CYS Investments 10-Q 23 Oct 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 23, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015
Entity Registrant Name	CYS Investments, Inc.
Entity Central Index Key	1,396,446
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		154,803,424

Consolidated Statements Of Asse

Consolidated Statements Of Assets And Liabilities (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	[1]
Assets:
Investments in securities, at fair value (including pledged assets of $11,970,020 and $11,908,922, respectively)	$ 13,777,299	$ 14,601,507
Other investments	50,028	8,025
Derivative assets, at fair value	53,995	148,284
Cash	28,622	4,323
Receivable for securities sold and principal repayments	247,207	83,643
Interest receivable	36,518	37,894
Receivable for cash pledged as collateral	71,655	11,104
Other assets	1,250	1,083
Total assets	14,266,574	14,895,863
Liabilities:
Repurchase agreements	9,252,681	11,289,559
Short-term FHLBC advances	1,675,000	0
Long-term FHLBC advances, at fair value	425,737	0
Derivative liabilities, at fair value	65,317	16,007
Payable for securities purchased	980,615	1,505,481
Payable for cash received as collateral	38,641	72,771
Distribution payable	44,659	4,410
Accrued interest payable	18,453	27,208
Accrued expenses and other liabilities	5,647	5,259
Total liabilities	12,506,750	12,920,695
Stockholders' equity:
7.75% Series A Cumulative Redeemable Preferred Stock, (3,000 shares issued and outstanding, respectively, $75,000 in aggregate liquidation preference)	72,369	72,369
7.50% Series B Cumulative Redeemable Preferred Stock, (8,000 shares issued and outstanding, respectively, $200,000 in aggregate liquidation preference)	193,531	193,531
Common Stock, $0.01 par value, 500,000 shares authorized (154,781 and 161,850 shares issued and outstanding, respectively)	1,548	1,618
Additional paid in capital	1,987,501	2,049,152
Accumulated deficit	(495,125)	(341,502)
Total stockholders' equity	1,759,824	1,975,168
Total liabilities and stockholders' equity	$ 14,266,574	$ 14,895,863
[1]	Derived from audited financial statements.

Condolidated Statements Of Asse

Condolidated Statements Of Assets And Liabilities (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Investments in securities, pledged assets	$ 11,970,020	$ 11,908,922
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	$ 200,000
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	154,780,664	161,849,878
Common stock, shares outstanding	154,780,664	161,849,878

Condensed Statements Of Operati

Condensed Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest income:
Interest income from Agency RMBS	$ 83,816	$ 74,052	$ 243,455	$ 219,658
Other interest income	166	3,080	1,909	13,819
Total interest income	83,982	77,132	245,364	233,477
Interest expense:
Repurchase agreement and short-term FHLBC advances interest expense	10,893	7,657	30,692	24,669
Long-term FHLBC advances interest expense	1,368	0	1,473	0
Swap and cap interest expense	24,681	25,789	77,141	64,162
Total interest expense	36,942	33,446	109,306	88,831
Net interest income	47,040	43,686	136,058	144,646
Other income (loss):
Net realized gain (loss) on investments	(10,332)	40,470	17,356	90,258
Net unrealized gain (loss) on investments	106,154	(112,085)	4,944	134,628
Net realized gain (loss) on termination of swap and cap contracts	(11,576)	0	(16,444)	(15,327)
Net unrealized gain (loss) on swap and cap contracts	(89,021)	58,909	(130,474)	(22,512)
Net unrealized gain (loss) on long-term FHLBC advances	(726)	0	(737)	0
Other income	300	50	458	219
Total other income (loss)	(5,201)	(12,656)	(124,897)	187,266
Expenses:
Compensation and benefits	3,655	3,767	10,921	11,108
General, administrative and other	2,157	2,278	6,653	6,751
Total expenses	5,812	6,045	17,574	17,859
Net income (loss)	36,027	24,985	(6,413)	314,053
Less preferred stock dividends	(5,203)	(5,203)	(15,609)	(15,609)
Net income (loss) available to common stockholders	$ 30,824	$ 19,782	$ (22,022)	$ 298,444
Net income (loss) per common share basic & diluted	$ 0.20	$ 0.12	$ (0.15)	$ 1.84
Dividends declared per common share	$ 0.26	$ 0.30	$ 0.84	$ 0.94

Consolidated Statement Of Chang

Consolidated Statement Of Changes In Stockholders Equity - 9 months ended Sep. 30, 2015 - USD ($) $ 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, 2014	$ 1,975,168	[1]	$ 1,618	$ 2,049,152	$ (341,502)	$ 72,369	$ 193,531
Net income (loss)	(6,413)		0	0	(6,413)	0	0
Issuance of common stock	0		5	(5)	0	0	0
Amortization of share-based compensation	3,069		0	3,069	0	0	0
Repurchase and cancellation of common stock	64,790		75	64,715	0	0	0
Preferred dividends	(15,609)		0	0	(15,609)	0	0
Common dividends	(131,601)		0	0	(131,601)	0	0
Balance at Sep. 30, 2015	$ 1,759,824		$ 1,548	$ 1,987,501	$ (495,125)	$ 72,369	$ 193,531
[1]	Derived from audited financial statements.

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ (6,413)		$ 314,053
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of share-based compensation	3,069		3,405
Amortization of premiums and discounts on investment securities	71,875		36,084
Amortization of premiums on interest rate cap contracts	13,125		15,853
Net realized (gain) loss on investments	(17,356)		(90,258)
Net realized (gain) loss on termination of cap contracts	0		(6,563)
Net unrealized (gain) loss on investments	(4,944)		(134,628)
Net unrealized (gain) loss on swap and cap contracts	130,474		22,512
Net unrealized (gain) loss on long-term FHLBC advances	737		0
Change in assets and liabilities:
Interest receivable	1,376		573
Other assets	(167)		(80)
Accrued interest payable	(8,755)		4,260
Accrued expenses and other liabilities	388		891
Net cash provided by operating activities	183,409		166,102
Cash flows from investing activities:
Purchase of investment securities	(16,938,997)		(25,140,605)
Purchase of other investments	(42,003)		0
Proceeds from disposition of investment securities	16,205,227		23,765,066
Proceeds from termination of interest rate cap contracts	0		34,225
Proceeds from paydowns of investment securities	1,508,403		949,132
Change in assets and liabilities:
Receivable for securities sold and principal repayments	(163,564)		214,655
Payable for securities purchased	(524,866)		962,181
Receivable for cash pledged as collateral	(60,551)		0
Payable for cash received as collateral	(34,130)		(21,726)
Net cash provided by (used in) investing activities	(50,481)		762,928
Cash flows from financing activities:
Proceeds from repurchase agreements	70,980,648		61,394,222
Repayments of repurchase agreements	(73,017,526)		(62,198,084)
Proceeds from short-term FHLBC advances	22,660,000		0
Repayments of short-term FHLBC advances	(20,985,000)		0
Proceeds from long-term FHLBC advances	425,000		0
Net payments from repurchase of common stock	(64,790)		(486)
Distributions paid	(106,961)		(119,304)
Net cash used in financing activities	(108,629)		(923,652)
Net increase in cash	24,299		5,378
Cash - Beginning of period	4,323	[1]	4,992
Cash - End of period	28,622		10,370
Supplemental disclosures of cash flow information:
Interest paid	101,153		68,719
Supplemental disclosures of non-cash flow information:
Distributions declared, not yet paid	$ 44,659		$ 53,008
[1]	Derived from audited financial statements.

Orginazation

Orginazation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION CYS Investments, Inc. (the "Company" "we", "us", and "our") 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. Treasuries"). 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 are not backed by collateral but, in the case of government agencies, are backed by the full faith and credit of the U.S. government, and, in the case of government sponsored entities, are backed by the integrity and creditworthiness of the issuer ("U.S. 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. In March 2015, our wholly-owned captive insurance subsidiary, CYS Insurance Services, LLC ("CYS Insurance"), was granted membership in the Federal Home Loan Bank ("FHLB") system, specifically in the FHLB of Cincinnati ("FHLBC"). The 11 regional FHLBs provide short- and long-term secured loans, called "advances," to their members. FHLB members may use a variety of real estate related assets, including residential mortgage loans and Agency RMBS, as collateral for advances. Membership in the FHLBC obligates CYS Insurance to purchase FHLBC membership stock and activity stock, the latter being a percentage of the advances it obtains from the FHLBC. CYS Insurance seeks both short- and long-term advances (collectively, "FHLBC Advances") from the FHLBC.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the instructions to Securities and Exchange Commission ("SEC") Form 10-Q and Article 10, Rule 10-01 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. 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 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, 2014, included in the 2014 Annual Report. The results for interim periods are not necessarily indicative of the results to be expected for the fiscal year. The unaudited consolidated financial statements include the accounts of the Company and all of its subsidiaries. All intercompany balances and transactions have been eliminated. The unaudited consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make a number of estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying footnotes. Actual results could differ from these estimates and the differences may be material. Investments in Securities The Company's investment securities are accounted for in accordance with Accounting Standards Codification ("ASC") 320 —Investments in Debt and Equity Securities . The Company has chosen to make a fair value election pursuant to ASC 825 —Financial Instruments for its securities and, therefore, our investment securities are recorded at fair market value on the unaudited consolidated balance sheets. The periodic changes in fair market value are recorded in current period earnings on the unaudited 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. Electing the fair value option permits the Company to record changes in fair value of our investments in the unaudited 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. The Company records its transactions in securities on a trade date basis. We record realized gains and losses on securities transactions on an identified cost basis. 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 trade date, and maintains security positions such that sufficiently liquid assets will be available to make payment on the settlement date for securities purchased. The Agency RMBS purchased at the forward settlement date are typically priced at a discount to securities for settlement in the current month. Securities purchased on a forward settling basis are carried at fair value and begin earning interest on the settlement date. Gains or losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract. Along with other forward settling transactions, the Company transacts in to-be-announced ("TBA") securities. 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 a 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. Gains or losses may occur due to the fact that the actual underlying mortgages received may be more or less favorable than those anticipated by the Company. See Note 8, Pledged Assets, for disclosure regarding the fair value of collateral pledged or received on forward settling transactions. At times, the Company may enter into TBA contracts as a means of investing in and financing Agency RMBS via "dollar roll" transactions. TBA dollar roll transactions involve moving the settlement of a TBA contract out to a later date by entering into an offsetting short position (referred to as a "pair off"), net settling the paired off positions for cash, and simultaneously purchasing a similar TBA contract for a later settlement date. The Company records such pair offs on a gross basis such that there is a sale of the original TBA and a subsequent purchase of a new TBA. Investment Valuation The Company's pricing committee is responsible for establishing valuation policies and procedures, as well as reviewing and approving valuations at a monthly 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. Treasuries are generally valued based on prices provided by third-party services and derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and/or economic events. The pricing services may also use a matrix approach, which uses information regarding securities with similar characteristics to determine the valuation for a security. We generally value interest rate swaps and caps 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 present value using swap rates provided by electronic data services or by brokers. No credit valuation adjustments are made in determining the fair value of the Company's interest rate swaps and caps. All valuations from third-party pricing services or broker quotes are non-binding. We review all prices during our pricing process. To date, the Company has not adjusted any of the prices received from third-party pricing services or brokers. Our pricing review includes comparisons of similar market transactions, alternative third-party pricing services and broker quotes, or comparisons to a pricing model. To ensure proper fair value hierarchy, the Company reviews the third-party pricing services methodology periodically to ascertain which observable or unobservable inputs are being used. See Note 9, Fair Value Measurements , for a discussion of how the Company values its assets. Interest Income We record interest income and expense on an accrual basis. We accrue interest income based on the outstanding principal amount of the securities and their contractual terms. We amortize premium and discount using the effective interest method, and this net amortization is either accretive to or a reduction of interest income from Agency RMBS in the Company's unaudited consolidated statements of operations. The Company does not estimate prepayments when calculating the yield to maturity on Agency RMBS. We record the amount of premium or discount associated with a prepayment through interest income from Agency RMBS on our unaudited consolidated statements of operations as it occurs. Other Investments The Company's subsidiary, CYS Insurance, is a member of, and owns capital stock in, the FHLBC. The FHLBC provides CYS Insurance with credit capacity and authorizes advances based on the security of pledged Agency RMBS, provided the Company meets certain creditworthiness standards. FHLBC Advances, included in the "Short-term FHLBC advances" and "Long-term FHLBC advances" line items on the Company's unaudited consolidated balance sheets, are a funding source for the Company of both short- and long-term indebtedness. As a condition of its membership in the FHLBC, CYS Insurance is required to maintain a FHLBC stock investment, both for membership and for the level of advances from the FHLBC to CYS Insurance. The Company accounts for its investment in FHLBC stock as a cost method investment in "Other investments". The Company periodically evaluates FHLBC stock for impairment in accordance with ASC 320. Along with the FHLBC stock, the Company has also decided to record its investment in a real estate asset as "Other investments" and, accordingly, prior period balances have been reclassified to conform to the current period presentation. Fair values of long-lived assets, including real estate, are primarily derived internally, and are based on inputs observed from sales transactions of similar assets. For real estate, fair values are also based on comparable contemporaneous sales transactions and/or 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. Repurchase Agreements and FHLBC Advances Borrowings under repurchase agreements ("repo borrowings") and FHLBC Advances are collateralized by the Company’s Agency RMBS and U.S. Treasuries (collectively, "Debt Securities"). The Company’s repo borrowing counterparties are institutional dealers in fixed income securities and large financial institutions, and CYS Insurance's counterparty for FHLBC Advances is the FHLBC. Collateral pledged on repo borrowings is valued daily, and on FHLBC Advances periodically, and our counterparties (including the FHLBC) may require posting of additional collateral when the fair value of pledged collateral decline. Repo borrowing counterparties and the FHLBC have the right to sell or repledge collateral pledged under repo borrowings and FHLBC Advances. See Note 5, Repurchase Agreements and Short-Term FHLBC Advances . We account for our repo borrowings and our short-term FHLBC advances as short-term indebtedness under ASC 470 —Debt; accordingly, these short-term instruments are accounted in our financial statements and carried at their amortized cost or carrying value, which approximates their fair value due to their short-term nature (generally 30 - 90 days). Also, we enter into long-term FHLBC advances ( i.e., debt with a term of more than one year), which are collateralized by the Company's Debt Securities. The Company has chosen to make a fair value election pursuant to ASC 825 —Financial Instruments for its long-term FHLBC advances and, therefore, this debt is recorded at fair market value on its unaudited consolidated balance sheets. We price this debt daily through a pricing service that uses a discounted cash flow model to value the debt, and periodically we validate the prices we receive through this process. The changes in fair market value are recorded in current period earnings on our unaudited consolidated statements of operations as a component of net unrealized gain (loss) on long-term FHLBC advances. Electing the fair value option permits the Company to record changes in the fair value of our long-term indebtedness along with that of our investments in our unaudited consolidated statements of operations which, in management’s view, more appropriately reflects the results of operations for a particular reporting period as all income producing assets and liabilities will be treated in a similar manner. See Note 6, Long-Term FHLBC Advances . Interest Rate Swap and Cap Contracts We account for our interest rate swap and cap contracts transactions under ASC 815 —Derivatives and Hedging . The Company uses interest rate swaps and interest rate caps to economically hedge a portion of its exposure to market risks, including interest rate risk and extension risk. The objective of our risk management strategy is to reduce fluctuations in stockholders’ equity over a range of interest rate scenarios. In particular, we attempt to manage the risk of the cost of our variable rate liabilities increasing during a period of rising interest rates. During the term of an interest rate swap or cap, the Company makes or receives periodic payments and records unrealized gains or losses as a result of marking the swap or cap to their fair value. When the Company terminates a swap or cap, we record a realized gain or loss equal to the difference between the proceeds from (or the cost of) the closing transaction and the Company's cost basis in the contract, if any. We report the periodic payments and amortization of premiums on cap contracts under interest expense in our 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 may be subject to a master netting arrangement ("MNA"). The Company is exposed to credit loss in the event of non-performance 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 September 30, 2015 and December 31, 2014 , the Company did not anticipate non-performance 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. While the Company's derivative agreements generally permit netting or setting off derivative assets and liabilities with the counterparty, the Company reports related assets and liabilities on a gross basis in our unaudited consolidated balance sheets. Derivative instruments in a gain position are reported as derivative assets at fair value and derivative instruments in a loss position are reported as derivative liabilities at fair value in our unaudited consolidated balance sheets. We record changes in fair value of our derivative instruments in net unrealized gain (loss) on swap and cap contracts in our unaudited consolidated statements of operations. Cash receipts and payments related to derivative instruments are classified in our unaudited consolidated statements of cash flows in accordance with U.S. GAAP in both the operating and investing activities sections in the Company’s unaudited consolidated statement of cash flows. See Note 4, Investments in Interest Rate Swap and Cap Contracts .

