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Summarized Quarterly Results (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended 12 Months Ended
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Interest income:                      
Investments $ 844,874 $ 926,558 $ 948,703 $ 837,880 $ 678,626 $ 700,964 $ 642,782 $ 653,935 $ 3,558,015 $ 2,676,307 $ 2,922,499
U.S. Treasury Securities 1,082 2,302 6,497 4,825 2,039 751 40   14,706 2,830  
Securities loaned 1,744 1,942 1,868 1,343 1,422 1,261 860 454 6,897 3,997 103
Total interest income 847,700 930,802 957,068 844,048 682,087 702,976 643,682 654,389 3,579,618 2,683,134 2,922,602
Interest expense:                      
Repurchase agreements 114,989 109,014 100,164 102,602 103,514 105,393 96,975 92,089 426,769 397,971 575,867
Convertible Senior Notes 12,552 8,798 6,900 6,767 7,034 7,033 6,966 3,195 35,017 24,228  
U.S. Treasury Securities sold, not yet purchased 1,214 2,109 4,772 4,986 2,166 459 24   13,081 2,649  
Securities borrowed 1,378 1,496 1,484 1,101 1,201 1,047 742 387 5,459 3,377 92
Total interest expense 130,133 121,417 113,320 115,456 113,915 113,932 104,707 95,671 480,326 428,225 575,959
Net interest income 717,567 809,385 843,748 728,592 568,172 589,044 538,975 558,718 3,099,292 2,254,909 2,346,643
Other income (loss):                      
Investment advisory and other fee income 20,460 20,828 20,710 17,207 16,321 15,343 13,863 12,546 79,205 58,073 48,952
Net gains (losses) on sales of Agency mortgage backed security and debentures 80,657 91,668 7,336 27,185 33,802 61,986 39,041 46,962 206,846 181,791 99,128
Dividend income 8,283 8,706 8,230 6,297 7,647 8,097 7,330 7,964 31,516 31,038 17,184
Net gains (losses) on trading assets 6,356 1,942 (5,712) 18,812 (3,510) 1,082 77   21,398 (2,351)  
Net unrealized gains (losses) on Agency interest-only mortgage-backed securities (67,612) (39,321) 276           (106,657)    
Income (expense) from underwriting 19 2,772 (77) 2,904 680 915 500   5,618 2,095  
Subtotal 48,163 86,595 30,763 72,405 54,940 87,423 60,811 67,472 237,926 270,646 151,651
Realized gains (losses) on interest rate swaps (227,638) [1] (231,849) [1] (216,760) [1] (206,148) [1] (190,098) [1] (188,636) [1] (175,535) [1] (180,838) [1] (882,395) [1],[2] (735,107) [1],[2] (719,803) [1],[2]
Unrealized gains (losses) on interest rate swaps (12,139) (1,505,333) (466,943) 169,308 839,191 (448,253) (593,038) (116,732) (1,815,107) (318,832) 349,521
Subtotal (239,777) (1,737,182) (683,703) (36,840) 649,093 (636,889) (768,573) (297,570) (2,697,502) (1,053,939) (370,282)
Total other income (loss) (191,614) (1,650,587) (652,940) 35,565 704,033 (549,466) (707,762) (230,098) (2,459,576) (783,293) (218,631)
Expenses:                      
Distribution fees               360   360 1,756
Compensation expense 54,340 57,629 49,752 44,530 40,193 37,419 35,080 34,267 206,251 146,958 111,416
Other general and administrative expenses 8,754 7,565 7,477 7,297 6,303 6,011 6,460 5,754 31,093 24,529 18,736
Total Expenses 63,094 65,194 57,229 51,827 46,496 43,430 41,540 40,381 237,344 171,847 131,908
Income before income taxes and income (loss) on equity method investment 462,859 (906,396) 133,579 712,330 1,225,709 (3,852) (210,327) 288,239 402,372 1,299,769 1,996,104
Income taxes (17,297) (15,417) (12,762) (13,575) (8,207) (11,076) (8,837) (7,314) (59,051) (35,434) (34,381)
Income (loss) from equity method investment in affiliate       1,140 1,002 868 935 140 1,140 2,945 (252)
Net income 445,562 (921,813) 120,817 699,895 1,218,504 (14,060) (218,229) 281,065 344,461 1,267,280 1,961,471
Dividends on preferred stock 4,148 4,172 4,267 4,267 4,268 4,515 4,625 4,625 16,854 18,033 18,501
Net income (loss) available (related) to common shareholders 441,414 (925,985) 116,550 695,628 1,214,236 (18,575) (222,854) 276,440 327,607 1,249,247 1,942,970
Net income (loss) available (related) per share to common shareholders:                      
Basic $ 0.46 $ (0.98) $ 0.14 $ 0.92 $ 1.94 $ (0.03) $ (0.40) $ 0.50 $ 0.37 $ 2.12 $ 3.55
Diluted $ 0.44 $ (0.98) $ 0.14 $ 0.89 $ 1.84 $ (0.03) $ (0.40) $ 0.49 $ 0.37 $ 2.04 $ 3.52
Weighted average number of common shares outstanding:                      
Basic 970,056,491 948,545,975 822,623,370 752,413,605 625,138,510 611,904,518 559,700,836 554,995,092 874,212,039 588,192,659 546,973,036
Diluted 1,011,495,682 948,545,975 827,754,731 790,993,841 662,476,638 611,904,518 559,700,836 575,859,564 874,518,938 625,307,174 553,130,643
Net income (loss) 445,562 (921,813) 120,817 699,895 1,218,504 (14,060) (218,229) 281,065 344,461 1,267,280 1,961,471
Other comprehensive income (loss):                      
Unrealized gains (losses) on available-for-sale securities 16,157 1,115,325 1,047,639 (142,227) (692,663) (619,080) 664,544 7,416 2,036,894 (639,783) 1,513,397
Unrealized losses on interest rate swaps       14,298 13,570 18,402 26,846 36,081 14,298 94,899 224,818
Reclassification adjustment for net (gains) losses included in net income (loss) (80,657) (91,668) (7,336) (27,185) (33,802) (61,986) (39,041) (46,962) (206,846) (181,791) (99,128)
Other comprehensive income (loss) (64,500) 1,023,657 1,040,303 (155,114) (712,895) (662,664) 652,349 (3,465) 1,844,346 (726,675) 1,639,087
Comprehensive income (loss) $ 381,062 $ 101,844 $ 1,161,120 $ 544,781 $ 505,609 $ (676,724) $ 434,120 $ 277,600 $ 2,188,807 $ 540,605 $ 3,600,558
[1] Interest expense related to the Company's interest rate swaps is recorded in Realized losses on interest rate swaps on the Consolidated Statements of Operations and Comprehensive Income (Loss).
[2] Net interest payments on interest rate swaps is presented in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) as realized gains (losses) on interest rate swaps.