Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 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, segregated by the hierarchy level of the fair value estimate, that are measured at fair value on a recurring basis as of the dates indicated:

	December 31, 2013
	Fair Value		Level 1 - Unadjusted Quoted Prices in Active Markets		Level 2 - Observable Inputs		Level 3 - Unobservable Inputs
Assets:
Mortgage-backed securities	$	4,018,161	$	—	$	3,944,681	$	73,480
Derivative assets	18,488		—		18,488		—
Total assets carried at fair value	$	4,036,649	$	—	$	3,963,169	$	73,480
Liabilities:
Derivative liabilities	$	6,681	$	5,345	$	1,336	$	—
Total liabilities carried at fair value	$	6,681	$	5,345	$	1,336	$	—

	December 31, 2012
	Fair Value		Level 1 - Unadjusted Quoted Prices in Active Markets		Level 2 - Observable Inputs		Level 3 - Unobservable Inputs
Assets:
Mortgage-backed securities	$	4,103,981	$	—	$	3,998,761	$	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 December 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	%	8.7	%
Non-Agency RMBS	10 CPR	1.0	%	19.2	%	8.1	%

(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 year ended December 31, 2013:

	Year Ended
	December 31, 2013
	Level 3 Fair Values
	Non-Agency CMBS			Non-Agency RMBS			Other			Total assets
Balance as of January 1, 2011	$	123,703		$	10,296		$	25		$	134,024
Purchases	—			7,500			—			7,500
Transfers out to Level 2	(4,670		)	—			—			(4,670		)
Change in fair value included in OCI	(59		)	86			—			27
Principal payments	(18,437		)	(12,804		)	—			(31,241		)
(Amortization) accretion	(435		)	40			—			(395		)
Balance as of December 31, 2012	$	100,102		$	5,118		$	25		$	105,245
Purchases	26,021			—			—			26,021
Sales/write-offs to net income	—			—			(25		)	(25		)
Change in fair value included in OCI	(6,026		)	5			—			(6,021		)
Principal payments	(49,167		)	(2,421		)	—			(51,588		)
(Amortization) accretion	(197		)	45			—			(152		)
Balance as of December 31, 2013	$	70,733		$	2,747		$	—		$	73,480

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 the dates indicated:

	December 31, 2013				December 31, 2012
	Recorded Basis		Fair Value		Recorded Basis		Fair Value
Assets:
Mortgage-backed securities	$	4,018,161	$	4,018,161	$	4,103,981	$	4,103,981
Securitized mortgage loans, net (1)	54,748		45,750		70,823		61,916
Other investments (1)	675		633		858		810
Derivative assets	18,488		18,488		—		—
Liabilities:
Repurchase agreements (2)	$	3,580,754	$	3,580,997	$	3,564,128	$	3,564,787
Non-recourse collateralized financing (1)	12,914		12,414		30,504		30,756
Derivative liabilities	6,681		6,681		42,537		42,537