Arlington Asset Investment (AAIC) 8-K Results of Operations and Financial Condition

Exhibit 99.1

Contacts:

Investors: Kurt Harrington at 703-312-9647 orkharrington@fbr.com

Media: Lauren Burk at 703-469-1004 orlburk@fbr.com

FBR Announces Record 2004 Financial Results:

A 74% increase in Net Income to $350 Million as

Total Revenues Exceed $1 Billion

Fourth Quarter Records in Net Income, Earnings Per Share

Arlington, Va., February 9, 2005 –Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) today announced record financial results for 2004. For the year ended December 31, 2004, FBR’s total revenues exceeded $1 billion, and net after-tax earnings grew 73.6% to $349.6 million compared to $201.4 million in 2003¹. Earnings per share (diluted) increased 27.0% to a record $2.07, compared to $1.63 in 2003.

During the fourth quarter 2004, net after-tax income was $86.6 million, or $0.51 per share (diluted), compared to $80.0 million, or $0.49 per share (diluted), in the final quarter of 2003. Net revenues for the quarter were $245.1 million, an increase of 11.0%.

For the full year, the company declared a total of $1.53 per share in dividends and increased its book value per share from $9.41 at December 31, 2003 to $9.46 at December 31, 2004. Book value per share net of Accumulated Other Comprehensive Income (AOCI) increased 7.1% from $9.04 at December 31, 2003 to $9.68 at December 31, 2004. The dividends and increase in book value per share net of AOCI provided a 24.0% total return to shareholders in 2004.²

“During 2004 we achieved an industry leading ROE of 22.3% despite using the lowest level of leverage of any comparable capital markets company. What is particularly significant is that we achieved these results while making really substantial investments in our existing platform,” said Eric F. Billings, Co-Chairman and Co-Chief Executive Officer. “We increased our headcount by more than 40%, we undertook expansions or relocations in six of our 16 offices, we expanded our asset-backed securities (ABS) banking unit, and took a major step toward building better brand awareness through advertising, conferences, and our ongoing sponsorship of the FBR Open. In addition, early in 2005 we created a fixed-income securities trading group and entered into an agreement to acquire First NLC Financial Services, LLC (FNLC), a rapidly growing non-conforming mortgage lender. We expect that the positive impact of all these steps will be seen in future earnings as we reposition our mortgage portfolio to include non-conforming mortgages and as we broaden and grow our capital markets businesses. The effect of these new initiatives combined with the strength of our historical business makes us very optimistic about our prospects for growth in 2005 and beyond.”

The company’s record 2004 performance was driven by the record results achieved in its investment banking, institutional brokerage and asset management businesses. During the year, FBR lead-managed over $12 billion of capital-raising transactions. For the full year 2004, FBR was the # 1 ranked book-running manager of equity capital for U.S. companies with a billion dollars or less of market capitalization and the # 7 ranked book-running manager for all U.S. initial public offerings (IPOs).³

“We are pleased with the results of our investment banking business. Our strategy to grow this business by adding talented bankers to our unique capital markets platform has proven effective. Our 2004 results also reflect our success in maintaining client relationships while expanding our client base into new areas. In particular, we are excited about our success with financial sponsor groups in 2004 and believe this will be an area of continued growth for us in 2005,” said Emanuel J. Friedman, Co-Chairman and Co-Chief Executive Officer.

Results Summary: Full Year 2004

• Net earnings grew 73.6% to $349.6 million, compared to $201.4 million in 2003

• Earnings per share (diluted) grew 27.0% to $2.07, compared to $1.63 for 2003

• Return on equity for the full year was 22.3% compared to 22.4% in 2003

• Net revenues increased 58.7% to $887.9 million versus $559.5 million in 2003

• Capital markets revenues grew 60.5% to $538.4 million, versus $335.5 million in 2003

• During 2004 FBR declared four regular quarterly dividends of $0.34 per share each and two special dividends totaling $0.17 per share, bringing total dividends for the year to $1.53 per share versus $1.36 for the prior year

Results Summary: Fourth Quarter 2004

• Net earnings grew 8.3% to $86.6 million, compared to $80.0 million for the fourth quarter of 2003

• Diluted earnings per share were $0.51, compared to $0.49 for the fourth quarter of 2003, an increase of 4.1%

• Return on equity for the quarter was 22.2% compared to 24.4% for the fourth quarter of 2003

