Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

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 presented on its consolidated balance sheets, 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:

	June 30, 2014
	Fair Value		Level 1 - Unadjusted Quoted Prices in Active Markets		Level 2 - Observable Inputs		Level 3 - Unobservable Inputs
Assets:
Mortgage-backed securities	$	3,949,965	$	—	$	3,884,723	$	65,242
Derivative assets	5,237		—		5,237		—
Total assets carried at fair value	$	3,955,202	$	—	$	3,889,960	$	65,242
Liabilities:
Derivative liabilities	$	23,974	$	21,139	$	2,835	$	—
Total liabilities carried at fair value	$	23,974	$	21,139	$	2,835	$	—

	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	$	—

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 June 30, 2014:

	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	%	8.9	%
Non-Agency RMBS	10 CPR	1.0	%	20.0	%	6.8	%

(1) Data presented are weighted averages.

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 and six months ended June 30, 2014:

	Level 3 Fair Values
	Three Months Ended									Six Months Ended
	June 30, 2014									June 30, 2014
	Non-Agency CMBS			Non-Agency RMBS			Total assets			Non-Agency CMBS			Non-Agency RMBS			Total assets
Balance as of beginning of period	$	63,832		$	2,555		$	66,387		$	70,733		$	2,747		$	73,480
Unrealized gain (loss) included in OCI	173			3			176			200			(123		)	77
Principal payments	(1,315		)	(60		)	(1,375		)	(8,308		)	(456		)	(8,764		)
Accretion	54			—			54			119			330			449
Balance as of end of period	$	62,744		$	2,498		$	65,242		$	62,744		$	2,498		$	65,242

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:

	June 30, 2014				December 31, 2013
	Recorded Basis		Fair Value		Recorded Basis		Fair Value
Assets:
Mortgage-backed securities	$	3,949,965	$	3,949,965	$	4,018,161	$	4,018,161
Mortgage loans held for investment, net (1)	52,564		44,252		55,423		46,383
Derivative assets	5,237		5,237		18,488		18,488
Liabilities:
Repurchase agreements (2)	$	3,447,050	$	3,447,085	$	3,580,754	$	3,580,997
Non-recourse collateralized financing (1)	12,073		11,603		12,914		12,414
Derivative liabilities	23,974		23,974		6,681		6,681