Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Interest income:      
Available-for-sale securities $ 507,180 $ 448,620 $ 197,126
Trading securities 5,963 4,873 4,159
Mortgage loans held-for-sale 22,185 609 2
Mortgage loans held-for-investment in securitization trusts 19,220 0 0
Cash and cash equivalents 1,043 944 347
Total interest income 555,591 455,046 201,634
Interest expense:      
Repurchase agreements 89,470 72,106 22,709
Collateralized borrowings in securitization trusts 10,937 0 0
Total interest expense 100,407 72,106 22,709
Net interest income 455,184 382,940 178,925
Other-than-temporary impairments:      
Total other-than-temporary impairment losses (1,662) (10,952) (5,102)
Non-credit portion of loss recognized in other comprehensive income (loss) 0 0 0
Net other-than-temporary credit impairment losses (1,662) (10,952) (5,102)
Other income:      
(Loss) gain on investment securities (54,430) 122,466 36,520
Gain (loss) on interest rate swap and swaption agreements 245,229 (159,775) (86,769)
Gain (loss) on other derivative instruments 95,345 (40,906) 26,755
(Loss) gain on mortgage loans held-for-sale (33,846) 2,270 0
Servicing income 12,011 0 0
Servicing asset valuation (13,881) 0 0
Other income 14,619 0 0
Total other income (loss) 292,809 (75,945) (23,494)
Expenses:      
Management fees 41,707 33,168 14,241
Securitization deal costs 4,153 0 0
Servicing expenses 3,761 0 0
Other operating expenses 37,259 17,678 9,673
Total expenses 86,880 50,846 23,914
Income from continuing operations before income taxes 659,451 245,197 126,415
Provision for (benefit from) income taxes 84,411 (42,219) (1,106)
Net income from continuing operations 575,040 287,416 127,521
Income (loss) from discontinued operations 3,999 4,490 (89)
Net income attributable to common stockholders 579,039 291,906 127,432
Basic earnings (loss) per weighted average common share:      
Continuing operations $ 1.64 $ 1.19 $ 1.29
Discontinued operations $ 0.01 $ 0.02 $ 0.00
Net income $ 1.65 $ 1.21 $ 1.29
Diluted earnings (loss) per weighted average common share:      
Continuing operations $ 1.64 $ 1.18 $ 1.29
Discontinued operations $ 0.01 $ 0.02 $ 0.00
Net income $ 1.65 $ 1.20 $ 1.29
Dividends declared per common share $ 1.17 $ 1.71 $ 1.60
Basic weighted average number of shares of common stock 350,361,827 242,014,751 98,826,868
Diluted weighted average number of shares of common stock 350,992,387 242,432,156 98,826,868
Comprehensive income:      
Net income attributable to common stockholders 579,039 291,906 127,432
Other comprehensive (loss) income:      
Unrealized (loss) gain on available-for-sale securities, net (251,723) 755,174 (81,335)
Other comprehensive (loss) income (251,723) 755,174 (81,335)
Comprehensive income $ 327,316 $ 1,047,080 $ 46,097