Hatteras Financial (HTS) 10-K 24 Feb 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Feb. 19, 2015	Jun. 30, 2014
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	HTS
Entity Registrant Name	HATTERAS FINANCIAL CORP
Entity Central Index Key	1419521
Current Fiscal Year End Date	-19
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		96,787,493
Entity Public Float			$1,911,977,035

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets
Mortgage-backed securities, at fair value (including pledged assets of $16,538,214 and $17,049,670 at September 30, 2014 and December 31, 2013, respectively)	$17,587,010	$17,642,532
Mortgage loans held for investment, at fair value	31,460
Cash and cash equivalents (including pledged cash of $323,791 and $225,379, respectively)	627,595	988,705
Unsettled purchased mortgage-backed securities, at fair value	24,792
Receivable for securities sold	5,197	231,214
Accrued interest receivable	54,274	55,156
Principal payments receivable	111,439	95,021
Other investments	41,252	34,910
Derivative assets, at fair value	27,151	26,989
Other assets	6,630	2,833
Total assets	18,516,800	19,077,360
Liabilities and shareholders’ equity
Repurchase agreements	15,759,831	16,129,683
Dollar roll liability		351,826
Payable for unsettled securities	24,750
Accrued interest payable	6,968	8,279
Derivative liabilities, at fair value	244,591	167,607
Dividends payable	53,014	52,929
Accounts payable and other liabilities	6,850	2,935
Total liabilities	16,096,004	16,713,259
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, respectively ($287,500 aggregate liquidation preference)	278,252	278,252
Common stock, $.001 par value, 200,000,000 shares authorized, 96,771,158 and 96,601,523 shares issued and outstanding, respectively	97	97
Additional paid-in capital	2,454,718	2,453,018
Accumulated deficit	-518,036	-359,214
Accumulated other comprehensive income (loss)	205,765	-8,052
Total shareholders’ equity	2,420,796	2,364,101
Total liabilities and shareholders’ equity	$18,516,800	$19,077,360

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]
Mortgage-backed securities, pledged assets	$16,538,214	$17,049,670
Pledged cash	323,791	225,379
Series A preferred stock dividend rate per year	7.63%	7.63%
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	96,771,158	96,771,158
Common stock, shares outstanding	96,601,523	96,601,523

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest income:
Mortgage-backed securities	$354,436	$450,708	$504,800
Mortgage loans held for investment	35
Short-term cash investments	1,283	1,560	1,508
Total interest income	355,754	452,268	506,308
Interest expense	132,495	197,709	197,064
Net interest margin	223,259	254,559	309,244
Operating expenses:
Management fee	16,532	18,180	17,420
Share-based compensation	3,612	2,594	1,920
General and administrative	10,525	7,092	5,006
Total operating expenses	30,669	27,866	24,346
Other income (loss):
Net realized gain (loss) on sale of mortgage-backed securities	5,196	-283,012	64,347
Impairment of mortgage-backed securities		-8,102
Gain on mortgage loans held for investment	8
Loss on derivative instruments, net	-141,433	-69,715
Total other income (loss)	-136,229	-360,829	64,347
Net income (loss)	56,361	-134,136	349,245
Dividends on preferred stock	21,922	21,922	7,551
Net income (loss) available to common shareholders	$34,439	($156,058)	$341,694
Earnings (loss) per share - common stock, basic	$0.36	($1.59)	$3.67
Earnings (loss) per share - common stock, diluted	$0.36	($1.59)	$3.67
Dividends per share of common stock	$2	$2.45	$3.30
Weighted average common shares outstanding, basic	96,603,634	98,337,362	93,185,520
Weighted average common shares outstanding, diluted	96,603,634	98,337,362	93,185,520

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$56,361	($134,136)	$349,245
Other comprehensive income:
Net unrealized gains (losses) on securities available for sale	122,824	-391,590	115,008
Net unrealized gains (losses) on derivative instruments	90,993	120,684	-25,476
Other comprehensive income (loss)	213,817	-270,906	89,532
Comprehensive income (loss)	270,178	-405,042	438,777
Dividends on preferred stock	21,922	21,922	7,551
Comprehensive income (loss) available to common shareholders	$248,256	($426,964)	$431,226
Comprehensive income (loss) per share - common stock basic and diluted	$2.57	($4.34)	$4.63

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Shareholders' Equity (USD $)	Total	Redeemable Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)
In Thousands
Balance at Dec. 31, 2011	$2,080,188		$77	$1,904,748	$2,041	$173,322
Issuance of preferred stock	278,252	278,252
Issuance of common stock	587,657		22	587,635
Share based compensation expense	1,920			1,920
Dividends declared on preferred stock	-7,551				-7,551
Dividends declared on common stock	-306,379				-306,379
Net income (loss)	349,245				349,245
Other comprehensive income	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 preferred stock	-21,922				-21,922
Dividends declared on common stock	-240,512				-240,512
Net income (loss)	-134,136				-134,136
Other comprehensive income	-270,906					-270,906
Balance at Dec. 31, 2013	2,364,101	278,252	97	2,453,018	-359,214	-8,052
Repurchase of common stock	-1,912			-1,912
Share based compensation expense	3,612			3,612
Dividends declared on preferred stock	-21,922				-21,922
Dividends declared on common stock	-193,261				-193,261
Net income (loss)	56,361				56,361
Other comprehensive income	213,817					213,817
Balance at Dec. 31, 2014	$2,420,796	$278,252	$97	$2,454,718	($518,036)	$205,765

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net income (loss)	$56,361	($134,136)	$349,245
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of premium related to mortgage-backed securities	101,979	165,924	162,844
Reclassification of deferred swap loss	81,132	25,816
Amortization related to interest rate swap agreements	226	311	361
Share-based compensation expense	3,612	2,594	1,920
Hedge ineffectiveness		-205	178
Net (gain) loss on sale of mortgage-backed securities	-5,196	283,012	-64,347
Impairment loss on mortgage-backed securities		8,102
Gain on mortgage loans held for investment	-8
Net loss on derivative instruments	141,433	68,205
Changes in operating assets and liabilities:
(Increase) decrease in accrued interest receivable	882	21,957	-14,088
Increase in other assets	-2,963	-2,432	-191
Increase (decrease) in accrued interest payable	-1,311	687	2,996
Increase in accounts payable and other liabilities	2,336	572	110
Net cash provided by operating activities	378,483	440,407	439,028
Investing activities
Purchases of mortgage-backed securities	-5,126,375	-10,180,894	-17,988,431
Principal repayments on mortgage-backed securities	3,423,756	5,782,709	5,635,988
Sales of mortgage-backed securities	1,993,707	11,280,146	4,518,105
Purchases of mortgage loans	-31,462
Principal repayments on mortgage loans	10
Net payments on derivative instruments	-53,192	-67,656
Purchase of equity investment	-6,000
Purchase of broker/dealer	-1,349
Net cash provided by (used in) investing activities	199,095	6,814,305	-7,834,338
Financing activities
Issuance of preferred stock			278,252
Issuance (repurchase) of common stock	-1,912	-43,881	587,657
Cash dividends paid	-215,098	-283,309	-309,267
Proceeds from repurchase agreements	151,439,951	226,824,755	231,718,347
Principal repayments on repurchase agreements	-151,809,803	-233,561,501	-225,014,293
Proceeds from dollar roll financing	241,121	1,784,998
Repayments on dollar roll financing	-592,947	-1,433,172
Payment on termination of interest rate swaps		-3,342
Net cash provided by (used in) financing activities	-938,688	-6,715,452	7,260,696
Net increase (decrease) in cash and cash equivalents	-361,110	539,260	-134,614
Cash and cash equivalents, beginning of period	988,705	449,445	584,059
Cash and cash equivalents, end of period	627,595	988,705	449,445
Supplemental disclosure of cash flow information
Cash paid for interest	166,368	197,022	194,068
Supplemental schedule of non-cash investing and financing activities
Obligation to brokers for purchase of unsettled mortgage-backed securities	24,750		722,221
Receivable for securities sold	5,197	231,214	1,587,535
Dividends accrued not yet paid	53,014	52,929
Redeemable Preferred Stock
Supplemental schedule of non-cash investing and financing activities
Dividends accrued not yet paid	4,628	4,628	4,628
Common Stock
Supplemental schedule of non-cash investing and financing activities
Dividends accrued not yet paid	$48,386	$48,301	$69,176

Organization_and_Business_Desc

Organization and Business Description	12 Months Ended
	Dec. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]
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 in single-family residential mortgage assets, such as mortgage-backed securities (“MBS”), and other financial assets.  To date, the Company has primarily invested in MBS issued or guaranteed by a U.S. Government agency, such as Ginnie Mae, or by a U.S. Government-sponsored entity, such as Fannie Mae and Freddie Mac (“agency securities”).
	The Company is externally managed and advised by its manager, Atlantic Capital Advisors LLC (“ACA”).
	The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”).  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 Code, which may extend into the subsequent taxable year.  However, the Company may conduct certain activities that 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 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, 2014
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2	Summary of Significant Accounting Policies
	Basis of Presentation and Use of Estimates
	The accompanying consolidated financial statements have been 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 consolidated financial statements include the valuation of MBS and derivative instruments.
	Certain prior period amounts have been reclassified to conform to the current period classification.
	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 to be cash equivalents. The carrying amounts of cash equivalents approximate their fair value.  Cash and cash equivalents includes cash pledged to derivative counterparties, which is 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, MBS (settled and unsettled), mortgage loans held for investment, forward purchase commitments, debt security held-to-maturity, receivable for securities sold, accrued interest receivable, principal payments receivable, payable for unsettled securities, derivative instruments, repurchase agreements, dollar roll liability and accrued interest payable to meet the definition of financial instruments.  The carrying amount of cash and cash equivalents, receivable for securities sold, accrued interest receivable, dollar roll liability and payable for unsettled securities approximate their fair value due to the short maturities of these instruments and would be valued using Level 1 inputs.  The carrying amount of repurchase agreements is deemed to approximate fair value given their short-term duration and would be valued using Level 2 inputs. See Note 4 for discussion of the fair value of MBS. See Note 5 for discussion of the fair value of mortgage loans held for investment.  See Note 6 for discussion of the fair value of the held-to-maturity debt security.  See Note 8 for discussion of the fair value of derivative instruments, including forward purchase commitments.
	The Company limits its exposure to credit losses on its portfolio of securities by purchasing predominantly 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 roll transactions, interest rate swap agreements, interest rate swaptions 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 and retain collateral when appropriate.  See Note 7 for additional information on repurchase agreements and Note 8 for additional information on dollar roll transactions, interest rate swap agreements, interest rate swaptions and futures contracts.
	Mortgage-Backed Securities
	The Company invests in MBS representing interests in or obligations backed by pools of single-family residential mortgage loans.  GAAP 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 MBS 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 MBS are determined by management by obtaining valuations 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.
	Forward 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 forward purchase commitments is included in derivative assets or derivative liabilities in the accompanying consolidated balance sheets.  If the Company intends to take physical delivery of the securities, as is the case for forward purchase commitments to acquire TBA securities from mortgage originators, the commitment is designated as an all-in-one cash flow hedge and its unrealized gains and losses are recorded in other comprehensive income.  If the Company does not intend to take physical delivery of the securities, as is the case with most TBA dollar roll transactions, the commitment is not designated as an accounting hedge and unrealized gains and losses are recorded in “Gain (loss) on derivative instruments, net.”  See Note 8 for additional information on forward purchase commitments.
	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 an other-than temporary impairment recognized during the year ended December 31, 2013.
	Mortgage Loans Held for Investment
	The Company purchases individual prime jumbo adjustable-rate whole mortgage loans with the intention of securitizing them into MBS not issued or guaranteed by a U.S. Government agency or U.S. Government-sponsored entity.  The Company intends to purchase the majority of the MBS securities that the securitization trusts will issue, and expects to consolidate the trusts pursuant to ASC guidance regarding variable interest entities.  As a result, the Company expects to benefit from the economics of these loans over their entire life; therefore, the loans have been classified as held for investment.  The Company has elected to account for these loans under the fair value option, pursuant to ASC Topic 825.  As a result of electing the fair value option, the mortgage loans are carried at fair value with changes therein reflected in consolidated net income (loss), consistent with the accounting for the related hedging instruments, thereby enhancing the usefulness of our financial statements.  See Interest Income below for the recognition of the interest component of the change in fair value.  Other changes in fair value are reported in “gain on mortgage loans held for investment” in the consolidated statements of income.
	Purchases and sales or paydowns of mortgage loans held for investment are classified as investing cash flows in the consolidated statements of cash flows.
	Derivative Instruments
	The Company manages economic risks, including interest rate, liquidity and credit risks, primarily by managing the amount, sources, cost 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 and Eurodollar Futures Contracts (“Futures Contracts”).  The Company uses Futures Contracts to approximate 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 and derivative instruments in a loss position are reported as derivative liabilities 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 in an asset position 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.
	The Company’s interest rate 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 interest rate swaps as cash flow hedges.  No interest rate 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 “Gain (loss) on derivative instruments, net” in the Company's consolidated statements of income, rather than in other comprehensive income (loss). Also, net interest paid or received under the interest rate swaps, which up through September 30, 2013 was recognized in “interest expense,” is instead recognized in “Gain (loss) on derivative instruments, net.”  These interest rate 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 accumulated other comprehensive income (AOCI) from interest rate swap activity up through September 30, 2013 remains in AOCI and is recognized in the Company's consolidated statements of income as "interest expense" over the remaining term of the interest rate swaps.  See Note 8 for further information.
	The Company may also enter into forward purchase commitments as a means of investing in and financing agency securities via TBA 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 later 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 “Gain (loss) on derivative instruments, net.”  Realized and unrealized gains and losses related to TBA dollar roll transactions are also recognized in “Gain (loss) on derivative instruments, net.”  TBA dollar roll transactions represent off-balance sheet financing.
	Repurchase Agreements
	The Company finances the acquisition of its MBS 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 records repurchase agreements on the consolidated balance sheets at the amount of cash received (or contract value), with accrued interest recorded separately.  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 transactions 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 on MBS 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.
	The Company recognizes interest income on mortgage loans held for investment based on their stated coupon rates.  If a loan becomes 90 days past due, it is considered non-performing and is placed in non-accrual status.  Accrual of interest income ceases and any existing interest receivables are reversed.  Any cash received while a loan is in non-accrual status is first applied to unpaid principal and then to unpaid interest.  In general, non-performing loans are only restored to accrual status when no principal or interest remains due and unpaid.
	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 has made an election to treat certain of its subsidiaries as TRSs. 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 $3,612, $2,594, and $1,920 for the years ended December 31, 2014, 2013, and 2012, 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, if any.
	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 June 2014, the FASB issued ASU 2014-11, Transfers and Servicing: Repurchase-to-Maturity Transaction, Repurchase Financings, and Disclosures (the “ASU”).  This guidance requires repurchase-to-maturity transactions to be accounted for as secured borrowings as if the transferor retains effective control, even though the transferred financial assets are not returned to the transferor at settlement.  The ASU also eliminates existing guidance for repurchase financings and requires instead that entities consider the initial transfer and the related repurchase agreement separately when applying the derecognition requirements of ASC 860, Transfers and Servicing. New disclosures will be required for (1) certain transactions accounted for as secured borrowings and (2) transfers accounted for as sales when the transferor also retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction.  This guidance will take effect for periods beginning after December 15, 2014, and early adoption is prohibited.  Certain disclosures under this guidance do not take effect until the first period beginning after March 15, 2015.  This ASU is not expected to have any material impact on the Company’s financial statements.

