Anworth Mortgage Asset (RC+C) 10-K 28 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information (Imported) - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 26, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Trading Symbol	ANH
Entity Registrant Name	ANWORTH MORTGAGE ASSET CORP
Entity Central Index Key	1,047,884
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		98,557,809
Entity Public Float			$ 479,615,437

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
ASSETS
Agency MBS at fair value (including $3,433,252 and $4,073,852 pledged to counterparties at December 31, 2018 and December 31, 2017, respectively)		$ 3,548,719	$ 4,278,797
Non-Agency MBS at fair value (including $726,428 and $661,445 pledged to counterparties at December 31, 2018 and December 31, 2017, respectively)		795,203	760,825
Residential mortgage loans held-for-securitization		11,660
Residential mortgage loans held-for-investment	[1]	549,016	639,351
Residential real estate		13,782	14,143
Cash and cash equivalents		3,165	12,273
Reverse repurchase agreements		20,000
Restricted cash		30,296	11,157
Interest and dividends receivable		16,872	18,091
Derivative instruments at fair value		46,207	27,793
Prepaid expenses and other		2,986	3,111
Total Assets		5,037,906	5,765,541
Liabilities:
Accrued interest payable		24,828	15,835
Repurchase agreements		3,811,627	4,365,695
Asset-backed securities issued by securitization trusts	[1]	539,651	629,984
Junior subordinated notes.		37,380	37,380
Derivative instruments at fair value		15,901	1,335
Payable for purchased loans		11,660
Accrued expenses and other		654	898
Total Liabilities		4,456,801	5,068,120
Series B Cumulative Convertible Preferred Stock: par value $0.01 per share; liquidating preference $25.00 per share ($19,494 and $19,494, respectively); 780 and 780 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively		19,455	19,455
Stockholders' Equity:
Common Stock: par value $0.01 per share; authorized 200,000 shares, 98,483 and 98,137 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively		985	981
Additional paid-in capital		981,964	980,243
Accumulated other comprehensive income consisting of unrealized gains and losses		(30,792)	17,020
Accumulated deficit		(485,988)	(415,235)
Total Stockholders' Equity		561,650	677,966
Total Liabilities and Stockholders' Equity		5,037,906	5,765,541
Series A Preferred Stock
Stockholders' Equity:
Cumulative Preferred Stock		46,537	46,537
Total Stockholders' Equity		46,537	46,537
Series C Preferred Stock
Stockholders' Equity:
Cumulative Preferred Stock		48,944	48,420
Total Stockholders' Equity		48,944	48,420
Preferred Stock
Liabilities:
Dividends payable on stock		2,297	2,272
Common Stock
Liabilities:
Dividends payable on stock		12,803	14,721
Stockholders' Equity:
Total Stockholders' Equity		$ 985	$ 981
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the Company. At December 31, 2018 and December 31, 2017, total assets of the consolidated VIEs were $551 million and $641 million (including accrued interest receivable of $1.8 million and $2.1 million), respectively (which is recorded above in the line item “Interest and dividends receivable”), and total liabilities were $541 million and $632 million (including accrued interest payable of $1.7 million and $2.0 million), respectively (which is recorded above in the line item “Accrued interest payable”). Please refer to Note 5, “Variable Interest Entities,” for further discussion.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Agency MBS pledged to counterparties at fair value	$ 3,548,719	$ 4,278,797
Series B Cumulative Convertible Preferred Stock, par value	$ 0.01	$ 0.01
Series B Cumulative Convertible Preferred Stock, liquidating preference per share	$ 25	$ 25
Series B Cumulative Convertible Preferred Stock, liquidating preference	$ 19,494	$ 19,494
Series B Cumulative Convertible Preferred Stock, shares issued	779,743	780,000
Series B Cumulative Convertible Preferred Stock, shares outstanding	779,743	780,000
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, authorized	200,000,000	200,000,000
Common Stock, issued	98,483,048	98,137,000
Common Stock, outstanding	98,483,048	98,137,000
Total assets	$ 5,037,906	$ 5,765,541
Accrued interest receivable	16,872	18,091
Total liabilities	4,456,801	5,068,120
Accrued interest payable	24,828	15,835
Agency MBS
Agency MBS pledged to counterparties at fair value	3,433,252	4,073,852
Non-Agency MBS
Agency MBS pledged to counterparties at fair value	$ 726,428	$ 661,445
Series A Preferred Stock
Cumulative Preferred Stock, par value	$ 0.01	$ 0.01
Cumulative Preferred Stock, liquidating preference per share	$ 25	$ 25
Cumulative Preferred Stock, liquidating preference	$ 47,984	$ 47,984
Cumulative Preferred Stock, shares issued	1,919,378	1,919,000
Cumulative Preferred Stock, shares outstanding	1,919,378	1,919,000
Series C Preferred Stock
Cumulative Preferred Stock, par value	$ 0.01	$ 0.01
Cumulative Preferred Stock, liquidating preference per share	$ 25	$ 25
Cumulative Preferred Stock, liquidating preference	$ 50,257	$ 49,725
Cumulative Preferred Stock, shares issued	2,010,278	1,989,000
Cumulative Preferred Stock, shares outstanding	2,010,278	1,989,000
Variable Interest Entities Primary Beneficiary
Total assets	$ 551,000	$ 641,000
Accrued interest receivable	1,800	2,100
Total liabilities	541,000	632,000
Accrued interest payable	$ 1,700	$ 2,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest and other income:
Interest-Agency MBS	$ 95,656,000	$ 76,657,000	$ 69,912,000
Interest-Non-Agency MBS	40,733,000	38,266,000	35,852,000
Interest-residential mortgage loans	23,463,000	27,720,000	34,637,000
Other interest income	120,000	105,000	51,000
Interest and Dividend Income, Operating, Total	159,972,000	142,748,000	140,452,000
Interest Expense:
Interest expense on repurchase agreements	90,511,000	53,954,000	36,505,000
Interest expense on asset-backed securities	22,800,000	26,939,000	32,480,000
Interest expense on junior subordinated notes	1,996,000	1,626,000	1,435,000
Interest Expense, Total	115,307,000	82,519,000	70,420,000
Net interest income	44,665,000	60,229,000	70,032,000
Operating Expenses:
Management fee to related party	(7,098,000)	(7,503,000)	(7,883,000)
Rental properties depreciation and expenses	(1,525,000)	(1,372,000)	(1,344,000)
General and administrative expenses	(4,880,000)	(4,430,000)	(4,992,000)
Total operating expenses	(13,503,000)	(13,305,000)	(14,219,000)
Other income:
Income-rental properties	1,761,000	1,710,000	1,688,000
Realized gain (loss) on sale of MBS	(12,186,000)	(2,168,000)	(1,935,000)
Realized loss on sales of Agency MBS held as trading investments	(11,429,000)
Impairment charge on Non-Agency MBS	(2,869,000)	(2,399,000)	(1,548,000)
Gain on sales of residential mortgage loans held-for-investment		378,000	749,000
Gain on sale of residential properties	54,000
(Loss) gain on derivatives, net	(8,071,000)	7,132,000	(18,509,000)
Recovery on Non-Agency MBS	1,000	2,000	12,000
Total other (loss) income	(37,650,000)	7,448,000	(33,320,000)
Net (loss) income	(6,488,000)	54,372,000	22,493,000
Dividends on preferred stock	(9,189,000)	(8,173,000)	(6,583,000)
Net (loss) income to common stockholders	$ (15,677,000)	$ 46,199,000	$ 15,910,000
Basic (loss) earnings per common share	$ (0.16)	$ 0.48	$ 0.17
Diluted (loss) earnings per common share	$ (0.16)	$ 0.47	$ 0.17
Basic weighted average number of shares outstanding	98,314,000	96,764,000	96,408,000
Diluted weighted average number of shares outstanding	98,314,000	100,479,000	101,068,000
Agency MBS
Other income:
Realized gain (loss) on sale of MBS	$ (12,186,000)	$ (2,168,000)	$ (1,935,000)
Realized loss on sales of Agency MBS held as trading investments	(11,429,000)
Unrealized (loss) gain on Agency MBS held as trading investments	$ (4,911,000)	$ 2,793,000	$ (13,777,000)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net (loss) income	$ (6,488,000)	$ 54,372,000	$ 22,493,000
Amortization of unrealized gains on interest rate swaps remaining in other comprehensive income	4,025,000	2,334,000	6,328,000
Reclassification adjustment for interest (income) expense on swap agreements included in net (loss) income	(212,000)	79,000	472,000
Other comprehensive (loss) income	(47,812,000)	8,372,000	7,699,000
Comprehensive (loss) income	(54,300,000)	62,744,000	30,192,000
Agency MBS
Available-for-sale, fair value adjustment	(43,348,000)	(24,939,000)	(346,000)
Reclassification adjustment for (gain) loss on sales included in net (loss) income	12,361,000	2,233,000	2,072,000
Non-Agency MBS
Available-for-sale, fair value adjustment	(20,463,000)	28,730,000	(690,000)
Reclassification adjustment for (gain) loss on sales included in net (loss) income	$ (175,000)	$ (65,000)	$ (137,000)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock Shares Outstanding	Common Stock	Additional Paid-In Capital	Accum. Other Comp. Income Gain Agency MBS	Accum. Other Comp. Income Non-Agency MBS	Accum. Other Comp. Gain (Loss) Derivatives	Accum. (Deficit)Series A Preferred Stock	Accum. (Deficit)Series B Preferred Stock	Accum. (Deficit)Series C Preferred Stock	Accum. (Deficit)	Series A Preferred Stock Shares Outstanding	Series C Preferred Stock Shares Outstanding	Series A Preferred Stock	Series B Preferred Stock	Series C Preferred Stock	Total
Beginning Balance at Dec. 31, 2015		$ 991	$ 981,034	$ 23,143	$ 2,363	$ (24,557)				$ (361,323)			$ 46,537		$ 10,039	$ 678,227
Beginning Balance (in shares) at Dec. 31, 2015	98,944										1,919	434
Issuance of Preferred Stock															1,282	1,282
Issuance of Preferred Stock (in shares)												52
Issuance of stock		2	1,114													1,116
Issuance of stock (in shares)	235
Redemption of common stock		(36)	(15,771)													(15,807)
Redemption of common stock (in shares)	(3,461)
Other comprehensive income, fair value adjustments and reclassifications				1,726	(827)	6,800										7,699
Net (loss) income										22,493						22,493
Amortization of restricted stock			337													337
Dividends on preferred stock							$ (4,139)	$ (1,577)	$ (867)				(4,139)	$ (1,577)	(867)
Dividends on preferred stock																(6,583)
Dividend declared per common share										(57,666)						(57,666)
Ending Balance at Dec. 31, 2016		957	966,714	24,869	1,536	(17,757)				(403,079)			46,537		11,321	631,098
Ending Balance (in shares) at Dec. 31, 2016	95,718										1,919	486
Issuance of Preferred Stock															37,099	37,099
Issuance of Preferred Stock (in shares)												1,503
Issuance of stock		6	3,943													3,949
Issuance of stock (in shares)	642
Redemption of common stock		(2)	2
Redemption of common stock (in shares)	(197)
Conversions of Series B Preferred Stock		20	9,503													9,523
Conversions of Series B Preferred Stock (in shares)	1,974
Other comprehensive income, fair value adjustments and reclassifications				(22,706)	28,665	2,413										8,372
Net (loss) income										54,372						54,372
Amortization of restricted stock			81													81
Dividends on preferred stock							(4,139)	(1,188)	(2,841)				(4,139)	(1,188)	(2,841)
Dividends on preferred stock																(8,173)
Dividend declared per common share										(58,360)						(58,360)
Ending Balance at Dec. 31, 2017		981	980,243	2,163	30,201	(15,344)				(415,235)			46,537		48,420	677,966
Ending Balance (in shares) at Dec. 31, 2017	98,137										1,919	1,989
Issuance of Preferred Stock															524	524
Issuance of Preferred Stock (in shares)												21
Issuance of stock		4	1,623													1,627
Issuance of stock (in shares)	346
Other comprehensive income, fair value adjustments and reclassifications				(30,987)	(20,638)	3,813										(47,812)
Net (loss) income										(6,488)						(6,488)
Amortization of restricted stock			98													98
Dividends on preferred stock							$ (4,140)	$ (1,220)	$ (3,833)				(4,140)	$ (1,220)	(3,833)	(9,189)
Dividend declared per common share										(55,072)						(55,072)
Ending Balance at Dec. 31, 2018		$ 985	$ 981,964	$ (28,824)	$ 9,563	$ (11,531)				$ (485,988)			$ 46,537		$ 48,944	$ 561,650
Ending Balance (in shares) at Dec. 31, 2018	98,483										1,919	2,010

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Dividend declared common share, per share	$ 0.56	$ 0.60	$ 0.60
Series A Preferred Stock
Dividend declared, per preferred share	2.156252	2.156252	2.156252
Series B Preferred Stock
Dividend declared, per preferred share	1.5625	1.5625	1.5625
Series C Preferred Stock
Dividend declared, per preferred share	$ 1.768578	$ 1.768578	$ 1.768578

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Activities:
Net (loss) income	$ (6,488,000)	$ 54,372,000	$ 22,493,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation on rental properties	473,000	465,000	452,000
Realized loss on sales of MBS	12,186,000	2,168,000	1,935,000
Realized loss on sales of Agency MBS held as trading investments	11,429,000
Impairment charge	2,869,000	2,399,000	1,548,000
(Gain) on sales of residential mortgage loans		(378,000)	(749,000)
Gain on sale of residential properties	(54,000)
Amortization of restricted stock	98,000	82,000	337,000
Recovery on Non-Agency MBS	(1,000)	(2,000)	(12,000)
Net settlements on interest rate swaps, net of amortization	7,851,000	(6,714,000)	(16,694,000)
Unrealized (gain) loss on interest rate swaps, net	(585,000)	(8,310,000)	27,250,000
Loss (gain) on derivatives	8,071,000	(7,132,000)	18,509,000
Changes in assets and liabilities:
(Increase) in reverse repurchase agreements	(20,000,000)
(Increase) decrease in interest receivable	(983,000)	(1,394,000)	3,722,000
Decrease in prepaid expenses and other	387,000	415,000	23,000
Increase (decrease) in accrued interest payable	11,085,000	7,721,000	(639,000)
(Decrease) increase in accrued expenses	(548,000)	(787,000)	375,000
Net cash provided by operating activities	66,337,000	86,068,000	78,726,000
Investing Activities:
Proceeds from sales, MBS portfolios	787,260,000	736,900,000	418,995,000
Purchases, MBS portfolios	(1,146,699,000)	(2,393,106,000)	(564,160,000)
Principal payments, MBS portfolios	937,075,000	1,148,931,000	1,100,463,000
Proceeds from sales, Residential mortgage loans held-for investment		6,806,000	38,369,000
Principal payments, Residential mortgage loans held-for-investment	114,000	134,000	672,000
Residential properties purchases	(241,000)	(346,000)	(351,000)
Proceeds from sales	203,000
Net cash provided by (used in) investing activities	577,712,000	(500,681,000)	993,988,000
Financing Activities:
Borrowings from repurchase agreements	23,720,955,000	26,868,172,000	26,712,207,000
Repayments on repurchase agreements	(24,275,023,000)	(26,413,492,000)	(27,716,720,000)
Settlements on terminated interest rate swaps		(27,350,000)	(16,055,000)
Proceeds from common stock issued (common stock repurchased), net	1,627,000	3,790,000	(14,691,000)
Preferred stock dividends paid	(9,169,000)	(7,555,000)	(6,558,000)
Common stock dividends paid	(56,977,000)	(57,996,000)	(58,170,000)
Net cash (used in) provided by financing activities	(634,018,000)	394,622,000	(1,074,277,000)
Net increase (decrease) in cash and cash equivalents	10,031,000	(19,991,000)	(1,563,000)
Cash, cash equivalents and restricted cash at beginning of period	23,430,000	43,421,000	44,984,000
Cash, cash equivalents and restricted cash at end of period	33,461,000	23,430,000	43,421,000
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	75,318,000	58,003,000	58,624,000
Common stock repurchased			15,562,000
Residential mortgage loans
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Amortization of premium (discount)	(112,000)	(150,000)	(395,000)
Impairment charge	18,000
Agency MBS
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Amortization of premium (discount)	28,800,000	34,080,000	36,322,000
Realized loss on sales of MBS	12,186,000	2,168,000	1,935,000
Realized loss on sales of Agency MBS held as trading investments	11,429,000
Unrealized (loss) gain on Agency MBS held as trading investments	4,911,000	(2,793,000)	13,777,000
Investing Activities:
Proceeds from sales, MBS portfolios	781,000,000	716,000,000
Financing Activities:
Net settlements on TBA Agency MBS Contracts	(15,956,000)	(13,259,000)	24,428,000
Non-Agency MBS
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Amortization of premium (discount)	6,345,000	3,454,000	445,000
Impairment charge	2,869,000	2,399,000	1,548,000
Investing Activities:
Proceeds from sales, MBS portfolios		21,300,000
Series C Preferred Stock
Financing Activities:
Proceeds on Series C Preferred Stock issued	525,000	42,312,000	1,282,000
TBA Agency MBS
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Loss (gain) on derivatives	$ 8,656,000	1,440,000	$ (11,464,000)
Eurodollar Future
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Loss (gain) on derivatives		$ (262,000)