• Net revenues grew 11.0% to a record $245.1 million, versus $220.9 million for the fourth quarter of 2003

• Capital markets revenues grew 10.7% to a record $159.3 million, versus $143.9 million for the fourth quarter of 2003

• On December 9, 2004, FBR declared a regular quarterly dividend of $0.34 per share and a special dividend of $0.05 per share, which were paid on January 28, 2005

Investment Banking

Revenues from FBR’s investment banking operations totaled $428.3 million for the year and $133.6 million for the fourth quarter, respective increases of 63.9% and 11.0% versus the comparable periods in 2003. In 2004, FBR’s investment banking team executed 127 banking assignments with a total transaction value of over $27 billion, including more than $12 billion in 61 lead-managed capital-raising transactions.

Highlights for lead-managed capital raises include:

• $4.2 billion in 21 initial public offerings (IPOs), with $1.6 billion occurring in the fourth quarter

• $3.4 billion in private placements, $955.6 million placed in the fourth quarter

• $1.7 billion in 17 follow-on and secondary offerings

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• $770 million in corporate debt and non-convertible preferred securities

• $2.0 billion in asset-backed securities

Other investment banking highlights include:

• FBR advised on 24 successful mergers, acquisitions and advisory transactions

• FBR earned the following rankings for 2004:³

• # 1 book-running manager for all U.S. common equity capital raises for issuers with a market capitalization of $1 billion and under

• # 7 book-running manager for all U.S. IPOs

• # 1 book-running manager for all U.S. IPOs for issuers with a market capitalization of $1 billion and under

• # 9 book-running manager for all U.S. public common equity capital raises

Institutional Brokerage and Research

FBR’s institutional brokerage revenues totaled $110.1 million for the year, an increase of 48.6% over 2003’s revenues of $74.1 million.

• In the fourth quarter, institutional brokerage revenues rose to $25.7 million versus $23.5 million for the fourth quarter of 2003, a 9.4% increase

• In 2004, FBR expanded its institutional brokerage and research team by 37%

• During the year the company increased its research coverage by 167 companies, particularly in the consumer, diversified industrials, and technology, media and telecommunications sectors

Asset Management

FBR’s asset management franchise continued its robust growth, increasing net assets under management by $1.1 billion, an increase of 52.4% for the year.

• Total funds under management stood at $3.2 billion at December 31, 2004 versus $2.1 billion at December 31, 2003

• Net fund inflows totaled $633.2 million for the year of which $223.8 million were associated with alternative investment vehicles

• Base and incentive fees increased 29.3% to $39.2 million in 2004 from $30.3 million in 2003 (excludes fees earned from management of FBR Asset Investment Corporation prior to its merger in March 2003 with FBR Group)

• Total mutual fund assets equaled $2.3 billion at year end versus $1.7 billion at the end of 2003

• FBR’s Small Cap Fund was ranked # 1 for one-year performance ending February 5, 2005 among Small-Cap Growth Funds by Lipper⁴

• FBR’s Small Cap Financial Fund was ranked byMoneymagazine as the # 7 major stock fund for the five years ended December 15, 2004⁵

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Principal Investment

FBR’s principal investing activities achieved revenues net of interest expense of $303.2 million during 2004 compared to $174.1 million during 2003. For the fourth quarter, principal investment revenues net of interest expense equaled $67.2 million compared to $61.7 million for the fourth quarter of 2003.

During 2004, there were five increases in the federal funds rate and a general flattening of the yield curve. Despite these factors, the mortgage-backed securities (MBS) portfolio earned a return on equity equal to 18.4% and a net spread of 166 basis points for the full year. The portfolio achieved a return on equity of 14.4% and a net spread of 123 basis points for the fourth quarter.

• The fair market value of FBR’s MBS portfolio totaled $11.7 billion on December 31, 2004. Year-end leverage (debt-to-equity) in the MBS portfolio was 11.2 compared to 9.9 at September 30, 2004 and 9.0 at December 31, 2003.

• During 2004, FBR’s MBS portfolio had a weighted average annual yield of 3.16%, and the weighted average financing rate was 1.50% (including the cost of hedging), resulting in a net interest spread of 1.66% for the year. During the fourth quarter, the portfolio had a weighted average annual yield of 3.18% and a weighted average financing rate of 1.95% (including the benefit of hedging), resulting in a net interest spread of 1.23% for the quarter.

