Anworth Mortgage Asset (RC+C) 10-Q 8 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	5-May-14
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'ANH	'
Entity Registrant Name	'ANWORTH MORTGAGE ASSET CORP	'
Entity Central Index Key	'0001047884	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	127,934,362

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Agency MBS:	'	'
Agency MBS pledged to counterparties at fair value	$7,976,934	$8,060,567
Agency MBS at fair value	587,335	462,478
Paydowns receivable	20,401	33,401
Available-for-sale Securities, Total	8,584,670	8,556,446
Residential properties	694	0
Cash and cash equivalents	2,274	7,368
Interest and dividends receivable	23,086	23,310
Derivative instruments at fair value	17,253	22,551
Prepaid expenses and other	14,969	9,816
Total Assets:	8,642,946	8,619,491
Liabilities:	'	'
Accrued interest payable	25,738	30,117
Repurchase agreements	7,510,000	7,580,000
Junior subordinated notes	37,380	37,380
Derivative instruments at fair value	18,894	55,914
Interest rate swaps at fair value	40,048	0
Dividends payable on Series A Preferred Stock	1,035	1,035
Dividends payable on Series B Preferred Stock	394	394
Dividends payable on common stock	18,689	11,097
Payable for securities purchased	100,064	0
Accrued expenses and other	2,803	1,368
Total Liabilities:	7,755,045	7,717,305
Series B Cumulative Convertible Preferred Stock: par value $0.01 per share; liquidating preference $25.00 per share ($25,241 and $25,241, respectively); 1,066 and 1,066 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	23,924	23,924
Stockholders' Equity:	'	'
Series A Cumulative Preferred Stock: par value $0.01 per share; liquidating preference $25.00 per share ($47,984 and $47,984, respectively); 1,919 and 1,919 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	46,537	46,537
Common Stock: par value $0.01 per share; authorized 200,000 shares, 133,492 and 138,717 issued and outstanding at March 31, 2014 and December 31, 2013, respectively	1,335	1,387
Additional paid-in capital	1,157,380	1,185,369
Accumulated other comprehensive (loss) consisting of unrealized gains and losses	-71,486	-92,008
Accumulated deficit	-269,789	-263,023
Total Stockholders' Equity:	863,977	878,262
Total Liabilities and Stockholders' Equity:	$8,642,946	$8,619,491

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
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	$25,241	$25,241
Series B Cumulative Convertible Preferred Stock, shares issued	1,066,000	1,066,000
Series B Cumulative Convertible Preferred Stock, shares outstanding	1,066,000	1,066,000
Series A Cumulative Preferred Stock, par value	$0.01	$0.01
Series A Cumulative Preferred Stock, liquidating preference per share	$25	$25
Series A Cumulative Preferred Stock, liquidating preference	$47,984	$47,984
Series A Cumulative Preferred Stock, shares issued	1,919,000	1,919,000
Series A Cumulative Preferred Stock, shares outstanding	1,919,000	1,919,000
Common Stock, par value	$0.01	$0.01
Common Stock, authorized	200,000,000	200,000,000
Common Stock, issued	133,492,287	138,717,000
Common Stock, outstanding	133,492,287	138,717,000

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Interest income:	'	'
Interest on Agency MBS	$44,395	$43,450
Other income	11	17
Interest and Dividend Income, Operating, Total	44,406	43,467
Interest expense:	'	'
Interest expense on repurchase agreements	27,406	20,902
Interest expense on junior subordinated notes	314	320
Interest Expense, Total	27,720	21,222
Net interest income	16,686	22,245
Gain on sales of Agency MBS	0	5,170
Gain on interest rate swaps, net	628	0
Recovery on Non-Agency MBS	37	129
Expenses:	'	'
Management fee to related party	-2,916	-2,998
Other expenses	-1,064	-922
Total expenses	-3,980	-3,920
Net income	13,371	23,624
Dividend on Series A Cumulative Preferred Stock	-1,035	-1,034
Dividend on Series B Cumulative Convertible Preferred Stock	-394	-412
Net income to common stockholders	$11,942	$22,178
Basic earnings per common share	$0.09	$0.16
Diluted earnings per common share	$0.09	$0.15
Basic weighted average number of shares outstanding	136,848	142,903
Diluted weighted average number of shares outstanding	140,875	146,945

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net income	$13,371	$23,624
Available-for-sale Agency MBS, fair value adjustment	29,722	-20,143
Reclassification adjustment for gain on sales of Agency MBS included in net income	0	-5,170
Unrealized (losses) gains on derivatives	-29,655	532
Reclassification adjustment for interest expense on swap agreements included in net income	20,455	12,153
Other comprehensive income (loss)	20,522	-12,628
Comprehensive income	$33,893	$10,996

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Total	Series A Preferred Stock	Common Stock	Additional Paid-In Capital	Accum. Other Comp. Income (Loss) Agency MBS	Accum. Other Comp. (Loss) Derivatives	Accum. (Deficit)
In Thousands, except Share data
Beginning Balance at Dec. 31, 2013	$878,262	$46,537	$1,387	$1,185,369	($58,646)	($33,362)	($263,023)
Beginning Balance (in shares) at Dec. 31, 2013	'	1,919,000	138,717,000	'	'	'	'
Issuance of common stock	258	'	1	257	'	'	'
Issuance of common stock (in shares)	'	'	56,000	'	'	'	'
Redemption of common stock	-26,518	'	-53	-26,465	'	'	'
Redemption of common stock (in shares)	'	'	-5,281,000	'	'	'	'
Other comprehensive income, fair value adjustments and reclassifications	20,522	'	0	'	29,722	-9,200	'
Net income	13,371	'	'	'	'	'	13,371
Treasury Stock	-1,805	'	'	-1,805	'	'	'
Amortization of restricted stock	24	'	'	24	'	'	'
Dividend declared - $0.539063 per Series A preferred share	-1,035	'	'	'	'	'	-1,035
Dividend declared - $0.390625 per Series B preferred share	-394	'	'	'	'	'	-394
Dividend declared - $0.14 per common share	-18,708	'	'	'	'	'	-18,708
Ending Balance at Mar. 31, 2014	$863,977	$46,537	$1,335	$1,157,380	($28,924)	($42,562)	($269,789)
Ending Balance (in shares) at Mar. 31, 2014	'	1,919,000	133,492,000	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_STO1

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2014
Dividend declared common share, per share	$0.14
Series A Preferred Stock	'
Dividend declared, per preferred share	$0.54
Series B Preferred Stock	'
Dividend declared, per preferred share	$0.39

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Operating Activities:	'	'
Net income	$13,371	$23,624
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Amortization of premium and discounts (Agency MBS)	9,887	19,022
Gain on sales of Agency MBS	0	-5,170
Amortization of restricted stock	24	50
Recovery on Non-Agency MBS	-37	-129
Amortization related to interest rate swaps	245	0
Gain on interest rate swaps, net	-628	0
Changes in assets and liabilities:	'	'
Decrease in interest receivable	224	620
(Increase) decrease in prepaid expenses and other	-5,153	183
(Decrease) in accrued interest payable	-4,380	-312
Increase in accrued expenses	1,435	1,434
Net cash provided by operating activities	14,498	39,322
Available-for-sale Agency MBS:	'	'
Proceeds from sale	0	202,217
Purchases	-238,748	-889,672
Principal payments	330,460	650,093
Residential properties purchases	-694	0
Net cash provided by (used in) investing activities	91,018	-37,362
Financing Activities:	'	'
Borrowings from repurchase agreements	8,733,100	11,571,346
Repayments on repurchase agreements	-8,803,100	-11,566,346
Proceeds from common stock issued, net of common stock repurchased	-28,065	11,680
Common stock dividends paid	-11,116	-21,302
Net cash (used in) financing activities	-110,610	-3,625
Net (decrease) in cash and cash equivalents	-5,094	-1,665
Cash and cash equivalents at beginning of period	7,368	2,910
Cash and cash equivalents at end of period	2,274	1,245
Supplemental Disclosure of Cash Flow Information:	'	'
Cash paid for interest	32,344	21,534
Conversions of Series B Preferred Stock into common stock	0	1,589
Common stock repurchased	28,323	578
Change in payable for securities purchased	100,064	274,572
Series B Preferred Stock	'	'
Financing Activities:	'	'
Proceeds on Preferred Stock issued	0	1,335
Preferred stock dividends paid	-394	-416
Series A Preferred Stock	'	'
Financing Activities:	'	'
Proceeds on Preferred Stock issued	0	1,090
Preferred stock dividends paid	($1,035)	($1,012)

Organization_and_Significant_A

Organization and Significant Accounting Policies

3 Months Ended

Mar. 31, 2014

Organization and Significant Accounting Policies

'

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

We were incorporated in Maryland on October 20, 1997 and we commenced operations on March 17, 1998. We are in the business of investing primarily in United States, or U.S., agency mortgage-backed securities, or Agency MBS. Agency MBS are securities representing obligations guaranteed by the U.S. government, such as Ginnie Mae, or guaranteed by federally sponsored enterprises, such as Fannie Mae or Freddie Mac. Our principal business objective is to generate net income for distribution to our stockholders based upon the spread between the interest income on our mortgage assets and the costs of borrowing 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, or the Code. As a REIT, we routinely distribute substantially all of the taxable income generated from our operations to our stockholders. As long as we retain our REIT status, we generally will not be subject to federal or state taxes on our income to the extent that we distribute our taxable net income to our stockholders.

In February 2014, the Company incorporated Anworth Properties, Inc., a Qualified REIT Subsidiary (“QRS”) that is wholly-owned by the Company.  The Company also incorporated Anworth Property Services, Inc., a Taxable REIT Subsidiary (“TRS”) that is wholly-owned by the Company. The Company’s QRS will provide the entity through which the Company may own REIT-qualified real estate assets such as: (1) other types of mortgage assets, from which the Company would receive interest income; and (2) real estate assets, from which the Company would receive rental income and potential price appreciation. The Company’s TRS will provide the entity through which the Company may participate in various real estate-related activities which would earn profits that the IRS considers to be taxable income. Unlike a REIT, a TRS pays standard corporate taxes on its income earned from these activities in the mortgage and real estate markets. These other activities include almost everything other than receiving rent on properties owned and collecting interest on real estate mortgages owned. Examples of these other activities include: the securitization of mortgage loans; mortgage origination; leasing and managing rental properties; and owning properties acquired through the foreclosure process.

Effective as of December 31, 2011, we entered into a Management Agreement, or the Management Agreement, with Anworth Management, LLC, or the 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 the Manager through the authority delegated to it under the Management Agreement and pursuant to the policies established by our board of directors. The 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 management services. The Manager will also perform such other services and activities relating to our assets and operations as may be appropriate. In exchange for these services, the 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

The accompanying unaudited 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 securities, amortization of security premiums and 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. The operating results for the three months ended March 31, 2014 and 2013 are not necessarily indicative of the results that may be expected for the calendar year. The interim financial information in the accompanying unaudited consolidated financial statements and the notes thereto should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013.

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 instruments under which the counterparty pledges securities (U.S. treasury securities or Agency MBS) 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 income” on our unaudited consolidated statements of income. 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 (MBS)

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, usually three to seven years (but may also include interest rates that are fixed for up 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. Our portfolio also includes a small amount of Non-Agency MBS (approximately $42 thousand) and this is included with the Agency MBS. Prior year balances have been presented consistent with this treatment.

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 all of our MBS as available-for-sale. All assets that are classified as available-for-sale are carried at fair value and unrealized gains or losses are generally included in “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” to income (loss).

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 the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or 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.

Securities 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.

The following table shows our investments’ gross unrealized losses and fair value of those individual securities that have been in a continuous unrealized loss position at March 31, 2014 and December 31, 2013, aggregated by investment category and length of time (dollar amounts in thousands):

March 31, 2014

Less Than 12 Months

12 Months or More

Total

Description

Number

Fair

Unrealized

Number

Fair

Unrealized

Number

Fair

Unrealized

of

of

Value

Losses

of

Value

Losses

of

Value

Losses

Securities

Securities

Securities

Securities

Agency MBS

203

$

3,723,083

$

(78,467

)

244

$

1,182,606

$

(35,704

)

447

$

4,905,689

$

(114,171

)

December 31, 2013

Less Than 12 Months

12 Months or More

Total

Description

Number

Fair

Unrealized

Number

Fair

Unrealized

Number

Fair

Unrealized

of

of

Value

Losses

of

Value

Losses

of

Value

Losses

Securities

Securities

Securities

Securities

Agency MBS

202

$

4,262,712

$

(122,890

)

230

$

763,911

$

(23,089

)

432

$

5,026,623

$

(145,979

)

We do not consider those Agency 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 Agency MBS were caused by fluctuations in interest rates. We purchased the Agency 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. We do not expect to sell the Agency MBS at a price less than the amortized cost basis of our investments. Because the decline in market value of the Agency MBS is attributable to changes in interest rates and not the credit quality of the Agency MBS in our portfolio, and because we do 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 March 31, 2014.

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 Accounting Standards Codification (“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. At March 31, 2014, all of our single-family properties acquired were not subject to any existing leases.

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.

Derivative Financial Instruments

Interest Rate 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 hedging opportunities.

Our objective is to limit the impact of interest rate changes on earnings and cash flows. We achieve this by entering into interest rate swaps, which effectively convert a percentage of our repurchase agreements to fixed-rate obligations over a period of up to ten years. Under interest rate swap contracts, 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 generally account for these swaps as cash flow hedges in accordance with ASC 815-10. We do not issue or hold derivative contracts for speculative purposes.

For all interest rate swaps entered into prior to September 9, 2013, we are exposed to credit losses in the event of non-performance by counterparties to interest rate swap agreements. In order to limit credit risk associated with swaps, our practice was to only enter into swaps with large financial institution counterparties who are market makers for these types of instruments, limit our exposure on each swap to a single counterparty under our defined guidelines and either pay or receive collateral to or from each counterparty on a periodic basis to cover the net fair market value position of the swaps held with that counterparty.

For all interest rate swaps entered into on or after September 9, 2013, all swap participants are required by rules of the Commodities Futures Trading Commission, or CFTC, under authority granted to it pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, to clear swaps through a registered derivatives clearing organization, or “swap execution facility,” through standardized documents under which each swap counterparty transfers its position to another entity whereby a central clearinghouse effectively becomes the counterparty on each side of the swap. Both the swap execution facility and the central clearing house could require greater initial and periodic margin (collateral) requirements and additional transaction fees. It is the intent of the Dodd-Frank Act that the clearing of swaps in this manner is designed to avoid concentration of risk in any single entity by spreading and centralizing the risk in the clearinghouse and its members.

Accounting for Derivatives and Hedging Activities

In accordance with ASC 815-10, a derivative that is designated as a hedge is recognized as an asset/liability and measured at estimated fair value. In order for our interest rate swap agreements to qualify for hedge accounting, upon entering into the swap agreement, we must anticipate that the hedge will be highly “effective” as defined by ASC 815-10.

