CYS Investments Inactive 10-Q23 Apr 142014 Q1 Quarterly reportFinancial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
Document And Entity Information	Mar. 31, 2014	Apr. 22, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2014	'
Entity Registrant Name	'CYS Investments, Inc.	'
Entity Central Index Key	'0001396446	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	162,038,048

Consolidated_Statements_Of_Ass

Consolidated Statements Of Assets And Liabilities (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Document Period End Date	31-Mar-14		'
Assets:	'		'
Investments in securities, at fair value (including pledged assets of $10,484,331 and $11,835,975, respectively)	$13,314,680		$13,865,793	[1],[2]
Derivative assets, at fair value	261,522	[1],[2]	295,707	[1],[2]
Cash and cash equivalents	13,396		4,992	[1],[2]
Receivable for securities sold and principal repayments	3,582		429,233	[1],[2]
Interest receivable	33,984		36,731	[1],[2]
Other assets	334		608	[1],[2]
Total assets	13,627,498		14,633,064	[1],[2]
Liabilities:	'		'
Repurchase agreements	10,014,048	[3]	11,206,950	[2],[3]
Derivative liabilities, at fair value	17,767	[1],[2]	29,458	[1],[2]
Payable for securities purchased	1,641,598		1,556,821	[1],[2]
Payable for cash received as collateral	37,956		37,938	[1],[2]
Distribution payable	56,258		4,410	[1],[2]
Accrued interest payable (including accrued interest on repurchase agreements of $3,079 and $7,204, respectively)	14,982		24,613	[1],[2]
Accrued expenses and other liabilities	1,616		4,218	[1],[2]
Total liabilities	11,784,225		12,864,408	[1],[2]
Stockholders' equity:	'		'
7.75% Series A Cumulative Redeemable Preferred Stock, (3,000 and 3,000 shares issued and outstanding, respectively, $75,000 in aggregate liquidation preference)	72,369		72,369	[1],[2]
7.50% Series B Cumulative Redeemable Preferred Stock, (8,000 and 8,000 shares issued and outstanding, respectively, $200,000 in aggregate liquidation preference)	193,531		193,531	[1],[2]
Common Stock, $0.01 par value, 500,000 shares authorized (162,024 and 161,650 shares issued and outstanding, respectively)	1,620		1,616	[1],[2]
Additional paid in capital	2,047,508		2,046,530	[1],[2]
Accumulated deficit	-471,755		-545,390	[1],[2]
Total stockholders' equity	1,843,273		1,768,656	[1],[2]
Total liabilities and stockholders' equity	$13,627,498		$14,633,064	[2]

[1]	Derived from audited financial statements.
[2]	Previously reported under specialized accounting, Topic 946, investment company accounting. See note 2 to consolidated financial statements.
[3]	Collateral consists of Agency RMBS, U.S. Treasuries and cash. Further detail of collateral pledged on repurchase agreements is disclosed in note 5. Excess collateral pledged is not shown for financial reporting purposes.

Condolidated_Statements_Of_Ass

Condolidated Statements Of Assets And Liabilities (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]	'	'
Investments in securities, pledged assets	$10,484,331	$11,835,975
Accrued interest payable, accrued interest on repurchase agreements	3,079	7,204
Series Cumulative Redeemable Preferred Stock, par value	$0.01	$0.01
Preferred Stock, shares authorized	50,000,000	50,000,000
Series A Cumulative Redeemable Preferred Stock, shares issued	3,000,000	3,000,000
Series A Cumulative Redeemable Preferred Stock, shares outstanding	3,000,000	3,000,000
Series A Cumulative Redeemable Preferred Stock, aggregate liquidation value	75,000	75,000
Series A Cumulative Redeemable Preferred Stock, liquidation preference per share	$25	$25
Series B Cumulative Redeemable Preferred Stock, shares issued	8,000,000	8,000,000
Series B Cumulative Redeemable Preferred Stock, shares outstanding	8,000,000	8,000,000
Series B Cumulative Redeemable Preferred Stock, aggregate liquidation value	$200,000	$200
Series B Cumulative Redeemable Preferred Stock, liquidation preference per share	$25	$25
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	162,024,461	161,650,114
Common stock, shares outstanding	162,024,461	161,650,114

Condensed_Statements_Of_Operat

Condensed Statements Of Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Document Period End Date	31-Mar-14	'
Interest income:	'	'
Interest income from Agency RMBS	$80,186	$72,101	[1]
Other interest income	4,181	960	[1]
Total interest income	84,367	73,061	[1]
Interest expense	28,346	36,987	[1]
Net interest income	56,021	36,074	[1]
Other income (loss):	'	'
Net realized gain (loss) on investments	16,670	46,680	[1]
Net unrealized gain (loss) on investments	89,234	-125,491	[1]
Net realized gain (loss) on termination of swap and cap contracts	-9,323	8,630	[1]
Net unrealized gain (loss) on swap and cap contracts	-16,240	23,417	[1]
Other income	119	40	[1]
Total other income (loss)	80,460	-46,724	[1]
Expenses:	'	'
Compensation and benefits	3,629	3,320	[1]
General, administrative and other	2,165	2,233	[1]
Total expenses	5,794	5,553	[1]
Net income (loss)	130,687	-16,203	[1]
Dividends on preferred stock	5,203	1,453	[1]
Net income (loss) available to common shares	$125,484	($17,656)	[1]
Net income (loss) per common share basic & diluted	$0.78	($0.10)	[1]
Dividends declared per common share	$0.32	$0.32	[1]

[1]	Previously reported under specialized accounting, Topic 946, investment company accounting. See note 2 to consolidated financial statements.

Consolidated_Statement_Of_Chan

Consolidated Statement Of Changes In Stockholders Equity (USD $)	Total		Common Stock Par Value	Additional Paid-in Capital	Accumulated Deficit	Series A Preferred Stock	Series B Preferred Stock
In Thousands	Total		Common Stock Par Value	Additional Paid-in Capital	Accumulated Deficit	Series A Preferred Stock	Series B Preferred Stock
Balance at Dec. 31, 2013	$1,768,656	[1],[2]	$1,616	$2,046,530	($545,390)	$72,369	$193,531
Net income (loss)	130,687		0	0	130,687	0	0
Issuance of common stock	0		-4	4	0	0	0
Issuance of preferred stock	0		0	0	0	0	0
Amortization of share based compensation	1,115		0	1,115	0	0	0
Repurchase and cancellation of common stock	133		0	133	0	0	0
Preferred dividends	5,203		0	0	5,203	0	0
Common dividends	-51,849		0	0	-51,849	0	0
Balance at Mar. 31, 2014	$1,843,273		$1,620	$2,047,508	($471,755)	$72,369	$193,531

[1]	Derived from audited financial statements.
[2]	Previously reported under specialized accounting, Topic 946, investment company accounting. See note 2 to consolidated financial statements.

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Document Period End Date	31-Mar-14		'
Cash flows from operating activities:	'		'
Net income (loss)	$130,687		($16,203)	[1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	'		'
Amortization of share based compensation	1,115		771	[1]
Amortization of premiums and discounts on investment securities	10,303		45,837	[1]
Amortization of premiums on interest rate cap contracts	6,254		4,687	[1]
Net realized (gain) loss on investments	-16,670		-46,680	[1]
Net realized (gain) loss on termination of cap contracts	0		-8,630	[1]
Net unrealized (gain) loss on investments	-89,234		125,491	[1]
Net unrealized (gain) loss on swap and cap contracts	16,240		-23,417	[1]
Change in assets and liabilities:	'		'
Interest receivable	2,747		1,741	[1]
Other assets	274		284	[1]
Accrued interest payable	-9,631		-7,279	[1]
Accrued expenses and other liabilities	-2,602		1,008	[1]
Net cash provided by (used in) operating activities	49,483		77,610	[1]
Cash flows from investing activities:	'		'
Purchase of investment securities	-7,421,216		-12,061,807	[1]
Premium paid on interest rate caps	0		-65,260	[1]
Proceeds from disposition of investment securities	7,788,084		11,554,270	[1]
Proceeds from termination of interest rate cap contracts	0		41,250	[1]
Proceeds from paydowns of investment securities	279,846		942,664	[1]
Change in assets and liabilities:	'		'
Receivable for securities sold and principal repayments	425,651		-404,593	[1]
Payable for securities purchased	84,777		142,000	[1]
Payable for cash received as collateral	18		3,561	[1]
Net cash provided by (used in) investing activities	1,157,160		152,085	[1]
Cash flows from financing activities:	'		'
Proceeds from repurchase agreements	21,193,497		35,282,869	[1]
Repayments of repurchase agreements	-22,386,399		-35,503,701	[1]
Net payments from repurchase of common stock	-133		-7,829	[1]
Distributions paid	-5,204		-1,453	[1]
Net cash used in financing activities	-1,198,239		-230,114	[1]
Net increase (decrease) in cash and cash equivalents	8,404		-419	[1]
Cash and cash equivalents - Beginning of period	4,992	[1],[2]	13,882	[1]
Cash and cash equivalents - End of period	13,396		13,463	[1]
Supplemental disclosures of cash flow information:	'		'
Interest paid	41,220		41,563	[1]
Supplemental disclosures of non-cash flow information:	'		'
Distributions declared, not yet paid	$56,258		$57,115	[1]

[1]	Previously reported under specialized accounting, Topic 946, investment company accounting. See note 2 to consolidated financial statements.
[2]	Derived from audited financial statements.

Orginazation

Orginazation	3 Months Ended
Orginazation	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization	'
	ORGANIZATION
	CYS Investments, Inc. (the “Company”) was formed as a Maryland corporation on January 3, 2006, and commenced operations on February 10, 2006. The Company has elected to be taxed and intends to continue to qualify as a real estate investment trust (“REIT”) and is required to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), with respect thereto. The Company has primarily purchased residential mortgage-backed securities that are issued and the principal and interest of which are guaranteed by a federally chartered corporation (“Agency RMBS”), 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”), and debt securities issued by the United States Department of Treasury ("U.S. Treasury Securities"). The Company may also purchase collateralized mortgage obligations issued by a government agency or government-sponsored entity that are collateralized by Agency RMBS ("CMOs"), or securities issued by a government sponsored entity that is not backed by collateral but, in the case of government agencies, is backed by the full faith and credit of the U.S. government, and, in the case of government sponsored entities, is backed by the integrity and creditworthiness of the issuer (“US Agency Debentures”).
	The Company’s common stock, Series A Cumulative Redeemable Preferred Stock, $25.00 liquidation preference (the "Series A Preferred Stock"), and Series B Cumulative Redeemable Preferred Stock, $25.00 liquidation preference (the "Series B Preferred Stock"), trade on the New York Stock Exchange under the symbols “CYS,” "CYS PrA" and "CYS PrB," respectively.

Significant_Accounting_Policie

Significant Accounting Policies (Notes)	3 Months Ended
Significant Accounting Policies (Notes)	Mar. 31, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies	'
	SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	The accompanying interim unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the instructions to Form 10-Q and Article 10, Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The interim unaudited consolidated financial statements should be read in conjunction with the Company’s audited financial statements as of and for the year ended December 31, 2013, included in its annual report on Form 10-K. The results for interim periods are not necessarily indicative of the results to be expected for the fiscal year.
	The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Clarification of the Scope of Audit and Accounting Guide Investment Companies (“ASC 946”), prior to its deferral in February 2008. Under ASC 946, the Company used financial reporting for investment companies. Accounting Standards Update No. 2013-08 impacted the Company by requiring entities that adopted Statement of Position ("SOP") 07-1 before the FASB’s indefinite deferral to assess whether they continue to be within the scope of ASC 946 as a result of amendments to ASC 946. The Company determined real estate investment trusts are excluded from the scope of ASC 946 and effective January 1, 2014, the Company discontinued use of investment company accounting.
	Reclassification and Presentation
	Effective January 1, 2014, the Company discontinued its application of Topic 946. Upon transition, the following changes and elections were made:

	(i)	investments are now presented as available-for-sale securities in accordance with ASC Topic 320 Investments—Debt and Equity Securities,

	(ii)	management elected the Fair Value Option (“FVO”) under ASC 825 for all investments held. As a result of the FVO election, all changes in the fair value of investments held on January 1, 2014 will continue to be recorded in the Company’s unaudited consolidated statements of operations, and

	(iii)	the Company elected not to designate its derivatives as hedging instruments in accordance with ASC 815. As a result, all changes in the fair value of derivative instruments held on January 1, 2014 will also continue to be recorded in the Company’s consolidated statements of operations.
	The discontinuation of Topic 946 accounting changed the presentation of the Company's consolidated financial statements prospectively, the most significant of which are as follows:

	(i)	the schedule of investments has been replaced with the available-for-sale tables in the footnotes,

	(ii)	reformatted the statement of assets and liabilities to a consolidated balance sheet presentation,

	(iii)	reformatted the consolidated statements of operations to include the statement of comprehensive income (loss), as applicable,

	(iv)	reclassified net swap and cap interest expense into interest expense on the consolidated statements of operations,

	(v)	removed the statement of changes in net assets and included the consolidated statement of changes in stockholders’ equity,

	(vi)	reformatted the statement of cash flows and included an investing section,

	(vii)	changed certain footnotes to reflect conformity with applicable U.S. GAAP for non-investment companies,

	(viii)	included summary information on the amortization/accretion of bond premium/discounts, and

	(ix)	removed the financial highlights as it is no longer required.
	Principles of Consolidation
	The unaudited consolidated financial statements include the accounts of the Company and all of its subsidiaries. The Company also considers the provisions of ASC Topic 810 on consolidation in determining whether consolidation is appropriate for any interests held in variable interest entities. All intercompany balances and transactions have been eliminated.
	Segment Reporting
	The Company operates as a single segment, reporting to the Chief Executive Officer, who manages the entire investment portfolio.
	Use of Estimates
	The preparation of unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those management estimates.
	Cash and Cash Equivalents
	Cash and cash equivalents include cash on hand, cash held in banks, and highly liquid investments with original maturities of three months or less. Interest income earned on cash and cash equivalents is recorded in other interest income.
	Investments in Securities
	The Company's securities are recorded in accordance with ASC 320. The Company has chosen to make a fair value election pursuant to ASC 825, Financial Instruments, for its securities, and therefore investment securities are recorded at fair market value on the consolidated balance sheets and the periodic changes in fair market value are recorded in current period earnings on the consolidated statements of operations as a component of net unrealized gain (loss) on investments. These investments generally meet the requirements to be classified as available-for-sale under ASC 320, which requires the securities to be carried at fair value on the balance sheet with changes in fair value charged to other comprehensive income, a component of stockholders’ equity. Electing the fair value option allows the Company to record changes in fair value in the consolidated statements of operations, which in management’s view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner.
	Offsetting
	Repurchase agreements and derivative contracts are entered into by the Company under Master Repurchase Agreements (“MRA”) and International Standard Derivative Agreements (“ISDA”). Pursuant to the terms of the MRA or ISDA, the Company receives or posts securities and/or cash as collateral with a market value that may be in excess of the purchase price to be paid or received by the Company upon the maturity of the transaction. Under repurchase agreements and derivatives, typically the Company and the counterparties are permitted to sell, re-pledge, or use the collateral associated with the transaction. MRAs and ISDAs may include provisions that permit the Company and/or a counterparty, under certain circumstances, including under defined events of default, to offset payables and/or receivables under transactions entered into pursuant to the terms of an MRA or ISDA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Company. However, bankruptcy or insolvency laws of a particular jurisdiction under which a counterparty may become subject in the event of an MRA or ISDA counterparty’s bankruptcy or insolvency may impose restrictions on or prohibitions against any such right of offset. Upon a bankruptcy or insolvency of an MRA or ISDA counterparty, the Company may be considered an unsecured creditor with respect to excess collateral pledged to the counterparty and, as such, the return of excess collateral may be delayed, the amount returned reduced, or otherwise prohibited, depending on the final determination and outcome of any such bankruptcy or insolvency proceedings. The Company reports amounts subject to its’ MRAs and ISDAs in the unaudited consolidated balance sheets on a gross basis without regard to such rights of offset.
	At March 31, 2014 and December 31, 2013, the Company's derivative assets and liabilities (by type) are as follows (in thousands):


	March 31, 2014		Assets				Liabilities
	Interest rate swap contracts		$	57,270			$	17,767
	Interest rate swap contracts		$	57,270			$	17,767
	Interest rate cap contracts		204,252				—
	Interest rate cap contracts		204,252				—
	Total derivative assets and liabilities in the consolidated balance sheet		261,522				17,767
			261,522				17,767
	Derivatives not subject to a master netting agreement or similar agreement ("MNA")		10,208				1,251
			10,208				1,251
	Total assets and liabilities subject to a MNA		$	251,314			$	16,516
	Total assets and liabilities subject to a MNA		$	251,314			$	16,516

	December 31, 2013		Assets				Liabilities
	Interest rate swap contracts		$	61,004			$	29,458
	Interest rate swap contracts		$	61,004			$	29,458
	Interest rate cap contracts		234,703				—
	Interest rate cap contracts		234,703				—
Total derivative assets and liabilities in the consolidated balance sheet		295,707				29,458
		295,707				29,458
Derivatives not subject to a master netting agreement or similar agreement ("MNA")		11,188				440
		11,188				440
Total assets and liabilities subject to a MNA		$	284,519			$	29,018
Total assets and liabilities subject to a MNA		$	284,519			$	29,018
Below is a summary of the Company's assets subject to offsetting provisions (in thousands):


								Gross Amounts Not Offset in the Consolidated Balance Sheet
As of		Description		Amounts of Assets Presented in the Consolidated Balance Sheet				Instruments Available for Offset		Collateral Received(1)		Net Amount(2)
March 31, 2014		Derivative assets		$	251,314			$	7,969	$	216,836	$	26,509
March 31, 2014		Derivative assets		$	251,314			$	7,969	$	216,836	$	26,509
December 31, 2013		Derivative assets		284,519				9,237		244,721		30,561
December 31, 2013		Derivative assets		284,519				9,237		244,721		30,561

-1	Collateral consists of Agency RMBS, U.S. Treasuries and cash. Excess collateral received is not shown for financial reporting purposes.

