Hatteras Financial (HTS) 10-K 24 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 23, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	HTS
Entity Registrant Name	HATTERAS FINANCIAL CORP
Entity Central Index Key	1,419,521
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		94,533,206
Entity Public Float			$ 1,577,685,818

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Assets
Mortgage-backed securities, at fair value (including pledged assets of $13,932,415 and $16,538,214, respectively)		$ 14,302,230	$ 17,587,010
Agency CRT securities, at fair value		109,387
Mortgage loans held for investment, at fair value (including pledged assets of $50,143 and $0, respectively)		116,857	31,460
Mortgage loans held for investment in securitization trusts, at fair value		226,908
Mortgage loans held for sale, at fair value (including pledged assets of $17,542 and $0, respectively)		17,542
Mortgage servicing rights, at fair value		269,926
Cash and cash equivalents (including pledged cash of $376,081 and $323,791, respectively)		816,715	627,595
Unsettled purchased mortgage-backed securities, at fair value		12,582	24,792
Receivable for securities sold			5,197
Accrued interest receivable		45,008	54,274
Principal payments receivable		108,201	111,439
Other investments		51,930	41,252
Derivative assets, at fair value		2,914	27,151
Other assets		57,326	6,630
Total assets	[1]	16,137,526	18,516,800
Borrowings:
Repurchase agreements		13,443,883	15,759,831
Warehouse lines of credit		60,096
Federal Home Loan Bank advances		14,132
Collateralized borrowings in securitization trusts, at fair value		57,611
Total borrowings		13,575,722	15,759,831
Payable for unsettled securities		12,582	24,750
Accrued interest payable		4,938	6,968
Derivative liabilities, at fair value		325,233	244,591
Dividends payable		47,824	53,014
Other liabilities		27,870	6,850
Total liabilities	[1]	13,994,169	16,096,004
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, 95,773,767 and 96,771,158 shares issued and outstanding, respectively		96	97
Additional paid-in capital		2,438,223	2,454,718
Accumulated deficit		(671,872)	(518,036)
Accumulated other comprehensive income		98,658	205,765
Total shareholders’ equity		2,143,357	2,420,796
Total liabilities and shareholders’ equity		$ 16,137,526	$ 18,516,800
[1]	The consolidated balance sheet as of December 31, 2015 includes $227,444 of assets of a consolidated collateralized financing entity (“CFE”) that can only be used to settle obligations of the CFE as well as liabilities of $57,784 of the CFE for which creditors do not have recourse to Hatteras Financial Corp

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Mortgage-backed securities, pledged assets	$ 13,932,415	$ 16,538,214
Mortgage loans held for investment, pledged assets	50,143	0
Pledged cash	376,081	323,791
Mortgage loans held for sale, pledged assets	$ 17,542	$ 0
Series A preferred stock dividend rate per year	7.625%	7.625%
7.625% Series A Cumulative Redeemable Preferred stock, par value	$ 0.001	$ 0.001
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	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	95,773,767	96,771,158
Common stock, shares outstanding	95,773,767	96,771,158
Asset of collateralized financing entity	$ 227,444
Liabilities of collateralized financing entity	$ 57,784

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest income:
Securities	$ 305,717	$ 354,436	$ 450,708
Mortgage loans	5,509	35
Mortgage loans in securitization trusts	446
Short-term cash investments	1,367	1,283	1,560
Total interest income	313,039	355,754	452,268
Interest expense:
Repurchase agreements	90,744	132,495	197,709
Warehouse lines	597
Collateralized borrowings in securitization trusts	97
Total interest expense	91,438	132,495	197,709
Net interest margin	221,601	223,259	254,559
Other income (loss):
Servicing income	20,111
Management fee income	2,027
Net realized gain on sale of securities	32,731	5,196	(283,012)
Impairment of mortgage-backed securities			(8,102)
Net gain (loss) on mortgage loans	(1,034)	8
Net gain on mortgage servicing rights	10,711
Net gain (loss) on derivative instruments	(188,416)	(141,433)	(69,715)
Net miscellaneous gains and losses	774
Total other income (loss)	(123,096)	(136,229)	(360,829)
Expenses:
Management fee	16,235	16,532	18,180
Share-based compensation	4,256	3,612	2,594
Servicing expenses	3,022
General and administrative	21,899	10,525	7,092
Securitization deal costs	1,473
Total expenses	46,885	30,669	27,866
Net income (loss)	51,620	56,361	(134,136)
Dividends on preferred stock	21,922	21,922	21,922
Net income (loss) available to common shareholders	$ 29,698	$ 34,439	$ (156,058)
Earnings (loss) per share - common stock, basic	$ 0.31	$ 0.36	$ (1.59)
Earnings (loss) per share - common stock, diluted	0.31	0.36	(1.59)
Dividends per share of common stock	$ 1.90	$ 2	$ 2.45
Weighted average common shares outstanding, basic	96,665,489	96,603,634	98,337,362
Weighted average common shares outstanding, diluted	96,665,489	96,603,634	98,337,362

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 51,620	$ 56,361	$ (134,136)
Other comprehensive income (loss):
Net unrealized gains (losses) on securities available for sale	(133,867)	122,824	(391,590)
Net unrealized gains on derivative instruments	26,760	90,993	120,684
Other comprehensive income (loss)	(107,107)	213,817	(270,906)
Comprehensive income (loss)	(55,487)	270,178	(405,042)
Dividends on preferred stock	21,922	21,922	21,922
Comprehensive income (loss) available to common shareholders	$ (77,409)	$ 248,256	$ (426,964)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	7.625% Series A Cumulative Redeemable Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
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 (loss)	(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 (loss)	213,817					213,817
Balance at Dec. 31, 2014	2,420,796	278,252	97	2,454,718	(518,036)	205,765
Repurchase of common stock	(20,753)		(1)	(20,752)
Share-based compensation expense	4,256			4,256
Dividends declared on preferred stock	(21,922)				(21,922)
Dividends declared on common stock	(183,534)				(183,534)
Net income (loss)	51,620				51,620
Other comprehensive income (loss)	(107,107)					(107,107)
Balance at Dec. 31, 2015	$ 2,143,357	$ 278,252	$ 96	$ 2,438,223	$ (671,872)	$ 98,658

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net income (loss)	$ 51,620	$ 56,361	$ (134,136)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net amortization of premium related to mortgage-backed securities	117,654	101,979	165,924
Reclassification of deferred swap net loss	30,715	81,132	25,816
Share-based compensation expense	4,256	3,612	2,594
Net realized (gain) loss on sale of securities	(32,731)	(5,196)	283,012
Net unrealized gain on MSR	(10,711)
Net unrealized (gain) loss on mortgage loans held for investment	1,065	(8)
Purchase of mortgage loans held for sale	(130,362)
Sale of mortgage loans held for sale	117,664
Net loss on derivative instruments	188,416	141,433	68,205
Impairment loss on mortgage-backed securities			8,102
Other	(753)	226	106
Changes in operating assets and liabilities:
Decrease in accrued interest receivable	9,266	882	21,957
Increase in other assets	(19,318)	(2,963)	(2,432)
Increase (decrease) in accrued interest payable	(2,030)	(1,311)	687
Increase in other liabilities	13,480	2,336	572
Net cash provided by operating activities	338,231	378,483	440,407
Investing activities
Purchases of securities	(3,764,409)	(5,126,375)	(10,180,894)
Principal repayments on securities	3,920,850	3,423,756	5,782,709
Sales of securities	2,796,515	1,993,707	11,280,146
Purchases of mortgage loans held for investment	(357,996)	(31,462)
Principal repayments on mortgage loans held for investment	44,105	10
Purchases of mortgage servicing rights	(259,181)
Acquisition of Pingora, net of cash acquired	(21,473)
Net payments on derivative instruments	(87,933)	(53,192)	(67,656)
Purchase of equity investment		(6,000)
Purchase of broker/dealer		(1,349)	0
Net cash provided by investing activities	2,270,478	199,095	6,814,305
Financing activities
Repurchase of common stock	(20,752)	(1,912)	(43,881)
Cash dividends paid	(210,646)	(215,098)	(283,309)
Proceeds from borrowings	157,899,476	151,439,951	226,824,755
Principal repayments on borrowings	(160,145,185)	(151,809,803)	(233,561,501)
Proceeds from collateralized trust borrowing	59,466
Repayments on collateralized trust borrowing	(1,948)
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 and swaptions			(3,342)
Net cash used in financing activities	(2,419,589)	(938,688)	(6,715,452)
Net increase (decrease) in cash and cash equivalents	189,120	(361,110)	539,260
Cash and cash equivalents, beginning of period	627,595	988,705	449,445
Cash and cash equivalents, end of period	816,715	627,595	988,705
Supplemental disclosure of cash flow information
Cash paid for interest	117,767	166,368	197,022
Supplemental schedule of non-cash investing and financing activities
Obligation to brokers for unsettled purchases of securities	12,582	24,750
Receivable for securities sold		5,197	231,214
Dividends accrued not yet paid	47,824	53,014
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	$ 43,196	$ 48,386	$ 48,301

Organization and Business Descr

Organization and Business Description	12 Months Ended
	Dec. 31, 2015
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. On August 31, 2015, the Company closed on its acquisition of the voting interests of Pingora Asset Management, LLC (“PAM”) and Pingora Loan Servicing, LLC (“PLS,” and together, “Pingora”), a specialized asset manager focused on investing in new-production performing mortgage servicing rights (“MSR”) and master-servicing residential mortgage loans sourced primarily from direct, ongoing relationships with loan originators. PAM is a registered investment advisor and PLS is an approved servicer with Fannie Mae, Freddie Mac and Ginnie Mae that is managed by PAM. The acquisition provides the Company with MSR portfolio management and master-servicing oversight capabilities to the Company, accelerating the Company’s entry into investing in MSR. The impact of the Company’s investments in MSR is not reflected in the opening balance sheet below (see Note 7 for further discussion). In addition to being an income-producing investment, the Company expects that MSR will serve as a natural hedge against the impact of changes in interest rates on the fair value of the Company’s interest-earning portfolio. The Company acquired 100% of the voting interests of Pingora for cash consideration of approximately $23.5 million. In conjunction with the transaction, the Company also issued approximately $4.4 million of equity interests to Pingora management, a significant portion of which is subject to future vesting. The Company has accounted for the transaction as a business combination in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combination The opening balance sheet of Pingora as of the acquisition date consisted of the following assets and liabilities: Assets / (Liabilities) Mortgage loans held for sale, at fair value $ 4,292 Cash and cash equivalents 1,937 Ascent software platform 2,000 Customer relationships intangible 16,000 Licenses 2,000 Goodwill 3,498 Warehouse lines of credit (3,989 ) Deferred tax liabilities (2,060 ) Other net liabilities (215 ) Net assets $ 23,463 The acquisition is subject to certain post-closing adjustments and the Company’s allocation of the purchase price to the assets and liabilities acquired may be adjusted accordingly. The goodwill recorded is representative of the value of the assembled workforce along with operating synergies the Company expects to achieve.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
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 investments 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 FASB ASC Topic 810, Consolidation, The Company consolidates a securitization trust, also known as a collateralized financing entity (“CFE”) that purchased individual whole mortgage loans from one of the Company’s subsidiaries and issued MBS that are backed by the loans. PLS, which meets the definition of a business pursuant to GAAP, has also been determined to be a VIE . The Company is required to reassess the consolidation of VIEs quarterly, and changes in facts and circumstances may change the Company’s determination. This could result in a material impact to the Company’s consolidated financial statements during subsequent reporting periods. 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 (“Futures Contracts”) and forward commitments to purchase to-be-announced (“TBA”) securities. Financial Instruments The Company considers its cash and cash equivalents, MBS and agency credit risk transfer (“CRT”) securities (settled and unsettled), mortgage loans, forward purchase commitments, debt security held-to-maturity, receivable for securities sold, accrued interest receivable, principal payments receivable, payable for unsettled securities, derivative instruments, borrowings 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 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 5 for discussion of the fair value of MBS and agency CRT securities. See Note 6 for discussion of the fair value of mortgage loans. See Note 8 for discussion of the fair value of the held-to-maturity debt security. See Note 10 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. In addition, the Company’s 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 5 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 9 for additional information on repurchase agreements and Note 10 for additional information on dollar roll transactions, interest rate swap agreements, interest rate swaptions and Futures Contracts. Mortgage-Backed Securities and Agency CRT Securities The Company invests primarily 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). Agency CRT securities are credit risk transfer securities issued by government sponsored entities, which are designed to synthetically transfer mortgage credit risk from Fannie Mae and Freddie Mac to private investors. The Company has elected to account for agency CRT securities under the fair value option, which simplifies accounting for these particular securities due to the potential for embedded derivatives therein. The estimated fair values of MBS and agency CRT securities are determined by management utilizing valuations obtained from independent sources. 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 TBA securities are recorded at fair value in accordance with FASB ASC Topic 815, Derivatives and Hedging The Company assesses its available-for-sale 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 5 for discussion of an other-than temporary impairment recognized during the year ended December 31, 2013. Mortgage Loans Held for Investment The Company does not originate any loans, but purchases individual prime jumbo adjustable-rate whole mortgage loans with the intention of holding them as investments. In order to finance its investment in the loans, the Company may securitize the loans into MBS not issued or guaranteed by a U.S. Government agency or U.S. Government-sponsored entity. The Company would then purchase the majority of the MBS that the securitization trusts would issue, and would expect to consolidate the trusts pursuant to GAAP. The Company completed such a securitization transaction during 2015. The Company has elected to account for these loans under the fair value option, pursuant to FASB ASC Topic 825, Financial Instruments Mortgage Loans Held for Investment in Securitization Trusts As discussed under “Principles of Consolidation,” the Company consolidates a CFE that securitized individual prime jumbo adjustable-rate whole mortgage loans it had purchased from a subsidiary of the Company. These securitized mortgage loans are legally isolated from the Company, are beyond the reach of the Company’s creditors, and may only be used to settle obligations of the CFE. The Company has elected to account for the assets and liabilities of the CFE under the fair value option, pursuant to ASC 825. As a result, mortgage loans held for investment in securitization trusts are carried at fair value. See “Interest Income” below for discussion of the recognition of the interest income on mortgage loans. Paydowns on these mortgage loans are classified as investing cash flows in the consolidated statements of cash flows. See Note 3 for further information regarding the CFE. Mortgage Loans Held for Sale The Company purchases certain individual whole loans with the intention of selling them to Ginnie Mae for inclusion in securitizations. The Company has elected to account for these loans under the fair value option, pursuant to ASC 825, because it better reflects the short-term nature of the Company’s holdings in these loans. 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). Changes in fair value are reported in “Net gain (loss) on mortgage loans” in the consolidated statements of income. Cash flows related to mortgage loans held for sale are classified as operating cash flows in the consolidated statements of cash flows. Mortgage Servicing Rights The Company purchases MSR with the intention of holding them as investments. The Company and its subsidiaries do not originate or directly service mortgage loans. Rather, it utilizes duly licensed subservicers to perform substantially all servicing functions for the loans underlying the MSR. The Company has elected to account for its investments in MSR at fair value pursuant to FASB ASC Topic 860, Transfers and Servicing 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 10 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. Warehouse Lines of Credit Warehouse lines of credit include borrowings under mortgage loan warehouse facilities with various counterparties that expire within one year. These borrowings are collateralized by mortgage loans. If the value of the underlying collateral (as determined by the counterparty) securing these borrowings decreases, the Company may be subject to margin calls during the period the borrowing is outstanding. To satisfy these margin calls, the Company may have to pledge additional collateral or repay portions of the borrowings. Federal Home Loan Bank Advances During the third quarter of 2015, a wholly-owned subsidiary of the Company became a member of the Federal Home Loan Bank of Atlanta (the “FHLB”). The FHLB offers a variety of products and services, including short-term and long-term secured advances. FHLB advances are carried at their contractual amounts. Based on the current status of recent rulemaking by the Federal Housing Finance Agency (“FHFA”), the Company will need to surrender its membership in the FHLB in 2016. Collateralized Borrowings in Securitization Trusts, at Fair Value As discussed under “Principles of Consolidation,” the Company consolidates a CFE that securitized individual prime jumbo adjustable-rate whole mortgage loans it had purchased from a subsidiary of the Company. Investors in the collateralized borrowings issued by the CFE have recourse against the assets within the CFE, but have no recourse against the Company itself. The Company has elected to account for the assets and liabilities of the CFE under the fair value option, pursuant to ASC 825. As a result, collateralized borrowings in securitization trusts are carried at fair value. The debt certificates issued by the CFE are tradeable MBS, and the fair value of the debt is determined by management by obtaining valuations from independent sources, consistent with how the Company values its investment portfolio. Paydowns on this debt are classified as financing cash flows in the consolidated statements of cash flows. See Note 3 for further information regarding the CFE. 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 and agency CRT securities 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 MBS are amortized or accreted into interest income over the actual lives of the securities using the effective interest method. Interest income on agency CRT securities, which are accounted for under the fair-value option, is recognized based on their stated coupon rates. The Company recognizes interest income on mortgage loans held for investment and mortgage loans held for investment in securitization trusts 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 FASB ASC Topic 718, Stock Compensation 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 FASB ASC Topic 260, Earnings Per Share 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 February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis In August 2014, the FASB issued ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . In January 2016, the FASB issued ASU 2016-1, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