• The portfolio continued to experience a relatively high historical average one-month constant prepayment rate (CPR) of 27.1 for 2004. For the fourth quarter of 2004, the average one-month CPR was 25.5, down from the 30.4 experienced in the third quarter.

• Amortization of premium during the year equaled $78.8 million with $17.8 million for the fourth quarter. The weighted average remaining premium of FBR’s MBS portfolio was 1.68% on December 31, 2004 compared to 1.99% at year-end 2003.

• As of year-end 2004, FBR’s MBS portfolio continued to maintain a low effective duration (a measure of interest rate sensitivity) of 0.78 compared to 0.94 on December 31, 2003.

The total value of FBR’s merchant banking portfolio and other long-term investments was $441.5 million as of December 31, 2004. Of this total, $352.9 million was held in the merchant banking portfolio, $70.7 million was held in alternative asset funds, and $17.9 million was held in other long-term investments.

• During 2004, FBR recorded $116.6 million of net investment income and dividends from principal investing which included $81.3 million of net merchant banking gains and $14.6 million of dividends.

• For the fourth quarter, net investment income and dividends was $33.6 million including $17.9 million of net merchant banking gains and $6.2 million of dividends.

• Unrealized gains at December 31, 2004 in the merchant banking portfolio equaled $33.4 million.

Looking Forward

With the planned acquisition of FNLC, the company believes it can shift approximately 70% of the equity it currently deploys in the agency MBS strategy into non-conforming mortgages during 2005. This would result in approximately $700 million of its equity capital invested in non-conforming mortgages with a total balance of approximately $10.5 billion, all substantially match-funded to mitigate interest rate risk. FBR’s willingness and ability to execute this transition will ultimately depend on a variety of market factors. It is, however, the company’s current judgment that this portfolio can achieve a return on equity in excess of 25% in the current environment and possibly higher returns in the future as contrasted with the approximate 14% ROE achieved in its MBS strategy during the fourth quarter.

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Friedman, Billings, Ramsey Group, Inc. provides investment banking,⁶ institutional brokerage,⁶ asset management, and private client services through its operating subsidiaries and invests in mortgage-backed securities and merchant banking opportunities. FBR focuses capital and financial expertise on eight industry sectors: consumer, diversified industrials, energy, financial institutions, healthcare, insurance, real estate, and technology, media and telecommunications. FBR, headquartered in the Washington, D.C. metropolitan area, with offices in Arlington, Va. and Bethesda, Md., also has offices in Boston, Chicago, Cleveland, Dallas, Denver, Houston, Irvine, London, New York, Phoenix, Portland, San Francisco, Seattle, and Vienna. For more information, please see http://www.fbr.com.

A live webcast of FBR’s conference call will be available at 9:00 a.m. on Thursday, February 10, 2005 (Eastern Daylight Time) via http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=FBR. Replays of the webcast will be available afterward.

Financial data follows.

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FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) (Unaudited)

	Quarter ended December 31,
	2004		%		2003		%
REVENUES:
Investment banking:
Underwriting	$	73,029	29.8	%	$	47,015	21.3	%
Corporate finance		60,547	24.7	%		73,347	33.2	%
Institutional brokerage:
Principal transactions		4,758	1.9	%		7,089	3.2	%
Agency commissions		20,948	8.5	%		16,447	7.4	%
Asset management:
Base management fees		8,344	3.4	%		6,120	2.8	%
Incentive allocations and fees		7,982	3.3	%		5,424	2.5	%
Principal investment:
Interest		86,550	35.3	%		69,961	31.7	%
Net investment income		27,442	11.2	%		15,130	6.8	%
Dividends		6,169	2.5	%		1,278	0.6	%
Other		2,329	1.0	%		3,776	1.7	%
Total revenues		298,098	121.6	%		245,587	111.2	%
Interest expense		52,968	21.6	%		24,656	11.2	%
Revenues, net of interest expense		245,130	100.0	%		220,931	100.0	%
NON-INTEREST EXPENSES:
Compensation and benefits		95,113	38.8	%		91,239	41.3	%
Professional services		11,832	4.8	%		8,570	3.9	%
Business development		11,248	4.6	%		6,589	3.0	%
Clearing and brokerage fees		2,186	0.9	%		1,977	0.9	%
Occupancy and equipment		4,330	1.8	%		2,743	1.2	%
Communications		4,227	1.7	%		3,168	1.4	%
Other operating expenses		6,570	2.7	%		5,603	2.5	%
Total expenses		135,506	55.3	%		119,889	54.3	%
Net income before income taxes		109,624	44.7	%		101,042	45.7	%
Income tax provision		23,032	9.4	%		21,084	9.5	%
Net Income	$	86,592	35.3	%	$	79,958	36.2	%
Basic earnings per share	$	0.52			$	0.50
Diluted earnings per share	$	0.51			$	0.49
Weighted average shares - basic		167,753				159,984
Weighted average shares - diluted		168,867				163,470

FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) (Unaudited)

	Years ended December 31,
	2004		%		2003		%
REVENUES:
Investment banking:
Underwriting	$	233,019	26.2	%	$	117,296	21.0	%
Corporate finance		195,279	22.0	%		144,086	25.8	%
Institutional brokerage:
Principal transactions		20,444	2.3	%		23,965	4.3	%
Agency commissions		89,650	10.1	%		50,178	9.0	%
Asset management:
Base management fees		28,307	3.2	%		24,782	4.4	%
Incentive allocations and fees		10,940	1.2	%		13,959	2.5	%
Principal investment:
Interest		350,691	39.5	%		168,393	30.1	%
Net investment income		101,973	11.5	%		70,619	12.6	%
Dividends		14,644	1.6	%		4,078	0.7	%
Other		7,155	0.8	%		11,169	2.0	%
Total revenues		1,052,102	118.6	%		628,525	112.3	%
Interest expense		164,156	18.6	%		68,995	12.3	%
Revenues, net of interest expense		887,946	100.0	%		559,530	100.0	%
NON-INTEREST EXPENSES:
Compensation and benefits		323,524	36.4	%		226,389	40.5	%
Professional services		50,467	5.7	%		21,628	3.9	%
Business development		44,955	5.1	%		21,416	3.8	%
Clearing and brokerage fees		9,123	1.0	%		7,014	1.3	%
Occupancy and equipment		14,458	1.6	%		9,585	1.7	%
Communications		13,959	1.6	%		10,574	1.9	%
Other operating expenses		22,740	2.6	%		16,919	3.0	%
Total expenses		479,226	53.9	%		313,525	56.0	%
Net income before income taxes		408,720	46.1	%		246,005	44.0	%
Income tax provision		59,161	6.7	%		44,591	8.0	%
Net income	$	349,559	39.4	%	$	201,414	36.0	%
Basic earnings per share	$	2.09			$	1.68
Diluted earnings per share	$	2.07			$	1.63
Weighted average shares - basic		167,099				119,801
Weighted average shares - diluted		168,490				123,307

FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. Financial & Statistical Supplement - Operating Results (unaudited) (Dollars in thousands, except per share data)

