Fair Value of Financial Instruments (Details 2) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Financial Assets:
Agency MBS	$ 6,519,221		$ 7,225,460
Securities obtained and pledged as collateral	383,743		408,833
Restricted cash	37,520		5,016
Linked Transactions	28,181		12,704
Derivative hedging instruments	13,000		203
Financial Liabilities:
Repurchase agreements	8,339,297	[1]	8,752,472	[1]
Securitized debt	366,205	[2]	646,816	[2]
Obligation to return securities held as collateral	383,743		508,827
Senior Notes	100,000		100,000
Carrying value
Financial Assets:
Agency MBS	6,519,221		7,225,460
Non-Agency MBS, including MBS transferred to consolidated VIEs	4,852,137		5,382,165
Securities obtained and pledged as collateral	383,743		408,833
Cash and cash equivalents	565,370		401,293
Restricted cash	37,520		5,016
Linked Transactions	28,181		12,704
Derivative hedging instruments	13,000		203
Financial Liabilities:
Repurchase agreements	8,339,297		8,752,472
Securitized debt	366,205		646,816
Obligation to return securities held as collateral	383,743		508,827
Senior Notes	100,000		100,000
Derivative hedging instruments	28,217		63,034
Estimated fair value
Financial Assets:
Agency MBS	6,519,221		7,225,460
Non-Agency MBS, including MBS transferred to consolidated VIEs	4,852,137		5,382,165
Securities obtained and pledged as collateral	383,743		408,833
Cash and cash equivalents	565,370		401,293
Restricted cash	37,520		5,016
Linked Transactions	28,181		12,704
Derivative hedging instruments	13,000		203
Financial Liabilities:
Repurchase agreements	8,339,071		8,754,521
Securitized debt	366,767		647,070
Obligation to return securities held as collateral	383,743		508,827
Senior Notes	98,000		103,040
Derivative hedging instruments	$ 28,217		$ 63,034

[1] The fair value of securities pledged against the Company’s repurchase agreements was $10.116 billion and $10.550 billion at December 31, 2013 and 2012, respectively.

[2] Securitized Debt represents third-party liabilities of consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that eliminate on consolidation. The third-party beneficial interest holders in the VIEs have no recourse to the general credit of the Company. (See Notes 10 and 15 for further discussion.)