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 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Interest income:        
Available-for-sale securities $ 65,919 $ 11,823 $ 125,413 $ 27,064
Trading securities 1,706 15 2,783 15
Cash and cash equivalents 114 27 241 70
Total interest income 67,739 11,865 128,437 27,149
Interest expense 7,218 1,395 13,580 2,777
Net interest income 60,521 10,470 114,857 24,372
Other-than-temporary impairments:        
Total other-than-temporary impairment losses (3,371) 0 (3,665) 0
Non-credit portion of loss recognized in other comprehensive income (loss) 0 0 0 0
Net other-than-temporary credit impairment losses (3,371) 0 (3,665) 0
Other income:        
Gain on investment securities, net 31,432 2,577 36,159 4,608
Loss on interest rate swap and swaption agreements (39,311) (4,436) (88,180) (10,037)
Gain on other derivative instruments 22,361 3,098 37,474 4,197
Total other income 14,482 1,239 (14,547) (1,232)
Expenses:        
Management fees 4,785 862 9,063 2,068
Other operating expenses 2,850 1,213 6,516 3,332
Total expenses 7,635 2,075 15,579 5,400
Net (loss) income before income taxes 63,997 9,634 81,066 17,740
Benefit from income taxes (9,388) 246 (5,064) 1,555
Net (loss) income attributable to common stockholders $ 54,609 $ 9,880 $ 76,002 $ 19,295
Basic and diluted (loss) earnings per weighted average common share $ 0.42 $ 0.38 $ 0.90 $ 0.93
Dividends declared per common share $ 0.40 $ 0.39 $ 1.20 $ 1.08
Basic and diluted weighted average number of shares of common stock 130,607,566 26,126,212 84,751,854 20,691,461