On the date we enter into a derivative contract, we designate the derivative as a hedge of the variability of cash flows that are to be received or paid in connection with a recognized asset or liability (a “cash flow” hedge). Changes in the fair value of a derivative that is highly effective and that is designated and qualifies as a cash flow hedge, to the extent that the hedge is effective, are recorded in “Other comprehensive income” and reclassified to income when the forecasted transaction affects income (e.g., when periodic settlement interest payments are due on repurchase agreements). The swap agreements are carried on our balance sheets at their fair value, based on values obtained from large financial institutions who are market makers for these types of instruments. Hedge ineffectiveness, if any, is recorded in current-period income.

We formally assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. If it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, we discontinue hedge accounting.

When we discontinue hedge accounting, the gain or loss on the derivative remains in “Accumulated other comprehensive income” and is reclassified into income when the forecasted transaction affects income. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, we will carry the derivative at its fair value on our balance sheet, recognizing changes in the fair value in current-period income. All of the Company’s swaps have historically been accounted for as cash flow hedges under ASC 815. However, on March 17, 2014, the Company discontinued hedge accounting on certain of its swaps totaling approximately $1.685 billion in notional amounts by de-designating these swaps as cash flow hedges. No swaps were terminated in conjunction with this action and the Company’s risk management and hedging practices were not impacted. As a result of discontinuing hedge accounting, beginning March 18, 2014, changes in the fair value of the Company’s swaps are recorded in “Gain on interest rate swaps, net” in the Company’s consolidated statements of income rather than in other comprehensive income (loss). Also, net interest paid or received under these swaps which, up through March 17, 2014, was recognized in “interest expense,” is instead recognized in “Gain on interest rate swaps, net.” These continue to be reported as assets or liabilities on the Company’s consolidated balance sheets at their fair value.

As long as the forecasted transactions that were being hedged (i.e. rollovers of the Company’s repurchase agreement borrowings) are still expected to occur, the balance in accumulated other comprehensive income (“AOCI”) from swap activity up through March 17, 2014 will remain in AOCI and be recognized in the Company’s consolidated statements of income as “interest expense” over the remaining term of the swaps.

For purposes of the cash flow statement, cash flows from derivative instruments are classified with the cash flows from the hedged item.

For more details on the amounts and other qualitative information on our swap agreements, see Note 13. For more information on the fair value of our swap agreements, see Note 7.

Credit Risk

At March 31, 2014, we have attempted to limit our exposure to credit losses on our 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 losses and overall financial position, there can be no assurance that it will succeed or that, if necessary, Freddie Mac or Fannie Mae will be able to satisfy its guarantees of Agency MBS. In August 2011, the ratings of each of U.S. sovereign debt, Fannie Mae and Freddie Mac were downgraded from AAA to AA+ by Standard & Poor’s, and affirmed at Aaa by Moody’s Investors Service, or Moody’s, with each of Standard & Poor’s and Moody’s revising the outlook on U.S. sovereign debt, Fannie Mae and Freddie Mac to negative. Each of Standard & Poor’s and Moody’s has indicated that it would likely change its ratings on Fannie Mae and Freddie Mac if it was to change its rating on the U.S. government. In June 2013, Standard & Poor’s affirmed its AA+ long-term sovereign credit rating on the United States and revised the outlook from negative to stable, and in July 2013, Moody’s affirmed its Aaa government bond rating of the United States and revised the outlook from negative to stable. We do not know what effect any changes in the ratings of U.S. sovereign debt, Fannie Mae and Freddie Mac will ultimately have on the U.S. economy, the value of our securities, or the ability of Fannie Mae and Freddie Mac to satisfy its guarantees of Agency MBS if necessary.

Our adjustable-rate MBS are subject to periodic and lifetime interest rate caps. Periodic caps can limit the amount an interest rate can increase during any given period. Some adjustable-rate MBS subject to periodic payment caps may result in a portion of the interest being deferred and added to the principal outstanding.

Other-than-temporary losses on our available-for-sale MBS, as measured by the amount of decline in estimated fair value attributable to credit losses that are considered to be other-than-temporary, are charged against income, resulting in an adjustment of the cost basis of such securities. Based on the criteria in ASC 320-10, the determination of whether a security is other-than-temporarily impaired, or OTTI, involves judgments and assumptions based on both subjective and objective factors. When a security is impaired, an OTTI is considered to have occurred if (i) we intend to sell the security, (ii) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis or (iii) we do not expect to recover its amortized cost basis (i.e., there is a credit-related loss). The following are among, but not all of, the factors considered in determining whether and to what extent an OTTI exists and the portion that is related to credit loss: (i) the expected cash flow from the investment; (ii) whether there has been an other-than-temporary deterioration of the credit quality of the underlying mortgages; (iii) the credit protection available to the related mortgage pool for MBS; (iv) any other market information available, including analysts’ assessments and statements, public statements and filings made by the debtor or counterparty; (v) management’s internal analysis of the security, considering all known relevant information at the time of assessment; and (vi) the magnitude and duration of historical decline in market prices. Because management’s assessments are based on factual information as well as subjective information available at the time of assessment, the determination as to whether an other-than-temporary decline exists and, if so, the amount considered impaired, is also subjective and therefore constitutes material estimates that are susceptible to significant change.

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 income tax to the extent that our distributions to our stockholders satisfy the REIT requirements and that certain asset, income and stock ownership tests are met.

We have no unrecognized tax benefits and do not anticipate any increase in unrecognized benefits during 2014 relative to any tax positions taken prior to January 1, 2014. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, it is our policy to record such accruals in our income taxes accounts; and no such accruals existed at March 31, 2014. We file REIT U.S. federal and California income tax returns. These returns are generally open to examination by the IRS and the California Franchise Tax Board for all years after 2009 and 2008, respectively.

Cumulative Convertible Preferred Stock

We classify our Series B Cumulative Convertible Preferred Stock, or Series B Preferred Stock, on our balance sheets using the guidance in ASC 480-10-S99. The Series B Preferred Stock contains certain fundamental change provisions that allow the holder to redeem the preferred stock for cash only if certain events occur, such as a change in control. As redemption under these circumstances is not solely within our control, we have classified the Series B Preferred Stock as temporary equity.

We have analyzed whether the conversion features in the Series B Preferred Stock should be bifurcated under the guidance in ASC 815-10 and have determined that bifurcation is not necessary.

Stock-Based Expense

In accordance with ASC 718-10, any expense relating to share-based payment transactions is recognized in the unaudited consolidated financial statements.

Restricted stock is expensed over the vesting period (see Note 11).

Earnings Per Share

Basic earnings per share, or EPS, is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS assumes the conversion, exercise or issuance of all potential common stock equivalents (which includes stock options and convertible preferred stock) and the adding back of the Series B Preferred Stock dividends unless the effect is to reduce a loss or increase the income per share.

The computation of EPS for the three months ended March 31, 2014 and 2013 is as follows (amounts in thousands, except per share data):

Net Income

Average

Earnings

Available to

Shares

per

Common

Share

Stockholders

For the three months ended March 31, 2014

Basic EPS

$

11,942

136,848

$

0.09

Effect of dilutive securities

394

4,027

-

Diluted EPS

$

12,336

140,875

$

0.09

For the three months ended March 31, 2013

Basic EPS

$

22,178

142,903

$

0.16

Effect of dilutive securities

412

4,042

(0.01

)

Diluted EPS

$

22,590

146,945

$

0.15

For the three months ended March 31, 2014 and 2013, options to purchase 5,000 and 327,700 shares of common stock, respectively, were outstanding and not included in the computation of diluted EPS as their exercise price and option expense exceeded the average stock price for those respective periods.

Accumulated Other Comprehensive Income

In accordance with ASC 220-10-55-2, total comprehensive income is divided into net income and other comprehensive income, which includes unrealized gains and losses on marketable securities classified as available-for-sale, and unrealized gains and losses on derivative financial instruments that qualify for cash flow hedge accounting under ASC 815-10. In accordance with ASU 2013-02, we have identified, in our Statements of Comprehensive Income, items that are reclassified and included in our Statements of Income.

USE OF ESTIMATES

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. Actual results could materially differ from those estimates.

RECENT ACCOUNTING PRONOUNCEMENTS

In the first quarter of 2013, the FASB issued ASU 2013-04, “Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.” This ASU requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, as the sum of the following: (a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors; and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. This ASU also requires an entity to disclose the nature and amount of the obligation as well as other information about the obligations including the terms and conditions of the arrangement. Examples of obligations within the scope of this ASU include debt arrangements, other contractual obligations, and settled litigation and judicial rulings. This ASU is effective for our financial statements beginning with the quarter ending March 31, 2014. We have adopted this ASU and it did not have a material impact on our financial statements.

Reverse_Repurchase_Agreements

Reverse Repurchase Agreements	3 Months Ended
	Mar. 31, 2014
Reverse Repurchase Agreements	'
	NOTE 2. REVERSE REPURCHASE AGREEMENTS
	At March 31, 2014, we did not have any reverse repurchase agreements outstanding. During the three months ended March 31, 2014, we did not have any reverse repurchase agreements. These investments are used as a means of investing excess cash. The collateral for these loans would be U.S. Treasury securities or Agency MBS with an aggregate fair value equal to the amount of the loans. At December 31, 2013, there were no reverse repurchase agreements outstanding.

Mortgage_Backed_Securities_MBS

Mortgage Backed Securities (MBS)	3 Months Ended
	Mar. 31, 2014
Mortgage Backed Securities (MBS)	'
	NOTE 3. MORTGAGE-BACKED SECURITIES (MBS)
	The following tables summarize our Agency MBS, classified as available-for-sale, at March 31, 2014 and December 31, 2013, which are carried at their fair value (amounts in thousands):
	March 31, 2014
	By Agency				Ginnie Mae				Freddie Mac				Fannie Mae				Non-Agency				Total
																	MBS				MBS
	Amortized cost				$	12,996			$	3,720,963			$	4,859,234			$	-			$	8,593,193
	Paydowns receivable(1)					-				20,401				-				-				20,401
	Unrealized gains					7				19,082				66,116				42				85,247
	Unrealized losses					(131	)			(69,972	)			(44,068	)			-				(114,171	)
	Fair value				$	12,872			$	3,690,474			$	4,881,282			$	42			$	8,584,670
	By Security Type		ARMs				Hybrids				15-Year				20-Year				Floating-Rate				Total
											Fixed-Rate				and				CMOs(2)				MBS
															30-Year
															Fixed-Rate
	Amortized cost		$	1,697,845			$	4,976,344			$	1,764,574			$	153,065			$	1,365			$	8,593,193
	Paydowns receivable(1)			1,983				18,418				-				-				-				20,401
	Unrealized gains			48,493				26,548				2,669				7,489				48				85,247
	Unrealized losses			(3,442	)			(70,520	)			(40,097	)			(109	)			(3	)			(114,171	)
	Fair value		$	1,744,879			$	4,950,790			$	1,727,146			$	160,445			$	1,410			$	8,584,670
	-1	Paydowns receivable 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.
	-2	Non-Agency MBS are included in the Floating-Rate CMOs category.
	During the three months ended March 31, 2014, we did not sell any Agency MBS. During the three months ended March 31, 2013, we received proceeds of approximately $202 million from the sales of Agency MBS and recognized a gain on sales of approximately $5.2 million.
	December 31, 2013
	By Agency				Ginnie Mae				Freddie Mac				Fannie Mae				Non-Agency				Total
																	MBS				MBS
	Amortized cost				$	13,374			$	3,618,312			$	4,950,005			$	-			$	8,581,691
	Paydowns receivable(1)					-				33,401				-				-				33,401
	Unrealized gains					10				18,384				68,860				79				87,333
	Unrealized losses					(124	)			(89,263	)			(56,592	)			-				(145,979	)
	Fair value				$	13,260			$	3,580,834			$	4,962,273			$	79			$	8,556,446
	By Security Type		ARMs				Hybrids				15-Year				30-Year				Floating-Rate				Total
											Fixed-Rate				Fixed-Rate				CMOs(2)				MBS
	Amortized cost		$	1,594,183			$	5,168,156			$	1,714,427			$	103,476			$	1,449			$	8,581,691
	Paydowns receivable(1)			2,843				30,558				-				-				-				33,401
	Unrealized gains			46,294				31,668				1,695				7,591				85				87,333
	Unrealized losses			(2,560	)			(85,614	)			(57,774	)			(29	)			(2	)			(145,979	)
	Fair value		$	1,640,760			$	5,144,768			$	1,658,348			$	111,038			$	1,532			$	8,556,446
	-1	Paydowns receivable 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.
	-2	Non-Agency MBS are included in the Floating-Rate CMOs category.

Residential_Properties

Residential Properties	3 Months Ended
	Mar. 31, 2014
Residential Properties	'
	NOTE 4. RESIDENTIAL PROPERTIES
	As of March 31, 2014, we owned five single-family residential properties which are all located in Southeastern Florida and were acquired at a total cost of approximately $572 thousand. All these properties are in the process of either being taken into possession by us or renovated to be leased to tenants. As we did not start this operation until March 2014, we did not own any single-family residential properties as of December 31, 2013.
	As of March 31, 2014, we had also entered into four contracts to purchase single-family residential properties in Southeastern Florida. We paid approximately $121 thousand in escrow deposits. We closed on these four properties on April 17, 2014 and the total purchase price was approximately $1.2 million.

Repurchase_Agreements

Repurchase Agreements	3 Months Ended
	Mar. 31, 2014
Repurchase Agreements	'
	NOTE 5. REPURCHASE AGREEMENTS
	We have entered into repurchase agreements with large financial institutions to finance most of our Agency MBS. The repurchase agreements 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.
	At March 31, 2014 and December 31, 2013, the repurchase agreements had the following balances (dollar amounts in thousands), weighted average interest rates and remaining weighted average maturities:
			31-Mar-14							31-Dec-13
			Balance			Weighted				Balance				Weighted
						Average								Average
						Interest								Interest
						Rate								Rate
	Overnight		$	-			0	%		$	-				0	%
	Less than 30 days			3,055,000			0.36				3,105,000				0.39
	30 days to 90 days			4,455,000			0.35				4,475,000				0.39
	Over 90 days to less than 1 year			-			-				-				-
	1 year to 2 years			-			-				-				-
	Demand			-			-				-				-
			$	7,510,000			0.35	%		$	7,580,000				0.39	%
	Weighted average maturity		37 days							38 days
	Weighted average interest rate after adjusting for interest rate swap hedges			1.05	%						1.5	%
	Weighted average maturity after adjusting for interest rate swap hedges		892 days							1,010 days
	Weighted average interest rate after adjusting for all interest rate swaps			1.48	%						1.5	%
	Weighted average maturity after adjusting for all interest rate swaps		1,008 days							1,010 days
	Agency MBS pledged as collateral under the repurchase agreements and swap agreements		$	7,976,934						$	8,060,567
	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, 7 and 13 for more information on the Company’s interest rate swaps (both hedges and discontinued hedges).
									Net Amounts of
									Assets				Gross Amounts Not Offset
			Gross Amounts						or Liabilities				in the Balance Sheets(1)
			of Recognized			Gross Amounts			Presented in								Cash
	31-Mar-14		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)		$	17,253		$	-		$	17,253			$	(17,253	)		$	-	$	-
	Total		$	17,253		$	-		$	17,253			$	(17,253	)		$	-	$	-
	Repurchase Agreements(3)		$	7,510,000		$	-		$	7,510,000			$	(7,510,000	)		$	-	$	-
	Derivative liabilities at fair value			18,894		-				18,894				(18,894	)		-		-
	Interest rate swaps at fair value			40,048			-			40,048				(40,048	)		-		-
	Total		$	7,568,942		$	-		$	7,568,942			$	(7,568,942	)		$	-	$	-
									Net Amounts of
									Assets				Gross Amounts Not Offset
			Gross Amounts						or Liabilities				in the Balance Sheets(1)
			of Recognized			Gross Amounts			Presented in								Cash
	31-Dec-13		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)		$	22,551		$	-		$	22,551			$	(22,551	)		$	-	$	-
	Total		$	22,551		$	-		$	22,551			$	(22,551	)		$	-	$	-
	Repurchase Agreements(3)		$	7,580,000		$	-		$	7,580,000			$	(7,580,000	)		$	-	$	-
	Derivative liabilities at fair value			55,914		-				55,914				(55,914	)		-		-
	Total		$	7,635,914		$	-		$	7,635,914			$	(7,635,914	)		$	-	$	-
	-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 March 31, 2014, we had pledged approximately $67.8 million in Agency MBS as collateral and paid another approximately $11.8 million on swap margin calls on our derivatives. At December 31, 2013, we had pledged approximately $84.2 million in Agency MBS as collateral and paid another approximately $7.1 million on swap margin calls on our derivatives.
	-3	At March 31, 2014, we had pledged approximately $7.91 billion in Agency MBS as collateral on our repurchase agreements. At December 31, 2013, we had pledged approximately $7.98 billion in Agency MBS as collateral on our repurchase agreements.

