Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Carrying Values and Fair Values of All Financial Instruments

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

	September 30, 2013				December 31, 2012
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets
Mortgage-backed securities	$	19,843,830	$	19,843,830	$	23,919,251	$	23,919,251
Cash and cash equivalents		547,536		547,536		168,424		168,424
Restricted cash		241,853		241,853		281,021		281,021
Unsettled purchased mortgage backed securities		628,684		628,684		138,338		138,338
Receivable for securities sold		548,942		548,942		1,587,535		1,587,535
Accrued interest receivable		62,921		62,921		77,113		77,113
Principal payments receivable		156,758		156,758		190,832		190,832
Debt security		15,000		14,279		15,000		13,981
Interest rate hedge asset		13,626		13,626		-		-
Short term investment*		20,044		20,044		20,187		20,187
Forward purchase commitments*		6,904		6,904		5,452		5,452
Liabilities
Repurchase agreements	$	18,829,771	$	18,829,771	$	22,866,429	$	22,866,429
Payable for unsettled securities		625,758		625,758		137,121		137,121
Accrued interest payable		3,901		3,901		7,592		7,592
Interest rate hedge liability		147,954		147,954		243,945		243,945
Futures Contracts		44,593		44,593		-		-

*These lines are included in other assets on the consolidated balance sheets.