Fair_Value_Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Measurements	3	Fair Value Measurements
	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 and mortgage loans held for investment and related purchase commitments, all of the Company’s MBS and other derivatives were valued using Level 2 inputs.  The Futures Contracts were valued using Level 1 inputs.  Mortgage loans held for investment (and related purchase commitments) were valued using Level 3 inputs.  See Notes 4, 5 and 7, respectively, for a discussion of the valuation of MBS, mortgage loans and derivatives.
	The carrying values and fair values of all the Company’s financial instruments as of December 31, 2014 and 2013 were as follows:
		31-Dec-14				31-Dec-13
		Carrying Value		Fair Value		Carrying Value		Fair Value
	Assets
	MBS	$	17,587,010	$	17,587,010	$	17,642,532	$	17,642,532
	Mortgage loans held for investment		31,460		31,460		-		-
	Cash and cash equivalents		627,595		627,595		988,705		988,705
	Unsettled purchased MBS		24,792		24,792		-		-
	Receivable for securities sold		5,197		5,197		231,214		231,214
	Accrued interest receivable		54,274		54,274		55,156		55,156
	Principal payments receivable		111,439		111,439		95,021		95,021
	Debt security, held-to-maturity (1)		15,000		14,853		15,000		14,307
	Short-term investments (1)		20,252		20,252		19,910		19,910
	Interest rate swaps and swaptions (2)		11,050		11,050		15,841		15,841
	Futures Contracts asset (2)		-		-		11,148		11,148
	Forward purchase commitments (2)		16,101		16,101		-		-
	Liabilities
	Repurchase agreements	$	15,759,831		15,759,831	$	16,129,683	$	16,129,683
	Dollar roll liability		-		-		351,826		351,826
	Payable for unsettled securities		24,750		24,750		-		-
	Accrued interest payable		6,968		6,968		8,279		8,279
	Interest rate swap liability (3)		42,052		42,052		125,133		125,133
	Futures Contracts liability (3)		202,501		202,501		36,733		36,733
	Forward purchase commitments (3)		38		38		5,741		5,741
	(1)Included in other investments on the consolidated balance sheets.
	(2)Included in derivative assets on the consolidated balance sheets.
	(3)Included in derivative liabilities on the consolidated balance sheets.

MortgageBacked_Securities

Mortgage-Backed Securities (Available-for-sale MBS)	12 Months Ended
	Dec. 31, 2014
Available-for-sale MBS
Mortgage-Backed Securities	4	Mortgage-Backed Securities
	All of the Company’s MBS are classified as available-for-sale and, as such, are reported at their estimated fair value.  The MBS market is primarily an over-the-counter market.  As such, there are no standard, public market quotations for individual MBS.  The Company estimates the fair value of the its MBS based on a market approach by obtaining values for its securities from third-party pricing services.  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.  The third party pricing services also receive data from traders at broker-dealers 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 regularly reviews the prices obtained and the methods used to derive those prices.  As part of this evaluation, the Company considers security-specific 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’s analysis of pricing information obtained also includes comparing the data received to other available information, such as 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.
	In addition to agency securities, the Company’s MBS portfolio includes MBS not issued or guaranteed by a U.S. Government agency or a U.S. Government-sponsored entity (“non-agency” securities).  The following table presents the composition of the Company’s MBS at December 31, 2014.
		Amortized Cost			Gross Unrealized Loss				Gross Unrealized Gain				Estimated Fair Value
	Agency Securities
	Fannie Mae Certificates
	ARMs	$	9,203,741		$	(13,737	)		$	183,889			$	9,373,893
	Fixed-Rate		1,111,288			-				5,177				1,116,465
	Total Fannie Mae		10,315,029			(13,737	)			189,066				10,490,358
	Freddie Mac Certificates
	ARMs		6,805,885			(21,794	)			76,790				6,860,881
	Fixed-Rate		158,402			-				1,767				160,169
	Total Freddie Mac		6,964,287			(21,794	)			78,557				7,021,050
	Total Agency Securities		17,279,316			(35,531	)			267,623				17,511,408
	Total Non-Agency ARMs		75,454			-				148				75,602
	Total Mortgage-Backed Securities	$	17,354,770		$	(35,531	)		$	267,771			$	17,587,010
	The following table presents the composition of the Company’s MBS at December 31, 2013.
		Amortized			Gross				Gross				Estimated
		Cost			Unrealized				Unrealized				Fair Value
					Loss				Gain
	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 Mortgage-Backed Securities	$	17,533,042		$	(120,019	)		$	229,509			$	17,642,532
	The components of the carrying value of available-for-sale MBS at December 31, 2014 and 2013 are presented below.
		As of December 31
		2014			2013
	Principal balance	$	16,864,583		$	17,044,190
	Unamortized premium		490,187			488,854
	Unamortized discount		-			(2	)
	Gross unrealized gains		267,771			229,509
	Gross unrealized losses		(35,531	)		(120,019	)
	Carrying value/estimated fair value	$	17,587,010		$	17,642,532
	The following table presents components of interest income on the Company’s MBS portfolio for the three years ended December 31, 2014:
		Years Ended December 31
		2014			2013				2012
	Coupon interest	$	456,415		$	616,632			$	667,644
	Net premium amortization		(101,979	)		(165,924	)			(162,844	)
	Interest income	$	354,436		$	450,708			$	504,800
	Gross gains and losses from sales of securities for the three years ended December 31, 2014 were as follows:
		Years Ended December 31
		2014			2013				2012
	Gross gains	$	15,821		$	18,717			$	66,084
	Gross losses		(10,625	)		(301,729	)			(1,737	)
	Net gain (loss)	$	5,196		$	(283,012	)		$	64,347
	The Company monitors the performance and market value of its MBS portfolio on an ongoing basis, and on a quarterly basis reviews its MBS for impairment.  At December 31, 2014 and 2013, the Company had the following securities in a loss position as presented in the following two tables:
		As of December 31, 2014
		Less than 12 Months							Greater than 12 Months							Total
		Fair Market			Unrealized				Fair Market				Unrealized			Fair Market				Unrealized
		Value			Loss				Value				Loss			Value				Loss
	Fannie Mae Certificates
	ARMs	$	806,600		$	(1,240	)		$	1,306,153			$	(12,497	)	$	2,112,753			$	(13,737	)
	Fixed-Rate		-			-				-				-			-				-
Freddie Mac Certificates
ARMs		498,994			(792	)			1,737,760				(21,002	)		2,236,754				(21,794	)
Fixed-Rate		-			-				-				-			-				-
Total temporarily impaired securities	$	1,305,594		$	(2,032	)		$	3,043,913			$	(33,499	)	$	4,349,507			$	(35,531	)
Number of securities in an unrealized loss position					56								108							164
	As of December 31, 2013
	Less than 12 Months							Greater than 12 Months							Total
	Fair Market			Unrealized				Fair Market				Unrealized			Fair Market				Unrealized
	Value			Loss				Value				Loss			Value				Loss
Fannie Mae Certificates
ARMs	$	3,233,274		$	(44,871	)		$	-			$	-		$	3,233,274			$	(44,871	)
Fixed-Rate		281,760			(1,798	)			-				-			281,760				(1,798	)
Freddie Mac Certificates
ARMs		4,046,473			(70,752	)			-				-			4,046,473				(70,752	)
Fixed-Rate		316,835			(1,600	)			-				-			316,835				(1,600	)
Ginnie Mae Certificates
ARMs		-			-				-				-			-				-
Fixed-Rate		95,238			(998	)			-				-			95,238				(998	)
Total temporarily impaired securities	$	7,973,580		$	(120,019	)		$	-			$	-		$	7,973,580			$	(120,019	)
Number of securities in an unrealized loss position					279								-							279
The Company did not make the decision to sell the above securities as of December 31, 2014 and 2013, 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 unrealized losses on the above securities are the result of market interest rates and are not considered to be credit related.  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 as of that date, 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 MBS ranges from 15 to 30 years. Because of prepayments on the underlying mortgage loans, the actual weighted-average life is expected to be significantly less than the stated maturity.  The following table presents certain information about the Company’s adjustable rate MBS that will reprice or amortize based on contractual terms, which do not consider prepayment assumptions, at December 31, 2014 and 2013.
		31-Dec-14											31-Dec-13
									Weighted											Weighted
									Average											Average
		Fair Value			% of Total				Coupon				Fair Value			% of Total				Coupon
Months to Coupon Reset
0 - 12		$	2,272,988			14	%			3.02	%		$	1,236,878			7.5	%			3.15	%
13 - 24			1,799,368			11	%			2.97	%			1,614,081			9.8	%			3.49	%
25 - 36			2,026,261			12.4	%			2.73	%			2,321,985			14.2	%			2.99	%
37 - 48			2,268,665			13.9	%			2.89	%			2,524,939			15.4	%			2.73	%
49 - 60			5,855,524			35.9	%			2.52	%			2,483,318			15.1	%			2.94	%
61 - 72			880,039			5.4	%			2.52	%			4,750,098			29	%			2.46	%
73 - 84			1,207,531			7.4	%			2.98	%			1,470,490			9	%			2.44	%
Total ARMS		$	16,310,376			100	%			2.75	%		$	16,401,789			100	%			2.8	%
The following table presents certain information about the Company’s fixed rate MBS that will reprice or amortize based on contractual terms, which do not consider prepayment assumptions, at December 31, 2014 and 2013.
		31-Dec-14											31-Dec-13
									Weighted											Weighted
									Average											Average
Wtd Average Months to Maturity		Fair Value			% of Total				Coupon				Fair Value			% of Total				Coupon
121-132		$	73,814			5.8	%			3.5	%		$	-			-				-
133-144			589,051			46.1	%			3.5	%			75,693			6.1	%			3.5	%
145-156			613,769			48.1	%			3.43	%			477,544			38.5	%			3.5	%
157-168			-			-				0	%			95,238			7.7	%			3	%
169-180			-			-				0	%			592,268			47.7	%			3.5	%
Total Fixed Rate Securities		$	1,276,634			100	%			3.47	%		$	1,240,743			100	%			3.46	%

Mortgage_Loans_Held_For_Invest

Mortgage Loans Held For Investment (Mortgage Loans Held for Investment)	12 Months Ended
	Dec. 31, 2014
Mortgage Loans Held for Investment
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Mortgage-Backed Securities	5	Mortgage Loans Held for Investment
	The Company purchases individual jumbo whole mortgage loans with the intention of securitizing them.  These loans are considered held for investment and are accounted for under the fair value option.  See Note 2 for further discussion.  As of December 31, 2014, the unpaid principal balance and the fair value of the Company’s mortgage loans held for investment were $30,792 and $31,460, respectively.  The Company did not invest in mortgage loans prior to 2014.
	Based on the unpaid principal balance of the mortgage loans held at December 31, 2014, 82% were on properties located in California.  Less than 5% were located in any other individual state.
	The following table provides additional data on our mortgage loan portfolio at December 31, 2014.
		31-Dec-14						31-Dec-13
				Portfolio					Portfolio
		Portfolio Range		Weighted Average				Portfolio Range	Weighted Average
	Unpaid principal balance	$447 to $1,332		$	790			n/a	n/a
	Interest rate	2.75% to 3.75%			3.43%			n/a	n/a
	Maturity	6/2044 to 12/2044		Sep-44				n/a	n/a
	FICO score at loan origination	705 to 813		762				n/a	n/a
	Loan-to-value ratio at loan origination	28% to 80%			65%			n/a	n/a
	No loans were 90 days or more past due and none were on nonaccrual status at December 31, 2014.
	The following table presents the reconciliation of mortgage loans held for investment.
		Years Ended December 31
		2014				2013			2012
	Fair value, beginning of period	$	-			$	-		$	-
	Gains included in net income:		-				-			-
	Interest income		35				-			-
	Gain on mortgage loans held for investment		8				-			-
	Total gains included in net income		43				-			-
	Settlements		(46	)			-			-
	Sales		-				-			-
	Purchases		31,463				-			-
	Fair value, end of period	$	31,460			$	-		$	-
	None of the change in the fair value of the mortgage loans was attributable to changes in credit risk.
	The Company classifies its mortgage loans held for investment as Level 3 in the fair value hierarchy.  Prices for these instruments are obtained from third party pricing providers which use significant unobservable inputs in their valuations.  These valuations are prepared on an instrument-by-instrument basis and primarily use discounted cash flow models that include unobservable market data inputs including prepayment speeds, delinquency levels, and credit losses.  Model valuations are then compared to external indicators such as market price quotations from market makers for similar instruments and recent transactions in the same or similar instruments.  These valuations may also be discounted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the third-party pricing provider in the absence of market information.  The valuation of mortgage loans held for investment requires significant judgment by the third-party pricing provider and management.  Assumptions used by the third-party pricing provider due to lack of observable inputs may significantly impact the resulting fair value and therefore the Company’s financial statements.  Management reviews the valuations received from the third-party pricing provider.  As part of this review, prices are compared against other pricing along with internal valuation expertise to ensure assumptions and pricing is reasonable.
	The following table provides information about the significant unobservable inputs used in the Level 3 valuation of the Company’s mortgage loans held for investment at December 31, 2014.
					Weighted
	Unobservable Input		Range		Average
	Discount rate		3.6% - 3.9%			3.8	%
	Conditional refinance rate		12.4% - 19.3%			15.3	%
	Default rate		0% - 1.5%			0.4	%
	Loss severity		10.2% - 19.9%			13.8	%

Other_Investments

Other Investments	12 Months Ended
	Dec. 31, 2014
Schedule Of Investments [Abstract]
Other Investments	6	Other Investments
	Other investments consisted of the following items as of December 31, 2014 and December 31, 2013:
		31-Dec-14		31-Dec-13
	Short-term investments	$	20,252	$	19,910
	Debt security, held-to-maturity		15,000		15,000
	Equity investment		6,000		-
	Total other investments	$	41,252	$	34,910
	The Company owns both a $15,000 debt security and a $6,000 equity investment in a non-public repurchase lending counterparty.  The debt security matures on March 24, 2019.  The Company has designated this debt security as a held-to-maturity investment, and as such it is carried at its cost basis.  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 debt security to be approximately $14,853 and $14,307 at December 31, 2014 and 2013, respectively, which was determined by calculating the present value of the projected future cash flows using a discount rate from a similar issuer and security.  The Company accounts for the equity investment under the cost method and concluded there have been no identified events or circumstances that would have a significant adverse effect on the fair value of the investment since the purchase date.