Junior_Subordinated_Notes

Junior Subordinated Notes	3 Months Ended
	Mar. 31, 2014
Junior Subordinated Notes	'
	NOTE 6. 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. On September 26, 2005, the notes, the trust preferred securities and the related agreements were amended. The only material change was that one of the class holders requested that interest payments be made quarterly on January 30, April 30, July 30 and October 30 instead of at the end of each calendar quarter. This became effective with the quarterly payments after September 30, 2005. As of the date of this filing, we have not redeemed any of the notes or trust preferred securities.

Fair_Values_of_Financial_Instr

Fair Values of Financial Instruments	3 Months Ended
	Mar. 31, 2014
Fair Values of Financial Instruments	'
	NOTE 7. 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. We consider the inputs utilized to fair value our Agency MBS to be Level 2. Management bases the fair value for these investments primarily on third party bid price indications provided by dealers who make markets in these instruments. The Agency MBS market is primarily an over-the-counter market. As such, there are no standard, public market quotations or published trading data for individual MBS securities. As our portfolio consists of hundreds of similar, but distinct, securities that have each been traded with only one broker counterparty, we generally seek to have each Agency MBS security priced by one broker. The prices received are non-binding offers to trade, but are indicative quotations of the market value of our securities as of the market close on the last day of each quarter. The brokers receive trading data from several traders that participate in the active markets for these securities and directly observe numerous trades of securities similar to the securities owned by us. Given the volume of market activity for Agency MBS, it is our belief that the broker pricing accurately reflects market information for actual, contemporaneous transactions. We do not adjust quotes or prices we obtain from brokers and pricing services. In the limited instances where valuations are received on a security from multiple brokers, we use the median value of the prices received to determine fair value. To validate the prices we obtain, to ensure our fair value determinations are consistent with ASC 820, and to ensure that we properly classify these securities in the fair value hierarchy, 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, broker prices are compared to prices of similar securities provided by other brokers. If we determine (based on such a comparison and our market knowledge and expertise) that a security is priced significantly differently than similar securities, the broker is contacted and requested to revisit their valuation of the security. If a broker refuses to reconsider its valuation, we will request pricing from another broker and use the median value of the prices received to determine fair value. If we are unable to receive a valuation from another broker, the price received from an independent third party pricing service will be used, if it is determined (based on our market knowledge and expertise) to be more reliable than the broker pricing. However, the fair value reported may not be indicative of the amounts that could be realized in an actual market exchange.
	Our derivative assets and derivative liabilities are comprised of hedged interest rate swaps, in which we pay a fixed rate of interest and receive a variable rate of interest that is based on LIBOR. Those liabilities in the table below marked as interest rate swaps have been discontinued for accounting purposes as hedging instruments. The fair value of both the derivatives and the swaps are reported to us independently from dealers who are large financial institutions and are market makers for these types of instruments. The LIBOR swap rate is observable at commonly quoted intervals over the full term of the swaps and therefore is considered a Level 2 item. The fair value of the derivative instruments’ assets and liabilities are the estimated amounts the Company would either receive or pay to terminate these agreements at the reporting date, taking into account current interest rates and the Company’s credit worthiness. For more information on all our swaps (both hedged swaps and de-designated swaps), see Note 1 and Note 13.
	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.
	In determining the appropriate levels, we perform a detailed analysis of the assets and liabilities that are subject to ASC 820-10. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3.
	At March 31, 2014, fair value measurements on a recurring basis were as follows (in thousands):
			Level 1		Level 2		Level 3		Total
	Assets
	Agency MBS(1)		$	-	$	8,584,670	$	-	$	8,584,670
	Derivative instruments(2)		$	-	$	17,253	$	-	$	17,253
	Liabilities
	Derivative instruments(2)		$	-	$	18,894	$	-	$	18,894
	Interest rate swaps(3)		$	-	$	40,048	$	-	$	40,048
	-1	For more detail about the fair value of our Agency MBS by agency and type of security, see Note 3.
	-2	Derivative instruments are hedging instruments under ASC 815-10. For more detail about our derivative instruments, see Notes 1 and 13.
	-3	Interest rate swaps shown in the above table are swaps that are no longer treated for accounting purposes as hedging instruments. For more information about these swaps, see Note 1 and Note 13 regarding discontinuing hedge accounting.
	At December 31, 2013, fair value measurements on a recurring basis were as follows (in thousands):
			Level 1		Level 2		Level 3		Total
	Assets
	Agency MBS(1)		$	-	$	8,556,446	$	-	$	8,556,446
	Derivative instruments(2)		$	-	$	22,551	$	-	$	22,551
	Liabilities
	Derivative instruments(2)		$	-	$	55,914	$	-	$	55,914
	-1	For more detail about the fair value of our Agency MBS by agency and type of security, see Note 3.
	-2	Derivative instruments are hedging instruments under ASC 815-10. For more detail about our derivative instruments, see Notes 1 and 13.
	At March 31, 2014 and December 31, 2013, cash and cash equivalents, restricted cash, escrow deposits, interest receivable, 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.
	Our investments in residential properties are carried at cost.
	Junior subordinated notes are variable-rate debt and, as we believe the spread would be consistent with the expectations of market participants as of March 31, 2014 and December 31, 2013, the carrying value approximates fair value.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2014
Income Taxes	'
	NOTE 8. 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, gross 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.

Series_B_Cumulative_Convertibl

Series B Cumulative Convertible Preferred Stock	3 Months Ended
	Mar. 31, 2014
Series B Cumulative Convertible Preferred Stock	'
	NOTE 9. 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 must 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 8.625% Series A Cumulative Preferred Stock, or Series A 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. 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 three months ended March 31, 2014, we have not, at our option, converted 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, 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 and Series A Preferred Stock voting together as a single class. Through March 31, 2014, we have declared and set aside for payment the required dividends for our Series B Preferred Stock.

Public_Offerings_and_Capital_S

Public Offerings and Capital Stock	3 Months Ended
	Mar. 31, 2014
Public Offerings and Capital Stock	'
	NOTE 10. PUBLIC OFFERINGS AND CAPITAL STOCK
	At March 31, 2014, our authorized capital included 200,000,000 shares of common stock, of which 133,492,287 shares were issued and outstanding.
	At March 31, 2014, 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) and 3,150,000 shares had been designated 6.25% Series B Cumulative Convertible Preferred Stock (liquidation preference $25.00 per share). 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 March 31, 2014, there were 1,919,378 shares of Series A Preferred Stock issued and outstanding and 1,009,640 shares of Series B Preferred Stock issued and outstanding.
	On May 27, 2011, we entered into a Controlled Equity Offering Sales Agreement, or the 2011 Sales Agreement, with Cantor Fitzgerald & Co., or Cantor, to sell up to 20,000,000 shares of our common stock, 1,000,000 shares of our Series A Preferred Stock and 1,000,000 shares of our Series B Preferred Stock. During the three months ended March 31, 2014, we did not issue any shares of our common stock, our Series A Preferred Stock or our Series B Preferred Stock under the 2011 Sales Agreement. The Series A Preferred Stock has no maturity date, and we are not required to redeem it at any time. We may redeem the Series A Preferred Stock for cash at our option, 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. To date, we have not redeemed any shares of our Series A Preferred Stock. At March 31, 2014, there were 19,409,400 shares of common stock, 956,122 shares of Series A Preferred Stock and 894,518 shares of Series B Preferred Stock, respectively, available for sale and issuance under the 2011 Sales Agreement.
	On October 3, 2011, we announced that our board of directors had 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 of directors also authorized the Company to purchase an amount of our common stock up to the amount of common stock sold through our 2012 Dividend Reinvestment and Stock Purchase Plan. On December 13, 2013, we announced that our board of directors had authorized us to acquire up to an additional 5,000,000 shares of our common stock and on March 14, 2014, we announced that our board of directors had authorized the Company to acquire up to an additional 10,000,000 shares of our common stock, in each case through our share repurchase program. During the three months ended March 31, 2014, we repurchased an aggregate of 5,634,414 shares at a weighted average price of $5.01 per share 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 14, 2012, we filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission, or the SEC, registering up to 27,000,000 shares of our common stock for our 2012 Dividend Reinvestment and Stock Purchase Plan, or the 2012 Plan. During the three months ended March 31, 2014, we issued an aggregate of 55,782 shares of our common stock at a weighted average price of $4.61 per share under the 2012 Plan, resulting in proceeds to us of approximately $258 thousand. At March 31, 2014, there were approximately 16.7 million shares remaining under the 2012 Plan.
	On March 20, 2013, we filed a shelf registration statement on Form S-3 with the SEC and on April 5, 2013 we filed a pre-effective amendment thereto with the SEC, offering up to $544,727,778 of our capital stock. The registration statement was declared effective on April 8, 2013. At March 31, 2014, approximately $544.7 million of our capital stock was available for future issuance under the registration statement.
	On November 7, 2005, we filed a registration statement on Form S-8 with the SEC to register an aggregate of up to 3,500,000 shares of our common stock to be issued pursuant to the Anworth Mortgage Asset Corporation 2004 Equity Compensation Plan, or the 2004 Equity Compensation Plan. As of March 31, 2014, we have issued 2,840,000 shares of common stock under the 2004 Equity Compensation Plan. This amount includes 273,469 shares of unexercised stock options, restricted stock and restricted stock units.

Transactions_with_Affiliates

Transactions with Affiliates	3 Months Ended
	Mar. 31, 2014
Transactions with Affiliates	'
	NOTE 11. TRANSACTIONS WITH AFFILIATES
	Management Agreement and Externalization
	Effective as of December 31, 2011, we entered into the Management Agreement with the Manager, pursuant to which our day-to-day operations are being conducted by the Manager. The 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 management services. The Manager will also perform such other services and activities relating to our assets and operations as may be appropriate. In exchange for these services, the 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 the Manager, and we took such other actions as we believed were reasonably necessary to implement the Management Agreement and externalize our management function.
	A trust controlled by Mr. Lloyd McAdams, our Chairman, Chief Executive Officer and President, and Ms. Heather U. Baines, an Executive Vice President of the Manager, beneficially owns 50% of the outstanding membership interests of the Manager; Mr. Joseph E. McAdams, the Chief Investment Officer of the Manager, beneficially owns 45% of the outstanding membership interests of the Manager; and Mr. Thad M. Brown, our Chief Financial Officer, owns 5% of the outstanding membership interests of the Manager.
	Nothing in the Management Agreement prevents the Manager or any of its affiliates from engaging in other businesses or from rendering services of any kind to any other person or entity, including investment in or advisory service to others investing in any type of real estate investment, other than advising other REITs that invest more than 75% of their assets in U.S. agency residential MBS. Directors, officers and employees of the Manager may serve as our directors and officers.
	The terms of the Management Agreement, including the management fee payable, were not negotiated on an arm’s-length basis, and its terms may not be as favorable to us as if it was negotiated with an unaffiliated party. The management fee that we pay to the Manager is not tied to our performance. The management fee is paid regardless of our performance and it may not provide sufficient incentive to the Manager to seek to achieve risk-adjusted returns for our investment portfolio.
	Messrs. Lloyd McAdams, 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 and acquired its first farm property in October 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. Mr. Steven Koomar, the Chief Executive Officer of PIA Farmland, Inc., has no involvement with either Anworth or its external manager, Anworth Management, LLC.
	The Management Agreement may only be terminated without cause, as defined in the agreement, after the expiration of each 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 the initial term or any automatic renewal term, equal to three times the average annual management fee earned by the 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 officers were previously granted restricted stock and other equity awards (see Note 12), including dividend equivalent rights, in connection with their service to us, and certain of our officers had agreements under which they would receive payments if the Company is subject to a change in control (discussed later in this Note 11). 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 officers and employees after they became officers and employees of the Manager. In addition, as officers of our Company and employees of the Manager, they will continue to be eligible to receive equity awards under equity compensation plans in effect now or in the future.
	Change in Control and Arbitration Agreements
	On June 27, 2006, we entered into Change in Control and Arbitration Agreements with each of Mr. Thad M. Brown, our Chief Financial Officer, Mr. Charles J. Siegel, our then Senior Vice President-Finance, Ms. Bistra Pashamova, our then Senior Vice President and Portfolio Manager, and Mr. Evangelos Karagiannis, our then Vice President and Portfolio Manager, as well as certain of our other officers. In connection with the Externalization, we amended these agreements to provide that should a change in control (as defined in the amended agreements) occur, each of these officers will receive certain severance and other benefits valued as of December 31, 2011. Under the amended 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. The amended 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 $59.87 per square foot. The base monthly rental for us is $36,426.47, which will be increased by 3% per annum beginning on July 1, 2013. The sublease agreement runs through June 30, 2022 unless earlier terminated pursuant to the master lease. During the three months ended March 31, 2014 and March 31, 2013, we expensed $124 thousand and $122 thousand, respectively, in rent and related expenses to PIA under this sublease agreement.
	At March 31, 2014, the future minimum lease commitment is as follows (in whole dollars):
	Year	2014		2015		2016		2017		2018		Thereafter		Total
														Commitment
	Commitment	$	334,390	$	456,987	$	470,720	$	484,852	$	499,398	$	1,866,753	$	4,113,100
	On July 25, 2008, we entered into an administrative services agreement with PIA, which was amended and restated on August 20, 2010. Under this agreement, PIA 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 1.25 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 three months ended March 31, 2014 and 2013, we paid fees of $52 thousand and $53 thousand, respectively, to PIA in connection with this agreement.

