CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
Mortgage-backed securities and credit risk transfer securities		$ 10,685,331	$ 11,356,643
Securities obtained and pledged as collateral, at fair value		512,059	507,443
Residential whole loans, at carrying value ($221,050 and $93,692 pledged as collateral, respectively)		392,172	271,845
Residential whole loans, at fair value ($592,945 and $585,971 pledged as collateral, respectively)		684,582	623,276
Cash and cash equivalents		182,765	165,007
Restricted cash		143,084	71,538
Other assets		227,555	166,799
Total Assets		12,827,548	13,162,551
Liabilities:
Repurchase agreements and other advances		9,038,087	9,387,622
Obligation to return securities obtained as collateral, at fair value		512,059	507,443
8% Senior Notes due 2042 (“Senior Notes”)		96,715	96,697
Other liabilities	[1]	233,019	203,528
Total Liabilities		9,879,880	10,195,290
Commitments and contingencies (See Note 14)
Stockholders’ Equity:
Preferred stock, $.01 par value; 7.50% Series B cumulative redeemable; 8,050 shares authorized; 8,000 shares issued and outstanding ($200,000 aggregate liquidation preference)		80	80
Common stock, $.01 par value; 886,950 shares authorized; 371,027 and 370,584 shares issued and outstanding, respectively		3,710	3,706
Additional paid-in capital, in excess of par		3,021,861	3,019,956
Accumulated deficit		(571,709)	(572,332)
Accumulated other comprehensive income		493,726	515,851
Total Stockholders’ Equity		2,947,668	2,967,261
Total Liabilities and Stockholders’ Equity		12,827,548	13,162,551
Securitized debt		0	21,868
Agency MBS
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
Mortgage-backed securities and credit risk transfer securities		4,307,882	4,752,244
Non-Agency MBS
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
Mortgage-backed securities and credit risk transfer securities		6,104,880	6,420,817
Non-Agency MBS | Non-Agency MBS
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
Mortgage-backed securities and credit risk transfer securities		5,911,206	5,822,519
Non-Agency MBS | Non-Agency MBS Transferred to Consolidated VIEs
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
Mortgage-backed securities and credit risk transfer securities	[2]	193,674	598,298
CRT securities
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
Mortgage-backed securities and credit risk transfer securities		$ 272,569	$ 183,582

[1] Other liabilities includes $21.9 million of Securitized debt at December 31, 2015. Securitized debt represents third-party liabilities of consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that eliminate on consolidation. The third-party beneficial interest holders in the VIEs have no recourse to the general credit of the Company. (See Notes 13, 14 and 19 for further discussion.)

[2] Non-Agency MBS transferred to consolidated VIEs represent assets of the consolidated VIEs that can be used only to settle the obligations of each respective VIE.