Organization and Significant Ac

Organization and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Organization and Significant Accounting Policies
Organization and Significant Accounting Policies	NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Our Company We were incorporated in Maryland on October 20, 1997 and commenced operations on March 17, 1998. Our principal business is to invest in, finance and manage a leveraged portfolio of residential mortgage-backed securities and residential mortgage loans which presently include the following types of investments: · Agency mortgage-backed securities , or Agency MBS, which include residential mortgage pass-through certificates and collateralized mortgage obligations, or CMOs, which are securities representing interests in pools of mortgage loans secured by residential property in which the principal and interest payments are guaranteed by a government-sponsored enterprise, or GSE, such as the Federal National Mortgage Association, or Fannie Mae, or the Federal Home Loan Mortgage Corporation, or Freddie Mac. · Non-agency mortgage-backed securities , or Non-Agency MBS, which are securities issued by companies that are not guaranteed by federally sponsored enterprises and that are secured primarily by first-lien residential mortgage loans. · Residential mortgage loans . We acquire residential mortgage loans from independent loan originators with the intent of holding these loans until we have a sufficient quantity for securitization. These loans will be financed by warehouse lines of credit until securitization. We also hold residential mortgage loans through consolidated securitization trusts. We finance these loans through asset-backed securities, or ABS, issued by the consolidated securitization trusts. The ABS which are held by unaffiliated third parties, are non-recourse financing. The difference in the amount of the loans in the trusts and the amount of the ABS represents our retained net interest in the securitization trusts. Our principal business objective is to generate net income for distribution to our stockholders primarily based upon the spread between the interest income on our mortgage assets and our borrowing costs to finance our acquisition of those assets. We have elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code. As long as we retain our REIT status, we generally will not be subject to federal or state income taxes to the extent that we distribute our taxable net income to our stockholders, and we routinely distribute to our stockholders substantially all of the taxable net income generated from our operations. In order to qualify as a REIT, we must meet various ongoing requirements under the tax law, including requirements relating to the composition of our assets, the nature of our gross income, minimum distribution requirements and requirements relating to the ownership of our stock. At December 31, 2018, we believe we met all REIT requirements regarding the asset tests, income tests, the ownership of our common stock and the distributions of our taxable net income. Therefore, we believe that we continue to qualify as a REIT under the provisions of the Code. Our Manager We are externally managed and advised by Anworth Management, LLC, or our Manager. Effective as of December 31, 2011, we entered into a Management Agreement, or the Management Agreement, with our Manager, which effected the externalization of our management function, or the Externalization. Since the effective date, our day-to-day operations are being conducted by our Manager through the authority delegated to it under the Management Agreement and pursuant to the policies established by our board of directors. Our Manager is supervised and directed by our board of directors and is responsible for administering our day-to-day operations. In addition, our Manager is responsible for (i) the selection, purchase and sale of our investment portfolio; (ii) our financing and hedging activities; and (iii) providing us with portfolio management and administrative services. Our Manager will also perform such other services and activities relating to our assets and operations as may be appropriate. In exchange for these services, our Manager receives a management fee paid monthly in arrears in an amount equal to one-twelfth of 1.20% of our Equity (as defined in the Management Agreement). BASIS OF PRESENTATION AND CONSOLIDATION The accompanying audited consolidated financial statements are prepared on the accrual basis of accounting in accordance with generally accepted accounting principles utilized in the United States of America, or GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Material estimates that are susceptible to change relate to the determination of the fair value of investments and derivatives, cash flow projections for and credit performance of Non-Agency MBS and residential mortgage loans held-for-investment through consolidated securitization trusts, amortization of security premiums, accretion of security discounts and accounting for derivatives and hedging activities. Actual results could materially differ from these estimates. In the opinion of management, all material adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Our consolidated financial statements include the accounts of all subsidiaries. Significant intercompany accounts and transactions have been eliminated. Our consolidated financial statements also include the consolidation of certain securitization trusts that meet the definition of a variable interest entity, or VIE, because the Company has been deemed to be the primary beneficiary of the securitization trusts. These securitization trusts hold pools of residential mortgage loans and issue series of ABS payable from the cash flows generated by the underlying pools of residential mortgage loans. These securitizations are nonrecourse financing for the residential mortgage loans held-for-investment through consolidated securitization trusts. Generally, a portion of the ABS issued by the securitization trusts are sold to unaffiliated third parties and the balance is purchased by the Company. The Company classifies the underlying residential mortgage loans owned by the securitization trusts as residential mortgage loans held-for-investment through consolidated securitization trusts in its consolidated balance sheets. The ABS issued to unaffiliated third parties are recorded as liabilities on the Company’s consolidated balance sheets. The Company records interest income on the residential mortgage loans held-for-investment through consolidated securitization trusts and interest expense on the ABS issued to third parties in the Company’s consolidated statements of operations. The Company records the initial underlying assets and liabilities of the consolidated securitization trusts at their fair value upon consolidation into the Company and, as such, no gain or loss is recorded upon consolidation. See “Note 5 - Variable Interest Entities” for additional information regarding the impact of consolidation of securitization trusts. The consolidated securitization trusts are VIEs because the securitization trusts do not have equity that meets the definition of U.S. GAAP equity at risk. In determining if a securitization trust should be consolidated, the Company evaluates (in accordance with the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 810‑10) whether it has both (i) the power to direct the activities of the securitization trust that most significantly impact its economic performance and (ii) the right to receive benefits from the securitization trust or the obligation to absorb losses of the securitization trust that could be significant. The Company determined that it is the primary beneficiary of certain securitization trusts because it has certain delinquency and default oversight rights on residential mortgage loans. In addition, the Company owns the most subordinated class of ABS issued by the securitization trusts and has the obligation to absorb losses and right to receive benefits from the securitization trusts that could potentially be significant to the securitization trusts. The Company assesses modifications, if any, to VIEs on an ongoing basis to determine if a significant reconsideration event has occurred that would change the Company’s initial consolidation assessment. The following is a summary of our significant accounting policies: Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid investments with original maturities of three months or less. The carrying amount of cash equivalents approximates their fair value. Reverse Repurchase Agreements We use securities purchased under agreements to resell, or reverse repurchase agreements, as a means of investing excess cash. Although legally structured as a purchase and subsequent resale, reverse repurchase agreements are treated as financing transactions under which the counterparty pledges securities (principally U.S. treasury securities) and accrued interest as collateral to secure a loan. The difference between the purchase price that we pay and the resale price that we receive represents interest paid to us and is included in “Other interest income” on our consolidated statements of operations. It is our policy to generally take possession of securities purchased under reverse repurchase agreements at the time such agreements are made. Mortgage-Backed Securities Agency MBS are securities that are obligations (including principal and interest) guaranteed by the U.S. government, such as Ginnie Mae, or guaranteed by federally sponsored enterprises, such as Fannie Mae or Freddie Mac. Our investment-grade Agency MBS portfolio is invested primarily in fixed-rate and adjustable-rate mortgage-backed pass-through certificates and hybrid adjustable-rate MBS. Hybrid adjustable-rate MBS have an initial interest rate that is fixed for a certain period, typically one to ten years, and then adjusts annually for the remainder of the term of the asset. We structure our investment portfolio to be diversified with a variety of prepayment characteristics, investing in mortgage assets with prepayment penalties, investing in certain mortgage security structures that have prepayment protections and purchasing mortgage assets at a premium and at a discount. A portion of our portfolio consists of Non-Agency MBS. Our principal business objective is to generate net income for distribution to our stockholders primarily based upon the spread between the interest income on our mortgage assets and our borrowing costs to finance our acquisition of those assets. We classify our MBS as either trading investments, available-for-sale investments or held-to-maturity investments. Our management determines the appropriate classification of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. We currently classify most of our MBS as available-for-sale. We have also designated a portion of our MBS as trading investments. All assets that are classified as available-for-sale are carried at fair value and unrealized gains or losses are generally included in “Accumulated other comprehensive income (loss)” as a component of stockholders’ equity. Losses that are credit-related on securities classified as available-for-sale, which are determined by management to be other-than-temporary in nature, are reclassified from “Other comprehensive income (loss)” on the consolidated balance sheets to income (loss) on the consolidated statements of operations. Assets classified as trading investments are reported at fair value with unrealized gains and losses included in our consolidated statements of operations. The most significant source of our revenue is derived from our investments in MBS. Interest income on Agency MBS is accrued based on the actual coupon rate and the outstanding principal amount of the underlying mortgages. Premiums and discounts are amortized or accreted into interest income over the estimated lives of the securities using the effective interest yield method, adjusted for the effects of actual and estimated prepayments based on ASC 320‑10. Our policy for estimating prepayment speeds for calculating the effective yield is to evaluate historical performance, street consensus prepayment speeds and current market conditions. If our estimate of prepayments is materially incorrect, as compared to the aforementioned references, we may be required to make an adjustment to the amortization or accretion of premiums and discounts that would have an impact on future income, which could be material and adverse. A majority of our Non-Agency MBS are accounted for under “Loans and Debt Securities Acquired with Credit Deterioration” (ASC 310‑30). A debt security accounted for under ASC 310‑30 is initially recorded at its purchase price (fair value). The amount of expected cash flows that exceed the initial investment represents the market yield adjustment (accretable yield), which is recognized as interest income on a level yield basis over the life of the security. The excess of total contractual cash flows over the cash flows expected at its origination is considered to be the non-accretable difference. We must periodically reassess the expected cash flows of loans accounted for under ASC 310‑30 along with the cash flows received. A significant increase in expected cash flows must be accounted for as an increase in the rate of accretion over the remaining life of the security. Conversely, if expected cash flows decrease, an other-than-temporary impairment must be recognized as a charge to earnings. Adjustments to the fair value of Non-Agency MBS, accounted for as available-for-sale securities, are recorded in “Accumulated other comprehensive income,” or AOCI. The determination as to whether impairment and accretable yield exists is based on cash flow projections related to the securities. As a result, the timing and amount of impairment and accretable yield constitutes a material estimate that is susceptible to significant change. Interest income on the Non-Agency MBS that were purchased at a discount to par value and were rated below AA at the time of purchase is recognized based on the security’s effective interest rate. The effective interest rate on these securities is based on the projected cash flows from each security, which are estimated based on our observation of current information and events and include assumptions related to interest rates, prepayment rates, and the timing and amount of credit losses. On at least a quarterly basis, we review and, if appropriate, make adjustments to our cash flow projections based on input and analysis received from external sources, internal models, and our judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on such securities. Actual maturities of the available-for-sale securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, and prepayments of principal. Therefore, actual maturities of available-for-sale securities are generally shorter than stated contractual maturities. Stated contractual maturities are generally greater than ten years. There can be no assurance that our assumptions used to estimate future cash flows or the current period’s yield for each asset would not change in the near term, and the change could be material. Based on the projected cash flows from our Non-Agency MBS purchased at a discount to par value, a portion of the purchase discount may be designated as a non-accretable difference and, therefore, not accreted into interest income. The amount designated as a non-accretable difference may be adjusted over time, based on the actual performance of the security, its underlying collateral, actual and projected cash flow from such collateral, economic conditions, and other factors. If the performance of a security with a non-accretable difference is more favorable than forecasted, a portion of the amount designated as a non-accretable difference may be accreted into interest income prospectively. Conversely, if the performance of a security with a non-accretable difference is less favorable than forecasted, an impairment charge and write-down of such security to a new cost basis results. Securities transactions are recorded on the date the securities are purchased or sold. Realized gains or losses from securities transactions are determined based on the specific identified cost of the securities. Residential Mortgage Loans Held-for-Securitization Residential mortgage loans held for securitization are held at our wholly-owned subsidiary, Anworth Mortgage Loans, Inc. (incorporated August 2017) with the intent to sponsor our own securitizations. Loans purchased with the intent to securitize are recorded on the trade date. Any fees associated with acquiring the loans held for securitization are deferred as well as any premium paid to acquire the loans. These are included in the loan balance and amortized using the effective interest yield method. Interest income is recorded as revenue when earned and deemed collectible or until a loan becomes more than 90 days past due, at which point the loan is placed on nonaccrual status. When a non-accrual loan has cured, meaning all delinquent principal and interest has been remitted by the borrower; the loan is placed back on accrual status. Alternatively, nonaccrual loans may be placed back on accrual status after the loan is considered re-performing, generally when the loan has been current for 6 months. The residential mortgage loans held for securitization will be financed by a warehouse line of credit. The payment and performance of the obligations by Anworth Mortgage Loans under the warehouse line is guaranteed by Anworth Mortgage Asset Corporation. We may be required to remove a loan from a warehouse line of credit. We do not maintain a loan repurchase reserve, as any risk of loss due to loan repurchase would normally be covered by recourse to the companies from whom we acquired the loans. Debt issuances costs incurred in connection with this facility (such as legal costs) will be deducted from the debt’s carrying amount and amortized ratably to interest expense over the term of the debit. Residential Mortgage Loans Held-for-Investment Through Consolidated Securitization Trusts Residential mortgage loans held-for-investment through consolidated securitization trusts are carried at unpaid principal balances net of any premiums or discounts and allowance for loan losses. We expect that we will be required to continue to consolidate the securitization trusts that hold the residential mortgage loans. We establish an allowance for residential loan losses based on our estimate of credit losses. These estimates for the allowance for loan losses require consideration of various observable inputs including, but not limited to, historical loss experience, delinquency status, borrower credit scores, geographic concentrations and loan-to-value ratios, and are adjusted for current economic conditions as deemed necessary by our management. Many of these factors are subjective and cannot be reduced to a mathematical formula. In addition, since we have not incurred any direct losses on our portfolio, we review national historical credit performance information from external sources to assist in our analysis. Changes in our estimates can significantly impact the allowance for loan losses and provision expense. The allowance reflects management’s best estimate of the credit losses inherent in the loan portfolio at the balance sheet date. It is also possible that we will experience credit losses that are different from our current estimates or that the timing of those losses may differ from our estimates. We recognize interest income from residential mortgage loans on an accrual basis. Any related premium or discount is amortized into interest income using the effective interest method over the estimated life of these loans. Coupon interest is recognized as revenue when earned and deemed collectable or until a loan becomes more than 90 days past due, at which point the loan is placed on non-accrual status. Interest previously accrued for loans that have been placed on non-accrual status is reversed against interest income in the period the loan is placed in non-accrual status. Residential loans delinquent more than 90 days or in foreclosure are characterized as delinquent. Cash principal and interest that are advanced from servicers after a loan becomes greater than 90 days past due are recorded as a liability due to the servicer. When a delinquent loan previously placed on non-accrual status has cured, meaning when all delinquent principal and interest have been remitted by the borrower, the loan is placed back on accrual status. Alternatively, non-accrual loans may be placed back on accrual status after the loan is considered re-performing. A restructured loan is considered re-performing when the loan has been current for at least 6 months. Residential Properties Residential properties are stated at cost and consist of land, buildings and improvements, including other costs incurred during their acquisition, possession and renovation. Residential properties purchased that are not subject to an existing lease are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition and renovation costs, all of which are allocated to land and building based upon their relative fair values at the date of acquisition. Residential properties acquired either subject to an existing lease or as part of a portfolio level transaction are treated as a business combination under ASC 805, Business Combinations , and, as such, are recorded at fair value, allocated to land, building and the existing lease, if applicable, based upon their relative fair values at the date of acquisition, with acquisition fees and other costs expensed as incurred. Building depreciation is computed on a straight-line basis over the estimated useful lives of the assets. We will generally use a 27.5 year estimated life with no salvage value. We will incur costs to prepare our acquired properties to be leased. These costs will be capitalized and allocated to building costs. Costs related to the restoration, renovation, or improvement of our properties that improve and extend their useful lives are capitalized and depreciated over their estimated useful lives. Expenditures for ordinary repairs and maintenance are expensed as incurred. Costs incurred by us to lease the properties will be capitalized and amortized over the life of the lease. Escrow deposits include refundable and non-refundable cash and earnest money on deposit with independent third parties for property purchases. Repurchase Agreements We finance the acquisition of MBS primarily through the use of repurchase agreements. Under these repurchase agreements, we sell securities to a lender and agree to repurchase the same securities in the future for a price that is higher than the original sales price. The difference between the sale price that we receive and the repurchase price that we pay represents interest paid to the lender. Although structured as a sale and repurchase obligation, a repurchase agreement operates as a financing under which we pledge our securities and accrued interest as collateral to secure a loan which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. We retain beneficial ownership of the pledged collateral. Upon the maturity of a repurchase agreement, we are required to repay the loan and concurrently receive back our pledged collateral from the lender or, with the consent of the lender, we may renew such agreement at the then-prevailing financing rate. These repurchase agreements may require us to pledge additional assets to the lender in the event the estimated fair value of the existing pledged collateral declines. Asset-Backed Securities Issued by Securitization Trusts Asset-backed securities issued by the securitization trusts are recorded at principal balances net of unamortized premiums or discounts. This long-term debt is collateralized only by the assets held in the trusts and is otherwise non-recourse to the Company. Derivative Financial Instruments Risk Management We primarily use short-term (less than or equal to 12 months) repurchase agreements to finance the purchase of MBS. These obligations expose us to variability in interest payments due to changes in interest rates. We continuously monitor changes in interest rate exposures and evaluate various opportunities to mitigate this risk. Our objective is to limit the impact of interest rate changes on earnings and cash flows. The principal instruments we use to achieve this are interest rate swaps. Interest rate swaps effectively convert a percentage of our repurchase agreements to fixed-rate obligations over a period of up to ten years. Under interest rate swaps, we agree to pay an amount equal to a specified fixed rate of interest times a notional principal amount and to receive in return an amount equal to a specified variable-rate of interest times a notional amount, generally based on the London Interbank Offered Rate, or LIBOR. The notional amounts are not exchanged. We do not issue or hold the interest rate swaps for speculative purposes. We also enter into To-Be-Announced, or TBA, Agency MBS as either a means of investing in and financing Agency MBS or as a means of disposing of or reducing our exposure to agency securities. Pursuant to TBA contracts, we agree to purchase or sell, for future delivery, Agency MBS with certain principal and interest terms and certain types of collateral, but the particular Agency MBS to be delivered are not identified until shortly before the TBA settlement date. We also may choose, prior to settlement, to move the settlement of these MBS out to a later date by entering into an offsetting short or long position (referred to as a “pair off”), net settling the paired off positions for cash, and simultaneously purchasing a similar TBA contract for a later settlement date. This transaction is commonly referred to as a “dollar roll.” The Agency MBS purchased or sold for a forward settlement date are typically priced at a discount to agency securities for settlement in the current month. This difference (or discount) is referred to as the “price drop.” The price drop represents compensation to us for foregoing net interest margin (interest income less repurchase agreement financing cost). TBA Agency MBS are accounted for as derivative instruments since they do not meet the exemption allowed for a “regular way” security trade under ASC 815, as either the TBA contracts do not settle in the shortest period of time possible or we cannot assess that it is probable at inception that we will take physical delivery of the security or that we will not settle on a net basis. Accounting for Derivative and Hedging Activities We account for derivative instruments in accordance with ASC 815, which requires recognition of all derivatives as either assets or liabilities and measurement of those instruments at fair value, which is typically based on values obtained from large financial institutions who are market makers for these types of instruments. The accounting for changes in the fair value of derivative instruments depends on whether the instruments are designated and qualify as hedges in accordance with ASC 815. Changes in fair value related to derivatives not designated as hedges are recorded in our consolidated statements of operations as “Gain (loss) on derivatives” and specifically identified as either relating to interest rate swaps or TBA Agency MBS. For a derivative to qualify for hedge accounting, we must anticipate that the hedge will be highly “effective” as defined by ASC 815‑10. A hedge of the variability of cash flows that are to be received or paid in connection with a recognized asset or liability is known as a “cash flow” hedge. Changes in the fair value of a derivative that is highly effective and that is designated as a cash flow hedge, to the extent the hedge is effective, are recorded in AOCI and reclassified to income when the forecasted transaction affects income (e.g. when periodic settlement interest payments are due on repurchase agreements). Hedge ineffectiveness, if any, is recorded in current period income. Fair value hedges protect against exposures to changes in the fair value of a recognized asset. ASC 815 requires companies to recognize in income, in the period that the changes in fair value occur, any gains or losses from any ineffectiveness in the hedging relationship. When we discontinue hedge accounting, the gain or loss on the derivative remains in AOCI and is reclassified into income when the forecasted transaction affects income. In all situations where hedge accounting is discontinued and the derivative remains outstanding, we carry the derivative at its fair value on our balance sheet, recognizing changes in fair value in current period income. All of our interest rate swaps had historically been accounted for as cash flow hedges under ASC 815. After August 22, 2014, none of our interest rate swaps were designated for hedge accounting. As a result of discontinuing hedge accounting for our interest rate swaps, changes in the fair value of these interest rate swaps are recorded in “Gain (loss) on interest rate swaps, net” in our consolidated statements of operations rather than in AOCI. Also, net interest paid or received on these interest rate swaps, which was previously recognized in interest expense, is instead recognized in “Gain (loss) on interest rate swaps, net.” These continue to be reported as assets or liabilities on our consolidated balance sheets at their fair value. As long as the forecasted transactions that were being hedged (i.e. rollovers of our repurchase agreement borrowings) are still expected to occur, the balance in AOCI from the activity in these interest rate swaps through the dates of de-designation will remain in AOCI and be recognized in our consolidated statements of operations as “interest expense” over the remaining term of these interest rate swaps. For purposes of the consolidated statements of cash flows, cash flows hedges were classified with the cash flows from the hedged item. Cash flows from derivatives that are not hedges are classified according to the underlying nature or purpose of the derivative transaction. For more details on the amounts and other qualitative information on all our derivative transactions, see Note 15. For more information on the fair value of our derivative instruments, see Note 9. Credit Risk At December 31, 2018, we had attempted to limit our exposure to credit losses on our Agency MBS by purchasing securities primarily through Freddie Mac and Fannie Mae. The payment of principal and interest on the Freddie Mac and Fannie Mae MBS are guaranteed by those respective enterprises. In September 2008, both Freddie Mac and Fannie Mae were placed in the conservatorship of the U.S. government. While it is the intent that the conservatorship will help stabilize Freddie Mac’s and Fannie Mae’s overall financial position, there can be no assurance that it will succeed or that, if necessary, Freddie Mac and Fannie Mae will be able to satisfy its guarantees of Agency MBS. There have also been concerns as to what the U.S. government will do regarding winding down the operations of Freddie Mac and Fannie Mae. There have also been concerns over the past several years regarding the credit standing of Freddie Mac, Fannie Mae, and U.S. sovereign debt. We do not know what effect any future ratings of Freddie Mac, Fannie Mae and U.S. sovereign debt may ultimately have on the U.S. economy, the value of our securities, or the ability of Freddie Mac and Fannie Mae to satisfy its guarantees of Agency MBS, if necessary. Our adjustable-rate MBS are subject to periodic and life

Restricted Cash

Restricted Cash	12 Months Ended
	Dec. 31, 2018
Restricted Cash
Restricted Cash	NOTE 2. RESTRICTED CASH This includes cash pledged as collateral for interest rate swaps and TBA Agency MBS margin calls. The following table represents the Company’s restricted cash balances at December 31, 2018 and December 31, 2017: December 31, December 31, 2018 2017 (in thousands) Restricted cash - interest rate swap and TBA Agency MBS margin calls $ 30,296 $ 11,157

Mortgage Backed Securities

Mortgage Backed Securities	12 Months Ended
	Dec. 31, 2018
Mortgage Backed Securities
Mortgage Backed Securities	NOTE 3. MORTGAGE-BACKED SECURITIES (MBS) The following tables summarize our Agency MBS and Non-Agency MBS at December 31, 2018 and December 31, 2017, which are carried at their fair value: December 31, 2018 Total Non-Agency Total By Agency Freddie Mac Fannie Mae Agency MBS (1) MBS MBS (in thousands) Amortized cost $ 1,457,552 $ 2,127,655 $ 3,585,207 $ 785,640 $ 4,370,847 Paydowns receivable (2) 7,831 — 7,831 — 7,831 Unrealized gains 4,169 10,827 14,996 20,753 35,749 Unrealized losses (25,155) (34,160) (59,315) (11,190) (70,505) Fair value $ 1,444,397 $ 2,104,322 $ 3,548,719 $ 795,203 $ 4,343,922 20-Year and 15-Year 30-Year Total Non-Agency Total By Security Type ARMs Hybrids Fixed-Rate (1) Fixed-Rate Agency MBS MBS MBS (in thousands) Amortized cost $ 854,733 $ 689,694 $ 917,780 $ 1,123,000 $ 3,585,207 $ 785,640 $ 4,370,847 Paydowns receivable (2) 4,065 3,766 — — 7,831 — 7,831 Unrealized gains 11,920 263 60 2,753 14,996 20,753 35,749 Unrealized losses (1,250) (15,786) (25,389) (16,890) (59,315) (11,190) (70,505) Fair value $ 869,468 $ 677,937 $ 892,451 $ 1,108,863 $ 3,548,719 $ 795,203 $ 4,343,922 (1) Included in the 15-year fixed-rate MBS are Trading Agency MBS. These have an amortized cost of $496.7 million, an unrealized loss of $15.9 million, and a fair value of $480.8 million. (2) Paydowns receivable on Agency MBS are generated when the Company receives notice from Freddie Mac of prepayments but does not receive the actual cash with respect to such prepayments until the 15th day of the following month. During the year ended December 31, 2018, we received proceeds of approximately $781 million from the sales of Agency MBS and recognized gross realized losses on sales of approximately $24.2 million and gross realized gains of approximately $0.6 million. During the year ended December 31, 2017, we received proceeds of approximately $716 million from the sales of Agency MBS and recognized gross realized losses on sales of approximately $4.3 million and gross realized gains of approximately $2.1 million. During the year ended December 31, 2018, we had gross unrealized losses on trading investments of $4.9 million, compared to gross unrealized gains on trading investments of $2.8 million during the year ended December 31, 2017. During the year ended December 31, 2018, we sold approximately $6 million of Non-Agency MBS and recognized gross gains of approximately $217 thousand and gross losses of approximately $42 thousand. During the year ended December 31, 2017, we sold approximately $21.3 million of Non-Agency MBS and recognized a gross gain of approximately $65 thousand. December 31, 2017 Total Non-Agency Total By Agency Freddie Mac Fannie Mae Agency MBS (1) MBS MBS (in thousands) Amortized cost $ 1,678,835 $ 2,594,496 $ 4,273,331 $ 730,624 $ 5,003,955 Paydowns receivable (2) 13,873 — 13,873 — 13,873 Unrealized gains 6,597 21,348 27,945 33,355 61,300 Unrealized losses (18,205) (18,147) (36,352) (3,154) (39,506) Fair value $ 1,681,100 $ 2,597,697 $ 4,278,797 $ 760,825 $ 5,039,622 20-Year and Total 15-Year 30-Year Agency Non-Agency Total By Security Type ARMs Hybrids Fixed-Rate (1) Fixed-Rate MBS MBS MBS (in thousands) Amortized cost $ 1,249,366 $ 863,762 $ 1,277,570 $ 882,633 $ 4,273,331 $ 730,624 $ 5,003,955 Paydowns receivable (2) 5,943 7,930 — — 13,873 — 13,873 Unrealized gains 23,425 833 595 3,092 27,945 33,355 61,300 Unrealized losses (1,871) (12,845) (16,338) (5,298) (36,352) (3,154) (39,506) Fair value $ 1,276,863 $ 859,680 $ 1,261,827 $ 880,427 $ 4,278,797 $ 760,825 $ 5,039,622 (1) Included in the 15-year fixed-rate MBS are Trading Agency MBS. These have an amortized cost of $909.2 million, an unrealized loss of $11 million, and a fair value of $898.2 million. (2) Paydowns receivable on Agency MBS are generated when the Company receives notice from Freddie Mac of prepayments but does not receive the actual cash with respect to such prepayments until the 15th day of the following month. The following table presents information regarding the estimates of the contractually required principal payments, cash flows expected to be collected and estimated fair value of the Non-Agency MBS held at carrying value acquired by the Company for the year ended December 31, 2018 and cumulatively at December 31, 2018 and December 31, 2017: Change During the Year Ended At At December 31, December 31, December 31, 2018 2018 2017 Non-Agency MBS acquired with credit deterioration: Contractually required principal $ 22,261 $ 820,608 $ 798,347 Contractual principal not expected to be collected (non-accretable yield) (406) (332,886) (332,480) Expected cash flows to be collected 21,855 487,722 465,867 Market yield adjustment (9,961) 137,237 147,198 Unrealized gain, net (18,097) 10,428 28,525 Fair value (6,203) 635,387 641,590 Fair value of other Non-Agency MBS (without credit deterioration) 40,581 159,816 119,235 Total fair value of Non-Agency MBS $ 34,378 $ 795,203 $ 760,825 The following table presents the change for the years ended December 31, 2018 and December 31, 2017 of the components of the Company’s purchase discount on its Non-Agency MBS between the amount designated as the market yield adjustments and the non-accretable difference: For the Year Ended December 31, 2018 2017 Market Yield Non- Market Yield Non- Adjustment Accretable Adjustment Accretable (in thousands) Balance at beginning of period $ 147,198 $ (332,480) $ 83,577 $ (223,291) Accretion of discount (6,633) (100) (6,508) 10 Purchases (777) (23,419) 71,487 (131,361) Realized credit losses, net of recoveries — 22,018 — 23,203 Sales 1,413 — — — Impairment charge — (2,869) — (2,399) Transfer (3,964) 3,964 Other — — (1,358) 1,358 Balance at end of period $ 137,237 $ (332,886) $ 147,198 $ (332,480) The following table shows the gross unrealized losses and fair value of those individual securities in our MBS portfolio that have been in a continuous unrealized loss position at December 31, 2018 and December 31, 2017, aggregated by investment category and length of time: December 31, 2018 Less Than 12 Months 12 Months or More Total Description Number Number Number of of Fair Unrealized of Fair Unrealized of Fair Unrealized Securities Securities Value Losses Securities Value Losses Securities Value Losses (in thousands) (in thousands) (in thousands) Agency MBS 47 $ 859,060 $ (6,484) 166 $ 1,301,348 $ (36,937) 213 $ 2,160,408 $ (43,421) Non-Agency MBS 56 $ 329,108 $ (5,886) 12 $ 72,514 $ (5,304) 68 $ 401,622 $ (11,190) December 31, 2017 Less Than 12 Months 12 Months or More Total Description Number Number Number of of Fair Unrealized of Fair Unrealized of Fair Unrealized Securities Securities Value Losses Securities Value Losses Securities Value Losses (in thousands) (in thousands) (in thousands) Agency MBS 73 $ 1,171,947 $ (7,770) 192 $ 884,897 $ (17,598) 265 $ 2,056,844 $ (25,368) Non-Agency MBS 9 $ 63,568 $ (774) 14 $ 85,569 $ (2,380) 23 $ 149,137 $ (3,154) We do not consider those available-for-sale Agency MBS, or AFS MBS, that have been in a continuous loss position for 12 months or more to be other-than-temporarily impaired. The unrealized losses on our investments in AFS MBS were caused by fluctuations in interest rates. We purchased the AFS MBS primarily at a premium relative to their face value and the contractual cash flows of those investments are guaranteed by the U.S. government or government-sponsored agencies. Since September 2008, the government-sponsored agencies have been in the conservatorship of the U.S. government. At December 31, 2018, we did not expect to sell the AFS MBS at a price less than the amortized cost basis of our investments. Because the decline in market value of the AFS MBS is attributable to changes in interest rates and not the credit quality of the AFS MBS in our portfolio, and because we did not have the intent to sell these investments nor is it more likely than not that we will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity, we do not consider these investments to be other-than-temporarily impaired at December 31, 2018. At December 31, 2018, there was an aggregate of approximately $15.9 million in unrealized losses on Trading Agency MBS that was not included in the table above, as those losses are recognized on our statements of operations. The unrealized losses on our investments in Non-Agency MBS were caused by fluctuations in interest rates. We purchased the Non-Agency MBS primarily at a discount relative to their face value. During the year ended December 31, 2018, there were several bonds that were impaired for a total of approximately $2.9 million, as the cash flow projections were less favorable than previously forecasted. On the remainder of the Non-Agency MBS, at December 31, 2018, we did not expect to sell these Non-Agency MBS at a price less than the amortized cost basis of our investments. Because the decline in market value of these Non-Agency MBS is attributable to changes in interest rates and not the credit quality of the Non-Agency MBS in our portfolio, and because we did not have the intent to sell these investments nor is it more likely than not that we will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity, we do not consider these investments to be other-than-temporarily impaired at December 31, 2018.

Residential Mortgage Loans Held

Residential Mortgage Loans Held-For-Securitization	12 Months Ended
	Dec. 31, 2018
Residential Mortgage Loans Held-For-Securitization
Residential Mortgage Loans Held-For-Securitization	NOTE 4. RESIDENTIAL MORTGAGE LOANS HELD-FOR-SECURITIZATION At December 31, 2018, we owned approximately $11.7 million of loans. We did not own any loans held-for-securitization at December 31, 2017, as we acquired our first loans under this new operational activity during the fourth quarter of 2018. The following table details the carrying value for residential mortgage loans held-for-securitization at December 31, 2018: December 31, 2018 (in thousands) Principal balance $ 11,281 Unamortized premium, net of discount 379 Allowance for loan losses — Carrying value $ 11,660 The following table provides a reconciliation of the carrying value of residential mortgage loans held-for-securitization at December 31, 2018: Year Ended December 31, 2018 (in thousands) Balance at beginning of period $ — Loan acquisitions 11,660 Deductions during period: Collections of principal — Amortization of premium — Charge-offs, net — Balance at end of period $ 11,660 The following table details various portfolio characteristics of the residential mortgage loans held-for-securitization at December 31, 2018: December 31, 2018 (dollar amounts Portfolio Characteristics: Number of loans 22 Current principal balance $ 11,281 Average loan balance $ 513 Net weighted average coupon rate 5.95 % Weighted average maturity (years) 29.4 Weighted average FICO score 722 Current Performance: Current $ 11,281 30 days delinquent — 60 days delinquent — 90+ days delinquent — Bankruptcy/foreclosure — Total $ 11,281 At December 31, 2018, the Company had secured a warehouse line facility of $100 million but had not yet taken down any portion of the line for funding of loans (see “Note 20 – Subsequent Events” for more information). The following table summarizes the geographic concentrations of residential mortgage loans held-for-securitization at December 31, 2018 based on principal balance outstanding: December 31, State 2018 California 49 % Florida 43 Texas 5 Other states (none greater than 5%) 3 Total 100 %

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2018
Variable Interest Entities
Variable Interest Entities	NOTE 5. VARIABLE INTEREST ENTITIES As discussed in Note 1, “Summary of Significant Accounting Policies,” we have determined that we are the primary beneficiary of certain securitization trusts. The following table presents a summary of the assets and liabilities of our consolidated securitization trusts as of December 31, 2018 and December 31, 2017: December 31, December 31, 2018 2017 (in thousands) Residential mortgage loans held-for-investment through consolidated securitization trusts $ 549,016 $ 639,351 Accrued interest receivable 1,792 2,093 Total assets $ 550,808 $ 641,444 Accrued interest payable $ 1,746 $ 2,047 Asset-backed securities issued by securitization trusts 539,651 629,984 Total liabilities $ 541,397 $ 632,031 Our risk with respect to each investment in a securitization trust is limited to our direct ownership in the securitization trust. We own the most subordinated classes on all of the trusts. The residential mortgage loans held by the consolidated securitization trusts are held solely to satisfy the liabilities of the securitization trusts and the investors in the securitization trusts have no recourse to the general credit of the Company for the ABS issued by the securitization trusts. The assets of a consolidated securitization trust can only be used to satisfy the obligations of that trust. ABS are not paid down according to any schedule but rather as payments are made on the underlying mortgages. The final distribution dates for the three trusts are all at various dates in 2045. We are not contractually required and have not provided any additional financial support to the securitization trusts for the year ended December 31, 2018. Residential Mortgage Loans Held-for-Investment Through Consolidated Securitization Trusts Residential mortgage loans held-for-investment through consolidated securitization trusts are carried at unpaid principal balances net of any premiums or discounts and allowances for loan losses. The residential mortgage loans are secured by first liens on the underlying residential properties. As we still retain the most subordinated tranches in these trusts, we continue to be the primary beneficiary of these trusts and believe that we are still required to consolidate these trusts. During the year ended December 31, 2018, we did not sell any of our investment in these trusts. During the year ended December 31, 2017, we sold our investment in the B4 tranche on two of these trusts and realized a gross gain of approximately $378 thousand. The following table details the carrying value for residential mortgage loans held-for-investment through consolidated securitization trusts at December 31, 2018 and December 31, 2017: December 31, December 31, 2018 2017 (in thousands) Principal balance $ 545,881 $ 634,219 Unamortized premium, net of discount 3,321 5,335 Allowance for loan losses (186) (203) Carrying value $ 549,016 $ 639,351 The following table provides a reconciliation of the carrying value of residential mortgage loans held-for-investment through consolidated securitization trusts at December 31, 2018 and December 31, 2017: Year Ended December 31, 2018 2017 (in thousands) Balance at beginning of period $ 639,351 $ 744,462 Deductions during period: Collections of principal (88,338) (102,569) Amortization of premium (2,014) (2,542) Charge-offs, net 17 — Balance at end of period $ 549,016 $ 639,351 The following table details various portfolio characteristics of the residential mortgage loans held-for-investment through consolidated securitization trusts at December 31, 2018 and December 31, 2017: December 31, December 31, 2018 2017 (dollar amounts in thousands) Portfolio Characteristics: Number of loans 829 931 Current principal balance $ 545,881 $ 634,219 Average loan balance $ 658 $ 681 Net weighted average coupon rate 3.85 % 3.86 % Weighted average maturity (years) 25.3 26.3 Weighted average FICO score 761 762 Current Performance: Current $ 543,328 $ 629,901 30 days delinquent — 2,918 60 days delinquent 896 — 90+ days delinquent 1,066 1,400 Bankruptcy/foreclosure 591 — Total $ 545,881 $ 634,219 The following table summarizes the geographic concentrations of residential mortgage loans held-for-investment through consolidated securitization trusts at December 31, 2018 and December 31, 2017 based on principal balance outstanding: December 31, December 31, State 2018 2017 California 43.3 % 43.8 % Florida 6.6 6.3 Other states (none greater than 5%) 50.1 49.9 Total 100.0 % 100.0 % Allowance for Loan Losses on Residential Mortgage Loans Held by Consolidated Securitization Trusts As discussed in Note 1, “Summary of Significant Accounting Policies,” the Company establishes and maintains an allowance for loan losses on residential mortgage loans held by consolidated securitization trusts based on the Company’s estimate of credit losses. The following table summarizes the activity in the allowance for loan losses for the years ended December 31, 2018 and December 31, 2017: December 31, December 31, 2018 2017 (in thousands) Balance at beginning of period $ 203 $ 203 Provision for loan losses — — Charge-offs, net (17) — Balance at end of period $ 186 $ 203 Asset-Backed Securities Issued by Securitization Trusts Asset-backed securities issued by securitization trusts are recorded at principal balances net of unamortized premiums and discounts. Asset-backed securities issued by securitization trusts are issued in various tranches and have a principal balance of $539.7 million at December 31, 2018 and $630.0 million at December 31, 2017. The investors in the asset-backed securities are not affiliated with the Company and have no recourse to the general credit of the Company.

