CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Interest Income:
Agency MBS	$ 47,198	$ 59,957	$ 150,048	$ 186,114
Non-Agency MBS	37,087	24,379	95,555	76,098
Non-Agency MBS transferred to consolidated VIEs	40,812	46,405	128,502	110,435
Cash and cash equivalent investments	38	25	84	106
Interest Income	125,135	130,766	374,189	372,753
Interest Expense:
Repurchase agreements	39,317	34,924	111,639	102,513
Securitized debt	4,477	3,828	13,186	8,087
Senior Notes	2,007		3,791
Interest Expense	45,801	38,752	128,616	110,600
Net Interest Income	79,334	92,014	245,573	262,153
Other-Than-Temporary Impairments:
Total other-than-temporary impairment losses		(14,913)	(879)	(15,550)
Portion of loss recognized in/(reclassified from) other comprehensive income		10,922	(321)	9,167
Net Impairment Losses Recognized in Earnings		(3,991)	(1,200)	(6,383)
Other Income, net:
Unrealized net gains and net interest income from Linked Transactions	3,177	733	11,444	9,970
Gains on sales of MBS	4,279	4,196	7,232	4,196
Revenue from operations of real estate held-for-sale		390		1,146
Other, net	1	(898)	2	(886)
Other Income, net	7,457	4,421	18,678	14,426
Operating and Other Expense:
Compensation and benefits	5,984	5,477	16,752	15,591
Other general and administrative expense	2,666	3,031	8,679	7,981
Real estate held-for-sale operating expense		237		774
Operating and Other Expense	8,650	8,745	25,431	24,346
Net Income	78,141	83,699	237,620	245,850
Less: Preferred Stock Dividends	2,040	2,040	6,120	6,120
Net Income Available to Common Stock and Participating Securities	$ 76,101	$ 81,659	$ 231,500	$ 239,730
Earnings per Common Share - Basic and Diluted (in dollars per share)	$ 0.21	$ 0.23	$ 0.65	$ 0.71
Dividends Declared per share of Common Stock (in dollars per share)	$ 0.21	$ 0.25	$ 0.68	$ 0.74