Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash	$ 221,668	$ 265,232
Cash collateral posted to counterparties	10,531	17,162
Agency Securities (including pledged securities of $6,743,689 at December 31, 2018 and $7,094,766 at December 31, 2017)	7,051,954	7,478,966
Derivatives, at fair value	111,913	37,211
Accrued interest receivable	22,505	22,165
Prepaid and other	1,855	1,600
Subordinated loans to BUCKLER	105,000	105,000
Total Assets	8,464,610	8,928,917
Liabilities:
Repurchase agreements	7,037,651	7,555,917
Cash collateral posted by counterparties	97,213	29,593
Payable for unsettled purchases	166,052	0
Derivatives, at fair value	24,505	7,948
Accrued interest payable- repurchase agreements	10,268	6,452
Accounts payable and other accrued expenses	3,608	2,956
Total Liabilities	7,339,297	7,602,866
Commitments and contingencies (Note 11)
Preferred stock, $0.001 par value, 50,000 shares authorized;
Common stock, $0.001 par value, 125,000 shares authorized, 43,702 and 41,877 shares issued and outstanding at December 31, 2018 and December 31, 2017	44	42
Additional paid-in capital	2,752,376	2,709,335
Accumulated deficit	(1,583,245)	(1,363,223)
Accumulated other comprehensive loss	(43,870)	(20,111)
Total Stockholders’ Equity	1,125,313	1,326,051
Total Liabilities and Stockholders’ Equity	8,464,610	8,928,917
Series A Preferred Stock
Preferred stock, $0.001 par value, 50,000 shares authorized;
Preferred stock	2	2
Series B Preferred Stock
Preferred stock, $0.001 par value, 50,000 shares authorized;
Preferred stock	6	6
Credit Risk and Non-Agency Securities
Assets
Securities, trading, at fair value	819,915	975,829
Interest-Only Securities
Assets
Securities, trading, at fair value	20,623	25,752
US Treasury Securities
Assets
Securities, trading, at fair value	$ 98,646	$ 0