Repurchase_Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2014
Banking And Thrift [Abstract]
Repurchase Agreements	7	Repurchase Agreements
	The Company uses repurchase agreements to finance MBS purchases.  These repurchase agreements are collateralized by the Company’s MBS and typically bear interest at rates that are closely related to LIBOR.  At December 31, 2014 and 2013, the Company had repurchase indebtedness outstanding with 25 counterparties, with a weighted-average remaining contractual maturity of 1.0 and 0.8 months, respectively.  The following table presents the contractual maturity information regarding the Company’s repurchase agreements:
		31-Dec-14					31-Dec-13
				Weighted Average					Weighted Average
		Balance		Contractual Rate			Balance		Contractual Rate
	Within 30 days	$	13,770,099		0.35	%	$	13,170,898		0.37	%
	30 days to 3 months		1,489,732		0.36	%		2,958,785		0.4	%
	3 months to 36 months		500,000		0.53	%		-		-
		$	15,759,831		0.36	%	$	16,129,683		0.37	%
	The fair value of securities, and accrued interest the Company had pledged under repurchase agreements at December 31, 2014 and 2013 was $16,575,106 and $17,088,392, respectively.
	See Notes 2 and 8 for 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, 2014
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives and Other Hedging Instruments	8	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 values of interest rate swaptions are based on the fair value of the underlying interest rate swaps that the Company has the option to enter, and are based on inputs from the counterparty and pricing models.  The fair value of Futures Contracts is based on quoted prices from the exchange on which they trade.  The fair value of MBS forward purchase commitments was determined using the same methodology as MBS as described in Note 4.  The fair value of forward purchase commitments for whole loans was determined using the same methodology as mortgage loans held for investment as described in Note 5.  The Company applies fallout assumptions to the third-party pricing of forward purchase commitments regarding loans that the counterparties may not successfully issue.  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, 2014 and 2013, respectively.
	Derivative Instruments	Balance Sheet Location	31-Dec-14			31-Dec-13
	Interest rate swaps and swaptions	Derivative assets	$	11,050		$	15,841
	Futures contracts	Derivative assets		-			11,148
	Forward purchase commitments - MBS	Derivative assets		16,101			-
			$	27,151		$	26,989
	Interest rate swaps	Derivative liabilities	$	42,052		$	125,133
	Futures contracts	Derivative liabilities		202,501			36,733
	Forward purchase commitments - MBS	Derivative liabilities		36			5,741
	Forward purchase commitments - mortgage loans	Derivative liabilities		2
			$	244,591		$	167,607
	Interest Rate Swaps and Swaptions
	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 Company is exposed to interest rates on its borrowings that change on a short-term basis, it enters into hedging agreements to mitigate the effect of these changes.  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 interest rate swaps.  Although the Company’s objective is to hedge the risk associated with changing repurchase agreement rates, the Company’s interest rate 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 net income 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 interest rate swaps versus the refinancing dates of its repurchase agreements.  See “Financial Statement Presentation” below for quantification of gains and losses on interest rate swaps for the three years ended December 31, 2014.
	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 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 $30,715 will be reclassified out of AOCI as an increase to interest expense.
	The Company continues to hedge its exposure to variability in future funding costs via interest rate swaps and other derivative instruments.  As a result of discontinuing hedge accounting, beginning October 1, 2013, changes in the fair value of the Company’s interest rate swaps are recorded in “Loss on derivative instruments, net” in the consolidated statements of income, consistent with the Company’s historical accounting for Futures Contracts, as described below.  Monthly net cash settlements under the interest rate swaps are 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.
		Notional Value
		Years Ended December 31
		2014			2013
	Beginning of period	$	10,500,000		$	10,700,000
	Additions		-			800,000
	Expirations and terminations		(2,200,000	)		(1,000,000	)
	End of period	$	8,300,000		$	10,500,000
	As of December 31, 2014, the weighted-average remaining term of the Company’s interest rate swaps is 16 months.  Additional information regarding the Company’s interest rate swaps as of December 31, 2014 follows.
						Wtd. Avg.
						Remaining			Weighted Average
			Notional			Term			Fixed Interest
	Maturity		Amount			in Months			Rate in Contract
	12 months or less		$	3,700,000			6			1.73%
	Over 12 months to 24 months			2,400,000			18			0.92%
	Over 24 months to 36 months			1,800,000			29			0.89%
	Over 36 months to 48 months			400,000			38			0.96%
	Total		$	8,300,000			16			1.28%
	A swaption is a derivative instrument that gives the holder the option to enter into a pay-fixed interest rate swap in the future, if it so desires.  As of December 31, 2014, the Company had four interest rate swaptions outstanding:
			Options									Underlying Swaps
	Swaptions		Original Cost			Fair Value			Wtd. Avg. Months to Expiration			Notional		Wtd. Avg. Fixed Pay Rate		Receive Rate	Wtd. Avg. Term (Years)
	Fixed payer			20,080			4,561			6			992,300		2.74%	3 month LIBOR		7
	The Company did not have any interest rate swaptions outstanding at December 31, 2013.
	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 MBS and mortgage loans.  The following tables presents the composition of the Company’s Futures Contracts as of December 31, 2014 and 2013, respectively.
		Fair Value
		31-Dec-14			December 31,
					2013
	Futures Contracts designed to replicate swaps	$	(202,202	)	$	(27,881	)
	Futures Contracts designed to hedge value changes in forward purchases		(299	)		2,296
	Total fair value of Futures Contracts	$	(202,501	)	$	(25,585	)
	The volume of activity for the Company’s Futures Contracts is shown in the table below.
		Number of Contracts
		Years Ended December 31
		2014			2013
	Beginning of period		95,327			-
	New positions opened		136,610			125,860
	Early settlements		(93,053	)		(28,164	)
	Settlements at maturity		(8,810	)		(2,369	)
	End of period		130,074			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 net income in the period in which the changes occur.  See “Financial Statement Presentation” below for quantification of gains and losses on Futures Contracts for the years ended December 31, 2014 and 2013.
	To Be Announced Securities Purchases and Mortgage Loan Commitments
	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 MBS 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, as described in Note 2.  The net fair value of the forward commitment is reported on the balance sheet as an asset or liability.  Whether the unrealized gain (or loss) recognized in net income or other comprehensive income depends on whether or not the commitment has been designated as an accounting hedge, as discussed in Note 2.
	The Company had the following ARM securities forward purchase commitments with brokers as of December 31, 2014 and 2013.
		Face			Cost			Fair Market Value			Net Asset (Liability)
31-Dec-14	$	20,095		$	20,553		$	20,517		$	(36	)
31-Dec-13	$	-		$	-		$	-		$	-
15-year TBA contracts may be financed in the dollar roll market.  As shown in “Financial Statement Presentation” below, income from dollar roll transactions and realized and unrealized gains and losses on TBA contracts are recognized in “Loss on derivative instruments, net.”
At December 31, 2014 and 2013, the Company had the following 15-year TBA dollar roll securities:
	Face			Cost			Fair Market Value			Net Asset (Liability)
31-Dec-14	$	3,400,000		$	3,509,871		$	3,521,816		$	11,945
31-Dec-13	$	600,000		$	632,270		$	627,187		$	(5,083	)
At December 31, 2014 and 2013, the Company also had ARM purchase commitments with mortgage originators with estimated net fair values of $4,156 and $(658), respectively, which were recognized in other comprehensive income.
At December 31, 2014, the Company had mortgage loan purchase commitments with mortgage originators with an estimated net fair value of $(2), which was recognized in “Loss on derivative instruments, net.”  The Company did not begin entering purchase commitments on mortgage loans until 2014.
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, 2014.
	Assets/(Liabilities)			Cash Collateral Posted (Held)			Net Asset/(Liability)
Interest rate swaps	$	6,489		$	-		$	6,489
Interest rate swaptions		4,561			(1,558	)		3,003
Forward purchase commitments		16,101			-			16,101
Interest rate swaps	$	(42,052	)	$	66,653		$	24,601
Forward purchase commitments		(38	)		5,585			5,547
Futures contracts		(202,501	)		251,553			49,052
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		(5,741	)		14,005			8,264
The following table shows the components of “Loss on derivative instruments, net” for the three years ended December 31, 2014, 2013 and 2012.  Impacts from the Company’s interest rate swaps subsequent to the September 30, 2013 hedge de-designation are included herein.
	Years Ended December 31
	2014			2013			2012
Interest rate swaps – fair value adjustments	$	73,729		$	25,036		$	-
Interest rate swaptions – fair value adjustments		(15,520	)		-			-
Interest rate swaps – monthly net settlements		(113,919	)		(30,985	)		-
Futures Contracts – fair value adjustments		(176,916	)		(25,585	)		-
Futures Contracts – realized losses		(29,423	)		(33,298	)		-
Mortgage loan purchase commitments - fair value adjustments		(2	)		-			-
TBA dollar roll income		92,008			5,605			-
Net realized and unrealized gains (losses) on TBA dollar rolls		28,610			(10,488	)		-
Loss on derivative instruments, net	$	(141,433	)	$	(69,715	)	$	-
See Note 2 for a discussion of TBA dollar roll transactions and TBA 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 interest rate swaps that were previously designated as cash flow hedges on the Company’s net income and other comprehensive income for the years ended December 31, 2014, 2013 and 2012.
	Years Ended December 31
	2014			2013			2012
Amount of gain (loss) recognized in OCI (effective	$	-		$	15,030		$	(141,392	)
portion)
Amount of loss reclassified from OCI into net income		(81,132	)		(116,847	)		(116,792	)
as interest expense (effective portion)
Amount of loss recognized in net income as		-			(205	)		(178	)
interest expense (ineffective portion)
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, 2014 and 2013.
	Years Ended December 31
	2014			2013
Beginning balance	$	(111,174	)	$	(243,051	)
Unrealized gain on interest rate swaps		-			15,030
Reclassification of net losses included in income statement		81,132			116,847
Ending balance	$	(30,042	)	$	(111,174	)
Credit-risk-related Contingent Features
The Company has agreements with its interest rate swap and swaption 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 those 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, 2014, the Company was in compliance with these requirements.
As of December 31, 2014, the fair value of derivatives in a net liability position related to these agreements was $42,052.  The Company has collateral posting requirements with each of its counterparties and all interest rate swap agreements were fully collateralized as of December 31, 2014.

Capital_Stock

Capital Stock	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Capital Stock	9	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, 2014, 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 years ended December 31, 2014 and 2013, the Company did not issue any shares of common stock under the 2012 Program.
	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.  For the years ended December 31, 2014 and 2013, the Company repurchased 100,000 and 2,485,447, respectively, of shares of common stock under the Repurchase Program in at-the-market transactions at a total cost of $1,912 and $43,881, respectively.  As of December 31, 2014, there are 7,414,553 shares of repurchase capacity available under the Repurchase Program.

Earnings_per_Share

Earnings per Share	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Earnings per Share	10	Earnings per Share
	The following table details the Company’s calculation of earnings per share for the three years ended December 31, 2014, 2013 and 2012:
		2014			2013			2012
	Basic earnings per share:
	Net income (loss)	$	56,361		$	(134,136	)	$	349,245
	Less preferred stock dividends		(21,922	)		(21,922	)		(7,551	)
	Net income (loss) available to common shareholders	$	34,439		$	(156,058	)	$	341,694
	Weighted average shares		96,603,634			98,337,362			93,185,520
	Basic earnings (loss) per share	$	0.36		$	(1.59	)	$	3.67
	Diluted earnings per share:
	Net income (loss)	$	56,361		$	(134,136	)	$	349,245
	Less preferred stock dividends		(21,922	)		(21,922	)		(7,551	)
	Net income (loss) available to common shareholders	$	34,439		$	(156,058	)	$	341,694
	Weighted average shares		96,603,634			98,337,362			93,185,520
	Potential dilutive shares from exercise of stock options		-			-			-
	Diluted weighted average shares		96,603,634			98,337,362			93,185,520
	Diluted earnings (loss) per share	$	0.36		$	(1.59	)	$	3.67
	There were no potentially dilutive shares for the three years ended December 31, 2014.

Equity_Incentive_Plans

Equity Incentive Plans	12 Months Ended
	Dec. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Incentive Plans	11	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, 2014, 258,592 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.
	Restricted Stock Awards
	For the year ended December 31, 2014, the Company issued 269,635 shares of restricted common stock and recognized an expense of $321 related to the vesting of these shares.  The outstanding share grants 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 $3,291 of compensation expense in the current year related to restricted shares issued in prior years.  At December 31, 2014, the Company had unrecorded compensation expense of $12,436 related to the unvested shares of restricted common stock granted.  This expense is expected to be recognized over a weighted average remaining period of 3.7 years as of December 31, 2014.  The following table presents information about the Company’s restricted stock awards for the periods presented:
		2014					2013
					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		524,248		$	23.22		351,192		$	27.75
	Granted		269,635			19.3		264,316			18.76
	Cancelled/forfeited		-			-		-			-
	Vested		(140,592	)		24.32		(91,260	)		27.69
	Shares non-vested at end of year		653,291		$	21.37		524,248		$	23.22
	The total fair value of restricted stock awards vested during the year ended December 31, 2014, 2013 and 2012 were $2,658, $1,871 and $1,807, 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, 2014
Related Party Transactions [Abstract]
Transactions with Related Parties	12.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 five independent directors.  The Management Agreement expires on February 23, 2016 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 incurred for management fee, reimbursable expenses and share-based compensation expense related to the restricted common shares granted to management.
		Years Ended December 31
		2014		2013		2012
	Management Fee	$	16,532	$	18,180	$	17,420
	Reimbursable Expenses		4,239		3,200		1,779
	Total	$	20,771	$	21,380	$	19,199
	Share-based compensation	$	3,612	$	2,594	$	1,920
	None of the reimbursement payments were specifically attributable to the compensation of the Company’s executive officers.  Reimbursable expenses above includes rent paid by ACA for the Company’s office space.  As of October 2014, the Company’s office space is rented from a real estate partnership in which some of the Company’s executive officers have a financial interest, at an annual rate of approximately $300.  At December 31, 2014 and 2013, the Company owed ACA $3,198 and $2,752, respectively, for the management fee and reimbursable expenses, which is included in accounts payable and other liabilities.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Accumulated Other Comprehensive Income	13	Accumulated Other Comprehensive Income
	The Company records unrealized gains and losses on its MBS and its forward purchase commitments securities as described in Note 4 and Note 8.  As discussed in Note 8, 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, 2014.
		Unrealized gain/(loss) on available for sale MBS			Unrealized gain/(loss) on unsettled MBS			Unrealized gain/(loss) on other investments			Unrealized gain/(loss) on derivative instruments			Total
	Accumulated other comprehensive income	$	109,490		$	-		$	(627	)	$	(116,915	)	$	(8,052	)
	(loss) at January 1, 2014
	Other comprehensive income (loss) before		127,946			558			32			11,789			140,325
	reclassification
	Balance Sheet Reclassification:
	Amount reclassified to MBS available for sale		-			(516	)		-			(7,011	)		(7,527	)
	Income Statement Reclassification:
	Amounts reclassified to net gain on the sale		(5,196	)		-			-			-			(5,196	)
	of MBS
	Amounts reclassified for termination of all-		-			-			-			5,083			5,083
	in-one cash flow hedge accounting
	on dollar roll TBAs
	Amounts reclassified to interest expense		-			-			-			81,132			81,132
	Net current period other comprehensive		122,750			42			32			90,993			213,817
	income (loss)
	Accumulated other comprehensive income	$	232,240		$	42		$	(595	)	$	(25,922	)	$	205,765
	(loss) at December 31, 2014
	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 MBS			Unrealized gain/(loss) on unsettled MBS			Unrealized gain/(loss) on other investments			Unrealized gain/(loss) on derivative instruments			Total
	Accumulated other comprehensive income	$	499,343		$	1,217		$	(107	)	$	(237,599	)	$	262,854
	(loss) at January 1, 2013
	Other comprehensive income (loss) before		(680,967	)		642			(520	)		(21,054	)		(701,899	)
	reclassification
	Balance Sheet Reclassification:
	Amount reclassified to MBS available for sale		-			(1,859	)		-			24,891			23,032
	Income Statement Reclassifications:
	Amounts reclassified to net loss on the sale		283,012			-			-			-			283,012
	of MBS
	Amounts reclassified for impairment loss on		8,102			-			-			-			8,102
	mortgage-backed securities
	Amounts reclassified to interest expense		-			-			-			116,847			116,847
	Net current period other comprehensive		(389,853	)		(1,217	)		(520	)		120,684			(270,906	)
	income (loss)
	Accumulated other comprehensive income	$	109,490		$	-		$	(627	)	$	(116,915	)	$	(8,052	)
	(loss) at December 31, 2013