Investments in Securities

Investments in Securities	9 Months Ended
	Sep. 30, 2015
Available-for-sale Securities [Abstract]
Investments in Securities and Other Assets	INVESTMENTS IN SECURITIES The available-for-sale portfolio consisted of the following as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Asset Type Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Fannie Mae Certificates Fixed Rate $ 12,234,071 $ (7,776 ) $ 156,837 $ 12,383,132 ARMs 274,318 (232 ) 3,183 277,269 Total Fannie Mae 12,508,389 (8,008 ) 160,020 12,660,401 Freddie Mac Certificates Fixed Rate 957,315 (449 ) 19,459 976,325 ARMs 63,841 (274 ) 995 64,562 Total Freddie Mac 1,021,156 (723 ) 20,454 1,040,887 Ginnie Mae Certificates - ARMs 49,609 — 1,136 50,745 U.S. Treasuries 24,941 — 325 25,266 Total $ 13,604,095 $ (8,731 ) $ 181,935 $ 13,777,299 December 31, 2014 Fannie Mae Certificates Fixed Rate $ 11,356,717 $ (2,984 ) $ 158,570 $ 11,512,303 ARMs 1,282,065 (13,144 ) 4,449 1,273,370 Total Fannie Mae 12,638,782 (16,128 ) 163,019 12,785,673 Freddie Mac Certificates Fixed Rate 1,183,764 — 25,769 1,209,533 ARMs 394,726 (6,753 ) 1,144 389,117 Total Freddie Mac 1,578,490 (6,753 ) 26,913 1,598,650 Ginnie Mae Certificates - ARMs 66,390 — 1,743 68,133 U.S. Treasuries 149,585 (534 ) — 149,051 Total $ 14,433,247 $ (23,415 ) $ 191,675 $ 14,601,507 The following table presents the gross unrealized loss and fair values of our available-for-sale Agency RMBS by length of time that such securities have been in a continuous unrealized loss position as of September 30, 2015 and December 31, 2014 (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 September 30, 2015 $ 2,333,038 $ (8,267 ) $ 90,991 $ (464 ) $ 2,424,029 $ (8,731 ) December 31, 2014 259,291 (577 ) 1,494,884 (22,838 ) 1,754,175 (23,415 ) The following table summarizes our net realized gain (loss) from the sale of available-for-sale investments for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Available-for-sale investments, at cost $ 2,849,207 $ 9,523,312 $ 16,187,871 $ 23,674,808 Proceeds from available-for-sale investments sold 2,838,875 9,563,782 16,205,227 23,765,066 Net gain (loss) on sale of available-for-sale investments $ (10,332 ) $ 40,470 17,356 90,258 Gross gain on sale of available-for-sale investments $ 18,210 $ 48,439 80,592 140,076 Gross (loss) on sale of available-for-sale investments (28,542 ) (7,969 ) (63,236 ) (49,818 ) Net gain (loss) on sale of available-for-sale investments $ (10,332 ) $ 40,470 $ 17,356 $ 90,258 The components of the carrying value of available-for-sale securities at September 30, 2015 and December 31, 2014 are presented below. A premium purchase price is due to the average coupon interest rates on these investments being higher than prevailing market rates; similarly, a discount purchase price is due to the average coupon interest rate on these investments being lower than prevailing market rates. (in thousands) September 30, 2015 December 31, 2014 Principal balance $ 13,088,818 $ 13,880,953 Unamortized premium 515,464 552,869 Unamortized discount (187 ) (575 ) Gross unrealized gains 181,935 191,675 Gross unrealized losses (8,731 ) (23,415 ) Fair value $ 13,777,299 $ 14,601,507 The weighted-average coupon interest rate on the Company's Debt Securities as of September 30, 2015 and December 31, 2014 was 3.44% and 3.39% , respectively. Actual maturities of Agency RMBS are generally shorter than stated contractual maturities (which range up to 30 years), because they are affected by the contractual lives of the underlying mortgages, periodic payments and principal prepayments. As of September 30, 2015 and December 31, 2014 , the range of final contractual maturity of the Company’s Agency RMBS portfolio was between 2024 and 2045 and the final maturity of the Company's U.S. Treasuries was 2019 . Credit Risk The Company believes it has minimal exposure to credit losses on its investment securities assets at September 30, 2015 and December 31, 2014 because it owns principally Debt Securities. Principal and interest payments on Agency RMBS are guaranteed by Freddie Mac and Fannie Mae, while principal and interest payments on Ginnie Mae RMBS and U.S. Treasuries are backed by the full faith and credit of the U.S. government. In September 2008, both Freddie Mac and Fannie Mae were placed in the conservatorship of the U.S. government. On August 5, 2011, Standard & Poor’s ("S&P") downgraded the U.S. government’s credit rating for the first time to AA+. Fitch Ratings Inc. ("Fitch") announced on October 15, 2013 that it had placed the U.S. government's credit rating on "negative watch". This was changed to "stable" on March 21, 2014. As of September 30, 2015, S&P maintains a AA+ rating, while Fitch and Moody's rate the U.S. government AAA and Aaa, respectively. Because Fannie Mae and Freddie Mac remain under U.S. government conservatorship, the implied credit ratings of Agency RMBS are similarly rated. While the conservatorship, ratings downgrade and ratings watch appear not to have had a significant impact on the fair value of the Agency RMBS or U.S. Treasuries in the Company’s portfolio, these developments increase the uncertainty regarding the credit risk of Debt Securities.

Investments in Interest Rate Sw

Investments in Interest Rate Swap and Cap Contracts	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Fair Value [Text Block]	INVESTMENTS IN INTEREST RATE SWAP AND CAP CONTRACTS The Company enters into interest rate swap and cap contracts with the intent of managing our interest rate exposure. The Company had the following activity in interest rate swap and cap transactions during the three and nine months ended September 30, 2015 and 2014 (in thousands): Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Trade Date Transaction Notional Trade Date Transaction Notional January 2015 Terminated $ (400,000 ) February 2014 Terminated $ (500,000 ) January 2015 Opened 500,000 April 2014 Terminated $ (1,100,000 ) April 2015 Terminated $ (400,000 ) April 2014 Opened $ 500,000 July 2015 Terminated $ (500,000 ) May 2014 Terminated $ (300,000 ) July 2015 Opened $ 750,000 May 2014 Opened $ 300,000 August 2015 Terminated $ (500,000 ) June 2014 Terminated $ (550,000 ) August 2015 Opened $ 500,000 June 2014 Opened $ 1,200,000 September 2015 Terminated $ (1,500,000 ) July 2014 Opened $ 400,000 September 2015 Opened $ 1,400,000 Net Decrease $ (50,000 ) Net Decrease $ (150,000 ) As of September 30, 2015 and December 31, 2014 , the Company had pledged Debt Securities with a fair value of $93.5 million and $60.9 million , respectively, as collateral on interest rate swap and cap contracts. As of September 30, 2015 and December 31, 2014 , the Company had pledged cash of $71.7 million and $11.1 million , respectively, as collateral on interest rate swap and cap contracts. As of September 30, 2015 , the Company had Debt Securities of $14.3 million and cash of $36.8 million pledged to it as collateral for its interest rate swap and cap contracts. As of December 31, 2014 , the Company had Debt Securities of $47.2 million and cash of $72.0 million pledged to it as collateral for its interest rate swap and cap contracts. See Note 8, Pledged Assets . Below is a summary of our interest rate swap and cap contracts open as of September 30, 2015 and December 31, 2014 (in thousands): Derivatives not designated as hedging instruments under ASC 815 Interest Rate Swap Contracts Notional Fair Value Consolidated Balance Sheets September 30, 2015 $ 6,500,000 $ (65,317 ) Derivative liabilities, at fair value September 30, 2015 1,000,000 192 Derivative assets, at fair value December 31, 2014 2,600,000 (16,007 ) Derivative liabilities, at fair value December 31, 2014 5,050,000 40,611 Derivative assets, at fair value Interest Rate Cap Contracts Notional Fair Value Consolidated Balance Sheets September 30, 2015 $ 2,500,000 $ 53,803 Derivative assets, at fair value December 31, 2014 2,500,000 107,673 Derivative assets, at fair value The following table presents information about the net interest expense and net realized and unrealized gain (loss) on swap and cap contracts for the three and nine months ended September 30, 2015 and 2014 on the Company's interest rate swap and cap contracts not designated as hedging instruments under ASC 815 (in thousands): Amount Recognized in Net Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, Derivative Type Location of Interest Expense and Gain or (Loss) Recognized in Net Income (Loss) 2015 2014 2015 2014 Interest rate swaps and caps Swap and cap interest expense $ (24,681 ) $ (25,789 ) $ (77,141 ) $ (64,162 ) Interest rate swaps and caps Net realized gain (loss) on termination of swap and cap contracts (11,576 ) — (16,444 ) (15,327 ) Interest rate swaps and caps Net unrealized gain (loss) on swap and cap contracts (89,021 ) 58,909 (130,474 ) (22,512 ) Interest rate swaps and caps Total gain (loss) recognized in income on derivatives $ (125,278 ) $ 33,120 $ (224,059 ) $ (102,001 ) The swap and cap notional was $10,000.0 million at September 30, 2015 compared to $10,150.0 million at December 31, 2014, and as a percentage of our repo borrowings and FHLB Advances was 88.1% at September 30, 2015 compared to 89.9% at December 31, 2014. We had no FHLBC Advances at December 31, 2014.

