Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2012

Carrying Values and Fair Values of All Financial Instruments

The carrying values and fair values of all financial instruments as of June 30, 2012 and December 31, 2011 were as follows:

	June 30, 2012				December 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Mortgage-backed securities	$	22,367,121	$	22,367,121	$	17,741,873	$	17,741,873
Unsettled purchased mortgage-backed securities		829,060		829,060		49,630		49,630
Cash and cash equivalents		288,691		288,691		347,045		347,045
Restricted cash		278,178		278,178		237,014		237,014
Accrued interest receivable		73,856		73,856		63,025		63,025
Principal payments receivable		138,712		138,712		105,333		105,333
Debt Security		15,000		13,879		15,000		13,811
Short term investment*		20,018		20,018		20,221		20,221
Forward purchase commitments*		6,021		6,021		6,327		6,327
Liabilities
Repurchase agreements	$	20,152,860	$	20,152,860	$	16,162,375	$	16,162,375
Payable for unsettled securities		827,732		827,732		48,999		48,999
Accrued interest payable		4,393		4,393		4,596		4,596
Interest rate hedge liability		250,933		250,933		219,167		219,167

* These lines are included in Other Assets on the balance sheets