before the tba - mtge was approaching 10% non agency
add in the tba and its closer to just 6% non agency - and so if you are going to go the wrong way then why have this hybrid vehicle????
•$11.8 billion investment portfolio as of March 31, 2013
•$6,536 million agency securities
•$4,491 million net long TBA position
•$727 million non-agency securities