Repurchase Agreements and FHLB

Repurchase Agreements and FHLB Advances	9 Months Ended
	Sep. 30, 2015
Banking and Thrift [Abstract]
Repurchase Agreements	REPURCHASE AGREEMENTS AND SHORT-TERM FHLBC ADVANCES The Company leverages its portfolio primarily through repo borrowings and short-term FHLBC advances. Each of the Company's repo borrowings bear interest at a rate based on a spread above or below London Interbank Offered Rate ("LIBOR"). The interest rate for short-term FHLBC advances are set by the FHLBC. The fair value of repo borrowings and short-term FHLBC advances approximates their carrying amount or amortized cost due to the short-term nature of these financial instruments. While repo borrowings and short-term FHLBC advances are the Company's principal source of borrowings, the Company may issue long-term debt ( i.e. , greater than one year term) to diversify credit sources and to manage interest rate and duration risk. See Note 6, Long-Term FHLBC Advances , for a discussion of the Company's long-term FHLBC advances. Certain information with respect to the Company’s repo borrowings and short-term FHLBC advances outstanding at the balance sheet date is summarized in the table below. Each of the repo borrowings and short-term FHLBC advances are contractually due in one year or less. (in thousands) September 30, 2015 December 31, 2014 Outstanding repurchase agreements $ 9,252,681 $ 11,289,559 Outstanding short-term FHLBC advances $ 1,675,000 $ — Interest accrued thereon $ 2,887 $ 5,334 Weighted-average borrowing rate 0.44 % 0.35 % Weighted-average remaining maturity (in days) 24.9 28.2 Fair value of the collateral (1) $ 11,387,667 $ 11,842,427 __________________ (1) Collateral for repo borrowings and short-term FHLBC advances consists of Agency RMBS and U.S. Treasuries. The following table presents information about collateral supporting repo borrowings and short-term FHLBC advances as of September 30, 2015 and December 31, 2014 (in thousands): Collateral for repurchase agreements and short-term FHLBC advances Remaining contractual maturity of the repurchase agreements and short-term FHLB advances September 30, 2015 Overnight and continuous Up to 30 days 30-90 days Greater than 90 days Total Agency RMBS $ — $ 7,810,118 $ 3,067,563 $ 50,000 $ 10,927,681 U.S. Treasuries — — — — — Total $ — $ 7,810,118 $ 3,067,563 $ 50,000 $ 10,927,681 December 31, 2014 Agency RMBS $ — $ 7,574,906 $ 3,425,831 $ 140,742 $ 11,141,479 U.S. Treasuries — 148,080 — — 148,080 Total $ — $ 7,722,986 $ 3,425,831 $ 140,742 $ 11,289,559 At September 30, 2015 and December 31, 2014 , our amount at risk with any individual counterparty related to our repo borrowings or short-term FHLBC advances was less than 1.9% and 1.6% of stockholders' equity, respectively, and our repo borrowings or short-term FHLBC advances with any individual counterparty were less than 11.7% and 3.9% of our total assets, respectively. The amount at risk is defined as the excess of the fair value of the securities, including accrued interest, and cash, pledged to secure the repurchase agreement, over the amount of the repurchase agreement liability adjusted for accrued interest. At December 31, 2014, the Company had no short-term FHLBC advances. The FHLBC requires that CYS Insurance purchase and hold stock in the FHLBC in an amount equal to a specified percentage of outstanding FHLBC Advances. As of September 30, 2015 , CYS Insurance held $42.0 million in FHLBC stock that is included in "Other investments" on our unaudited consolidated balance sheets.

Long-term FHLBC Advances (Notes

Long-term FHLBC Advances (Notes)	9 Months Ended
	Sep. 30, 2015
Statement of Financial Position [Abstract]
Federal Home Loan Bank Advances, Disclosure [Text Block]	LONG-TERM FHLBC ADVANCES Pursuant to the FHLBC terms and conditions of membership and applicable credit policies, CYS Insurance may obtain long-term advances, secured by eligible collateral, including, but not limited to, residential mortgage-backed securities. During the three months ended September 30, 2015 , CYS Insurance secured $350.0 million in long-term FHLBC advances, and at September 30, 2015 , we had $425.7 million in long-term FHLBC advances at fair value and $0.5 million in accrued interest expense thereon on our unaudited consolidated balance sheet. The long-term FHLBC advances had an original term of three years, carry a weighted average interest rate of 1.48% , have a maturity of 2.8 years years at September 30, 2015 , and are callable after the one-year anniversary of the advance and thereafter every six months. At December 31, 2014, the Company had no long-term FHLBC advances.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES The Company enters into certain agreements that contain a variety of indemnifications, principally with broker dealers. As of September 30, 2015 and December 31, 2014 , no claims have been asserted under these indemnification agreements. Accordingly, the Company has no liabilities recorded for these agreements as of September 30, 2015 and December 31, 2014 . The Company currently occupies leased office space for which the term expires on June 30, 2016. In September 2015, the Company entered into a new lease agreement with an estimated commencement date of January 1, 2016, and an estimated rent commencement date of July 1, 2016. The term of this lease expires 84 months after the rent commencement date. Both leases have been classified as operating leases. The Company’s aggregate future minimum lease payments total approximately $2.8 million . The following table details the lease payments (in thousands): Years Ending December 31, Lease Commitments 2015 (remaining) $ 66 2016 305 2017 353 2018 363 2019 373 Later years 1,381 $ 2,841

Pledged Assets

Pledged Assets	9 Months Ended
	Sep. 30, 2015
Transfers and Servicing [Abstract]
Pledged Assets	PLEDGED ASSETS Assets Pledged to Counterparties The following tables summarize our assets pledged as collateral under our repo borrowings, FHLBC Advances, and derivative agreements by type, including securities pledged related to securities purchased or sold but not yet settled, as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Assets Pledged to Counterparties Repurchase Agreements and FHLBC Advances Derivative Instruments Forward Settling Trades (TBAs) Total Agency RMBS - fair value $ 11,875,856 $ 58,507 $ 675 $ 11,935,038 U.S. Treasuries - fair value — 34,982 — 34,982 Accrued interest on pledged securities 32,229 298 2 32,529 Cash — 71,655 — 71,655 Total $ 11,908,085 $ 165,442 $ 677 $ 12,074,204 December 31, 2014 Assets Pledged to Counterparties Repurchase Agreements (1) Derivative Instruments Forward Settling Trades (TBAs) Total Agency RMBS - fair value $ 11,697,532 $ 42,894 $ 1,453 $ 11,741,879 U.S. Treasuries - fair value 149,051 17,992 — 167,043 Accrued interest on pledged securities 31,475 168 3 31,646 Cash — 11,104 — 11,104 Total $ 11,878,058 $ 72,158 $ 1,456 $ 11,951,672 __________________ (1) At December 31, 2014, the Company had no FHLBC Advances. Assets Pledged from Counterparties If the estimated fair value of our investment securities pledged as collateral increases due to changes in interest rates or other factors, we may require counterparties to release collateral back to us, which may be in the form of identical securities, similar securities, or cash. As of September 30, 2015 and December 31, 2014 , we had assets pledged to us as collateral under our repurchase, derivative agreements and TBAs as summarized in the tables below (in thousands): September 30, 2015 Assets Pledged to CYS Repurchase Agreements Derivative Instruments Forward Settling Trades (TBAs) Total Agency RMBS - fair value $ 19,581 $ 2,500 $ — $ 22,081 U.S. Treasuries - fair value 14,987 11,788 — 26,775 Accrued interest on pledged securities 109 38 — 147 Cash — 36,826 1,815 38,641 Total $ 34,677 $ 51,152 $ 1,815 $ 87,644 December 31, 2014 Assets Pledged to CYS Repurchase Agreements Derivative Instruments Forward Settling Trades (TBAs) Total Agency RMBS - fair value $ 3,464 $ 22,112 $ 3,225 $ 28,801 U.S. Treasuries - fair value 692 25,115 — 25,807 Accrued interest on pledged securities 13 142 9 164 Cash — 71,980 791 72,771 Total $ 4,169 $ 119,349 $ 4,025 $ 127,543 Cash collateral received is recognized in "Cash" with a corresponding amount recognized in "Payable for cash received as collateral" on the accompanying unaudited consolidated balance sheets. Securities collateral received from counterparties is disclosed as a component of our liquidity amount in Note 4, Investments in Interest Rate Swap and Cap Contracts . Cash and Debt Securities we pledge as collateral under our derivatives agreements are included in "Cash" and "Investment in securities, at fair value" on our unaudited consolidated balance sheets. Offsetting Assets and Liabilities Certain of our repurchase agreements and derivative transactions are governed by underlying agreements that generally provide for a right of set-off under master netting arrangements (or similar agreements), including in the event of default or in the event of bankruptcy of either party to the transactions. Under U.S. GAAP, if the Company has a valid right of set-off, it may offset the related asset and liability and report the net amount. However, the Company reports amounts subject to its Master Repurchase Agreements ("MRAs") and International Standard Derivative Association ("ISDA") Agreements in the unaudited consolidated balance sheets on a gross basis without regard to such rights of offset. At September 30, 2015 and December 31, 2014 , the Company's derivative assets and liabilities (by type) are as follows (in thousands): September 30, 2015 Assets Liabilities Interest rate swap contracts $ 192 $ 65,317 Interest rate cap contracts 53,803 — Total derivative assets and liabilities in the unaudited consolidated balance sheets 53,995 65,317 Derivatives not subject to an MNA 192 59,086 Total assets and liabilities subject to an MNA $ 53,803 $ 6,231 December 31, 2014 Assets Liabilities Interest rate swap contracts $ 40,611 $ 16,007 Interest rate cap contracts 107,673 — Total derivative assets and liabilities in the unaudited consolidated balance sheets 148,284 16,007 Derivatives not subject to an MNA 7,008 11,579 Total assets and liabilities subject to an MNA $ 141,276 $ 4,428 Below are summaries of the Company's assets and liabilities subject to offsetting provisions (in thousands): Assets Gross Amounts Not Offset in the Unaudited Consolidated Balance Sheets As of Description Amount of Assets Presented in the Unaudited Consolidated Balance Sheets Instruments Available for Offset Collateral Received (1) Net Amount (2) September 30, 2015 Derivative assets $ 53,803 $ 2,734 $ 38,589 $ 12,480 December 31, 2014 Derivative assets 141,276 4,341 117,991 18,944 Liabilities Gross Amounts Not Offset in the Unaudited Consolidated Balance Sheets As of Description Amount of Liabilities Presented in the Unaudited Consolidated Balance Sheets Instruments Available for Offset Collateral Pledged (1) Net Amount (2) September 30, 2015 Derivative liabilities $ 6,231 $ 2,734 $ 3,497 $ — September 30, 2015 Repurchase agreements and FHLBC Advances 11,353,418 — 11,353,418 — December 31, 2014 Derivative liabilities $ 4,428 $ 4,341 $ 87 $ — December 31, 2014 Repurchase agreements (3) 11,289,559 — 11,289,559 — ______________ (1) Collateral consists of Agency RMBS, U.S. Treasuries and Cash. Excess collateral pledged is not shown for financial reporting purposes. (2) Net amount represents the net amount receivable (in the case of assets) and payable (in the case of liabilities) to the counterparty in the event of default. (3) We had no FHLBC Advances at December 31, 2014.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS 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. Excluded from the tables below are short-term financial instruments carried in our consolidated financial statements at cost basis, which is deemed to approximate fair value, primarily due to the short duration of these instruments, including cash, receivables, payables and repo borrowings and short-term FHLBC advances with initial terms of one year or less. "Other investments" is comprised of our investment in FHLBC stock and our investment in a real estate asset, both Level 3 assets to which we apply valuation techniques and/or impairment analysis periodically. We record the FHLBC stock at cost and evaluate it periodically for impairment. We derive the fair value of the real estate asset internally, and base this value on inputs observed from sales transactions and/or on discounted cash flow models. The significant unobservable inputs used in the fair value measurement are capitalization rates, which the Company estimates to be between 3% and 6% at September 30, 2015 and December 31, 2014, and comparable sales transactions. We also rely on available industry information about expected trends in rents and occupancy. A discussion of the method of fair valuing these assets is included in Note 2, Significant Accounting Policies—Investments in Securities—Investment Valuation . Long-term FHLBC advances consists of amounts borrowed from the FHLBC for a term exceeding one year that are secured by Agency RMBS. We have made a fair value election pursuant to ASC 825 —Financial Instruments with respect to this debt. The following tables provide a summary of the Company’s assets and liabilities that are measured at fair value on a recurring or non-recurring basis, as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Fair Value Measurements Using Level 1 Level 2 Level 3 Total Assets Agency RMBS $ — $ 13,752,033 $ — $ 13,752,033 U.S. Treasuries 25,266 — — 25,266 Other investments — — 50,028 50,028 Derivative assets — 53,995 — 53,995 Total $ 25,266 $ 13,806,028 $ 50,028 $ 13,881,322 Liabilities Long-term FHLBC advances — 425,737 — 425,737 Derivative liabilities — 65,317 — 65,317 Total $ — $ 491,054 $ — $ 491,054 December 31, 2014 Fair Value Measurements Using Level 1 Level 2 Level 3 Total Assets Agency RMBS $ — $ 14,452,456 $ — $ 14,452,456 U.S. Treasuries 149,051 — — 149,051 Other investments — — 8,025 8,025 Derivative assets — 148,284 — 148,284 Total $ 149,051 $ 14,600,740 $ 8,025 $ 14,757,816 Liabilities Derivative liabilities $ — $ 16,007 $ — $ 16,007 The table below presents a reconciliation of changes in "Other investments" classified as Level 3 assets and measured for fair value on a recurring basis in the Company’s unaudited consolidated financial statements for the three and nine months ended September 30, 2015 and 2014 . Level 3 Fair Value Reconciliation (In thousands) Nine Months Ended September 30, Other investments (1) 2015 2014 Beginning balance Level 3 assets $ 8,025 $ 6,945 Cash payments recorded as a reduction of cost basis — — Change in net unrealized gain (loss) — — Gross purchases — — Gross sales — — Net gain (loss) on sales — — Transfers into (out of) Level 3 — — Ending balance Level 3 assets $ 8,025 $ 6,945 __________________ (1) FHLBC stock of approximately $42.0 million is excluded from the table above as the Company accounts for its investment in FHLBC stock as a cost method investment and periodically evaluates FHLBC stock for impairment .