Summarized_Quarterly_Financial

Summarized Quarterly Financial Results	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Summarized Quarterly Financial Results	14.Summarized Quarterly Financial Results
	The following is a presentation of the quarterly results of operations for the years ended December 31, 2014 and 2013.
	Hatteras Financial Corp.
	Consolidated Statements of Income
		For the Three Months Ended
		December 31,			September 30,			June 30,			March 31,
		2014			2014			2014			2014
	(Dollars in thousands, except share related amounts)	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	Interest income:
	Mortgage-backed securities	$	87,702		$	80,969		$	89,458		$	96,307
	Mortgage loans held for investment		35			-			-			-
	Short-term cash investments		324			330			347			282
	Total interest income		88,061			81,299			89,805			96,589
	Interest expense		26,966			31,950			35,128			38,451
	Net interest margin		61,095			49,349			54,677			58,138
	Operating expenses:
	Management fee		4,112			4,122			4,144			4,154
	Share-based compensation		1,020			890			842			860
	General and administrative		3,941			2,113			2,324			2,147
	Total operating expenses		9,073			7,125			7,310			7,161
	Other income (loss):
	Net realized gain (loss) on sale of mortgage-backed securities		2,107			237			(4,584	)		7,436
	Impairment of mortgage-backed securities		-			-			-			-
	Gain on mortgage loans held for investment		8			-			-			-
	Gain (loss) on derivative instruments, net		(79,988	)		35,430			(55,260	)		(41,615	)
	Total other income (loss)		(77,873	)		35,667			(59,844	)		(34,179	)
	Net income (loss)		(25,851	)		77,891			(12,477	)		16,798
	Dividends on preferred stock		5,481			5,480			5,481			5,480
	Net income (loss) available to common shareholders	$	(31,332	)	$	72,411		$	(17,958	)	$	11,318
	Earnings (loss) per share - common stock, basic	$	(0.32	)	$	0.75		$	(0.19	)	$	0.12
	Earnings (loss) per share - common stock, diluted	$	(0.32	)	$	0.75		$	(0.19	)	$	0.12
	Dividends per share of common stock	$	0.5		$	0.5		$	0.5		$	0.5
	Weighted average common shares outstanding, basic		96,728,821			96,563,132			96,515,599			96,606,081
	Weighted average common shares outstanding, diluted		96,728,821			96,563,132			96,515,599			96,606,081
	Hatteras Financial Corp.
	Consolidated Statements of Income
		For the Three Months Ended
		December 31,			September 30,			June 30,			March 31,
		2013			2013			2013			2013
	(Dollars in thousands, except share related amounts)	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	Interest income:
	Mortgage-backed securities	$	104,312		$	107,040		$	115,115		$	124,241
	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 of common stock	$	0.5		$	0.55		$	0.7		$	0.7
	Weighted average common shares outstanding, basic		97,389,614			98,318,205			98,830,054			98,827,587
	Weighted average common shares outstanding, diluted		97,389,614			98,318,205			98,830,054			98,827,587

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates
	The accompanying consolidated financial statements have been 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 consolidated financial statements include the valuation of MBS and derivative instruments.
	Certain prior period amounts have been reclassified to conform to the current period classification.
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 to be cash equivalents. The carrying amounts of cash equivalents approximate their fair value.  Cash and cash equivalents includes cash pledged to derivative counterparties, which is 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, MBS (settled and unsettled), mortgage loans held for investment, forward purchase commitments, debt security held-to-maturity, receivable for securities sold, accrued interest receivable, principal payments receivable, payable for unsettled securities, derivative instruments, repurchase agreements, dollar roll liability and accrued interest payable to meet the definition of financial instruments.  The carrying amount of cash and cash equivalents, receivable for securities sold, accrued interest receivable, dollar roll liability and payable for unsettled securities approximate their fair value due to the short maturities of these instruments and would be valued using Level 1 inputs.  The carrying amount of repurchase agreements is deemed to approximate fair value given their short-term duration and would be valued using Level 2 inputs. See Note 4 for discussion of the fair value of MBS. See Note 5 for discussion of the fair value of mortgage loans held for investment.  See Note 6 for discussion of the fair value of the held-to-maturity debt security.  See Note 8 for discussion of the fair value of derivative instruments, including forward purchase commitments.
	The Company limits its exposure to credit losses on its portfolio of securities by purchasing predominantly 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 roll transactions, interest rate swap agreements, interest rate swaptions 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 and retain collateral when appropriate.  See Note 7 for additional information on repurchase agreements and Note 8 for additional information on dollar roll transactions, interest rate swap agreements, interest rate swaptions and futures contracts.
Mortgage-Backed Securities	Mortgage-Backed Securities
	The Company invests in MBS representing interests in or obligations backed by pools of single-family residential mortgage loans.  GAAP 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 MBS 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 MBS are determined by management by obtaining valuations 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.
	Forward 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 forward purchase commitments is included in derivative assets or derivative liabilities in the accompanying consolidated balance sheets.  If the Company intends to take physical delivery of the securities, as is the case for forward purchase commitments to acquire TBA securities from mortgage originators, the commitment is designated as an all-in-one cash flow hedge and its unrealized gains and losses are recorded in other comprehensive income.  If the Company does not intend to take physical delivery of the securities, as is the case with most TBA dollar roll transactions, the commitment is not designated as an accounting hedge and unrealized gains and losses are recorded in “Gain (loss) on derivative instruments, net.”  See Note 8 for additional information on forward purchase commitments.
	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 an other-than temporary impairment recognized during the year ended December 31, 2013.
Mortgage Loans Held For Investment	Mortgage Loans Held for Investment
	The Company purchases individual prime jumbo adjustable-rate whole mortgage loans with the intention of securitizing them into MBS not issued or guaranteed by a U.S. Government agency or U.S. Government-sponsored entity.  The Company intends to purchase the majority of the MBS securities that the securitization trusts will issue, and expects to consolidate the trusts pursuant to ASC guidance regarding variable interest entities.  As a result, the Company expects to benefit from the economics of these loans over their entire life; therefore, the loans have been classified as held for investment.  The Company has elected to account for these loans under the fair value option, pursuant to ASC Topic 825.  As a result of electing the fair value option, the mortgage loans are carried at fair value with changes therein reflected in consolidated net income (loss), consistent with the accounting for the related hedging instruments, thereby enhancing the usefulness of our financial statements.  See Interest Income below for the recognition of the interest component of the change in fair value.  Other changes in fair value are reported in “gain on mortgage loans held for investment” in the consolidated statements of income.
	Purchases and sales or paydowns of mortgage loans held for investment are classified as investing cash flows in the consolidated statements of cash flows.
Derivative Instruments	Derivative Instruments
	The Company manages economic risks, including interest rate, liquidity and credit risks, primarily by managing the amount, sources, cost 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 and Eurodollar Futures Contracts (“Futures Contracts”).  The Company uses Futures Contracts to approximate 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 and derivative instruments in a loss position are reported as derivative liabilities 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 in an asset position 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.
	The Company’s interest rate 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 interest rate swaps as cash flow hedges.  No interest rate 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 “Gain (loss) on derivative instruments, net” in the Company's consolidated statements of income, rather than in other comprehensive income (loss). Also, net interest paid or received under the interest rate swaps, which up through September 30, 2013 was recognized in “interest expense,” is instead recognized in “Gain (loss) on derivative instruments, net.”  These interest rate 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 accumulated other comprehensive income (AOCI) from interest rate swap activity up through September 30, 2013 remains in AOCI and is recognized in the Company's consolidated statements of income as "interest expense" over the remaining term of the interest rate swaps.  See Note 8 for further information.
	The Company may also enter into forward purchase commitments as a means of investing in and financing agency securities via TBA 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 later 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 “Gain (loss) on derivative instruments, net.”  Realized and unrealized gains and losses related to TBA dollar roll transactions are also recognized in “Gain (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 MBS 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 records repurchase agreements on the consolidated balance sheets at the amount of cash received (or contract value), with accrued interest recorded separately.  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 transactions 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 on MBS 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.
	The Company recognizes interest income on mortgage loans held for investment based on their stated coupon rates.  If a loan becomes 90 days past due, it is considered non-performing and is placed in non-accrual status.  Accrual of interest income ceases and any existing interest receivables are reversed.  Any cash received while a loan is in non-accrual status is first applied to unpaid principal and then to unpaid interest.  In general, non-performing loans are only restored to accrual status when no principal or interest remains due and unpaid.
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 has made an election to treat certain of its subsidiaries as TRSs. 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 $3,612, $2,594, and $1,920 for the years ended December 31, 2014, 2013, and 2012, 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, if any.
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 June 2014, the FASB issued ASU 2014-11, Transfers and Servicing: Repurchase-to-Maturity Transaction, Repurchase Financings, and Disclosures (the “ASU”).  This guidance requires repurchase-to-maturity transactions to be accounted for as secured borrowings as if the transferor retains effective control, even though the transferred financial assets are not returned to the transferor at settlement.  The ASU also eliminates existing guidance for repurchase financings and requires instead that entities consider the initial transfer and the related repurchase agreement separately when applying the derecognition requirements of ASC 860, Transfers and Servicing. New disclosures will be required for (1) certain transactions accounted for as secured borrowings and (2) transfers accounted for as sales when the transferor also retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction.  This guidance will take effect for periods beginning after December 15, 2014, and early adoption is prohibited.  Certain disclosures under this guidance do not take effect until the first period beginning after March 15, 2015.  This ASU is not expected to have any material impact on the Company’s financial statements.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Carrying Values and Fair Values of All Financial Instruments	The carrying values and fair values of all the Company’s financial instruments as of December 31, 2014 and 2013 were as follows:
		31-Dec-14				31-Dec-13
		Carrying Value		Fair Value		Carrying Value		Fair Value
	Assets
	MBS	$	17,587,010	$	17,587,010	$	17,642,532	$	17,642,532
	Mortgage loans held for investment		31,460		31,460		-		-
	Cash and cash equivalents		627,595		627,595		988,705		988,705
	Unsettled purchased MBS		24,792		24,792		-		-
	Receivable for securities sold		5,197		5,197		231,214		231,214
	Accrued interest receivable		54,274		54,274		55,156		55,156
	Principal payments receivable		111,439		111,439		95,021		95,021
	Debt security, held-to-maturity (1)		15,000		14,853		15,000		14,307
	Short-term investments (1)		20,252		20,252		19,910		19,910
	Interest rate swaps and swaptions (2)		11,050		11,050		15,841		15,841
	Futures Contracts asset (2)		-		-		11,148		11,148
	Forward purchase commitments (2)		16,101		16,101		-		-
	Liabilities
	Repurchase agreements	$	15,759,831		15,759,831	$	16,129,683	$	16,129,683
	Dollar roll liability		-		-		351,826		351,826
	Payable for unsettled securities		24,750		24,750		-		-
	Accrued interest payable		6,968		6,968		8,279		8,279
	Interest rate swap liability (3)		42,052		42,052		125,133		125,133
	Futures Contracts liability (3)		202,501		202,501		36,733		36,733
	Forward purchase commitments (3)		38		38		5,741		5,741
	(1)Included in other investments on the consolidated balance sheets.
	(2)Included in derivative assets on the consolidated balance sheets.
	(3)Included in derivative liabilities on the consolidated balance sheets.

MortgageBacked_Securities_Tabl

Mortgage-Backed Securities (Tables)	12 Months Ended
	Dec. 31, 2014
Schedule of Agency Securities and MBS Portfolio Includes MBS not Issued or Guaranteed by U.S. Government Agency or U.S. Government Sponsored Entity	The following table presents the composition of the Company’s MBS at December 31, 2014.
		Amortized Cost			Gross Unrealized Loss				Gross Unrealized Gain				Estimated Fair Value
	Agency Securities
	Fannie Mae Certificates
	ARMs	$	9,203,741		$	(13,737	)		$	183,889			$	9,373,893
	Fixed-Rate		1,111,288			-				5,177				1,116,465
	Total Fannie Mae		10,315,029			(13,737	)			189,066				10,490,358
	Freddie Mac Certificates
	ARMs		6,805,885			(21,794	)			76,790				6,860,881
	Fixed-Rate		158,402			-				1,767				160,169
	Total Freddie Mac		6,964,287			(21,794	)			78,557				7,021,050
	Total Agency Securities		17,279,316			(35,531	)			267,623				17,511,408
	Total Non-Agency ARMs		75,454			-				148				75,602
	Total Mortgage-Backed Securities	$	17,354,770		$	(35,531	)		$	267,771			$	17,587,010
	The following table presents the composition of the Company’s MBS at December 31, 2013.
		Amortized			Gross				Gross				Estimated
		Cost			Unrealized				Unrealized				Fair Value
					Loss				Gain
	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 Mortgage-Backed Securities	$	17,533,042		$	(120,019	)		$	229,509			$	17,642,532
Components of Carrying Value of Available-For-Sale MBS	The components of the carrying value of available-for-sale MBS at December 31, 2014 and 2013 are presented below.
		As of December 31
		2014			2013
	Principal balance	$	16,864,583		$	17,044,190
	Unamortized premium		490,187			488,854
	Unamortized discount		-			(2	)
	Gross unrealized gains		267,771			229,509
	Gross unrealized losses		(35,531	)		(120,019	)
	Carrying value/estimated fair value	$	17,587,010		$	17,642,532
Schedule of Interest Income	The following table presents components of interest income on the Company’s MBS portfolio for the three years ended December 31, 2014:
		Years Ended December 31
		2014			2013				2012
	Coupon interest	$	456,415		$	616,632			$	667,644
	Net premium amortization		(101,979	)		(165,924	)			(162,844	)
	Interest income	$	354,436		$	450,708			$	504,800
Gross Gains and Losses from Securities Sales	Gross gains and losses from sales of securities for the three years ended December 31, 2014 were as follows:
		Years Ended December 31
		2014			2013				2012
	Gross gains	$	15,821		$	18,717			$	66,084
	Gross losses		(10,625	)		(301,729	)			(1,737	)
	Net gain (loss)	$	5,196		$	(283,012	)		$	64,347
Schedule of MBS in Unrealized Loss Position	The Company monitors the performance and market value of its MBS portfolio on an ongoing basis, and on a quarterly basis reviews its MBS for impairment.  At December 31, 2014 and 2013, the Company had the following securities in a loss position as presented in the following two tables:
		As of December 31, 2014
		Less than 12 Months							Greater than 12 Months							Total
		Fair Market			Unrealized				Fair Market				Unrealized			Fair Market				Unrealized
		Value			Loss				Value				Loss			Value				Loss
	Fannie Mae Certificates
	ARMs	$	806,600		$	(1,240	)		$	1,306,153			$	(12,497	)	$	2,112,753			$	(13,737	)
	Fixed-Rate		-			-				-				-			-				-
	Freddie Mac Certificates
	ARMs		498,994			(792	)			1,737,760				(21,002	)		2,236,754				(21,794	)
	Fixed-Rate		-			-				-				-			-				-
	Total temporarily impaired securities	$	1,305,594		$	(2,032	)		$	3,043,913			$	(33,499	)	$	4,349,507			$	(35,531	)
	Number of securities in an unrealized loss position					56								108							164
		As of December 31, 2013
		Less than 12 Months							Greater than 12 Months							Total
		Fair Market			Unrealized				Fair Market				Unrealized			Fair Market				Unrealized
		Value			Loss				Value				Loss			Value				Loss
	Fannie Mae Certificates
	ARMs	$	3,233,274		$	(44,871	)		$	-			$	-		$	3,233,274			$	(44,871	)
	Fixed-Rate		281,760			(1,798	)			-				-			281,760				(1,798	)
	Freddie Mac Certificates
	ARMs		4,046,473			(70,752	)			-				-			4,046,473				(70,752	)
	Fixed-Rate		316,835			(1,600	)			-				-			316,835				(1,600	)
	Ginnie Mae Certificates
	ARMs		-			-				-				-			-				-
	Fixed-Rate		95,238			(998	)			-				-			95,238				(998	)
	Total temporarily impaired securities	$	7,973,580		$	(120,019	)		$	-			$	-		$	7,973,580			$	(120,019	)
	Number of securities in an unrealized loss position					279								-							279
Adjustable Rate Residential Mortgage
Information About Company's Adjustable Rate MBS that will Reprice or Amortize Based on Contractual terms	The following table presents certain information about the Company’s adjustable rate MBS that will reprice or amortize based on contractual terms, which do not consider prepayment assumptions, at December 31, 2014 and 2013.
			31-Dec-14											31-Dec-13
										Weighted											Weighted
										Average											Average
			Fair Value			% of Total				Coupon				Fair Value			% of Total				Coupon
	Months to Coupon Reset
	0 - 12		$	2,272,988			14	%			3.02	%		$	1,236,878			7.5	%			3.15	%
	13 - 24			1,799,368			11	%			2.97	%			1,614,081			9.8	%			3.49	%
	25 - 36			2,026,261			12.4	%			2.73	%			2,321,985			14.2	%			2.99	%
	37 - 48			2,268,665			13.9	%			2.89	%			2,524,939			15.4	%			2.73	%
	49 - 60			5,855,524			35.9	%			2.52	%			2,483,318			15.1	%			2.94	%
	61 - 72			880,039			5.4	%			2.52	%			4,750,098			29	%			2.46	%
	73 - 84			1,207,531			7.4	%			2.98	%			1,470,490			9	%			2.44	%
	Total ARMS		$	16,310,376			100	%			2.75	%		$	16,401,789			100	%			2.8	%
Fixed Rate Residential Mortgage
Information About Company's Adjustable Rate MBS that will Reprice or Amortize Based on Contractual terms	The following table presents certain information about the Company’s fixed rate MBS that will reprice or amortize based on contractual terms, which do not consider prepayment assumptions, at December 31, 2014 and 2013.
			31-Dec-14											31-Dec-13
										Weighted											Weighted
										Average											Average
	Wtd Average Months to Maturity		Fair Value			% of Total				Coupon				Fair Value			% of Total				Coupon
	121-132		$	73,814			5.8	%			3.5	%		$	-			-				-
	133-144			589,051			46.1	%			3.5	%			75,693			6.1	%			3.5	%
	145-156			613,769			48.1	%			3.43	%			477,544			38.5	%			3.5	%
	157-168			-			-				0	%			95,238			7.7	%			3	%
	169-180			-			-				0	%			592,268			47.7	%			3.5	%
	Total Fixed Rate Securities		$	1,276,634			100	%			3.47	%		$	1,240,743			100	%			3.46	%

