and $6,142,306 pledged as collateral, respectively)	$ 6,549,451		$ 6,519,221
Non-Agency MBS, at fair value ($1,743,605 and $1,778,067 pledged as collateral, respectively)	2,801,049		2,569,766
Non-Agency MBS transferred to consolidated variable interest entities (VIEs)	2,200,288	[1]	2,282,371	[1]
Securities obtained and pledged as collateral, at fair value	446,375		383,743
Cash and cash equivalents	343,719		565,370
Restricted cash	54,430		37,520
Interest receivable	34,673		35,828
Derivative instruments:
MBS linked transactions, net (“Linked Transactions”), at fair value	106,859		28,181
Interest rate swap agreements (“Swaps”), at fair value	2,755		13,000
Goodwill	7,189		7,189
Prepaid and other assets (See Notes 2(d) and 15)	104,073		29,719
Total Assets	12,650,861		12,471,908
Liabilities:
Repurchase agreements	8,384,101	[2]	8,339,297	[2]
Securitized debt	214,048	[3]	366,205	[3]
Obligation to return securities obtained as collateral, at fair value	446,375		383,743
8% Senior Notes due 2042 (“Senior Notes”)	100,000		100,000
Accrued interest payable	10,915		14,726
Swaps, at fair value	57,426	[4]	28,217	[4]
Dividends and dividend equivalents rights (“DERs”) payable	74,104		73,643
Accrued expenses and other liabilities	88,598		23,826
Total Liabilities	9,375,567		9,329,657
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $.01 par value; 7.50% Series B cumulative redeemable; 8,050 shares authorized; 8,000 shares issued and outstanding ($200,000 aggregate liquidation preference)	80		80
Common stock, $.01 par value; 886,950 shares authorized; 367,475 and 365,125 shares issued and outstanding, respectively	3,675		3,651
Additional paid-in capital, in excess of par	2,991,927		2,972,369
Accumulated deficit	(571,421)		(571,544)
Accumulated other comprehensive income	851,033		737,695
Total Stockholders’ Equity	3,275,294		3,142,251
Total Liabilities and Stockholders’ Equity	$ 12,650,861		$ 12,471,908

[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 $10.220 billion and $10.116 billion at June 30, 2014 and December 31, 2013, 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.)

[4] The fair value of securities pledged against the Company’s Swaps was $75.1 million and $73.9 million at June 30, 2014 and December 31, 2013, respectively.