Subsequent Event

3 Months Ended

Mar. 31, 2012

Subsequent Event

Subsequent Event

15.  Subsequent Event

Senior Note Issuance

On April 11, 2012 the Company completed the issuance of $100 million aggregate principal amount of its 8.00% Senior Notes due 2042 (the “Notes”) in an underwritten public offering.  The total net proceeds to the Company from the offering of the Notes was approximately $96.5 million, after deducting estimated offering expenses and the underwriting discount.  The Company intends to use the net proceeds to acquire additional residential mortgage-backed securities, consistent with its investment policy, and for working capital, which may include, among other things, the repayment of outstanding repurchase agreements.