At

(Dollars in Thousands)

December 31, 2011

Repurchase agreements

$

7,813,159

Securitized debt

875,520

Obligation to return securities obtained as collateral

306,401

Payable for unsettled MBS purchases

27,056

Total Debt

$

9,022,136

Stockholders’ Equity

2,497,760

Ratio of Debt-to-Equity

3.6:1

Debt-to-Equity Multiple

3.6x