Hatteras Financial (HTS) 10-K 21 Feb 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Feb. 18, 2014	Jun. 28, 2013
Document And Entity Information [Line Items]	'	'	'
Document Type	'10-K	'	'
Amendment Flag	'false	'	'
Document Period End Date	31-Dec-13	'	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'
Trading Symbol	'HTS	'	'
Entity Registrant Name	'HATTERAS FINANCIAL CORP	'	'
Entity Central Index Key	'0001419521	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'Yes	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Filer Category	'Large Accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	96,615,027	'
Entity Public Float	'	'	$2,435,172,531

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets	'	'
Mortgage-backed securities, at fair value (including pledged assets of $16,929,846 and $22,591,973 at December 31, 2013 and December 31, 2012, respectively)	$17,642,532	$23,919,251
Cash and cash equivalents	763,326	168,424
Restricted cash	225,379	281,021
Unsettled purchased mortgage-backed securities, at fair value	'	138,338
Receivable for securities sold	231,214	1,587,535
Accrued interest receivable	55,156	77,113
Principal payments receivable	95,021	190,832
Debt security, held to maturity, at cost	15,000	15,000
Interest rate swap asset	15,841	'
Other assets	33,891	26,604
Total assets	19,077,360	26,404,118
Liabilities and shareholders’ equity	'	'
Repurchase agreements	16,129,683	22,866,429
Dollar roll liability	351,826	'
Payable for unsettled securities	'	137,121
Accrued interest payable	8,279	7,592
Interest rate swap liability	125,133	243,945
Futures contract liability	36,733	'
Dividend payable	52,929	73,804
Accounts payable and other liabilities	8,676	2,363
Total liabilities	16,713,259	23,331,254
Shareholders’ equity:	'	'
7.625% Series A Cumulative Redeemable Preferred stock, $.001 par value, 25,000,000 shares authorized, 11,500,000 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively ($287,500 aggregate liquidation preference)	278,252	278,252
Common stock, $.001 par value, 200,000,000 shares authorized, 96,601,523 and 98,822,654 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively	97	99
Additional paid-in capital	2,453,018	2,494,303
Retained earnings (accumulated deficit)	-359,214	37,356
Accumulated other comprehensive (loss) income	-8,052	262,854
Total shareholders’ equity	2,364,101	3,072,864
Total liabilities and shareholders’ equity	$19,077,360	$26,404,118

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified
Mortgage-backed securities, pledged assets	$17,049,670	$22,591,973
7.625% Series A Cumulative Redeemable Preferred stock, par value	$0.00	$0.00
7.625% Series A Cumulative Redeemable Preferred stock, shares authorized	25,000,000	25,000,000
7.625% Series A Cumulative Redeemable Preferred stock, shares issued	11,500,000	11,500,000
7.625% Series A Cumulative Redeemable Preferred stock, shares outstanding	11,500,000	11,500,000
7.625% Series A Cumulative Redeemable Preferred stock, aggregate Liquidation Preference	$287,500	$287,500
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	96,601,523	98,822,654
Common stock, shares outstanding	96,601,523	98,822,654

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Interest income:	'	'	'	'	'	'	'	'	'	'	'
Interest income on mortgage-backed securities	$104,312	$107,040	$115,115	$124,241	$131,381	$131,940	$128,720	$112,759	$450,708	$504,800	$424,713
Interest income on short-term cash investments	456	303	359	442	347	387	441	333	1,560	1,508	1,407
Total interest income	104,768	107,343	115,474	124,683	131,728	132,327	129,161	113,092	452,268	506,308	426,120
Interest expense	40,754	51,599	52,079	53,277	57,019	52,767	46,169	41,109	197,709	197,064	144,662
Net interest margin	64,014	55,744	63,395	71,406	74,709	79,560	82,992	71,983	254,559	309,244	281,458
Operating expenses:	'	'	'	'	'	'	'	'	'	'	'
Management fee	4,224	4,522	4,714	4,720	4,709	4,557	4,312	3,842	18,180	17,420	13,787
Share based compensation	701	637	627	629	619	447	425	429	2,594	1,920	1,150
General and administrative	2,583	1,538	1,602	1,369	1,737	1,040	1,316	913	7,092	5,006	2,724
Total operating expenses	7,508	6,697	6,943	6,718	7,065	6,044	6,053	5,184	27,866	24,346	17,661
Other income (loss):	'	'	'	'	'	'	'	'	'	'	'
Net realized gain (loss) on sale of mortgage-backed securities	-68,679	-225,635	8,802	2,500	39,103	10,534	12,205	2,505	-283,012	64,347	20,576
Impairment of mortgage-backed securities	'	'	'	'	'	'	'	'	-8,102	'	'
Loss on derivative instruments, net	'	'	'	'	'	'	'	'	-69,715	'	'
Total other income (loss)	-66,474	-311,193	14,287	2,551	'	'	'	'	-360,829	64,347	20,576
Net income (loss)	-9,968	-262,146	70,739	67,239	106,747	84,050	89,144	69,304	-134,136	349,245	284,373
Dividends on preferred stock	5,481	5,481	5,480	5,480	5,481	2,070	0	0	21,922	7,551	'
Net income (loss) available to common shareholders	($15,449)	($267,627)	$65,259	$61,759	$101,266	$81,980	$89,144	$69,304	($156,058)	$341,694	$284,373
Earnings (loss) per share - common stock, basic	($0.16)	($2.72)	$0.66	$0.62	$1.02	$0.83	$0.91	$0.89	($1.59)	$3.67	$3.97
Earnings (loss) per share - common stock, diluted	($0.16)	($2.72)	$0.66	$0.62	$1.02	$0.83	$0.91	$0.89	($1.59)	$3.67	$3.97
Weighted average common shares outstanding, basic	'	'	'	'	'	'	'	'	98,337,362	93,185,520	71,708,058
Weighted average common shares outstanding, diluted	'	'	'	'	'	'	'	'	98,337,362	93,185,520	71,708,058

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net income (loss)	($134,136)	$349,245	$284,373
Other comprehensive income (loss):	'	'	'
Net unrealized gains (losses) on securities available for sale	-391,590	115,008	223,333
Net unrealized gains (losses) on interest rate hedges	120,684	-25,476	-155,902
Other comprehensive income (loss)	-270,906	89,532	67,431
Comprehensive income (loss)	($405,042)	$438,777	$351,804

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Shareholders' Equity (USD $)	Total	7.625% Series A Cumulative Redeemable Preferred Stock	Common Stock Amount	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Preferred Stock	Preferred Stock
In Thousands								7.625% Series A Cumulative Redeemable Preferred Stock
Balance at Dec. 31, 2010	$1,145,484	'	$46	$1,043,027	($3,480)	$105,891	'	'
Issuance of stock	860,602	'	31	860,571	'	'	'	'
Share based compensation expense	1,150	'	'	1,150	'	'	'	'
Dividends declared on common stock	-278,852	'	'	'	-278,852	'	'	'
Net income (loss)	284,373	'	'	'	284,373	'	'	'
Other comprehensive income (loss)	67,431	'	'	'	'	67,431	'	'
Balance at Dec. 31, 2011	2,080,188	'	77	1,904,748	2,041	173,322	'	'
Issuance of stock	587,657	'	22	587,635	'	'	278,252	278,252
Share based compensation expense	1,920	'	'	1,920	'	'	'	'
Dividends declared on common stock	-306,379	'	'	'	-306,379	'	'	'
Dividends declared on preferred stock	-7,551	'	'	'	-7,551	'	'	'
Net income (loss)	349,245	'	'	'	349,245	'	'	'
Other comprehensive income (loss)	89,532	'	'	'	'	89,532	'	'
Balance at Dec. 31, 2012	3,072,864	278,252	99	2,494,303	37,356	262,854	'	'
Repurchase of common stock	-43,881	'	-2	-43,879	'	'	'	'
Share based compensation expense	2,594	'	'	2,594	'	'	'	'
Dividends declared on common stock	-240,512	'	'	'	-240,512	'	'	'
Dividends declared on preferred stock	-21,922	'	'	'	-21,922	'	'	'
Net income (loss)	-134,136	'	'	'	-134,136	'	'	'
Other comprehensive income (loss)	-270,906	'	'	'	'	-270,906	'	'
Balance at Dec. 31, 2013	$2,364,101	$278,252	$97	$2,453,018	($359,214)	($8,052)	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating activities	'	'	'
Net income (loss)	($134,136)	$349,245	$284,373
Adjustments to reconcile net income (loss) to net cash provided by operating activities:	'	'	'
Net amortization of premium related to mortgage-backed securities	165,924	162,844	93,335
Reclassification of deferred swap loss	25,816	'	'
Amortization related to interest rate swap agreements	311	361	346
Share based compensation expense	2,594	1,920	1,150
Hedge ineffectiveness	-205	178	655
Net (gain) loss on sale of mortgage-backed securities	283,012	-64,347	-20,576
Impairment loss on mortgage-backed securities	8,102	'	'
Net loss on derivative instruments	68,205	'	'
Changes in operating assets and liabilities:	'	'	'
(Increase) decrease in accrued interest receivable	21,957	-14,088	-25,052
Increase in other assets	-2,432	-191	-1,881
Increase in accrued interest payable	687	2,996	1,419
Increase in accounts payable and other liabilities	572	110	1,111
Net cash provided by operating activities	440,407	439,028	334,880
Investing activities	'	'	'
Purchases of mortgage-backed securities	-10,180,894	-17,988,431	-13,351,128
Principal repayments of mortgage-backed securities	5,782,709	5,635,988	3,559,612
Sale of mortgage-backed securities	11,280,146	4,518,105	1,766,557
Net payments on derivative instruments	-67,656	'	'
Net cash provided by (used in) investing activities	6,814,305	-7,834,338	-8,024,959
Financing activities	'	'	'
Issuance of preferred stock	'	278,252	'
(Repurchase) issuance of common stock	-43,881	587,657	860,602
Cash dividends paid	-283,309	-309,267	-255,827
Proceeds from repurchase agreements	226,824,755	231,718,347	163,847,236
Principal repayments on repurchase agreements	-233,561,501	-225,014,293	-156,365,921
Proceeds from dollar roll liability	1,784,998	'	'
Repayments on dollar roll liability	-1,433,172	'	'
Increase (decrease) in restricted cash margin on derivatives	55,642	-44,007	-161,592
Payment on termination interest rate swap	-3,342	'	'
Net cash provided by (used in) financing activities	-6,659,810	7,216,689	7,924,498
Net increase (decrease) in cash and cash equivalents	594,902	-178,621	234,419
Cash and cash equivalents, beginning of period	168,424	347,045	112,626
Cash and cash equivalents, end of period	763,326	168,424	347,045
Supplemental disclosure of cash flow information	'	'	'
Cash paid during the period for interest	197,022	194,068	143,243
Supplemental schedule of non-cash investing activities	'	'	'
Obligation to brokers for purchase of unsettled mortgage-backed securities	'	722,221	397,936
Receivable for securities sold	231,214	1,587,535	'
Supplemental schedule of non-cash financing activities	'	'	'
Dividends declared, not yet paid	52,929	73,804	'
Preferred Stock	'	'	'
Supplemental schedule of non-cash financing activities	'	'	'
Dividends declared, not yet paid	4,628	4,628	'
Common Stock Amount	'	'	'
Supplemental schedule of non-cash financing activities	'	'	'
Dividends declared, not yet paid	$48,301	$69,176	$69,141

Organization_and_Business_Desc

Organization and Business Description	12 Months Ended
	Dec. 31, 2013
Organization and Business Description	'
	1	Organization and Business Description
	Hatteras Financial Corp. (the “Company”) was incorporated in Maryland on September 19, 2007. The Company invests primarily in single-family residential mortgage assets, such as mortgage-backed securities (“MBS”), issued or guaranteed by the U.S. Government   - Ginnie Mae - or by the U.S. Government sponsored enterprises - Fannie Mae and Freddie Mac - (“agency securities”). The Company is externally managed by Atlantic Capital Advisors, LLC (“ACA”).
	The Company has elected to be taxed as a real estate investment trust (“REIT”). As a result, the Company does not pay federal income taxes on taxable income distributed to shareholders if certain REIT qualification tests are met. It is the Company’s policy to distribute 100% of its taxable income, after application of available tax attributes, within the time limits prescribed by the Internal Revenue Code of 1986, as amended (the “Code”), which may extend into the subsequent taxable year.  However, certain activities that the Company may perform may cause it to earn income which will not be qualifying income for REIT purposes.  The Company has designated certain of its subsidiaries as taxable REIT subsidiaries (“TRSs”) as defined in the Internal Revenue Code of 1986, as amended (the “Code”), to engage in such activities, and the Company may in the future form additional TRSs.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Summary of Significant Accounting Policies	'
	2	Summary of Significant Accounting Policies
	Basis of Presentation and Use of Estimates
	The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying financial statements include the valuation of agency securities and derivative instruments.
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company and all of its subsidiaries. The Company also considers the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 810 on Consolidation in determining whether consolidation is appropriate for any interests held in variable interest entities. All significant intercompany balances and transactions have been eliminated.
	Cash and Cash Equivalents
	The Company considers all highly liquid investments with original maturities of three months or less, and which are not restricted as to use, to be cash equivalents. The carrying amounts of cash equivalents approximate their fair value.
	Restricted Cash
	Restricted cash is cash held in margin accounts at various counterparties as collateral related to interest rate swaps, Eurodollar futures contracts and forward commitments to purchase TBA securities.
	Financial Instruments
	The Company considers its cash and cash equivalents, restricted cash, agency securities (settled and unsettled), forward purchase commitments, debt security held to maturity, receivable for securities sold, accrued interest receivable, principal payment receivable, payable for unsettled securities, derivative instruments, repurchase agreements, dollar roll liabilities and accrued interest payable to meet the definition of financial instruments.  The carrying amount of cash and cash equivalents, restricted cash, receivable for securities sold, accrued interest receivable, dollar roll liabilities and payable for unsettled securities approximate their fair value due to the short maturities of these instruments and are valued using Level 1 inputs.  The carrying amount of repurchase agreements is deemed to approximate fair value given their short-term duration and are valued using Level 2 inputs. See Note 4 for discussion of the fair value of agency securities and forward purchase commitments.  See Note 5 for discussion of the fair value of the held to maturity debt security.  See Note 7 for discussion of the fair value of derivative instruments.
	The Company limits its exposure to credit losses on its portfolio of securities by purchasing agency securities.  The portfolio is diversified to avoid undue exposure to loan originator, geographic and other types of concentration. The Company manages the risk of prepayments of the underlying mortgages by creating a diversified portfolio with a variety of expected prepayment characteristics.  See Note 4 for additional information on MBS.
	The Company is engaged in various trading and brokerage activities including repurchase agreements, dollar rolls, interest rate swap agreements and futures contracts in which counterparties primarily include broker-dealers, banks, and other financial institutions.  In the event counterparties do not fulfill their obligations, the Company may be exposed to risk of loss. The risk of default depends on the creditworthiness of the counterparty and/or issuer of the instrument. It is the Company’s policy to review, as necessary, the credit standing for each counterparty.  See Note 6 for additional information on repurchase agreements and Note 7 for additional information on dollar rolls, interest rate swap agreements and futures contracts.
	Mortgage-Backed Securities
	The Company invests in agency securities representing interests in or obligations backed by pools of single-family residential mortgage loans.  Guidance under the FASB ASC Topic 820 on Investments requires the Company to classify its investments as either trading, available-for-sale or held-to-maturity securities. Management determines the appropriate classifications of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company currently classifies all of its agency securities as available-for-sale. All assets that are classified as available-for-sale are carried at fair value and unrealized gains and losses are included in other comprehensive income (loss).  The estimated fair values of agency securities are determined by management by obtaining valuations for its agency securities from independent sources and averaging these valuations. Security purchase and sale transactions are recorded on the trade date.  Gains or losses realized from the sale of securities are included in income and are determined using the specific identification method.  Firm purchase commitments to acquire “when issued” or to-be-announced (“TBA”) securities are recorded at fair value in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”).  The fair value of these purchase commitments is included in other assets or liabilities in the accompanying consolidated balance sheets.
	The Company assesses its investment securities for other-than-temporary impairment on at least a quarterly basis.  When the fair value of an investment is less than its amortized cost at the balance sheet date the impairment is designated as either “temporary” or “other-than-temporary.”  In deciding on whether or not a security is other than temporarily impaired, the Company uses a two-step evaluation process.  First, the Company determines whether it has made any decision to sell a security that is in an unrealized loss position, or, if not, the Company determines whether it is more likely than not that the Company will be required to sell the security prior to recovering its amortized cost basis.  If the answer to either of these questions is “yes” then the security is considered other-than-temporarily impaired.  See Note 4 for discussion of any impairment losses recognized during the periods presented.
	Derivative Instruments
	The Company manages economic risks, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding.  The objectives of the Company’s risk management strategy are 1) to attempt to mitigate the risk of the cost of its variable rate liabilities increasing during a period of rising interest rates, and 2) to reduce fluctuations in net book value over a range of interest rate scenarios.  The principal instruments that the Company uses to achieve these objectives are interest rate swaps.  The Company also purchases or sells Eurodollar Futures Contracts (“Futures Contracts”) to replicate the economic hedging results achieved with interest rate swaps.  The Company does not enter into any of these transactions for speculative purposes.
	The Company accounts for derivative instruments in accordance with ASC 815, which requires an entity to recognize all derivatives as either assets or liabilities and to measure those instruments at fair value.  The accounting for changes in the fair value of derivative instruments depends on whether the instruments are designated and qualify as part of a hedging relationship pursuant to ASC 815.  Changes in fair value related to derivatives not in hedge designated relationships are recorded in “Gain (loss) on derivative instruments, net” in the Company’s consolidated statements of income, whereas changes in fair value related to derivatives in hedge designated relationships are initially recorded in other comprehensive income (loss) and later reclassified to income at the time that the hedged transactions affect earnings.  Any portion of the changes in fair value due to hedge ineffectiveness is immediately recognized in the income statement.
	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 the Company’s consolidated balance sheets.  In the Company’s consolidated statements of cash flows, cash receipts and payments related to derivative instruments are classified according to the underlying nature or purpose of the derivative transaction, generally in the operating section if the derivatives are designated as accounting hedges and in the investing section otherwise.  The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts.  The Company attempts to minimize this risk by limiting its counterparties to major financial institutions with acceptable credit ratings, monitoring positions with individual counterparties and adjusting posted collateral as required.
	All of the Company’s swaps have historically been accounted for as cash flow hedges under ASC 815.  However, on September 30, 2013, the Company discontinued hedge accounting for its interest rate swap agreements by de-designating the swaps as cash flow hedges.  No swaps were terminated in conjunction with this action, and the Company’s risk management and hedging practices were not impacted.  As a result of discontinuing hedge accounting, beginning October 1, 2013 changes in the fair value of the Company's interest rate swap agreements are recorded in “Loss on derivative instruments, net” in the Company's consolidated statements of income, rather than in accumulated other comprehensive income (loss) (AOCI).  Also, net interest paid or received under the swaps, which up through September 30 was recognized in “interest expense,” is instead recognized in “Loss on derivative instruments, net.”  These swaps continue to be reported as assets or liabilities on the Company's consolidated balance sheets at their fair value.
	As long as the forecasted transactions that were being hedged (i.e. rollovers of the Company’s repurchase agreement borrowings) are still expected to occur, the balance in AOCI from swap activity up through September 30, 2013 will remain in AOCI and be recognized in the Company's consolidated statements of income as "interest expense" over the remaining term of the swaps.  See Note 7 for further information.
	At times, the Company may also enter into TBA contracts as a means of investing in and financing agency securities 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 agency securities purchased at the forward settlement date are typically priced at a discount to securities for settlement in the current month.  This difference is referred to as the “price drop.”  The price drop represents compensation to the Company for foregoing net interest margin (interest income less repurchase agreement financing cost) and is referred to as “dollar roll income,” which the Company classifies in “Loss on derivative instruments, net.”  Realized gains and losses related to TBA contracts are also recognized in “Loss on derivative instruments, net.”  TBA dollar roll transactions represent off-balance sheet financing.
	Repurchase Agreements
	The Company finances the acquisition of its agency securities through the use of repurchase agreements. Under these repurchase agreements, the Company sells securities to a lender and agrees to repurchase the same securities in the future for a price that is higher than the original sales price. The difference between the sale price that the Company receives and the repurchase price that the Company pays represents interest paid to the lender.  Although structured as a sale and repurchase obligation, a repurchase agreement operates as a financing under which the Company pledges its securities as collateral to secure a loan which is equal in value to a specified percentage of the estimated fair value of the pledged collateral.  The Company retains beneficial ownership of the pledged collateral.  At the maturity of a repurchase agreement, the Company is required to repay the loan and concurrently receives back its pledged collateral from the lender or, with the consent of the lender, the Company may renew such agreement at the then prevailing financing rate.  These repurchase agreements may require the Company to pledge additional assets to the lender in the event the estimated fair value of the existing pledged collateral declines.
	Dollar Roll Liability
	In addition to the TBA dollar roll transactions described above, the Company may from time to time execute dollar roll transaction on agency securities (“CUSIP dollar rolls”).  These transactions represent on-balance sheet financing, presented as “Dollar roll liability” in the Company’s consolidated balance sheets.  During the period of a CUSIP dollar roll, the financed security remains on the Company’s balance sheet, and the components of the net interest margin earned from the price drop are classified in “interest income on mortgage-backed securities” and “interest expense,” respectively.
	Offsetting of Assets and Liabilities
	The Company’s derivative agreements and repurchase agreements generally contain provisions that allow for netting or the offsetting of receivables and payables with each counterparty.  The Company reports amounts in its consolidated balance sheets on a gross basis without regard for such rights of offset or master netting arrangements.
	Interest Income
	Interest income is earned and recognized based on the outstanding principal amount of the investment securities and their contractual terms.  Premiums and discounts associated with the purchase of the investment securities are amortized or accreted into interest income over the actual lives of the securities using the effective interest method.
	Income Taxes
	The Company has elected to be taxed as a REIT under the Code. The Company will generally not be subject to federal income tax to the extent that it distributes 100% of its taxable income, after application of available tax attributes, within the time limits prescribed by the Code and as long as it satisfies the ongoing REIT requirements including meeting certain asset, income and stock ownership tests.  The Company and two of its subsidiaries have made an election to treat these subsidiaries as TRSs.  As such, these TRSs are taxable as domestic C corporations and are subject to federal, state and local income taxes based upon their taxable income.
	Share-Based Compensation
	Share-based compensation is accounted for under the guidance included in the ASC Topic on stock compensation.  For share and share-based awards issued to employees, a compensation charge is recorded in earnings based on the fair value of the award.  For transactions with non-employees in which services are performed in exchange for the Company’s common stock or other equity instruments, the transactions are recorded on the basis of the fair value of the service received or the fair value of the equity instruments issued, whichever is more readily measurable at the date of issuance.  The Company’s share-based compensation transactions resulted in compensation expense of $2,594, $1,920, and $1,150 for the years ended December 31, 2013, 2012, and 2011, respectively.
	Earnings Per Common Share (EPS)
	Basic EPS is computed by dividing net income less preferred stock dividends to arrive at net income available to holders of common stock by the weighted average number of shares of common stock outstanding during the period.  Diluted EPS is computed using the two class method, as described in the ASC Topic on Earnings Per Share, which takes into account certain adjustments related to participating securities.  Participating securities are unvested share-based awards that contain rights to receive nonforfeitable dividends, such as those awarded under the Company’s equity incentive plan.  Net income available to holders of common stock after deducting dividends on unvested participating securities if antidilutive, is divided by the weighted average shares of common stock and common equivalent shares outstanding during the period. For the diluted EPS calculation, common equivalent shares outstanding includes the weighted average number of shares of common stock outstanding adjusted for the effect of dilutive unexercised stock options.
	Other Comprehensive Income
	Other comprehensive income refers to revenue, expenses, gains, and losses that are recorded directly as an adjustment to shareholders’ equity.  Other comprehensive income for the Company generally arises from unrealized gains or losses generated from changes in market values of the securities held as available-for-sale and derivative instruments that have been designated as accounting hedges.
	Recent Accounting Pronouncements
	In October 2011, the FASB issued a proposed ASU 2011-20, Financial Services-Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2011-20”), which would amend the criteria in ASC Topic 946 on Investment Companies (“ASC 946”) for determining whether an entity qualifies as an investment company.  As proposed, ASU 2011-20 would affect the measurement, presentation and disclosure requirements for Investment Companies, as defined, amend the investment company definition in ASC 946, and remove the current exemption for real estate investment trusts from this topic, which may have resulted in a material modification to the presentation of the Company’s consolidated financial statements.  In June 2013, the FASB released ASU 2013-08 Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements that set forth new guidance on determining whether a company is subject to investment company accounting.  These final rules maintained the scope exemption for real estate investment trusts.
	In December 2011, the FASB released Accounting Standards Update 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”).  Under this update, the Company is required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and transactions subject to an agreement similar to a master netting arrangement. The scope includes derivatives, sale and repurchase agreements and securities borrowing and securities lending arrangements. This disclosure is intended to enable financial statement users to understand the effect of such arrangements on the Company’s financial position. The objective of this update is to support further convergence between U.S. GAAP and International Financial Reporting Standards (“IFRS”). In January 2013, the FASB released ASU 2013-01 Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.  Under this update, the FASB limited the scope of ASU 2011-11 to items identified in the implementation guidance which include derivatives, sale and repurchase agreements and securities borrowing and securities lending arrangements that are either offset on the balance sheet or subject to an enforceable master netting agreement. This disclosure was adopted effective January 1, 2013 and did not have a material effect on the Company’s consolidated financial statements.
	In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. Under this update, enhanced disclosures are required for items reclassified out of accumulated other comprehensive income.  This disclosure was adopted effective January 1, 2013 and did not have a material effect on the Company’s consolidated financial statements.

