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Mortgage Backed Securities Mortgage backed securities (Tables)
 12 Months Ended
Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]  
Schedule of Realized Gain (Loss) [Table Text Block]
The Company received proceeds of $503,918, $357,892, and $125,108 for the sale of MBS during the years ended December 31, 2014, December 31, 2013, and December 31, 2012, respectively. The following table presents the gross realized gains (losses) of those sales included in "gain on sale of investments, net" on the Company's consolidated statements of comprehensive income for the periods indicated:
 
Year Ended
 
December 31,
 
2014
 
2013
 
2012 (1)
($ in thousands)
Gain (Loss) Recognized
 
Gain (Loss) Recognized
 
Gain (Loss) Recognized
Gross realized gains on sales of MBS
$
22,492

 
$
8,670

 
$
5,319

Gross realized losses on sales of MBS
(6,269
)
 
(5,316
)
 
—

Total included in gain on sale of investments, net
$
16,223

 
$
3,354

 
$
5,319

(1)
Total gain on sale of investments, net for the year ended December 31, 2012 includes $2,072 and $1,070 of gains recognized from the Company's liquidation of a securitized mortgage loan and an investment in Freddie Mac Unsecured Senior Notes, respectively, which are not included in this table.
Available-for-sale Securities [Table Text Block]
The following tables provide detail by type of investment for the Company’s MBS designated as AFS for the periods indicated:
 
December 31, 2014
 
Par
 
Net Premium (Discount)
 
Amortized Cost
 
Gross Unrealized Gain
 
Gross Unrealized Loss
 
Fair Value
 
WAC (1)
RMBS:
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
$
2,086,807

 
$
113,635

 
$
2,200,442

 
$
8,473

 
$
(22,215
)
 
$
2,186,700

 
3.09
%
Non-Agency
22,432

 
(17
)
 
22,415

 
107

 
(74
)
 
22,448

 
3.83
%
 
2,109,239

 
113,618

 
2,222,857

 
8,580

 
(22,289
)
 
2,209,148

 
 
CMBS:
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
301,943

 
18,042

 
319,985

 
15,288

 
(76
)
 
335,197

 
5.21
%
Non-Agency
210,358

 
(8,520
)
 
201,838

 
6,679

 
(479
)
 
208,038

 
4.33
%
 
512,301

 
9,522

 
521,823

 
21,967

 
(555
)
 
543,235

 
 
CMBS IO (2):
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
—

 
426,564

 
426,564

 
12,252

 
(79
)
 
438,737

 
0.80
%
Non-Agency
—

 
319,280

 
319,280

 
6,069

 
(230
)
 
325,119

 
0.72
%
 
—

 
745,844

 
745,844

 
18,321

 
(309
)
 
763,856

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Total AFS securities:
$
2,621,540

 
$
868,984

 
$
3,490,524

 
$
48,868

 
$
(23,153
)
 
$
3,516,239

 
 
(1)
The current weighted average coupon ("WAC") is the gross interest rate of the pool of mortgages underlying the security weighted by the outstanding principal balance (or by notional balance in the case of an IO security).
(2)
The notional balance for Agency CMBS IO and non-Agency CMBS IO was $10,460,113 and $7,868,896, respectively, as of December 31, 2014.
 
December 31, 2013
 
Par
 
Net Premium (Discount)
 
Amortized Cost
 
Gross Unrealized Gain
 
Gross Unrealized Loss
 
Fair Value
 
WAC (1)
RMBS:
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
$
2,591,568

 
$
154,220

 
$
2,745,788

 
$
6,104

 
$
(59,742
)
 
$
2,692,150

 
3.22
%
Non-Agency
13,845

 
(338
)
 
13,507

 
338

 
(80
)
 
13,765

 
4.61
%
 
2,605,413

 
153,882

 
2,759,295

 
6,442

 
(59,822
)
 
2,705,915

 
 
CMBS:
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency (2)
273,830

 
19,061

 
292,891

 
10,793

 
(900
)
 
302,784

 
5.07
%
Non-Agency
375,703

 
(18,277
)
 
357,426

 
15,366

 
(3,511
)
 
369,281

 
5.10
%
 
649,533

 
784

 
650,317

 
26,159

 
(4,411
)
 
672,065

 
 
CMBS IO (3):
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
—

 
453,766

 
453,766

 
9,895

 
(3,334
)
 
460,327

 
0.83
%
Non-Agency
—

 
150,518

 
150,518

 
2,618

 
(1,999
)
 
151,137

 
0.66
%
 
—

 
604,284

 
604,284

 
12,513

 
(5,333
)
 
611,464

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total AFS securities:
$
3,254,946

 
$
758,950

 
$
4,013,896

 
$
45,114

 
$
(69,566
)
 
$
3,989,444

 


 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1)
The current weighted average coupon ("WAC") is the gross interest rate of the pool of mortgages underlying the security weighted by the outstanding principal balance (or by notional balance in the case of an IO security).
(2)
As of December 31, 2013, the Company had Agency CMBS with an amortized cost of $26,920 and fair value of $28,717 which were designated as trading securities and are not included in this table. The Company changed the designation of these Agency CMBS to AFS during the three months ended June 30, 2014. Changes in the fair value of these MBS while they were designated as trading were recognized in net income within "fair value adjustments, net". Changes in the fair value of these MBS, which are now designated as AFS, are recognized in "other comprehensive income". As of December 31, 2014, the Company does not have any MBS designated as trading.
(3)
The notional balance for the Agency CMBS IO and non-Agency CMBS IO was $10,160,502 and $4,274,957, respectively, as of December 31, 2013.
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]

The following table presents certain information for those Agency MBS in an unrealized loss position as of December 31, 2014 and December 31, 2013:
 
December 31, 2014
 
December 31, 2013
 
Fair Value
 
Gross Unrealized Losses
 
# of Securities
 
Fair Value
 
Gross Unrealized Losses
 
# of Securities
Continuous unrealized loss position for less than 12 months:
 
 
 
 
 
 
 
 
 
 
 
Agency MBS
$
322,741

 
$
(879
)
 
24
 
$
1,912,937

 
$
(43,543
)
 
150
Non-Agency MBS
111,778

 
(625
)
 
24
 
162,558

 
(5,435
)
 
39
 
 
 
 
 
 
 
 
 
 
 
 
Continuous unrealized loss position for 12 months or longer:
 
 
 
 
 
 
 
 
 
 
 
Agency MBS
$
1,321,323

 
$
(21,491
)
 
113
 
$
670,402

 
$
(20,433
)
 
67
Non-Agency MBS
18,037

 
(159
)
 
5
 
6,310

 
(155
)
 
6