CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)		Dec. 31, 2016 USD ($)		Dec. 31, 2015 USD ($)
Cash flows from operating activities:
Net income (loss)	$ 1,569,016		$ 1,432,786		$ 465,747
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of Residential Investment Securities premiums and discounts, net	879,305		814,575		793,657
Amortization of residential mortgage loans premiums and discounts, net	1,523		942		0
Amortization of securitized debt premiums and discounts, net	(5,604)		24		0
Amortization of commercial real estate investment premiums and discounts, net	(3,865)		(2,978)		(1,321)
Amortization of intangibles	9,214		12,893		7,309
Amortization of deferred financing costs	2,008		1,609		5,419
Amortization of net origination fees and costs, net	(4,617)		(4,967)		(4,263)
Amortization of contingent beneficial conversion feature and equity component of Convertible Senior Notes	0		0		12,246
Depreciation expense	17,336		21,868		12,661
Bargain purchase gain	0		(72,576)		0
Net (gains) losses on sale of commercial real estate	(5,050)		(2,865)		0
Net (gains) losses on sales of commercial loans held for sale	3		74		(120)
Net (gains) losses on sales of Residential Investment Securities	6,352		(31,039)		(63,317)
Net (gains) losses on sales of residential mortgage loans	4,704		921		0
Net (gain) on sale of subsidiary	(904)		0		0
Net (gains) losses on sales of MSRs	(3)		0		0
Net (gains) losses on sales of corporate debt	0		(180)		0
Net (gains) losses on sales of other investments	(1,164)		0		0
Net (gain) loss on sale of investment in affiliate	0		0		12,450
Stock compensation expense	1,406		7,047		1,156
Impairment of goodwill	0		0		22,966
Unrealized (gains) losses on interest rate swaps	(512,918)		(282,190)		124,869
Net unrealized (gains) losses on investments measured at fair value through earnings	39,684		(86,391)		103,169
Equity in net income from unconsolidated joint venture	1,594		4,592		2,782
Distributions of cumulative earnings from unconsolidated joint venture	1,270		0		1,384
Net (gains) losses on trading assets	(261,438)		(230,580)		(29,623)
Originations of loans held for sale, net	0		0		(1,231,400)
Proceeds from sale of commercial loans held for sale	114,422		164,101		458,270
Payments on purchases of residential mortgage loans	(289,979)		(99,590)		0
Proceeds from repayments from residential mortgage loans	276,258		134,959		0
Payments on purchases of corporate debt held for sale	(19,494)		0		0
Proceeds from sales of corporate debt held for sale	19,605		0		0
Proceeds from repurchase agreements of RCap	3,395,222,385		2,270,520,000		2,029,822,000
Payments on repurchase agreements of RCap	(3,389,922,385)		(2,265,245,000)		(2,034,322,000)
Proceeds from reverse repurchase agreements	67,675,100		60,990,000		52,950,000
Payments on reverse repurchase agreements	(67,675,100)		(60,990,000)		(52,850,000)
Net payments on derivatives	(233,915)		(168,812)		55,214
Net change in:
Due to / from brokers	(16)		(12)		0
Other assets	(58,715)		(110,417)		(24,339)
Accrued interest and dividends receivable	(52,202)		27,712		47,893
Receivable for investment advisory income	0		0		10,402
Accrued interest payable	89,777		6,337		(28,658)
Accounts payable and other liabilities	48,646		43,020		2,028
Net cash provided by (used in) operating activities	6,932,239		6,855,863		(3,643,419)
Cash flows from investing activities:
Payments on purchases of Residential Investment Securities	(40,287,765)		(25,529,322)		(19,703,098)
Proceeds from sales of Residential Investment Securities	13,402,428		12,488,907		24,801,165
Principal payments on Residential Investment Securities	12,016,190		12,470,168		9,926,030
Purchases of MSRs	(11,493)		(174,167)		0
Sales of MSRs	33		0		0
Proceeds from sale of investment in affiliate	0		0		126,402
Purchases of corporate debt	(693,095)		(399,713)		(397,639)
Principal payments on corporate debt	462,622		117,282		76,568
Purchases of commercial real estate debt investments	(56,650)		(151,862)		(411,511)
Sales of commercial real estate debt investments	0		0		41,016