	YTD 2004			Q-4 04			Q-3 04			Q-2 04			Q-1 04
Revenues
Investment banking:
Underwriting	$	233,019		$	73,029		$	65,990		$	31,226		$	62,774
Corporate finance		195,279			60,547			75,631			30,764			28,337
Institutional brokerage:
Principal transactions		20,444			4,758			4,241			5,426			6,019
Agency commissions		89,650			20,948			18,505			21,060			29,137
Asset management:
Base management fees		28,307			8,344			7,044			6,384			6,535
Incentive income		10,940			7,982			1,737			(1,444	)		2,665
Principal investment:
Interest		350,691			86,550			88,035			87,111			88,995
Net investment income		101,973			27,442			19,090			28,832			26,609
Dividends		14,644			6,169			5,820			1,683			972
Other		7,155			2,329			1,827			1,683			1,316
Total revenues		1,052,102			298,098			287,920			212,725			253,359
Interest expense		164,156			52,968			44,265			34,276			32,647
Revenues, net of interest expense		887,946			245,130			243,655			178,449			220,712
Non-interest expenses
Compensation and benefits		323,524			95,113			95,824			57,698			74,889
Professional services		50,467			11,832			13,421			15,050			10,164
Business development		44,955			11,248			8,284			8,885			16,538
Clearing and brokerage fees		9,123			2,186			1,556			2,608			2,773
Occupancy & equipment		14,458			4,330			3,898			3,326			2,904
Communications		13,959			4,227			3,348			3,442			2,942
Other operating expenses		22,740			6,570			4,846			5,351			5,973
Total expenses		479,226			135,506			131,177			96,360			116,183
Net income before taxes		408,720			109,624			112,478			82,089			104,529
Income tax provision		59,161			23,032			20,329			910			14,890
Net income	$	349,559		$	86,592		$	92,149		$	81,179		$	89,639
Net income before taxes as a percentage of net revenue		46.0	%		44.7	%		46.2	%		46.0	%		47.4	%
ROE (annualized)		22.3	%		22.2	%		24.8	%		20.8	%		22.1	%
Total shareholders’ equity	$	1,578,524		$	1,578,524		$	1,543,361		$	1,431,345		$	1,685,673
Basic earnings per share	$	2.09		$	0.52		$	0.55		$	0.49		$	0.54
Diluted earnings per share	$	2.07		$	0.51		$	0.55		$	0.48		$	0.54
Ending shares outstanding (in thousands)		166,932			166,932			166,753			166,632			165,623
Book value per share	$	9.46		$	9.46		$	9.26		$	8.59		$	10.18
Gross assets under management (in millions)
Managed accounts	$	196.1		$	196.1		$	168.7		$	160.3		$	78.8
Hedge & offshore funds		631.6			631.6			519.3			430.0			435.4
Mutual funds		2,320.4			2,320.4			1,963.7			1,612.2			1,897.4
Private equity and venture capital funds		52.5			52.5			49.7			50.7			76.5
Total	$	3,200.6		$	3,200.6		$	2,701.4		$	2,253.2		$	2,488.1
Net assets under management (in millions)
Managed accounts	$	196.1		$	196.1		$	168.7		$	160.3		$	78.8
Hedge & offshore funds		589.6			589.6			482.8			409.0			350.5
Mutual funds		2,305.5			2,305.5			1,951.7			1,606.9			1,874.0
Private equity and venture capital funds		49.7			49.7			46.4			46.5			70.4
Total	$	3,140.9		$	3,140.9		$	2,649.6		$	2,222.7		$	2,373.7
Productive assets under management (in millions)
Managed accounts	$	196.1		$	196.1		$	168.7		$	160.3		$	78.8
Hedge & offshore funds		488.7			488.7			393.8			329.9			263.8
Mutual funds		2,305.5			2,305.5			1,951.7			1,606.9			1,874.0
Private equity and venture capital funds		70.9			70.9			70.9			111.6			131.2
Total	$	3,061.2		$	3,061.2		$	2,585.1		$	2,208.7		$	2,347.8
Employee count		698			698			665			626			549

FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. Financial & Statistical Supplement - Operating Results (unaudited) (Dollars in thousands, except per share data)

