Consolidated Statement Of Changes In Shareholders' Equity (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009
CHANGE IN SHAREHOLDERS' EQUITY RESULTING FROM OPERATIONS
Net investment income	$ 44,695	$ 24,787		$ 18,351
Net realized gain (loss) on investments and financial derivatives	26,831	25,161		(12,182)
Change in net unrealized (gain) loss on investments and financial derivatives	(61,199)	(9,377)		87,212
Net increase in shareholders' equity resulting from operations	10,327	40,571		93,381
CHANGE IN SHAREHOLDERS' EQUITY RESULTING FROM SHAREHOLDER TRANSACTIONS
Net proceeds from the issuance of shares		98,310	[1]
Shares issued in connection with incentive fee payment	203	528		1,660
Dividends paid	(42,382)	(33,906)		(30,832)
Shares repurchased	(1,051)			(7,331)
Net offering costs		(3,612)
Share-based LTIP awards	147	1,987		3,625
Special distribution to Ellington Financial Management LLC				(1,787)
Net increase (decrease) in shareholders' equity from shareholder transactions	(43,083)	63,307		(34,665)
Net increase (decrease) in shareholders' equity	(32,756)	103,878		58,716
SHAREHOLDERS' EQUITY, BEGINNING OF PERIOD	403,672	299,794		241,078
SHAREHOLDERS' EQUITY, END OF PERIOD	$ 370,916	$ 403,672		$ 299,794

[1] Proceeds from the issuance of shares is net of placement fees of $2,940.