CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)		Mar. 31, 2015 USD ($)
Cash flows from operating activities:
Net income (loss)	$ (868,080)		$ (476,499)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of Residential Investment Securities premiums and discounts, net	355,671		284,777
Amortization of commercial real estate investment premiums and discounts, net	(247)		(160)
Amortization of intangibles	2,429		1,195
Amortization of deferred financing costs	520		2,914
Amortization of net origination fees and costs, net	(1,737)		(1,190)
Amortization of contingent beneficial conversion feature and equity component of Convertible Senior Notes			11,758
Depreciation expense	4,570		2,823
Net (gains) losses on sales of Residential Investment Securities	1,675		(62,356)
Stock compensation expense	69		39
Unrealized (gains) losses on interest rate swaps	1,031,720		466,202
Net unrealized (gains) losses on financial instruments measured at fair value through earnings	(128)		33,546
Equity in net income from unconsolidated joint ventures	3,147
Net (gains) losses on trading assets	(125,189)		6,906
Proceeds from repurchase agreements of RCap	466,225,000		386,000,000
Payments on repurchase agreements of RCap	(466,825,000)		(391,250,000)
Proceeds from reverse repurchase agreements	14,550,000		15,325,000
Payments on reverse repurchase agreements	(14,550,000)		(15,325,000)
Net payments on derivatives	91,358		(66,604)
Due to / from brokers	(5)
Other assets	(66,389)		(2,627)
Accrued interest and dividends receivable	(1,547)		28,886
Receivable for investment advisory income			134
Accrued interest payable	12,140		(25,425)
Accounts payable and other liabilities	26,530		3,709
Net cash provided by (used in) operating activities	(133,493)		(5,041,972)
Cash flows from investing activities:
Payments on purchases of Residential Investment Securities	(4,644,731)		(5,065,764)
Proceeds from sales of Residential Investment Securities	3,596,677		13,973,224
Principal payments on Agency mortgage-backed securities	1,946,498		2,596,964
Payments on purchases of corporate debt	(181,079)		(63,015)
Principal payments on corporate debt	30,578		1,733
Purchases of commercial real estate debt investments	(76,862)		(185,925)
Sales of commercial real estate debt investments			41,016
Purchase of securitized loans at fair value	(1,489,268)		(1,370,011)
Origination of commercial real estate investments, net	(179,099)		(61,502)
Principal payments on commercial real estate debt investments	1,374
Principal payments on securitized loans at fair value	52,287
Principal payments on commercial real estate investments	351,930		82,408
Purchase of investments in real estate	(610)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	1,053
Purchase of equity securities	(88,062)		(3,602)
Proceeds from sales of equity securities	16,112
Net cash provided by (used in) investing activities	(663,202)		9,945,526
Cash flows from financing activities:
Proceeds from repurchase agreements	43,970,988		57,776,249
Principal payments on repurchase agreements	(45,153,707)		(63,410,797)
Payments on maturity of convertible senior notes			(107,541)
Proceeds from other secured financing	2,146,084		90,000
Payments on other secured financing	(402,806)
Proceeds from issuance of securitized debt	1,381,640		1,267,914
Principal repayments on securitized debt	(96,861)		(37,680)
Payment of deferred financing cost	(400)		(641)
Net proceeds from direct purchases and dividend reinvestments	524		569
Principal payments on participation sold	(77)		(76)
Principal payments on mortgages payable	(99)		(69)
Distributions to noncontrolling interests	(230)		(115)
Net payment on share repurchase	(102,712)
Dividends paid	(298,771)		(302,285)
Net cash provided by (used in) financing activities	1,443,573		(4,724,472)
Net (decrease) increase in cash and cash equivalents	646,878		179,082
Cash and cash equivalents, beginning of period	1,769,258	[1],[2]	1,920,326
Cash and cash equivalents, end of period	2,416,136	[2]	2,099,408
Supplemental disclosure of cash flow information:
Interest received	726,930		815,765
Dividends received			4,048
Investment advisory income received			10,992
Interest paid (excluding interest paid on interest rate swaps)	127,449		124,673
Net interest paid on interest rate swaps	152,458		176,395
Taxes paid	244		643
Noncash investing activities:
Receivable for investments sold	2,220		2,009,937
Payable for investments purchased	250,612		5,205
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	1,017,962		569,116
Dividends declared, not yet paid	$ 277,456		$ 284,310

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

[2] Includes cash of consolidated VIEs of $50.7 million and $48.5 million at March 31, 2016 and December 31, 2015, respectively.