Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Interest income:
Agency MBS	$ 56,814	$ 22,920	$ 20,962
Non-Agency MBS	18,825	13,491	863
Securitized mortgage loans	7,615	12,234	17,169
Other investments	117	125	226
Cash and cash equivalents	6	11	16
Total interest income	83,377	48,781	39,236
Interest expense:
Repurchase agreements	19,569	6,368	3,288
Non-recourse collateralized financing	4,513	7,989	9,801
Other interest-related expenses	0	0	1,589
Total interest expense	24,082	14,357	14,678
Net interest income	59,295	34,424	24,558
Provision for loan losses	(871)	(1,379)	(782)
Net interest income after provision for loan losses	58,424	33,045	23,776
Litigation settlement and related costs	(8,240)	0	0
(Loss) gain on non-recourse collateralized financing	(1,970)	561	0
Gain on sale of investments, net	2,096	2,891	171
Fair value adjustments, net	(676)	294	205
Other income, net	134	1,498	145
General and administrative expenses:
Compensation and benefits	(5,321)	(4,930)	(3,626)
Other general and administrative	(4,635)	(3,887)	(3,090)
Net income	39,812	29,472	17,581
Preferred stock dividends	0	(3,061)	(4,010)
Net income to common shareholders	$ 39,812	$ 26,411	$ 13,571
Weighted average common shares:
Basic	38,580	17,595	13,088
Diluted	38,581	20,919	17,311
Net income per common share:
Basic	$ 1.03	$ 1.50	$ 1.04
Diluted	$ 1.03	$ 1.41	$ 1.02
Dividends declared per common share	$ 1.09	$ 0.98	$ 0.92