-2	Net amount represents the net amount receivable from the counterparty in the event of default.
Below is a summary of the Company's liabilities subject to offsetting provisions (in thousands):


								Gross Amounts Not Offset in the Consolidated Balance Sheet
As of		Description		Amounts of Liabilities Presented in the Consolidated Balance Sheet				Instruments Available for Offset		Collateral Pledged(1)		Net Amount(2)
31-Mar-14		Derivative liabilities		$	16,516			$	7,969	$	8,547	$	—
31-Mar-14		Derivative liabilities		$	16,516			$	7,969	$	8,547	$	—
31-Mar-14		Repurchase agreements		10,014,048				—		10,014,048		—
31-Mar-14		Repurchase agreements		10,014,048				—		10,014,048		—
31-Dec-13		Derivative liabilities		29,018				9,237		19,781		—
31-Dec-13		Derivative liabilities		29,018				9,237		19,781		—
31-Dec-13		Repurchase agreements		11,206,950				—		11,206,950		—
31-Dec-13		Repurchase agreements		11,206,950				—		11,206,950		—

-1	Collateral consists of Agency RMBS, U.S. Treasuries and cash. Further detail of collateral pledged on repurchase agreements is disclosed in note 5. Excess collateral pledged is not shown for financial reporting purposes.

-2	Net amount represents the net amount payable from the counterparty in the event of default.
Interest Rate Swap and Cap Contracts
The Company utilizes interest rate swaps and caps to hedge the interest rate risk associated with financing its portfolio. The Company does not designate interest rate swaps and caps as cash flow or fair value hedges under GAAP. Specifically, the Company seeks to hedge the exposure to potential interest rate mismatches between the interest earned on investments and the borrowing costs caused by fluctuations in short term interest rates. In a simple interest rate swap, one investor pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, an investor may pay a fixed rate and receive a floating rate. In a simple interest rate cap, one investor pays a premium for a notional principal amount based on a capped interest rate (the “cap rate”). If the floating interest rate (the “floating rate”) exceeds the cap rate, the investor receives a payment from the cap counterparty equal to the difference between the floating rate and the cap rate on the same notional principal amount for a specified period of time. Alternatively, an investor may receive a premium and pay the difference in cap rate and floating rate.
During the term of the interest rate swap or cap, the Company makes or receives periodic payments and unrealized gains or losses are recorded as a result of marking the swap and cap to their fair value. When the swap or cap is terminated, the Company records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Company’s cost basis in the contract, if any. The periodic payments and amortization of premiums on cap contracts are reported under interest expense in the unaudited consolidated statements of operations. Swaps involve a risk that interest rates will move contrary to the Company’s expectations, thereby increasing the Company’s payment obligation.
The Company's interest rate swap and cap contracts are subject to master netting arrangements. The Company is exposed to credit loss in the event of nonperformance by the counterparty to the swap or cap limited to the fair value of collateral posted in excess of the fair value of the contract in a net liability position and the shortage of the fair value of collateral posted for the contract in a net asset position. As of March 31, 2014 and December 31, 2013, the Company did not anticipate nonperformance by any counterparty. Should interest rates move unexpectedly, the Company may not achieve the anticipated benefits of the interest rate swap or cap and may realize a loss.
Investment Valuation
The Company has established a pricing committee responsible to establish valuation policies and procedures as well as approve valuations monthly at a pricing meeting. The pricing committee is composed of individuals from the accounting team, the investment team and senior management.
Agency RMBS, Agency Debentures and U.S. Treasury Securities are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may also use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security.
Interest rate swaps and caps are generally valued using prices provided by broker quotations. Such broker quotations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows are discounted to their present value using swap rates provided by electronic data services or by brokers. No credit valuation adjustments were made in determining the fair value of the Company's interest rate swaps and caps.
Fair values of long-lived assets, including real estate, are primarily derived internally and are based on inputs observed from sales transactions for similar assets. For real estate, fair values are based on discounted cash flow estimates which reflect current and projected lease profiles and available industry information about capitalization rates and expected trends in rents and occupancy.
All valuations received from third party pricing services or broker quotes are non-binding. All prices are reviewed by the Company. To date, the Company has not adjusted any of the prices received from third party pricing services or brokers. This review includes comparisons of similar market transactions, alternative third party pricing services and broker quotes, or comparisons to a pricing model. To ensure the proper fair value hierarchy, the Company reviews the third party pricing services' methodology to understand whether observable or unobservable inputs are being used.
Agency RMBS
The Company’s investments in Agency RMBS consist of pass-through certificates backed by fixed rate, monthly reset adjustable-rate loans (“ARMs”) and hybrid ARMs, the principal and interest of which are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. Hybrid ARMs have interest rates that have an initial fixed period (typically three, five, seven or ten years) and thereafter reset at regular intervals in a manner similar to ARMs.
Forward Settling Transactions
The Company engages in forward settling transactions to purchase certain securities. The Company records forward settling transactions on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment on the settlement date for the securities purchased. Securities purchased on a forward settling basis are carried at fair value and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract. Among other forward settling transactions, the Company from time to time transacts in to-be-announced securities (“TBAs”). As with other forward settling transactions, a seller agrees to issue TBAs at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Company agrees to accept any security that meets specified terms such as issuer, interest rate and terms of underlying mortgages. The Company records TBAs on the trade date utilizing information associated with the specified terms of the transaction as opposed to the specific mortgages. TBAs are carried at fair value and begin earning interest on the settlement date. Losses may occur due to the fact that the actual underlying mortgages received may be less favorable than those anticipated by the Company.
As of March 31, 2014 and December 31, 2013, the Company pledged Agency RMBS with a fair value of $3.6 million and $12.3 million, respectively, on its open forward settling transactions.
Repurchase Agreements
Repurchase agreements are borrowings collateralized by the Company’s Agency RMBS and carried at their amortized cost, which approximates their fair value due to their short-term nature, generally 30-90 days. The Company’s repurchase agreement counterparties are large institutional dealers in fixed income securities. Collateral is valued daily and counterparties may require additional collateral when the fair value of the collateral declines. Counterparties have the right to sell or repledge collateral pledged for repurchase agreements.
Investment Transactions and Income
The Company records its transactions in securities on a trade date basis. Realized gains and losses on securities transactions are recorded on an identified cost basis. Interest income and expense are recorded on the accrual basis. Interest income is accrued based on outstanding principal amount of the securities and their contractual terms. Amortization of premium and accretion of discount are recorded using the yield to maturity method, and are included in interest income from Agency RMBS in the consolidated statements of operations. The Company does not estimate prepayments when calculating the yield to maturity on Agency RMBS. The amount of premium or discount associated with a prepayment is recorded through interest income from Agency RMBS on the unaudited consolidated statements of operations as they occur.
Compensation and Benefits
Included in the Company’s compensation and benefits are salaries, incentive compensation, benefits, and share based compensation. The Company accounts for share based compensation using the fair value based methodology prescribed by ASC 718, Share-Based Payment (“ASC 718”). Compensation cost related to restricted common stock issued is measured at its estimated fair value at the grant date and recognized as expense over the vesting period.
Income Taxes
The Company has elected to be taxed as a REIT and intends to continue to comply with provisions of the Code with respect thereto. As a REIT, the Company generally will not be subject to federal or state income tax on income that it currently distributes to its stockholders. To maintain its qualification as a REIT, the Company must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other tests relating to assets and income.
Earnings Per Share (“EPS”)
Basic EPS is computed using the two class method by dividing net income (loss), after adjusting for the impact of unvested stock awards deemed to be participating securities, by the weighted average number of common shares outstanding calculated excluding unvested stock awards. Diluted EPS is computed by dividing net income (loss), after adjusting for the impact of unvested stock awards deemed to be participating securities, by the weighted average number of common shares outstanding calculated excluding unvested stock awards, giving effect to common stock options and warrants, if they are not anti-dilutive. See Note 3 for EPS computations.

Earnings_Per_Share_Notes

Earnings Per Share (Notes)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	EARNINGS PER SHARE
	Components of the computation of basic and diluted EPS were as follows (in thousands except per share amounts):


		Three Months Ended March 31,
		2014			2013
	Net income (loss)	$	130,687		$	(16,203	)

	Less preferred stock dividends	(5,203		)	(1,453		)
	Net income (loss) available to common shares	125,484			(17,656		)

	Less dividends paid:
	Common shares	(51,515		)	(55,587		)
	Unvested shares	(334		)	(285		)
	Undistributed earnings (loss)	73,635			(73,528		)

	Basic weighted average shares outstanding:
	Common shares	160,936			174,134

	Basic earnings (loss) per common share:
	Distributed earnings	$	0.32		$	0.32

	Undistributed earnings (loss)	0.46			(0.42		)

	Basic earnings (loss) per common share	$	0.78		$	(0.10	)

	Diluted weighted average shares outstanding:
	Common shares	160,936			174,134

	Net effect of dilutive stock options (1)	—			—

		160,936			174,134

	Diluted earnings (loss) per common share:
	Distributed earnings	$	0.32		$	0.32

	Undistributed earnings (loss)	0.46			(0.42		)

	Diluted earnings (loss) per common share	$	0.78		$	(0.10	)

	__________________

	-1	For the three months ended March 31, 2014 and 2013, the Company had an aggregate of 131 stock options outstanding with a weighted average exercise price of $30.00 that were not included in the calculation of EPS, as their inclusion would have been anti-dilutive. These instruments may have a dilutive impact on future EPS.

Investments_In_Securities_And_

Investments In Securities And Interest Rate Swap And Cap Contracts (Notes)	3 Months Ended
	Mar. 31, 2014
Derivative, Fair Value, Net [Abstract]	'
Investments In Securities And Interest Rate Swap And Cap Contracts	'
	INVESTMENTS IN SECURITIES, INTEREST RATE SWAP AND CAP CONTRACTS AND OTHER ASSETS
	In accordance with the discontinuation of investment company accounting under Topic 946, the Company was required to add the available-for-sale disclosures into this note. Those disclosures include (i) the table disclosing the amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments, (ii) the table showing the gross gains and gross losses upon the sale of available-for-sale securities, and (iii) the table disclosing the unamortized premium and unamortized discount on available-for-sale securities. See note 2 for more information on the impacts of the discontinuation of Topic 946.
	The Company’s valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect the Company’s market assumptions. ASC 820, Fair Value Measurements, classifies these inputs into the following hierarchy:
	Level 1 Inputs—Quoted prices for identical instruments in active markets.
	Level 2 Inputs—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
	Level 3 Inputs—Instruments with primarily unobservable value drivers.
	Excluded from the tables below are financial instruments carried in the unaudited consolidated financial statements at cost basis, which is deemed to approximate fair value, primarily due to the short duration of these instruments, including cash and cash equivalents, receivables, payables and borrowings under repurchase arrangements with initial terms of 1 year or less. The fair value of these instruments is determined using level two inputs. The following tables provide a summary of the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 (in thousands):


	March 31, 2014	Fair Value Measurements Using
		Level 1				Level 2				Level 3				Total
	Assets
	Agency RMBS	$	—			$	11,770,423			$	—			$	11,770,423
	Agency RMBS	$	—			$	11,770,423			$	—			$	11,770,423
	U.S. Treasury Securities	1,537,312				—				—				1,537,312
	U.S. Treasury Securities	1,537,312				—				—				1,537,312
	Other Investments	—				—				6,945				6,945
	Other Investments	—				—				6,945				6,945
	Derivative assets	—				261,522				—				261,522
	Derivative assets	—				261,522				—				261,522
	Total	$	1,537,312			$	12,031,945			$	6,945			$	13,576,202
	Total	$	1,537,312			$	12,031,945			$	6,945			$	13,576,202
	Liabilities
	Derivative liabilities	$	—			$	17,767			$	—			$	17,767
	Derivative liabilities	$	—			$	17,767			$	—			$	17,767


	December 31, 2013	Fair Value Measurements Using
		Level 1				Level 2				Level 3				Total
	Assets
	Agency RMBS	$	—			$	13,858,848			$	—			$	13,858,848
	Agency RMBS	$	—			$	13,858,848			$	—			$	13,858,848
	Other investments	—				—				6,945				6,945
	Other investments	—				—				6,945				6,945
	Derivative assets	—				295,707				—				295,707
	Derivative assets	—				295,707				—				295,707
	Total	$	—			$	14,154,555			$	6,945			$	14,161,500
	Total	$	—			$	14,154,555			$	6,945			$	14,161,500
	Liabilities
	Derivative liabilities	$	—			$	29,458			$	—			$	29,458
	Derivative liabilities	$	—			$	29,458			$	—			$	29,458
	Other investments is comprised of real estate assets. The table below presents a reconciliation of changes in other investments classified as Level 3 in the Company’s unaudited consolidated financial statements for the three months ended March 31, 2014 and 2013.
	Fair values of real estate assets are valued based on discounted cash flow models. A discussion of the method of fair valuing these assets is included above in Note 2 “Investment Valuation.” The significant unobservable input used in the fair value measurement is capitalization rates, which the Company estimated to be between 4% and 5% at March 31, 2014 and December 31, 2013.
	Level 3 Fair Value Reconciliation


	(In thousands)	Three Months Ended March 31,
	Other investments	2014				2013
	Beginning balance level 3 assets	$	6,945			$	19,576
	Beginning balance level 3 assets	$	6,945			$	19,576
	Cash payments recorded as a reduction of cost basis	—				(236		)
	Cash payments recorded as a reduction of cost basis	—				(236		)
	Change in net unrealized gain (loss)	—				(5,518		)
	Change in net unrealized gain (loss)	—				(5,518		)
	Net sales	—				(10,455		)
	Net sales	—				(10,455		)
	Net gain (loss) on sales	—				5,128
	Net gain (loss) on sales	—				5,128
	Transfers into (out of) level 3	—				—
	Transfers into (out of) level 3	—				—
	Ending balance level 3 assets	$	6,945			$	8,495
	Ending balance level 3 assets	$	6,945			$	8,495

The available-for-sale portfolio consisted of the following (in thousands):


March 31, 2014
March 31, 2014
Asset Type		Amortized Cost				Gross Unrealized Loss				Gross Unrealized Gain				Fair Value
Fannie Mae Certificates
Fixed Rate		$	8,782,160			$	(24,538	)		$	73,002			$	8,830,624
Fixed Rate		$	8,782,160			$	(24,538	)		$	73,002			$	8,830,624
ARMs		1,393,752				(22,386		)		2,974				1,374,340
ARMs		1,393,752				(22,386		)		2,974				1,374,340
Total Fannie Mae		10,175,912				(46,924		)		75,976				10,204,964
Total Fannie Mae		10,175,912				(46,924		)		75,976				10,204,964
Freddie Mac Certificates
Fixed Rate		785,234				(96		)		10,988				796,126
Fixed Rate		785,234				(96		)		10,988				796,126
ARMs		540,099				(12,527		)		1,170				528,742
ARMs		540,099				(12,527		)		1,170				528,742
Total Freddie Mac		1,325,333				(12,623		)		12,158				1,324,868
Total Freddie Mac		1,325,333				(12,623		)		12,158				1,324,868
Ginnie Mae Certificates
Fixed Rate		155,994				—				1,038				157,032
Fixed Rate		155,994				—				1,038				157,032
ARMs		81,756				—				1,803				83,559
ARMs		81,756				—				1,803				83,559
Total Ginnie Mae		237,750				—				2,841				240,591
Total Ginnie Mae		237,750				—				2,841				240,591
U.S. Treasury Securities		1,543,928				(6,616		)		—				1,537,312
U.S. Treasury Securities		1,543,928				(6,616		)		—				1,537,312
Other Investments		6,945				—				—				6,945
Other Investments		6,945				—				—				6,945
Total		$	13,289,868			$	(66,163	)		$	90,975			$	13,314,680
Total		$	13,289,868			$	(66,163	)		$	90,975			$	13,314,680