Financial_Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2013
Financial Instruments	'
	3	Financial Instruments
	The Company’s valuation techniques for financial instruments 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. The ASC Topic on Fair Value Measurements classifies these inputs into the following hierarchy:
	Level 1 Inputs– Quoted prices for identical instruments in active markets.
	Level 2 Inputs– Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
	Level 3 Inputs– Instruments with primarily unobservable value drivers.
	Other than the Futures Contracts, all of the Company’s agency securities and other derivatives were valued using Level 2 inputs at December 31, 2013 and 2012.    The Futures Contracts were valued using Level 1 inputs at December 31, 2013.  See Notes 4 and 7, respectively for a discussion on how agency securities and other derivatives were valued.
	The carrying values and fair values of all financial instruments as of December 31, 2013 and 2012 were as follows:
		31-Dec-13				31-Dec-12
		Carrying		Fair		Carrying		Fair
		Value		Value		Value		Value
	Assets
	Mortgage-backed securities	$	17,642,532	$	17,642,532	$	23,919,251	$	23,919,251
	Unsettled purchased mortgage backed securities		-		-		138,338		138,338
	Cash and cash equivalents		763,326		763,326		168,424		168,424
	Restricted cash		225,379		225,379		281,021		281,021
	Accrued interest receivable		55,156		55,156		77,113		77,113
	Receivable for securities sold		231,214		231,214		1,587,535		1,587,535
	Principal payments receivable		95,021		95,021		190,832		190,832
	Debt security, held to maturity		15,000		14,307		15,000		13,981
	Interest rate swap asset		15,841		15,841		-		-
	Futures Contracts*		11,148		11,148		-		-
	Short term investment*		19,910		19,910		20,187		20,187
	Forward purchase commitments*		-		-		5,452		5,452
	Liabilities
	Repurchase agreements	$	16,129,683		16,129,683	$	22,866,429	$	22,866,429
	Dollar roll liabilities		351,826		351,826		-		-
	Payable for unsettled securities		-		-		137,121		137,121
	Accrued interest payable		8,279		8,279		7,592		7,592
	Interest rate swap liability		125,133		125,133		243,945		243,945
	Futures contract liability		36,733		36,733		-		-
	Forward purchase commitments**		5,741		5,741		-		-
	*These lines are included in other assets on the consolidated balance sheets
	**This line included in accounts payable and other liabilities on the consolidated balance sheets

MortgageBacked_Securities

Mortgage-Backed Securities	12 Months Ended
	Dec. 31, 2013
Mortgage-Backed Securities	'
	4	Mortgage-Backed Securities
	All of the Company’s agency securities were classified as available-for-sale and, as such, are reported at their estimated fair value.  The agency securities market is primarily an over-the-counter market.  As such, there are no standard, public market quotations or published trading data for individual agency securities.  The Company estimates the fair value of the Company’s agency securities based on a market approach obtaining values for its securities primarily from third-party pricing services and dealer quotes.  To ensure the Company’s fair value determinations are consistent with the ASC Topic on Fair Value Measurements and Disclosures, the Company regularly reviews the prices obtained and the methods used to derive those prices.  The Company evaluates the pricing information it receives taking into account factors such as coupon, prepayment experience, fixed/adjustable rate, annual and life caps, coupon index, time to next reset and issuing agency, among other factors to ensure that estimated fair values are appropriate.  The Company reviews the methods and inputs used by providers of pricing data to determine that the fair value of its assets and liabilities are properly classified in the fair value hierarchy.
	The third-party pricing services gather trade data and use pricing models that incorporate such factors as coupons, primary mortgage rates, prepayment speeds, spread to the U.S. Treasury and interest rate swap curves, periodic and life caps and other similar factors.  Traders at broker-dealers function as market-makers for these securities, and these brokers have a direct view of the trading activity.  Brokers do not receive compensation for providing pricing information to the Company.  The broker prices received are non-binding offers to trade.  The brokers receive data from traders that participate in the active markets for these securities and directly observe numerous trades of securities similar to the securities owned by the Company.  The Company’s analysis of fair value for these includes comparing the data received to other information, if available, such as repurchase agreement pricing or internal pricing models.
	If the fair value of a security is not available using the Level 2 inputs as described above, or such data appears unreliable, the Company may estimate the fair value of the security using a variety of methods including, but not limited to, other independent pricing services, repurchase agreement pricing, discounted cash flow analysis, matrix pricing, option adjusted spread models and other fundamental analysis of observable market factors.  At December 31, 2013, all of the Company’s agency securities values were based on third-party sources.
	The Company’s investment portfolio consists solely of agency securities, which are backed by a U.S. Government agency or a U.S. Government sponsored enterprise.  The following table presents certain information about the Company’s agency securities at December 31, 2013.
		Agency
		Securities			Gross				Gross
		Amortized			Unrealized				Unrealized				Estimated
		Cost			Loss				Gain				Fair Value
	Agency Securities
	Fannie Mae Certificates
	ARMS	$	9,620,743		$	(44,871	)		$	167,848			$	9,743,720
	Fixed Rate		806,312			(1,798	)			3,832				808,346
	Total Fannie Mae		10,427,055			(46,669	)			171,680				10,552,066
	Freddie Mac Certificates
	ARMS		6,671,013			(70,752	)			57,808				6,658,069
	Fixed Rate		338,738			(1,600	)			21				337,159
	Total Freddie Mac		7,009,751			(72,352	)			57,829				6,995,228
	Ginnie Mae Certificates
	ARMS		-			-				-				-
	Fixed Rate		96,236			(998	)			-				95,238
	Total Ginnie Mae		96,236			(998	)			-				95,238
	Total Agency Securities	$	17,533,042		$	(120,019	)		$	229,509			$	17,642,532
	The following table presents certain information about the Company’s agency securities at December 31, 2012.
		Amortized			Gross				Gross				Estimated Fair
		Cost			Unrealized				Unrealized				Value
					Loss				Gain
	Agency Securities
	Fannie Mae Certificates
	ARMS	$	14,081,259		$	(100	)		$	329,780			$	14,410,939
	Fixed Rate		743,299							9,296				752,595
	Total Fannie Mae		14,824,558			(100	)			339,076				15,163,534
	Freddie Mac Certificates
	ARMS		7,850,630			(21	)			149,114				7,999,723
	Fixed Rate		744,720			-				11,274				755,994
	Total Freddie Mac		8,595,350			(21	)			160,388			$	8,755,717
		$	23,419,908		$	(121	)		$	499,464			$	23,919,251
	Total Agency Securities
	The components of the carrying value of available-for-sale agency securities at December 31, 2013 and 2012 are presented below.
		As of December 31
		2013			2012
	Principal balance	$	17,044,190		$	22,771,731
	Unamortized premium		488,854			648,181
	Unamortized discount		(2	)		(4	)
	Gross unrealized gains		229,509			499,464
	Gross unrealized losses		(120,019	)		(121	)
	Carrying value/estimated fair value	$	17,642,532		$	23,919,251
	The following table presents components of interest income on the Company’s agency securities portfolio for the three years ended December 31, 2013:
		Years Ended December 31
		2013			2012				2011
	Coupon interest on MBS	$	616,632		$	667,644			$	518,048
	Net premium amortization		(165,924	)		(162,844	)			(93,335	)
	Interest income on MBS, net	$	450,708		$	504,800			$	424,713
	During the second half of 2013, the Company repositioned a significant portion of its portfolio, resulting in an elevated level of sales of securities.  Gross gains and losses from sales of securities for the three years ended December 31, 2013 were as follows:
		Years Ended December 31
		2013			2012				2011
	Gross gains on MBS	$	18,717		$	66,084			$	22,135
	Gross losses on MBS		(301,729	)		(1,737	)			(1,559	)
	Net gain (loss) on MBS	$	(283,012	)	$	64,347			$	20,576
	The Company monitors the performance and market value of its agency securities portfolio on an ongoing basis, and on a quarterly basis reviews its agency securities for impairment.  At December 31, 2013 and 2012, the Company had the following securities in a loss position presented below:
		Less than 12 months							Less than 12 months
		as of December 31, 2013							as of December 31, 2012
		Fair Market			Unrealized				Fair Market				Unrealized
	Value			Loss				Value				Loss
Fannie Mae Certificates
ARMS	$	3,233,274		$	(44,871	)		$	149,954			$	(100	)
Fixed Rate		281,760			(1,798	)			-				-
Freddie Mac Certificates
ARMS		4,046,473			(70,752	)			41,625				(21	)
Fixed Rate		316,835			(1,600	)			-				-
Ginnie Mae Certificates
ARMS		-			-				-				-
Fixed Rate		95,238			(998	)			-				-
Total temporarily impaired securities	$	7,973,580		$	(120,019	)		$	191,580			$	(121	)
Number of securities in an unrealized loss position					279								4
The Company did not make the decision to sell the above securities as of December 31, 2013 and 2012, nor was it deemed more likely than not the Company would be required to sell these securities before recovery of their amortized cost basis.  The Company recognized an other-than-temporary impairment of $8,102 as of September 30, 2013 on three securities the Company had decided to sell, the sale of which would occur prior to the recovery of their amortized cost.  These securities were disposed of in early October 2013.  There were no other impairment losses recognized during the three year period presented herein.
The contractual maturity of the Company’s agency securities ranges from 15 to 30 years. Because of prepayments on the underlying mortgage loans, the actual weighted-average maturity is expected to be significantly less than the stated maturity.  The following table presents certain information about the Company’s adjustable rate agency securities that will reprice or amortize based on contractual terms, which do not consider prepayment assumptions, at December 31, 2013 and 2012.
		31-Dec-13											31-Dec-12
									Weighted									Weighted
									Average									Average
		Fair Value			% of Total				Coupon				Fair Value		% of Total			Coupon
Months to Coupon Reset
0 - 12		$	1,236,878			7.5	%			3.15	%		$	914,832		4.1	%		4.03	%
13 - 24			1,614,081			9.8	%			3.49	%			966,854		4.3	%		3.88	%
25 - 36			2,321,985			14.2	%			2.99	%			2,274,763		10.2	%		3.6	%
37 - 48			2,524,939			15.4	%			2.73	%			3,207,245		14.3	%		3.06	%
49 - 60			2,483,318			15.1	%			2.94	%			3,616,891		16.1	%		2.76	%
61 - 72			4,750,098			29	%			2.46	%			3,027,295		13.5	%		3.26	%
73 - 84			1,470,490			9	%			2.44	%			7,607,359		33.9	%		2.44	%
85 - 96			-			-				-				133,487		0.6	%		3.08	%
97 - 108			-			-				-				-		-			-
109 - 120			-			-				-				641,013		2.9	%		2.81	%
121 - 140			-			-				-				20,923		0.1	%		2.69	%
Total ARMS		$	16,401,789			100	%			2.8	%		$	22,410,662		100	%		2.95	%
The following table presents certain information about the Company’s fixed rate agency securities that will reprice or amortize based on contractual terms, which do not consider prepayment assumptions, at December 31, 2013 and 2012.
		31-Dec-13											31-Dec-12
									Weighted									Weighted
									Average									Average
Wtd Average Months to Maturity		Fair Value			% of Total				Coupon				Fair Value		% of Total			Coupon
133-144		$	75,693			6.1	%			3.5	%		$	-		-			-
145-156			477,544			38.5	%			3.5	%			102,158		6.8	%		3	%
157-168			95,238			7.7	%			3	%			-		-			-
169-180			592,268			47.7	%			3.5	%			1,406,431		93.2	%		2.6	%
Total Fixed Rate Securities		$	1,240,743			100	%			3.46	%		$	1,508,589		100	%		2.62	%

Debt_Security_Held_to_Maturity

Debt Security, Held to Maturity	12 Months Ended
	Dec. 31, 2013
Debt Security, Held to Maturity	'
	5	Debt Security, Held to Maturity
	The Company owns a $15,000 debt security from a repurchase lending counterparty that matures October 31, 2016.  The debt security pays interest quarterly at the rate of 4.0% above the three-month London Interbank Offered Rate (“LIBOR”).  The Company estimates the fair value of this note to be approximately $14,307 and $13,981 at December 31, 2013 and 2012, respectively, which was determined by calculating the present value of the projected future cash flows using a discount rate from a similar issuer.

