Hatteras

Balance Sheet

HATTERAS FINANCIAL CORP. (NYSE - HTS)

	2009 Y	2010 Y	2011 Y	2012 Y
Period Ended	12/31/2009	12/31/2010	12/31/2011	12/31/2012
Assets ($000)
Cash and Cash Equivalents	225,828	112,626	347,045	168,424
Restricted Cash	61,361	75,422	237,014	281,021
Total Securities	7,048,987	9,671,869	17,833,051	24,098,228
Investments	7,048,987	9,671,869	17,833,051	24,098,228
Interest Receivable	35,560	37,973	63,025	77,113
Total Other Assets	44,666	109,089	106,584	1,779,332
Total Assets	7,416,402	10,006,979	18,586,719	26,404,118

Liabilities ($000)
Repurchase Agreements	6,346,518	8,681,060	16,162,375	22,866,429
Senior Debt	6,346,518	8,681,060	16,162,375	22,866,429
Total Debt	6,346,518	8,681,060	16,162,375	22,866,429
Debt and Banking Deposits	6,346,518	8,681,060	16,162,375	22,866,429
Accounts Payable and Accrued Expense	94,725	108,754	124,989	220,880
Total Other Liabilities	43,446	71,681	219,167	243,945
Total Liabilities	6,484,689	8,861,495	16,506,531	23,331,254

Mezzanine ($000)

Equity ($000)
Common Equity	931,713	1,145,484	2,080,188	2,785,364
Equity Attributable to Parent Company	931,713	1,145,484	2,080,188	3,072,864
Total Equity	931,713	1,145,484	2,080,188	3,072,864

Fair Value Measurements ($000)
Level 2 Assets	7,046,838	9,660,870	17,811,641	24,077,022
Level 2 Liabilities	43,446	80,226	219,167	243,945

Balance Sheet Ratios (%)
Investments / Assets	95.05	96.65	95.95	91.27
Total Equity / Total Assets	12.56	11.45	11.19	11.64
Total Debt / Total Equity	6.81	7.58	7.77	7.44

Average Balance Sheet ($000)
Avg Assets	6,883,523	7,808,535	15,868,222	23,780,678
Avg Debt	5,547,030	6,569,469	13,651,073	19,951,768
Avg Equity	875,914	1,019,200	1,899,211	2,732,423
Avg Interest Earning Assets	6,088,084	6,906,205	15,704,988	23,361,471
Avg Interest-bearing Liabs	5,555,212	6,488,678	13,692,704	20,468,353


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