Mortgage_Loans_Held_For_Invest1

Mortgage Loans Held For Investment (Tables)	12 Months Ended
	Dec. 31, 2014
Investments Debt And Equity Securities [Abstract]
Components for Mortgage Loan Portfolio	The following table provides additional data on our mortgage loan portfolio at December 31, 2014.
		31-Dec-14						31-Dec-13
				Portfolio					Portfolio
		Portfolio Range		Weighted Average				Portfolio Range	Weighted Average
	Unpaid principal balance	$447 to $1,332		$	790			n/a	n/a
	Interest rate	2.75% to 3.75%			3.43%			n/a	n/a
	Maturity	6/2044 to 12/2044		Sep-44				n/a	n/a
	FICO score at loan origination	705 to 813		762				n/a	n/a
	Loan-to-value ratio at loan origination	28% to 80%			65%			n/a	n/a
Reconciliation of Mortgage Loans Held for Investment	The following table presents the reconciliation of mortgage loans held for investment.
		Years Ended December 31
		2014				2013			2012
	Fair value, beginning of period	$	-			$	-		$	-
	Gains included in net income:		-				-			-
	Interest income		35				-			-
	Gain on mortgage loans held for investment		8				-			-
	Total gains included in net income		43				-			-
	Settlements		(46	)			-			-
	Sales		-				-			-
	Purchases		31,463				-			-
	Fair value, end of period	$	31,460			$	-		$	-
Schedule of Unobservable Inputs Used in Level 3 Valuation of Mortgage Loans Held for Investment	The following table provides information about the significant unobservable inputs used in the Level 3 valuation of the Company’s mortgage loans held for investment at December 31, 2014.
					Weighted
	Unobservable Input		Range		Average
	Discount rate		3.6% - 3.9%			3.8	%
	Conditional refinance rate		12.4% - 19.3%			15.3	%
	Default rate		0% - 1.5%			0.4	%
	Loss severity		10.2% - 19.9%			13.8	%

Other_Investments_Tables

Other Investments (Tables)	12 Months Ended
	Dec. 31, 2014
Schedule Of Investments [Abstract]
Summary of Other Investments	Other investments consisted of the following items as of December 31, 2014 and December 31, 2013:
		31-Dec-14		31-Dec-13
	Short-term investments	$	20,252	$	19,910
	Debt security, held-to-maturity		15,000		15,000
	Equity investment		6,000		-
	Total other investments	$	41,252	$	34,910

Repurchase_Agreements_Tables

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2014
Banking And Thrift [Abstract]
Contractual Maturity Information Regarding Repurchase Agreements	The Company uses repurchase agreements to finance MBS purchases.  These repurchase agreements are collateralized by the Company’s MBS and typically bear interest at rates that are closely related to LIBOR.  At December 31, 2014 and 2013, the Company had repurchase indebtedness outstanding with 25 counterparties, with a weighted-average remaining contractual maturity of 1.0 and 0.8 months, respectively.  The following table presents the contractual maturity information regarding the Company’s repurchase agreements:
		31-Dec-14					31-Dec-13
				Weighted Average					Weighted Average
		Balance		Contractual Rate			Balance		Contractual Rate
	Within 30 days	$	13,770,099		0.35	%	$	13,170,898		0.37	%
	30 days to 3 months		1,489,732		0.36	%		2,958,785		0.4	%
	3 months to 36 months		500,000		0.53	%		-		-
		$	15,759,831		0.36	%	$	16,129,683		0.37	%

Derivatives_and_Other_Hedging_1

Derivatives and Other Hedging Instruments (Tables)	12 Months Ended
	Dec. 31, 2014
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 values of interest rate swaptions are based on the fair value of the underlying interest rate swaps that the Company has the option to enter, and are based on inputs from the counterparty and pricing models.  The fair value of Futures Contracts is based on quoted prices from the exchange on which they trade.  The fair value of MBS forward purchase commitments was determined using the same methodology as MBS as described in Note 4.  The fair value of forward purchase commitments for whole loans was determined using the same methodology as mortgage loans held for investment as described in Note 5.  The Company applies fallout assumptions to the third-party pricing of forward purchase commitments regarding loans that the counterparties may not successfully issue.  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, 2014 and 2013, respectively.
	Derivative Instruments	Balance Sheet Location	31-Dec-14			31-Dec-13
	Interest rate swaps and swaptions	Derivative assets	$	11,050		$	15,841
	Futures contracts	Derivative assets		-			11,148
	Forward purchase commitments - MBS	Derivative assets		16,101			-
			$	27,151		$	26,989
	Interest rate swaps	Derivative liabilities	$	42,052		$	125,133
	Futures contracts	Derivative liabilities		202,501			36,733
	Forward purchase commitments - MBS	Derivative liabilities		36			5,741
	Forward purchase commitments - mortgage loans	Derivative liabilities		2
			$	244,591		$	167,607
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.
		Notional Value
		Years Ended December 31
		2014			2013
	Beginning of period	$	10,500,000		$	10,700,000
	Additions		-			800,000
	Expirations and terminations		(2,200,000	)		(1,000,000	)
	End of period	$	8,300,000		$	10,500,000
Schedule of Outstanding Interest Rate Swaptions	A swaption is a derivative instrument that gives the holder the option to enter into a pay-fixed interest rate swap in the future, if it so desires.  As of December 31, 2014, the Company had four interest rate swaptions outstanding:
			Options									Underlying Swaps
	Swaptions		Original Cost			Fair Value			Wtd. Avg. Months to Expiration			Notional		Wtd. Avg. Fixed Pay Rate		Receive Rate	Wtd. Avg. Term (Years)
	Fixed payer			20,080			4,561			6			992,300		2.74%	3 month LIBOR		7
Schedule of Composition 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 MBS and mortgage loans.  The following tables presents the composition of the Company’s Futures Contracts as of December 31, 2014 and 2013, respectively.
		Fair Value
		31-Dec-14			December 31,
					2013
	Futures Contracts designed to replicate swaps	$	(202,202	)	$	(27,881	)
	Futures Contracts designed to hedge value changes in forward purchases		(299	)		2,296
	Total fair value of Futures Contracts	$	(202,501	)	$	(25,585	)
Schedule of ARM Securities Forward Purchase Commitments with Brokers	The Company had the following ARM securities forward purchase commitments with brokers as of December 31, 2014 and 2013.
		Face			Cost			Fair Market Value			Net Asset (Liability)
	31-Dec-14	$	20,095		$	20,553		$	20,517		$	(36	)
	31-Dec-13	$	-		$	-		$	-		$	-
Schedule of Mortgage Backed Securities	At December 31, 2014 and 2013, the Company had the following 15-year TBA dollar roll securities:
		Face			Cost			Fair Market Value			Net Asset (Liability)
	31-Dec-14	$	3,400,000		$	3,509,871		$	3,521,816		$	11,945
	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, 2014.
		Assets/(Liabilities)			Cash Collateral Posted (Held)			Net Asset/(Liability)
	Interest rate swaps	$	6,489		$	-		$	6,489
	Interest rate swaptions		4,561			(1,558	)		3,003
	Forward purchase commitments		16,101			-			16,101
	Interest rate swaps	$	(42,052	)	$	66,653		$	24,601
	Forward purchase commitments		(38	)		5,585			5,547
	Futures contracts		(202,501	)		251,553			49,052
	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		(5,741	)		14,005			8,264
Schedule of Derivative Instruments Loss, Net	The following table shows the components of “Loss on derivative instruments, net” for the three years ended December 31, 2014, 2013 and 2012.  Impacts from the Company’s interest rate swaps subsequent to the September 30, 2013 hedge de-designation are included herein.
		Years Ended December 31
		2014			2013			2012
	Interest rate swaps – fair value adjustments	$	73,729		$	25,036		$	-
	Interest rate swaptions – fair value adjustments		(15,520	)		-			-
	Interest rate swaps – monthly net settlements		(113,919	)		(30,985	)		-
	Futures Contracts – fair value adjustments		(176,916	)		(25,585	)		-
	Futures Contracts – realized losses		(29,423	)		(33,298	)		-
	Mortgage loan purchase commitments - fair value adjustments		(2	)		-			-
	TBA dollar roll income		92,008			5,605			-
	Net realized and unrealized gains (losses) on TBA dollar rolls		28,610			(10,488	)		-
	Loss on derivative instruments, net	$	(141,433	)	$	(69,715	)	$	-
Schedule of Location of Derivatives on Net Income and Other Comprehensive 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 interest rate swaps that were previously designated as cash flow hedges on the Company’s net income and other comprehensive income for the years ended December 31, 2014, 2013 and 2012.
		Years Ended December 31
		2014			2013			2012
	Amount of gain (loss) recognized in OCI (effective	$	-		$	15,030		$	(141,392	)
	portion)
	Amount of loss reclassified from OCI into net income		(81,132	)		(116,847	)		(116,792	)
	as interest expense (effective portion)
	Amount of loss recognized in net income as		-			(205	)		(178	)
	interest expense (ineffective portion)
Interest Rate Swap
Schedule of Derivative Instruments Forecasted Transactions	As of December 31, 2014, the weighted-average remaining term of the Company’s interest rate swaps is 16 months.  Additional information regarding the Company’s interest rate swaps as of December 31, 2014 follows.
						Wtd. Avg.
						Remaining			Weighted Average
			Notional			Term			Fixed Interest
	Maturity		Amount			in Months			Rate in Contract
	12 months or less		$	3,700,000			6			1.73%
	Over 12 months to 24 months			2,400,000			18			0.92%
	Over 24 months to 36 months			1,800,000			29			0.89%
	Over 36 months to 48 months			400,000			38			0.96%
	Total		$	8,300,000			16			1.28%
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, 2014 and 2013.
		Years Ended December 31
		2014			2013
	Beginning balance	$	(111,174	)	$	(243,051	)
	Unrealized gain on interest rate swaps		-			15,030
	Reclassification of net losses included in income statement		81,132			116,847
	Ending balance	$	(30,042	)	$	(111,174	)
Eurodollar Futures Contracts
Schedule of Derivative Instruments Forecasted Transactions	The volume of activity for the Company’s Futures Contracts is shown in the table below.
		Number of Contracts
		Years Ended December 31
		2014			2013
	Beginning of period		95,327			-
	New positions opened		136,610			125,860
	Early settlements		(93,053	)		(28,164	)
	Settlements at maturity		(8,810	)		(2,369	)
	End of period		130,074			95,327

Earnings_per_Share_Tables

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Earnings Per Share	The following table details the Company’s calculation of earnings per share for the three years ended December 31, 2014, 2013 and 2012:
		2014			2013			2012
	Basic earnings per share:
	Net income (loss)	$	56,361		$	(134,136	)	$	349,245
	Less preferred stock dividends		(21,922	)		(21,922	)		(7,551	)
	Net income (loss) available to common shareholders	$	34,439		$	(156,058	)	$	341,694
	Weighted average shares		96,603,634			98,337,362			93,185,520
	Basic earnings (loss) per share	$	0.36		$	(1.59	)	$	3.67
	Diluted earnings per share:
	Net income (loss)	$	56,361		$	(134,136	)	$	349,245
	Less preferred stock dividends		(21,922	)		(21,922	)		(7,551	)
	Net income (loss) available to common shareholders	$	34,439		$	(156,058	)	$	341,694
	Weighted average shares		96,603,634			98,337,362			93,185,520
	Potential dilutive shares from exercise of stock options		-			-			-
	Diluted weighted average shares		96,603,634			98,337,362			93,185,520
	Diluted earnings (loss) per share	$	0.36		$	(1.59	)	$	3.67

Equity_Incentive_Plans_Tables

Equity Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Information About Company's Restricted Stock Awards	The following table presents information about the Company’s restricted stock awards for the periods presented:
		2014					2013
					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		524,248		$	23.22		351,192		$	27.75
	Granted		269,635			19.3		264,316			18.76
	Cancelled/forfeited		-			-		-			-
	Vested		(140,592	)		24.32		(91,260	)		27.69
	Shares non-vested at end of year		653,291		$	21.37		524,248		$	23.22

Transactions_with_Related_Part1

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Amounts Incurred for Management Fee and Reimbursable Expenses	The following table presents amounts incurred for management fee, reimbursable expenses and share-based compensation expense related to the restricted common shares granted to management.
		Years Ended December 31
		2014		2013		2012
	Management Fee	$	16,532	$	18,180	$	17,420
	Reimbursable Expenses		4,239		3,200		1,779
	Total	$	20,771	$	21,380	$	19,199
	Share-based compensation	$	3,612	$	2,594	$	1,920

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Components of Accumulated Other Comprehensive Income	The following table rolls forward the components of AOCI, including reclassification adjustments, for the year ended December 31, 2014.
		Unrealized gain/(loss) on available for sale MBS			Unrealized gain/(loss) on unsettled MBS			Unrealized gain/(loss) on other investments			Unrealized gain/(loss) on derivative instruments			Total
	Accumulated other comprehensive income	$	109,490		$	-		$	(627	)	$	(116,915	)	$	(8,052	)
	(loss) at January 1, 2014
	Other comprehensive income (loss) before		127,946			558			32			11,789			140,325
	reclassification
	Balance Sheet Reclassification:
	Amount reclassified to MBS available for sale		-			(516	)		-			(7,011	)		(7,527	)
	Income Statement Reclassification:
	Amounts reclassified to net gain on the sale		(5,196	)		-			-			-			(5,196	)
	of MBS
	Amounts reclassified for termination of all-		-			-			-			5,083			5,083
	in-one cash flow hedge accounting
	on dollar roll TBAs
	Amounts reclassified to interest expense		-			-			-			81,132			81,132
	Net current period other comprehensive		122,750			42			32			90,993			213,817
	income (loss)
	Accumulated other comprehensive income	$	232,240		$	42		$	(595	)	$	(25,922	)	$	205,765
	(loss) at December 31, 2014
	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 MBS			Unrealized gain/(loss) on unsettled MBS			Unrealized gain/(loss) on other investments			Unrealized gain/(loss) on derivative instruments			Total
	Accumulated other comprehensive income	$	499,343		$	1,217		$	(107	)	$	(237,599	)	$	262,854
	(loss) at January 1, 2013
	Other comprehensive income (loss) before		(680,967	)		642			(520	)		(21,054	)		(701,899	)
	reclassification
	Balance Sheet Reclassification:
	Amount reclassified to MBS available for sale		-			(1,859	)		-			24,891			23,032
	Income Statement Reclassifications:
	Amounts reclassified to net loss on the sale		283,012			-			-			-			283,012
	of MBS
	Amounts reclassified for impairment loss on		8,102			-			-			-			8,102
	mortgage-backed securities
	Amounts reclassified to interest expense		-			-			-			116,847			116,847
	Net current period other comprehensive		(389,853	)		(1,217	)		(520	)		120,684			(270,906	)
	income (loss)
	Accumulated other comprehensive income	$	109,490		$	-		$	(627	)	$	(116,915	)	$	(8,052	)
	(loss) at December 31, 2013