Repurchase_Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2013
Repurchase Agreements	'
	6	Repurchase Agreements
	At December 31, 2013 and 2012, the Company had repurchase agreements in place in the amount of $16,129,683 and $22,866,429, respectively, to finance MBS purchases. As of December 31, 2013 and 2012, the weighted average interest rate on these borrowings was 0.37% and 0.47%, respectively.  The Company’s repurchase agreements are collateralized by the Company’s agency securities and typically bear interest at rates that are closely related to LIBOR. At December 31, 2013 and 2012, the Company had repurchase agreements outstanding with 25 and 24 counterparties, respectively, with a weighted average contractual maturity of 0.8 months. The following table presents the contractual repricing information regarding the Company’s repurchase agreements:
		31-Dec-13					31-Dec-12
				Weighted Average					Weighted Average
		Balance		Contractual Rate			Balance		Contractual Rate
	Within 30 days	$	13,170,898		0.37	%	$	20,500,568		0.47	%
	30 days to 3 months		2,958,785		0.4	%		2,365,861		0.48	%
		$	16,129,683		0.37	%	$	22,866,429		0.47	%
	The fair value of securities, cash, and accrued interest the Company had pledged under repurchase agreements at December 31, 2013 and 2012 was $17,088,392 and $24,268,949 respectively.
	See Note 2 for a discussion of TBA dollar roll transactions, which represent off-balance sheet financing.

Derivatives_and_Other_Hedging_

Derivatives and Other Hedging Instruments	12 Months Ended
	Dec. 31, 2013
Derivatives and Other Hedging Instruments	'
	7	Derivatives and Other Hedging Instruments
	In connection with the Company’s risk management strategy, the Company hedges a portion of its interest rate risk by entering into derivative contracts.  The Company may enter into agreements for interest rate swaps, interest rate swaptions, interest rate cap or floor contracts and futures or forward contracts.  The Company’s risk management strategy attempts to manage the overall risk of the portfolio, reduce fluctuations in book value and generate additional income distributable to shareholders.  For additional information regarding the Company’s derivative instruments and its overall risk management strategy, please refer to the discussion of derivative instruments in Note 2.
	The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts).  The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair value of Futures Contracts is based on quoted prices from the exchange on which they trade.  The table below presents the fair value of the Company’s derivative instruments as well as their classification on the consolidated balance sheets as of December 31, 2013 and 2012, respectively.
	Derivative Instruments	Balance Sheet Location	31-Dec-13			31-Dec-12
	Interest rate swaps	Interest rate swap asset	$	15,841		$	-
	Forward purchase commitments	Other assets		-			5,452
	Futures contracts	Other assets		11,148
	Interest rate swaps	Interest rate swap liability	$	125,133		$	243,945
	Futures contracts	Futures contract liability		36,733			-
	Forward purchase commitments including TBA dollar roll transactions	Other liabilities		5,741			-
	Interest Rate Swaps
	The Company finances its activities primarily through repurchase agreements, which are generally settled on a short-term basis, usually from one to three months.  At each settlement date, the Company refinances each repurchase agreement at the market interest rate at that time.  Since the interest rates on its repurchase agreements change on a monthly basis, the Company is constantly exposed to changing interest rates.  Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.  The effect of these hedges is to synthetically lockup interest rates on a portion of the Company’s repurchase agreements for the terms of the swaps.  Although the Company’s objective is to hedge the risk associated with changing repurchase agreement rates, the Company’s swaps are benchmark interest rate swaps which perform with reference to LIBOR.  Therefore, the Company remains at risk to the variability of the spread between repurchase agreement rates and LIBOR interest rates.
	Until September 30, 2013, the Company elected cash flow hedge accounting for its interest rate swaps.  Under cash flow hedge accounting, effective hedge gains or losses are initially recorded in AOCI and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.  Ineffective hedge gains and losses are recorded on a current basis in earnings.  The hedge ineffectiveness is attributable primarily to differences in the reset dates on the Company’s swaps versus the refinancing dates of its repurchase agreements.  See “Financial Statement Presentation” below for quantification of gains and losses for the three years ended December 31, 2013.
	On September 30, 2013, the Company de-designated its interest rate swaps as cash flow hedges, thus terminating cash flow hedge accounting.  As long as the forecasted rollovers of the related repurchase agreements are still expected to occur, amounts reported in AOCI related to the cash flow hedges through September 30, 2013 will remain in AOCI and will continue to be reclassified to interest expense as interest is accrued and paid on the related repurchase agreements.  During the next 12 months, the Company estimates that an additional $82,182 will be reclassified out of AOCI as an increase to interest expense.
	The Company will continue to hedge its exposure to variability in future funding costs via interest rate swaps.  As a result of discontinuing hedge accounting, beginning October 1, 2013, changes in the fair value of the Company’s interest rate swaps were recorded in “loss on derivative instruments, net” in the consolidated statements of income, consistent with the Company’s historical accounting for Futures Contracts described below.  Monthly net cash settlements under the swaps were also recorded in “loss on derivative instruments, net” beginning October 1, 2013.
	The volume of activity for the Company’s interest rate swap instruments is shown in the table below.
		Interest Rate
		Swaps
	Notional amount as of December 31, 2012	$	10,700,000
	Additions		800,000
	Settlements, terminations, or expirations		(1,000,000	)
	Notional amount as of December 31, 2013	$	10,500,000
	As of December 31, 2013, the weighted-average remaining term of the Company’s swaps is 24 months.  The table below shows the remaining term of the Company’s interest rate swaps as of December 31, 2013.
						Remaining			Weighted Average
			Notional			Term			Fixed Interest
	Maturity		Amount			in Months			Rate in Contract
	12 months or less		$	2,200,000			8			1.71%
	Over 12 months to 24 months			3,700,000			18			1.73%
	Over 24 months to 36 months			2,400,000			30			0.92%
	Over 36 months to 48 months			1,800,000			41			0.89%
	Over 48 months to 60 months			400,000			50			0.96%
	Total		$	10,500,000			24			1.37%
	Eurodollar Futures Contracts
	The Company uses Futures Contracts to 1) synthetically replicate an interest rate swap, or 2) offset the changes in value of its forward purchases of certain agency securities.  As of December 31, 2013, the fair value of all Futures Contracts was a liability of $(25,585).  The Company did not own Futures Contracts prior to 2013.
		Fair Value
		Futures Contracts
	Futures Contracts designed to replicate swaps	$	(27,881	)
	Futures Contracts designed to hedge value changes in forward purchases		2,296
	Total fair market value of Futures Contracts	$	(25,585	)
	The volume of activity for the Company’s Futures Contracts is shown in the table below.
		Number of
		Contracts
	As of December 31, 2012		-
	Purchases		125,860
	Settlements		(28,164	)
	Maturities		(2,369	)
	As of December 31, 2013		95,327
	Each Futures Contract embodies $1 million of notional value and is effective for a term of approximately three months.
	The Company has not designated its Futures Contracts as hedges for accounting purposes.  As a result, realized and unrealized changes in fair value thereon are recognized in earnings in the period in which the changes occur.  During the year ended December 31, 2013 the Company recognized realized and unrealized losses on Futures Contracts of $33,298 and $25,585, respectively, in the consolidated statements of income in “Loss on derivative instruments, net.”  The Company did not own Futures Contracts prior to 2013.
	To Be Announced Securities Purchases
	The Company purchases certain of its investment securities in the forward market.  The Company purchases ARM TBA contracts and 15-year TBA contracts from dealers.  ARM TBA contracts are not a frequently-traded security and are generally used to acquire mortgage backed securities for the portfolio.  15-year TBA contracts are a highly liquid security, and may be physically settled, net settled or traded as an investment.  The Company also has commitments with various mortgage origination companies to purchase their production as it becomes securitized.  Forward purchases do not qualify for trade date accounting and are considered derivatives for financial statement purposes.  Pursuant to ASC 815, the Company accounts for these derivatives as all-in-one cash flow hedges.  The net fair value of the forward commitment is reported on the balance sheet as an asset (or liability), with a corresponding unrealized gain (or loss) recognized in other comprehensive income.
	The following table shows the ARM securities forward purchase commitments shown as a net asset in other assets on the balance sheets as of December 31, 2013 and 2012.
		Face			Cost			Fair Market			Net
								Value			Asset
	December 31, 2013	$	-		$	-		$	-		$	-
	December 31, 2012	$	565,000		$	585,100		$	587,247		$	2,147
	At times, the Company also uses TBA contracts to purchase its 15-year fixed-rate securities.  These TBA contracts may be physically settled or financed in the dollar roll market.  Income from dollar roll transactions and realized gains and losses on TBA contracts are recognized in the consolidated statements of income in “Loss on derivative instruments, net.”
	At December 31, 2013, the Company had the following 15-year TBA dollar roll securities:
		Face			Cost			Fair Market Value			Net Liability
	31-Dec-13	$	600,000		$	632,270		$	627,187		$	5,083
	At December 31, 2013 and 2012, the Company also had estimated purchase commitments with mortgage originators with a net fair value in the amount of ($658) and $3,305, respectively.
	Financial Statement Presentation
	The Company does not use either offsetting or netting to present any of its derivative assets or liabilities.  The following table shows the gross amounts associated with the Company’s derivative financial instruments and the impact if netting were used as of December 31, 2013.
	Assets/(Liabilities)			Cash Collateral Posted			Net Asset/(Liability)
Interest rate swaps	$	15,841		$	-		$	15,841
Futures contracts		11,148			-			11,148
Interest rate swaps	$	(125,133	)	$	133,661		$	8,528
Futures contracts		(36,733	)		77,713			40,980
Forward purchase commitments including TBA dollar roll transactions		(5,741	)		14,005			8,264
The following table shows the gross amounts associated with the Company’s derivative financial instruments and the impact if netting were used as of December 31, 2012.
	Assets/(Liabilities)			Cash Collateral Posted			Net Asset/(Liability)
Forward purchase commitments	$	5,452		$	-		$	5,452
Interest rate swaps	$	(243,945	)	$	281,021		$	37,076
The components of “Loss on derivative instruments, net” for the three years ended December 31, 2013, 2012 and 2011 were as follows.  Impacts from the Company’s interest rate swaps subsequent to the September 30, 2013 hedge de-designation are included herein.
	Years Ended December 31
	2013			2012			2011
Interest rate swaps – fair value adjustments	$	25,036		$	-		$	-
Interest rate swaps – monthly net settlements		(30,985	)		-			-
Futures Contracts – fair value adjustments		(25,585	)		-			-
Futures Contracts – realized losses		(33,298	)		-			-
TBA dollar roll income		5,605			-			-
Net realized loss on TBA contracts		(10,488	)		-			-
Loss on derivative instruments, net	$	(69,715	)	$	-		$	-
See Note 2 for a discussion of dollar roll transactions and dollar roll income.
As discussed above, effective September 30, 2013, the Company discontinued cash flow hedge accounting for its interest rate swaps.  The table below presents the effect of the cash flow hedges on the Company’s comprehensive income for the years ended December 31, 2013, 2012 and 2011.
	Years Ended December 31
	2013			2012			2011
Amount of gain (loss) recognized in OCI (effective portion)	$	15,030		$	(141,392	)	$	(273,389	)
Amount of loss reclassified from OCI into net income as interest expense (effective portion)		(116,847	)		(116,792	)		(102,614	)
Amount of loss recognized in net income as interest expense (ineffective portion)		(205	)		(178	)		(654	)
The following table presents the impact of the Company’s interest rate swap agreements on the Company’s AOCI for the years ended December 31, 2013 and 2012, respectively.
	Years Ended December 31
	2013			2012
Beginning balance	$	(243,051	)	$	(218,451	)
Unrealized gain (loss) on interest rate swaps		15,030			(141,392	)
Reclassification of net losses included in income statement		116,847			116,792
Ending balance	$	(111,174	)	$	(243,051	)
Credit-risk-related Contingent Features
The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender then the Company could also be declared in default on its derivative obligations.
The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company’s GAAP shareholders’ equity declines by a specified percentage over a specified time period, or if the Company fails to maintain a minimum shareholders’ equity threshold, then the Company could be declared in default on its derivative obligations.  The Company has agreements with several of its derivative counterparties that contain provisions regarding maximum leverage ratios.  The most restrictive of these leverage covenants is that if the Company exceeds a leverage ratio of 10 to 1 then the Company could be declared in default on its derivative obligations with that counterparty.  At December 31, 2013, the Company was in compliance with these requirements.
As of December 31, 2013, the fair value of derivatives in a net liability position related to these agreements was $125,133.  The Company has collateral posting requirements with each of its counterparties and all interest rate swap agreements were fully collateralized as of December 31, 2013.

Capital_Stock

Capital Stock	12 Months Ended
	Dec. 31, 2013
Capital Stock	'
	8	Capital Stock
	Issuance of Preferred Stock
	The Company amended its charter on August 16, 2012 to increase the number of authorized shares of preferred stock, par value $0.001 per share, from 10,000,000 to 25,000,000 shares.
	The board of directors has the authority to increase the authorized amounts, or to classify any unissued shares by setting or changing in any one or more respects the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications or terms or conditions of redemption of such shares.
	On August 27, 2012, the Company issued 11,500,000 shares (including 1,500,000 shares issued pursuant to the full exercise of the underwriters’ overallotment option) of its 7.625% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), with a par value of $0.001 per share and a liquidation preference of $25.00 per share (total liquidation preference of $287,500) plus accrued and unpaid dividends (whether or not declared).  Holders of shares of the Series A Preferred Stock are entitled to cumulative cash dividends at the rate of 7.625% per year of the $25.00 liquidation preference per share (equivalent to the fixed annual rate of $1.90625 per share). The Company may not redeem the Series A Preferred Stock before August 27, 2017, except in limited circumstances relating to the Company’s ability to qualify as a REIT and except as described in the Company’s articles supplementary upon the occurrence of a change of control (as defined in the articles supplementary).  After August 27, 2017, the shares are redeemable at the Company’s option.  The Series A Preferred Stock ranks senior to the Company’s common stock with respect to dividend rights and rights upon the voluntary or involuntary liquidation, dissolution, or winding-up of the Company’s affairs.  Holders of shares of the Series A Preferred stock generally have no voting rights, unless dividends are in arrears for six or more consecutive quarters.  Through December 31, 2013, the Company has declared and paid all required quarterly dividends on the Series A Preferred Stock.
	Issuance of Common Stock
	On March 30, 2012, the Company completed a secondary public offering of 20,125,000 shares of its common stock, including 2,625,000 shares pursuant to the underwriters’ overallotment option, at a price to the Company of $26.81 per share, and received net proceeds of $539,327 after the payment of underwriting discounts and expenses.
	Issuance of Common Stock- “At the Market” Programs
	From time to time, the Company may sell shares of its common stock in “at-the-market” offerings.  Sales of shares of common stock, if any, may be made in private transactions, negotiated transactions or any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the New York Stock Exchange (“NYSE”) or to or through a market maker other than on an exchange.
	On February 29, 2012, the Company entered into sales agreements (the “2012 Sales Agreements”) with Cantor Fitzgerald & Co. (“Cantor”) and JMP Securities LLC (“JMP”) to establish a new “at-the-market” program (the “2012 Program”).  Under the terms of the 2012 Sales Agreements, the Company may offer and sell up to 10,000,000 shares of its common stock from time to time through Cantor or JMP, each acting as agent and/or principal.  The shares of common stock issuable pursuant to the 2012 Program are registered with the Securities and Exchange Commission  (“SEC”) on the Company’s Registration Statement on Form S-3 (No. 333-179805), which became effective upon filing on February 29, 2012.
	For the year ended December 31, 2013 and 2012, the Company issued 0 and 1,713,900 shares of common stock, respectively in at-the-market transactions, raising net proceeds to the Company, after sales commissions and fees, of $0 and $48,330, respectively.  The total commissions and fees charged to additional paid in capital in connection with the issuance of these shares was $0 and $298 for the year ended December 31, 2013 and 2012, respectively.
	Stock Repurchase Program
	On June 18, 2013, the Company’s board of directors authorized a stock repurchase program (the “Repurchase Program”) to acquire up to 10,000,000 shares of the Company’s common stock.  Over the remainder of 2013, the Company repurchased 2,485,447 shares of common stock under the Repurchase Program in at-the-market transactions at a total cost of $43,881.
	During periods when the Company’s board of directors has authorized the Company to repurchase shares under the Repurchase Program, the Company will not be authorized to issue shares of common stock under the 2012 Program described above.  Similarly, during periods when the Company’s board of directors has authorized the Company to issue shares of common stock under the 2012 Program, the Company will not be authorized to repurchase shares under the Repurchase Program.

Earnings_per_Share

Earnings per Share	12 Months Ended
	Dec. 31, 2013
Earnings per Share	'
	9	Earnings per Share
	The following table details the Company’s calculation of earnings per share for the three years ended December 31, 2013, 2012 and 2011:
		2013			2012			2011
	Basic earnings per share:
	Net income (loss)	$	(134,136	)	$	349,245		$	284,373
	Less preferred stock dividends		(21,922	)		(7,551	)		-
	Net income (loss) available to common shareholders	$	(156,058	)	$	341,694		$	284,373
	Weighted average shares		98,337,362			93,185,520			71,708,058
	Basic earnings (loss) per share	$	(1.59	)	$	3.67		$	3.97
	Diluted earnings per share:
	Net income (loss)	$	(134,136	)	$	349,245		$	284,373
	Less preferred stock dividends		(21,922	)		(7,551	)		-
	Net income (loss) available to common shareholders	$	(156,058	)	$	341,694		$	284,373
	Weighted average shares		98,337,362			93,185,520			71,708,058
	Potential dilutive shares from		-			-			-
	exercise of stock options
	Diluted weighted average shares		98,337,362			93,185,520			71,708,058
	Diluted earnings (loss) per share	$	(1.59	)	$	3.67		$	3.97
	There were no potentially dilutive shares for the three years ended December 31, 2013.