December 31, 2013
Fannie Mae Certificates
Fixed Rate		$	10,629,503			$	(72,295	)		$	45,660			$	10,602,868
Fixed Rate		$	10,629,503			$	(72,295	)		$	45,660			$	10,602,868
ARMs		1,439,379				(27,277		)		2,796				1,414,898
ARMs		1,439,379				(27,277		)		2,796				1,414,898
Total Fannie Mae		12,068,882				(99,572		)		48,456				12,017,766
Total Fannie Mae		12,068,882				(99,572		)		48,456				12,017,766
Freddie Mac Certificates
Freddie Mac Certificates
Fixed Rate		1,055,991				(7,083		)		6,231				1,055,139
Fixed Rate		1,055,991				(7,083		)		6,231				1,055,139
ARMs		554,395				(15,701		)		1,334				540,028
ARMs		554,395				(15,701		)		1,334				540,028
Total Freddie Mac		1,610,386				(22,784		)		7,565				1,595,167
Total Freddie Mac		1,610,386				(22,784		)		7,565				1,595,167
Ginnie Mae Certificates
Fixed Rate		158,792				(500		)		—				158,292
Fixed Rate		158,792				(500		)		—				158,292
ARMs		85,211				—				2,412				87,623
ARMs		85,211				—				2,412				87,623
Total Ginnie Mae		244,003				(500		)		2,412				245,915
Total Ginnie Mae		244,003				(500		)		2,412				245,915
Other Investments		6,945				—				—				6,945
Other Investments		6,945				—				—				6,945
Total		$	13,930,216			$	(122,856	)		$	58,433			$	13,865,793
Total		$	13,930,216			$	(122,856	)		$	58,433			$	13,865,793
The following table presents the gross unrealized loss and fair values of our available-for-sale agency securities by length of time that such securities have been in a continuous unrealized loss position as of March 31, 2014 and December 31, 2013 (in thousands):


		Unrealized loss positions for
		Less than 12 Months								Greater than 12 months							Total
As of		Fair value				Unrealized loss				Fair value				Unrealized loss			Fair value		Unrealized loss
March 31, 2014		$	5,538,071			$	(36,108	)		$	912,847			$	(30,055	)	$	6,450,918	$	(66,163	)
March 31, 2014		$	5,538,071			$	(36,108	)		$	912,847			$	(30,055	)	$	6,450,918	$	(66,163	)
December 31, 2013		8,415,016				(107,018		)		408,348				(15,837		)	8,823,364		(122,855		)
December 31, 2013		8,415,016				(107,018		)		408,348				(15,837		)	8,823,364		(122,855		)

The following table is a summary of our net gain (loss) from the sale of available-for-sale investments for the three months ended March 31, 2014 and 2013 (in thousands):


		Three Months Ended March 31,
		2014				2013
Available-for-sale investments, at cost		$	7,771,414			$	11,507,590
Available-for-sale investments, at cost		$	7,771,414			$	11,507,590
Proceeds from available-for-sale investments sold		7,788,084				11,554,270
Proceeds from available-for-sale investments sold		7,788,084				11,554,270
Net gain on sale of available-for-sale investments		16,670				46,680
Net gain on sale of available-for-sale investments		16,670				46,680

Gross gain on sale of available-for-sale investments		51,142				67,017
Gross gain on sale of available-for-sale investments		51,142				67,017
Gross loss on sale of available-for-sale investments		(34,472		)		(20,337		)
Net gain on sale of available-for-sale investments		$	16,670			$	46,680
Net gain on sale of available-for-sale investments		$	16,670			$	46,680

The components of the carrying value of available-for-sale securities at March 31, 2014 and December 31, 2013 are presented below. The premium purchase price is due to the average coupon interest rates on these investments being higher than prevailing market rates, and conversely, the discount purchase price is due to the average coupon interest rates on these investments being lower than prevailing market rates. As of March 31, 2014, the weighted average coupon interest rate on the Company's Agency RMBS and U.S. Treasury Securities was 3.27% and 1.50%, respectively. As of December 31, 2013, the weighed average coupon interest rate on the Company's Agency RMBS was 3.30%.


(in thousands)		March 31, 2014				December 31, 2013
Principal balance		$	12,961,926			$	13,581,742
Principal balance		$	12,961,926			$	13,581,742
Unamortized premium		335,349				351,476
Unamortized premium		335,349				351,476
Unamortized discount		(7,407		)		(3,002		)
Gross unrealized gains		90,975				58,433
Gross unrealized gains		90,975				58,433
Gross unrealized losses		(66,163		)		(122,856		)
Fair value		$	13,314,680			$	13,865,793
Fair value		$	13,314,680			$	13,865,793
Actual maturities of Agency RMBS 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 March 31, 2014 and December 31, 2013, the range of final contractual maturity of the Company’s Agency RMBS portfolio is between 2024 and 2044. As of March 31, 2014 the final maturity of the Company's U.S. Treasury Securities was between 2018 and 2019.
In order to mitigate its interest rate exposure, the Company enters into interest rate swap and cap contracts. The Company had the following activity in interest rate swap and cap transactions during the three months ended March 31, 2014 and 2013 (in thousands):


Three Months Ended March 31, 2014								Three Months Ended March 31, 2013
Trade Date		Transaction		Notional				Trade Date		Transaction		Notional
Feb-14		Terminated		$	(500,000	)		Feb-13		Opened		$	1,500,000
Feb-14		Terminated		$	(500,000	)		Feb-13		Opened		$	1,500,000
Net Decrease				$	(500,000	)		Mar-13		Terminated		(500,000		)
								Mar-13		Opened		1,200,000
								Mar-13		Opened		1,200,000
								Net Increase				$	2,200,000
								Net Increase				$	2,200,000
As of March 31, 2014 and December 31, 2013, the Company had pledged Agency RMBS and U.S. Treasury Securities with a fair value of $38.5 million and $63.0 million, respectively, as collateral on interest rate swap and cap contracts. As of March 31, 2014 the Company had Agency RMBS and U.S. Treasury Securities of $186.9 million and cash of $38.0 million pledged to it as collateral for its interest rate swap and cap contracts. As of December 31, 2013 the Company had Agency RMBS and U.S. Treasury Securities of $211.4 million and cash of $37.9 million pledged to it as collateral for its interest rate cap contracts. Below is a summary of our interest rate swap and cap contracts open as of March 31, 2014 and December 31, 2013 (in thousands):


Derivatives not designated as hedging instruments under ASC 815
Interest Rate Swap Contracts		Notional Amount				Fair Value				Consolidated Balance Sheets
March 31, 2014		$	1,550,000			$	(17,767	)		Derivative liabilities, at fair value
March 31, 2014		$	1,550,000			$	(17,767	)		Derivative liabilities, at fair value
March 31, 2014		4,250,000				57,270				Derivative assets, at fair value
March 31, 2014		4,250,000				57,270				Derivative assets, at fair value
December 31, 2013		2,050,000				(29,458		)		Derivative liabilities, at fair value
December 31, 2013		2,050,000				(29,458		)		Derivative liabilities, at fair value
December 31, 2013		4,250,000				61,004				Derivative assets, at fair value
December 31, 2013		4,250,000				61,004				Derivative assets, at fair value

Interest Rate Cap Contracts		Notional Amount				Fair Value				Consolidated Balance Sheets
March 31, 2014		$	3,900,000			$	204,252			Derivative assets, at fair value
March 31, 2014		$	3,900,000			$	204,252			Derivative assets, at fair value
December 31, 2013		3,900,000				234,703				Derivative assets, at fair value
December 31, 2013		3,900,000				234,703				Derivative assets, at fair value
The following table presents information about the net realized and unrealized gain and loss on swap and cap contracts for the three months ended March 31, 2014 and 2013 on the Company's interest rate swap and cap contracts not designated as hedging instruments under ASC 815 (see Note 2 for additional information on the Company's purpose for entering into interest rate swaps and caps)(in thousands):


				Amount Recognized in Income on Derivatives
				Three Months Ended March 31,
Derivative Type		Location of Gain or (Loss) Recognized in Income on Derivative		2014				2013
Interest rate swaps and caps		Interest expense		$	(18,917	)		$	(21,956	)
Interest rate swaps and caps		Net realized gain (loss) on termination of swap and cap contracts		(9,323		)		8,630
Interest rate swaps and caps				(9,323		)		8,630
Interest rate swaps and caps		Net unrealized gain (loss) on swap and cap contracts		(16,240		)		23,417
Interest rate swaps and caps		Net unrealized gain (loss) on swap and cap contracts		(16,240		)		23,417
Interest rate swaps and caps		Total recognized in income on derivatives		$	(44,480	)		$	10,091
Interest rate swaps and caps		Total recognized in income on derivatives		$	(44,480	)		$	10,091
Credit Risk
At March 31, 2014 and December 31, 2013, the Company continued to have minimal exposure to credit losses on its mortgage assets by owning principally Agency RMBS. The payment of principal and interest on Agency RMBS is guaranteed by Freddie Mac, Fannie Mae or Ginnie Mae. In September 2008, both Freddie Mac and Fannie Mae were placed in the conservatorship of the United States government.
On August 5, 2011, Standard & Poor’s downgraded the U.S.’s credit rating to AA+ for the first time. Because Fannie Mae and Freddie Mac are in conservatorship of the U.S. government, the implied credit ratings of Agency RMBS guaranteed by Freddie Mac, Fannie Mae or Ginnie Mae were also downgraded to AA+. While this downgrade did not have a significant impact on the fair value of the Agency RMBS in the Company’s portfolio, it has increased the uncertainty regarding the credit risk of Agency RMBS.

Borrowings_Notes

Borrowings (Notes)	3 Months Ended
	Mar. 31, 2014
Short-term Debt [Abstract]	'
Borrowings	'
	BORROWINGS
	The Company leverages its portfolio through the use of repurchase agreements. Each of the borrowing vehicles used by the Company bears interest at floating rates based on a spread above or below the LIBOR. The fair value of borrowings under repurchase agreements approximates their carrying amount due to the short term nature of these financial instruments.
	Certain information with respect to the Company’s borrowings is summarized in the following tables. Each of the borrowings listed is contractually due in one year or less.


	(in thousands)	March 31, 2014			December 31, 2013

	Outstanding repurchase agreements	$	10,014,048		$	11,206,950

	Interest accrued thereon	$	3,079		$	7,204

	Weighted average borrowing rate	0.31		%	0.41		%
	Weighted average remaining maturity (in days)	43.4			39.9

	Fair value of the collateral(1)	$	10,440,488		$	11,760,720

	__________________

	-1	Collateral for repurchase agreements consisted of Agency RMBS and U.S. Treasury Securities.
	At March 31, 2014 and December 31, 2013, the Company did not have any borrowings under repurchase agreements where the amount at risk with an individual counterparty exceeded 10% of stockholders' equity.

Contingencies_Notes

Contingencies (Notes)	3 Months Ended
Contingencies (Notes)	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Contingencies	'
	COMMITMENTS AND CONTINGENCIES
	The Company enters into certain contracts that contain a variety of indemnifications, principally with broker dealers. As of March 31, 2014 and December 31, 2013, no claims have been asserted under these indemnification agreements. Accordingly, the Company has no liabilities recorded for these agreements as of March 31, 2014 and December 31, 2013.

Share_Capital_Notes

Share Capital (Notes)	3 Months Ended
Share Capital (Notes)	Mar. 31, 2014
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	SHARE CAPITAL
	The Company has authorized 500,000,000 shares of common stock having par value of $0.01 per share. As of March 31, 2014 and December 31, 2013, the Company had issued and outstanding 162,024,461 and 161,650,114 shares of common stock, respectively.
	The Company has authorized 50,000,000 shares of preferred stock having a par value of $0.01 per share. As of March 31, 2014 and December 31, 2013, 3,000,000 shares of 7.75% Series A Preferred Stock ($25.00 liquidation preference) were issued and outstanding. As of March 31, 2014, and December 31, 2013, 8,000,000 shares of 7.50% Series B Preferred Stock ($25.00 liquidation preference) were issued and outstanding. The Series A Preferred Stock and Series B Preferred Stock will not be redeemable before August 3, 2017 and April 30, 2018, respectively, except under circumstances where it is necessary to preserve the Company's qualification as a REIT, for federal income tax purposes or the occurrence of a change of control. On or after August 3, 2017 and April 30, 2018, the Company may, at its option, redeem any or all of the shares of the Series A Preferred Stock and Series B Preferred Stock, respectively, at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the respective redemption date. The Series A Preferred Stock and Series B Preferred Stock have no stated maturity and are not subject to any sinking fund or mandatory redemption.
	Equity Offerings
	On April 30, 2013, the Company closed a public offering of 8.0 million shares of its Series B Preferred Stock, liquidation preference of $25.00 per share, for total net proceeds of approximately $193.5 million, after the underwriting discount and commissions and expenses.
	Dividend Reinvestment and Direct Stock Purchase Plan (“DSPP”)
	The Company sponsors a dividend reinvestment and direct stock purchase plan through which stockholders may purchase additional shares of common stock by reinvesting some or all of the cash dividends received on shares of common stock. Stockholders may also make optional cash purchases of shares of common stock subject to certain limitations detailed in the plan prospectus. For the three months ended March 31, 2014 and 2013 the Company did not issue any shares under the plan. As of March 31, 2014 and December 31, 2013, there were approximately 4.1 million shares available for issuance under the plan.
	Restricted Stock Awards
	For the three months ended March 31, 2014 and 2013, the Company granted 0.4 million and 0.3 million shares of restricted stock, respectively, to certain of its directors, officers and employees.
	Equity Placement Program (“EPP”)
	On June 7, 2011, the Company entered into a sales agreement with JMP Securities LLC whereby the Company may, from time to time, publicly offer and sell up to 15.0 million shares of the Company’s common stock through at-the-market transactions and/or privately negotiated transactions. For the three months ended March 31, 2014 and 2013, the Company did not issue any shares under the plan. As of March 31, 2014 and December 31, 2013, approximately 3.1 million shares of common stock remained available for issuance and sale under the sales agreement.
	Share Repurchase Program
	On November 15, 2012, the Company announced that its board of directors had authorized the repurchase of shares of the Company’s common stock having an aggregate value of up to $250.0 million. For the three months ended March 31, 2014, the Company did not make any repurchases. For the three months ended March 31, 2013, the Company repurchased 0.6 million shares with a weighted average purchase price of $11.81 or approximately $7.6 million in the aggregate. As of March 31, 2014 the Company had approximately $134.3 million available for future repurchases under the program.

Subsequent_Events_Notes

Subsequent Events (Notes)	3 Months Ended
Subsequent Events (Notes)	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	SUBSEQUENT EVENTS
	On April 1, 2014, an aggregate of 13,587 shares of restricted common stock were granted to certain directors as a portion of their compensation for serving on the Company’s board of directors.
	The CPR of the Company’s Agency RMBS portfolio was approximately 7.6% for the month of April 2014.

Investment_Company_Accounting_

Investment Company Accounting Disclosures (Notes)	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Investment Holdings, Schedule of Investments [Text Block]	'
	INVESTMENT COMPANY ACCOUNTING DISCLOSURES
	The information in the below tables was required under investment company accounting for which the Company ceased to meet the criteria on January 1, 2014. However, as of December 31, 2013, the Company used investment company accounting under ASC 946 and the following schedules have been included to comply with ASC 946. See note 2 for more information.



