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Investments in Debt Securities Investments in Debt Securities (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2020
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2019
USD ($)
Investments [Line Items]      
Par value of available for sale debt security $ 2,974,762   $ 4,455,808
Investments, Unamortized Premium (Discount) 498,166   558,549
Debt Securities, Available-for-sale, Amortized Cost 3,472,928   5,014,357
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 254,529   175,157
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (7,751)   (1,351)
Debt Securities, Available-for-sale 3,719,706   5,188,163
Proceeds from Sale of Available-for-sale Securities 1,991,034 $ 0  
Debt Securities, Available-for-sale, Realized Gain (Loss) 84,783 0  
Receivables from Brokers-Dealers and Clearing Organizations 1,503,571   0
Securities sold, unsettled, at amortized cost 1,431,025    
Agency MBS      
Investments [Line Items]      
Notional balance for interest only securities 13,274,419   13,404,824
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value 322,607   215,792
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss $ 5,846   $ 1,139
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year 56   27
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value $ 388   $ 75,745
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss $ 79   $ 35
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year 2   2
Interest-Only-Strip      
Investments [Line Items]      
Par value of available for sale debt security $ 0 [1]   $ 0 [2]
Investments, Unamortized Premium (Discount) 462,675   488,145
Debt Securities, Available-for-sale, Amortized Cost 462,675   488,145
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 2,616   11,760
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (6,802)   (863)
Debt Securities, Available-for-sale 458,489   499,042
Non-Agency MBS      
Investments [Line Items]      
Par value of available for sale debt security 1,833   1,938
Investments, Unamortized Premium (Discount) (686)   (780)
Notional balance for interest only securities 9,680,637   9,799,629
Debt Securities, Available-for-sale, Amortized Cost 1,147   1,158
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 472   552
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (57)   (20)
Debt Securities, Available-for-sale 1,562   1,690
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value 115,425   13,607
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss $ 1,804   $ 146
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year 51   7
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value $ 111   $ 1,099
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss $ 22   $ 31
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year 4   5
Agency | Commercial Mortgage Backed Securities      
Investments [Line Items]      
Par value of available for sale debt security $ 2,104,738   $ 1,890,186
Investments, Unamortized Premium (Discount) 16,937   15,414
Debt Securities, Available-for-sale, Amortized Cost 2,121,675   1,905,600
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 207,436   93,763
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (892)   (6)
Debt Securities, Available-for-sale 2,328,219   1,999,357
Proceeds from Sale of Available-for-sale Securities 173,684 0  
Debt Securities, Available-for-sale, Realized Loss 20,689 0  
Agency | Residential Mortgage Backed Securities      
Investments [Line Items]      
Par value of available for sale debt security 868,191   2,563,684
Investments, Unamortized Premium (Discount) 19,240   55,770
Debt Securities, Available-for-sale, Amortized Cost 887,431   2,619,454
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 44,005   69,082
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 0   (462)
Debt Securities, Available-for-sale 931,436   $ 2,688,074
Proceeds from Sale of Available-for-sale Securities 1,817,350 0  
Debt Securities, Available-for-sale, Realized Gain $ 64,094    
Debt Securities, Available-for-sale, Realized Loss   $ 0  
[1] The notional balance for the Agency CMBS IO and non-Agency CMBS IO was $13,404,824 and $9,799,629, respectively, as of December 31, 2019.
[2] The notional balance for Agency CMBS IO and non-Agency CMBS IO was $13,274,419 and $9,680,637 respectively, as of March 31, 2020.