Equity_Incentive_Plans

Equity Incentive Plans	12 Months Ended
	Dec. 31, 2013
Equity Incentive Plans	'
	10	Equity Incentive Plans
	The Company’s equity incentive plans provide for the grant of awards to the Company’s employees, the Company’s manager and its employees, the Company’s independent directors, and other significant service providers.  Awards may consist of nonqualified stock options, incentive stock options, restricted and unrestricted shares of stock, stock appreciation rights, phantom stock awards or other stock-based awards, and typically vest over periods of three to five years from grant date.  The equity incentive plans are administered by the compensation and governance committee or by any other committee appointed by the board of directors or, in the absence of such a committee, by the board of directors.  At December 31, 2013, 528,227 awards relating to shares of common stock remained available for grant.  Unless previously terminated by the board of directors, awards may be granted under the equity incentive plans until the tenth anniversary of the date that the Company’s shareholders approved such plan.
	Stock Option Awards
	Each stock option awarded is exercisable after the period or periods specified in the award agreement, which will generally not exceed ten years from the date of grant. Stock options will be exercisable at such times and subject to such terms as determined by the compensation and governance or other administrative committee.
	At December 31, 2013, the Company did not have any stock options outstanding.  No options have been granted since 2007 and there has not been any related compensation expense since 2010.
	Restricted Stock Awards
	For the year ended December 31, 2013, the Company issued 264,316 shares of restricted common stock and recognized an expense of $178 related to the vesting of these shares. The shares vest over a three or five year period.  The fair market value of the shares granted was determined by the closing stock market price on the date of grant.  The Company also recognized $2,416 of compensation expense in the current year related to restricted shares issued in prior years.  At December 31, 2013, the Company had unrecorded compensation expense of $10,135 related to the unvested shares of restricted common stock granted.  This expense is expected to be recognized over a weighted average remaining period of 3.8 years as of December 31, 2013.  The following table presents information about the Company’s restricted stock awards for the periods presented:
		2013					2012
					Weighted					Weighted
		Shares of			Average		Shares of			Average
		Restricted			Price on		Restricted			Price on
		Stock			Grant Date		Stock			Grant Date
	Shares non-vested at beginning of year		351,192		$	27.75		253,436		$	27.01
	Granted		264,316			18.76		160,534			28.47
	Cancelled/forfeited		-			-		-			-
	Vested		(91,260	)		20.92		(62,778	)		29.37
	Shares non-vested at end of year		524,248		$	23.22		351,192		$	27.75
	The total fair value of restricted stock awards vested during the year ended December 31, 2013, 2012 and 2011 were $1,871, $1,807 and $829, respectively, based upon the fair market value of the Company’s common stock on the vesting date.

Transactions_with_Related_Part

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2013
Transactions with Related Parties	'
	11	Transactions with Related Parties
	Management Fees
	The Company is externally managed by ACA pursuant to a management agreement (the “Management Agreement”). All of the Company’s executive officers are also employees of ACA. ACA manages the Company’s day-to-day operations, subject to the direction and oversight of the Company’s board of directors which includes four independent directors. The Management Agreement expires on February 23, 2015 and is thereafter automatically renewed for an additional one-year term unless terminated under certain circumstances. ACA must be provided 180 days prior notice of any such termination and will be paid a termination fee equal to four times the average annual management fee earned by ACA during the two year period immediately preceding termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination.
	Under the terms of the Management Agreement, the Company reimburses ACA for certain operating expenses of the Company that are borne by ACA.  ACA is entitled to receive a management fee payable monthly in arrears in an amount equal to 1/12th of an amount determined as follows:
	·	for the Company’s equity up to $250 million, 1.50% (per annum) of equity; plus
	·	for the Company’s equity in excess of $250 million and up to $500 million, 1.10% (per annum) of equity; plus
	·	for the Company’s equity in excess of $500 million and up to $750 million, 0.80% (per annum) of equity; plus
	·	for the Company’s equity in excess of $750 million, 0.50% (per annum) of equity.
	For purposes of calculating the management fee, equity is defined as the value, computed in accordance with GAAP, of shareholders’ equity, adjusted to exclude the effects of unrealized gains or losses. The following table presents amounts paid for management fee and reimbursable expenses.
		Years Ended December 31
		2013		2012		2011
	Management Fee	$	18,180	$	17,420	$	13,787
	Reimbursable Expenses		3,200		1,779		-
	Total	$	21,380	$	19,199	$	13,787
	None of the reimbursement payments were specifically attributable to the compensation of the Company’s executive officers.  At December 31, 2013 and 2012, the Company owed ACA $2,752 and $2,120, respectively, for the management fee and reimbursable expenses, which is included in accounts payable and other liabilities.
	In addition, the Company recognized share based compensation expense related to common share options and restricted common shares granted to management of $2,594, $1,920, and $1,150, respectively, for the years ended December 31, 2013, 2012 and 2011, respectively.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2013
Accumulated Other Comprehensive Income	'
	12	Accumulated Other Comprehensive Income
	The Company records unrealized gains and losses on its agency securities and its TBA securities as described in Note 4.  As discussed in Note 7, the Company ceased hedge accounting for its interest rate swaps effective September 30, 2013.  Beginning October 1, 2013, changes in the fair value of interest rate swaps are recorded directly to net income.  The cumulative unrealized loss on interest rate swaps in AOCI as of September 30, 2013 is being amortized to net income as the hedged forecasted transactions occur.  The following table rolls forward the components of AOCI, including reclassification adjustments, for the year ended December 31, 2013.
		Unrealized gain/(loss) on available for sale agency securities			Unrealized gain/(loss) on unsettled agency securities			Unrealized gain/(loss) on other investments			Unrealized gain/(loss) on derivative instruments			Total
	Beginning balance, accumulated other comprehensive income (loss) at January 1, 2013	$	499,343		$	1,217		$	(107	)	$	(237,599	)	$	262,854
	Other comprehensive income (loss) before reclassifications		(680,967	)		642			(520	)		(21,054	)		(701,899	)
	Balance Sheet Reclassification:
	Amount reclassified to mortgage-backed securities available for sale		-			(1,859	)		-			24,891			23,032
	Income Statement Reclassifications:
	Amounts reclassified to net loss on the sale of mortgage-backed securities		283,012			-			-			-			283,012
	Amounts reclassified for impairment loss on mortgage-backed securities		8,102			-			-			-			8,102
	Amounts reclassified to interest expense		-			-			-			116,847			116,847
	Net current period other comprehensive income (loss)		(389,853	)		(1,217	)		(520	)		120,684			(270,906	)
	Ending balance, accumulated other comprehensive income (loss) at December 31, 2013	$	109,490		$	-		$	(627	)	$	(116,915	)	$	(8,052	)

Summarized_Quarterly_Financial

Summarized Quarterly Financial Results	12 Months Ended
	Dec. 31, 2013
Summarized Quarterly Financial Results	'
	13	Summarized Quarterly Financial Results
	The following is a presentation of the quarterly results of operations for the years ended December 31, 2013 and 2012.
	Hatteras Financial Corp.
	Consolidated Statements of Income
	(Dollars in thousands, except share related amounts)	Three months ended December 31, 2013 (Unaudited)			Three months ended September 30, 2013 (Unaudited)			Three months ended June 30, 2013 (Unaudited)		Three months ended
										31-Mar-13
										(Unaudited)
	Interest income:
	Interest income on mortgage-backed securities	$	104,312		$	107,040		$	115,115	$	124,241
	Interest income on short-term cash investments		456			303			359		442
	Total interest income		104,768			107,343			115,474		124,683
	Interest expense		40,754			51,599			52,079		53,277
	Net interest margin		64,014			55,744			63,395		71,406
	Operating expenses:
	Management fee		4,224			4,522			4,714		4,720
	Share based compensation		701			637			627		629
	General and administrative		2,583			1,538			1,602		1,369
	Total operating expenses		7,508			6,697			6,943		6,718
	Other income (loss):
	Net realized gain (loss) on sale of mortgage-backed securities		(68,679	)		(225,635	)		8,802		2,500
	Impairment of mortgage-backed securities		-			(8,102	)		-		-
	Gain (loss) on derivative instruments, net		2,205			(77,456	)		5,485		51
	Total other income (loss)		(66,474	)		(311,193	)		14,287		2,551
	Net income (loss)		(9,968	)		(262,146	)		70,739		67,239
	Dividends on preferred stock		5,481			5,481			5,480		5,480
	Net income (loss) available to common shareholders	$	(15,449	)	$	(267,627	)	$	65,259	$	61,759
	Earnings (loss) per share - common stock, basic	$	(0.16	)	$	(2.72	)	$	0.66	$	0.62
	Earnings (loss) per share - common stock, diluted	$	(0.16	)	$	(2.72	)	$	0.66	$	0.62
	Dividends per share	$	0.5		$	0.55		$	0.7	$	0.7
	Weighted average shares outstanding		97,389,614			98,318,205			98,830,054		98,827,587
	Hatteras Financial Corp.
	Consolidated Statements of Income
	(In thousands, except per share amounts)	Three months			Three months			Three months		Three months
		Ended			Ended			Ended		Ended
		December 31, 2012			September 30, 2012			June 30, 2012		March 31, 2012
		(Unaudited)			(Unaudited)			(Unaudited)		(Unaudited)
	Interest income:
	Interest income on mortgage-backed securities	$	131,381		$	131,940		$	128,720	$	112,759
	Interest income on short-term cash investments		347			387			441		333
	Interest income		131,728			132,327			129,161		113,092
			57,019			52,767			46,169		41,109
	Interest expense
			74,709			79,560			82,992		71,983
	Net interest margin
	Operating expenses:
	Management fee		4,709			4,557			4,312		3,842
	Share based compensation		619			447			425		429
	General and administrative		1,737			1,040			1,316		913
	Total operating expenses		7,065			6,044			6,053		5,184
	Other income:
	Gain on sale of mortgage-backed securities		39,103			10,534			12,205		2,505
			106,747			84,050			89,144		69,304
	Net income
	Dividends on preferred stock		5,481			2,070			0		0
	Net income available to common shareholders	$	101,266		$	81,980		$	89,144	$	69,304
	Earnings per share - common stock, basic	$	1.02		$	0.83		$	0.91	$	0.89
		$	1.02		$	0.83		$	0.91	$	0.89
	Earnings per share - common stock, diluted
		$	0.7		$	0.8		$	0.9	$	0.9
	Dividends per share
			98,811,996			98,233,589			97,969,074		77,610,117
	Weighted average shares outstanding

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2013
Basis of Presentation and Use of Estimates	'
	Basis of Presentation and Use of Estimates
	The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying financial statements include the valuation of agency securities and derivative instruments.
Principles of Consolidation	'
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company and all of its subsidiaries. The Company also considers the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 810 on Consolidation in determining whether consolidation is appropriate for any interests held in variable interest entities. All significant intercompany balances and transactions have been eliminated.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	The Company considers all highly liquid investments with original maturities of three months or less, and which are not restricted as to use, to be cash equivalents. The carrying amounts of cash equivalents approximate their fair value.
Restricted Cash	'
	Restricted Cash
	Restricted cash is cash held in margin accounts at various counterparties as collateral related to interest rate swaps, Eurodollar futures contracts and forward commitments to purchase TBA securities.
Financial Instruments	'
	Financial Instruments
	The Company considers its cash and cash equivalents, restricted cash, agency securities (settled and unsettled), forward purchase commitments, debt security held to maturity, receivable for securities sold, accrued interest receivable, principal payment receivable, payable for unsettled securities, derivative instruments, repurchase agreements, dollar roll liabilities and accrued interest payable to meet the definition of financial instruments.  The carrying amount of cash and cash equivalents, restricted cash, receivable for securities sold, accrued interest receivable, dollar roll liabilities and payable for unsettled securities approximate their fair value due to the short maturities of these instruments and are valued using Level 1 inputs.  The carrying amount of repurchase agreements is deemed to approximate fair value given their short-term duration and are valued using Level 2 inputs. See Note 4 for discussion of the fair value of agency securities and forward purchase commitments.  See Note 5 for discussion of the fair value of the held to maturity debt security.  See Note 7 for discussion of the fair value of derivative instruments.
	The Company limits its exposure to credit losses on its portfolio of securities by purchasing agency securities.  The portfolio is diversified to avoid undue exposure to loan originator, geographic and other types of concentration. The Company manages the risk of prepayments of the underlying mortgages by creating a diversified portfolio with a variety of expected prepayment characteristics.  See Note 4 for additional information on MBS.
	The Company is engaged in various trading and brokerage activities including repurchase agreements, dollar rolls, interest rate swap agreements and futures contracts in which counterparties primarily include broker-dealers, banks, and other financial institutions.  In the event counterparties do not fulfill their obligations, the Company may be exposed to risk of loss. The risk of default depends on the creditworthiness of the counterparty and/or issuer of the instrument. It is the Company’s policy to review, as necessary, the credit standing for each counterparty.  See Note 6 for additional information on repurchase agreements and Note 7 for additional information on dollar rolls, interest rate swap agreements and futures contracts.
Mortgage-Backed Securities	'
	Mortgage-Backed Securities
	The Company invests in agency securities representing interests in or obligations backed by pools of single-family residential mortgage loans.  Guidance under the FASB ASC Topic 820 on Investments requires the Company to classify its investments as either trading, available-for-sale or held-to-maturity securities. Management determines the appropriate classifications of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company currently classifies all of its agency securities as available-for-sale. All assets that are classified as available-for-sale are carried at fair value and unrealized gains and losses are included in other comprehensive income (loss).  The estimated fair values of agency securities are determined by management by obtaining valuations for its agency securities from independent sources and averaging these valuations. Security purchase and sale transactions are recorded on the trade date.  Gains or losses realized from the sale of securities are included in income and are determined using the specific identification method.  Firm purchase commitments to acquire “when issued” or to-be-announced (“TBA”) securities are recorded at fair value in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”).  The fair value of these purchase commitments is included in other assets or liabilities in the accompanying consolidated balance sheets.
	The Company assesses its investment securities for other-than-temporary impairment on at least a quarterly basis.  When the fair value of an investment is less than its amortized cost at the balance sheet date the impairment is designated as either “temporary” or “other-than-temporary.”  In deciding on whether or not a security is other than temporarily impaired, the Company uses a two-step evaluation process.  First, the Company determines whether it has made any decision to sell a security that is in an unrealized loss position, or, if not, the Company determines whether it is more likely than not that the Company will be required to sell the security prior to recovering its amortized cost basis.  If the answer to either of these questions is “yes” then the security is considered other-than-temporarily impaired.  See Note 4 for discussion of any impairment losses recognized during the periods presented.
Derivative Instruments	'
	Derivative Instruments
	The Company manages economic risks, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding.  The objectives of the Company’s risk management strategy are 1) to attempt to mitigate the risk of the cost of its variable rate liabilities increasing during a period of rising interest rates, and 2) to reduce fluctuations in net book value over a range of interest rate scenarios.  The principal instruments that the Company uses to achieve these objectives are interest rate swaps.  The Company also purchases or sells Eurodollar Futures Contracts (“Futures Contracts”) to replicate the economic hedging results achieved with interest rate swaps.  The Company does not enter into any of these transactions for speculative purposes.
	The Company accounts for derivative instruments in accordance with ASC 815, which requires an entity to recognize all derivatives as either assets or liabilities and to measure those instruments at fair value.  The accounting for changes in the fair value of derivative instruments depends on whether the instruments are designated and qualify as part of a hedging relationship pursuant to ASC 815.  Changes in fair value related to derivatives not in hedge designated relationships are recorded in “Gain (loss) on derivative instruments, net” in the Company’s consolidated statements of income, whereas changes in fair value related to derivatives in hedge designated relationships are initially recorded in other comprehensive income (loss) and later reclassified to income at the time that the hedged transactions affect earnings.  Any portion of the changes in fair value due to hedge ineffectiveness is immediately recognized in the income statement.
	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 the Company’s consolidated balance sheets.  In the Company’s consolidated statements of cash flows, cash receipts and payments related to derivative instruments are classified according to the underlying nature or purpose of the derivative transaction, generally in the operating section if the derivatives are designated as accounting hedges and in the investing section otherwise.  The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts.  The Company attempts to minimize this risk by limiting its counterparties to major financial institutions with acceptable credit ratings, monitoring positions with individual counterparties and adjusting posted collateral as required.
	All of the Company’s swaps have historically been accounted for as cash flow hedges under ASC 815.  However, on September 30, 2013, the Company discontinued hedge accounting for its interest rate swap agreements by de-designating the swaps as cash flow hedges.  No swaps were terminated in conjunction with this action, and the Company’s risk management and hedging practices were not impacted.  As a result of discontinuing hedge accounting, beginning October 1, 2013 changes in the fair value of the Company's interest rate swap agreements are recorded in “Loss on derivative instruments, net” in the Company's consolidated statements of income, rather than in accumulated other comprehensive income (loss) (AOCI).  Also, net interest paid or received under the swaps, which up through September 30 was recognized in “interest expense,” is instead recognized in “Loss on derivative instruments, net.”  These swaps continue to be reported as assets or liabilities on the Company's consolidated balance sheets at their fair value.
	As long as the forecasted transactions that were being hedged (i.e. rollovers of the Company’s repurchase agreement borrowings) are still expected to occur, the balance in AOCI from swap activity up through September 30, 2013 will remain in AOCI and be recognized in the Company's consolidated statements of income as "interest expense" over the remaining term of the swaps.  See Note 7 for further information.
	At times, the Company may also enter into TBA contracts as a means of investing in and financing agency securities 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 agency securities purchased at the forward settlement date are typically priced at a discount to securities for settlement in the current month.  This difference is referred to as the “price drop.”  The price drop represents compensation to the Company for foregoing net interest margin (interest income less repurchase agreement financing cost) and is referred to as “dollar roll income,” which the Company classifies in “Loss on derivative instruments, net.”  Realized gains and losses related to TBA contracts are also recognized in “Loss on derivative instruments, net.”  TBA dollar roll transactions represent off-balance sheet financing.
Repurchase Agreements	'
	Repurchase Agreements
	The Company finances the acquisition of its agency securities through the use of repurchase agreements. Under these repurchase agreements, the Company sells securities to a lender and agrees to repurchase the same securities in the future for a price that is higher than the original sales price. The difference between the sale price that the Company receives and the repurchase price that the Company pays represents interest paid to the lender.  Although structured as a sale and repurchase obligation, a repurchase agreement operates as a financing under which the Company pledges its securities as collateral to secure a loan which is equal in value to a specified percentage of the estimated fair value of the pledged collateral.  The Company retains beneficial ownership of the pledged collateral.  At the maturity of a repurchase agreement, the Company is required to repay the loan and concurrently receives back its pledged collateral from the lender or, with the consent of the lender, the Company may renew such agreement at the then prevailing financing rate.  These repurchase agreements may require the Company to pledge additional assets to the lender in the event the estimated fair value of the existing pledged collateral declines.
Dollar Roll Liability	'
	Dollar Roll Liability
	In addition to the TBA dollar roll transactions described above, the Company may from time to time execute dollar roll transaction on agency securities (“CUSIP dollar rolls”).  These transactions represent on-balance sheet financing, presented as “Dollar roll liability” in the Company’s consolidated balance sheets.  During the period of a CUSIP dollar roll, the financed security remains on the Company’s balance sheet, and the components of the net interest margin earned from the price drop are classified in “interest income on mortgage-backed securities” and “interest expense,” respectively.
Offsetting of Assets and Liabilities	'
	Offsetting of Assets and Liabilities
	The Company’s derivative agreements and repurchase agreements generally contain provisions that allow for netting or the offsetting of receivables and payables with each counterparty.  The Company reports amounts in its consolidated balance sheets on a gross basis without regard for such rights of offset or master netting arrangements.
Interest Income	'
	Interest Income
	Interest income is earned and recognized based on the outstanding principal amount of the investment securities and their contractual terms.  Premiums and discounts associated with the purchase of the investment securities are amortized or accreted into interest income over the actual lives of the securities using the effective interest method.
Income Taxes	'
	Income Taxes
	The Company has elected to be taxed as a REIT under the Code. The Company will generally not be subject to federal income tax to the extent that it distributes 100% of its taxable income, after application of available tax attributes, within the time limits prescribed by the Code and as long as it satisfies the ongoing REIT requirements including meeting certain asset, income and stock ownership tests.  The Company and two of its subsidiaries have made an election to treat these subsidiaries as TRSs.  As such, these TRSs are taxable as domestic C corporations and are subject to federal, state and local income taxes based upon their taxable income.
Share-Based Compensation	'
	Share-Based Compensation
	Share-based compensation is accounted for under the guidance included in the ASC Topic on stock compensation.  For share and share-based awards issued to employees, a compensation charge is recorded in earnings based on the fair value of the award.  For transactions with non-employees in which services are performed in exchange for the Company’s common stock or other equity instruments, the transactions are recorded on the basis of the fair value of the service received or the fair value of the equity instruments issued, whichever is more readily measurable at the date of issuance.  The Company’s share-based compensation transactions resulted in compensation expense of $2,594, $1,920, and $1,150 for the years ended December 31, 2013, 2012, and 2011, respectively.
Earnings Per Common Share (EPS)	'
	Earnings Per Common Share (EPS)
	Basic EPS is computed by dividing net income less preferred stock dividends to arrive at net income available to holders of common stock by the weighted average number of shares of common stock outstanding during the period.  Diluted EPS is computed using the two class method, as described in the ASC Topic on Earnings Per Share, which takes into account certain adjustments related to participating securities.  Participating securities are unvested share-based awards that contain rights to receive nonforfeitable dividends, such as those awarded under the Company’s equity incentive plan.  Net income available to holders of common stock after deducting dividends on unvested participating securities if antidilutive, is divided by the weighted average shares of common stock and common equivalent shares outstanding during the period. For the diluted EPS calculation, common equivalent shares outstanding includes the weighted average number of shares of common stock outstanding adjusted for the effect of dilutive unexercised stock options.
Other Comprehensive Income	'
	Other Comprehensive Income
	Other comprehensive income refers to revenue, expenses, gains, and losses that are recorded directly as an adjustment to shareholders’ equity.  Other comprehensive income for the Company generally arises from unrealized gains or losses generated from changes in market values of the securities held as available-for-sale and derivative instruments that have been designated as accounting hedges.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In October 2011, the FASB issued a proposed ASU 2011-20, Financial Services-Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2011-20”), which would amend the criteria in ASC Topic 946 on Investment Companies (“ASC 946”) for determining whether an entity qualifies as an investment company.  As proposed, ASU 2011-20 would affect the measurement, presentation and disclosure requirements for Investment Companies, as defined, amend the investment company definition in ASC 946, and remove the current exemption for real estate investment trusts from this topic, which may have resulted in a material modification to the presentation of the Company’s consolidated financial statements.  In June 2013, the FASB released ASU 2013-08 Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements that set forth new guidance on determining whether a company is subject to investment company accounting.  These final rules maintained the scope exemption for real estate investment trusts.
	In December 2011, the FASB released Accounting Standards Update 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”).  Under this update, the Company is required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and transactions subject to an agreement similar to a master netting arrangement. The scope includes derivatives, sale and repurchase agreements and securities borrowing and securities lending arrangements. This disclosure is intended to enable financial statement users to understand the effect of such arrangements on the Company’s financial position. The objective of this update is to support further convergence between U.S. GAAP and International Financial Reporting Standards (“IFRS”). In January 2013, the FASB released ASU 2013-01 Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.  Under this update, the FASB limited the scope of ASU 2011-11 to items identified in the implementation guidance which include derivatives, sale and repurchase agreements and securities borrowing and securities lending arrangements that are either offset on the balance sheet or subject to an enforceable master netting agreement. This disclosure was adopted effective January 1, 2013 and did not have a material effect on the Company’s consolidated financial statements.
	In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. Under this update, enhanced disclosures are required for items reclassified out of accumulated other comprehensive income.  This disclosure was adopted effective January 1, 2013 and did not have a material effect on the Company’s consolidated financial statements.

