CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ (1,146,577)		$ 423,572
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of Residential Investment Securities premiums and discounts, net	621,146		378,814
Amortization of commercial real estate investment premiums and discounts, net	(1,552)		(581)
Amortization of intangibles	7,621		3,586
Amortization of deferred financing costs	1,019		4,561
Amortization of net origination fees and costs, net	(2,868)		(2,350)
Amortization of contingent beneficial conversion feature and equity component of Convertible Senior Notes			12,246
Depreciation expense	10,684		5,687
Net gain on sale of commercial real estate	(821)
Net gain on sale of commercial loans held for sale	67		100
Net loss on sale of commerical real estate debt investments	165
Net (gains) losses on sales of Residential Investment Securities	(10,271)		(66,289)
Stock compensation expense	1,084		1,024
Impairment of goodwill			22,966
Unrealized (gains) losses on interest rate swaps	1,404,940		(234,590)
Net unrealized (gains) losses on financial instruments measured at fair value through earnings	54,026		15,965
Equity in net income from unconsolidated joint ventures	4,417
Net (gains) losses on trading assets	(207,069)		121,136
Proceeds from sale of loans held for sale	114,358
Proceeds from repurchase agreements of RCap	1,076,600,000		895,400,000
Payments on repurchase agreements of RCap	(1,075,750,000)		(900,650,000)
Proceeds from reverse repurchase agreements	29,700,000		26,925,000
Payments on reverse repurchase agreements	(29,700,000)		(26,825,000)
Net payments on derivatives	196,016		(116,122)
Net change in:
Due to / from brokers	(5)
Other assets	(65,653)		(15,686)
Accrued interest and dividends receivable	3,202		45,897
Receivable for investment advisory income			(187)
Accrued interest payable	7,592		(48,857)
Accounts payable and other liabilities	24,331		13,952
Net cash provided by (used in) operating activities	1,865,852		(4,585,156)
Cash flows from investing activities:
Payments on purchases of Residential Investment Securities	(7,088,346)		(8,638,138)
Proceeds from sales of Residential Investment Securities	4,008,291		18,278,224
Principal payments on Agency mortgage-backed securities	4,615,505		5,342,053
Payments on purchases of corporate debt	(245,447)		(187,035)
Principal payments on corporate debt	65,804		42,352
Purchases of commercial real estate debt investments	(76,862)		(276,918)
Sales of commercial real estate debt investments			41,016
Purchase of securitized loans at fair value	(1,489,268)		(2,574,353)
Origination of commercial real estate investments, net	(189,020)		(180,531)
Proceeds from sale of commercial real estate investments	12,750		46,806
Principal payments on commercial real estate debt investments	61,601		1,616
Principal payments on securitized loans at fair value	52,407
Principal payments on commercial real estate investments	402,459		321,050
Purchase of investments in real estate	(1,187)		(121)
Investment in unconsolidated joint venture	(559)		(12,410)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	2,117
Purchase of equity securities	(88,062)		(8,130)
Proceeds from sales of equity securities	16,112
Net cash provided by (used in) investing activities	58,295		12,195,481
Cash flows from financing activities:
Proceeds from repurchase agreements	85,723,588		105,819,378
Principal payments on repurchase agreements	(88,936,063)		(114,471,752)
Payments on maturity of convertible senior notes			(857,541)
Proceeds from other secured financing	2,146,084		203,200
Payments on other secured financing	(402,806)
Proceeds from issuance of securitized debt	1,381,640		2,382,810
Principal repayments on securitized debt	(163,472)		(37,915)
Principal repayments on securitized loans			50
Payment of deferred financing cost	(3,076)		(641)
Net proceeds from direct purchases and dividend reinvestments	1,176		1,144
Principal payments on participation sold	(153)		(147)
Principal payments on mortgages payable	(7,399)		(165)
Distributions to noncontrolling interests	(743)		(245)
Net payment on share repurchase	(102,712)
Dividends paid	(594,219)		(604,587)
Net cash provided by (used in) financing activities	(958,155)		(7,566,411)
Net (decrease) increase in cash and cash equivalents	965,992		43,914
Cash and cash equivalents, beginning of period	1,769,258	[1],[2]	1,741,244
Cash and cash equivalents, end of period	2,735,250	[2]	1,785,158
Supplemental disclosure of cash flow information:
Interest received	1,456,076		1,541,718
Dividends received			8,366
Investment advisory income received			20,881
Interest paid (excluding interest paid on interest rate swaps)	282,146		218,272
Net interest paid on interest rate swaps	281,120		305,327
Taxes paid	591		1,901
Noncash investing activities:
Receivable for investments sold	697,943		247,361
Payable for investments purchased	746,090		673,933
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	1,494,642		(559,848)
Noncash financing activities:
Dividends declared, not yet paid	$ 277,479		$ 284,331

[1] Derived from the audited consolidated financial statements at December 31, 2015.

[2] Includes cash of consolidated VIEs of $9.7 million and $48.5 million at June 30, 2016 and December 31, 2015, respectively.