New York Mortgage Trust (NYMT) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 01, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	NEW YORK MORTGAGE TRUST INC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		109,401,721
Amendment Flag	false
Entity Central Index Key	1,273,685
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY)	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
ASSETS
Investment securities, available for sale, at fair value (including pledged securities of $636,081 and $702,684, respectively)		$ 733,227	$ 816,647
Investment securities, available for sale, at fair value held in securitization trusts		40,608	38,594
Multi-family loans held in securitization trusts, at fair value		7,296,462	8,365,514
Derivative assets		286,913	288,850
Receivables for securities sold		1,480	0
Cash and cash equivalents		123,801	75,598
Receivables and other assets		237,018	222,491
Total Assets	[1]	9,361,810	10,540,005
Liabilities:
Outstanding Financing Arrangements		586,075	651,965
Securitized debt		140,946	232,877
Derivative liabilities		6,670	1,463
Payable for securities purchased		283,991	283,537
Accrued expenses and other liabilities (including $572 and $6,317 to related parties, respectively)		62,587	74,692
Subordinated debentures		45,000	45,000
Total liabilities	[1]	$ 8,451,162	$ 9,722,078
Commitments and Contingencies
Stockholders' Equity:
Common stock, $0.01 par value, 400,000,000 shares authorized, 109,401,721 and 105,094,565 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively		$ 1,094	$ 1,051
Additional paid-in capital		734,381	701,871
Accumulated other comprehensive income		2,222	10,015
Retained earnings		13,692	32,593
Total stockholders' equity		910,648	817,927
Total Liabilities and Stockholders' Equity		9,361,810	10,540,005
Series B Preferred Stock
Stockholders' Equity:
Preferred stock, value		72,397	72,397
Series C Preferred Stock
Stockholders' Equity:
Preferred stock, value		86,862	0
Portfolio Investments
Liabilities:
Outstanding Financing Arrangements		586,075	651,965
Distressed Residential Mortgage Loans
Liabilities:
Outstanding Financing Arrangements		185,452	238,949
Residential collateralized debt obligations
Liabilities:
Collateralized debt obligations		129,090	145,542
Multi-family collateralized debt obligations, at fair value
Liabilities:
Collateralized debt obligations		7,011,351	8,048,053
Residential mortgage loans held in securitization trusts (net)
ASSETS
Residential mortgage loans held in securitization trusts (net)		132,882	149,614
Distressed residential mortgage loans held in securitization trust, (net)
ASSETS
Residential mortgage loans held in securitization trusts (net)		156,062	221,591
Distressed residential mortgage loans
ASSETS
Residential mortgage loans held in securitization trusts (net)		$ 353,357	$ 361,106
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of September 30, 2015 and December 31, 2014, assets of consolidated VIEs totaled $7,674,252 and $8,847,078, respectively, and the liabilities of consolidated VIEs totaled $7,307,182 and $8,457,034, respectively. See Note 7 for further discussion.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Pledged securities (in Dollars)	$ 636,081	$ 702,684
Accrued expenses and other liabilities, related parties (in Dollars)	572	6,317
Assets of consolidated variable interest entity (VIEs) (in Dollars)	7,674,252	8,847,078
Variable interest entity, consolidated, carrying amount, liabilities (in Dollars)	$ 7,307,182	$ 8,457,034
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	6,600,000	6,600,000
Preferred stock, shares outstanding (in shares)	3,000,000	3,000,000
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	109,401,721	105,094,565
Common stock, shares outstanding (in shares)	109,401,721	105,094,565
Series B Preferred Stock
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, cumulative redeemable dividend rate	7.75%	7.75%
Preferred stock, liquidation preference per share (in Dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	6,000,000	3,450,000
Preferred stock, shares issued (in shares)	3,000,000	3,000,000
Preferred stock, shares outstanding (in shares)	3,000,000	3,000,000
Series C Preferred Stock
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, cumulative redeemable dividend rate	7.875%	7.875%
Preferred stock, liquidation preference per share (in Dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	4,140,000	4,140,000
Preferred stock, shares issued (in shares)	3,600,000	0
Preferred stock, shares outstanding (in shares)	3,600,000	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
INTEREST INCOME:
Investment securities and other	$ 6,792	$ 12,868	$ 28,332	$ 42,025
Total interest income	82,587	94,937	255,972	285,723
INTEREST EXPENSE:
Interest expense	3,432	1,230	10,337	4,102
Subordinated debentures	474	465	1,402	1,390
Total interest expense	64,295	75,617	195,776	226,695
NET INTEREST INCOME	18,292	19,320	60,196	59,028
OTHER INCOME (EXPENSE):
Provision for loan losses	(1,117)	(82)	(1,664)	(1,234)
Realized (loss) gain on investment securities and related hedges, net	(2,895)	17,055	(3,062)	20,419
Gain on de-consolidation of multi-family loans held in securitization trust and multi-family collateralized debt obligations	0	0	1,483	0
Realized gain on distressed residential mortgage loans	27,224	834	31,514	9,477
Unrealized loss on investment securities and related hedges, net	(2,631)	(1,020)	(3,643)	(4,047)
Unrealized (loss) gain on multi-family loans and debt held in securitization trusts, net	(2,170)	18,115	16,876	43,060
Loss on extinguishment of debt	0	(3,397)	0	(3,397)
Other income (including $1,293, $1,244, $4,873 and $1,548 from related parties, respectively)	1,807	1,613	6,393	2,326
Total other income	20,218	33,118	47,897	66,604
Base management and incentive fees (including $1,029, $5,747, $5,851 and $7,966 to related parties, respectively)	3,676	7,752	14,687	15,396
Expenses related to distressed residential mortgage loans	3,261	1,491	7,827	3,920
Other general and administrative expenses	2,893	2,370	7,302	7,433
Total general, administrative and other expenses	9,830	11,613	29,816	26,749
INCOME FROM OPERATIONS BEFORE INCOME TAXES	28,680	40,825	78,277	98,883
Income tax expense	3,048	1,100	4,471	4,668
NET INCOME	25,632	39,725	73,806	94,215
Preferred stock dividends	(3,225)	(1,453)	(7,765)	(4,359)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 22,407	$ 38,272	$ 66,041	$ 89,856
Basic income per common share (in Dollars per share)	$ 0.20	$ 0.42	$ 0.61	$ 1.06
Diluted income per common share (in Dollars per share)	$ 0.20	$ 0.42	$ 0.61	$ 1.06
Weighted average shares outstanding-basic (in Shares)	109,402	90,685	108,061	85,018
Weighted average shares outstanding-diluted (in Shares)	109,402	90,685	108,061	85,018
Securitized Debt
INTEREST EXPENSE:
Interest expense	$ 2,782	$ 4,389	$ 8,883	$ 13,350
Multi-family loans held in securitization trusts
INTEREST INCOME:
Interest income	63,431	75,891	192,715	226,336
Residential Mortgage Loan Securitization
INTEREST INCOME:
Interest income	875	970	2,950	2,772
Distressed residential mortgage loans held in securitization trust, (net)
INTEREST INCOME:
Interest income	11,489	5,208	31,975	14,590
Multi-family collateralized debt obligations, at fair value
INTEREST EXPENSE:
Interest expense	57,388	69,310	174,475	207,167
Residential collateralized debt obligations
INTEREST EXPENSE:
Interest expense	$ 219	$ 223	$ 679	$ 686

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Other income, related parties	$ 1,293	$ 1,244	$ 4,873	$ 1,548
Management fees, related parties	$ 1,029	$ 5,747	$ 5,851	$ 7,966

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 22,407	$ 38,272	$ 66,041	$ 89,856
OTHER COMPREHENSIVE INCOME (LOSS)
Increase in net unrealized gain on available for sale securities	3,566	3,759	3,212	25,636
Reclassification adjustment for net gain included in net income	0	(4,884)	(9,063)	(4,884)
(Decrease) increase in fair value of derivative instruments utilized for cash flow hedges	(781)	1,181	(1,942)	(149)
OTHER COMPREHENSIVE INCOME (LOSS)	2,785	56	(7,793)	20,603
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 25,192	$ 38,328	$ 58,248	$ 110,459

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Changes in Stockholders' Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income
Beginning Balance at Dec. 31, 2014	$ 817,927	$ 1,051	$ 72,397	$ 701,871	$ 32,593	$ 10,015
Net income	73,806				73,806
Stock issuance, net	119,415	43	86,862	32,510
Dividends declared	(92,707)				(92,707)
Reclassification adjustment for net gain included in net income	(9,063)					(9,063)
Increase in net unrealized loss on available for sale securities	3,212					3,212
Decrease in fair value of derivative instruments utilized for cash flow hedges	(1,942)					(1,942)
Ending Balance at Sep. 30, 2015	$ 910,648	$ 1,094	$ 159,259	$ 734,381	$ 13,692	$ 2,222

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Operating Activities:
Net income	$ 73,806	$ 94,215
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization	1,440	(2,883)
Realized loss (gain) on investment securities and related hedges, net	3,062	(20,419)
Realized gain on distressed residential mortgage loans	(31,514)	(9,477)
Unrealized loss on investment securities and related hedges, net	3,643	4,047
Gain on de-consolidation of multi-family loans held in securitization trusts and multi-family collateralized debt obligations	(1,483)	0
Unrealized gain on loans and debt held in multi-family securitization trusts	(16,876)	(43,060)
Net decrease in loans held for sale	14	38
Loss on extinguishment of debt	0	3,397
Provision for loan losses	1,664	1,234
Income from investments in limited partnerships and limited liability companies	(8,603)	(2,192)
Distributions of income from investments in limited partnership and limited liability companies	6,199	1,019
Amortization of stock based compensation, net	721	929
Changes in operating assets and liabilities:
Receivables and other assets	8,331	(825)
Accrued expenses and other liabilities and accrued expenses, related parties	(11,758)	2,629
Net cash provided by operating activities	28,646	28,652
Cash Flows from Investing Activities:
Restricted cash	1,577	(19,754)
Purchases of investment securities	(87,844)	(20,273)
Proceeds from sales of investment securities	67,775	41,442
Purchases of FHLBI stock	(5,445)	0
Purchases of other assets	(29)	(100)
Funding of first mortgage loan	0	(1,142)
Funding of mezzanine loans, equity and preferred equity investments	(43,800)	(12,567)
Proceeds from sale of mezzanine loans	0	5,590
Net (purchases) proceeds on other derivative instruments settled during the period	(5,820)	4,360
Principal paydowns on investment securities - available for sale	79,055	75,140
Proceeds from sale of real estate owned	750	3,559
Proceeds from sales of loans held in multi-family securitization trusts	65,587	0
Net cash provided by investing activities	279,748	146,920
Cash Flows from Financing Activities:
Payments made on financing arrangements, net of FHLBI advances	(119,387)	(163,244)
Common stock issuance, net	31,832	185,734
Preferred stock issuance, net	86,862	0
Payments made on collateralized debt obligations	(92,514)	(71,074)
Net cash used in financing activities	(260,191)	(178,857)
Net Increase (Decrease) in Cash and Cash Equivalents	48,203	(3,285)
Cash and Cash Equivalents - Beginning of Period	75,598	31,798
Cash and Cash Equivalents - End of Period	123,801	28,513
Supplemental Disclosure:
Cash paid for interest	232,077	265,842
Cash paid for income taxes	2,720	5,741
Non-Cash Investment Activities:
Sales of investment securities not yet settled	1,480	0
Purchase of investment securities not yet settled	283,991	215,417
Deconsolidation of multi-family loans held in securitization trusts	1,075,529	0
Deconsolidation of multi-family collateralized debt obligations	1,009,942	0
Common Stock
Cash Flows from Financing Activities:
Dividends paid	(87,061)	(62,220)
Non-Cash Financing Activities:
Dividends declared on stock to be paid in subsequent period	26,256	24,485
Preferred Stock
Cash Flows from Financing Activities:
Dividends paid	(5,993)	(4,359)
Non-Cash Financing Activities:
Dividends declared on stock to be paid in subsequent period	3,225	1,453
Distressed Residential Mortgage Loans
Cash Flows from Investing Activities:
Principal repayments received on loans	16,100	9,949
Purchases of residential mortgage loans and distressed residential mortgage loans	(97,654)	(50,515)
Distressed residential mortgage loans held in securitization trust, (net)
Cash Flows from Investing Activities:
Principal repayments received on loans	232,075	61,036
Multi-family collateralized debt obligations, at fair value
Cash Flows from Investing Activities:
Principal repayments received on loans	57,421	50,195
Residential collateralized debt obligations
Cash Flows from Financing Activities:
Payments made on collateralized debt obligations	(16,519)	(10,151)
Collateralized Loan Obligation
Cash Flows from Financing Activities:
Payments made on collateralized debt obligations	$ (57,411)	$ (53,543)

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Disclosure Text Block [Abstract]
Organization	Organization New York Mortgage Trust, Inc., together with its consolidated subsidiaries ("we," "our," "NYMT" or the “Company"), is a real estate investment trust, or REIT, in the business of acquiring, investing in, financing and managing primarily mortgage-related assets and financial assets. Our objective is to manage a portfolio of investments that will deliver stable distributions to our stockholders over diverse economic conditions. We intend to achieve this objective through a combination of net interest margin and net realized capital gains from our investment portfolio. Our portfolio includes investments in mortgage-related and financial assets, residential mortgage loans, including loans sourced from distressed markets, multi-family CMBS, mezzanine loans to and preferred equity investments in owners of multi-family properties, equity and debt securities issued by entities that invest in commercial real estate and commercial real estate-related debt investments, Agency RMBS consisting of fixed-rate, adjustable-rate and hybrid adjustable-rate RMBS and Agency IOs consisting of interest only and inverse interest-only RMBS that represent the right to the interest component of the cash flow from a pool of mortgage loans. The Company conducts its business through the parent company, New York Mortgage Trust, Inc., and several subsidiaries, including special purpose subsidiaries established for residential loan and CMBS securitization purposes, taxable REIT subsidiaries ("TRSs") and qualified REIT subsidiaries ("QRSs"). The Company consolidates all of its subsidiaries under generally accepted accounting principles in the United States of America (“GAAP”). The Company is organized and conducts its operations to qualify as a REIT for federal income tax purposes. As such, the Company will generally not be subject to federal income tax on that portion of its income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by the due date of its federal income tax return and complies with various other requirements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Definitions – The following defines certain of the commonly used terms in these financial statements: “RMBS” refers to residential adjustable-rate, hybrid adjustable-rate, fixed-rate, interest only and inverse interest only and principal only mortgage-backed securities; “Agency RMBS” refers to RMBS representing interests in or obligations backed by pools of mortgage loans issued or guaranteed by a federally chartered corporation (“GSE”), such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or an agency of the U.S. government, such as the Government National Mortgage Association (“Ginnie Mae”); “non-Agency RMBS” refers to RMBS backed by prime jumbo mortgage loans; “IOs” refers collectively to interest only and inverse interest only mortgage-backed securities that represent the right to the interest component of the cash flow from a pool of mortgage loans; “POs” refers to mortgage-backed securities that represent the right to the principal component of the cash flow from a pool of mortgage loans; “Agency IOs” refers to an IO that represents the right to the interest component of the cash flows from a pool of residential mortgage loans issued or guaranteed by a GSE or an agency of the U.S. government; “ARMs” refers to adjustable-rate residential mortgage loans; “Prime ARM loans” and “residential securitized loans” each refer to prime credit quality residential ARM loans (“prime ARM loans”) held in securitization trusts; “Agency ARMs” refers to Agency RMBS comprised of adjustable-rate and hybrid adjustable-rate RMBS; “CMBS” refers to commercial mortgage-backed securities comprised of commercial mortgage pass-through securities, as well as IO or PO securities that represent the right to a specific component of the cash flow from a pool of commercial mortgage loans; “multi-family CMBS” refers to CMBS backed by commercial mortgage loans on multi-family properties; “CDOs” refers to collateralized debt obligations; and “CLO” refers to collateralized loan obligations. Basis of Presentation – The accompanying condensed consolidated balance sheet as of December 31, 2014 has been derived from audited financial statements. The accompanying condensed consolidated balance sheet as of September 30, 2015 , the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 , the accompanying condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2015 and 2014 , the accompanying condensed consolidated statement of changes in stockholders’ equity for the nine months ended September 30, 2015 and the accompanying condensed consolidated statements of cash flows for the nine months ended September 30, 2015 and 2014 are unaudited. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with Article 10 of Regulation S-X and the instructions to Form 10-Q. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014 , as filed with the U.S. Securities and Exchange Commission (“SEC”). The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the operating results for the full year. The accompanying condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with 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. Although the Company’s estimates contemplate current conditions and how it expects them to change in the future, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition. Management has made significant estimates in several areas, including valuation of its CMBS investments, multi-family loans held in securitization trusts and multi-family CDOs, as well as, income recognition on distressed residential mortgage loans purchased at a discount. Principles of Consolidation and Variable Interest Entities – The accompanying condensed consolidated financial statements of the Company include the accounts of all its subsidiaries which are majority-owned, controlled by the Company or a VIE where the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The Company consolidates a VIE when it is the primary beneficiary of such VIE. As primary beneficiary, it has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE. Investment Securities Available for Sale – The Company's investment securities, where the fair value option has not been elected and which are reported at fair value with unrealized gains and losses reported in Other Comprehensive Income (“OCI”), include Agency RMBS, non-Agency RMBS and CLOs. The Company has elected the fair value option for its Agency IOs, U.S. Treasury securities, certain Agency ARMs and Agency Fixed Securities within the Agency IO portfolio, which measures unrealized gains and losses through earnings in the accompanying condensed consolidated statements of operations. The fair value option was elected for these investment securities to mitigate earnings volatility by better matching the accounting for these investment securities with the related derivative instruments within the Agency IO portfolio. The derivative instruments within the Agency IO portfolio are not designated as hedging instruments for accounting purposes. The Company generally intends to hold its investment securities until maturity; however, from time to time, it may sell any of its securities as part of the overall management of its business. As a result, our investment securities are classified as available for sale securities. Realized gains and losses recorded on the sale of investment securities available for sale are based on the specific identification method and included in realized gain (loss) on investment securities and related hedges in the accompanying condensed consolidated statements of operations. Purchase premiums or discounts on investment securities are amortized or accreted to interest income over the estimated life of the investment securities using the effective yield method. Adjustments to amortization are made for actual prepayment activity. The Company accounts for debt securities that are of high credit quality (generally those rated AA or better by a Nationally Recognized Statistical Rating Organization, or NRSRO), at date of acquisition in accordance with Accounting Standards Codification (“ASC”) 320-10. The Company accounts for debt securities that are not of high credit quality (i.e., those whose risk of loss is less than remote) or securities that can be contractually prepaid such that we would not recover our initial investment at the date of acquisition in accordance with ASC 325-40. The Company considers credit ratings, the underlying credit risk and other market factors in determining whether the debt securities are of high credit quality; however, securities rated lower than AA or an equivalent rating are not considered of high credit quality and are accounted for in accordance with ASC 325-40. If ratings are inconsistent among NRSROs, the Company uses the lower rating in determining whether the securities are of high credit quality. The Company assesses its impaired securities on at least a quarterly basis and designates such impairments as either “temporary” or “other-than-temporary” by applying the guidance prescribed in ASC Topic 320-10. When the fair value of an investment security is less than its amortized cost as of the reporting balance sheet date, the security is considered impaired. If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before its anticipated recovery, then it must recognize an other-than-temporary impairment through earnings equal to the entire difference between the investment’s amortized cost and its fair value as of the balance sheet date. If the Company does not expect to sell an other-than-temporarily impaired security, only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings with the remainder recognized as a component of other comprehensive income (loss) on the accompanying condensed consolidated balance sheets. Impairments recognized through other comprehensive income (loss) do not impact earnings. Following the recognition of an other-than-temporary impairment through earnings, a new cost basis is established for the security, which may not be adjusted for subsequent recoveries in fair value through earnings. However, other-than-temporary impairments recognized through earnings may be accreted back to the amortized cost basis of the security on a prospective basis through interest income. The determination as to whether an other-than-temporary impairment exists and, if so, the amount considered other-than-temporarily impaired is subjective, as such determinations are based on both factual and subjective information available at the time of assessment as well the Company’s estimates of the future performance and cash flow projections. As a result, the timing and amount of other-than-temporary impairments constitute material estimates that are susceptible to significant change. In determining the other-than temporary impairment related to credit losses for securities that are not of high credit quality, the Company compares the present value of the remaining cash flows expected to be collected at the purchase date (or last date previously revised) against the present value of the cash flows expected to be collected at the current financial reporting date. The Company considers information available about the past and expected future performance of underlying mortgage loans, including timing of expected future cash flows, prepayment rates, default rates, loss severities and delinquency rates. Investment Securities Available for Sale Held in Securitization Trusts – The Company’s investment securities available for sale held in securitization trusts as of September 30, 2015 and December 31, 2014 are comprised of multi-family CMBS consisting of PO securities that represent the first loss tranche of the securitizations from which they were issued, or “first loss tranche”, and certain IOs issued from two Freddie Mac-sponsored multi-family K-Series securitizations. These securities are reported at fair value with unrealized gains and losses reported in OCI. Realized gains and losses recorded on the sale of investment securities available for sale held in securitization trusts are based on the specific identification method and included in realized gain (loss) on sale of securities and related hedges in the accompanying condensed consolidated statements of operations. Purchase premiums or discounts are amortized or accreted to interest income over the estimated life of the investment securities using the effective yield method. Residential Mortgage Loans Held in Securitization Trusts – Residential mortgage loans held in securitization trusts are comprised of certain ARM loans transferred to Consolidated VIEs that have been securitized into sequentially rated classes of beneficial interests. The Company accounted for these securitization trusts as financings which are consolidated into the Company’s financial statements. Residential mortgage loans held in securitization trusts are carried at their unpaid principal balances, net of unamortized premium or discount, unamortized loan origination costs and allowance for loan losses. Interest income is accrued and recognized as revenue when earned according to the terms of the mortgage loans and when, in the opinion of management, it is collectible. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business, but in no case when payment becomes greater than 90 days delinquent. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. We establish an allowance for loan losses based on management's judgment and estimate of credit losses inherent in our portfolio of residential mortgage loans held in securitization trusts. Estimation involves the consideration of various credit-related factors, including but not limited to, macro-economic conditions, current housing market conditions, loan-to-value ratios, delinquency status, historical credit loss severity rates, purchased mortgage insurance, the borrower's current economic condition and other factors deemed to warrant consideration. Additionally, we look at the balance of any delinquent loan and compare that to the current value of the collateralizing property. We utilize various home valuation methodologies including appraisals, broker pricing opinions, internet-based property data services to review comparable properties in the same area or consult with a real estate agent in the property's area. Acquired Distressed Residential Mortgage Loans – Distressed residential mortgage loans held in securitization trusts are comprised of pools of fixed and adjustable rate residential mortgage loans acquired by the Company at a discount (that is due, in part, to the credit quality of the borrower). Distressed residential mortgage loans held in securitization trusts are distressed residential mortgage loans transferred to Consolidated VIEs that have been securitized into beneficial interests. The Company accounted for these securitization trusts as financings which are consolidated into the Company’s financial statements. The Company considers the purchase price for the acquired distressed residential mortgage loans to be at fair value at the date of acquisition. These acquired distressed residential mortgage loans were initially recorded at fair value with no allowance for loan losses. Acquired distressed residential mortgage loans that have evidence of deteriorated credit quality at acquisition are accounted for under ASC Subtopic 310-30, "Loans and Debt Securities Acquired with Deteriorated Credit Quality" ("ASC 310-30"). Under ASC 310-30, the acquired loans may be accounted for individually or aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an expectation of aggregate cash flows. Once a pool is assembled, it is treated as if it was one loan for purposes of applying the accounting guidance Under ASC 310-30, the excess of cash flows expected to be collected over the carrying amount of the loans, referred to as the “accretable yield,” is accreted into interest income over the life of the loans in each pool or individually using a level yield methodology. Accordingly, our acquired distressed residential mortgage loans accounted for under ASC 310-30 are not subject to classification as nonaccrual classification in the same manner as our residential mortgage loans that were not distressed when acquired by us. Rather, interest income on acquired distressed residential mortgage loans relates to the accretable yield recognized at the pool level or on an individual loan basis, and not to contractual interest payments received at the loan level. The difference between contractually required principal and interest payments and the cash flows expected to be collected, referred to as the “nonaccretable difference,” includes estimates of both the impact of prepayments and expected credit losses over the life of the individual loan, or the pool (for loans grouped into a pool). The Company monitors actual cash collections against its expectations, and revised cash flow estimates are prepared as necessary. These estimates incorporate assumptions regarding default rates, loss severities, value of the underlying real estate securing the loans, the amounts and timing of prepayments and other factors that reflect then-current market conditions. A decrease in expected cash flows in subsequent periods may indicate that the loan pool or individual loan, as applicable, is impaired thus requiring the establishment of an allowance for loan losses by a charge to the provision for loan losses. An increase in expected cash flows in subsequent periods initially reduces any previously established allowance for loan losses by the increase in the present value of cash flows expected to be collected, and results in a recalculation of the amount of accretable yield for the loan pool. The adjustment of accretable yield due to an increase in expected cash flows is accounted for prospectively as a change in estimate. The additional cash flows expected to be collected are reclassified from the nonaccretable difference to the accretable yield, and the amount of periodic accretion is adjusted accordingly over the remaining life of the loans in the pool or individual loan, as applicable. The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. An acquired distressed residential mortgage loan may be resolved either through receipt of payment (in full or in part) from the borrower, the sale of the loan to a third party, or foreclosure of the collateral. For acquired distressed residential mortgage loans held in pools, in the event of a sale of the loan, a gain or loss on sale is recognized and reported based on the difference between the sales proceeds and the carrying amount of the acquired distressed residential mortgage loan. In the case of a foreclosure, an individual loan is removed from the pool at the fair value of the underlying collateral less costs to sell. For loans satisfied by payment in full, the loan is removed from the pool. The Company uses the specific allocation method for the removal of loans as the estimated cash flows and related carrying amount for each individual loan are known. In these cases, the remaining accretable yield is unaffected and any material change in remaining effective yield caused by the removal of the loan from the pool is addressed by the re-assessment of the estimate of cash flows for the pool prospectively. Acquired distressed residential mortgage loans subject to modification are not removed from the pool even if those loans would otherwise be considered troubled debt restructurings because the pool, and not the individual loan, represents the unit of account. For individual loans not accounted for in pools that are sold or satisfied by payment in full, a gain or loss on sale is recognized and reported based on the difference between the sales proceeds and the carrying amount of the acquired distressed residential mortgage loan. In the case of a foreclosure, the loss is recognized if the carrying value exceeds the fair value of the collateral (less costs to sell). A gain is not recognized if the fair value of collateral (less costs to sell) exceeds the carrying value. Multi-Family Loans Held in Securitization Trusts – Multi-family loans held in securitization trusts are comprised of multi-family mortgage loans held in five and six Freddie Mac-sponsored multi-family K-Series securitizations (the “Consolidated K-Series”) as of September 30, 2015 and December 31, 2014 , respectively. Based on a number of factors, we determined that we were the primary beneficiary of each VIE within the Consolidated K-Series, met the criteria for consolidation and, accordingly, have consolidated these Freddie Mac-sponsored multi-family K-Series securitizations, including their assets, liabilities, income and expenses in our financial statements. The Company has elected the fair value option on each of the assets and liabilities held within the Consolidated K-Series, which requires that changes in valuations in the assets and liabilities of the Consolidated K-Series be reflected in the Company's accompanying condensed consolidated statement of operations, as the Company believes this accounting treatment more accurately and consistently reflects its results of operations. Interest income is accrued and recognized as revenue when earned according to the terms of the mortgage loans and when, in the opinion of management, it is collectible. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business, but in no case when payment becomes greater than 90 days delinquent. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. Mezzanine Loan and Preferred Equity Investments – The Company invests in mezzanine loans and preferred equity of entities that have significant real estate assets. The mezzanine loan is secured by a pledge of the borrower’s equity ownership in the property. Unlike a mortgage, this loan does not represent a lien on the property. Therefore, it is always junior and subordinate to any first-lien as well as second liens, if applicable, on the property. These loans are senior to any preferred equity or common equity interests. Purchasers of mezzanine loans benefit from a right to foreclose on the ownership equity in a more efficient manner than senior mortgage debt. A preferred equity investment is an equity investment in the entity that owns the underlying property. Preferred equity is not secured by the underlying property, but holders have priority relative to common equity holders on cash flow distributions and proceeds from capital events. In addition, preferred equity holders may be able to enhance their position and protect their equity position with covenants that limit the entity’s activities and grant the holder the exclusive right to control the property after an event of default. Mezzanine loans and preferred equity investments, where the risks and payment characteristics are equivalent to mezzanine loans, are accounted for as loans held for investment and are stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, net of valuation allowances, and are included in receivables and other assets. We accrete or amortize any discounts or premiums over the life of the related loan receivable utilizing the effective interest method or straight line-method, if the result is not materially different. We evaluate the collectibility of both interest and principal of each of our loans, if circumstances warrant, to determine whether they are impaired. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the investment to the estimated fair value of the loan or, as a practical expedient, to the value of the collateral if the loan is collateral dependent. Mezzanine loans and preferred equity investments where the risks and payment characteristics are equivalent to an equity investment are accounted for using the equity method of accounting. See “ Investment in Limited Partnership and Limited Liability Companies. ” The mezzanine loans and preferred equity investments are included in receivables and other assets. Mortgage Loans Held for Investment – Mortgage loans held for investment are stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, net of valuation allowances, and are included in receivables and other assets. Interest income is accrued on the principal amount of the loan based on the loan’s contractual interest rate. Amortization of premiums and discounts is recorded using the effective yield method. Interest income, amortization of premiums and discounts and prepayment fees are reported in interest income. A loan is considered to be impaired when it is probable that based upon current information and events, the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. Based on the facts and circumstances of the individual loans being impaired, loan specific valuation allowances are established for the excess carrying value of the loan over either: (i) the present value of expected future cash flows discounted at the loan’s original effective interest rate, (ii) the estimated fair value of the loan’s underlying collateral if the loan is in the process of foreclosure or otherwise collateral dependent, or (iii) the loan’s observable market price. Investments in Limited Partnership and Limited Liability Companies – In circumstances where the Company has a non-controlling interest but either owns a significant interest or is able to exert influence over the affairs of the enterprise, the Company utilizes the equity method of accounting. Under the equity method of accounting, the initial investment is increased each period for additional capital contributions and a proportionate share of the entity’s earnings or preferred return and decreased for cash distributions and a proportionate share of the entity’s losses. Where the Company is not required to fund additional losses, the Company does not continue to record its proportionate share of the entity’s losses such that its investment balance would go below zero. Management periodically reviews its investments for impairment based on projected cash flows from the entity over the holding period. When any impairment is identified, the investments are written down to recoverable amounts. Cash and Cash Equivalents – Cash and cash equivalents include cash on hand, amounts due from banks and overnight deposits. The Company maintains its cash and cash equivalents in highly rated financial institutions, and at times these balances exceed insurable amounts. Receivables and Other Assets – Receivables and other assets as of September 30, 2015 and December 31, 2014 include restricted cash held by third parties of $52.7 million and $54.2 million , respectively. Included in restricted cash is $23.9 million and $40.6 million held in our Agency IO portfolio to be used for trading purposes and $12.1 million and $11.4 million held by counterparties as collateral for hedging instruments as of September 30, 2015 and December 31, 2014 , respectively. Interest receivable on multi-family loans held in securitization trusts is also included in the amounts of $23.9 million and $29.8 million as of September 30, 2015 and December 31, 2014 , respectively. Financing Arrangements, Portfolio Investments – The Company finances its Agency RMBS using repurchase agreements and Federal Home Loan Bank advances. Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a future date at a predetermined price, which represents the original sales price plus interest. The Company accounts for these repurchase agreements as financings under ASC 860, Transfers and Servicing . Under ASC 860, for these transactions to be treated as financings, they must be separate transactions and not linked. If the Company finances the purchase of its securities with repurchase agreements with the same counterparty from which the securities are purchased and both transactions are entered into contemporaneously or in contemplation of each other, the transactions are presumed under GAAP to be part of the same arrangement, or a "Linked Transaction," unless certain criteria are met. None of the Company’s repurchase agreements are accounted for as linked transactions because they met the applicable criteria in accordance with ASC 860-10-40. On February 20, 2015, our wholly-owned subsidiary, Great Lakes Insurance Holdings LLC (“GLIH”), became a member of the Federal Home Loan Bank of Indianapolis (“FHLBI”). As a member of the FHLBI, GLIH has access to a variety of products and services offered by the FHLBI, including secured advances. As of September 30, 2015 , GLIH had $121 million in outstanding secured advances from FHLBI, which are included on the Company’s accompanying condensed balance sheets in financing arrangements, portfolio investments. Financing Arrangements, Distressed Residential Mortgage Loans – The Company finances a portion of its distressed residential mortgage loans through a repurchase agreement, expiring within one year . The borrowing under the repurchase agreement bears an interest rate of a specified margin over one-month LIBOR. The repurchase agreement is treated as a collateralized financing transaction and is carried at the contractual amounts, as specified in the respective agreement. Costs related to the establishment of the repurchase agreement which include underwriting, legal, accounting and other fees are reflected as deferred charges. Such costs are included on the Company’s accompanying condensed consolidated balance sheets in receivables and other assets in the amount of $0.4 million as of September 30, 2015 and $1.7 million as of December 31, 2014 . These deferred charges are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different. Residential Collateralized Debt Obligations (“Residential CDOs”) – We use Residential CDOs to permanently finance our residential mortgage loans held in securitization trusts. For financial reporting purposes, the ARM loans held as collateral are recorded as assets of the Company and the Residential CDOs are recorded as the Company’s debt. The Company has completed four residential mortgage loan securitizations since inception. The first three were accounted for as a permanent financing while the fourth was accounted for as a sale and accordingly, is not included in the Company’s accompanying condensed consolidated financial statements. Multi-Family Collateralized Debt Obligations (“Multi-Family CDOs”) – We consolidated the Consolidated K-Series including their debt, referred to as Multi-Family CDOs, in our financial statements. The Multi-Family CDOs permanently finance the multi-family mortgage loans held in the Consolidated K-Series securitizations. For financial reporting purposes, the loans held as collateral are recorded as assets of the Company and the Multi-Family CDOs are recorded as the Company’s debt. We refer to both the Residential CDOs and Multi-Family CDOs as CDOs in this report. Securitized Debt – Securitized Debt represents third-party liabilities of Consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that are eliminated on consolidation. The Company has entered into several financing transactions that resulted in the Company consolidating as VIEs the special purpose entities (the “SPEs”) that were created to facilitate the transactions and to which underlying assets in connection with the financing were transferred. The Company engaged in these transactions primarily to obtain permanent or longer term financing on