Equity_Compensation_Plan

Equity Compensation Plan	3 Months Ended
	Mar. 31, 2014
Equity Compensation Plan	'
	NOTE 12. EQUITY COMPENSATION PLAN
	2004 Equity Compensation Plan
	At our May 27, 2004 annual stockholders’ meeting, our stockholders adopted the Anworth Mortgage Asset Corporation 2004 Equity Compensation Plan, or the 2004 Equity Compensation Plan, which amended and restated our 1997 Stock Option and Awards Plan. The 2004 Equity Compensation Plan authorized the grant of stock options and other stock-based awards, as of December 31, 2005, for an aggregate of up to 3,500,000 shares of our registered common stock. The 2004 Equity Compensation Plan authorizes our board of directors, or a committee of our Board, to grant incentive stock options, as defined under section 422 of the Code, options not so qualified, restricted stock, dividend equivalent rights, or DERs, phantom shares, stock-based awards that qualify as performance-based awards under Section 162(m) of the Code and other stock-based awards. The exercise price for any option granted under the 2004 Equity Compensation Plan may not be less than 100% of the fair market value of the shares of common stock at the time the option is granted. At March 31, 2014, 660,414 shares remained available for future issuance under the 2004 Equity Compensation Plan through any combination of stock options or other awards. The 2004 Equity Compensation Plan does not provide for automatic annual increases in the aggregate share reserve or the number of shares remaining available for grant. We filed a registration statement on Form S-8 on November 7, 2005 to register up to an aggregate of 3,500,000 shares of common stock to be issued pursuant to the 2004 Equity Compensation Plan.
	In October 2005, our board of directors approved the grant of an aggregate of 200,780 shares of restricted stock to various officers under the 2004 Equity Compensation Plan. The stock price on the grant date was $7.72. The restricted stock vests 10% per year on each anniversary date for a ten-year period and shall also vest immediately upon the death of the grantee or upon the grantee reaching age 65. Each grantee shall have the right to sell 40% of the restricted stock any time after such shares have vested. The remaining 60% of such vested restricted stock may not be sold until after termination of employment with us. We amortize the restricted stock over the vesting period, which is the lesser of ten years or the remaining number of years to age 65.
	In October 2006, our board of directors approved a grant of an aggregate of 197,362 shares of performance-based restricted stock to various officers under the 2004 Equity Compensation Plan. Such grant was made effective on October 18, 2006. The closing stock price on the effective date of the grant was $9.12. The shares vest in equal annual installments over a three-year period provided that the annually compounded rate of return on our common stock, including dividends, exceeds 12% measured on an annual basis as of the anniversary date of the grant. If the annually compounded rate of return does not exceed 12%, then the shares will vest on the anniversary date thereafter when the annually compounded rate of return exceeds 12%. If the annually compounded rate of return does not exceed 12% within ten years after the effective date of the grant, then the shares will be forfeited. The shares will fully vest within the ten-year period upon the death of a grantee. Upon vesting, each grantee shall have the right to sell 40% of the restricted stock any time after such shares have vested. The remaining 60% of such vested restricted stock may not be sold, transferred or pledged until after termination of employment with us or upon the tenth anniversary of the effective date.
	We recognize the expense related to restricted stock over the ten-year vesting period. During the three months ended March 31, 2014 and 2013, we expensed approximately $24 thousand and $51 thousand, respectively, related to these restricted stock 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 Dividend Equivalent Rights 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 under the 2007 Dividend Equivalent Rights Plan is ten years from the date of grant. Prior to January 1, 2012, an aggregate of 582,000 DERs were issued to our officers under the 2007 Dividend Equivalent Rights 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. During the three months ended March 31, 2014 and 2013, we paid or accrued $82 thousand and $87 thousand, respectively, related to DERs granted.
	Certain of our 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 officers have been granted equity awards were modified so that such agreements will continue with respect to our officers after they became officers and employees of the Manager. As a result, these awards and any future grants will be accounted for as non-employee awards. In addition, as officers of the Company and employees of the 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, with the exception of our Chief Executive Officer and Chief Financial Officer, were terminated under the 2007 Dividend Equivalent Rights Plan and were reissued under the 2004 Equity Compensation Plan with the same amounts, terms and conditions.

Derivative_Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2014
Derivative Instruments	'
	NOTE 13. DERIVATIVE INSTRUMENTS
	At March 31, 2014, we were a counterparty to interest rate swaps, which are derivative instruments as defined by ASC 815-10, with an aggregate notional amount of $5.44 billion and a weighted average maturity of approximately 3.8 years. During the three months ended March 31, 2014, two swap agreements with an aggregate notional amount of $150 million matured. During the three months ended March 31, 2014, we entered into seven new swap agreements with an aggregate notional amount of $215 million and terms of up to seven years. We utilize interest rate swaps to manage interest rate risk relating to our repurchase agreements (the hedged item) 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 0.578% to 3.06%) and receive a payment that varies with the three-month LIBOR rate.
	At March 31, 2014 and December 31, 2013, our swaps had the following notional amounts (dollar amounts in thousands), weighted average fixed rates and remaining terms (in months):
			31-Mar-14							31-Dec-13
			Notional		Weighted			Remaining		Notional		Weighted			Remaining
			Amount		Average			Term  in		Amount		Average			Term  in
					Fixed			Months				Fixed			Months
					Rate							Rate
	Less than 12 months		$	410,000		2	%		5	$	410,000		2.07	%		4
	1 year to 2 years			730,000		2.06			18		680,000		2.07			18
	2 years to 3 years			1,145,000		1.66			28		1,145,000		1.82			29
	3 years to 5 years			1,655,000		1.21			47		1,715,000		1.18			48
	5 years to 7 years			1,000,000		2.12			73		925,000		2.11			76
	7 years to 10 years			500,000		2.84			104		500,000		2.84			107
			$	5,440,000		1.79	%		46	$	5,375,000		1.81	%		47
	Swap Agreements by Counterparty
			March 31,		December 31,
			2014		2013
			(in thousands)
	JPMorgan Securities		$	1,175,000	$	1,175,000
	Deutsche Bank Securities			1,165,000		1,165,000
	RBS Greenwich Capital			800,000		800,000
	ING Financial Markets LLC			650,000		650,000
	Chicago Mercantile Exchange(1)			615,000		400,000
	Nomura Securities International			550,000		650,000
	Bank of New York			260,000		260,000
	Morgan Stanley			150,000		150,000
	Credit Suisse			75,000		75,000
	LBBW Securities, LLC			-		50,000
			$	5,440,000	$	5,375,000
	-1	For all swap agreements entered into after September 9, 2013, the counterparty will be the Chicago Mercantile Exchange regardless of who the trading party is. See the section entitled “Derivative Financial Instruments – Interest Rate Risk Management” in Note 1 for additional details.
	During the three months ended March 31, 2014, there was an increase in unrealized losses of approximately $9.2 million, from approximately $33.4 million in unrealized losses at December 31, 2013 to approximately $42.6 million in unrealized losses, on our swap agreements included in “Other comprehensive income” (this increase in unrealized losses consisted of unrealized losses on derivatives of $29.7 million and a reclassification adjustment for interest expense included in net income of $20.5 million).
	At March 31, 2014, we had asset and liability interest rate swap derivatives of approximately $17.3 million and $18.9 million, respectively (shown on our unaudited consolidated balance sheets). At March 31, 2014, we also had interest rate swap liabilities of approximately $40 million on which the accounting treatment as hedges has been discontinued.
	During the three months ended March 31, 2014, there was no gain or loss recognized in earnings due to hedge ineffectiveness. We have determined that our hedges are still considered “highly effective.” There were no components of the derivative instruments’ gain or loss excluded from the assessment of hedge effectiveness. The maximum length of our swap agreements is ten years. We do not anticipate any discontinuance of the swap agreements and thus do not expect to recognize any gain or loss into earnings because of this.
	On March 17, 2014, we decided to discontinue hedge accounting on certain swaps totaling approximately $1.685 billion in notional amounts. These swaps carry an average fixed rate of 2.13% and an average maturity of September 2015. These swaps will not be closed out or terminated and no realized loss will be recognized. As of the date we decided to discontinue hedge accounting for these swaps, there was a related liability of approximately $42 million. At March 31, 2014, this liability was approximately $40 million. During the three months ended March 31, 2014, the net gain on interest rate swaps was $628 thousand. During the three months ended March 31, 2014, the net payments accrued relating to these swaps was approximately $8.0 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 swap agreements, see Note 7.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies	'
	NOTE 14. 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 10.

Other_Expenses

Other Expenses	3 Months Ended
	Mar. 31, 2014
Other Expenses	'
	NOTE 15. OTHER EXPENSES
		Three Months Ended
		March 31,
		2014		2013
		(in thousands)
	Legal and accounting fees	$	248	$	142
	Printing and stockholder communications		32		38
	Directors and Officers insurance		116		112
	DERs expense		82		87
	Amortization of restricted stock		24		51
	Software implementation and maintenance		77		71
	Administrative service fees		52		53
	Rent		124		122
	Stock exchange and filing fees		46		53
	Custodian and clearing fees		75		34
	Sarbanes-Oxley consulting fees		46		26
	Board of directors fees and expenses		71		80
	Securities data services		33		33
	Other		38		20
	Total of other expenses:	$	1,064	$	922

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events	'
	NOTE 16. SUBSEQUENT EVENTS
	When we pay any cash dividend during any quarterly fiscal period to all or substantially all of our common stockholders in an amount that results in an annualized common stock dividend yield that is greater than 6.25% (the dividend yield on our Series B Preferred Stock), the conversion rate on our Series B Preferred Stock is adjusted based on a formula specified in the Articles Supplementary Establishing and Fixing the Rights and Preferences of the Series B Preferred Stock. This conversion rate increased on April 1, 2014 from 3.9881 shares of our common stock to 4.0411 shares of our common stock using the following information: (1) the average of the closing price of our common stock for the ten (10) consecutive trading day period was $5.24 and (2) the annualized common stock dividend yield was 10.6931%.
	From April 1, 2014 through May 5, 2014, we issued an aggregate of 66,065 shares of common stock at a weighted average price of $5.41 per share under the 2012 Dividend Reinvestment and Stock Purchase Plan, resulting in proceeds to us of approximately $357 thousand.
	From April 1, 2014 through May 5, 2014, we had repurchased an aggregate of 5,280,490 shares of our common stock at a weighted average price of $5.26 per share under our share repurchase program.
	From April 1, 2014 through May 5, 2014, we acquired and committed to acquire 57 single-family residential rental properties (including estimated renovation costs) in Southeastern Florida for approximately $6.7 million.
	From April 1, 2014 through May 5, 2014, one swap agreement with a notional amount of $75 million matured.

Organization_and_Significant_A1

Organization and Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2014

Cash and Cash Equivalents

'

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

'

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 instruments under which the counterparty pledges securities (U.S. treasury securities or Agency MBS) 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 income” on our unaudited consolidated statements of income. 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 (MBS)

'

Mortgage-Backed Securities (MBS)

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, usually three to seven years (but may also include interest rates that are fixed for up 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. Our portfolio also includes a small amount of Non-Agency MBS (approximately $42 thousand) and this is included with the Agency MBS. Prior year balances have been presented consistent with this treatment.

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 all of our MBS as available-for-sale. All assets that are classified as available-for-sale are carried at fair value and unrealized gains or losses are generally included in “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” to income (loss).

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 the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or 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.

Securities 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.

The following table shows our investments’ gross unrealized losses and fair value of those individual securities that have been in a continuous unrealized loss position at March 31, 2014 and December 31, 2013, aggregated by investment category and length of time (dollar amounts in thousands):

March 31, 2014

Less Than 12 Months

12 Months or More

Total

Description

Number

Fair

Unrealized

Number

Fair

Unrealized

Number

Fair

Unrealized

of

of

Value

Losses

of

Value

Losses

of

Value

Losses

Securities

Securities

Securities

Securities

Agency MBS

203

$

3,723,083

$

(78,467

)

244

$

1,182,606

$

(35,704

)

447

$

4,905,689

$

(114,171

)

December 31, 2013

Less Than 12 Months

12 Months or More

Total

Description

Number

Fair

Unrealized

Number

Fair

Unrealized

Number

Fair

Unrealized

of

of

Value

Losses

of

Value

Losses

of

Value

Losses

Securities

Securities

Securities

Securities

Agency MBS

202

$

4,262,712

$

(122,890

)

230

$

763,911

$

(23,089

)

432

$

5,026,623

$

(145,979

)

We do not consider those Agency 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 Agency MBS were caused by fluctuations in interest rates. We purchased the Agency 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. We do not expect to sell the Agency MBS at a price less than the amortized cost basis of our investments. Because the decline in market value of the Agency MBS is attributable to changes in interest rates and not the credit quality of the Agency MBS in our portfolio, and because we do 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 March 31, 2014.

Residential Properties

'

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 Accounting Standards Codification (“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. At March 31, 2014, all of our single-family properties acquired were not subject to any existing leases.

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

'

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.

Derivative Financial Instruments

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Derivative Financial Instruments

Interest Rate 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 hedging opportunities.

Our objective is to limit the impact of interest rate changes on earnings and cash flows. We achieve this by entering into interest rate swaps, which effectively convert a percentage of our repurchase agreements to fixed-rate obligations over a period of up to ten years. Under interest rate swap contracts, 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 generally account for these swaps as cash flow hedges in accordance with ASC 815-10. We do not issue or hold derivative contracts for speculative purposes.

For all interest rate swaps entered into prior to September 9, 2013, we are exposed to credit losses in the event of non-performance by counterparties to interest rate swap agreements. In order to limit credit risk associated with swaps, our practice was to only enter into swaps with large financial institution counterparties who are market makers for these types of instruments, limit our exposure on each swap to a single counterparty under our defined guidelines and either pay or receive collateral to or from each counterparty on a periodic basis to cover the net fair market value position of the swaps held with that counterparty.

For all interest rate swaps entered into on or after September 9, 2013, all swap participants are required by rules of the Commodities Futures Trading Commission, or CFTC, under authority granted to it pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, to clear swaps through a registered derivatives clearing organization, or “swap execution facility,” through standardized documents under which each swap counterparty transfers its position to another entity whereby a central clearinghouse effectively becomes the counterparty on each side of the swap. Both the swap execution facility and the central clearing house could require greater initial and periodic margin (collateral) requirements and additional transaction fees. It is the intent of the Dodd-Frank Act that the clearing of swaps in this manner is designed to avoid concentration of risk in any single entity by spreading and centralizing the risk in the clearinghouse and its members.

Accounting for Derivatives and Hedging Activities

In accordance with ASC 815-10, a derivative that is designated as a hedge is recognized as an asset/liability and measured at estimated fair value. In order for our interest rate swap agreements to qualify for hedge accounting, upon entering into the swap agreement, we must anticipate that the hedge will be highly “effective” as defined by ASC 815-10.

On the date we enter into a derivative contract, we designate the derivative as a hedge of the variability of cash flows that are to be received or paid in connection with a recognized asset or liability (a “cash flow” hedge). Changes in the fair value of a derivative that is highly effective and that is designated and qualifies as a cash flow hedge, to the extent that the hedge is effective, are recorded in “Other comprehensive income” and reclassified to income when the forecasted transaction affects income (e.g., when periodic settlement interest payments are due on repurchase agreements). The swap agreements are carried on our balance sheets at their fair value, based on values obtained from large financial institutions who are market makers for these types of instruments. Hedge ineffectiveness, if any, is recorded in current-period income.