Share Capital

Share Capital	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Share Capital	SHARE CAPITAL The Company has authorized 500,000,000 shares of common stock having par value of $0.01 per share. As of September 30, 2015 and December 31, 2014 , the Company had issued and outstanding 154,780,664 and 161,849,878 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 September 30, 2015 and December 31, 2014 , 3,000,000 shares of 7.75% Series A Preferred Stock ( $25.00 liquidation preference) were issued and outstanding. As of September 30, 2015 and December 31, 2014 , 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 is not 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 a sinking fund requirement or mandatory redemption. Equity Offerings On May 23, 2014, the Company filed an automatically effective shelf registration statement on Form S-3 with the SEC. The Company may offer and sell, from time to time, shares of common stock, preferred stock and debt securities in one or more offerings pursuant to the prospectus that is a part of the registration statement. As of September 30, 2015 , the Company had not issued any shares of common stock, preferred stock or debt securities under the prospectus. 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 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 nine months ended September 30, 2015 and 2014 the Company did not issue any shares under the plan. As of September 30, 2015 and December 31, 2014 , there were approximately 4.1 million shares available for issuance under the plan. Share Repurchase Program On November 15, 2012, the Company announced that its Board of Directors authorized the repurchase of shares of the Company’s common stock having an aggregate value of up to $250 million . Pursuant to this program, through July 20, 2014, the Company repurchased approximately $115.7 million in aggregate value of its shares of common stock on the open market. On July 21, 2014, the Company announced that its Board of Directors authorized the repurchase of shares of the Company's common stock having an aggregate value of up to $250 million , which included approximately $134.3 million available for repurchase under the November 2012 authorization. Subsequently in 2014, we repurchased 172,549 shares for an aggregate of approximately $1.5 million . For the three months ended September 30, 2015 , we repurchased 2,067,552 shares of the Company's common stock at a weighted-average purchase price of $7.67 , for an aggregate of approximately $15.9 million . For the nine months ended September 30, 2015 , we repurchased 7,503,709 shares of the Company's common stock at a weighted-average purchase price of $8.59 , for an aggregate of approximately $64.6 million . Accordingly, the Company had approximately $183.9 million authorized to repurchase shares of its common stock as of September 30, 2015 . Restricted Stock Awards For the nine months ended September 30, 2015 and 2014 , the Company granted 480,736 and 420,113 shares of restricted stock, respectively, to certain of its directors, officers and employees.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Components of the computation of basic and diluted earnings per share ("EPS") were as follows (in thousands except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net income (loss) $ 36,027 $ 24,985 $ (6,413 ) $ 314,053 Less preferred stock dividends (5,203 ) (5,203 ) (15,609 ) (15,609 ) Net income (loss) available to common stockholders 30,824 19,782 (22,022 ) 298,444 Less dividends paid: Common shares (39,976 ) (48,307 ) (130,703 ) (151,344 ) Unvested shares (272 ) (291 ) (898 ) (948 ) Undistributed earnings (loss) (9,424 ) (28,816 ) (153,623 ) 146,152 Basic weighted-average shares outstanding: Common shares 154,633 161,016 156,821 160,986 Basic earnings (loss) per common share: Distributed earnings $ 0.26 $ 0.30 $ 0.83 $ 0.94 Undistributed earnings (loss) (0.06 ) (0.18 ) (0.98 ) 0.90 Basic earnings (loss) per common share $ 0.20 $ 0.12 $ (0.15 ) $ 1.84 Diluted weighted-average shares outstanding: Common shares 154,633 161,016 156,821 160,986 Net effect of dilutive stock options (1) — — — — 154,633 161,016 156,821 160,986 Diluted earnings (loss) per common share: Distributed earnings $ 0.26 $ 0.30 $ 0.83 $ 0.94 Undistributed earnings (loss) (0.06 ) (0.18 ) (0.98 ) 0.90 Diluted earnings (loss) per common share $ 0.20 $ 0.12 $ (0.15 ) $ 1.84 __________________ (1) For the three and nine months ended September 30, 2015 and 2014 , the Company had an aggregate of 131,088 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On October 1, 2015, an aggregate of 22,760 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.

