Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows from Operating Activities
Net income (loss)	$ (158,303)	$ 141,580
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of mortgage-backed and credit risk transfer securities premiums and (discounts), net	53,664	59,075
Amortization of residential loans and asset-backed securities premiums (discount), net	0	(254)
Amortization of commercial loan origination fees	(139)	(22)
Reduction in provision for loan losses	0	(132)
Unrealized (gain) loss on derivative instruments, net	211,261	(66,192)
Unrealized (gain) loss on credit derivatives, net	(19,229)	(11,867)
(Gain) loss on investments, net	(13,015)	(12,986)
Realized (gain) loss on derivative instruments, net	63,569	41,315
Realized (gain) loss on credit derivatives, net	6,017	2,468
Equity in earnings of unconsolidated ventures	(1,263)	(7,237)
Amortization of equity-based compensation	265	307
Amortization of deferred securitization and financing costs	1,227	1,594
Amortization of net deferred losses on de-designated interest rate swaps to repurchase agreements interest expense	16,162	35,458
(Gain) loss on foreign currency transactions, net	4,741	619
Changes in operating assets and liabilities:
(Increase) decrease in operating assets	1,893	(4,114)
(Decrease) increase in operating liabilities	(5,039)	7,846
Net cash provided by operating activities	161,811	187,458
Cash Flows from Investing Activities
Purchase of mortgage-backed and credit risk transfer securities	(1,061,651)	(1,416,277)
Purchase of U.S. Treasury securities	(152,256)	0
Proceeds from sale of U.S. Treasury securities	122,736	0
(Contributions) distributions (from) to investment in unconsolidated ventures, net	6,863	6,432
Change in other assets	1,125	(7,250)
Principal payments from mortgage-backed and credit risk transfer securities	1,131,028	1,267,293
Proceeds from sale of mortgage-backed and credit risk transfer securities	659,959	242,543
Payments on sale of credit derivatives	(6,017)	(2,468)
Payment of premiums for interest rate swaptions	0	(1,485)
(Payments) proceeds (for) from termination of futures, forwards, swaps, swaptions and TBAs, net	(62,083)	(33,577)
Purchase of residential loans held-for-investment	0	(372,305)
Principal payments from residential loans held-for-investment	0	271,700
Principal payments from commercial loans held-for-investment	15,000	63,131
Origination and advances of commercial loans, net of origination fees	(83,005)	(72,965)
Net cash provided by (used in) investing activities	571,699	(55,228)
Cash Flows from Financing Activities
Proceeds from issuance of common stock	35	122
Repurchase of common stock	(25,000)	0
Cost of issuance of preferred stock	0	(14)
Due from counterparties	(158,132)	(10,026)
Change in collateral held payable	660	(8,390)
Proceeds from repurchase agreements	61,581,699	70,442,045
Principal repayments of repurchase agreements	(61,939,100)	(70,889,813)
Proceeds from asset-backed securities issued by securitization trusts	0	336,077
Principal repayments of asset-backed securities issued by securitization trusts	0	(255,848)
Proceeds from secured loans	125,000	600,000
Principal repayments on secured loans	(125,000)	(300,000)
Payments of deferred costs	(136)
Payments of dividends and distributions	(102,651)	(123,524)
Net cash used in financing activities	(642,625)	(209,371)
Net change in cash and cash equivalents	90,885	(77,141)
Cash and cash equivalents, beginning of period	53,199	164,144
Cash and cash equivalents, end of period	144,084	87,003
Supplement Disclosure of Cash Flow Information
Interest paid	74,037	103,352
Non-cash Investing and Financing Activities Information
Net change in unrealized gain on mortgage-backed and credit risk transfer securities	226,995	(78,085)
Dividends and distributions declared not paid	50,919	61,770
Net change in investment related payable (receivable)	206,034	152,580
Repurchase agreements, not settled	0	(49)
Net change in due from counterparties	$ 1,126	$ 2,523