Consolidated Statements of Comprehensive Income (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Interest income:
Mortgage-backed securities	$ 23,727	$ 26,902
Mortgage loans held for investment	372	738
Total interest income	24,099	27,640
Interest expense:
Repurchase agreements	5,346	7,611
Non recourse collateralized financing	25	22
Total interest expense	5,371	7,633
Net interest income	18,728	20,007
Gain (loss) on derivative instruments, net	(25,323)	(13,422)
Gain (loss) on sale of investments, net	1,308	(3,307)
Fair value adjustments, net	39	32
Income from investment in LP	22	0
Other income, net	12	75
General and administrative expenses:
Compensation and benefits	(2,117)	(2,552)
Other general and administrative	(2,141)	(1,567)
Net income (loss)	(9,472)	(734)
Preferred Stock Dividends	(2,294)	(2,294)
Net income (loss) to common shareholders	(11,766)	(3,028)
Change in fair value of available-for-sale investments	23,304	23,965
Reclassification adjustment for (gain) loss on sale of investments, net	(1,308)	3,307
Reclassification adjustment for cash flow hedges (including de-designated hedges)	1,057	2,288
Other comprehensive (loss) income	23,053	29,560
Comprehensive income (loss) to common shareholders	$ 11,287	$ 26,532
Weighted average common shares - basic and diluted	54,800	54,626
Net income per common share - basic and diluted	$ (0.21)	$ (0.06)