Investment Securities Available

Investment Securities Available for Sale	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investment Securities Available for Sale	Investment Securities Available For Sale Investment securities available for sale consisted of the following as of September 30, 2015 and December 31, 2014 (dollar amounts in thousands): September 30, 2015 December 31, 2014 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Agency RMBS (1) : Agency ARMs Freddie Mac $ 61,303 $ 67 $ (268 ) $ 61,102 $ 57,597 $ 55 $ (488 ) $ 57,164 Fannie Mae 99,287 88 (595 ) 98,780 113,192 81 (1,037 ) 112,236 Ginnie Mae 3,087 8 (14 ) 3,081 12,552 — (259 ) 12,293 Total Agency ARMs 163,677 163 (877 ) 162,963 183,341 136 (1,784 ) 181,693 Agency Fixed Rate Freddie Mac 33,186 — (413 ) 32,773 37,800 — (629 ) 37,171 Fannie Mae 396,470 — (7,921 ) 388,549 451,694 — (10,184 ) 441,510 Ginnie Mae 12,256 6 (309 ) 11,953 — — — — Total Agency Fixed Rate 441,912 6 (8,643 ) 433,275 489,494 — (10,813 ) 478,681 Agency IOs (1) Freddie Mac 35,144 852 (5,013 ) 30,983 38,844 273 (5,779 ) 33,338 Fannie Mae 44,599 646 (5,846 ) 39,399 53,666 741 (6,388 ) 48,019 Ginnie Mae 60,383 779 (6,277 ) 54,885 42,991 310 (5,527 ) 37,774 Total Agency IOs 140,126 2,277 (17,136 ) 125,267 135,501 1,324 (17,694 ) 119,131 Total Agency RMBS 745,715 2,446 (26,656 ) 721,505 808,336 1,460 (30,291 ) 779,505 Non-Agency RMBS 1,815 56 (255 ) 1,616 2,061 69 (191 ) 1,939 U.S. Treasury securities 10,113 — (7 ) 10,106 — — — — CLOs — — — — 26,140 9,063 — 35,203 Total investment securities available for sale $ 757,643 $ 2,502 $ (26,918 ) $ 733,227 $ 836,537 $ 10,592 $ (30,482 ) $ 816,647 CMBS $ 28,031 $ 12,577 $ — $ 40,608 $ 26,193 $ 12,401 $ — $ 38,594 Total investment securities available for sale held in securitization trusts $ 28,031 $ 12,577 $ — $ 40,608 $ 26,193 $ 12,401 $ — $ 38,594 (1) Included in investment securities available for sale are Agency IOs, Agency RMBS and U.S. Treasury securities managed by Midway that are measured at fair value through earnings. During the three and nine months ended September 30, 2015 the Company received proceeds of approximately $33.3 million and $67.8 million respectively, realizing approximately a loss of $0.1 million and a gain of $3.1 million . During the three and nine months ended September 30, 2014, the Company received proceeds of approximately $41.4 million , realizing $16.5 million of net gains, from the sale of investment securities available for sale. Actual maturities of our available for sale securities are generally shorter than stated contractual maturities (which range up to 30 years ), as they are affected by the contractual lives of the underlying mortgages, periodic payments and prepayments of principal. As of September 30, 2015 and December 31, 2014 , based on management’s estimates using the three month historical constant prepayment rate (“CPR”), the weighted average life of the Company’s available for sale securities portfolio was approximately 4.12 and 4.95 years, respectively. The following table sets forth the weighted average lives our investment securities available for sale as of September 30, 2015 and December 31, 2014 (dollar amounts in thousands): Weighted Average Life September 30, 2015 December 31, 2014 0 to 5 years $ 540,758 $ 393,080 Over 5 to 10 years 162,765 365,386 10+ years 29,704 58,181 Total $ 733,227 $ 816,647 The following tables set forth the stated reset periods of our investment securities available for sale and investment securities available for sale held in securitization trusts at September 30, 2015 and December 31, 2014 at carrying value (dollar amounts in thousands): September 30, 2015 December 31, 2014 Less than 6 6 to 24 More than Total Less than 6 to 24 More than Total Agency RMBS $ 140,615 $ 30,418 $ 550,472 $ 721,505 $ 89,442 $ 21,746 $ 668,317 $ 779,505 Non-Agency RMBS 1,616 — — 1,616 1,939 — — 1,939 U.S. Treasury securities 10,106 — — 10,106 — — — — CLOs — — — — 35,203 — — 35,203 Total investment securities available for sale $ 152,337 $ 30,418 $ 550,472 $ 733,227 $ 126,584 $ 21,746 $ 668,317 $ 816,647 CMBS $ — $ — $ 40,608 $ 40,608 $ — $ — $ 38,594 $ 38,594 Total investment securities available for sale held in securitization trusts $ — $ — $ 40,608 $ 40,608 $ — $ — $ 38,594 $ 38,594 The following tables present the Company's investment securities available for sale in an unrealized loss position reported through OCI, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2015 and December 31, 2014 (dollar amounts in thousands): September 30, 2015 Less than 12 Months Greater than 12 months Total Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Agency RMBS $ 146,480 $ (1,090 ) $ 409,662 $ (8,395 ) $ 556,142 $ (9,485 ) Non-Agency RMBS 594 (116 ) 200 (140 ) 794 (256 ) Total investment securities available for sale $ 147,074 $ (1,206 ) $ 409,862 $ (8,535 ) $ 556,936 $ (9,741 ) December 31, 2014 Less than 12 Months Greater than 12 months Total Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Agency RMBS $ — $ — $ 638,936 $ (12,597 ) $ 638,936 $ (12,597 ) Non-Agency RMBS — — 967 (191 ) 967 (191 ) Total investment securities available for sale $ — $ — $ 639,903 $ (12,788 ) $ 639,903 $ (12,788 ) For the three and nine months ended September 30, 2015 and 2014 , the Company recognized no other-than-temporary impairment through earnings.

Residential Mortgage Loans Held

Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned	9 Months Ended
	Sep. 30, 2015
Mortgage Loans on Real Estate [Abstract]
Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned	Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned Residential mortgage loans held in securitization trusts (net) consist of the following as of September 30, 2015 and December 31, 2014 , respectively (dollar amounts in thousands): September 30, 2015 December 31, 2014 Unpaid principal balance $ 136,203 $ 152,277 Deferred origination costs – net 864 968 Reserve for loan losses (4,185 ) (3,631 ) Total $ 132,882 $ 149,614 Allowance for Loan Losses - The following table presents the activity in the Company's allowance for loan losses on residential mortgage loans held in securitization trusts for the nine months ended September 30, 2015 and 2014 , respectively (dollar amounts in thousands): Nine Months Ended September 30, 2015 2014 Balance at beginning of period $ 3,631 $ 2,989 Provisions for loan losses 819 522 Transfer to real estate owned (70 ) (157 ) Charge-offs (195 ) — Balance at the end of period $ 4,185 $ 3,354 On an ongoing basis, the Company evaluates the adequacy of its allowance for loan losses. The Company’s allowance for loan losses as of September 30, 2015 was $4.2 million , representing 307 basis points of the outstanding principal balance of residential loans held in securitization trusts, as compared to 238 basis points as of December 31, 2014 . As part of the Company’s allowance for loan loss adequacy analysis, management will assess an overall level of allowances while also assessing credit losses inherent in each non-performing residential mortgage loan held in securitization trusts. These estimates involve the consideration of various credit related factors, including but not limited to, current housing market conditions, current loan to value ratios, delinquency status, the borrower’s current economic and credit status and other relevant factors. Real Estate Owned – The following table presents the activity in the Company’s real estate owned held in residential securitization trusts for the nine months ended September 30, 2015 and 2014 , respectively (dollar amounts in thousands): Nine Months Ended September 30, 2015 2014 Balance at beginning of period 965 $ 1,108 Write downs — (103 ) Transfer from/(to) mortgage loans held in securitization trusts (121 ) 241 Disposal (365 ) (577 ) Balance at the end of period 479 $ 669 Real estate owned held in residential securitization trusts are included in receivables and other assets on the accompanying condensed consolidated balance sheets and write downs are included in provision for loan losses in the accompanying condensed consolidated statements of operations for reporting purposes. All of the Company’s mortgage loans and real estate owned held in residential securitization trusts are pledged as collateral for the Residential CDOs issued by the Company. The Company’s net investment in the residential securitization trusts, which is the maximum amount of the Company’s investment that is at risk to loss and represents the difference between (i) the carrying amount of the mortgage loans and real estate owned held in residential securitization trusts and (ii) the amount of Residential CDOs outstanding, was $4.8 million and $5.6 million as of September 30, 2015 and December 31, 2014 , respectively. Delinquency Status of Our Residential Mortgage Loans Held in Securitization Trusts As of September 30, 2015 , we had 34 delinquent loans with an aggregate principal amount outstanding of approximately $21.3 million categorized as Residential Mortgage Loans Held in Securitization Trusts (net). Of the $21.3 million in delinquent loans, $13.8 million , or 65% , are under some form of temporary modified payment plan. The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts, including real estate owned (“REO”) through foreclosure, as of September 30, 2015 (dollar amounts in thousands): September 30, 2015 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 30 - 60 2 $ 352 0.26 % 61 - 90 1 123 0.09 % 90 + 31 20,838 15.13 % Real estate owned through foreclosure 4 1,502 1.09 % As of December 31, 2014 , we had 33 delinquent loans with an aggregate principal amount outstanding of approximately $18.5 million categorized as Residential Mortgage Loans Held in Securitization Trusts (net). Of the $18.5 million in delinquent loans, $9.4 million , or 51% , are under some form of modified payment plan. The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts, including real estate owned through foreclosure (REO), as of December 31, 2014 (dollar amounts in thousands): December 31, 2014 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 30 - 60 4 $ 1,522 0.99 % 61 - 90 — $ — — % 90 + 29 $ 16,997 11.01 % Real estate owned through foreclosure 6 $ 2,100 1.36 % The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and real estate owned held in residential securitization trusts as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 New York 35.2 % 36.1 % Massachusetts 23.0 % 24.0 % New Jersey 11.6 % 10.9 % Florida 6.9 % 6.2 % Connecticut 5.8 % 5.9 %

Distressed Residential Mortgage

Distressed Residential Mortgage Loans	9 Months Ended
	Sep. 30, 2015
Distressed Residential Mortgage Loans [Abstract]
Distresses Residential Mortgage Loans	Distressed Residential Mortgage Loans As of September 30, 2015 and December 31, 2014 , the carrying value of the Company’s distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, amounts to approximately $ 509.4 million and $ 582.7 million , respectively. The Company considers its purchase price for the distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, to be at fair value at the date of acquisition. The Company only establishes an allowance for loan losses subsequent to acquisition. The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected, and the estimated fair value of the distressed residential mortgage loans acquired during the nine months ended September 30, 2015 (dollar amounts in thousands): September 30, 2015 Contractually required principal and interest $ 207,395 Non-accretable yield (16,354 ) Expected cash flows to be collected 191,041 Accretable yield (97,206 ) Fair value at the date of acquisition $ 93,835 The following table details activity in accretable yield for the distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, for the nine months ended September 30, 2015 and 2014 , respectively (dollar amounts in thousands): September 30, 2015 September 30, 2014 Balance at beginning of period $ 640,416 $ 171,112 Additions 108,780 181,324 Disposals (187,001 ) (73,906 ) Accretion (31,962 ) (14,400 ) Balance at end of period (1) $ 530,233 $ 264,130 (1) Accretable yield is the excess of the distressed residential mortgage loans’ cash flows expected to be collected over the purchase price. The cash flows expected to be collected represents the Company’s estimate of the amount and timing of undiscounted principal and interest cash flows. Additions include accretable yield estimates for purchases made during the period and reclassification to accretable yield from nonaccretable yield. Deletions include distressed residential mortgage loan dispositions, which include refinancing, sale and foreclosure of the underlying collateral and resulting removal of the distressed residential mortgage loans from the accretable yield, and reclassifications from accretable to nonaccretable yield. The reclassifications between accretable and nonaccretable yield and the accretion of interest income is based on various estimates regarding loan performance and the value of the underlying real estate securing the loans. As the Company continues to update its estimates regarding the loans and the underlying collateral, the accretable yield may change. Therefore, the amount of accretable income recorded in the nine -month period ended September 30, 2015 and 2014 is not necessarily indicative of future results. The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of our distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, as of September 30, 2015 and December 31, 2014 , respectively, are as follows: September 30, 2015 December 31, 2014 Florida 13.1 % 12.4 % North Carolina 8.7 % 8.2 % California 7.1 % 8.9 % Georgia 6.5 % 6.9 % New York 4.4 % 5.1 % The Company’s distressed residential mortgage loans held in securitization trusts with a carrying value of approximately $156.1 million and $221.6 million at September 30, 2015 and December 31, 2014 , respectively, are pledged as collateral for certain of the Securitized Debt issued by the Company ( see Note 7 ). In addition, distressed residential mortgage loans with a carrying value of approximately $259.3 million at September 30, 2015 are pledged as collateral for a Master Repurchase Agreement with Deutsche Bank AG, Cayman Islands Branch ( see Note 10 ).

Consolidated K-Series

Consolidated K-Series	9 Months Ended
	Sep. 30, 2015
Disclosure Text Block Supplement [Abstract]
Consolidated K-Series	Consolidated K-Series The Company has elected the fair value option on the assets and liabilities held within the Consolidated K-Series, which requires that changes in valuations in the assets and liabilities of the Consolidated K-Series be reflected in the Company's statements of operations. Our investment in the Consolidated K-Series is limited to the multi-family CMBS comprised of first loss tranche PO securities and/or certain IOs issued by certain K-Series securitizations with an aggregate net carrying value of $285.1 million and $317.5 million at September 30, 2015 and December 31, 2014 , respectively ( see Note 7 ). The Consolidated K-Series is comprised of five and six K-Series securitizations as of September 30, 2015 and December 31, 2014, respectively. The condensed consolidated balance sheets of the Consolidated K-Series at September 30, 2015 and December 31, 2014 , respectively, are as follows (dollar amounts in thousands): Balance Sheets September 30, 2015 December 31, 2014 Assets Multi-family loans held in securitization trusts $ 7,296,462 $ 8,365,514 Receivables 23,940 29,809 Total Assets $ 7,320,402 $ 8,395,323 Liabilities and Equity Multi-family CDOs $ 7,011,351 $ 8,048,053 Accrued expenses 23,843 29,354 Total Liabilities 7,035,194 8,077,407 Equity 285,208 317,916 Total Liabilities and Equity $ 7,320,402 $ 8,395,323 The multi-family loans held in securitization trusts had an unpaid principal balance of approximately $6.8 billion and $7.9 billion at September 30, 2015 and December 31, 2014 , respectively. The multi-family CDOs had an unpaid principal balance of approximately $6.8 billion and $7.9 billion at September 30, 2015 and December 31, 2014 , respectively. As of September 30, 2015 and December 31, 2014 , the current weighted average interest rate on these multi-family CDOs was 4.11% and 4.15% , respectively. In February 2015, the Company sold a first loss PO security in one of the Company’s Consolidated K-Series obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million . The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trust and $1.0 billion in Multi-Family CDOs. The Company does not have any claims to the assets or obligations for the liabilities of the Consolidated K-Series (other than the security represented by our first loss tranche securities). We have elected the fair value option for the Consolidated K-Series. The net fair value of our investment in the Consolidated K-Series, which represents the difference between the carrying values of multi-family loans held in securitization trusts less the carrying value of multi-family CDOs, approximates the fair value of our underlying securities. The fair value of our underlying securities is determined using the same valuation methodology as our CMBS investments available for sale ( see Note 14 ). The condensed consolidated statements of operations of the Consolidated K-Series for the three and nine months ended September 30, 2015 and 2014 , respectively, are as follows (dollar amounts in thousands): Three Months Ended Nine Months Ended Statements of Operations 2015 2014 2015 2014 Interest income $ 63,431 $ 75,891 $ 192,715 $ 226,336 Interest expense 57,388 69,310 174,475 207,167 Net interest income 6,043 6,581 18,240 19,169 Unrealized (loss) gain on multi-family loans and debt held in securitization trusts, net (2,170 ) 18,115 16,876 43,060 Net Income $ 3,873 $ 24,696 $ 35,116 $ 62,229 The geographic concentrations of credit risk exceeding 5% of the total loan balances related to our CMBS investments included in investment securities available for sale and multi-family loans held in securitization trusts as of September 30, 2015 and December 31, 2014 , respectively, are as follows: September 30, 2015 December 31, 2014 California 13.7 % 13.5 % Texas 12.6 % 12.5 % New York 8.0 % 7.7 % Maryland 5.2 % 5.2 %

Use of Special Purpose Entities

Use of Special Purpose Entities and Variable Interest Entities	9 Months Ended
	Sep. 30, 2015
Use Of Special Purpose Entities And Variable Interest Entities [Abstract]
Use Of Special Purpose Entities And Variable Interest Entities	Use of Special Purpose Entities and Variable Interest Entities A SPE is an entity designed to fulfill a specific limited need of the company that organized it. SPEs are often used to facilitate transactions that involve securitizing financial assets or re-securitizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. The Company has evaluated its CMBS investments in Freddie Mac-sponsored K-Series securitizations to determine whether they are VIEs. In addition, the Company also evaluated its financing transactions, such as its Residential CDOs completed in 2005, its multi-family CMBS re-securitization transaction completed in May 2012, its collateralized recourse financing transactions completed in November 2013 and its distressed residential mortgage loan securitization transactions completed in December 2012, July 2013 and September 2013 (each a “Financing VIE” and collectively, the “Financing VIEs”) and concluded that the entities created to facilitate each of the transactions are VIEs. The Company then completed an analysis of whether the VIEs should be consolidated by the Company, based on consideration of its involvement in each of the VIEs, including the design and purpose of the SPE, and whether its involvement reflected a controlling financial interest that resulted in the Company being deemed the primary beneficiary of the VIEs. In determining whether the Company would be considered the primary beneficiary, the following factors were assessed: • whether the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE; and • whether the Company has a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company has determined that it has a variable interest in the Consolidated K-Series for which it is the primary beneficiary and has a controlling financial interest and, accordingly, has consolidated their assets, liabilities, income and expenses in the accompanying condensed consolidated financial statements ( see Notes 2 and 6 ). Also, based on its evaluation of the factors discussed above, including its involvement in the purpose and design of the entity, the Company determined that the Financing VIEs met the criteria for consolidation and, accordingly, consolidated the Financing VIEs created to facilitate these transactions as of September 30, 2015 . The following tables presents a summary of the assets and liabilities of these consolidated VIEs as of September 30, 2015 and December 31, 2014 , respectively. Intercompany balances have been eliminated for purposes of this presentation. Assets and Liabilities of consolidated VIEs as of September 30, 2015 (dollar amounts in thousands): Financing VIEs Non-financed VIEs Multi-family CMBS re- securitization (1) Collateralized Recourse Financing (2) Distressed Residential Mortgage Loan Securitization Residential Mortgage Loan Securitization Multi- family CMBS (3) Total Investment securities available for sale, at fair value held in securitization trusts $ 40,608 $ — $ — $ — $ — $ 40,608 Residential mortgage loans held in securitization trusts (net) — — — 132,882 — 132,882 Distressed residential mortgage loans held in securitization trust, (net) — — 156,062 — — 156,062 Multi-family loans held in securitization trusts, at fair value 1,269,821 4,749,797 — — 1,276,844 7,296,462 Receivables and other assets 4,835 14,896 22,178 1,023 5,306 48,238 Total assets $ 1,315,264 $ 4,764,693 $ 178,240 $ 133,905 $ 1,282,150 $ 7,674,252 Residential collateralized debt obligations $ — $ — $ — $ 129,090 $ — $ 129,090 Multi-family collateralized debt obligations, at fair value 1,214,259 4,581,768 — — 1,215,324 7,011,351 Securitized debt 27,962 55,853 57,131 — — 140,946 Accrued expenses and other liabilities 4,384 14,313 1,777 15 5,306 25,795 Total liabilities $ 1,246,605 $ 4,651,934 $ 58,908 $ 129,105 $ 1,220,630 $ 7,307,182 (1) The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization ( see Note 6 ). (2) The multi-family CMBS serving as collateral under the November 2013 collateralized recourse financing are comprised of securities issued from three separate Freddie Mac-sponsored multi-family K-Series securitizations. The Financing VIE consolidated these K-Series securitizations, including their assets, liabilities, income and expenses, in its financial statements as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in such K-Series securitizations ( see Note 6 ). (3) One of the Company’s Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series is not subject to any financing as of September 30, 2015 . In February 2015, the Company sold a first loss PO security issued by one of the Consolidated K-Series securitizations obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million . The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trust and $1.0 billion in Multi-Family CDOs. Assets and Liabilities of consolidated Financing VIEs as of December 31, 2014 (dollar amounts in thousands): Financing VIEs Non-financed VIEs Multi-family CMBS re- securitization (1) Collateralized Recourse Financing (2) Distressed Residential Mortgage Loan Securitization Residential Mortgage Loan Securitization Multi- family CMBS (3) Total Investment securities available for sale, at fair value held in securitization trusts $ 38,594 $ — $ — $ — $ — $ 38,594 Residential mortgage loans held in securitization trusts (net) — — — 149,614 — 149,614 Distressed residential mortgage loans held in securitization trust (net) — — 221,591 — — 221,591 Multi-family loans held in securitization trusts, at fair value 1,273,633 4,720,908 — — 2,370,973 8,365,514 Receivables and other assets 5,097 15,631 39,084 1,545 10,408 71,765 Total assets $ 1,317,324 $ 4,736,539 $ 260,675 $ 151,159 $ 2,381,381 $ 8,847,078 Residential collateralized debt obligations $ — $ — $ — $ 145,542 $ — $ 145,542 Multi-family collateralized debt obligations, at fair value 1,221,555 4,558,065 — — 2,268,433 8,048,053 Securitized debt 27,660 55,853 149,364 — — 232,877 Accrued expenses and other liabilities 4,581 14,639 1,024 14 10,304 30,562 Total liabilities $ 1,253,796 $ 4,628,557 $ 150,388 $ 145,556 $ 2,278,737 $ 8,457,034 (1) The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization ( see Note 6 ). (2) The multi-family CMBS serving as collateral under the November 2013 collateralized recourse financing are comprised of securities issued from three separate Freddie Mac-sponsored multi-family K-Series securitizations. The Financing VIE consolidated these K-Series securitizations, including their assets, liabilities, income and expenses, in its financial statements as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in such K-Series securitizations ( see Note 6 ). In September 2014, the Company repaid the Company’s outstanding notes from its collateralized recourse financing transaction completed in November 2012 with a principal amount of $52.0 million . With the repayment of the notes, the Company terminated and deconsolidated the Financing VIE that facilitated the financing transaction and the multi-family CMBS serving as collateral on the notes were transferred back to the Company. (3) Two of the Company’s Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series are not subject to any Financing VIE as of December 31, 2014 . The following table summarizes the Company’s securitized debt collateralized by multi-family CMBS and distressed residential mortgage loans (dollar amounts in thousands): Multi-family CMBS Re-securitization (1) Collateralized Recourse Financing (2) Distressed Residential Mortgage Loan Securitizations (3) Original Face amount of Notes issued by the VIE and purchased by third party investors $ 35,000 $ 55,853 $ 176,970 Principal Amount at September 30, 2015 $ 33,927 $ 55,853 $ 57,132 Principal Amount at December 31, 2014 $ 34,208 $ 55,853 $ 149,364 Carrying Value at September 30, 2015 (4) $ 27,962 $ 55,853 $ 57,131 Carrying Value at December 31, 2014 (4) $ 27,660 $ 55,853 $ 149,364 Pass-through rate of Notes issued 5.35 % One-month LIBOR plus 5.25% 4.25% - 4.85% (1) The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse financing on a portion of its multi-family CMBS portfolio. As a result of engaging in this transaction, the Company remains economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. The holders of the Note have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets upon the breach of certain representations and warranties. The Company will receive all remaining cash flow, if any, through its retained ownership. (2) The Company entered into a CMBS Master Repurchase Agreement with a three -year term for the purpose of financing a portion of its multi-family CMBS portfolio. In connection with the transaction, the Company agreed to guarantee the due and punctual payment of its wholly-owned subsidiary's obligations under the CMBS Master Repurchase Agreement. (3) The Company engaged in these transactions for the purpose of financing distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financings are comprised of performing, re-performing and, to a lesser extent, non-performing, fixed and adjustable-rate, fully-amortizing, interest only and balloon, seasoned mortgage loans secured by first liens on one to four family properties. Two of the four securitization transactions provide for a revolving period of one to two years from the date of the respective financing (“Revolving Period”) where no principal payments will be made on these two notes. All cash proceeds generated by the distressed residential mortgage loans and received by the respective securitization trust during the Revolving Period, after payment of interest on the respective note, reserve amounts and certain other transaction expenses, will be available for the purchase by the respective trust of additional mortgage loans that satisfy certain eligibility criteria. (4) Classified as securitized debt in the liability section of the Company’s accompanying condensed consolidated balance sheets. The following table presents contractual maturity information about the Financing VIEs’ securitized debt as of September 30, 2015 and December 31, 2014 , respectively: Scheduled Maturity (principal amount) September 30, 2015 December 31, 2014 (Dollar amount in thousands) Within 24 months $ 112,984 $ 205,217 Over 36 months 33,927 34,208 Total 146,911 239,425 Discount (5,965 ) (6,548 ) Carrying value $ 140,946 $ 232,877 There is no guarantee that the Company will receive any cash flows from these securitization trusts. Residential Mortgage Loan Securitization Transaction The Company has completed four residential mortgage loan securitizations (other than the distressed residential mortgage loan securitizations discussed above) since inception, the first three were accounted for as permanent financings and have been included in the Company’s accompanying condensed consolidated financial statements. The fourth was accounted for as a sale and accordingly, is not included in the Company’s accompanying condensed consolidated financial statements. Unconsolidated VIEs The Company has evaluated its multi-family CMBS investments in two Freddie Mac-sponsored K-Series securitizations as of September 30, 2015 and December 31, 2014, respectively, and its mezzanine loan, preferred equity and other equity investments to determine whether they are VIEs and should be consolidated by the Company. Based on a number of factors, the Company determined that it does not have a controlling financial interest and is not the primary beneficiary of these VIEs. The following table presents the classification and carrying value of unconsolidated VIEs as of September 30, 2015 and December 31, 2014 (dollar amounts in thousands): September 30, 2015 December 31, 2014 Investment securities available for sale, at fair value Receivables and other Assets Total Investment securities available for sale, at fair value, held in securitization trusts Receivables and other Assets Total Multi-Family CMBS $ 40,608 $ 77 $ 40,685 $ 38,594 $ 80 $ 38,674 Mezzanine loan and equity investments — 118,049 118,049 — 72,799 72,799 Total assets $ 40,608 $ 118,126 $ 158,734 $ 38,594 $ 72,879 $ 111,473 Our maximum loss exposure on the multi-family CMBS investments, mezzanine loan and equity investments is approximately $158.7 million and $111.5 million at September 30, 2015 and December 31, 2014 , respectively. The Company’s maximum exposure does not exceed the carrying value of its investments.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company enters into derivative instruments to manage its interest rate risk exposure. These derivative instruments include interest rate swaps, swaptions and futures. The Company may also purchase or short TBAs and U.S. Treasury securities, purchase put or call options on U.S. Treasury futures or invest in other types of mortgage derivative securities. The following table presents the fair value of derivative instruments that were not designated as hedging instruments and their location in our accompanying condensed consolidated balance sheets at September 30, 2015 and December 31, 2014 , respectively (dollar amounts in thousands): Derivatives Not Designated as Hedging Instruments Balance Sheet Location September 30, 2015 December 31, 2014 TBA securities (1) Derivative assets $ 285,859 $ 284,971 U.S. Treasury futures Derivative assets — 379 Swaptions Derivative assets 946 2,273 Options on U.S. Treasury futures Derivative assets 108 92 Eurodollar futures Derivative liabilities 3,312 900 Interest rate swaps (2) Derivative liabilities 410 232 Interest rate swap futures Derivative liabilities 2,140 331 U.S. Treasury futures Derivative liabilities — — (1) Open TBA purchases and sales involving the same counterparty, same underlying deliverable and the same settlement date are reflected in our accompanying condensed consolidated financial statements on a net basis. (2) Includes interest rate swaps in our Agency IO portfolio. The tables below summarize the activity of derivative instruments not designated as hedges for the nine months ended September 30, 2015 and 2014 , respectively (dollar amounts in thousands): Notional Amount For the Nine Months Ended September 30, 2015 Derivatives Not Designated as Hedging Instruments December 31, 2014 Additions Settlement, Expiration or Exercise September 30, 2015 TBA securities $ 273,000 $ 2,970,000 $ (2,966,000 ) $ 277,000 U.S. Treasury futures 2,300 150,200 (152,500 ) — Interest rate swap futures (190,100 ) 886,300 (868,700 ) (172,500 ) Eurodollar futures (2,961,000 ) 2,520,000 (2,253,000 ) (2,694,000 ) Options on U.S. Treasury futures 21,000 310,000 (215,000 ) 116,000 Swaptions 180,000 9,000 — 189,000 Interest rate swaps 10,000 — — 10,000 Notional Amount For the Nine Months Ended September 30, 2014 Derivatives Not Designated as Hedging Instruments December 31, 2013 Additions Settlement, Expiration or Exercise September 30, 2014 TBA securities $ 188,000 $ 1,812,000 $ (1,792,000 ) $ 208,000 U.S. Treasury futures (11,900 ) 96,700 (86,000 ) (1,200 ) Interest rate swap futures (242,700 ) 712,900 (702,800 ) (232,600 ) Eurodollar futures (3,360,000 ) 2,649,000 (2,067,000 ) (2,778,000 ) Options on U.S. Treasury futures 40,000 — (40,000 ) — Swaptions 100,000 — (70,000 ) 30,000 The following tables presents the components of realized and unrealized gains and losses related to our derivative instruments that were not designated as hedging instruments included in other income (expense) in our condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (dollar amounts in thousands): Three Months Ended September 30, 2015 2014 Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) TBA Securities $ 3,499 $ 2,632 $ 2,652 $ (2,348 ) Eurodollar futures (1) (809 ) (1,023 ) (441 ) 853 Interest rate swaps — (150 ) — — Swaptions — (713 ) — 73 U.S. Treasury and Interest rate swap futures and options (5,593 ) (646 ) (1,629 ) 2,241 Total $ (2,903 ) $ 100 $ 582 $ 819 Nine Months Ended September 30, 2015 2014 Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) TBA Securities $ 4,085 $ 538 $ 10,007 $ 198 Eurodollar futures (1) (2,088 ) (2,412 ) (1,879 ) 1,061 Interest rate swaps — (179 ) — — Swaptions — (754 ) — (769 ) U.S. Treasury and Interest rate swap futures and options (8,204 ) (2,353 ) (4,155 ) (2,999 ) Total $ (6,207 ) $ (5,160 ) $ 3,973 $ (2,509 ) (1) At September 30, 2015 , the Eurodollar futures consist of 2,694 contracts with expiration dates ranging between December 2015 and September 2017 . The use of TBAs exposes the Company to market value risk, as the market value of the securities that the Company is required to purchase pursuant to a TBA transaction may decline below the agreed-upon purchase price. Conversely, the market value of the securities that the Company is required to sell pursuant to a TBA transaction may increase above the agreed upon sale price. At September 30, 2015 and December 31, 2014 , our condensed consolidated balance sheets include TBA-related liabilities of $283.9 million and $283.5 million included in payable for securities purchased, respectively. Open TBA purchases and sales involving the same counterparty, same underlying deliverable and the same settlement date are reflected in our condensed consolidated financial statements on a net basis. TBA sales amounting to approximately $4.1 million were netted against TBA` purchases amounting to approximately $288.0 million at September 30, 2015 . There was no netting of TBA sales against TBA purchases at December 31, 2014 . The following table presents the fair value of derivative instruments designated as hedging instruments and their location in the Company’s accompanying condensed consolidated balance sheets at September 30, 2015 and December 31, 2014 , respectively (dollar amounts in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Total Notional Amount September 30, 2015 December 31, 2014 Interest Rate Swaps Derivative liability $ 255,000 $ 808 $ — Interest Rate Swaps Derivative asset 350,000 — 1,135 The following table presents the impact of the Company’s derivative instruments on the Company’s accumulated other comprehensive income for the nine months ended September 30, 2015 and 2014 , respectively (dollar amounts in thousands): Nine Months Ended September 30, Derivatives Designated as Hedging Instruments 2015 2014 Accumulated other comprehensive income for derivative instruments: Balance at beginning of the period $ 1,134 $ 2,041 Unrealized (loss) on interest rate swaps (1,942 ) (149 ) Balance at end of the period $ (808 ) $ 1,892 The Company estimates that over the next 12 months, approximately $1.0 million of the net unrealized gains on the interest rate swaps will be reclassified from accumulated other comprehensive income (loss) into earnings. The following table details the impact of the Company’s interest rate swaps, except interest swaps included in our Agency IO portfolio, designated as hedging instruments included in interest expense for the three and nine months ended September 30, 2015 and 2014 , respectively (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest income Interest expense-investment securities $ 397 $ 462 $ 1,288 $ 1,387 The Company’s interest rate swaps are designated as cash flow hedges against the benchmark interest rate risk associated with its short term repurchase agreements. There were no costs incurred at the inception of our interest rate swaps, under which the Company agrees to pay a fixed rate of interest and receive a variable interest rate based on one month LIBOR on the notional amount of the interest rate swaps. The Company documents its risk-management policies, including objectives and strategies, as they relate to its hedging activities, and upon entering into hedging transactions, documents the relationship between the hedging instrument and the hedged liability contemporaneously. The Company assesses, both at inception of a hedge and on an on-going basis, whether or not the hedge is “highly effective” when using the matched term basis. The Company discontinues hedge accounting on a prospective basis and recognizes changes in the fair value through earnings when: (i) it is determined that the derivative is no longer effective in offsetting cash flows of a hedged item (including forecasted transactions); (ii) it is no longer probable that the forecasted transaction will occur; or (iii) it is determined that designating the derivative as a hedge is no longer appropriate. The Company’s derivative instruments are carried on the Company’s balance sheets at fair value, as assets, if their fair value is positive, or as liabilities, if their fair value is negative. For the Company’s derivative instruments that are designated as “cash flow hedges,” changes in their fair value are recorded in accumulated other comprehensive income (loss), provided that the hedges are effective. A change in fair value for any ineffective amount of the Company’s derivative instruments would be recognized in earnings. The Company has not recognized any change in the value of its existing derivative instruments designated as cash flow hedges through earnings as a result of ineffectiveness of any of its hedges. The following table presents information about the Company’s interest rate swaps as of September 30, 2015 and December 31, 2014 , respectively (dollar amounts in thousands): September 30, 2015 December 31, 2014 Maturity (1) Notional Amount Weighted Average Fixed Pay Interest Rate Notional Amount Weighted Average Fixed Pay Interest Rate Within 30 Days $ 40,000 0.39 % $ — — % Over 30 days to 3 months — — % — — % Over 3 months to 6 months — — % — — % Over 6 months to 12 months — — % 135,000 0.45 % Over 12 months to 24 months 135,000 0.91 % — — % Over 24 months to 36 months 80,000 0.71 % 215,000 0.83 % Over 36 months to 48 months — — % — — % Over 48 months to 60 months 10,000 2.25 % 10,000 2.25 % Total $ 265,000 0.82 % $ 360,000 0.73 % (1) The Company enters into interest rate swap transactions whereby the Company pays a fixed rate of interest and receives one month LIBOR. The use of derivatives exposes the Company to counterparty credit risks in the event of a default by a counterparty. If a counterparty defaults under the applicable derivative agreement, the Company may be unable to collect payments to which it is entitled under its derivative agreements and may have difficulty collecting the assets it pledged as collateral against such derivatives. The Company currently has in place with all counterparties bi-lateral margin agreements requiring a party to post collateral to the Company for any valuation deficit. This arrangement is intended to limit the Company’s exposure to losses in the event of a counterparty default. The Company is required to pledge assets under a bi-lateral margin arrangement, including either cash or Agency RMBS, as collateral for its interest rate swaps, futures contracts and TBAs, whose collateral requirements vary by counterparty and change over time based on the market value, notional amount, and remaining term of the agreement. In the event the Company is unable to meet a margin call under one of its agreements, thereby causing an event of default or triggering an early termination event under one of its agreements, the counterparty to such agreement may have the option to terminate all of such counterparty’s outstanding transactions with the Company. In addition, under this scenario, any close-out amount due to the counterparty upon termination of the counterparty’s transactions would be immediately payable by the Company pursuant to the applicable agreement. The Company believes it was in compliance with all margin requirements under its agreements as of September 30, 2015 and December 31, 2014 . The Company had $12.1 million and $11.4 million of restricted cash related to margin posted for its agreements as of September 30, 2015 and December 31, 2014 , respectively. The restricted cash held by third parties is included in receivables and other assets in the accompanying condensed consolidated balance sheets.

