CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest income:
Residential mortgage investments	$ 226,749	$ 215,137	$ 255,931
Other	315	322	698
Interest Income	227,064	215,459	256,629
Interest expense:
Repurchase arrangements and similar borrowings	(65,155)	(66,368)	(69,101)
Unsecured borrowings	(8,488)	(8,736)	(8,747)
Interest expense	(73,643)	(75,104)	(77,848)
Net interest income (expense)	153,421	140,355	178,781
Other revenue (expense):
Salaries and benefits	(4,112)	(3,962)	(4,055)
Short-term incentive compensation	(2,115)	(3,565)	(5,043)
Long term incentive compensation	(2,075)	(1,814)	(1,874)
Other general and administrative expense	(4,157)	(4,476)	(4,271)
Miscellaneous other revenue (expense)	(142)	(300)	(171)
Operating expenses	(12,601)	(14,117)	(15,414)
Income before equity in earnings of unconsolidated affiliates	140,820	126,238	163,367
Equity in earnings of unconsolidated affiliates	0	249	259
Net income	140,820	126,487	163,626
Net income available to common stockholders:
Net income	140,820	126,487	163,626
Less preferred stock dividends	(13,781)	(17,536)	(21,021)
Less redemption preference premiums paid	0	(19,924)	0
Net income (loss) available to common stockholders, basic, total	$ 127,039	$ 89,027	$ 142,605
Basic and diluted net income per common share	$ 1.33	$ 0.93	$ 1.50