Significant Accounting Polici19

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis Of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the instructions to Securities and Exchange Commission ("SEC") Form 10-Q and Article 10, Rule 10-01 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. 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 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, 2014, included in the 2014 Annual Report. The results for interim periods are not necessarily indicative of the results to be expected for the fiscal year. The unaudited consolidated financial statements include the accounts of the Company and all of its subsidiaries. All intercompany balances and transactions have been eliminated. The unaudited consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make a number of estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying footnotes. Actual results could differ from these estimates and the differences may be material.
Investments in Securities	Investments in Securities The Company's investment securities are accounted for in accordance with Accounting Standards Codification ("ASC") 320 —Investments in Debt and Equity Securities . The Company has chosen to make a fair value election pursuant to ASC 825 —Financial Instruments for its securities and, therefore, our investment securities are recorded at fair market value on the unaudited consolidated balance sheets. The periodic changes in fair market value are recorded in current period earnings on the unaudited 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. Electing the fair value option permits the Company to record changes in fair value of our investments in the unaudited 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. The Company records its transactions in securities on a trade date basis. We record realized gains and losses on securities transactions on an identified cost basis.
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 trade date, and maintains security positions such that sufficiently liquid assets will be available to make payment on the settlement date for securities purchased. The Agency RMBS purchased at the forward settlement date are typically priced at a discount to securities for settlement in the current month. Securities purchased on a forward settling basis are carried at fair value and begin earning interest on the settlement date. Gains or losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract. Along with other forward settling transactions, the Company transacts in to-be-announced ("TBA") securities. 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 a 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. Gains or losses may occur due to the fact that the actual underlying mortgages received may be more or less favorable than those anticipated by the Company. See Note 8, Pledged Assets, for disclosure regarding the fair value of collateral pledged or received on forward settling transactions. At times, the Company may enter into TBA contracts as a means of investing in and financing Agency RMBS via "dollar roll" transactions. TBA dollar roll transactions involve moving the settlement of a TBA contract out to a later date by entering into an offsetting short position (referred to as a "pair off"), net settling the paired off positions for cash, and simultaneously purchasing a similar TBA contract for a later settlement date. The Company records such pair offs on a gross basis such that there is a sale of the original TBA and a subsequent purchase of a new TBA.
Investment Valuation	Investment Valuation The Company's pricing committee is responsible for establishing valuation policies and procedures, as well as reviewing and approving valuations at a monthly 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. Treasuries are generally valued based on prices provided by third-party services and derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and/or economic events. The pricing services may also use a matrix approach, which uses information regarding securities with similar characteristics to determine the valuation for a security. We generally value interest rate swaps and caps 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 present value using swap rates provided by electronic data services or by brokers. No credit valuation adjustments are made in determining the fair value of the Company's interest rate swaps and caps. All valuations from third-party pricing services or broker quotes are non-binding. We review all prices during our pricing process. To date, the Company has not adjusted any of the prices received from third-party pricing services or brokers. Our pricing review includes comparisons of similar market transactions, alternative third-party pricing services and broker quotes, or comparisons to a pricing model. To ensure proper fair value hierarchy, the Company reviews the third-party pricing services methodology periodically to ascertain which observable or unobservable inputs are being used. See Note 9, Fair Value Measurements , for a discussion of how the Company values its assets.
Investments in Securities	Investments in Securities The Company's investment securities are accounted for in accordance with Accounting Standards Codification ("ASC") 320 —Investments in Debt and Equity Securities . The Company has chosen to make a fair value election pursuant to ASC 825 —Financial Instruments for its securities and, therefore, our investment securities are recorded at fair market value on the unaudited consolidated balance sheets. The periodic changes in fair market value are recorded in current period earnings on the unaudited 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. Electing the fair value option permits the Company to record changes in fair value of our investments in the unaudited 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. The Company records its transactions in securities on a trade date basis. We record realized gains and losses on securities transactions on an identified cost basis. 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 trade date, and maintains security positions such that sufficiently liquid assets will be available to make payment on the settlement date for securities purchased. The Agency RMBS purchased at the forward settlement date are typically priced at a discount to securities for settlement in the current month. Securities purchased on a forward settling basis are carried at fair value and begin earning interest on the settlement date. Gains or losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract. Along with other forward settling transactions, the Company transacts in to-be-announced ("TBA") securities. 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 a 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. Gains or losses may occur due to the fact that the actual underlying mortgages received may be more or less favorable than those anticipated by the Company. See Note 8, Pledged Assets, for disclosure regarding the fair value of collateral pledged or received on forward settling transactions. At times, the Company may enter into TBA contracts as a means of investing in and financing Agency RMBS via "dollar roll" transactions. TBA dollar roll transactions involve moving the settlement of a TBA contract out to a later date by entering into an offsetting short position (referred to as a "pair off"), net settling the paired off positions for cash, and simultaneously purchasing a similar TBA contract for a later settlement date. The Company records such pair offs on a gross basis such that there is a sale of the original TBA and a subsequent purchase of a new TBA. Investment Valuation The Company's pricing committee is responsible for establishing valuation policies and procedures, as well as reviewing and approving valuations at a monthly 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. Treasuries are generally valued based on prices provided by third-party services and derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and/or economic events. The pricing services may also use a matrix approach, which uses information regarding securities with similar characteristics to determine the valuation for a security. We generally value interest rate swaps and caps 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 present value using swap rates provided by electronic data services or by brokers. No credit valuation adjustments are made in determining the fair value of the Company's interest rate swaps and caps. All valuations from third-party pricing services or broker quotes are non-binding. We review all prices during our pricing process. To date, the Company has not adjusted any of the prices received from third-party pricing services or brokers. Our pricing review includes comparisons of similar market transactions, alternative third-party pricing services and broker quotes, or comparisons to a pricing model. To ensure proper fair value hierarchy, the Company reviews the third-party pricing services methodology periodically to ascertain which observable or unobservable inputs are being used. See Note 9, Fair Value Measurements , for a discussion of how the Company values its assets.
Interest Income	Interest Income We record interest income and expense on an accrual basis. We accrue interest income based on the outstanding principal amount of the securities and their contractual terms. We amortize premium and discount using the effective interest method, and this net amortization is either accretive to or a reduction of interest income from Agency RMBS in the Company's unaudited consolidated statements of operations. The Company does not estimate prepayments when calculating the yield to maturity on Agency RMBS. We record the amount of premium or discount associated with a prepayment through interest income from Agency RMBS on our unaudited consolidated statements of operations as it occurs.
Other investments	Other Investments The Company's subsidiary, CYS Insurance, is a member of, and owns capital stock in, the FHLBC. The FHLBC provides CYS Insurance with credit capacity and authorizes advances based on the security of pledged Agency RMBS, provided the Company meets certain creditworthiness standards. FHLBC Advances, included in the "Short-term FHLBC advances" and "Long-term FHLBC advances" line items on the Company's unaudited consolidated balance sheets, are a funding source for the Company of both short- and long-term indebtedness. As a condition of its membership in the FHLBC, CYS Insurance is required to maintain a FHLBC stock investment, both for membership and for the level of advances from the FHLBC to CYS Insurance. The Company accounts for its investment in FHLBC stock as a cost method investment in "Other investments". The Company periodically evaluates FHLBC stock for impairment in accordance with ASC 320. Along with the FHLBC stock, the Company has also decided to record its investment in a real estate asset as "Other investments" and, accordingly, prior period balances have been reclassified to conform to the current period presentation.
Repurchase Agreements and FHLB Advances	Repurchase Agreements and FHLBC Advances Borrowings under repurchase agreements ("repo borrowings") and FHLBC Advances are collateralized by the Company’s Agency RMBS and U.S. Treasuries (collectively, "Debt Securities"). The Company’s repo borrowing counterparties are institutional dealers in fixed income securities and large financial institutions, and CYS Insurance's counterparty for FHLBC Advances is the FHLBC. Collateral pledged on repo borrowings is valued daily, and on FHLBC Advances periodically, and our counterparties (including the FHLBC) may require posting of additional collateral when the fair value of pledged collateral decline. Repo borrowing counterparties and the FHLBC have the right to sell or repledge collateral pledged under repo borrowings and FHLBC Advances. See Note 5, Repurchase Agreements and Short-Term FHLBC Advances . We account for our repo borrowings and our short-term FHLBC advances as short-term indebtedness under ASC 470 —Debt; accordingly, these short-term instruments are accounted in our financial statements and carried at their amortized cost or carrying value, which approximates their fair value due to their short-term nature (generally 30 - 90 days). Also, we enter into long-term FHLBC advances ( i.e., debt with a term of more than one year), which are collateralized by the Company's Debt Securities. The Company has chosen to make a fair value election pursuant to ASC 825 —Financial Instruments for its long-term FHLBC advances and, therefore, this debt is recorded at fair market value on its unaudited consolidated balance sheets. We price this debt daily through a pricing service that uses a discounted cash flow model to value the debt, and periodically we validate the prices we receive through this process. The changes in fair market value are recorded in current period earnings on our unaudited consolidated statements of operations as a component of net unrealized gain (loss) on long-term FHLBC advances. Electing the fair value option permits the Company to record changes in the fair value of our long-term indebtedness along with that of our investments in our unaudited consolidated statements of operations which, in management’s view, more appropriately reflects the results of operations for a particular reporting period as all income producing assets and liabilities will be treated in a similar manner. See Note 6, Long-Term FHLBC Advances .
Interest Rate Swap And Cap Contracts	Interest Rate Swap and Cap Contracts We account for our interest rate swap and cap contracts transactions under ASC 815 —Derivatives and Hedging . The Company uses interest rate swaps and interest rate caps to economically hedge a portion of its exposure to market risks, including interest rate risk and extension risk. The objective of our risk management strategy is to reduce fluctuations in stockholders’ equity over a range of interest rate scenarios. In particular, we attempt to manage the risk of the cost of our variable rate liabilities increasing during a period of rising interest rates. During the term of an interest rate swap or cap, the Company makes or receives periodic payments and records unrealized gains or losses as a result of marking the swap or cap to their fair value. When the Company terminates a swap or cap, we record a realized gain or loss equal to the difference between the proceeds from (or the cost of) the closing transaction and the Company's cost basis in the contract, if any. We report the periodic payments and amortization of premiums on cap contracts under interest expense in our 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 may be subject to a master netting arrangement ("MNA"). The Company is exposed to credit loss in the event of non-performance 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 September 30, 2015 and December 31, 2014 , the Company did not anticipate non-performance 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. While the Company's derivative agreements generally permit netting or setting off derivative assets and liabilities with the counterparty, the Company reports related assets and liabilities on a gross basis in our unaudited consolidated balance sheets. Derivative instruments in a gain position are reported as derivative assets at fair value and derivative instruments in a loss position are reported as derivative liabilities at fair value in our unaudited consolidated balance sheets. We record changes in fair value of our derivative instruments in net unrealized gain (loss) on swap and cap contracts in our unaudited consolidated statements of operations. Cash receipts and payments related to derivative instruments are classified in our unaudited consolidated statements of cash flows in accordance with U.S. GAAP in both the operating and investing activities sections in the Company’s unaudited consolidated statement of cash flows. See Note 4, Investments in Interest Rate Swap and Cap Contracts .

Investments in Securities (Tabl

Investments in Securities (Tables)	9 Months Ended
	Sep. 30, 2015
Available-for-sale Securities [Abstract]
Available-for-sale Securities	September 30, 2015 Asset Type Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Fannie Mae Certificates Fixed Rate $ 12,234,071 $ (7,776 ) $ 156,837 $ 12,383,132 ARMs 274,318 (232 ) 3,183 277,269 Total Fannie Mae 12,508,389 (8,008 ) 160,020 12,660,401 Freddie Mac Certificates Fixed Rate 957,315 (449 ) 19,459 976,325 ARMs 63,841 (274 ) 995 64,562 Total Freddie Mac 1,021,156 (723 ) 20,454 1,040,887 Ginnie Mae Certificates - ARMs 49,609 — 1,136 50,745 U.S. Treasuries 24,941 — 325 25,266 Total $ 13,604,095 $ (8,731 ) $ 181,935 $ 13,777,299 December 31, 2014 Fannie Mae Certificates Fixed Rate $ 11,356,717 $ (2,984 ) $ 158,570 $ 11,512,303 ARMs 1,282,065 (13,144 ) 4,449 1,273,370 Total Fannie Mae 12,638,782 (16,128 ) 163,019 12,785,673 Freddie Mac Certificates Fixed Rate 1,183,764 — 25,769 1,209,533 ARMs 394,726 (6,753 ) 1,144 389,117 Total Freddie Mac 1,578,490 (6,753 ) 26,913 1,598,650 Ginnie Mae Certificates - ARMs 66,390 — 1,743 68,133 U.S. Treasuries 149,585 (534 ) — 149,051 Total $ 14,433,247 $ (23,415 ) $ 191,675 $ 14,601,507 The following table presents the gross unrealized loss and fair values of our available-for-sale Agency RMBS by length of time that such securities have been in a continuous unrealized loss position as of September 30, 2015 and December 31, 2014 (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 September 30, 2015 $ 2,333,038 $ (8,267 ) $ 90,991 $ (464 ) $ 2,424,029 $ (8,731 ) December 31, 2014 259,291 (577 ) 1,494,884 (22,838 ) 1,754,175 (23,415 ) The following table summarizes our net realized gain (loss) from the sale of available-for-sale investments for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Available-for-sale investments, at cost $ 2,849,207 $ 9,523,312 $ 16,187,871 $ 23,674,808 Proceeds from available-for-sale investments sold 2,838,875 9,563,782 16,205,227 23,765,066 Net gain (loss) on sale of available-for-sale investments $ (10,332 ) $ 40,470 17,356 90,258 Gross gain on sale of available-for-sale investments $ 18,210 $ 48,439 80,592 140,076 Gross (loss) on sale of available-for-sale investments (28,542 ) (7,969 ) (63,236 ) (49,818 ) Net gain (loss) on sale of available-for-sale investments $ (10,332 ) $ 40,470 $ 17,356 $ 90,258 The components of the carrying value of available-for-sale securities at September 30, 2015 and December 31, 2014 are presented below. A premium purchase price is due to the average coupon interest rates on these investments being higher than prevailing market rates; similarly, a discount purchase price is due to the average coupon interest rate on these investments being lower than prevailing market rates. (in thousands) September 30, 2015 December 31, 2014 Principal balance $ 13,088,818 $ 13,880,953 Unamortized premium 515,464 552,869 Unamortized discount (187 ) (575 ) Gross unrealized gains 181,935 191,675 Gross unrealized losses (8,731 ) (23,415 ) Fair value $ 13,777,299 $ 14,601,507

Investments in Interest Rate 21

Investments in Interest Rate Swap and Cap Contracts (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives [Table Text Block]	The Company had the following activity in interest rate swap and cap transactions during the three and nine months ended September 30, 2015 and 2014 (in thousands): Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Trade Date Transaction Notional Trade Date Transaction Notional January 2015 Terminated $ (400,000 ) February 2014 Terminated $ (500,000 ) January 2015 Opened 500,000 April 2014 Terminated $ (1,100,000 ) April 2015 Terminated $ (400,000 ) April 2014 Opened $ 500,000 July 2015 Terminated $ (500,000 ) May 2014 Terminated $ (300,000 ) July 2015 Opened $ 750,000 May 2014 Opened $ 300,000 August 2015 Terminated $ (500,000 ) June 2014 Terminated $ (550,000 ) August 2015 Opened $ 500,000 June 2014 Opened $ 1,200,000 September 2015 Terminated $ (1,500,000 ) July 2014 Opened $ 400,000 September 2015 Opened $ 1,400,000 Net Decrease $ (50,000 ) Net Decrease $ (150,000 )
Schedule of Derivative Instruments	Below is a summary of our interest rate swap and cap contracts open as of September 30, 2015 and December 31, 2014 (in thousands): Derivatives not designated as hedging instruments under ASC 815 Interest Rate Swap Contracts Notional Fair Value Consolidated Balance Sheets September 30, 2015 $ 6,500,000 $ (65,317 ) Derivative liabilities, at fair value September 30, 2015 1,000,000 192 Derivative assets, at fair value December 31, 2014 2,600,000 (16,007 ) Derivative liabilities, at fair value December 31, 2014 5,050,000 40,611 Derivative assets, at fair value Interest Rate Cap Contracts Notional Fair Value Consolidated Balance Sheets September 30, 2015 $ 2,500,000 $ 53,803 Derivative assets, at fair value December 31, 2014 2,500,000 107,673 Derivative assets, at fair value The following table presents information about the net interest expense and net realized and unrealized gain (loss) on swap and cap contracts for the three and nine months ended September 30, 2015 and 2014 on the Company's interest rate swap and cap contracts not designated as hedging instruments under ASC 815 (in thousands): Amount Recognized in Net Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, Derivative Type Location of Interest Expense and Gain or (Loss) Recognized in Net Income (Loss) 2015 2014 2015 2014 Interest rate swaps and caps Swap and cap interest expense $ (24,681 ) $ (25,789 ) $ (77,141 ) $ (64,162 ) Interest rate swaps and caps Net realized gain (loss) on termination of swap and cap contracts (11,576 ) — (16,444 ) (15,327 ) Interest rate swaps and caps Net unrealized gain (loss) on swap and cap contracts (89,021 ) 58,909 (130,474 ) (22,512 ) Interest rate swaps and caps Total gain (loss) recognized in income on derivatives $ (125,278 ) $ 33,120 $ (224,059 ) $ (102,001 ) The swap and cap notional was $10,000.0 million at September 30, 2015 compared to $10,150.0 million at December 31, 2014, and as a percentage of our repo borrowings and FHLB Advances was 88.1% at September 30, 2015 compared to 89.9% at December 31, 2014. We had no FHLBC Advances at December 31, 2014. At September 30, 2015 and December 31, 2014 , the Company's derivative assets and liabilities (by type) are as follows (in thousands): September 30, 2015 Assets Liabilities Interest rate swap contracts $ 192 $ 65,317 Interest rate cap contracts 53,803 — Total derivative assets and liabilities in the unaudited consolidated balance sheets 53,995 65,317 Derivatives not subject to an MNA 192 59,086 Total assets and liabilities subject to an MNA $ 53,803 $ 6,231 December 31, 2014 Assets Liabilities Interest rate swap contracts $ 40,611 $ 16,007 Interest rate cap contracts 107,673 — Total derivative assets and liabilities in the unaudited consolidated balance sheets 148,284 16,007 Derivatives not subject to an MNA 7,008 11,579 Total assets and liabilities subject to an MNA $ 141,276 $ 4,428