We formally assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. If it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, we discontinue hedge accounting.

When we discontinue hedge accounting, the gain or loss on the derivative remains in “Accumulated other comprehensive income” and is reclassified into income when the forecasted transaction affects income. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, we will carry the derivative at its fair value on our balance sheet, recognizing changes in the fair value in current-period income. All of the Company’s swaps have historically been accounted for as cash flow hedges under ASC 815. However, on March 17, 2014, the Company discontinued hedge accounting on certain of its swaps totaling approximately $1.685 billion in notional amounts by de-designating these swaps as cash flow hedges. No swaps were terminated in conjunction with this action and the Company’s risk management and hedging practices were not impacted. As a result of discontinuing hedge accounting, beginning March 18, 2014, changes in the fair value of the Company’s swaps are recorded in “Gain on interest rate swaps, net” in the Company’s consolidated statements of income rather than in other comprehensive income (loss). Also, net interest paid or received under these swaps which, up through March 17, 2014, was recognized in “interest expense,” is instead recognized in “Gain on interest rate swaps, net.” These continue to be reported as assets or liabilities on the Company’s consolidated balance sheets at their fair value.

As long as the forecasted transactions that were being hedged (i.e. rollovers of the Company’s repurchase agreement borrowings) are still expected to occur, the balance in accumulated other comprehensive income (“AOCI”) from swap activity up through March 17, 2014 will remain in AOCI and be recognized in the Company’s consolidated statements of income as “interest expense” over the remaining term of the swaps.

For purposes of the cash flow statement, cash flows from derivative instruments are classified with the cash flows from the hedged item.

For more details on the amounts and other qualitative information on our swap agreements, see Note 13. For more information on the fair value of our swap agreements, see Note 7.

Credit Risk

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Credit Risk

At March 31, 2014, we have attempted to limit our exposure to credit losses on our 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 losses and overall financial position, there can be no assurance that it will succeed or that, if necessary, Freddie Mac or Fannie Mae will be able to satisfy its guarantees of Agency MBS. In August 2011, the ratings of each of U.S. sovereign debt, Fannie Mae and Freddie Mac were downgraded from AAA to AA+ by Standard & Poor’s, and affirmed at Aaa by Moody’s Investors Service, or Moody’s, with each of Standard & Poor’s and Moody’s revising the outlook on U.S. sovereign debt, Fannie Mae and Freddie Mac to negative. Each of Standard & Poor’s and Moody’s has indicated that it would likely change its ratings on Fannie Mae and Freddie Mac if it was to change its rating on the U.S. government. In June 2013, Standard & Poor’s affirmed its AA+ long-term sovereign credit rating on the United States and revised the outlook from negative to stable, and in July 2013, Moody’s affirmed its Aaa government bond rating of the United States and revised the outlook from negative to stable. We do not know what effect any changes in the ratings of U.S. sovereign debt, Fannie Mae and Freddie Mac will ultimately have on the U.S. economy, the value of our securities, or the ability of Fannie Mae and Freddie Mac to satisfy its guarantees of Agency MBS if necessary.

Our adjustable-rate MBS are subject to periodic and lifetime interest rate caps. Periodic caps can limit the amount an interest rate can increase during any given period. Some adjustable-rate MBS subject to periodic payment caps may result in a portion of the interest being deferred and added to the principal outstanding.

Other-than-temporary losses on our available-for-sale MBS, as measured by the amount of decline in estimated fair value attributable to credit losses that are considered to be other-than-temporary, are charged against income, resulting in an adjustment of the cost basis of such securities. Based on the criteria in ASC 320-10, the determination of whether a security is other-than-temporarily impaired, or OTTI, involves judgments and assumptions based on both subjective and objective factors. When a security is impaired, an OTTI is considered to have occurred if (i) we intend to sell the security, (ii) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis or (iii) we do not expect to recover its amortized cost basis (i.e., there is a credit-related loss). The following are among, but not all of, the factors considered in determining whether and to what extent an OTTI exists and the portion that is related to credit loss: (i) the expected cash flow from the investment; (ii) whether there has been an other-than-temporary deterioration of the credit quality of the underlying mortgages; (iii) the credit protection available to the related mortgage pool for MBS; (iv) any other market information available, including analysts’ assessments and statements, public statements and filings made by the debtor or counterparty; (v) management’s internal analysis of the security, considering all known relevant information at the time of assessment; and (vi) the magnitude and duration of historical decline in market prices. Because management’s assessments are based on factual information as well as subjective information available at the time of assessment, the determination as to whether an other-than-temporary decline exists and, if so, the amount considered impaired, is also subjective and therefore constitutes material estimates that are susceptible to significant change.

Income Taxes

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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 income tax to the extent that our distributions to our stockholders satisfy the REIT requirements and that certain asset, income and stock ownership tests are met.

We have no unrecognized tax benefits and do not anticipate any increase in unrecognized benefits during 2014 relative to any tax positions taken prior to January 1, 2014. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, it is our policy to record such accruals in our income taxes accounts; and no such accruals existed at March 31, 2014. We file REIT U.S. federal and California income tax returns. These returns are generally open to examination by the IRS and the California Franchise Tax Board for all years after 2009 and 2008, respectively.

Cumulative Convertible Preferred Stock

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Cumulative Convertible Preferred Stock

We classify our Series B Cumulative Convertible Preferred Stock, or Series B Preferred Stock, on our balance sheets using the guidance in ASC 480-10-S99. The Series B Preferred Stock contains certain fundamental change provisions that allow the holder to redeem the preferred stock for cash only if certain events occur, such as a change in control. As redemption under these circumstances is not solely within our control, we have classified the Series B Preferred Stock as temporary equity.

We have analyzed whether the conversion features in the Series B Preferred Stock should be bifurcated under the guidance in ASC 815-10 and have determined that bifurcation is not necessary.

Stock-Based Expense

'

Stock-Based Expense

In accordance with ASC 718-10, any expense relating to share-based payment transactions is recognized in the unaudited consolidated financial statements.

Restricted stock is expensed over the vesting period (see Note 11).

Earnings Per Share

'

Earnings Per Share

Basic earnings per share, or EPS, is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS assumes the conversion, exercise or issuance of all potential common stock equivalents (which includes stock options and convertible preferred stock) and the adding back of the Series B Preferred Stock dividends unless the effect is to reduce a loss or increase the income per share.

The computation of EPS for the three months ended March 31, 2014 and 2013 is as follows (amounts in thousands, except per share data):

Net Income

Average

Earnings

Available to

Shares

per

Common

Share

Stockholders

For the three months ended March 31, 2014

Basic EPS

$

11,942

136,848

$

0.09

Effect of dilutive securities

394

4,027

-

Diluted EPS

$

12,336

140,875

$

0.09

For the three months ended March 31, 2013

Basic EPS

$

22,178

142,903

$

0.16

Effect of dilutive securities

412

4,042

(0.01

)

Diluted EPS

$

22,590

146,945

$

0.15

For the three months ended March 31, 2014 and 2013, options to purchase 5,000 and 327,700 shares of common stock, respectively, were outstanding and not included in the computation of diluted EPS as their exercise price and option expense exceeded the average stock price for those respective periods.

Accumulated Other Comprehensive Income

'

Accumulated Other Comprehensive Income

In accordance with ASC 220-10-55-2, total comprehensive income is divided into net income and other comprehensive income, which includes unrealized gains and losses on marketable securities classified as available-for-sale, and unrealized gains and losses on derivative financial instruments that qualify for cash flow hedge accounting under ASC 815-10. In accordance with ASU 2013-02, we have identified, in our Statements of Comprehensive Income, items that are reclassified and included in our Statements of Income.

Use of Estimates

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USE OF ESTIMATES

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. Actual results could materially differ from those estimates.

Recent Accounting Pronouncements

'

RECENT ACCOUNTING PRONOUNCEMENTS

In the first quarter of 2013, the FASB issued ASU 2013-04, “Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.” This ASU requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, as the sum of the following: (a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors; and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. This ASU also requires an entity to disclose the nature and amount of the obligation as well as other information about the obligations including the terms and conditions of the arrangement. Examples of obligations within the scope of this ASU include debt arrangements, other contractual obligations, and settled litigation and judicial rulings. This ASU is effective for our financial statements beginning with the quarter ending March 31, 2014. We have adopted this ASU and it did not have a material impact on our financial statements.

Organization_and_Significant_A2

Organization and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2014
Investments' Gross Unrealized Losses and Fair Value of Securities in Continuous Unrealized Loss Position, Aggregated by Investment Category and Length of Time	'
	The following table shows our investments’ gross unrealized losses and fair value of those individual securities that have been in a continuous unrealized loss position at March 31, 2014 and December 31, 2013, aggregated by investment category and length of time (dollar amounts in thousands):
	March 31, 2014
		Less Than 12 Months										12 Months or More												Total
	Description	Number		Fair				Unrealized				Number				Fair				Unrealized				Number				Fair				Unrealized
	of	of		Value				Losses				of				Value				Losses				of				Value				Losses
	Securities	Securities										Securities												Securities
	Agency MBS	203		$	3,723,083			$	(78,467	)			244			$	1,182,606			$	(35,704	)			447			$	4,905,689			$	(114,171	)
	December 31, 2013
		Less Than 12 Months												12 Months or More												Total
	Description	Number				Fair				Unrealized				Number				Fair				Unrealized				Number				Fair				Unrealized
	of	of				Value				Losses				of				Value				Losses				of				Value				Losses
	Securities	Securities												Securities												Securities
	Agency MBS		202			$	4,262,712			$	(122,890	)			230			$	763,911			$	(23,089	)			432			$	5,026,623			$	(145,979	)
Computation of Earnings Per Share	'
	The computation of EPS for the three months ended March 31, 2014 and 2013 is as follows (amounts in thousands, except per share data):
		Net Income				Average				Earnings
		Available to				Shares				per
		Common								Share
		Stockholders
	For the three months ended March 31, 2014
	Basic EPS	$	11,942				136,848			$	0.09
	Effect of dilutive securities		394				4,027				-
	Diluted EPS	$	12,336				140,875			$	0.09
	For the three months ended March 31, 2013
	Basic EPS	$	22,178				142,903			$	0.16
	Effect of dilutive securities		412				4,042				(0.01	)
	Diluted EPS	$	22,590				146,945			$	0.15

MortgageBacked_Securities_MBS_

Mortgage-Backed Securities (MBS) (Tables)	3 Months Ended
	Mar. 31, 2014
Agency MBS and Non-Agency MBS, Classified as Available-for-Sale Which are Carried at Fair Value	'
	The following tables summarize our Agency MBS, classified as available-for-sale, at March 31, 2014 and December 31, 2013, which are carried at their fair value (amounts in thousands):
	March 31, 2014
	By Agency				Ginnie Mae				Freddie Mac				Fannie Mae				Non-Agency				Total
																	MBS				MBS
	Amortized cost				$	12,996			$	3,720,963			$	4,859,234			$	-			$	8,593,193
	Paydowns receivable(1)					-				20,401				-				-				20,401
	Unrealized gains					7				19,082				66,116				42				85,247
	Unrealized losses					(131	)			(69,972	)			(44,068	)			-				(114,171	)
	Fair value				$	12,872			$	3,690,474			$	4,881,282			$	42			$	8,584,670
	By Security Type		ARMs				Hybrids				15-Year				20-Year				Floating-Rate				Total
											Fixed-Rate				and				CMOs(2)				MBS
															30-Year
															Fixed-Rate
	Amortized cost		$	1,697,845			$	4,976,344			$	1,764,574			$	153,065			$	1,365			$	8,593,193
	Paydowns receivable(1)			1,983				18,418				-				-				-				20,401
	Unrealized gains			48,493				26,548				2,669				7,489				48				85,247
	Unrealized losses			(3,442	)			(70,520	)			(40,097	)			(109	)			(3	)			(114,171	)
	Fair value		$	1,744,879			$	4,950,790			$	1,727,146			$	160,445			$	1,410			$	8,584,670
	-1	Paydowns receivable 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.
	-2	Non-Agency MBS are included in the Floating-Rate CMOs category.
	During the three months ended March 31, 2014, we did not sell any Agency MBS. During the three months ended March 31, 2013, we received proceeds of approximately $202 million from the sales of Agency MBS and recognized a gain on sales of approximately $5.2 million.
	December 31, 2013
	By Agency				Ginnie Mae				Freddie Mac				Fannie Mae				Non-Agency				Total
																	MBS				MBS
	Amortized cost				$	13,374			$	3,618,312			$	4,950,005			$	-			$	8,581,691
	Paydowns receivable(1)					-				33,401				-				-				33,401
	Unrealized gains					10				18,384				68,860				79				87,333
	Unrealized losses					(124	)			(89,263	)			(56,592	)			-				(145,979	)
	Fair value				$	13,260			$	3,580,834			$	4,962,273			$	79			$	8,556,446
	By Security Type		ARMs				Hybrids				15-Year				30-Year				Floating-Rate				Total
											Fixed-Rate				Fixed-Rate				CMOs(2)				MBS
	Amortized cost		$	1,594,183			$	5,168,156			$	1,714,427			$	103,476			$	1,449			$	8,581,691
	Paydowns receivable(1)			2,843				30,558				-				-				-				33,401
	Unrealized gains			46,294				31,668				1,695				7,591				85				87,333
	Unrealized losses			(2,560	)			(85,614	)			(57,774	)			(29	)			(2	)			(145,979	)
	Fair value		$	1,640,760			$	5,144,768			$	1,658,348			$	111,038			$	1,532			$	8,556,446
	-1	Paydowns receivable 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.
	-2	Non-Agency MBS are included in the Floating-Rate CMOs category.

