Fair Value of Financial Instruments (Details 2) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Financial Assets:
Agency MBS	$ 6,841,033		$ 6,519,221
Securities obtained and pledged as collateral	435,888		383,743
Restricted cash	26,139		37,520
Linked Transactions	59,826		28,181
Swaps	5,485		13,000
Financial Liabilities:
Repurchase agreements	8,606,129	[1]	8,339,297	[1]
Securitized debt	292,526	[2]	366,205	[2]
Obligation to return securities obtained as collateral	435,888		383,743
Senior Notes	100,000		100,000
Swaps	32,755	[3]	28,217	[3]
Carrying Value
Financial Assets:
Agency MBS	6,841,033		6,519,221
Non-Agency MBS, including MBS transferred to consolidated VIEs	5,045,155		4,852,137
Securities obtained and pledged as collateral	435,888		383,743
Cash and cash equivalents	274,672		565,370
Restricted cash	26,139		37,520
Linked Transactions	59,826		28,181
Swaps	5,485		13,000
Financial Liabilities:
Repurchase agreements	8,606,129		8,339,297
Securitized debt	292,526		366,205
Obligation to return securities obtained as collateral	435,888		383,743
Senior Notes	100,000		100,000
Swaps	32,755		28,217
Estimated Fair Value
Financial Assets:
Agency MBS	6,841,033		6,519,221
Non-Agency MBS, including MBS transferred to consolidated VIEs	5,045,155		4,852,137
Securities obtained and pledged as collateral	435,888		383,743
Cash and cash equivalents	274,672		565,370
Restricted cash	26,139		37,520
Linked Transactions	59,826		28,181
Swaps	5,485		13,000
Financial Liabilities:
Repurchase agreements	8,605,609		8,339,071
Securitized debt	293,017		366,767
Obligation to return securities obtained as collateral	435,888		383,743
Senior Notes	103,640		98,000
Swaps	$ 32,755		$ 28,217

[1] The fair value of securities pledged against the Company’s repurchase agreements was $10.476 billion and $10.116 billion at March 31, 2014 and December 31, 2013, respectively.

[2] Securitized Debt represents third-party liabilities of consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that eliminate on consolidation. The third-party beneficial interest holders in the VIEs have no recourse to the general credit of the Company. (See Notes 10 and 15 for further discussion.)

[3] The fair value of securities pledged against the Company’s Swaps was $77.0 million and $73.9 million at March 31, 2014 and December 31, 2013, respectively.