CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Agency MBS:
Agency MBS pledged to counterparties at fair value		$ 4,186,554	$ 4,694,731
Agency MBS at fair value		147,420	173,344
Paydowns receivable		21,816	24,707	[1],[2]
Available-for-sale Securities, Total		4,355,790	4,892,782
Non-Agency MBS at fair value (including $579,277 and $596,831 pledged to counterparties at March 31, 2016 and December 31, 2015, respectively)		662,054	682,061
Residential mortgage loans held-for-investment	[3]	911,514	969,172
Residential real estate		14,337	14,363
Cash and cash equivalents		12,547	5,754
Restricted cash		30,029	39,230
Interest and dividends receivable		19,089	17,525
Derivative instruments at fair value		6,970	12,470
Prepaid expenses and other		3,248	2,983
Total Assets		6,015,578	6,636,340
Liabilities:
Accrued interest payable		13,002	13,443
Repurchase agreements		4,360,991	4,915,528
Asset-backed securities issued by securitization trusts	[3]	857,965	915,486
Junior subordinated notes		37,380	37,380
Derivative instruments at fair value		58,186	34,547
Accrued expenses and other		6,415	1,308
Total Liabilities		5,350,114	5,934,189
Series B Cumulative Convertible Preferred Stock: par value $0.01 per share; liquidating preference $25.00 per share ($25,241 and $25,241, respectively); 1,010 and 1,010 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively		23,924	23,924
Stockholders' Equity:
Common Stock: par value $0.01 per share; authorized 200,000 shares, 96,939 shares issued and 96,836 shares outstanding at March 31, 2016 and 99,078 shares issued and 98,944 shares outstanding at December 31, 2015, respectively		969	991
Additional paid-in capital		971,937	981,034
Accumulated other comprehensive income consisting of unrealized gains and losses		9,811	949
Accumulated deficit		(397,753)	(361,323)
Total Stockholders' Equity:		641,540	678,227
Total Liabilities and Stockholders' Equity		6,015,578	6,636,340
Series A Preferred Stock
Liabilities:
Dividends payable on stock		1,035	1,035
Stockholders' Equity:
Cumulative Preferred Stock		46,537	46,537
Total Stockholders' Equity:		46,537	46,537
Series B Preferred Stock
Liabilities:
Dividends payable on stock		394	394
Series C Preferred Stock
Liabilities:
Dividends payable on stock		207	207
Stockholders' Equity:
Cumulative Preferred Stock		10,039	10,039
Total Stockholders' Equity:		10,039	10,039
Common Stock
Liabilities:
Dividends payable on stock		$ 14,539	$ 14,861

[1] Paydowns receivable on Agency MBS are generated when the Company receives notice from Freddie Mac of prepayments but does not receive the actual cash with respect to such prepayments until the 15th day of the following month.

[2] Paydowns receivable on Non-Agency MBS represents when the Company receives notice of prepayments but does not receive the actual cash until the following month.

[3] The consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the Company. At March 31, 2016 and December 31, 2015, total assets of the consolidated VIEs were $915 million and $972 million, respectively, and total liabilities were $861 million and $918 million, respectively. Please refer to Note 4, “Variable Interest Entities,” for further discussion.