Collateralized Financing Entity

Collateralized Financing Entity	12 Months Ended
	Dec. 31, 2015
Collateralized Financings [Abstract]
Collateralized Financing Entity	3. Collateralized Financing Entity As discussed under “Principles of Consolidation” above, the Company consolidates a CFE that purchased individual whole mortgage loans from one of the Company’s subsidiaries and issued MBS that are backed by the loans. The Company purchased most of the MBS issued by the CFE. The Company has elected the fair value option for the financial assets and liabilities of the CFE in order to avoid an accounting mismatch and more accurately present the economics of the securitization. The underlying loans are classified as “Mortgage loans held for investment in securitization trusts, at fair value” and the portion of the related debt that is not eliminated in consolidation is classified as “Collateralized borrowings in securitization trusts, at fair value” in the consolidated balance sheets. The securitized mortgage loans are legally isolated from the Company, are beyond the reach of the Company’s creditors, and may only be used to settle obligations of the CFE. Similarly, investors in the collateralized borrowings issued by the CFE have recourse against the assets within the CFE, but have no recourse against the Company itself. The Company is not contractually required to provide and has not provided any form of financial support to the CFE. The following table presents the carrying amounts and classifications of the CFE’s assets and liabilities as reflected in the Company’s consolidated balance sheets: December 31, 2015 Mortgage loans held-for-investment in securitization trusts $ 225,285 Accrued interest receivable and other assets 2,955 Total assets $ 228,240 Collateralized borrowings in securitization trusts $ 57,611 Accrued interest payable 133 Other liabilities 40 Total liabilities $ 57,784 The following table presents the statement of income of the CFE as reflected in the Company’s consolidated statements of income: For the Period from December 10, 2015 to December 31, 2015 Interest income $ 446 Interest expense (97 ) Net interest margin 349 Gain on mortgage loans 3,571 Operating expenses (8 ) Net income $ 3,912

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	4 . 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. FASB Topic 820, Fair Value Measurements 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. The Company’s Futures Contracts were valued using Level 1 inputs. The Company’s MBS, mortgage loans held for sale and derivatives other than Futures Contracts were valued using Level 2 inputs. Mortgage loans held for investment along with related purchase commitments and MSR were valued using Level 3 inputs. See Notes 5, 6, 7 and 10, respectively, for a discussion of the valuation of MBS, mortgage loans, MSR and derivatives. The carrying values and fair values of all the Company’s financial instruments as of December 31, 2015 and 2014 were as follows: December 31, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Assets MBS $ 14,302,230 $ 14,302,230 $ 17,587,010 $ 17,587,010 Agency CRT securities 109,387 109,387 - - Mortgage loans held for investment 116,857 116,857 31,460 31,460 Mortgage loans held for investment in securitization trusts 226,908 226,908 - - Mortgage loans held for sale 17,542 17,542 - - MSR 269,926 269,926 - - Cash and cash equivalents 816,715 816,715 627,595 627,595 Unsettled purchased MBS 12,582 12,582 24,792 24,792 Receivable for securities sold - - 5,197 5,197 Accrued interest receivable 45,008 45,008 54,274 54,274 Principal payments receivable 108,201 108,201 111,439 111,439 Debt security, held-to-maturity (1) 15,000 14,871 15,000 14,853 Short-term investments (1) 30,327 30,327 20,252 20,252 Interest rate swaps and swaptions (2) 2,031 2,031 11,050 11,050 Futures Contracts asset (2) 693 693 - - Forward purchase commitments (2) 190 190 16,101 16,101 Liabilities Repurchase agreements $ 13,443,883 13,443,883 $ 15,759,831 $ 15,759,831 Warehouse lines of credit 60,096 60,096 - - FHLB advances 14,132 14,132 - - Collateralized borrowings in securitization trusts 57,611 57,611 - - Payable for unsettled securities 12,582 12,582 24,750 24,750 Accrued interest payable 4,938 4,938 6,968 6,968 Interest rate swap liability (3) 6,802 6,802 42,052 42,052 Futures Contracts liability (3) 286,058 286,058 202,501 202,501 Forward purchase commitments (3) 32,373 32,373 38 38 (1 ) Included in other investments on the consolidated balance sheets. (2) Included in derivative assets on the consolidated balance sheets. (3)

Mortgage-Backed Securities and

Mortgage-Backed Securities and Agency CRT securities	12 Months Ended
	Dec. 31, 2015
Available-for-sale MBS
Mortgage-Backed Securities	5 . Mortgage-Backed Securities and Agency CRT securities All of the Company’s securities, other than its agency CRT securities, are classified as available-for-sale and are reported at their estimated fair value. The agency CRT securities are accounted for under the fair value option as discussed in Note 2. 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 its securities 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 at times invests in 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 securities portfolio at December 31, 2015. Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Estimated Fair Value Agency Securities Fannie Mae Certificates ARMs $ 7,392,021 $ (14,465 ) $ 102,247 $ 7,479,803 Fixed-Rate 1,005,458 (8,148 ) - 997,310 Total Fannie Mae 8,397,479 (22,613 ) 102,247 8,477,113 Freddie Mac Certificates ARMs 5,806,425 (22,551 ) 41,243 5,825,117 Fixed-Rate - - - - Total Freddie Mac 5,806,425 (22,551 ) 41,243 5,825,117 Total Agency MBS $ 14,203,904 $ (45,164 ) $ 143,490 $ 14,302,230 Agency CRT Securities $ 111,217 $ (1,830 ) $ - $ 109,387 The following table presents the composition of the Company’s securities portfolio 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 MBS 17,279,316 (35,531 ) 267,623 17,511,408 Total Non-Agency MBS (ARMs) 75,454 - 148 75,602 Total MBS $ 17,354,770 $ (35,531 ) $ 267,771 $ 17,587,010 The components of the carrying value of the Company’s securities at December 31, 2015 and 2014 are presented below. December 31, December 31, 2015 2014 Principal balance $ 13,935,533 $ 16,864,583 Unamortized premium 381,851 490,187 Unamortized discount (2,263 ) - Gross unrealized gains 143,490 267,771 Gross unrealized losses (46,994 ) (35,531 ) Carrying value/estimated fair value $ 14,411,617 $ 17,587,010 The following table presents components of interest income on the Company’s securities for the three years ended December 31, 2015: Years Ended December 31 2015 2014 2013 Coupon interest $ 423,371 $ 456,415 $ 616,632 Net premium amortization (117,654 ) (101,979 ) (165,924 ) Interest income $ 305,717 $ 354,436 $ 450,708 Gross gains and losses from sales of available-for sale MBS and agency CRT securities for the three years ended December 31, 2015 were as follows: Years Ended December 31 2015 2014 2013 Gross gains $ 36,805 $ 15,821 $ 18,717 Gross losses (4,074 ) (10,625 ) (301,729 ) Net gain (loss) $ 32,731 $ 5,196 $ (283,012 ) 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, 2015 and 2014, the Company had the following securities in a loss position as presented in the following two tables: As of December 31, 2015 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 1,712,043 $ (7,922 ) $ 511,884 $ (6,542 ) $ 2,223,927 $ (14,464 ) Fixed-Rate 997,310 (8,148 ) - - 997,310 (8,148 ) Freddie Mac Certificates ARMs 1,814,773 (9,246 ) 861,198 (13,306 ) 2,675,971 (22,552 ) Fixed-Rate - - - - - - Total temporarily impaired securities $ 4,524,126 $ (25,316 ) $ 1,373,082 $ (19,848 ) $ 5,897,208 $ (45,164 ) Number of securities in an unrealized loss position 223 52 275 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 The Company did not make the decision to sell the above securities as of December 31, 2015 and 2014, 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 and agency CRT securities 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 securities that will reprice or amortize based on contractual terms, which do not consider prepayment assumptions, at December 31, 2015 and 2014. December 31, 2015 December 31, 2014 Weighted Weighted Average Average Fair Value % of Total Coupon Fair Value % of Total Coupon Wtd Average Months to Reset 0 - 12 $ 2,377,014 17.7 % 2.84 % $ 2,272,988 14.0 % 3.02 % 13 - 24 1,467,597 10.9 % 2.69 % 1,799,368 11.0 % 2.97 % 25 - 36 1,692,591 12.6 % 2.87 % 2,026,261 12.4 % 2.73 % 37 - 48 4,805,462 35.8 % 2.50 % 2,268,665 13.9 % 2.89 % 49 - 60 1,338,716 10.0 % 2.43 % 5,855,524 35.9 % 2.52 % 61 - 72 1,015,398 7.6 % 2.95 % 880,039 5.4 % 2.52 % 73 - 84 684,191 5.1 % 2.73 % 1,207,531 7.4 % 2.98 % 109 - 120 33,338 0.3 % 2.85 % - - - Total ARMS and Agency CRTs $ 13,414,307 100.0 % 2.67 % $ 16,310,376 100.0 % 2.75 % 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, 2015 and 2014. December 31, 2015 December 31, 2014 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 % 3.50 % 133-144 - - - 589,051 46.1 % 3.50 % 145-156 - - - 613,769 48.1 % 3.43 % 349-360 997,310 100 % 3.50 % - - - Total Fixed-Rate Securities $ 997,310 100.0 % 3.50 % $ 1,276,634 100.0 % 3.47 %

Mortgage Loans

Mortgage Loans	12 Months Ended
	Dec. 31, 2015
Mortgage Loans
Mortgage-Backed Securities	6 . Mortgage Loans The Company classifies its mortgage loans held for investment and mortgage loans held for investment in securitization trusts 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 these mortgage loans 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. Mortgage Loans Held for Investment, at Fair Value The Company purchases individual jumbo whole mortgage loans with the intention of securitizing them. These loans are considered held for investment because the Company expects to consolidate the securitization trusts and are accounted for under the fair value option. See Note 2 for further discussion. As of December 31, 2015, the unpaid principal balance and the fair value of the Company’s mortgage loans held for investment were $114,997 and $116,857, respectively. 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 following table provides the geographic distribution of mortgage loans held for investment at December 31, 2015 and December 31, 2014, based on the unpaid principal balance. December 31, 2015 December 31, 2014 California 68 % 82 % Washington 6 % 2 % Texas 5 % 3 % Illinois 3 % 2 % All other 18 % 11 % Total 100 % 100 % The following table provides additional data on the Company’s mortgage loan portfolio at December 31, 2015 and 2014. December 31, 2015 December 31, 2014 Portfolio Portfolio Portfolio Range Weighted Average Portfolio Range Weighted Average Unpaid principal balance $116 to $1,987 $ 804 $447 to $1,332 $ 790 Interest rate 2.63% to 4.00% 3.48% 2.75% to 3.75% 3.43% Maturity 11/2044 to 2/2046 10/2045 6/2044 to 12/2044 9/2044 FICO score at loan origination 701 to 811 763 705 to 813 762 Loan-to-value ratio at loan origination 20% to 80% 71% 28% to 80% 65% No loans were 90 days or more past due and none were on nonaccrual status at December 31, 2015 or December 31, 2014. The following table presents the rollforward of mortgage loans held for investment for the periods presented. The Company did not invest in mortgage loans prior to 2014. Twelve Months Ended December 31 2015 2014 2013 Fair value, beginning of period $ 31,460 $ - $ - Purchased 357,996 31,463 - Repaid (42,286 ) - - Sold to securitization trust (223,278 ) - - Change in fair value (7,035 ) (3 ) - Fair value, end of period $ 116,857 $ 31,460 $ - None of the change in the fair value of the mortgage loans was attributable to changes in credit risk. The portion of the change in fair value included in the Company’s consolidated statements of income that were attributable to mortgage loan held for investment that were held at December 31, 2015 and 2014 was ($106) and ($3), respectively. 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, 2015 and 2014. December 31, 2015 December 31, 2014 Weighted- Weighted- Unobservable Input Range Average Range Average Discount rate 3.0% - 3.5% 3.3 % 3.6% - 3.9% 3.8 % Conditional refinance rate 13.6% - 21.7% 16.4 % 12.4% - 19.3% 15.3 % Default rate 0% - 2.1% 0.7 % 0% - 1.5% 0.4 % Loss severity 10.5% - 22.2% 14.9 % 10.2% - 19.9% 13.8 % A significant increase or decrease in any of the above unobservable inputs, in isolation, would likely result in a significantly lower or higher fair value measurement. Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value As discussed in Notes 2 and 3, the Company consolidates a CFE that owns whole mortgage loans it purchased from a subsidiary of the Company. These securitized mortgage loans are legally isolated from the Company, are beyond the reach of the Company’s creditors, and may only be used to settle obligations of the CFE. These loans are carried at fair value as a result of a fair value option election. As of December 31, 2015, the unpaid principal balance and the fair value of the Company’s mortgage loans held for investment in securitization trusts was $223,205 and $226,908, respectively. The following table provides the geographic distribution of mortgage loans held for investment in securitization trusts at December 31, 2015 based on the unpaid principal balance. December 31, 2015 California 49 % Texas 10 % Illinois 6 % Washington 5 % All other 30 % Total 100 % The following table provides additional data on mortgage loans held for investment in in securitization trusts at December 31, 2015. December 31, 2015 Portfolio Portfolio Range Weighted Average Unpaid principal balance $291 to $1,933 $ 742 Interest rate 2.50% to 4.13% 3.38% Maturity 6/2044 to 11/2045 3/2045 FICO score at loan origination 700 to 815 769 Loan-to-value ratio at loan origination 24% to 80% 69% No loans were 90 days or more past due and none were on nonaccrual status at December 31, 2015. The following table presents the rollforward of mortgage loans held for investment in securitization trusts for the period presented. 2015 Fair value, beginning of period $ - Purchased 223,278 Repaid (1,822 ) Change in fair value 5,452 Fair value, end of period $ 226,908 None of the change in the fair value of these mortgage loans was attributable to changes in credit risk. The portion of the change in fair value included in the Company’s consolidated statements of income that were attributable to mortgage loan held for investment in securitization trusts that were held at December 31, 2015 was ($1,079), adjusted for the effects of the transfer of these loans into the CFE. 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 in securitization trusts at December 31, 2015. December 31, 2015 Weighted- Unobservable Input Range Average Discount rate 2.2% - 3.6% 3.3 % Conditional refinance rate 0.0% - 21.3% 16.4 % Default rate 0.0% - 2.0% 0.5 % Loss severity 0.0% - 22.9% 14.4 % Mortgage Loans Held for Sale, at Fair Value The Company purchases individual whole mortgage loans with the intention of selling them to Ginnie Mae for inclusion in securitizations. As of December 31, 2015, the unpaid principal balance and the fair value of the Company’s mortgage loans held for sale were $16,629 and $17,542, respectively. The Company did not invest in mortgage loans held for sale prior to the acquisition of Pingora on August 31, 2015. The Company classifies its mortgage loans held for sale as Level 2 in the fair value hierarchy. Prices for these instruments are obtained from third-party pricing providers and other applicable market data. If observable market prices are not available or insufficient to determine fair value due principally to illiquidity in the marketplace, then fair value is based upon cash flow models that are primarily based on observable market-based inputs but may also include unobservable market data inputs, including prepayment speeds, delinquency levels, and credit losses. No unobservable inputs were significant to the December 31, 2015 valuation.