Summarized_Quarterly_Financial1

Summarized Quarterly Financial Results (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results of Operations	The following is a presentation of the quarterly results of operations for the years ended December 31, 2014 and 2013.
	Hatteras Financial Corp.
	Consolidated Statements of Income
		For the Three Months Ended
		December 31,			September 30,			June 30,			March 31,
		2014			2014			2014			2014
	(Dollars in thousands, except share related amounts)	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	Interest income:
	Mortgage-backed securities	$	87,702		$	80,969		$	89,458		$	96,307
	Mortgage loans held for investment		35			-			-			-
	Short-term cash investments		324			330			347			282
	Total interest income		88,061			81,299			89,805			96,589
	Interest expense		26,966			31,950			35,128			38,451
	Net interest margin		61,095			49,349			54,677			58,138
	Operating expenses:
	Management fee		4,112			4,122			4,144			4,154
	Share-based compensation		1,020			890			842			860
	General and administrative		3,941			2,113			2,324			2,147
	Total operating expenses		9,073			7,125			7,310			7,161
	Other income (loss):
	Net realized gain (loss) on sale of mortgage-backed securities		2,107			237			(4,584	)		7,436
	Impairment of mortgage-backed securities		-			-			-			-
	Gain on mortgage loans held for investment		8			-			-			-
	Gain (loss) on derivative instruments, net		(79,988	)		35,430			(55,260	)		(41,615	)
	Total other income (loss)		(77,873	)		35,667			(59,844	)		(34,179	)
	Net income (loss)		(25,851	)		77,891			(12,477	)		16,798
	Dividends on preferred stock		5,481			5,480			5,481			5,480
	Net income (loss) available to common shareholders	$	(31,332	)	$	72,411		$	(17,958	)	$	11,318
	Earnings (loss) per share - common stock, basic	$	(0.32	)	$	0.75		$	(0.19	)	$	0.12
	Earnings (loss) per share - common stock, diluted	$	(0.32	)	$	0.75		$	(0.19	)	$	0.12
	Dividends per share of common stock	$	0.5		$	0.5		$	0.5		$	0.5
	Weighted average common shares outstanding, basic		96,728,821			96,563,132			96,515,599			96,606,081
	Weighted average common shares outstanding, diluted		96,728,821			96,563,132			96,515,599			96,606,081
	Hatteras Financial Corp.
	Consolidated Statements of Income
		For the Three Months Ended
		December 31,			September 30,			June 30,			March 31,
		2013			2013			2013			2013
	(Dollars in thousands, except share related amounts)	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	Interest income:
	Mortgage-backed securities	$	104,312		$	107,040		$	115,115		$	124,241
	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 of common stock	$	0.5		$	0.55		$	0.7		$	0.7
	Weighted average common shares outstanding, basic		97,389,614			98,318,205			98,830,054			98,827,587
	Weighted average common shares outstanding, diluted		97,389,614			98,318,205			98,830,054			98,827,587

Organization_and_Business_Desc1

Organization and Business Description - Additional Information (Details)	12 Months Ended
	Dec. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]
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, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accounting Policies [Abstract]
Distributions from taxable income									100.00%
Share-based compensation expense	$1,020	$890	$842	$860	$701	$637	$627	$629	$3,612	$2,594	$1,920

Carrying_Values_and_Fair_Value

Carrying Values and Fair Values of All Financial Instruments (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
MBS	$17,587,010		$17,642,532
Mortgage loans held for investment, at fair value	31,460
Unsettled purchased MBS	24,792
Receivable for securities sold	5,197		231,214
Accrued interest receivable	54,274		55,156
Principal payments receivable	111,439		95,021
Debt security, held-to-maturity	15,000		15,000
Short-term investments	20,252		19,910
Repurchase agreements	15,759,831		16,129,683
Dollar roll liability			351,826
Payable for unsettled securities	24,750
Accrued interest payable	6,968		8,279
Carrying (Reported) Amount, Fair Value Disclosure
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
MBS	17,587,010		17,642,532
Mortgage loans held for investment, at fair value	31,460
Cash and cash equivalents	627,595		988,705
Unsettled purchased MBS	24,792
Receivable for securities sold	5,197		231,214
Accrued interest receivable	54,274		55,156
Principal payments receivable	111,439		95,021
Debt security, held-to-maturity	15,000	[1]	15,000	[1]
Short-term investments	20,252	[1]	19,910	[1]
Interest rate swaps and swaptions	11,050	[2]	15,841	[2]
Futures Contracts asset			11,148	[2]
Forward purchase commitments	16,101	[2]
Repurchase agreements	15,759,831		16,129,683
Dollar roll liability			351,826
Payable for unsettled securities	24,750
Accrued interest payable	6,968		8,279
Interest rate swap liability	42,052	[3]	125,133	[3]
Futures Contracts liability	202,501	[3]	36,733	[3]
Forward purchase commitments	38	[3]	5,741	[3]
Estimate of Fair Value, Fair Value Disclosure
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
MBS	17,587,010		17,642,532
Mortgage loans held for investment, at fair value	31,460
Cash and cash equivalents	627,595		988,705
Unsettled purchased MBS	24,792
Receivable for securities sold	5,197		231,214
Accrued interest receivable	54,274		55,156
Principal payments receivable	111,439		95,021
Debt security, held-to-maturity	14,853	[1]	14,307	[1]
Short-term investments	20,252	[1]	19,910	[1]
Interest rate swaps and swaptions	11,050	[2]	15,841	[2]
Futures Contracts asset			11,148	[2]
Forward purchase commitments	16,101	[2]
Repurchase agreements	15,759,831		16,129,683
Dollar roll liability			351,826
Payable for unsettled securities	24,750
Accrued interest payable	6,968		8,279
Interest rate swap liability	42,052	[3]	125,133	[3]
Futures Contracts liability	202,501	[3]	36,733	[3]
Forward purchase commitments	$38	[3]	$5,741	[3]
[1]	Included in other investments on the consolidated balance sheets.
[2]	Included in derivative assets on the consolidated balance sheets.
[3]	Included in derivative liabilities on the consolidated balance sheets.Â

Schedule_of_Agency_Securities_

Schedule of Agency Securities and MBS Portfolio Includes MBS not Issued or Guaranteed by U.S. Government Agency or U.S. Government Sponsored Entity (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost	$17,354,770	$17,533,042
Gross Unrealized Loss	-35,531	-120,019
Gross Unrealized Gain	267,771	229,509
Mortgage-backed securities, at fair value (including pledged assets of $16,538,214 and $17,049,670 at September 30, 2014 and December 31, 2013, respectively)	17,587,010	17,642,532
Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost	17,279,316
Gross Unrealized Loss	-35,531
Gross Unrealized Gain	267,623
Mortgage-backed securities, at fair value (including pledged assets of $16,538,214 and $17,049,670 at September 30, 2014 and December 31, 2013, respectively)	17,511,408
Non-Agency ARMs
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost	75,454
Gross Unrealized Gain	148
Mortgage-backed securities, at fair value (including pledged assets of $16,538,214 and $17,049,670 at September 30, 2014 and December 31, 2013, respectively)	75,602
Adjustable Rate Residential Mortgage
Schedule Of Available For Sale Securities [Line Items]
Mortgage-backed securities, at fair value (including pledged assets of $16,538,214 and $17,049,670 at September 30, 2014 and December 31, 2013, respectively)	16,310,376	16,401,789
Fixed-Rate
Schedule Of Available For Sale Securities [Line Items]
Mortgage-backed securities, at fair value (including pledged assets of $16,538,214 and $17,049,670 at September 30, 2014 and December 31, 2013, respectively)	1,276,634	1,240,743
Fannie Mae Certificates
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost	10,315,029	10,427,055
Gross Unrealized Loss	-13,737	-46,669
Gross Unrealized Gain	189,066	171,680
Mortgage-backed securities, at fair value (including pledged assets of $16,538,214 and $17,049,670 at September 30, 2014 and December 31, 2013, respectively)	10,490,358	10,552,066
Fannie Mae Certificates | Adjustable Rate Residential Mortgage
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost	9,203,741	9,620,743
Gross Unrealized Loss	-13,737	-44,871
Gross Unrealized Gain	183,889	167,848
Mortgage-backed securities, at fair value (including pledged assets of $16,538,214 and $17,049,670 at September 30, 2014 and December 31, 2013, respectively)	9,373,893	9,743,720
Fannie Mae Certificates | Fixed-Rate
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost	1,111,288	806,312
Gross Unrealized Loss		-1,798
Gross Unrealized Gain	5,177	3,832
Mortgage-backed securities, at fair value (including pledged assets of $16,538,214 and $17,049,670 at September 30, 2014 and December 31, 2013, respectively)	1,116,465	808,346
Freddie Mac Certificates
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost	6,964,287	7,009,751
Gross Unrealized Loss	-21,794	-72,352
Gross Unrealized Gain	78,557	57,829
Mortgage-backed securities, at fair value (including pledged assets of $16,538,214 and $17,049,670 at September 30, 2014 and December 31, 2013, respectively)	7,021,050	6,995,228
Freddie Mac Certificates | Adjustable Rate Residential Mortgage
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost	6,805,885	6,671,013
Gross Unrealized Loss	-21,794	-70,752
Gross Unrealized Gain	76,790	57,808
Mortgage-backed securities, at fair value (including pledged assets of $16,538,214 and $17,049,670 at September 30, 2014 and December 31, 2013, respectively)	6,860,881	6,658,069
Freddie Mac Certificates | Fixed-Rate
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost	158,402	338,738
Gross Unrealized Loss		-1,600
Gross Unrealized Gain	1,767	21
Mortgage-backed securities, at fair value (including pledged assets of $16,538,214 and $17,049,670 at September 30, 2014 and December 31, 2013, respectively)	160,169	337,159
Ginnie Mae Certificates
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost		96,236
Gross Unrealized Loss		-998
Mortgage-backed securities, at fair value (including pledged assets of $16,538,214 and $17,049,670 at September 30, 2014 and December 31, 2013, respectively)		95,238
Ginnie Mae Certificates | Fixed-Rate
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost		96,236
Gross Unrealized Loss		-998
Mortgage-backed securities, at fair value (including pledged assets of $16,538,214 and $17,049,670 at September 30, 2014 and December 31, 2013, respectively)		$95,238

Components_of_Carrying_Value_o

Components of Carrying Value of Available-For-Sale MBS (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investments Debt And Equity Securities [Abstract]
Principal balance	$16,864,583	$17,044,190
Unamortized premium	490,187	488,854
Unamortized discount		-2
Gross Unrealized Gain	267,771	229,509
Gross Unrealized Loss	-35,531	-120,019
Mortgage-backed securities, at fair value (including pledged assets of $16,538,214 and $17,049,670 at September 30, 2014 and December 31, 2013, respectively)	$17,587,010	$17,642,532

Schedule_Of_Interest_Income_De

Schedule Of Interest Income (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investments Debt And Equity Securities [Abstract]
Coupon interest									$456,415	$616,632	$667,644
Net premium amortization									-101,979	-165,924	-162,844
Interest income	$87,702	$80,969	$89,458	$96,307	$104,312	$107,040	$115,115	$124,241	$354,436	$450,708	$504,800

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, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investments Debt And Equity Securities [Abstract]
Gross gains									$15,821	$18,717	$66,084
Gross losses									-10,625	-301,729	-1,737
Net gain (loss)	$2,107	$237	($4,584)	$7,436	($68,679)	($225,635)	$8,802	$2,500	$5,196	($283,012)	$64,347

Schedule_of_MBS_in_Unrealized_

Schedule of MBS in Unrealized Loss Position (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Securities	Securities
Schedule Of Available For Sale Securities [Line Items]
Fair Market Value - Less than 12 months	$1,305,594	$7,973,580
Unrealized Loss - Less than 12 months	-2,032	-120,019
Fair Market Value - Greater than 12 Months	3,043,913
Unrealized Loss - Greater than 12 Months	-33,499
Total - Fair Market Value	4,349,507	7,973,580
Total - Unrealized Loss	-35,531	-120,019
Number of securities in an unrealized loss position, Less than 12 Months	56	279
Number of securities in an unrealized loss position, Greater than 12 Months	108
Number of securities in an unrealized loss position, Total	164	279
Fannie Mae Certificates | Adjustable Rate Residential Mortgage
Schedule Of Available For Sale Securities [Line Items]
Fair Market Value - Less than 12 months	806,600	3,233,274
Unrealized Loss - Less than 12 months	-1,240	-44,871
Fair Market Value - Greater than 12 Months	1,306,153
Unrealized Loss - Greater than 12 Months	-12,497
Total - Fair Market Value	2,112,753	3,233,274
Total - Unrealized Loss	-13,737	-44,871
Fannie Mae Certificates | Fixed-Rate
Schedule Of Available For Sale Securities [Line Items]
Fair Market Value - Less than 12 months		281,760
Unrealized Loss - Less than 12 months		-1,798
Total - Fair Market Value		281,760
Total - Unrealized Loss		-1,798
Freddie Mac Certificates | Adjustable Rate Residential Mortgage
Schedule Of Available For Sale Securities [Line Items]
Fair Market Value - Less than 12 months	498,994	4,046,473
Unrealized Loss - Less than 12 months	-792	-70,752
Fair Market Value - Greater than 12 Months	1,737,760
Unrealized Loss - Greater than 12 Months	-21,002
Total - Fair Market Value	2,236,754	4,046,473
Total - Unrealized Loss	-21,794	-70,752
Freddie Mac Certificates | Fixed-Rate
Schedule Of Available For Sale Securities [Line Items]
Fair Market Value - Less than 12 months		316,835
Unrealized Loss - Less than 12 months		-1,600
Total - Fair Market Value		316,835
Total - Unrealized Loss		-1,600
Ginnie Mae Certificates | Fixed-Rate
Schedule Of Available For Sale Securities [Line Items]
Fair Market Value - Less than 12 months		95,238
Unrealized Loss - Less than 12 months		-998
Total - Fair Market Value		95,238
Total - Unrealized Loss		($998)

MortgageBacked_Securities_Addi

Mortgage-Backed Securities - Additional Information (Details) (USD $)	3 Months Ended	12 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2013	Dec. 31, 2014	Sep. 30, 2013
Schedule Of Available For Sale Securities [Line Items]
Impairment loss on mortgage-backed securities	$8,102	$8,102
Minimum
Schedule Of Available For Sale Securities [Line Items]
Contractual maturity of Company's agency securities, in years			15 years
Maximum
Schedule Of Available For Sale Securities [Line Items]
Contractual maturity of Company's agency securities, in years			30 years
Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Impairment loss on mortgage-backed securities			0	$8,102