Financing Arrangements, Portfol

Financing Arrangements, Portfolio Investments	9 Months Ended
	Sep. 30, 2015
Portfolio Investments
Note 9 - Financing Arrangements, Portfolio Investments [Line Items]
Financing Arrangements, Portfolio Investments	Financing Arrangements, Portfolio Investments The Company finances its portfolio investments with a combination of repurchase agreements and Federal Home Loan Bank advances. The Company has entered into repurchase agreements with third party financial institutions and the Company’s wholly owned subsidiary, GLIH, as a member of the FHLBI, has access to a variety of products and services offered by the FHLBI, including secured advances. These financing arrangements are short-term borrowings that bear interest rates typically based on a spread to LIBOR, and are secured by the securities which they finance. At September 30, 2015 , the Company had repurchase agreements with an outstanding balance of $586.1 million and a weighted average interest rate of 0.52% . At December 31, 2014 , the Company had repurchase agreements with an outstanding balance of $652.0 million and a weighted average interest rate of 0.43% . As of September 30, 2015 , GLIH had $121 million in outstanding secured advances with a weighted average borrowing rate of 0.29% , and had an additional $79 million of available uncommitted capacity for borrowings, which may be adjusted at the sole discretion of the FHLBI. Each advance requires approval by the FHLBI and is secured by collateral in accordance with the FHLBI’s credit and collateral guidelines, as may be revised from time to time by the FHLBI. Eligible collateral may include Agency RMBS and certain non-Agency RMBS with a rating of A and above, conventional 1-4 family residential mortgage loans and commercial real estate loans. Investment securities available for sale with a carrying value of $129.2 million at September 30, 2015 , are pledged or restricted as collateral for the future payment obligations of FHLBI advances. The FHLBI advances had contractual maturities within 30 days from September 30, 2015 . The FHLBI retains the right to mark the underlying collateral for FHLBI advances to fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral. In addition, as a condition to membership in the FHLBI, the Company is required to purchase and hold a certain amount of FHLBI stock, which is based, in part, upon the outstanding principal balance of advances from the FHLBI. At September 30, 2015 , the Company had stock in the FHLBI totaling $5.4 million , which is included in other assets on the condensed consolidated balance sheet. FHLBI stock is considered a non-marketable, long-term investment, is carried at cost and is subject to recoverability testing under applicable accounting standards. This stock can only be redeemed or sold at its par value, and only to the FHLBI. Accordingly, when evaluating FHLBI stock for impairment, the Company considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. As of September 30, 2015 , the Company had not recognized an impairment charge related to its FHLBI stock. The following table presents detailed information about the Company’s borrowings under financing arrangements, including FHLBI advances and associated assets pledged as collateral at September 30, 2015 and December 31, 2014 (dollar amounts in thousands): September 30, 2015 December 31, 2014 Outstanding Financing Arrangements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Outstanding Financing Arrangements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Agency ARMs $ 239,353 $ 157,007 $ 157,870 $ 171,852 $ 181,694 $ 183,342 Agency Fixed Rate 271,489 384,794 392,470 413,199 437,002 446,851 Agency IOs/U.S. Treasury Securities 75,233 94,280 107,127 66,914 83,988 95,129 Balance at end of the period $ 586,075 $ 636,081 $ 657,467 $ 651,965 $ 702,684 $ 725,322 As of September 30, 2015 and December 31, 2014 , the average days to maturity for financing arrangements, including FHLBI advances, were 29 days and 26 days, respectively. The Company’s accrued interest payable on outstanding financing arrangements, including FHLBI advances at September 30, 2015 and December 31, 2014 amounts to $0.1 million and $0.3 million , respectively, and is included in accrued expenses and other liabilities on the Company’s condensed consolidated balance sheets. The following table presents contractual maturity information about the Company’s outstanding financing arrangements, including FHLBI advances at September 30, 2015 and December 31, 2014 (dollar amounts in thousands): Contractual Maturity September 30, 2015 December 31, 2014 Within 30 days $ 505,250 $ 157,008 Over 30 days to 90 days 48,505 494,957 Over 90 days 32,320 — Total $ 586,075 $ 651,965 As of September 30, 2015 , the outstanding balance under our financing arrangements was funded at an advance rate of 92.4% that implies an average haircut of 7.6% . The weighted average “haircut” related to our repurchase agreement financing for our Agency RMBS (excluding Agency IOs) and Agency IOs was approximately 5% and 25% , respectively. In the event we are unable to obtain sufficient short-term financing through existing financings arrangements, or our lenders start to require additional collateral, we may have to liquidate our investment securities at a disadvantageous time, which could result in losses. Any losses resulting from the disposition of our investment securities in this manner could have a material adverse effect on our operating results and net profitability. At September 30, 2015 and December 31, 2014 , the Company had financing arrangements with 6 and 10 counterparties, respectively. As of September 30, 2015 and December 31, 2014 , we had no counterparties where the amount at risk was in excess of 5% of Stockholders’ Equity. The amount at risk is defined as the fair value of securities pledged as collateral to the financing arrangement in excess of the financing arrangement liability. As of September 30, 2015 , the Company had $123.8 million in cash and $158.7 million in unencumbered investment securities to meet additional haircut or market valuation requirements, including $87.0 million of RMBS, of which $85.4 million are Agency RMBS, and $61.5 million of multi-family CMBS (which represents the net fair value of certain first loss tranche PO securities and/or certain IOs issued by certain K-Series securitizations included in the Consolidated K-Series). The $123.8 million of cash, the $87.0 million of RMBS, the $61.5 million of CMBS, and the $23.9 million held in overnight deposits in our Agency IO portfolio included in restricted cash (that is available to meet margin calls as it relates to our Agency IO portfolio financing arrangements), which collectively represent 52.3% of our financing arrangements, are liquid and could be monetized to pay down or collateralize the liability immediately.

Financing Arrangements, Distres

Financing Arrangements, Distressed Residential Mortgage Loans	9 Months Ended
	Sep. 30, 2015
Distressed Residential Mortgage Loans
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Financing Arrangements, Distressed Residential Mortgage Loans	Financing Arrangements, Distressed Residential Mortgage Loans On December 16, 2014, the Company entered into a master repurchase agreement with Deutsche Bank AG, Cayman Islands Branch in an aggregate principal amount of up to $260.0 million , to fund a portion of the purchase price of a pool of distressed residential mortgage loans. The outstanding balance on this master repurchase agreement as of September 30, 2015 and December 31, 2014 amounts to approximately $185.5 million and $238.9 million , respectively, bearing interest at one month LIBOR plus 2.50% ( 2.69% and 2.66% at September 30, 2015 and December 31, 2014 , respectively) and expires on December 17, 2015 . During the term of this master repurchase agreement, proceeds from the pool of distressed residential mortgage loans will be applied to pay any price differential and to reduce the aggregate repurchase price of the collateral. The financing under the master repurchase agreement is subject to margin calls to the extent the market value of the pool of distressed residential mortgage loans falls below specified levels and repurchase may be accelerated upon an event of default under the master repurchase agreement. The master repurchase agreement contains contain various covenants, including among other things, to maintain certain levels of net worth, liquidity and leverage ratios. The Company is in compliance with such covenants as of November 5, 2015 .

Residential Collateralized Debt

Residential Collateralized Debt Obligations	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Residential Collateralized Debt Obligations	Residential Collateralized Debt Obligations The Company’s Residential CDOs, which are recorded as liabilities on the Company’s condensed consolidated balance sheets, are secured by ARM loans pledged as collateral, which are recorded as assets of the Company. As of September 30, 2015 and December 31, 2014 , the Company had Residential CDOs outstanding of $129.1 million and $145.5 million , respectively. As of September 30, 2015 and December 31, 2014 , the current weighted average interest rate on these Residential CDOs was 0.57% and 0.55% , respectively. The Residential CDOs are collateralized by ARM loans with a principal balance of $136.2 million and $152.3 million at September 30, 2015 and December 31, 2014 , respectively. The Company retained the owner trust certificates, or residual interest for three securitizations, and, as of September 30, 2015 and December 31, 2014 , had a net investment in the residential securitization trusts of $4.8 million and $5.6 million , respectively.

Subordinated Debentures

Subordinated Debentures	9 Months Ended
	Sep. 30, 2015
Subordinated Borrowings [Abstract]
Subordinated Debentures	Subordinated Debentures Subordinated debentures are trust preferred securities that are fully guaranteed by the Company with respect to distributions and amounts payable upon liquidation, redemption or repayment. The following table summarizes the key details of the Company’s subordinated debentures as of September 30, 2015 and December 31, 2014 (dollar amounts in thousands): NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest Rate Three month LIBOR plus 3.75%, resetting quarterly Three month LIBOR plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035 As of November 5, 2015 , the Company has not been notified, and is not aware, of any event of default under the covenants for the subordinated debentures.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Loans Sold to Third Parties – The Company sold its mortgage lending business in March 2007. In the normal course of business, the Company is obligated to repurchase loans based on violations of representations and warranties in the loan sale agreements. The Company did not repurchase any loans during the nine months ended September 30, 2015 . Outstanding Litigation – The Company is at times subject to various legal proceedings arising in the ordinary course of business. As of September 30, 2015 , the Company does not believe that any of its current legal proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s operations, financial condition or cash flows.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company has established and documented processes for determining fair values. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, then fair value is based upon internally developed models that primarily use inputs that are market-based or independently-sourced market parameters, including interest rate yield curves. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows: Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following describes the valuation methodologies used for the Company’s financial instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. a. Investment Securities Available for Sale (RMBS, U.S. Treasury Securities and CLOs) – Fair value for the RMBS in our portfolio are valued using a third-party pricing service or are based on quoted prices provided by dealers who make markets in similar financial instruments. The dealers will incorporate common market pricing methods, including a spread measurement to the Treasury curve or interest rate swap curve as well as underlying characteristics of the particular security including coupon, periodic and life caps, collateral type, rate reset period and seasoning or age of the security. If quoted prices for a security are not reasonably available from a dealer, the security will be re-classified as a Level 3 security and, as a result, management will determine the fair value based on characteristics of the security that the Company receives from the issuer and based on available market information. Management reviews all prices used in determining valuation to ensure they represent current market conditions. This review includes surveying similar market transactions, comparisons to interest pricing models as well as offerings of like securities by dealers. The Company's investment securities that are comprised of RMBS and CLOs are valued based upon readily observable market parameters and are classified as Level 2 fair values. The Company’s U.S. Treasury securities are classified as Level 1 fair values. b. Investment Securities Available for Sale (CMBS) – As the Company’s CMBS investments are comprised of securities for which there are not substantially similar securities that trade frequently, the Company classifies these securities as Level 3 fair values. Fair value of the Company’s CMBS investments is based on an internal valuation model that considers expected cash flows from the underlying loans and yields required by market participants. The significant unobservable inputs used in the measurement of these investments are projected losses of certain identified loans within the pool of loans and a discount rate. The discount rate used in determining fair value incorporates default rate, loss severity and current market interest rates. The discount rate ranges from 4.2% to 10.3% . Significant increases or decreases in these inputs would result in a significantly lower or higher fair value measurement. c. Multi-Family Loans Held in Securitization Trusts – Multi-family loans held in securitization trusts are recorded at fair value and classified as Level 3 fair values. Fair value is based on an internal valuation model that considers expected cash flows from the underlying loans and yields required by market participants. The significant unobservable inputs used in the measurement of these investments are discount rates. The discount rate used in determining fair value incorporates default rate, loss severity and current market interest rates. The discount rate ranges from 2.6% to 5.3% . Significant increases or decreases in these inputs would result in a significantly lower or higher fair value measurement. d. Derivative Instruments – The fair value of interest rate swaps, swaptions, options and TBAs are based on dealer quotes. The fair value of future contracts are based on exchange-traded prices. The Company’s derivatives are classified as Level 1 or Level 2 fair values. e. Multi-Family CDOs – Multi-Family collateralized debt obligations are recorded at fair value and classified as Level 3 fair values. The fair value of Multi-family CDOs is determined using a third party pricing service or are based on quoted prices provided by dealers who make markets in similar financial instruments. The dealers will consider contractual cash payments and yields expected by market participants. Dealers also incorporate common market pricing methods, including a spread measurement to the Treasury curve or interest rate swap curve as well as underlying characteristics of the particular security including coupon, periodic and life caps, collateral type, rate reset period and seasoning or age of the security. The Company’s Multi-family CDOs are classified as Level 3 fair values. The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 , respectively, on the Company’s condensed consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at September 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Investment securities available for sale: Agency RMBS $ — $ 721,505 $ — $ 721,505 $ — $ 779,505 $ — $ 779,505 Non-Agency RMBS — 1,616 — 1,616 — 1,939 — 1,939 CLOs — — — — — 35,203 — 35,203 U.S. Treasury Securities 10,106 — — 10,106 — — — — Investment securities available for sale held in securitization trusts: CMBS — — 40,608 40,608 — — 38,594 38,594 Multi-family loans held in securitization trusts — — 7,296,462 7,296,462 — — 8,365,514 8,365,514 Derivative assets: TBA Securities — 285,859 — 285,859 — 284,971 — 284,971 Options on U.S. Treasury futures 108 — — 108 92 — — 92 U.S. Treasury futures — — — — 379 — — 379 Interest rate swaps — — — — 1,135 — 1,135 Swaptions — 946 — 946 — 2,273 — 2,273 Total $ 10,214 $ 1,009,926 $ 7,337,070 $ 8,357,210 $ 471 $ 1,105,026 $ 8,404,108 $ 9,509,605 Liabilities carried at fair value Multi-family collateralized debt obligations $ — $ — $ 7,011,351 $ 7,011,351 $ — $ — $ 8,048,053 $ 8,048,053 Derivative liabilities: U.S. Treasury futures — — — — — — — — Eurodollar futures 3,312 — — 3,312 900 — — 900 Interest rate swaps — 1,218 — 1,218 — 232 — 232 Interest rate swap futures 2,140 — — 2,140 331 — — 331 Total $ 5,452 $ 1,218 $ 7,011,351 $ 7,018,021 $ 1,231 $ 232 $ 8,048,053 $ 8,049,516 The following table details changes in valuation for the Level 3 assets for the nine months ended September 30, 2015 and 2014 , respectively (amounts in thousands): Level 3 Assets: Nine Months Ended September 30, 2015 2014 Balance at beginning of period $ 8,404,108 $ 8,203,600 Total gains/(losses) (realized/unrealized) Included in earnings (1) 65,735 267,236 Included in other comprehensive income 177 11,653 Sales (2) (1,075,529 ) (41,442 ) Paydowns (57,421 ) (50,195 ) Sale of real estate owned — (3,351 ) Balance at the end of period $ 7,337,070 $ 8,387,501 (1) Amounts included in interest income from multi-family loans held in securitization trusts, unrealized gain on multi-family loans and debt held in securitization trusts, net, realized gain (loss) on investment securities and related hedges, net and gain on deconsolidation. (2) In February 2015, the Company sold a first loss PO security from one of the Company’s Consolidated K-Series securitizations obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million . The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trust and $1.0 billion in Multi-Family CDOs. The following table details changes in valuation for the Level 3 liabilities for the nine months ended September 30, 2015 and 2014 , respectively (amounts in thousands): Level 3 Liabilities: Nine Months Ended September 30, 2015 2014 Balance at beginning of period $ 8,048,053 $ 7,871,020 Total gains/(losses) (realized/unrealized) Included in earnings (1) 30,651 187,536 Included in other comprehensive income — — Sales (2) (1,009,942 ) — Paydowns (57,411 ) (53,543 ) Balance at the end of period $ 7,011,351 $ 8,005,013 (1) Amounts included in interest expense on multi-family collateralized debt obligations, realized gain (loss) on investment securities and related hedges, net and unrealized gain on multi-family loans and debt held in securitization trusts, net. (2) In February 2015, the Company sold a first loss PO security from one of the Company’s Consolidated K-Series securitizations obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million . The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trust and $1.0 billion in Multi-Family CDOs. The following table details the changes in unrealized gains (losses) included in earnings for our Level 3 assets and liabilities for the three and nine months ended September 30, 2015 and 2014 , respectively (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Change in unrealized gains (losses)– assets $ 90,904 $ (56,122 ) $ 90,599 $ 284,568 Change in unrealized (losses) gains – liabilities (93,074 ) 74,237 (73,723 ) (241,508 ) Net change in unrealized (losses) gains included in earnings for assets and liabilities $ (2,170 ) $ 18,115 $ 16,876 $ 43,060 Any changes to the valuation methodology are reviewed by management to ensure the changes are appropriate. As markets and products develop and the pricing for certain products becomes more transparent, the Company continues to refine its valuation methodologies. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of each reporting date, which may include periods of market dislocation, during which time price transparency may be reduced. This condition could cause the Company’s financial instruments to be reclassified from Level 2 to Level 3 in future periods. The following table presents assets measured at fair value on a non-recurring basis as of September 30, 2015 and December 31, 2014 , respectively, on the condensed consolidated balance sheets (dollar amounts in thousands): Assets Measured at Fair Value on a Non-Recurring Basis at September 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Residential mortgage loans held in securitization trusts – impaired loans (net) $ — $ — $ 12,336 $ 12,336 $ — $ — $ 9,323 $ 9,323 Real estate owned held in residential securitization trusts — — 479 479 — — 965 965 The following table presents gains (losses) incurred for assets measured at fair value on a non-recurring basis for the three and nine months ended September 30, 2015 and 2014 , respectively, on the Company’s condensed consolidated statements of operations (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Residential mortgage loans held in securitization trusts – impaired loans (net) $ (189 ) $ (287 ) $ (845 ) $ (654 ) Real estate owned held in residential securitization trusts — (50 ) 26 (103 ) Residential Mortgage Loans Held in Securitization Trusts – Impaired Loans (net) – Impaired residential mortgage loans held in securitization trusts are recorded at amortized cost less specific loan loss reserves. Impaired loan value is based on management’s estimate of the net realizable value taking into consideration local market conditions of the property, updated appraisal values of the property and estimated expenses required to remediate the impaired loan. Real Estate Owned Held in Residential Securitization Trusts – Real estate owned held in the residential securitization trusts are recorded at net realizable value. Any subsequent adjustment will result in the reduction in carrying value with the corresponding amount charged to earnings. Net realizable value based on an estimate of disposal taking into consideration local market conditions of the property, updated appraisal values of the property and estimated expenses required to sell the property. The following table presents the carrying value and estimated fair value of the Company’s financial instruments at September 30, 2015 and December 31, 2014 , respectively, (dollar amounts in thousands): September 30, 2015 December 31, 2014 Fair Value Hierarchy Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 123,801 $ 123,801 $ 75,598 $ 75,598 Investment securities available for sale Level 1 or 2 733,227 733,227 816,647 816,647 Investment securities available for sale, at fair value held in securitization trusts Level 3 40,608 40,608 38,594 38,594 Residential mortgage loans held in securitization trusts (net) Level 3 132,882 119,362 149,614 135,241 Distressed residential mortgage loans (net) (1) Level 3 509,419 510,045 582,697 599,182 Multi-family loans held in securitization trusts Level 3 7,296,462 7,296,462 8,365,514 8,365,514 Derivative assets Level 1 or 2 286,913 286,913 288,850 288,850 Mortgage loans held for sale (net) (2) Level 3 5,807 5,847 7,712 7,713 First mortgage loans (2) Level 3 11,621 12,092 9,544 9,832 Mezzanine loan and equity investments (2) Level 3 110,158 110,564 66,951 67,233 Receivable for securities sold Level 1 1,480 1,480 — — Financial Liabilities: Financing arrangements, portfolio investments Level 2 $ 586,075 $ 586,075 $ 651,965 $ 651,965 Financing arrangements, distressed residential mortgage loans Level 2 185,452 185,452 238,949 238,949 Residential collateralized debt obligations Level 3 129,090 117,040 145,542 130,919 Multi-family collateralized debt obligations Level 3 7,011,351 7,011,351 8,048,053 8,048,053 Securitized debt Level 3 140,946 146,754 232,877 240,341 Derivative liabilities Level 1 or 2 6,670 6,670 1,463 1,463 Payable for securities purchased Level 1 283,991 283,991 283,537 283,537 Subordinated debentures Level 3 45,000 36,712 45,000 36,531 (1) Includes distressed residential mortgage loans held in securitization trusts with a carrying value amounting to approximately $156.1 million and $221.6 million at September 30, 2015 and December 31, 2014 , respectively, and distressed residential mortgage loans with a carrying value amounting to approximately $353.4 million and $361.1 million at September 30, 2015 and December 31, 2014 , respectively. (2) Included in receivables and other assets in the accompanying condensed consolidated balance sheets. In addition to the methodology to determine the fair value of the Company’s financial assets and liabilities reported at fair value on a recurring basis and non-recurring basis, as previously described, the following methods and assumptions were used by the Company in arriving at the fair value of the Company’s other financial instruments in the table immediately above: a. Cash and cash equivalents – Estimated fair value approximates the carrying value of such assets. b. Residential mortgage loans held in securitization trusts (net) – Residential mortgage loans held in the securitization trusts are recorded at amortized cost. Fair value is based on an internal valuation model that considers the aggregated characteristics of groups of loans such as, but not limited to, collateral type, index, interest rate, margin, length of fixed-rate period, life cap, periodic cap, underwriting standards, age and credit estimated using the estimated market prices for similar types of loans. c. Distressed residential mortgage loans (net) – Fair value is estimated using pricing models taking into consideration current interest rates, loan amount, payment status and property type, and forecasts of future interest rates, home prices and property values, prepayment speeds, default, loss severities, and actual purchases and sales of similar loans. d. Receivable for securities sold – Estimated fair value approximates the carrying value of such assets e. Mortgage loans held for sale (net) – The fair value of mortgage loans held for sale (net) are estimated by the Company based on the price that would be received if the loans were sold as whole loans taking into consideration the aggregated characteristics of the loans such as, but not limited to, collateral type, index, interest rate, margin, length of fixed interest rate period, life time cap, periodic cap, underwriting standards, age and credit. f. First mortgage loan and mezzanine loan and equity investments – Estimated fair value is determined by both market comparable pricing and discounted cash flows. The discounted cash flows are based on the underlying contractual cash flows and estimated changes in market yields. The fair value also reflects consideration of changes in credit risk since the origination or time of initial investment. g. Financing arrangements – The fair value of these financing arrangements approximates cost as they are short term in nature. h. Residential collateralized debt obligations – The fair value of these CDOs is based on discounted cash flows as well as market pricing on comparable obligations. i. Securitized debt – The fair value of securitized debt is based on discounted cash flows using management’s estimate for market yields. j. Payable for securities purchased – Estimated fair value approximates the carrying value of such liabilities. k. Subordinated debentures – The fair value of these subordinated debentures is based on discounted cash flows using management’s estimate for market yields.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity (a) Dividends on Preferred Stock The Company had 200,000,000 authorized shares of preferred stock, par value $0.01 per share, with 6,600,000 and 3,000,000 shares issued and outstanding as of September 30, 2015 and December 31, 2014 . On June 4, 2013, the Company issued 3,000,000 shares of 7.75% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”), with a par value of $0.01 per share and a liquidation preference of $25 per share, in an underwritten public offering, for net proceeds of approximately $72.4 million , after deducting underwriting discounts and offering expenses. As of September 30, 2015 and December 31, 2014 , there were 6,000,000 and 3,450,000 shares of Series B Preferred Stock authorized, respectively. The Series B Preferred Stock is entitled to receive a dividend at a rate of 7.75% per year on the $25 liquidation preference and is senior to the common stock with respect to dividends and distribution of assets upon liquidation, dissolution or winding up. On April 22, 2015, the Company issued 3,600,000 shares of 7.875% Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”), with a par value of $0.01 per share and a liquidation preference of $25 per share, in an underwritten public offering, for net proceeds of approximately $86.9 million , after deducting underwriting discounts and offering expenses. As of September 30, 2015 , there were 4,140,000 shares of Series C Preferred Stock authorized. The Series C Preferred Stock is entitled to receive a dividend at a rate of 7.875% per year on the $25 liquidation preference and is senior to the common stock with respect to dividends and distribution of assets upon liquidation, dissolution or winding up. The Series B Preferred Stock and Series C Preferred Stock generally do not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, holders of the Series B Preferred Stock and Series C Preferred Stock, voting together as a single class with the holders of all other classes or series of our preferred stock upon which like voting rights have been conferred and are exercisable and which are entitled to vote as a class with the Series B Preferred Stock and Series C Preferred Stock, will be entitled to vote to elect two additional directors to the Company’s Board of Directors (the “Board”) until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of the Series B Preferred Stock and Series C Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of Series B Preferred Stock and Series C Preferred Stock. The Series B Preferred Stock and Series C Preferred Stock are not redeemable by the Company prior to June 4, 2018 and April 22, 2020, respectively, except under circumstances intended to preserve the Company’s qualification as a REIT and except upon the occurrence of a Change of Control (as defined in the Articles Supplementary designating the Series B Preferred Stock and Series C Preferred Stock, respectively). On and after June 4, 2018 and April 22, 2020, the Company may, at its option, redeem the Series B Preferred Stock and Series C Preferred Stock, respectively, in whole or in part, at any time or from time to time, for cash at a redemption price equal to $25.00 per share, plus any accumulated and unpaid dividends. In addition, upon the occurrence of a Change of Control, the Company may, at its option, redeem the Series B Preferred Stock and Series C Preferred Stock, in whole or in part, within 120 days after the first date, on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends. The Series B Preferred Stock and Series C Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted into the Company’s common stock in connection with a Change of Control by the holders of the Series B Preferred Stock and Series C Preferred Stock. Upon the occurrence of a Change of Control, each holder of Series B Preferred Stock and Series C Preferred Stock will have the right (unless the Company has exercised its right to redeem the Series B Preferred Stock or Series C Preferred Stock, respectively) to convert some or all of the Series B Preferred Stock or Series C Preferred Stock held by such holder into a number of shares of our common stock per share of Series B Preferred Stock or Series C Preferred Stock determined by a formula, in each case, on the terms and subject to the conditions described in the applicable Articles Supplementary for such series. From the time of original issuance of each of the Series B Preferred Stock and the Series C Preferred Stock through September 30, 2015 , the Company has declared and paid all required quarterly dividends on such series of stock. The following table presents the relevant dates with respect to quarterly cash dividends on the Series B Preferred Stock from January 1, 2014 through September 30, 2015 and cash dividends on Series C Preferred Stock from issuance through September 30, 2015 : Series B Preferred Stock Series C Preferred Stock DeclarationDate Record Date Payment Date Cash Dividend Per Share Declaration Date Record Date Payment Date Cash Dividend Per Share September 18, 2015 October 1, 2015 October 15, 2015 0.484375 September 18, 2015 October 1, 2015 October 15, 2015 0.4921875 June 18, 2015 July 1, 2015 July 15, 2015 0.484375 June 18, 2015 July 1, 2015 July 15, 2015 0.4539100 (1) March 18, 2015 April 1, 2015 April 15, 2015 0.484375 — — — — December 12, 2014 January 1, 2015 January 15, 2015 0.484375 — — — — September 18, 2014 October 1, 2014 October 15, 2014 0.484375 — — — — June 18, 2014 July 1, 2014 July 15, 2014 0.484375 — — — — March 31, 2014 April 1, 2014 April 15, 2014 0.484375 — — — — (1) Cash dividend for the partial quarterly period that began on April 22, 2015 and ended on July 14, 2015. (b) Dividends on Common Stock The following table presents cash dividends declared by the Company on its common stock with respect to each of the quarterly periods commencing January 1, 2014 and ended September 30, 2015 : Period Declaration Date Record Date Payment Date Cash Dividend Per Share Third Quarter 2015 September 18, 2015 September 28, 2015 October 26, 2015 $ 0.24 Second Quarter 2015 June 18, 2015 June 29, 2015 July 27, 2015 $ 0.27 First Quarter 2015 March 18, 2015 March 30, 2015 April 27, 2015 $ 0.27 Fourth Quarter 2014 December 12, 2014 December 22, 2014 January 26, 2015 $ 0.27 Third Quarter 2014 September 18, 2014 September 29, 2014 October 27, 2014 $ 0.27 Second Quarter 2014 June 18, 2014 June 30, 2014 July 25, 2014 $ 0.27 First Quarter 2014 March 13, 2014 March 24, 2014 April 25, 2014 $ 0.27 (c) Public Offering of Common Stock The table below presents information with respect to shares of the Company’s common stock issued through underwritten public offerings during the nine months ended September 30, 2014 . There were no underwritten public offerings of common stock during the nine months ended September 30, 2015 . Share Issue Date Shares Issued Net Proceeds (1) (Amounts in Thousands) April 7, 2014 14,950 $ 109,916 January 10, 2014 11,500 $ 75,846 (1) Proceeds are net of underwriting costs and offering expenses paid by the Company. (d) Equity Distribution Agreements On March 20, 2015, the Company entered into separate equity distribution agreements (collectively, the “Equity Distribution Agreements”) with each of JMP Securities LLC (“JMP”) and MLV & Co. LLC (“MLV”), each an “Agent” and collectively, the “Agents”, pursuant to which the Company may sell up to $75,000,000 of aggregate value of (i) shares of the Company’s common stock, par value $0.01 per and (ii) shares of the Company’s Series B Preferred Stock, from time to time through the Agents. The Company has no obligation to sell any of the shares under the Equity Distribution Agreements and may at any time suspend solicitations and offers under the Equity Distribution Agreements. During the nine months ended September 30, 2015 , the Company issued 2,789,439 shares of its common stock, respectively, under the Equity Distribution Agreements, at an average sales price of $7.91 , respectively, resulting in total net proceeds to the Company of $21.6 million after deducting the placement fees. As of September 30, 2015 , approximately $52.9 million of securities remains available for issuance under the Equity Distribution Agreements. On March 20, 2015, in connection with the Company’s execution of the Equity Distribution Agreements described above, the Company delivered to JMP a notice of termination of the Equity Distribution Agreement dated June 11, 2012 (the “Prior Equity Distribution Agreement”), which termination became effective March 23, 2015. The Prior Equity Distribution Agreement provided for the sale by the Company of common stock having a maximum aggregate value of up to $25,000,000 from time to time through JMP, as the Company’s agent. During the nine months ended September 30, 2015 , the Company issued 1,326,676 shares under the Prior Equity Distribution Agreement, at an average sales price of $7.89 resulting in total net proceeds to the Company of $10.3 million , after deducting the placement fees. During the term of the Prior Equity Distribution Agreement, the Company sold a total of 2,153,989 shares of its common stock at an average price of $7.63 per share pursuant to the Prior Distribution Agreement, resulting in aggregate net proceeds to the Company of approximately $16.1 million .