Mortgage Servicing Rights

Mortgage Servicing Rights	12 Months Ended
	Dec. 31, 2015
Mortgage Servicing Rights
Mortgage-Backed Securities	7. Mortgage Servicing Rights In connection with its acquisition of Pingora, as discussed in Note 1, the Company entered agreements with PLS to begin investing in MSR during the third quarter of 2015. As discussed in Note 2, MSR are carried at fair value. The following table presents the rollforward of MSR for the year ended December 31, 2015. Fair value, beginning of period $ - Purchases 259,215 Change in fair value due to: Changes in valuation inputs or assumptions 13,598 Other changes, including realization of cash flows (2,887 ) Fair value, end of period $ 269,926 The Company classifies its MSR as Level 3 in the fair value hierarchy. Prices for these instruments are obtained from internal models and third-party pricing providers, both of 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 rates, delinquency levels, and discount rates. 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 MSR requires significant judgment by management and the third-party pricing provider. Assumptions used for which there is a 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 and uses them as a point of comparison to its internally modeled values. As part of this review, prices are compared against other pricing indicators to ensure assumptions and pricing are reasonable. The following table provides information about the significant unobservable inputs used in the Level 3 valuation of the Company’s MSR at December 31, 2015 and December 31, 2014. December 31, 2015 Weighted- Unobservable Input Range Average Discount rate 10%-15% 10.4 % Prepayment rate 5.6%-30.7% 11.9 % Delinquency rate 0%-6.03% 1.4 % Annual cost to service $80-$101 $ 88 The Company’s mortgage servicing income consisted of the following for the years ended December 31, 2015: Servicing income $ 19,897 Ancillary income 214 Servicing income $ 20,111 A decline in interest rates could lead to higher-than-expected prepayments of mortgages underlying the Company’s MSR, which would result in a decline in the value of the MSR. The Company’s investment in MBS mitigates the impact of such a decline on the Company’s total portfolio as a decline in interest rates generally leads to an increase in the value of the Company’s MBS.

Other Investments

Other Investments	12 Months Ended
	Dec. 31, 2015
Schedule Of Investments [Abstract]
Other Investments	8 . Other Investments Other investments consisted of the following items as of December 31, 2015 and December 31, 2014: December 31, 2015 December 31, 2014 Short-term investments $ 30,327 $ 20,252 Debt security, held-to-maturity 15,000 15,000 Equity investments 6,603 6,000 Total other investments $ 51,930 $ 41,252 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 $14,871 and $14,853 at December 31, 2015 and 2014, 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 (which represent Level 2 inputs). The Company accounts for the equity investment in the non-public repurchase lending counterparty under the cost method and concluded there have been no identified events or circumstance that would have a significant adverse effect on the fair value of the investment since the purchase date. As a member of the FHLB, the Company also has an equity investment of $603 in FHLB. The amount of investment required is partially dependent on the level of advances taken. This investment is accounted for under the cost method, because the stock can only be sold at its par value, and only to the FHLB.

Repurchase Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2015
Banking And Thrift [Abstract]
Repurchase Agreements	9 . Borrowings Repurchase Agreements The Company uses repurchase agreements to finance purchases of securities. These repurchase agreements are collateralized by the Company’s securities and typically bear interest at rates that are closely related to LIBOR. At December 31, 2015 and 2014, the Company had repurchase indebtedness outstanding with 25 counterparties, with a weighted-average remaining contractual maturity of 0.9 and 1.0 months, respectively. The following table presents the contractual maturity information regarding the Company’s repurchase agreements: December 31, 2015 December 31, 2014 Weighted Average Weighted Average Balance Contractual Rate Balance Contractual Rate Within 30 days $ 12,693,883 0.64 % $ 13,770,099 0.35 % 30 days to 3 months - 0.00 % 1,489,732 0.36 % 3 months to 36 months 750,000 0.75 % 500,000 0.53 % $ 13,443,883 0.65 % $ 15,759,831 0.36 % The fair value of securities, and accrued interest the Company had pledged under repurchase agreements at December 31, 2015 and 2014 was $14,072,647 and $16,575,106, respectively. Warehouse Lines of Credit Beginning in 2015, the Company has access to warehouse lines of credit with three financial institutions to finance purchases of whole mortgage loans. Borrowings under these facilities are charged interest at a specified margin over the one-month LIBOR interest rate. At December 31, 2015, the Company has outstanding borrowings with two counterparties totaling $60,096 with maturity dates between March 2016 and September 2016. The Company has pledged mortgage loans with a fair value of $67,685 as collateral pursuant to these lines of credit. The borrowing limit under these lines of credit is $300 million. Federal Home Loan Bank Advances As discussed in Note 2, during 2015, a subsidiary of the Company became a member of the FHLB. As of December 31, 2015, the Company had $14,132 in advances outstanding with the FHLB at a borrowing rate of 0.4% with a maturity date of January 2016. The advances are secured by the pledge of agency MBS with a fair value of $15,714. The Company’s aggregate borrowing capacity with the FHLB is $1 billion. Unused capacity may be adjusted at the sole discretion of the FHLB. The ability to borrow from the FHLB is subject to the Company’s continued creditworthiness, pledging of sufficient eligible collateral to secure advances, and compliance with certain covenants. Each advance requires approval by the FHLB and is secured by collateral in accordance with the FHLB’s credit and collateral guidelines, which the FHLB may revise from time to time. Based on the current status of recent FHFA rulemaking, the Company will need to surrender its membership in the FHLB in 2016. Collateralized Borrowing in Securitization Trusts As discussed in Notes 2 and 3, the Company consolidates a CFE that has issued MBS backed by mortgage loans. The portion of the CFE’s collateralized borrowings that is not eliminated in consolidation is carried at fair value as a result of a fair value option election. Investors in the collateralized borrowings issued by the CFE have recourse against the assets within the CFE, but have no recourse against the Company itself. As of December 31, 2015, the collateralized borrowings has an outstanding principal amount of $58,052 and a weighted-average interest rate of 2.75%. The final scheduled distribution date thereof is November 2045. The actual maturity of the collateralized borrowing is based on the principal repayments of the underlying mortgage loans. As a result, the actual maturity of the borrowing may be substantially sooner than the final scheduled distribution date.

Derivatives and Other Hedging I

Derivatives and Other Hedging Instruments	12 Months Ended
	Dec. 31, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives and Other Hedging Instruments	10 . 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 5. The fair value of forward purchase commitments for whole loans was determined using the same methodologies as mortgage loans as described in Note 6. 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, 2015 and 2014, respectively. Derivative Instruments Balance Sheet Location December 31, 2015 December 31, 2014 Interest rate swaps and swaptions Derivative assets $ 2,031 $ 11,050 Futures contracts Derivative assets 693 - Forward purchase commitments - MBS Derivative assets 165 16,101 Forward purchase commitments - mortgage loans Derivative assets 25 - $ 2,914 $ 27,151 Interest rate swaps Derivative liabilities $ 6,802 $ 42,052 Futures contracts Derivative liabilities 286,058 202,501 Forward purchase commitments - MBS Derivative liabilities 32,373 36 Forward purchase commitments - mortgage loans Derivative liabilities - 2 $ 325,233 $ 244,591 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, 2015. 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 $1,864 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 2015 2014 Beginning of period $ 8,300,000 $ 10,500,000 Additions - - Expirations and terminations (3,700,000 ) (2,200,000 ) End of period $ 4,600,000 $ 8,300,000 During 2015, the Company terminated swaps with $1,400,000 of notional value for a payment of $5,210. The terminated swaps had original maturities extending through December 31, 2015. Information regarding the Company’s interest rate swaps as of December 31, 2015 follows. Wtd. Avg. Remaining Wtd. Avg. Notional Term Fixed Interest Maturity Amount in Months Rate in Contract 12 months or less $ 2,400,000 6 0.92% Over 12 months to 24 months 1,800,000 17 0.89% Over 24 months to 36 months 400,000 26 0.96% Total $ 4,600,000 12 0.91% 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, 2015, the Company had six interest rate swaptions outstanding, all of which were entered into during 2015: 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 $ 10,813 $ 727 6 $ 3,065,000 3.23% 3 month LIBOR 6 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 During 2015, the Company terminated the swaptions held as of December 31, 2014 and received proceeds of $2,049 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 present the composition of the Company’s Futures Contracts as of December 31, 2015 and 2014, respectively. Fair Value December 31, 2015 December 31, 2014 Futures Contracts designed to replicate swaps $ (285,711 ) $ (202,202 ) Futures Contracts designed to hedge value changes in forward purchases 346 (299 ) Total fair value of Futures Contracts $ (285,365 ) $ (202,501 ) The volume of activity for the Company’s Futures Contracts is shown in the table below. Number of Contracts Years Ended December 31 2015 2014 Beginning of period 130,074 95,327 New positions opened 55,494 136,610 Early settlements (41,813 ) (93,053 ) Settlements at maturity (34,931 ) (8,810 ) End of period 108,824 130,074 Each Futures Contract embodies $1 million of notional value and corresponds to a Eurodollar contract for a specific three month timeframe. The effective dates of the Eurodollar contracts underlying the Company’s Futures Contracts range from 2015 through 2021. 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, 2015 and 2014. 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 fixed-rate TBA contracts from dealers. ARM TBA contracts are not a frequently-traded security and are generally used to acquire MBS for the portfolio. Fixed-rate 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. Forward purchase commitments on ARMs are designated as all-in-one cash flow hedges and the related unrealized gain or loss is recorded in other comprehensive income. Unrealized gains and losses on forward purchase commitments on mortgage loans and fixed-rate TBA dollar roll securities are recorded in net income. The following table summarizes the Company’s forward purchase commitments as of December 31, 2015. Face / UPB Cost Fair Market Value Net Asset (Liability) ARMs - originators $ 145,246 $ 147,749 $ 147,914 $ 165 Fixed-rate TBA dollar roll securities 2,655,000 2,736,748 2,704,375 (32,373 ) Whole mortgage loans 26,523 26,700 26,725 25 Total purchase commitments $ 2,826,769 $ 2,911,197 $ 2,879,014 $ (32,183 ) The following table summarizes the Company’s forward purchase commitments as of December 31, 2014. Face / UPB Cost Fair Market Value Net Asset (Liability) ARMs - originators $ 376,936 $ 384,673 $ 388,829 $ 4,156 ARMs - dealers 20,095 20,553 20,517 (36 ) Fixed-rate TBA dollar roll securities 3,400,000 3,509,871 3,521,816 11,945 Whole mortgage loans 11,656 11,937 11,935 (2 ) Total purchase commitments $ 3,808,687 $ 3,927,034 $ 3,943,097 $ 16,063 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, 2015. Assets/(Liabilities) Cash Collateral Posted (Held) Net Asset/(Liability) Interest rate swaps $ 1,304 $ - $ 1,304 Interest rate swaptions 727 (1,106 ) (379 ) Futures Contracts 693 - 693 Forward purchase commitments 190 - 190 Interest rate swaps $ (6,802 ) $ 14,626 $ 7,824 Futures Contracts (286,058 ) 335,084 49,026 Forward purchase commitments (32,373 ) 25,687 (6,686 ) 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 Futures Contracts - - - 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 components of “Loss on derivative instruments, net” for the three years ended December 31, 2015, 2014 and 2013. Impacts from the Company’s interest rate swaps subsequent to the September 30, 2013 hedge de-designation are included herein. Years Ended December 31 2015 2014 2013 Interest rate swaps – net realized and unrealized gains $ 24,851 $ 73,729 $ 25,036 Interest rate swaptions – net realized and unrealized losses (12,597 ) (15,520 ) - Interest rate swaps – monthly net settlements (55,064 ) (113,919 ) (30,985 ) Futures Contracts – fair value adjustments (82,864 ) (176,916 ) (25,585 ) Futures Contracts – losses from maturities (48,120 ) - - Futures Contracts – other realized losses (45,836 ) (29,423 ) (33,298 ) Mortgage loan purchase commitments - fair value adjustments 11 (2 ) - TBA dollar roll income 83,397 92,008 5,605 TBA dollar rolls - net realized and unrealized gains (losses) (52,194 ) 28,610 (10,488 ) Net gain (loss) on derivative instruments $ (188,416 ) $ (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, 2015, 2014 and 2013. Years Ended December 31 2015 2014 2013 Amount of gain recognized in OCI (effective portion) $ - $ - $ 15,030 Amount of loss reclassified from OCI into net (30,715 ) (81,132 ) (116,847 ) Amount of loss recognized in net income as interest expense (ineffective portion) - - (205 ) 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, 2015, 2014 and 2013. Years Ended December 31 2015 2014 2013 Beginning balance $ (30,042 ) $ (111,174 ) $ (243,051 ) Unrealized gain on interest rate swaps - - 15,030 Reclassification of net losses included in income statement 30,715 81,132 116,847 Ending balance $ 673 $ (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 also has agreements with several of those counterparties that contain provisions regarding maximum leverage ratios. At December 31, 2015, the Company was in compliance with these requirements. As of December 31, 2015, the fair value of derivatives in a net liability position related to these agreements was $6,802. The Company has collateral posting requirements with each of its counterparties and all interest rate swap agreements were fully collateralized as of December 31, 2015.

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Capital Stock	11 . Capital Stock Issuance of Preferred Stock The Company’s charter authorizes 25,000,000 shares of preferred stock, par value $0.001 per share. 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. In 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, 2015, the Company has declared and paid all required quarterly dividends on the Series A Preferred Stock. 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, 2015 and 2014, the Company repurchased 1,443,283 and 100,000, respectively, of shares of common stock under the Repurchase Program in at-the-market transactions at a total cost of $20,753 and $1,912, respectively. As of December 31, 2015, there are 6,345,153 shares of repurchase capacity available under the Repurchase Program.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings per Share	1 2 . Earnings per Share The following table details the Company’s calculation of earnings per share for the three years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Basic earnings per share: Net income (loss) $ 51,620 $ 56,361 $ (134,136 ) Less preferred stock dividends (21,922 ) (21,922 ) (21,922 ) Net income (loss) available to common shareholders $ 29,698 $ 34,439 $ (156,058 ) Weighted average shares 96,665,489 96,603,634 98,337,362 Basic earnings (loss) per share $ 0.31 $ 0.36 $ (1.59 ) Diluted earnings per share: Net income (loss) $ 51,620 $ 56,361 $ (134,136 ) Less preferred stock dividends (21,922 ) (21,922 ) (21,922 ) Net income (loss) available to common shareholders $ 29,698 $ 34,439 $ (156,058 ) Weighted average shares 96,665,489 96,603,634 98,337,362 Potential dilutive shares from exercise of stock options - - - Diluted weighted average shares 96,665,489 96,603,634 98,337,362 Diluted earnings (loss) per share $ 0.31 $ 0.36 $ (1.59 ) There were no potentially dilutive shares for the three years ended December 31, 2015.