	SCHEDULE OF INVESTMENTS
	DECEMBER 31, 2013
	INVESTMENTS IN SECURITIES – UNITED STATES OF AMERICA

	(in thousands)	Face Amount				Fair Value
	Fixed Income Securities - 784.0% (c)
	Mortgage Pass-Through Agency RMBS - 783.6% (c)
	Fannie Mae Pools - 679.5% (c)
	2.14%, due 2/1/2043 (a)(b)	$	87,600			$	87,892

	2.15%, due 10/1/2042 (a)(b)	40,103				40,356

	2.18%, due 11/1/2042 (a)(b)	29,015				29,160

	2.25%, due 10/1/2042 - 11/1/2042 (a)(b)	84,755				85,399

	2.33%, due 11/1/2042 (a)(b)	63,251				64,029

	2.36%, due 1/1/2043 (a)(b)	83,235				84,181

	2.40%, due 9/1/2042 - 10/1/2042 (a)(b)	51,272				51,974

	2.41%, due 11/1/2042 (a)(b)	62,378				63,235

	2.42%, due 9/1/2042 (a)(b)	19,388				19,677

	2.43%, due 7/1/2042 - 1/1/2043 (a)(b)	215,819				219,176

	2.44%, due 6/1/2042 (a)(b)	45,301				46,050

	2.50%, due 10/1/2042 (a)(b)	76,110				77,442

	2.52%, due 10/1/2042 (a)(b)	45,306				46,099

	2.57%, due 8/1/2042 (a)(b)	29,496				30,079

	2.60%, due 4/1/2042 (a)(b)	31,018				31,707

	2.70%, due 6/1/2042 (a)(b)	55,666				57,043

	2.78%, due 4/1/2042 (a)(b)	133,381				137,323

	2.80%, due 2/1/2042 - 4/1/2042 (a)(b)	84,553				87,096

	2.81%, due 2/1/2042 (a)(b)	25,550				26,361

	2.84%, due 12/1/2041 (a)(b)	43,963				45,398

	3.00%, due 2/1/2027 - 2/1/2029 (a)	4,839,617				4,943,083

	3.00%, due 12/1/2037 (a)	51,087				48,558

	3.00%, due 10/1/2042 (a)	42,107				39,556

	3.05%, due 9/1/2041 (a)(b)	28,001				28,987

	3.24%, due 3/1/2041 (a)(b)	11,485				11,969

3.37%, due 5/1/2041 - 8/1/2041 (a)(b)	34,796				36,423

3.50%, due 12/1/2025 - 1/1/2029 (a)	948,463				992,515

3.50%, due 6/1/2042 - 9/1/2043 (a)	1,872,351				1,862,400

3.97%, due 9/1/2039 (a)(b)	7,363				7,842

4.00%, due 1/1/2026 - 4/1/2026 (a)	229,778				243,561

4.00%, due 7/1/2043 - 2/1/2044 (a)	2,106,542				2,169,411

4.50%, due 4/1/2030 - 11/1/2030 (a)	84,730				90,796

4.50%, due 11/1/2041 (a)	200,955				212,988

Total Fannie Mae Pools	11,764,435				12,017,766

Freddie Mac Pools - 90.2% (c)


SCHEDULE OF INVESTMENTS
DECEMBER 31, 2013
INVESTMENTS IN SECURITIES – UNITED STATES OF AMERICA

(in thousands)	Face Amount				Fair Value
Fixed Income Securities - 784.0% (c)
Mortgage Pass-Through Agency RMBS - 783.6% (c)
2.20%, due 2/1/2043 (a)(b)	$	28,154			$	28,175

2.22%, due 12/1/2042 (a)(b)	42,719				42,887

2.30%, due 11/1/2042 (a)(b)	88,989				89,526

2.43%, due 6/1/2042 (a)(b)	34,581				35,224

2.44%, due 4/1/2043 (a)(b)	29,699				29,220

2.46%, due 7/1/2042 (a)(b)	39,112				39,771

2.52%, due 11/1/2042 (a)(b)	36,896				37,560

2.54%, due 7/1/2042 (a)(b)	33,904				34,563

2.55%, due 2/1/2043 (a)(b)	111,565				110,650

2.59%, due 3/1/2042 (a)(b)	29,871				30,638

2.79%, due 12/1/2041 (a)(b)	32,352				33,276

3.31%, due 1/1/2041 (a)(b)	27,151				28,537

3.50%, due 4/1/2026 - 2/1/2027 (a)	130,144				135,772

3.50%, due 5/1/2043 - 7/1/2043 (a)	428,429				425,633

4.00%, due 8/1/2043 - 2/1/2044 (a)	443,680				455,999

4.50%, due 12/1/2024 - 5/1/2025 (a)	35,497				37,736

Total Freddie Mac Pools	1,572,743				1,595,167

Ginnie Mae Pools - 13.9% (c)
3.00%, due 10/20/2028 (a)	154,038				158,293

3.50%, due 7/20/2040 (a)(b)	74,931				78,517

4.00%, due 1/20/2040 (a)(b)	8,650				9,105

Total Ginnie Mae Pools	237,619				245,915

Total Mortgage Pass-Through Agency RMBS (Cost - $13,923,271)	13,574,797				13,858,848

Other Investments - (Cost - $6,945) (d) 0.4% (c)	6,945				6,945

Total Investments in Securities (Cost - $13,930,216)	$	13,581,742			$	13,865,793





Interest Rate Cap Contracts - 13.3%(c)(e)
Expiration	Cap Rate			Notional Amount				Fair Value
10/15/15	1.43	%		$	300,000			$	164

11/8/15	1.36	%		200,000				145

5/23/19	2	%		300,000				12,853

6/1/19	1.75	%		300,000				14,679

6/29/19	1.5	%		300,000				16,539

7/2/19	1.5	%		300,000				16,970

7/16/19	1.25	%		500,000				31,335

3/26/20	1.25	%		500,000				41,322

3/30/20	1.25	%		700,000				57,785

5/20/20	1.25	%		500,000				42,911

Total Interest Rate Cap Contracts (Cost, $137,117)				$	3,900,000			$	234,703




SCHEDULE OF INVESTMENTS
DECEMBER 31, 2013
INVESTMENTS IN SECURITIES – UNITED STATES OF AMERICA


(in thousands)
Interest Rate Swap Contracts - 1.8%(c)(e)
Expiration	Pay Rate			Notional Amount				Fair Value
2/14/15	2.15	%		$	500,000			$	(10,255	)

6/2/16	1.94	%		300,000				(9,526		)

12/19/16	1.43	%		250,000				(4,255		)

4/24/17	1.31	%		500,000				(4,982		)

7/13/17	0.86	%		750,000				6,583

9/6/17	0.77	%		250,000				3,755

9/6/17	0.77	%		500,000				7,407

9/6/17	0.77	%		250,000				3,804

11/7/17	1.11	%		500,000				3,240

11/29/17	0.87	%		500,000				8,136

2/21/18	1.02	%		500,000				7,948

2/27/18	0.96	%		500,000				9,226

4/25/2018(f)	1.01	%		500,000				10,905

8/15/18	1.65	%		500,000				(440		)

Interest Rate Swap Contracts (Cost, $0)				$	6,300,000			$	31,546

__________________
LEGEND


(a)	Securities or a portion of the securities are pledged as collateral for repurchase agreements or interest rate swap contracts or forward settling transactions.

(b)	The coupon rate shown on floating or adjustable rate securities represents the rate at December 31, 2013.

(c)	Percentage of stockholders' equity.

(d)	Comprised of investments that were individually less than 1% of stockholders' equity.

(e)	The Company’s interest rate swap contracts receive a floating rate set quarterly to three month LIBOR. Interest rate caps receive a floating rate quarterly in the amount of three month LIBOR that is in excess of the cap rate.

(f)	The interest rate swap effective date is April 25, 2014, and it does not accrue any income or expense until that date.

FINANCIAL HIGHLIGHTS
In accordance with financial reporting requirements applicable to investment companies, the Company has included below certain financial highlight information for the three months ended March 31, 2013:


	Per Common Share
	Three Months Ended March 31, 2013
Net asset value, beginning of period	$	13.31

Net income (loss):
Net investment income	0.3			(a)

Net gain (loss) from investments and swap and cap contracts	(0.39		)	(a)
Net income (loss)	(0.09		)
Dividends on preferred stock	(0.01		)	(a)
Net income (loss) available to common shares	(0.10		)
Capital transactions:
Distributions to common stockholders	(0.32		)
Issuance/Repurchase of common and preferred shares and amortization of share based compensation	(0.02		)	(a)
Net decrease in net asset value from capital transactions	(0.34		)
Net asset value, end of period	$	12.87

Net asset value total return (%)(d)	(0.90		)%	(b)
Market value total return (%)	2.11		%	(b)
Ratios to Average Net Assets
Expenses before interest expense	0.94		%	(c)
Total expenses	3.49		%	(c)
Net investment income	8.91		%	(c)
__________________

(a)	Calculated based on average shares outstanding during the period. Average shares outstanding include vested and unvested restricted shares and differs from weighted average shares outstanding used in calculating EPS (see note 3).

(b)	Not computed on an annualized basis.

(c)	Computed on an annualized basis.

(d)	May also be referred to as common book value total return.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis Of Presentation	'
	Basis of Presentation
	The accompanying interim unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the instructions to Form 10-Q and Article 10, Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The interim unaudited consolidated financial statements should be read in conjunction with the Company’s audited financial statements as of and for the year ended December 31, 2013, included in its annual report on Form 10-K. The results for interim periods are not necessarily indicative of the results to be expected for the fiscal year.
	The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Clarification of the Scope of Audit and Accounting Guide Investment Companies (“ASC 946”), prior to its deferral in February 2008. Under ASC 946, the Company used financial reporting for investment companies. Accounting Standards Update No. 2013-08 impacted the Company by requiring entities that adopted Statement of Position ("SOP") 07-1 before the FASB’s indefinite deferral to assess whether they continue to be within the scope of ASC 946 as a result of amendments to ASC 946. The Company determined real estate investment trusts are excluded from the scope of ASC 946 and effective January 1, 2014, the Company discontinued use of investment company accounting.
Reclassification and Presentation	'
	Reclassification and Presentation
	Effective January 1, 2014, the Company discontinued its application of Topic 946. Upon transition, the following changes and elections were made:

	(i)	investments are now presented as available-for-sale securities in accordance with ASC Topic 320 Investments—Debt and Equity Securities,

	(ii)	management elected the Fair Value Option (“FVO”) under ASC 825 for all investments held. As a result of the FVO election, all changes in the fair value of investments held on January 1, 2014 will continue to be recorded in the Company’s unaudited consolidated statements of operations, and

	(iii)	the Company elected not to designate its derivatives as hedging instruments in accordance with ASC 815. As a result, all changes in the fair value of derivative instruments held on January 1, 2014 will also continue to be recorded in the Company’s consolidated statements of operations.
	The discontinuation of Topic 946 accounting changed the presentation of the Company's consolidated financial statements prospectively, the most significant of which are as follows:

	(i)	the schedule of investments has been replaced with the available-for-sale tables in the footnotes,

	(ii)	reformatted the statement of assets and liabilities to a consolidated balance sheet presentation,

	(iii)	reformatted the consolidated statements of operations to include the statement of comprehensive income (loss), as applicable,

	(iv)	reclassified net swap and cap interest expense into interest expense on the consolidated statements of operations,

	(v)	removed the statement of changes in net assets and included the consolidated statement of changes in stockholders’ equity,

	(vi)	reformatted the statement of cash flows and included an investing section,

	(vii)	changed certain footnotes to reflect conformity with applicable U.S. GAAP for non-investment companies,

	(viii)	included summary information on the amortization/accretion of bond premium/discounts
Principles of Consolidation	'
	Principles of Consolidation
	The unaudited consolidated financial statements include the accounts of the Company and all of its subsidiaries. The Company also considers the provisions of ASC Topic 810 on consolidation in determining whether consolidation is appropriate for any interests held in variable interest entities. All intercompany balances and transactions have been eliminated.
Segment Reporting	'
	Segment Reporting
	The Company operates as a single segment, reporting to the Chief Executive Officer, who manages the entire investment portfolio.
Use Of Estimates	'
	Use of Estimates
	The preparation of unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those management estimates.
Cash And Cash Equivalents	'
	Cash and Cash Equivalents
	Cash and cash equivalents include cash on hand, cash held in banks, and highly liquid investments with original maturities of three months or less. Interest income earned on cash and cash equivalents is recorded in other interest income.
Investments	'
	Investments in Securities
	The Company's securities are recorded in accordance with ASC 320. The Company has chosen to make a fair value election pursuant to ASC 825, Financial Instruments, for its securities, and therefore investment securities are recorded at fair market value on the consolidated balance sheets and the periodic changes in fair market value are recorded in current period earnings on the consolidated statements of operations as a component of net unrealized gain (loss) on investments. These investments generally meet the requirements to be classified as available-for-sale under ASC 320, which requires the securities to be carried at fair value on the balance sheet with changes in fair value charged to other comprehensive income, a component of stockholders’ equity. Electing the fair value option allows the Company to record changes in fair value in the consolidated statements of operations, which in management’s view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner.
Offsetting	'
	Offsetting
	Repurchase agreements and derivative contracts are entered into by the Company under Master Repurchase Agreements (“MRA”) and International Standard Derivative Agreements (“ISDA”). Pursuant to the terms of the MRA or ISDA, the Company receives or posts securities and/or cash as collateral with a market value that may be in excess of the purchase price to be paid or received by the Company upon the maturity of the transaction. Under repurchase agreements and derivatives, typically the Company and the counterparties are permitted to sell, re-pledge, or use the collateral associated with the transaction. MRAs and ISDAs may include provisions that permit the Company and/or a counterparty, under certain circumstances, including under defined events of default, to offset payables and/or receivables under transactions entered into pursuant to the terms of an MRA or ISDA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Company. However, bankruptcy or insolvency laws of a particular jurisdiction under which a counterparty may become subject in the event of an MRA or ISDA counterparty’s bankruptcy or insolvency may impose restrictions on or prohibitions against any such right of offset. Upon a bankruptcy or insolvency of an MRA or ISDA counterparty, the Company may be considered an unsecured creditor with respect to excess collateral pledged to the counterparty and, as such, the return of excess collateral may be delayed, the amount returned reduced, or otherwise prohibited, depending on the final determination and outcome of any such bankruptcy or insolvency proceedings. The Company reports amounts subject to its’ MRAs and ISDAs in the unaudited consolidated balance sheets on a gross basis without regard to such rights of offset.
	At March 31, 2014 and December 31, 2013, the Company's derivative assets and liabilities (by type) are as follows (in thousands):


	March 31, 2014		Assets				Liabilities
	Interest rate swap contracts		$	57,270			$	17,767
	Interest rate swap contracts		$	57,270			$	17,767
	Interest rate cap contracts		204,252				—
	Interest rate cap contracts		204,252				—
	Total derivative assets and liabilities in the consolidated balance sheet		261,522				17,767
			261,522				17,767
	Derivatives not subject to a master netting agreement or similar agreement ("MNA")		10,208				1,251
			10,208				1,251
	Total assets and liabilities subject to a MNA		$	251,314			$	16,516
	Total assets and liabilities subject to a MNA		$	251,314			$	16,516

	December 31, 2013		Assets				Liabilities
	Interest rate swap contracts		$	61,004			$	29,458
	Interest rate swap contracts		$	61,004			$	29,458
	Interest rate cap contracts		234,703				—
	Interest rate cap contracts		234,703				—
	Total derivative assets and liabilities in the consolidated balance sheet		295,707				29,458
			295,707				29,458
	Derivatives not subject to a master netting agreement or similar agreement ("MNA")		11,188				440
			11,188				440
	Total assets and liabilities subject to a MNA		$	284,519			$	29,018
	Total assets and liabilities subject to a MNA		$	284,519			$	29,018
	Below is a summary of the Company's assets subject to offsetting provisions (in thousands):


									Gross Amounts Not Offset in the Consolidated Balance Sheet
	As of		Description		Amounts of Assets Presented in the Consolidated Balance Sheet				Instruments Available for Offset		Collateral Received(1)		Net Amount(2)
	March 31, 2014		Derivative assets		$	251,314			$	7,969	$	216,836	$	26,509
	March 31, 2014		Derivative assets		$	251,314			$	7,969	$	216,836	$	26,509
	December 31, 2013		Derivative assets		284,519				9,237		244,721		30,561
	December 31, 2013		Derivative assets		284,519				9,237		244,721		30,561

	-1	Collateral consists of Agency RMBS, U.S. Treasuries and cash. Excess collateral received is not shown for financial reporting purposes.

	-2	Net amount represents the net amount receivable from the counterparty in the event of default.
	Below is a summary of the Company's liabilities subject to offsetting provisions (in thousands):


									Gross Amounts Not Offset in the Consolidated Balance Sheet
	As of		Description		Amounts of Liabilities Presented in the Consolidated Balance Sheet				Instruments Available for Offset		Collateral Pledged(1)		Net Amount(2)
	31-Mar-14		Derivative liabilities		$	16,516			$	7,969	$	8,547	$	—
	31-Mar-14		Derivative liabilities		$	16,516			$	7,969	$	8,547	$	—
	31-Mar-14		Repurchase agreements		10,014,048				—		10,014,048		—
	31-Mar-14		Repurchase agreements		10,014,048				—		10,014,048		—
	31-Dec-13		Derivative liabilities		29,018				9,237		19,781		—
	31-Dec-13		Derivative liabilities		29,018				9,237		19,781		—
	31-Dec-13		Repurchase agreements		11,206,950				—		11,206,950		—
	31-Dec-13		Repurchase agreements		11,206,950				—		11,206,950		—

	-1	Collateral consists of Agency RMBS, U.S. Treasuries and cash. Further detail of collateral pledged on repurchase agreements is disclosed in note 5. Excess collateral pledged is not shown for financial reporting purposes.

