CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating activities:
Net income	$ 126,487	$ 163,626	$ 160,204
Noncash items:
Amortization of investment premiums	125,872	96,677	68,077
Depreciation and other amortization	162	195	206
Amortization of equity-based awards	2,201	2,236	1,821
Incentive compensation paid in common shares	0	2,799	1,446
Change in measureable hedge ineffectiveness related to interest rate swap agreements designated as cash flow hedges	(168)	(411)	306
Impairment related to real estate held for sale	0	0	470
Gain on sales of real estate held for sale	0	(273)	(114)
Net change in receivables, other assets, accounts payable and accrued expenses	6,658	(919)	5,297
Net cash provided by operating activities	261,212	263,930	237,713
Investing activities:
Purchases of residential mortgage investments	(3,326,345)	(4,384,866)	(5,899,041)
Interest receivable acquired with the purchase of residential mortgage investments	(5,559)	(7,180)	(12,099)
Proceeds from asset sales	0	2,010	10,786
Principal collections on residential mortgage investments, including changes in mortgage securities principal remittance receivable	3,516,634	2,756,772	2,110,334
Net cash provided by (used in) investing activities	184,730	(1,633,264)	(3,790,020)
Financing activities:
Proceeds from repurchase arrangements and similar borrowings	136,909,245	127,808,676	88,814,514
Principal payments on repurchase arrangements and similar borrowings	(137,210,576)	(126,376,876)	(85,254,811)
Decrease (increase) in cash collateral receivable from interest rate swap counterparties	24,470	(1,467)	(13,216)
Decrease in cash collateral payable to interest rate swap counterparties	0	0	(9,024)
Cash paid to redeem Series A & B preferred shares	(207,033)	0	0
Common share repurchases	(7,292)	(35,062)	0
Proceeds from capital raising activities:
Issuance of preferred shares	165,756	4,479	5,206
Issuance of common shares	0	142,035	231,674
Other capital stock transactions	(410)	(585)	(69)
Dividends paid	(132,191)	(173,138)	(154,840)
Net cash (used in) provided by financing activities	(458,031)	1,368,062	3,619,434
Net change in cash and cash equivalents	(12,089)	(1,272)	67,127
Cash and cash equivalents at beginning of year	425,445	426,717	359,590
Cash and cash equivalents at end of year	$ 413,356	$ 425,445	$ 426,717