Residential Properties

Residential Properties	12 Months Ended
	Dec. 31, 2018
Residential Properties
Residential Properties	NOTE 6. RESIDENTIAL PROPERTIES At December 31, 2018, we owned 86 single-family residential properties which are all located in Southeastern Florida and are carried at a total cost, net of accumulated depreciation, of approximately $13.8 million. At December 31, 2017, we owned 88 single-family residential properties that were carried at a total cost, net of accumulated depreciation, of approximately $14.1 million. The income from these properties is included in our statements of operations as “Income on rental properties.” The expenses on these properties are included in our statements of operations in “Rental properties depreciation and expenses.” During the year ended December 31, 2018, we sold two properties and realized a gain of approximately $54 thousand.

Short-Term Debt

Short-Term Debt	12 Months Ended
	Dec. 31, 2018
Repurchase Agreements
Short-Term Debt	NOTE 7. SHORT-TERM DEBT We have entered into repurchase agreements and warehouse lines of credit with large financial institutions. The repurchase agreements that we use to finance most of our MBS are short-term borrowings that are secured by the market value of our MBS and bear fixed interest rates that have historically been based upon LIBOR. Warehouse lines of credit are short-term borrowings (generally less than 1-year) that are used to finance the residential mortgage loans that are held-for-securitization. At December 31, 2018, no borrowing had occurred against the warehouse line of credit (see “Note 20 – Subsequent Events” for more information). Repurchase Agreements At December 31, 2018 and December 31, 2017, the repurchase agreements had the following balances (dollar amounts in thousands), weighted average interest rates and remaining weighted average maturities: December 31, 2018 Agency MBS Non-Agency MBS Total MBS Weighted Weighted Weighted Average Average Average Interest Interest Interest Balance Rate Balance Rate Balance Rate (in thousands) (in thousands) (in thousands) Overnight $ — — % $ — — % $ — — % Less than 30 days 1,510,000 2.46 576,627 3.55 2,086,627 2.76 30 days to 90 days 1,725,000 2.57 — — 1,725,000 2.57 Over 90 days — — — — — — Demand — — — — — — $ 3,235,000 2.52 % $ 576,627 3.55 % $ 3,811,627 2.67 % Weighted average maturity 35 days 13 days 32 days Weighted average interest rate after adjusting for interest rate swaps 2.23 % Weighted average maturity after adjusting for interest rate swaps 1,217 days MBS pledged as collateral under the repurchase agreements and interest rate swaps $ 3,433,252 $ 726,428 $ 4,159,680 December 31, 2017 Agency MBS Non-Agency MBS Total MBS Weighted Weighted Weighted Average Average Average Interest Interest Interest Balance Rate Balance Rate Balance Rate (in thousands) (in thousands) (in thousands) Overnight $ — — % $ — — % $ — — % Less than 30 days 2,015,000 1.46 520,695 2.87 2,535,695 1.75 30 days to 90 days 1,830,000 1.48 — — 1,830,000 1.48 Over 90 days — — — — — — Demand — — — — — — $ 3,845,000 1.47 % $ 520,695 2.87 % $ 4,365,695 1.64 % Weighted average maturity 33 days 14 days 31 days Weighted average interest rate after adjusting for interest rate swaps 1.77 % Weighted average maturity after adjusting for interest rate swaps 674 days MBS pledged as collateral under the repurchase agreements and interest rate swaps $ 4,073,852 $ 661,445 $ 4,735,297 For additional information about repurchase agreements, see the section in Note 1 entitled “Repurchase Agreements.” The following tables present information about certain assets and liabilities that are subject to master netting arrangements (or similar agreements) only in the event of default on a contract. See Notes 1, 9, and 15 for more information on the Company’s interest rate swaps and other derivative instruments. Net Amounts of Assets Gross Amounts Not Offset Gross Amounts or Liabilities in the Balance Sheets (1) of Recognized Gross Amounts Presented in Cash December 31, 2018 Assets or Offset in the the Balance Financial Collateral Net (in thousands) Liabilities Balance Sheets Sheets Instruments Received Amounts Derivative assets at fair value (2) $ 46,207 $ — $ 46,207 $ (46,207) $ — $ — Total $ 46,207 $ — $ 46,207 $ (46,207) $ — $ — Repurchase agreements (3) $ 3,811,627 $ — $ 3,811,627 $ (3,811,627) $ — $ — Derivative liabilities at fair value (2) 15,901 — 15,901 (15,901) — — Total $ 3,827,528 $ — $ 3,827,528 $ (3,827,528) $ — $ — Net Amounts of Assets Gross Amounts Not Offset Gross Amounts or Liabilities in the Balance Sheets (1) of Recognized Gross Amounts Presented in Cash December 31, 2017 Assets or Offset in the the Balance Financial Collateral Net (in thousands) Liabilities Balance Sheets Sheets Instruments Received Amounts Derivative assets at fair value (2) $ 27,793 $ — $ 27,793 $ (27,793) $ — $ — Total $ 27,793 $ — $ 27,793 $ (27,793) $ — $ — Repurchase agreements (3) $ 4,365,695 $ — $ 4,365,695 $ (4,365,695) $ — $ — Derivative liabilities at fair value (2) 1,335 — 1,335 (1,335) — — Total $ 4,367,030 $ — $ 4,367,030 $ (4,367,030) $ — $ — (1) Amounts presented are limited to collateral pledged sufficient to reduce the related net amount to zero in accordance with ASU No. 2011‑11, as amended by ASU No. 2013‑01. (2) At December 31, 2018, we had paid approximately $30.3 million on swap and TBA Agency MBS margin calls (included in “restricted cash”). Our swap derivatives were approximately $40.2 million in derivative assets and approximately $15.9 million in derivative liabilities at December 31, 2018. At December 31, 2017, we had pledged approximately $62 thousand in Agency MBS as collateral and paid another approximately $11.2 million on swap margin calls (included in “restricted cash”) on our swap derivatives, which were approximately $27.8 million in derivative assets and approximately $51 thousand in derivative liabilities at December 31, 2017. (3) At December 31, 2018, we had pledged approximately $3.43 billion in Agency MBS and approximately $726.4 million of Non-Agency MBS as collateral on our repurchase agreements. At December 31, 2017, we had pledged approximately $4.07 billion in Agency MBS and approximately $661.4 million of Non-Agency MBS as collateral on our repurchase agreements.

Junior Subordinated Notes

Junior Subordinated Notes	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Junior Subordinated Notes	NOTE 8. JUNIOR SUBORDINATED NOTES On March 15, 2005, we issued $37,380,000 of junior subordinated notes to a newly-formed statutory trust, Anworth Capital Trust I, organized by us under Delaware law. The trust issued $36,250,000 in trust preferred securities to unrelated third party investors. Both the notes and the trust preferred securities require quarterly payments and bear interest at the prevailing three-month LIBOR rate plus 3.10%, reset quarterly. The first interest payments were made on June 30, 2005. Both the notes and the trust preferred securities will mature in 2035 and are currently redeemable, at our option, in whole or in part, without penalty. We used the net proceeds of this private placement to invest in Agency MBS. We have reviewed the structure of the transaction under ASC 810‑10 and concluded that Anworth Capital Trust I does not meet the requirements for consolidation. As of the date of this filing, we have not redeemed any of the notes or trust preferred securities.

Fair Values of Financial Instru

Fair Values of Financial Instruments	12 Months Ended
	Dec. 31, 2018
Fair Values of Financial Instruments
Fair Values of Financial Instruments	NOTE 9. FAIR VALUES OF FINANCIAL INSTRUMENTS As defined in ASC 820‑10, fair value is the price that would be received from the sale of an asset or paid to transfer or settle a liability in an orderly transaction between market participants in the principal (or most advantageous) market for the asset or liability. ASC 820‑10 establishes a fair value hierarchy that ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one of the three following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. This includes those financial instruments that are valued using models or other valuation methodologies where substantially all of the assumptions are observable in the marketplace, can be derived from observable market data or are supported by observable levels at which transactions are executed in the marketplace. The valuation techniques, including the judgments or assumptions that are used by us in arriving at the fair value of our MBS and derivative instruments, are as follows: The fair values for Agency MBS and TBA Agency MBS are based primarily on independent broker pricing quotes and independent third-party pricing service quotes, which are deemed indicative of market activity. The brokers and third-party pricing services use commonly used market pricing methodology that generally incorporate such factors as coupons, primary and secondary mortgage rates, rate reset period, issuer, loan age, collateral type, periodic and life cap, geography, and prepayment speeds. We evaluate the pricing information we receive taking into account factors such as coupon, prepayment experience, fixed/adjustable rate, coupon index, time to reset and issuing agency, among other factors. Based on these factors and our market knowledge and expertise, bond prices are compared to prices of similar securities and our own observations of trading activity in the marketplace. The fair values for Non-Agency MBS are based primarily on prices from independent well-known major financial brokers that make markets in these instruments and pricing from independent pricing services. We understand that these market participants use pricing models that not only consider the characteristics of the type of security and its underlying collateral from observable market data but also consider the historical performance data of the underlying collateral of the security, including loan delinquency, loan losses, and credit enhancement. To validate the prices the Company obtains, we consider and review a number of observable market data points including trading activity in the marketplace, and current market intelligence on all major markets, including benchmark security evaluations and bid list results from various sources. We compare the prices received from brokers against the prices received from pricing services and vice-versa and also against our own internal models for reasonableness and make inquiries to the brokers and pricing services about the prices received from these parties and their methods. For derivative instruments, the fair value is determined as follows: For all centrally cleared interest rate swaps (those entered into after September 9, 2013) pricing is provided by the central counterparty (large central clearing exchanges such as the Chicago Mercantile Exchange, or the CME, and LCH). These entities use pricing models that reference the underlying rates including the overnight index swap rate and LIBOR forward rate to produce the daily settlement price. For all non-centrally cleared interest rate swaps, we obtain the pricing from independent dealers who are large financial institutions and are market makers for these types of instruments. These market participants use pricing models that incorporate the LIBOR interest swap rate curve and the overnight index swap rate. To validate the prices for all interest rate swaps, we compare to other sources such as Bloomberg. At December 31, 2018, we did not have any non-centrally cleared swaps. Level 3: Unobservable inputs that are not corroborated by market data. This is comprised of financial instruments whose fair value is estimated based on internally developed models or methodologies utilizing significant inputs that are generally less readily observable from objective sources. At December 31, 2018 and December 31, 2017, fair value measurements on a recurring basis were as follows: December 31, 2018 Level 1 Level 2 Level 3 Total (in thousands) Assets: Agency MBS (1) $ — $ 3,548,719 $ — $ 3,548,719 Non-Agency MBS (1) $ — $ 795,203 $ — $ 795,203 Derivative instruments (2) $ — $ 46,207 $ — $ 46,207 Liabilities: Derivative instruments (2) $ — $ 15,901 $ — $ 15,901 December 31, 2017 Level 1 Level 2 Level 3 Total (in thousands) Assets: Agency MBS (1) $ — $ 4,278,797 $ — $ 4,278,797 Non-Agency MBS (1) $ — $ 760,825 $ — $ 760,825 Derivative instruments (2) $ — $ 27,793 $ — $ 27,793 Liabilities: Derivative instruments (2) $ — $ 1,335 $ — $ 1,335 (1) For more detail about the fair value of our MBS by agency and type of security, see Note 3. (2) Derivative instruments include discontinued hedges under ASC 815‑10. For more detail about our derivative instruments, see Notes 1 and 15. At December 31, 2018 and December 31, 2017, cash and cash equivalents, restricted cash, interest receivable, repurchase agreements and reverse repurchase agreements, and interest payable are reflected in our consolidated financial statements at cost, which approximate fair value because of the nature and short term of these instruments. Junior subordinated notes are variable-rate debt and, as we believe the spread would be consistent with the expectations of market participants as of December 31, 2018 and December 31, 2017, the carrying value approximates fair value. The following table presents the carrying value and estimated fair value of the Company’s financial instruments that are not carried at fair value on the consolidated balance sheets at December 31, 2018 and December 31, 2017: December 31, 2018 December 31, 2017 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value (in thousands) Financial Assets: Residential mortgage loans held-for-investment through consolidated securitization trusts $ 549,016 $ 538,362 $ 639,351 $ 641,126 Residential mortgage loans held-for-securitization $ 11,660 $ 11,660 $ — $ — Financial Liabilities: Asset-backed securities issued by securitization trusts $ 539,651 $ 528,045 $ 629,984 $ 630,562 The residential mortgage loans held-for-investment through consolidated securitization trusts or held-for-securitization are carried at unpaid principal balances net of any premiums or discounts and allowances for loan losses. Asset-backed securities issued by securitization trusts are carried at principal balances net of unamortized premiums or discounts. Warehouse lines of credit are carried at principal balances net of unamortized debt issuance costs. For both of these items, fair values are obtained by an independent broker and are considered Level 2 in the fair value hierarchy.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Taxes
Income Taxes	NOTE 10. INCOME TAXES We have elected to be taxed as a REIT and to comply with the provisions of the Code with respect thereto. Accordingly, we will not be subject to federal or state income taxes to the extent that our distributions to stockholders satisfy the REIT requirements and certain asset, income and stock ownership tests are met. We believe we currently meet all REIT requirements regarding the ownership of our common stock and the distribution of our taxable net income. Therefore, we believe that we continue to qualify as a REIT under the provisions of the Code. Income tax expense (benefit) for the years ended December 31, 2018, 2017, and 2016 was zero. None of the components of income tax expense are significant on a separately stated basis. At December 31, 2018 and December 31, 2017, there were no significant deferred tax assets and deferred tax liabilities. The tables below present tax information regarding Anworth’s dividend distributions for the fiscal year ended December 31, 2018: 8.625% Series A Cumulative Preferred Stock (CUSIP 03747 20 0) 2018 Total 2018 Distribution 2018 Return Short-Term Declaration Record Payable Per Ordinary of Capital Carry-Over Date Date Date Share Income Capital Gains to 2019 10/26/17 12/29/17 01/16/18 0.329947 $ 0.329947 $ — $ — $ — 02/28/18 03/30/18 04/16/18 0.539063 0.539063 — — — 05/07/18 06/29/18 07/16/18 0.539063 0.539063 — — — 08/06/18 09/28/18 10/15/18 0.539063 0.539063 — — — 11/06/18 12/31/18 01/15/19 0.539063 — — — 0.539063 Total $ 2.486199 $ 1.947136 $ — $ — $ 0.539063 6.25% Series B Cumulative Convertible Preferred Stock (CUSIP 03747 30 9) 2018 Total 2018 Distribution 2018 Return Short-Term Declaration Record Payable Per Ordinary of Capital Carry-Over Date Date Date Share (1) Income Capital Gains to 2019 10/26/17 12/29/17 01/16/18 $ 0.250266 $ 0.250266 $ — $ — $ — 02/28/18 03/30/18 04/16/18 0.397896 0.397896 — — — 05/07/18 06/29/18 07/16/18 0.402431 0.402431 — — — 08/06/18 09/28/18 10/15/18 0.396841 0.396841 — — — 11/06/18 12/31/18 01/15/19 0.390625 — — — 0.390625 Total $ 1.838059 $ 1.447434 $ — $ — $ 0.390625 (1) The Series B Preferred Stock is convertible into shares of our common stock. The conversion rate is adjusted per a stated formula when distributions are made to our common stockholders. The value of any conversion rate increase is a deemed distribution for tax purposes and is taxable to holders of our Series B Preferred Stock to the extent supported by earnings and profits and is included in the table above. See Forms 8937 on our Company website for additional details. 7.625% Series C Cumulative Redeemable Preferred Stock (CUSIP 03747 40 8) 2018 Total 2018 Distribution 2018 Return Short-Term Declaration Record Payable Per Ordinary of Capital Carry-Over Date Date Date Share Income Capital Gains to 2019 10/26/17 12/29/17 01/16/18 $ 0.291692 $ 0.291692 $ — $ — $ — 02/28/18 03/30/18 04/16/18 0.476563 0.476563 — — — 05/07/18 06/29/18 07/16/18 0.476563 0.476563 — — — 08/06/18 09/28/18 10/15/18 0.476563 0.476563 — — — 11/06/18 12/31/18 01/15/19 0.476563 — — — 0.476563 Total $ 2.197944 $ 1.721381 $ — $ — $ 0.476563 Common Stock (CUSIP 03747 10 1) 2018 Total 2018 Distribution 2018 Return Short-Term Declaration Record Payable Per Ordinary of Capital Carry-Over Date Date Date Share Income Capital Gains to 2019 12/15/17 12/29/17 01/29/18 $ 0.150000 $ 0.070423 $ 0.079577 $ — $ — 03/15/18 03/30/18 04/30/18 0.150000 0.070423 0.079577 — — 06/15/18 06/29/18 07/30/18 0.140000 0.065729 0.074271 — — 09/14/18 09/28/18 10/29/18 0.140000 0.065729 0.074271 — — 12/14/18 12/31/18 01/29/19 0.130000 — — — 0.130000 Total $ 0.710000 $ 0.272304 $ 0.307696 $ — $ 0.130000

Series B Cumulative Convertible

Series B Cumulative Convertible Preferred Stock	12 Months Ended
	Dec. 31, 2018
Equity
Series B Cumulative Convertible Preferred Stock	NOTE 11. SERIES B CUMULATIVE CONVERTIBLE PREFERRED STOCK Our Series B Preferred Stock has a par value of $0.01 per share and a liquidation preference of $25.00 per share plus accrued and unpaid dividends (whether or not declared). The holders of our Series B Preferred Stock receive dividends at a rate of 6.25% per year on the $25.00 liquidation preference before holders of our common stock are entitled to receive any dividends. Our Series B Preferred Stock is senior to our common stock and on parity with our Series A Preferred Stock and Series C Preferred Stock with respect to the payment of distributions and amounts, upon liquidation, dissolution or winding up. So long as any shares of our Series B Preferred Stock remain outstanding, we will not, without the affirmative vote or consent of the holders of at least two-thirds of the shares of our Series B Preferred Stock outstanding at the time, authorize or create, or increase the authorized or issued amount of, any class or series of capital stock ranking senior to our Series B Preferred Stock with respect to payment of dividends or the distribution of assets upon liquidation, dissolution, or winding up. Our Series B Preferred Stock has no maturity date, is not redeemable and is convertible at the then-current conversion rate into shares of our common stock per $25.00 liquidation preference. The conversion rate is adjusted in any fiscal quarter in which the cash dividends paid to common stockholders results in an annualized common stock dividend yield that is greater than 6.25%. The conversion ratio is also subject to adjustment upon the occurrence of certain specific events such as a change in control. Our Series B Preferred Stock is convertible into shares of our common stock at the option of the holder(s) of Series B Preferred Stock at any time at the then-prevailing conversion rate. At December 31, 2018, the conversion rate was 5.0000. On or after January 25, 2012, we may, at our option, under certain circumstances, convert each share of Series B Preferred Stock into a number of shares of our common stock at the then-prevailing conversion rate. We may exercise this conversion option only if our common stock price equals or exceeds 130% of the then-prevailing conversion price of our Series B Preferred Stock for at least twenty (20) trading days in a period of thirty (30) consecutive trading days (including the last trading day of such period) ending on the trading day immediately prior to our issuance of a press release announcing the exercise of the conversion option. During the year ended December 31, 2018, we did not, at our option, convert any shares of Series B Preferred Stock. Our Series B Preferred Stock contains certain fundamental change provisions that allow the holder to redeem our Series B Preferred Stock for cash if certain events occur, such as a change in control. Our Series B Preferred Stock generally does not have voting rights, except if dividends on the Series B Preferred Stock are in arrears for six or more quarterly periods (whether or not consecutive). Under such circumstances, the holders of Series B Preferred Stock, together with the holders of Series A Preferred Stock and Series C Preferred Stock, would be entitled to elect two additional directors to our board of directors to serve until all unpaid dividends have been paid or declared and set aside for payment. In addition, certain material and adverse changes to the terms of our Series B Preferred Stock may not be taken without the affirmative vote of at least two-thirds of the outstanding shares of Series B Preferred Stock, Series A Preferred Stock and Series C Preferred Stock voting together as a single class. Through December 31, 2018, we have declared and set aside for payment the required dividends for our Series B Preferred Stock. During the year ended December 31, 2018, there were no transactions to convert shares of our Series B Preferred Stock.

Public Offerings and Capital St

Public Offerings and Capital Stock	12 Months Ended
	Dec. 31, 2018
Equity
Public Offerings and Capital Stock	NOTE 12. PUBLIC OFFERINGS AND CAPITAL STOCK At December 31, 2018, our authorized capital included 200,000,000 shares of common stock, of which 98,483,048 shares were issued and outstanding. At December 31, 2018, our authorized capital included 20,000,000 shares of $0.01 par value preferred stock, of which 5,150,000 shares had been designated 8.625% Series A Cumulative Preferred Stock (liquidation preference $25.00 per share), 3,150,000 shares had been designated 6.25% Series B Cumulative Convertible Preferred Stock (liquidation preference $25.00 per share) and 5,000,000 shares had been designated 7.625% Series C Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), or Series C Preferred Stock. The undesignated shares of preferred stock may be issued in one or more classes or series, with such distinctive designations, rights and preferences as determined by our board of directors. At December 31, 2018, there were 1,919,378 shares of Series A Preferred Stock issued and outstanding, 779,743 shares of Series B Preferred Stock issued and outstanding and 2,010,278 shares of Series C Preferred Stock issued and outstanding. On January 27, 2015, we completed a public offering of 300,000 shares of our Series C Preferred Stock at a public offering price of $24.50 per share and received net proceeds of approximately $7 million. The shares were sold pursuant to the Company’s effective shelf registration statement on Form S‑3. The Series C Preferred Stock has no maturity date and is not subject to any sinking fund or mandatory redemption. On or after January 27, 2020, we may, at our option, redeem the Series C Preferred Stock for cash, in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, to the redemption date. On August 10, 2016, we entered into an At Market Issuance Sales Agreement, or the FBR Sales Agreement, with FBR Capital Markets & Co., or FBR, pursuant to which we may offer and sell from time to time through FBR, as our agent, up to $196,615,000 maximum aggregate amount of our common stock, Series B Preferred Stock, and Series C Preferred Stock, in such amounts as we may specify by notice to FBR, in accordance with the terms and conditions set forth in the FBR Sales Agreement. During the year ended December 31, 2018, we sold 21,295 shares of Series C Preferred Stock under the FBR Sales Agreement and realized net proceeds of approximately $525 thousand. At December 31, 2018, there was approximately $152.7 million available for sale and issuance under the FBR Sales Agreement. On October 3, 2011, we announced that our Board authorized a share repurchase program which permits us to acquire up to 2,000,000 shares of our common stock. The shares are expected to be acquired at prevailing prices through open market transactions. The manner, price, number and timing of share repurchases will be subject to market conditions and applicable SEC rules. Our Board also authorized the Company to purchase an amount of our common stock up to the amount of common stock sold through our 2015 Dividend Reinvestment and Stock Purchase Plan. Subsequently, our Board authorized the Company to acquire an aggregate of an additional 45,000,000 shares (pursuant to six separate authorizations) between December 13, 2013 and January 22, 2016. During the year ended December 31, 2018, we did not repurchase any shares of our common stock under our share repurchase program. Our Dividend Reinvestment and Stock Purchase Plan allows stockholders and non-stockholders to purchase shares of our common stock and to reinvest dividends therefrom to acquire additional shares of our common stock. On March 15, 2018, we filed a shelf registration statement on Form S‑3 with the SEC, which was declared effective on March 26, 2018, registering up to 15,303,119 shares of our common stock for our 2018 Dividend Reinvestment and Stock Purchase Plan, or the 2018 DRP Plan. During the year ended December 31, 2018, we issued an aggregate of 72,937 shares of our common stock at a weighted average price of $4.91 per share under the 2015 DRP Plan, resulting in net proceeds to us of approximately $357 thousand, and we issued an aggregate of 272,923 shares of our common stock at a weighted average price of $4.63 per share under the 2018 DRP Plan, resulting in net proceeds to us of approximately $1.26 million. On April 1, 2016, we filed a shelf registration statement on Form S‑3 with the SEC, offering up to $534,442,660 maximum offering price of our capital stock. The registration statement was declared effective on April 13, 2016. At December 31, 2018, approximately $490.2 million of our capital stock was available for future issuance under the registration statement. On August 5, 2014, we filed a registration statement on Form S‑8 with the SEC to register an aggregate of up to 2,000,000 shares of our common stock to be issued pursuant to the Anworth Mortgage Asset Corporation 2014 Equity Compensation Plan, or the 2014 Equity Plan. During the year ended December 31, 2018, we issued an aggregate of 10,000 restricted stock units (or phantom shares) under the 2014 Equity Plan.

