Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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:

	December 31, 2014
	Fair Value		Level 1 - Unadjusted Quoted Prices in Active Markets		Level 2 - Observable Inputs		Level 3 - Unobservable Inputs
Assets:
Mortgage-backed securities	$	3,516,239	$	—	$	3,472,282	$	43,957
Derivative assets	5,727		—		5,727		—
Total assets carried at fair value	$	3,521,966	$	—	$	3,478,009	$	43,957
Liabilities:
Derivative liabilities	$	35,898	$	32,896	$	3,002	$	—
Total liabilities carried at fair value	$	35,898	$	32,896	$	3,002	$	—

	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 December 31, 2014:

	Quantitative Information about Level 3 Fair Value Measurements (1)
	Prepayment Speed	Default Rate		Severity		Discount Rate
Non-Agency CMBS	20 CPY	2.0	%	35.0	%	9.9	%
Non-Agency RMBS	10 CPR	1.0	%	20.0	%	6.5	%

(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 on a recurring basis during the periods indicated:

	Level 3 Fair Value
	Non-Agency CMBS			Non-Agency RMBS			Other			Total assets
Balance as of January 1, 2013	$	100,102		$	5,118		$	25		$	105,245
Purchases	26,021			—			—			26,021
Sales/write-offs to net income	—			—			(25		)	(25		)
Unrealized (loss) gain 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
Unrealized gain (loss) included in OCI	2,317			(139		)	—			2,178
Principal payments	(31,253		)	(1,014		)	—			(32,267		)
Accretion	236			330			—			566
Balance as of end of December 31, 2014	$	42,033		$	1,924		$	—		$	43,957

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, 2014				December 31, 2013
	Recorded Basis		Fair Value		Recorded Basis		Fair Value
Assets:
Mortgage-backed securities	$	3,516,239	$	3,516,239	$	4,018,161	$	4,018,161
Mortgage loans held for investment, net(1)	39,700		35,024		55,423		46,383
Derivative assets	5,727		5,727		18,488		18,488
Liabilities:
Repurchase agreements (2)	$	3,013,110	$	3,013,110	$	3,580,754	$	3,580,997
Non-recourse collateralized financing (1)	10,786		10,366		12,914		12,414
Derivative liabilities	35,898		35,898		6,681		6,681