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company calculates basic net income per share by dividing net income for the period by weighted-average shares of common stock outstanding for that period. Diluted net income per share takes into account the effect of dilutive instruments, such as convertible preferred stock, stock options and unvested restricted or performance stock, but uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. There were no dilutive instruments for the nine months ended September 30, 2015 and 2014 . The following table presents the computation of basic and dilutive net income per share for the periods indicated (dollar amounts in thousands, except per share amounts): For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Numerator : Net income attributable to common stockholders– Basic $ 22,407 $ 38,272 $ 66,041 $ 89,856 Net income attributable to common stockholders– Dilutive $ 22,407 $ 38,272 $ 66,041 $ 89,856 Denominator: Weighted average basic shares outstanding 109,402 90,685 108,061 85,018 Weighted average dilutive shares outstanding 109,402 90,685 108,061 85,018 EPS: Basic EPS $ 0.20 $ 0.42 $ 0.61 $ 1.06 Dilutive EPS $ 0.20 $ 0.42 $ 0.61 $ 1.06

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	Stock Based Compensation Pursuant to the Company’s 2010 Stock Incentive Plan (the “2010 Plan”), as approved by the Company’s stockholders, eligible employees, officers and directors of the Company have the opportunity to acquire the Company's common stock through the award of restricted common stock, performance share awards and other equity awards under the 2010 Plan. The maximum number of shares that may be issued under the 2010 Plan is 1,190,000 . Of the common stock authorized at September 30, 2015 and December 31, 2014 , 551,609 shares and 862,512 shares, respectively, were reserved for issuance under the 2010 Plan. The Company’s directors have been issued 146,935 and 111,311 shares under the 2010 Plan as of September 30, 2015 and December 31, 2014 , respectively. The Company’s employees have been issued 401,827 and 216,177 restricted shares under the 2010 Plan as of September 30, 2015 and December 31, 2014 , respectively. At September 30, 2015 and December 31, 2014 , there were 280,457 and 162,171 shares of unvested restricted stock outstanding under the 2010 Plan. (a) Restricted Common Stock Awards During the three and nine months ended September 30, 2015 , the Company recognized non-cash compensation expense on its restricted common stock awards of $0.2 million and $0.6 million , respectively. During the three and nine months ended September 30, 2014 , the Company recognized non-cash compensation expense on its restricted common stock awards of $0.1 million and $0.3 million , respectively. Dividends are paid on all restricted common stock issued, whether those shares have vested or not. In general, non-vested restricted stock is forfeited upon the recipient's termination of employment. There were no forfeitures during the nine months ended September 30, 2015 and 2014 . A summary of the activity of the Company's non-vested restricted stock under the 2010 Plan for the nine months ended September 30, 2015 and 2014 , respectively, is presented below: 2015 2014 Number of Non-vested Restricted Shares Weighted Average Per Share Grant Date Fair Value (1) Number of Non-vested Restricted Shares Weighted Average Per Share Grant Date Fair Value (1) Non-vested shares at January 1 162,171 $ 7.26 94,873 $ 7.01 Granted 185,650 7.79 104,517 7.39 Vested (67,364 ) 7.18 (37,219 ) 6.97 Non-vested shares as of September 30 280,457 $ 7.63 162,171 $ 7.26 Weighted-average fair value of restricted stock granted during the period 185,650 $ 7.79 104,517 $ 7.39 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date. At September 30, 2015 and 2014 , the Company had unrecognized compensation expense of $1.0 million and $0.9 million , respectively, related to the non-vested shares of restricted common stock under the 2010 Plan. The unrecognized compensation expense at September 30, 2015 is expected to be recognized over a weighted average period of 2.3 years. The total fair value of restricted shares vested during the nine months ended September 30, 2015 and 2014 was approximately $0.5 million and $0.3 million , respectively. The requisite service period for restricted shares at issuance is 3 years. (b) Performance Share Awards In May 2015, the Compensation Committee of the Board of Directors approved a performance share award (“PSA”) pursuant to the 2010 Plan to the Company’s Chairman, Chief Executive Officer and President. The PSA granted consisted of 89,629 shares of common stock and had a grant date fair value of approximately $0.4 million . The PSA are awards under which the number of underlying shares of Company common stock that vest and that the recipient becomes entitled to receive at the time of vesting will generally range from 0% to 200% of the target number of PSAs granted, with the target number of PSAs granted being adjusted to reflect the value of the reinvestment of any dividends declared on Company common stock during the vesting period. Vesting of these PSUs will occur at the end of three years based on three -year TSR, as follows: • If three -year TSR is less than 33%, then 0% of the PSUs will vest; • If three -year TSR is greater than or equal to 33% and the TSR is not in the bottom quartile of an identified peer group, then 100% of the PSAs will vest; • If three -year TSR is greater than or equal to 33% and the TSR is in the top quartile of an identified peer group then 200% of the PSAs will vest; • If three -year TSR is greater than or equal to 33% and the TSR is in the bottom quartile of an identified peer group then 50% of the PSAs will vest. The grant date fair values of PSAs were determined through a Monte-Carlo simulation of the Company’s common stock total shareholder return and the common stock total shareholder return of its peer companies to determine the TSR of the Company’s common stock relative to its peer companies over a future period of three years. For the 2015 PSA grant, the inputs used by the model to determine the fair value are (i) historical stock return volatilities of the Company and its peer companies over the most recent three year period, (ii) a risk free rate based on the three year U.S. Treasury rate on grant date, and (iii) historical pairwise stock return correlations between the Company and its peer companies over the most recent three year period. Compensation expenses related to PSAs were $32.0 thousand and $ 43.5 thousand for the three and nine months ended September 30, 2015 , respectively. As of September 30, 2015 , there was $0.3 million of unrecognized compensation cost related to unvested PSAs.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes At September 30, 2015 , a wholly owned TRS of the Company had approximately $55.9 million of net operating loss carryforwards which the Company does not expect to be able to utilize to offset future taxable income. The carryforwards will expire between 2024 through 2028. The Internal Revenue Code places certain limitations on the annual amount of net operating loss carryforwards that can be utilized if certain changes in the Company’s ownership occur. The Company determined during 2012 that it had undergone ownership changes within the meaning of Internal Revenue Code Section 382 that the Company believes will substantially eliminate utilization of these net operating loss carryforwards to offset future taxable income. In general, if a company incurs an ownership change under Section 382, the company's ability to utilize a net operating loss, or NOL carryforward to offset its taxable income becomes limited to a certain amount per year. In 2014, the Company, through its wholly owned TRSs, incurred net operating losses in the aggregate amount of approximately $3.6 million . The Company’s carryforward net operating losses, which are not subject to a Section 382 limitation, will expire between 2033 and 2034 if they are not offset by future taxable income. Additionally, during 2014, the Company, through one of its wholly owned TRSs, also incurred approximately $3.5 million in capital losses. The Company’s carryforward capital losses will expire by 2018 if they are not offset by future capital gains. The Company has recorded a valuation allowance against certain deferred tax assets at September 30, 2015 as management does not believe that it is more likely than not that these deferred tax assets will be realized. The Company files income tax returns with the U.S. federal government and various state and local jurisdictions. The Company is no longer subject to tax examinations by tax authorities for years prior to 2011. The Company has assessed its tax positions for all open years, which includes 2012 to 2014 and concluded that there are no material uncertainties to be recognized. During the three and nine months ended September 30, 2015 , the Company’s TRSs recorded approximately $3.0 million and $4.5 million , respectively, of income tax expense. During the three and nine months ended September 30, 2014 , the Company’s TRSs recorded approximately $1.1 million and $4.7 million , respectively, of income tax expense. The Company’s estimated taxable income differs from the federal statutory rate as a result of state and local taxes, non-taxable REIT income, a valuation allowance and other differences. The components of the Company’s deferred tax assets and liabilities are as follows (dollar amounts in thousands): September 30, 2015 December 31, 2014 Deferred tax assets Net operating loss carryforward $ 27,876 $ 28,704 Net capital loss carryforward 4,111 1,592 GAAP/Tax basis differences 3,055 1,755 Total deferred tax assets (1) 35,042 32,051 Valuation allowance (1) (32,896 ) (30,412 ) Deferred tax liabilities Deferred tax liabilities 1,308 1,040 Total deferred tax liabilities (2) 1,308 1,040 Total net deferred tax asset $ 838 $ 599 (1) Included in receivables and other assets in the accompanying condensed consolidated balance sheets. (2) Included in accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On April 5, 2011, the Company entered into a management agreement with RiverBanc, pursuant to which RiverBanc provides investment management services to the Company. On March 13, 2013, the Company entered into an amended and restated management agreement with RiverBanc (as amended, the “RiverBanc Management Agreement”). The RiverBanc Management Agreement replaced the prior management agreement between RiverBanc and the Company, dated as of April 5, 2011. The amended and restated agreement has an effective date of January 1, 2013 and has a term that will expire on December 31, 2015, subject to automatic annual one-year renewals thereof. As of September 30, 2015 and December 31, 2014 , the Company owned a 20% membership interest in RiverBanc. For the three and nine months ended September 30, 2015 , the Company recognized approximately $0.3 million loss and $0.5 million in income related to its investment in RiverBanc, respectively. For the three and nine months ended September 30, 2014 , the Company recognized approximately $1.1 million and $1.4 million in income related to its investment in RiverBanc, respectively. RiverBanc manages an entity, RB Multifamily Investors LLC (“RBMI”), in which the Company owns, as of September 30, 2015 and December 31, 2014 , approximately 67% , respectively of the outstanding common equity interests. Pursuant to a management agreement between RiverBanc and this entity, RiverBanc is entitled to receive base management and incentive fees for its management of assets owned by RBMI. Our total investment in RBMI, which is included in receivable and other assets on the accompanying condensed consolidated balance sheets, amounts to approximately $56.0 million and $36.6 million as of September 30, 2015 and December 31, 2014 , respectively. Included in our total investment in RBMI are preferred equity interests amounting to approximately $40.4 million and $22.9 million as of September 30, 2015 and December 31, 2014 , respectively. For the three and nine months ended September 30, 2015 , the Company recognized $1.6 million and $4.4 million in income related to our investment in RMI, respectively. For the three and nine months ended September 30, 2014 , the Company recognized $0.1 million and $0.1 million in income related to its investment in RBMI, respectively. For the three and nine months ended September 30, 2015 , the Company expensed $1.0 million and $5.9 million in fees to RiverBanc, respectively. For the three and nine months ended September 30, 2014 , the Company expensed $5.7 million and $8.0 million in fees to RiverBanc, respectively As of September 30, 2015 and December 31, 2014 , the Company had fees payable to RiverBanc of $0.6 million and $6.3 million , respectively, included in accrued expenses and other liabilities.

Summary of Significant Accoun28

Summary of Significant Accounting Policies - (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies, by Policy (Policies) [Line Items]
Basis of Accounting, Policy	Basis of Presentation – The accompanying condensed consolidated balance sheet as of December 31, 2014 has been derived from audited financial statements. The accompanying condensed consolidated balance sheet as of September 30, 2015 , the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 , the accompanying condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2015 and 2014 , the accompanying condensed consolidated statement of changes in stockholders’ equity for the nine months ended September 30, 2015 and the accompanying condensed consolidated statements of cash flows for the nine months ended September 30, 2015 and 2014 are unaudited. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with Article 10 of Regulation S-X and the instructions to Form 10-Q. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014 , as filed with the U.S. Securities and Exchange Commission (“SEC”). The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the operating results for the full year. The accompanying condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with 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. Although the Company’s estimates contemplate current conditions and how it expects them to change in the future, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition. Management has made significant estimates in several areas, including valuation of its CMBS investments, multi-family loans held in securitization trusts and multi-family CDOs, as well as, income recognition on distressed residential mortgage loans purchased at a discount.
Consolidation, Variable Interest Entity, Policy	Principles of Consolidation and Variable Interest Entities – The accompanying condensed consolidated financial statements of the Company include the accounts of all its subsidiaries which are majority-owned, controlled by the Company or a VIE where the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The Company consolidates a VIE when it is the primary beneficiary of such VIE. As primary beneficiary, it has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE.
Marketable Securities, Available-for-sale Securities, Policy	Investment Securities Available for Sale – The Company's investment securities, where the fair value option has not been elected and which are reported at fair value with unrealized gains and losses reported in Other Comprehensive Income (“OCI”), include Agency RMBS, non-Agency RMBS and CLOs. The Company has elected the fair value option for its Agency IOs, U.S. Treasury securities, certain Agency ARMs and Agency Fixed Securities within the Agency IO portfolio, which measures unrealized gains and losses through earnings in the accompanying condensed consolidated statements of operations. The fair value option was elected for these investment securities to mitigate earnings volatility by better matching the accounting for these investment securities with the related derivative instruments within the Agency IO portfolio. The derivative instruments within the Agency IO portfolio are not designated as hedging instruments for accounting purposes. The Company generally intends to hold its investment securities until maturity; however, from time to time, it may sell any of its securities as part of the overall management of its business. As a result, our investment securities are classified as available for sale securities. Realized gains and losses recorded on the sale of investment securities available for sale are based on the specific identification method and included in realized gain (loss) on investment securities and related hedges in the accompanying condensed consolidated statements of operations. Purchase premiums or discounts on investment securities are amortized or accreted to interest income over the estimated life of the investment securities using the effective yield method. Adjustments to amortization are made for actual prepayment activity. The Company accounts for debt securities that are of high credit quality (generally those rated AA or better by a Nationally Recognized Statistical Rating Organization, or NRSRO), at date of acquisition in accordance with Accounting Standards Codification (“ASC”) 320-10. The Company accounts for debt securities that are not of high credit quality (i.e., those whose risk of loss is less than remote) or securities that can be contractually prepaid such that we would not recover our initial investment at the date of acquisition in accordance with ASC 325-40. The Company considers credit ratings, the underlying credit risk and other market factors in determining whether the debt securities are of high credit quality; however, securities rated lower than AA or an equivalent rating are not considered of high credit quality and are accounted for in accordance with ASC 325-40. If ratings are inconsistent among NRSROs, the Company uses the lower rating in determining whether the securities are of high credit quality. The Company assesses its impaired securities on at least a quarterly basis and designates such impairments as either “temporary” or “other-than-temporary” by applying the guidance prescribed in ASC Topic 320-10. When the fair value of an investment security is less than its amortized cost as of the reporting balance sheet date, the security is considered impaired. If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before its anticipated recovery, then it must recognize an other-than-temporary impairment through earnings equal to the entire difference between the investment’s amortized cost and its fair value as of the balance sheet date. If the Company does not expect to sell an other-than-temporarily impaired security, only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings with the remainder recognized as a component of other comprehensive income (loss) on the accompanying condensed consolidated balance sheets. Impairments recognized through other comprehensive income (loss) do not impact earnings. Following the recognition of an other-than-temporary impairment through earnings, a new cost basis is established for the security, which may not be adjusted for subsequent recoveries in fair value through earnings. However, other-than-temporary impairments recognized through earnings may be accreted back to the amortized cost basis of the security on a prospective basis through interest income. The determination as to whether an other-than-temporary impairment exists and, if so, the amount considered other-than-temporarily impaired is subjective, as such determinations are based on both factual and subjective information available at the time of assessment as well the Company’s estimates of the future performance and cash flow projections. As a result, the timing and amount of other-than-temporary impairments constitute material estimates that are susceptible to significant change. In determining the other-than temporary impairment related to credit losses for securities that are not of high credit quality, the Company compares the present value of the remaining cash flows expected to be collected at the purchase date (or last date previously revised) against the present value of the cash flows expected to be collected at the current financial reporting date. The Company considers information available about the past and expected future performance of underlying mortgage loans, including timing of expected future cash flows, prepayment rates, default rates, loss severities and delinquency rates.
Securities Owned Not Readily Marketable, Policy	Investment Securities Available for Sale Held in Securitization Trusts – The Company’s investment securities available for sale held in securitization trusts as of September 30, 2015 and December 31, 2014 are comprised of multi-family CMBS consisting of PO securities that represent the first loss tranche of the securitizations from which they were issued, or “first loss tranche”, and certain IOs issued from two Freddie Mac-sponsored multi-family K-Series securitizations. These securities are reported at fair value with unrealized gains and losses reported in OCI. Realized gains and losses recorded on the sale of investment securities available for sale held in securitization trusts are based on the specific identification method and included in realized gain (loss) on sale of securities and related hedges in the accompanying condensed consolidated statements of operations. Purchase premiums or discounts are amortized or accreted to interest income over the estimated life of the investment securities using the effective yield method.
Loans and Leases Receivable, Valuation, Policy	Residential Mortgage Loans Held in Securitization Trusts – Residential mortgage loans held in securitization trusts are comprised of certain ARM loans transferred to Consolidated VIEs that have been securitized into sequentially rated classes of beneficial interests. The Company accounted for these securitization trusts as financings which are consolidated into the Company’s financial statements. Residential mortgage loans held in securitization trusts are carried at their unpaid principal balances, net of unamortized premium or discount, unamortized loan origination costs and allowance for loan losses. Interest income is accrued and recognized as revenue when earned according to the terms of the mortgage loans and when, in the opinion of management, it is collectible. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business, but in no case when payment becomes greater than 90 days delinquent. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. We establish an allowance for loan losses based on management's judgment and estimate of credit losses inherent in our portfolio of residential mortgage loans held in securitization trusts. Estimation involves the consideration of various credit-related factors, including but not limited to, macro-economic conditions, current housing market conditions, loan-to-value ratios, delinquency status, historical credit loss severity rates, purchased mortgage insurance, the borrower's current economic condition and other factors deemed to warrant consideration. Additionally, we look at the balance of any delinquent loan and compare that to the current value of the collateralizing property. We utilize various home valuation methodologies including appraisals, broker pricing opinions, internet-based property data services to review comparable properties in the same area or consult with a real estate agent in the property's area.
Loans and Leases Receivable, Allowance for Loan Losses Policy	Acquired Distressed Residential Mortgage Loans – Distressed residential mortgage loans held in securitization trusts are comprised of pools of fixed and adjustable rate residential mortgage loans acquired by the Company at a discount (that is due, in part, to the credit quality of the borrower). Distressed residential mortgage loans held in securitization trusts are distressed residential mortgage loans transferred to Consolidated VIEs that have been securitized into beneficial interests. The Company accounted for these securitization trusts as financings which are consolidated into the Company’s financial statements. The Company considers the purchase price for the acquired distressed residential mortgage loans to be at fair value at the date of acquisition. These acquired distressed residential mortgage loans were initially recorded at fair value with no allowance for loan losses. Acquired distressed residential mortgage loans that have evidence of deteriorated credit quality at acquisition are accounted for under ASC Subtopic 310-30, "Loans and Debt Securities Acquired with Deteriorated Credit Quality" ("ASC 310-30"). Under ASC 310-30, the acquired loans may be accounted for individually or aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an expectation of aggregate cash flows. Once a pool is assembled, it is treated as if it was one loan for purposes of applying the accounting guidance Under ASC 310-30, the excess of cash flows expected to be collected over the carrying amount of the loans, referred to as the “accretable yield,” is accreted into interest income over the life of the loans in each pool or individually using a level yield methodology. Accordingly, our acquired distressed residential mortgage loans accounted for under ASC 310-30 are not subject to classification as nonaccrual classification in the same manner as our residential mortgage loans that were not distressed when acquired by us. Rather, interest income on acquired distressed residential mortgage loans relates to the accretable yield recognized at the pool level or on an individual loan basis, and not to contractual interest payments received at the loan level. The difference between contractually required principal and interest payments and the cash flows expected to be collected, referred to as the “nonaccretable difference,” includes estimates of both the impact of prepayments and expected credit losses over the life of the individual loan, or the pool (for loans grouped into a pool). The Company monitors actual cash collections against its expectations, and revised cash flow estimates are prepared as necessary. These estimates incorporate assumptions regarding default rates, loss severities, value of the underlying real estate securing the loans, the amounts and timing of prepayments and other factors that reflect then-current market conditions. A decrease in expected cash flows in subsequent periods may indicate that the loan pool or individual loan, as applicable, is impaired thus requiring the establishment of an allowance for loan losses by a charge to the provision for loan losses. An increase in expected cash flows in subsequent periods initially reduces any previously established allowance for loan losses by the increase in the present value of cash flows expected to be collected, and results in a recalculation of the amount of accretable yield for the loan pool. The adjustment of accretable yield due to an increase in expected cash flows is accounted for prospectively as a change in estimate. The additional cash flows expected to be collected are reclassified from the nonaccretable difference to the accretable yield, and the amount of periodic accretion is adjusted accordingly over the remaining life of the loans in the pool or individual loan, as applicable. The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. An acquired distressed residential mortgage loan may be resolved either through receipt of payment (in full or in part) from the borrower, the sale of the loan to a third party, or foreclosure of the collateral. For acquired distressed residential mortgage loans held in pools, in the event of a sale of the loan, a gain or loss on sale is recognized and reported based on the difference between the sales proceeds and the carrying amount of the acquired distressed residential mortgage loan. In the case of a foreclosure, an individual loan is removed from the pool at the fair value of the underlying collateral less costs to sell. For loans satisfied by payment in full, the loan is removed from the pool. The Company uses the specific allocation method for the removal of loans as the estimated cash flows and related carrying amount for each individual loan are known. In these cases, the remaining accretable yield is unaffected and any material change in remaining effective yield caused by the removal of the loan from the pool is addressed by the re-assessment of the estimate of cash flows for the pool prospectively. Acquired distressed residential mortgage loans subject to modification are not removed from the pool even if those loans would otherwise be considered troubled debt restructurings because the pool, and not the individual loan, represents the unit of account. For individual loans not accounted for in pools that are sold or satisfied by payment in full, a gain or loss on sale is recognized and reported based on the difference between the sales proceeds and the carrying amount of the acquired distressed residential mortgage loan. In the case of a foreclosure, the loss is recognized if the carrying value exceeds the fair value of the collateral (less costs to sell). A gain is not recognized if the fair value of collateral (less costs to sell) exceeds the carrying value.
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy	Multi-Family Loans Held in Securitization Trusts – Multi-family loans held in securitization trusts are comprised of multi-family mortgage loans held in five and six Freddie Mac-sponsored multi-family K-Series securitizations (the “Consolidated K-Series”) as of September 30, 2015 and December 31, 2014 , respectively. Based on a number of factors, we determined that we were the primary beneficiary of each VIE within the Consolidated K-Series, met the criteria for consolidation and, accordingly, have consolidated these Freddie Mac-sponsored multi-family K-Series securitizations, including their assets, liabilities, income and expenses in our financial statements. The Company has elected the fair value option on each of the assets and liabilities held within the Consolidated K-Series, which requires that changes in valuations in the assets and liabilities of the Consolidated K-Series be reflected in the Company's accompanying condensed consolidated statement of operations, as the Company believes this accounting treatment more accurately and consistently reflects its results of operations. Interest income is accrued and recognized as revenue when earned according to the terms of the mortgage loans and when, in the opinion of management, it is collectible. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business, but in no case when payment becomes greater than 90 days delinquent. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible.
Finance, Loan and Lease Receivables, Held-for-investment, Policy	Mezzanine Loan and Preferred Equity Investments – The Company invests in mezzanine loans and preferred equity of entities that have significant real estate assets. The mezzanine loan is secured by a pledge of the borrower’s equity ownership in the property. Unlike a mortgage, this loan does not represent a lien on the property. Therefore, it is always junior and subordinate to any first-lien as well as second liens, if applicable, on the property. These loans are senior to any preferred equity or common equity interests. Purchasers of mezzanine loans benefit from a right to foreclose on the ownership equity in a more efficient manner than senior mortgage debt. A preferred equity investment is an equity investment in the entity that owns the underlying property. Preferred equity is not secured by the underlying property, but holders have priority relative to common equity holders on cash flow distributions and proceeds from capital events. In addition, preferred equity holders may be able to enhance their position and protect their equity position with covenants that limit the entity’s activities and grant the holder the exclusive right to control the property after an event of default. Mezzanine loans and preferred equity investments, where the risks and payment characteristics are equivalent to mezzanine loans, are accounted for as loans held for investment and are stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, net of valuation allowances, and are included in receivables and other assets. We accrete or amortize any discounts or premiums over the life of the related loan receivable utilizing the effective interest method or straight line-method, if the result is not materially different. We evaluate the collectibility of both interest and principal of each of our loans, if circumstances warrant, to determine whether they are impaired. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the investment to the estimated fair value of the loan or, as a practical expedient, to the value of the collateral if the loan is collateral dependent. Mezzanine loans and preferred equity investments where the risks and payment characteristics are equivalent to an equity investment are accounted for using the equity method of accounting. See “ Investment in Limited Partnership and Limited Liability Companies. ” The mezzanine loans and preferred equity investments are included in receivables and other assets. Mortgage Loans Held for Investment – Mortgage loans held for investment are stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, net of valuation allowances, and are included in receivables and other assets. Interest income is accrued on the principal amount of the loan based on the loan’s contractual interest rate. Amortization of premiums and discounts is recorded using the effective yield method. Interest income, amortization of premiums and discounts and prepayment fees are reported in interest income. A loan is considered to be impaired when it is probable that based upon current information and events, the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. Based on the facts and circumstances of the individual loans being impaired, loan specific valuation allowances are established for the excess carrying value of the loan over either: (i) the present value of expected future cash flows discounted at the loan’s original effective interest rate, (ii) the estimated fair value of the loan’s underlying collateral if the loan is in the process of foreclosure or otherwise collateral dependent, or (iii) the loan’s observable market price. Investments in Limited Partnership and Limited Liability Companies – In circumstances where the Company has a non-controlling interest but either owns a significant interest or is able to exert influence over the affairs of the enterprise, the Company utilizes the equity method of accounting. Under the equity method of accounting, the initial investment is increased each period for additional capital contributions and a proportionate share of the entity’s earnings or preferred return and decreased for cash distributions and a proportionate share of the entity’s losses. Where the Company is not required to fund additional losses, the Company does not continue to record its proportionate share of the entity’s losses such that its investment balance would go below zero. Management periodically reviews its investments for impairment based on projected cash flows from the entity over the holding period. When any impairment is identified, the investments are written down to recoverable amounts.
Cash and Cash Equivalents, Policy	Cash and Cash Equivalents – Cash and cash equivalents include cash on hand, amounts due from banks and overnight deposits. The Company maintains its cash and cash equivalents in highly rated financial institutions, and at times these balances exceed insurable amounts.
Receivables, Policy	Receivables and Other Assets – Receivables and other assets as of September 30, 2015 and December 31, 2014 include restricted cash held by third parties of $52.7 million and $54.2 million , respectively. Included in restricted cash is $23.9 million and $40.6 million held in our Agency IO portfolio to be used for trading purposes and $12.1 million and $11.4 million held by counterparties as collateral for hedging instruments as of September 30, 2015 and December 31, 2014 , respectively. Interest receivable on multi-family loans held in securitization trusts is also included in the amounts of $23.9 million and $29.8 million as of September 30, 2015 and December 31, 2014 , respectively.
Federal Home Loan Bank Advances, Policy	On February 20, 2015, our wholly-owned subsidiary, Great Lakes Insurance Holdings LLC (“GLIH”), became a member of the Federal Home Loan Bank of Indianapolis (“FHLBI”). As a member of the FHLBI, GLIH has access to a variety of products and services offered by the FHLBI, including secured advances. As of September 30, 2015 , GLIH had $121 million in outstanding secured advances from FHLBI, which are included on the Company’s accompanying condensed balance sheets in financing arrangements, portfolio investments.
Derivatives, Policy	Derivative Financial Instruments – The Company has developed risk management programs and processes, which include investments in derivative financial instruments designed to manage interest rate and prepayment risk associated with its securities investment activities. Derivative instruments contain an element of risk in the event that the counterparties may be unable to meet the terms of such agreements. The Company minimizes its risk exposure by limiting the counterparties with which it enters into contracts to banks and investment banks who meet established credit and capital guidelines. The Company invests in To-Be-Announced securities (“TBAs”) through its Agency IO portfolio. TBAs are forward-settling purchases and sales of Agency RMBS where the underlying pools of mortgage loans are “To-Be-Announced.” Pursuant to these TBA transactions, we agree to purchase or sell, for future settlement, Agency RMBS with certain principal and interest terms and certain types of underlying collateral, but the particular Agency RMBS to be delivered is not identified until shortly before the TBA settlement date. For TBA contracts that we have entered into, we have not asserted that physical settlement is probable, therefore we have not designated these forward commitments as hedging instruments. Realized and unrealized gains and losses associated with these TBAs are recognized through earnings as other income (expense) in the condensed consolidated statements of operations. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instruments in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, is recognized in current earnings during the period of change. For instruments that are not designated or qualify as a cash flow hedge, such as our use of U.S. Treasury securities or financial futures and options on financial futures contracts, any realized and unrealized gains and losses associated with these instruments are recognized through earnings as other income (expense) in the condensed consolidated statements of operations.
Derivatives, Methods of Accounting, Hedging Derivatives	Termination of Hedging Relationships – The Company employs risk management monitoring procedures to ensure that the designated hedging relationships are demonstrating, and are expected to continue to demonstrate, a high level of effectiveness. Hedge accounting is discontinued on a prospective basis if it is determined that the hedging relationship is no longer highly effective or expected to be highly effective in offsetting changes in fair value of the hedged item. Additionally, the Company may elect to un-designate a hedge relationship during an interim period and re-designate upon the rebalancing of a hedge profile and the corresponding hedge relationship. When hedge accounting is discontinued, the Company continues to carry the derivative instruments at fair value with changes recorded in current earnings.
Revenue Recognition, Policy	Revenue Recognition – Interest income on our investment securities and on our mortgage loans is accrued based on the outstanding principal balance and their contractual terms. Premiums and discounts associated with investment securities and mortgage loans at the time of purchase or origination are amortized into interest income over the life of such securities using the effective yield method. Adjustments to amortization are made for actual prepayment activity. Interest income on our credit sensitive securities, such as our CLOs and certain of our CMBS that were purchased at a discount to par value, is recognized based on the security’s effective interest rate. The effective interest rate on these securities is based on management’s estimate from each security of the projected cash flows, which are estimated based on the Company’s assumptions related to fluctuations in interest rates, prepayment speeds and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on these securities. Based on the projected cash flows from the Company’s first loss tranche PO multi-family CMBS purchased at a discount to par value, a portion of the purchase discount is designated as non-accretable purchase discount or credit reserve, which partially mitigates the Company’s risk of loss on the mortgages collateralizing such multi-family CMBS, and is not expected to be accreted into interest income. The amount designated as a credit reserve may be adjusted over time, based on the actual performance of the security, its underlying collateral, actual and projected cash flow from such collateral, economic conditions and other factors. If the performance of a security with a credit reserve is more favorable than forecasted, a portion of the amount designated as credit reserve may be accreted into interest income over time. Conversely, if the performance of a security with a credit reserve is less favorable than forecasted, the amount designated as credit reserve may be increased, or impairment charges and write-downs of such securities to a new cost basis could result. With respect to interest rate swaps that have not been designated as hedges, any net payments under, or fluctuations in the fair value of, such swaps will be recognized in current earnings. See “ Acquired Distressed Residential Mortgage Loans” for a description of our revenue recognition policy for acquired distressed residential mortgage loans.
Manager Compensation, Policy	Manager Compensation - We are a party to separate investment management agreements with Headlands Asset Management LLC (“Headlands”), The Midway Group, LP (“Midway”) and RiverBanc LLC (“RiverBanc”), with Headlands providing investment management services with respect to our investments in certain distressed residential mortgage loans, Midway providing investment management services with respect to our investments in Agency IOs, and RiverBanc providing investment management services with respect to our investments in multifamily CMBS and certain commercial real estate-related debt investments. These investment management agreements provide for the payment to our investment managers of a management fee, incentive fee and reimbursement of certain operating expenses, which are accrued and expensed during the period for which they are earned or incurred.
Comprehensive Income, Policy	Other Comprehensive Income (Loss) – The Company’s comprehensive income/(loss) available to common stockholders includes net income, the change in net unrealized gains/(losses) on its available for sale securities and its derivative hedging instruments, currently comprised of interest rate swaps, (to the extent that such changes are not recorded in earnings), adjusted by realized net gains/(losses) reclassified out of accumulated other comprehensive income/(loss) for available for sale securities and is reduced by dividends declared on the Company’s preferred stock.
Pension and Other Postretirement Plans, Nonpension Benefits, Policy	Employee Benefits Plans – The Company sponsors a defined contribution plan (the “Plan”) for all eligible domestic employees. The Plan qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Company made no contributions to the Plan for the three and nine months ended September 30, 2015 and 2014 .
Share-based Compensation, Option and Incentive Plans Policy	Stock Based Compensation – Compensation expense for equity based awards and stock issued for services are recognized over the vesting period of such awards and services based upon the fair value of the award at the grant date. The Company has awarded restricted stock to eligible employees and officers as part of their compensation. Compensation expense for awarded restricted stock is based on the grant date fair value of the stock and is recognized over the vesting period. In May 2015, the Company granted certain Performance Share Awards (“PSAs”) which cliff vest after a three-year period, subject to the achievement of certain performance criteria based on a formula tied to the Company’s achievement of three-year total stockholder return (“TSR”) and the Company’s TSR relative to the TSR of certain peer companies. The feature in this award constitutes a “market condition” which impacts the amount of compensation expense recognized for these awards. The grant date fair values of PSAs were determined through Monte-Carlo simulation analysis.
Income Tax, Policy	Income Taxes – The Company operates in such a manner so as to qualify as a REIT under the requirements of the Internal Revenue Code. Requirements for qualification as a REIT include various restrictions on ownership of the Company’s stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders, of which 85% plus any undistributed amounts from the prior year must be distributed within the taxable year in order to avoid the imposition of an excise tax. Distribution of the remaining balance may extend until timely filing of the Company’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. Certain activities of the Company are conducted through TRSs and therefore are subject to federal and various state and local income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740, Income Taxes , provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. In situations involving uncertain tax positions related to income tax matters, we do not recognize benefits unless it is more likely than not that they will be sustained. ASC 740 was applied to all open taxable years as of the effective date. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based on factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. The Company will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense.
Earnings Per Share, Policy	Earnings Per Share – Basic earnings per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.
Segment Reporting, Policy	Segment Reporting – ASC 280, Segment Reporting, is the authoritative guidance for the way public entities report information about operating segments in their annual financial statements. We are a REIT focused on the business of acquiring, investing in, financing and managing primarily mortgage-related and financial assets, and currently operate in only one reportable segment.
New Accounting Pronouncements, Policy	Summary of Recent Accounting Pronouncements Receivables (ASC 310) In April 2014, the FASB issued ASU 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40)—Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (“ASU 2014-04”). The amendments of this ASU are intended to clarify when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate recognized. In addition, the amendments clarify that if an in substance repossession or foreclosure occurs, then a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. ASU 2014-04 became effective for the Company beginning January 1, 2015. The adoption of ASU 2014-04 did not have a material effect on our financial condition, results of operations and disclosures. Transfers and Servicing (ASC 860) In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing: Repurchase-to-Maturity Transaction, Repurchase Financings, and Disclosures (“ASU 2014-09”). This guidance requires repurchase-to-maturity transactions to be accounted for as secured borrowings as if the transferor retains effective control, even though the transferred financial assets are not returned to the transferor at settlement. ASU 2014-09 also eliminates existing guidance for repurchase financings and requires instead that entities consider the initial transfer and the related repurchase agreement separately when applying the derecognition requirements of ASC 860, Transfers and Servicing. New disclosures will be required for (1) certain transactions accounted for as secured borrowings, and (2) transfers accounted for as sales when the transferor also retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. ASU 2014-09 became effective for the Company beginning January 1, 2015. The adoption of ASU 2014-11 did not have a significant effect on our financial condition, results of operations and disclosures. Revenue Recognition (Topic 606) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). This guidance creates a new, principle-based revenue recognition framework that will affect nearly every revenue-generating entity. ASU 2014-09 also creates a new topic in the Codification, Topic 606 (“ASC 606”). In addition to superseding and replacing nearly all existing U.S. GAAP revenue recognition guidance, including industry-specific guidance, ASC 606 does the following: (1) establishes a new control-based revenue recognition model; (2) changes the basis for deciding when revenue is recognized over time or at a point in time; (3) provides new and more detailed guidance on specific aspects of revenue recognition; and (4) expands and improves disclosures about revenue. In August 2015, the FASB issued ASU 2015-14 that defers the effective date of ASU 2014-09 for public business entities for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early application is not permitted for public business entities. The Company is currently assessing the impact of this guidance. Consolidation (Topic 810) In August 2014, the FASB issued ASU 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“ASU 2014-13”). For entities that consolidate a collateralized financing entity within the scope of this update, an option to elect to measure the financial assets and the financial liabilities of that collateralized financing entity using either the measurement alternative included in this Update or Topic 820 on fair value measurement is provided. The guidance is effective for fiscal years beginning after December 15, 2015, and the interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period. We do not expect the adoption of ASU 2014-13 to have a significant effect on our financial condition, results of operations and disclosures. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). The update is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The guidance is effective for fiscal years beginning after December 31, 2015 , and the interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period. The Company is currently assessing the impact of this guidance. Interest - Imputation of Interest (Topic 835) In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). The amendments in ASU 2015-03 are intended to simplify the presentation of debt issuance costs. These amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance in ASU 2015-03 does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff stated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-15 adds these SEC comments to the "S" section of the Codification. The guidance is effective for financial statements issued for fiscal years beginning after December 31, 2015 , and interim periods within those fiscal years. We do not expect the adoption of ASU 2015-03 to have a significant effect on our financial condition, results of operations and disclosures.
Residential collateralized debt obligations
Accounting Policies, by Policy (Policies) [Line Items]
Debt, Policy	Residential Collateralized Debt Obligations (“Residential CDOs”) – We use Residential CDOs to permanently finance our residential mortgage loans held in securitization trusts. For financial reporting purposes, the ARM loans held as collateral are recorded as assets of the Company and the Residential CDOs are recorded as the Company’s debt. The Company has completed four residential mortgage loan securitizations since inception. The first three were accounted for as a permanent financing while the fourth was accounted for as a sale and accordingly, is not included in the Company’s accompanying condensed consolidated financial statements.
Multi-family collateralized debt obligations, at fair value
Accounting Policies, by Policy (Policies) [Line Items]
Debt, Policy	Multi-Family Collateralized Debt Obligations (“Multi-Family CDOs”) – We consolidated the Consolidated K-Series including their debt, referred to as Multi-Family CDOs, in our financial statements. The Multi-Family CDOs permanently finance the multi-family mortgage loans held in the Consolidated K-Series securitizations. For financial reporting purposes, the loans held as collateral are recorded as assets of the Company and the Multi-Family CDOs are recorded as the Company’s debt. We refer to both the Residential CDOs and Multi-Family CDOs as CDOs in this report.
Securitized Debt
Accounting Policies, by Policy (Policies) [Line Items]
Debt, Policy	Securitized Debt – Securitized Debt represents third-party liabilities of Consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that are eliminated on consolidation. The Company has entered into several financing transactions that resulted in the Company consolidating as VIEs the special purpose entities (the “SPEs”) that were created to facilitate the transactions and to which underlying assets in connection with the financing were transferred. The Company engaged in these transactions primarily to obtain permanent or longer term financing on a portion of its multi-family CMBS and acquired distressed residential mortgage loans. Costs related to issuance of securitized debt which include underwriting, rating agency, legal, accounting and other fees are reflected as deferred charges. Such costs are included on the Company’s accompanying condensed consolidated balance sheets in receivables and other assets in the amount of $1.3 million and $2.2 million as of September 30, 2015 and December 31, 2014 , respectively. These deferred charges are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different.
Portfolio Investments
Accounting Policies, by Policy (Policies) [Line Items]
Repurchase Agreements, Collateral, Policy	Financing Arrangements, Portfolio Investments – The Company finances its Agency RMBS using repurchase agreements and Federal Home Loan Bank advances. Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a future date at a predetermined price, which represents the original sales price plus interest. The Company accounts for these repurchase agreements as financings under ASC 860, Transfers and Servicing . Under ASC 860, for these transactions to be treated as financings, they must be separate transactions and not linked. If the Company finances the purchase of its securities with repurchase agreements with the same counterparty from which the securities are purchased and both transactions are entered into contemporaneously or in contemplation of each other, the transactions are presumed under GAAP to be part of the same arrangement, or a "Linked Transaction," unless certain criteria are met. None of the Company’s repurchase agreements are accounted for as linked transactions because they met the applicable criteria in accordance with ASC 860-10-40.
Distressed Residential Mortgage Loans
Accounting Policies, by Policy (Policies) [Line Items]
Repurchase Agreements, Collateral, Policy	Financing Arrangements, Distressed Residential Mortgage Loans – The Company finances a portion of its distressed residential mortgage loans through a repurchase agreement, expiring within one year . The borrowing under the repurchase agreement bears an interest rate of a specified margin over one-month LIBOR. The repurchase agreement is treated as a collateralized financing transaction and is carried at the contractual amounts, as specified in the respective agreement. Costs related to the establishment of the repurchase agreement which include underwriting, legal, accounting and other fees are reflected as deferred charges. Such costs are included on the Company’s accompanying condensed consolidated balance sheets in receivables and other assets in the amount of $0.4 million as of September 30, 2015 and $1.7 million as of December 31, 2014 . These deferred charges are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different.