Equity Incentive Plans

Equity Incentive Plans	12 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Incentive Plans	1 3 . Equity Incentive Plans The Company’s shareholders approved the 2015 Equity Incentive Plan (the “2015 Plan”) at the 2015 annual meeting of shareholders held on May 6, 2015, which provides for the grant of awards to all employees, officers, directors and other individuals providing bona fide services to the Company, the Company’s manager, or any affiliate of the Company or its manager. Awards may consist of stock options (including incentive stock options qualifying under Code section 422 and nonstatutory stock options), stock appreciation rights, restricted stock awards, phantom stock, other stock-based awards, or any combination of the foregoing. The awards granted under the 2015 Plan typically vest over a period of five years from grant date. The 2015 Plan is 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, 2015, 1,176,333 awards relating to shares of common stock remained available for grant under the 2015 Plan. Unless previously terminated by the board of directors, awards may be granted under the 2015 Plan until the tenth anniversary of the date that the Company’s board of directors adopted such plan. Upon the approval of the 2015 Plan by the shareholders on May 6, 2015, the 2015 Plan replaced the 2010 Equity Incentive Plan (the “2010 Plan”). The Company will no longer make any grants under the 2010 Plan (although awards previously made under the 2010 Plan that are outstanding will remain in effect in accordance with the terms of that plan and the applicable award agreements). Restricted Stock Awards During the year ended December 31, 2015, the Company issued an aggregate of 19,383 shares of restricted common stock to independent directors of the Company under the 2010 Plan, an aggregate of 323,667 shares of restricted common stock to executive officers and employees of the Company and its manager under the 2015 Plan, and 102,462 shares of restricted common stock to certain employees of PAM as employment inducement awards in accordance with New York Stock Exchange standards. For the year ended December 31, 2015, the Company issued an aggregate of 445,512 shares of restricted common stock, including the 102,462 shares issued in conjunction with the Pingora acquisition, and recognized an expense of $408 related to the vesting of these shares. The outstanding share grants vest over a 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 $3,848 of compensation expense in the current year related to restricted shares issued in prior years. At December 31, 2015, the Company had unrecorded compensation expense of $15,080 related to the unvested shares of restricted common stock granted. This expense is expected to be recognized over a weighted average remaining period of 3.8 years as of December 31, 2015. The following table presents information about the Company’s restricted stock awards for the periods presented: 2015 2014 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 653,291 $ 21.37 542,248 $ 23.22 Granted 445,512 15.68 269,635 19.30 Cancelled/forfeited - - - - Vested (187,661 ) 22.77 (140,592 ) 24.32 Shares non-vested at end of year 911,142 $ 18.30 653,291 $ 21.37 The total fair value of restricted stock awards vested during the years ended December 31, 2015, 2014 and 2013 were $2,961, $2,658 and $1,871, respectively, based upon the fair market value of the Company’s common stock on the vesting date.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Transactions with Related Parties	14. 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 six independent directors. The Management Agreement expires on February 23, 2017 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 2015 2014 2013 Management fee $ 16,235 $ 16,532 $ 18,180 Reimbursable expenses 5,110 4,239 3,200 Total $ 21,345 $ 20,771 $ 21,380 Share-based compensation $ 4,256 $ 3,612 $ 2,594 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, 2015 and 2014, the Company owed ACA $3,063 and $3,198, respectively, for the management fee and reimbursable expenses, which is included in other liabilities.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Accumulated Other Comprehensive Income	1 5 . Accumulated Other Comprehensive Income The Company records unrealized gains and losses on its MBS and its forward purchase commitments securities as described in Note 5 and Note 10. As discussed in Note 10, 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, 2015. 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 (loss) at January 1, 2015 $ 232,240 $ 42 $ (595 ) $ (25,922 ) $ 205,765 Other comprehensive income (loss) before reclassification (101,141 ) 875 48 8,275 (91,943 ) Balance Sheet Reclassification: Amount reclassified to MBS available for sale - (918 ) - (12,230 ) (13,148 ) Income Statement Reclassification: Amounts reclassified to net gain on the sale of MBS (32,731 ) - - - (32,731 ) Amounts reclassified to interest expense - - - 30,715 30,715 Net current period other comprehensive income (loss) (133,872 ) (43 ) 48 26,760 (107,107 ) Accumulated other comprehensive income (loss) at December 31, 2015 $ 98,368 $ (1 ) $ (547 ) $ 838 $ 98,658 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 (loss) at January 1, 2014 $ 109,490 $ - $ (627 ) $ (116,915 ) $ (8,052 ) Other comprehensive income (loss) before reclassification 127,946 558 32 11,789 140,325 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 of MBS (5,196 ) - - - (5,196 ) Amounts reclassified for termination of all- in-one cash flow hedge accounting on dollar roll TBAs - - - 5,083 5,083 Amounts reclassified to interest expense - - - 81,132 81,132 Net current period other comprehensive income (loss) 122,750 42 32 90,993 213,817 Accumulated other comprehensive income (loss) at December 31, 2014 $ 232,240 $ 42 $ (595 ) $ (25,922 ) $ 205,765 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 (loss) at January 1, 2013 $ 499,343 $ 1,217 $ (107 ) $ (237,599 ) $ 262,854 Other comprehensive income (loss) before reclassification (680,967 ) 642 (520 ) (21,054 ) (701,899 ) Balance Sheet Reclassification: Amount reclassified to MBS available for sale - (1,859 ) - 24,891 23,032 Income Statement Reclassification: Amounts reclassified to net loss on the sale of MBS 283,012 - - - 283,012 Amounts reclassified for impairment loss on mortgage-backed securities 8,102 - - - 8,102 Amounts reclassified to interest expense - - - 116,847 116,847 Net current period other comprehensive income (loss) (389,853 ) (1,217 ) (520 ) 120,684 (270,906 ) Accumulated other comprehensive income (loss) at December 31, 2013 $ 109,490 $ - $ (627 ) $ (116,915 ) $ (8,052 )

Summarized Quarterly Financial

Summarized Quarterly Financial Results	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Summarized Quarterly Financial Results	16. Summarized Quarterly Financial Results The following is a presentation of the quarterly results of operations for the years ended December 31, 2015 and 2014. For the Three Months Ended Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2015 (Dollars in thousands, except share related amounts) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest income: Securities $ 72,211 $ 70,874 $ 76,270 $ 86,362 Mortgage loans 2,168 1,786 1,088 467 Mortgage loans in securitization trusts 446 - - - Short-term cash investments 433 328 318 288 Total interest income 75,258 72,988 77,676 87,117 Interest expense: Repurchase agreements 18,724 20,956 23,750 27,314 Warehouse lines 305 292 - - Collateralized borrowings in securitization trusts 97 - - - Total interest expense 19,126 21,248 23,750 27,314 Net interest margin 56,132 51,740 53,926 59,803 Other income (loss): Servicing income 15,549 4,562 - - Management fee income 1,503 524 - - Net realized gain on sale of securities 15,371 1,216 (309 ) 16,453 Net gain (loss) on mortgage loans (1,950 ) 1,361 (689 ) 244 Net gain on mortgage servicing rights 11,250 (539 ) - - Net gain (loss) on derivative instruments 64,085 (130,301 ) (19,415 ) (102,785 ) Net miscellaneous gains and losses 1,686 (912 ) - - Total other income (loss) 107,494 (124,089 ) (20,413 ) (86,088 ) Expenses: Management fee 4,020 4,037 4,083 4,095 Share-based compensation 1,211 966 1,034 1,045 Servicing expenses 2,268 754 - - General and administrative 9,163 5,786 3,840 3,110 Securitization deal costs 1,473 - - - Total expenses 18,135 11,543 8,957 8,250 Net income (loss) 145,491 (83,892 ) 24,556 (34,535 ) Dividends on preferred stock 5,481 5,480 5,480 5,481 Net income (loss) available to common shareholders $ 140,010 $ (89,372 ) $ 19,076 $ (40,016 ) Earnings (loss) per share - common stock, basic $ 1.45 $ (0.93 ) $ 0.20 $ (0.41 ) Earnings (loss) per share - common stock, diluted $ 1.45 $ (0.93 ) $ 0.20 $ (0.41 ) Dividends per share of common stock $ 0.45 $ 0.45 $ 0.50 $ 0.50 Weighted average common shares outstanding, basic 96,546,219 96,545,913 96,790,541 96,783,199 Weighted average common shares outstanding, diluted 96,546,219 96,545,913 96,790,541 96,783,199 For the Three Months Ended Dec. 31, Sept. 30, June 30, March 31, 2014 2014 2014 2014 (Dollars in thousands, except share related amounts) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest income: Securities $ 87,702 $ 80,969 $ 89,458 $ 96,307 Mortgage loans 35 - - - Mortgage loans in securitization trusts - - - - Short-term cash investments 324 330 347 282 Total interest income 88,061 81,299 89,805 96,589 Interest expense: Repurchase agreements 26,966 31,950 35,128 38,451 Warehouse lines - - - - Collateralized borrowings in securitization trusts - - - - Total interest expense 26,966 31,950 35,128 38,451 Net interest margin 61,095 49,349 54,677 58,138 Other income (loss): Servicing income - - - - Management fee income - - - - Net realized gain on sale of securities 2,107 237 (4,584 ) 7,436 Net gain (loss) on mortgage loans 8 - - - Net gain on mortgage servicing rights - - - - Net gain (loss) on derivative instruments (79,988 ) 35,430 (55,260 ) (41,615 ) Net miscellaneous gains and losses - - - - Total other income (loss) (77,873 ) 35,667 (59,844 ) (34,179 ) Expenses: Management fee 4,112 4,122 4,144 4,154 Share-based compensation 1,020 890 842 860 Servicing expenses - - - - General and administrative 3,941 2,113 2,324 2,147 Securitization deal costs - - - - Total expenses 9,073 7,125 7,310 7,161 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 $ 0.50 $ 0.50 $ 0.50 $ 0.50 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

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
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 investments 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 FASB ASC Topic 810, Consolidation, The Company consolidates a securitization trust, also known as a collateralized financing entity (“CFE”) that purchased individual whole mortgage loans from one of the Company’s subsidiaries and issued MBS that are backed by the loans. PLS, which meets the definition of a business pursuant to GAAP, has also been determined to be a VIE . The Company is required to reassess the consolidation of VIEs quarterly, and changes in facts and circumstances may change the Company’s determination. This could result in a material impact to the Company’s consolidated financial statements during subsequent reporting periods.
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 (“Futures Contracts”) and forward commitments to purchase to-be-announced (“TBA”) securities.
Financial Instruments	Financial Instruments The Company considers its cash and cash equivalents, MBS and agency credit risk transfer (“CRT”) securities (settled and unsettled), mortgage loans, forward purchase commitments, debt security held-to-maturity, receivable for securities sold, accrued interest receivable, principal payments receivable, payable for unsettled securities, derivative instruments, borrowings 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 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 5 for discussion of the fair value of MBS and agency CRT securities. See Note 6 for discussion of the fair value of mortgage loans. See Note 8 for discussion of the fair value of the held-to-maturity debt security. See Note 10 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. In addition, the Company’s 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 5 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 9 for additional information on repurchase agreements and Note 10 for additional information on dollar roll transactions, interest rate swap agreements, interest rate swaptions and Futures Contracts.
Mortgage-Backed Securities and GSE CRT Bonds	Mortgage-Backed Securities and Agency CRT Securities The Company invests primarily 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). Agency CRT securities are credit risk transfer securities issued by government sponsored entities, which are designed to synthetically transfer mortgage credit risk from Fannie Mae and Freddie Mac to private investors. The Company has elected to account for agency CRT securities under the fair value option, which simplifies accounting for these particular securities due to the potential for embedded derivatives therein. The estimated fair values of MBS and agency CRT securities are determined by management utilizing valuations obtained from independent sources. 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 TBA securities are recorded at fair value in accordance with FASB ASC Topic 815, Derivatives and Hedging The Company assesses its available-for-sale 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 5 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 does not originate any loans, but purchases individual prime jumbo adjustable-rate whole mortgage loans with the intention of holding them as investments. In order to finance its investment in the loans, the Company may securitize the loans into MBS not issued or guaranteed by a U.S. Government agency or U.S. Government-sponsored entity. The Company would then purchase the majority of the MBS that the securitization trusts would issue, and would expect to consolidate the trusts pursuant to GAAP. The Company completed such a securitization transaction during 2015. The Company has elected to account for these loans under the fair value option, pursuant to FASB ASC Topic 825, Financial Instruments
Mortgage Loans Held for Investment in Securitization Trusts	Mortgage Loans Held for Investment in Securitization Trusts As discussed under “Principles of Consolidation,” the Company consolidates a CFE that securitized individual prime jumbo adjustable-rate whole mortgage loans it had purchased from a subsidiary of the Company. These securitized mortgage loans are legally isolated from the Company, are beyond the reach of the Company’s creditors, and may only be used to settle obligations of the CFE. The Company has elected to account for the assets and liabilities of the CFE under the fair value option, pursuant to ASC 825. As a result, mortgage loans held for investment in securitization trusts are carried at fair value. See “Interest Income” below for discussion of the recognition of the interest income on mortgage loans. Paydowns on these mortgage loans are classified as investing cash flows in the consolidated statements of cash flows. See Note 3 for further information regarding the CFE.
Mortgage Loans Held for Sale	Mortgage Loans Held for Sale The Company purchases certain individual whole loans with the intention of selling them to Ginnie Mae for inclusion in securitizations. The Company has elected to account for these loans under the fair value option, pursuant to ASC 825, because it better reflects the short-term nature of the Company’s holdings in these loans. 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). Changes in fair value are reported in “Net gain (loss) on mortgage loans” in the consolidated statements of income. Cash flows related to mortgage loans held for sale are classified as operating cash flows in the consolidated statements of cash flows.
Mortgage Servicing Rights	Mortgage Servicing Rights The Company purchases MSR with the intention of holding them as investments. The Company and its subsidiaries do not originate or directly service mortgage loans. Rather, it utilizes duly licensed subservicers to perform substantially all servicing functions for the loans underlying the MSR. The Company has elected to account for its investments in MSR at fair value pursuant to FASB ASC Topic 860, Transfers and Servicing
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 10 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.
Warehouse Line Of Credit	Warehouse Lines of Credit Warehouse lines of credit include borrowings under mortgage loan warehouse facilities with various counterparties that expire within one year. These borrowings are collateralized by mortgage loans. If the value of the underlying collateral (as determined by the counterparty) securing these borrowings decreases, the Company may be subject to margin calls during the period the borrowing is outstanding. To satisfy these margin calls, the Company may have to pledge additional collateral or repay portions of the borrowings.
Federal Home Loan Bank Advances	Federal Home Loan Bank Advances During the third quarter of 2015, a wholly-owned subsidiary of the Company became a member of the Federal Home Loan Bank of Atlanta (the “FHLB”). The FHLB offers a variety of products and services, including short-term and long-term secured advances. FHLB advances are carried at their contractual amounts. Based on the current status of recent rulemaking by the Federal Housing Finance Agency (“FHFA”), the Company will need to surrender its membership in the FHLB in 2016.
Collateralized Borrowings in Securitization Trusts, at Fair Value	Collateralized Borrowings in Securitization Trusts, at Fair Value As discussed under “Principles of Consolidation,” the Company consolidates a CFE that securitized individual prime jumbo adjustable-rate whole mortgage loans it had purchased from a subsidiary of the Company. Investors in the collateralized borrowings issued by the CFE have recourse against the assets within the CFE, but have no recourse against the Company itself. The Company has elected to account for the assets and liabilities of the CFE under the fair value option, pursuant to ASC 825. As a result, collateralized borrowings in securitization trusts are carried at fair value. The debt certificates issued by the CFE are tradeable MBS, and the fair value of the debt is determined by management by obtaining valuations from independent sources, consistent with how the Company values its investment portfolio. Paydowns on this debt are classified as financing cash flows in the consolidated statements of cash flows. See Note 3 for further information regarding the CFE.
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 and agency CRT securities 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 MBS are amortized or accreted into interest income over the actual lives of the securities using the effective interest method. Interest income on agency CRT securities, which are accounted for under the fair-value option, is recognized based on their stated coupon rates. The Company recognizes interest income on mortgage loans held for investment and mortgage loans held for investment in securitization trusts 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 FASB ASC Topic 718, Stock Compensation
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 FASB ASC Topic 260, Earnings Per Share
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 February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis In August 2014, the FASB issued ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . In January 2016, the FASB issued ASU 2016-1, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

