CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities :
Net income	$ 65,423	$ 79,968
Noncash items:
Amortization of investment premiums	95,139	92,458
Amortization of equity-based awards	1,241	1,708
Other depreciation and amortization	97	100
Change in measureable hedge ineffectiveness related to interest rate swap agreements designated as cash flow hedges	506	130
Net change in receivables, other assets, accounts payable and accrued expenses	(953)	6,389
Net cash provided by operating activities	161,453	180,753
Investing activities:
Purchases of residential mortgage investments	(2,319,819)	(2,757,199)
Interest receivable acquired with the purchase of residential mortgage investments	(3,139)	(4,202)
Principal collections on residential mortgage investments, including changes in mortgage securities principal remittance receivable	2,773,344	2,577,985
Decrease (increase) in lending counterparty investments	50,000	(46,002)
Net cash provided by (used in) investing activities	500,386	(229,418)
Financing activities:
Proceeds from repurchase arrangements and similar borrowings	94,430,910	84,927,006
Principal payments on repurchase arrangements and similar borrowings	(92,332,463)	(87,281,325)
Proceeds from other secured borrowings	1,175,000	2,450,000
Principal payments on other secured borrowings	(3,800,000)	(150,000)
Increase in cash collateral receivable from interest rate swap counterparties	(22,998)	(12,729)
Proceeds from issuance of preferred shares	1,167	12,679
Other capital stock transactions	(57)	(429)
Dividends paid	(83,886)	(103,561)
Net cash used in financing activities	(632,327)	(158,359)
Net change in cash and cash equivalents	29,512	(207,024)
Cash and cash equivalents at beginning of period	54,185	307,526
Cash and cash equivalents at end of period	$ 83,697	$ 100,502