Transactions with Affiliates

Transactions with Affiliates	12 Months Ended
	Dec. 31, 2018
Transactions with Affiliates
Transactions with Affiliates	NOTE 13. TRANSACTIONS WITH AFFILIATES Management Agreement and Externalization Effective as of December 31, 2011, we entered into the Management Agreement with our Manager, pursuant to which our day-to-day operations are being conducted by our Manager. Our Manager is supervised and directed by our board of directors and is responsible for (i) the selection, purchase and sale of our investment portfolio; (ii) our financing and hedging activities; and (iii) providing us with portfolio management and administrative services. Our Manager will also perform such other services and activities relating to our assets and operations as may be appropriate. In exchange for services, our Manager receives a management fee, paid monthly in arrears, in an amount equal to one-twelfth of 1.20% of our Equity (as defined in the Management Agreement). On the effective date of the Management Agreement, the employment agreements with our executives were terminated, our employees became employees of our Manager, and we took such other actions as we believed were reasonably necessary to implement the Management Agreement and externalize our management function. As of December, 31, 2018, Mr. Lloyd McAdams, a director and our former Chairman of the Board, beneficially owns 47.4% of the outstanding membership interests of our Manager; Mr. Joseph E. McAdams, our Chairman, Chief Executive Officer and President, and the Chief Investment Officer of our Manager, beneficially owns 47.4% of the outstanding membership interests of our Manager; and Ms. Heather U. Baines, an Executive Vice President of our Manager, beneficially owns 5.2% of the outstanding membership interests of our Manager. The Management Agreement may only be terminated without cause, as defined in the agreement, after the expiration of any annual renewal term. We are required to provide 180-days prior notice of non-renewal of the Management Agreement and must pay a termination fee on the last day of any automatic renewal term equal to three times the average annual management fee earned by our Manager during the prior 24-month period immediately preceding the most recently completed month prior to the effective date of termination. We may only not renew the Management Agreement with or without cause with the consent of the majority of our independent directors. These provisions make it difficult to terminate the Management Agreement and increase the effective cost to us of not renewing the Management Agreement. Certain of our former officers were previously granted restricted stock and other equity awards (see Note 14), including dividend equivalent rights, in connection with their service to us, and certain of our former officers had agreements under which they would receive payments if the Company is subject to a change in control (discussed later in this Note 13). In connection with the Externalization, certain of the agreements under which our officers were granted equity awards and would be paid payments in the event of a change in control were modified so that such agreements will continue with respect to our former officers and employees after they became officers and employees of our Manager. In addition, as officers and employees of our Manager, they will continue to be eligible to receive equity awards under equity compensation plans in effect now or in the future. Messrs. Joseph E. McAdams, Charles J. Siegel, John T. Hillman, and Ms. Heather U. Baines and others are officers and employees of PIA Farmland, Inc. and its external manager, PIA, where they devote a portion of their time. PIA Farmland, Inc., a privately-held real estate investment trust investing in U.S. farmland properties to lease to independent farm operators, was incorporated in February 2013. These officers and employees are under no contractual obligations to PIA Farmland, Inc., its external manager, PIA, or to Anworth or its external manager, Anworth Management, LLC, as to their time commitment. Change in Control and Arbitration Agreements We entered into Change in Control and Arbitration Agreements with Mr. Charles J. Siegel, our Chief Financial Officer, and with various officers of our Manager including Ms. Bistra Pashamova, a Senior Vice President and Portfolio Manager of our Manager. These agreements provide that should a change in control (as defined in the agreements) occur, each of these officers will receive certain severance and other benefits valued as of December 31, 2011. Under these agreements, in the event that a change in control occurs, each of these officers will receive a lump sum payment equal to (i) 12 months annual base salary in effect on December 31, 2011, plus (ii) the average annual incentive compensation received for the two complete fiscal years prior December 31, 2011, plus (iii) the average annual bonus received for the two complete fiscal years prior to December 31, 2011, as well as other benefits. For Mr. Brett Roth, a Senior Vice President and Portfolio Manager of our Manager, in the event that a change in control occurs, he will receive a lump sum payment equal to (i) 12 months annual base salary paid by the Manager in effect on September 18, 2014 plus (ii) $350,000, as well as other benefits. The Change in Control and Arbitration Agreements also provide for accelerated vesting of equity awards granted to these officers upon a change in control. Agreements with Pacific Income Advisers, Inc. On January 26, 2012, we entered into a sublease agreement that became effective on July 1, 2012 with PIA. Under the sublease agreement, we lease, on a pass-through basis, 7,300 square feet of office space from PIA at the same location and pay rent at an annual rate equal to PIA’s obligation, which is currently $69.42 per square foot. The base monthly rental for us is $42,231.54, which will be increased by 3% per annum on July 1, 2019. The sublease agreement runs through June 30, 2022 unless earlier terminated pursuant to the master lease. During the years ended December 31, 2018, 2017, and 2016, we expensed $557 thousand, $528 thousand, and $511 thousand, respectively, in rent and related expenses to PIA under this sublease agreement. At December 31, 2018, the future minimum lease commitment is as follows: Total Year 2019 2020 2021 2022 Commitment Commitment $ 514,374 $ 529,800 $ 545,697 $ 276,882 $ 1,866,753 Under our administrative services agreement with PIA, it provides administrative services and equipment to us including human resources, operational support and information technology, and we pay an annual fee of 5 basis points on the first $225 million of stockholders’ equity and 2.25 basis points thereafter (paid quarterly in arrears) for those services. The administrative services agreement had an initial term of one year and renews for successive one-year terms thereafter unless either party gives notice of termination no less than 30 days before the expiration of the then-current annual term. We may also terminate the administrative services agreement upon 30 days’ prior written notice for any reason and immediately if there is a material breach by PIA. During the years ended December 31, 2018, 2017, and 2016, we paid fees of $181 thousand, $154 thousand, and $153 thousand, respectively, to PIA in connection with this agreement.

Equity Compensation Plan

Equity Compensation Plan	12 Months Ended
	Dec. 31, 2018
Equity Compensation Plan
Equity Compensation Plan	NOTE 14. EQUITY COMPENSATION PLAN 2014 Equity Compensation Plan At our annual meeting of stockholders held on May 22, 2014, our stockholders approved the adoption of the 2014 Equity Compensation Plan, or the 2014 Equity Plan, which replaced the Anworth Mortgage Asset Corporation 2004 Equity Compensation Plan, or the 2004 Equity Plan, due to its expiration. We filed a registration statement on Form S‑8 on August 5, 2014 to register up to an aggregate of 2,000,000 shares of our common stock to be issued pursuant to the 2014 Equity Plan. The 2014 Equity Plan decreases the aggregate share reserve from 3,500,000 shares that were available under the 2004 Equity Plan to 2,000,000 shares of our registered common stock available under the 2014 Equity Plan. The 2014 Equity Plan authorizes our board of directors, or a committee of our board of directors, to grant DERs or phantom shares, which qualify as performance-based awards under Section 162(m) of the Code. Unlike the 2004 Equity Plan, however, the 2014 Equity Plan does not provide for automatic increases in the aggregate share reserve or the number of shares remaining available for grant and only provides for the granting of DERs or phantom shares. During the year ended December 31, 2018, we issued to our independent directors an aggregate of 10,000 restricted stock units (or phantom shares) with associated grants of 10,000 DERs in the aggregate under the 2014 Equity Plan. These restricted stock units (or phantom shares) do not vest until our independent directors terminate their service on our Board. In August 2016, we granted to various officers and employees an aggregate of 146,552 performance-based restricted stock units (or phantom shares) with no associated grants of DERs. During the period commencing on the day immediately following the three-year anniversary of the grant date and ending on the ten-year anniversary of the grant date, the restricted stock units will vest on the last day of any month when the total return to stockholders (meaning the aggregate of our common stock price appreciation and dividends declared, assuming full reinvestment of such dividends) exceeds 10% per annum. During the period commencing on the grant date and ending on the last day of the calendar month after the three-year anniversary of the grant date, the restricted stock units will vest immediately upon the grantee’s involuntary termination of service for any reason other than for cause. The closing price of the Company’s common stock on the grant date was $4.96. The amount expensed on these grants during 2018 was approximately $82 thousand. The unrecognized stock compensation expense at December 31, 2018 was approximately $60 thousand. In December 2017, we issued to various officers and employees an aggregate of 162,613 performance-based restricted stock units (or phantom shares) with no associated grants of DERs. During the period commencing on the day immediately following the three-year anniversary of the grant date and ending on the ten-year anniversary of the grant date, the restricted stock units shall vest on the last day of any month when the total return to stockholders (meaning the aggregate of our common stock price appreciation and dividends declared, assuming full reinvestment of such dividends) exceeds 10% per annum. During the period commencing on the grant date and ending on the last day of the calendar month after the three-year anniversary of the grant date, the restricted stock units will vest immediately upon the grantee’s involuntary termination of service for any reason other than for cause. The closing price of the Company’s common stock on the grant date was $5.66. During the year ended December 31, 2018, the amount expensed on these grants was approximately $16 thousand. The unrecognized stock expense on these grants at December 31, 2018 was approximately $152 thousand. Certain of our former officers have previously been granted restricted stock and other equity incentive awards, including dividend equivalent rights, in connection with their service to us. In connection with the Externalization, certain of the agreements under which our former officers have been granted equity awards were modified so that such agreements will continue with respect to our former officers after they became officers and employees of our Manager. As a result, these awards and any future grants will be accounted for as non-employee awards. In addition, as officers and employees of our Manager, they will continue to be eligible to receive equity incentive awards under equity incentive plans in effect now or in the future. In accordance with the Externalization effective as of December 31, 2011, the DERs previously granted to all of our officers were terminated under the 2007 Dividend Equivalent Rights Plan and were reissued under the 2004 Equity Plan with the same amounts, terms and conditions. The 2004 Equity Plan was subsequently replaced by the 2014 Equity Plan. There have been no stock option transactions that are outstanding under the 2014 Equity Plan during 2018, 2017, and 2016. The following table summarizes information about restricted stock units transactions during the year ended December 31, 2018: Weighted Unvested Unvested Average Grant Units at Restricted Units Units at Remaining Date Fair December 31, Units Vested in Units December 31, Contractual Value 2017 Granted 2018 Forfeited 2018 Life (Years) $ 4.96 154,552 — — — 154,552 1 $ 5.66 162,613 — — — 162,613 10 325,165 — — — 325,165 The fair value of the aforementioned stock-based award was estimated using the Black-Scholes model with the following weighted-average assumptions: 2016 2017 Grant Grant Assumptions: Dividend yield 13.1 % 13.1 % Expected volatility 27.7 % 27.7 % Risk-free interest rate 3.8 % 3.8 % Expected lives 3 years 10 years We recognize the expense related to restricted stock units over a vesting period ranging from three to ten years. During the years ended December 31, 2018, 2017, and 2016, we expensed approximately $98 thousand, $82 thousand, and $337 thousand, respectively, related to the restricted stock units grants. At our May 24, 2007 annual meeting of stockholders, our stockholders adopted the Anworth Mortgage Asset Corporation 2007 Dividend Equivalent Rights Plan, or the 2007 DER Plan. A dividend equivalent right, or DER, is a right to receive amounts equal in value to the dividend distributions paid on a share of our common stock. DERs are paid in either cash or shares of our common stock, whichever is specified by our Compensation Committee at the time of grant, at such times as dividends are paid on shares of our common stock during the period between the date a DER is issued and the date the DER expires or earlier terminates. The Compensation Committee may impose such other conditions to the grant of DERs as it may deem appropriate. The maximum term for DERs is ten years from the date of grant. On December 14, 2018, our Board approved a grant of 21,778 DERs to replace an equal amount of DERs that were scheduled to expire in December 2018, which were issued under the 2014 Equity Plan. These DERs are not attached to any stock and only have the right to receive the same cash distribution per common share distributed to our common stockholders during the term of the grant. All of these grants have a five-year term from the date of the grant. At December 31, 2018, there were 773,311 DERs issued and outstanding to directors and officers of our Company and employees of our Manager. During the years ended December 31, 2018, 2017, and 2016, we paid or accrued $392 thousand, $430 thousand and $406 thousand, respectively, related to DERs granted.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2018
Derivative Instruments
Derivative Instruments	NOTE 15. DERIVATIVE INSTRUMENTS The table below presents the fair value of our derivative instruments as well as their classification in our consolidated balance sheets as of December 31, 2018 and December 31, 2017: December 31, December 31, Derivative Instruments Balance Sheet Location 2018 2017 (in thousands) Interest rate swaps Derivative Assets $ 40,192 $ 27,793 TBA Agency MBS Derivative Assets 6,015 — $ 46,207 $ 27,793 Interest rate swaps Derivative Liabilities $ 15,901 $ 51 TBA Agency MBS Derivative Liabilities — 1,284 $ 15,901 $ 1,335 Interest Rate Swap Agreements At December 31, 2018, we were a counterparty to interest rate swaps, which are derivative instruments as defined by ASC 815‑10, with an aggregate notional amount of $3.306 billion and a weighted average maturity of approximately 47 months. We utilize interest rate swaps to manage interest rate risk relating to our repurchase agreements and do not anticipate entering into derivative transactions for speculative or trading purposes. In accordance with the swap agreements, we will pay a fixed-rate of interest during the term of the swap agreements (ranging from 1.2870% to 3.2205%) and receive a payment that varies with the three-month LIBOR rate. During the year ended December 31, 2018, seven swap agreements with an aggregate notional amount of $410 million matured, and we entered into 27 new swap agreements with an aggregate notional amount of $1.035 billion and terms of up to ten years. At December 31, 2018, the amount in AOCI relating to interest rate swaps was approximately $11.5 million. The estimated net amount of the existing losses that were reported in AOCI at December 31, 2018 that is expected to be reclassified into earnings within the next twelve months is approximately $3.9 million. At December 31, 2018 and December 31, 2017, our interest rate swaps had the following notional amounts, weighted average fixed rates, and remaining terms: December 31, 2018 December 31, 2017 Weighted Weighted Average Remaining Average Remaining Notional Fixed Term in Notional Fixed Term in Maturity Amount Rate Months Amount Rate Months (in thousands) (in thousands) Less than 1 year $ 725,000 1.60 % 7 $ 410,000 0.96 % 4 1 year to 2 years 591,000 1.70 19 725,000 1.60 19 2 years to 3 years 400,000 1.96 30 516,000 1.62 33 3 years to 4 years 220,000 1.92 43 350,000 1.90 43 4 years to 5 years 205,000 2.27 57 220,000 1.92 56 5 years to 7 years 475,000 2.41 73 260,000 1.98 74 7 years to 10 years 690,000 2.83 104 200,000 2.08 101 $ 3,306,000 2.10 % 47 $ 2,681,000 1.65 % 37 Swap Agreements by Counterparty December 31, December 31, 2018 2017 (in thousands) Central clearing houses (1) $ 3,306,000 $ 2,421,000 JPMorgan Securities — 50,000 Deutsche Bank Securities — 75,000 RBS Greenwich Capital — 115,000 Bank of New York — 20,000 $ 3,306,000 $ 2,681,000 (1) For all swap agreements entered into after September 9, 2013, the counterparty will be central clearing houses, such as the Chicago Mercantile Exchange or LCH, regardless of who the trading party is. See the section entitled “Derivative Financial Instruments – Risk Management” in Note 1 for additional details. Eurodollar Futures Contracts Each Eurodollar Futures Contract embodied $1 million of notional value and was effective for a term of approximately three months. We did not designate these contracts as hedges for accounting purposes. As a result, realized and unrealized changes in fair value were recognized in earnings in the period in which the changes occurred. We did not have any gain or loss on these contracts during 2018, and in 2017, we recognized a gain of approximately $262 thousand. At December 31, 2018 and December 31, 2017, we did not have any Eurodollar Futures Contracts outstanding. TBA Agency MBS We also enter into TBA contracts and will recognize a gain or loss on the sale of the contracts or dollar roll income. See the section in Note 1 on “Derivative Financial Instruments – TBA Agency MBS” for more information on TBA Agency MBS. During the year ended December 31, 2018, we recognized a loss on derivatives-TBA Agency MBS, net of derivative income, of approximately $8.7 million. During the year ended December 31, 2017, we recognized a loss on derivatives-TBA Agency MBS, net of derivative income, of approximately $1.4 million. The types of securities involved in these TBA contracts are Fannie Mae 15-year and 30-year fixed-rate securities with coupons generally ranging from 3.0% to 4.5%. At December 31, 2018, the notional amount of the TBA Agency MBS was $900 million. At December 31, 2017, the notional amount of the TBA Agency MBS was $750 million. For more information on our accounting policies, the objectives and risk exposures relating to derivatives and hedging agreements, see the section on “Derivative Financial Instruments” in Note 1. For more information on the fair value of our derivative instruments, see Note 9.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments And Contingencies
Commitments and Contingencies	NOTE 16. COMMITMENTS AND CONTINGENCIES Lease Commitment and Administrative Services Commitment — We sublease office space and use administrative services from PIA, as more fully described in Note 13.

Other Expenses

Other Expenses	12 Months Ended
	Dec. 31, 2018
Other Income and Expenses [Abstract]
Other Expenses	NOTE 17. OTHER EXPENSES For the Years Ended December 31, 2018 2017 2016 (in thousands) Legal and professional fees $ 619 $ 627 $ 660 Printing and stockholder communications 156 145 188 Directors and Officers insurance 350 410 498 DERs expense 392 430 406 Amortization of restricted stock 98 82 337 Software implementation and maintenance (1) 381 417 827 Administrative service fees 181 154 153 Rent 557 528 511 Stock exchange and filing fees 180 156 157 Custodian and clearing fees (2) 857 236 232 Sarbanes-Oxley consulting fees 113 136 128 Commissions - Eurodollar Futures Contracts — — 44 Board of directors fees and expenses 329 330 311 Securities data services 528 541 401 Recovery on Lehman receivable (14) (19) (58) Other 153 257 197 Total of other expenses $ 4,880 $ 4,430 $ 4,992 (1) The increase during 2016 was primarily related to the increase in license acquisition and implementation of, and conversion to, a new portfolio accounting system. (2) The increase during 2018 was primarily related to the increase in fees charged due to the increase in interest rate swaps outstanding and to greater interest charges paid on derivative counterparty margins.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 18. EARNINGS PER SHARE The computation of EPS for the years ended December 31, 2018, 2017, and 2016 are as follows: Net (Loss) Income to Common Average Earnings Stockholders Shares per Share (in thousands) For the year ended December 31, 2018 Basic EPS $ (15,677) 98,314 $ (0.16) Effect of dilutive securities — — — Diluted EPS $ (15,677) 98,314 $ (0.16) For the year ended December 31, 2017 Basic EPS $ 46,199 96,764 $ 0.48 Effect of dilutive securities 1,188 3,715 (0.01) Diluted EPS $ 47,387 100,479 $ 0.47 For the year ended December 31, 2016 Basic EPS $ 15,910 96,408 $ 0.17 Effect of dilutive securities 1,577 4,660 — Diluted EPS $ 17,487 101,068 $ 0.17 For the years ended December 31, 2018, 2017, and 2016, there were no options outstanding to purchase shares of our common stock.

Summarized Quarterly Results (U

Summarized Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2018
Summarized Quarterly Results (Unaudited)
Summarized Quarterly Results (Unaudited)	NOTE 19. SUMMARIZED QUARTERLY RESULTS (UNAUDITED) The following tables summarize quarterly results for the years ended December 31, 2018 and December 31, 2017. Earnings per share amounts for each quarter and the full years have been calculated separately. Accordingly, quarterly amounts may not add to the annual amounts because of substantial differences in the average shares outstanding during each period and, with regard to diluted earnings per share amounts, they may also differ because of the inclusion of the effect of potentially dilutive securities only in the periods in which such effect would have been dilutive. Dilutive EPS assumes the conversion, exercise or issuance of all potential common stock equivalents (which includes stock options and convertible preferred stock) and adding back the Series B Preferred Stock dividends, unless the effect is to reduce a loss or increase the income per share. For the year ended December 31, 2018 (in thousands, except per share amounts): First Second Third Fourth Quarter Quarter Quarter Quarter Interest and other income: Interest-Agency MBS $ 24,044 $ 24,814 $ 23,578 $ 23,208 Interest-Non-Agency MBS 10,021 9,902 10,377 10,445 Interest-residential mortgage loans 6,238 5,955 5,750 5,519 Other interest income 28 44 20 29 40,331 40,715 39,725 39,201 Interest expense: Interest expense on repurchase agreements 19,093 22,028 24,027 25,362 Interest expense on asset-backed securities 6,070 5,797 5,581 5,351 Interest expense on junior subordinated notes 447 504 519 526 25,610 28,329 30,127 31,239 Net interest income 14,721 12,386 9,598 7,962 Total operating expenses (3,233) (3,395) (3,199) (3,675) Other (loss) income: Income-rental properties 451 445 436 428 Realized (loss) gain on sale of available-for-sale MBS (11,987) — 799 (999) Realized loss on sale of Agency MBS held as trading investments (7,327) — (231) (3,871) Impairment charge on Non-Agency MBS — (1,757) (141) (971) Unrealized (loss) gain on Agency MBS held as trading investments (8,890) (2,677) (3,017) 9,674 Gain on sales of residential properties — — 30 23 Gain (loss) on derivatives, net 13,412 9,930 13,090 (44,504) Recovery on Non-Agency MBS — 1 — — Total other (loss) income (14,341) 5,942 10,966 (40,220) Net (loss) income $ (2,853) $ 14,933 $ 17,365 $ (35,933) Dividends on preferred stock (2,297) (2,297) (2,297) (2,297) Net (loss) income to common stockholders $ (5,150) $ 12,636 $ 15,068 $ (38,230) Basic (loss) earnings per common share $ (0.05) $ 0.13 $ 0.15 $ (0.39) Diluted (loss) earnings per common share $ (0.05) $ 0.13 $ 0.15 $ (0.39) Basic weighted average number of shares outstanding 98,185 98,271 98,353 98,444 Diluted weighted average number of shares outstanding 98,185 102,205 102,331 98,444 For the year ended December 31, 2017 (in thousands, except per share amounts): First Second Third Fourth Quarter Quarter Quarter Quarter Interest and other income: Interest-Agency MBS $ 17,103 $ 15,771 $ 19,892 $ 23,891 Interest-Non-Agency MBS 9,568 9,738 9,352 9,607 Interest-residential mortgage loans 7,351 7,060 6,795 6,515 Other interest income 26 31 25 22 34,048 32,600 36,064 40,035 Interest expense: Interest expense on repurchase agreements 10,411 11,421 15,242 16,881 Interest expense on asset-backed securities 7,075 6,892 6,626 6,346 Interest expense on junior subordinated notes 384 401 417 423 17,870 18,714 22,285 23,650 Net interest income 16,178 13,886 13,779 16,385 Total operating expenses (3,305) (3,191) (3,374) (3,436) Other income (loss): Income-rental properties 449 451 397 413 (Loss) gain on sale of MBS (68) 176 (2,276) — Unrealized gain (loss) on Agency MBS held as trading investments (732) (905) (762) — Gain on sales of residential mortgage loans held-for-investment through consolidated securitization trusts 122 4,101 5,849 (7,279) Gain (loss) on derivatives, net 378 — — — Gain (loss) on derivatives-Eurodollar Futures Contracts 2,378 (4,422) (945) 10,121 Recovery on Non-Agency MBS 1 1 1 (1) Total other income (loss) 2,528 (598) 2,264 3,254 Net income $ 15,401 $ 10,097 $ 12,669 $ 16,203 Dividends on preferred stock (1,755) (2,025) (2,115) (2,277) Net income to common stockholders $ 13,646 $ 8,072 $ 10,554 $ 13,926 Basic earnings per common share $ 0.14 $ 0.08 $ 0.11 $ 0.14 Diluted earnings per common share $ 0.14 $ 0.08 $ 0.11 $ 0.14 Basic weighted average number of shares outstanding 95,705 95,696 97,547 98,074 Diluted weighted average number of shares outstanding 100,544 100,590 100,702 101,909

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events
Subsequent Events	NO TE 20. SUBSEQUENT EVENTS On January 2, 2019, the conversion rate of our Series B Preferred Stock increased from 5.1740 to 5.2588 shares of our common stock based upon the common stock dividend of $0.13 per share that was declared on December 14, 2018. On January 18, 2019, we settled in the amount of $11.7 million on the loans we acquired in the fourth quarter of 2018. Approximately $10.1 million was taken down on the credit line facility to fund this transaction. On February 12, 2019, we acquired an aggregate of approximately $90 million of Non-QM residential mortgage loans that are scheduled to close on March 15, 2019.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2018
Schedule IV - Mortgage Loans on Real Estate
Schedule IV - Mortgage Loans on Real Estate	ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE As of December 31, 2018 (dollar amounts in thousands) Principal Amount Subject to Final Periodic Delinquent Number Interest Maturity Payment Prior Face Carrying Principal or Asset Type/Description of Loans Rate (1) Date (2) Terms (3) Liens Amount Amount Interest (4) Residential Mortgage Loans Held-for-Investment Through Consolidated Securitization Trusts By Product Type: 30-year fixed-rate loans 739 4.19 % 2045 P&I — $ 490,030 $ 490,030 $ 1,657 20-year fixed-rate loans 1 4.25 2045 P&I — 766 766 — 15-year fixed-rate loans 60 3.39 2045 P&I — 33,968 33,968 — 5- to 10-year hybrid ARMs 29 3.44 2045 P&I — 21,117 21,117 — Unamortized premium, net of discount 3,321 3,321 Allowance for loan losses (186) (186) 829 4.11 % $ 549,016 $ 549,016 $ 1,657 By Original Balance Stratification: $100,000 - $300,000 8 4.22 % 2045 P&I — $ 1,799 $ 1,799 $ — $300,001 - $500,000 201 4.11 2045 P&I — 88,460 88,460 454 $500,001 - $700,000 349 4.12 2045 P&I — 208,935 208,935 1,203 $700,001 - $900,000 174 4.11 2045 P&I — 136,531 136,531 — > $900,000 97 4.07 2045 P&I — 110,156 110,156 — Unamortized premium, net of discount 3,321 3,321 — Allowance for loan losses (186) (186) — 829 4.11 % $ 549,016 $ 549,016 $ 1,657 (1) This represents the weighted average gross coupon rate. (2) Represents the Final Maturity Date of the securitization trusts. (3) Principal and interest (“P&I”) is generally payable at level amounts over life to maturity. (4) Does not include any amounts that are delinquent less than 90 days. NOTE TO SCHEDULE IV – RECONCILIATION OF MORTGAGE LOANS ON REAL ESTATE Year Ended December 31, 2018 (in thousands) Residential Mortgage Loans Held-for-Investment Through Consolidated Securitization Trusts Balance at beginning of period $ 639,351 Additions during period: New loans — Premium on new loans — Deductions during period: Collections of principal (88,338) Amortization of premium (2,014) Provision for loan losses 17 Balance at end of period $ 549,016 ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE As of December 31, 2018 (dollar amounts in thousands) Principal Amount Subject to Final Periodic Delinquent Number Interest Maturity Payment Prior Face Carrying Principal or Asset Type/Description of Loans Rate (1) Date (2) Terms (3) Liens Amount Amount Interest (4) Residential Mortgage Loans Held-for-Securitization By Product Type: 30-year fixed-rate loans — — % — P&I — $ — $ — $ — 20-year fixed-rate loans — — — P&I — — — — 15-year fixed-rate loans — — — P&I — — — — 5-year to 10-year hybrid ARMs 22 5.95 2048 P&I — 11,243 11,622 — Accrued interest 38 38 22 5.95 % $ 11,281 $ 11,660 $ — By Original Balance Stratification: $50,000 - $100,000 2 6.33 % 2048 P&I — $ 163 $ 168 $ $100,000 - $300,000 8 6.10 2048 P&I — 1,503 1,554 — $300,001 - $500,000 3 5.91 2048 P&I — 1,186 1,226 — $500,001 - $700,000 2 6.21 2048 P&I — 1,281 1,324 — $700,001 - $900,000 2 5.88 2048 P&I — 1,466 1,515 — > $900,000 5 5.86 2048 P&I — 5,644 5,835 — Accrued interest 38 38 — 22 5.95 % $ 11,281 $ 11,660 $ — (1) This represents the weighted average gross coupon rate. (2) Represents the Final Maturity Date of the loans. (3) Principal and interest (“P&I”) is generally payable at level amounts over life to maturity. (4) Does not include any amounts that are delinquent less than 90 days. NOTE TO SCHEDULE IV – RECONCILIATION OF MORTGAGE LOANS ON REAL ESTATE Year Ended 2018 (in thousands) Residential Mortgage Loans Held-for-Securitization Balance at beginning of period $ — Additions during period: New loans 11,281 Premium on new loans 379 Deductions during period: Collections of principal — Amortization of premium — Provision for loan losses — Balance at end of period $ 11,660