	-2	Net amount represents the net amount payable from the counterparty in the event of default.
Interest Rate Swap And Cap Contracts	'
	Interest Rate Swap and Cap Contracts
	The Company utilizes interest rate swaps and caps to hedge the interest rate risk associated with financing its portfolio. The Company does not designate interest rate swaps and caps as cash flow or fair value hedges under GAAP. Specifically, the Company seeks to hedge the exposure to potential interest rate mismatches between the interest earned on investments and the borrowing costs caused by fluctuations in short term interest rates. In a simple interest rate swap, one investor pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, an investor may pay a fixed rate and receive a floating rate. In a simple interest rate cap, one investor pays a premium for a notional principal amount based on a capped interest rate (the “cap rate”). If the floating interest rate (the “floating rate”) exceeds the cap rate, the investor receives a payment from the cap counterparty equal to the difference between the floating rate and the cap rate on the same notional principal amount for a specified period of time. Alternatively, an investor may receive a premium and pay the difference in cap rate and floating rate.
	During the term of the interest rate swap or cap, the Company makes or receives periodic payments and unrealized gains or losses are recorded as a result of marking the swap and cap to their fair value. When the swap or cap is terminated, the Company records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Company’s cost basis in the contract, if any. The periodic payments and amortization of premiums on cap contracts are reported under interest expense in the unaudited consolidated statements of operations. Swaps involve a risk that interest rates will move contrary to the Company’s expectations, thereby increasing the Company’s payment obligation.
	The Company's interest rate swap and cap contracts are subject to master netting arrangements. The Company is exposed to credit loss in the event of nonperformance by the counterparty to the swap or cap limited to the fair value of collateral posted in excess of the fair value of the contract in a net liability position and the shortage of the fair value of collateral posted for the contract in a net asset position. As of March 31, 2014 and December 31, 2013, the Company did not anticipate nonperformance by any counterparty. Should interest rates move unexpectedly, the Company may not achieve the anticipated benefits of the interest rate swap or cap and may realize a loss.
Investment Valuation	'
	Investment Valuation
	The Company has established a pricing committee responsible to establish valuation policies and procedures as well as approve valuations monthly at a pricing meeting. The pricing committee is composed of individuals from the accounting team, the investment team and senior management.
	Agency RMBS, Agency Debentures and U.S. Treasury Securities are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may also use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security.
	Interest rate swaps and caps are generally valued using prices provided by broker quotations. Such broker quotations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows are discounted to their present value using swap rates provided by electronic data services or by brokers. No credit valuation adjustments were made in determining the fair value of the Company's interest rate swaps and caps.
	Fair values of long-lived assets, including real estate, are primarily derived internally and are based on inputs observed from sales transactions for similar assets. For real estate, fair values are based on discounted cash flow estimates which reflect current and projected lease profiles and available industry information about capitalization rates and expected trends in rents and occupancy.
	All valuations received from third party pricing services or broker quotes are non-binding. All prices are reviewed by the Company. To date, the Company has not adjusted any of the prices received from third party pricing services or brokers. This review includes comparisons of similar market transactions, alternative third party pricing services and broker quotes, or comparisons to a pricing model. To ensure the proper fair value hierarchy, the Company reviews the third party pricing services' methodology to understand whether observable or unobservable inputs are being used.
Agency RMBS	'
	Agency RMBS
	The Company’s investments in Agency RMBS consist of pass-through certificates backed by fixed rate, monthly reset adjustable-rate loans (“ARMs”) and hybrid ARMs, the principal and interest of which are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. Hybrid ARMs have interest rates that have an initial fixed period (typically three, five, seven or ten years) and thereafter reset at regular intervals in a manner similar to ARMs.
Forward Settling Transactions	'
	Forward Settling Transactions
	The Company engages in forward settling transactions to purchase certain securities. The Company records forward settling transactions on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment on the settlement date for the securities purchased. Securities purchased on a forward settling basis are carried at fair value and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract. Among other forward settling transactions, the Company from time to time transacts in to-be-announced securities (“TBAs”). As with other forward settling transactions, a seller agrees to issue TBAs at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Company agrees to accept any security that meets specified terms such as issuer, interest rate and terms of underlying mortgages. The Company records TBAs on the trade date utilizing information associated with the specified terms of the transaction as opposed to the specific mortgages. TBAs are carried at fair value and begin earning interest on the settlement date. Losses may occur due to the fact that the actual underlying mortgages received may be less favorable than those anticipated by the Company.
	As of March 31, 2014 and December 31, 2013, the Company pledged Agency RMBS with a fair value of $3.6 million and $12.3 million, respectively, on its open forward settling transactions.
Repurchase Agreements	'
	Repurchase Agreements
	Repurchase agreements are borrowings collateralized by the Company’s Agency RMBS and carried at their amortized cost, which approximates their fair value due to their short-term nature, generally 30-90 days. The Company’s repurchase agreement counterparties are large institutional dealers in fixed income securities. Collateral is valued daily and counterparties may require additional collateral when the fair value of the collateral declines. Counterparties have the right to sell or repledge collateral pledged for repurchase agreements.
Investment Transactions And Income	'
	Investment Transactions and Income
	The Company records its transactions in securities on a trade date basis. Realized gains and losses on securities transactions are recorded on an identified cost basis. Interest income and expense are recorded on the accrual basis. Interest income is accrued based on outstanding principal amount of the securities and their contractual terms. Amortization of premium and accretion of discount are recorded using the yield to maturity method, and are included in interest income from Agency RMBS in the consolidated statements of operations. The Company does not estimate prepayments when calculating the yield to maturity on Agency RMBS. The amount of premium or discount associated with a prepayment is recorded through interest income from Agency RMBS on the unaudited consolidated statements of operations as they occur.
Compensation And Benefits	'
	Compensation and Benefits
	Included in the Company’s compensation and benefits are salaries, incentive compensation, benefits, and share based compensation. The Company accounts for share based compensation using the fair value based methodology prescribed by ASC 718, Share-Based Payment (“ASC 718”). Compensation cost related to restricted common stock issued is measured at its estimated fair value at the grant date and recognized as expense over the vesting period.
Income Taxes	'
	Income Taxes
	The Company has elected to be taxed as a REIT and intends to continue to comply with provisions of the Code with respect thereto. As a REIT, the Company generally will not be subject to federal or state income tax on income that it currently distributes to its stockholders. To maintain its qualification as a REIT, the Company must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other tests relating to assets and income.
Earnings Per Share ("EPS")	'
	Earnings Per Share (“EPS”)
	Basic EPS is computed using the two class method by dividing net income (loss), after adjusting for the impact of unvested stock awards deemed to be participating securities, by the weighted average number of common shares outstanding calculated excluding unvested stock awards. Diluted EPS is computed by dividing net income (loss), after adjusting for the impact of unvested stock awards deemed to be participating securities, by the weighted average number of common shares outstanding calculated excluding unvested stock awards, giving effect to common stock options and warrants, if they are not anti-dilutive. See Note 3 for EPS computations.

Significant_Accounting_Policie2

Significant Accounting Policies Derivative assets and liabilities by type (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative assets and liabilities by type [Abstract]	'
Schedule of Derivative Instruments [Table Text Block]	'
	At March 31, 2014 and December 31, 2013, the Company's derivative assets and liabilities (by type) are as follows (in thousands):


	March 31, 2014	Assets		Liabilities
	Interest rate swap contracts	$	57,270	$	17,767

	Interest rate cap contracts	204,252		—

	Total derivative assets and liabilities in the consolidated balance sheet	261,522		17,767

	Derivatives not subject to a master netting agreement or similar agreement ("MNA")	10,208		1,251

	Total assets and liabilities subject to a MNA	$	251,314	$	16,516


	December 31, 2013	Assets		Liabilities
	Interest rate swap contracts	$	61,004	$	29,458

	Interest rate cap contracts	234,703		—

	Total derivative assets and liabilities in the consolidated balance sheet	295,707		29,458

	Derivatives not subject to a master netting agreement or similar agreement ("MNA")	11,188		440

	Total assets and liabilities subject to a MNA	$	284,519	$	29,018

Significant_Accounting_Policie3

Significant Accounting Policies Assets Subject to Offsetting Provisions (Tables)	3 Months Ended
	Mar. 31, 2014
Offsetting [Abstract]	'
Assets subject to offsetting provisions [Table Text Block]	'
	Below is a summary of the Company's assets subject to offsetting provisions (in thousands):


						Gross Amounts Not Offset in the Consolidated Balance Sheet
	As of		Description	Amounts of Assets Presented in the Consolidated Balance Sheet		Instruments Available for Offset		Collateral Received(1)		Net Amount(2)
	March 31, 2014		Derivative assets	$	251,314	$	7,969	$	216,836	$	26,509

	December 31, 2013		Derivative assets	284,519		9,237		244,721		30,561


	-1	Collateral consists of Agency RMBS, U.S. Treasuries and cash. Excess collateral received is not shown for financial reporting purposes.

	-2	Net amount represents the net amount receivable from the counterparty in the event of default.

Significant_Accounting_Policie4

Significant Accounting Policies Offsetting Liabilities (Tables)	3 Months Ended
	Mar. 31, 2014
Offsetting Liabilities [Abstract]	'
Offsetting Liabilities [Table Text Block]	'
	Below is a summary of the Company's liabilities subject to offsetting provisions (in thousands):


						Gross Amounts Not Offset in the Consolidated Balance Sheet
	As of		Description	Amounts of Liabilities Presented in the Consolidated Balance Sheet		Instruments Available for Offset		Collateral Pledged(1)		Net Amount(2)
	31-Mar-14		Derivative liabilities	$	16,516	$	7,969	$	8,547	$	—

	31-Mar-14		Repurchase agreements	10,014,048		—		10,014,048		—

	31-Dec-13		Derivative liabilities	29,018		9,237		19,781		—

	31-Dec-13		Repurchase agreements	11,206,950		—		11,206,950		—


	-1	Collateral consists of Agency RMBS, U.S. Treasuries and cash. Further detail of collateral pledged on repurchase agreements is disclosed in note 5. Excess collateral pledged is not shown for financial reporting purposes.

	-2	Net amount represents the net amount payable from the counterparty in the event of default.

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Schedule Of Computation Of Basic And Diluted Earnings Per Share	'
	Components of the computation of basic and diluted EPS were as follows (in thousands except per share amounts):


		Three Months Ended March 31,
		2014			2013
	Net income (loss)	$	130,687		$	(16,203	)

	Less preferred stock dividends	(5,203		)	(1,453		)
	Net income (loss) available to common shares	125,484			(17,656		)

	Less dividends paid:
	Common shares	(51,515		)	(55,587		)
	Unvested shares	(334		)	(285		)
	Undistributed earnings (loss)	73,635			(73,528		)

	Basic weighted average shares outstanding:
	Common shares	160,936			174,134

	Basic earnings (loss) per common share:
	Distributed earnings	$	0.32		$	0.32

	Undistributed earnings (loss)	0.46			(0.42		)

	Basic earnings (loss) per common share	$	0.78		$	(0.10	)

	Diluted weighted average shares outstanding:
	Common shares	160,936			174,134

	Net effect of dilutive stock options (1)	—			—

		160,936			174,134

	Diluted earnings (loss) per common share:
	Distributed earnings	$	0.32		$	0.32

	Undistributed earnings (loss)	0.46			(0.42		)

	Diluted earnings (loss) per common share	$	0.78		$	(0.10	)

	__________________

	-1	For the three months ended March 31, 2014 and 2013, the Company had an aggregate of 131 stock options outstanding with a weighted average exercise price of $30.00 that were not included in the calculation of EPS, as their inclusion would have been anti-dilutive. These instruments may have a dilutive impact on future EPS.

Investments_In_Securities_And_1

Investments In Securities And Interest Rate Swap And Cap Contracts (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative, Fair Value, Net [Abstract]	'
Assets And Liabilities Measured At Fair Value On A Recurring Basis	'
	The following tables provide a summary of the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 (in thousands):


	March 31, 2014	Fair Value Measurements Using
		Level 1				Level 2				Level 3				Total
	Assets
	Agency RMBS	$	—			$	11,770,423			$	—			$	11,770,423
	Agency RMBS	$	—			$	11,770,423			$	—			$	11,770,423
	U.S. Treasury Securities	1,537,312				—				—				1,537,312
	U.S. Treasury Securities	1,537,312				—				—				1,537,312
	Other Investments	—				—				6,945				6,945
	Other Investments	—				—				6,945				6,945
	Derivative assets	—				261,522				—				261,522
	Derivative assets	—				261,522				—				261,522
	Total	$	1,537,312			$	12,031,945			$	6,945			$	13,576,202
	Total	$	1,537,312			$	12,031,945			$	6,945			$	13,576,202
	Liabilities
	Derivative liabilities	$	—			$	17,767			$	—			$	17,767
	Derivative liabilities	$	—			$	17,767			$	—			$	17,767


	December 31, 2013	Fair Value Measurements Using
		Level 1				Level 2				Level 3				Total
	Assets
	Agency RMBS	$	—			$	13,858,848			$	—			$	13,858,848
	Agency RMBS	$	—			$	13,858,848			$	—			$	13,858,848
	Other investments	—				—				6,945				6,945
	Other investments	—				—				6,945				6,945
	Derivative assets	—				295,707				—				295,707
	Derivative assets	—				295,707				—				295,707
	Total	$	—			$	14,154,555			$	6,945			$	14,161,500
	Total	$	—			$	14,154,555			$	6,945			$	14,161,500
	Liabilities
	Derivative liabilities	$	—			$	29,458			$	—			$	29,458
	Derivative liabilities	$	—			$	29,458			$	—			$	29,458
Level 3 Fair Value Reconciliation	'
	Level 3 Fair Value Reconciliation


	(In thousands)	Three Months Ended March 31,
	Other investments	2014				2013
	Beginning balance level 3 assets	$	6,945			$	19,576
	Beginning balance level 3 assets	$	6,945			$	19,576
	Cash payments recorded as a reduction of cost basis	—				(236		)
	Cash payments recorded as a reduction of cost basis	—				(236		)
	Change in net unrealized gain (loss)	—				(5,518		)
	Change in net unrealized gain (loss)	—				(5,518		)
	Net sales	—				(10,455		)
	Net sales	—				(10,455		)
	Net gain (loss) on sales	—				5,128
	Net gain (loss) on sales	—				5,128
	Transfers into (out of) level 3	—				—
	Transfers into (out of) level 3	—				—
	Ending balance level 3 assets	$	6,945			$	8,495
	Ending balance level 3 assets	$	6,945			$	8,495

Available-for-sale Securities	'
	The available-for-sale portfolio consisted of the following (in thousands):


	March 31, 2014
	March 31, 2014
	Asset Type		Amortized Cost				Gross Unrealized Loss				Gross Unrealized Gain				Fair Value
	Fannie Mae Certificates
	Fixed Rate		$	8,782,160			$	(24,538	)		$	73,002			$	8,830,624
	Fixed Rate		$	8,782,160			$	(24,538	)		$	73,002			$	8,830,624
	ARMs		1,393,752				(22,386		)		2,974				1,374,340
	ARMs		1,393,752				(22,386		)		2,974				1,374,340
	Total Fannie Mae		10,175,912				(46,924		)		75,976				10,204,964
	Total Fannie Mae		10,175,912				(46,924		)		75,976				10,204,964
	Freddie Mac Certificates
	Fixed Rate		785,234				(96		)		10,988				796,126
	Fixed Rate		785,234				(96		)		10,988				796,126
	ARMs		540,099				(12,527		)		1,170				528,742
	ARMs		540,099				(12,527		)		1,170				528,742
	Total Freddie Mac		1,325,333				(12,623		)		12,158				1,324,868
	Total Freddie Mac		1,325,333				(12,623		)		12,158				1,324,868
	Ginnie Mae Certificates
	Fixed Rate		155,994				—				1,038				157,032
	Fixed Rate		155,994				—				1,038				157,032
	ARMs		81,756				—				1,803				83,559
	ARMs		81,756				—				1,803				83,559
	Total Ginnie Mae		237,750				—				2,841				240,591
	Total Ginnie Mae		237,750				—				2,841				240,591
	U.S. Treasury Securities		1,543,928				(6,616		)		—				1,537,312
	U.S. Treasury Securities		1,543,928				(6,616		)		—				1,537,312
	Other Investments		6,945				—				—				6,945
	Other Investments		6,945				—				—				6,945
	Total		$	13,289,868			$	(66,163	)		$	90,975			$	13,314,680
	Total		$	13,289,868			$	(66,163	)		$	90,975			$	13,314,680

	December 31, 2013
	Fannie Mae Certificates
	Fixed Rate		$	10,629,503			$	(72,295	)		$	45,660			$	10,602,868
	Fixed Rate		$	10,629,503			$	(72,295	)		$	45,660			$	10,602,868
	ARMs		1,439,379				(27,277		)		2,796				1,414,898
	ARMs		1,439,379				(27,277		)		2,796				1,414,898
	Total Fannie Mae		12,068,882				(99,572		)		48,456				12,017,766
	Total Fannie Mae		12,068,882				(99,572		)		48,456				12,017,766
	Freddie Mac Certificates
	Freddie Mac Certificates
	Fixed Rate		1,055,991				(7,083		)		6,231				1,055,139
	Fixed Rate		1,055,991				(7,083		)		6,231				1,055,139
	ARMs		554,395				(15,701		)		1,334				540,028
	ARMs		554,395				(15,701		)		1,334				540,028
	Total Freddie Mac		1,610,386				(22,784		)		7,565				1,595,167
	Total Freddie Mac		1,610,386				(22,784		)		7,565				1,595,167
	Ginnie Mae Certificates
	Fixed Rate		158,792				(500		)		—				158,292
	Fixed Rate		158,792				(500		)		—				158,292
	ARMs		85,211				—				2,412				87,623
	ARMs		85,211				—				2,412				87,623
	Total Ginnie Mae		244,003				(500		)		2,412				245,915
	Total Ginnie Mae		244,003				(500		)		2,412				245,915
	Other Investments		6,945				—				—				6,945
	Other Investments		6,945				—				—				6,945
	Total		$	13,930,216			$	(122,856	)		$	58,433			$	13,865,793
	Total		$	13,930,216			$	(122,856	)		$	58,433			$	13,865,793
	The following table presents the gross unrealized loss and fair values of our available-for-sale agency securities by length of time that such securities have been in a continuous unrealized loss position as of March 31, 2014 and December 31, 2013 (in thousands):


