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Fair Value of Financial Instruments (Details 2) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Financial Assets:    
Agency MBS $ 7,153,905 $ 7,225,460
Securities obtained and pledged as collateral 408,118 408,833
Restricted cash 5,017 5,016
Linked Transactions 12,572 12,704
Derivative hedging instruments 324 203
Financial Liabilities:    
Repurchase agreements 8,902,827 8,752,472
Securitized debt 542,014 [1] 646,816 [1]
Obligation to return securities held as collateral 508,187 508,827
Senior Notes 100,000 100,000
Derivative hedging instruments 50,839 63,034
Carrying value
   
Financial Assets:    
Agency MBS 7,153,905 7,225,460
Non-Agency MBS, including MBS transferred to consolidated VIEs 5,388,277 5,382,165
Securities obtained and pledged as collateral 408,118 408,833
Cash and cash equivalents 601,570 401,293
Restricted cash 5,017 5,016
Linked Transactions 12,572 12,704
Derivative hedging instruments 324 203
Financial Liabilities:    
Repurchase agreements 8,902,827 8,754,472
Securitized debt 542,014 646,816
Obligation to return securities held as collateral 508,187 508,827
Senior Notes 100,000 100,000
Derivative hedging instruments 50,839 63,034
Estimated fair value
   
Financial Assets:    
Agency MBS 7,153,905 7,225,460
Non-Agency MBS, including MBS transferred to consolidated VIEs 5,388,277 5,382,165
Securities obtained and pledged as collateral 408,118 408,833
Cash and cash equivalents 601,570 401,293
Restricted cash 5,017 5,016
Linked Transactions 12,572 12,704
Derivative hedging instruments 324 203
Financial Liabilities:    
Repurchase agreements 8,902,024 8,754,521
Securitized debt 544,873 647,070
Obligation to return securities held as collateral 508,187 508,827
Senior Notes 106,120 103,040
Derivative hedging instruments $ 50,839 $ 63,034
[1] Securitized Debt represents third-party liabilities of consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that eliminate in consolidation. The third-party beneficial interest holders in the VIEs have no recourse to the general credit of the Company. (See Notes 9 and 15 for further discussion.)