Organization and Business Des25

Organization and Business Description (Tables)	12 Months Ended
	Dec. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Assets and Liabilities as on Acquisition Date	The opening balance sheet of Pingora as of the acquisition date consisted of the following assets and liabilities: Assets / (Liabilities) Mortgage loans held for sale, at fair value $ 4,292 Cash and cash equivalents 1,937 Ascent software platform 2,000 Customer relationships intangible 16,000 Licenses 2,000 Goodwill 3,498 Warehouse lines of credit (3,989 ) Deferred tax liabilities (2,060 ) Other net liabilities (215 ) Net assets $ 23,463

Collateralized Financing Enti26

Collateralized Financing Entity (Tables)	12 Months Ended
	Dec. 31, 2015
Collateralized Financings [Abstract]
Schedule Of Carrying Amounts And Classifications Of The Cfe's Assets And Liabilities Table Text Block	The following table presents the carrying amounts and classifications of the CFE’s assets and liabilities as reflected in the Company’s consolidated balance sheets: December 31, 2015 Mortgage loans held-for-investment in securitization trusts $ 225,285 Accrued interest receivable and other assets 2,955 Total assets $ 228,240 Collateralized borrowings in securitization trusts $ 57,611 Accrued interest payable 133 Other liabilities 40 Total liabilities $ 57,784
Components of Statement of Income of the CFE	The following table presents the statement of income of the CFE as reflected in the Company’s consolidated statements of income: For the Period from December 10, 2015 to December 31, 2015 Interest income $ 446 Interest expense (97 ) Net interest margin 349 Gain on mortgage loans 3,571 Operating expenses (8 ) Net income $ 3,912

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Carrying Values and Fair Values of Assets and Liabilities	The carrying values and fair values of all the Company’s financial instruments as of December 31, 2015 and 2014 were as follows: December 31, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Assets MBS $ 14,302,230 $ 14,302,230 $ 17,587,010 $ 17,587,010 Agency CRT securities 109,387 109,387 - - Mortgage loans held for investment 116,857 116,857 31,460 31,460 Mortgage loans held for investment in securitization trusts 226,908 226,908 - - Mortgage loans held for sale 17,542 17,542 - - MSR 269,926 269,926 - - Cash and cash equivalents 816,715 816,715 627,595 627,595 Unsettled purchased MBS 12,582 12,582 24,792 24,792 Receivable for securities sold - - 5,197 5,197 Accrued interest receivable 45,008 45,008 54,274 54,274 Principal payments receivable 108,201 108,201 111,439 111,439 Debt security, held-to-maturity (1) 15,000 14,871 15,000 14,853 Short-term investments (1) 30,327 30,327 20,252 20,252 Interest rate swaps and swaptions (2) 2,031 2,031 11,050 11,050 Futures Contracts asset (2) 693 693 - - Forward purchase commitments (2) 190 190 16,101 16,101 Liabilities Repurchase agreements $ 13,443,883 13,443,883 $ 15,759,831 $ 15,759,831 Warehouse lines of credit 60,096 60,096 - - FHLB advances 14,132 14,132 - - Collateralized borrowings in securitization trusts 57,611 57,611 - - Payable for unsettled securities 12,582 12,582 24,750 24,750 Accrued interest payable 4,938 4,938 6,968 6,968 Interest rate swap liability (3) 6,802 6,802 42,052 42,052 Futures Contracts liability (3) 286,058 286,058 202,501 202,501 Forward purchase commitments (3) 32,373 32,373 38 38 (1 ) Included in other investments on the consolidated balance sheets. (2) Included in derivative assets on the consolidated balance sheets. (3)

Mortgage-Backed Securities an28

Mortgage-Backed Securities and Agency CRT securities (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Agency Securities Invests at Times in 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 securities portfolio at December 31, 2015. Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Estimated Fair Value Agency Securities Fannie Mae Certificates ARMs $ 7,392,021 $ (14,465 ) $ 102,247 $ 7,479,803 Fixed-Rate 1,005,458 (8,148 ) - 997,310 Total Fannie Mae 8,397,479 (22,613 ) 102,247 8,477,113 Freddie Mac Certificates ARMs 5,806,425 (22,551 ) 41,243 5,825,117 Fixed-Rate - - - - Total Freddie Mac 5,806,425 (22,551 ) 41,243 5,825,117 Total Agency MBS $ 14,203,904 $ (45,164 ) $ 143,490 $ 14,302,230 Agency CRT Securities $ 111,217 $ (1,830 ) $ - $ 109,387 The following table presents the composition of the Company’s securities portfolio 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 MBS 17,279,316 (35,531 ) 267,623 17,511,408 Total Non-Agency MBS (ARMs) 75,454 - 148 75,602 Total MBS $ 17,354,770 $ (35,531 ) $ 267,771 $ 17,587,010
Components of Carrying Value of the Company's Securities	The components of the carrying value of the Company’s securities at December 31, 2015 and 2014 are presented below. December 31, December 31, 2015 2014 Principal balance $ 13,935,533 $ 16,864,583 Unamortized premium 381,851 490,187 Unamortized discount (2,263 ) - Gross unrealized gains 143,490 267,771 Gross unrealized losses (46,994 ) (35,531 ) Carrying value/estimated fair value $ 14,411,617 $ 17,587,010
Schedule of Interest Income	The following table presents components of interest income on the Company’s securities for the three years ended December 31, 2015: Years Ended December 31 2015 2014 2013 Coupon interest $ 423,371 $ 456,415 $ 616,632 Net premium amortization (117,654 ) (101,979 ) (165,924 ) Interest income $ 305,717 $ 354,436 $ 450,708
Gross Gains and Losses from MBS Sales	Gross gains and losses from sales of available-for sale MBS and agency CRT securities for the three years ended December 31, 2015 were as follows: Years Ended December 31 2015 2014 2013 Gross gains $ 36,805 $ 15,821 $ 18,717 Gross losses (4,074 ) (10,625 ) (301,729 ) Net gain (loss) $ 32,731 $ 5,196 $ (283,012 )
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, 2015 and 2014, the Company had the following securities in a loss position as presented in the following two tables: As of December 31, 2015 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 1,712,043 $ (7,922 ) $ 511,884 $ (6,542 ) $ 2,223,927 $ (14,464 ) Fixed-Rate 997,310 (8,148 ) - - 997,310 (8,148 ) Freddie Mac Certificates ARMs 1,814,773 (9,246 ) 861,198 (13,306 ) 2,675,971 (22,552 ) Fixed-Rate - - - - - - Total temporarily impaired securities $ 4,524,126 $ (25,316 ) $ 1,373,082 $ (19,848 ) $ 5,897,208 $ (45,164 ) Number of securities in an unrealized loss position 223 52 275 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
Adjustable Rate Residential Mortgage
Information About Company's Adjustable Rate Securities that will Reprice or Amortize Based on Contractual terms	The following table presents certain information about the Company’s adjustable rate securities that will reprice or amortize based on contractual terms, which do not consider prepayment assumptions, at December 31, 2015 and 2014. December 31, 2015 December 31, 2014 Weighted Weighted Average Average Fair Value % of Total Coupon Fair Value % of Total Coupon Wtd Average Months to Reset 0 - 12 $ 2,377,014 17.7 % 2.84 % $ 2,272,988 14.0 % 3.02 % 13 - 24 1,467,597 10.9 % 2.69 % 1,799,368 11.0 % 2.97 % 25 - 36 1,692,591 12.6 % 2.87 % 2,026,261 12.4 % 2.73 % 37 - 48 4,805,462 35.8 % 2.50 % 2,268,665 13.9 % 2.89 % 49 - 60 1,338,716 10.0 % 2.43 % 5,855,524 35.9 % 2.52 % 61 - 72 1,015,398 7.6 % 2.95 % 880,039 5.4 % 2.52 % 73 - 84 684,191 5.1 % 2.73 % 1,207,531 7.4 % 2.98 % 109 - 120 33,338 0.3 % 2.85 % - - - Total ARMS and Agency CRTs $ 13,414,307 100.0 % 2.67 % $ 16,310,376 100.0 % 2.75 %
Fixed Rate Residential Mortgage
Information About Company's Adjustable Rate Securities 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, 2015 and 2014. December 31, 2015 December 31, 2014 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 % 3.50 % 133-144 - - - 589,051 46.1 % 3.50 % 145-156 - - - 613,769 48.1 % 3.43 % 349-360 997,310 100 % 3.50 % - - - Total Fixed-Rate Securities $ 997,310 100.0 % 3.50 % $ 1,276,634 100.0 % 3.47 %

Mortgage Loans (Tables)

Mortgage Loans (Tables)	12 Months Ended
	Dec. 31, 2015
Geographic Distribution of Mortgage Loans Held for Investment	The following table provides the geographic distribution of mortgage loans held for investment at December 31, 2015 and December 31, 2014, based on the unpaid principal balance. December 31, 2015 December 31, 2014 California 68 % 82 % Washington 6 % 2 % Texas 5 % 3 % Illinois 3 % 2 % All other 18 % 11 % Total 100 % 100 %
Components for Mortgage Loan Held for Investment Portfolio	The following table provides additional data on the Company’s mortgage loan portfolio at December 31, 2015 and 2014. December 31, 2015 December 31, 2014 Portfolio Portfolio Portfolio Range Weighted Average Portfolio Range Weighted Average Unpaid principal balance $116 to $1,987 $ 804 $447 to $1,332 $ 790 Interest rate 2.63% to 4.00% 3.48% 2.75% to 3.75% 3.43% Maturity 11/2044 to 2/2046 10/2045 6/2044 to 12/2044 9/2044 FICO score at loan origination 701 to 811 763 705 to 813 762 Loan-to-value ratio at loan origination 20% to 80% 71% 28% to 80% 65%
Rollforward of Mortgage Loans Held for Investment	The following table presents the rollforward of mortgage loans held for investment for the periods presented. The Company did not invest in mortgage loans prior to 2014. Twelve Months Ended December 31 2015 2014 2013 Fair value, beginning of period $ 31,460 $ - $ - Purchased 357,996 31,463 - Repaid (42,286 ) - - Sold to securitization trust (223,278 ) - - Change in fair value (7,035 ) (3 ) - Fair value, end of period $ 116,857 $ 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, 2015 and 2014. December 31, 2015 December 31, 2014 Weighted- Weighted- Unobservable Input Range Average Range Average Discount rate 3.0% - 3.5% 3.3 % 3.6% - 3.9% 3.8 % Conditional refinance rate 13.6% - 21.7% 16.4 % 12.4% - 19.3% 15.3 % Default rate 0% - 2.1% 0.7 % 0% - 1.5% 0.4 % Loss severity 10.5% - 22.2% 14.9 % 10.2% - 19.9% 13.8 %
Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value
Geographic Distribution of Mortgage Loans Held for Investment	The following table provides the geographic distribution of mortgage loans held for investment in securitization trusts at December 31, 2015 based on the unpaid principal balance. December 31, 2015 California 49 % Texas 10 % Illinois 6 % Washington 5 % All other 30 % Total 100 %
Components for Mortgage Loan Held for Investment Portfolio	The following table provides additional data on mortgage loans held for investment in in securitization trusts at December 31, 2015. December 31, 2015 Portfolio Portfolio Range Weighted Average Unpaid principal balance $291 to $1,933 $ 742 Interest rate 2.50% to 4.13% 3.38% Maturity 6/2044 to 11/2045 3/2045 FICO score at loan origination 700 to 815 769 Loan-to-value ratio at loan origination 24% to 80% 69%
Rollforward of Mortgage Loans Held for Investment	The following table presents the rollforward of mortgage loans held for investment in securitization trusts for the period presented. 2015 Fair value, beginning of period $ - Purchased 223,278 Repaid (1,822 ) Change in fair value 5,452 Fair value, end of period $ 226,908
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 in securitization trusts at December 31, 2015. December 31, 2015 Weighted- Unobservable Input Range Average Discount rate 2.2% - 3.6% 3.3 % Conditional refinance rate 0.0% - 21.3% 16.4 % Default rate 0.0% - 2.0% 0.5 % Loss severity 0.0% - 22.9% 14.4 %

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	12 Months Ended
	Dec. 31, 2015
Rollforward of Mortgage Loans Held for Investment	The following table presents the rollforward of mortgage loans held for investment for the periods presented. The Company did not invest in mortgage loans prior to 2014. Twelve Months Ended December 31 2015 2014 2013 Fair value, beginning of period $ 31,460 $ - $ - Purchased 357,996 31,463 - Repaid (42,286 ) - - Sold to securitization trust (223,278 ) - - Change in fair value (7,035 ) (3 ) - Fair value, end of period $ 116,857 $ 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, 2015 and 2014. December 31, 2015 December 31, 2014 Weighted- Weighted- Unobservable Input Range Average Range Average Discount rate 3.0% - 3.5% 3.3 % 3.6% - 3.9% 3.8 % Conditional refinance rate 13.6% - 21.7% 16.4 % 12.4% - 19.3% 15.3 % Default rate 0% - 2.1% 0.7 % 0% - 1.5% 0.4 % Loss severity 10.5% - 22.2% 14.9 % 10.2% - 19.9% 13.8 %
Schedule of Mortgage Servicing Income and Mortgage Servicing Expenses	The Company’s mortgage servicing income consisted of the following for the years ended December 31, 2015: Servicing income $ 19,897 Ancillary income 214 Servicing income $ 20,111
Mortgage Servicing Rights
Rollforward of Mortgage Loans Held for Investment	The following table presents the rollforward of MSR for the year ended December 31, 2015. Fair value, beginning of period $ - Purchases 259,215 Change in fair value due to: Changes in valuation inputs or assumptions 13,598 Other changes, including realization of cash flows (2,887 ) Fair value, end of period $ 269,926
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 MSR at December 31, 2015 and December 31, 2014. December 31, 2015 Weighted- Unobservable Input Range Average Discount rate 10%-15% 10.4 % Prepayment rate 5.6%-30.7% 11.9 % Delinquency rate 0%-6.03% 1.4 % Annual cost to service $80-$101 $ 88

Other Investments (Tables)

Other Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule Of Investments [Abstract]
Summary of Other Investments	Other investments consisted of the following items as of December 31, 2015 and December 31, 2014: December 31, 2015 December 31, 2014 Short-term investments $ 30,327 $ 20,252 Debt security, held-to-maturity 15,000 15,000 Equity investments 6,603 6,000 Total other investments $ 51,930 $ 41,252

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2015
Banking And Thrift [Abstract]
Contractual Maturity Information Regarding Repurchase Agreements	The Company uses repurchase agreements to finance purchases of securities. These repurchase agreements are collateralized by the Company’s securities and typically bear interest at rates that are closely related to LIBOR. At December 31, 2015 and 2014, the Company had repurchase indebtedness outstanding with 25 counterparties, with a weighted-average remaining contractual maturity of 0.9 and 1.0 months, respectively. The following table presents the contractual maturity information regarding the Company’s repurchase agreements: December 31, 2015 December 31, 2014 Weighted Average Weighted Average Balance Contractual Rate Balance Contractual Rate Within 30 days $ 12,693,883 0.64 % $ 13,770,099 0.35 % 30 days to 3 months - 0.00 % 1,489,732 0.36 % 3 months to 36 months 750,000 0.75 % 500,000 0.53 % $ 13,443,883 0.65 % $ 15,759,831 0.36 %

