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Financial Derivatives Financial Derivatives (Schedule of Derivative Activity) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Interest Rate Swaps [Member]    
Derivative [Line Items]    
Average Monthly Notional Amount $ 2,227,315efc_FinancialDerivativeAverageMonthlyNotional
/ us-gaap_DerivativeByNatureAxis
= us-gaap_InterestRateSwapMember
$ 828,442efc_FinancialDerivativeAverageMonthlyNotional
/ us-gaap_DerivativeByNatureAxis
= us-gaap_InterestRateSwapMember
Credit Default Swap [Member]    
Derivative [Line Items]    
Average Monthly Notional Amount 552,411efc_FinancialDerivativeAverageMonthlyNotional
/ us-gaap_DerivativeByNatureAxis
= us-gaap_CreditDefaultSwapMember
319,603efc_FinancialDerivativeAverageMonthlyNotional
/ us-gaap_DerivativeByNatureAxis
= us-gaap_CreditDefaultSwapMember
Total Return Swaps [Member]    
Derivative [Line Items]    
Average Monthly Notional Amount 55,108efc_FinancialDerivativeAverageMonthlyNotional
/ us-gaap_DerivativeByNatureAxis
= us-gaap_TotalReturnSwapMember
29,212efc_FinancialDerivativeAverageMonthlyNotional
/ us-gaap_DerivativeByNatureAxis
= us-gaap_TotalReturnSwapMember
Futures [Member]    
Derivative [Line Items]    
Average Monthly Notional Amount 738,830efc_FinancialDerivativeAverageMonthlyNotional
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
134,831efc_FinancialDerivativeAverageMonthlyNotional
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
Option contract [Member]    
Derivative [Line Items]    
Average Monthly Notional Amount 926,369efc_FinancialDerivativeAverageMonthlyNotional
/ us-gaap_DerivativeByNatureAxis
= efc_OptioncontractMember
10,736efc_FinancialDerivativeAverageMonthlyNotional
/ us-gaap_DerivativeByNatureAxis
= efc_OptioncontractMember
Forwards [Member]    
Derivative [Line Items]    
Average Monthly Notional Amount 42,143efc_FinancialDerivativeAverageMonthlyNotional
/ us-gaap_DerivativeByNatureAxis
= us-gaap_ForwardContractsMember
369efc_FinancialDerivativeAverageMonthlyNotional
/ us-gaap_DerivativeByNatureAxis
= us-gaap_ForwardContractsMember
Warrant [Member]    
Derivative [Line Items]    
Average Monthly Notional Amount $ 120efc_FinancialDerivativeAverageMonthlyNotional
/ us-gaap_DerivativeByNatureAxis
= us-gaap_WarrantMember
$ 0efc_FinancialDerivativeAverageMonthlyNotional
/ us-gaap_DerivativeByNatureAxis
= us-gaap_WarrantMember