Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table presents the fair value of the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2013 and December 31, 2012, segregated by the hierarchy level of the fair value estimate:

	March 31, 2013
	Fair Value		Level 1		Level 2		Level 3
Assets:
Agency MBS (including pending settlements)	$	3,848,434	$	—	$	3,848,434	$	—
Non-Agency MBS	617,261		—		496,292		120,969
Other investments	25		—		—		25
Total assets carried at fair value	$	4,465,720	$	—	$	4,344,726	$	120,994
Liabilities:
Derivative liabilities	$	37,687	$	—	$	37,687	$	—
Total liabilities carried at fair value	$	37,687	$	—	$	37,687	$	—

	December 31, 2012
	Fair Value		Level 1		Level 2		Level 3
Assets:
Agency MBS	$	3,492,659	$	—	$	3,492,659	$	—
Non-Agency MBS	611,322		—		506,102		105,220
Other investments	25		—		—		25
Total assets carried at fair value	$	4,104,006	$	—	$	3,998,761	$	105,245
Liabilities:
Derivative liabilities	$	42,537	$	—	$	42,537	$	—
Total liabilities carried at fair value	$	42,537	$	—	$	42,537	$	—

Fair Value Inputs, Assets, Quantitative Information [Table Text Block]

The table below presents information about the significant unobservable inputs used in the fair value measurement for the Company's Level 3 non-Agency CMBS and RMBS as of March 31, 2013:

	Quantitative Information about Level 3 Fair Value Measurements(1)
	Prepayment Speed		Default Rate		Severity		Discount Rate
Non-Agency CMBS	20 CPY		2.5	%	35.0	%	5.1	%
Non-Agency RMBS	9	CPR	0.9	%	18.5	%	6.7	%

(1) Data presented are weighted averages.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table presents the activity of the instruments fair valued at Level 3 during the three months ended March 31, 2013:

	Level 3 Fair Values
	Non-Agency CMBS			Non-Agency RMBS			Other		Total assets
Balance as of beginning of the period	$	100,102		$	5,118		$	25	$	105,245
Purchases	19,516			—			—		19,516
Unrealized (loss) gain included in OCI	(444		)	(34		)	—		(478		)
Principal payments	(2,059		)	(1,345		)	—		(3,404		)
Amortization	104			11			—		115
Balance as of end of period	$	117,219		$	3,750		$	25	$	120,994

Recorded basis and fair value [Table Text Block]

The following table presents a summary of the recorded basis and estimated fair values of the Company’s financial instruments as of March 31, 2013 and December 31, 2012:

	March 31, 2013				December 31, 2012
	Recorded Basis		Fair Value		Recorded Basis		Fair Value
Assets:
Agency MBS (including pending settlements)	$	3,848,434	$	3,848,434	$	3,492,659	$	3,492,659
Non-Agency MBS	617,261		617,261		611,322		611,322
Securitized mortgage loans, net	64,825		54,757		70,823		61,916
Other investments	822		775		858		810
Liabilities:
Repurchase agreements	$	3,708,255	$	3,708,811	$	3,564,128	$	3,564,787
Non-recourse collateralized financing	28,473		28,810		30,504		30,756
Derivative liabilities	37,687		37,687		42,537		42,537