Purchases of securitized loans at fair value	0		(1,489,268)		(2,574,353)
Originations of commercial real estate investments, net	(403,441)		(271,152)		(4,050)
Proceeds from sale of commercial real estate investments	11,960		39,530		227,450
Principal payments on commercial real estate debt investments	226,592		80,441		10,820
Principal payments on securitized loans at fair value	1,094,088		182,440		78
Principal payments on commercial real estate investments	349,220		654,117		444,998
Purchases of investments in real estate	(1,265)		(2,918)		(274,856)
Investments in unconsolidated joint ventures	(43,596)		(3,645)		(69,902)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	7,998		4,620		0
Purchases of residential mortgage loans held for investment	(928,512)		(65,623)		0
Principal payments on residential mortgage loans held for investment	185,391		18,268		0
Purchases of equity securities	(2,104)		(88,062)		(102,198)
Proceeds from sales of equity securities	0		16,112		28,395
Cash acquired in business combinations	0		41,698		0
Net proceeds from disposal of subsidiary	5,451		0		0
Net cash provided by (used in) investing activities	(14,665,948)		(2,062,149)		12,145,315
Cash flows from financing activities:
Proceeds from repurchase agreements	211,420,622		179,641,180		202,273,148
Principal payments on repurchase agreements	(204,240,089)		(186,353,987)		(212,904,214)
Payments on maturity of convertible senior notes	0		0		(857,541)
Proceeds from other secured financing	272,734		2,438,641		2,554,913
Payments on other secured financing	(319,945)		(438,169)		(709,865)
Proceeds from issuances of securitized debt	0		1,381,640		2,382,810
Principal repayments on securitized debt	(1,022,994)		(343,071)		(86,648)
Principal repayments on securitized loans	0		0		201
Payments of deferred financing cost	(2,054)		(3,076)		(2,608)
Net proceeds from issuances of preferred stock	696,910		0		0
Redemptions of preferred stock	(185,312)		0		0
Net proceeds from direct purchases and dividend reinvestments	2,542		2,362		2,246
Net proceeds from issuances of common stock	1,647,606		0		0
Proceeds from mortgages payable	0		0		192,375
Principal payments on participation sold	(12,827)		(336)		(296)
Principal payments on mortgages payable	(2,365)		(23,581)		(360)
Contributions from noncontrolling interests	31		14		6,116
Distributions to noncontrolling interests	(1,135)		(1,200)		(649)
Net payments on share repurchases	0		(102,712)		(114,260)
Dividends paid	(1,353,172)		(1,220,931)		(1,209,250)
Net cash provided by (used in) financing activities	6,900,552		(5,023,226)		(8,473,882)
Net (decrease) increase in cash and cash equivalents	(833,157)		(229,512)		28,014
Cash and cash equivalents, beginning of period	1,539,746	[1]	1,769,258		1,741,244
Cash and cash equivalents, end of period	706,589	[1],[2]	1,539,746	[1]	1,769,258
Supplemental disclosure of cash flow information:
Interest received	3,447,308		2,968,161		2,965,887
Dividends received	5,238		2,520		12,684
Fees received	0		4,266		0
Investment advisory income received	0		0		35,250
Interest paid (excluding interest paid on interest rate swaps)	987,958		624,784		427,632
Net interest paid on interest rate swaps	369,660		536,674		612,111
Taxes paid	(1,502)		934		1,929
Noncash investing activities:
Receivable for investments sold	1,232	[2]	51,461		121,625
Payable for investments purchased	656,581	[2]	65,041		1,530,631
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	(40,127)		(708,297)		(582,479)
Reclassification of loans held for sale to investments in commercial real estate	0		0		18,500
Residential mortgage loans acquired through consolidation of VIEs	349,200		0		0
Noncash financing activities:
Dividends declared, not yet paid	347,876	[2]	305,674		280,779
Securitized debt assumed through consolidation of VIEs	$ 315,111		$ 0		$ 0

[1] Includes cash of consolidated VIEs of $42.3 million and $23.2 million at December 31, 2017 and 2016, respectively.

[2] As a result of a change to a clearing organization’s rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.