Investment Securities Availab29

Investment Securities Available for Sale - (Tables)	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	Investment securities available for sale consisted of the following as of September 30, 2015 and December 31, 2014 (dollar amounts in thousands): September 30, 2015 December 31, 2014 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Agency RMBS (1) : Agency ARMs Freddie Mac $ 61,303 $ 67 $ (268 ) $ 61,102 $ 57,597 $ 55 $ (488 ) $ 57,164 Fannie Mae 99,287 88 (595 ) 98,780 113,192 81 (1,037 ) 112,236 Ginnie Mae 3,087 8 (14 ) 3,081 12,552 — (259 ) 12,293 Total Agency ARMs 163,677 163 (877 ) 162,963 183,341 136 (1,784 ) 181,693 Agency Fixed Rate Freddie Mac 33,186 — (413 ) 32,773 37,800 — (629 ) 37,171 Fannie Mae 396,470 — (7,921 ) 388,549 451,694 — (10,184 ) 441,510 Ginnie Mae 12,256 6 (309 ) 11,953 — — — — Total Agency Fixed Rate 441,912 6 (8,643 ) 433,275 489,494 — (10,813 ) 478,681 Agency IOs (1) Freddie Mac 35,144 852 (5,013 ) 30,983 38,844 273 (5,779 ) 33,338 Fannie Mae 44,599 646 (5,846 ) 39,399 53,666 741 (6,388 ) 48,019 Ginnie Mae 60,383 779 (6,277 ) 54,885 42,991 310 (5,527 ) 37,774 Total Agency IOs 140,126 2,277 (17,136 ) 125,267 135,501 1,324 (17,694 ) 119,131 Total Agency RMBS 745,715 2,446 (26,656 ) 721,505 808,336 1,460 (30,291 ) 779,505 Non-Agency RMBS 1,815 56 (255 ) 1,616 2,061 69 (191 ) 1,939 U.S. Treasury securities 10,113 — (7 ) 10,106 — — — — CLOs — — — — 26,140 9,063 — 35,203 Total investment securities available for sale $ 757,643 $ 2,502 $ (26,918 ) $ 733,227 $ 836,537 $ 10,592 $ (30,482 ) $ 816,647 CMBS $ 28,031 $ 12,577 $ — $ 40,608 $ 26,193 $ 12,401 $ — $ 38,594 Total investment securities available for sale held in securitization trusts $ 28,031 $ 12,577 $ — $ 40,608 $ 26,193 $ 12,401 $ — $ 38,594 (1) Included in investment securities available for sale are Agency IOs, Agency RMBS and U.S. Treasury securities managed by Midway that are measured at fair value through earnings.
Available-for-sale Securities	The following table sets forth the weighted average lives our investment securities available for sale as of September 30, 2015 and December 31, 2014 (dollar amounts in thousands): Weighted Average Life September 30, 2015 December 31, 2014 0 to 5 years $ 540,758 $ 393,080 Over 5 to 10 years 162,765 365,386 10+ years 29,704 58,181 Total $ 733,227 $ 816,647
Investments Classified by Contractual Maturity Date	The following tables set forth the stated reset periods of our investment securities available for sale and investment securities available for sale held in securitization trusts at September 30, 2015 and December 31, 2014 at carrying value (dollar amounts in thousands): September 30, 2015 December 31, 2014 Less than 6 6 to 24 More than Total Less than 6 to 24 More than Total Agency RMBS $ 140,615 $ 30,418 $ 550,472 $ 721,505 $ 89,442 $ 21,746 $ 668,317 $ 779,505 Non-Agency RMBS 1,616 — — 1,616 1,939 — — 1,939 U.S. Treasury securities 10,106 — — 10,106 — — — — CLOs — — — — 35,203 — — 35,203 Total investment securities available for sale $ 152,337 $ 30,418 $ 550,472 $ 733,227 $ 126,584 $ 21,746 $ 668,317 $ 816,647 CMBS $ — $ — $ 40,608 $ 40,608 $ — $ — $ 38,594 $ 38,594 Total investment securities available for sale held in securitization trusts $ — $ — $ 40,608 $ 40,608 $ — $ — $ 38,594 $ 38,594
Unrealized Gain (Loss) on Investments	The following tables present the Company's investment securities available for sale in an unrealized loss position reported through OCI, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2015 and December 31, 2014 (dollar amounts in thousands): September 30, 2015 Less than 12 Months Greater than 12 months Total Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Agency RMBS $ 146,480 $ (1,090 ) $ 409,662 $ (8,395 ) $ 556,142 $ (9,485 ) Non-Agency RMBS 594 (116 ) 200 (140 ) 794 (256 ) Total investment securities available for sale $ 147,074 $ (1,206 ) $ 409,862 $ (8,535 ) $ 556,936 $ (9,741 ) December 31, 2014 Less than 12 Months Greater than 12 months Total Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Agency RMBS $ — $ — $ 638,936 $ (12,597 ) $ 638,936 $ (12,597 ) Non-Agency RMBS — — 967 (191 ) 967 (191 ) Total investment securities available for sale $ — $ — $ 639,903 $ (12,788 ) $ 639,903 $ (12,788 )

Residential Mortgage Loans He30

Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned - (Tables)	9 Months Ended
	Sep. 30, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Residential mortgage loans held in securitization trusts (net) consist of the following as of September 30, 2015 and December 31, 2014 , respectively (dollar amounts in thousands): September 30, 2015 December 31, 2014 Unpaid principal balance $ 136,203 $ 152,277 Deferred origination costs – net 864 968 Reserve for loan losses (4,185 ) (3,631 ) Total $ 132,882 $ 149,614
Allowance for Credit Losses on Financing Receivables	The following table presents the activity in the Company's allowance for loan losses on residential mortgage loans held in securitization trusts for the nine months ended September 30, 2015 and 2014 , respectively (dollar amounts in thousands): Nine Months Ended September 30, 2015 2014 Balance at beginning of period $ 3,631 $ 2,989 Provisions for loan losses 819 522 Transfer to real estate owned (70 ) (157 ) Charge-offs (195 ) — Balance at the end of period $ 4,185 $ 3,354
Real Estate Owned Through Foreclosure	The following table presents the activity in the Company’s real estate owned held in residential securitization trusts for the nine months ended September 30, 2015 and 2014 , respectively (dollar amounts in thousands): Nine Months Ended September 30, 2015 2014 Balance at beginning of period 965 $ 1,108 Write downs — (103 ) Transfer from/(to) mortgage loans held in securitization trusts (121 ) 241 Disposal (365 ) (577 ) Balance at the end of period 479 $ 669
Past Due Financing Receivables	he table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts, including real estate owned (“REO”) through foreclosure, as of September 30, 2015 (dollar amounts in thousands): September 30, 2015 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 30 - 60 2 $ 352 0.26 % 61 - 90 1 123 0.09 % 90 + 31 20,838 15.13 % Real estate owned through foreclosure 4 1,502 1.09 % The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts, including real estate owned through foreclosure (REO), as of December 31, 2014 (dollar amounts in thousands): December 31, 2014 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 30 - 60 4 $ 1,522 0.99 % 61 - 90 — $ — — % 90 + 29 $ 16,997 11.01 % Real estate owned through foreclosure 6 $ 2,100 1.36 %
Schedules of Concentration of Risk, by Risk Factor	The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and real estate owned held in residential securitization trusts as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 New York 35.2 % 36.1 % Massachusetts 23.0 % 24.0 % New Jersey 11.6 % 10.9 % Florida 6.9 % 6.2 % Connecticut 5.8 % 5.9 %

Distressed Residential Mortga31

Distressed Residential Mortgage Loans - (Tables)	9 Months Ended
	Sep. 30, 2015
Note 5 - Distressed Residential Mortgage Loans (Tables) [Line Items]
Schedule of Additional Information of Distressed Residential Mortgage Loans Acquired	The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected, and the estimated fair value of the distressed residential mortgage loans acquired during the nine months ended September 30, 2015 (dollar amounts in thousands): September 30, 2015 Contractually required principal and interest $ 207,395 Non-accretable yield (16,354 ) Expected cash flows to be collected 191,041 Accretable yield (97,206 ) Fair value at the date of acquisition $ 93,835
Schedule of Distressed Residential Mortgage Loans Activity	The following table details activity in accretable yield for the distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, for the nine months ended September 30, 2015 and 2014 , respectively (dollar amounts in thousands): September 30, 2015 September 30, 2014 Balance at beginning of period $ 640,416 $ 171,112 Additions 108,780 181,324 Disposals (187,001 ) (73,906 ) Accretion (31,962 ) (14,400 ) Balance at end of period (1) $ 530,233 $ 264,130 (1) Accretable yield is the excess of the distressed residential mortgage loans’ cash flows expected to be collected over the purchase price. The cash flows expected to be collected represents the Company’s estimate of the amount and timing of undiscounted principal and interest cash flows. Additions include accretable yield estimates for purchases made during the period and reclassification to accretable yield from nonaccretable yield. Deletions include distressed residential mortgage loan dispositions, which include refinancing, sale and foreclosure of the underlying collateral and resulting removal of the distressed residential mortgage loans from the accretable yield, and reclassifications from accretable to nonaccretable yield. The reclassifications between accretable and nonaccretable yield and the accretion of interest income is based on various estimates regarding loan performance and the value of the underlying real estate securing the loans. As the Company continues to update its estimates regarding the loans and the underlying collateral, the accretable yield may change. Therefore, the amount of accretable income recorded in the nine -month period ended September 30, 2015 and 2014 is not necessarily indicative of future results.
Schedules of Concentration of Risk, by Risk Factor	The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and real estate owned held in residential securitization trusts as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 New York 35.2 % 36.1 % Massachusetts 23.0 % 24.0 % New Jersey 11.6 % 10.9 % Florida 6.9 % 6.2 % Connecticut 5.8 % 5.9 %
Distressed residential mortgage loans held in securitization trust, (net)
Note 5 - Distressed Residential Mortgage Loans (Tables) [Line Items]
Schedules of Concentration of Risk, by Risk Factor	The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of our distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, as of September 30, 2015 and December 31, 2014 , respectively, are as follows: September 30, 2015 December 31, 2014 Florida 13.1 % 12.4 % North Carolina 8.7 % 8.2 % California 7.1 % 8.9 % Georgia 6.5 % 6.9 % New York 4.4 % 5.1 %

Consolidated K-Series - (Tables

Consolidated K-Series - (Tables)	9 Months Ended
	Sep. 30, 2015
Note 6 - Consolidated K-Series (Tables) [Line Items]
Schedules of Concentration of Risk, by Risk Factor	The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and real estate owned held in residential securitization trusts as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 New York 35.2 % 36.1 % Massachusetts 23.0 % 24.0 % New Jersey 11.6 % 10.9 % Florida 6.9 % 6.2 % Connecticut 5.8 % 5.9 %
Multi-family loans held in securitization trusts
Note 6 - Consolidated K-Series (Tables) [Line Items]
Schedules of Concentration of Risk, by Risk Factor	The geographic concentrations of credit risk exceeding 5% of the total loan balances related to our CMBS investments included in investment securities available for sale and multi-family loans held in securitization trusts as of September 30, 2015 and December 31, 2014 , respectively, are as follows: September 30, 2015 December 31, 2014 California 13.7 % 13.5 % Texas 12.6 % 12.5 % New York 8.0 % 7.7 % Maryland 5.2 % 5.2 %
Consolidated K-Series
Note 6 - Consolidated K-Series (Tables) [Line Items]
Condensed Balance Sheet	The condensed consolidated balance sheets of the Consolidated K-Series at September 30, 2015 and December 31, 2014 , respectively, are as follows (dollar amounts in thousands): Balance Sheets September 30, 2015 December 31, 2014 Assets Multi-family loans held in securitization trusts $ 7,296,462 $ 8,365,514 Receivables 23,940 29,809 Total Assets $ 7,320,402 $ 8,395,323 Liabilities and Equity Multi-family CDOs $ 7,011,351 $ 8,048,053 Accrued expenses 23,843 29,354 Total Liabilities 7,035,194 8,077,407 Equity 285,208 317,916 Total Liabilities and Equity $ 7,320,402 $ 8,395,323
Condensed Income Statement	The condensed consolidated statements of operations of the Consolidated K-Series for the three and nine months ended September 30, 2015 and 2014 , respectively, are as follows (dollar amounts in thousands): Three Months Ended Nine Months Ended Statements of Operations 2015 2014 2015 2014 Interest income $ 63,431 $ 75,891 $ 192,715 $ 226,336 Interest expense 57,388 69,310 174,475 207,167 Net interest income 6,043 6,581 18,240 19,169 Unrealized (loss) gain on multi-family loans and debt held in securitization trusts, net (2,170 ) 18,115 16,876 43,060 Net Income $ 3,873 $ 24,696 $ 35,116 $ 62,229

Use of Special Purpose Entiti33

Use of Special Purpose Entities and Variable Interest Entities - (Tables)	9 Months Ended
	Sep. 30, 2015
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Tables) [Line Items]
Fair Value, by Balance Sheet Grouping	The following table presents the carrying value and estimated fair value of the Company’s financial instruments at September 30, 2015 and December 31, 2014 , respectively, (dollar amounts in thousands): September 30, 2015 December 31, 2014 Fair Value Hierarchy Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 123,801 $ 123,801 $ 75,598 $ 75,598 Investment securities available for sale Level 1 or 2 733,227 733,227 816,647 816,647 Investment securities available for sale, at fair value held in securitization trusts Level 3 40,608 40,608 38,594 38,594 Residential mortgage loans held in securitization trusts (net) Level 3 132,882 119,362 149,614 135,241 Distressed residential mortgage loans (net) (1) Level 3 509,419 510,045 582,697 599,182 Multi-family loans held in securitization trusts Level 3 7,296,462 7,296,462 8,365,514 8,365,514 Derivative assets Level 1 or 2 286,913 286,913 288,850 288,850 Mortgage loans held for sale (net) (2) Level 3 5,807 5,847 7,712 7,713 First mortgage loans (2) Level 3 11,621 12,092 9,544 9,832 Mezzanine loan and equity investments (2) Level 3 110,158 110,564 66,951 67,233 Receivable for securities sold Level 1 1,480 1,480 — — Financial Liabilities: Financing arrangements, portfolio investments Level 2 $ 586,075 $ 586,075 $ 651,965 $ 651,965 Financing arrangements, distressed residential mortgage loans Level 2 185,452 185,452 238,949 238,949 Residential collateralized debt obligations Level 3 129,090 117,040 145,542 130,919 Multi-family collateralized debt obligations Level 3 7,011,351 7,011,351 8,048,053 8,048,053 Securitized debt Level 3 140,946 146,754 232,877 240,341 Derivative liabilities Level 1 or 2 6,670 6,670 1,463 1,463 Payable for securities purchased Level 1 283,991 283,991 283,537 283,537 Subordinated debentures Level 3 45,000 36,712 45,000 36,531 (1) Includes distressed residential mortgage loans held in securitization trusts with a carrying value amounting to approximately $156.1 million and $221.6 million at September 30, 2015 and December 31, 2014 , respectively, and distressed residential mortgage loans with a carrying value amounting to approximately $353.4 million and $361.1 million at September 30, 2015 and December 31, 2014 , respectively. (2) Included in receivables and other assets in the accompanying condensed consolidated balance sheets.
Schedule of Variable Interest Entities	The following table summarizes the Company’s securitized debt collateralized by multi-family CMBS and distressed residential mortgage loans (dollar amounts in thousands): Multi-family CMBS Re-securitization (1) Collateralized Recourse Financing (2) Distressed Residential Mortgage Loan Securitizations (3) Original Face amount of Notes issued by the VIE and purchased by third party investors $ 35,000 $ 55,853 $ 176,970 Principal Amount at September 30, 2015 $ 33,927 $ 55,853 $ 57,132 Principal Amount at December 31, 2014 $ 34,208 $ 55,853 $ 149,364 Carrying Value at September 30, 2015 (4) $ 27,962 $ 55,853 $ 57,131 Carrying Value at December 31, 2014 (4) $ 27,660 $ 55,853 $ 149,364 Pass-through rate of Notes issued 5.35 % One-month LIBOR plus 5.25% 4.25% - 4.85% (1) The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse financing on a portion of its multi-family CMBS portfolio. As a result of engaging in this transaction, the Company remains economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. The holders of the Note have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets upon the breach of certain representations and warranties. The Company will receive all remaining cash flow, if any, through its retained ownership. (2) The Company entered into a CMBS Master Repurchase Agreement with a three -year term for the purpose of financing a portion of its multi-family CMBS portfolio. In connection with the transaction, the Company agreed to guarantee the due and punctual payment of its wholly-owned subsidiary's obligations under the CMBS Master Repurchase Agreement. (3) The Company engaged in these transactions for the purpose of financing distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financings are comprised of performing, re-performing and, to a lesser extent, non-performing, fixed and adjustable-rate, fully-amortizing, interest only and balloon, seasoned mortgage loans secured by first liens on one to four family properties. Two of the four securitization transactions provide for a revolving period of one to two years from the date of the respective financing (“Revolving Period”) where no principal payments will be made on these two notes. All cash proceeds generated by the distressed residential mortgage loans and received by the respective securitization trust during the Revolving Period, after payment of interest on the respective note, reserve amounts and certain other transaction expenses, will be available for the purchase by the respective trust of additional mortgage loans that satisfy certain eligibility criteria. (4) Classified as securitized debt in the liability section of the Company’s accompanying condensed consolidated balance sheets.
Schedule of Maturities of Long-term Debt	The following table presents contractual maturity information about the Financing VIEs’ securitized debt as of September 30, 2015 and December 31, 2014 , respectively: Scheduled Maturity (principal amount) September 30, 2015 December 31, 2014 (Dollar amount in thousands) Within 24 months $ 112,984 $ 205,217 Over 36 months 33,927 34,208 Total 146,911 239,425 Discount (5,965 ) (6,548 ) Carrying value $ 140,946 $ 232,877
Schedule of Classification and Carrying Value of Unconsolidated VIEs	The following table presents the classification and carrying value of unconsolidated VIEs as of September 30, 2015 and December 31, 2014 (dollar amounts in thousands): September 30, 2015 December 31, 2014 Investment securities available for sale, at fair value Receivables and other Assets Total Investment securities available for sale, at fair value, held in securitization trusts Receivables and other Assets Total Multi-Family CMBS $ 40,608 $ 77 $ 40,685 $ 38,594 $ 80 $ 38,674 Mezzanine loan and equity investments — 118,049 118,049 — 72,799 72,799 Total assets $ 40,608 $ 118,126 $ 158,734 $ 38,594 $ 72,879 $ 111,473
Financing VIE
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Tables) [Line Items]
Fair Value, by Balance Sheet Grouping	Assets and Liabilities of consolidated Financing VIEs as of December 31, 2014 (dollar amounts in thousands): Financing VIEs Non-financed VIEs Multi-family CMBS re- securitization (1) Collateralized Recourse Financing (2) Distressed Residential Mortgage Loan Securitization Residential Mortgage Loan Securitization Multi- family CMBS (3) Total Investment securities available for sale, at fair value held in securitization trusts $ 38,594 $ — $ — $ — $ — $ 38,594 Residential mortgage loans held in securitization trusts (net) — — — 149,614 — 149,614 Distressed residential mortgage loans held in securitization trust (net) — — 221,591 — — 221,591 Multi-family loans held in securitization trusts, at fair value 1,273,633 4,720,908 — — 2,370,973 8,365,514 Receivables and other assets 5,097 15,631 39,084 1,545 10,408 71,765 Total assets $ 1,317,324 $ 4,736,539 $ 260,675 $ 151,159 $ 2,381,381 $ 8,847,078 Residential collateralized debt obligations $ — $ — $ — $ 145,542 $ — $ 145,542 Multi-family collateralized debt obligations, at fair value 1,221,555 4,558,065 — — 2,268,433 8,048,053 Securitized debt 27,660 55,853 149,364 — — 232,877 Accrued expenses and other liabilities 4,581 14,639 1,024 14 10,304 30,562 Total liabilities $ 1,253,796 $ 4,628,557 $ 150,388 $ 145,556 $ 2,278,737 $ 8,457,034 (1) The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization ( see Note 6 ). (2) The multi-family CMBS serving as collateral under the November 2013 collateralized recourse financing are comprised of securities issued from three separate Freddie Mac-sponsored multi-family K-Series securitizations. The Financing VIE consolidated these K-Series securitizations, including their assets, liabilities, income and expenses, in its financial statements as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in such K-Series securitizations ( see Note 6 ). In September 2014, the Company repaid the Company’s outstanding notes from its collateralized recourse financing transaction completed in November 2012 with a principal amount of $52.0 million . With the repayment of the notes, the Company terminated and deconsolidated the Financing VIE that facilitated the financing transaction and the multi-family CMBS serving as collateral on the notes were transferred back to the Company. (3) Two of the Company’s Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series are not subject to any Financing VIE as of December 31, 2014 . Assets and Liabilities of consolidated VIEs as of September 30, 2015 (dollar amounts in thousands): Financing VIEs Non-financed VIEs Multi-family CMBS re- securitization (1) Collateralized Recourse Financing (2) Distressed Residential Mortgage Loan Securitization Residential Mortgage Loan Securitization Multi- family CMBS (3) Total Investment securities available for sale, at fair value held in securitization trusts $ 40,608 $ — $ — $ — $ — $ 40,608 Residential mortgage loans held in securitization trusts (net) — — — 132,882 — 132,882 Distressed residential mortgage loans held in securitization trust, (net) — — 156,062 — — 156,062 Multi-family loans held in securitization trusts, at fair value 1,269,821 4,749,797 — — 1,276,844 7,296,462 Receivables and other assets 4,835 14,896 22,178 1,023 5,306 48,238 Total assets $ 1,315,264 $ 4,764,693 $ 178,240 $ 133,905 $ 1,282,150 $ 7,674,252 Residential collateralized debt obligations $ — $ — $ — $ 129,090 $ — $ 129,090 Multi-family collateralized debt obligations, at fair value 1,214,259 4,581,768 — — 1,215,324 7,011,351 Securitized debt 27,962 55,853 57,131 — — 140,946 Accrued expenses and other liabilities 4,384 14,313 1,777 15 5,306 25,795 Total liabilities $ 1,246,605 $ 4,651,934 $ 58,908 $ 129,105 $ 1,220,630 $ 7,307,182 (1) The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization ( see Note 6 ). (2) The multi-family CMBS serving as collateral under the November 2013 collateralized recourse financing are comprised of securities issued from three separate Freddie Mac-sponsored multi-family K-Series securitizations. The Financing VIE consolidated these K-Series securitizations, including their assets, liabilities, income and expenses, in its financial statements as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in such K-Series securitizations ( see Note 6 ). (3) One of the Company’s Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series is not subject to any financing as of September 30, 2015 . In February 2015, the Company sold a first loss PO security issued by one of the Consolidated K-Series securitizations obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million . The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trust and $1.0 billion in Multi-Family CDOs.