Derivatives and Other Hedging33

Derivatives and Other Hedging Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
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 5. The fair value of forward purchase commitments for whole loans was determined using the same methodologies as mortgage loans as described in Note 6. 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, 2015 and 2014, respectively. Derivative Instruments Balance Sheet Location December 31, 2015 December 31, 2014 Interest rate swaps and swaptions Derivative assets $ 2,031 $ 11,050 Futures contracts Derivative assets 693 - Forward purchase commitments - MBS Derivative assets 165 16,101 Forward purchase commitments - mortgage loans Derivative assets 25 - $ 2,914 $ 27,151 Interest rate swaps Derivative liabilities $ 6,802 $ 42,052 Futures contracts Derivative liabilities 286,058 202,501 Forward purchase commitments - MBS Derivative liabilities 32,373 36 Forward purchase commitments - mortgage loans Derivative liabilities - 2 $ 325,233 $ 244,591
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 2015 2014 Beginning of period $ 8,300,000 $ 10,500,000 Additions - - Expirations and terminations (3,700,000 ) (2,200,000 ) End of period $ 4,600,000 $ 8,300,000
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, 2015, the Company had six interest rate swaptions outstanding, all of which were entered into during 2015: 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 $ 10,813 $ 727 6 $ 3,065,000 3.23% 3 month LIBOR 6 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 present the composition of the Company’s Futures Contracts as of December 31, 2015 and 2014, respectively. Fair Value December 31, 2015 December 31, 2014 Futures Contracts designed to replicate swaps $ (285,711 ) $ (202,202 ) Futures Contracts designed to hedge value changes in forward purchases 346 (299 ) Total fair value of Futures Contracts $ (285,365 ) $ (202,501 )
Schedule of ARM Securities Forward Purchase Commitments with Brokers	The following table summarizes the Company’s forward purchase commitments as of December 31, 2015. Face / UPB Cost Fair Market Value Net Asset (Liability) ARMs - originators $ 145,246 $ 147,749 $ 147,914 $ 165 Fixed-rate TBA dollar roll securities 2,655,000 2,736,748 2,704,375 (32,373 ) Whole mortgage loans 26,523 26,700 26,725 25 Total purchase commitments $ 2,826,769 $ 2,911,197 $ 2,879,014 $ (32,183 ) The following table summarizes the Company’s forward purchase commitments as of December 31, 2014. Face / UPB Cost Fair Market Value Net Asset (Liability) ARMs - originators $ 376,936 $ 384,673 $ 388,829 $ 4,156 ARMs - dealers 20,095 20,553 20,517 (36 ) Fixed-rate TBA dollar roll securities 3,400,000 3,509,871 3,521,816 11,945 Whole mortgage loans 11,656 11,937 11,935 (2 ) Total purchase commitments $ 3,808,687 $ 3,927,034 $ 3,943,097 $ 16,063
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, 2015. Assets/(Liabilities) Cash Collateral Posted (Held) Net Asset/(Liability) Interest rate swaps $ 1,304 $ - $ 1,304 Interest rate swaptions 727 (1,106 ) (379 ) Futures Contracts 693 - 693 Forward purchase commitments 190 - 190 Interest rate swaps $ (6,802 ) $ 14,626 $ 7,824 Futures Contracts (286,058 ) 335,084 49,026 Forward purchase commitments (32,373 ) 25,687 (6,686 ) 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 Futures Contracts - - - 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
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, 2015, 2014 and 2013. Impacts from the Company’s interest rate swaps subsequent to the September 30, 2013 hedge de-designation are included herein. Years Ended December 31 2015 2014 2013 Interest rate swaps – net realized and unrealized gains $ 24,851 $ 73,729 $ 25,036 Interest rate swaptions – net realized and unrealized losses (12,597 ) (15,520 ) - Interest rate swaps – monthly net settlements (55,064 ) (113,919 ) (30,985 ) Futures Contracts – fair value adjustments (82,864 ) (176,916 ) (25,585 ) Futures Contracts – losses from maturities (48,120 ) - - Futures Contracts – other realized losses (45,836 ) (29,423 ) (33,298 ) Mortgage loan purchase commitments - fair value adjustments 11 (2 ) - TBA dollar roll income 83,397 92,008 5,605 TBA dollar rolls - net realized and unrealized gains (losses) (52,194 ) 28,610 (10,488 ) Net gain (loss) on derivative instruments $ (188,416 ) $ (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, 2015, 2014 and 2013. Years Ended December 31 2015 2014 2013 Amount of gain recognized in OCI (effective portion) $ - $ - $ 15,030 Amount of loss reclassified from OCI into net (30,715 ) (81,132 ) (116,847 ) Amount of loss recognized in net income as interest expense (ineffective portion) - - (205 )
Interest Rate Swap
Schedule of Derivative Instruments Forecasted Transactions	Information regarding the Company’s interest rate swaps as of December 31, 2015 follows. Wtd. Avg. Remaining Wtd. Avg. Notional Term Fixed Interest Maturity Amount in Months Rate in Contract 12 months or less $ 2,400,000 6 0.92% Over 12 months to 24 months 1,800,000 17 0.89% Over 24 months to 36 months 400,000 26 0.96% Total $ 4,600,000 12 0.91%
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, 2015, 2014 and 2013. Years Ended December 31 2015 2014 2013 Beginning balance $ (30,042 ) $ (111,174 ) $ (243,051 ) Unrealized gain on interest rate swaps - - 15,030 Reclassification of net losses included in income statement 30,715 81,132 116,847 Ending balance $ 673 $ (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 2015 2014 Beginning of period 130,074 95,327 New positions opened 55,494 136,610 Early settlements (41,813 ) (93,053 ) Settlements at maturity (34,931 ) (8,810 ) End of period 108,824 130,074

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2015
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, 2015, 2014 and 2013: 2015 2014 2013 Basic earnings per share: Net income (loss) $ 51,620 $ 56,361 $ (134,136 ) Less preferred stock dividends (21,922 ) (21,922 ) (21,922 ) Net income (loss) available to common shareholders $ 29,698 $ 34,439 $ (156,058 ) Weighted average shares 96,665,489 96,603,634 98,337,362 Basic earnings (loss) per share $ 0.31 $ 0.36 $ (1.59 ) Diluted earnings per share: Net income (loss) $ 51,620 $ 56,361 $ (134,136 ) Less preferred stock dividends (21,922 ) (21,922 ) (21,922 ) Net income (loss) available to common shareholders $ 29,698 $ 34,439 $ (156,058 ) Weighted average shares 96,665,489 96,603,634 98,337,362 Potential dilutive shares from exercise of stock options - - - Diluted weighted average shares 96,665,489 96,603,634 98,337,362 Diluted earnings (loss) per share $ 0.31 $ 0.36 $ (1.59 )

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2015
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: 2015 2014 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 653,291 $ 21.37 542,248 $ 23.22 Granted 445,512 15.68 269,635 19.30 Cancelled/forfeited - - - - Vested (187,661 ) 22.77 (140,592 ) 24.32 Shares non-vested at end of year 911,142 $ 18.30 653,291 $ 21.37

Transactions with Related Par36

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2015
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 2015 2014 2013 Management fee $ 16,235 $ 16,532 $ 18,180 Reimbursable expenses 5,110 4,239 3,200 Total $ 21,345 $ 20,771 $ 21,380 Share-based compensation $ 4,256 $ 3,612 $ 2,594

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Components of Accumulated Other Comprehensive Income	The Company records unrealized gains and losses on its MBS and its forward purchase commitments securities as described in Note 5 and Note 10. As discussed in Note 10, 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, 2015. 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 (loss) at January 1, 2015 $ 232,240 $ 42 $ (595 ) $ (25,922 ) $ 205,765 Other comprehensive income (loss) before reclassification (101,141 ) 875 48 8,275 (91,943 ) Balance Sheet Reclassification: Amount reclassified to MBS available for sale - (918 ) - (12,230 ) (13,148 ) Income Statement Reclassification: Amounts reclassified to net gain on the sale of MBS (32,731 ) - - - (32,731 ) Amounts reclassified to interest expense - - - 30,715 30,715 Net current period other comprehensive income (loss) (133,872 ) (43 ) 48 26,760 (107,107 ) Accumulated other comprehensive income (loss) at December 31, 2015 $ 98,368 $ (1 ) $ (547 ) $ 838 $ 98,658 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 (loss) at January 1, 2014 $ 109,490 $ - $ (627 ) $ (116,915 ) $ (8,052 ) Other comprehensive income (loss) before reclassification 127,946 558 32 11,789 140,325 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 of MBS (5,196 ) - - - (5,196 ) Amounts reclassified for termination of all- in-one cash flow hedge accounting on dollar roll TBAs - - - 5,083 5,083 Amounts reclassified to interest expense - - - 81,132 81,132 Net current period other comprehensive income (loss) 122,750 42 32 90,993 213,817 Accumulated other comprehensive income (loss) at December 31, 2014 $ 232,240 $ 42 $ (595 ) $ (25,922 ) $ 205,765 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 (loss) at January 1, 2013 $ 499,343 $ 1,217 $ (107 ) $ (237,599 ) $ 262,854 Other comprehensive income (loss) before reclassification (680,967 ) 642 (520 ) (21,054 ) (701,899 ) Balance Sheet Reclassification: Amount reclassified to MBS available for sale - (1,859 ) - 24,891 23,032 Income Statement Reclassification: Amounts reclassified to net loss on the sale of MBS 283,012 - - - 283,012 Amounts reclassified for impairment loss on mortgage-backed securities 8,102 - - - 8,102 Amounts reclassified to interest expense - - - 116,847 116,847 Net current period other comprehensive income (loss) (389,853 ) (1,217 ) (520 ) 120,684 (270,906 ) Accumulated other comprehensive income (loss) at December 31, 2013 $ 109,490 $ - $ (627 ) $ (116,915 ) $ (8,052 ) The following table rolls forward the components of AOCI, including reclassification adjustments, for the year ended December 31, 2015. 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 (loss) at January 1, 2015 $ 232,240 $ 42 $ (595 ) $ (25,922 ) $ 205,765 Other comprehensive income (loss) before reclassification (101,141 ) 875 48 8,275 (91,943 ) Balance Sheet Reclassification: Amount reclassified to MBS available for sale - (918 ) - (12,230 ) (13,148 ) Income Statement Reclassification: Amounts reclassified to net gain on the sale of MBS (32,731 ) - - - (32,731 ) Amounts reclassified to interest expense - - - 30,715 30,715 Net current period other comprehensive income (loss) (133,872 ) (43 ) 48 26,760 (107,107 ) Accumulated other comprehensive income (loss) at December 31, 2015 $ 98,368 $ (1 ) $ (547 ) $ 838 $ 98,658 The following table rolls forward the components of AOCI, including reclassification adjustments, for the year ended December 31, 2014.

Summarized Quarterly Financia38

Summarized Quarterly Financial Results (Tables)	12 Months Ended
	Dec. 31, 2015
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, 2015 and 2014. For the Three Months Ended Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2015 (Dollars in thousands, except share related amounts) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest income: Securities $ 72,211 $ 70,874 $ 76,270 $ 86,362 Mortgage loans 2,168 1,786 1,088 467 Mortgage loans in securitization trusts 446 - - - Short-term cash investments 433 328 318 288 Total interest income 75,258 72,988 77,676 87,117 Interest expense: Repurchase agreements 18,724 20,956 23,750 27,314 Warehouse lines 305 292 - - Collateralized borrowings in securitization trusts 97 - - - Total interest expense 19,126 21,248 23,750 27,314 Net interest margin 56,132 51,740 53,926 59,803 Other income (loss): Servicing income 15,549 4,562 - - Management fee income 1,503 524 - - Net realized gain on sale of securities 15,371 1,216 (309 ) 16,453 Net gain (loss) on mortgage loans (1,950 ) 1,361 (689 ) 244 Net gain on mortgage servicing rights 11,250 (539 ) - - Net gain (loss) on derivative instruments 64,085 (130,301 ) (19,415 ) (102,785 ) Net miscellaneous gains and losses 1,686 (912 ) - - Total other income (loss) 107,494 (124,089 ) (20,413 ) (86,088 ) Expenses: Management fee 4,020 4,037 4,083 4,095 Share-based compensation 1,211 966 1,034 1,045 Servicing expenses 2,268 754 - - General and administrative 9,163 5,786 3,840 3,110 Securitization deal costs 1,473 - - - Total expenses 18,135 11,543 8,957 8,250 Net income (loss) 145,491 (83,892 ) 24,556 (34,535 ) Dividends on preferred stock 5,481 5,480 5,480 5,481 Net income (loss) available to common shareholders $ 140,010 $ (89,372 ) $ 19,076 $ (40,016 ) Earnings (loss) per share - common stock, basic $ 1.45 $ (0.93 ) $ 0.20 $ (0.41 ) Earnings (loss) per share - common stock, diluted $ 1.45 $ (0.93 ) $ 0.20 $ (0.41 ) Dividends per share of common stock $ 0.45 $ 0.45 $ 0.50 $ 0.50 Weighted average common shares outstanding, basic 96,546,219 96,545,913 96,790,541 96,783,199 Weighted average common shares outstanding, diluted 96,546,219 96,545,913 96,790,541 96,783,199 For the Three Months Ended Dec. 31, Sept. 30, June 30, March 31, 2014 2014 2014 2014 (Dollars in thousands, except share related amounts) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest income: Securities $ 87,702 $ 80,969 $ 89,458 $ 96,307 Mortgage loans 35 - - - Mortgage loans in securitization trusts - - - - Short-term cash investments 324 330 347 282 Total interest income 88,061 81,299 89,805 96,589 Interest expense: Repurchase agreements 26,966 31,950 35,128 38,451 Warehouse lines - - - - Collateralized borrowings in securitization trusts - - - - Total interest expense 26,966 31,950 35,128 38,451 Net interest margin 61,095 49,349 54,677 58,138 Other income (loss): Servicing income - - - - Management fee income - - - - Net realized gain on sale of securities 2,107 237 (4,584 ) 7,436 Net gain (loss) on mortgage loans 8 - - - Net gain on mortgage servicing rights - - - - Net gain (loss) on derivative instruments (79,988 ) 35,430 (55,260 ) (41,615 ) Net miscellaneous gains and losses - - - - Total other income (loss) (77,873 ) 35,667 (59,844 ) (34,179 ) Expenses: Management fee 4,112 4,122 4,144 4,154 Share-based compensation 1,020 890 842 860 Servicing expenses - - - - General and administrative 3,941 2,113 2,324 2,147 Securitization deal costs - - - - Total expenses 9,073 7,125 7,310 7,161 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 $ 0.50 $ 0.50 $ 0.50 $ 0.50 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

Organization and Business Des39

Organization and Business Description - Additional Information (Details) - USD ($) $ in Thousands	Aug. 31, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Organization And Summary Of Significant Accounting Policies [Line Items]
Distributions from taxable income										100.00%
Effective date of acquisition	Aug. 31, 2015
Percentage of voting interest	100.00%
Purchase consideration, cash	$ 23,500									$ 21,473
Purchase consideration, equity interest	$ 4,400
Net income (loss)		$ 145,491	$ (83,892)	$ 24,556	$ (34,535)	$ (25,851)	$ 77,891	$ (12,477)	$ 16,798	51,620	$ 56,361	$ (134,136)
Pingora Asset Management, LLC
Organization And Summary Of Significant Accounting Policies [Line Items]
Acquired operations generated other income										23,600
Net income (loss)										$ 8,700

Schedule of Assets and Liabilit

Schedule of Assets and Liabilities as on Acquisition Date (Details) - Pingora $ in Thousands	Aug. 31, 2015USD ($)
Business Acquisition [Line Items]
Mortgage loans held for sale, at fair value	$ 4,292
Cash and cash equivalents	1,937
Goodwill	3,498
Warehouse lines of credit	(3,989)
Deferred tax liabilities	(2,060)
Other net liabilities	(215)
Net assets	23,463
Ascent software platform
Business Acquisition [Line Items]
Intangible assets	2,000
Customer relationships intangible
Business Acquisition [Line Items]
Intangible assets	16,000
Licenses
Business Acquisition [Line Items]
Intangible assets	$ 2,000