	YTD 2003			Q-4 03			Q-3 03			Q-2 03			Q-1 03
Revenues
Investment banking:
Underwriting	$	117,296		$	47,015		$	37,518		$	23,975		$	8,788
Corporate finance		144,086			73,347			51,637			13,383			5,719
Institutional brokerage:
Principal transactions		23,965			7,089			6,549			6,576			3,751
Agency commissions		50,178			16,447			13,145			13,049			7,537
Asset management:
Base management fees		24,782			6,120			5,602			5,369			7,691
Incentive income		13,959			5,424			1,549			1,471			5,515
Principal investment:
Interest		168,393			69,961			46,849			51,583			—
Net investment income		70,619			15,130			18,178			31,767			5,544
Dividends		4,078			1,278			1,258			1,542			—
Other		11,169			3,776			2,675			(276	)		4,994
Total revenues		628,525			245,587			184,960			148,439			49,539
Interest expense		68,995			24,656			22,972			19,721			1,646
Revenues, net of interest expense		559,530			220,931			161,988			128,718			47,893
Non-interest expenses
Compensation and benefits		226,389			91,239			67,505			42,841			24,804
Professional services		21,628			8,570			6,507			3,646			2,905
Business development		21,416			6,589			4,821			7,032			2,974
Clearing and brokerage fees		7,014			1,977			2,057			1,748			1,232
Occupancy & equipment		9,585			2,743			2,426			2,217			2,199
Communications		10,574			3,168			2,969			2,228			2,209
Other operating expenses		16,919			5,603			4,259			4,053			3,004
Total expenses		313,525			119,889			90,544			63,765			39,327
Net income before taxes		246,005			101,042			71,444			64,953			8,566
Income tax provision		44,591			21,084			14,483			6,181			2,843
Net income	$	201,414		$	79,958		$	56,961		$	58,772		$	5,723
Net income before taxes as a percentage of net revenue		44.0	%		45.7	%		44.1	%		50.5	%		17.9	%
ROE (annualized)		22.4	%		24.4	%		20.7	%		21.9	%		3.6	%
Total shareholders’ equity	$	1,554,339		$	1,554,339		$	1,068,153		$	1,136,093		$	1,011,647
Basic earnings per share	$	1.68		$	0.50		$	0.42		$	0.43		$	0.12
Diluted earnings per share	$	1.63		$	0.49		$	0.41		$	0.43		$	0.12
Ending shares outstanding (in thousands)		165,189			165,189			136,180			136,087			131,576
Book value per share	$	9.41		$	9.41		$	7.84		$	8.35		$	7.69
Gross assets under management (in millions)
Managed accounts	$	60.7		$	60.7		$	63.8		$	69.6		$	818.8
Hedge & offshore funds		344.2			344.2			253.4			237.8			239.7
Mutual funds		1,661.5			1,661.5			1,497.7			1,424.1			1,199.5
Private equity and venture capital funds		72.2			72.2			73.6			69.8			77.5
Total	$	2,138.6		$	2,138.6		$	1,888.5		$	1,801.3		$	2,335.5
Net assets under management (in millions)
Managed accounts	$	60.7		$	60.7		$	63.8		$	69.6		$	82.7
Hedge & offshore funds		286.7			286.7			226.2			199.2			160.8
Mutual funds		1,649.5			1,649.5			1,486.1			1,414.9			1,194.2
Private equity and venture capital funds		64.3			64.3			63.4			64.5			70.0
Total	$	2,061.2		$	2,061.2		$	1,839.5		$	1,748.2		$	1,507.7
Productive assets under management (in millions)
Managed accounts	$	60.7		$	60.7		$	63.8		$	69.6		$	818.8
Hedge & offshore funds		207.6			207.6			163.5			142.9			115.9
Mutual funds		1,649.5			1,649.5			1,486.1			1,414.9			1,194.2
Private equity and venture capital funds		130.7			130.7			171.3			170.8			335.3
Total	$	2,048.5		$	2,048.5		$	1,884.7		$	1,798.2		$	2,464.2
Employee count		494			494			479			500			493

FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share amounts) (Unaudited)

	31-Dec-04			31-Dec-03
ASSETS
Cash and cash equivalents	$	231,527		$	92,688
Receivables		74,880			67,295
Investments:
Mortgage-backed securities, at fair value		11,726,689			10,551,570
Long-term investments		441,499			379,002
Reverse repurchase agreements		183,375			—
Trading securities, at market value		7,744			4,932
Due from clearing broker		95,247			89,940
Management contract intangible		14,404			16,090
Goodwill		108,013			108,013
Building, furniture, equipment and leasehold improvements, net		18,733			6,969
Other assets		26,177			12,586
Total assets	$	12,928,288		$	11,329,085
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Trading account securities sold short, at market value	$	17,176		$	9,525
Commercial paper		7,294,949			4,392,965
Repurchase agreements		3,467,569			5,095,676
Securities purchased		144,430			—
Dividends payable		65,870			56,744
Interest payable		5,894			6,188
Accrued compensation and benefits		131,218			100,901
Accounts payable, accrued expenses and other liabilities		94,288			58,558
Long-term debt		128,370			54,189
Total liabilities		11,349,764			9,774,746
Shareholders’ equity:
Common stock, 168,897 and 166,893 shares		1,689			1,669
Additional paid-in capital		1,483,640			1,443,228
Employee stock loan receivable including accrued interest (717 and 1,290 shares)		(4,890	)		(8,277	)
Deferred compensation		(16,863	)		(2,203	)
Accumulated other comprehensive (loss)/income		(38,162	)		60,505
Retained earnings		153,110			59,417
Total shareholders’ equity		1,578,524			1,554,339
Total liabilities and shareholders’ equity	$	12,928,288		$	11,329,085
Book Value per Share	$	9.46		$	9.41
Shares Outstanding		166,932			165,189