Derivative Instruments and He34

Derivative Instruments and Hedging Activities - (Tables)	9 Months Ended
	Sep. 30, 2015
Note 8 - Derivative Instruments and Hedging Activities (Tables) [Line Items]
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The tables below summarize the activity of derivative instruments not designated as hedges for the nine months ended September 30, 2015 and 2014 , respectively (dollar amounts in thousands): Notional Amount For the Nine Months Ended September 30, 2015 Derivatives Not Designated as Hedging Instruments December 31, 2014 Additions Settlement, Expiration or Exercise September 30, 2015 TBA securities $ 273,000 $ 2,970,000 $ (2,966,000 ) $ 277,000 U.S. Treasury futures 2,300 150,200 (152,500 ) — Interest rate swap futures (190,100 ) 886,300 (868,700 ) (172,500 ) Eurodollar futures (2,961,000 ) 2,520,000 (2,253,000 ) (2,694,000 ) Options on U.S. Treasury futures 21,000 310,000 (215,000 ) 116,000 Swaptions 180,000 9,000 — 189,000 Interest rate swaps 10,000 — — 10,000 Notional Amount For the Nine Months Ended September 30, 2014 Derivatives Not Designated as Hedging Instruments December 31, 2013 Additions Settlement, Expiration or Exercise September 30, 2014 TBA securities $ 188,000 $ 1,812,000 $ (1,792,000 ) $ 208,000 U.S. Treasury futures (11,900 ) 96,700 (86,000 ) (1,200 ) Interest rate swap futures (242,700 ) 712,900 (702,800 ) (232,600 ) Eurodollar futures (3,360,000 ) 2,649,000 (2,067,000 ) (2,778,000 ) Options on U.S. Treasury futures 40,000 — (40,000 ) — Swaptions 100,000 — (70,000 ) 30,000
Schedule of Components of Realized and Unrealized Gains and Losses To Derivative Not Designated as Hedging Instruments	The following tables presents the components of realized and unrealized gains and losses related to our derivative instruments that were not designated as hedging instruments included in other income (expense) in our condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (dollar amounts in thousands): Three Months Ended September 30, 2015 2014 Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) TBA Securities $ 3,499 $ 2,632 $ 2,652 $ (2,348 ) Eurodollar futures (1) (809 ) (1,023 ) (441 ) 853 Interest rate swaps — (150 ) — — Swaptions — (713 ) — 73 U.S. Treasury and Interest rate swap futures and options (5,593 ) (646 ) (1,629 ) 2,241 Total $ (2,903 ) $ 100 $ 582 $ 819 Nine Months Ended September 30, 2015 2014 Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) TBA Securities $ 4,085 $ 538 $ 10,007 $ 198 Eurodollar futures (1) (2,088 ) (2,412 ) (1,879 ) 1,061 Interest rate swaps — (179 ) — — Swaptions — (754 ) — (769 ) U.S. Treasury and Interest rate swap futures and options (8,204 ) (2,353 ) (4,155 ) (2,999 ) Total $ (6,207 ) $ (5,160 ) $ 3,973 $ (2,509 )
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table presents the fair value of derivative instruments designated as hedging instruments and their location in the Company’s accompanying condensed consolidated balance sheets at September 30, 2015 and December 31, 2014 , respectively (dollar amounts in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Total Notional Amount September 30, 2015 December 31, 2014 Interest Rate Swaps Derivative liability $ 255,000 $ 808 $ — Interest Rate Swaps Derivative asset 350,000 — 1,135
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The following table presents the impact of the Company’s derivative instruments on the Company’s accumulated other comprehensive income for the nine months ended September 30, 2015 and 2014 , respectively (dollar amounts in thousands): Nine Months Ended September 30, Derivatives Designated as Hedging Instruments 2015 2014 Accumulated other comprehensive income for derivative instruments: Balance at beginning of the period $ 1,134 $ 2,041 Unrealized (loss) on interest rate swaps (1,942 ) (149 ) Balance at end of the period $ (808 ) $ 1,892
Schedule of Interest Rate Derivatives	The following table details the impact of the Company’s interest rate swaps, except interest swaps included in our Agency IO portfolio, designated as hedging instruments included in interest expense for the three and nine months ended September 30, 2015 and 2014 , respectively (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest income Interest expense-investment securities $ 397 $ 462 $ 1,288 $ 1,387
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table presents information about the Company’s interest rate swaps as of September 30, 2015 and December 31, 2014 , respectively (dollar amounts in thousands): September 30, 2015 December 31, 2014 Maturity (1) Notional Amount Weighted Average Fixed Pay Interest Rate Notional Amount Weighted Average Fixed Pay Interest Rate Within 30 Days $ 40,000 0.39 % $ — — % Over 30 days to 3 months — — % — — % Over 3 months to 6 months — — % — — % Over 6 months to 12 months — — % 135,000 0.45 % Over 12 months to 24 months 135,000 0.91 % — — % Over 24 months to 36 months 80,000 0.71 % 215,000 0.83 % Over 36 months to 48 months — — % — — % Over 48 months to 60 months 10,000 2.25 % 10,000 2.25 % Total $ 265,000 0.82 % $ 360,000 0.73 % (1) The Company enters into interest rate swap transactions whereby the Company pays a fixed rate of interest and receives one month LIBOR.
Not Designated as Hedging Instrument
Note 8 - Derivative Instruments and Hedging Activities (Tables) [Line Items]
Schedule of Derivative Instruments	The following table presents the fair value of derivative instruments that were not designated as hedging instruments and their location in our accompanying condensed consolidated balance sheets at September 30, 2015 and December 31, 2014 , respectively (dollar amounts in thousands): Derivatives Not Designated as Hedging Instruments Balance Sheet Location September 30, 2015 December 31, 2014 TBA securities (1) Derivative assets $ 285,859 $ 284,971 U.S. Treasury futures Derivative assets — 379 Swaptions Derivative assets 946 2,273 Options on U.S. Treasury futures Derivative assets 108 92 Eurodollar futures Derivative liabilities 3,312 900 Interest rate swaps (2) Derivative liabilities 410 232 Interest rate swap futures Derivative liabilities 2,140 331 U.S. Treasury futures Derivative liabilities — — (1) Open TBA purchases and sales involving the same counterparty, same underlying deliverable and the same settlement date are reflected in our accompanying condensed consolidated financial statements on a net basis. (2) Includes interest rate swaps in our Agency IO portfolio.

Financing Arrangements, Portf35

Financing Arrangements, Portfolio Investments - (Tables)	9 Months Ended
	Sep. 30, 2015
Banking and Thrift [Abstract]
Schedule of Financial Instruments Owned and Pledged as Collateral	The following table presents detailed information about the Company’s borrowings under financing arrangements, including FHLBI advances and associated assets pledged as collateral at September 30, 2015 and December 31, 2014 (dollar amounts in thousands): September 30, 2015 December 31, 2014 Outstanding Financing Arrangements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Outstanding Financing Arrangements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Agency ARMs $ 239,353 $ 157,007 $ 157,870 $ 171,852 $ 181,694 $ 183,342 Agency Fixed Rate 271,489 384,794 392,470 413,199 437,002 446,851 Agency IOs/U.S. Treasury Securities 75,233 94,280 107,127 66,914 83,988 95,129 Balance at end of the period $ 586,075 $ 636,081 $ 657,467 $ 651,965 $ 702,684 $ 725,322
Outstanding Repurchase Agreements by Contractual Maturity	The following table presents contractual maturity information about the Company’s outstanding financing arrangements, including FHLBI advances at September 30, 2015 and December 31, 2014 (dollar amounts in thousands): Contractual Maturity September 30, 2015 December 31, 2014 Within 30 days $ 505,250 $ 157,008 Over 30 days to 90 days 48,505 494,957 Over 90 days 32,320 — Total $ 586,075 $ 651,965

Subordinated Debentures - (Tabl

Subordinated Debentures - (Tables)	9 Months Ended
	Sep. 30, 2015
Subordinated Borrowings [Abstract]
Schedule of Subordinated Borrowing	The following table summarizes the key details of the Company’s subordinated debentures as of September 30, 2015 and December 31, 2014 (dollar amounts in thousands): NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest Rate Three month LIBOR plus 3.75%, resetting quarterly Three month LIBOR plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035

Fair Value of Financial Instr37

Fair Value of Financial Instruments - (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 , respectively, on the Company’s condensed consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at September 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Investment securities available for sale: Agency RMBS $ — $ 721,505 $ — $ 721,505 $ — $ 779,505 $ — $ 779,505 Non-Agency RMBS — 1,616 — 1,616 — 1,939 — 1,939 CLOs — — — — — 35,203 — 35,203 U.S. Treasury Securities 10,106 — — 10,106 — — — — Investment securities available for sale held in securitization trusts: CMBS — — 40,608 40,608 — — 38,594 38,594 Multi-family loans held in securitization trusts — — 7,296,462 7,296,462 — — 8,365,514 8,365,514 Derivative assets: TBA Securities — 285,859 — 285,859 — 284,971 — 284,971 Options on U.S. Treasury futures 108 — — 108 92 — — 92 U.S. Treasury futures — — — — 379 — — 379 Interest rate swaps — — — — 1,135 — 1,135 Swaptions — 946 — 946 — 2,273 — 2,273 Total $ 10,214 $ 1,009,926 $ 7,337,070 $ 8,357,210 $ 471 $ 1,105,026 $ 8,404,108 $ 9,509,605 Liabilities carried at fair value Multi-family collateralized debt obligations $ — $ — $ 7,011,351 $ 7,011,351 $ — $ — $ 8,048,053 $ 8,048,053 Derivative liabilities: U.S. Treasury futures — — — — — — — — Eurodollar futures 3,312 — — 3,312 900 — — 900 Interest rate swaps — 1,218 — 1,218 — 232 — 232 Interest rate swap futures 2,140 — — 2,140 331 — — 331 Total $ 5,452 $ 1,218 $ 7,011,351 $ 7,018,021 $ 1,231 $ 232 $ 8,048,053 $ 8,049,516
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table details changes in valuation for the Level 3 assets for the nine months ended September 30, 2015 and 2014 , respectively (amounts in thousands): Level 3 Assets: Nine Months Ended September 30, 2015 2014 Balance at beginning of period $ 8,404,108 $ 8,203,600 Total gains/(losses) (realized/unrealized) Included in earnings (1) 65,735 267,236 Included in other comprehensive income 177 11,653 Sales (2) (1,075,529 ) (41,442 ) Paydowns (57,421 ) (50,195 ) Sale of real estate owned — (3,351 ) Balance at the end of period $ 7,337,070 $ 8,387,501 (1) Amounts included in interest income from multi-family loans held in securitization trusts, unrealized gain on multi-family loans and debt held in securitization trusts, net, realized gain (loss) on investment securities and related hedges, net and gain on deconsolidation. (2) In February 2015, the Company sold a first loss PO security from one of the Company’s Consolidated K-Series securitizations obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million . The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trust and $1.0 billion in Multi-Family CDOs.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table details changes in valuation for the Level 3 liabilities for the nine months ended September 30, 2015 and 2014 , respectively (amounts in thousands): Level 3 Liabilities: Nine Months Ended September 30, 2015 2014 Balance at beginning of period $ 8,048,053 $ 7,871,020 Total gains/(losses) (realized/unrealized) Included in earnings (1) 30,651 187,536 Included in other comprehensive income — — Sales (2) (1,009,942 ) — Paydowns (57,411 ) (53,543 ) Balance at the end of period $ 7,011,351 $ 8,005,013 (1) Amounts included in interest expense on multi-family collateralized debt obligations, realized gain (loss) on investment securities and related hedges, net and unrealized gain on multi-family loans and debt held in securitization trusts, net. (2) In February 2015, the Company sold a first loss PO security from one of the Company’s Consolidated K-Series securitizations obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million . The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trust and $1.0 billion in Multi-Family CDOs.
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings	The following table details the changes in unrealized gains (losses) included in earnings for our Level 3 assets and liabilities for the three and nine months ended September 30, 2015 and 2014 , respectively (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Change in unrealized gains (losses)– assets $ 90,904 $ (56,122 ) $ 90,599 $ 284,568 Change in unrealized (losses) gains – liabilities (93,074 ) 74,237 (73,723 ) (241,508 ) Net change in unrealized (losses) gains included in earnings for assets and liabilities $ (2,170 ) $ 18,115 $ 16,876 $ 43,060
Fair Value Measurements, Nonrecurring	The following table presents assets measured at fair value on a non-recurring basis as of September 30, 2015 and December 31, 2014 , respectively, on the condensed consolidated balance sheets (dollar amounts in thousands): Assets Measured at Fair Value on a Non-Recurring Basis at September 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Residential mortgage loans held in securitization trusts – impaired loans (net) $ — $ — $ 12,336 $ 12,336 $ — $ — $ 9,323 $ 9,323 Real estate owned held in residential securitization trusts — — 479 479 — — 965 965
Fair Value, Losses for Assets Measured on Nonrecurring Basis	The following table presents gains (losses) incurred for assets measured at fair value on a non-recurring basis for the three and nine months ended September 30, 2015 and 2014 , respectively, on the Company’s condensed consolidated statements of operations (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Residential mortgage loans held in securitization trusts – impaired loans (net) $ (189 ) $ (287 ) $ (845 ) $ (654 ) Real estate owned held in residential securitization trusts — (50 ) 26 (103 )
Fair Value, by Balance Sheet Grouping	The following table presents the carrying value and estimated fair value of the Company’s financial instruments at September 30, 2015 and December 31, 2014 , respectively, (dollar amounts in thousands): September 30, 2015 December 31, 2014 Fair Value Hierarchy Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 123,801 $ 123,801 $ 75,598 $ 75,598 Investment securities available for sale Level 1 or 2 733,227 733,227 816,647 816,647 Investment securities available for sale, at fair value held in securitization trusts Level 3 40,608 40,608 38,594 38,594 Residential mortgage loans held in securitization trusts (net) Level 3 132,882 119,362 149,614 135,241 Distressed residential mortgage loans (net) (1) Level 3 509,419 510,045 582,697 599,182 Multi-family loans held in securitization trusts Level 3 7,296,462 7,296,462 8,365,514 8,365,514 Derivative assets Level 1 or 2 286,913 286,913 288,850 288,850 Mortgage loans held for sale (net) (2) Level 3 5,807 5,847 7,712 7,713 First mortgage loans (2) Level 3 11,621 12,092 9,544 9,832 Mezzanine loan and equity investments (2) Level 3 110,158 110,564 66,951 67,233 Receivable for securities sold Level 1 1,480 1,480 — — Financial Liabilities: Financing arrangements, portfolio investments Level 2 $ 586,075 $ 586,075 $ 651,965 $ 651,965 Financing arrangements, distressed residential mortgage loans Level 2 185,452 185,452 238,949 238,949 Residential collateralized debt obligations Level 3 129,090 117,040 145,542 130,919 Multi-family collateralized debt obligations Level 3 7,011,351 7,011,351 8,048,053 8,048,053 Securitized debt Level 3 140,946 146,754 232,877 240,341 Derivative liabilities Level 1 or 2 6,670 6,670 1,463 1,463 Payable for securities purchased Level 1 283,991 283,991 283,537 283,537 Subordinated debentures Level 3 45,000 36,712 45,000 36,531 (1) Includes distressed residential mortgage loans held in securitization trusts with a carrying value amounting to approximately $156.1 million and $221.6 million at September 30, 2015 and December 31, 2014 , respectively, and distressed residential mortgage loans with a carrying value amounting to approximately $353.4 million and $361.1 million at September 30, 2015 and December 31, 2014 , respectively. (2) Included in receivables and other assets in the accompanying condensed consolidated balance sheets.

Stockholders' Equity - (Tables)

Stockholders' Equity - (Tables)	9 Months Ended
	Sep. 30, 2015
Note 15 - Stockholders' Equity (Tables) [Line Items]
Schedule of Stockholders Equity	The table below presents information with respect to shares of the Company’s common stock issued through underwritten public offerings during the nine months ended September 30, 2014 . There were no underwritten public offerings of common stock during the nine months ended September 30, 2015 . Share Issue Date Shares Issued Net Proceeds (1) (Amounts in Thousands) April 7, 2014 14,950 $ 109,916 January 10, 2014 11,500 $ 75,846 (1) Proceeds are net of underwriting costs and offering expenses paid by the Company.
Preferred Stock
Note 15 - Stockholders' Equity (Tables) [Line Items]
Schedule of Dividends Payable	The following table presents the relevant dates with respect to quarterly cash dividends on the Series B Preferred Stock from January 1, 2014 through September 30, 2015 and cash dividends on Series C Preferred Stock from issuance through September 30, 2015 : Series B Preferred Stock Series C Preferred Stock DeclarationDate Record Date Payment Date Cash Dividend Per Share Declaration Date Record Date Payment Date Cash Dividend Per Share September 18, 2015 October 1, 2015 October 15, 2015 0.484375 September 18, 2015 October 1, 2015 October 15, 2015 0.4921875 June 18, 2015 July 1, 2015 July 15, 2015 0.484375 June 18, 2015 July 1, 2015 July 15, 2015 0.4539100 (1) March 18, 2015 April 1, 2015 April 15, 2015 0.484375 — — — — December 12, 2014 January 1, 2015 January 15, 2015 0.484375 — — — — September 18, 2014 October 1, 2014 October 15, 2014 0.484375 — — — — June 18, 2014 July 1, 2014 July 15, 2014 0.484375 — — — — March 31, 2014 April 1, 2014 April 15, 2014 0.484375 — — — — (1) Cash dividend for the partial quarterly period that began on April 22, 2015 and ended on July 14, 2015.
Common Stock
Note 15 - Stockholders' Equity (Tables) [Line Items]
Schedule of Dividends Payable	The following table presents cash dividends declared by the Company on its common stock with respect to each of the quarterly periods commencing January 1, 2014 and ended September 30, 2015 : Period Declaration Date Record Date Payment Date Cash Dividend Per Share Third Quarter 2015 September 18, 2015 September 28, 2015 October 26, 2015 $ 0.24 Second Quarter 2015 June 18, 2015 June 29, 2015 July 27, 2015 $ 0.27 First Quarter 2015 March 18, 2015 March 30, 2015 April 27, 2015 $ 0.27 Fourth Quarter 2014 December 12, 2014 December 22, 2014 January 26, 2015 $ 0.27 Third Quarter 2014 September 18, 2014 September 29, 2014 October 27, 2014 $ 0.27 Second Quarter 2014 June 18, 2014 June 30, 2014 July 25, 2014 $ 0.27 First Quarter 2014 March 13, 2014 March 24, 2014 April 25, 2014 $ 0.27

Earnings Per Share - (Tables)

Earnings Per Share - (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the computation of basic and dilutive net income per share for the periods indicated (dollar amounts in thousands, except per share amounts): For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Numerator : Net income attributable to common stockholders– Basic $ 22,407 $ 38,272 $ 66,041 $ 89,856 Net income attributable to common stockholders– Dilutive $ 22,407 $ 38,272 $ 66,041 $ 89,856 Denominator: Weighted average basic shares outstanding 109,402 90,685 108,061 85,018 Weighted average dilutive shares outstanding 109,402 90,685 108,061 85,018 EPS: Basic EPS $ 0.20 $ 0.42 $ 0.61 $ 1.06 Dilutive EPS $ 0.20 $ 0.42 $ 0.61 $ 1.06

Stock Based Compensation - (Tab

Stock Based Compensation - (Tables)	9 Months Ended
	Sep. 30, 2015
Restricted Stock
Note 17 - Stock Based Compensation (Tables) [Line Items]
Schedule of Nonvested Share Activity	A summary of the activity of the Company's non-vested restricted stock under the 2010 Plan for the nine months ended September 30, 2015 and 2014 , respectively, is presented below: 2015 2014 Number of Non-vested Restricted Shares Weighted Average Per Share Grant Date Fair Value (1) Number of Non-vested Restricted Shares Weighted Average Per Share Grant Date Fair Value (1) Non-vested shares at January 1 162,171 $ 7.26 94,873 $ 7.01 Granted 185,650 7.79 104,517 7.39 Vested (67,364 ) 7.18 (37,219 ) 6.97 Non-vested shares as of September 30 280,457 $ 7.63 162,171 $ 7.26 Weighted-average fair value of restricted stock granted during the period 185,650 $ 7.79 104,517 $ 7.39 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date.

Income Taxes - (Tables)

Income Taxes - (Tables)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	The components of the Company’s deferred tax assets and liabilities are as follows (dollar amounts in thousands): September 30, 2015 December 31, 2014 Deferred tax assets Net operating loss carryforward $ 27,876 $ 28,704 Net capital loss carryforward 4,111 1,592 GAAP/Tax basis differences 3,055 1,755 Total deferred tax assets (1) 35,042 32,051 Valuation allowance (1) (32,896 ) (30,412 ) Deferred tax liabilities Deferred tax liabilities 1,308 1,040 Total deferred tax liabilities (2) 1,308 1,040 Total net deferred tax asset $ 838 $ 599 (1) Included in receivables and other assets in the accompanying condensed consolidated balance sheets. (2) Included in accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets.

Organization - (Details)

Organization - (Details)	Sep. 30, 2015
Disclosure Text Block [Abstract]
REIT Distribution Percentage	90.00%

Summary of Significant Accoun43

Summary of Significant Accounting Policies - (Details)	9 Months Ended
	Sep. 30, 2015USD ($)segmentsecuritization	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)securitization
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Restricted Cash and Cash Equivalents	$ 52,700,000		$ 54,200,000
Repurchase Agreements, Expiration Period	1 year
Deferred Finance Costs, Gross	$ 1,300,000		2,200,000
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0	$ 0
REIT Distribution Percentage	90.00%
Number of Operating Segments | segment	1
Undistributed
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
REIT Distribution Percentage	85.00%
Held in Agency IO Portfolio for Trading Purposes
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Restricted Cash and Cash Equivalents	$ 23,900,000		40,600,000
Held by Counterparties as Collateral for Hedging Instruments
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Restricted Cash and Cash Equivalents	12,100,000		11,400,000
Distressed Residential Mortgage Loans
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Deferred Finance Costs, Gross	400,000		$ 1,700,000
GLIH
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Advances from Federal Home Loan Banks	$ 121,000,000
Multi-Family Collateralized Mortgage Backed Securities | K-Series
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Number of Securitizations | securitization	2		2
Consolidated K-Series
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Receivables	$ 23,940,000		$ 29,809,000
Consolidated K-Series | K-Series
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Number of Securitizations | securitization	5		6

Investment Securities Availab44

Investment Securities Available for Sale - (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Note 3 - Investment Securities Available for Sale (Details) [Line Items]
Proceeds from sales of investment securities	$ 33,300,000	$ 41,442,000	$ 67,775,000	$ 41,442,000
Available-for-sale Securities, Gross Realized Gain (Loss)	(100,000)	16,500,000	$ 3,100,000	16,500,000
Available For Sale Securities Portfolio Life			4 years 44 days		4 years 346 days
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	$ 0	$ 0	$ 0	$ 0
Maximum
Note 3 - Investment Securities Available for Sale (Details) [Line Items]
Contractual Maturities			30 years

Investment Securities Availab45

Investment Securities Available for Sale - Available-for-Sale Securities (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Agency ARMs
Amortized Cost		$ 757,643	$ 836,537
Unrealized Gains		2,502	10,592
Unrealized Losses		(26,918)	(30,482)
Fair Value		733,227	816,647
U.S. Treasury securities
Agency ARMs
Amortized Cost		10,113
Unrealized Gains		0
Unrealized Losses		(7)
Fair Value		10,106
CMBS
Agency ARMs
Amortized Cost		28,031	26,193
Unrealized Gains		12,577	12,401
Fair Value		40,608	38,594
Agency ARMs
Agency ARMs
Amortized Cost	[1]	163,677	183,341
Unrealized Gains	[1]	163	136
Unrealized Losses	[1]	(877)	(1,784)
Fair Value	[1]	162,963	181,693
Agency ARMs | Freddie Mac
Agency ARMs
Amortized Cost	[1]	61,303	57,597
Unrealized Gains	[1]	67	55
Unrealized Losses	[1]	(268)	(488)
Fair Value	[1]	61,102	57,164
Agency ARMs | Fannie Mae
Agency ARMs
Amortized Cost	[1]	99,287	113,192
Unrealized Gains	[1]	88	81
Unrealized Losses	[1]	(595)	(1,037)
Fair Value	[1]	98,780	112,236
Agency ARMs | Ginnie Mae
Agency ARMs
Amortized Cost	[1]	3,087	12,552
Unrealized Gains	[1]	8	0
Unrealized Losses	[1]	(14)	(259)
Fair Value	[1]	3,081	12,293
Agency Fixed Rate
Agency ARMs
Amortized Cost	[1]	441,912	489,494
Unrealized Gains	[1]	6
Unrealized Losses	[1]	(8,643)	(10,813)
Fair Value	[1]	433,275	478,681
Agency Fixed Rate | Freddie Mac
Agency ARMs
Amortized Cost	[1]	33,186	37,800
Unrealized Losses	[1]	(413)	(629)
Fair Value	[1]	32,773	37,171
Agency Fixed Rate | Fannie Mae
Agency ARMs
Amortized Cost	[1]	396,470	451,694
Unrealized Losses	[1]	(7,921)	(10,184)
Fair Value	[1]	388,549	441,510
Agency Fixed Rate | Ginnie Mae
Agency ARMs
Amortized Cost	[1]	12,256
Unrealized Gains	[1]	6
Unrealized Losses	[1]	(309)
Fair Value	[1]	11,953
Agency IOs
Agency ARMs
Amortized Cost	[1]	140,126	135,501
Unrealized Gains	[1]	2,277	1,324
Unrealized Losses	[1]	(17,136)	(17,694)
Fair Value	[1]	125,267	119,131
Agency IOs | Freddie Mac
Agency ARMs
Amortized Cost	[1]	35,144	38,844
Unrealized Gains	[1]	852	273
Unrealized Losses	[1]	(5,013)	(5,779)
Fair Value	[1]	30,983	33,338
Agency IOs | Fannie Mae
Agency ARMs
Amortized Cost	[1]	44,599	53,666
Unrealized Gains	[1]	646	741
Unrealized Losses	[1]	(5,846)	(6,388)
Fair Value	[1]	39,399	48,019
Agency IOs | Ginnie Mae
Agency ARMs
Amortized Cost	[1]	60,383	42,991
Unrealized Gains	[1]	779	310
Unrealized Losses	[1]	(6,277)	(5,527)
Fair Value	[1]	54,885	37,774
Agency RMBS
Agency ARMs
Amortized Cost		745,715	808,336
Unrealized Gains		2,446	1,460
Unrealized Losses		(26,656)	(30,291)
Fair Value		721,505	779,505
Non-Agency RMBS
Agency ARMs
Amortized Cost		1,815	2,061
Unrealized Gains		56	69
Unrealized Losses		(255)	(191)
Fair Value		1,616	1,939
Collateralized Loan Obligation
Agency ARMs
Amortized Cost			26,140
Unrealized Gains			9,063
Fair Value			35,203
Investment Held in Securitization Trust
Agency ARMs
Amortized Cost		28,031	26,193
Unrealized Gains		12,577	12,401
Fair Value		40,608	38,594
Investment Held in Securitization Trust | CMBS
Agency ARMs
Fair Value		$ 40,608	$ 38,594
[1]	Included in investment securities available for sale are Agency IOs, Agency RMBS and U.S. Treasury securities managed by Midway that are measured at fair value through earnings.

Investment Securities Availab46

Investment Securities Available for Sale - Weighted Average Lives for Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
0 to 5 years	$ 540,758	$ 393,080
Over 5 to 10 years	162,765	365,386
10 years	29,704	58,181
Total	$ 733,227	$ 816,647

Investment Securities Availab47

Investment Securities Available for Sale - Stated Reset Periods (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	$ 733,227	$ 816,647
Less than 6 months
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	152,337	126,584
6 to 24 months
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	30,418	21,746
More than 24 months
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	550,472	668,317
U.S. Treasury securities
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	10,106
U.S. Treasury securities | Less than 6 months
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	10,106
CMBS
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	40,608	38,594
Agency RMBS
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	721,505	779,505
Agency RMBS | Less than 6 months
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	140,615	89,442
Agency RMBS | 6 to 24 months
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	30,418	21,746
Agency RMBS | More than 24 months
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	550,472	668,317
Non-Agency RMBS
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	1,616	1,939
Non-Agency RMBS | Less than 6 months
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	1,616	1,939
Collateralized Loan Obligation
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value		35,203
Collateralized Loan Obligation | Less than 6 months
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value		35,203
Investment Held in Securitization Trust
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	40,608	38,594
Investment Held in Securitization Trust | More than 24 months
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	40,608	38,594
Investment Held in Securitization Trust | CMBS
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	40,608	38,594
Investment Held in Securitization Trust | CMBS | More than 24 months
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Fair Value	$ 40,608	$ 38,594

Investment Securities Availab48

Investment Securities Available for Sale - Investment Securities Available-for-Sale in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Agency RMBS
Note 3 - Investment Securities Available for Sale (Details) - Investment Securities Available-for-Sale in an Unrealized Loss Position [Line Items]
Carrying Value Less Than 12 Months	$ 146,480	$ 0
Gross Unrealized Losses Less Than 12 Months	(1,090)	0
Carrying Value Greater Than 12 Months	409,662	638,936
Gross Unrealized Losses Greater Than 12 Months	(8,395)	(12,597)
Carrying Value Total	556,142	638,936
Gross Unrealized Losses Total	(9,485)	(12,597)
Non-Agency RMBS
Note 3 - Investment Securities Available for Sale (Details) - Investment Securities Available-for-Sale in an Unrealized Loss Position [Line Items]
Carrying Value Less Than 12 Months	594	0
Gross Unrealized Losses Less Than 12 Months	(116)	0
Carrying Value Greater Than 12 Months	200	967
Gross Unrealized Losses Greater Than 12 Months	(140)	(191)
Carrying Value Total	794	967
Gross Unrealized Losses Total	(256)	(191)
Total investment securities available for sale
Note 3 - Investment Securities Available for Sale (Details) - Investment Securities Available-for-Sale in an Unrealized Loss Position [Line Items]
Carrying Value Less Than 12 Months	147,074	0
Gross Unrealized Losses Less Than 12 Months	(1,206)	0
Carrying Value Greater Than 12 Months	409,862	639,903
Gross Unrealized Losses Greater Than 12 Months	(8,535)	(12,788)
Carrying Value Total	556,936	639,903
Gross Unrealized Losses Total	$ (9,741)	$ (12,788)

Residential Mortgage Loans He49

Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned - (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)loan	Dec. 31, 2014USD ($)loan	Sep. 30, 2014USD ($)	Dec. 31, 2013USD ($)
Note 4 - Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned (Details) [Line Items]
Financing Receivable, Allowance for Credit Losses	$ 4,185	$ 3,631	$ 3,354	$ 2,989
Financing Receivable, Allowance for Credit Losses, Basis Points	3.07%	2.38%
CDOs Outstanding	$ 4,800	$ 5,600
Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned Held in Residential Securitization
Note 4 - Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned (Details) [Line Items]
Number of Delinquent Loans | loan	34	33
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 21,300	$ 18,500
Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned Held in Residential Securitization | Payment Deferral
Note 4 - Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned (Details) [Line Items]
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 13,800	$ 9,400
Modified Percent	65.00%	51.00%

Residential Mortgage Loans He50

Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned - Mortgage Loans Held in Securitization Trusts (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]
Unpaid principal balance	$ 136,203	$ 152,277
Deferred origination costs – net	864	968
Reserve for loan losses	(4,185)	(3,631)
Total	$ 132,882	$ 149,614

Residential Mortgage Loans He51

Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Allowance for Loan and Lease Losses [Roll Forward]
Balance at beginning of period	$ 3,631	$ 2,989
Provisions for loan losses	819	522
Transfer to real estate owned	(70)	(157)
Charge-offs	(195)
Balance at the end of period	$ 4,185	$ 3,354

Residential Mortgage Loans He52

Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned - Real Estate Owned (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at beginning of period	$ 965	$ 1,108
Write downs		(103)
Transfer from/(to) mortgage loans held in securitization trusts	(121)	241
Disposal	(365)	(577)
Balance at the end of period	$ 479	$ 669

Residential Mortgage Loans He53

Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned - Past Due Loans (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)loan	Dec. 31, 2014USD ($)loan
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of Delinquent Loans | loan	4	6
Total Unpaid Principal	$ 1,502	$ 2,100
% of Loan Portfolio	1.09%	1.36%
30 - 60
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of Delinquent Loans | loan	2	4
Total Unpaid Principal	$ 352	$ 1,522
% of Loan Portfolio	0.26%	0.99%
61 - 90
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of Delinquent Loans | loan	1	0
Total Unpaid Principal	$ 123	$ 0
% of Loan Portfolio	0.09%	0.00%
90
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of Delinquent Loans | loan	31	29
Total Unpaid Principal	$ 20,838	$ 16,997
% of Loan Portfolio	15.13%	11.01%

Residential Mortgage Loans He54

Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned - Geographic Concentrations of Credit Risk (Details) - Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned Held in Residential Securitization	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
New York
Concentration Risk [Line Items]
Geographic Concentrations	35.20%	36.10%
Massachusetts
Concentration Risk [Line Items]
Geographic Concentrations	23.00%	24.00%
New Jersey
Concentration Risk [Line Items]
Geographic Concentrations	11.60%	10.90%
Florida
Concentration Risk [Line Items]
Geographic Concentrations	6.90%	6.20%
Connecticut
Concentration Risk [Line Items]
Geographic Concentrations	5.80%	5.90%

Distressed Residential Mortga55

Distressed Residential Mortgage Loans - (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Distressed Residential Mortgage Loans
Note 5 - Distressed Residential Mortgage Loans (Details) [Line Items]
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Carrying Amount, Net	$ 509.4	$ 582.7
Distressed Residential Mortgage Loans | Residential Mortgage | Deutsche Bank AG, Cayman Islands Branch
Note 5 - Distressed Residential Mortgage Loans (Details) [Line Items]
Loans Pledged as Collateral	259.3
Distressed residential mortgage loans held in securitization trust, (net)
Note 5 - Distressed Residential Mortgage Loans (Details) [Line Items]
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Carrying Amount, Net	$ 156.1	$ 221.6

Distressed Residential Mortga56

Distressed Residential Mortgage Loans - Distressed Residential Mortgage Loans (Details) - Distressed Residential Mortgage Loans $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Note 5 - Distressed Residential Mortgage Loans (Details) - Distressed Residential Mortgage Loans [Line Items]
Contractually required principal and interest	$ 207,395
Non-accretable yield	(16,354)
Expected cash flows to be collected	191,041
Accretable yield	(97,206)
Fair value at the date of acquisition	$ 93,835

Distressed Residential Mortga57

Distressed Residential Mortgage Loans - Distressed Residential Mortgage Loans Activity (Details) - Distressed Residential Mortgage Loans - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Note 5 - Distressed Residential Mortgage Loans (Details) - Distressed Residential Mortgage Loans Activity [Line Items]
Balance at beginning of period		$ 640,416	$ 171,112
Additions		108,780	181,324
Disposals		(187,001)	(73,906)
Accretion		(31,962)	(14,400)
Balance at end of period (1)	[1]	$ 530,233	$ 264,130
[1]	Accretable yield is the excess of the distressed residential mortgage loans’ cash flows expected to be collected over the purchase price. The cash flows expected to be collected represents the Company’s estimate of the amount and timing of undiscounted principal and interest cash flows. Additions include accretable yield estimates for purchases made during the period and reclassification to accretable yield from nonaccretable yield. Deletions include distressed residential mortgage loan dispositions, which include refinancing, sale and foreclosure of the underlying collateral and resulting removal of the distressed residential mortgage loans from the accretable yield, and reclassifications from accretable to nonaccretable yield. The reclassifications between accretable and nonaccretable yield and the accretion of interest income is based on various estimates regarding loan performance and the value of the underlying real estate securing the loans. As the Company continues to update its estimates regarding the loans and the underlying collateral, the accretable yield may change. Therefore, the amount of accretable income recorded in the nine-month period ended September 30, 2015 and 2014 is not necessarily indicative of future results.

