Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (USD $)
In Thousands, except Share data
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest income:        
Available-for-sale securities $ 39,959 $ 9,088 $ 59,494 $ 15,241
Trading securities 805 0 1,077 0
Cash and cash equivalents 64 37 127 43
Total interest income 40,828 9,125 60,698 15,284
Interest expense 3,863 863 6,362 1,381
Net interest income 36,965 8,262 54,336 13,903
Other-than-temporary impairments:        
Total other-than-temporary impairment losses (294) 0 (294) 0
Non-credit portion of loss recognized in other comprehensive income (loss) 0 0 0 0
Net other-than-temporary credit impairment losses (294) 0 (294) 0
Other income:        
Gain on investment securities, net 3,189 834 4,728 2,031
Loss on interest rate swap and swaption agreements (50,808) (4,054) (48,869) (5,601)
Gain on other derivative instruments 9,766 152 15,113 1,098
Total other income (37,853) (3,068) (29,028) (2,472)
Expenses:        
Management fees 2,728 748 4,278 1,205
Other operating expenses 2,155 1,132 3,667 2,119
Total expenses 4,883 1,880 7,945 3,324
Net (loss) income before income taxes (6,065) 3,314 17,069 8,107
Benefit from income taxes 5,081 774 4,324 1,308
Net (loss) income attributable to common stockholders $ (984) $ 4,088 $ 21,393 $ 9,415
Basic and diluted (loss) earnings per weighted average common share $ (0.01) $ 0.18 $ 0.35 $ 0.52
Dividends declared per common share $ 0.40 $ 0.33 $ 0.80 $ 0.69
Basic and diluted weighted average number of shares of common stock 77,101,606 22,466,691 61,443,978 17,959,072