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, 2014	Dec. 31, 2013
Mortgage Loans On Real Estate [Line Items]
Fair Value	$17,587,010	$17,642,532
Minimum
Mortgage Loans On Real Estate [Line Items]
Weighted Average Coupon	2.75%
Maximum
Mortgage Loans On Real Estate [Line Items]
Weighted Average Coupon	3.75%
Adjustable Rate Residential Mortgage
Mortgage Loans On Real Estate [Line Items]
Fair Value	16,310,376	16,401,789
% of Total	100.00%	100.00%
Weighted Average Coupon	2.75%	2.80%
Adjustable Rate Residential Mortgage | 0 - 12 Months
Mortgage Loans On Real Estate [Line Items]
Fair Value	2,272,988	1,236,878
% of Total	14.00%	7.50%
Weighted Average Coupon	3.02%	3.15%
Adjustable Rate Residential Mortgage | 0 - 12 Months | Minimum
Mortgage Loans On Real Estate [Line Items]
Months to Coupon Reset or Contractual Payment	0 months
Adjustable Rate Residential Mortgage | 0 - 12 Months | Maximum
Mortgage Loans On Real Estate [Line Items]
Months to Coupon Reset or Contractual Payment	12 months
Adjustable Rate Residential Mortgage | 13 - 24 Months
Mortgage Loans On Real Estate [Line Items]
Fair Value	1,799,368	1,614,081
% of Total	11.00%	9.80%
Weighted Average Coupon	2.97%	3.49%
Adjustable Rate Residential Mortgage | 13 - 24 Months | Minimum
Mortgage Loans On Real Estate [Line Items]
Months to Coupon Reset or Contractual Payment	13 months
Adjustable Rate Residential Mortgage | 13 - 24 Months | Maximum
Mortgage Loans On Real Estate [Line Items]
Months to Coupon Reset or Contractual Payment	24 months
Adjustable Rate Residential Mortgage | 25 - 36 Months
Mortgage Loans On Real Estate [Line Items]
Fair Value	2,026,261	2,321,985
% of Total	12.40%	14.20%
Weighted Average Coupon	2.73%	2.99%
Adjustable Rate Residential Mortgage | 25 - 36 Months | Minimum
Mortgage Loans On Real Estate [Line Items]
Months to Coupon Reset or Contractual Payment	25 months
Adjustable Rate Residential Mortgage | 25 - 36 Months | Maximum
Mortgage Loans On Real Estate [Line Items]
Months to Coupon Reset or Contractual Payment	36 months
Adjustable Rate Residential Mortgage | 37 - 48 Months
Mortgage Loans On Real Estate [Line Items]
Fair Value	2,268,665	2,524,939
% of Total	13.90%	15.40%
Weighted Average Coupon	2.89%	2.73%
Adjustable Rate Residential Mortgage | 37 - 48 Months | Minimum
Mortgage Loans On Real Estate [Line Items]
Months to Coupon Reset or Contractual Payment	37 months
Adjustable Rate Residential Mortgage | 37 - 48 Months | Maximum
Mortgage Loans On Real Estate [Line Items]
Months to Coupon Reset or Contractual Payment	48 months
Adjustable Rate Residential Mortgage | 49 - 60 Months
Mortgage Loans On Real Estate [Line Items]
Fair Value	5,855,524	2,483,318
% of Total	35.90%	15.10%
Weighted Average Coupon	2.52%	2.94%
Adjustable Rate Residential Mortgage | 49 - 60 Months | Minimum
Mortgage Loans On Real Estate [Line Items]
Months to Coupon Reset or Contractual Payment	49 months
Adjustable Rate Residential Mortgage | 49 - 60 Months | Maximum
Mortgage Loans On Real Estate [Line Items]
Months to Coupon Reset or Contractual Payment	60 months
Adjustable Rate Residential Mortgage | 61 - 72 Months
Mortgage Loans On Real Estate [Line Items]
Fair Value	880,039	4,750,098
% of Total	5.40%	29.00%
Weighted Average Coupon	2.52%	2.46%
Adjustable Rate Residential Mortgage | 61 - 72 Months | Minimum
Mortgage Loans On Real Estate [Line Items]
Months to Coupon Reset or Contractual Payment	61 months
Adjustable Rate Residential Mortgage | 61 - 72 Months | Maximum
Mortgage Loans On Real Estate [Line Items]
Months to Coupon Reset or Contractual Payment	72 months
Adjustable Rate Residential Mortgage | 73 - 84 Months
Mortgage Loans On Real Estate [Line Items]
Fair Value	1,207,531	1,470,490
% of Total	7.40%	9.00%
Weighted Average Coupon	2.98%	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 months
Adjustable Rate Residential Mortgage | 73 - 84 Months | Maximum
Mortgage Loans On Real Estate [Line Items]
Months to Coupon Reset or Contractual Payment	84 months
Fixed Rate Residential Mortgage
Mortgage Loans On Real Estate [Line Items]
Fair Value	1,276,634	1,240,743
% of Total	100.00%	100.00%
Weighted Average Coupon	3.47%	3.46%
Fixed Rate Residential Mortgage | 121-132 Months
Mortgage Loans On Real Estate [Line Items]
Fair Value	73,814
% of Total	5.80%
Weighted Average Coupon	3.50%
Fixed Rate Residential Mortgage | 133-144 Months
Mortgage Loans On Real Estate [Line Items]
Fair Value	589,051	75,693
% of Total	46.10%	6.10%
Weighted Average Coupon	3.50%	3.50%
Fixed Rate Residential Mortgage | 133-144 Months | Minimum
Mortgage Loans On Real Estate [Line Items]
Weighted Average Months to Maturity	133 months
Fixed Rate Residential Mortgage | 133-144 Months | Maximum
Mortgage Loans On Real Estate [Line Items]
Weighted Average Months to Maturity	144 months
Fixed Rate Residential Mortgage | 145-156 Months
Mortgage Loans On Real Estate [Line Items]
Fair Value	613,769	477,544
% of Total	48.10%	38.50%
Weighted Average Coupon	3.43%	3.50%
Fixed Rate Residential Mortgage | 145-156 Months | Minimum
Mortgage Loans On Real Estate [Line Items]
Weighted Average Months to Maturity	145 months
Fixed Rate Residential Mortgage | 145-156 Months | Maximum
Mortgage Loans On Real Estate [Line Items]
Weighted Average Months to Maturity	156 months
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	0.00%	3.00%
Fixed Rate Residential Mortgage | 157-168 Months | Minimum
Mortgage Loans On Real Estate [Line Items]
Weighted Average Months to Maturity	157 months
Fixed Rate Residential Mortgage | 157-168 Months | Maximum
Mortgage Loans On Real Estate [Line Items]
Weighted Average Months to Maturity	168 months
Fixed Rate Residential Mortgage | 169-180 Months
Mortgage Loans On Real Estate [Line Items]
Fair Value		$592,268
% of Total		47.70%
Weighted Average Coupon	0.00%	3.50%
Fixed Rate Residential Mortgage | 169-180 Months | Minimum
Mortgage Loans On Real Estate [Line Items]
Weighted Average Months to Maturity	169 months
Fixed Rate Residential Mortgage | 169-180 Months | Maximum
Mortgage Loans On Real Estate [Line Items]
Weighted Average Months to Maturity	180 months

Recovered_Sheet1

Mortgage Loans Held for Investment - Additional Information (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Investments Classified By Contractual Maturity Date [Line Items]
Unpaid principal balance	30,792
Fair value	31,460
Past due on mortgage loan	0
Nonaccural status on mortgage loan	0
Maximum
Investments Classified By Contractual Maturity Date [Line Items]
Unpaid principal balance	1,332
California
Investments Classified By Contractual Maturity Date [Line Items]
Mortgage loans held for sale percentage	82.00%
Other Than California Properties | Maximum
Investments Classified By Contractual Maturity Date [Line Items]
Mortgage loans held for sale percentage	5.00%

Components_for_Mortgage_Loan_P

Components for Mortgage Loan Portfolio (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
	FICO_Score
Schedule Of Available For Sale Securities [Line Items]
Unpaid principal balance	$30,792
Minimum
Schedule Of Available For Sale Securities [Line Items]
Unpaid principal balance	447
Interest rate	2.75%
Maturity	2044-06
FICO score at loan origination	705
Loan-to-value ratio at loan origination	28.00%
Maximum
Schedule Of Available For Sale Securities [Line Items]
Unpaid principal balance	1,332
Interest rate	3.75%
Maturity	2044-12
FICO score at loan origination	813
Loan-to-value ratio at loan origination	80.00%
Weighted Average
Schedule Of Available For Sale Securities [Line Items]
Unpaid principal balance	$790
Interest rate	3.43%
Maturity	2044-09
FICO score at loan origination	762
Loan-to-value ratio at loan origination	65.00%

Reconciliation_of_Mortgage_Loa

Reconciliation of Mortgage Loans Held for Investment (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2014
Gains included in net income:
Interest income		$35
Gain on mortgage loans held for investment	8	8
Total gains included in net income		43
Settlements		-46
Purchases		31,463
Fair value, end of period	$31,460	$31,460

Schedule_of_Unobservable_Input

Schedule of Unobservable Inputs Used in Level 3 Valuation of Mortgage Loans Held for Investment (Details) (Mortgage Held for Investment, Level 3)	12 Months Ended
	Dec. 31, 2014
Minimum
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	3.60%
Conditional refinance rate	12.40%
Default rate	0.00%
Loss severity	10.20%
Maximum
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	3.90%
Conditional refinance rate	19.30%
Default rate	1.50%
Loss severity	19.90%
Weighted Average
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	3.80%
Conditional refinance rate	15.30%
Default rate	0.40%
Loss severity	13.80%

Summary_Of_Other_Investments_D

Summary Of Other Investments (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule Of Investments [Abstract]
Short-term investments	$20,252	$19,910
Debt security, held-to-maturity	15,000	15,000
Equity investment	6,000
Total other investments	$41,252	$34,910

Other_Investments_Additional_I

Other Investments - Additional Information (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Schedule Of Held To Maturity Securities [Line Items]
Debt security, held-to-maturity	$15,000	$15,000
Equity investment in non-public repurchase lending counterparty	6,000
Maturity date	24-Mar-19
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	$14,853	$14,307
London Interbank Offered Rate (LIBOR)
Schedule Of Held To Maturity Securities [Line Items]
Debt security, variable rate basis added to LIBOR to determine interest rate	4.00%

Repurchase_Agreements_Addition

Repurchase Agreements - Additional Information (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
	Person	Person
Banking And Thrift [Abstract]
Number of counterparties in repurchase agreements	25	25
Weighted average contractual maturity of the repurchase agreements outstanding (in months)	1 month	24 days
Fair value of assets pledged as collateral under repurchase agreements	$16,575,106	$17,088,392

Contractual_Maturity_Informati

Contractual Maturity Information Regarding Repurchase Agreements (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets Sold Under Agreements To Repurchase [Line Items]
Balance, repurchase agreement	$15,759,831	$16,129,683
Weighted Average Contractual Rate	0.36%	0.37%
Within 30 days
Assets Sold Under Agreements To Repurchase [Line Items]
Balance, repurchase agreement	13,770,099	13,170,898
Weighted Average Contractual Rate	0.35%	0.37%
30 days to 3 months
Assets Sold Under Agreements To Repurchase [Line Items]
Balance, repurchase agreement	1,489,732	2,958,785
Weighted Average Contractual Rate	0.36%	0.40%
3 months to 36 months
Assets Sold Under Agreements To Repurchase [Line Items]
Balance, repurchase agreement	$500,000
Weighted Average Contractual Rate	0.53%

Schedule_of_Location_of_Deriva

Schedule of Location of Derivatives on Balance Sheet (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivatives Fair Value [Line Items]
Derivative assets	$27,151	$26,989
Derivative liabilities	244,591	167,607
Interest Rate Swaps and Swaptions | Derivative Assets
Derivatives Fair Value [Line Items]
Derivative assets	11,050	15,841
Futures Contracts | Derivative Assets
Derivatives Fair Value [Line Items]
Derivative assets		11,148
Futures Contracts | Derivative Liabilities
Derivatives Fair Value [Line Items]
Derivative liabilities	202,501	36,733
Forward Purchase Commitments - MBS | Derivative Assets
Derivatives Fair Value [Line Items]
Derivative assets	16,101
Forward Purchase Commitments - MBS | Derivative Liabilities
Derivatives Fair Value [Line Items]
Derivative liabilities	36	5,741
Interest Rate Swap | Derivative Liabilities
Derivatives Fair Value [Line Items]
Derivative liabilities	42,052	125,133
Forward Purchase Commitments - Mortgage Loans | Derivative Liabilities
Derivatives Fair Value [Line Items]
Derivative liabilities	$2

Recovered_Sheet2

Derivatives and other Hedging Instruments - Additional Information (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Estimated amount related to derivatives reclassified to interest expense during the next 12 months	$30,715
The weighted-average remaining term of swaps	16 months
Maximum leverage ratio the Company can reach before it could be in default of one of its derivative obligations	1000.00%
Other Purchase Commitment
Derivative [Line Items]
Derivatives	4,156	-658
Mortgage Loan Purchase Commitments
Derivative [Line Items]
Derivatives	-2
ARM TBA contracts
Derivative [Line Items]
Derivative term of contract	15 years
Eurodollar Future
Derivative [Line Items]
Derivative term of contract	3 months
Notional Amount	1,000
Fair value of derivatives in net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to agreements	$42,052

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, 2014	Dec. 31, 2013
Interest Rate Swap
Derivative [Line Items]
Notional Value, Beginning of period	$10,500,000	$10,700,000
Additions		800,000
Expirations and terminations	-2,200,000	-1,000,000
Notional Value, End of period	$8,300,000	$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, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments Gain Loss [Line Items]
Weighted Average Fixed Interest Rate in Contract	1.28%
Weighted Average Remaining Term in Months	16 months
Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Notional Amount	8,300,000	$10,500,000	$10,700,000
12 Months or Less
Derivative Instruments Gain Loss [Line Items]
Weighted Average Fixed Interest Rate in Contract	1.73%
Weighted Average Remaining Term in Months	6 months
Maturity - lower remaining maturity range	0 months
Maturity - higher remaining maturity range	12 months
12 Months or Less | Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Notional Amount	3,700,000
Over 12 Months to 24 Months
Derivative Instruments Gain Loss [Line Items]
Weighted Average Fixed Interest Rate in Contract	0.92%
Weighted Average Remaining Term in Months	18 months
Maturity - lower remaining maturity range	12 months
Maturity - higher remaining maturity range	24 months
Over 12 Months to 24 Months | Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Notional Amount	2,400,000
Over 24 Months to 36 Months
Derivative Instruments Gain Loss [Line Items]
Weighted Average Fixed Interest Rate in Contract	0.89%
Weighted Average Remaining Term in Months	29 months
Maturity - lower remaining maturity range	24 months
Maturity - higher remaining maturity range	36 months
Over 24 Months to 36 Months | Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Notional Amount	1,800,000
Over 36 Months to 48 Months
Derivative Instruments Gain Loss [Line Items]
Weighted Average Fixed Interest Rate in Contract	0.96%
Weighted Average Remaining Term in Months	38 months
Maturity - lower remaining maturity range	36 months
Maturity - higher remaining maturity range	48 months
Over 36 Months to 48 Months | Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Notional Amount	400,000

Schedule_of_Outstanding_Intere

Schedule of Outstanding Interest Rate Swaptions (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Derivative [Line Items]
Weighted Average Remaining Term in Months	16 months
Options
Derivative [Line Items]
Original Cost	20,080
Fair Value	4,561
Weighted Average Remaining Term in Months	6 months
Underlying Swaps
Derivative [Line Items]
Notional Amount	992,300
Weighted Average Fixed Pay Rate	2.74%
Receive Rate	3 month LIBOR
Weighted Average Term (Years)	7 years

Schedule_of_Composition_of_Fut

Schedule of Composition of Futures Contracts (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]
Total fair value of Futures Contracts	($202,501)	($25,585)
Futures Contracts Designed to Replicate Swaps
Derivative [Line Items]
Total fair value of Futures Contracts	-202,202	-27,881
Futures Contracts Designed to Hedge Value Changes in Forward Purchases
Derivative [Line Items]
Total fair value of Futures Contracts	($299)	$2,296