Restricted Cash (Tables)

Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2018
Restricted Cash
Summary of Restricted Cash Balances	December 31, December 31, 2018 2017 (in thousands) Restricted cash - interest rate swap and TBA Agency MBS margin calls $ 30,296 $ 11,157

Mortgage-Backed Securities (Tab

Mortgage-Backed Securities (Tables)	12 Months Ended
	Dec. 31, 2018
Mortgage Backed Securities
Agency MBS and Non-Agency MBS, Which are Carried at Fair Value	The following tables summarize our Agency MBS and Non-Agency MBS at December 31, 2018 and December 31, 2017, which are carried at their fair value: December 31, 2018 Total Non-Agency Total By Agency Freddie Mac Fannie Mae Agency MBS (1) MBS MBS (in thousands) Amortized cost $ 1,457,552 $ 2,127,655 $ 3,585,207 $ 785,640 $ 4,370,847 Paydowns receivable (2) 7,831 — 7,831 — 7,831 Unrealized gains 4,169 10,827 14,996 20,753 35,749 Unrealized losses (25,155) (34,160) (59,315) (11,190) (70,505) Fair value $ 1,444,397 $ 2,104,322 $ 3,548,719 $ 795,203 $ 4,343,922 20-Year and 15-Year 30-Year Total Non-Agency Total By Security Type ARMs Hybrids Fixed-Rate (1) Fixed-Rate Agency MBS MBS MBS (in thousands) Amortized cost $ 854,733 $ 689,694 $ 917,780 $ 1,123,000 $ 3,585,207 $ 785,640 $ 4,370,847 Paydowns receivable (2) 4,065 3,766 — — 7,831 — 7,831 Unrealized gains 11,920 263 60 2,753 14,996 20,753 35,749 Unrealized losses (1,250) (15,786) (25,389) (16,890) (59,315) (11,190) (70,505) Fair value $ 869,468 $ 677,937 $ 892,451 $ 1,108,863 $ 3,548,719 $ 795,203 $ 4,343,922 (1) Included in the 15-year fixed-rate MBS are Trading Agency MBS. These have an amortized cost of $496.7 million, an unrealized loss of $15.9 million, and a fair value of $480.8 million. (2) Paydowns receivable on Agency MBS are generated when the Company receives notice from Freddie Mac of prepayments but does not receive the actual cash with respect to such prepayments until the 15th day of the following month. During the year ended December 31, 2018, we received proceeds of approximately $781 million from the sales of Agency MBS and recognized gross realized losses on sales of approximately $24.2 million and gross realized gains of approximately $0.6 million. During the year ended December 31, 2017, we received proceeds of approximately $716 million from the sales of Agency MBS and recognized gross realized losses on sales of approximately $4.3 million and gross realized gains of approximately $2.1 million. During the year ended December 31, 2018, we had gross unrealized losses on trading investments of $4.9 million, compared to gross unrealized gains on trading investments of $2.8 million during the year ended December 31, 2017. During the year ended December 31, 2018, we sold approximately $6 million of Non-Agency MBS and recognized gross gains of approximately $217 thousand and gross losses of approximately $42 thousand. During the year ended December 31, 2017, we sold approximately $21.3 million of Non-Agency MBS and recognized a gross gain of approximately $65 thousand. December 31, 2017 Total Non-Agency Total By Agency Freddie Mac Fannie Mae Agency MBS (1) MBS MBS (in thousands) Amortized cost $ 1,678,835 $ 2,594,496 $ 4,273,331 $ 730,624 $ 5,003,955 Paydowns receivable (2) 13,873 — 13,873 — 13,873 Unrealized gains 6,597 21,348 27,945 33,355 61,300 Unrealized losses (18,205) (18,147) (36,352) (3,154) (39,506) Fair value $ 1,681,100 $ 2,597,697 $ 4,278,797 $ 760,825 $ 5,039,622 20-Year and Total 15-Year 30-Year Agency Non-Agency Total By Security Type ARMs Hybrids Fixed-Rate (1) Fixed-Rate MBS MBS MBS (in thousands) Amortized cost $ 1,249,366 $ 863,762 $ 1,277,570 $ 882,633 $ 4,273,331 $ 730,624 $ 5,003,955 Paydowns receivable (2) 5,943 7,930 — — 13,873 — 13,873 Unrealized gains 23,425 833 595 3,092 27,945 33,355 61,300 Unrealized losses (1,871) (12,845) (16,338) (5,298) (36,352) (3,154) (39,506) Fair value $ 1,276,863 $ 859,680 $ 1,261,827 $ 880,427 $ 4,278,797 $ 760,825 $ 5,039,622 (1) Included in the 15-year fixed-rate MBS are Trading Agency MBS. These have an amortized cost of $909.2 million, an unrealized loss of $11 million, and a fair value of $898.2 million. Paydowns receivable on Agency MBS are generated when the Company receives notice from Freddie Mac of prepayments but does not receive the actual cash with respect to such prepayments until the 15th day of the following month.
Estimates of Contractually Required Payments Expected to be Collected and Fair Value	The following table presents information regarding the estimates of the contractually required principal payments, cash flows expected to be collected and estimated fair value of the Non-Agency MBS held at carrying value acquired by the Company for the year ended December 31, 2018 and cumulatively at December 31, 2018 and December 31, 2017: Change During the Year Ended At At December 31, December 31, December 31, 2018 2018 2017 Non-Agency MBS acquired with credit deterioration: Contractually required principal $ 22,261 $ 820,608 $ 798,347 Contractual principal not expected to be collected (non-accretable yield) (406) (332,886) (332,480) Expected cash flows to be collected 21,855 487,722 465,867 Market yield adjustment (9,961) 137,237 147,198 Unrealized gain, net (18,097) 10,428 28,525 Fair value (6,203) 635,387 641,590 Fair value of other Non-Agency MBS (without credit deterioration) 40,581 159,816 119,235 Total fair value of Non-Agency MBS $ 34,378 $ 795,203 $ 760,825
Schedule of Components of Purchase Discount on its Non-Agency MBS	The following table presents the change for the years ended December 31, 2018 and December 31, 2017 of the components of the Company’s purchase discount on its Non-Agency MBS between the amount designated as the market yield adjustments and the non-accretable difference: For the Year Ended December 31, 2018 2017 Market Yield Non- Market Yield Non- Adjustment Accretable Adjustment Accretable (in thousands) Balance at beginning of period $ 147,198 $ (332,480) $ 83,577 $ (223,291) Accretion of discount (6,633) (100) (6,508) 10 Purchases (777) (23,419) 71,487 (131,361) Realized credit losses, net of recoveries — 22,018 — 23,203 Sales 1,413 — — — Impairment charge — (2,869) — (2,399) Transfer (3,964) 3,964 Other — — (1,358) 1,358 Balance at end of period $ 137,237 $ (332,886) $ 147,198 $ (332,480)
Investments' Gross Unrealized Losses and Fair Value of Securities in Continuous Unrealized Loss Position, Aggregated by Investment Category and Length of Time	December 31, 2018 Less Than 12 Months 12 Months or More Total Description Number Number Number of of Fair Unrealized of Fair Unrealized of Fair Unrealized Securities Securities Value Losses Securities Value Losses Securities Value Losses (in thousands) (in thousands) (in thousands) Agency MBS 47 $ 859,060 $ (6,484) 166 $ 1,301,348 $ (36,937) 213 $ 2,160,408 $ (43,421) Non-Agency MBS 56 $ 329,108 $ (5,886) 12 $ 72,514 $ (5,304) 68 $ 401,622 $ (11,190) December 31, 2017 Less Than 12 Months 12 Months or More Total Description Number Number Number of of Fair Unrealized of Fair Unrealized of Fair Unrealized Securities Securities Value Losses Securities Value Losses Securities Value Losses (in thousands) (in thousands) (in thousands) Agency MBS 73 $ 1,171,947 $ (7,770) 192 $ 884,897 $ (17,598) 265 $ 2,056,844 $ (25,368) Non-Agency MBS 9 $ 63,568 $ (774) 14 $ 85,569 $ (2,380) 23 $ 149,137 $ (3,154)

Residential Mortgage Loans He_2

Residential Mortgage Loans Held-For-Securitization (Tables)	12 Months Ended
	Dec. 31, 2018
Summary of Residential Mortgage Loans Held-for-Investment	December 31, 2018 (in thousands) Principal balance $ 11,281 Unamortized premium, net of discount 379 Allowance for loan losses — Carrying value $ 11,660
Summary of Reconciliation of Carrying Value of Residential Mortgage Loans Held-for-Investment	Year Ended December 31, 2018 (in thousands) Balance at beginning of period $ — Loan acquisitions 11,660 Deductions during period: Collections of principal — Amortization of premium — Charge-offs, net — Balance at end of period $ 11,660
Summary of Portfolio Characteristics of Residential Mortgage Loans Held-for-Investment	December 31, 2018 (dollar amounts Portfolio Characteristics: Number of loans 22 Current principal balance $ 11,281 Average loan balance $ 513 Net weighted average coupon rate 5.95 % Weighted average maturity (years) 29.4 Weighted average FICO score 722 Current Performance: Current $ 11,281 30 days delinquent — 60 days delinquent — 90+ days delinquent — Bankruptcy/foreclosure — Total $ 11,281
Summary of Geographic Concentrations of Residential Mortgage Loans Held-for-Investment	December 31, State 2018 California 49 % Florida 43 Texas 5 Other states (none greater than 5%) 3 Total 100 %
Variable Interest Entities Primary Beneficiary
Summary of Residential Mortgage Loans Held-for-Investment	The following table details the carrying value for residential mortgage loans held-for-investment through consolidated securitization trusts at December 31, 2018 and December 31, 2017: December 31, December 31, 2018 2017 (in thousands) Principal balance $ 545,881 $ 634,219 Unamortized premium, net of discount 3,321 5,335 Allowance for loan losses (186) (203) Carrying value $ 549,016 $ 639,351
Summary of Reconciliation of Carrying Value of Residential Mortgage Loans Held-for-Investment	The following table provides a reconciliation of the carrying value of residential mortgage loans held-for-investment through consolidated securitization trusts at December 31, 2018 and December 31, 2017: Year Ended December 31, 2018 2017 (in thousands) Balance at beginning of period $ 639,351 $ 744,462 Deductions during period: Collections of principal (88,338) (102,569) Amortization of premium (2,014) (2,542) Charge-offs, net 17 — Balance at end of period $ 549,016 $ 639,351
Summary of Portfolio Characteristics of Residential Mortgage Loans Held-for-Investment	The following table details various portfolio characteristics of the residential mortgage loans held-for-investment through consolidated securitization trusts at December 31, 2018 and December 31, 2017: December 31, December 31, 2018 2017 (dollar amounts in thousands) Portfolio Characteristics: Number of loans 829 931 Current principal balance $ 545,881 $ 634,219 Average loan balance $ 658 $ 681 Net weighted average coupon rate 3.85 % 3.86 % Weighted average maturity (years) 25.3 26.3 Weighted average FICO score 761 762 Current Performance: Current $ 543,328 $ 629,901 30 days delinquent — 2,918 60 days delinquent 896 — 90+ days delinquent 1,066 1,400 Bankruptcy/foreclosure 591 — Total $ 545,881 $ 634,219
Summary of Geographic Concentrations of Residential Mortgage Loans Held-for-Investment	December 31, December 31, State 2018 2017 California 43.3 % 43.8 % Florida 6.6 6.3 Other states (none greater than 5%) 50.1 49.9 Total 100.0 % 100.0 %
Summary of Activity in Allowance for Loan Losses	The following table summarizes the activity in the allowance for loan losses for the years ended December 31, 2018 and December 31, 2017: December 31, December 31, 2018 2017 (in thousands) Balance at beginning of period $ 203 $ 203 Provision for loan losses — — Charge-offs, net (17) — Balance at end of period $ 186 $ 203

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2018
Summary of Assets and Liabilities of Variable Interest Entities	The following table presents a summary of the assets and liabilities of our consolidated securitization trusts as of December 31, 2018 and December 31, 2017: December 31, December 31, 2018 2017 (in thousands) Residential mortgage loans held-for-investment through consolidated securitization trusts $ 549,016 $ 639,351 Accrued interest receivable 1,792 2,093 Total assets $ 550,808 $ 641,444 Accrued interest payable $ 1,746 $ 2,047 Asset-backed securities issued by securitization trusts 539,651 629,984 Total liabilities $ 541,397 $ 632,031
Summary of Residential Mortgage Loans Held-for-Investment	December 31, 2018 (in thousands) Principal balance $ 11,281 Unamortized premium, net of discount 379 Allowance for loan losses — Carrying value $ 11,660
Summary of Reconciliation of Carrying Value of Residential Mortgage Loans Held-for-Investment	Year Ended December 31, 2018 (in thousands) Balance at beginning of period $ — Loan acquisitions 11,660 Deductions during period: Collections of principal — Amortization of premium — Charge-offs, net — Balance at end of period $ 11,660
Summary of Portfolio Characteristics of Residential Mortgage Loans Held-for-Investment	December 31, 2018 (dollar amounts Portfolio Characteristics: Number of loans 22 Current principal balance $ 11,281 Average loan balance $ 513 Net weighted average coupon rate 5.95 % Weighted average maturity (years) 29.4 Weighted average FICO score 722 Current Performance: Current $ 11,281 30 days delinquent — 60 days delinquent — 90+ days delinquent — Bankruptcy/foreclosure — Total $ 11,281
Summary of Geographic Concentrations of Residential Mortgage Loans Held-for-Investment	December 31, State 2018 California 49 % Florida 43 Texas 5 Other states (none greater than 5%) 3 Total 100 %
Variable Interest Entities Primary Beneficiary
Summary of Residential Mortgage Loans Held-for-Investment	The following table details the carrying value for residential mortgage loans held-for-investment through consolidated securitization trusts at December 31, 2018 and December 31, 2017: December 31, December 31, 2018 2017 (in thousands) Principal balance $ 545,881 $ 634,219 Unamortized premium, net of discount 3,321 5,335 Allowance for loan losses (186) (203) Carrying value $ 549,016 $ 639,351
Summary of Reconciliation of Carrying Value of Residential Mortgage Loans Held-for-Investment	The following table provides a reconciliation of the carrying value of residential mortgage loans held-for-investment through consolidated securitization trusts at December 31, 2018 and December 31, 2017: Year Ended December 31, 2018 2017 (in thousands) Balance at beginning of period $ 639,351 $ 744,462 Deductions during period: Collections of principal (88,338) (102,569) Amortization of premium (2,014) (2,542) Charge-offs, net 17 — Balance at end of period $ 549,016 $ 639,351
Summary of Portfolio Characteristics of Residential Mortgage Loans Held-for-Investment	The following table details various portfolio characteristics of the residential mortgage loans held-for-investment through consolidated securitization trusts at December 31, 2018 and December 31, 2017: December 31, December 31, 2018 2017 (dollar amounts in thousands) Portfolio Characteristics: Number of loans 829 931 Current principal balance $ 545,881 $ 634,219 Average loan balance $ 658 $ 681 Net weighted average coupon rate 3.85 % 3.86 % Weighted average maturity (years) 25.3 26.3 Weighted average FICO score 761 762 Current Performance: Current $ 543,328 $ 629,901 30 days delinquent — 2,918 60 days delinquent 896 — 90+ days delinquent 1,066 1,400 Bankruptcy/foreclosure 591 — Total $ 545,881 $ 634,219
Summary of Geographic Concentrations of Residential Mortgage Loans Held-for-Investment	December 31, December 31, State 2018 2017 California 43.3 % 43.8 % Florida 6.6 6.3 Other states (none greater than 5%) 50.1 49.9 Total 100.0 % 100.0 %
Summary of Activity in Allowance for Loan Losses	The following table summarizes the activity in the allowance for loan losses for the years ended December 31, 2018 and December 31, 2017: December 31, December 31, 2018 2017 (in thousands) Balance at beginning of period $ 203 $ 203 Provision for loan losses — — Charge-offs, net (17) — Balance at end of period $ 186 $ 203

Short-Term Debt (Tables)

Short-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Repurchase Agreements
Repurchase Agreements Balances, Weighted Average Interest Rates and Remaining Weighted Average Maturities	Repurchase Agreements At December 31, 2018 and December 31, 2017, the repurchase agreements had the following balances (dollar amounts in thousands), weighted average interest rates and remaining weighted average maturities: December 31, 2018 Agency MBS Non-Agency MBS Total MBS Weighted Weighted Weighted Average Average Average Interest Interest Interest Balance Rate Balance Rate Balance Rate (in thousands) (in thousands) (in thousands) Overnight $ — — % $ — — % $ — — % Less than 30 days 1,510,000 2.46 576,627 3.55 2,086,627 2.76 30 days to 90 days 1,725,000 2.57 — — 1,725,000 2.57 Over 90 days — — — — — — Demand — — — — — — $ 3,235,000 2.52 % $ 576,627 3.55 % $ 3,811,627 2.67 % Weighted average maturity 35 days 13 days 32 days Weighted average interest rate after adjusting for interest rate swaps 2.23 % Weighted average maturity after adjusting for interest rate swaps 1,217 days MBS pledged as collateral under the repurchase agreements and interest rate swaps $ 3,433,252 $ 726,428 $ 4,159,680 December 31, 2017 Agency MBS Non-Agency MBS Total MBS Weighted Weighted Weighted Average Average Average Interest Interest Interest Balance Rate Balance Rate Balance Rate (in thousands) (in thousands) (in thousands) Overnight $ — — % $ — — % $ — — % Less than 30 days 2,015,000 1.46 520,695 2.87 2,535,695 1.75 30 days to 90 days 1,830,000 1.48 — — 1,830,000 1.48 Over 90 days — — — — — — Demand — — — — — — $ 3,845,000 1.47 % $ 520,695 2.87 % $ 4,365,695 1.64 % Weighted average maturity 33 days 14 days 31 days Weighted average interest rate after adjusting for interest rate swaps 1.77 % Weighted average maturity after adjusting for interest rate swaps 674 days MBS pledged as collateral under the repurchase agreements and interest rate swaps $ 4,073,852 $ 661,445 $ 4,735,297
Liabilities and Assets Subject to Netting Arrangements	Net Amounts of Assets Gross Amounts Not Offset Gross Amounts or Liabilities in the Balance Sheets (1) of Recognized Gross Amounts Presented in Cash December 31, 2018 Assets or Offset in the the Balance Financial Collateral Net (in thousands) Liabilities Balance Sheets Sheets Instruments Received Amounts Derivative assets at fair value (2) $ 46,207 $ — $ 46,207 $ (46,207) $ — $ — Total $ 46,207 $ — $ 46,207 $ (46,207) $ — $ — Repurchase agreements (3) $ 3,811,627 $ — $ 3,811,627 $ (3,811,627) $ — $ — Derivative liabilities at fair value (2) 15,901 — 15,901 (15,901) — — Total $ 3,827,528 $ — $ 3,827,528 $ (3,827,528) $ — $ — Net Amounts of Assets Gross Amounts Not Offset Gross Amounts or Liabilities in the Balance Sheets (1) of Recognized Gross Amounts Presented in Cash December 31, 2017 Assets or Offset in the the Balance Financial Collateral Net (in thousands) Liabilities Balance Sheets Sheets Instruments Received Amounts Derivative assets at fair value (2) $ 27,793 $ — $ 27,793 $ (27,793) $ — $ — Total $ 27,793 $ — $ 27,793 $ (27,793) $ — $ — Repurchase agreements (3) $ 4,365,695 $ — $ 4,365,695 $ (4,365,695) $ — $ — Derivative liabilities at fair value (2) 1,335 — 1,335 (1,335) — — Total $ 4,367,030 $ — $ 4,367,030 $ (4,367,030) $ — $ — (1) Amounts presented are limited to collateral pledged sufficient to reduce the related net amount to zero in accordance with ASU No. 2011‑11, as amended by ASU No. 2013‑01. (2) At December 31, 2018, we had paid approximately $30.3 million on swap and TBA Agency MBS margin calls (included in “restricted cash”). Our swap derivatives were approximately $40.2 million in derivative assets and approximately $15.9 million in derivative liabilities at December 31, 2018. At December 31, 2017, we had pledged approximately $62 thousand in Agency MBS as collateral and paid another approximately $11.2 million on swap margin calls (included in “restricted cash”) on our swap derivatives, which were approximately $27.8 million in derivative assets and approximately $51 thousand in derivative liabilities at December 31, 2017. At December 31, 2018, we had pledged approximately $3.43 billion in Agency MBS and approximately $726.4 million of Non-Agency MBS as collateral on our repurchase agreements. At December 31, 2017, we had pledged approximately $4.07 billion in Agency MBS and approximately $661.4 million of Non-Agency MBS as collateral on our repurchase agreements.

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Values of Financial Instruments
Fair Value Measurements on Recurring Basis	At December 31, 2018 and December 31, 2017, fair value measurements on a recurring basis were as follows: December 31, 2018 Level 1 Level 2 Level 3 Total (in thousands) Assets: Agency MBS (1) $ — $ 3,548,719 $ — $ 3,548,719 Non-Agency MBS (1) $ — $ 795,203 $ — $ 795,203 Derivative instruments (2) $ — $ 46,207 $ — $ 46,207 Liabilities: Derivative instruments (2) $ — $ 15,901 $ — $ 15,901 December 31, 2017 Level 1 Level 2 Level 3 Total (in thousands) Assets: Agency MBS (1) $ — $ 4,278,797 $ — $ 4,278,797 Non-Agency MBS (1) $ — $ 760,825 $ — $ 760,825 Derivative instruments (2) $ — $ 27,793 $ — $ 27,793 Liabilities: Derivative instruments (2) $ — $ 1,335 $ — $ 1,335 (1) For more detail about the fair value of our MBS by agency and type of security, see Note 3. Derivative instruments include discontinued hedges under ASC 815‑10. For more detail about our derivative instruments, see Notes 1 and 15.
Carrying Value and Estimated Fair Value of Financial Instruments	December 31, 2018 December 31, 2017 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value (in thousands) Financial Assets: Residential mortgage loans held-for-investment through consolidated securitization trusts $ 549,016 $ 538,362 $ 639,351 $ 641,126 Residential mortgage loans held-for-securitization $ 11,660 $ 11,660 $ — $ — Financial Liabilities: Asset-backed securities issued by securitization trusts $ 539,651 $ 528,045 $ 629,984 $ 630,562

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Taxes
Tax Information Regarding Dividend Distributions	The tables below present tax information regarding Anworth’s dividend distributions for the fiscal year ended December 31, 2018: 8.625% Series A Cumulative Preferred Stock (CUSIP 03747 20 0) 2018 Total 2018 Distribution 2018 Return Short-Term Declaration Record Payable Per Ordinary of Capital Carry-Over Date Date Date Share Income Capital Gains to 2019 10/26/17 12/29/17 01/16/18 0.329947 $ 0.329947 $ — $ — $ — 02/28/18 03/30/18 04/16/18 0.539063 0.539063 — — — 05/07/18 06/29/18 07/16/18 0.539063 0.539063 — — — 08/06/18 09/28/18 10/15/18 0.539063 0.539063 — — — 11/06/18 12/31/18 01/15/19 0.539063 — — — 0.539063 Total $ 2.486199 $ 1.947136 $ — $ — $ 0.539063 6.25% Series B Cumulative Convertible Preferred Stock (CUSIP 03747 30 9) 2018 Total 2018 Distribution 2018 Return Short-Term Declaration Record Payable Per Ordinary of Capital Carry-Over Date Date Date Share (1) Income Capital Gains to 2019 10/26/17 12/29/17 01/16/18 $ 0.250266 $ 0.250266 $ — $ — $ — 02/28/18 03/30/18 04/16/18 0.397896 0.397896 — — — 05/07/18 06/29/18 07/16/18 0.402431 0.402431 — — — 08/06/18 09/28/18 10/15/18 0.396841 0.396841 — — — 11/06/18 12/31/18 01/15/19 0.390625 — — — 0.390625 Total $ 1.838059 $ 1.447434 $ — $ — $ 0.390625 (1) The Series B Preferred Stock is convertible into shares of our common stock. The conversion rate is adjusted per a stated formula when distributions are made to our common stockholders. The value of any conversion rate increase is a deemed distribution for tax purposes and is taxable to holders of our Series B Preferred Stock to the extent supported by earnings and profits and is included in the table above. See Forms 8937 on our Company website for additional details. 7.625% Series C Cumulative Redeemable Preferred Stock (CUSIP 03747 40 8) 2018 Total 2018 Distribution 2018 Return Short-Term Declaration Record Payable Per Ordinary of Capital Carry-Over Date Date Date Share Income Capital Gains to 2019 10/26/17 12/29/17 01/16/18 $ 0.291692 $ 0.291692 $ — $ — $ — 02/28/18 03/30/18 04/16/18 0.476563 0.476563 — — — 05/07/18 06/29/18 07/16/18 0.476563 0.476563 — — — 08/06/18 09/28/18 10/15/18 0.476563 0.476563 — — — 11/06/18 12/31/18 01/15/19 0.476563 — — — 0.476563 Total $ 2.197944 $ 1.721381 $ — $ — $ 0.476563 Common Stock (CUSIP 03747 10 1) 2018 Total 2018 Distribution 2018 Return Short-Term Declaration Record Payable Per Ordinary of Capital Carry-Over Date Date Date Share Income Capital Gains to 2019 12/15/17 12/29/17 01/29/18 $ 0.150000 $ 0.070423 $ 0.079577 $ — $ — 03/15/18 03/30/18 04/30/18 0.150000 0.070423 0.079577 — — 06/15/18 06/29/18 07/30/18 0.140000 0.065729 0.074271 — — 09/14/18 09/28/18 10/29/18 0.140000 0.065729 0.074271 — — 12/14/18 12/31/18 01/29/19 0.130000 — — — 0.130000 Total $ 0.710000 $ 0.272304 $ 0.307696 $ — $ 0.130000

Transactions with Affiliates (T

Transactions with Affiliates (Tables)	12 Months Ended
	Dec. 31, 2018
Transactions with Affiliates
Future Minimum Lease Commitment	At December 31, 2018, the future minimum lease commitment is as follows: Total Year 2019 2020 2021 2022 Commitment Commitment $ 514,374 $ 529,800 $ 545,697 $ 276,882 $ 1,866,753

Equity Compensation Plan (Table

Equity Compensation Plan (Tables)	12 Months Ended
	Dec. 31, 2018
Equity Compensation Plan
Summary of Information about Restricted Stock Transactions	The following table summarizes information about restricted stock units transactions during the year ended December 31, 2018: Weighted Unvested Unvested Average Grant Units at Restricted Units Units at Remaining Date Fair December 31, Units Vested in Units December 31, Contractual Value 2017 Granted 2018 Forfeited 2018 Life (Years) $ 4.96 154,552 — — — 154,552 1 $ 5.66 162,613 — — — 162,613 10 325,165 — — — 325,165
Weighted-Average Assumptions for Fair Value of Stock-Based Awards Estimated using Black-Scholes Model	The fair value of the aforementioned stock-based award was estimated using the Black-Scholes model with the following weighted-average assumptions: 2016 2017 Grant Grant Assumptions: Dividend yield 13.1 % 13.1 % Expected volatility 27.7 % 27.7 % Risk-free interest rate 3.8 % 3.8 % Expected lives 3 years 10 years

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments
Fair Value of Derivative Instruments	December 31, December 31, Derivative Instruments Balance Sheet Location 2018 2017 (in thousands) Interest rate swaps Derivative Assets $ 40,192 $ 27,793 TBA Agency MBS Derivative Assets 6,015 — $ 46,207 $ 27,793 Interest rate swaps Derivative Liabilities $ 15,901 $ 51 TBA Agency MBS Derivative Liabilities — 1,284 $ 15,901 $ 1,335
Notional Amounts of Swap Agreement, Weighted Average Fixed Rates and Remaining Terms	December 31, 2018 December 31, 2017 Weighted Weighted Average Remaining Average Remaining Notional Fixed Term in Notional Fixed Term in Maturity Amount Rate Months Amount Rate Months (in thousands) (in thousands) Less than 1 year $ 725,000 1.60 % 7 $ 410,000 0.96 % 4 1 year to 2 years 591,000 1.70 19 725,000 1.60 19 2 years to 3 years 400,000 1.96 30 516,000 1.62 33 3 years to 4 years 220,000 1.92 43 350,000 1.90 43 4 years to 5 years 205,000 2.27 57 220,000 1.92 56 5 years to 7 years 475,000 2.41 73 260,000 1.98 74 7 years to 10 years 690,000 2.83 104 200,000 2.08 101 $ 3,306,000 2.10 % 47 $ 2,681,000 1.65 % 37
Swap Agreements by Counterparty	Swap Agreements by Counterparty December 31, December 31, 2018 2017 (in thousands) Central clearing houses (1) $ 3,306,000 $ 2,421,000 JPMorgan Securities — 50,000 Deutsche Bank Securities — 75,000 RBS Greenwich Capital — 115,000 Bank of New York — 20,000 $ 3,306,000 $ 2,681,000 (1) For all swap agreements entered into after September 9, 2013, the counterparty will be central clearing houses, such as the Chicago Mercantile Exchange or LCH, regardless of who the trading party is. See the section entitled “Derivative Financial Instruments – Risk Management” in Note 1 for additional details.

