Mortgage Backed Securities Mortgage backed securities (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Available-for-sale Securities [Line Items]

Available-for-sale Securities [Table Text Block]

The following tables present the Company’s MBS by investment type as of the dates indicated:

	March 31, 2016
	Par		Net Premium (Discount)			Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value		WAC (1)
RMBS:
Agency	$	1,423,270	$	70,256		$	1,493,526	$	5,464	$	(10,156	)	$	1,488,834	3.01	%
Non-Agency	61,344		(37		)	61,307		87		(637		)	60,757		3.56	%
	1,484,614		70,219			1,554,833		5,551		(10,793		)	1,549,591
CMBS:
Agency	861,905		11,709			873,614		24,577		(68		)	898,123		3.41	%
Non-Agency	118,564		(7,900		)	110,664		7,692		(3		)	118,353		4.98	%
	980,469		3,809			984,278		32,269		(71		)	1,016,476
CMBS IO (2):
Agency	—		404,380			404,380		6,809		(1,541		)	409,648		0.80	%
Non-Agency	—		355,665			355,665		2,055		(4,683		)	353,037		0.68	%
	—		760,045			760,045		8,864		(6,224		)	762,685
Total AFS securities:	$	2,465,083	$	834,073		$	3,299,156	$	46,684	$	(17,088	)	$	3,328,752

(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 $12,125,860 and $10,668,570, respectively, as of March 31, 2016.

	December 31, 2015
	Par		Net Premium (Discount)			Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value		WAC (1)
RMBS:
Agency	$	1,536,733	$	77,617		$	1,614,350	$	4,362	$	(20,190	)	$	1,598,522	3.03	%
Non-Agency	66,003		(45		)	65,958		70		(818		)	65,210		3.25	%
	1,602,736		77,572			1,680,308		4,432		(21,008		)	1,663,732
CMBS:
Agency	876,751		13,252			890,003		10,542		(14,614		)	885,931		3.45	%
Non-Agency	156,218		(8,133		)	148,085		7,039		(941		)	154,183		4.29	%
	1,032,969		5,119			1,038,088		17,581		(15,555		)	1,040,114
CMBS IO (2):
Agency	—		421,857			421,857		5,922		(1,651		)	426,128		0.80	%
Non-Agency	—		365,554			365,554		1,992		(3,819		)	363,727		0.71	%
	—		787,411			787,411		7,914		(5,470		)	789,855
Total AFS securities:	$	2,635,705	$	870,102		$	3,505,807	$	29,927	$	(42,033	)	$	3,493,701

(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 $12,180,291 and $10,328,628, respectively, as of December 31, 2015.

Schedule of Realized Gain (Loss) [Table Text Block]

The Company's sale proceeds for MBS were $77,530 and $102,923 for the three months endedMarch 31, 2016 and March 31, 2015, respectively. The following table presents the gross realized gains (losses) of those sales included in "(loss) gain on sale of investments, net" on the Company's consolidated statements of comprehensive income for the periods indicated:

	Three Months Ended
	March 31,
	2016			2015
Gross realized gains on sales of MBS	$	—		$	1,773
Gross realized losses on sales of MBS	(3,941		)	(465		)
(Loss) gain on sale of investments, net	$	(3,941	)	$	1,308

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]

The following table presents certain information for those MBS in an unrealized loss position as of the dates indicated:

	March 31, 2016						December 31, 2015
	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	$	369,222	$	(2,543	)	48	$	1,332,849	$	(19,062	)	109
Non-Agency MBS	313,467		(5,007		)	70	351,650		(5,347		)	72
Continuous unrealized loss position for 12 months or longer:
Agency MBS	$	736,971	$	(9,222	)	64	$	775,484	$	(17,393	)	72
Non-Agency MBS	6,808		(316		)	7	8,306		(231		)	7