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Mortgage Backed Securities Mortgage backed securities (Tables)
 3 Months Ended
Mar. 31, 2015
Schedule of Available-for-sale Securities [Line Items]  
Schedule of Realized Gain (Loss) [Table Text Block]
The Company received proceeds of $102,923 and $59,799 for the sale of MBS during the three months ended March 31, 2015 and March 31, 2014, respectively. The following table presents the gross realized gains (losses) of those sales included in "gain (loss) on sale of investments, net" on the Company's consolidated statements of comprehensive income for the periods indicated:
 
Three Months Ended
 
March 31,
 
2015
 
2014
($ in thousands)
Gain (Loss) Recognized
 
Gain (Loss) Recognized
Gross realized gains on sales of MBS
$
1,773

 
$
219

Gross realized losses on sales of MBS
(465
)
 
(3,526
)
Total gain (loss) on sale of investments, net
$
1,308

 
$
(3,307
)
Available-for-sale Securities [Table Text Block]
The following tables provide detail by type of investment for the Company’s MBS designated as AFS as of the dates indicated:
 
March 31, 2015
 
Par
 
Net Premium (Discount)
 
Amortized Cost
 
Gross Unrealized Gain
 
Gross Unrealized Loss
 
Fair Value
 
WAC (1)
RMBS:
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
$
1,942,332

 
$
104,352

 
$
2,046,684

 
$
11,271

 
$
(13,075
)
 
$
2,044,880

 
3.08
%
Non-Agency
76,647

 
(69
)
 
76,578

 
143

 
(79
)
 
76,642

 
3.57
%
 
2,018,979

 
104,283

 
2,123,262

 
11,414

 
(13,154
)
 
2,121,522

 
 
CMBS:
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
740,363

 
17,321

 
757,684

 
20,234

 
(171
)
 
777,747

 
3.68
%
Non-Agency
217,479

 
(8,451
)
 
209,028

 
7,600

 
(363
)
 
216,265

 
4.23
%
 
957,842

 
8,870

 
966,712

 
27,834

 
(534
)
 
994,012

 
 
CMBS IO (2):
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
—

 
410,948

 
410,948

 
13,257

 
(12
)
 
424,193

 
0.87
%
Non-Agency
—

 
331,090

 
331,090

 
8,906

 
—

 
339,996

 
0.71
%
 
—

 
742,038

 
742,038

 
22,163

 
(12
)
 
764,189

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Total AFS securities:
$
2,976,821

 
$
855,191

 
$
3,832,012

 
$
61,411

 
$
(13,700
)
 
$
3,879,723

 
 
(1)
The current weighted average coupon ("WAC") is the gross interest rate of the pool of mortgages underlying the security weighted by the outstanding principal balance (or by notional balance in the case of an IO security).
(2)
The notional balance for Agency CMBS IO and non-Agency CMBS IO was $10,415,002 and $9,115,887, respectively, as of March 31, 2015.
 
December 31, 2014
 
Par
 
Net Premium (Discount)
 
Amortized Cost
 
Gross Unrealized Gain
 
Gross Unrealized Loss
 
Fair Value
 
WAC (1)
RMBS:
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
$
2,086,807

 
$
113,635

 
$
2,200,442

 
$
8,473

 
$
(22,215
)
 
$
2,186,700

 
3.09
%
Non-Agency
22,432

 
(17
)
 
22,415

 
107

 
(74
)
 
22,448

 
3.83
%
 
2,109,239

 
113,618

 
2,222,857

 
8,580

 
(22,289
)
 
2,209,148

 
 
CMBS:
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
301,943

 
18,042

 
319,985

 
15,288

 
(76
)
 
335,197

 
5.21
%
Non-Agency
210,358

 
(8,520
)
 
201,838

 
6,679

 
(479
)
 
208,038

 
5.10
%
 
512,301

 
9,522

 
521,823

 
21,967

 
(555
)
 
543,235

 
 
CMBS IO (2):
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
—

 
426,564

 
426,564

 
12,252

 
(79
)
 
438,737

 
0.80
%
Non-Agency
—

 
319,280

 
319,280

 
6,069

 
(230
)
 
325,119

 
0.72
%
 
—

 
745,844

 
745,844

 
18,321

 
(309
)
 
763,856

 
 



 
 
 


 


 
 
 


 
 
Total AFS securities:
$
2,621,540

 
$
868,984

 
$
3,490,524

 
$
48,868

 
$
(23,153
)
 
$
3,516,239

 


 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1)
The current weighted average coupon ("WAC") is the gross interest rate of the pool of mortgages underlying the security weighted by the outstanding principal balance (or by notional balance in the case of an IO security).
(2)
The notional balance for the Agency CMBS IO and non-Agency CMBS IO was $10,460,113 and $7,868,896, respectively, as of December 31, 2014.
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]
The following table presents certain information for those Agency MBS in an unrealized loss position as of the dates indicated:
 
March 31, 2015
 
December 31, 2014
 
Fair Value
 
Gross Unrealized Losses
 
# of Securities
 
Fair Value
 
Gross Unrealized Losses
 
# of Securities
Continuous unrealized loss position for less than 12 months:
 
 
 
 
 
 
 
 
 
 
 
Agency MBS
$
261,035

 
$
(531
)
 
17
 
$
322,741

 
$
(879
)
 
24
Non-Agency MBS
79,310

 
(382
)
 
13
 
111,778

 
(625
)
 
24
 
 
 
 
 
 
 
 
 
 
 
 
Continuous unrealized loss position for 12 months or longer:
 
 
 
 
 
 
 
 
 
 
 
Agency MBS
$
1,030,027

 
$
(12,727
)
 
91
 
$
1,321,323

 
$
(21,491
)
 
113
Non-Agency MBS
1,224

 
(61
)
 
4
 
18,037

 
(159
)
 
5