		Unrealized loss positions for
		Less than 12 Months								Greater than 12 months							Total
As of		Fair value				Unrealized loss				Fair value				Unrealized loss			Fair value		Unrealized loss
March 31, 2014		$	5,538,071			$	(36,108	)		$	912,847			$	(30,055	)	$	6,450,918	$	(66,163	)
March 31, 2014		$	5,538,071			$	(36,108	)		$	912,847			$	(30,055	)	$	6,450,918	$	(66,163	)
December 31, 2013		8,415,016				(107,018		)		408,348				(15,837		)	8,823,364		(122,855		)
December 31, 2013		8,415,016				(107,018		)		408,348				(15,837		)	8,823,364		(122,855		)

The following table is a summary of our net gain (loss) from the sale of available-for-sale investments for the three months ended March 31, 2014 and 2013 (in thousands):


		Three Months Ended March 31,
		2014				2013
Available-for-sale investments, at cost		$	7,771,414			$	11,507,590
Available-for-sale investments, at cost		$	7,771,414			$	11,507,590
Proceeds from available-for-sale investments sold		7,788,084				11,554,270
Proceeds from available-for-sale investments sold		7,788,084				11,554,270
Net gain on sale of available-for-sale investments		16,670				46,680
Net gain on sale of available-for-sale investments		16,670				46,680

Gross gain on sale of available-for-sale investments		51,142				67,017
Gross gain on sale of available-for-sale investments		51,142				67,017
Gross loss on sale of available-for-sale investments		(34,472		)		(20,337		)
Net gain on sale of available-for-sale investments		$	16,670			$	46,680
Net gain on sale of available-for-sale investments		$	16,670			$	46,680

The components of the carrying value of available-for-sale securities at March 31, 2014 and December 31, 2013 are presented below. The premium purchase price is due to the average coupon interest rates on these investments being higher than prevailing market rates, and conversely, the discount purchase price is due to the average coupon interest rates on these investments being lower than prevailing market rates. As of March 31, 2014, the weighted average coupon interest rate on the Company's Agency RMBS and U.S. Treasury Securities was 3.27% and 1.50%, respectively. As of December 31, 2013, the weighed average coupon interest rate on the Company's Agency RMBS was 3.30%.


(in thousands)		March 31, 2014				December 31, 2013
Principal balance		$	12,961,926			$	13,581,742
Principal balance		$	12,961,926			$	13,581,742
Unamortized premium		335,349				351,476
Unamortized premium		335,349				351,476
Unamortized discount		(7,407		)		(3,002		)
Gross unrealized gains		90,975				58,433
Gross unrealized gains		90,975				58,433
Gross unrealized losses		(66,163		)		(122,856		)
Fair value		$	13,314,680			$	13,865,793
Fair value		$	13,314,680			$	13,865,793
Summary Of Interest Rate Swap And Cap Contracts	'
	In order to mitigate its interest rate exposure, the Company enters into interest rate swap and cap contracts. The Company had the following activity in interest rate swap and cap transactions during the three months ended March 31, 2014 and 2013 (in thousands):


	Three Months Ended March 31, 2014								Three Months Ended March 31, 2013
	Trade Date		Transaction		Notional				Trade Date		Transaction		Notional
	Feb-14		Terminated		$	(500,000	)		Feb-13		Opened		$	1,500,000
	Feb-14		Terminated		$	(500,000	)		Feb-13		Opened		$	1,500,000
	Net Decrease				$	(500,000	)		Mar-13		Terminated		(500,000		)
									Mar-13		Opened		1,200,000
									Mar-13		Opened		1,200,000
									Net Increase				$	2,200,000
									Net Increase				$	2,200,000
	As of March 31, 2014 and December 31, 2013, the Company had pledged Agency RMBS and U.S. Treasury Securities with a fair value of $38.5 million and $63.0 million, respectively, as collateral on interest rate swap and cap contracts. As of March 31, 2014 the Company had Agency RMBS and U.S. Treasury Securities of $186.9 million and cash of $38.0 million pledged to it as collateral for its interest rate swap and cap contracts. As of December 31, 2013 the Company had Agency RMBS and U.S. Treasury Securities of $211.4 million and cash of $37.9 million pledged to it as collateral for its interest rate cap contract
Schedule Of Notional Amount And Fair Value Of Derivatives	'
	. Below is a summary of our interest rate swap and cap contracts open as of March 31, 2014 and December 31, 2013 (in thousands):


	Derivatives not designated as hedging instruments under ASC 815
	Interest Rate Swap Contracts		Notional Amount				Fair Value				Consolidated Balance Sheets
	March 31, 2014		$	1,550,000			$	(17,767	)		Derivative liabilities, at fair value
	March 31, 2014		$	1,550,000			$	(17,767	)		Derivative liabilities, at fair value
	March 31, 2014		4,250,000				57,270				Derivative assets, at fair value
	March 31, 2014		4,250,000				57,270				Derivative assets, at fair value
	December 31, 2013		2,050,000				(29,458		)		Derivative liabilities, at fair value
	December 31, 2013		2,050,000				(29,458		)		Derivative liabilities, at fair value
	December 31, 2013		4,250,000				61,004				Derivative assets, at fair value
	December 31, 2013		4,250,000				61,004				Derivative assets, at fair value

	Interest Rate Cap Contracts		Notional Amount				Fair Value				Consolidated Balance Sheets
	March 31, 2014		$	3,900,000			$	204,252			Derivative assets, at fair value
	March 31, 2014		$	3,900,000			$	204,252			Derivative assets, at fair value
	December 31, 2013		3,900,000				234,703				Derivative assets, at fair value
	December 31, 2013		3,900,000				234,703				Derivative assets, at fair value
	The following table presents information about the net realized and unrealized gain and loss on swap and cap contracts for the three months ended March 31, 2014 and 2013 on the Company's interest rate swap and cap contracts not designated as hedging instruments under ASC 815 (see Note 2 for additional information on the Company's purpose for entering into interest rate swaps and caps)(in thousands):


					Amount Recognized in Income on Derivatives
					Three Months Ended March 31,
	Derivative Type		Location of Gain or (Loss) Recognized in Income on Derivative		2014				2013
	Interest rate swaps and caps		Interest expense		$	(18,917	)		$	(21,956	)
	Interest rate swaps and caps		Net realized gain (loss) on termination of swap and cap contracts		(9,323		)		8,630
	Interest rate swaps and caps				(9,323		)		8,630
	Interest rate swaps and caps		Net unrealized gain (loss) on swap and cap contracts		(16,240		)		23,417
	Interest rate swaps and caps		Net unrealized gain (loss) on swap and cap contracts		(16,240		)		23,417
	Interest rate swaps and caps		Total recognized in income on derivatives		$	(44,480	)		$	10,091
	Interest rate swaps and caps		Total recognized in income on derivatives		$	(44,480	)		$	10,091

Borrowings_Tables

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2014
Short-term Debt [Abstract]	'
Schedule Of Company's Borrowings	'
	Certain information with respect to the Company’s borrowings is summarized in the following tables. Each of the borrowings listed is contractually due in one year or less.


	(in thousands)	March 31, 2014			December 31, 2013

	Outstanding repurchase agreements	$	10,014,048		$	11,206,950

	Interest accrued thereon	$	3,079		$	7,204

	Weighted average borrowing rate	0.31		%	0.41		%
	Weighted average remaining maturity (in days)	43.4			39.9

	Fair value of the collateral(1)	$	10,440,488		$	11,760,720

	__________________

	-1	Collateral for repurchase agreements consisted of Agency RMBS and U.S. Treasury Securities.

Investment_Company_Accounting_1

Investment Company Accounting Disclosures (Tables)	3 Months Ended
	Mar. 31, 2014
cys_FinancialHighlights [Line Items]	'
cys_FinancialHighlights [Table Text Block]	'
	In accordance with financial reporting requirements applicable to investment companies, the Company has included below certain financial highlight information for the three months ended March 31, 2013:


		Per Common Share
		Three Months Ended March 31, 2013
	Net asset value, beginning of period	$	13.31

	Net income (loss):
	Net investment income	0.3			(a)

	Net gain (loss) from investments and swap and cap contracts	(0.39		)	(a)
	Net income (loss)	(0.09		)
	Dividends on preferred stock	(0.01		)	(a)
	Net income (loss) available to common shares	(0.10		)
	Capital transactions:
	Distributions to common stockholders	(0.32		)
	Issuance/Repurchase of common and preferred shares and amortization of share based compensation	(0.02		)	(a)
	Net decrease in net asset value from capital transactions	(0.34		)
	Net asset value, end of period	$	12.87

	Net asset value total return (%)(d)	(0.90		)%	(b)
	Market value total return (%)	2.11		%	(b)
	Ratios to Average Net Assets
	Expenses before interest expense	0.94		%	(c)
	Total expenses	3.49		%	(c)
	Net investment income	8.91		%	(c)
	__________________

	(a)	Calculated based on average shares outstanding during the period. Average shares outstanding include vested and unvested restricted shares and differs from weighted average shares outstanding used in calculating EPS (see note 3).

	(b)	Not computed on an annualized basis.

	(c)	Computed on an annualized basis.

	(d)	May also be referred to as common book value total return.

Organization_Details

Organization (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Apr. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'	'	'
Series A Cumulative Redeemable Preferred Stock, liquidation preference per share	$25	$25	$25

Significant_Accounting_Policie5

Significant Accounting Policies (Details) (USD $)	3 Months Ended
Significant Accounting Policies (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
Significant Accounting Policies [Line Items]	'		'
Derivative Asset, Current	$57,270,000		$61,004,000
Derivative Liability, Current	17,767,000		29,458,000
Interest rate cap, asset position	204,252,000		234,703,000
Interest rate cap, liability position	0		0
Derivative Asset	261,522,000	[1],[2]	295,707,000	[1],[2]
Interest Rate Derivative Liabilities, at Fair Value	17,767,000	[1],[2]	29,458,000	[1],[2]
Derivative Asset, Not Subject to Master Netting Arrangement	10,208,000		11,188,000
Derivative Liability, Not Subject to Master Netting Arrangement	1,251,000		440,000
DerivativeAssetSubjectToMasterNettingArrangement	251,314,000		284,519,000
DerivativeLiabilitySubjectToMasterNettingArrangement	16,516,000		29,018,000
Derivative Asset, Fair Value, Gross Asset	251,314,000		284,519,000
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	7,969,000		9,237,000
Fair Value of Securities Received as Collateral that Have Been Resold or Repledged	216,836,000		244,721,000
Derivative Asset, Fair Value, Amount Offset Against Collateral	26,509,000		30,561,000
NetDerivativeLiability	16,516,000		29,018,000
InstrumentsAvailableToOffsetDerivativeLiability	7,969,000		9,237,000
Derivative Liability, Fair Value of Collateral	8,547,000	[3]	19,781,000	[3]
Derivative Liability, Fair Value, Amount Offset Against Collateral	0	[4]	0	[4]
SecuritiesSoldUnderAgreementsNotOffsetAgainstCollateral	0	[4]	0	[4]
InstrumentsAvailableToOffsetRepoLiability	0		0
Repurchase agreements	10,014,048,000	[3]	11,206,950,000	[2],[3]
Percentage Of Reit Taxable Income That Must Be Distributed To Stockholders	90.00%		'
Agency RMBS [Member]	'		'
Significant Accounting Policies [Line Items]	'		'
Security Owned and Pledged as Collateral, Fair Value	$3,600,000		$12,300,000
Minimum [Member]	'		'
Significant Accounting Policies [Line Items]	'		'
Repurchase agreement period (in days)	30		'
Maximum [Member]	'		'
Significant Accounting Policies [Line Items]	'		'
Repurchase agreement period (in days)	90		'

[1]	Derived from audited financial statements.
[2]	Previously reported under specialized accounting, Topic 946, investment company accounting. See note 2 to consolidated financial statements.
[3]	Collateral consists of Agency RMBS, U.S. Treasuries and cash. Further detail of collateral pledged on repurchase agreements is disclosed in note 5. Excess collateral pledged is not shown for financial reporting purposes.
[4]	Net amount represents the net amount payable from the counterparty in the event of default.

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]	'		'
Net income	$130,687		($16,203)	[1]
Less preferred stock dividends	-5,203		-1,453	[1]
Net income (loss) available to common shares	125,484		-17,656	[1]
Common shares	-51,515		-55,587
Unvested shares	-334		-285
Undistributed earnings (loss)	$73,635		($73,528)
Common shares	160,936,000		174,134,000
Distributed earnings	$0.32		$0.32
Undistributed earnings (loss)	$0.46		($0.42)
Basic earnings (loss) per common share	$0.78		($0.10)
Net effect of dilutive stock options (1)	0	[2]	0	[2]
Diluted weighted average shares outstanding	160,936,000		174,134,000
Distributed earnings	$0.32		$0.32
Undistributed earnings (loss)	$0.46		($0.42)
Diluted earnings (loss) per common share	$0.78		($0.10)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	131,088		131,088
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price	$30		$30

[1]	Previously reported under specialized accounting, Topic 946, investment company accounting. See note 2 to consolidated financial statements.
[2]	For the three months ended MarchB 31, 2014 and 2013, the Company had an aggregate of 131 stock options outstanding with a weighted average exercise price of $30.00 that were not included in the calculation of EPS, as their inclusion would have been anti-dilutive. These instruments may have a dilutive impact on future EPS.

Investments_In_Securities_And_2

Investments In Securities And Interest Rate Swap And Cap Contracts (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
	Y	Dec. 31, 2013
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Document Period End Date	31-Mar-14	'
Maximum Period Of Short Term Assets And Liabilities Are Measured At Deemed To Appropriate Fair Value	1	'
Unobservable input capitalization minimum rate	4.00%	4.00%
Unobservable input capitalization maximum rate	5.00%	5.00%
Weighted average coupon on Agency RMBS	3.27%	3.30%
Weighted average coupon interest rate on U.S. Treasury Securities	1.50%	'
Debt Instrument, Maturity Date	30	'
Agency RMBS Maturity Date Min	'2024	'2024
Agency RMBS Maturity Date Max	'2044	'2044
U.S. Treasury Securities Maturity Date Min	'2018	'
U.S. Treasury Securities Maturity Date Max	'2019	'
Trading Securities Pledged as Collateral	$38.50	$63
Securities Received as Collateral	186.9	211.4
Derivative, Collateral, Obligation to Return Cash	$38	$37.90

InvestmentsAssets_And_Liabilit

(Investments)(Assets And Liabilities Measured At Fair Value On A Recurring Basis)(Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
Agency RMBS	$11,770,423		$13,858,848
U.S. Treasury Securities	1,537,312		'
Other Investments	6,945		6,945
Derivative Asset	261,522	[1],[2]	295,707	[1],[2]
Assets, Fair Value Disclosure, Recurring	13,576,202		14,161,500
Derivative liabilities	17,767		29,458
Interest Rate Derivative Liabilities, at Fair Value	17,767	[1],[2]	29,458	[1],[2]
Fair Value, Inputs, Level 1 [Member]	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
Agency RMBS	0		0
U.S. Treasury Securities	1,537,312		'
Other Investments	0		0
Derivative Asset	0		0
Assets, Fair Value Disclosure, Recurring	1,537,312		0
Derivative liabilities	0		0
Fair Value, Inputs, Level 2 [Member]	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
Agency RMBS	11,770,423		13,858,848
U.S. Treasury Securities	0		'
Other Investments	0		0
Derivative Asset	'		295,707
Assets, Fair Value Disclosure, Recurring	12,031,945		14,154,555
Derivative liabilities	'		29,458
Fair Value, Inputs, Level 3 [Member]	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
Agency RMBS	0		0
U.S. Treasury Securities	0		'
Other Investments	6,945		6,945
Derivative Asset	0		0
Assets, Fair Value Disclosure, Recurring	6,945		6,945
Derivative liabilities	$0		$0

[1]	Derived from audited financial statements.
[2]	Previously reported under specialized accounting, Topic 946, investment company accounting. See note 2 to consolidated financial statements.

