CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2015		Dec. 31, 2014
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
MBS and CRT securities		$ 11,356,643		$ 10,762,622
Securities obtained and pledged as collateral, at fair value		507,443		512,105
Residential whole loans, at carrying value ($93,692 and $67,536 pledged as collateral, respectively)		271,845		207,923
Residential whole loans, at fair value ($585,971, and $143,072 pledged as collateral, respectively)		623,276		143,472
Cash and cash equivalents		165,007		182,437
Restricted cash		71,538		67,255
Interest receivable		29,002		32,581
Derivative instruments:
MBS linked transactions, net (“Linked Transactions”), at fair value		0		398,336
Interest rate swap agreements (“Swaps”), at fair value		1,127		3,136
Goodwill		7,189		7,189
Prepaid and other assets		134,253		37,688
Total Assets		13,167,323		12,354,744
Liabilities:
Repurchase agreements and other advances	[1]	9,388,902		8,267,388
Securitized debt	[2]	22,057		110,574
Obligation to return securities obtained as collateral, at fair value		507,443		512,105
8% Senior Notes due 2042 (“Senior Notes”)		100,000		100,000
Accrued interest payable		16,949		13,095
Swaps, at fair value	[3]	70,526		62,198
Dividends and dividend equivalents payable		74,575		74,529
Accrued expenses and other liabilities		19,610		11,583
Total Liabilities		$ 10,200,062		$ 9,151,472
Commitments and contingencies
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; 370,584 and 370,084 shares issued and outstanding, respectively		3,706		3,701
Additional paid-in capital, in excess of par		3,019,956		3,013,634
Accumulated deficit		(572,332)		(568,596)
Accumulated other comprehensive income		515,851		754,453
Total Stockholders’ Equity		2,967,261		3,203,272
Total Liabilities and Stockholders’ Equity		13,167,323		12,354,744
Agency MBS
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
MBS and CRT securities		4,752,244		5,904,207
Non-Agency MBS
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
MBS and CRT securities	[4]	6,420,817		4,755,432
Non-Agency MBS | Non-Agency MBS
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
MBS and CRT securities		5,822,519		3,358,426
Non-Agency MBS | Non-Agency MBS Transfered to Consolidated VIEs
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
MBS and CRT securities	[5]	598,298		1,397,006
CRT securities
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
MBS and CRT securities		$ 183,582	[6]	$ 102,983

[1] The fair value of financial instruments pledged against the Company’s repurchase agreements and other advances was $11.300 billion and $9.934 billion at December 31, 2015 and 2014, respectively.

[2] 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 12 and 17 for further discussion.)

[3] The fair value of securities pledged against the Company’s Swaps was $38.6 million and $57.2 million at December 31, 2015 and 2014, respectively.

[4] At December 31, 2015 and 2014, the Company expected to recover approximately 89% and 83%, respectively, of the then-current face amount of Non-Agency MBS.

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

[6] Amounts disclosed at December 31, 2015 includes CRT securities with a fair value of $62.2 million for which the fair value option has been elected. Such securities have gross unrealized gains of approximately $332,000, gross unrealized losses of approximately $555,000 and net unrealized losses of approximately $223,000 at December 31, 2015.