The company is organized as a real estate investment trust. It uses leverage to invest in single-family residential mortgage pass-through securities and collateralized mortgage obligations that are guaranteed by the U.S. Government.
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Borrows money short term from the federal government, and buys much higher-interest MBS that are backed by the federal government. The only risk is that the fed might raise short term interest rates. But they've said they won't do it till at least 2014. I think they won't do that until there's an economic recovery, in which case the rest of my portfolio would go up. This makes it a good diversification play. As long as the economy stays shitty, this will earn good returns.