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Mortgage Backed Securities Mortgage backed securities designated as AFS (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance $ 2,382,620   $ 2,422,883
Available-for-sale MBS, Unamortized Premium (Discount) 816,981   822,084
Available-for-sale MBS, Amortized Cost 3,199,601   3,244,967
Available-for-sale MBS, Gross Unrealized Gain 23,541   19,643
Available-for-sale MBS, Gross Unrealized Loss (36,393)   (52,526)
Available-for-sale MBS, Fair Value 3,186,749   3,212,084
Available-for-sale MBS, Sale Proceeds 57,164 $ 77,530  
Available-for-sale MBS, Gross Realized Gain (Loss) 1,708 (3,941)  
RMBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance 1,060,177   1,190,830
Available-for-sale MBS, Unamortized Premium (Discount) 48,363   57,042
Available-for-sale MBS, Amortized Cost 1,108,540   1,247,872
Available-for-sale MBS, Gross Unrealized Gain 3,008   2,896
Available-for-sale MBS, Gross Unrealized Loss (10,379)   (16,001)
Available-for-sale MBS, Fair Value 1,101,169   1,234,767
CMBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance 1,322,443   1,232,053
Available-for-sale MBS, Unamortized Premium (Discount) 7,535   7,150
Available-for-sale MBS, Amortized Cost 1,329,978   1,239,203
Available-for-sale MBS, Gross Unrealized Gain 10,590   11,676
Available-for-sale MBS, Gross Unrealized Loss (24,387)   (28,108)
Available-for-sale MBS, Fair Value 1,316,181   1,222,771
CMBS IO      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance 0   0
Available-for-sale MBS, Unamortized Premium (Discount) 761,083   757,892
Available-for-sale MBS, Amortized Cost 761,083   757,892
Available-for-sale MBS, Gross Unrealized Gain 9,943   5,071
Available-for-sale MBS, Gross Unrealized Loss (1,627)   (8,417)
Available-for-sale MBS, Fair Value 769,399   754,546
Agency MBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Continuous Unrealized Loss Position for less than 12 months, Fair Value 1,568,683   1,738,094
Available-for-sale MBS, Continuous Unrealized Loss Position for less than 12 months, Accumulated Loss $ (29,494)   $ (38,469)
Available-for-sale MBS, Number of Securities in Continuous Unrealized Loss Position for less than 12 months 113   133
Available-for-sale MBS, Continuous Unrealized Loss Position for 12 months or longer, Fair Value $ 384,677   $ 427,405
Available-for-sale MBS, Continuous Unrealized Loss Position for 12 months or longer, Accumulated Loss $ (5,865)   $ (8,952)
Available-for-sale MBS, Number of Securities in Continuous Unrealized Loss Position for 12 months or longer 60   72
Agency MBS | RMBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance $ 1,033,735   $ 1,157,258
Available-for-sale MBS, Unamortized Premium (Discount) 48,373   57,066
Available-for-sale MBS, Amortized Cost 1,082,108   1,214,324
Available-for-sale MBS, Gross Unrealized Gain 2,914   2,832
Available-for-sale MBS, Gross Unrealized Loss (10,343)   (15,951)
Available-for-sale MBS, Fair Value $ 1,074,679   $ 1,201,205
Available-for-sale MBS, Weighted Average Coupon [1] 3.04%   3.05%
Available-for-sale MBS, Sale Proceeds $ 57,164 43,890  
Available-for-sale MBS, Gross Realized Losses (1,708) (2,713)  
Agency MBS | CMBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance 1,243,516   $ 1,152,586
Available-for-sale MBS, Unamortized Premium (Discount) 13,814   13,868
Available-for-sale MBS, Amortized Cost 1,257,330   1,166,454
Available-for-sale MBS, Gross Unrealized Gain 5,435   6,209
Available-for-sale MBS, Gross Unrealized Loss (24,387)   (28,108)
Available-for-sale MBS, Fair Value $ 1,238,378   $ 1,144,555
Available-for-sale MBS, Weighted Average Coupon [1] 3.10%   3.12%
Agency MBS | CMBS IO      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance $ 0 [2]   $ 0 [3]
Available-for-sale MBS, Unamortized Premium (Discount) 407,346   411,737
Available-for-sale MBS, Amortized Cost 407,346   411,737
Available-for-sale MBS, Gross Unrealized Gain 5,822   3,523
Available-for-sale MBS, Gross Unrealized Loss (627)   (3,362)
Available-for-sale MBS, Fair Value $ 412,541   $ 411,898
Available-for-sale MBS, Weighted Average Coupon [1] 0.78%   0.67%
Notional balance for interest only securities $ 13,680,888   $ 13,106,912
Non-Agency MBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Continuous Unrealized Loss Position for less than 12 months, Fair Value 65,013   205,484
Available-for-sale MBS, Continuous Unrealized Loss Position for less than 12 months, Accumulated Loss $ (379)   $ (2,773)
Available-for-sale MBS, Number of Securities in Continuous Unrealized Loss Position for less than 12 months 13   48
Available-for-sale MBS, Continuous Unrealized Loss Position for 12 months or longer, Fair Value $ 38,726   $ 81,660
Available-for-sale MBS, Continuous Unrealized Loss Position for 12 months or longer, Accumulated Loss $ (658)   $ (2,332)
Available-for-sale MBS, Number of Securities in Continuous Unrealized Loss Position for 12 months or longer 17   26
Non-Agency MBS | RMBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance $ 26,442   $ 33,572
Available-for-sale MBS, Unamortized Premium (Discount) (10)   (24)
Available-for-sale MBS, Amortized Cost 26,432   33,548
Available-for-sale MBS, Gross Unrealized Gain 94   64
Available-for-sale MBS, Gross Unrealized Loss (36)   (50)
Available-for-sale MBS, Fair Value $ 26,490   $ 33,562
Available-for-sale MBS, Weighted Average Coupon [1] 3.85%   3.58%
Non-Agency MBS | CMBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance $ 78,927   $ 79,467
Available-for-sale MBS, Unamortized Premium (Discount) (6,279)   (6,718)
Available-for-sale MBS, Amortized Cost 72,648   72,749
Available-for-sale MBS, Gross Unrealized Gain 5,155   5,467
Available-for-sale MBS, Gross Unrealized Loss 0   0
Available-for-sale MBS, Fair Value $ 77,803   $ 78,216
Available-for-sale MBS, Weighted Average Coupon [1] 4.71%   4.72%
Non-Agency MBS | CMBS IO      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance [2] $ 0    
Available-for-sale MBS, Unamortized Premium (Discount) 353,737   $ 346,155
Available-for-sale MBS, Amortized Cost 353,737   346,155
Available-for-sale MBS, Gross Unrealized Gain 4,121   1,548
Available-for-sale MBS, Gross Unrealized Loss (1,000)   (5,055)
Available-for-sale MBS, Fair Value $ 356,858   $ 342,648
Available-for-sale MBS, Weighted Average Coupon [1] 0.71%   0.61%
Notional balance for interest only securities $ 11,172,716   $ 10,884,964
Available-for-sale MBS, Sale Proceeds   33,640  
Available-for-sale MBS, Gross Realized Losses   $ (1,228)  
[1] The 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 $13,680,888 and $11,172,716, respectively, as of March 31, 2017.
[3] The notional balance for the Agency CMBS IO and non-Agency CMBS IO was $13,106,912 and $10,884,964, respectively, as of December 31, 2016.