Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table presents the fair value of the Company’s assets and liabilities, segregated by the hierarchy level of the fair value estimate, that are measured at fair value on a recurring basis as of the periods indicated:

	September 30, 2013
	Fair Value		Level 1 - Unadjusted Quoted Prices in Active Markets		Level 2 - Observable Inputs		Level 3 - Unobservable Inputs
Assets:
Mortgage-backed securities	$	4,141,744	$	—	$	4,039,331	$	102,413
Derivative assets	12,908		—		12,908		—
Total assets carried at fair value	$	4,154,652	$	—	$	4,052,239	$	102,413
Liabilities:
Derivative liabilities	$	20,837	$	—	$	20,837	$	—
Total liabilities carried at fair value	$	20,837	$	—	$	20,837	$	—

	December 31, 2012
	Fair Value		Level 1 - Unadjusted Quoted Prices in Active Markets		Level 2 - Observable Inputs		Level 3 - Unobservable Inputs
Assets:
Mortgage-backed securities	$	4,103,981	$	—	$	3,998,761	$	105,220
Other investments	25		—		—		25
Total assets carried at fair value	$	4,104,006	$	—	$	3,998,761	$	105,245
Liabilities:
Derivative liabilities	$	42,537	$	—	$	42,537	$	—
Total liabilities carried at fair value	$	42,537	$	—	$	42,537	$	—

Fair Value Inputs, Assets, Quantitative Information [Table Text Block]

The table below presents information about the significant unobservable inputs used in the fair value measurement for the Company's Level 3 non-Agency CMBS and RMBS as of September 30, 2013:

	Quantitative Information about Level 3 Fair Value Measurements(1)
	Prepayment Speed		Default Rate		Severity		Discount Rate
Non-Agency CMBS	20 CPY		2.5	%	35.0	%	6.5	%
Non-Agency RMBS	10	CPR	1.0	%	19.9	%	6.9	%

(1) Data presented are weighted averages.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following tables present the activity of the instruments fair valued at Level 3 during the nine months ended September 30, 2013:

	Nine Months Ended
	September 30, 2013
	Level 3 Fair Values
	Non-Agency CMBS			Non-Agency RMBS			Other			Total assets
Balance as of beginning of the period	$	100,102		$	5,118		$	25		$	105,245
Purchases	26,021			—			—			26,021
Sales/write-offs to net income	—			—			(25		)	(25		)
Unrealized (loss) gain included in OCI	(4,706		)	(108		)	—			(4,814		)
Principal payments	(21,731		)	(2,255		)	—			(23,986		)
(Amortization) accretion	(61		)	33			—			(28		)
Balance as of end of period	$	99,625		$	2,788		$	—		$	102,413

Recorded basis and fair value [Table Text Block]

The following table presents a summary of the recorded basis and estimated fair values of the Company’s financial instruments as of the periods indicated:

	September 30, 2013				December 31, 2012
	Recorded Basis		Fair Value		Recorded Basis		Fair Value
Assets:
Mortgage-backed securities	$	4,141,744	$	4,141,744	$	4,103,981	$	4,103,981
Securitized mortgage loans, net	59,797		50,932		70,823		61,916
Other investments	1,305		1,305		858		810
Derivative assets	12,908		12,908		—		—
Liabilities:
Repurchase agreements	$	3,674,850	$	3,675,197	$	3,564,128	$	3,564,787
Non-recourse collateralized financing	21,148		20,855		30,504		30,756
Derivative liabilities	20,837		20,837		42,537		42,537