Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Interest income:        
Available-for-sale securities $ 121,303 $ 124,621 $ 386,246 $ 313,154
Trading securities 1,509 1,278 4,034 3,578
Mortgage loans held-for-sale 9,297 167 15,409 362
Mortgage loans held-for-investment in securitization trust 5,649 0 11,672 0
Cash and cash equivalents 216 243 773 620
Total interest income 137,974 126,309 418,134 317,714
Interest expense:        
Repurchase agreements 21,802 20,743 67,373 47,737
Collateralized borrowings in securitization trust 3,125 0 6,112 0
Total interest expense 24,927 20,743 73,485 47,737
Net interest income 113,047 105,566 344,649 269,977
Other-than-temporary impairments:        
Total other-than-temporary impairment losses 0 (559) (1,662) (9,310)
Non-credit portion of loss recognized in other comprehensive income (loss) 0 0 0 0
Net other-than-temporary credit impairment losses 0 (559) (1,662) (9,310)
Other income:        
Gain on investment securities (230,111) 2,527 (152,280) 14,247
Gain (loss) on interest rate swap and swaption agreements (55,410) (76,472) 223,388 (153,679)
Gain (loss) on other derivative instruments 20,434 2,850 66,055 (13,631)
Gain (loss) on mortgage loans held-for-sale (4,443) 613 (25,262) 592
Other income 10,788 0 18,887 0
Total other income (loss) (258,742) (70,482) 130,788 (152,471)
Expenses:        
Management fees 12,036 8,929 29,388 23,282
Securitization deal costs 2,125 0 4,153 0
Other operating expenses 10,017 3,954 26,064 11,423
Total expenses 24,178 12,883 59,605 34,705
Income from continuing operations before income taxes (169,873) 21,642 414,170 73,491
Provision for (benefit from) income taxes 23,726 (7,834) 77,809 (32,016)
Net income from continuing operations (193,599) 29,476 336,361 105,507
Income (loss) from discontinued operations 871 (2,674) 3,264 (2,901)
Net income attributable to common stockholders (192,728) 26,802 339,625 102,606
Basic earnings per weighted average common share:        
Continuing operations $ (0.53) $ 0.11 $ 0.97 $ 0.47
Discontinued operations $ 0.00 $ (0.01) $ 0.01 $ (0.01)
Net income $ (0.53) $ 0.10 $ 0.98 $ 0.46
Diluted earnings per weighted average common share:        
Continuing operations $ (0.53) $ 0.11 $ 0.97 $ 0.47
Discontinued operations $ 0.00 $ (0.01) $ 0.01 $ (0.01)
Net income $ (0.53) $ 0.10 $ 0.98 $ 0.46
Dividends declared per common share $ 0.28 $ 0.36 $ 0.91 $ 1.16
Basic weighted average number of shares of common stock 365,057,767 270,005,212 345,529,611 224,058,762
Diluted weighted average number of shares of common stock 365,166,992 270,937,960 346,370,358 224,369,678
Comprehensive income (loss):        
Net income attributable to common stockholders (192,728) 26,802 339,625 102,606
Other comprehensive income (loss):        
Unrealized gain (loss) on available-for-sale securities, net 246,777 497,598 (183,684) 759,112
Other comprehensive income (loss) 246,777 497,598 (183,684) 759,112
Comprehensive income (loss) $ 54,049 $ 524,400 $ 155,941 $ 861,718