Distressed Residential Mortga58

Distressed Residential Mortgage Loans - Geographic Concentrations of Credit Risk (Details) - Distressed residential mortgage loans held in securitization trust, (net) - Geographic Concentration Risk	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Florida
Concentration Risk [Line Items]
Geographic Concentrations	13.10%	12.40%
North Carolina
Concentration Risk [Line Items]
Geographic Concentrations	8.70%	8.20%
California
Concentration Risk [Line Items]
Geographic Concentrations	7.10%	8.90%
Georgia
Concentration Risk [Line Items]
Geographic Concentrations	6.50%	6.90%
New York
Concentration Risk [Line Items]
Geographic Concentrations	4.40%	5.10%

Consolidated K-Series - (Detail

Consolidated K-Series - (Details) $ in Millions	1 Months Ended
	Feb. 28, 2015USD ($)securitization	Sep. 30, 2015USD ($)securitization	Dec. 31, 2014USD ($)securitization
PO Security
Note 6 - Consolidated K-Series (Details) [Line Items]
Proceeds from Sale of Other Investments	$ 44.3
Gain (Loss) on Sale of Other Investments	$ 1.5
Multi-family collateralized debt obligations, at fair value
Note 6 - Consolidated K-Series (Details) [Line Items]
Mortgage Loans on Real Estate		$ 6,800	$ 7,900
Debt, Weighted Average Interest Rate		4.11%	4.15%
Multi-family loans held in securitization trusts
Note 6 - Consolidated K-Series (Details) [Line Items]
Mortgage Loans on Real Estate		$ 6,800	$ 7,900
Consolidated K-Series
Note 6 - Consolidated K-Series (Details) [Line Items]
K-Series Carrying Value		$ 285.1	$ 317.5
Consolidated K-Series | K-Series
Note 6 - Consolidated K-Series (Details) [Line Items]
Number of Securitizations | securitization		5	6
Non-Financings, Multi-Family CMBS | K-Series
Note 6 - Consolidated K-Series (Details) [Line Items]
Number of Securitizations | securitization	1
Multi-Family Collateralized Mortgage Backed Securities
Note 6 - Consolidated K-Series (Details) [Line Items]
Transfer of financial assets, amount derecognized	$ 1,100
Multi-family collateralized debt obligations, at fair value
Note 6 - Consolidated K-Series (Details) [Line Items]
Transfer of financial assets, amount derecognized	$ 1,000

Consolidated K-Series - Condens

Consolidated K-Series - Condensed Balance Sheet of Consolidated K-Series (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Assets
Multi-family loans held in securitization trusts		$ 7,296,462	$ 8,365,514
Total Assets	[1]	9,361,810	10,540,005
Liabilities and Equity
Total Liabilities	[1]	8,451,162	9,722,078
Equity		910,648	817,927
Total Liabilities and Stockholders' Equity		9,361,810	10,540,005
Consolidated K-Series
Assets
Multi-family loans held in securitization trusts		7,296,462	8,365,514
Receivables		23,940	29,809
Total Assets		7,320,402	8,395,323
Liabilities and Equity
Multi-family CDOs		7,011,351	8,048,053
Accrued expenses		23,843	29,354
Total Liabilities		7,035,194	8,077,407
Equity		285,208	317,916
Total Liabilities and Stockholders' Equity		$ 7,320,402	$ 8,395,323
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of September 30, 2015 and December 31, 2014, assets of consolidated VIEs totaled $7,674,252 and $8,847,078, respectively, and the liabilities of consolidated VIEs totaled $7,307,182 and $8,457,034, respectively. See Note 7 for further discussion.

Consolidated K-Series - Conde61

Consolidated K-Series - Condensed Statement of Operations of Consolidated K-Series (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Condensed Income Statements, Captions [Line Items]
Interest expense	$ 3,432	$ 1,230	$ 10,337	$ 4,102
NET INTEREST INCOME	18,292	19,320	60,196	59,028
Unrealized (loss) gain on multi-family loans and debt held in securitization trusts, net	(2,170)	18,115	16,876	43,060
Consolidated K-Series
Condensed Income Statements, Captions [Line Items]
Interest income	63,431	75,891	192,715	226,336
Interest expense	57,388	69,310	174,475	207,167
NET INTEREST INCOME	6,043	6,581	18,240	19,169
Unrealized (loss) gain on multi-family loans and debt held in securitization trusts, net	(2,170)	18,115	16,876	43,060
Net Income	$ 3,873	$ 24,696	$ 35,116	$ 62,229

Consolidated K-Series - Geograp

Consolidated K-Series - Geographic Concentrations of Credit Risk (Details) - Multi-family loans held in securitization trusts	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
California
Concentration Risk [Line Items]
Geographic Concentrations	13.70%	13.50%
Texas
Concentration Risk [Line Items]
Geographic Concentrations	12.60%	12.50%
New York
Concentration Risk [Line Items]
Geographic Concentrations	8.00%	7.70%
Maryland
Concentration Risk [Line Items]
Geographic Concentrations	5.20%	5.20%

Use of Special Purpose Entiti63

Use of Special Purpose Entities and Variable Interest Entities - (Details) $ in Thousands		1 Months Ended	9 Months Ended
		Feb. 28, 2015USD ($)securitization	Sep. 30, 2015USD ($)securitizationproperty		Dec. 31, 2014USD ($)securitization		Sep. 30, 2014USD ($)
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Multi-family loans held in securitization trusts			$ 7,296,462		$ 8,365,514
Securitized debt			$ 140,946		232,877
Repurchase Agreements, Expiration Period			1 year
Unconsolidated VIE, Maximum Loss Exposure			$ 158,700		111,500
Multi-Family CMBS
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Securitized debt							$ 52,000
Multi-family collateralized debt obligations
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Secured debt			7,011,351		8,048,053
PO Security
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Proceeds from Sale of Other Investments		$ 44,300
Gain (Loss) on Sale of Other Investments		$ 1,500
Multi-Family Collateralized Mortgage Backed Securities
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Multi-family loans held in securitization trusts			1,269,821	[1]	1,273,633	[2]
Securitized debt	[3],[4]		27,962	[1]	27,660	[2]
Multi-Family Collateralized Mortgage Backed Securities | Multi-family collateralized debt obligations
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Secured debt			1,214,259	[1]	1,221,555	[2]
Collateralized Recourse Financing
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Multi-family loans held in securitization trusts			4,749,797	[5]	4,720,908	[6]
Securitized debt	[3],[7]		$ 55,853	[5]	55,853	[6]
Repurchase Agreements, Expiration Period			3 years
Collateralized Recourse Financing | Multi-family collateralized debt obligations
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Secured debt			$ 4,581,768	[5]	4,558,065	[6]
Non-Financings, Multi-Family CMBS
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Multi-family loans held in securitization trusts			1,276,844	[8]	2,370,973	[9]
Non-Financings, Multi-Family CMBS | Multi-family collateralized debt obligations
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Secured debt			$ 1,215,324	[8]	2,268,433	[9]
Distressed Residential Mortgage Loan Securitization
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Number of Securitizations | securitization			4
Securitized debt	[3],[10]		$ 57,131		$ 149,364
Number of Securitizations with No Principal Payments | securitization			2
Distressed Residential Mortgage Loan Securitization | Minimum
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Number of Real Estate Properties | property			1
Securitization, Revolving Period			1 year
Distressed Residential Mortgage Loan Securitization | Maximum
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Number of Real Estate Properties | property			4
Securitization, Revolving Period			2 years
Residential Mortgage Loan Securitization
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Number of Securitizations Completed to Date | securitization			4
Number of Securitizations, Consolidated, Accounted for as Permanent Financing | securitization			3
K-Series | Multi-Family Collateralized Mortgage Backed Securities
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Number of Securitizations | securitization			2		2
Number of Consolidated Securitizations | securitization			1		1
K-Series | Collateralized Recourse Financing
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Number of Securitizations | securitization			3		3
K-Series | Non-Financings, Multi-Family CMBS
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Number of Securitizations | securitization		1
Number of Securitizations Considered Non-Financing Variable Interest Entities | securitization			1		2
Multi-family collateralized debt obligations
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Transfer of financial assets, amount derecognized		$ 1,000,000
Multi-Family Collateralized Mortgage Backed Securities
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Transfer of financial assets, amount derecognized		$ 1,100,000
[1]	The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization (see Note 6).
[2]	The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization (see Note 6).
[3]	Classified as securitized debt in the liability section of the Company’s accompanying condensed consolidated balance sheets.
[4]	The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse financing on a portion of its multi-family CMBS portfolio. As a result of engaging in this transaction, the Company remains economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. The holders of the Note have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets upon the breach of certain representations and warranties. The Company will receive all remaining cash flow, if any, through its retained ownership.
[5]	The multi-family CMBS serving as collateral under the November 2013 collateralized recourse financing are comprised of securities issued from three separate Freddie Mac-sponsored multi-family K-Series securitizations. The Financing VIE consolidated these K-Series securitizations, including their assets, liabilities, income and expenses, in its financial statements as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in such K-Series securitizations (see Note 6).
[6]	The multi-family CMBS serving as collateral under the November 2013 collateralized recourse financing are comprised of securities issued from three separate Freddie Mac-sponsored multi-family K-Series securitizations. The Financing VIE consolidated these K-Series securitizations, including their assets, liabilities, income and expenses, in its financial statements as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in such K-Series securitizations (see Note 6). In September 2014, the Company repaid the Company’s outstanding notes from its collateralized recourse financing transaction completed in November 2012 with a principal amount of $52.0 million. With the repayment of the notes, the Company terminated and deconsolidated the Financing VIE that facilitated the financing transaction and the multi-family CMBS serving as collateral on the notes were transferred back to the Company.
[7]	The Company entered into a CMBS Master Repurchase Agreement with a three-year term for the purpose of financing a portion of its multi-family CMBS portfolio. In connection with the transaction, the Company agreed to guarantee the due and punctual payment of its wholly-owned subsidiary's obligations under the CMBS Master Repurchase Agreement.
[8]	of the Company’s Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series is not subject to any financing as of September 30, 2015. In February 2015, the Company sold a first loss PO security issued by one of the Consolidated K-Series securitizations obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million. The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trust and $1.0 billion in Multi-Family CDOs.
[9]	of the Company’s Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series are not subject to any Financing VIE as of December 31, 2014.
[10]	The Company engaged in these transactions for the purpose of financing distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financings are comprised of performing, re-performing and, to a lesser extent, non-performing, fixed and adjustable-rate, fully-amortizing, interest only and balloon, seasoned mortgage loans secured by first liens on one to four family properties. Two of the four securitization transactions provide for a revolving period of one to two years from the date of the respective financing (“Revolving Period”) where no principal payments will be made on these two notes. All cash proceeds generated by the distressed residential mortgage loans and received by the respective securitization trust during the Revolving Period, after payment of interest on the respective note, reserve amounts and certain other transaction expenses, will be available for the purchase by the respective trust of additional mortgage loans that satisfy certain eligibility criteria.

Use of Special Purpose Entiti64

Use of Special Purpose Entities and Variable Interest Entities - Assets and Liabilities of Consolidated VIEs (Details) - USD ($) $ in Thousands		Sep. 30, 2015		Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities, available for sale, at fair value held in securitization trusts		$ 40,608		$ 38,594
Multi-family loans held in securitization trusts, at fair value		7,296,462		8,365,514
Receivables and other assets		237,018		222,491
Total Assets	[1]	9,361,810		10,540,005
Securitized debt		140,946		232,877
Accrued expenses and other liabilities		62,587		74,692
Total liabilities	[1]	8,451,162		9,722,078
Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		129,090		145,542
Multi-family collateralized debt obligations, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		7,011,351		8,048,053
Distressed residential mortgage loans held in securitization trust, (net)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)		156,062		221,591
Multi-Family Collateralized Mortgage Backed Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities, available for sale, at fair value held in securitization trusts		40,608
Multi-family loans held in securitization trusts, at fair value		1,269,821	[2]	1,273,633	[3]
Receivables and other assets		4,835	[2]	5,097	[3]
Total Assets		1,315,264	[2]	1,317,324	[3]
Securitized debt	[4],[5]	27,962	[2]	27,660	[3]
Accrued expenses and other liabilities		4,384	[2]	4,581	[3]
Total liabilities		1,246,605	[2]	1,253,796	[3]
Multi-Family Collateralized Mortgage Backed Securities | Multi-family collateralized debt obligations, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		1,214,259	[2]	1,221,555	[3]
Multi-Family Collateralized Mortgage Backed Securities | Residential Mortgage Loan Securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)		0	[2]	0	[3]
Collateralized Recourse Financing
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Multi-family loans held in securitization trusts, at fair value		4,749,797	[6]	4,720,908	[7]
Receivables and other assets		14,896	[6]	15,631	[7]
Total Assets		4,764,693	[6]	4,736,539	[7]
Securitized debt	[4],[8]	55,853	[6]	55,853	[7]
Accrued expenses and other liabilities		14,313	[6]	14,639	[7]
Total liabilities		4,651,934	[6]	4,628,557	[7]
Collateralized Recourse Financing | Multi-family collateralized debt obligations, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		4,581,768	[6]	4,558,065	[7]
Collateralized Recourse Financing | Residential Mortgage Loan Securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)		0	[6]	0	[7]
Distressed Residential Mortgage Loan Securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables and other assets		22,178		39,084
Total Assets		178,240		260,675
Securitized debt	[4],[9]	57,131		149,364
Accrued expenses and other liabilities		1,777		1,024
Total liabilities		58,908		150,388
Distressed Residential Mortgage Loan Securitization | Distressed residential mortgage loans held in securitization trust, (net)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)		156,062
Distressed Residential Mortgage Loan Securitization | Residential Mortgage Loan Securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)		0		0
Residential Mortgage Loan Securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables and other assets		1,023		1,545
Total Assets		133,905		151,159
Accrued expenses and other liabilities		15		14
Total liabilities		129,105		145,556
Residential Mortgage Loan Securitization | Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		129,090
Residential Mortgage Loan Securitization | Residential Mortgage Loan Securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)		132,882
Non-Financings, Multi-Family CMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Multi-family loans held in securitization trusts, at fair value		1,276,844	[10]	2,370,973	[11]
Receivables and other assets		5,306	[10]	10,408	[11]
Total Assets		1,282,150	[10]	2,381,381	[11]
Accrued expenses and other liabilities		5,306	[10]	10,304	[11]
Total liabilities		1,220,630	[10]	2,278,737	[11]
Non-Financings, Multi-Family CMBS | Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations	[10]	0
Non-Financings, Multi-Family CMBS | Multi-family collateralized debt obligations, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		1,215,324	[10]	2,268,433	[11]
Non-Financings, Multi-Family CMBS | Residential Mortgage Loan Securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)		0	[10]	0	[11]
Financing and Non-Financing VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities, available for sale, at fair value held in securitization trusts		40,608		38,594
Multi-family loans held in securitization trusts, at fair value		7,296,462		8,365,514
Receivables and other assets		48,238		71,765
Total Assets		7,674,252		8,847,078
Securitized debt		140,946		232,877
Accrued expenses and other liabilities		25,795		30,562
Total liabilities		7,307,182		8,457,034
Financing and Non-Financing VIEs | Residential collateralized debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		129,090		145,542
Financing and Non-Financing VIEs | Multi-family collateralized debt obligations, at fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		7,011,351		8,048,053
Financing and Non-Financing VIEs | Distressed residential mortgage loans held in securitization trust, (net)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)		156,062		221,591
Financing and Non-Financing VIEs | Residential Mortgage Loan Securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)		$ 132,882		$ 149,614
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of September 30, 2015 and December 31, 2014, assets of consolidated VIEs totaled $7,674,252 and $8,847,078, respectively, and the liabilities of consolidated VIEs totaled $7,307,182 and $8,457,034, respectively. See Note 7 for further discussion.
[2]	The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization (see Note 6).
[3]	The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization (see Note 6).
[4]	Classified as securitized debt in the liability section of the Company’s accompanying condensed consolidated balance sheets.
[5]	The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse financing on a portion of its multi-family CMBS portfolio. As a result of engaging in this transaction, the Company remains economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. The holders of the Note have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets upon the breach of certain representations and warranties. The Company will receive all remaining cash flow, if any, through its retained ownership.
[6]	The multi-family CMBS serving as collateral under the November 2013 collateralized recourse financing are comprised of securities issued from three separate Freddie Mac-sponsored multi-family K-Series securitizations. The Financing VIE consolidated these K-Series securitizations, including their assets, liabilities, income and expenses, in its financial statements as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in such K-Series securitizations (see Note 6).
[7]	The multi-family CMBS serving as collateral under the November 2013 collateralized recourse financing are comprised of securities issued from three separate Freddie Mac-sponsored multi-family K-Series securitizations. The Financing VIE consolidated these K-Series securitizations, including their assets, liabilities, income and expenses, in its financial statements as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in such K-Series securitizations (see Note 6). In September 2014, the Company repaid the Company’s outstanding notes from its collateralized recourse financing transaction completed in November 2012 with a principal amount of $52.0 million. With the repayment of the notes, the Company terminated and deconsolidated the Financing VIE that facilitated the financing transaction and the multi-family CMBS serving as collateral on the notes were transferred back to the Company.
[8]	The Company entered into a CMBS Master Repurchase Agreement with a three-year term for the purpose of financing a portion of its multi-family CMBS portfolio. In connection with the transaction, the Company agreed to guarantee the due and punctual payment of its wholly-owned subsidiary's obligations under the CMBS Master Repurchase Agreement.
[9]	The Company engaged in these transactions for the purpose of financing distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financings are comprised of performing, re-performing and, to a lesser extent, non-performing, fixed and adjustable-rate, fully-amortizing, interest only and balloon, seasoned mortgage loans secured by first liens on one to four family properties. Two of the four securitization transactions provide for a revolving period of one to two years from the date of the respective financing (“Revolving Period”) where no principal payments will be made on these two notes. All cash proceeds generated by the distressed residential mortgage loans and received by the respective securitization trust during the Revolving Period, after payment of interest on the respective note, reserve amounts and certain other transaction expenses, will be available for the purchase by the respective trust of additional mortgage loans that satisfy certain eligibility criteria.
[10]	of the Company’s Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series is not subject to any financing as of September 30, 2015. In February 2015, the Company sold a first loss PO security issued by one of the Consolidated K-Series securitizations obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million. The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trust and $1.0 billion in Multi-Family CDOs.
[11]	of the Company’s Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series are not subject to any Financing VIE as of December 31, 2014.

Use of Special Purpose Entiti65

Use of Special Purpose Entities and Variable Interest Entities - Key Details of Financing VIEs (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2015		Dec. 31, 2014
Variable Interest Entity [Line Items]
Carrying Value at		$ 140,946		$ 232,877
Multi-Family Collateralized Mortgage Backed Securities
Variable Interest Entity [Line Items]
Original Face amount of Notes issued by the VIE and purchased by third party investors	[1]	35,000
Principal Amount at	[1]	33,927		34,208
Carrying Value at	[1],[2]	$ 27,962	[3]	27,660	[4]
Multi-Family Collateralized Mortgage Backed Securities | London Interbank Offered Rate (LIBOR)
Variable Interest Entity [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1]	5.35%
Collateralized Recourse Financing
Variable Interest Entity [Line Items]
Original Face amount of Notes issued by the VIE and purchased by third party investors	[5]	$ 55,853
Principal Amount at	[5]	55,853		55,853
Carrying Value at	[2],[5]	$ 55,853	[6]	55,853	[7]
Collateralized Recourse Financing | London Interbank Offered Rate (LIBOR)
Variable Interest Entity [Line Items]
Debt Instrument, Basis Spread on Variable Rate	[5]	5.25%
Distressed Residential Mortgage Loan Securitization
Variable Interest Entity [Line Items]
Original Face amount of Notes issued by the VIE and purchased by third party investors	[8]	$ 176,970
Principal Amount at	[8]	57,132		149,364
Carrying Value at	[2],[8]	$ 57,131		$ 149,364
Distressed Residential Mortgage Loan Securitization | London Interbank Offered Rate (LIBOR)
Variable Interest Entity [Line Items]
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	[8]	4.25%
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum	[8]	4.85%
[1]	The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse financing on a portion of its multi-family CMBS portfolio. As a result of engaging in this transaction, the Company remains economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. The holders of the Note have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets upon the breach of certain representations and warranties. The Company will receive all remaining cash flow, if any, through its retained ownership.
[2]	Classified as securitized debt in the liability section of the Company’s accompanying condensed consolidated balance sheets.
[3]	The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization (see Note 6).
[4]	The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization (see Note 6).
[5]	The Company entered into a CMBS Master Repurchase Agreement with a three-year term for the purpose of financing a portion of its multi-family CMBS portfolio. In connection with the transaction, the Company agreed to guarantee the due and punctual payment of its wholly-owned subsidiary's obligations under the CMBS Master Repurchase Agreement.
[6]	The multi-family CMBS serving as collateral under the November 2013 collateralized recourse financing are comprised of securities issued from three separate Freddie Mac-sponsored multi-family K-Series securitizations. The Financing VIE consolidated these K-Series securitizations, including their assets, liabilities, income and expenses, in its financial statements as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in such K-Series securitizations (see Note 6).
[7]	The multi-family CMBS serving as collateral under the November 2013 collateralized recourse financing are comprised of securities issued from three separate Freddie Mac-sponsored multi-family K-Series securitizations. The Financing VIE consolidated these K-Series securitizations, including their assets, liabilities, income and expenses, in its financial statements as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in such K-Series securitizations (see Note 6). In September 2014, the Company repaid the Company’s outstanding notes from its collateralized recourse financing transaction completed in November 2012 with a principal amount of $52.0 million. With the repayment of the notes, the Company terminated and deconsolidated the Financing VIE that facilitated the financing transaction and the multi-family CMBS serving as collateral on the notes were transferred back to the Company.
[8]	The Company engaged in these transactions for the purpose of financing distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financings are comprised of performing, re-performing and, to a lesser extent, non-performing, fixed and adjustable-rate, fully-amortizing, interest only and balloon, seasoned mortgage loans secured by first liens on one to four family properties. Two of the four securitization transactions provide for a revolving period of one to two years from the date of the respective financing (“Revolving Period”) where no principal payments will be made on these two notes. All cash proceeds generated by the distressed residential mortgage loans and received by the respective securitization trust during the Revolving Period, after payment of interest on the respective note, reserve amounts and certain other transaction expenses, will be available for the purchase by the respective trust of additional mortgage loans that satisfy certain eligibility criteria.

Use of Special Purpose Entiti66

Use of Special Purpose Entities and Variable Interest Entities - Financing VIEs Securitized Debt by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Financing VIEs’ Securitized Debt by Contractual Maturity [Line Items]
Carrying value	$ 140,946	$ 232,877
Financing VIE
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Financing VIEs’ Securitized Debt by Contractual Maturity [Line Items]
Within 24 months	112,984	205,217
Over 36 months	33,927	34,208
Total	146,911	239,425
Discount	(5,965)	(6,548)
Carrying value	$ 140,946	$ 232,877

Use of Special Purpose Entiti67

Use of Special Purpose Entities and Variable Interest Entities - Classification and Carrying Value of Unconsolidated VIEs (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Classification and Carrying Value of Unconsolidated VIEs [Line Items]
Investment securities, available for sale, at fair value held in securitization trusts		$ 40,608	$ 38,594
Receivables and other assets		237,018	222,491
Total Assets	[1]	9,361,810	10,540,005
Multi-Family CMBS
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Classification and Carrying Value of Unconsolidated VIEs [Line Items]
Investment securities, available for sale, at fair value held in securitization trusts		40,608	38,594
Receivables and other assets		77	80
Total Assets		40,685	38,674
Mezzanine loan and equity investments
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Classification and Carrying Value of Unconsolidated VIEs [Line Items]
Receivables and other assets		118,049	72,799
Total Assets		118,049	72,799
Total Unconsolidated VI Es
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Classification and Carrying Value of Unconsolidated VIEs [Line Items]
Investment securities, available for sale, at fair value held in securitization trusts		40,608	38,594
Receivables and other assets		118,126	72,879
Total Assets		$ 158,734	$ 111,473
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of September 30, 2015 and December 31, 2014, assets of consolidated VIEs totaled $7,674,252 and $8,847,078, respectively, and the liabilities of consolidated VIEs totaled $7,307,182 and $8,457,034, respectively. See Note 7 for further discussion.

Derivative Instruments and He68

Derivative Instruments and Hedging Activities - (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)contract	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Note 8 - Derivative Instruments and Hedging Activities (Details) [Line Items]
Derivative liabilities	$ 6,670,000		$ 1,463,000
Payments to Acquire Other Investments	29,000	$ 100,000
Restricted Cash and Cash Equivalents	$ 52,700,000		54,200,000
Not Designated as Hedging Instrument | Eurodollar futures
Note 8 - Derivative Instruments and Hedging Activities (Details) [Line Items]
Derivative, Number of Instruments Held | contract	2,694,000
Not Designated as Hedging Instrument | TBA
Note 8 - Derivative Instruments and Hedging Activities (Details) [Line Items]
Derivative liabilities	$ 283,900,000		283,500,000
Proceeds from Sale of Other Investments	4,100,000
Payments to Acquire Other Investments	288,000,000		0
Not Designated as Hedging Instrument | Interest rate swaps
Note 8 - Derivative Instruments and Hedging Activities (Details) [Line Items]
Restricted Cash and Cash Equivalents	$ 12,100,000		$ 11,400,000
Designated as Hedging Instrument | Interest rate swaps
Note 8 - Derivative Instruments and Hedging Activities (Details) [Line Items]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer	12 months
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ 1,000,000

Derivative Instruments and He69

Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
TBA securities
Derivative [Line Items]
Derivatives Not Designated As Hedging Instruments - Assets	[1]	$ 285,859	$ 284,971
U.S. Treasury futures
Derivative [Line Items]
Derivatives Not Designated As Hedging Instruments - Assets		0	379
Derivatives Not Designated As Hedging Instruments - Liabilities		0	0
Swaptions
Derivative [Line Items]
Derivatives Not Designated As Hedging Instruments - Assets		946	2,273
Options on U.S. Treasury futures
Derivative [Line Items]
Derivatives Not Designated As Hedging Instruments - Assets		108	92
Eurodollar futures
Derivative [Line Items]
Derivatives Not Designated As Hedging Instruments - Liabilities		3,312	900
Interest rate swaps
Derivative [Line Items]
Derivatives Not Designated As Hedging Instruments - Liabilities	[2]	410	232
Interest rate swap futures
Derivative [Line Items]
Derivatives Not Designated As Hedging Instruments - Liabilities		$ 2,140	$ 331
[1]	Open TBA purchases and sales involving the same counterparty, same underlying deliverable and the same settlement date are reflected in our accompanying condensed consolidated financial statements on a net basis.
[2]	Includes interest rate swaps in our Agency IO portfolio.

Derivative Instruments and He70

Derivative Instruments and Hedging Activities - Derivative Instruments Not Designated as Hedges (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
TBA securities
Note 8 - Derivative Instruments and Hedging Activities (Details) - Derivative Instruments Not Designated as Hedges [Line Items]
Beginning balance	$ 273,000	$ 188,000
Additions	2,970,000	1,812,000
Settlement, expiration or exercise	(2,966,000)	(1,792,000)
Ending balance	277,000	208,000
U.S. Treasury futures
Note 8 - Derivative Instruments and Hedging Activities (Details) - Derivative Instruments Not Designated as Hedges [Line Items]
Beginning balance	2,300	11,900
Additions	150,200	96,700
Settlement, expiration or exercise	(152,500)	(86,000)
Ending balance	0	1,200
Interest rate swap futures
Note 8 - Derivative Instruments and Hedging Activities (Details) - Derivative Instruments Not Designated as Hedges [Line Items]
Beginning balance	190,100	242,700
Additions	886,300	712,900
Settlement, expiration or exercise	(868,700)	(702,800)
Ending balance	172,500	232,600
Eurodollar futures
Note 8 - Derivative Instruments and Hedging Activities (Details) - Derivative Instruments Not Designated as Hedges [Line Items]
Beginning balance	2,961,000	3,360,000
Additions	2,520,000	2,649,000
Settlement, expiration or exercise	(2,253,000)	(2,067,000)
Ending balance	2,694,000	2,778,000
Options on U.S. Treasury futures
Note 8 - Derivative Instruments and Hedging Activities (Details) - Derivative Instruments Not Designated as Hedges [Line Items]
Beginning balance	21,000	40,000
Additions	310,000
Settlement, expiration or exercise	(215,000)	(40,000)
Ending balance	116,000
Swaptions
Note 8 - Derivative Instruments and Hedging Activities (Details) - Derivative Instruments Not Designated as Hedges [Line Items]
Beginning balance	180,000	100,000
Additions	9,000
Settlement, expiration or exercise		(70,000)
Ending balance	189,000	$ 30,000
Interest rate swaps
Note 8 - Derivative Instruments and Hedging Activities (Details) - Derivative Instruments Not Designated as Hedges [Line Items]
Beginning balance	10,000
Ending balance	$ 10,000

Derivative Instruments and He71

Derivative Instruments and Hedging Activities - Components of Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Note 8 - Derivative Instruments and Hedging Activities (Details) - Components of Realized and Unrealized Gains and Losses [Line Items]
Unrealized Gains (Losses)		$ (2,631)	$ (1,020)	$ (3,643)	$ (4,047)
Not Designated as Hedging Instrument
Note 8 - Derivative Instruments and Hedging Activities (Details) - Components of Realized and Unrealized Gains and Losses [Line Items]
Realized Gains (Losses)		(2,903)	582	(6,207)	3,973
Unrealized Gains (Losses)		100	819	(5,160)	(2,509)
TBA securities | Not Designated as Hedging Instrument
Note 8 - Derivative Instruments and Hedging Activities (Details) - Components of Realized and Unrealized Gains and Losses [Line Items]
Realized Gains (Losses)		3,499	2,652	4,085	10,007
Unrealized Gains (Losses)		2,632	(2,348)	538	198
Eurodollar futures | Not Designated as Hedging Instrument
Note 8 - Derivative Instruments and Hedging Activities (Details) - Components of Realized and Unrealized Gains and Losses [Line Items]
Realized Gains (Losses)	[1]	(809)	(441)	(2,088)	(1,879)
Unrealized Gains (Losses)	[1]	(1,023)	853	(2,412)	1,061
Interest rate swaps | Not Designated as Hedging Instrument
Note 8 - Derivative Instruments and Hedging Activities (Details) - Components of Realized and Unrealized Gains and Losses [Line Items]
Unrealized Gains (Losses)		(150)		(179)
Swaptions | Not Designated as Hedging Instrument
Note 8 - Derivative Instruments and Hedging Activities (Details) - Components of Realized and Unrealized Gains and Losses [Line Items]
Unrealized Gains (Losses)		(713)	73	(754)	(769)
Options on U.S. Treasury futures | Not Designated as Hedging Instrument
Note 8 - Derivative Instruments and Hedging Activities (Details) - Components of Realized and Unrealized Gains and Losses [Line Items]
Realized Gains (Losses)		(5,593)	(1,629)	(8,204)	(4,155)
Unrealized Gains (Losses)		$ (646)	$ 2,241	$ (2,353)	$ (2,999)
[1]	(1) At September 30, 2015, the Eurodollar futures consist of 2,694 contracts with expiration dates ranging between December 2015 and September 2017.