Repurchase Agreements and FHL22

Repurchase Agreements and FHLB Advances (Tables)	9 Months Ended
	Sep. 30, 2015
Banking and Thrift [Abstract]
Schedule Of Company's Borrowings	Certain information with respect to the Company’s repo borrowings and short-term FHLBC advances outstanding at the balance sheet date is summarized in the table below. Each of the repo borrowings and short-term FHLBC advances are contractually due in one year or less. (in thousands) September 30, 2015 December 31, 2014 Outstanding repurchase agreements $ 9,252,681 $ 11,289,559 Outstanding short-term FHLBC advances $ 1,675,000 $ — Interest accrued thereon $ 2,887 $ 5,334 Weighted-average borrowing rate 0.44 % 0.35 % Weighted-average remaining maturity (in days) 24.9 28.2 Fair value of the collateral (1) $ 11,387,667 $ 11,842,427

Pledged Assets (Tables)

Pledged Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Transfers and Servicing [Abstract]
Assets Pledged to Counterparties	The following tables summarize our assets pledged as collateral under our repo borrowings, FHLBC Advances, and derivative agreements by type, including securities pledged related to securities purchased or sold but not yet settled, as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Assets Pledged to Counterparties Repurchase Agreements and FHLBC Advances Derivative Instruments Forward Settling Trades (TBAs) Total Agency RMBS - fair value $ 11,875,856 $ 58,507 $ 675 $ 11,935,038 U.S. Treasuries - fair value — 34,982 — 34,982 Accrued interest on pledged securities 32,229 298 2 32,529 Cash — 71,655 — 71,655 Total $ 11,908,085 $ 165,442 $ 677 $ 12,074,204 December 31, 2014 Assets Pledged to Counterparties Repurchase Agreements (1) Derivative Instruments Forward Settling Trades (TBAs) Total Agency RMBS - fair value $ 11,697,532 $ 42,894 $ 1,453 $ 11,741,879 U.S. Treasuries - fair value 149,051 17,992 — 167,043 Accrued interest on pledged securities 31,475 168 3 31,646 Cash — 11,104 — 11,104 Total $ 11,878,058 $ 72,158 $ 1,456 $ 11,951,672
Assets Pledged from Counterparties	As of September 30, 2015 and December 31, 2014 , we had assets pledged to us as collateral under our repurchase, derivative agreements and TBAs as summarized in the tables below (in thousands): September 30, 2015 Assets Pledged to CYS Repurchase Agreements Derivative Instruments Forward Settling Trades (TBAs) Total Agency RMBS - fair value $ 19,581 $ 2,500 $ — $ 22,081 U.S. Treasuries - fair value 14,987 11,788 — 26,775 Accrued interest on pledged securities 109 38 — 147 Cash — 36,826 1,815 38,641 Total $ 34,677 $ 51,152 $ 1,815 $ 87,644 December 31, 2014 Assets Pledged to CYS Repurchase Agreements Derivative Instruments Forward Settling Trades (TBAs) Total Agency RMBS - fair value $ 3,464 $ 22,112 $ 3,225 $ 28,801 U.S. Treasuries - fair value 692 25,115 — 25,807 Accrued interest on pledged securities 13 142 9 164 Cash — 71,980 791 72,771 Total $ 4,169 $ 119,349 $ 4,025 $ 127,543
Schedule of Derivative Instruments	Below is a summary of our interest rate swap and cap contracts open as of September 30, 2015 and December 31, 2014 (in thousands): Derivatives not designated as hedging instruments under ASC 815 Interest Rate Swap Contracts Notional Fair Value Consolidated Balance Sheets September 30, 2015 $ 6,500,000 $ (65,317 ) Derivative liabilities, at fair value September 30, 2015 1,000,000 192 Derivative assets, at fair value December 31, 2014 2,600,000 (16,007 ) Derivative liabilities, at fair value December 31, 2014 5,050,000 40,611 Derivative assets, at fair value Interest Rate Cap Contracts Notional Fair Value Consolidated Balance Sheets September 30, 2015 $ 2,500,000 $ 53,803 Derivative assets, at fair value December 31, 2014 2,500,000 107,673 Derivative assets, at fair value The following table presents information about the net interest expense and net realized and unrealized gain (loss) on swap and cap contracts for the three and nine months ended September 30, 2015 and 2014 on the Company's interest rate swap and cap contracts not designated as hedging instruments under ASC 815 (in thousands): Amount Recognized in Net Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, Derivative Type Location of Interest Expense and Gain or (Loss) Recognized in Net Income (Loss) 2015 2014 2015 2014 Interest rate swaps and caps Swap and cap interest expense $ (24,681 ) $ (25,789 ) $ (77,141 ) $ (64,162 ) Interest rate swaps and caps Net realized gain (loss) on termination of swap and cap contracts (11,576 ) — (16,444 ) (15,327 ) Interest rate swaps and caps Net unrealized gain (loss) on swap and cap contracts (89,021 ) 58,909 (130,474 ) (22,512 ) Interest rate swaps and caps Total gain (loss) recognized in income on derivatives $ (125,278 ) $ 33,120 $ (224,059 ) $ (102,001 ) The swap and cap notional was $10,000.0 million at September 30, 2015 compared to $10,150.0 million at December 31, 2014, and as a percentage of our repo borrowings and FHLB Advances was 88.1% at September 30, 2015 compared to 89.9% at December 31, 2014. We had no FHLBC Advances at December 31, 2014. At September 30, 2015 and December 31, 2014 , the Company's derivative assets and liabilities (by type) are as follows (in thousands): September 30, 2015 Assets Liabilities Interest rate swap contracts $ 192 $ 65,317 Interest rate cap contracts 53,803 — Total derivative assets and liabilities in the unaudited consolidated balance sheets 53,995 65,317 Derivatives not subject to an MNA 192 59,086 Total assets and liabilities subject to an MNA $ 53,803 $ 6,231 December 31, 2014 Assets Liabilities Interest rate swap contracts $ 40,611 $ 16,007 Interest rate cap contracts 107,673 — Total derivative assets and liabilities in the unaudited consolidated balance sheets 148,284 16,007 Derivatives not subject to an MNA 7,008 11,579 Total assets and liabilities subject to an MNA $ 141,276 $ 4,428
Offsetting Assets	Below are summaries of the Company's assets and liabilities subject to offsetting provisions (in thousands): Assets Gross Amounts Not Offset in the Unaudited Consolidated Balance Sheets As of Description Amount of Assets Presented in the Unaudited Consolidated Balance Sheets Instruments Available for Offset Collateral Received (1) Net Amount (2) September 30, 2015 Derivative assets $ 53,803 $ 2,734 $ 38,589 $ 12,480 December 31, 2014 Derivative assets 141,276 4,341 117,991 18,944 Liabilities Gross Amounts Not Offset in the Unaudited Consolidated Balance Sheets As of Description Amount of Liabilities Presented in the Unaudited Consolidated Balance Sheets Instruments Available for Offset Collateral Pledged (1) Net Amount (2) September 30, 2015 Derivative liabilities $ 6,231 $ 2,734 $ 3,497 $ — September 30, 2015 Repurchase agreements and FHLBC Advances 11,353,418 — 11,353,418 — December 31, 2014 Derivative liabilities $ 4,428 $ 4,341 $ 87 $ — December 31, 2014 Repurchase agreements (3) 11,289,559 — 11,289,559 —
Offsetting Liabilities	Liabilities Gross Amounts Not Offset in the Unaudited Consolidated Balance Sheets As of Description Amount of Liabilities Presented in the Unaudited Consolidated Balance Sheets Instruments Available for Offset Collateral Pledged (1) Net Amount (2) September 30, 2015 Derivative liabilities $ 6,231 $ 2,734 $ 3,497 $ — September 30, 2015 Repurchase agreements and FHLBC Advances 11,353,418 — 11,353,418 — December 31, 2014 Derivative liabilities $ 4,428 $ 4,341 $ 87 $ — December 31, 2014 Repurchase agreements (3) 11,289,559 — 11,289,559 — ______________ (1) Collateral consists of Agency RMBS, U.S. Treasuries and Cash. Excess collateral pledged is not shown for financial reporting purposes. (2) Net amount represents the net amount receivable (in the case of assets) and payable (in the case of liabilities) to the counterparty in the event of default.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables provide a summary of the Company’s assets and liabilities that are measured at fair value on a recurring or non-recurring basis, as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Fair Value Measurements Using Level 1 Level 2 Level 3 Total Assets Agency RMBS $ — $ 13,752,033 $ — $ 13,752,033 U.S. Treasuries 25,266 — — 25,266 Other investments — — 50,028 50,028 Derivative assets — 53,995 — 53,995 Total $ 25,266 $ 13,806,028 $ 50,028 $ 13,881,322 Liabilities Long-term FHLBC advances — 425,737 — 425,737 Derivative liabilities — 65,317 — 65,317 Total $ — $ 491,054 $ — $ 491,054 December 31, 2014 Fair Value Measurements Using Level 1 Level 2 Level 3 Total Assets Agency RMBS $ — $ 14,452,456 $ — $ 14,452,456 U.S. Treasuries 149,051 — — 149,051 Other investments — — 8,025 8,025 Derivative assets — 148,284 — 148,284 Total $ 149,051 $ 14,600,740 $ 8,025 $ 14,757,816 Liabilities Derivative liabilities $ — $ 16,007 $ — $ 16,007
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The table below presents a reconciliation of changes in "Other investments" classified as Level 3 assets and measured for fair value on a recurring basis in the Company’s unaudited consolidated financial statements for the three and nine months ended September 30, 2015 and 2014 . Level 3 Fair Value Reconciliation (In thousands) Nine Months Ended September 30, Other investments (1) 2015 2014 Beginning balance Level 3 assets $ 8,025 $ 6,945 Cash payments recorded as a reduction of cost basis — — Change in net unrealized gain (loss) — — Gross purchases — — Gross sales — — Net gain (loss) on sales — — Transfers into (out of) Level 3 — — Ending balance Level 3 assets $ 8,025 $ 6,945 __________________ (1) FHLBC stock of approximately $42.0 million is excluded from the table above as the Company accounts for its investment in FHLBC stock as a cost method investment and periodically evaluates FHLBC stock for impairment .