InvestmentsLevel_3_Fair_Value_

(Investments)(Level 3 Fair Value Reconciliation)(Details) (Other Investments [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Other Investments [Member]	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Beginning balance Level 3 assets	$6,945	$19,576
Cash payments recorded as a reduction of cost basis	0	-236
Change in net unrealized gain (loss)	0	-5,518
Net sales	0	-10,455
Net gain (loss) on sales	0	5,128
Transfers into (out of) level 3	0	0
Ending balance Level 3 assets	$6,945	$8,495

Investments_In_Securities_And_3

Investments In Securities And Interest Rate Swap And Cap Contracts (Investments)(Available-for-sale securities by GSE Agency and Coupon)(Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013		Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'		'
Available-for-sale Securities, Amortized Cost Basis	$7,771,414	$11,507,590		'
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	-66,163	'		-122,856
Gross unrealized gains	-90,975	'		-58,433
Available-for-sale Securities	13,314,680	'		13,865,793
Proceeds from disposition of investment securities	7,788,084	11,554,270	[1]	'
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member]	'	'		'
Schedule of Available-for-sale Securities [Line Items]	'	'		'
Available-for-sale Securities, Amortized Cost Basis	10,175,912	'		12,068,882
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	-46,924	'		-99,572
Gross unrealized gains	75,976	'		48,456
Available-for-sale Securities	10,204,964	'		12,017,766
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Adjustable Rate Residential Mortgage [Member]	'	'		'
Schedule of Available-for-sale Securities [Line Items]	'	'		'
Available-for-sale Securities, Amortized Cost Basis	1,393,752	'		1,439,379
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	-22,386	'		-27,277
Gross unrealized gains	2,974	'		2,796
Available-for-sale Securities	1,374,340	'		1,414,898
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Fixed Rate Residential Mortgage [Member]	'	'		'
Schedule of Available-for-sale Securities [Line Items]	'	'		'
Available-for-sale Securities, Amortized Cost Basis	8,782,160	'		10,629,503
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	-24,538	'		-72,295
Gross unrealized gains	73,002	'		45,660
Available-for-sale Securities	8,830,624	'		10,602,868
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member]	'	'		'
Schedule of Available-for-sale Securities [Line Items]	'	'		'
Available-for-sale Securities, Amortized Cost Basis	1,325,333	'		1,610,386
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	-12,623	'		-22,784
Gross unrealized gains	12,158	'		7,565
Available-for-sale Securities	1,324,868	'		1,595,167
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Adjustable Rate Residential Mortgage [Member]	'	'		'
Schedule of Available-for-sale Securities [Line Items]	'	'		'
Available-for-sale Securities, Amortized Cost Basis	540,099	'		554,395
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	-12,527	'		-15,701
Gross unrealized gains	1,170	'		1,334
Available-for-sale Securities	528,742	'		540,028
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Fixed Rate Residential Mortgage [Member]	'	'		'
Schedule of Available-for-sale Securities [Line Items]	'	'		'
Available-for-sale Securities, Amortized Cost Basis	785,234	'		1,055,991
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	-96	'		-7,083
Gross unrealized gains	10,988	'		6,231
Available-for-sale Securities	796,126	'		1,055,139
Government National Mortgage Association Certificates and Obligations (GNMA) [Member]	'	'		'
Schedule of Available-for-sale Securities [Line Items]	'	'		'
Available-for-sale Securities, Amortized Cost Basis	237,750	'		'
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	0	'		'
Gross unrealized gains	2,841	'		'
Available-for-sale Securities	240,591	'		'
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] \| Adjustable Rate Residential Mortgage [Member]	'	'		'
Schedule of Available-for-sale Securities [Line Items]	'	'		'
Available-for-sale Securities, Amortized Cost Basis	81,756	'		85,211
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	0	'		0
Gross unrealized gains	1,803	'		2,412
Available-for-sale Securities	83,559	'		87,623
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] \| Fixed Rate Residential Mortgage [Member]	'	'		'
Schedule of Available-for-sale Securities [Line Items]	'	'		'
Available-for-sale Securities, Amortized Cost Basis	155,994	'		158,792
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	0	'		-500
Gross unrealized gains	1,038	'		0
Available-for-sale Securities	157,032	'		158,292
US Government-sponsored Enterprises Debt Securities [Member]	'	'		'
Schedule of Available-for-sale Securities [Line Items]	'	'		'
Available-for-sale Securities, Amortized Cost Basis	'	'		244,003
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	'	'		-500
Gross unrealized gains	'	'		2,412
Available-for-sale Securities	'	'		245,915
US Treasury Securities [Member]	'	'		'
Schedule of Available-for-sale Securities [Line Items]	'	'		'
Available-for-sale Securities, Amortized Cost Basis	1,543,928	'		'
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	-6,616	'		'
Gross unrealized gains	0	'		'
Available-for-sale Securities	1,537,312	'		'
Other Investments [Member]	'	'		'
Schedule of Available-for-sale Securities [Line Items]	'	'		'
Available-for-sale Securities, Amortized Cost Basis	6,945	'		6,945
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	0	'		0
Gross unrealized gains	0	'		0
Available-for-sale Securities	6,945	'		6,945
Investments [Member]	'	'		'
Schedule of Available-for-sale Securities [Line Items]	'	'		'
Available-for-sale Securities, Amortized Cost Basis	13,289,868	'		13,930,216
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	-66,163	'		-122,856
Gross unrealized gains	90,975	'		58,433
Available-for-sale Securities	$13,314,680	'		$13,865,793

[1]	Previously reported under specialized accounting, Topic 946, investment company accounting. See note 2 to consolidated financial statements.

Investments_In_Securities_And_4

Investments In Securities And Interest Rate Swap And Cap Contracts (Investments)(Available for sale, Continuous Unrealized Loss)(Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Available for sale, continuous unrealized loss position [Line Items]	'	'
Document Period End Date	31-Mar-14	'
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$5,538,071	$8,415,016
Unrealized loss on investments, owned less than 12 months	-36,108	-107,018
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	912,847	408,348
Unrealized loss on investments, owned more than 12 months	-30,055	-15,837
Fair value of investments in unrealized loss position	6,450,918	8,823,364
Available for sale securities, continuous unrealized loss	($66,163)	($122,855)

Investments_In_Securities_And_5

Investments In Securities And Interest Rate Swap And Cap Contracts Summary of Net Gain (loss) from the Sale of Available-for-Sale Investments (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Gain (Loss) on Investments [Line Items]	'	'
Available-for-sale investments, at cost	$7,771,414	$11,507,590
Proceeds from available-for-sale investments sold	7,788,084	11,554,270	[1]
Net gain on sale of available-for-sale investments	16,670	46,680
Gross gain on sale of available-for-sale investments	51,142	67,017
Gross loss on sale of available-for-sale investments	$34,472	$20,337

[1]	Previously reported under specialized accounting, Topic 946, investment company accounting. See note 2 to consolidated financial statements.

Investments_In_Securities_And_6

Investments In Securities And Interest Rate Swap And Cap Contracts (Investments)(Components of the Carrying Value of Available-for-Sale Securities)(Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
U.S. Treasury Securities Maturity Date Max	'2019	'
Document Period End Date	31-Mar-14	'
Principal balance	$12,961,926	$13,581,742
Unamortized premium	335,349	351,476
Unamortized discount	-7,407	-3,002
Gross unrealized gains	-90,975	-58,433
Gross unrealized losses	-66,163	-122,856
Fair value	$13,314,680	$13,865,793

InvestmentsSummary_Of_Interest

(Investments)(Summary Of Interest Rate Swap And Cap Contracts) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Summary Of Interest Rate Swap And Cap Contracts [Line Items]	'	'	'
Agency RMBS Maturity Date Max	'2044	'	'2044
DerivativeNotionalTransactions	($500,000)	$2,200,000	'
FebruaryTwoThousandAndFourteenClosedTypeMember [Member]	'	'	'
Summary Of Interest Rate Swap And Cap Contracts [Line Items]	'	'	'
DerivativeNotionalTransactions	-500,000	'	'
Trade Date Of Interest Rate Swap And Cap Contracts	'February 2014	'	'
February Two Thousand And Thirteen Opened Type [Member]	'	'	'
Summary Of Interest Rate Swap And Cap Contracts [Line Items]	'	'	'
DerivativeNotionalTransactions	'	1,500,000	'
Trade Date Of Interest Rate Swap And Cap Contracts	'	'February 2013	'
March Two Thousand And Thirteen Terminated Type [Member]	'	'	'
Summary Of Interest Rate Swap And Cap Contracts [Line Items]	'	'	'
DerivativeNotionalTransactions	'	-500,000	'
Trade Date Of Interest Rate Swap And Cap Contracts	'	'March 2013	'
March Two Thousand And Thirteen Opened Type [Member]	'	'	'
Summary Of Interest Rate Swap And Cap Contracts [Line Items]	'	'	'
DerivativeNotionalTransactions	'	$1,200,000	'
Trade Date Of Interest Rate Swap And Cap Contracts	'	'March 2013	'

InvestmentsSchedule_Of_Notiona

(Investments)(Schedule Of Notional Amount And Fair Value Of Derivatives) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]	'	'
Derivative Asset, Fair Value, Gross Asset	$251,314	$284,519
Document Period End Date	31-Mar-14	'
Interest Rate Swap [Member] \| Derivatives Not Designated As Hedging Instruments [Member] \| Assets [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative, Notional Amount	4,250,000	4,250,000
Interest Rate Swap [Member] \| Derivatives Not Designated As Hedging Instruments [Member] \| Liabilities [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative, Notional Amount	1,550,000	2,050,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value	-17,767	-29,458
Interest Rate Swap [Member] \| Derivatives Not Designated As Hedging Instruments [Member] \| Assets [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value	57,270	61,004
Interest Rate Cap [Member] \| Derivatives Not Designated As Hedging Instruments [Member] \| Assets [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative, Notional Amount	3,900,000	3,900,000
Interest Rate Cap [Member] \| Derivatives Not Designated As Hedging Instruments [Member] \| Assets [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative Asset, Fair Value, Gross Asset	$204,252	$234,703

Investments_In_Securities_And_7

Investments In Securities And Interest Rate Swap And Cap Contracts (Investments)(Net Realized and Unrealized Gain or Loss on Swaps and Caps Not Designated as Hedgin) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Interest expense	($18,917)	($21,956)
Net realized gain (loss) on termination of swap and cap contracts	-9,323	8,630	[1]
Net unrealized gain (loss) on swap and cap contracts	-16,240	23,417	[1]
Total recognized in income on derivatives	($44,480)	$10,091

[1]	Previously reported under specialized accounting, Topic 946, investment company accounting. See note 2 to consolidated financial statements.

Borrowings_Details

Borrowings (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	D		D
Short-term Debt [Abstract]	'		'
RepoPercentageofNetAssets	10.00%		'
Outstanding repurchase agreements	$10,014,048	[1]	$11,206,950	[1],[2]
Interest accrued thereon	3,079		7,204
Weighted average borrowing rate	0.31%		0.41%
Weighted Average Remaining Maturity (In Days)	43.4		39.9
Fair value of the collateral(1)	$10,440,488	[3]	$11,760,720	[3]
Number of repurchase agreements exceeding 10% of net assets	0		0
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets	10.00%		10.00%

[1]	Collateral consists of Agency RMBS, U.S. Treasuries and cash. Further detail of collateral pledged on repurchase agreements is disclosed in note 5. Excess collateral pledged is not shown for financial reporting purposes.
[2]	Previously reported under specialized accounting, Topic 946, investment company accounting. See note 2 to consolidated financial statements.
[3]	Collateral for repurchase agreements consisted of Agency RMBS and U.S. Treasury Securities.

Contingencies_Details

Contingencies (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'	'
Indemnification claims	$0	$0

Share_Capital_Details

Share Capital (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013		Apr. 30, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Jun. 07, 2011
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013		Apr. 30, 2013	Dividend Reinvestment And Direct Stock Purchase Plan [Member]	Dividend Reinvestment And Direct Stock Purchase Plan [Member]	Equity Placement Program [Member]	Equity Placement Program [Member]	Equity Placement Program [Member]
Equity Issuance [Line Items]	'	'	'		'	'	'	'	'	'
Common stock, shares authorized	500,000,000	'	500,000,000		'	'	'	'	'	'
Common stock, par value	$0.01	'	$0.01		'	'	'	'	'	'
Common Stock, Shares, Issued	162,024,461	'	161,650,114		'	'	'	'	'	'
Common Stock, Shares, Outstanding	162,024,461	'	161,650,114		'	'	'	'	'	'
Preferred Stock, Shares Authorized	50,000,000	'	50,000,000		'	'	'	'	'	'
Preferred Stock, Par or Stated Value Per Share	$0.01	'	$0.01		'	'	'	'	'	'
Preferred Stock, Shares Issued	3,000,000	'	3,000,000		'	'	'	'	'	'
Preferred Stock, Shares Outstanding	3,000,000	'	3,000,000		'	'	'	'	'	'
Preferred Stock B, Dividend Rate, Percentage 7.50%	7.50%	'	'		'	'	'	'	'	'
Series A Cumulative Redeemable Preferred Stock, liquidation preference per share	$25	'	$25		$25	'	'	'	'	'
Preferred Stock A, Dividend Rate, Percentage 7.75%	7.75%	'	'		'	'	'	'	'	'
Series B Cumulative Redeemable Preferred Stock, shares outstanding	8,000,000	'	8,000,000		'	'	'	'	'	'
Series B Cumulative Redeemable Preferred Stock, shares issued	8,000,000	'	8,000,000		8,000,000	'	'	'	'	'
7.50% Series B Cumulative Redeemable Preferred Stock, (8,000 and 8,000 shares issued and outstanding, respectively, $200,000 in aggregate liquidation preference)	$193,531,000	'	$193,531,000	[1],[2]	$193,500,000	'	'	'	'	'
Stock Available For Issuance During Period Shares Dividend Reinvestment Plan	'	'	'		'	4,055,245	4,055,245	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	400,000	300,000	'		'	'	'	'	'	'
Common Stock, Value, Issued	1,620,000	'	1,616,000	[1],[2]	'	'	'	'	'	'
Preferred Stock, Value, Issued	72,369,000	'	72,369,000	[1],[2]	'	'	'	'	'	'
Number Of Common Stock Available To Sell Under Sales Agreement	'	'	'		'	'	'	3,081,447	3,081,447	15,000,000
Stock Repurchase Program, Authorized Amount	250,000,000	'	'		'	'	'	'	'	'
Treasury Stock Acquired, Average Cost Per Share	'	$11.81	'		'	'	'	'	'	'
Net proceeds (payments) from issuance and repurchase of common shares	'	7,600,000	'		'	'	'	'	'	'
Stock Repurchased and Retired During Period, Shares	'	600,000	'		'	'	'	'	'	'
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$134,300,000	'	'		'	'	'	'	'	'

[1]	Derived from audited financial statements.
[2]	Previously reported under specialized accounting, Topic 946, investment company accounting. See note 2 to consolidated financial statements.