Repurchase_Agreements_Tables

Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2014
Repurchase Agreements Balances, Weighted Average Interest Rates and Remaining Weighted Average Maturities	'
	At March 31, 2014 and December 31, 2013, the repurchase agreements had the following balances (dollar amounts in thousands), weighted average interest rates and remaining weighted average maturities:
			31-Mar-14							31-Dec-13
			Balance			Weighted				Balance				Weighted
						Average								Average
						Interest								Interest
						Rate								Rate
	Overnight		$	-			0	%		$	-				0	%
	Less than 30 days			3,055,000			0.36				3,105,000				0.39
	30 days to 90 days			4,455,000			0.35				4,475,000				0.39
	Over 90 days to less than 1 year			-			-				-				-
	1 year to 2 years			-			-				-				-
	Demand			-			-				-				-
			$	7,510,000			0.35	%		$	7,580,000				0.39	%
	Weighted average maturity		37 days							38 days
	Weighted average interest rate after adjusting for interest rate swap hedges			1.05	%						1.5	%
	Weighted average maturity after adjusting for interest rate swap hedges		892 days							1,010 days
	Weighted average interest rate after adjusting for all interest rate swaps			1.48	%						1.5	%
	Weighted average maturity after adjusting for all interest rate swaps		1,008 days							1,010 days
	Agency MBS pledged as collateral under the repurchase agreements and swap agreements		$	7,976,934						$	8,060,567
Liabilities and Assets Subject to Netting Arrangements	'
	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, 7 and 13 for more information on the Company’s interest rate swaps (both hedges and discontinued hedges).
									Net Amounts of
									Assets				Gross Amounts Not Offset
			Gross Amounts						or Liabilities				in the Balance Sheets(1)
			of Recognized			Gross Amounts			Presented in								Cash
	31-Mar-14		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)		$	17,253		$	-		$	17,253			$	(17,253	)		$	-	$	-
	Total		$	17,253		$	-		$	17,253			$	(17,253	)		$	-	$	-
	Repurchase Agreements(3)		$	7,510,000		$	-		$	7,510,000			$	(7,510,000	)		$	-	$	-
	Derivative liabilities at fair value			18,894		-				18,894				(18,894	)		-		-
	Interest rate swaps at fair value			40,048			-			40,048				(40,048	)		-		-
	Total		$	7,568,942		$	-		$	7,568,942			$	(7,568,942	)		$	-	$	-
									Net Amounts of
									Assets				Gross Amounts Not Offset
			Gross Amounts						or Liabilities				in the Balance Sheets(1)
			of Recognized			Gross Amounts			Presented in								Cash
	31-Dec-13		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)		$	22,551		$	-		$	22,551			$	(22,551	)		$	-	$	-
	Total		$	22,551		$	-		$	22,551			$	(22,551	)		$	-	$	-
	Repurchase Agreements(3)		$	7,580,000		$	-		$	7,580,000			$	(7,580,000	)		$	-	$	-
	Derivative liabilities at fair value			55,914		-				55,914				(55,914	)		-		-
	Total		$	7,635,914		$	-		$	7,635,914			$	(7,635,914	)		$	-	$	-
	-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 March 31, 2014, we had pledged approximately $67.8 million in Agency MBS as collateral and paid another approximately $11.8 million on swap margin calls on our derivatives. At December 31, 2013, we had pledged approximately $84.2 million in Agency MBS as collateral and paid another approximately $7.1 million on swap margin calls on our derivatives.
	-3	At March 31, 2014, we had pledged approximately $7.91 billion in Agency MBS as collateral on our repurchase agreements. At December 31, 2013, we had pledged approximately $7.98 billion in Agency MBS as collateral on our repurchase agreements.

Fair_Values_of_Financial_Instr1

Fair Values of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Measurements on Recurring Basis	'
	At March 31, 2014, fair value measurements on a recurring basis were as follows (in thousands):
			Level 1		Level 2		Level 3		Total
	Assets
	Agency MBS(1)		$	-	$	8,584,670	$	-	$	8,584,670
	Derivative instruments(2)		$	-	$	17,253	$	-	$	17,253
	Liabilities
	Derivative instruments(2)		$	-	$	18,894	$	-	$	18,894
	Interest rate swaps(3)		$	-	$	40,048	$	-	$	40,048
	-1	For more detail about the fair value of our Agency MBS by agency and type of security, see Note 3.
	-2	Derivative instruments are hedging instruments under ASC 815-10. For more detail about our derivative instruments, see Notes 1 and 13.
	-3	Interest rate swaps shown in the above table are swaps that are no longer treated for accounting purposes as hedging instruments. For more information about these swaps, see Note 1 and Note 13 regarding discontinuing hedge accounting.
	At December 31, 2013, fair value measurements on a recurring basis were as follows (in thousands):
			Level 1		Level 2		Level 3		Total
	Assets
	Agency MBS(1)		$	-	$	8,556,446	$	-	$	8,556,446
	Derivative instruments(2)		$	-	$	22,551	$	-	$	22,551
	Liabilities
	Derivative instruments(2)		$	-	$	55,914	$	-	$	55,914
	-1	For more detail about the fair value of our Agency MBS by agency and type of security, see Note 3.
	-2	Derivative instruments are hedging instruments under ASC 815-10. For more detail about our derivative instruments, see Notes 1 and 13.

Transactions_with_Affiliates_T

Transactions with Affiliates (Tables)	3 Months Ended
	Mar. 31, 2014
Future Minimum Lease Commitment	'
	At March 31, 2014, the future minimum lease commitment is as follows (in whole dollars):
	Year	2014		2015		2016		2017		2018		Thereafter		Total
														Commitment
	Commitment	$	334,390	$	456,987	$	470,720	$	484,852	$	499,398	$	1,866,753	$	4,113,100

Derivative_Instruments_Tables

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Notional Amounts of Swap Agreement, Weighted Average Interest Rates and Remaining Term	'
	At March 31, 2014 and December 31, 2013, our swaps had the following notional amounts (dollar amounts in thousands), weighted average fixed rates and remaining terms (in months):
			31-Mar-14							31-Dec-13
			Notional		Weighted			Remaining		Notional		Weighted			Remaining
			Amount		Average			Term  in		Amount		Average			Term  in
					Fixed			Months				Fixed			Months
					Rate							Rate
	Less than 12 months		$	410,000		2	%		5	$	410,000		2.07	%		4
	1 year to 2 years			730,000		2.06			18		680,000		2.07			18
	2 years to 3 years			1,145,000		1.66			28		1,145,000		1.82			29
	3 years to 5 years			1,655,000		1.21			47		1,715,000		1.18			48
	5 years to 7 years			1,000,000		2.12			73		925,000		2.11			76
	7 years to 10 years			500,000		2.84			104		500,000		2.84			107
			$	5,440,000		1.79	%		46	$	5,375,000		1.81	%		47
Swap Agreements by Counterparty	'
	Swap Agreements by Counterparty
			March 31,		December 31,
			2014		2013
			(in thousands)
	JPMorgan Securities		$	1,175,000	$	1,175,000
	Deutsche Bank Securities			1,165,000		1,165,000
	RBS Greenwich Capital			800,000		800,000
	ING Financial Markets LLC			650,000		650,000
	Chicago Mercantile Exchange(1)			615,000		400,000
	Nomura Securities International			550,000		650,000
	Bank of New York			260,000		260,000
	Morgan Stanley			150,000		150,000
	Credit Suisse			75,000		75,000
	LBBW Securities, LLC			-		50,000
			$	5,440,000	$	5,375,000
	-1	For all swap agreements entered into after September 9, 2013, the counterparty will be the Chicago Mercantile Exchange regardless of who the trading party is. See the section entitled “Derivative Financial Instruments – Interest Rate Risk Management” in Note 1 for additional details.

Other_Expenses_Tables

Other Expenses (Tables)	3 Months Ended
	Mar. 31, 2014
Other Expenses	'
		Three Months Ended
		March 31,
		2014		2013
		(in thousands)
	Legal and accounting fees	$	248	$	142
	Printing and stockholder communications		32		38
	Directors and Officers insurance		116		112
	DERs expense		82		87
	Amortization of restricted stock		24		51
	Software implementation and maintenance		77		71
	Administrative service fees		52		53
	Rent		124		122
	Stock exchange and filing fees		46		53
	Custodian and clearing fees		75		34
	Sarbanes-Oxley consulting fees		46		26
	Board of directors fees and expenses		71		80
	Securities data services		33		33
	Other		38		20
	Total of other expenses:	$	1,064	$	922

Organization_and_Significant_A3

Organization and Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended		27 Months Ended					3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 17, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014
				Interest rate swap agreements	Interest rate swap agreements	Interest rate swap agreements	Minimum	Maximum
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]	'	'	'	'	'	'	'	'
Description of management fee	'	'	'The 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 management services. The Manager will also perform such other services and activities relating to our assets and operations as may be appropriate. In exchange for these services, the 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).	'	'	'	'	'
Monthly management fee payment in arrears, one-twelfth of percentage of equity	'	'	1.20%	'	'	'	'	'
MBS initial fixed interest rate required, period	'three to seven years (but may also include interest rates that are fixed for up to ten years)	'	'three to seven years (but may also include interest rates that are fixed for up to ten years)	'	'	'	'	'
MBS initial fixed interest rate required, period	'	'	'	'	'	'	'3 years	'7 years
Non-Agency MBS included with the Agency MBS	'	'	'	'	'	'	'	$42
Derivative, fixed rate obligation period	'	'	'	'	'	'	'	'10 years
Building Estimated Value	'27 years 6 months	'	'	'	'	'	'	'
Building Salvage Value	0	'	0	'	'	'	'	'
Interest rate swap agreements, aggregate notional amount	'	'	'	$5,440,000	$1,685,000	$5,375,000	'	'
Options to purchase common stock not included in the computation of diluted EPS	5,000	327,700	'	'	'	'	'	'

Investments_Gross_Unrealized_L

Investments' Gross Unrealized Losses and Fair Value of Securities in Continuous Unrealized Loss Position, Aggregated by Investment Category and Length of Time (Detail) (Agency MBS, USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Investment	Investment
Agency MBS	'	'
Schedule Of Available For Sale Securities [Line Items]	'	'
Less Than 12 Months Number of Securities	203	202
Less Than 12 Months Fair Value	$3,723,083	$4,262,712
Less Than 12 Months Unrealized Losses	-78,467	-122,890
12 Months or More Number of Securities	244	230
12 Months or More Fair Value	1,182,606	763,911
12 Months or More Unrealized Losses	-35,704	-23,089
Total Number of Securities	447	432
Total Fair Value	4,905,689	5,026,623
Total Unrealized Losses	($114,171)	($145,979)

Computation_of_Earnings_Per_Sh

Computation of Earnings Per Share (Detail) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share Disclosure [Line Items]	'	'
Net Income Available to Common Stockholders, Basic EPS	$11,942	$22,178
Net Income Available to Common Stockholders, Effect of dilutive securities	394	412
Net Income Available to Common Stockholders, Diluted EPS	$12,336	$22,590
Average Shares, Basic EPS	136,848	142,903
Average Shares, Effect of dilutive securities	4,027	4,042
Average Shares, Diluted EPS	140,875	146,945
Basic EPS	$0.09	$0.16
Effect of dilutive securities on earnings per share	$0	($0.01)
Diluted EPS	$0.09	$0.15

Reverse_Repurchase_Agreements_

Reverse Repurchase Agreements - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014
Repurchase Agreement Counterparty [Line Items]	'
Reverse repurchase agreements outstanding amount	$0

Agency_MBS_and_NonAgency_MBS_C

Agency MBS and Non-Agency MBS, Classified as Available-for-Sale which are Carried at Fair Value (Detail) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule Of Available For Sale Securities [Line Items]	'		'
Paydowns receivable	$20,401		$33,401
Available-for-sale Securities, Total	8,584,670		8,556,446
Agency MBS	'		'
Schedule Of Available For Sale Securities [Line Items]	'		'
Amortized cost	8,593,193		8,581,691
Paydowns receivable	20,401	[1]	33,401	[1]
Unrealized gains	85,247		87,333
Unrealized losses	-114,171		-145,979
Available-for-sale Securities, Total	8,584,670		8,556,446
Non-Agency MBS	'		'
Schedule Of Available For Sale Securities [Line Items]	'		'
Unrealized gains	42		79
Fair value	42		79
Ginnie Mae | Agency MBS	'		'
Schedule Of Available For Sale Securities [Line Items]	'		'
Amortized cost	12,996		13,374
Unrealized gains	7		10
Unrealized losses	-131		-124
Available-for-sale Securities, Total	12,872		13,260
Freddie Mac | Agency MBS	'		'
Schedule Of Available For Sale Securities [Line Items]	'		'
Amortized cost	3,720,963		3,618,312
Paydowns receivable	20,401	[1]	33,401	[1]
Unrealized gains	19,082		18,384
Unrealized losses	-69,972		-89,263
Available-for-sale Securities, Total	3,690,474		3,580,834
Fannie Mae | Agency MBS	'		'
Schedule Of Available For Sale Securities [Line Items]	'		'
Amortized cost	4,859,234		4,950,005
Unrealized gains	66,116		68,860
Unrealized losses	-44,068		-56,592
Available-for-sale Securities, Total	4,881,282		4,962,273
ARMs | Agency MBS	'		'
Schedule Of Available For Sale Securities [Line Items]	'		'
Amortized cost	1,697,845		1,594,183
Paydowns receivable	1,983	[1]	2,843	[1]
Unrealized gains	48,493		46,294
Unrealized losses	-3,442		-2,560
Available-for-sale Securities, Total	1,744,879		1,640,760
Hybrids | Agency MBS	'		'
Schedule Of Available For Sale Securities [Line Items]	'		'
Amortized cost	4,976,344		5,168,156
Paydowns receivable	18,418	[1]	30,558	[1]
Unrealized gains	26,548		31,668
Unrealized losses	-70,520		-85,614
Available-for-sale Securities, Total	4,950,790		5,144,768
15-Year Fixed-Rate | Agency MBS	'		'
Schedule Of Available For Sale Securities [Line Items]	'		'
Amortized cost	1,764,574		1,714,427
Unrealized gains	2,669		1,695
Unrealized losses	-40,097		-57,774
Available-for-sale Securities, Total	1,727,146		1,658,348
30-Year Fixed-Rate | Agency MBS	'		'
Schedule Of Available For Sale Securities [Line Items]	'		'
Amortized cost	153,065		103,476
Unrealized gains	7,489		7,591
Unrealized losses	-109		-29
Available-for-sale Securities, Total	160,445		111,038
Floating Rate Debt | Agency MBS	'		'
Schedule Of Available For Sale Securities [Line Items]	'		'
Amortized cost	1,365	[2]	1,449	[2]
Unrealized gains	48	[2]	85	[2]
Unrealized losses	-3	[2]	-2	[2]
Available-for-sale Securities, Total	$1,410	[2]	$1,532	[2]
[1]	Paydowns receivable 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.
[2]	Non-Agency MBS are included in the Floating-Rate CMOs category.