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule Of Computation Of Basic And Diluted Earnings Per Share	Components of the computation of basic and diluted earnings per share ("EPS") were as follows (in thousands except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net income (loss) $ 36,027 $ 24,985 $ (6,413 ) $ 314,053 Less preferred stock dividends (5,203 ) (5,203 ) (15,609 ) (15,609 ) Net income (loss) available to common stockholders 30,824 19,782 (22,022 ) 298,444 Less dividends paid: Common shares (39,976 ) (48,307 ) (130,703 ) (151,344 ) Unvested shares (272 ) (291 ) (898 ) (948 ) Undistributed earnings (loss) (9,424 ) (28,816 ) (153,623 ) 146,152 Basic weighted-average shares outstanding: Common shares 154,633 161,016 156,821 160,986 Basic earnings (loss) per common share: Distributed earnings $ 0.26 $ 0.30 $ 0.83 $ 0.94 Undistributed earnings (loss) (0.06 ) (0.18 ) (0.98 ) 0.90 Basic earnings (loss) per common share $ 0.20 $ 0.12 $ (0.15 ) $ 1.84 Diluted weighted-average shares outstanding: Common shares 154,633 161,016 156,821 160,986 Net effect of dilutive stock options (1) — — — — 154,633 161,016 156,821 160,986 Diluted earnings (loss) per common share: Distributed earnings $ 0.26 $ 0.30 $ 0.83 $ 0.94 Undistributed earnings (loss) (0.06 ) (0.18 ) (0.98 ) 0.90 Diluted earnings (loss) per common share $ 0.20 $ 0.12 $ (0.15 ) $ 1.84 __________________ (1) For the three and nine months ended September 30, 2015 and 2014 , the Company had an aggregate of 131,088 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.

Organization (Details)

Organization (Details) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Series A Cumulative Redeemable Preferred Stock, liquidation preference per share	$ 25	$ 25

Significant Accounting Polici27

Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2015
Minimum [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Period	30 days
Maximum [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Period	90 days

Investments in Securities (Deta

Investments in Securities (Details)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Available-for-sale Securities [Abstract]
WeightedAverageCouponDebtSecurities	3.44%	3.39%
Debt Instrument, Maturity Date	30 years
U.S. Treasury Security Maturity Date	2,019
Agency RMBS Maturity Date Min	2,024
Agency RMBS Maturity Date Max	2,045

Investments in Securities (Avai

Investments in Securities (Available-for-sale securities by GSE Agency and Coupon) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	$ (8,731)	$ (23,415)
Gross unrealized gains	181,935	191,675
Fair value	13,777,299	14,601,507
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	12,508,389	12,638,782
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	(8,008)	(16,128)
Gross unrealized gains	160,020	163,019
Fair value	12,660,401	12,785,673
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	12,234,071	11,356,717
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	(7,776)	(2,984)
Gross unrealized gains	156,837	158,570
Fair value	12,383,132	11,512,303
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	274,318	1,282,065
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	(232)	(13,144)
Gross unrealized gains	3,183	4,449
Fair value	277,269	1,273,370
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	1,021,156	1,578,490
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	(723)	(6,753)
Gross unrealized gains	20,454	26,913
Fair value	1,040,887	1,598,650
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	957,315	1,183,764
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	(449)	0
Gross unrealized gains	19,459	25,769
Fair value	976,325	1,209,533
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	63,841	394,726
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	(274)	(6,753)
Gross unrealized gains	995	1,144
Fair value	64,562	389,117
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	49,609	66,390
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	0	0
Gross unrealized gains	1,136	1,743
Fair value	50,745	68,133
US Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	24,941	149,585
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	0	(534)
Gross unrealized gains	325	0
Fair value	25,266	149,051
Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	13,604,095	14,433,247
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	(8,731)	(23,415)
Gross unrealized gains	181,935	191,675
Fair value	$ 13,777,299	$ 14,601,507

Investments in Securities (Av30

Investments in Securities (Available for sale, Continuous Unrealized Loss) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 2,333,038	$ 259,291
Unrealized loss on investments, owned less than 12 months	(8,267)	(577)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	90,991	1,494,884
Unrealized loss on investments, owned more than 12 months	(464)	(22,838)
Fair value of investments in unrealized loss position	2,424,029	1,754,175
Available for sale securities, continuous unrealized loss	$ (8,731)	$ (23,415)

Investments in Securities (Summ

Investments in Securities (Summary of Net Gain (loss) from the Sale of Available-for-Sale Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]
Available-for-sale investments, at cost	$ 2,849,207	$ 9,523,312	$ 16,187,871	$ 23,674,808
Proceeds from available-for-sale investments sold	2,838,875	9,563,782	16,205,227	23,765,066
Net gain (loss) on sale of available-for-sale investments	(10,332)	40,470	17,356	90,258
Gross gain on sale of available-for-sale investments	18,210	48,439	80,592	140,076
Gross (loss) on sale of available-for-sale investments	$ (28,542)	$ (7,969)	$ (63,236)	$ (49,818)

Investments in Securities (Comp

Investments in Securities (Components of the Carrying Value of Available-for-Sale Securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Principal balance	$ 13,088,818	$ 13,880,953
Unamortized premium	515,464	552,869
Unamortized discount	(187)	(575)
Gross unrealized gains	181,935	191,675
Gross unrealized losses	(8,731)	(23,415)
Fair value	13,777,299	14,601,507
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	12,508,389	12,638,782
Gross unrealized gains	160,020	163,019
Gross unrealized losses	(8,008)	(16,128)
Fair value	12,660,401	12,785,673
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	1,021,156	1,578,490
Gross unrealized gains	20,454	26,913
Gross unrealized losses	(723)	(6,753)
Fair value	1,040,887	1,598,650
US Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	24,941	149,585
Gross unrealized gains	325	0
Gross unrealized losses	0	(534)
Fair value	$ 25,266	$ 149,051

Investments in Interest Rate 33

Investments in Interest Rate Swap and Cap Contracts (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Trading Securities Pledged as Collateral	$ 93,500	$ 60,900
Derivative, Collateral, Right to Reclaim Cash	71,655	11,104	[1]
Securities Received as Collateral	14,300	47,200
Derivative, Collateral, Obligation to Return Cash	36,800	72,000
SwapandCapNotional	$ 10,000,000	$ 10,150,000
SwapandCapNotionalasPercentageofRepoBorrowings	88.10%	89.90%
[1]	Derived from audited financial statements.

Investments in Interest Rate 34

Investments in Interest Rate Swap and Cap Contracts (Summary Of Interest Rate Swap And Cap Contracts) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Transaction And Trade Date [Line Items]
DerivativeNotionalTransactions	$ (150,000)	$ (50,000)
JanuaryTwoThousandAndFifteenTerminated [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts	January 2,015
DerivativeNotionalTransactions	$ (400,000)
JanuaryTwoThousandAndFifteenOpened [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts	January 2,015
DerivativeNotionalTransactions	$ 500,000
AprilTwoThousandAndFifteenTerminatedMember [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts	April 2,015
DerivativeNotionalTransactions	$ (400,000)
FebruaryTwoThousandFourteenTerminated [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts		February 2,014
DerivativeNotionalTransactions		$ (500,000)
AprilTwoThousandFourteenTerminatedMember [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts		April 2,014
DerivativeNotionalTransactions		$ (1,100,000)
AprilTwoThousandFourteenOpenedMember [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts		April 2,014
DerivativeNotionalTransactions		$ 500,000
JulyTwoThousandAndFifteenTerminated [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts	July 2,015
DerivativeNotionalTransactions	$ (500,000)
JulyTwoThousandAndFifteenOpened [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts	July 2,015
DerivativeNotionalTransactions	$ 750,000
AugustTwoThousandAndFifteenTerminated [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts	August 2,015
DerivativeNotionalTransactions	$ (500,000)
AugustTwoThousandAndFifteenOpened [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts	August 2,015
DerivativeNotionalTransactions	$ 500,000
SeptemberTwoThousandAndFifteenTerminated [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts	September 2,015
DerivativeNotionalTransactions	$ (1,500,000)
JulyTwoThousandFourteenOpened [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts		July 2,014
DerivativeNotionalTransactions		$ 400,000
SeptemberTwoThousandAndFifteenOpened [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts	September 2,015
DerivativeNotionalTransactions	$ 1,400,000
MayTwoThousandFourteenTerminatedMember [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts		May 2,014
DerivativeNotionalTransactions		$ (300,000)
MayTwoThousandFourteenOpenedMember [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts		May 2,014
DerivativeNotionalTransactions		$ 300,000
JuneTwoThousandFourteenTerminatedMember [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts		June 2,014
DerivativeNotionalTransactions		$ (550,000)
JuneTwoThousandFourteenOpenedMember [Member]
Transaction And Trade Date [Line Items]
Trade Date Of Interest Rate Swap And Cap Contracts		June 2,014
DerivativeNotionalTransactions		$ 1,200,000

Investments in Interest Rate 35

Investments in Interest Rate Swap and Cap Contracts (Derivatives not designated as hedging activities under ASC 815) (Details) - Derivatives Not Designated As Hedging Instruments [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Interest Rate Swap [Member] | Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,000,000	$ 5,050,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value	192	40,611
Interest Rate Swap [Member] | Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	6,500,000	2,600,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value	(65,317)	(16,007)
Interest Rate Cap [Member] | Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	2,500,000	2,500,000
Derivative Asset, Fair Value, Gross Asset	$ 53,803	$ 107,673

Investments in Interest Rate 36

Investments in Interest Rate Swap and Cap Contracts (Amount recognized in income on derivatives) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net Swap And Cap Interest Income (Expense)	$ (24,681)	$ (25,789)	$ (77,141)	$ (64,162)
Net realized gain (loss) on termination of swap and cap contracts	(11,576)	0	(16,444)	(15,327)
Net unrealized gain (loss) on swap and cap contracts	(89,021)	58,909	(130,474)	(22,512)
Derivative, Gain (Loss) on Derivative, Net	$ (125,278)	$ 33,120	$ (224,059)	$ (102,001)

Repurchase Agreements and FHL37

Repurchase Agreements and FHLB Advances (Details) $ in Thousands	Sep. 30, 2015USD ($)d	Dec. 31, 2014USD ($)d
Short-term Debt [Line Items]
Number Of Repurchase Agreements	0	0
RepoBorrowingsandFHLBadvancesaspercentageoftotalassets	11.70%	3.90%
Federal Home Loan Bank Stock	$ 42,000
Outstanding repurchase agreements	9,252,681	$ 11,289,559	[1]
Short-term FHLBC advances	1,675,000	0	[1]
Interest accrued thereon	$ 2,887	$ 5,334
Weighted average borrowing rate	0.44%	0.35%	[2]
Weighted Average Remaining Maturity (In Days) | d	24.9	28.2
Fair value of the collateral(1)	$ 11,387,667	$ 11,842,427	[3]
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets	1.90%	1.60%
[1]	Derived from audited financial statements.
[2]	(1)Collateral for repo borrowings and short-term FHLBC advances consists of Agency RMBS and U.S. Treasuries.
[3]	{F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmMzMzBhZmI0ODAzZjRlZTJiMjhlOGZkM2I0OTIzMGQwfFRleHRTZWxlY3Rpb246NzA0RDgzMUExOTIxNTgzRDk4OUJDQ0YwQzE2MDhERDYM}

Repurchase Agreements and FHL38

Repurchase Agreements and FHLB Advances Remaining contractual maturity of the agreements (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Agency RMBS Collateral	$ 10,927,681	$ 11,141,479
U.S. Treasuries Collateral	0	148,080
Agency RMBS and U.S. Treasuries Collateral	10,927,681	11,289,559
Maturity Overnight [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Agency RMBS Collateral	0	0
U.S. Treasuries Collateral	0	0
Agency RMBS and U.S. Treasuries Collateral	0	0
Maturity Less than 30 Days [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Agency RMBS Collateral	7,810,118	7,574,906
U.S. Treasuries Collateral	0	148,080
Agency RMBS and U.S. Treasuries Collateral	7,810,118	7,722,986
Maturity 30 to 90 Days [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Agency RMBS Collateral	3,067,563	3,425,831
U.S. Treasuries Collateral	0	0
Agency RMBS and U.S. Treasuries Collateral	3,067,563	3,425,831
Maturity Greater than 90 Days [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Agency RMBS Collateral	50,000	140,742
U.S. Treasuries Collateral	0	0
Agency RMBS and U.S. Treasuries Collateral	$ 50,000	$ 140,742

Long-term FHLBC Advances (Detai

Long-term FHLBC Advances (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	[1]
Statement of Financial Position [Abstract]
Federal Home Loan Bank, Advances, Par Value	$ 350,000	$ 425,000	$ 0
Federal Home Loan Bank Borrowings, Fair Value Disclosure	425,737	425,737
Long-term Federal Home Loan Bank Advances	425,737	425,737		$ 0
AccruedInterestExpenseonLongTermFHLBCAdvances	$ 500	$ 500
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate	1.48%	1.48%
FederalHomeLoanBankLongTermDebtWeightedAverageMaturity		2 years 9 months 18 days
[1]	Derived from audited financial statements.