Derivative Instruments and He72

Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments Designated as Hedging Instruments (Details) - Designated as Hedging Instrument - Interest rate swaps - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative liability, notional amount	$ 255,000
Derivative liability, fair value	$ 808
Derivative asset, notional amount		$ 350,000
Derivative asset, fair value		$ 1,135

Derivative Instruments and He73

Derivative Instruments and Hedging Activities - Derivative Instruments Included in the Companys Accumulated Other Comprehensive Income (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Accumulated other comprehensive income for derivative instruments:
Balance at beginning of the period	$ 1,134	$ 2,041
Balance at end of the period	(808)	1,892
Interest rate swaps
Accumulated other comprehensive income for derivative instruments:
Unrealized (loss) on interest rate swaps	$ (1,942)	$ (149)

Derivative Instruments and He74

Derivative Instruments and Hedging Activities - Interest Rate Swaps and Interest Rate Caps (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Designated as Hedging Instrument | Interest rate swaps
Interest income
Interest expense-investment securities	$ 397	$ 462	$ 1,288	$ 1,387

Derivative Instruments and He75

Derivative Instruments and Hedging Activities - Interest Rate Swaps (Details) - Designated as Hedging Instrument - Interest rate swaps - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	$ 265,000	$ 360,000
Maturity - Weighted Average Fixed Pay Interest Rate	0.82%	0.73%
Within 30 Days
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	$ 40,000	$ 0
Maturity - Weighted Average Fixed Pay Interest Rate	0.39%	0.00%
Over 30 days to 3 months
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	$ 0	$ 0
Maturity - Weighted Average Fixed Pay Interest Rate	0.00%	0.00%
Over 3 months to 6 months
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	$ 0	$ 0
Maturity - Weighted Average Fixed Pay Interest Rate	0.00%	0.00%
Over 6 months to 12 months
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	$ 0	$ 135,000
Maturity - Weighted Average Fixed Pay Interest Rate	0.00%	0.45%
Over 12 months to 24 months
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	$ 135,000	$ 0
Maturity - Weighted Average Fixed Pay Interest Rate	0.91%	0.00%
Over 24 months to 36 months
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	$ 80,000	$ 215,000
Maturity - Weighted Average Fixed Pay Interest Rate	0.71%	0.83%
Over 36 months to 48 months
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	$ 0	$ 0
Maturity - Weighted Average Fixed Pay Interest Rate	0.00%	0.00%
Over 48 months to 60 months
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	$ 10,000	$ 10,000
Maturity - Weighted Average Fixed Pay Interest Rate	2.25%	2.25%

Financing Arrangements, Portf76

Financing Arrangements, Portfolio Investments - (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)counterparty	Dec. 31, 2014USD ($)counterparty
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 586,100,000	$ 652,000,000
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	29 days	26 days
Interest Payable	$ 100,000	$ 300,000
Advance Rate	92.40%
Average Haircut	7.60%
Repurchase Agreements, Number of Counterparties | counterparty	6	10
Cash	$ 123,800,000
Unencumbered Investment Securities	$ 158,700,000
Guarantor Obligations, Liquidation Proceeds, Percentage	52.30%
Lender Concentration Risk | Stockholders' Equity, Total
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Repurchase Agreements, Number of Counterparties | counterparty	0	0
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Average Haircut	5.00%	5.00%
Unencumbered Investment Securities	$ 85,400,000
Interest-Only-Strip
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Average Haircut	25.00%
Residential Mortgage Backed Securities
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Unencumbered Investment Securities	$ 87,000,000
CMBS
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Unencumbered Investment Securities	61,500,000
Held in Agency IO Portfolio for Trading Purposes
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Unencumbered Investment Securities	23,900,000
Other Assets
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure	5,400,000
GLIH
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Advances from Federal Home Loan Banks	$ 121,000,000
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate	0.29%
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds	$ 79,000,000
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	$ 129,200,000
Advances from Federal Home Loan Banks, Contractual Maturity	30 days
Loans
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Debt, Weighted Average Interest Rate	0.52%	0.43%

Financing Arrangements, Portf77

Financing Arrangements, Portfolio Investments - Assets Pledged as Collateral (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Financing Arrangements	$ 586,075	$ 651,965
Fair Value of Collateral Pledged	636,081	702,684
Amortized Cost of Collateral Pledged	657,467	725,322
Agency ARMs
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Financing Arrangements	239,353	171,852
Fair Value of Collateral Pledged	157,007	181,694
Amortized Cost of Collateral Pledged	157,870	183,342
Agency Fixed Rate
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Financing Arrangements	271,489	413,199
Fair Value of Collateral Pledged	384,794	437,002
Amortized Cost of Collateral Pledged	392,470	446,851
Agency IOs/U.S. Treasury Securities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Financing Arrangements	75,233	66,914
Fair Value of Collateral Pledged	94,280	83,988
Amortized Cost of Collateral Pledged	$ 107,127	$ 95,129

Financing Arrangements, Portf78

Financing Arrangements, Portfolio Investments - Outstanding Repurchase Agreement Borrowings by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Note 9 - Financing Arrangements, Portfolio Investments (Details) - Outstanding Repurchase Agreement Borrowings by Contractual Maturity [Line Items]
Outstanding repurchase agreement by contractual maturity	$ 586,075	$ 651,965
Within 30 days
Note 9 - Financing Arrangements, Portfolio Investments (Details) - Outstanding Repurchase Agreement Borrowings by Contractual Maturity [Line Items]
Outstanding repurchase agreement by contractual maturity	505,250	157,008
Over 30 days to 90 days
Note 9 - Financing Arrangements, Portfolio Investments (Details) - Outstanding Repurchase Agreement Borrowings by Contractual Maturity [Line Items]
Outstanding repurchase agreement by contractual maturity	48,505	494,957
Over 90 days
Note 9 - Financing Arrangements, Portfolio Investments (Details) - Outstanding Repurchase Agreement Borrowings by Contractual Maturity [Line Items]
Outstanding repurchase agreement by contractual maturity	$ 32,320	$ 0

Financing Arrangements, Distr79

Financing Arrangements, Distressed Residential Mortgage Loans - (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Dec. 16, 2014
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 586,100,000	$ 652,000,000
Deutsche Bank AG, Cayman Islands Branch
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Sold Under Agreements to Repurchase, Maximum Repurchase Amount			$ 260,000,000
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 185,500,000	$ 238,900,000
Assets Sold under Agreements to Repurchase, Interest Rate	2.69%	2.66%
Deutsche Bank AG, Cayman Islands Branch | London Interbank Offered Rate (LIBOR)
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.50%	2.50%

Residential Collateralized De80

Residential Collateralized Debt Obligations - (Details) $ in Millions	Sep. 30, 2015USD ($)securitization	Dec. 31, 2014USD ($)securitization
Note 11 - Residential Collateralized Debt Obligations (Details) [Line Items]
Number of Residential Collateralized Debt Obligation Securitizations | securitization	3	3
Fair Value, Concentration of Risk, Investments	$ 4.8	$ 5.6
Arm Loans
Note 11 - Residential Collateralized Debt Obligations (Details) [Line Items]
Loans Pledged as Collateral	136.2	152.3
Residential collateralized debt obligations
Note 11 - Residential Collateralized Debt Obligations (Details) [Line Items]
Secured debt	$ 129.1	$ 145.5
Debt, Weighted Average Interest Rate	0.57%	0.55%

Subordinated Debentures - (Deta

Subordinated Debentures - (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
NYM Preferred Trust I
Subordinated Borrowing [Line Items]
Principal value of trust preferred securities	$ 25,000,000
Interest Rate	Three month LIBOR plus 3.75%, resetting quarterly
Scheduled maturity	March 30, 2035
NYM Preferred Trust I | London Interbank Offered Rate (LIBOR)
Subordinated Borrowing [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.75%
NYM Preferred Trust II
Subordinated Borrowing [Line Items]
Principal value of trust preferred securities	$ 20,000,000
Interest Rate	Three month LIBOR plus 3.95%, resetting quarterly
Scheduled maturity	October 30, 2035
NYM Preferred Trust II | London Interbank Offered Rate (LIBOR)
Subordinated Borrowing [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.95%

Fair Value of Financial Instr82

Fair Value of Financial Instruments - (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Feb. 28, 2015	Sep. 30, 2015	Dec. 31, 2014
Distressed residential mortgage loans held in securitization trust, (net)
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Carrying Amount, Net		$ 156,100	$ 221,600
Residential mortgage loans held in securitization trusts (net)		156,062	221,591
Distressed Residential Mortgage Loans
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Carrying Amount, Net		509,400	582,700
Residential mortgage loans held in securitization trusts (net)		$ 353,400	$ 361,100
PO Security
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Proceeds from Sale of Other Investments	$ 44,300
Gain (Loss) on Sale of Other Investments	1,500
Minimum | Collateralized Mortgage Backed Securities Held In Securitization Trusts
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Fair Value Inputs, Discount Rate		4.20%
Minimum | Multi-family loans held in securitization trusts
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Fair Value Inputs, Discount Rate		2.60%
Maximum | Collateralized Mortgage Backed Securities Held In Securitization Trusts
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Fair Value Inputs, Discount Rate		10.30%
Maximum | Multi-family loans held in securitization trusts
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Fair Value Inputs, Discount Rate		5.30%
Multi-Family Collateralized Mortgage Backed Securities
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Transfer of financial assets, amount derecognized	1,100,000
Multi-family collateralized debt obligations, at fair value
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Transfer of financial assets, amount derecognized	$ 1,000,000

Fair Value of Financial Instr83

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investment securities available for sale:
Investment securities available for sale	$ 733,227	$ 816,647
Fair Value, Measurements, Recurring
Derivative assets:
Total	8,357,210	9,509,605
Derivative liabilities:
Total	7,018,021	8,049,516
TBA securities | Fair Value, Measurements, Recurring
Derivative assets:
Derivative assets	285,859	284,971
Options on U.S. Treasury futures | Fair Value, Measurements, Recurring
Derivative assets:
Derivative assets	108	92
U.S. Treasury futures | Fair Value, Measurements, Recurring
Derivative assets:
Derivative assets		379
Derivative liabilities:
Derivative liabilities	0
Eurodollar futures | Fair Value, Measurements, Recurring
Derivative liabilities:
Derivative liabilities	3,312	900
Interest rate swaps | Fair Value, Measurements, Recurring
Derivative assets:
Derivative assets	0	1,135
Derivative liabilities:
Derivative liabilities	1,218	232
Swaptions | Fair Value, Measurements, Recurring
Derivative assets:
Derivative assets	946	2,273
Interest rate swap futures | Fair Value, Measurements, Recurring
Derivative liabilities:
Derivative liabilities	2,140	331
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | Fair Value, Measurements, Recurring
Investment securities available for sale:
Investment securities available for sale	721,505	779,505
Mortgage-backed Securities, Issued by Private Enterprises | Fair Value, Measurements, Recurring
Investment securities available for sale:
Investment securities available for sale	1,616	1,939
Collateralized Debt Obligations | Fair Value, Measurements, Recurring
Investment securities available for sale:
Investment securities available for sale		35,203
U.S. Treasury securities
Investment securities available for sale:
Investment securities available for sale	10,106
U.S. Treasury securities | Fair Value, Measurements, Recurring
Investment securities available for sale:
Investment securities available for sale	10,106
Collateralized Mortgage Backed Securities Held In Securitization Trusts | Fair Value, Measurements, Recurring
Investment securities available for sale:
Investment securities available for sale	40,608	38,594
Multi-family loans held in securitization trusts | Fair Value, Measurements, Recurring
Investment securities available for sale held in securitization trusts:
Multi-family loans held in securitization trusts	7,296,462	8,365,514
Multi-family collateralized debt obligations | Fair Value, Measurements, Recurring
Liabilities carried at fair value
Multi-family collateralized debt obligations	7,011,351	8,048,053
Level 1 | Fair Value, Measurements, Recurring
Derivative assets:
Total	10,214	471
Derivative liabilities:
Total	5,452	1,231
Level 1 | Options on U.S. Treasury futures | Fair Value, Measurements, Recurring
Derivative assets:
Derivative assets	108	92
Level 1 | U.S. Treasury futures | Fair Value, Measurements, Recurring
Derivative assets:
Derivative assets		379
Derivative liabilities:
Derivative liabilities	0
Level 1 | Eurodollar futures | Fair Value, Measurements, Recurring
Derivative liabilities:
Derivative liabilities	3,312	900
Level 1 | Interest rate swap futures | Fair Value, Measurements, Recurring
Derivative liabilities:
Derivative liabilities	2,140	331
Level 1 | U.S. Treasury securities | Fair Value, Measurements, Recurring
Investment securities available for sale:
Investment securities available for sale	10,106
Level 2 | Fair Value, Measurements, Recurring
Derivative assets:
Total	1,009,926	1,105,026
Derivative liabilities:
Total	1,218	232
Level 2 | TBA securities | Fair Value, Measurements, Recurring
Derivative assets:
Derivative assets	$ 285,859	284,971
Level 2 | Interest rate swaps | Fair Value, Measurements, Recurring
Derivative assets:
Derivative assets		1,135
Derivative liabilities:
Derivative liabilities	$ 1,218	232
Level 2 | Swaptions | Fair Value, Measurements, Recurring
Derivative assets:
Derivative assets	946	2,273
Level 2 | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | Fair Value, Measurements, Recurring
Investment securities available for sale:
Investment securities available for sale	721,505	779,505
Level 2 | Mortgage-backed Securities, Issued by Private Enterprises | Fair Value, Measurements, Recurring
Investment securities available for sale:
Investment securities available for sale	1,616	1,939
Level 2 | Collateralized Debt Obligations | Fair Value, Measurements, Recurring
Investment securities available for sale:
Investment securities available for sale		35,203
Level 3 | Fair Value, Measurements, Recurring
Derivative assets:
Total	7,337,070	8,404,108
Derivative liabilities:
Total	7,011,351	8,048,053
Level 3 | Collateralized Mortgage Backed Securities Held In Securitization Trusts | Fair Value, Measurements, Recurring
Investment securities available for sale:
Investment securities available for sale	40,608	38,594
Level 3 | Multi-family loans held in securitization trusts | Fair Value, Measurements, Recurring
Investment securities available for sale held in securitization trusts:
Multi-family loans held in securitization trusts	7,296,462	8,365,514
Level 3 | Multi-family collateralized debt obligations | Fair Value, Measurements, Recurring
Liabilities carried at fair value
Multi-family collateralized debt obligations	$ 7,011,351	$ 8,048,053

Fair Value of Financial Instr84

Fair Value of Financial Instruments - Valuation for Level 3 Assets (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Fair Value Disclosures [Abstract]
Balance at beginning of period		$ 8,404,108	$ 8,203,600
Total gains/(losses) (realized/unrealized)
Included in earnings (1)	[1]	65,735	267,236
Included in other comprehensive income		177	11,653
Sales2	[2]	(1,075,529)	(41,442)
Paydowns		(57,421)	(50,195)
Sale of real estate owned		0	(3,351)
Balance at the end of period		$ 7,337,070	$ 8,387,501
[1]	Amounts included in interest income from multi-family loans held in securitization trusts, unrealized gain on multi-family loans and debt held in securitization trusts, net, realized gain (loss) on investment securities and related hedges, net and gain on deconsolidation.
[2]	In February 2015, the Company sold a first loss PO security from one of the Company’s Consolidated K-Series securitizations obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million. The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trust and $1.0 billion in Multi-Family CDOs.

Fair Value of Financial Instr85

Fair Value of Financial Instruments - Valuation for Level 3 Liabilities (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Fair Value Disclosures [Abstract]
Balance at beginning of period		$ 8,048,053	$ 7,871,020
Total gains/(losses) (realized/unrealized)
Included in earnings (1)	[1]	30,651	187,536
Sales2	[2]	(1,009,942)	0
Paydowns		(57,411)	(53,543)
Balance at the end of period		$ 7,011,351	$ 8,005,013
[1]	Amounts included in interest expense on multi-family collateralized debt obligations, realized gain (loss) on investment securities and related hedges, net and unrealized gain on multi-family loans and debt held in securitization trusts, net.
[2]	In February 2015, the Company sold a first loss PO security from one of the Company’s Consolidated K-Series securitizations obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million. The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trust and $1.0 billion in Multi-Family CDOs.

Fair Value of Financial Instr86

Fair Value of Financial Instruments - Changes in Unrealized Gains (Losses) Included in Earnings for Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value Disclosures [Abstract]
Change in unrealized gains (losses)– assets	$ 90,904	$ (56,122)	$ 90,599	$ 284,568
Change in unrealized (losses) gains – liabilities	(93,074)	74,237	(73,723)	(241,508)
Net change in unrealized (losses) gains included in earnings for assets and liabilities	$ (2,170)	$ 18,115	$ 16,876	$ 43,060

Fair Value of Financial Instr87

Fair Value of Financial Instruments - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Residential mortgage loans held in securitization trusts – impaired loans (net)
Note 14 - Fair Value of Financial Instruments (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items]
Residential mortgage loans held in securitization trusts – impaired loans (net)	$ 12,336	$ 9,323
Real estate owned held in residential securitization trusts
Note 14 - Fair Value of Financial Instruments (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items]
Real estate owned held in residential securitization trusts	479	965
Level 3 | Residential mortgage loans held in securitization trusts – impaired loans (net)
Note 14 - Fair Value of Financial Instruments (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items]
Residential mortgage loans held in securitization trusts – impaired loans (net)	12,336	9,323
Level 3 | Real estate owned held in residential securitization trusts
Note 14 - Fair Value of Financial Instruments (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items]
Real estate owned held in residential securitization trusts	$ 479	$ 965

Fair Value of Financial Instr88

Fair Value of Financial Instruments - Losses Incurred for Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Residential mortgage loans held in securitization trusts – impaired loans (net)
Note 14 - Fair Value of Financial Instruments (Details) - Losses Incurred for Assets Measured at Fair Value [Line Items]
Gain (loss) for assets measured at fair value on a non-recurring basis	$ (189)	$ (287)	$ (845)	$ (654)
Real estate owned held in residential securitization trusts
Note 14 - Fair Value of Financial Instruments (Details) - Losses Incurred for Assets Measured at Fair Value [Line Items]
Gain (loss) for assets measured at fair value on a non-recurring basis		$ (50)	$ 26	$ (103)

Fair Value of Financial Instr89

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of the Companys Financial Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014		Sep. 30, 2014	Dec. 31, 2013
Financial Assets:
Cash and cash equivalents, carrying value		$ 123,801	$ 75,598		$ 28,513	$ 31,798
Investment securities available for sale		733,227	816,647
Investment securities, available for sale, at fair value held in securitization trusts		40,608	38,594
Derivative assets, carrying value		286,913	288,850
Mezzanine loan and equity investments, carrying value		237,018	222,491
Receivable for securities sold, carrying value		1,480	0
Financial Liabilities:
Outstanding Financing Arrangements		586,075	651,965
Derivative liabilities		6,670	1,463
Subordinated debentures, carrying value		45,000	45,000
Portfolio Investments
Financial Liabilities:
Outstanding Financing Arrangements		586,075	651,965
Distressed Residential Mortgage Loans
Financial Liabilities:
Outstanding Financing Arrangements		185,452	238,949
Residential collateralized debt obligations
Financial Liabilities:
Secured debt		129,090	145,542
Multi-family collateralized debt obligations
Financial Liabilities:
Secured debt		7,011,351	8,048,053
Level 1
Financial Assets:
Cash and cash equivalents, carrying value		123,801	75,598
Cash and cash equivalents, estimated fair value		123,801	75,598
Receivable for securities sold, carrying value		1,480
Financial Liabilities:
Payable for securities purchased, carrying value		283,991	283,537
Payable for securities purchased, estimated fair value		283,991	283,537
Level 1 or 2
Financial Assets:
Investment securities available for sale		733,227	816,647
Derivative assets, carrying value		286,913	288,850
Financial Liabilities:
Derivative liabilities		6,670	1,463
Level 3
Financial Assets:
Investment securities, available for sale, at fair value held in securitization trusts		40,608	38,594
Mortgage loans held for sale (net), carrying value	[1]	5,807	7,712
Mortgage loans held for sale (net), estimated fair value	[1]	5,847	7,713
First mortgage loans, carrying value	[1]	11,621	9,544
First mortgage loans, estimated fair value	[1]	12,092	9,832
Mezzanine loan and equity investments, carrying value	[1]	110,158	66,951
Mezzanine loan and equity investments, estimated fair value	[1]	110,564	67,233
Financial Liabilities:
Secured debt		140,946	232,877
Secured debt, estimated fair value		146,754	240,341
Subordinated debentures, carrying value		45,000	45,000
Subordinated debentures, estimated fair value		36,712	36,531
Level 3 | Residential Mortgage Loan Securitization
Financial Assets:
Residential mortgage loans held in securitization trusts (net), carrying value		132,882	149,614
Multi-family loans held in securitization trusts, estimated fair value		119,362	135,241
Level 3 | Distressed Residential Mortgage Loans
Financial Assets:
Residential mortgage loans held in securitization trusts (net), carrying value		509,419	582,697	[2]
Multi-family loans held in securitization trusts, estimated fair value	[2]	510,045	599,182
Level 3 | Multi-family loans held in securitization trusts
Financial Assets:
Residential mortgage loans held in securitization trusts (net), carrying value		7,296,462	8,365,514
Multi-family loans held in securitization trusts, estimated fair value		7,296,462	8,365,514
Level 3 | Residential collateralized debt obligations
Financial Liabilities:
Secured debt		129,090	145,542
Secured debt, estimated fair value		117,040	130,919
Level 3 | Multi-family collateralized debt obligations
Financial Liabilities:
Secured debt		7,011,351	8,048,053
Secured debt, estimated fair value		7,011,351	8,048,053
Level 2 | Portfolio Investments
Financial Liabilities:
Outstanding Financing Arrangements		586,075	651,965
Level 2 | Distressed Residential Mortgage Loans
Financial Liabilities:
Outstanding Financing Arrangements		$ 185,452	$ 238,949
[1]	Included in receivables and other assets in the accompanying condensed consolidated balance sheets.
[2]	Includes distressed residential mortgage loans held in securitization trusts with a carrying value amounting to approximately $156.1 million and $221.6 million at September 30, 2015 and December 31, 2014, respectively, and distressed residential mortgage loans with a carrying value amounting to approximately $353.4 million and $361.1 million at September 30, 2015 and December 31, 2014, respectively.

Stockholders' Equity - (Details

Stockholders' Equity - (Details)	Apr. 22, 2015USD ($)$ / sharesshares	Apr. 07, 2014USD ($)	[1]	Jan. 10, 2014USD ($)	[1]	Jun. 04, 2013USD ($)$ / sharesshares	Sep. 30, 2015USD ($)quarterdirector$ / sharesshares	Sep. 30, 2014USD ($)	Dec. 31, 2014$ / sharesshares	Mar. 20, 2015USD ($)$ / sharesshares	Jun. 11, 2012USD ($)
Note 15 - Stockholders' Equity (Details) [Line Items]
Preferred Stock, Shares Authorized							200,000,000		200,000,000
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares							$ 0.01		$ 0.01
Preferred Stock, Shares Issued							6,600,000		6,600,000
Preferred Stock, Shares Outstanding							3,000,000		3,000,000
Proceeds from Issuance of Preferred Stock and Preference Stock (in Dollars) | $							$ 86,862,000	$ 0
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares							$ 0.01		$ 0.01
Proceeds from Issuance of Common Stock (in Dollars) | $		$ 109,916,000		$ 75,846,000			$ 31,832,000	$ 185,734,000
Equity Distribution Agreements
Note 15 - Stockholders' Equity (Details) [Line Items]
Stock Issued During Period, Shares, New Issues							2,789,439
Common Stock, Value, Subscriptions (in Dollars) | $										$ 75,000,000
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares										$ 0.01
Share Price (in Dollars per share) | $ / shares							$ 7.91
Proceeds from Issuance of Common Stock (in Dollars) | $							$ 21,600,000
Common Stock, Value of Shares Reserved for Future Issuance (in Dollars) | $							$ 52,900,000
Prior Equity Distribution Agreement
Note 15 - Stockholders' Equity (Details) [Line Items]
Stock Issued During Period, Shares, New Issues							1,326,676			2,153,989
Common Stock, Value, Subscriptions (in Dollars) | $											$ 25,000,000
Share Price (in Dollars per share) | $ / shares							$ 7.89			$ 7.63
Proceeds from Issuance of Common Stock (in Dollars) | $							$ 10,300,000			$ 16,100,000
Series B Preferred Stock
Note 15 - Stockholders' Equity (Details) [Line Items]
Preferred Stock, Shares Authorized							6,000,000		3,450,000
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares						$ 0.01	$ 0.01		$ 0.01
Preferred Stock, Shares Issued							3,000,000		3,000,000
Preferred Stock, Shares Outstanding							3,000,000		3,000,000
Stock Issued During Period, Shares, New Issues						3,000,000
Preferred Stock, Dividend Rate, Percentage						7.75%	7.75%		7.75%
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | $ / shares						$ 25	$ 25		$ 25
Proceeds from Issuance of Preferred Stock and Preference Stock (in Dollars) | $						$ 72,400,000
Preferred Stock, Redemption Price Per Share (in Dollars per share) | $ / shares							$ 25
Preferred Stock, Redemption Term							120 days
Series C Preferred Stock
Note 15 - Stockholders' Equity (Details) [Line Items]
Preferred Stock, Shares Authorized							4,140,000		4,140,000
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares	$ 0.01						$ 0.01		$ 0.01
Preferred Stock, Shares Issued	3,600,000						3,600,000		0
Preferred Stock, Shares Outstanding							3,600,000		0
Preferred Stock, Dividend Rate, Percentage	7.875%						7.875%		7.875%
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | $ / shares	$ 25						$ 25		$ 25
Proceeds from Issuance of Preferred Stock and Preference Stock (in Dollars) | $	$ 86,900,000
Series B and C Preferred Stock
Note 15 - Stockholders' Equity (Details) [Line Items]
Number of Quarters with No Dividends that Results in Voting Rights | quarter							6
Number of Elected Directors Pending Preferred Stock Voting Rights | director							2
Preferred Stock, Percentage of Stock Holders Required for Term Changes							66.67%
[1]	Proceeds are net of underwriting costs and offering expenses paid by the Company.

Stockholders' Equity - Cash Div

Stockholders' Equity - Cash Dividends Declared - Preferred Stock (Details) - $ / shares	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015		Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Dividends Payable [Line Items]
DeclarationDate	Sep. 18, 2015	Jun. 18, 2015		Mar. 18, 2015	Dec. 12, 2014	Sep. 18, 2014	Jun. 18, 2014	Mar. 13, 2014
Record Date	Sep. 28, 2015	Jun. 29, 2015		Mar. 30, 2015	Dec. 22, 2014	Sep. 29, 2014	Jun. 30, 2014	Mar. 24, 2014
Payment Date	Oct. 26, 2015	Jul. 27, 2015		Apr. 27, 2015	Jan. 26, 2015	Oct. 27, 2014	Jul. 25, 2014	Apr. 25, 2014
Series B Preferred Stock
Dividends Payable [Line Items]
DeclarationDate	Sep. 18, 2015	Jun. 18, 2015		Mar. 18, 2015	Dec. 12, 2014	Sep. 18, 2014	Jun. 18, 2014	Mar. 31, 2014
Record Date	Oct. 1, 2015	Jul. 1, 2015		Apr. 1, 2015	Jan. 1, 2015	Oct. 1, 2014	Jul. 1, 2014	Apr. 1, 2014
Payment Date	Oct. 15, 2015	Jul. 15, 2015		Apr. 15, 2015	Jan. 15, 2015	Oct. 15, 2014	Jul. 15, 2014	Apr. 15, 2014
Cash Dividend Per Share	$ 0.484375	$ 0.484375	[1]	$ 0.484375	$ 0.484375	$ 0.484375	$ 0.484375	$ 0.484375
Series C Preferred Stock
Dividends Payable [Line Items]
DeclarationDate	Sep. 18, 2015	Jun. 18, 2015
Record Date	Oct. 1, 2015	Jul. 1, 2015
Payment Date	Oct. 15, 2015	Jul. 15, 2015
Cash Dividend Per Share	$ 0.4921875	$ 0.45391	[1]
[1]	Proceeds are net of underwriting costs and offering expenses paid by the Company.

Stockholders' Equity - Cash D92

Stockholders' Equity - Cash Dividends Declared - Common Stock (Details) - $ / shares	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Stockholders' Equity Note [Abstract]
DeclarationDate	Sep. 18, 2015	Jun. 18, 2015	Mar. 18, 2015	Dec. 12, 2014	Sep. 18, 2014	Jun. 18, 2014	Mar. 13, 2014
Record Date	Sep. 28, 2015	Jun. 29, 2015	Mar. 30, 2015	Dec. 22, 2014	Sep. 29, 2014	Jun. 30, 2014	Mar. 24, 2014
Payment Date	Oct. 26, 2015	Jul. 27, 2015	Apr. 27, 2015	Jan. 26, 2015	Oct. 27, 2014	Jul. 25, 2014	Apr. 25, 2014
Cash Dividend Per Share	$ 0.24	$ 0.27	$ 0.27	$ 0.27	$ 0.27	$ 0.27	$ 0.27

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Issuance (Details) - USD ($) shares in Thousands, $ in Thousands	Apr. 07, 2014		Jan. 10, 2014		Sep. 30, 2015	Sep. 30, 2014
Stockholders' Equity Note [Abstract]
Shares Issued	14,950		11,500
Net Proceeds	$ 109,916	[1]	$ 75,846	[1]	$ 31,832	$ 185,734
[1]	Proceeds are net of underwriting costs and offering expenses paid by the Company.

Earnings Per Share - (Details)

Earnings Per Share - (Details) - shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Weighted Average Number Diluted Shares Outstanding Adjustment	0	0

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net income attributable to common stockholders– Basic	$ 22,407	$ 38,272	$ 66,041	$ 89,856
Net income attributable to common stockholders– Dilutive	$ 22,407	$ 38,272	$ 66,041	$ 89,856
Denominator:
Weighted average basic shares outstanding	109,402	90,685	108,061	85,018
Weighted average dilutive shares outstanding	109,402	90,685	108,061	85,018
EPS:
Basic EPS	$ 0.20	$ 0.42	$ 0.61	$ 1.06
Dilutive EPS	$ 0.20	$ 0.42	$ 0.61	$ 1.06

Stock Based Compensation - (Det

Stock Based Compensation - (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	May. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock
Note 17 - Stock Based Compensation (Details) [Line Items]
Equity Instruments Other than Options, Nonvested, Number		280,457	162,171	280,457	162,171	162,171	94,873
Equity Instruments Other than Options, Grants in Period				185,650	104,517
2010 Stock Incentive Plan
Note 17 - Stock Based Compensation (Details) [Line Items]
Number of Shares Authorized		1,190,000		1,190,000
Number of Shares Available for Grant		551,609		551,609		862,512
2010 Stock Incentive Plan | Director
Note 17 - Stock Based Compensation (Details) [Line Items]
Shares Issued in Aggregate as of Period		146,935		146,935		111,311
2010 Stock Incentive Plan | Restricted Stock
Note 17 - Stock Based Compensation (Details) [Line Items]
Equity Instruments Other than Options, Nonvested, Number		280,457		280,457		162,171
Allocated Share-based Compensation Expense		$ 200,000	$ 100,000	$ 600,000	$ 300,000
Non-Option Equity Instruments, Forfeitures				0	0
Nonvested Awards, Compensation Cost Not yet Recognized		$ 1,000,000	$ 900,000	$ 1,000,000	$ 900,000
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				2 years 109 days
Equity Instruments Other than Options, Vested in Period, Fair Value				$ 500,000	$ 300,000
Award Requisite Service Period				3 years
2010 Stock Incentive Plan | Restricted Stock | Employees
Note 17 - Stock Based Compensation (Details) [Line Items]
Shares Issued in Aggregate as of Period		401,827		401,827		216,177
2010 Stock Incentive Plan | Performance Shares
Note 17 - Stock Based Compensation (Details) [Line Items]
Allocated Share-based Compensation Expense		$ 32,000		$ 43,500
Nonvested Awards, Compensation Cost Not yet Recognized		$ 300,000		$ 300,000
2010 Stock Incentive Plan | Performance Shares | Board of Directors Chairman
Note 17 - Stock Based Compensation (Details) [Line Items]
Equity Instruments Other than Options, Grants in Period	89,629
Equity Instruments Other than Options, Grants in Period, Fair Value	$ 400,000
Vested Shares As Percentage of Target Number of Awards Granted, Lower Range	0.00%
Vested Shares As Percentage of Target Number of Awards Granted, Upper Range	200.00%
Award Vesting Period	3 years
Fair Value Assumptions, Expected Term	3 years
Fair Value Assumptions, Expected Term for Expected Volatility Rate	3 years
Fair Value Assumptions, Expected Term for Risk Free Interest Rate	3 years
Fair Value Assumptions, Expected Term for Expected Dividend Rate	3 years
2010 Stock Incentive Plan | Performance Shares | Board of Directors Chairman | If TSR is Less Than 33%
Note 17 - Stock Based Compensation (Details) [Line Items]
Award Vesting Rights, Percentage	0.00%
2010 Stock Incentive Plan | Performance Shares | Board of Directors Chairman | If TSR is Greater Than or Equal to 33%
Note 17 - Stock Based Compensation (Details) [Line Items]
Award Vesting Rights, Percentage	100.00%
2010 Stock Incentive Plan | Performance Shares | Board of Directors Chairman | If TSR is Greater Than or Equal to 33% and TSR Is InTop Quartile of Identified Peer Group
Note 17 - Stock Based Compensation (Details) [Line Items]
Award Vesting Rights, Percentage	200.00%
2010 Stock Incentive Plan | Performance Shares | Board of Directors Chairman | If TSR Is Greater Than or Equal to 33% and TSR Is InBottom Quartile of Identified Peer Group
Note 17 - Stock Based Compensation (Details) [Line Items]
Award Vesting Rights, Percentage	50.00%

Stock Based Compensation - Non-

Stock Based Compensation - Non-vested Restricted Stock (Details) - Restricted Stock - $ / shares	9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested shares at January 1	162,171		94,873
Granted	185,650		104,517
Vested	(67,364)		(37,219)
Non-vested shares as of September 30	280,457		162,171
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Non-vested shares at January 1	$ 7.26	[1]	$ 7.01
Granted	7.79	[1]	7.39
Vested	7.18	[1]	6.97
Non-vested shares as of September 30	$ 7.63	[1]	$ 7.26
[1]	The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date.

Income Taxes - (Details)

Income Taxes - (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Note 18 - Income Taxes (Details) [Line Items]
Income Tax Expense (Benefit)	$ 3,048	$ 1,100	$ 4,471	$ 4,668
Earliest Tax Year
Note 18 - Income Taxes (Details) [Line Items]
Open Tax Year			2,012
Latest Tax Year
Note 18 - Income Taxes (Details) [Line Items]
Open Tax Year			2,014
Taxable REIT Subsidiaries
Note 18 - Income Taxes (Details) [Line Items]
Operating Loss Carryforwards	55,900		$ 55,900
Net Income (Loss) Attributable to Parent					$ (3,600)
Capital Losses					$ 3,500
Income Tax Expense (Benefit)	$ 3,000	$ 1,100	$ 4,500	$ 4,700

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Asset (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Deferred tax assets
Net operating loss carryforward		$ 27,876	$ 28,704
Net capital loss carryforward		4,111	1,592
GAAP/Tax basis differences		3,055	1,755
Valuation allowance (1)	[1]	(32,896)	(30,412)
Deferred tax liabilities
Deferred tax liabilities		1,308	1,040
Total net deferred tax asset		838	599
Receivables And Other Assets
Deferred tax assets
Total deferred tax assets (1)	[1]	35,042	32,051
Accrued Expenses And Other Liabilities
Deferred tax liabilities
Deferred tax liabilities	[2]	$ 1,308	$ 1,040
[1]	Included in receivables and other assets in the accompanying condensed consolidated balance sheets.
[2]	Included in accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets.

Related Party Transactions - (D

Related Party Transactions - (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Note 19 - Related Party Transactions (Details) [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 1,029	$ 5,747	$ 5,851	$ 7,966
Accounts Payable, Related Parties	$ 572		$ 572		$ 6,317
Management Agreement With RiverBanc LLC
Note 19 - Related Party Transactions (Details) [Line Items]
Equity investment, ownership percentage	20.00%		20.00%		20.00%
Revenue (Loss) from Related Parties	$ (300)	1,100	$ 500	1,400
Related Party Transaction, Expenses from Transactions with Related Party	1,000	5,700	5,900	8,000
Accounts Payable, Related Parties	600		600		$ 6,300
RB Multifamily Investors LLC
Note 19 - Related Party Transactions (Details) [Line Items]
Revenue (Loss) from Related Parties	$ 1,600	$ 100	$ 4,400	$ 100
Noncontrolling Interest, Ownership Percentage by Parent	67.00%		67.00%		67.00%
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 56,000		$ 56,000		$ 36,600
Preferred Stock | RB Multifamily Investors LLC
Note 19 - Related Party Transactions (Details) [Line Items]
Equity method investment	$ 40,400		$ 40,400		$ 22,900