Financial_Instruments_Tables

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2013
Carrying Values and Fair Values of All Financial Instruments	'
	The carrying values and fair values of all financial instruments as of December 31, 2013 and 2012 were as follows:
		31-Dec-13				31-Dec-12
		Carrying		Fair		Carrying		Fair
		Value		Value		Value		Value
	Assets
	Mortgage-backed securities	$	17,642,532	$	17,642,532	$	23,919,251	$	23,919,251
	Unsettled purchased mortgage backed securities		-		-		138,338		138,338
	Cash and cash equivalents		763,326		763,326		168,424		168,424
	Restricted cash		225,379		225,379		281,021		281,021
	Accrued interest receivable		55,156		55,156		77,113		77,113
	Receivable for securities sold		231,214		231,214		1,587,535		1,587,535
	Principal payments receivable		95,021		95,021		190,832		190,832
	Debt security, held to maturity		15,000		14,307		15,000		13,981
	Interest rate swap asset		15,841		15,841		-		-
	Futures Contracts*		11,148		11,148		-		-
	Short term investment*		19,910		19,910		20,187		20,187
	Forward purchase commitments*		-		-		5,452		5,452
	Liabilities
	Repurchase agreements	$	16,129,683		16,129,683	$	22,866,429	$	22,866,429
	Dollar roll liabilities		351,826		351,826		-		-
	Payable for unsettled securities		-		-		137,121		137,121
	Accrued interest payable		8,279		8,279		7,592		7,592
	Interest rate swap liability		125,133		125,133		243,945		243,945
	Futures contract liability		36,733		36,733		-		-
	Forward purchase commitments**		5,741		5,741		-		-
	*These lines are included in other assets on the consolidated balance sheets
	**This line included in accounts payable and other liabilities on the consolidated balance sheets

MortgageBacked_Securities_Tabl

Mortgage-Backed Securities (Tables)	12 Months Ended
	Dec. 31, 2013
Schedule of Agency Securities Portfolio Backed by U.S. Government Agency or U.S. Government Sponsored Entity	'
	The Company’s investment portfolio consists solely of agency securities, which are backed by a U.S. Government agency or a U.S. Government sponsored enterprise.  The following table presents certain information about the Company’s agency securities at December 31, 2013.
		Agency
		Securities			Gross				Gross
		Amortized			Unrealized				Unrealized				Estimated
		Cost			Loss				Gain				Fair Value
	Agency Securities
	Fannie Mae Certificates
	ARMS	$	9,620,743		$	(44,871	)		$	167,848			$	9,743,720
	Fixed Rate		806,312			(1,798	)			3,832				808,346
	Total Fannie Mae		10,427,055			(46,669	)			171,680				10,552,066
	Freddie Mac Certificates
	ARMS		6,671,013			(70,752	)			57,808				6,658,069
	Fixed Rate		338,738			(1,600	)			21				337,159
	Total Freddie Mac		7,009,751			(72,352	)			57,829				6,995,228
	Ginnie Mae Certificates
	ARMS		-			-				-				-
	Fixed Rate		96,236			(998	)			-				95,238
	Total Ginnie Mae		96,236			(998	)			-				95,238
	Total Agency Securities	$	17,533,042		$	(120,019	)		$	229,509			$	17,642,532
	The following table presents certain information about the Company’s agency securities at December 31, 2012.
		Amortized			Gross				Gross				Estimated Fair
		Cost			Unrealized				Unrealized				Value
					Loss				Gain
	Agency Securities
	Fannie Mae Certificates
	ARMS	$	14,081,259		$	(100	)		$	329,780			$	14,410,939
	Fixed Rate		743,299							9,296				752,595
	Total Fannie Mae		14,824,558			(100	)			339,076				15,163,534
	Freddie Mac Certificates
	ARMS		7,850,630			(21	)			149,114				7,999,723
	Fixed Rate		744,720			-				11,274				755,994
	Total Freddie Mac		8,595,350			(21	)			160,388			$	8,755,717
		$	23,419,908		$	(121	)		$	499,464			$	23,919,251
	Total Agency Securities
Components of Carrying Value of Available-For-Sale Agency Securities	'
	The components of the carrying value of available-for-sale agency securities at December 31, 2013 and 2012 are presented below.
		As of December 31
		2013			2012
	Principal balance	$	17,044,190		$	22,771,731
	Unamortized premium		488,854			648,181
	Unamortized discount		(2	)		(4	)
	Gross unrealized gains		229,509			499,464
	Gross unrealized losses		(120,019	)		(121	)
	Carrying value/estimated fair value	$	17,642,532		$	23,919,251
Schedule of Interest Income	'
	The following table presents components of interest income on the Company’s agency securities portfolio for the three years ended December 31, 2013:
		Years Ended December 31
		2013			2012				2011
	Coupon interest on MBS	$	616,632		$	667,644			$	518,048
	Net premium amortization		(165,924	)		(162,844	)			(93,335	)
	Interest income on MBS, net	$	450,708		$	504,800			$	424,713
Gross Gains and Losses from Securities Sales	'
	During the second half of 2013, the Company repositioned a significant portion of its portfolio, resulting in an elevated level of sales of securities.  Gross gains and losses from sales of securities for the three years ended December 31, 2013 were as follows:
		Years Ended December 31
		2013			2012				2011
	Gross gains on MBS	$	18,717		$	66,084			$	22,135
	Gross losses on MBS		(301,729	)		(1,737	)			(1,559	)
	Net gain (loss) on MBS	$	(283,012	)	$	64,347			$	20,576
Schedule of Agency Securities In Unrealized Loss Position	'
	The Company monitors the performance and market value of its agency securities portfolio on an ongoing basis, and on a quarterly basis reviews its agency securities for impairment.  At December 31, 2013 and 2012, the Company had the following securities in a loss position presented below:
		Less than 12 months							Less than 12 months
		as of December 31, 2013							as of December 31, 2012
		Fair Market			Unrealized				Fair Market				Unrealized
		Value			Loss				Value				Loss
	Fannie Mae Certificates
	ARMS	$	3,233,274		$	(44,871	)		$	149,954			$	(100	)
	Fixed Rate		281,760			(1,798	)			-				-
	Freddie Mac Certificates
	ARMS		4,046,473			(70,752	)			41,625				(21	)
	Fixed Rate		316,835			(1,600	)			-				-
	Ginnie Mae Certificates
	ARMS		-			-				-				-
	Fixed Rate		95,238			(998	)			-				-
	Total temporarily impaired securities	$	7,973,580		$	(120,019	)		$	191,580			$	(121	)
	Number of securities in an unrealized loss position					279								4
Adjustable Rate Residential Mortgage	'
Information About Company's Adjustable Rate Agency Securities That will Reprice or Amortize Based on Contractual terms	'
	The contractual maturity of the Company’s agency securities ranges from 15 to 30 years. Because of prepayments on the underlying mortgage loans, the actual weighted-average maturity is expected to be significantly less than the stated maturity.  The following table presents certain information about the Company’s adjustable rate agency securities that will reprice or amortize based on contractual terms, which do not consider prepayment assumptions, at December 31, 2013 and 2012.
			31-Dec-13											31-Dec-12
										Weighted									Weighted
										Average									Average
			Fair Value			% of Total				Coupon				Fair Value		% of Total			Coupon
	Months to Coupon Reset
	0 - 12		$	1,236,878			7.5	%			3.15	%		$	914,832		4.1	%		4.03	%
	13 - 24			1,614,081			9.8	%			3.49	%			966,854		4.3	%		3.88	%
	25 - 36			2,321,985			14.2	%			2.99	%			2,274,763		10.2	%		3.6	%
	37 - 48			2,524,939			15.4	%			2.73	%			3,207,245		14.3	%		3.06	%
	49 - 60			2,483,318			15.1	%			2.94	%			3,616,891		16.1	%		2.76	%
	61 - 72			4,750,098			29	%			2.46	%			3,027,295		13.5	%		3.26	%
	73 - 84			1,470,490			9	%			2.44	%			7,607,359		33.9	%		2.44	%
	85 - 96			-			-				-				133,487		0.6	%		3.08	%
	97 - 108			-			-				-				-		-			-
	109 - 120			-			-				-				641,013		2.9	%		2.81	%
	121 - 140			-			-				-				20,923		0.1	%		2.69	%
	Total ARMS		$	16,401,789			100	%			2.8	%		$	22,410,662		100	%		2.95	%
Fixed Rate Residential Mortgage	'
Information About Company's Adjustable Rate Agency Securities That will Reprice or Amortize Based on Contractual terms	'
	The following table presents certain information about the Company’s fixed rate agency securities that will reprice or amortize based on contractual terms, which do not consider prepayment assumptions, at December 31, 2013 and 2012.
			31-Dec-13											31-Dec-12
										Weighted									Weighted
										Average									Average
	Wtd Average Months to Maturity		Fair Value			% of Total				Coupon				Fair Value		% of Total			Coupon
	133-144		$	75,693			6.1	%			3.5	%		$	-		-			-
	145-156			477,544			38.5	%			3.5	%			102,158		6.8	%		3	%
	157-168			95,238			7.7	%			3	%			-		-			-
	169-180			592,268			47.7	%			3.5	%			1,406,431		93.2	%		2.6	%
	Total Fixed Rate Securities		$	1,240,743			100	%			3.46	%		$	1,508,589		100	%		2.62	%

Repurchase_Agreements_Tables

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2013
Contractual Reprising Information Regarding Repurchase Agreements	'
	At December 31, 2013 and 2012, the Company had repurchase agreements in place in the amount of $16,129,683 and $22,866,429, respectively, to finance MBS purchases. As of December 31, 2013 and 2012, the weighted average interest rate on these borrowings was 0.37% and 0.47%, respectively.  The Company’s repurchase agreements are collateralized by the Company’s agency securities and typically bear interest at rates that are closely related to LIBOR. At December 31, 2013 and 2012, the Company had repurchase agreements outstanding with 25 and 24 counterparties, respectively, with a weighted average contractual maturity of 0.8 months. The following table presents the contractual repricing information regarding the Company’s repurchase agreements:
		31-Dec-13					31-Dec-12
				Weighted Average					Weighted Average
		Balance		Contractual Rate			Balance		Contractual Rate
	Within 30 days	$	13,170,898		0.37	%	$	20,500,568		0.47	%
	30 days to 3 months		2,958,785		0.4	%		2,365,861		0.48	%
		$	16,129,683		0.37	%	$	22,866,429		0.47	%