Other Expenses (Tables)

Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2018
Other Income and Expenses [Abstract]
Other Expenses	For the Years Ended December 31, 2018 2017 2016 (in thousands) Legal and professional fees $ 619 $ 627 $ 660 Printing and stockholder communications 156 145 188 Directors and Officers insurance 350 410 498 DERs expense 392 430 406 Amortization of restricted stock 98 82 337 Software implementation and maintenance (1) 381 417 827 Administrative service fees 181 154 153 Rent 557 528 511 Stock exchange and filing fees 180 156 157 Custodian and clearing fees (2) 857 236 232 Sarbanes-Oxley consulting fees 113 136 128 Commissions - Eurodollar Futures Contracts — — 44 Board of directors fees and expenses 329 330 311 Securities data services 528 541 401 Recovery on Lehman receivable (14) (19) (58) Other 153 257 197 Total of other expenses $ 4,880 $ 4,430 $ 4,992 (1) The increase during 2016 was primarily related to the increase in license acquisition and implementation of, and conversion to, a new portfolio accounting system. The increase during 2018 was primarily related to the increase in fees charged due to the increase in interest rate swaps outstanding and to greater interest charges paid on derivative counterparty margins.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Computation of Earnings Per Share	Net (Loss) Income to Common Average Earnings Stockholders Shares per Share (in thousands) For the year ended December 31, 2018 Basic EPS $ (15,677) 98,314 $ (0.16) Effect of dilutive securities — — — Diluted EPS $ (15,677) 98,314 $ (0.16) For the year ended December 31, 2017 Basic EPS $ 46,199 96,764 $ 0.48 Effect of dilutive securities 1,188 3,715 (0.01) Diluted EPS $ 47,387 100,479 $ 0.47 For the year ended December 31, 2016 Basic EPS $ 15,910 96,408 $ 0.17 Effect of dilutive securities 1,577 4,660 — Diluted EPS $ 17,487 101,068 $ 0.17

Summarized Quarterly Results _2

Summarized Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Summarized Quarterly Results (Unaudited)
Summarized Quarterly Results	For the year ended December 31, 2018 (in thousands, except per share amounts): First Second Third Fourth Quarter Quarter Quarter Quarter Interest and other income: Interest-Agency MBS $ 24,044 $ 24,814 $ 23,578 $ 23,208 Interest-Non-Agency MBS 10,021 9,902 10,377 10,445 Interest-residential mortgage loans 6,238 5,955 5,750 5,519 Other interest income 28 44 20 29 40,331 40,715 39,725 39,201 Interest expense: Interest expense on repurchase agreements 19,093 22,028 24,027 25,362 Interest expense on asset-backed securities 6,070 5,797 5,581 5,351 Interest expense on junior subordinated notes 447 504 519 526 25,610 28,329 30,127 31,239 Net interest income 14,721 12,386 9,598 7,962 Total operating expenses (3,233) (3,395) (3,199) (3,675) Other (loss) income: Income-rental properties 451 445 436 428 Realized (loss) gain on sale of available-for-sale MBS (11,987) — 799 (999) Realized loss on sale of Agency MBS held as trading investments (7,327) — (231) (3,871) Impairment charge on Non-Agency MBS — (1,757) (141) (971) Unrealized (loss) gain on Agency MBS held as trading investments (8,890) (2,677) (3,017) 9,674 Gain on sales of residential properties — — 30 23 Gain (loss) on derivatives, net 13,412 9,930 13,090 (44,504) Recovery on Non-Agency MBS — 1 — — Total other (loss) income (14,341) 5,942 10,966 (40,220) Net (loss) income $ (2,853) $ 14,933 $ 17,365 $ (35,933) Dividends on preferred stock (2,297) (2,297) (2,297) (2,297) Net (loss) income to common stockholders $ (5,150) $ 12,636 $ 15,068 $ (38,230) Basic (loss) earnings per common share $ (0.05) $ 0.13 $ 0.15 $ (0.39) Diluted (loss) earnings per common share $ (0.05) $ 0.13 $ 0.15 $ (0.39) Basic weighted average number of shares outstanding 98,185 98,271 98,353 98,444 Diluted weighted average number of shares outstanding 98,185 102,205 102,331 98,444 For the year ended December 31, 2017 (in thousands, except per share amounts): First Second Third Fourth Quarter Quarter Quarter Quarter Interest and other income: Interest-Agency MBS $ 17,103 $ 15,771 $ 19,892 $ 23,891 Interest-Non-Agency MBS 9,568 9,738 9,352 9,607 Interest-residential mortgage loans 7,351 7,060 6,795 6,515 Other interest income 26 31 25 22 34,048 32,600 36,064 40,035 Interest expense: Interest expense on repurchase agreements 10,411 11,421 15,242 16,881 Interest expense on asset-backed securities 7,075 6,892 6,626 6,346 Interest expense on junior subordinated notes 384 401 417 423 17,870 18,714 22,285 23,650 Net interest income 16,178 13,886 13,779 16,385 Total operating expenses (3,305) (3,191) (3,374) (3,436) Other income (loss): Income-rental properties 449 451 397 413 (Loss) gain on sale of MBS (68) 176 (2,276) — Unrealized gain (loss) on Agency MBS held as trading investments (732) (905) (762) — Gain on sales of residential mortgage loans held-for-investment through consolidated securitization trusts 122 4,101 5,849 (7,279) Gain (loss) on derivatives, net 378 — — — Gain (loss) on derivatives-Eurodollar Futures Contracts 2,378 (4,422) (945) 10,121 Recovery on Non-Agency MBS 1 1 1 (1) Total other income (loss) 2,528 (598) 2,264 3,254 Net income $ 15,401 $ 10,097 $ 12,669 $ 16,203 Dividends on preferred stock (1,755) (2,025) (2,115) (2,277) Net income to common stockholders $ 13,646 $ 8,072 $ 10,554 $ 13,926 Basic earnings per common share $ 0.14 $ 0.08 $ 0.11 $ 0.14 Diluted earnings per common share $ 0.14 $ 0.08 $ 0.11 $ 0.14 Basic weighted average number of shares outstanding 95,705 95,696 97,547 98,074 Diluted weighted average number of shares outstanding 100,544 100,590 100,702 101,909

Restricted Cash - Summary of Re

Restricted Cash - Summary of Restricted Cash Balances (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash	$ 30,296	$ 11,157
Swap Margin Calls
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash	$ 30,296	$ 11,157

Agency MBS and Non-Agency MBS,

Agency MBS and Non-Agency MBS, which are Carried at Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Available For Sale Securities [Line Items]
Fair value	$ 795,203	$ 760,825
Agency MBS
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	3,585,207	4,273,331
Paydowns receivable	7,831	13,873
Unrealized gains	14,996	27,945
Unrealized losses	(59,315)	(36,352)
Available-for-sale Securities, Total	3,548,719	4,278,797
Fair value		4,278,797
Agency MBS | Hybrids
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	689,694	863,762
Paydowns receivable	3,766	7,930
Unrealized gains	263	833
Unrealized losses	(15,786)	(12,845)
Available-for-sale Securities, Total	677,937
Fair value		859,680
Agency MBS | 15-Year Fixed-Rate
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	917,780	1,277,570
Unrealized gains	60	595
Unrealized losses	(25,389)	(16,338)
Available-for-sale Securities, Total	892,451
Fair value		1,261,827
Agency MBS | 20-Year and 30-Year Fixed Rate Debt
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	1,123,000	882,633
Unrealized gains	2,753	3,092
Unrealized losses	(16,890)	(5,298)
Available-for-sale Securities, Total	1,108,863
Fair value		880,427
Agency MBS | Freddie Mac
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	1,457,552	1,678,835
Paydowns receivable	7,831	13,873
Unrealized gains	4,169	6,597
Unrealized losses	(25,155)	(18,205)
Available-for-sale Securities, Total	1,444,397	1,681,100
Agency MBS | Fannie Mae
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	2,127,655	2,594,496
Unrealized gains	10,827	21,348
Unrealized losses	(34,160)	(18,147)
Available-for-sale Securities, Total	2,104,322	2,597,697
Agency MBS | ARMs
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	854,733	1,249,366
Paydowns receivable	4,065	5,943
Unrealized gains	11,920	23,425
Unrealized losses	(1,250)	(1,871)
Available-for-sale Securities, Total	869,468
Fair value		1,276,863
MBS
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	4,370,847	5,003,955
Paydowns receivable	7,831	13,873
Unrealized gains	35,749	61,300
Unrealized losses	(70,505)	(39,506)
Available-for-sale Securities, Total	4,343,922	5,039,622
Fair value		5,039,622
Non-Agency MBS
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	785,640	730,624
Unrealized gains	20,753	33,355
Unrealized losses	(11,190)	(3,154)
Available-for-sale Securities, Total	795,203	760,825
Fair value	$ 795,203	$ 760,825

Agency MBS and Non-Agency MBS_2

Agency MBS and Non-Agency MBS, which are Carried at Fair Value (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Agency MBS
Schedule Of Available For Sale Securities [Line Items]
Fair value fixed rate period	15 years	15 years
Amortized cost	$ 3,585,207	$ 4,273,331
Unrealized gain (loss) on trading investments	(4,911)	2,793	$ (13,777)
Agency MBS | Trading Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	496,700	909,200
Trading investments	480,800	898,200
Non-Agency MBS
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	785,640	730,624
15-Year Fixed-Rate | Agency MBS
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	$ 917,780	$ 1,277,570

Mortgage-Backed Securities - Ad

Mortgage-Backed Securities - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule Of Available For Sale Securities [Line Items]
Sale of securities	$ 787,260	$ 736,900	$ 418,995
Agency MBS
Schedule Of Available For Sale Securities [Line Items]
Sale of securities	781,000	716,000
Gross realized losses on sales of securities	24,200	4,300
Gross realized gains on sales of securities	600	2,100
Unrealized gain (loss) on trading investments	(4,911)	2,793	$ (13,777)
Non-Agency MBS
Schedule Of Available For Sale Securities [Line Items]
Sale of securities		21,300
Gross realized gains on sales of securities		65,000
Trading Securities
Schedule Of Available For Sale Securities [Line Items]
Gross unrealized gains (losses) on sales of securities	4,900	$ (2,800)
Non-Agency MBS
Schedule Of Available For Sale Securities [Line Items]
Sale of securities	6,000
Gross realized gains on sales of securities	$ 217

Estimates of Contractually Requ

Estimates of Contractually Required Payments Expected to be Collected and Fair Value (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Non-Agency MBS acquired with credit deterioration:
Total fair value of Non-Agency MBS	$ 795,203	$ 760,825
Non-Agency MBS
Non-Agency MBS acquired with credit deterioration:
Contractually required principal	820,608	798,347
Contractual principal not expected to be collected (non-accretable yield)	(332,886)	(332,480)
Expected cash flows to be collected	487,722	465,867
Market yield adjustment	137,237	147,198
Unrealized gain, net	10,428	28,525
Fair value	635,387	641,590
Fair value of other Non-Agency MBS (without credit deterioration)	159,816	119,235
Total fair value of Non-Agency MBS	795,203	$ 760,825
Contractually required principal	22,261
Contractual principal not expected to be collected (non-accretable yield)	(406)
Expected cash flows to be collected	21,855
Market yield adjustment	(9,961)
Unrealized gain, net	(18,097)
Fair value	(6,203)
Fair value of other Non-Agency MBS (without credit deterioration)	40,581
Total fair value of Non-Agency MBS	$ 34,378

Schedule of Components of Purch

Schedule of Components of Purchase Discount on its Non-Agency MBS (Detail) - Non-Agency MBS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Market Yield Adjustment
Schedule Of Available For Sale Securities [Line Items]
Balance, beginning of period	$ 147,198	$ 83,577
Accretion of discount	(6,633)	(6,508)
Purchases	(777)	71,487
Sales	1,413
Transfer	(3,964)
Other		(1,358)
Balance, end of period	137,237	147,198
Non-Accretable Discount
Schedule Of Available For Sale Securities [Line Items]
Balance, beginning of period	(332,480)	(223,291)
Accretion of discount	(100)	10
Purchases	(23,419)	(131,361)
Realized credit losses, net of recoveries	22,018	23,203
Impairment charge	(2,869)	(2,399)
Transfer	3,964
Other		1,358
Balance, end of period	$ (332,886)	$ (332,480)

Gross Unrealized Losses and Fai

Gross Unrealized Losses and Fair Value of individual securities in Mortgage Backed Securities portfolio in Continuous Unrealized Loss Position, Aggregated by Investment Category and Length of Time (Detail) (Imported) $ in Thousands	3 Months Ended							12 Months Ended
	Dec. 31, 2018USD ($)item	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)
Schedule Of Available For Sale Securities [Line Items]
Unrealized gain (loss) on Agency MBS held as trading investments	$ 9,674	$ (3,017)	$ (2,677)	$ (8,890)	$ (762)	$ (905)	$ (732)	$ (4,911)	$ 2,793	$ (13,777)
Impairment charge	$ 971	$ 141	$ 1,757					$ 2,869	$ 2,399	1,548
Agency MBS
Schedule Of Available For Sale Securities [Line Items]
Less Than 12 Months Number of Securities | item	47							47	73
Less Than 12 Months Fair Value	$ 859,060							$ 859,060	$ 1,171,947
Less Than 12 Months Unrealized Losses	$ (6,484)							$ (6,484)	$ (7,770)
12 Months or More Number of Securities | item	166							166	192
12 Months or More Fair Value	$ 1,301,348							$ 1,301,348	$ 884,897
12 Months or More Unrealized Losses	$ (36,937)							$ (36,937)	$ (17,598)
Total Number of Securities | item	213							213	265
Total Fair Value	$ 2,160,408							$ 2,160,408	$ 2,056,844
Total Unrealized Losses	$ (43,421)							$ (43,421)	$ (25,368)
Non-Agency MBS
Schedule Of Available For Sale Securities [Line Items]
Less Than 12 Months Number of Securities | item	56							56	9
Less Than 12 Months Fair Value	$ 329,108							$ 329,108	$ 63,568
Less Than 12 Months Unrealized Losses	$ (5,886)							$ (5,886)	$ (774)
12 Months or More Number of Securities | item	12							12	14
12 Months or More Fair Value	$ 72,514							$ 72,514	$ 85,569
12 Months or More Unrealized Losses	$ (5,304)							$ (5,304)	$ (2,380)
Total Number of Securities | item	68							68	23
Total Fair Value	$ 401,622							$ 401,622	$ 149,137
Total Unrealized Losses	$ (11,190)							(11,190)	(3,154)
Impairment charge								2,869	2,399	$ 1,548
Trading Securities | Agency MBS
Schedule Of Available For Sale Securities [Line Items]
Unrealized gain (loss) on Agency MBS held as trading investments								$ (15,900)	$ (11,000)

Residential Mortgage Loans He_3

Residential Mortgage Loans Held-For-Securitization - Carrying Value for Residential Mortgage Loans (Detail) (Imported) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Carrying value	[1]	$ 549,016	$ 639,351
Residential Mortgage Backed Securities
Variable Interest Entity [Line Items]
Principal balance		11,281
Unamortized premium, net of discount		379
Carrying value		$ 11,660
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the Company. At December 31, 2018 and December 31, 2017, total assets of the consolidated VIEs were $551 million and $641 million (including accrued interest receivable of $1.8 million and $2.1 million), respectively (which is recorded above in the line item “Interest and dividends receivable”), and total liabilities were $541 million and $632 million (including accrued interest payable of $1.7 million and $2.0 million), respectively (which is recorded above in the line item “Accrued interest payable”). Please refer to Note 5, “Variable Interest Entities,” for further discussion.

Residential Mortgage Loans He_4

Residential Mortgage Loans Held-For-Securitization - Summary of Reconciliation of Carrying Value of Residential Mortgage Loans (Detail) (Imported) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Variable Interest Entity [Line Items]
Balance at beginning of period	$ 639,351	[1]
Deductions during period:
Balance at end of period	549,016	[1]
Residential Mortgage Backed Securities
Additions during period:
New loans	11,660
Premium on new loans	379
Deductions during period:
Balance at end of period	$ 11,660
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the Company. At December 31, 2018 and December 31, 2017, total assets of the consolidated VIEs were $551 million and $641 million (including accrued interest receivable of $1.8 million and $2.1 million), respectively (which is recorded above in the line item “Interest and dividends receivable”), and total liabilities were $541 million and $632 million (including accrued interest payable of $1.7 million and $2.0 million), respectively (which is recorded above in the line item “Accrued interest payable”). Please refer to Note 5, “Variable Interest Entities,” for further discussion.

Residential Mortgage Loans He_5

Residential Mortgage Loans Held-For-Securitization - Summary of Residential Mortgage Loans Held-for-Investment (Detail) (Imported) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)item
Warehouse Line Facility
Current Performance:
Line of credit, maximum borrowing capacity	$ 100,000
Residential Mortgage Backed Securities
Portfolio Characteristics:
Number of loans | item	22
Current principal balance	$ 11,281
Average loan balance	$ 513
Net weighted average coupon rate	5.95%
Weighted average maturity (years)	29 years 4 months 24 days
Weighted average FICO score	722
Current Performance:
Current	$ 11,281
Total	$ 11,281

Residential Mortgage Loans He_6

Residential Mortgage Loans Held-For-Securitization - Summary of Geographic Concentrations of Residential Mortgage Loans Held-for-Investment (Detail) (Imported) - Geographic Concentration Risk - Residential Loans Held For Investment	12 Months Ended
	Dec. 31, 2018
Concentration Risk [Line Items]
Concentration risk percentage	100.00%
California
Concentration Risk [Line Items]
Concentration risk percentage	49.00%
Florida
Concentration Risk [Line Items]
Concentration risk percentage	43.00%
Texas
Concentration Risk [Line Items]
Concentration risk percentage	5.00%
Other states
Concentration Risk [Line Items]
Concentration risk percentage	3.00%

Variable Interest Entities - Su

Variable Interest Entities - Summary of Assets and Liabilities of Variable Interest Entities (Detail) - USD ($) $ in Thousands		Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Variable Interest Entity [Line Items]
Residential mortgage loans held-for-investment	[1]	$ 549,016		$ 639,351
Accrued interest receivable		16,872		18,091
Accrued interest payable		24,828		15,835
Asset-backed securities issued by securitization trusts	[1]	539,651		629,984
Residential Mortgage Backed Securities
Variable Interest Entity [Line Items]
Residential mortgage loans held-for-investment		11,660
Variable Interest Entities Primary Beneficiary
Variable Interest Entity [Line Items]
Accrued interest receivable		1,800		2,100
Accrued interest payable		1,700		2,000
Asset-backed securities issued by securitization trusts		539,700		630,000
Variable Interest Entities Primary Beneficiary | Residential Mortgage Backed Securities
Variable Interest Entity [Line Items]
Residential mortgage loans held-for-investment		549,016	[1]	639,351	[1]	$ 744,462
Accrued interest receivable		1,792		2,093
Total assets		550,808		641,444
Accrued interest payable		1,746		2,047
Asset-backed securities issued by securitization trusts	[1]	539,651		629,984
Total liabilities		$ 541,397		$ 632,031
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the Company. At December 31, 2018 and December 31, 2017, total assets of the consolidated VIEs were $551 million and $641 million (including accrued interest receivable of $1.8 million and $2.1 million), respectively (which is recorded above in the line item “Interest and dividends receivable”), and total liabilities were $541 million and $632 million (including accrued interest payable of $1.7 million and $2.0 million), respectively (which is recorded above in the line item “Accrued interest payable”). Please refer to Note 5, “Variable Interest Entities,” for further discussion.

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended				12 Months Ended
		Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018
Variable Interest Entity [Line Items]
Gain on sales of residential mortgage loans held-for-investment		$ (7,279)	$ 5,849	$ 4,101	$ 122	$ 378	$ 749
Asset-backed securities issued by securitization trusts	[1]	629,984				629,984		$ 539,651
Variable Interest Entities Primary Beneficiary
Variable Interest Entity [Line Items]
Asset-backed securities issued by securitization trusts		$ 630,000				$ 630,000		$ 539,700
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the Company. At December 31, 2018 and December 31, 2017, total assets of the consolidated VIEs were $551 million and $641 million (including accrued interest receivable of $1.8 million and $2.1 million), respectively (which is recorded above in the line item “Interest and dividends receivable”), and total liabilities were $541 million and $632 million (including accrued interest payable of $1.7 million and $2.0 million), respectively (which is recorded above in the line item “Accrued interest payable”). Please refer to Note 5, “Variable Interest Entities,” for further discussion.

Variable Interest Entities - Ca

Variable Interest Entities - Carrying Value for Residential Mortgage Loans (Detail) - USD ($) $ in Thousands		Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Variable Interest Entity [Line Items]
Carrying value	[1]	$ 549,016		$ 639,351
Residential Mortgage Backed Securities
Variable Interest Entity [Line Items]
Principal balance		11,281
Unamortized premium, net of discount		379
Carrying value		11,660
Variable Interest Entities Primary Beneficiary | Residential Mortgage Backed Securities
Variable Interest Entity [Line Items]
Principal balance	[1]	545,881		634,219
Unamortized premium, net of discount		3,321		5,335
Allowance for loan losses		(186)		(203)		$ (203)
Carrying value		$ 549,016	[1]	$ 639,351	[1]	$ 744,462
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the Company. At December 31, 2018 and December 31, 2017, total assets of the consolidated VIEs were $551 million and $641 million (including accrued interest receivable of $1.8 million and $2.1 million), respectively (which is recorded above in the line item “Interest and dividends receivable”), and total liabilities were $541 million and $632 million (including accrued interest payable of $1.7 million and $2.0 million), respectively (which is recorded above in the line item “Accrued interest payable”). Please refer to Note 5, “Variable Interest Entities,” for further discussion.

Variable Interest Entities - _2

Variable Interest Entities - Summary of Reconciliation of Carrying Value of Residential Mortgage Loans (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017
Variable Interest Entity [Line Items]
Balance at beginning of period	[1]	$ 639,351
Deductions during period:
Balance at end of period	[1]	549,016		$ 639,351
Residential Mortgage Backed Securities
Deductions during period:
Balance at end of period		11,660
Variable Interest Entities Primary Beneficiary | Residential Mortgage Backed Securities
Variable Interest Entity [Line Items]
Balance at beginning of period		639,351	[1]	744,462
Deductions during period:
Collections of principal		(88,338)		(102,569)
Amortization of premium		(2,014)		(2,542)
Charge offs, net		17
Balance at end of period	[1]	$ 549,016		$ 639,351
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the Company. At December 31, 2018 and December 31, 2017, total assets of the consolidated VIEs were $551 million and $641 million (including accrued interest receivable of $1.8 million and $2.1 million), respectively (which is recorded above in the line item “Interest and dividends receivable”), and total liabilities were $541 million and $632 million (including accrued interest payable of $1.7 million and $2.0 million), respectively (which is recorded above in the line item “Accrued interest payable”). Please refer to Note 5, “Variable Interest Entities,” for further discussion.

