CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net income	$ 40,250	$ 48,983
Noncash items:
Amortization of investment premiums	64,046	59,063
Amortization of equity-based awards	1,274	1,189
Other depreciation and amortization	59	66
Change in measureable hedge ineffectiveness related to interest rate swap agreements designated as cash flow hedges	899	546
Net change in receivables, other assets, accounts payable and accrued expenses	1,716	(781)
Net cash provided by operating activities	108,244	109,066
Investing activities:
Purchases of residential mortgage investments	(2,275,907)	(1,512,737)
Interest receivable acquired with the purchase of residential mortgage investments	(3,613)	(1,977)
Principal collections on residential mortgage investments, including changes in mortgage securities principal remittance receivable	1,913,662	1,706,266
Redemptions of lending counterparty investments		30,000
Net cash (used in) provided by investing activities	(365,858)	221,552
Financing activities:
Proceeds from repurchase arrangements and similar borrowings	75,996,185	60,553,581
Principal payments on repurchase arrangements and similar borrowings	(75,687,347)	(58,584,344)
Proceeds from other secured borrowings		1,175,000
Principal payments on other secured borrowings		(3,300,000)
Increase in cash collateral receivable from interest rate swap counterparties	(17,858)	(42,977)
Net proceeds from interest rate swap settlements	9,775
Proceeds from issuance of preferred shares	9,845	1,167
Other capital stock transactions	(261)	(57)
Dividends paid	(50,231)	(58,002)
Net cash provided by (used in) financing activities	260,108	(255,632)
Net change in cash and cash equivalents	2,494	74,986
Cash and cash equivalents at beginning of period	56,732	54,185
Cash and cash equivalents at end of period	$ 59,226	$ 129,171