Subsequent_Events_Details

Subsequent Events (Details)	1 Months Ended
Subsequent Events (Details)	Apr. 30, 2014
Subsequent Event [Line Items]	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	13,587
Weighted Average, CPR	7.60%

Investment_Company_Accounting_2

Investment Company Accounting Disclosures Schedule of Investments Table (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	$13,314,680,000		$13,865,793,000	[1],[2]
Fixed Income Securities [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investment Owned, Percent of Net Assets	784.00%	[3]	'
Investments In Securities [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investment Owned, at Cost	13,930,216,000		'
Financial Instruments, Owned, at Fair Value	'		13,865,793,000
Debt Instrument, Face Amount	'		13,581,742,000
Interest Rate Swap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investment Owned, at Cost	'		0
Derivative, Notional Amount	'		6,300,000,000
Financial Instruments, Owned, at Fair Value	'		31,546,000
Investment Owned, Percent of Net Assets	'		1.80%	[3],[4]
Interest Rate Cap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investment Owned, at Cost	'		137,117,000
Derivative, Notional Amount	'		3,900,000,000
Financial Instruments, Owned, at Fair Value	'		234,703,000
Investment Owned, Percent of Net Assets	13.30%	[3],[4]	'
Mortgage Pass Through Agency Residential Mortgage Backed Securities [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investment Owned, at Cost	13,923,271,000		'
Investment Owned, Percent of Net Assets	783.60%	[3]	'
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Debt Instrument, Face Amount	'		13,574,797,000
Other Investments [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investment Owned, at Cost	6,945,000	[3]	'
Financial Instruments, Owned, at Fair Value	'		6,945,000	[3],[5]
Debt Instrument, Face Amount	'		6,945,000	[3],[5]
Investment Owned, Percent of Net Assets	0.04%	[3]	'
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investment Owned, Percent of Net Assets	90.20%	[3]	'
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		1,595,167,000
Debt Instrument, Face Amount	'		1,572,743,000
Government National Mortgage Association Certificates and Obligations (GNMA) [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investment Owned, Percent of Net Assets	13.90%	[3]	'
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		245,915,000
Debt Instrument, Face Amount	'		237,619,000
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage Pass Through Agency Residential Mortgage Backed Securities [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investment Owned, Percent of Net Assets	679.50%	[3]	'
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		12,017,766,000
Debt Instrument, Face Amount	'		11,764,435,000
Two Point One Four Percentage Due February One Two Thousand Forty Three [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		87,892,000	[6],[7]
Debt Instrument, Face Amount	'		87,600,000	[6],[7]
Two Point One Five Percentage Due October One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		40,356,000	[6],[7]
Debt Instrument, Face Amount	'		40,103,000	[6],[7]
Two Point One Eight Percentage Due November One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		29,160,000	[6],[7]
Debt Instrument, Face Amount	'		29,015,000	[6],[7]
Two Point Two Five Percentage Due October One Two Thousand Forty Two to November One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		85,399,000	[6],[7]
Debt Instrument, Face Amount	'		84,755,000	[6],[7]
Two Point Three Three Due November One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		64,029,000	[6],[7]
Debt Instrument, Face Amount	'		63,251,000	[6],[7]
Two Point Three Six Percentage Due January One Two Thousand Forty Three [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		84,181,000	[6],[7]
Debt Instrument, Face Amount	'		83,235,000	[6],[7]
Two Point Four Zero Percentage Due September One Two Thousand Forty Two to October One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		51,974,000	[6],[7]
Debt Instrument, Face Amount	'		51,272,000	[6],[7]
Two Point Four One Percentage Due November One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		63,235,000	[6],[7]
Debt Instrument, Face Amount	'		62,378,000	[6],[7]
Two Point Four Two Percentage Due September One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		19,677,000	[6],[7]
Debt Instrument, Face Amount	'		19,388,000	[6],[7]
Two Point Four Three Percentage Due July One Two Thousand Forty Two to January One Two Thousand Forty Three [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		219,176,000	[6],[7]
Debt Instrument, Face Amount	'		215,819,000	[6],[7]
Two Point Four Four Percentage Due June One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		46,050,000	[6],[7]
Debt Instrument, Face Amount	'		45,301,000	[6],[7]
Two Point Five Zero Percentage Due October One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		77,442,000	[6],[7]
Debt Instrument, Face Amount	'		76,110,000	[6],[7]
Two Point Five Two Percentage Due October One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		46,099,000	[6],[7]
Debt Instrument, Face Amount	'		45,306,000	[6],[7]
Two Point Five Seven Percentage Due August One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		30,079,000	[6],[7]
Debt Instrument, Face Amount	'		29,496,000	[6],[7]
Two Point Six Zero Percentage Due April One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		31,707,000	[6],[7]
Debt Instrument, Face Amount	'		31,018,000	[6],[7]
Two Point Seven Zero Percentage Due June One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		57,043,000	[6],[7]
Debt Instrument, Face Amount	'		55,666,000	[6],[7]
Two Point Seven Eight Percentage Due April One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		137,323,000	[6],[7]
Debt Instrument, Face Amount	'		133,381,000	[6],[7]
Two Point Eight Zero Percentage Due February One Two Thousand Forty Two to April One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		87,096,000	[6],[7]
Debt Instrument, Face Amount	'		84,553,000	[6],[7]
Two Point Eight One Percentage Due February One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		26,361,000	[6],[7]
Debt Instrument, Face Amount	'		25,550,000	[6],[7]
Two Point Eight Four Percentage Due December One Two Thousand Forty One [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		45,398,000	[6],[7]
Debt Instrument, Face Amount	'		43,963,000	[6],[7]
Three Point Zero Zero Percentage Due February One Two Thousand Twenty Seven to February One Two Thousand Twenty NIne [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		4,943,083,000	[6]
Debt Instrument, Face Amount	'		4,839,617,000	[6]
Three Point Zero Zero Percentage Due December One Two Thousand Thirty Seven [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		48,558,000	[6]
Debt Instrument, Face Amount	'		51,087,000	[6]
Three Point Zero Zero Percentage Due October One Two Thousand Forty Two [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		39,556,000	[6]
Debt Instrument, Face Amount	'		42,107,000	[6]
Three Point Zero Five Percentage Due September One Two Thousand Forty One [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		28,987,000	[6],[7]
Debt Instrument, Face Amount	'		28,001,000	[6],[7]
Three Point Two Four Percentage Due March One Two Thousand Forty One [Member] [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		11,969,000	[6],[7]
Debt Instrument, Face Amount	'		11,485,000	[6],[7]
Three Point Three Seven Percentage Due May One Two Thousand Forty One to August One Two Thounsand Forty One [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		36,423,000	[6],[7]
Debt Instrument, Face Amount	'		34,796,000	[6],[7]
Three Point Five Zero Percentage Due December One Two Thousand Twenty Five to January One Two Thousand Twenty Nine [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		992,515,000	[6]
Debt Instrument, Face Amount	'		948,463,000	[6]
Three Point Five Zero Percentage Due June One Two Thousand Forty Two to September One Two Thousand Forty Three [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		1,862,400,000	[6]
Debt Instrument, Face Amount	'		1,872,351,000	[6]
Three Point Nine Seven Percentage Due September One Two Thousand Thirty Nine [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		7,842,000	[6],[7]
Debt Instrument, Face Amount	'		7,363,000	[6],[7]
Four Point Four Zero Percentage Due January One Two Thousand Twenty Six to April One Two Thousand Twenty Six [Member] \| Four Point Zero Zero Percentage due January One Two Thousand Twenty Six to April One Two Thousand Twenty Six [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		243,561,000	[6]
Debt Instrument, Face Amount	'		229,778,000	[6]
Four Point Zero Zero Percentage due July One Two Thousand Forty Three to February One Two Thousand Forty Four [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		2,169,411,000	[6]
Debt Instrument, Face Amount	'		2,106,542,000	[6]
Four Point Five Zero Percentage Due April One Two Thousand Thirty to November One Two Thounsand Thirty [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		90,796,000	[6]
Debt Instrument, Face Amount	'		84,730,000	[6]
Four Point Five Zero Percantage Due November One Two Thousand Forty One [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		212,988,000	[6]
Debt Instrument, Face Amount	'		200,955,000	[6]
Two Point Two Zero Percentage Due February One Two Thousand Forty Three [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		28,175,000	[6],[7]
Debt Instrument, Face Amount	'		28,154,000	[6],[7]
Two Point Two Two Percentage Due December One Two Thousand Forty Two [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		42,887,000	[6],[7]
Debt Instrument, Face Amount	'		42,719,000	[6],[7]
Two Point Three Zero Percentage Due November One Two Thousand Forty Two [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		89,526,000	[6],[7]
Debt Instrument, Face Amount	'		88,989,000	[6],[7]
Two Point Four Three Percentage Due June One Two Thousand Forty Two [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		35,224,000	[6],[7]
Debt Instrument, Face Amount	'		34,581,000	[6],[7]
Two Point Four Four Percentage Due April One Two Thousand Forty Three [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		29,220,000	[6],[7]
Debt Instrument, Face Amount	'		29,699,000	[6],[7]
Two Point Four Six Percentage Due July One Two Thousand Forty Two [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		39,771,000	[6],[7]
Debt Instrument, Face Amount	'		39,112,000	[6],[7]
Two Point Five Two Percentage Due November One Two Thousand Forty Two [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		37,560,000	[6],[7]
Debt Instrument, Face Amount	'		36,896,000	[6],[7]
Two Point Five Four Percentage Due July One Two Thousand Forty Two [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		34,563,000	[6],[7]
Debt Instrument, Face Amount	'		33,904,000	[6],[7]
Two Point Five Five Percentage Due February One Two Thousand Forty Three [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		110,650,000	[6],[7]
Debt Instrument, Face Amount	'		111,565,000	[6],[7]
Two Point Five Nine Percentage Due March One Two Thousand Forty Two [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		30,638,000	[6],[7]
Debt Instrument, Face Amount	'		29,871,000	[6],[7]
Two Point Seven Nine Percentage due December One Two Thousand Forty One [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		33,276,000	[6],[7]
Debt Instrument, Face Amount	'		32,352,000	[6],[7]
Three Point Three One Percentage Due January One Two Thousand Forty One [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		28,537,000	[6],[7]
Debt Instrument, Face Amount	'		27,151,000	[6],[7]
Three Point Five Zero Percentage Due April One Two Thousand Twenty Six to February One Two Thousand Twenty Seven [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		135,772,000	[6]
Debt Instrument, Face Amount	'		130,144,000	[6]
Three Point Five Zero Percentage Due May One Two Thousand Forty Three to July One Two Thousand Forty Three [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		425,633,000	[6]
Debt Instrument, Face Amount	'		428,429,000	[6]
Four Point Zero Zero Percentage Due August One Two Thousand Forty Three to February One Two Thousand Forty Four [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		455,999,000	[6]
Debt Instrument, Face Amount	'		443,680,000	[6]
Four Point Five Zero Percentage Due December One Two Thousand Twenty Four Thru May One Two Thousand Twenty Five [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		37,736,000	[6]
Debt Instrument, Face Amount	'		35,497,000	[6]
Three Point Zero Zero Due October Twenty Two Thousand Twenty Eight [Member] \| Government National Mortgage Association Certificates and Obligations (GNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		158,293,000	[6]
Debt Instrument, Face Amount	'		154,038,000	[6]
Three Point Five Zero Percentage Due July Twenty Two Thousand Forty [Member] \| Government National Mortgage Association Certificates and Obligations (GNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		78,517,000	[6],[7]
Debt Instrument, Face Amount	'		74,931,000	[6],[7]
Four Point Zero Zero Percentage due January Twenty Two Thounsand Forty [Member] \| Government National Mortgage Association Certificates and Obligations (GNMA) [Member] \| Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Financial Instruments, Owned, at Fair Value	'		9,105,000	[6],[7]
Debt Instrument, Face Amount	'		8,650,000	[6],[7]
October Fifteen Two Thousand 15 [Member] \| Interest Rate Cap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		300,000,000
Derivative, Cap Interest Rate	'		1.43%
Financial Instruments, Owned, at Fair Value	'		164,000
November Eight Two Thousand 15 [Member] \| Interest Rate Cap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		200,000,000
Derivative, Cap Interest Rate	'		1.36%
Financial Instruments, Owned, at Fair Value	'		145,000
May Twenty Three Two Thousand Nineteen [Member] \| Interest Rate Cap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		300,000,000
Derivative, Cap Interest Rate	'		2.00%
Financial Instruments, Owned, at Fair Value	'		12,853,000
June One Two Thousand Nineteen [Member] \| Interest Rate Cap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		300,000,000
Derivative, Cap Interest Rate	'		1.75%
Financial Instruments, Owned, at Fair Value	'		14,679,000
June Twenty Nine Two Thousand Nineteen [Member] \| Interest Rate Cap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		300,000,000
Derivative, Cap Interest Rate	'		1.50%
Financial Instruments, Owned, at Fair Value	'		16,539,000
July Two Two Thousand Nineteen [Member] \| Interest Rate Cap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		300,000,000
Derivative, Cap Interest Rate	'		1.50%
Financial Instruments, Owned, at Fair Value	'		16,970,000
July Sixteen Two Thousand Nineteen [Member] \| Interest Rate Cap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		500,000,000
Derivative, Cap Interest Rate	'		1.25%
Financial Instruments, Owned, at Fair Value	'		31,335,000
March Twenty Six Two Thousand Twenty [Member] \| Interest Rate Cap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		500,000,000
Derivative, Cap Interest Rate	'		1.25%
Financial Instruments, Owned, at Fair Value	'		41,322,000
March Thirty Two Thousand Twenty [Member] \| Interest Rate Cap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		700,000,000
Derivative, Cap Interest Rate	'		1.25%
Financial Instruments, Owned, at Fair Value	'		57,785,000
May Twenty Two Thousand Twenty [Member] \| Interest Rate Cap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		500,000,000
Derivative, Cap Interest Rate	'		1.25%
Financial Instruments, Owned, at Fair Value	'		42,911,000
February Fourteen Two Thousand Fifteen [Member] \| Interest Rate Swap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		500,000,000
Financial Instruments, Owned, at Fair Value	'		-10,255,000
Derivative, Fixed Interest Rate	'		2.15%
June Two Two Thousand Sixteen [Member] \| Interest Rate Swap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		300,000,000
Financial Instruments, Owned, at Fair Value	'		-9,526,000
Derivative, Fixed Interest Rate	'		1.94%
December Nineteen Two Thousand Sixteen [Member] \| Interest Rate Swap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		250,000,000
Financial Instruments, Owned, at Fair Value	'		-4,255,000
Derivative, Fixed Interest Rate	'		1.43%
April Twenty Fourth Two Thousand Seventeen [Member] \| Interest Rate Swap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		500,000,000
Financial Instruments, Owned, at Fair Value	'		-4,982,000
Derivative, Fixed Interest Rate	'		1.31%
July Thirteen Two Thousand Seventeen [Member] \| Interest Rate Swap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		750,000,000
Financial Instruments, Owned, at Fair Value	'		6,583,000
Derivative, Fixed Interest Rate	'		0.86%
September Six Two Thousand Seventeen [Member] \| Interest Rate Swap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		250,000,000
Financial Instruments, Owned, at Fair Value	'		3,755,000
Derivative, Fixed Interest Rate	'		0.77%
September Six Two Thousand And Seventeen [Member] \| Interest Rate Swap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		500,000,000
Financial Instruments, Owned, at Fair Value	'		7,407,000
Derivative, Fixed Interest Rate	'		0.77%
September Six 2 Thousand Seventeen [Member] \| Interest Rate Swap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		250,000,000
Financial Instruments, Owned, at Fair Value	'		3,804,000
Derivative, Fixed Interest Rate	'		0.77%
November Seven Two Thousand Seventeen [Member] \| Interest Rate Swap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		500,000,000
Financial Instruments, Owned, at Fair Value	'		3,240,000
Derivative, Fixed Interest Rate	'		1.11%
November Twenty Nine Two Thousand Seventeen [Member] \| Interest Rate Swap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		500,000,000
Financial Instruments, Owned, at Fair Value	'		8,136,000
Derivative, Fixed Interest Rate	'		0.87%
February Twenty One Two Thousand Eighteen [Member] \| Interest Rate Swap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		500,000,000
Financial Instruments, Owned, at Fair Value	'		7,948,000
Derivative, Fixed Interest Rate	'		1.02%
February Twenty Seven Two Thousand 18 [Member] \| Interest Rate Swap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		500,000,000
Financial Instruments, Owned, at Fair Value	'		9,226,000
Derivative, Fixed Interest Rate	'		0.96%
April Twenty Five Two Thousand Eighteen [Member] \| Interest Rate Swap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		500,000,000	[8]
Financial Instruments, Owned, at Fair Value	'		10,905,000	[8]
Derivative, Fixed Interest Rate	'		1.01%	[8]
August Fifteen Two Thousand Eighteen [Member] \| Interest Rate Swap [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Derivative, Notional Amount	'		500,000,000
Financial Instruments, Owned, at Fair Value	'		-440,000
Derivative, Fixed Interest Rate	'		1.65%
Agency RMBS [Member] \| Fair Value, Inputs, Level 2 [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Assets, Fair Value Disclosure	'		$13,858,848,000

[1]	Derived from audited financial statements.
[2]	Previously reported under specialized accounting, Topic 946, investment company accounting. See note 2 to consolidated financial statements.
[3]	Percentage of stockholders' equity.
[4]	The Companybs interest rate swap contracts receive a floating rate set quarterly to three month LIBOR. Interest rate caps receive a floating rate quarterly in the amount of three month LIBOR that is in excess of the cap rate.
[5]	Comprised of investments that were individually less than 1% of stockholders' equity.
[6]	Securities or a portion of the securities are pledged as collateral for repurchase agreements or interest rate swap contracts or forward settling transactions.
[7]	The coupon rate shown on floating or adjustable rate securities represents the rate at DecemberB 31, 2013.
[8]	The interest rate swap effective date is April 25, 2014, and it does not accrue any income or expense until that date.

Investment_Company_Accounting_3

Investment Company Accounting Disclosures Financial Highlights (Details) (USD $)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012
cys_FinancialHighlights [Line Items]	'		'
Net Asset Value Per Share	$12.87		$13.31
Net investment income	$0.30	[1]	'
Net gain (loss) from investments and swap and cap contracts	($0.39)	[1]	'
Net income (loss)	($0.09)		'
Dividends on preferred stock	($0.01)	[1]	'
Net income (loss) available to common shares	($0.10)		'
Distributions to common stockholders	($0.32)		'
Issuance/Repurchase of common and preferred shares and amortization of share based compensation	($0.02)	[1]	'
Net decrease in net asset value from capital transactions	($0.34)		'
Net asset value total return (%)(d)	-0.90%	[2],[3]	'
Market value total return (%)	2.11%	[2]	'
Expenses before interest expense	0.94%	[4]	'
Total expenses	3.49%	[4]	'
Net investment income	8.91%	[4]	'

[1]	Calculated based on average shares outstanding during the period. Average shares outstanding include vested and unvested restricted shares and differs from weighted average shares outstanding used in calculating EPS (see note 3).
[2]	Not computed on an annualized basis.
[3]	May also be referred to as common book value total return.
[4]	Computed on an annualized basis.