Secured Borrowings Secured Borrowings (Tables)

3 Months Ended

Mar. 31, 2016

Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]

Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings [Table Text Block]



	March 31, 2016
Collateral Type	Balance		Weighted Average Rate		Fair Value of Collateral Pledged
Agency RMBS	$	1,410,153	0.68	%	$	1,460,930
Non-Agency RMBS	48,542		1.80	%	60,053
Agency CMBS	516,893		0.68	%	579,169
Non-Agency CMBS	101,358		1.36	%	118,154
Agency CMBS IO	344,238		1.28	%	406,464
Non-Agency CMBS IO	294,392		1.36	%	352,191
Securitization financing bond	6,443		1.79	%	7,410
Total repurchase agreements	$	2,722,019	0.88	%	$	2,984,371
FHLB advances ⁽¹⁾	263,000		0.51	%	282,938
Total secured borrowings	$	2,985,019	0.85	%	$	3,267,309



	December 31, 2015
Collateral Type	Balance		Weighted Average Rate		Fair Value of Collateral Pledged
Agency RMBS	$	1,439,436	0.47	%	$	1,483,152
Non-Agency RMBS	52,128		1.77	%	64,286
Agency CMBS	301,427		0.49	%	345,728
Non-Agency CMBS	126,378		1.26	%	143,785
Agency CMBS IOs	360,245		1.24	%	421,285
Non-Agency CMBS IOs	302,771		1.33	%	359,351
Securitization financing bond	7,035		1.65	%	8,054
Total repurchase agreements	$	2,589,420	0.75	%	$	2,825,641
FHLB advances ⁽¹⁾	520,000		0.40	%	541,771
Total secured borrowings	$	3,109,420	0.69	%	$	3,367,412

(1) As of March 31, 2016 and December 31, 2015, FHLB advances were collateralized primarily with Agency CMBS.

As of March 31, 2016, the weighted average remaining term to maturity of our repurchase agreements was 23 days compared to 22 days as of December 31, 2015. The remaining balance of FHLB advances is due in October 2016. The following table provides a summary of the original term to maturity of our secured borrowings as of March 31, 2016 and December 31, 2015:



Original Term to Maturity	March 31, 2016		December 31, 2015
Less than 30 days	$	537,874	$	551,643
30 to 90 days	1,368,124		782,393
91 to 180 days	816,021		1,512,384
181 to 364 days	263,000		—
1 year or longer	—		263,000
	$	2,985,019	$	3,109,420

Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity [Table Text Block]

The following table lists the counterparties with whom the Company had over 10% of its shareholders' equity at risk (defined as the excess of collateral pledged over the borrowings outstanding):



	March 31, 2016
Counterparty Name	Balance		Weighted Average Rate		Equity at Risk
Wells Fargo Bank, N. A. and affiliates	$	286,672	1.32	%	$	56,502
JP Morgan Securities, LLC	311,455		1.30	%	49,202