Summary of Significant Accoun41

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Ownership percentage on variable interest									100.00%
Distributions from taxable income									100.00%
Share-based compensation expense	$ 1,211	$ 966	$ 1,034	$ 1,045	$ 1,020	$ 890	$ 842	$ 860	$ 4,256	$ 3,612	$ 2,594

Schedule of Carrying Amounts an

Schedule of Carrying Amounts and Classifications of CFE's Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Collateralized Securities Transactions [Line Items]
Mortgage loans held for investment in securitization trusts, at fair value		$ 226,908
Total assets	[1]	16,137,526	$ 18,516,800
Collateralized borrowings in securitization trusts		57,611
Accrued interest payable		4,938	6,968
Other liabilities		27,870	6,850
Total liabilities	[1]	13,994,169	$ 16,096,004
CFE
Collateralized Securities Transactions [Line Items]
Mortgage loans held for investment in securitization trusts, at fair value		225,285
Accrued interest receivable and other assets		2,955
Total assets		228,240
Collateralized borrowings in securitization trusts		57,611
Accrued interest payable		133
Other liabilities		40
Total liabilities		$ 57,784
[1]	The consolidated balance sheet as of December 31, 2015 includes $227,444 of assets of a consolidated collateralized financing entity (“CFE”) that can only be used to settle obligations of the CFE as well as liabilities of $57,784 of the CFE for which creditors do not have recourse to Hatteras Financial Corp

Components of Statement of Inco

Components of Statement of Income of the CFE (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Collateralized Securities Transactions [Line Items]
Interest income										$ 313,039	$ 355,754	$ 452,268
Interest expense		$ (19,126)	$ (21,248)	$ (23,750)	$ (27,314)	$ (26,966)	$ (31,950)	$ (35,128)	$ (38,451)	(91,438)	(132,495)	(197,709)
Net interest margin		56,132	51,740	53,926	59,803	61,095	49,349	54,677	58,138	221,601	223,259	254,559
Gain on mortgage loans										(1,065)	8
Operating expenses		(18,135)	(11,543)	(8,957)	(8,250)	(9,073)	(7,125)	(7,310)	(7,161)
Net income		$ 145,491	$ (83,892)	$ 24,556	$ (34,535)	$ (25,851)	$ 77,891	$ (12,477)	$ 16,798	$ 51,620	$ 56,361	$ (134,136)
CFE
Collateralized Securities Transactions [Line Items]
Interest income	$ 446
Interest expense	(97)
Net interest margin	349
Gain on mortgage loans	3,571
Operating expenses	(8)
Net income	$ 3,912

Carrying Values and Fair Values

Carrying Values and Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value Disclosures [Abstract]
MBS, Carrying Value		$ 14,302,230	$ 17,587,010
Agency CRT securities, Carrying Value		109,387
Mortgage loans held for investment, Carrying Value		116,857	31,460
Mortgage loans held for investment in securitization trusts, Carrying Value		226,908
Mortgage loans held for sale, Carrying Value		17,542
MSR, Carrying Value		269,926
Cash and cash equivalents, Carrying Value		816,715	627,595	$ 988,705	$ 449,445
Unsettled purchased MBS, Carrying Value		12,582	24,792
Receivable for securities sold, Carrying Value			5,197
Accrued interest receivable, Carrying Value		45,008	54,274
Principal payments receivable, Carrying Value		108,201	111,439
Debt security, held-to-maturity, Carrying Value	[1]	15,000	15,000
Short-term investments, Carrying Value	[1]	30,327	20,252
Interest rate swaps and swaptions, Carrying Value	[2]	2,031	11,050
Futures Contracts asset, Carrying Value	[2]	693
Forward purchase commitments, Carrying Value	[2]	190	16,101
Repurchase agreements, Carrying Value		13,443,883	15,759,831
Warehouse lines of credit, Carrying Value		60,096
FHLB advances, Carrying Value		14,132
Collateralized borrowings in securitization trusts, Carrying Value		57,611
Payable for unsettled securities, Carrying Value		12,582	24,750
Accrued interest payable, Carrying Value		4,938	6,968
Interest rate swap liability, Carrying Value	[3]	6,802	42,052
Futures Contracts liability, Carrying Value	[3]	286,058	202,501
Forward purchase commitments, Carrying Value	[3]	32,373	38
MBS, Fair Value		14,302,230	17,587,010
Agency CRT securities, at fair value		109,387
Mortgage loans held for investment, Fair Value		116,857	31,460
Mortgage loans held for investment in securitization trusts, at fair value		226,908
Mortgage loans held for sale, Fair Value		17,542
MSR, Fair Value		269,926
Cash and cash equivalents, Fair Value		816,715	627,595
Unsettled purchased MBS, Fair Value		12,582	24,792
Receivable for securities sold, Fair Value			5,197
Accrued interest receivable, Fair Value		45,008	54,274
Principal payments receivable, Fair Value		108,201	111,439
Debt security, held-to-maturity, Fair Value	[1]	14,871	14,853
Short-term investments, Fair Value	[1]	30,327	20,252
Interest rate swaps and swaptions, Fair Value	[2]	2,031	11,050
Futures Contracts asset, Fair Value	[2]	693
Forward purchase commitments, Fair Value	[2]	190	16,101
Repurchase agreements, Fair Value		13,443,883	15,759,831
Warehouse lines of credit		60,096
FHLB advances, Fair Value		14,132
Collateralized borrowings in securitization trusts		57,611
Payable for unsettled securities, Fair Value		12,582	24,750
Accrued interest payable, Fair Value		4,938	6,968
Interest rate swap liability, Fair Value	[3]	6,802	42,052
Futures Contracts liability, Fair Value	[3]	286,058	202,501
Forward purchase commitments, Fair Value	[3]	$ 32,373	$ 38
[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.

Schedule of Agency Securities I

Schedule of Agency Securities Invests at Times in MBS not Issued or Guaranteed by U.S. Government Agency or U.S. Government Sponsored Entity (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost		$ 17,354,770
Gross Unrealized Loss	$ (46,994)	(35,531)
Gross Unrealized Gain	143,490	267,771
Carrying value/estimated fair value	14,302,230	17,587,010
Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost	14,203,904	17,279,316
Gross Unrealized Loss	(45,164)	(35,531)
Gross Unrealized Gain	143,490	267,623
Carrying value/estimated fair value	14,302,230	17,511,408
Adjustable Rate Residential Mortgage
Schedule Of Available For Sale Securities [Line Items]
Carrying value/estimated fair value	13,414,307	16,310,376
Adjustable Rate Residential Mortgage | Non-Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost		75,454
Gross Unrealized Gain		148
Carrying value/estimated fair value		75,602
Fixed-Rate
Schedule Of Available For Sale Securities [Line Items]
Carrying value/estimated fair value	997,310	1,276,634
Fannie Mae Certificates | Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost	8,397,479	10,315,029
Gross Unrealized Loss	(22,613)	(13,737)
Gross Unrealized Gain	102,247	189,066
Carrying value/estimated fair value	8,477,113	10,490,358
Fannie Mae Certificates | Adjustable Rate Residential Mortgage | Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost	7,392,021	9,203,741
Gross Unrealized Loss	(14,465)	(13,737)
Gross Unrealized Gain	102,247	183,889
Carrying value/estimated fair value	7,479,803	9,373,893
Fannie Mae Certificates | Fixed-Rate | Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost	1,005,458	1,111,288
Gross Unrealized Loss	(8,148)
Gross Unrealized Gain		5,177
Carrying value/estimated fair value	997,310	1,116,465
Freddie Mac Certificates | Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost	5,806,425	6,964,287
Gross Unrealized Loss	(22,551)	(21,794)
Gross Unrealized Gain	41,243	78,557
Carrying value/estimated fair value	5,825,117	7,021,050
Freddie Mac Certificates | Adjustable Rate Residential Mortgage | Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost	5,806,425	6,805,885
Gross Unrealized Loss	(22,551)	(21,794)
Gross Unrealized Gain	41,243	76,790
Carrying value/estimated fair value	5,825,117	6,860,881
Freddie Mac Certificates | Fixed-Rate | Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost		158,402
Gross Unrealized Gain		1,767
Carrying value/estimated fair value		$ 160,169
Agency CRT
Schedule Of Available For Sale Securities [Line Items]
Agency Securities Amortized Cost	111,217
Gross Unrealized Loss	(1,830)
Carrying value/estimated fair value	$ 109,387

Components of Carrying Value of

Components of Carrying Value of the Company's Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments Debt And Equity Securities [Abstract]
Principal balance	$ 13,935,533	$ 16,864,583
Unamortized premium	381,851	490,187
Unamortized discount	(2,263)
Gross unrealized gains	143,490	267,771
Gross unrealized losses	(46,994)	(35,531)
Carrying value/estimated fair value	$ 14,411,617	$ 17,587,010

Schedule Of Interest Income (De

Schedule Of Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investments Debt And Equity Securities [Abstract]
Coupon interest									$ 423,371	$ 456,415	$ 616,632
Net premium amortization									(117,654)	(101,979)	(165,924)
Interest income	$ 72,211	$ 70,874	$ 76,270	$ 86,362	$ 87,702	$ 80,969	$ 89,458	$ 96,307	$ 305,717	$ 354,436	$ 450,708

Gross Gains and Losses from Inv

Gross Gains and Losses from Investment Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investments Debt And Equity Securities [Abstract]
Gross gains	$ 36,805	$ 15,821	$ 18,717
Gross losses	(4,074)	(10,625)	(301,729)
Net gain (loss)	$ 32,731	$ 5,196	$ (283,012)

Schedule of MBS in Unrealized L

Schedule of MBS in Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 2015USD ($)Security	Dec. 31, 2014USD ($)Security
Schedule Of Available For Sale Securities [Line Items]
Fair Market Value - Less than 12 months	$ 4,524,126	$ 1,305,594
Unrealized Loss - Less than 12 months	(25,316)	(2,032)
Fair Market Value - Greater than 12 Months	1,373,082	3,043,913
Unrealized Loss - Greater than 12 Months	(19,848)	(33,499)
Total - Fair Market Value	5,897,208	4,349,507
Total - Unrealized Loss	$ (45,164)	$ (35,531)
Number of securities in an unrealized loss position, Less than 12 Months | Security	223	56
Number of securities in an unrealized loss position, Greater than 12 Months | Security	52	108
Number of securities in an unrealized loss position, Total | Security	275	164
Fannie Mae Certificates | Adjustable Rate Residential Mortgage
Schedule Of Available For Sale Securities [Line Items]
Fair Market Value - Less than 12 months	$ 1,712,043	$ 806,600
Unrealized Loss - Less than 12 months	(7,922)	(1,240)
Fair Market Value - Greater than 12 Months	511,884	1,306,153
Unrealized Loss - Greater than 12 Months	(6,542)	(12,497)
Total - Fair Market Value	2,223,927	2,112,753
Total - Unrealized Loss	(14,464)	(13,737)
Fannie Mae Certificates | Fixed-Rate
Schedule Of Available For Sale Securities [Line Items]
Fair Market Value - Less than 12 months	997,310
Unrealized Loss - Less than 12 months	(8,148)
Total - Fair Market Value	997,310
Total - Unrealized Loss	(8,148)
Freddie Mac Certificates | Adjustable Rate Residential Mortgage
Schedule Of Available For Sale Securities [Line Items]
Fair Market Value - Less than 12 months	1,814,773	498,994
Unrealized Loss - Less than 12 months	(9,246)	(792)
Fair Market Value - Greater than 12 Months	861,198	1,737,760
Unrealized Loss - Greater than 12 Months	(13,306)	(21,002)
Total - Fair Market Value	2,675,971	2,236,754
Total - Unrealized Loss	$ (22,552)	$ (21,794)

Mortgage-Backed Securities an50

Mortgage-Backed Securities and Agency CRT securities - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule Of Available For Sale Securities [Line Items]
Impairment loss on mortgage-backed securities				$ 8,102,000
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	$ 8,102,000	$ 0	$ 0	$ 0

Information About Company's Adj

Information About Company's Adjustable Rate Agency Securities That will Reprice or Amortize Based on Contractual terms (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans On Real Estate [Line Items]
MBS, Fair Value	$ 14,302,230	$ 17,587,010
Minimum
Mortgage Loans On Real Estate [Line Items]
Weighted Average Coupon	2.63%	2.75%
Maximum
Mortgage Loans On Real Estate [Line Items]
Weighted Average Coupon	4.00%	3.75%
Adjustable Rate Residential Mortgage
Mortgage Loans On Real Estate [Line Items]
MBS, Fair Value	$ 13,414,307	$ 16,310,376
% of Total	100.00%	100.00%
Weighted Average Coupon	2.67%	2.75%
Adjustable Rate Residential Mortgage | 0 - 12 Months
Mortgage Loans On Real Estate [Line Items]
MBS, Fair Value	$ 2,377,014	$ 2,272,988
% of Total	17.70%	14.00%
Weighted Average Coupon	2.84%	3.02%
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]
MBS, Fair Value	$ 1,467,597	$ 1,799,368
% of Total	10.90%	11.00%
Weighted Average Coupon	2.69%	2.97%
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]
MBS, Fair Value	$ 1,692,591	$ 2,026,261
% of Total	12.60%	12.40%
Weighted Average Coupon	2.87%	2.73%
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]
MBS, Fair Value	$ 4,805,462	$ 2,268,665
% of Total	35.80%	13.90%
Weighted Average Coupon	2.50%	2.89%
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]
MBS, Fair Value	$ 1,338,716	$ 5,855,524
% of Total	10.00%	35.90%
Weighted Average Coupon	2.43%	2.52%
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]
MBS, Fair Value	$ 1,015,398	$ 880,039
% of Total	7.60%	5.40%
Weighted Average Coupon	2.95%	2.52%
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]
MBS, Fair Value	$ 684,191	$ 1,207,531
% of Total	5.10%	7.40%
Weighted Average Coupon	2.73%	2.98%
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
Adjustable Rate Residential Mortgage | 109 - 120 Months
Mortgage Loans On Real Estate [Line Items]
MBS, Fair Value	$ 33,338
% of Total	0.30%
Weighted Average Coupon	2.85%
Adjustable Rate Residential Mortgage | 109 - 120 Months | Minimum
Mortgage Loans On Real Estate [Line Items]
Months to Coupon Reset or Contractual Payment	109 months
Adjustable Rate Residential Mortgage | 109 - 120 Months | Maximum
Mortgage Loans On Real Estate [Line Items]
Months to Coupon Reset or Contractual Payment	120 months
Fixed Rate Residential Mortgage
Mortgage Loans On Real Estate [Line Items]
MBS, Fair Value	$ 997,310	$ 1,276,634
% of Total	100.00%	100.00%
Weighted Average Coupon	3.50%	3.47%
Fixed Rate Residential Mortgage | 121-132 Months
Mortgage Loans On Real Estate [Line Items]
MBS, Fair Value		$ 73,814
% of Total		5.80%
Weighted Average Coupon		3.50%
Fixed Rate Residential Mortgage | 121-132 Months | Minimum
Mortgage Loans On Real Estate [Line Items]
Weighted Average Months to Maturity	121 months
Fixed Rate Residential Mortgage | 121-132 Months | Maximum
Mortgage Loans On Real Estate [Line Items]
Weighted Average Months to Maturity	132 months
Fixed Rate Residential Mortgage | 133-144 Months
Mortgage Loans On Real Estate [Line Items]
MBS, Fair Value		$ 589,051
% of Total		46.10%
Weighted Average Coupon		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]
MBS, Fair Value		$ 613,769
% of Total		48.10%
Weighted Average Coupon		3.43%
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 | 349-360 Months
Mortgage Loans On Real Estate [Line Items]
MBS, Fair Value	$ 997,310
% of Total	100.00%
Weighted Average Coupon	3.50%
Fixed Rate Residential Mortgage | 349-360 Months | Minimum
Mortgage Loans On Real Estate [Line Items]
Weighted Average Months to Maturity	349 months
Fixed Rate Residential Mortgage | 349-360 Months | Maximum
Mortgage Loans On Real Estate [Line Items]
Weighted Average Months to Maturity	360 months

