CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Interest Income:
Agency MBS	$ 196,058	$ 241,994	$ 250,602
Non-Agency MBS	134,901	101,054	127,070
Non-Agency MBS transferred to consolidated VIEs	168,071	153,563	13,281
Cash and cash equivalent investments	127	136	385
Interest Income	499,157	496,747	391,338
Interest Expense:
Repurchase agreements	148,767	137,739	144,212
Securitized debt	17,106	11,672	913
Senior Notes	5,797
Total Interest Expense	171,670	149,411	145,125
Net Interest Income	327,487	347,336	246,213
Other-Than-Temporary Impairments:
Total other-than-temporary impairment losses	(879)	(45,144)	(6,042)
Portion (reclassified from)/recognized in other comprehensive income/(loss)	(321)	34,574	(6,235)
Net Impairment Losses Recognized in Earnings	(1,200)	(10,570)	(12,277)
Other Income, net:
Unrealized net gains and net interest income from Linked Transactions	12,610	3,015	53,762
Gain on sales of MBS	9,001	6,730	33,739
Revenue from operations of real estate held-for-sale		1,566	1,464
Loss on termination of repurchase agreements			(26,815)
Gain on sale of properties, net		430
Other, net	10	(914)
Other Income, net	21,621	10,827	62,150
Operating and Other Expense:
Compensation and benefits	22,089	18,959	16,092
Other general and administrative expense	11,480	11,250	8,571
Excise tax and interest	7,500
Real estate held-for-sale operating expense		970	1,661
Operating and Other Expense	41,069	31,179	26,324
Net Income	306,839	316,414	269,762
Less: Preferred Stock Dividends	8,160	8,160	8,160
Net Income Available to Common Stock and Participating Securities	$ 298,679	$ 308,254	$ 261,602
Earnings per Common Share - Basic and Diluted (in dollars per share)	$ 0.83	$ 0.90	$ 0.93