Derivative_and_other_Hedging_I

Derivative and other Hedging Instruments (Tables)	12 Months Ended
	Dec. 31, 2013
Schedule of Location of Derivatives Instruments on Consolidated Balance Sheet	'
	The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts).  The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair value of Futures Contracts is based on quoted prices from the exchange on which they trade.  The table below presents the fair value of the Company’s derivative instruments as well as their classification on the consolidated balance sheets as of December 31, 2013 and 2012, respectively.
	Derivative Instruments	Balance Sheet Location	31-Dec-13			31-Dec-12
	Interest rate swaps	Interest rate swap asset	$	15,841		$	-
	Forward purchase commitments	Other assets		-			5,452
	Futures contracts	Other assets		11,148
	Interest rate swaps	Interest rate swap liability	$	125,133		$	243,945
	Futures contracts	Futures contract liability		36,733			-
	Forward purchase commitments including TBA dollar roll transactions	Other liabilities		5,741			-
Volume of Activity for the Company's Interest Rate Derivative Instruments	'
	The volume of activity for the Company’s interest rate swap instruments is shown in the table below.
		Interest Rate
		Swaps
	Notional amount as of December 31, 2012	$	10,700,000
	Additions		800,000
	Settlements, terminations, or expirations		(1,000,000	)
	Notional amount as of December 31, 2013	$	10,500,000
Hedging Exposure Future Cash Flows with Interest Rate Swaps for Forecasted Transactions	'
	As of December 31, 2013, the weighted-average remaining term of the Company’s swaps is 24 months.  The table below shows the remaining term of the Company’s interest rate swaps as of December 31, 2013.
						Remaining			Weighted Average
			Notional			Term			Fixed Interest
	Maturity		Amount			in Months			Rate in Contract
	12 months or less		$	2,200,000			8			1.71%
	Over 12 months to 24 months			3,700,000			18			1.73%
	Over 24 months to 36 months			2,400,000			30			0.92%
	Over 36 months to 48 months			1,800,000			41			0.89%
	Over 48 months to 60 months			400,000			50			0.96%
	Total		$	10,500,000			24			1.37%
Schedule of Fair Value of Futures Contracts	'
	The Company uses Futures Contracts to 1) synthetically replicate an interest rate swap, or 2) offset the changes in value of its forward purchases of certain agency securities.  As of December 31, 2013, the fair value of all Futures Contracts was a liability of $(25,585).  The Company did not own Futures Contracts prior to 2013.
		Fair Value
		Futures Contracts
	Futures Contracts designed to replicate swaps	$	(27,881	)
	Futures Contracts designed to hedge value changes in forward purchases		2,296
	Total fair market value of Futures Contracts	$	(25,585	)
	The volume of activity for the Company’s Futures Contracts is shown in the table below.
Schedule of Volume of Activity Futures Contracts	'
		Number of
		Contracts
	As of December 31, 2012		-
	Purchases		125,860
	Settlements		(28,164	)
	Maturities		(2,369	)
	As of December 31, 2013		95,327
Schedule of ARM Securities Forward Purchase Commitments	'
	The following table shows the ARM securities forward purchase commitments shown as a net asset in other assets on the balance sheets as of December 31, 2013 and 2012.
		Face			Cost			Fair Market			Net
								Value			Asset
	December 31, 2013	$	-		$	-		$	-		$	-
	December 31, 2012	$	565,000		$	585,100		$	587,247		$	2,147
Schedule of Mortgage Backed Securities	'
	At December 31, 2013, the Company had the following 15-year TBA dollar roll securities:
		Face			Cost			Fair Market Value			Net Liability
	31-Dec-13	$	600,000		$	632,270		$	627,187		$	5,083
Gross Amounts Associated With Derivative Financial Instruments	'
	The Company does not use either offsetting or netting to present any of its derivative assets or liabilities.  The following table shows the gross amounts associated with the Company’s derivative financial instruments and the impact if netting were used as of December 31, 2013.
		Assets/(Liabilities)			Cash Collateral Posted			Net Asset/(Liability)
	Interest rate swaps	$	15,841		$	-		$	15,841
	Futures contracts		11,148			-			11,148
	Interest rate swaps	$	(125,133	)	$	133,661		$	8,528
	Futures contracts		(36,733	)		77,713			40,980
	Forward purchase commitments including TBA dollar roll transactions		(5,741	)		14,005			8,264
	The following table shows the gross amounts associated with the Company’s derivative financial instruments and the impact if netting were used as of December 31, 2012.
		Assets/(Liabilities)			Cash Collateral Posted			Net Asset/(Liability)
	Forward purchase commitments	$	5,452		$	-		$	5,452
	Interest rate swaps	$	(243,945	)	$	281,021		$	37,076
Schedule of Derivative Instruments Gain (Loss), Net	'
	The components of “Loss on derivative instruments, net” for the three years ended December 31, 2013, 2012 and 2011 were as follows.  Impacts from the Company’s interest rate swaps subsequent to the September 30, 2013 hedge de-designation are included herein.
		Years Ended December 31
		2013			2012			2011
	Interest rate swaps – fair value adjustments	$	25,036		$	-		$	-
	Interest rate swaps – monthly net settlements		(30,985	)		-			-
	Futures Contracts – fair value adjustments		(25,585	)		-			-
	Futures Contracts – realized losses		(33,298	)		-			-
	TBA dollar roll income		5,605			-			-
	Net realized loss on TBA contracts		(10,488	)		-			-
	Loss on derivative instruments, net	$	(69,715	)	$	-		$	-
Schedule of Location of Derivatives on Income Statement	'
	As discussed above, effective September 30, 2013, the Company discontinued cash flow hedge accounting for its interest rate swaps.  The table below presents the effect of the cash flow hedges on the Company’s comprehensive income for the years ended December 31, 2013, 2012 and 2011.
		Years Ended December 31
		2013			2012			2011
	Amount of gain (loss) recognized in OCI (effective portion)	$	15,030		$	(141,392	)	$	(273,389	)
	Amount of loss reclassified from OCI into net income as interest expense (effective portion)		(116,847	)		(116,792	)		(102,614	)
	Amount of loss recognized in net income as interest expense (ineffective portion)		(205	)		(178	)		(654	)
Interest Rate Swap	'
Schedule of Interest Rate Swap Agreements on Accumulated Other Comprehensive Income	'
	The following table presents the impact of the Company’s interest rate swap agreements on the Company’s AOCI for the years ended December 31, 2013 and 2012, respectively.
		Years Ended December 31
		2013			2012
	Beginning balance	$	(243,051	)	$	(218,451	)
	Unrealized gain (loss) on interest rate swaps		15,030			(141,392	)
	Reclassification of net losses included in income statement		116,847			116,792
	Ending balance	$	(111,174	)	$	(243,051	)

Earnings_per_Share_Tables

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2013
Earnings Per Share	'
	The following table details the Company’s calculation of earnings per share for the three years ended December 31, 2013, 2012 and 2011:
		2013			2012			2011
	Basic earnings per share:
	Net income (loss)	$	(134,136	)	$	349,245		$	284,373
	Less preferred stock dividends		(21,922	)		(7,551	)		-
	Net income (loss) available to common shareholders	$	(156,058	)	$	341,694		$	284,373
	Weighted average shares		98,337,362			93,185,520			71,708,058
	Basic earnings (loss) per share	$	(1.59	)	$	3.67		$	3.97
	Diluted earnings per share:
	Net income (loss)	$	(134,136	)	$	349,245		$	284,373
	Less preferred stock dividends		(21,922	)		(7,551	)		-
	Net income (loss) available to common shareholders	$	(156,058	)	$	341,694		$	284,373
	Weighted average shares		98,337,362			93,185,520			71,708,058
	Potential dilutive shares from		-			-			-
	exercise of stock options
	Diluted weighted average shares		98,337,362			93,185,520			71,708,058
	Diluted earnings (loss) per share	$	(1.59	)	$	3.67		$	3.97

Equity_Incentive_Plans_Tables

Equity Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2013
Information About Company's Restricted Stock Awards	'
	For the year ended December 31, 2013, the Company issued 264,316 shares of restricted common stock and recognized an expense of $178 related to the vesting of these shares. The shares vest over a three or five year period.  The fair market value of the shares granted was determined by the closing stock market price on the date of grant.  The Company also recognized $2,416 of compensation expense in the current year related to restricted shares issued in prior years.  At December 31, 2013, the Company had unrecorded compensation expense of $10,135 related to the unvested shares of restricted common stock granted.  This expense is expected to be recognized over a weighted average remaining period of 3.8 years as of December 31, 2013.  The following table presents information about the Company’s restricted stock awards for the periods presented:
		2013					2012
					Weighted					Weighted
		Shares of			Average		Shares of			Average
		Restricted			Price on		Restricted			Price on
		Stock			Grant Date		Stock			Grant Date
	Shares non-vested at beginning of year		351,192		$	27.75		253,436		$	27.01
	Granted		264,316			18.76		160,534			28.47
	Cancelled/forfeited		-			-		-			-
	Vested		(91,260	)		20.92		(62,778	)		29.37
	Shares non-vested at end of year		524,248		$	23.22		351,192		$	27.75

Transactions_with_Related_Part1

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2013
Amounts Paid for Management Fee and Reimbursable Expenses	'
	For purposes of calculating the management fee, equity is defined as the value, computed in accordance with GAAP, of shareholders’ equity, adjusted to exclude the effects of unrealized gains or losses. The following table presents amounts paid for management fee and reimbursable expenses.
		Years Ended December 31
		2013		2012		2011
	Management Fee	$	18,180	$	17,420	$	13,787
	Reimbursable Expenses		3,200		1,779		-
	Total	$	21,380	$	19,199	$	13,787

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2013
Components of Accumulated Other Comprehensive Income	'
	The Company records unrealized gains and losses on its agency securities and its TBA securities as described in Note 4.  As discussed in Note 7, the Company ceased hedge accounting for its interest rate swaps effective September 30, 2013.  Beginning October 1, 2013, changes in the fair value of interest rate swaps are recorded directly to net income.  The cumulative unrealized loss on interest rate swaps in AOCI as of September 30, 2013 is being amortized to net income as the hedged forecasted transactions occur.  The following table rolls forward the components of AOCI, including reclassification adjustments, for the year ended December 31, 2013.
		Unrealized gain/(loss) on available for sale agency securities			Unrealized gain/(loss) on unsettled agency securities			Unrealized gain/(loss) on other investments			Unrealized gain/(loss) on derivative instruments			Total
	Beginning balance, accumulated other comprehensive income (loss) at January 1, 2013	$	499,343		$	1,217		$	(107	)	$	(237,599	)	$	262,854
	Other comprehensive income (loss) before reclassifications		(680,967	)		642			(520	)		(21,054	)		(701,899	)
	Balance Sheet Reclassification:
	Amount reclassified to mortgage-backed securities available for sale		-			(1,859	)		-			24,891			23,032
	Income Statement Reclassifications:
	Amounts reclassified to net loss on the sale of mortgage-backed securities		283,012			-			-			-			283,012
	Amounts reclassified for impairment loss on mortgage-backed securities		8,102			-			-			-			8,102
	Amounts reclassified to interest expense		-			-			-			116,847			116,847
	Net current period other comprehensive income (loss)		(389,853	)		(1,217	)		(520	)		120,684			(270,906	)
	Ending balance, accumulated other comprehensive income (loss) at December 31, 2013	$	109,490		$	-		$	(627	)	$	(116,915	)	$	(8,052	)

Summarized_Quarterly_Financial1

Summarized Quarterly Financial Results (Tables)	12 Months Ended
	Dec. 31, 2013
Quarterly Results of Operations	'
	The following is a presentation of the quarterly results of operations for the years ended December 31, 2013 and 2012.
	Hatteras Financial Corp.
	Consolidated Statements of Income
	(Dollars in thousands, except share related amounts)	Three months ended December 31, 2013 (Unaudited)			Three months ended September 30, 2013 (Unaudited)			Three months ended June 30, 2013 (Unaudited)		Three months ended
										31-Mar-13
										(Unaudited)
	Interest income:
	Interest income on mortgage-backed securities	$	104,312		$	107,040		$	115,115	$	124,241
	Interest income on short-term cash investments		456			303			359		442
	Total interest income		104,768			107,343			115,474		124,683
	Interest expense		40,754			51,599			52,079		53,277
	Net interest margin		64,014			55,744			63,395		71,406
	Operating expenses:
	Management fee		4,224			4,522			4,714		4,720
	Share based compensation		701			637			627		629
	General and administrative		2,583			1,538			1,602		1,369
	Total operating expenses		7,508			6,697			6,943		6,718
	Other income (loss):
	Net realized gain (loss) on sale of mortgage-backed securities		(68,679	)		(225,635	)		8,802		2,500
	Impairment of mortgage-backed securities		-			(8,102	)		-		-
	Gain (loss) on derivative instruments, net		2,205			(77,456	)		5,485		51
	Total other income (loss)		(66,474	)		(311,193	)		14,287		2,551
	Net income (loss)		(9,968	)		(262,146	)		70,739		67,239
	Dividends on preferred stock		5,481			5,481			5,480		5,480
	Net income (loss) available to common shareholders	$	(15,449	)	$	(267,627	)	$	65,259	$	61,759
	Earnings (loss) per share - common stock, basic	$	(0.16	)	$	(2.72	)	$	0.66	$	0.62
	Earnings (loss) per share - common stock, diluted	$	(0.16	)	$	(2.72	)	$	0.66	$	0.62
	Dividends per share	$	0.5		$	0.55		$	0.7	$	0.7
	Weighted average shares outstanding		97,389,614			98,318,205			98,830,054		98,827,587
	Hatteras Financial Corp.
	Consolidated Statements of Income
	(In thousands, except per share amounts)	Three months			Three months			Three months		Three months
		Ended			Ended			Ended		Ended
		December 31, 2012			September 30, 2012			June 30, 2012		March 31, 2012
		(Unaudited)			(Unaudited)			(Unaudited)		(Unaudited)
	Interest income:
	Interest income on mortgage-backed securities	$	131,381		$	131,940		$	128,720	$	112,759
	Interest income on short-term cash investments		347			387			441		333
	Interest income		131,728			132,327			129,161		113,092
			57,019			52,767			46,169		41,109
	Interest expense
			74,709			79,560			82,992		71,983
	Net interest margin
	Operating expenses:
	Management fee		4,709			4,557			4,312		3,842
	Share based compensation		619			447			425		429
	General and administrative		1,737			1,040			1,316		913
	Total operating expenses		7,065			6,044			6,053		5,184
	Other income:
	Gain on sale of mortgage-backed securities		39,103			10,534			12,205		2,505
			106,747			84,050			89,144		69,304
	Net income
	Dividends on preferred stock		5,481			2,070			0		0
	Net income available to common shareholders	$	101,266		$	81,980		$	89,144	$	69,304
	Earnings per share - common stock, basic	$	1.02		$	0.83		$	0.91	$	0.89
		$	1.02		$	0.83		$	0.91	$	0.89
	Earnings per share - common stock, diluted
		$	0.7		$	0.8		$	0.9	$	0.9
	Dividends per share
			98,811,996			98,233,589			97,969,074		77,610,117
	Weighted average shares outstanding

Organization_and_Business_Desc1

Organization and Business Description - Additional Information (Details)	12 Months Ended
	Dec. 31, 2013
Organization And Summary Of Significant Accounting Policies [Line Items]	'
Distributions from taxable income	100.00%

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Significant Accounting Policies [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Distributes from taxable income	'	'	'	'	'	'	'	'	100.00%	'	'
Share based compensation expense	$701	$637	$627	$629	$619	$447	$425	$429	$2,594	$1,920	$1,150

Carrying_Values_and_Fair_Value

Carrying Values and Fair Values of All Financial Instruments (Details) (USD $)	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011	Dec. 31, 2010
In Thousands, unless otherwise specified
Fair Value Of Financial Instruments [Line Items]	'		'		'	'
Mortgage-backed securities	$17,642,532		$23,919,251		'	'
Unsettled purchased mortgage backed securities	'		138,338		'	'
Cash and cash equivalents	763,326		168,424		347,045	112,626
Restricted cash	225,379		281,021		'	'
Accrued interest receivable	55,156		77,113		'	'
Receivable for securities sold	231,214		1,587,535		'	'
Principal payments receivable	95,021		190,832		'	'
Debt security, held to maturity	15,000		15,000		'	'
Interest rate swap asset	15,841		'		'	'
Futures Contracts	11,148		'		'	'
Forward purchase commitments	'		5,452		'	'
Repurchase agreements	16,129,683		22,866,429		'	'
Dollar roll liabilities	351,826		'		'	'
Payable for unsettled securities	'		137,121		'	'
Accrued interest payable	8,279		7,592		'	'
Interest rate swap liability	125,133		243,945		'	'
Futures contract liability	36,733		'		'	'
Forward purchase commitments	5,741		'		'	'
Carrying (Reported) Amount, Fair Value Disclosure	'		'		'	'
Fair Value Of Financial Instruments [Line Items]	'		'		'	'
Mortgage-backed securities	17,642,532		23,919,251		'	'
Unsettled purchased mortgage backed securities	'		138,338		'	'
Cash and cash equivalents	763,326		168,424		'	'
Restricted cash	225,379		281,021		'	'
Accrued interest receivable	55,156		77,113		'	'
Receivable for securities sold	231,214		1,587,535		'	'
Principal payments receivable	95,021		190,832		'	'
Debt security, held to maturity	15,000		15,000		'	'
Interest rate swap asset	15,841		'		'	'
Futures Contracts	11,148	[1]	'		'	'
Short term investment	19,910	[1]	20,187	[1]	'	'
Forward purchase commitments	'		5,452	[1]	'	'
Repurchase agreements	16,129,683		22,866,429		'	'
Dollar roll liabilities	351,826		'		'	'
Payable for unsettled securities	'		137,121		'	'
Accrued interest payable	8,279		7,592		'	'
Interest rate swap liability	125,133		243,945		'	'
Futures contract liability	36,733		'		'	'
Forward purchase commitments	5,741	[2]	'		'	'
Estimate of Fair Value, Fair Value Disclosure	'		'		'	'
Fair Value Of Financial Instruments [Line Items]	'		'		'	'
Mortgage-backed securities	17,642,532		23,919,251		'	'
Unsettled purchased mortgage backed securities	'		138,338		'	'
Cash and cash equivalents	763,326		168,424		'	'
Restricted cash	225,379		281,021		'	'
Accrued interest receivable	55,156		77,113		'	'
Receivable for securities sold	231,214		1,587,535		'	'
Principal payments receivable	95,021		190,832		'	'
Debt security, held to maturity	14,307		13,981		'	'
Interest rate swap asset	15,841		'		'	'
Futures Contracts	11,148	[1]	'		'	'
Short term investment	19,910	[1]	20,187	[1]	'	'
Forward purchase commitments	'		5,452	[1]	'	'
Repurchase agreements	16,129,683		22,866,429		'	'
Dollar roll liabilities	351,826		'		'	'
Payable for unsettled securities	'		137,121		'	'
Accrued interest payable	8,279		7,592		'	'
Interest rate swap liability	125,133		243,945		'	'
Futures contract liability	36,733		'		'	'
Forward purchase commitments	$5,741	[2]	'		'	'
[1]	These lines are included in other assets on the consolidated balance sheets
[2]	This line included in accounts payable and other liabilities on the consolidated balance sheets

Schedule_of_Agency_Securities_

Schedule of Agency Securities Portfolio Backed by U.S. Government Agency or U.S. Government Sponsored Entity (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Schedule Of Available For Sale Securities [Line Items]	'	'
Agency Securities Amortized Cost	$17,533,042	$23,419,908
Gross Unrealized Loss	-120,019	-121
Gross Unrealized Gain	229,509	499,464
Carrying value/estimated fair value	17,642,532	23,919,251
Federal National Mortgage Association Certificates and Obligations (FNMA)	'	'
Schedule Of Available For Sale Securities [Line Items]	'	'
Agency Securities Amortized Cost	10,427,055	14,824,558
Gross Unrealized Loss	-46,669	-100
Gross Unrealized Gain	171,680	339,076
Carrying value/estimated fair value	10,552,066	15,163,534
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises	'	'
Schedule Of Available For Sale Securities [Line Items]	'	'
Agency Securities Amortized Cost	7,009,751	8,595,350
Gross Unrealized Loss	-72,352	-21
Gross Unrealized Gain	57,829	160,388
Carrying value/estimated fair value	6,995,228	8,755,717
Government National Mortgage Association Certificates and Obligations (GNMA)	'	'
Schedule Of Available For Sale Securities [Line Items]	'	'
Agency Securities Amortized Cost	96,236	'
Gross Unrealized Loss	-998	'
Gross Unrealized Gain	'	'
Carrying value/estimated fair value	95,238	'
Fannie Mae Certificates, ARMs | Federal National Mortgage Association Certificates and Obligations (FNMA)	'	'
Schedule Of Available For Sale Securities [Line Items]	'	'
Agency Securities Amortized Cost	9,620,743	14,081,259
Gross Unrealized Loss	-44,871	-100
Gross Unrealized Gain	167,848	329,780
Carrying value/estimated fair value	9,743,720	14,410,939
Fannie Mae Certificates, Fixed Rate | Federal National Mortgage Association Certificates and Obligations (FNMA)	'	'
Schedule Of Available For Sale Securities [Line Items]	'	'
Agency Securities Amortized Cost	806,312	743,299
Gross Unrealized Loss	-1,798	'
Gross Unrealized Gain	3,832	9,296
Carrying value/estimated fair value	808,346	752,595
Freddie Mac Certificates, ARMs | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises	'	'
Schedule Of Available For Sale Securities [Line Items]	'	'
Agency Securities Amortized Cost	6,671,013	7,850,630
Gross Unrealized Loss	-70,752	-21
Gross Unrealized Gain	57,808	149,114
Carrying value/estimated fair value	6,658,069	7,999,723
Freddie Mac Certificates, Fixed Rate | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises	'	'
Schedule Of Available For Sale Securities [Line Items]	'	'
Agency Securities Amortized Cost	338,738	744,720
Gross Unrealized Loss	-1,600	'
Gross Unrealized Gain	21	11,274
Carrying value/estimated fair value	337,159	755,994
Ginnie Mae Certificates, Arms | Government National Mortgage Association Certificates and Obligations (GNMA)	'	'
Schedule Of Available For Sale Securities [Line Items]	'	'
Agency Securities Amortized Cost	'	'
Gross Unrealized Loss	'	'
Gross Unrealized Gain	'	'
Carrying value/estimated fair value	'	'
Ginnie Mae Certificates, Fixed Rates | Government National Mortgage Association Certificates and Obligations (GNMA)	'	'
Schedule Of Available For Sale Securities [Line Items]	'	'
Agency Securities Amortized Cost	96,236	'
Gross Unrealized Loss	-998	'
Gross Unrealized Gain	'	'
Carrying value/estimated fair value	$95,238	'

