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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Interest Income:      
Agency MBS $ 156,046 $ 196,058 $ 241,994
Non-Agency MBS 170,485 134,901 101,054
Non-Agency MBS transferred to consolidated VIEs 156,285 168,071 153,563
Cash and cash equivalent investments 124 127 136
Interest Income 482,940 499,157 496,747
Interest Expense:      
Repurchase agreements 143,885 148,767 137,739
Securitized debt 12,100 17,106 11,672
Senior Notes 8,028 5,797 0
Total Interest Expense 164,013 171,670 149,411
Net Interest Income 318,927 327,487 347,336
Other-Than-Temporary Impairments:      
Total other-than-temporary impairment losses 0 (879) (45,144)
Portion of loss (reclassed from)/recognized in other comprehensive income/(loss) 0 (321) 34,574
Net Impairment Losses Recognized in Earnings 0 (1,200) (10,570)
Other Income, net:      
Unrealized net gains and net interest income from Linked Transactions 3,225 12,610 3,015
Losses on TBA short positions (7,517) 0 0
Gain on sales of MBS and U.S. Treasury securities, net 25,825 9,001 6,730
Revenue from operations of real estate held-for-sale 0 0 1,566
Gain on sale of properties, net 0 0 430
Other, net 219 10 (914)
Other Income, net 21,752 21,621 10,827
Operating and Other Expense:      
Compensation and benefits 20,328 22,089 18,959
Other general and administrative expense 13,361 11,480 11,250
Excise tax and interest 2,250 7,500 0
Impairment of resecuritization related costs 2,031 0 0
Real estate held-for-sale operating expense 0 0 970
Operating and Other Expense 37,970 41,069 31,179
Net Income 302,709 306,839 316,414
Less Preferred Stock Dividends 13,750 8,160 8,160
Less Issuance Costs of Redeemed Preferred Stock 3,947 [1] 0 [1] 0 [1]
Net Income Available to Common Stock and Participating Securities $ 285,012 $ 298,679 $ 308,254
Earnings per Common Share - Basic and Diluted $ 0.78 $ 0.83 $ 0.90
[1] Issuance costs of redeemed preferred stock represent the original offering costs related to the Series A Preferred Stock, which was redeemed on May 16, 2013. (See Note 11)