Variable Interest Entities - _3

Variable Interest Entities - Summary of Residential Mortgage Loans Held-for-Investment (Detail) - Residential Mortgage Backed Securities $ in Thousands		12 Months Ended
		Dec. 31, 2018USD ($)loanitem	Dec. 31, 2017USD ($)loan
Portfolio Characteristics:
Number of loans | item		22
Current principal balance		$ 11,281
Average loan balance		$ 513
Weighted average maturity (years)		29 years 4 months 24 days
Weighted average FICO score		722
Current Performance:
Current		$ 11,281
Total		$ 11,281
Variable Interest Entities Primary Beneficiary
Portfolio Characteristics:
Number of loans | loan		829	931
Current principal balance	[1]	$ 545,881	$ 634,219
Average loan balance		$ 658	$ 681
Net weighted average coupon rate		3.85%	3.86%
Weighted average maturity (years)		25 years 3 months 18 days	26 years 3 months 18 days
Weighted average FICO score		761	762
Current Performance:
Current		$ 543,328	$ 629,901
Bankruptcy/foreclosure		591
Total		545,881	634,219
Variable Interest Entities Primary Beneficiary | 30 days delinquent
Current Performance:
Delinquent			2,918
Variable Interest Entities Primary Beneficiary | 60 days delinquent
Current Performance:
Delinquent		896
Variable Interest Entities Primary Beneficiary | 90+ days delinquent
Current Performance:
Delinquent		$ 1,066	$ 1,400
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the Company. At December 31, 2018 and December 31, 2017, total assets of the consolidated VIEs were $551 million and $641 million (including accrued interest receivable of $1.8 million and $2.1 million), respectively (which is recorded above in the line item “Interest and dividends receivable”), and total liabilities were $541 million and $632 million (including accrued interest payable of $1.7 million and $2.0 million), respectively (which is recorded above in the line item “Accrued interest payable”). Please refer to Note 5, “Variable Interest Entities,” for further discussion.

Variable Interest Entities - _4

Variable Interest Entities - Summary of Geographic Concentrations of Residential Mortgage Loans Held-for-Investment (Detail) - Geographic Concentration Risk - Residential Loans Held For Investment	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Concentration Risk [Line Items]
Concentration risk percentage	100.00%
California
Concentration Risk [Line Items]
Concentration risk percentage	49.00%
Florida
Concentration Risk [Line Items]
Concentration risk percentage	43.00%
Other states
Concentration Risk [Line Items]
Concentration risk percentage	3.00%
Variable Interest Entities Primary Beneficiary
Concentration Risk [Line Items]
Concentration risk percentage	100.00%	100.00%
Variable Interest Entities Primary Beneficiary | California
Concentration Risk [Line Items]
Concentration risk percentage	43.30%	43.80%
Variable Interest Entities Primary Beneficiary | Florida
Concentration Risk [Line Items]
Concentration risk percentage	6.60%	6.30%
Variable Interest Entities Primary Beneficiary | Other states
Concentration Risk [Line Items]
Concentration risk percentage	50.10%	49.90%

Variable Interest Entities - _5

Variable Interest Entities - Summary of Activity in Allowance for Loan Losses (Detail) - Variable Interest Entities Primary Beneficiary - Residential Mortgage Backed Securities $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Variable Interest Entity [Line Items]
Balance at beginning of period	$ 203
Charge-offs, net	(17)
Balance at end of period	$ 186

Variable Interest Entities - _6

Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2018
Variable Interest Entity [Line Items]
Gross realized gain on sales of residential mortgage loans held-for-investment		$ 378
Asset-backed securities issued by securitization trusts	[1]	629,984	$ 539,651
Variable Interest Entities Primary Beneficiary
Variable Interest Entity [Line Items]
Asset-backed securities issued by securitization trusts		$ 630,000	$ 539,700
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the Company. At December 31, 2018 and December 31, 2017, total assets of the consolidated VIEs were $551 million and $641 million (including accrued interest receivable of $1.8 million and $2.1 million), respectively (which is recorded above in the line item “Interest and dividends receivable”), and total liabilities were $541 million and $632 million (including accrued interest payable of $1.7 million and $2.0 million), respectively (which is recorded above in the line item “Accrued interest payable”). Please refer to Note 5, “Variable Interest Entities,” for further discussion.

Residential Properties - Additi

Residential Properties - Additional Information (Detail) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2018USD ($)property	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)propertyitem	Dec. 31, 2017USD ($)property
Real Estate Properties [Line Items]
Gain on sale of residential properties	$ 23	$ 30	$ 54
Wholly Owned Properties | Florida
Real Estate Properties [Line Items]
Number of residential property | property	86		86	88
Cost of residential property	$ 13,800		$ 13,800	$ 14,100
Number of real estate properties sold | item			2
Gain on sale of residential properties			$ 54

Repurchase Agreements Balances,

Repurchase Agreements Balances, Weighted Average Interest Rates and Remaining Weighted Average Maturities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Assets Sold Under Agreements To Repurchase [Line Items]
Repurchase agreements	$ 3,811,627	$ 4,365,695
Agency MBS
Assets Sold Under Agreements To Repurchase [Line Items]
Weighted average maturity	35 days	33 days
Repurchase agreements	$ 3,235,000	$ 3,845,000
Weighted average interest rate	2.52%	1.47%
Agency MBS | Collateral Pledged
Assets Sold Under Agreements To Repurchase [Line Items]
MBS pledged as collateral under the repurchase agreements and interest rate swaps	$ 3,433,252	$ 4,073,852
Agency MBS | Less than 30 days
Assets Sold Under Agreements To Repurchase [Line Items]
Repurchase agreements	$ 1,510,000	$ 2,015,000
Weighted average interest rate	2.46%	1.46%
Agency MBS | 30 days to 90 days
Assets Sold Under Agreements To Repurchase [Line Items]
Repurchase agreements	$ 1,725,000	$ 1,830,000
Weighted average interest rate	2.57%	1.48%
Non-Agency MBS
Assets Sold Under Agreements To Repurchase [Line Items]
Weighted average maturity	13 days	14 days
Repurchase agreements	$ 576,627	$ 520,695
Weighted average interest rate	3.55%	2.87%
Non-Agency MBS | Collateral Pledged
Assets Sold Under Agreements To Repurchase [Line Items]
MBS pledged as collateral under the repurchase agreements and interest rate swaps	$ 726,428	$ 661,445
Non-Agency MBS | Less than 30 days
Assets Sold Under Agreements To Repurchase [Line Items]
Repurchase agreements	$ 576,627	$ 520,695
Weighted average interest rate	3.55%	2.87%
MBS
Assets Sold Under Agreements To Repurchase [Line Items]
Weighted average maturity	32 days	31 days
Weighted average interest rate after adjusting for interest rate swaps	2.23%	1.77%
Weighted average maturity after adjusting for interest rate swaps	1217 days	674 days
Repurchase agreements	$ 3,811,627	$ 4,365,695
Weighted average interest rate	2.67%	1.64%
MBS | Collateral Pledged
Assets Sold Under Agreements To Repurchase [Line Items]
MBS pledged as collateral under the repurchase agreements and interest rate swaps	$ 4,159,680	$ 4,735,297
MBS | Less than 30 days
Assets Sold Under Agreements To Repurchase [Line Items]
Repurchase agreements	$ 2,086,627	$ 2,535,695
Weighted average interest rate	2.76%	1.75%
MBS | 30 days to 90 days
Assets Sold Under Agreements To Repurchase [Line Items]
Repurchase agreements	$ 1,725,000	$ 1,830,000
Weighted average interest rate	2.57%	1.48%

Liabilities and Assets Subject

Liabilities and Assets Subject to Netting Arrangements (Detail) - USD ($) $ in Thousands	Dec. 31, 2018		Dec. 31, 2017
Derivative Assets Derivative Liabilities And Repurchase Agreements Subject To Netting Agreements [Line Items]
Gross Amounts of Recognized Assets	$ 46,207		$ 27,793
Net Amounts of Assets Presented in the Balance Sheets	46,207		27,793
Gross Assets Not Offset Financial instruments	(46,207)	[1]	(27,793)
Gross Amounts of Recognized Liabilities	3,827,528		4,367,030
Net Amounts of Liabilities Presented in the Balance Sheets	3,827,528		4,367,030
Gross Liabilities Not Offset Financial instruments	(3,827,528)	[1]	(4,367,030)
Derivative Financial Instruments, Assets
Derivative Assets Derivative Liabilities And Repurchase Agreements Subject To Netting Agreements [Line Items]
Gross Amounts of Recognized Assets	46,207		27,793
Net Amounts of Assets Presented in the Balance Sheets	46,207		27,793
Gross Assets Not Offset Financial instruments	(46,207)	[1]	(27,793)
Repurchase Agreements
Derivative Assets Derivative Liabilities And Repurchase Agreements Subject To Netting Agreements [Line Items]
Gross Amounts of Recognized Liabilities	3,811,627		4,365,695
Net Amounts of Liabilities Presented in the Balance Sheets	3,811,627		4,365,695
Gross Liabilities Not Offset Financial instruments	(3,811,627)	[1]	(4,365,695)
Derivative Financial Instruments, Liabilities
Derivative Assets Derivative Liabilities And Repurchase Agreements Subject To Netting Agreements [Line Items]
Gross Amounts of Recognized Liabilities	15,901		1,335
Net Amounts of Liabilities Presented in the Balance Sheets	15,901		1,335
Gross Liabilities Not Offset Financial instruments	$ (15,901)	[1]	$ (1,335)
[1]	Amounts presented are limited to collateral pledged sufficient to reduce the related net amount to zero in accordance with ASU No. 201111, as amended by ASU No. 201301.

Liabilities and Assets Subjec_2

Liabilities and Assets Subject to Netting Arrangements (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivative Assets Derivative Liabilities And Repurchase Agreements Subject To Netting Agreements [Line Items]
Paid swap margin calls on our derivatives	$ 30,300	$ 11,200
Derivative instruments at fair value	46,207	27,793
Derivative instruments at fair value	15,901	1,335
Agency MBS
Derivative Assets Derivative Liabilities And Repurchase Agreements Subject To Netting Agreements [Line Items]
Pledged in Agency MBS as collateral	3,430,000	4,070,000
Non-Agency MBS
Derivative Assets Derivative Liabilities And Repurchase Agreements Subject To Netting Agreements [Line Items]
Pledged in Agency MBS as collateral	726,400	661,400
Interest rate swap agreements | Agency MBS
Derivative Assets Derivative Liabilities And Repurchase Agreements Subject To Netting Agreements [Line Items]
Pledged in Agency MBS as collateral		62
Interest rate swap agreements | Collateral Pledged
Derivative Assets Derivative Liabilities And Repurchase Agreements Subject To Netting Agreements [Line Items]
Derivative instruments at fair value	40,200	27,800
Derivative instruments at fair value	$ 15,900	$ 51

Junior Subordinated Notes - Add

Junior Subordinated Notes - Additional Information (Detail) - USD ($)	Mar. 15, 2005	Dec. 31, 2018
Subordinated Borrowing [Line Items]
Junior subordinated notes	$ 37,380,000
First interest payment date		Jun. 30, 2005
Trust preferred securities	$ 36,250,000
Trust Preferred Securities | Junior Subordinated Notes
Subordinated Borrowing [Line Items]
Interest rate above prevailing three-month LIBOR rate		3.10%
Debt, maturity date		2,035

Fair Value Measurements on Recu

Fair Value Measurements on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Liabilities:
Derivative instruments at fair value	$ 15,901	$ 1,335
Fair Value, Measurements, Recurring | Derivative Financial Instruments, Liabilities
Liabilities:
Derivative instruments at fair value	15,901	1,335
Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets
Assets:
Asset fair value measurement	46,207	27,793
Agency MBS | Fair Value, Measurements, Recurring
Assets:
Asset fair value measurement	3,548,719	4,278,797
Non-Agency MBS | Fair Value, Measurements, Recurring
Assets:
Asset fair value measurement	795,203	760,825
Level 2 | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Liabilities
Liabilities:
Derivative instruments at fair value	15,901	1,335
Level 2 | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets
Assets:
Asset fair value measurement	46,207	27,793
Level 2 | Agency MBS | Fair Value, Measurements, Recurring
Assets:
Asset fair value measurement	3,548,719	4,278,797
Level 2 | Non-Agency MBS | Fair Value, Measurements, Recurring
Assets:
Asset fair value measurement	$ 795,203	$ 760,825

Carrying Value and Estimated Fa

Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Financial Assets:
Residential mortgage loans held-for-investment	[1]	$ 549,016	$ 639,351
Residential mortgage loans held-for-securitization		11,660
Residential mortgage loans held-for-investment, Estimated Fair Value		538,362	641,126
Financial Liabilities:
Asset-backed securities issued by securitization trusts	[1]	539,651	629,984
Asset-backed securities issued by securitization trust, Estimated Fair Value		$ 528,045	$ 630,562
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the Company. At December 31, 2018 and December 31, 2017, total assets of the consolidated VIEs were $551 million and $641 million (including accrued interest receivable of $1.8 million and $2.1 million), respectively (which is recorded above in the line item “Interest and dividends receivable”), and total liabilities were $541 million and $632 million (including accrued interest payable of $1.7 million and $2.0 million), respectively (which is recorded above in the line item “Accrued interest payable”). Please refer to Note 5, “Variable Interest Entities,” for further discussion.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Taxes
Income tax expense (benefit)	$ 0	$ 0	$ 0
Deferred tax assets	0	0
Deferred tax liabilities	$ 0	$ 0

Tax Information Regarding Divid

Tax Information Regarding Dividend Distributions (Detail)	12 Months Ended
	Dec. 31, 2018$ / shares
Common Stock
Dividends [Line Items]
Total Distribution Per Share	$ 0.710000
Ordinary Income	0.272304
Return of Capital	0.307696
Carry-Over to 2018	$ 0.130000
Declaration Date 12/16/16 | Common Stock
Dividends [Line Items]
Declaration Date	Dec. 15, 2017
Record Date	Dec. 29, 2017
Payable Date	Jan. 29, 2018
Total Distribution Per Share	$ 0.150000
Ordinary Income	0.070423
Return of Capital	$ 0.079577
Declaration Date 03/15/17 | Common Stock
Dividends [Line Items]
Declaration Date	Mar. 15, 2018
Record Date	Mar. 30, 2018
Payable Date	Apr. 30, 2018
Total Distribution Per Share	$ 0.150000
Ordinary Income	0.070423
Return of Capital	$ 0.079577
Declaration Date 06/15/17 | Common Stock
Dividends [Line Items]
Declaration Date	Jun. 15, 2018
Record Date	Jun. 29, 2018
Payable Date	Jul. 30, 2018
Total Distribution Per Share	$ 0.140000
Ordinary Income	0.065729
Return of Capital	$ 0.074271
Declaration Date 09/15/17 | Common Stock
Dividends [Line Items]
Declaration Date	Sep. 14, 2018
Record Date	Sep. 28, 2018
Payable Date	Oct. 29, 2018
Total Distribution Per Share	$ 0.140000
Ordinary Income	0.065729
Return of Capital	$ 0.074271
Declaration Date 12/15/17 | Common Stock
Dividends [Line Items]
Declaration Date	Dec. 14, 2018
Record Date	Dec. 31, 2018
Payable Date	Jan. 29, 2019
Total Distribution Per Share	$ 0.130000
Carry-Over to 2018	0.130000
8.625% Series A Cumulative Preferred Stock
Dividends [Line Items]
Total Distribution Per Share	2.486199
Ordinary Income	1.947136
Carry-Over to 2018	$ 0.539063
8.625% Series A Cumulative Preferred Stock | Declaration Date 10/14/16
Dividends [Line Items]
Declaration Date	Oct. 26, 2017
Record Date	Dec. 29, 2017
Payable Date	Jan. 16, 2018
Total Distribution Per Share	$ 0.329947
Ordinary Income	$ 0.329947
8.625% Series A Cumulative Preferred Stock | Declaration Date 01/26/17
Dividends [Line Items]
Declaration Date	Feb. 28, 2018
Record Date	Mar. 30, 2018
Payable Date	Apr. 16, 2018
Total Distribution Per Share	$ 0.539063
Ordinary Income	$ 0.539063
8.625% Series A Cumulative Preferred Stock | Declaration Date 04/26/17
Dividends [Line Items]
Declaration Date	May 7, 2018
Record Date	Jun. 29, 2018
Payable Date	Jul. 16, 2018
Total Distribution Per Share	$ 0.539063
Ordinary Income	$ 0.539063
8.625% Series A Cumulative Preferred Stock | Declaration Date 07/27/17
Dividends [Line Items]
Declaration Date	Aug. 6, 2018
Record Date	Sep. 28, 2018
Payable Date	Oct. 15, 2018
Total Distribution Per Share	$ 0.539063
Ordinary Income	$ 0.539063
8.625% Series A Cumulative Preferred Stock | Declaration Date 10/26/17
Dividends [Line Items]
Declaration Date	Nov. 6, 2018
Record Date	Dec. 31, 2018
Payable Date	Jan. 15, 2019
Total Distribution Per Share	$ 0.539063
Carry-Over to 2018	0.539063
6.25% Series B Cumulative Convertible Preferred Stock
Dividends [Line Items]
Total Distribution Per Share	1.838059
Ordinary Income	1.447434
Carry-Over to 2018	$ 0.390625
6.25% Series B Cumulative Convertible Preferred Stock | Declaration Date 10/14/16
Dividends [Line Items]
Declaration Date	Oct. 26, 2017
Record Date	Dec. 29, 2017
Payable Date	Jan. 16, 2018
Total Distribution Per Share	$ 0.250266
Ordinary Income	$ 0.250266
6.25% Series B Cumulative Convertible Preferred Stock | Declaration Date 01/26/17
Dividends [Line Items]
Declaration Date	Feb. 28, 2018
Record Date	Mar. 30, 2018
Payable Date	Apr. 16, 2018
Total Distribution Per Share	$ 0.397896
Ordinary Income	$ 0.397896
6.25% Series B Cumulative Convertible Preferred Stock | Declaration Date 04/26/17
Dividends [Line Items]
Declaration Date	May 7, 2018
Record Date	Jun. 29, 2018
Payable Date	Jul. 16, 2018
Total Distribution Per Share	$ 0.402431
Ordinary Income	$ 0.402431
6.25% Series B Cumulative Convertible Preferred Stock | Declaration Date 07/27/17
Dividends [Line Items]
Declaration Date	Aug. 6, 2018
Record Date	Sep. 28, 2018
Payable Date	Oct. 15, 2018
Total Distribution Per Share	$ 0.396841
Ordinary Income	$ 0.396841
6.25% Series B Cumulative Convertible Preferred Stock | Declaration Date 10/26/17
Dividends [Line Items]
Declaration Date	Nov. 6, 2018
Record Date	Dec. 31, 2018
Payable Date	Jan. 15, 2019
Total Distribution Per Share	$ 0.390625
Carry-Over to 2018	0.390625
7.625% Series C Cumulative Redeemable Preferred Stock
Dividends [Line Items]
Total Distribution Per Share	2.197944
Ordinary Income	1.721381
Carry-Over to 2018	$ 0.476563
7.625% Series C Cumulative Redeemable Preferred Stock | Declaration Date 10/14/16
Dividends [Line Items]
Declaration Date	Oct. 26, 2017
Record Date	Dec. 29, 2017
Payable Date	Jan. 16, 2018
Total Distribution Per Share	$ 0.291692
Ordinary Income	$ 0.291692
7.625% Series C Cumulative Redeemable Preferred Stock | Declaration Date 01/26/17
Dividends [Line Items]
Declaration Date	Feb. 28, 2018
Record Date	Mar. 30, 2018
Payable Date	Apr. 16, 2018
Total Distribution Per Share	$ 0.476563
Ordinary Income	$ 0.476563
7.625% Series C Cumulative Redeemable Preferred Stock | Declaration Date 04/26/17
Dividends [Line Items]
Declaration Date	May 7, 2018
Record Date	Jun. 29, 2018
Payable Date	Jul. 16, 2018
Total Distribution Per Share	$ 0.476563
Ordinary Income	$ 0.476563
7.625% Series C Cumulative Redeemable Preferred Stock | Declaration Date 07/27/17
Dividends [Line Items]
Declaration Date	Aug. 6, 2018
Record Date	Sep. 28, 2018
Payable Date	Oct. 15, 2018
Total Distribution Per Share	$ 0.476563
Ordinary Income	$ 0.476563
7.625% Series C Cumulative Redeemable Preferred Stock | Declaration Date 10/26/17
Dividends [Line Items]
Declaration Date	Nov. 6, 2018
Record Date	Dec. 31, 2018
Payable Date	Jan. 15, 2019
Total Distribution Per Share	$ 0.476563
Carry-Over to 2018	$ 0.476563

Series B Cumulative Convertib_2

Series B Cumulative Convertible Preferred Stock - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018item$ / sharesshares	Dec. 31, 2017$ / shares
Conversion Of Stock [Line Items]
Series B Cumulative Convertible Preferred Stock, par value | $ / shares	$ 0.01	$ 0.01
Series B Cumulative Convertible Preferred Stock, liquidating preference per share | $ / shares	$ 25	$ 25
Series B Preferred Stock
Conversion Of Stock [Line Items]
Preferred Stock, dividend rate	6.25%
Preferred stock, conversion start date	Jan. 25, 2012
Conversion of preferred stock, conversion rate (in shares) | shares	5
Number of consecutive trading days used in conversion analysis	30
Minimum number of quarters with failure to pay dividends, which triggers voting rights for preferred stock, quarters	6
Number of Board Of Directors that Preferred Stock owners are entitled to vote to elect when there is a failure to pay quarterly dividends for a set period	2
Minimum ratio of votes required to materially and adversely change the terms of preferred stock	66.70%
Series B Preferred Stock | Minimum
Conversion Of Stock [Line Items]
Percentage of common stock price to then-prevailing conversion price in order to exercise conversion option	130.00%
Number of consecutive trading days used in conversion analysis	20
Series A Preferred Stock
Conversion Of Stock [Line Items]
Preferred Stock, dividend rate	8.625%
Series C Preferred Stock
Conversion Of Stock [Line Items]
Preferred Stock, dividend rate	7.625%

Public Offerings and Capital _2

Public Offerings and Capital Stock - Additional Information (Detail) - USD ($)	Apr. 01, 2016	Jan. 27, 2015	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2015	Aug. 05, 2014	Oct. 03, 2011
Capital Unit [Line Items]
Common Stock, authorized			200,000,000	200,000,000
Common Stock, issued			98,483,048	98,137,000
Common Stock, outstanding			98,483,048	98,137,000
Preferred stock, authorized			20,000,000
Number of shares authorized to repurchase under a share repurchase program								2,000,000
Common stock remaining for issuance under the registration statement			$ 490,200,000
Registration statement declaration effective date			Apr. 13, 2016
Twenty Fifteen Dividend Reinvestment And Stock Purchase Plan
Capital Unit [Line Items]
Issuance of stock (in shares)			72,937
Stock issued, weighted average price per share			$ 4.91
Proceeds from issuance of common stock			$ 357,000,000
Anworth Mortgage Asset Corporation 2014 Equity Compensation Plan
Capital Unit [Line Items]
Maximum authorized shares of common stock under grant of stock options and other stock-based awards							2,000,000
Maximum
Capital Unit [Line Items]
Common stock, public offering	$ 534,442,660
Maximum | Twenty Fifteen Dividend Reinvestment And Stock Purchase Plan
Capital Unit [Line Items]
Common Stock, outstanding						15,303,119
Through Six Separate Authorizations Between December 13, 2013 and January 22, 2016
Capital Unit [Line Items]
Number of additional shares authorized to be repurchased			45,000,000
FBR Sales Agreement
Capital Unit [Line Items]
Stock sales agreement remaining amount			$ 152,700,000
FBR Sales Agreement | Maximum
Capital Unit [Line Items]
Stock sales agreement value			$ 196,615,000
Series A Preferred Stock
Capital Unit [Line Items]
Preferred stock, authorized			5,150,000
Preferred stock, par value			$ 0.01	$ 0.01
Preferred stock, liquidation preference			$ 25	$ 25
Preferred Stock, dividend rate			8.625%
Preferred stock, issued			1,919,378	1,919,000
Preferred stock, outstanding			1,919,378	1,919,000
Series B Preferred Stock
Capital Unit [Line Items]
Preferred stock, authorized			3,150,000
Preferred stock, liquidation preference			$ 25
Preferred Stock, dividend rate			6.25%
Preferred stock, issued			779,743
Preferred stock, outstanding			779,743
Series C Preferred Stock
Capital Unit [Line Items]
Preferred stock, authorized			5,000,000
Preferred stock, par value			$ 0.01	$ 0.01
Preferred stock, liquidation preference			$ 25	$ 25
Preferred Stock, dividend rate			7.625%
Preferred stock redemption price			$ 25
Preferred stock, issued			2,010,278	1,989,000
Preferred stock, outstanding			2,010,278	1,989,000
Issuance of stock (in shares)		300,000
Preferred stock, par value		$ 24.50
Public offering net proceeds		$ 7,000,000
Proceeds on Preferred Stock issued			$ 525,000	$ 42,312,000	$ 1,282,000

Transactions with Affiliates -

Transactions with Affiliates - Additional Information (Detail)	Jul. 01, 2012ft²$ / item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jul. 02, 2012$ / ft²
Related Party Transaction [Line Items]
Annual management fee as a percent of equity		1.20%
Number of days prior notice of non-renewal of the Management Agreement		180 days
Termination fees description		We are required to provide 180-days prior notice of non-renewal of the Management Agreement and must pay a termination fee on the last day of any automatic renewal term equal to three times the average annual management fee earned by our Manager during the prior 24-month period immediately preceding the most recently completed month prior to the effective date of termination.
Sublease agreement, square feet leased | ft²	7,300
Rent paid for leased office space per square foot | $ / ft²					69.42
Sublease with PIA, expiration date	Jun. 30, 2022
New sublease agreement, base monthly rent | $ / item	42,231.54
Sublease agreement, base monthly rent percentage increase starting July 1, 2017	3.00%
Rent		$ 557,000	$ 528,000	$ 511,000
Fees paid for administrative services		Under our administrative services agreement with PIA, it provides administrative services and equipment to us including human resources, operational support and information technology, and we pay an annual fee of 5 basis points on the first $225 million of stockholders' equity and 2.25 basis points thereafter (paid quarterly in arrears) for those services. The administrative services agreement had an initial term of one year and renews for successive one-year terms thereafter unless either party gives notice of termination no less than 30 days before the expiration of the then-current annual term.
Stockholders equity amount used to calculate administrative service fees		$ 225,000,000
Prior written notice to terminate administrative agreement		30 days
Administrative service fees		$ 181,000	$ 154,000	$ 153,000
First $225 million of Stockholders' Equity
Related Party Transaction [Line Items]
Basis points on equity for the annual fee		5 basis points on the first $225 million of stockholders' equity and 2.25 basis points thereafter (paid quarterly in arrears) for those services.
Basis points on equity for the annual fee		5.00%
Above $225 million of Stockholders' Equity
Related Party Transaction [Line Items]
Basis points on equity for the annual fee		2.25%
Chief Executive Officer
Related Party Transaction [Line Items]
Outstanding membership interests		47.40%
Mr. Joseph E. McAdams
Related Party Transaction [Line Items]
Outstanding membership interests		47.40%
Mr. Brett Roth
Related Party Transaction [Line Items]
Additional payment for change in control and arbitration agreements		$ 350,000
Ms. Heather U. Baines
Related Party Transaction [Line Items]
Outstanding membership interests		5.20%
Chief Financial Officer and Various Officers of Manager
Related Party Transaction [Line Items]
Change in Control and Arbitration Agreements, description		Under these agreements, in the event that a change in control occurs, each of these officers will receive a lump sum payment equal to (i) 12 months annual base salary in effect on December 31, 2011, plus (ii) the average annual incentive compensation received for the two complete fiscal years prior December 31, 2011, plus (iii) the average annual bonus received for the two complete fiscal years prior to December 31, 2011, as well as other benefits. For Mr. Brett Roth, a Senior Vice President and Portfolio Manager of our Manager, in the event that a change in control occurs, he will receive a lump sum payment equal to (i) 12 months annual base salary paid by the Manager in effect on September 18, 2014 plus (ii) $350,000, as well as other benefits.