Schedule_of_Volume_of_Activity

Schedule of Volume of Activity Futures Contracts (Details) (Eurodollar Future)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
	Contract	Contract
Eurodollar Future
Derivatives Fair Value [Line Items]
Number of contracts, Beginning of period	95,327
New positions opened	136,610	125,860
Early settlements	-93,053	-28,164
Settlements at maturity	-8,810	-2,369
Number of contracts, End of period	130,074	95,327

Schedule_of_ARM_Securities_For

Schedule of ARM Securities Forward Purchase Commitments with Brokers (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Forward purchase agreements - Face	$20,095
Forward purchase agreements - Cost	20,553
Forward purchase agreements - Fair Value	20,517
Forward purchase agreements - Net Asset (Liability)	($36)

Schedule_of_Mortgage_Backed_Se

Schedule of Mortgage Backed Securities (Details) (TBA Dollar Roll, USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
TBA Dollar Roll
Schedule Of Investment Income Reported Amounts By Category [Line Items]
TBA dollar roll securities - Face	$3,400,000	$600,000
TBA dollar roll securities - Cost	3,509,871	632,270
TBA dollar roll securities - Fair Market Value	3,521,816	627,187
TBA dollar roll securities - Net Asset (Liability)	$11,945	($5,083)

Gross_Amounts_Associated_with_

Gross Amounts Associated with Derivative Financial Instruments (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Interest Rate Swap
Derivative [Line Items]
Assets/(Liabilities)	$6,489	$15,841
Net Asset/(Liability)	6,489	15,841
Interest Rate Swaptions
Derivative [Line Items]
Assets/(Liabilities)	4,561
Cash Collateral Posted (Held)	-1,558
Net Asset/(Liability)	3,003
Second Forward Purchase Commitments
Derivative [Line Items]
Assets/(Liabilities)	16,101
Net Asset/(Liability)	16,101
Second Interest Rate Swap
Derivative [Line Items]
Cash Collateral Posted (Held)	66,653	133,661
Net Asset/(Liability)	24,601	8,528
Assets/(Liabilities)	-42,052	-125,133
Forward Purchase Commitments
Derivative [Line Items]
Cash Collateral Posted (Held)	5,585	14,005
Net Asset/(Liability)	5,547	8,264
Assets/(Liabilities)	-38	-5,741
Second Futures Contracts
Derivative [Line Items]
Cash Collateral Posted (Held)	251,553	77,713
Net Asset/(Liability)	49,052	40,980
Assets/(Liabilities)	-202,501	-36,733
Futures Contracts
Derivative [Line Items]
Assets/(Liabilities)		11,148
Net Asset/(Liability)		$11,148

The_Components_of_Loss_on_Deri

The Components of Loss on Derivative Instruments Net (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments Gain Loss [Line Items]
Net realized and unrealized gains (losses) on TBA dollar rolls	($79,988)	$35,430	($55,260)	($41,615)	$2,205	($77,456)	$5,485	$51	($141,433)	($69,715)
Loss on derivative instruments, net									-141,433	-69,715
Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Fair value adjustments									73,729	25,036
Monthly net settlements									-113,919	-30,985
Interest Rate Swaptions
Derivative Instruments Gain Loss [Line Items]
Fair value adjustments									-15,520
Futures Contracts
Derivative Instruments Gain Loss [Line Items]
Fair value adjustments									-176,916	-25,585
Realized losses									-29,423	-33,298
Mortgage Loan Purchase Commitments
Derivative Instruments Gain Loss [Line Items]
Fair value adjustments									-2
TBA Dollar Roll
Derivative Instruments Gain Loss [Line Items]
TBA dollar roll income									92,008	5,605
Net realized and unrealized gains (losses) on TBA dollar rolls									$28,610	($10,488)

Schedule_of_Location_of_Deriva1

Schedule of Location of Derivatives on Net Income and Other Comprehensive Income Statement (Details) (Interest Rate Contract, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest Rate Contract
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Amount of gain (loss) recognized in OCI (effective portion)		$15,030	($141,392)
Amount of loss reclassified from OCI into net income as interest expense (effective portion)	-81,132	-116,847	-116,792
Amount of loss recognized in net income as interest expense (ineffective portion)		($205)	($178)

Schedule_of_Interest_Rate_Swap

Schedule of Interest Rate Swap Agreements on Accumulated Other Comprehensive Income (Details) (Interest Rate Swap, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Interest Rate Swap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Beginning balance	($111,174)	($243,051)
Unrealized gain on interest rate swaps		15,030
Reclassification of net losses included in income statement	81,132	116,847
Ending balance	($30,042)	($111,174)

Capital_Stock_Additional_Infor

Capital Stock - Additional Information (Details) (USD $)	0 Months Ended	12 Months Ended		0 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 30, 2012	Dec. 31, 2014	Dec. 31, 2013	Aug. 27, 2012	Jun. 18, 2013	Aug. 16, 2012	Dec. 31, 2012
Class Of Stock [Line Items]
Increased number of authorized preferred stock		25,000,000	25,000,000			10,000,000
7.625% Series A Cumulative Redeemable Preferred stock, par value		$0.00	$0.00			$0.00
Series A preferred stock dividend rate per year		7.63%	7.63%
Total liquidation preference value		$287,500	$287,500
Issuance of Common stock, offering price	$26.81
Issuance of common stock net proceed	539,327
Common stock available for sale		200,000,000	200,000,000
Common stock share authorized to repurchase		7,414,553			10,000,000
Stock repurchased during period, shares		100,000	2,485,447
Stock repurchased during period, value		1,912	43,881
2012 Program
Class Of Stock [Line Items]
Common stock available for sale							10,000,000
Common Stock
Class Of Stock [Line Items]
Issuance of Common stock, shares	20,125,000
Stock repurchased during period, value			2
Common Stock | Over-Allotment Option
Class Of Stock [Line Items]
Issuance of Common stock, shares	2,625,000
Redeemable Preferred Stock
Class Of Stock [Line Items]
7.625% Series A Cumulative Redeemable Preferred stock, par value				$0.00
Issuance of Common stock, shares				11,500,000
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
Series A preferred stock, redemption date				27-Aug-17

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, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Basic earnings per share:
Net income (loss)	($25,851)	$77,891	($12,477)	$16,798	($9,968)	($262,146)	$70,739	$67,239	$56,361	($134,136)	$349,245
Less preferred stock dividends	-5,481	-5,480	-5,481	-5,480	-5,481	-5,481	-5,480	-5,480	-21,922	-21,922	-7,551
Net income (loss) available to common shareholders	-31,332	72,411	-17,958	11,318	-15,449	-267,627	65,259	61,759	34,439	-156,058	341,694
Weighted average shares	96,728,821	96,563,132	96,515,599	96,606,081	97,389,614	98,318,205	98,830,054	98,827,587	96,603,634	98,337,362	93,185,520
Basic earnings (loss) per share	($0.32)	$0.75	($0.19)	$0.12	($0.16)	($2.72)	$0.66	$0.62	$0.36	($1.59)	$3.67
Diluted earnings per share:
Net income (loss)	-25,851	77,891	-12,477	16,798	-9,968	-262,146	70,739	67,239	56,361	-134,136	349,245
Less preferred stock dividends	-5,481	-5,480	-5,481	-5,480	-5,481	-5,481	-5,480	-5,480	-21,922	-21,922	-7,551
Net income (loss) available to common shareholders									$34,439	($156,058)	$341,694
Weighted average shares	96,728,821	96,563,132	96,515,599	96,606,081	97,389,614	98,318,205	98,830,054	98,827,587	96,603,634	98,337,362	93,185,520
Diluted weighted average shares	96,728,821	96,563,132	96,515,599	96,606,081	97,389,614	98,318,205	98,830,054	98,827,587	96,603,634	98,337,362	93,185,520
Diluted earnings (loss) per share	($0.32)	$0.75	($0.19)	$0.12	($0.16)	($2.72)	$0.66	$0.62	$0.36	($1.59)	$3.67

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, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards relating to shares of common stock available for grant	258,592								258,592
Stock granted under plan period									10 years
Share-based compensation expense	$1,020	$890	$842	$860	$701	$637	$627	$629	$3,612	$2,594	$1,920
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued									269,635	264,316
Restricted stock expense									321
Share-based compensation expense									3,291
Unrecorded compensation expenses	12,436								12,436
Weighted average remaining period of recognition (in years)									3 years 8 months 12 days
Total fair value of restricted stock awards									$2,658	$1,871	$1,807
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Period									3 years
Minimum | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Period									3 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Period									5 years
Maximum | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Period									5 years

Information_About_Companys_Res

Information About Company's Restricted Stock Awards (Details) (Restricted Stock Awards, USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock Awards
Shares of Restricted Stock
Shares non-vested at beginning of year	524,248	351,192
Granted	269,635	264,316
Vested	-140,592	-91,260
Shares non-vested at end of year	653,291	524,248
Weighted Average Price on Grant Date
Beginning balance	$23.22	$27.75
Granted	$19.30	$18.76
Vested	$24.32	$27.69
Ending balance	$21.37	$23.22

Transactions_with_Related_Part2

Transactions with Related Parties - Additional Information (Details) (USD $)	1 Months Ended	12 Months Ended
	Oct. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
		Person
Related Party Transaction [Line Items]
Number of independent directors		5
Management agreement initial expiration date		23-Feb-16
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		$3,198,000	$2,752,000
Financial interest at an annual rate	300,000
Company's Equity Up To $250 Million
Related Party Transaction [Line Items]
Management fee payable		250,000,000
Management fee bases per annum		1.50%
Company's Equity In Excess Of $250 Million And Up To $500 Million
Related Party Transaction [Line Items]
Management fee payable		500,000,000
Management fee bases per annum		1.10%
Management fee payable, minimum		250,000,000
Company's Equity In Excess Of $500 Million And Up To $750 Million
Related Party Transaction [Line Items]
Management fee payable		750,000,000
Management fee bases per annum		0.80%
Management fee payable, minimum		500,000,000
Company's Equity In Excess Of $750 Million
Related Party Transaction [Line Items]
Management fee payable		$750,000,000
Management fee bases per annum		0.50%

Amounts_Incurred_for_Managemen

Amounts Incurred for Management Fee and Reimbursable Expenses (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transactions [Abstract]
Management fee	$4,112	$4,122	$4,144	$4,154	$4,224	$4,522	$4,714	$4,720	$16,532	$18,180	$17,420
Reimbursable Expenses									4,239	3,200	1,779
Total									20,771	21,380	19,199
Share-based compensation	$1,020	$890	$842	$860	$701	$637	$627	$629	$3,612	$2,594	$1,920

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance accumulated other comprehensive income (loss)	($8,052)	$262,854
Other comprehensive income (loss) before reclassification	140,325	-701,899
Amount reclassified to MBS available for sale	-7,527	23,032
Amounts reclassified to net gain/loss on the sale of MBS	-5,196	283,012
Amounts reclassified for termination of all- in-one cash flow hedge accounting on dollar roll TBAs	5,083
Amounts reclassified for impairment loss on mortgage-backed securities		8,102
Amounts reclassified to interest expense	81,132	116,847
Net current period other comprehensive income (loss)	90,993	120,684	-25,476
Other comprehensive income (loss)	213,817	-270,906	89,532
Ending balance accumulated other comprehensive income (loss)	205,765	-8,052	262,854
Derivative Instruments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	-116,915	-237,599
Other comprehensive income (loss) before reclassification	11,789	-21,054
Amount reclassified to MBS available for sale	-7,011	24,891
Amounts reclassified for termination of all- in-one cash flow hedge accounting on dollar roll TBAs	5,083
Amounts reclassified to interest expense	81,132	116,847
Net current period other comprehensive income (loss)	90,993	120,684
Ending balance	-25,922	-116,915
Other Investments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance accumulated other comprehensive income (loss)	-627	-107
Other comprehensive income (loss) before reclassification	32	-520
Net current period other comprehensive income (loss)	32	-520
Ending balance accumulated other comprehensive income (loss)	-595	-627
Available-for-sale MBS
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance accumulated other comprehensive income (loss)	109,490	499,343
Other comprehensive income (loss) before reclassification	127,946	-680,967
Amounts reclassified to net gain/loss on the sale of MBS	-5,196	283,012
Amounts reclassified for impairment loss on mortgage-backed securities		8,102
Net current period other comprehensive income (loss)	122,750	-389,853
Ending balance accumulated other comprehensive income (loss)	232,240	109,490
Unsettled MBS
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance accumulated other comprehensive income (loss)		1,217
Other comprehensive income (loss) before reclassification	558	642
Amount reclassified to MBS available for sale	-516	-1,859
Net current period other comprehensive income (loss)	42	-1,217
Ending balance accumulated other comprehensive income (loss)	$42

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, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest income:
Mortgage-backed securities	$87,702	$80,969	$89,458	$96,307	$104,312	$107,040	$115,115	$124,241	$354,436	$450,708	$504,800
Mortgage loans held for investment	35								35
Short-term cash investments	324	330	347	282	456	303	359	442	1,283	1,560	1,508
Total interest income	88,061	81,299	89,805	96,589	104,768	107,343	115,474	124,683
Interest expense	26,966	31,950	35,128	38,451	40,754	51,599	52,079	53,277	132,495	197,709	197,064
Net interest margin	61,095	49,349	54,677	58,138	64,014	55,744	63,395	71,406	223,259	254,559	309,244
Operating expenses:
Management fee	4,112	4,122	4,144	4,154	4,224	4,522	4,714	4,720	16,532	18,180	17,420
Share-based compensation	1,020	890	842	860	701	637	627	629	3,612	2,594	1,920
General and administrative	3,941	2,113	2,324	2,147	2,583	1,538	1,602	1,369	10,525	7,092	5,006
Total operating expenses	9,073	7,125	7,310	7,161	7,508	6,697	6,943	6,718	30,669	27,866	24,346
Other income (loss):
Net realized gain (loss) on sale of mortgage-backed securities	2,107	237	-4,584	7,436	-68,679	-225,635	8,802	2,500	5,196	-283,012	64,347
Impairment of mortgage-backed securities						-8,102				-8,102
Gain on mortgage loans held for investment	8								8
Gain (loss) on derivative instruments, net	-79,988	35,430	-55,260	-41,615	2,205	-77,456	5,485	51	-141,433	-69,715
Total other income (loss)	-77,873	35,667	-59,844	-34,179	-66,474	-311,193	14,287	2,551	-136,229	-360,829	64,347
Net income (loss)	-25,851	77,891	-12,477	16,798	-9,968	-262,146	70,739	67,239	56,361	-134,136	349,245
Dividends on preferred stock	5,481	5,480	5,481	5,480	5,481	5,481	5,480	5,480	21,922	21,922	7,551
Net income (loss) available to common shareholders	($31,332)	$72,411	($17,958)	$11,318	($15,449)	($267,627)	$65,259	$61,759	$34,439	($156,058)	$341,694
Earnings (loss) per share - common stock, basic	($0.32)	$0.75	($0.19)	$0.12	($0.16)	($2.72)	$0.66	$0.62	$0.36	($1.59)	$3.67
Earnings (loss) per share - common stock, diluted	($0.32)	$0.75	($0.19)	$0.12	($0.16)	($2.72)	$0.66	$0.62	$0.36	($1.59)	$3.67
Dividends per share of common stock	$0.50	$0.50	$0.50	$0.50	$0.50	$0.55	$0.70	$0.70	$2	$2.45	$3.30
Weighted average common shares outstanding, basic	96,728,821	96,563,132	96,515,599	96,606,081	97,389,614	98,318,205	98,830,054	98,827,587	96,603,634	98,337,362	93,185,520
Weighted average common shares outstanding, diluted	96,728,821	96,563,132	96,515,599	96,606,081	97,389,614	98,318,205	98,830,054	98,827,587	96,603,634	98,337,362	93,185,520