MortgageBacked_Securities_MBS_1

Mortgage-Backed Securities (MBS) - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Schedule Of Available For Sale Securities [Line Items]	'	'
Proceeds from sale of available-for-sale agency MBS	$0	$202,217,000
MBS	'	'
Schedule Of Available For Sale Securities [Line Items]	'	'
Gross realized gains on sales of MBS	'	$5,200,000

Residential_Properties_Additio

Residential Properties - Additional Information (Detail) (Southeastern Florida, USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified	ResidentialProperty
Wholly Owned Properties	'
Real Estate Properties [Line Items]	'
Number of residential property	5
Cost of residential property	$572
Contracts to Purchase Property	'
Real Estate Properties [Line Items]	'
Number of residential property	4
Cost of residential property	1,200
Escrow deposit	$121

Repurchase_Agreements_Balances

Repurchase Agreements Balances, Weighted Average Interest Rates and Remaining Weighted Average Maturities (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets Sold Under Agreements To Repurchase [Line Items]	'	'
Repurchase agreements	$7,510,000	$7,580,000
Weighted average interest rate	0.35%	0.39%
Weighted average maturity	'37 days	'38 days
Weighted average interest rate after adjusting for interest rate swap hedges	1.05%	1.50%
Weighted average maturity after adjusting for interest rate swap hedges	'892 days	'1010 days
Weighted average interest rate after adjusting for all interest rate swaps	1.48%	1.50%
Weighted average maturity after adjusting for all interest rate swaps	'1008 days	'1010 days
Agency MBS pledged as collateral under the repurchase agreements and swap agreements	7,976,934	8,060,567
Overnight	'	'
Assets Sold Under Agreements To Repurchase [Line Items]	'	'
Repurchase agreements	'	'
Weighted average interest rate	0.00%	0.00%
Less than 30 days	'	'
Assets Sold Under Agreements To Repurchase [Line Items]	'	'
Repurchase agreements	3,055,000	3,105,000
Weighted average interest rate	0.36%	0.39%
30 days to 90 days	'	'
Assets Sold Under Agreements To Repurchase [Line Items]	'	'
Repurchase agreements	4,455,000	4,475,000
Weighted average interest rate	0.35%	0.39%
Over 90 days to less than 1 year	'	'
Assets Sold Under Agreements To Repurchase [Line Items]	'	'
Repurchase agreements	'	'
Weighted average interest rate	'	'
1 year to 2 years	'	'
Assets Sold Under Agreements To Repurchase [Line Items]	'	'
Repurchase agreements	'	'
Weighted average interest rate	'	'
Demand	'	'
Assets Sold Under Agreements To Repurchase [Line Items]	'	'
Repurchase agreements	'	'
Weighted average interest rate	'	'

Liabilities_and_Assets_Subject

Liabilities and Assets Subject to Netting Arrangements (Detail) (USD $)	Mar. 31, 2014		Dec. 31, 2013		Dec. 13, 2013
In Thousands, unless otherwise specified
Derivative Assets Derivative Liabilities And Repurchase Agreements Subject To Netting Agreements [Line Items]	'		'		'
Gross Amounts of Recognized Assets	$17,253		'		$22,551
Gross Assets Offset in the Balance Sheets	'		'		'
Net Amounts of Assets Presented in the Balance Sheets	17,253		22,551		22,551
Gross Assets Not Offset Financial instruments	-17,253	[1]	'		-22,551	[2]
Gross Assets Not Offset Cash Collateral Received	'	[1]	'		'	[2]
Gross Assets Not Offset Net Amounts	'		'		'
Derivative instruments at fair value	18,894		55,914		'
Derivative instruments at fair value	40,048		0		'
Derivative Financial Instruments, Assets	'		'		'
Derivative Assets Derivative Liabilities And Repurchase Agreements Subject To Netting Agreements [Line Items]	'		'		'
Gross Amounts of Recognized Assets	17,253	[2]	'		22,551	[2]
Gross Assets Offset in the Balance Sheets	'	[2]	'		'	[2]
Net Amounts of Assets Presented in the Balance Sheets	17,253	[2]	'		22,551	[2]
Gross Assets Not Offset Financial instruments	-17,253	[1],[2]	'		-22,551	[2]
Gross Assets Not Offset Cash Collateral Received	'	[1],[2]	'		'	[2]
Gross Assets Not Offset Net Amounts	'	[2]	'		'	[2]
Repurchase Agreements	'		'		'
Derivative Assets Derivative Liabilities And Repurchase Agreements Subject To Netting Agreements [Line Items]	'		'		'
Gross Amounts of Recognized Liabilities	7,510,000	[3]	'		7,580,000	[3]
Gross Liabilities Offset in the Balance Sheets	'	[3]	'		'	[3]
Net Amounts of Liabilities Presented in the Balance Sheets	7,510,000	[3]	'		7,580,000	[3]
Gross Liabilities Not Offset Financial instruments	-7,510,000	[1],[3]	'		-7,580,000	[1],[3]
Gross Liabilities Not Offset Cash Collateral Received	'	[1],[3]	'		'	[1],[3]
Gross Liabilities Not Offset Net Amounts	'	[3]	'		'	[3]
Derivative Financial Instruments, Liabilities	'		'		'
Derivative Assets Derivative Liabilities And Repurchase Agreements Subject To Netting Agreements [Line Items]	'		'		'
Gross Amounts of Recognized Liabilities	18,894		55,914		'
Gross Liabilities Offset in the Balance Sheets	'		'		'
Derivative instruments at fair value	18,894		55,914		'
Gross Liabilities Not Offset Financial instruments	-18,894	[1]	-55,914	[1]	'
Gross Liabilities Not Offset Cash Collateral Received	'	[1]	'	[1]	'
Gross Liabilities Not Offset Net Amounts	'		'		'
Liabilities Subject To Netting Arrangements	'		'		'
Derivative Assets Derivative Liabilities And Repurchase Agreements Subject To Netting Agreements [Line Items]	'		'		'
Gross Liabilities Not Offset Net Amounts	'		'		'
Gross Amounts of Recognized Liabilities	7,568,942		7,635,914		'
Gross Liabilities Offset in the Balance Sheets	'		'		'
Net Amounts of Liabilities Presented in the Balance Sheets	7,568,942		7,635,914		'
Gross Liabilities Not Offset Financial instruments	-7,568,942	[1]	-7,635,914	[1]	'
Gross Liabilities Not Offset Cash Collateral Received	'	[1]	'	[1]	'
Interest Rate Swap	'		'		'
Derivative Assets Derivative Liabilities And Repurchase Agreements Subject To Netting Agreements [Line Items]	'		'		'
Gross Amounts of Recognized Liabilities	40,048		'		'
Gross Liabilities Offset in the Balance Sheets	'		'		'
Gross Liabilities Not Offset Financial instruments	-40,048	[1]	'		'
Gross Liabilities Not Offset Cash Collateral Received	'	[1]	'		'
Gross Liabilities Not Offset Net Amounts	'		'		'
Derivative instruments at fair value	$40,048		'		'
[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 March 31, 2014, we had pledged approximately $67.8 million in Agency MBS as collateral and paid another approximately $11.8 million on swap margin calls on our derivatives. At December 31, 2013, we had pledged approximately $84.2 million in Agency MBS as collateral and paid another approximately $7.1 million on swap margin calls on our derivatives.
[3]	At March 31, 2014, we had pledged approximately $7.91 billion in Agency MBS as collateral on our repurchase agreements. At December 31, 2013, we had pledged approximately $7.98 billion in Agency MBS as collateral on our repurchase agreements.

Liabilities_and_Assets_Subject1

Liabilities and Assets Subject to Netting Arrangements (Parenthetical) (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Derivative Assets Derivative Liabilities And Repurchase Agreements Subject To Netting Agreements [Line Items]	'	'
Pledged in Agency MBS as collateral	$67,800,000	$84,200,000
Paid swap margin calls on our derivatives	11,800,000	7,100,000
Pledged in Agency MBS as collateral on our repurchase agreements	$7,910,000,000	$7,980,000,000

Junior_Subordinated_Notes_Addi

Junior Subordinated Notes - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 15, 2005
Subordinated Borrowing [Line Items]	'	'	'
Junior subordinated notes	$37,380,000	$37,380,000	$37,380,000
First interest payment date	30-Jun-05	'	'
Trust preferred securities	'	'	$36,250,000
Debt, payment terms	'On September 26, 2005, the notes, the trust preferred securities and the related agreements were amended. The only material change was that one of the class holders requested that interest payments be made quarterly on January 30, April 30, July 30 and October 30 instead of at the end of each calendar quarter. This became effective with the quarterly payments after September 30, 2005.	'	'
Junior Subordinated Notes	'	'	'
Subordinated Borrowing [Line Items]	'	'	'
Interest rate above prevailing three-month LIBOR rate	3.10%	'	'
Debt, maturity date	'2035	'	'
Trust Preferred Securities	'	'	'
Subordinated Borrowing [Line Items]	'	'	'
Interest rate above prevailing three-month LIBOR rate	3.10%	'	'
Debt, maturity date	'2035	'	'

Fair_Value_Measurements_on_Rec

Fair Value Measurements on Recurring Basis (Detail) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Liabilities	'		'
Derivative instruments at fair value	$18,894		$55,914
Derivative instruments at fair value	40,048		0
Agency MBS | Fair Value, Measurements, Recurring	'		'
Assets	'		'
Asset fair value measurement	8,584,670	[1]	8,556,446	[1]
Derivative Financial Instruments, Assets | Fair Value, Measurements, Recurring	'		'
Assets	'		'
Asset fair value measurement	17,253	[2]	22,551	[2]
Derivative Financial Instruments, Liabilities | Fair Value, Measurements, Recurring	'		'
Liabilities	'		'
Derivative instruments at fair value	18,894	[2]	55,914	[2]
Level 1 | Agency MBS | Fair Value, Measurements, Recurring	'		'
Assets	'		'
Asset fair value measurement	'	[1]	'	[1]
Level 1 | Derivative Financial Instruments, Assets | Fair Value, Measurements, Recurring	'		'
Assets	'		'
Asset fair value measurement	'	[2]	'	[2]
Level 1 | Derivative Financial Instruments, Liabilities | Fair Value, Measurements, Recurring	'		'
Liabilities	'		'
Derivative instruments at fair value	'	[2]	'	[2]
Level 2 | Agency MBS | Fair Value, Measurements, Recurring	'		'
Assets	'		'
Asset fair value measurement	8,584,670	[1]	8,556,446	[1]
Level 2 | Derivative Financial Instruments, Assets | Fair Value, Measurements, Recurring	'		'
Assets	'		'
Asset fair value measurement	17,253	[2]	22,551	[2]
Level 2 | Derivative Financial Instruments, Liabilities | Fair Value, Measurements, Recurring	'		'
Liabilities	'		'
Derivative instruments at fair value	18,894	[2]	55,914	[2]
Level 3 | Agency MBS | Fair Value, Measurements, Recurring	'		'
Assets	'		'
Asset fair value measurement	'	[1]	'	[1]
Level 3 | Derivative Financial Instruments, Assets | Fair Value, Measurements, Recurring	'		'
Assets	'		'
Asset fair value measurement	'	[2]	'	[2]
Level 3 | Derivative Financial Instruments, Liabilities | Fair Value, Measurements, Recurring	'		'
Liabilities	'		'
Derivative instruments at fair value	'	[2]	'	[2]
Interest Rate Swap	'		'
Liabilities	'		'
Derivative instruments at fair value	40,048		'
Interest Rate Swap | Fair Value, Measurements, Recurring	'		'
Liabilities	'		'
Derivative instruments at fair value	40,048	[3]	'
Interest Rate Swap | Level 1 | Fair Value, Measurements, Recurring	'		'
Liabilities	'		'
Derivative instruments at fair value	'	[3]	'
Interest Rate Swap | Level 2 | Fair Value, Measurements, Recurring	'		'
Liabilities	'		'
Derivative instruments at fair value	40,048	[3]	'
Interest Rate Swap | Level 3 | Fair Value, Measurements, Recurring	'		'
Liabilities	'		'
Derivative instruments at fair value	'	[3]	'
[1]	For more detail about the fair value of our Agency MBS by agency and type of security, see Note 3.
[2]	Derivative instruments are hedging instruments under ASC 815-10. For more detail about our derivative instruments, see Notes 1 and 13.
[3]	Interest rate swaps shown in the above table are swaps that are no longer treated for accounting purposes as hedging instruments. For more information about these swaps, see Note 1 and Note 13 regarding discontinuing hedge accounting.

Series_B_Cumulative_Convertibl1

Series B Cumulative Convertible Preferred Stock - Additional Information (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
			Series B Preferred Stock	Series B Preferred Stock	Series A Preferred Stock
			Item	Minimum
			Director
Conversion Of Stock [Line Items]	'	'	'	'	'
Series B Cumulative Convertible Preferred Stock, par value	$0.01	$0.01	'	'	'
Series B Cumulative Convertible Preferred Stock, liquidating preference per share	$25	$25	'	'	'
Preferred Stock, dividend rate	'	'	6.25%	'	8.63%
Preferred Stock, conversion start date	'	'	25-Jan-12	'	'
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	'	'	'30 days	'20 days	'
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	'	'	0.667	'	'

Public_Offerings_and_Capital_S1

Public Offerings and Capital Stock - Additional Information (Detail) (USD $)

3 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 14, 2014

Dec. 31, 2013

Dec. 13, 2013

Oct. 03, 2011

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2005

Nov. 07, 2005

Apr. 05, 2013

Mar. 14, 2012

Mar. 31, 2014

Mar. 31, 2014

27-May-11

Mar. 31, 2014

Mar. 31, 2014

27-May-11

Mar. 31, 2014

27-May-11

Dividend Reinvestment and Stock Purchase 2012 Plan

Anworth Mortgage Asset Corporation 2004 Equity Compensation Plan

Anworth Mortgage Asset Corporation 2004 Equity Compensation Plan

Anworth Mortgage Asset Corporation 2004 Equity Compensation Plan

Maximum

Maximum

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Common Stock

Common Stock

Dividend Reinvestment and Stock Purchase 2012 Plan

Controlled Equity Offering Sales Agreement

Maximum

Controlled Equity Offering Sales Agreement

Maximum

Controlled Equity Offering Sales Agreement

Maximum

Controlled Equity Offering Sales Agreement

Controlled Equity Offering Sales Agreement

Controlled Equity Offering Sales Agreement

Capital Unit [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common Stock, authorized

200,000,000

'

200,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common Stock, issued

133,492,287

'

138,717,000

'

'

'

2,840,000

'

'

'

'

'

'

'

'

'

'

'

'

Common Stock, outstanding

133,492,287

'

138,717,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock, authorized

20,000,000

'

'

'

'

'

'

'

'

'

'

5,150,000

'

'

3,150,000

'

'

'

'

Preferred stock, par value

$0.01

'

$0.01

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock, liquidation preference

$25

'

$25

'

'

'

'

'

'

'

'

$25

'

'

$25

'

'

'

'

Preferred Stock, dividend rate

'

'

'

'

'

'

'

'

'

'

'

8.63%

'

'

6.25%

'

'

'

'

Preferred stock, issued

1,919,000

'

1,919,000

'

'

'

'

'

'

'

'

1,919,378

'

'

1,009,640

'

'

'

'

Preferred stock, outstanding

1,919,000

'

1,919,000

'

'

'

'

'

'

'

'

1,919,378

'

'

1,009,640

'

'

'

'

Preferred stock redemption price

'

'

'

'

'

'

'

'

'

'

'

$25

'

'

'

'

'

'

'

Number of shares to be issued based on sales agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

'

'

1,000,000

'

20,000,000

Common Stock, available for issuance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

19,409,400

'

Preferred stock, available for sale and issuance

'

'

'

'

'

'

'

'

'

'

'

'

956,122

'

'

894,518

'

'

'

Number of shares authorized to be repurchased

'

'

'

'

2,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of additional shares authorized to be repurchased

'

10,000,000

'

5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares repurchased during period

5,634,414

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock repurchased, weighted average price per share

$5.01

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Public offering number of common stocks

'

'

'

'

'

'

'

'

'

'

27,000,000

'

'

'

'

'

'

'

'

Issuance of common stock (in shares)

'

'

'

'

'

55,782

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock issued, weighted average price per share

'

'

'

'

'

$4.61

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from issuance of common stock

'

'

'

'

'

$258,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Remaining number of shares to be issued

'

'

'

'

'

16,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, public offering

'

'

'

'

'

'

'

'

'

544,727,778

'

'

'

'

'

'

'

'

'

Common stock remaining for issuance under the registration statement

$544,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shelf registration statement expiration date

'April 8, 2013

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum authorized shares of common stock under grant of stock options and other stock-based awards

'

'

'

'

'

'

'

3,500,000

3,500,000

'

'

