Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Carrying Values and Fair Values of All Financial Instruments

The carrying values and fair values of all financial instruments as of June 30, 2013 and December 31, 2012 were as follows:

	June 30, 2013				December 31, 2012
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets
Mortgage-backed securities	$	25,256,043	$	25,256,043	$	23,919,251	$	23,919,251
Cash and cash equivalents		88,987		88,987		168,424		168,424
Restricted cash		149,210		149,210		281,021		281,021
Unsettled purchased mortgage backed securities		133,597		133,597		138,338		138,338
Receivable for securities sold		7,251		7,251		1,587,535		1,587,535
Accrued interest receivable		73,957		73,957		77,113		77,113
Principal payments receivable		199,553		199,553		190,832		190,832
Debt security		15,000		14,216		15,000		13,981
Interest rate hedge asset		25,921		25,921		-		-
Short term investment*		19,916		19,916		20,187		20,187
Forward purchase commitments*		-		-		5,452		5,452
Futures contracts*		5,587		5,587		-		-
Liabilities
Repurchase agreements	$	23,077,252	$	23,077,252	$	22,866,429	$	22,866,429
Payable for unsettled securities		136,373		136,373		137,121		137,121
Accrued interest payable		4,773		4,773		7,592		7,592
Interest rate hedge liability		157,869		157,869		243,945		243,945
Forward purchase commitments**		43,724		43,724		-		-

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

**This line included in accounts payable and other liabilities on the balance sheets.