Transactions with Affiliates _2

Transactions with Affiliates - Future Minimum Lease Commitment (Detail) $ in Thousands	Dec. 31, 2018USD ($)
Transactions with Affiliates
2,019	$ 514,374
2,020	529,800
2,021	545,697
2,022	276,882
Total Commitment	$ 1,866,753

Equity Compensation Plan - Equi

Equity Compensation Plan - Equity Plan Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 05, 2014	Aug. 04, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Paid or accrued compensation related to dividend equivalent right issued	$ 392	$ 430	$ 406
Performance-Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (in shares)		162,613	146,552
Restricted shares, vesting term		3 years	3 years
Closing price of common stock on grant date		$ 5.66	$ 4.96
Performance-Based Restricted Stock Units | 2017 Award Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense related to restricted stock grant	16
Unrecognized stock compensation expense	152
Performance-Based Restricted Stock Units | 2016 Award Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense related to restricted stock grant	82
Unrecognized stock compensation expense	$ 60
Performance-Based Restricted Stock Units | Return to Capital Exceeds 10%
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares, vesting term		10 years	10 years
Performance-Based Restricted Stock Units | Involuntary Termination
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares, vesting term		3 years	3 years
Minimum | Performance-Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of total return to stockholders		10.00%	10.00%
Anworth Mortgage Asset Corporation 2014 Equity Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum authorized shares of common stock under grant of stock options and other stock-based awards				2,000,000
Anworth Mortgage Asset Corporation 2004 Equity Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum authorized shares of common stock under grant of stock options and other stock-based awards					3,500,000

Equity Compensation Plan - Summ

Equity Compensation Plan - Summaru of Restricted Stock Transactions (Detail)	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares at beginning of year	325,165
Unvested Shares at end of year	325,165
$ 4.96
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant Date Fair Value | $ / shares	$ 4.96
Unvested Shares at beginning of year	154,552
Unvested Shares at end of year	154,552
Weighted Average Remaining Contractual Life	1 year
$ 5.66
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant Date Fair Value | $ / shares	$ 5.66
Unvested Shares at beginning of year	162,613
Unvested Shares at end of year	162,613
Weighted Average Remaining Contractual Life	10 years

Equity Compensation Plan - Assu

Equity Compensation Plan - Assumptions for Fair Value of Stock-Based Awards (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
2017 Award Grants
Assumptions:
Dividend yield	13.10%
Expected volatility	27.70%
Risk-free interest rate	3.80%
2017 Award Grants | $5.66
Assumptions:
Expected lives	10 years
2016 Award Grants
Assumptions:
Dividend yield	13.10%
Expected volatility	27.70%
Risk-free interest rate	3.80%
Expected lives		3 years

Equity Compensation Plan - Addi

Equity Compensation Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	May 24, 2007	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 05, 2014	Aug. 04, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Paid or accrued compensation related to dividend equivalent right issued		$ 392	$ 430	$ 406
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (in shares)		10,000
Compensation expense related to restricted stock grant		$ 98	$ 82	$ 337
Performance-Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (in shares)			162,613	146,552
Restricted shares, vesting term			3 years	3 years
Closing price of common stock on grant date			$ 5.66	$ 4.96
Performance-Based Restricted Stock Units | Return to Capital Exceeds 10%
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares, vesting term			10 years	10 years
Performance-Based Restricted Stock Units | Involuntary Termination
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares, vesting term			3 years	3 years
Performance-Based Restricted Stock Units | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of total return to stockholders			10.00%	10.00%
Anworth Mortgage Asset Corporation 2014 Equity Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum authorized shares of common stock under grant of stock options and other stock-based awards					2,000,000
Anworth Mortgage Asset Corporation 2014 Equity Plan | Restricted Stock Units (RSUs) | Independent Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant of restricted stock		10,000
Anworth Mortgage Asset Corporation 2014 Equity Plan | DER | Independent Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant of restricted stock		10,000
Anworth Mortgage Asset Corporation 2004 Equity Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum authorized shares of common stock under grant of stock options and other stock-based awards						3,500,000
Anworth Mortgage Asset Corporation 2007 Dividend Equivalent Rights Plan | DER
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend equivalent right issued, term	10 years	5 years
Dividend equivalent right issued		773,311
Dividend equivalent rights, granted		21,778
Dividend equivalent rights outstanding		773,311
Paid or accrued compensation related to dividend equivalent right issued		$ 392	$ 430	$ 406
2017 Award Grants | Performance-Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock compensation expense		152
Compensation expense related to restricted stock grant		16
2016 Award Grants | Performance-Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock compensation expense		60
Compensation expense related to restricted stock grant		$ 82

Derivative Instruments - Fair v

Derivative Instruments - Fair value of Derivative Instruments (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)
Derivative [Line Items]
Fair value of derivative assets	$ 46,207	$ 27,793
Fair value of derivative liabilities	15,901	1,335
Interest rate swaps
Derivative [Line Items]
Fair value of derivative assets	40,192	27,793
Fair value of derivative liabilities	$ 15,901	51
Interest rate swap agreements
Derivative [Line Items]
Derivative contract, weighted average maturity (in months)	47 months
Number of matured or terminated interest rate swap agreements | item	7
Notional amount of swap agreements matured or terminated during period	$ 410,000
Number of new swap agreements | item	27
Notional amount of swap agreements added during period	$ 1,035,000
Amount in AOCI relating to interest rate swaps	11,500
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months	$ 3,900
Swap agreements, maximum maturity term	10 years
TBA Agency MBS
Derivative [Line Items]
Fair value of derivative assets	$ 6,015
Fair value of derivative liabilities		$ 1,284
Eurodollar Future
Derivative [Line Items]
Derivative contract, weighted average maturity (in months)	3 months
Minimum | Interest rate swap agreements
Derivative [Line Items]
Fixed interest rate	1.287%
Minimum | TBA Agency MBS
Derivative [Line Items]
Fixed interest rate	3.00%
Maximum | Interest rate swap agreements
Derivative [Line Items]
Fixed interest rate	3.2205%
Maximum | TBA Agency MBS
Derivative [Line Items]
Fixed interest rate	4.50%

Derivative Instruments - Swap A

Derivative Instruments - Swap Agreements (Detail) - Interest rate swap agreements - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Notional Amount	$ 3,306,000	$ 2,681,000
Weighted Average Fixed Rate	2.10%	1.65%
Remaining Term in Months	47 months	37 months
Less than 1 year
Derivative [Line Items]
Notional Amount	$ 725,000	$ 410,000
Weighted Average Fixed Rate	1.60%	0.96%
Remaining Term in Months	7 months	4 months
1 year to 2 years
Derivative [Line Items]
Notional Amount	$ 591,000	$ 725,000
Weighted Average Fixed Rate	1.70%	1.60%
Remaining Term in Months	19 months	19 months
2 years to 3 years
Derivative [Line Items]
Notional Amount	$ 400,000	$ 516,000
Weighted Average Fixed Rate	1.96%	1.62%
Remaining Term in Months	30 months	33 months
3 years to 4 years
Derivative [Line Items]
Notional Amount	$ 220,000	$ 350,000
Weighted Average Fixed Rate	1.92%	1.90%
Remaining Term in Months	43 months	43 months
4 years to 5 years
Derivative [Line Items]
Notional Amount	$ 205,000	$ 220,000
Weighted Average Fixed Rate	2.27%	1.92%
Remaining Term in Months	57 months	56 months
5 years to 7 years
Derivative [Line Items]
Notional Amount	$ 475,000	$ 260,000
Weighted Average Fixed Rate	2.41%	1.98%
Remaining Term in Months	73 months	74 months
7 years to 10 years
Derivative [Line Items]
Notional Amount	$ 690,000	$ 200,000
Weighted Average Fixed Rate	2.83%	2.08%
Remaining Term in Months	104 months	0 months

Derivative Instruments - Swap_2

Derivative Instruments - Swap Agreements by Counterparty (Detail) - Interest rate swap agreements - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Notional Amount	$ 3,306,000	$ 2,681,000
Chicago Mercantile Exchange
Derivative [Line Items]
Notional Amount	$ 3,306,000	2,421,000
JPMorgan Securities
Derivative [Line Items]
Notional Amount		50,000
Deutsche Bank Securities
Derivative [Line Items]
Notional Amount		75,000
RBS Greenwich Capital
Derivative [Line Items]
Notional Amount		115,000
Bank of New York
Derivative [Line Items]
Notional Amount		$ 20,000

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018USD ($)item	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)item	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)
Derivative [Line Items]
Gain (loss) on derivatives	$ (44,504)	$ 13,090	$ 9,930	$ 13,412				$ 378	$ (8,071)	$ 7,132	$ (18,509)
Interest rate swap agreements
Derivative [Line Items]
Derivative contract, weighted average maturity (in months)									47 months
Aggregate notional amount	$ 3,306,000				$ 2,681,000				$ 3,306,000	$ 2,681,000
Interest rate swap agreements | Minimum
Derivative [Line Items]
Fixed interest rate	1.287%								1.287%
Interest rate swap agreements | Maximum
Derivative [Line Items]
Fixed interest rate	3.2205%								3.2205%
Eurodollar Future
Derivative [Line Items]
Notional value of euro dollar future contract	$ 1,000								$ 1,000
Derivative contract, weighted average maturity (in months)									3 months
Number of futures contracts | item	0				0				0	0
Gain (loss) on derivatives					$ 10,121	$ (945)	$ (4,422)	$ 2,378		$ 262
TBA Agency MBS
Derivative [Line Items]
Gain (loss) on derivatives									$ (8,656)	(1,440)	$ 11,464
Financial instrument, fixed-rate period									15 years
Aggregate notional amount	$ 900,000				$ 750,000				$ 900,000	$ 750,000
TBA Agency MBS | Minimum
Derivative [Line Items]
Fixed interest rate	3.00%								3.00%
TBA Agency MBS | Maximum
Derivative [Line Items]
Fixed interest rate	4.50%								4.50%

Other Expenses (Detail)

Other Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Other Income and Expenses [Abstract]
Legal and professional fees	$ 619	$ 627	$ 660
Printing and stockholder communications	156	145	188
Directors and Officers insurance	350	410	498
DERs expense	392	430	406
Amortization of restricted stock	98	82	337
Software implementation and maintenance	381	417	827
Administrative service fees	181	154	153
Rent	557	528	511
Stock exchange and filing fees	180	156	157
Custodian and clearing fees	857	236	232
Sarbanes-Oxley consulting fees	113	136	128
Commissions - Eurodollar Futures Contracts			44
Board of directors fees and expenses	329	330	311
Securities data services	528	541	401
Recovery on Lehman receivable	(14)	(19)	(58)
Other	153	257	197
Total of other expenses	$ 4,880	$ 4,430	$ 4,992

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Net (Loss) Income to Common Stockholders, Basic EPS	$ (38,230)	$ 15,068	$ 12,636	$ (5,150)	$ 13,926	$ 10,554	$ 8,072	$ 13,646	$ (15,677)	$ 46,199	$ 15,910
Net (Loss) Income to Common Stockholders, Effect of dilutive securities										1,188	1,577
Net (Loss) Income to Common Stockholders, Diluted EPS									$ (15,677)	$ 47,387	$ 17,487
Average Shares, Basic EPS	98,444	98,353	98,271	98,185	98,074,000	97,547,000	95,696,000	95,705,000	98,314,000	96,764,000	96,408,000
Average Shares, Effect of dilutive securities										3,715,000	4,660,000
Average Shares, Diluted EPS	98,444	102,331	102,205	98,185	101,909,000	100,702,000	100,590,000	100,544,000	98,314,000	100,479,000	101,068,000
Earnings (Loss) per Share, Basic EPS	$ (0.39)	$ 0.15	$ 0.13	$ (0.05)	$ 0.14	$ 0.11	$ 0.08	$ 0.14	$ (0.16)	$ 0.48	$ 0.17
Earnings (Loss) per Share, Effect of dilutive securities										(0.01)
Earnings (Loss) per Share, Diluted EPS	$ (0.39)	$ 0.15	$ 0.13	$ (0.05)	$ 0.14	$ 0.11	$ 0.08	$ 0.14	$ (0.16)	$ 0.47	$ 0.17

Summarized Quarterly Results (D

Summarized Quarterly Results (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest income:
Interest-Agency MBS	$ 23,208,000	$ 23,578,000	$ 24,814,000	$ 24,044,000	$ 23,891,000	$ 19,892,000	$ 15,771,000	$ 17,103,000	$ 95,656,000	$ 76,657,000	$ 69,912,000
Interest-Non-Agency MBS	10,445,000	10,377,000	9,902,000	10,021,000	9,607,000	9,352,000	9,738,000	9,568,000	40,733,000	38,266,000	35,852,000
Interest-residential mortgage loans	5,519,000	5,750,000	5,955,000	6,238,000	6,515,000	6,795,000	7,060,000	7,351,000	23,463,000	27,720,000	34,637,000
Other interest income	29,000	20,000	44,000	28,000	22,000	25,000	31,000	26,000	120,000	105,000	51,000
Interest and Dividend Income, Operating, Total	39,201,000	39,725,000	40,715,000	40,331,000	40,035,000	36,064,000	32,600,000	34,048,000	159,972,000	142,748,000	140,452,000
Interest Expense:
Interest expense on repurchase agreements	25,362,000	24,027,000	22,028,000	19,093,000	16,881,000	15,242,000	11,421,000	10,411,000	90,511,000	53,954,000	36,505,000
Interest expense on asset-backed securities	5,351,000	5,581,000	5,797,000	6,070,000	6,346,000	6,626,000	6,892,000	7,075,000	22,800,000	26,939,000	32,480,000
Interest expense on junior subordinated notes	526,000	519,000	504,000	447,000	423,000	417,000	401,000	384,000	1,996,000	1,626,000	1,435,000
Interest Expense, Total	31,239,000	30,127,000	28,329,000	25,610,000	23,650,000	22,285,000	18,714,000	17,870,000	115,307,000	82,519,000	70,420,000
Net interest income	7,962,000	9,598,000	12,386,000	14,721,000	16,385,000	13,779,000	13,886,000	16,178,000	44,665,000	60,229,000	70,032,000
Operating Expenses [Abstract]
Management fee to related party									(7,098,000)	(7,503,000)	(7,883,000)
General and administrative expenses									(4,880,000)	(4,430,000)	(4,992,000)
Total operating expenses	(3,675,000)	(3,199,000)	(3,395,000)	(3,233,000)	(3,436,000)	(3,374,000)	(3,191,000)	(3,305,000)	(13,503,000)	(13,305,000)	(14,219,000)
Other income:
Income-rental properties	428,000	436,000	445,000	451,000	413,000	397,000	451,000	449,000	1,761,000	1,710,000	1,688,000
(Loss) gain on sale of MBS	(999,000)	799,000		(11,987,000)		(2,276,000)	176,000	(68,000)	(12,186,000)	(2,168,000)	(1,935,000)
Realized loss on sales of Agency MBS held as trading investments	(3,871,000)	(231,000)		(7,327,000)					(11,429,000)
Impairment charge on Non-Agency MBS	(971,000)	(141,000)	(1,757,000)						(2,869,000)	(2,399,000)	(1,548,000)
Unrealized gain (loss) on Agency MBS held as trading investments	9,674,000	(3,017,000)	(2,677,000)	(8,890,000)		(762,000)	(905,000)	(732,000)	(4,911,000)	2,793,000	(13,777,000)
Gain on sale of residential properties	23,000	30,000							54,000
Gain on sales of residential mortgage loans held-for-investment					(7,279,000)	5,849,000	4,101,000	122,000		378,000	749,000
(Loss) gain on derivatives, net	(44,504,000)	13,090,000	9,930,000	13,412,000				378,000	(8,071,000)	7,132,000	(18,509,000)
Recovery on Non-Agency MBS			1,000		(1,000)	1,000	1,000	1,000	1,000	2,000	12,000
Total other (loss) income	(40,220,000)	10,966,000	5,942,000	(14,341,000)	3,254	2,264	(598)	2,528	(37,650,000)	7,448,000	(33,320,000)
Net (loss) income	(35,933,000)	17,365,000	14,933,000	(2,853,000)	16,203	12,669	10,097	15,401	(6,488,000)	54,372,000	22,493,000
Dividends on preferred stock	(2,297,000)	(2,297,000)	(2,297,000)	(2,297,000)	(2,277,000)	(2,115,000)	(2,025,000)	(1,755,000)	(9,189,000)	(8,173,000)	(6,583,000)
Net (loss) income to common stockholders	$ (38,230,000)	$ 15,068,000	$ 12,636,000	$ (5,150,000)	$ 13,926,000	$ 10,554,000	$ 8,072,000	$ 13,646,000	$ (15,677,000)	$ 46,199,000	$ 15,910,000
Basic (loss) earnings per common share	$ (0.39)	$ 0.15	$ 0.13	$ (0.05)	$ 0.14	$ 0.11	$ 0.08	$ 0.14	$ (0.16)	$ 0.48	$ 0.17
Diluted (loss) earnings per common share	$ (0.39)	$ 0.15	$ 0.13	$ (0.05)	$ 0.14	$ 0.11	$ 0.08	$ 0.14	$ (0.16)	$ 0.47	$ 0.17
Basic weighted average number of shares outstanding	98,444	98,353	98,271	98,185	98,074,000	97,547,000	95,696,000	95,705,000	98,314,000	96,764,000	96,408,000
Diluted weighted average number of shares outstanding	98,444	102,331	102,205	98,185	101,909,000	100,702,000	100,590,000	100,544,000	98,314,000	100,479,000	101,068,000
Eurodollar Future
Other income:
(Loss) gain on derivatives, net					$ 10,121,000	$ (945,000)	$ (4,422,000)	$ 2,378,000		$ 262,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Millions	Dec. 15, 2017$ / shares	Dec. 31, 2018item$ / sharesshares	Dec. 31, 2017$ / shares	Dec. 31, 2016$ / shares	Feb. 12, 2019USD ($)	Jan. 02, 2019shares	Jan. 01, 2019shares
Subsequent Event [Line Items]
Dividend declared common share, per share | $ / shares		$ 0.56	$ 0.60	$ 0.60
Interest rate swap agreements
Subsequent Event [Line Items]
Number of matured or terminated interest rate swap agreements | item		7
Series B Preferred Stock
Subsequent Event [Line Items]
Conversion of preferred stock, conversion rate (in shares) | shares		5
Dividend declared common share, per share | $ / shares	$ 0.13
Subsequent Event
Subsequent Event [Line Items]
The purchase agreement amount for the acquisition of Non-QM loans | $					$ 90
Subsequent Event | Series B Preferred Stock
Subsequent Event [Line Items]
Conversion of preferred stock, conversion rate (in shares) | shares						5.2588	5.1740

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Detail) $ in Thousands		12 Months Ended
		Dec. 31, 2018USD ($)loanitem		Dec. 31, 2017USD ($)loan		Dec. 31, 2016USD ($)
Mortgage Loans on Real Estate [Line Items]
Carrying value	[1]	$ 549,016		$ 639,351
Residential Mortgage Backed Securities
Mortgage Loans on Real Estate [Line Items]
Number of loans | item		22
Interest Rate		5.95%
Unamortized premium, net of discount		$ 379
Face Amount		11,281
Accrued interest		38
Carrying value		$ 11,660
Residential Mortgage Backed Securities | 30-year Fixed-rate MBS
Mortgage Loans on Real Estate [Line Items]
Final Maturity Date		2,048
Residential Mortgage Backed Securities | 20-year Fixed-rate MBS
Mortgage Loans on Real Estate [Line Items]
Final Maturity Date		2,048
Residential Mortgage Backed Securities | 15-year fixed-rate MBS
Mortgage Loans on Real Estate [Line Items]
Final Maturity Date		2,048
Residential Mortgage Backed Securities | 5- to 10-year hybrid ARMs
Mortgage Loans on Real Estate [Line Items]
Number of loans | item		22
Interest Rate		5.95%
Final Maturity Date		2,048
Face Amount		$ 11,243
Carrying value		$ 11,622
Residential Mortgage Backed Securities | $50,000 and $100,000
Mortgage Loans on Real Estate [Line Items]
Number of loans | item		2
Interest Rate		6.33%
Final Maturity Date		2,048
Face Amount		$ 163
Carrying value		$ 168
Residential Mortgage Backed Securities | $100,000 and $300,000
Mortgage Loans on Real Estate [Line Items]
Number of loans | item		8
Interest Rate		6.10%
Final Maturity Date		2,048
Face Amount		$ 1,503
Carrying value		$ 1,554
Residential Mortgage Backed Securities | $300,001 and $500,000
Mortgage Loans on Real Estate [Line Items]
Number of loans | item		3
Interest Rate		5.91%
Final Maturity Date		2,048
Face Amount		$ 1,186
Carrying value		$ 1,226
Residential Mortgage Backed Securities | $500,001 and $700,000
Mortgage Loans on Real Estate [Line Items]
Number of loans | item		2
Interest Rate		6.21%
Final Maturity Date		2,048
Face Amount		$ 1,281
Carrying value		$ 1,324
Residential Mortgage Backed Securities | $700,001 and $900,000
Mortgage Loans on Real Estate [Line Items]
Number of loans | item		2
Interest Rate		5.88%
Final Maturity Date		2,048
Face Amount		$ 1,466
Carrying value		$ 1,515
Residential Mortgage Backed Securities | $900,000
Mortgage Loans on Real Estate [Line Items]
Number of loans | item		5
Interest Rate		5.86%
Final Maturity Date		2,048
Face Amount		$ 5,644
Carrying value		$ 5,835
Residential Mortgage Backed Securities | Variable Interest Entities Primary Beneficiary
Mortgage Loans on Real Estate [Line Items]
Number of loans | loan		829		931
Interest Rate	[2]	4.11%
Unamortized premium, net of discount		$ 3,321		$ 5,335
Allowance for loan losses		(186)		(203)		$ (203)
Face Amount		549,016
Carrying value		549,016	[1]	$ 639,351	[1]	$ 744,462
Principal Amount Subject to Delinquent Principal or Interest	[3]	$ 1,657
Residential Mortgage Backed Securities | Variable Interest Entities Primary Beneficiary | 30-year Fixed-rate MBS
Mortgage Loans on Real Estate [Line Items]
Number of loans | loan		739
Interest Rate	[2]	4.19%
Final Maturity Date	[4]	2,045
Face Amount		$ 490,030
Carrying value		490,030
Principal Amount Subject to Delinquent Principal or Interest	[3]	$ 1,657
Residential Mortgage Backed Securities | Variable Interest Entities Primary Beneficiary | 20-year Fixed-rate MBS
Mortgage Loans on Real Estate [Line Items]
Number of loans | loan		1
Interest Rate	[2]	4.25%
Final Maturity Date	[4]	2,045
Face Amount		$ 766
Carrying value		$ 766
Residential Mortgage Backed Securities | Variable Interest Entities Primary Beneficiary | 15-year fixed-rate MBS
Mortgage Loans on Real Estate [Line Items]
Number of loans | loan		60
Interest Rate	[2]	3.39%
Final Maturity Date	[4]	2,045
Face Amount		$ 33,968
Carrying value		$ 33,968
Residential Mortgage Backed Securities | Variable Interest Entities Primary Beneficiary | 5- to 10-year hybrid ARMs
Mortgage Loans on Real Estate [Line Items]
Number of loans | loan		29
Interest Rate	[2]	3.44%
Final Maturity Date	[4]	2,045
Face Amount		$ 21,117
Carrying value		$ 21,117
Residential Mortgage Backed Securities | Variable Interest Entities Primary Beneficiary | $100,000 and $300,000
Mortgage Loans on Real Estate [Line Items]
Number of loans | loan		8
Interest Rate	[2]	4.22%
Final Maturity Date	[4]	2,045
Face Amount		$ 1,799
Carrying value		$ 1,799
Residential Mortgage Backed Securities | Variable Interest Entities Primary Beneficiary | $300,001 and $500,000
Mortgage Loans on Real Estate [Line Items]
Number of loans | loan		201
Interest Rate	[2]	4.11%
Final Maturity Date	[4]	2,045
Face Amount		$ 88,460
Carrying value		88,460
Principal Amount Subject to Delinquent Principal or Interest	[3]	$ 454
Residential Mortgage Backed Securities | Variable Interest Entities Primary Beneficiary | $500,001 and $700,000
Mortgage Loans on Real Estate [Line Items]
Number of loans | loan		349
Interest Rate	[2]	4.12%
Final Maturity Date	[4]	2,045
Face Amount		$ 208,935
Carrying value		208,935
Principal Amount Subject to Delinquent Principal or Interest	[3]	$ 1,203
Residential Mortgage Backed Securities | Variable Interest Entities Primary Beneficiary | $700,001 and $900,000
Mortgage Loans on Real Estate [Line Items]
Number of loans | loan		174
Interest Rate	[2]	4.11%
Final Maturity Date	[4]	2,045
Face Amount		$ 136,531
Carrying value		$ 136,531
Residential Mortgage Backed Securities | Variable Interest Entities Primary Beneficiary | $900,000
Mortgage Loans on Real Estate [Line Items]
Number of loans | loan		97
Interest Rate	[2]	4.07%
Final Maturity Date	[4]	2,045
Face Amount		$ 110,156
Carrying value		$ 110,156
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the Company. At December 31, 2018 and December 31, 2017, total assets of the consolidated VIEs were $551 million and $641 million (including accrued interest receivable of $1.8 million and $2.1 million), respectively (which is recorded above in the line item “Interest and dividends receivable”), and total liabilities were $541 million and $632 million (including accrued interest payable of $1.7 million and $2.0 million), respectively (which is recorded above in the line item “Accrued interest payable”). Please refer to Note 5, “Variable Interest Entities,” for further discussion.
[2]	This represents the weighted average gross coupon rate.
[3]	Does not include any amounts that are delinquent less than 90 days.
[4]	Represents the Final Maturity Date of the securitization trusts.

Note to Schedule IV - Reconcili

Note to Schedule IV - Reconciliation of Mortgage Loans on Real Estate (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017
Balance at beginning of period	[1]	$ 639,351
Deductions during period:
Balance at end of period	[1]	549,016		$ 639,351
Residential Mortgage Backed Securities
Additions during period:
New loans		11,660
Principal balance		11,281
Premium on new loans		379
Deductions during period:
Balance at end of period		11,660
Residential Mortgage Backed Securities | Variable Interest Entities Primary Beneficiary
Balance at beginning of period		639,351	[1]	744,462
Additions during period:
Principal balance	[1]	545,881		634,219
Deductions during period:
Collections of principal		(88,338)		(102,569)
Amortization of premium		(2,014)		(2,542)
Charge offs, net		17
Balance at end of period	[1]	$ 549,016		$ 639,351
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the Company. At December 31, 2018 and December 31, 2017, total assets of the consolidated VIEs were $551 million and $641 million (including accrued interest receivable of $1.8 million and $2.1 million), respectively (which is recorded above in the line item “Interest and dividends receivable”), and total liabilities were $541 million and $632 million (including accrued interest payable of $1.7 million and $2.0 million), respectively (which is recorded above in the line item “Accrued interest payable”). Please refer to Note 5, “Variable Interest Entities,” for further discussion.