CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income	$ 79,968	$ 107,346
Noncash items:
Amortization of investment premiums	92,458	75,713
Amortization of equity-based awards	1,708	2,074
Other depreciation and amortization	100	104
Change in measurable hedge ineffectiveness related to interest rate swap agreements designated as cash flow hedges	130	(44)
Net change in receivables, other assets, accounts payable and accrued expenses	6,389	(2,453)
Net cash provided by operating activities	180,753	182,740
Investing activities
Purchases of residential mortgage investments	(2,757,199)	(2,379,111)
Interest receivable acquired with the purchase of residential mortgage investments	(4,202)	(3,776)
Principal collections on residential mortgage investments, including changes in mortgage securities principal remittance receivable	2,577,985	2,064,608
Increase in lending counterparty investments	(46,002)	0
Net cash used in investing activities	(229,418)	(318,279)
Financing activities
Proceeds from repurchase arrangements and similar borrowings	84,927,006	101,952,385
Principal payments on repurchase arrangements and similar borrowings	(87,281,325)	(101,685,521)
Proceeds from FHLB Advances	2,450,000	0
Principal payments on FHLB Advances	150,000	0
Increase in cash collateral receivable from interest rate swap counterparties	(12,729)	(17,214)
Proceeds from issuance of preferred shares	12,679	16,346
Other capital stock transactions	(429)	(468)
Dividends paid	(103,561)	(104,723)
Net cash provided by (used in) financing activities	(158,359)	160,805
Net change in cash and cash equivalents	(207,024)	25,266
Cash and cash equivalents at beginning of period	307,526	413,356
Cash and cash equivalents at end of period	$ 100,502	$ 438,622