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
RemainingLeaseTerm	84 months
Indemnification claims	$ 0	$ 0
Operating Leases, Future Minimum Payments Due	$ 2,841,000

Commitments and Contingencies L

Commitments and Contingencies Lease commitments table (Details) $ in Thousands	Sep. 30, 2015USD ($)
Operating Leased Assets [Line Items]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 66
Operating Leases, Future Minimum Payments, Due in Two Years	305
Operating Leases, Future Minimum Payments, Due in Three Years	353
Operating Leases, Future Minimum Payments, Due in Four Years	363
Operating Leases, Future Minimum Payments, Due in Five Years	373
Operating Leases, Future Minimum Payments, Due Thereafter	1,381
Operating Leases, Future Minimum Payments Due	$ 2,841

Pledged Assets (Assets Pledged

Pledged Assets (Assets Pledged to Counterparties) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	$ 12,074,204	$ 11,951,672
Agency RMBS [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	11,935,038	11,741,879
US Treasury Securities [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	34,982	167,043
Accrued Interest on Pledged Securities [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	32,529	31,646
Cash [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	71,655	11,104
Repurchase Agreements [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	11,908,085	11,878,058	[1]
Repurchase Agreements [Member] | Agency RMBS [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	11,875,856	11,697,532	[1]
Repurchase Agreements [Member] | US Treasury Securities [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	0	149,051	[1]
Repurchase Agreements [Member] | Accrued Interest on Pledged Securities [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	32,229	31,475	[1]
Repurchase Agreements [Member] | Cash [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	0	0	[1]
Derivative [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	165,442	72,158
Derivative [Member] | Agency RMBS [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	58,507	42,894
Derivative [Member] | US Treasury Securities [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	34,982	17,992
Derivative [Member] | Accrued Interest on Pledged Securities [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	298	168
Derivative [Member] | Cash [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	71,655	11,104
Forward Settling Trades [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	677	1,456
Forward Settling Trades [Member] | Agency RMBS [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	675	1,453
Forward Settling Trades [Member] | US Treasury Securities [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	0	0
Forward Settling Trades [Member] | Accrued Interest on Pledged Securities [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	2	3
Forward Settling Trades [Member] | Cash [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral to Counterparties, at Fair Value	$ 0	$ 0
[1]	(1)At December 31, 2014, the Company had no FHLBC Advances.

Pledged Assets (Assets Pledge43

Pledged Assets (Assets Pledged from Counterparties ) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	$ 87,644	$ 127,543
Agency RMBS [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	22,081	28,801
US Treasury Securities [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	26,775	25,807
Accrued Interest on Pledged Securities [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	147	164
Cash [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	38,641	72,771
Repurchase Agreements [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	34,677	4,169
Repurchase Agreements [Member] | Agency RMBS [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	19,581	3,464
Repurchase Agreements [Member] | US Treasury Securities [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	14,987	692
Repurchase Agreements [Member] | Accrued Interest on Pledged Securities [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	109	13
Repurchase Agreements [Member] | Cash [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	0	0
Derivative [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	51,152	119,349
Derivative [Member] | Agency RMBS [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	2,500	22,112
Derivative [Member] | US Treasury Securities [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	11,788	25,115
Derivative [Member] | Accrued Interest on Pledged Securities [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	38	142
Derivative [Member] | Cash [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	36,826	71,980
Forward Settling Trades [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	1,815	4,025
Forward Settling Trades [Member] | Agency RMBS [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	0	3,225
Forward Settling Trades [Member] | US Treasury Securities [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	0	0
Forward Settling Trades [Member] | Accrued Interest on Pledged Securities [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	0	9
Forward Settling Trades [Member] | Cash [Member]
Schedule of Investments [Line Items]
Pledged Assets Separately Reported, Pledged as Collateral from Counterparties, at Fair Value	$ 1,815	$ 791

Pledged Assets (Derivatives) (D

Pledged Assets (Derivatives) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Transfers and Servicing [Abstract]
Derivative Asset, Current	$ 192	$ 40,611
Derivative Liability, Current	65,317	16,007
Interest rate cap, asset position	53,803	107,673
Interest rate cap, liability position	0	0
Derivative Asset	53,995	148,284	[1]
Derivative liabilities, at fair value	65,317	16,007	[1]
Derivative Asset, Not Subject to Master Netting Arrangement	192	7,008
Derivative Liability, Not Subject to Master Netting Arrangement	59,086	11,579
DerivativeAssetSubjectToMasterNettingArrangement	53,803	141,276
DerivativeLiabilitySubjectToMasterNettingArrangement	$ 6,231	$ 4,428
[1]	Derived from audited financial statements.

Pledged Assets (Offsetting Asse

Pledged Assets (Offsetting Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Transfers and Servicing [Abstract]
DerivativeAssetSubjectToMasterNettingArrangement	$ 53,803	$ 141,276
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	2,734	4,341
Fair Value of Securities Received as Collateral that Have Been Resold or Repledged	38,589	117,991
Derivative Asset, Fair Value, Amount Offset Against Collateral	$ 12,480	$ 18,944

Pledged Assets (Offsetting Liab

Pledged Assets (Offsetting Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Transfers and Servicing [Abstract]
DerivativeLiabilitySubjectToMasterNettingArrangement	$ 6,231	$ 4,428
Derivative Liability, Fair Value of Collateral	3,497	87
Derivative Liability, Fair Value, Amount Offset Against Collateral	0	0
RepurchaseagreementsandFederalHomeLoanBankAdvances	11,353,418
Outstanding repurchase agreements	9,252,681	11,289,559	[1]
InstrumentsAvailableToOffsetRepoLiability	0	0
InstrumentsAvailableToOffsetDerivativeLiability	2,734	4,341
SecuritiesSoldUnderAgreementsNotOffsetAgainstCollateral	$ 0	$ 0
[1]	Derived from audited financial statements.

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Millions	Sep. 30, 2015USD ($)
Fair Value Disclosures [Abstract]
unobservable input capitalization rate min	3.00%
unobservable input capitalization rate max	6.00%
Federal Home Loan Bank Stock	$ 42

Fair Value Measurements (Assets

Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Agency RMBS	$ 13,752,033	$ 14,452,456
US Treasury fair value disclosure	25,266	149,051
Other Investments	50,028	8,025
Derivative Asset	53,995	148,284	[1]
Assets, Fair Value Disclosure, Recurring	13,881,322	14,757,816
Long-term Federal Home Loan Bank Advances	425,737	0	[1]
Federal Home Loan Bank Borrowings, Fair Value Disclosure	425,737
Derivative liabilities	65,317	16,007
Derivative liabilities, at fair value	65,317	16,007	[1]
Liabilities, Fair Value Disclosure, Recurring	491,054
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Agency RMBS	0	0
US Treasury fair value disclosure	25,266	149,051
Other Investments	0	0
Derivative Asset	0	0
Assets, Fair Value Disclosure, Recurring	25,266	149,051
Federal Home Loan Bank Borrowings, Fair Value Disclosure	0
Derivative liabilities	0	0
Liabilities, Fair Value Disclosure, Recurring	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Agency RMBS	13,752,033	14,452,456
US Treasury fair value disclosure	0	0
Other Investments	0	0
Derivative Asset		148,284
Assets, Fair Value Disclosure, Recurring	13,806,028	14,600,740
Liabilities, Fair Value Disclosure, Recurring	491,054
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Agency RMBS	0	0
US Treasury fair value disclosure	0	0
Derivative Asset	0	0
Assets, Fair Value Disclosure, Recurring	50,028	8,025
Federal Home Loan Bank Borrowings, Fair Value Disclosure	0
Derivative liabilities	0	$ 0
Liabilities, Fair Value Disclosure, Recurring	$ 0
[1]	Derived from audited financial statements.

Fair Value Measurements (Level

Fair Value Measurements (Level 3 Fair Value Reconciliation) (Details) - Other Investments [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	[1]	Sep. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance Level 3 assets	$ 8,025		$ 6,945
Cash payments recorded as a reduction of cost basis	0		0
Change in net unrealized gain (loss)	0		0
Gross purchases	0		0
Gross sales	0		0
Net gain (loss) on sales	0		0
Transfers into (out of) level 3	0		0
Ending balance Level 3 assets	$ 8,025		$ 6,945
[1]	(1)FHLBC stock of approximately $42.0 million is excluded from the table above as the Company accounts for its investment in FHLBC stock as a cost method investment and periodically evaluates FHLBC stock for impairment.

Share Capital (Details)

Share Capital (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014		Nov. 15, 2012
Equity Issuance [Line Items]
Common stock, shares authorized	500,000,000	500,000,000		500,000,000
Common stock, par value	$ 0.01	$ 0.01		$ 0.01
Common Stock, Shares, Issued	154,780,664	154,780,664		161,849,878
Common Stock, Shares, Outstanding	154,780,664	154,780,664		161,849,878
Preferred Stock, Shares Authorized	50,000,000	50,000,000		50,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01		$ 0.01
Preferred Stock, Shares Issued	3,000,000	3,000,000		3,000,000
Preferred Stock, Shares Outstanding	3,000,000	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		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 shares issued and outstanding, respectively, $200,000 in aggregate liquidation preference)	$ 193,531	$ 193,531		$ 193,531	[1]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		480,736	420,113
Number Of Common Stock Available To Sell Under Sales Agreement	183,900,000	183,900,000	134,300,000
Stock Repurchase Program, Authorized Amount	$ 250,000	$ 250,000				$ 250,000
Treasury Stock Acquired, Average Cost Per Share	$ 7.67	$ 8.59
Net proceeds (payments) from issuance and repurchase of common shares	$ 15,900	$ 64,600	$ 115,700	$ 1,500
Stock Repurchased and Retired During Period, Shares	2,067,552	7,503,709		172,549
Dividend Reinvestment And Direct Stock Purchase Plan [Member]
Equity Issuance [Line Items]
Stock Available For Issuance During Period Shares Dividend Reinvestment Plan	4,100,000	4,100,000		4,100,000
Equity Placement Program [Member]
Equity Issuance [Line Items]
Number Of Common Stock Available To Sell Under Sales Agreement				3,100,000
[1]	Derived from audited financial statements.

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income		$ 36,027	$ 24,985	$ (6,413)	$ 314,053
Less preferred stock dividends		(5,203)	(5,203)	(15,609)	(15,609)
Net income (loss) available to common stockholders		30,824	19,782	(22,022)	298,444
Common shares		(39,976)	(48,307)	(130,703)	(151,344)
Unvested shares		(272)	(291)	(898)	(948)
Undistributed earnings (loss)		$ (9,424)	$ (28,816)	$ (153,623)	$ 146,152
Common shares		154,633,000	161,016,000	156,821,000	160,986,000
Distributed earnings		$ 0.26	$ 0.30	$ 0.83	$ 0.94
Undistributed earnings (loss)		(0.06)	(0.18)	(0.98)	0.90
Basic earnings (loss) per common share		$ 0.20	$ 0.12	$ (0.15)	$ 1.84
Net effect of dilutive stock options (1)	[1]	0	0	0	0
Diluted weighted average shares outstanding		154,633,000	161,016,000	156,821,000	160,986,000
Distributed earnings		$ 0.26	$ 0.30	$ 0.83	$ 0.94
Undistributed earnings (loss)		(0.06)	(0.18)	(0.98)	0.90
Diluted earnings (loss) per common share		$ 0.20	$ 0.12	$ (0.15)	$ 1.84
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number		131,088	131,088	131,088	131,088
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price		$ 30	$ 30	$ 30	$ 30
[1]	For the three and nine months ended September 30, 2015 and 2014, the Company had an aggregate of 131,088 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.

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended
	Oct. 31, 2015shares
Restricted Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	22,760