Components_of_Carrying_Value_o

Components of Carrying Value of Available-For-Sale Agency Securities (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Schedule Of Available For Sale Securities [Line Items]	'	'
Principal balance	$17,044,190	$22,771,731
Unamortized premium	488,854	648,181
Unamortized discount	-2	-4
Gross unrealized gains	229,509	499,464
Gross unrealized losses	-120,019	-121
Carrying value/estimated fair value	$17,642,532	$23,919,251

Schedule_Of_Interest_Income_De

Schedule Of Interest Income (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Coupon interest on MBS	'	'	'	'	'	'	'	'	$616,632	$667,644	$518,048
Net premium amortization	'	'	'	'	'	'	'	'	-165,924	-162,844	-93,335
Interest income on mortgage-backed securities	$104,312	$107,040	$115,115	$124,241	$131,381	$131,940	$128,720	$112,759	$450,708	$504,800	$424,713

Gross_Gains_and_Losses_from_In

Gross Gains and Losses from Investment Sales (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Gains Losses On Investments [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Net realized gain (loss) on sale of mortgage-backed securities	($68,679)	($225,635)	$8,802	$2,500	$39,103	$10,534	$12,205	$2,505	($283,012)	$64,347	$20,576
Mortgage Backed Securities	'	'	'	'	'	'	'	'	'	'	'
Gains Losses On Investments [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Gross gains on MBS	'	'	'	'	'	'	'	'	18,717	66,084	22,135
Gross losses on MBS	'	'	'	'	'	'	'	'	($301,729)	($1,737)	($1,559)

Schedule_of_Agency_Securities_1

Schedule of Agency Securities in Unrealized Loss Position (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
	Securities	Securities
Investments Unrealized Loss Position [Line Items]	'	'
Fair Market Value - Less than 12 months	$7,973,580	$191,580
Unrealized Loss - Less than 12 months	-120,019	-121
Number of securities in an unrealized loss position	279	4
Fannie Mae Certificates, ARMs	'	'
Investments Unrealized Loss Position [Line Items]	'	'
Fair Market Value - Less than 12 months	3,233,274	149,954
Unrealized Loss - Less than 12 months	-44,871	-100
Fannie Mae Certificates, Fixed Rate	'	'
Investments Unrealized Loss Position [Line Items]	'	'
Fair Market Value - Less than 12 months	281,760	'
Unrealized Loss - Less than 12 months	-1,798	'
Freddie Mac Certificates, ARMs	'	'
Investments Unrealized Loss Position [Line Items]	'	'
Fair Market Value - Less than 12 months	4,046,473	41,625
Unrealized Loss - Less than 12 months	-70,752	-21
Freddie Mac Certificates, Fixed Rate	'	'
Investments Unrealized Loss Position [Line Items]	'	'
Fair Market Value - Less than 12 months	316,835	'
Unrealized Loss - Less than 12 months	-1,600	'
Ginnie Mae Certificates, Arms	'	'
Investments Unrealized Loss Position [Line Items]	'	'
Fair Market Value - Less than 12 months	'	'
Unrealized Loss - Less than 12 months	'	'
Ginnie Mae Certificates, Fixed Rates	'	'
Investments Unrealized Loss Position [Line Items]	'	'
Fair Market Value - Less than 12 months	95,238	'
Unrealized Loss - Less than 12 months	($998)	'

Information_About_Companys_Adj

Information About Company's Adjustable Rate Agency Securities That will Reprice or Amortize Based on Contractual terms (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	$17,642,532	$23,919,251
Adjustable Rate Residential Mortgage	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	16,401,789	22,410,662
% of Total	100.00%	100.00%
Weighted Average Coupon	2.80%	2.95%
Adjustable Rate Residential Mortgage | 0 - 12 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	1,236,878	914,832
% of Total	7.50%	4.10%
Weighted Average Coupon	3.15%	4.03%
Adjustable Rate Residential Mortgage | 0 - 12 Months | Minimum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	0	'
Adjustable Rate Residential Mortgage | 0 - 12 Months | Maximum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	12	'
Adjustable Rate Residential Mortgage | 13 - 24 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	1,614,081	966,854
% of Total	9.80%	4.30%
Weighted Average Coupon	3.49%	3.88%
Adjustable Rate Residential Mortgage | 13 - 24 Months | Minimum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	13	'
Adjustable Rate Residential Mortgage | 13 - 24 Months | Maximum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	24	'
Adjustable Rate Residential Mortgage | 25 - 36 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	2,321,985	2,274,763
% of Total	14.20%	10.20%
Weighted Average Coupon	2.99%	3.60%
Adjustable Rate Residential Mortgage | 25 - 36 Months | Minimum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	25	'
Adjustable Rate Residential Mortgage | 25 - 36 Months | Maximum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	36	'
Adjustable Rate Residential Mortgage | 37 - 48 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	2,524,939	3,207,245
% of Total	15.40%	14.30%
Weighted Average Coupon	2.73%	3.06%
Adjustable Rate Residential Mortgage | 37 - 48 Months | Minimum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	37	'
Adjustable Rate Residential Mortgage | 37 - 48 Months | Maximum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	48	'
Adjustable Rate Residential Mortgage | 49 - 60 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	2,483,318	3,616,891
% of Total	15.10%	16.10%
Weighted Average Coupon	2.94%	2.76%
Adjustable Rate Residential Mortgage | 49 - 60 Months | Minimum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	49	'
Adjustable Rate Residential Mortgage | 49 - 60 Months | Maximum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	60	'
Adjustable Rate Residential Mortgage | 61 - 72 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	4,750,098	3,027,295
% of Total	29.00%	13.50%
Weighted Average Coupon	2.46%	3.26%
Adjustable Rate Residential Mortgage | 61 - 72 Months | Minimum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	61	'
Adjustable Rate Residential Mortgage | 61 - 72 Months | Maximum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	72	'
Adjustable Rate Residential Mortgage | 73 - 84 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	1,470,490	7,607,359
% of Total	9.00%	33.90%
Weighted Average Coupon	2.44%	2.44%
Adjustable Rate Residential Mortgage | 73 - 84 Months | Minimum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	73	'
Adjustable Rate Residential Mortgage | 73 - 84 Months | Maximum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	84	'
Adjustable Rate Residential Mortgage | 85 - 96 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	'	133,487
% of Total	'	0.60%
Weighted Average Coupon	'	3.08%
Adjustable Rate Residential Mortgage | 85 - 96 Months | Minimum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	85	'
Adjustable Rate Residential Mortgage | 85 - 96 Months | Maximum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	96	'
Adjustable Rate Residential Mortgage | 97 - 108 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	'	'
% of Total	'	'
Weighted Average Coupon	'	'
Adjustable Rate Residential Mortgage | 97 - 108 Months | Minimum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	97	'
Adjustable Rate Residential Mortgage | 97 - 108 Months | Maximum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	108	'
Adjustable Rate Residential Mortgage | 109 - 120 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	'	641,013
% of Total	'	2.90%
Weighted Average Coupon	'	2.81%
Adjustable Rate Residential Mortgage | 109 - 120 Months | Minimum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	109	'
Adjustable Rate Residential Mortgage | 109 - 120 Months | Maximum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	120	'
Adjustable Rate Residential Mortgage | 121 - 140 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	'	20,923
% of Total	'	0.10%
Weighted Average Coupon	'	2.69%
Adjustable Rate Residential Mortgage | 121 - 140 Months | Minimum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	121	'
Adjustable Rate Residential Mortgage | 121 - 140 Months | Maximum	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Months to Coupon Reset or Contractual Payment	140	'
Fixed Rate Residential Mortgage	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	1,240,743	1,508,589
% of Total	100.00%	100.00%
Weighted Average Coupon	3.46%	2.62%
Fixed Rate Residential Mortgage | 133-144 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	75,693	'
% of Total	6.10%	'
Weighted Average Coupon	3.50%	'
Fixed Rate Residential Mortgage | 145-156 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	477,544	102,158
% of Total	38.50%	6.80%
Weighted Average Coupon	3.50%	3.00%
Fixed Rate Residential Mortgage | 157-168 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	95,238	'
% of Total	7.70%	'
Weighted Average Coupon	3.00%	'
Fixed Rate Residential Mortgage | 169-180 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Fair Value	$592,268	$1,406,431
% of Total	47.70%	93.20%
Weighted Average Coupon	3.50%	2.60%
Fixed Rate Residential Mortgage | Minimum | 133-144 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Weighted Average Months to Maturity	133	'
Fixed Rate Residential Mortgage | Minimum | 145-156 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Weighted Average Months to Maturity	145	'
Fixed Rate Residential Mortgage | Minimum | 157-168 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Weighted Average Months to Maturity	157	'
Fixed Rate Residential Mortgage | Minimum | 169-180 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Weighted Average Months to Maturity	169	'
Fixed Rate Residential Mortgage | Maximum | 133-144 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Weighted Average Months to Maturity	144	'
Fixed Rate Residential Mortgage | Maximum | 145-156 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Weighted Average Months to Maturity	156	'
Fixed Rate Residential Mortgage | Maximum | 157-168 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Weighted Average Months to Maturity	168	'
Fixed Rate Residential Mortgage | Maximum | 169-180 Months	'	'
Mortgage Loans On Real Estate [Line Items]	'	'
Weighted Average Months to Maturity	180	'

MortgageBacked_Securities_Addi

Mortgage-Backed Securities - Additional Information (Details) (USD $)	12 Months Ended			9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Sep. 30, 2013
		Minimum	Maximum	Agency Securities
Investments Classified By Contractual Maturity Date [Line Items]	'	'	'	'
Impairment of mortgage-backed securities	$8,102	'	'	$8,102
Contractual maturity of Company's agency securities, in years	'	'15 years	'30 years	'

Debt_Security_Held_to_Maturity1

Debt Security Held to Maturity - Additional Information (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Schedule Of Held To Maturity Securities [Line Items]	'	'
Debt security, held to maturity, at cost	$15,000	$15,000
Maturity date	31-Oct-16	'
Debt security bears interest at the rate	'The debt security pays interest quarterly at the rate of 4.0% above the three-month London Interbank Offered Rate (“LIBOR”)	'
Debt security, held to maturity, fair value	$14,307	$13,981
Debt security, held to maturity, stated interest rate	4.00%	'

Contractual_Repricing_Informat

Contractual Repricing Information Regarding Repurchase Agreements (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Repurchase Agreement Counterparty [Line Items]	'	'
Balance, repurchase agreement	$16,129,683	$22,866,429
Weighted Average Contractual Rate	0.37%	0.47%
Within 30 days	'	'
Repurchase Agreement Counterparty [Line Items]	'	'
Balance, repurchase agreement	13,170,898	20,500,568
Weighted Average Contractual Rate	0.37%	0.47%
30 days to 3 months	'	'
Repurchase Agreement Counterparty [Line Items]	'	'
Balance, repurchase agreement	$2,958,785	$2,365,861
Weighted Average Contractual Rate	0.40%	0.48%

Repurchase_Agreements_Addition

Repurchase Agreements - Additional Information (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
	Person	Person
Repurchase Agreement Counterparty [Line Items]	'	'
Number of counterparties in repurchase agreements	25	24
Weighted average contractual maturity of the repurchase agreements outstanding (in months)	'24 days	'24 days
Repurchase agreements	$16,129,683	$22,866,429
Weighted Average Contractual Rate	0.37%	0.47%
Fair value of assets pledged as collateral under repurchase agreements	$17,088,392	$24,268,949

Schedule_of_Location_of_Deriva

Schedule of Location of Derivatives on Balance Sheet (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Derivative [Line Items]	'	'
Interest rate swap asset	$15,841	'
Forward purchase commitments - Asset Derivatives found in Other Assets	'	5,452
Futures contracts - Asset Derivatives found in Other Assets	11,148	'
Interest rate swap liability	125,133	243,945
Futures contracts - Asset Derivatives found in Futures contract liability	36,733	'
Forward purchase commitments - Asset Derivatives found in Other liabilities	$5,741	'

Volume_of_Activity_for_Interes

Volume of Activity for Interest Rate Derivative Instruments (Details) (Interest Rate Swap, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Interest Rate Swap	'
Derivative [Line Items]	'
Notional amount as of December 31, 2012	$10,700,000
Additions	800,000
Settlements, terminations, or expirations	-1,000,000
Notional amount as of December 31, 2013	$10,500,000

Hedging_Exposure_Future_Cash_F

Hedging Exposure Future Cash Flows with Interest Rate Swaps For Forecasted Transactions (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Derivative Instruments Gain Loss [Line Items]	'
Remaining Term in Months	'24 months
Weighted Average Fixed Interest Rate in Contract	1.37%
Cash Flow Hedging	'
Derivative Instruments Gain Loss [Line Items]	'
Notional Amount	10,500,000
12 Months or Less	'
Derivative Instruments Gain Loss [Line Items]	'
Remaining Term in Months	'8 months
Weighted Average Fixed Interest Rate in Contract	1.71%
Maturity - lower remaining maturity range	'0 months
Maturity - higher remaining maturity range	'12 months
12 Months or Less | Cash Flow Hedging	'
Derivative Instruments Gain Loss [Line Items]	'
Notional Amount	2,200,000
Over 12 Months to 24 Months	'
Derivative Instruments Gain Loss [Line Items]	'
Remaining Term in Months	'18 months
Weighted Average Fixed Interest Rate in Contract	1.73%
Maturity - lower remaining maturity range	'12 months
Maturity - higher remaining maturity range	'24 months
Over 12 Months to 24 Months | Cash Flow Hedging	'
Derivative Instruments Gain Loss [Line Items]	'
Notional Amount	3,700,000
Over 24 Months to 36 Months	'
Derivative Instruments Gain Loss [Line Items]	'
Remaining Term in Months	'30 months
Weighted Average Fixed Interest Rate in Contract	0.92%
Maturity - lower remaining maturity range	'24 months
Maturity - higher remaining maturity range	'36 months
Over 24 Months to 36 Months | Cash Flow Hedging	'
Derivative Instruments Gain Loss [Line Items]	'
Notional Amount	2,400,000
Over 36 Months to 48 Months	'
Derivative Instruments Gain Loss [Line Items]	'
Remaining Term in Months	'41 months
Weighted Average Fixed Interest Rate in Contract	0.89%
Maturity - lower remaining maturity range	'36 months
Maturity - higher remaining maturity range	'48 months
Over 36 Months to 48 Months | Cash Flow Hedging	'
Derivative Instruments Gain Loss [Line Items]	'
Notional Amount	1,800,000
Over 48 Months to 60 Months	'
Derivative Instruments Gain Loss [Line Items]	'
Remaining Term in Months	'50 months
Weighted Average Fixed Interest Rate in Contract	0.96%
Maturity - lower remaining maturity range	'48 months
Maturity - higher remaining maturity range	'60 months
Over 48 Months to 60 Months | Cash Flow Hedging	'
Derivative Instruments Gain Loss [Line Items]	'
Notional Amount	400,000

Schedule_of_Fair_Value_of_All_

Schedule of Fair Value of All Futures Contracts (Details) (Eurodollar Future, USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]	'
Total fair market value of Futures Contracts	($25,585)
Futures Contracts Designed to Replicate Swaps	'
Derivative [Line Items]	'
Total fair market value of Futures Contracts	-27,881
Futures Contracts Designed to Hedge Value Changes in Forward Purchases	'
Derivative [Line Items]	'
Total fair market value of Futures Contracts	$2,296

Gross_Amounts_Associated_With_

Gross Amounts Associated With Derivative Financial Instruments (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Interest Rate Swap	'	'
Derivative [Line Items]	'	'
Assets/(Liabilities)	$15,841	'
Net Asset/(Liability)	15,841	37,076
Assets/(Liabilities)	'	-243,945
Cash Collateral Posted	'	281,021
Net Asset/(Liability)	15,841	37,076
Futures Contracts	'	'
Derivative [Line Items]	'	'
Assets/(Liabilities)	11,148	'
Net Asset/(Liability)	11,148	'
Net Asset/(Liability)	11,148	'
Second Interest Rate Swap	'	'
Derivative [Line Items]	'	'
Net Asset/(Liability)	8,528	'
Assets/(Liabilities)	-125,133	'
Cash Collateral Posted	133,661	'
Net Asset/(Liability)	8,528	'
Second Futures Contracts	'	'
Derivative [Line Items]	'	'
Net Asset/(Liability)	40,980	'
Assets/(Liabilities)	-36,733	'
Cash Collateral Posted	77,713	'
Net Asset/(Liability)	40,980	'
Forward Purchase Commitments	'	'
Derivative [Line Items]	'	'
Assets/(Liabilities)	'	5,452
Net Asset/(Liability)	8,264	5,452
Assets/(Liabilities)	-5,741	'
Cash Collateral Posted	14,005	'
Net Asset/(Liability)	$8,264	$5,452

The_Components_of_Loss_on_Deri

The Components of Loss on Derivative instruments Net (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Derivative Instruments Gain Loss [Line Items]	'	'	'
Loss on derivative instruments, net	($69,715)	'	'
Interest Rate Swap	'	'	'
Derivative Instruments Gain Loss [Line Items]	'	'	'
Fair value adjustments	25,036	'	'
Monthly net settlements	-30,985	'	'
Futures Contracts	'	'	'
Derivative Instruments Gain Loss [Line Items]	'	'	'
Fair value adjustments	-25,585	'	'
Realized losses	-33,298	'	'
TBA Dollar Roll	'	'	'
Derivative Instruments Gain Loss [Line Items]	'	'	'
TBA dollar roll income	5,605	'	'
TBA contracts	'	'	'
Derivative Instruments Gain Loss [Line Items]	'	'	'
Net realized loss	($10,488)	'	'