'

'

'

'

'

'

'

'

Unexercised stock options and restricted stock

'

'

'

'

'

'

273,469

'

'

'

'

'

'

'

'

'

'

'

'

Transactions_with_Affiliates_A

Transactions with Affiliates - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended		27 Months Ended
	Jul. 02, 2012	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
	sqft
Related Party Transaction [Line Items]	'	'	'	'
Description of management fee	'	'	'	'The 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 management services. The Manager will also perform such other services and activities relating to our assets and operations as may be appropriate. In exchange for these services, the 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).
Monthly management fee payment in arrears, one-twelfth of percentage of equity	'	'	'	1.20%
Maximum percentage of investment in U.S. agency residential MBS of other advising REITs under Management Agreement	'	75.00%	'	'
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 the initial term or any automatic renewal term, equal to three times the average annual management fee earned by the Manager during the prior 24-month period immediately preceding the most recently completed month prior to the effective date of termination.	'	'
Change in Control and Arbitration Agreements, description	'	'Under the amended 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.	'	'
Sublease agreement, sq. ft. leased	7,300	'	'	'
Rent paid for leased office space per square foot	59.87	'	'	'
Sublease with PIA, expiration date	30-Jun-22	'	'	'
New sublease agreement, base monthly rent	$36,426.47	'	'	'
Sublease agreement, base monthly rent percentage increase starting July 1, 2013	3.00%	'	'	'
Rent	'	124,000	122,000	'
Fees paid for administrative services	'	'On July 25, 2008, we entered into an administrative services agreement with PIA, which was amended and restated on August 20, 2010. Under this agreement, PIA 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 stockholdersb equity and 1.25 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.	'	'
Basis points on equity for the annual fee	'	'5 basis points on the first $225 million of stockholdersb equity and 1.25 basis points thereafter (paid quarterly in arrears) for those services.	'	'
Stockholders equity amount used to calculate administrative service fees	'	225,000,000	'	225,000,000
Prior written notice to terminate administrative agreement	'	'30 days	'	'30 days
Administrative service fees	'	$52,000	$53,000	'
First $225 million of Stockholders' Equity	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Basis points on equity for the annual fee	'	0.05%	'	'
Above $225 million of Stockholders' Equity	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Basis points on equity for the annual fee	'	0.01%	'	'
Mr. Lloyd McAdams	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Outstanding membership interests	'	50.00%	'	'
Mr. Joseph E. McAdams	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Outstanding membership interests	'	45.00%	'	'
Mr. Thad M. Brown	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Outstanding membership interests	'	5.00%	'	'

Future_Minimum_Lease_Commitmen

Future Minimum Lease Commitment (Detail) (USD $)	Mar. 31, 2014
Leases Disclosure [Line Items]	'
2014	$334,390
2015	456,987
2016	470,720
2017	484,852
2018	499,398
Thereafter	1,866,753
Total Commitment	$4,113,100

Equity_Compensation_Plan_Addit

Equity Compensation Plan - Additional Information (Detail) (USD $)

1 Months Ended

3 Months Ended

3 Months Ended

58 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

In Thousands, except Share data, unless otherwise specified

Oct. 31, 2006

Oct. 31, 2005

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2005

Nov. 07, 2005

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2011

Oct. 31, 2006

Mar. 31, 2014

24-May-07

Anworth Mortgage Asset Corporation 2004 Equity Compensation Plan

Anworth Mortgage Asset Corporation 2004 Equity Compensation Plan

Anworth Mortgage Asset Corporation 2004 Equity Compensation Plan

Anworth Mortgage Asset Corporation 2004 Equity Compensation Plan

Anworth Mortgage Asset Corporation 2004 Equity Compensation Plan

Anworth Mortgage Asset Corporation 2004 Equity Compensation Plan

Anworth Mortgage Asset Corporation 2007 Dividend Equivalent Rights Plan

Anworth Mortgage Asset Corporation 2007 Dividend Equivalent Rights Plan

Anworth Mortgage Asset Corporation 2007 Dividend Equivalent Rights Plan

Minimum

Minimum

Maximum

Anworth Mortgage Asset Corporation 2004 Equity Compensation Plan

Anworth Mortgage Asset Corporation 2004 Equity Compensation Plan

Anworth Mortgage Asset Corporation 2007 Dividend Equivalent Rights 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

3,500,000

'

'

'

'

'

'

Exercise price for option granted of the fair market value of the shares of common stock at granted, percentage

'

'

'

'

'

'

'

'

'

'

100.00%

'

Shares remained available for future issuance

'

'

660,414

'

'

'

'

'

'

'

'

'

Grant of restricted stock

197,362

200,780

'

'

'

'

'

'

'

'

'

'

Stock price on grant date

$9.12

$7.72

'

'

'

'

'

'

'

'

'

'

Percentage of restricted stock vests per year

'

10.00%

'

'

'

'

'

'

'

'

'

'

Age at which grantee has to reach for stock to vest immediately

'

'65 years

'

'

'

'

'

'

'

'

'

'

Terms of stock vesting

'

'The restricted stock vests 10% per year on each anniversary date for a ten-year period and shall also vest immediately upon the death of the grantee or upon the grantee reaching age 65. Each grantee shall have the right to sell 40% of the restricted stock any time after such shares have vested.

'

'

'

'

'

'

'

'

'

'

Percentage of restricted stock that each grantee have right to sell anytime after such shares have vested

40.00%

40.00%

'

'

'

'

'

'

'

'

'

'

Percentage of restricted stock that may not be sold until after termination of employment

60.00%

60.00%

'

'

'

'

'

'

'

'

'

'

Vesting range of restricted stock

'

'We amortize the restricted stock over the vesting period, which is the lesser of ten years or the remaining number of years to age 65.

'

'

'

'

'

'

'

'

'

'

Effective date for grant of restricted stock

18-Oct-06

'

'

'

'

'

'

'

'

'

'

'

Vesting period of restricted stock

'3 years

'

'10 years

'

'

'

'

'

'

'

'

'

Annually compounded rate of return on common stock, including dividends, effective date of the grant to each of the next three anniversary dates

'

'

'

'

'

'

'

'

'

12.00%

'

'

Compensation expense related to restricted stock grants

'

'

$24

$51

'

'

'

'

'

'

'

'

Dividend equivalent right issued, term

'

'

'

'

'

'

'

'

'5 years

'

'

'10 years

Dividend equivalent right issued

'

'

'

'

'

'

'

'

582,000

'

'

'

Paid or accrued compensation related to dividend equivalent right issued

'

'

'

'

'

'

$82

$87

'

'

'

'

Derivative_Instruments_Additio

Derivative Instruments - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended				0 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Dec. 13, 2013	Mar. 31, 2014	Mar. 17, 2014	Mar. 17, 2014	Mar. 31, 2014	Dec. 31, 2013
	Derivative				Swaps	Swaps	Interest rate swap agreements	Interest rate swap agreements	Interest rate swap agreements
Derivative [Line Items]	'	'	'	'	'	'	'	'	'
Interest rate swap agreements, aggregate notional amount	'	'	'	'	'	'	$1,685,000,000	$5,440,000,000	$5,375,000,000
Interest rate swap agreements, weighted average maturity (in years)	'3 years 9 months 18 days	'	'	'	'	'	'	'	'
Notional balance of matured interest rate swap agreements	150,000,000	'	'	'	'	'	'	'	'
Number of interest swaps matured	2	'	'	'	'	'	'	'	'
Number of new swap agreements	7	'	'	'	'	'	'	'	'
Notional amount of swap agreements entered during period	215,000,000	'	'	'	'	'	'	'	'
Swap agreements, maximum maturity term	'7 years	'	'	'	'	'	'	'	'
Fixed interest rate during term of swap agreements, lower range	0.58%	'	'	'	'	'	'	'	'
Fixed interest rate during term of swap agreements, higher range	3.06%	'	'	'	'	'	'	'	'
Increase/Decrease in unrealized losses of swap agreements included in other comprehensive income	9,200,000	'	'	'	'	'	'	'	'
Unrealized losses of swap agreements included in other comprehensive income	42,600,000	'	33,400,000	'	'	'	'	'	'
Unrealized (losses) gains on derivatives	-29,655,000	532,000	'	'	'	'	'	'	'
Reclassification adjustment for interest expense included in net income	20,455,000	12,153,000	'	'	'	'	'	'	'
Derivative instruments at fair value	17,253,000	'	22,551,000	22,551,000	'	'	'	'	'
Derivative instruments at fair value	18,894,000	'	55,914,000	'	'	'	'	'	'
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value	40,000,000	'	'	'	40,000,000	42,000,000	'	'	'
Maximum length of swap agreements	'10 years	'	'	'	'	'	'	'	'
Net gain on interest rate swaps	628,000	0	'	'	'	'	'	628,000	'
Amount paid to interest expense	'	'	'	'	'	'	'	$8,000,000	'
Weighted Average Fixed Rate	'	'	'	'	'	'	2.13%	1.79%	1.81%
Derivative, Maturity Date	'	'	'	'	'	'	30-Sep-15	'	'

Notional_Amounts_of_Swap_Agree

Notional Amounts of Swap Agreement, Weighted Average Interest Rates and Remaining Term (Detail) (Interest rate swap agreements, USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 17, 2014
Derivative [Line Items]	'	'	'
Notional Amount	$5,440,000	$5,375,000	$1,685,000
Weighted Average Fixed Rate	1.79%	1.81%	2.13%
Remaining Term in Months	'46 months	'47 months	'
Less than 12 Months	'	'	'
Derivative [Line Items]	'	'	'
Notional Amount	410,000	410,000	'
Weighted Average Fixed Rate	2.00%	2.07%	'
Remaining Term in Months	'5 months	'4 months	'
1 Year to 2 Years	'	'	'
Derivative [Line Items]	'	'	'
Notional Amount	730,000	680,000	'
Weighted Average Fixed Rate	2.06%	2.07%	'
Remaining Term in Months	'18 months	'18 months	'
2 Years to 3 Years	'	'	'
Derivative [Line Items]	'	'	'
Notional Amount	1,145,000	1,145,000	'
Weighted Average Fixed Rate	1.66%	1.82%	'
Remaining Term in Months	'28 months	'29 months	'
3 Years to 5 Years	'	'	'
Derivative [Line Items]	'	'	'
Notional Amount	1,655,000	1,715,000	'
Weighted Average Fixed Rate	1.21%	1.18%	'
Remaining Term in Months	'47 months	'48 months	'
5 Years to 7 Years	'	'	'
Derivative [Line Items]	'	'	'
Notional Amount	1,000,000	925,000	'
Weighted Average Fixed Rate	2.12%	2.11%	'
Remaining Term in Months	'73 months	'76 months	'
7 Years to 10 Years	'	'	'
Derivative [Line Items]	'	'	'
Notional Amount	$500,000	$500,000	'
Weighted Average Fixed Rate	2.84%	2.84%	'
Remaining Term in Months	'104 months	'107 months	'

Swap_Agreements_by_Counterpart

Swap Agreements by Counterparty (Detail) (Interest rate swap agreements, USD $)	Mar. 31, 2014		Mar. 17, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]	'		'	'
Notional Amount	$5,440,000		$1,685,000	$5,375,000
JPMorgan Securities	'		'	'
Derivative [Line Items]	'		'	'
Notional Amount	1,175,000		'	1,175,000
Deutsche Bank Securities	'		'	'
Derivative [Line Items]	'		'	'
Notional Amount	1,165,000		'	1,165,000
RBS Greenwich Capital	'		'	'
Derivative [Line Items]	'		'	'
Notional Amount	800,000		'	800,000
ING Financial Markets LLC	'		'	'
Derivative [Line Items]	'		'	'
Notional Amount	650,000		'	650,000
Chicago Mercantile Exchange	'		'	'
Derivative [Line Items]	'		'	'
Notional Amount	615,000	[1]	'	400,000	[1]
Nomura Securities International	'		'	'
Derivative [Line Items]	'		'	'
Notional Amount	550,000		'	650,000
Bank Of New York	'		'	'
Derivative [Line Items]	'		'	'
Notional Amount	260,000		'	260,000
Morgan Stanley	'		'	'
Derivative [Line Items]	'		'	'
Notional Amount	150,000		'	150,000
Credit Suisse	'		'	'
Derivative [Line Items]	'		'	'
Notional Amount	75,000		'	75,000
LBBW Securities, LLC	'		'	'
Derivative [Line Items]	'		'	'
Notional Amount	$0		'	$50,000
[1]	For all swap agreements entered into after September 9, 2013, the counterparty will be the Chicago Mercantile Exchange regardless of who the trading party is. See the section entitled bDerivative Financial Instruments b Interest Rate Risk Managementb in Note 1 for additional details.

Other_Expenses_Detail

Other Expenses (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Component Of Other Expense Income Nonoperating [Line Items]	'	'
Legal and accounting fees	$248	$142
Printing and stockholder communications	32	38
Directors and Officers insurance	116	112
DERs expense	82	87
Amortization of restricted stock	24	51
Software implementation and maintenance	77	71
Administrative service fees	52	53
Rent	124	122
Stock exchange and filing fees	46	53
Custodian and clearing fees	75	34
Sarbanes-Oxley consulting fees	46	26
Board of directors fees and expenses	71	80
Securities data services	33	33
Other	38	20
Total of other expenses:	$1,064	$922

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (USD $)	3 Months Ended					0 Months Ended				1 Months Ended	0 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	5-May-14	5-May-14	5-May-14	Apr. 01, 2014	Apr. 01, 2014	5-May-14
	Derivative		Common Stock	Dividend Paid	Dividend Paid	Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event	Dividend Reinvestment and Stock Purchase 2012 Plan
				Series B Preferred Stock	Series B Preferred Stock	Derivative	Southeastern Florida	Common Stock	Dividend Paid	Dividend Paid
					Minimum		ResidentialProperty			Series B Preferred Stock
Subsequent Event [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Dividend yield on preferred stock	'	'	'	'	6.25%	'	'	'	'	'	'
Conversion of preferred stocks to common stock, conversion rate	'	'	'	3.9881	'	'	'	'	'	4.0411	'
Average closing price of common stock	'	'	'	'	'	'	'	'	$5.24	'	'
Consecutive trading day period to determine the average closing price of common stock	'	'	'	'	'	'	'	'	'10 days	'	'
Annualized common stock dividend yield	'	'	'	'	'	'	'	'	10.69%	'	'
Stock issued during period	'	'	56,000	'	'	'	'	'	'	'	66,065
Common stock issued, weighted average price per share	'	'	'	'	'	'	'	'	'	'	$5.41
Proceeds from issuance of common stock	'	'	'	'	'	'	'	'	'	'	$357,000
Number of common stock repurchased	5,634,414	'	'	'	'	'	'	5,280,490	'	'	'
Common stock repurchased, weighted average price	$5.01	'	'	'	'	'	'	$5.26	'	'	'
Number of residential property acquired and committed to acquire	'	'	'	'	'	'	57	'	'	'	'
Cost of residential properties	694,000	0	'	'	'	'	6,700,000	'	'	'	'
Number of new swap agreements	7	'	'	'	'	1	'	'	'	'	'
National amount of swap agreement	'	'	'	'	'	$75,000,000	'	'	'	'	'