CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net loss	$ (152,867)	$ (68,010)
Adjustments to reconcile net loss to cash provided by operating activities:
Amortization of investment premiums	56,135	55,210
Amortization of equity-based awards	2,466	2,048
Amortization of unrealized gain on de-designated hedges	37	(12,854)
Loss on sale of mortgage investments	67,820	1,365
Loss on derivative instruments (net)	146,603	124,539
Other depreciation and amortization	91	81
Net change in receivables, other assets, accounts payable and accrued expenses	(2,892)	12,193
Net cash provided by operating activities	117,393	114,572
Investing activities
Purchases of residential mortgage investments	(2,474,235)	(2,306,131)
Proceeds from sales of residential mortgage investments	2,558,871	303,991
Interest receivable acquired with the purchase of residential mortgage investments	(4,019)	(4,695)
Principal collections on residential mortgage investments, including changes in mortgage securities principal remittance receivable	2,769,631	2,744,563
Redemption of lending counterparty investments		5,000
Net cash provided by investing activities	2,850,248	742,728
Financing activities
Proceeds from secured borrowings	64,953,417	104,814,630
Principal payments on secured borrowings	(67,583,999)	(105,501,068)
Decrease in cash collateral receivable from derivative counterparties	(27,852)	(51,714)
Net payments on derivative settlements	(140,042)	(147,791)
Issuance of common stock	12,882	75,195
Other capital stock transactions	(108)	(106)
Dividends paid	(57,548)	(38,531)
Net cash used in financing activities	(2,843,250)	(849,385)
Net change in cash and cash equivalents	124,391	7,915
Cash and cash equivalents at beginning of period	105,397	60,289
Cash and cash equivalents at end of period	$ 229,788	$ 68,204