Schedule_of_Location_of_Deriva1

Schedule of Location of Derivatives on Income Statement (Details) (Interest Rate Contract, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Interest Rate Contract	'	'	'
Derivative Instruments And Hedging Activities Disclosures [Line Items]	'	'	'
Amount of gain (loss) recognized in OCI (effective portion)	$15,030	($141,392)	($273,389)
Amount of loss reclassified from OCI into net income as interest expense (effective portion)	-116,847	-116,792	-102,614
Amount of loss recognized in net income as interest expense (ineffective portion)	($205)	($178)	($654)

Schedule_of_Interest_Rate_Swap

Schedule of Interest Rate Swap Agreements on Accumulated Other Comprehensive Income (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments And Hedging Activities Disclosures [Line Items]	'	'
Unrealized gain (loss) on interest rate swaps	($68,205)	'
Interest Rate Swap	'	'
Derivative Instruments And Hedging Activities Disclosures [Line Items]	'	'
Beginning balance	-243,051	-218,451
Unrealized gain (loss) on interest rate swaps	15,030	-141,392
Reclassification of net losses included in income statement	116,847	116,792
Ending balance	($111,174)	($243,051)

Recovered_Sheet1

Derivatives and other Hedging Instruments - Additional Information (Details) (USD $)	12 Months Ended			12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
		Other Purchase Commitment	Other Purchase Commitment	Eurodollar Future
Derivative [Line Items]	'	'	'	'
Estimated amount related to derivatives reclassified to interest expense during the next 12 months	$82,182	'	'	'
The weighted-average remaining term of swaps	'24 months	'	'	'
Fair value of all futures contracts, liability	'	'	'	25,585
Derivatives	'	-658	3,305	'
Maximum leverage ratio the Company can reach before it could be in default of one of its derivative obligations	1000.00%	'	'	'
Fair value of derivatives in net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to agreements	'	'	'	125,133
Loss on derivative instruments, net	-69,715	'	'	-33,298
Unrealized gain (loss) on interest rate swaps	-68,205	'	'	-25,585
Notional Amount	'	'	'	$1,000

Schedule_of_ARM_Securities_For

Schedule of ARM Securities Forward Purchase Commitments (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Schedule Of Investment Income Reported Amounts By Category [Line Items]	'	'
Forward purchase agreements - Face	'	$565,000
Forward purchase agreements - Cost	'	585,100
Forward purchase agreements - Fair Market Value	'	587,247
Forward purchase agreements - Net Asset	'	$2,147

Schedule_of_Mortgage_Backed_Se

Schedule of Mortgage Backed Securities (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Schedule Of Investment Income Reported Amounts By Category [Line Items]	'
TBA dollar roll securities - Face	$600,000
TBA dollar roll securities - Cost	632,270
TBA dollar roll securities - Fair Market Value	627,187
TBA dollar roll securities - Net Liability	$5,083

Schedule_of_Volume_of_Activity

Schedule of Volume of Activity Futures Contracts (Details) (Eurodollar Future)	12 Months Ended
	Dec. 31, 2013
	Contract
Eurodollar Future	'
Derivatives Fair Value [Line Items]	'
Number of contracts, Beginning balance	'
Purchases	125,860
Settlements	-28,164
Maturities	-2,369
Number of contracts, Ending balance	95,327

Capital_Stock_Additional_Infor

Capital Stock - Additional Information (Details) (USD $)

1 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

Mar. 30, 2012

Dec. 31, 2013

Dec. 31, 2012

Aug. 16, 2012

Mar. 30, 2012

Dec. 31, 2013

Jun. 18, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Aug. 27, 2012

Dec. 31, 2013

Dec. 31, 2012

Aug. 16, 2012

Underwriters Overallotment Option

Repurchase Program

Repurchase Program

2012 Program

At The Market Transactions

At The Market Transactions

7.625% Series A Cumulative Redeemable Preferred Stock

Common Stock Amount

Common Stock Amount

Prior To Amendment

At The Market Transactions

At The Market Transactions

Class Of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increased number of authorized preferred stock

'

25,000,000

25,000,000

25,000,000

'

'

'

'

'

'

'

'

'

10,000,000

Preferred stock, par value

'

$0.00

$0.00

$0.00

'

'

'

'

'

'

$0.00

'

'

'

Issuance of Common stock, shares

20,125,000

'

'

'

2,625,000

'

'

'

'

'

11,500,000

0

1,713,900

'

Shares issued pursuant to full exercise of underwriters' over allotment option

'

'

'

'

'

'

'

'

'

'

1,500,000

'

'

'

Liquidation preference per share

'

'

'

'

'

'

'

'

'

'

$25

'

'

'

Series A preferred stock dividend rate per year

'

'

'

'

'

'

'

'

'

'

7.63%

'

'

'

Annual dividend per share on the preferred stock

'

'

'

'

'

'

'

'

'

'

$1.91

'

'

'

Total liquidation preference value

'

$287,500,000

$287,500,000

'

'

'

'

'

'

'

$287,500,000

'

'

'

Series A preferred stock, redemption date

'

'

'

'

'

'

'

'

'

'

27-Aug-17

'

'

'

Common stock available for sale

'

200,000,000

200,000,000

'

'

'

'

10,000,000

'

'

'

'

'

'

Issuance of common stock net proceed

539,327

'

'

'

'

'

'

'

0

48,330,000

'

'

'

'

Sales commissions and fees

'

'

'

'

'

'

'

'

'

'

'

0

298

'

Common stock share authorized to repurchase

'

'

'

'

'

'

10,000,000

'

'

'

'

'

'

'

Stock repurchased during period, shares

'

'

'

'

'

2,485,447

'

'

'

'

'

'

'

'

Stock repurchased during period, value

'

'

'

'

'

$43,881,000

'

'

'

'

'

'

'

'

Issuance of Common stock, offering price

$26.81

'

'

'

'

'

'

'

'

'

'

'

'

'

Earnings_per_Share_Details

Earnings per Share (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Basic earnings per share:	'	'	'	'	'	'	'	'	'	'	'
Net income (loss)	($9,968)	($262,146)	$70,739	$67,239	$106,747	$84,050	$89,144	$69,304	($134,136)	$349,245	$284,373
Less preferred stock dividends	-5,481	-5,481	-5,480	-5,480	-5,481	-2,070	0	0	-21,922	-7,551	'
Net income (loss) available to common shareholders	-15,449	-267,627	65,259	61,759	101,266	81,980	89,144	69,304	-156,058	341,694	284,373
Weighted average shares	'	'	'	'	'	'	'	'	98,337,362	93,185,520	71,708,058
Basic earnings (loss) per share	($0.16)	($2.72)	$0.66	$0.62	$1.02	$0.83	$0.91	$0.89	($1.59)	$3.67	$3.97
Diluted earnings per share:	'	'	'	'	'	'	'	'	'	'	'
Net income (loss)	-9,968	-262,146	70,739	67,239	106,747	84,050	89,144	69,304	-134,136	349,245	284,373
Less preferred stock dividends	-5,481	-5,481	-5,480	-5,480	-5,481	-2,070	0	0	-21,922	-7,551	'
Net income (loss) available to common shareholders	'	'	'	'	'	'	'	'	($156,058)	$341,694	$284,373
Weighted average shares	'	'	'	'	'	'	'	'	98,337,362	93,185,520	71,708,058
Potential dilutive shares from exercise of stock options	'	'	'	'	'	'	'	'	'	'	'
Diluted weighted average shares	'	'	'	'	'	'	'	'	98,337,362	93,185,520	71,708,058
Diluted earnings (loss) per share	($0.16)	($2.72)	$0.66	$0.62	$1.02	$0.83	$0.91	$0.89	($1.59)	$3.67	$3.97

Information_About_Companys_Res

Information About Company's Restricted Stock Awards (Details) (Restricted Stock Awards, USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Restricted Stock Awards	'	'
Shares of Restricted Stock	'	'
Shares non-vested at beginning of year	351,192	253,436
Granted	264,316	160,534
Cancelled/forfeited	'	'
Vested	-91,260	-62,778
Shares non-vested at end of year	524,248	351,192
Weighted Average Price on Grant Date	'	'
Beginning Balance	$27.75	$27.01
Granted	$18.76	$28.47
Cancelled/forfeited	'	'
Vested	$20.92	$29.37
Ending Balance	$23.22	$27.75

Equity_Incentive_Plans_Additio

Equity Incentive Plans - Additional Information (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Common stock, shares issued	96,601,523	'	'	'	98,822,654	'	'	'	96,601,523	98,822,654	'
Share based compensation expense	$701	$637	$627	$629	$619	$447	$425	$429	$2,594	$1,920	$1,150
Stock Option Awards	'	'	'	'	'	'	'	'	'	'	'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Stock options plan expense	'	'	'	'	'	'	'	'	0	'	'
Stock option outstanding	0	'	'	'	'	'	'	'	0	'	'
Stock Option Awards | Maximum	'	'	'	'	'	'	'	'	'	'	'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Stock option awarded exercisable period	'	'	'	'	'	'	'	'	'10 years	'	'
Restricted Stock Award	'	'	'	'	'	'	'	'	'	'	'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Common stock, shares issued	264,316	'	'	'	'	'	'	'	264,316	'	'
Restricted stock expense	'	'	'	'	'	'	'	'	178	'	'
Share based compensation expense	'	'	'	'	'	'	'	'	2,416	'	'
Unrecorded compensation expenses	10,135	'	'	'	'	'	'	'	10,135	'	'
Weighted average remaining period of recognition (in years)	'	'	'	'	'	'	'	'	'3 years 9 months 18 days	'	'
Total fair value of restricted stock awards	'	'	'	'	'	'	'	'	$1,871	$1,807	$829
Restricted Stock Award | Maximum	'	'	'	'	'	'	'	'	'	'	'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Vesting Period	'	'	'	'	'	'	'	'	'5 years	'	'
Restricted Stock Award | Minimum	'	'	'	'	'	'	'	'	'	'	'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Vesting Period	'	'	'	'	'	'	'	'	'3 years	'	'
Equity Incentive Plan	'	'	'	'	'	'	'	'	'	'	'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Awards relating to share of common stock available for grant	528,227	'	'	'	'	'	'	'	528,227	'	'
Stock granted under plan period	'	'	'	'	'	'	'	'	'10 years	'	'
Equity Incentive Plan | Maximum	'	'	'	'	'	'	'	'	'	'	'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Vesting Period	'	'	'	'	'	'	'	'	'5 years	'	'
Equity Incentive Plan | Minimum	'	'	'	'	'	'	'	'	'	'	'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Vesting Period	'	'	'	'	'	'	'	'	'3 years	'	'

Amounts_Paid_for_Management_Fe

Amounts Paid for Management Fee and Reimbursable Expenses (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Management fee	$4,224	$4,522	$4,714	$4,720	$4,709	$4,557	$4,312	$3,842	$18,180	$17,420	$13,787
Reimbursable Expenses	'	'	'	'	'	'	'	'	3,200	1,779	'
Total Expenses	'	'	'	'	'	'	'	'	$21,380	$19,199	$13,787

Transactions_with_Related_Part2

Transactions with Related Parties - Additional Information (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
									Person
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Number of independent directors	'	'	'	'	'	'	'	'	4	'	'
Management agreement initial expiration date	'	'	'	'	'	'	'	'	'February 23, 2015	'	'
Management agreement additional term of expiration	'	'	'	'	'	'	'	'	'1 year	'	'
Prior notice for uncertain termination (in days)	'	'	'	'	'	'	'	'	'180 days	'	'
Proportion of average annual management fee	'	'	'	'	'	'	'	'	400.00%	'	'
Period of annual management fees earned (in years)	'	'	'	'	'	'	'	'	'2 years	'	'
Management fee payable	$2,752,000	'	'	'	$2,120,000	'	'	'	$2,752,000	$2,120,000	'
Share based compensation	701,000	637,000	627,000	629,000	619,000	447,000	425,000	429,000	2,594,000	1,920,000	1,150,000
Company's Equity Up To $250 Million	'	'	'	'	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Management fee bases per annum	'	'	'	'	'	'	'	'	1.50%	'	'
Company's Equity Up To $250 Million | Maximum	'	'	'	'	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Management fee payable	'	'	'	'	'	'	'	'	250,000,000	'	'
Company's Equity In Excess Of $250 Million And Up To $500 Million	'	'	'	'	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Management fee bases per annum	'	'	'	'	'	'	'	'	1.10%	'	'
Company's Equity In Excess Of $250 Million And Up To $500 Million | Maximum	'	'	'	'	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Management fee payable	'	'	'	'	'	'	'	'	500,000,000	'	'
Company's Equity In Excess Of $250 Million And Up To $500 Million | Minimum	'	'	'	'	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Management fee payable	'	'	'	'	'	'	'	'	250,000,000	'	'
Company's Equity In Excess Of $500 Million And Up To $750 Million	'	'	'	'	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Management fee bases per annum	'	'	'	'	'	'	'	'	0.80%	'	'
Company's Equity In Excess Of $500 Million And Up To $750 Million | Maximum	'	'	'	'	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Management fee payable	'	'	'	'	'	'	'	'	750,000,000	'	'
Company's Equity In Excess Of $500 Million And Up To $750 Million | Minimum	'	'	'	'	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Management fee payable	'	'	'	'	'	'	'	'	500,000,000	'	'
Company's Equity In Excess Of $750	'	'	'	'	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Management fee bases per annum	'	'	'	'	'	'	'	'	0.50%	'	'
Company's Equity In Excess Of $750 | Minimum	'	'	'	'	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Management fee payable	'	'	'	'	'	'	'	'	$750,000,000	'	'

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income Loss [Line Items]	'	'	'
Beginning balance accumulated other comprehensive income (loss)	$262,854	'	'
Other comprehensive income (loss) before reclassifications	-701,899	'	'
Amounts reclassified to net loss on the sale of mortgage-backed securities	23,032	'	'
Amounts reclassified to net loss on the sale of mortgage-backed securities	283,012	'	'
Amounts reclassified for impairment loss on mortgage-backed securities	8,102	'	'
Amounts reclassified to interest expense	116,847	'	'
Net current period other comprehensive income (loss)	120,684	-25,476	-155,902
Other comprehensive income (loss)	-270,906	89,532	67,431
Ending balance accumulated other comprehensive income (loss)	-8,052	262,854	'
Derivative Instruments	'	'	'
Accumulated Other Comprehensive Income Loss [Line Items]	'	'	'
Beginning balance	-237,599	'	'
Other comprehensive income (loss) before reclassifications	-21,054	'	'
Amount reclassified to mortgage-backed securities available for sale	24,891	'	'
Amounts reclassified to interest expense	116,847	'	'
Net current period other comprehensive income (loss)	120,684	'	'
Ending balance	-116,915	'	'
Available-for-sale Securities	'	'	'
Accumulated Other Comprehensive Income Loss [Line Items]	'	'	'
Beginning balance accumulated other comprehensive income (loss)	499,343	'	'
Other comprehensive income (loss) before reclassifications	-680,967	'	'
Amounts reclassified to net loss on the sale of mortgage-backed securities	283,012	'	'
Amounts reclassified for impairment loss on mortgage-backed securities	8,102	'	'
Net current period other comprehensive income (loss)	-389,853	'	'
Ending balance accumulated other comprehensive income (loss)	109,490	'	'
Unsettled Agency Contracts	'	'	'
Accumulated Other Comprehensive Income Loss [Line Items]	'	'	'
Beginning balance accumulated other comprehensive income (loss)	1,217	'	'
Other comprehensive income (loss) before reclassifications	642	'	'
Amount reclassified to mortgage-backed securities available for sale	-1,859	'	'
Net current period other comprehensive income (loss)	-1,217	'	'
Other Investments	'	'	'
Accumulated Other Comprehensive Income Loss [Line Items]	'	'	'
Beginning balance accumulated other comprehensive income (loss)	-107	'	'
Other comprehensive income (loss) before reclassifications	-520	'	'
Net current period other comprehensive income (loss)	-520	'	'
Ending balance accumulated other comprehensive income (loss)	($627)	'	'

Quarterly_Results_of_Operation

Quarterly Results of Operations (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Interest income:	'	'	'	'	'	'	'	'	'	'	'
Interest income on mortgage-backed securities	$104,312	$107,040	$115,115	$124,241	$131,381	$131,940	$128,720	$112,759	$450,708	$504,800	$424,713
Interest income on short-term cash investments	456	303	359	442	347	387	441	333	1,560	1,508	1,407
Total interest income	104,768	107,343	115,474	124,683	131,728	132,327	129,161	113,092	452,268	506,308	426,120
Interest expense	40,754	51,599	52,079	53,277	57,019	52,767	46,169	41,109	197,709	197,064	144,662
Net interest margin	64,014	55,744	63,395	71,406	74,709	79,560	82,992	71,983	254,559	309,244	281,458
Operating expenses:	'	'	'	'	'	'	'	'	'	'	'
Management fee	4,224	4,522	4,714	4,720	4,709	4,557	4,312	3,842	18,180	17,420	13,787
Share based compensation	701	637	627	629	619	447	425	429	2,594	1,920	1,150
General and administrative	2,583	1,538	1,602	1,369	1,737	1,040	1,316	913	7,092	5,006	2,724
Total operating expenses	7,508	6,697	6,943	6,718	7,065	6,044	6,053	5,184	27,866	24,346	17,661
Other income (loss):	'	'	'	'	'	'	'	'	'	'	'
Net realized gain (loss) on sale of mortgage-backed securities	-68,679	-225,635	8,802	2,500	39,103	10,534	12,205	2,505	-283,012	64,347	20,576
Impairment of mortgage-backed securities	'	-8,102	'	'	'	'	'	'	'	'	'
Gain (loss) on derivative instruments, net	2,205	-77,456	5,485	51	'	'	'	'	'	'	'
Total other income (loss)	-66,474	-311,193	14,287	2,551	'	'	'	'	-360,829	64,347	20,576
Net income (loss)	-9,968	-262,146	70,739	67,239	106,747	84,050	89,144	69,304	-134,136	349,245	284,373
Dividends on preferred stock	5,481	5,481	5,480	5,480	5,481	2,070	0	0	21,922	7,551	'
Net income (loss) available to common shareholders	($15,449)	($267,627)	$65,259	$61,759	$101,266	$81,980	$89,144	$69,304	($156,058)	$341,694	$284,373
Earnings (loss) per share - common stock, basic	($0.16)	($2.72)	$0.66	$0.62	$1.02	$0.83	$0.91	$0.89	($1.59)	$3.67	$3.97
Earnings (loss) per share - common stock, diluted	($0.16)	($2.72)	$0.66	$0.62	$1.02	$0.83	$0.91	$0.89	($1.59)	$3.67	$3.97
Dividends per share	$0.50	$0.55	$0.70	$0.70	$0.70	$0.80	$0.90	$0.90	'	'	'
Weighted average shares outstanding	97,389,614	98,318,205	98,830,054	98,827,587	98,811,996	98,233,589	97,969,074	77,610,117	'	'	'