Mortgage Loans - Additional Inf

Mortgage Loans - Additional Information (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Available For Sale Securities [Line Items]
Fair value	$ 116,857,000	$ 31,460,000
Past due on mortgage loan	0	0
Nonaccrual status on mortgage loan	0	0
Mortgage loans held for investment	(106,000)	(3,000)
Unpaid principal	16,629,000
Mortgage loans held for sale, at fair value (including pledged assets of $17,542 and $0, respectively)	17,542,000
Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value
Schedule Of Available For Sale Securities [Line Items]
Unpaid principal balance	223,205,000
Fair value	226,908,000
Past due on mortgage loan	0
Nonaccrual status on mortgage loan	0
Mortgage loans held for investment	(1,079,000)
Mortgage Held for Investment, at Fair Value
Schedule Of Available For Sale Securities [Line Items]
Unpaid principal balance	$ 114,997,000	$ 30,792,000

Geographic Distribution of Mort

Geographic Distribution of Mortgage Loans Held for Investment (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Available For Sale Securities [Line Items]
Mortgage loans held	100.00%	100.00%
Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value
Schedule Of Available For Sale Securities [Line Items]
Mortgage loans held	100.00%
California
Schedule Of Available For Sale Securities [Line Items]
Mortgage loans held	68.00%	82.00%
California | Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value
Schedule Of Available For Sale Securities [Line Items]
Mortgage loans held	49.00%
Washington
Schedule Of Available For Sale Securities [Line Items]
Mortgage loans held	6.00%	2.00%
Washington | Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value
Schedule Of Available For Sale Securities [Line Items]
Mortgage loans held	5.00%
Texas
Schedule Of Available For Sale Securities [Line Items]
Mortgage loans held	5.00%	3.00%
Texas | Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value
Schedule Of Available For Sale Securities [Line Items]
Mortgage loans held	10.00%
Illinois
Schedule Of Available For Sale Securities [Line Items]
Mortgage loans held	3.00%	2.00%
Illinois | Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value
Schedule Of Available For Sale Securities [Line Items]
Mortgage loans held	6.00%
All Other
Schedule Of Available For Sale Securities [Line Items]
Mortgage loans held	18.00%	11.00%
All Other | Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value
Schedule Of Available For Sale Securities [Line Items]
Mortgage loans held	30.00%

Components for Mortgage Loan He

Components for Mortgage Loan Held for Investment Portfolio (Details)	12 Months Ended
	Dec. 31, 2015USD ($)Point	Dec. 31, 2014USD ($)Point
Schedule Of Available For Sale Securities [Line Items]
Maturity	2045-10
Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value
Schedule Of Available For Sale Securities [Line Items]
Unpaid principal balance	$ 223,205,000
Minimum
Schedule Of Available For Sale Securities [Line Items]
Unpaid principal balance	$ 116,000	$ 447,000
Interest rate	2.63%	2.75%
Maturity	2044-11	2044-06
FICO score at loan origination | Point	701	705
Loan-to-value ratio at loan origination	20.00%	28.00%
Minimum | Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value
Schedule Of Available For Sale Securities [Line Items]
Unpaid principal balance	$ 291,000
Interest rate	2.50%
Maturity	2044-06
FICO score at loan origination | Point	700
Loan-to-value ratio at loan origination	24.00%
Maximum
Schedule Of Available For Sale Securities [Line Items]
Unpaid principal balance	$ 1,987,000	$ 1,332,000
Interest rate	4.00%	3.75%
Maturity	2046-02	2044-12
FICO score at loan origination | Point	811	813
Loan-to-value ratio at loan origination	80.00%	80.00%
Maximum | Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value
Schedule Of Available For Sale Securities [Line Items]
Unpaid principal balance	$ 1,933,000
Interest rate	4.13%
Maturity	2045-11
FICO score at loan origination | Point	815
Loan-to-value ratio at loan origination	80.00%
Weighted Average
Schedule Of Available For Sale Securities [Line Items]
Unpaid principal balance	$ 804,000	$ 790,000
Interest rate	3.48%	3.43%
Maturity	2045-10	2044-09
FICO score at loan origination | Point	763	762
Loan-to-value ratio at loan origination	71.00%	65.00%
Weighted Average | Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value
Schedule Of Available For Sale Securities [Line Items]
Unpaid principal balance	$ 742,000
Interest rate	3.38%
Maturity	2045-03
FICO score at loan origination | Point	769
Loan-to-value ratio at loan origination	69.00%

Rollforward of Mortgage Loans H

Rollforward of Mortgage Loans Held for Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Investments Classified By Contractual Maturity Date [Line Items]
Fair value, beginning of period	$ 31,460
Purchased	357,996	$ 31,463
Repaid	(42,286)
Sold to securitization trust	(223,278)
Change in fair value	(7,035)	(3)
Fair value, end of period	116,857	$ 31,460
Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value
Investments Classified By Contractual Maturity Date [Line Items]
Purchased	223,278
Repaid	(1,822)
Change in fair value	5,452
Fair value, end of period	$ 226,908

Schedule of Unobservable Inputs

Schedule of Unobservable Inputs Used in Level 3 Valuation of Mortgage Loans Held for Investment (Details) - Level 3	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Minimum | Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	2.20%
Conditional refinance rate	0.00%
Default rate	0.00%
Loss severity	0.00%
Maximum | Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	3.60%
Conditional refinance rate	21.30%
Default rate	2.00%
Loss severity	22.90%
Weighted Average | Mortgage Loans Held for Investment in Securitization Trusts, at Fair Value
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	3.30%
Conditional refinance rate	16.40%
Default rate	0.50%
Loss severity	14.40%
Mortgage Held for Investment, at Fair Value | Minimum
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	3.00%	3.60%
Conditional refinance rate	13.60%	12.40%
Default rate	0.00%	0.00%
Loss severity	10.50%	10.20%
Mortgage Held for Investment, at Fair Value | Maximum
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	3.50%	3.90%
Conditional refinance rate	21.70%	19.30%
Default rate	2.10%	1.50%
Loss severity	22.20%	19.90%
Mortgage Held for Investment, at Fair Value | Weighted Average
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	3.30%	3.80%
Conditional refinance rate	16.40%	15.30%
Default rate	0.70%	0.40%
Loss severity	14.90%	13.80%

Rollforward of Mortgage Servici

Rollforward of Mortgage Servicing Rights (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Change in fair value due to:
Fair value, end of period	$ 269,926
Mortgage Servicing Rights
Schedule Of Available For Sale Securities [Line Items]
Purchases	259,215
Change in fair value due to:
Changes in valuation inputs or assumptions	13,598
Other changes, including realization of cash flows	(2,887)
Fair value, end of period	$ 269,926

Schedule of Unobservable Inpu58

Schedule of Unobservable Inputs Used in Level 3 Valuation of Mortgage Servicing Rights (Details) - Mortgage Servicing Rights - Level 3	12 Months Ended
	Dec. 31, 2015USD ($)
Minimum
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	10.00%
Prepayment rate	5.60%
Delinquency rate	0.00%
Annual cost to service	$ 80,000
Maximum
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	15.00%
Prepayment rate	30.70%
Delinquency rate	6.03%
Annual cost to service	$ 101,000
Weighted Average
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	10.40%
Prepayment rate	11.90%
Delinquency rate	1.40%
Annual cost to service	$ 88,000

Schedule of Mortgage Servicing

Schedule of Mortgage Servicing Income and Mortgage Servicing Expenses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Investments Debt And Equity Securities [Abstract]
Servicing income	$ 19,897
Ancillary income	214
Servicing income	$ 20,111

Summary Of Other Investments (D

Summary Of Other Investments (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Schedule Of Investments [Abstract]
Short-term investments	[1]	$ 30,327	$ 20,252
Debt security, held-to-maturity	[1]	15,000	15,000
Equity investments		6,603	6,000
Total other investments		$ 51,930	$ 41,252
[1]	Included in other investments on the consolidated balance sheets.

Other Investments - Additional

Other Investments - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Schedule Of Held To Maturity Securities [Line Items]
Debt security, held-to-maturity	[1]	$ 15,000	$ 15,000
Available for sale securities equity securities		$ 6,603	6,000
Maturity date		Mar. 24, 2019
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	[1]	$ 14,871	$ 14,853
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%
Federal Home Loan Bank of Atlanta (FHLB)
Schedule Of Held To Maturity Securities [Line Items]
Available for sale securities equity securities		$ 603
Available for Sale Equity Security Investment in Counterparty
Schedule Of Held To Maturity Securities [Line Items]
Available for sale securities equity securities		$ 6,000
[1]	Included in other investments on the consolidated balance sheets.

Borrowings - Additional Informa

Borrowings - Additional Information (Details)	12 Months Ended
	Dec. 31, 2015USD ($)PersonInstitution	Dec. 31, 2014USD ($)Person
Banking And Thrift [Abstract]
Number of counterparties in repurchase agreements | Person	25	25
Weighted average contractual maturity of the repurchase agreements outstanding	27 days	30 days
Fair value of assets pledged as collateral under repurchase agreements	$ 14,072,647,000	$ 16,575,106,000
Number of financial institutions | Institution	3
Number of outstanding borrowings from counterparties | Person	2
Warehouse lines of credit	$ 60,096,000
Warehouse lines of credit earliest maturity date	2016-03
Warehouse lines of credit last maturity date	2016-09
Fair value of securities pledged as collateral under lines of credit facilities	$ 67,685,000
Warehouse lines of credit, Maximum borrowing capacity	300,000,000
FHLB advances outstanding	$ 14,132,000
FHLB advances interest rate	0.40%
FHLB advances, maturity date	2016-01
Fair value of assets pledged as collateral under FHLB	$ 15,714,000
FHLB advances maximum borrowing capacity	1,000,000,000
Outstanding principal amount	$ 58,052,000
Collateralized borrowings weighted-average interest rate	2.75%
Scheduled distribution date	2045-10

Contractual Maturity Informatio

Contractual Maturity Information Regarding Repurchase Agreements (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets Sold Under Agreements To Repurchase [Line Items]
Repurchase agreements, Carrying Value	$ 13,443,883	$ 15,759,831
Weighted Average Contractual Rate	0.65%	0.36%
Within 30 days
Assets Sold Under Agreements To Repurchase [Line Items]
Repurchase agreements, Carrying Value	$ 12,693,883	$ 13,770,099
Weighted Average Contractual Rate	0.64%	0.35%
30 days to 3 months
Assets Sold Under Agreements To Repurchase [Line Items]
Repurchase agreements, Carrying Value		$ 1,489,732
Weighted Average Contractual Rate	0.00%	0.36%
3 months to 36 months
Assets Sold Under Agreements To Repurchase [Line Items]
Repurchase agreements, Carrying Value	$ 750,000	$ 500,000
Weighted Average Contractual Rate	0.75%	0.53%

Schedule of Location of Derivat

Schedule of Location of Derivatives on Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivatives Fair Value [Line Items]
Derivative assets	$ 2,914	$ 27,151
Derivative liabilities	325,233	244,591
Interest Rate Swaps and Swaptions | Derivative Assets
Derivatives Fair Value [Line Items]
Derivative assets	2,031	11,050
Interest Rate Swap
Derivatives Fair Value [Line Items]
Derivative assets	1,304	6,489
Interest Rate Swap | Derivative Liabilities
Derivatives Fair Value [Line Items]
Derivative liabilities	6,802	42,052
Futures Contracts | Derivative Assets
Derivatives Fair Value [Line Items]
Derivative assets	693
Futures Contracts | Derivative Liabilities
Derivatives Fair Value [Line Items]
Derivative liabilities	286,058	202,501
Forward Purchase Commitments - MBS | Derivative Assets
Derivatives Fair Value [Line Items]
Derivative assets	165	16,101
Forward Purchase Commitments - MBS | Derivative Liabilities
Derivatives Fair Value [Line Items]
Derivative liabilities	32,373	36
Forward Purchase Commitments - Mortgage Loans | Derivative Assets
Derivatives Fair Value [Line Items]
Derivative assets	$ 25
Forward Purchase Commitments - Mortgage Loans | Derivative Liabilities
Derivatives Fair Value [Line Items]
Derivative liabilities		$ 2

Derivatives and other Hedging65

Derivatives and other Hedging Instruments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2015USD ($)Contract	Dec. 31, 2014Contract	Dec. 31, 2013Contract
Derivative [Line Items]
Estimated amount related to derivatives reclassified to interest expense during the next 12 months	$ 1,864,000
Early Terminated Interest Rate Swaps
Derivative [Line Items]
Notional Amount	1,400,000,000
Payment on termination of interest rate swaps	$ 5,210,000
Derivative, Maturity Date	Dec. 31, 2015
Interest Rate Swaptions
Derivative [Line Items]
Number of derivative instruments outstanding | Contract	6	4
Proceeds from swaptions termination	$ 2,049,000
Eurodollar Future
Derivative [Line Items]
Notional Amount	$ 1,000,000
Number of derivative instruments outstanding | Contract	108,824	130,074	95,327
Derivative term of contract	3 months
Futures contracts range	2015 through 2021
Fair value of derivatives in net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to agreements	$ 6,802,000

Volume of Activity for Interest

Volume of Activity for Interest Rate Derivative Instruments (Details) - Interest Rate Swap - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional Value, Beginning of period	$ 8,300,000,000	$ 10,500,000,000
Expirations and terminations	(3,700,000,000)	(2,200,000,000)
Notional Value, End of period	$ 4,600,000,000	$ 8,300,000,000

Hedging Exposure Future Cash Fl

Hedging Exposure Future Cash Flows with Interest Rate Swaps For Forecasted Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments Gain Loss [Line Items]
Weighted Average Remaining Term in Months	12 months
Weighted Average Fixed Interest Rate in Contract	0.91%
Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Notional Amount	$ 4,600,000,000	$ 8,300,000,000	$ 10,500,000,000
12 Months or Less
Derivative Instruments Gain Loss [Line Items]
Weighted Average Remaining Term in Months	6 months
Weighted Average Fixed Interest Rate in Contract	0.92%
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	$ 2,400,000,000
Over 12 Months to 24 Months
Derivative Instruments Gain Loss [Line Items]
Weighted Average Remaining Term in Months	17 months
Weighted Average Fixed Interest Rate in Contract	0.89%
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	$ 1,800,000,000
Over 24 Months to 36 Months
Derivative Instruments Gain Loss [Line Items]
Weighted Average Remaining Term in Months	26 months
Weighted Average Fixed Interest Rate in Contract	0.96%
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	$ 400,000,000

Schedule of Outstanding Interes

Schedule of Outstanding Interest Rate Swaptions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Weighted Average Months to Expiration	12 months
Options
Derivative [Line Items]
Original Cost	$ 10,813,000	$ 20,080,000
Fair Value	$ 727,000	$ 4,561,000
Weighted Average Months to Expiration	6 months	6 months
Underlying Swaps
Derivative [Line Items]
Notional Amount	$ 3,065,000,000	$ 992,300,000
Weighted Average Fixed Pay Rate	3.23%	2.74%
Weighted Average Term (Years)	6 years	7 years

Schedule of Composition of Futu

Schedule of Composition of Futures Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Total fair value of Futures Contracts	$ (285,365)	$ (202,501)
Futures Contracts Designed to Replicate Swaps
Derivative [Line Items]
Total fair value of Futures Contracts	(285,711)	(202,202)
Futures Contracts Designed to Hedge Value Changes in Forward Purchases
Derivative [Line Items]
Total fair value of Futures Contracts	$ 346	$ (299)

Schedule of Volume of Activity

Schedule of Volume of Activity Futures Contracts (Details) - Eurodollar Future - Contract	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivatives Fair Value [Line Items]
Number of contracts, Beginning of period	130,074	95,327
New positions opened	55,494	136,610
Early settlements	(41,813)	(93,053)
Settlements at maturity	(34,931)	(8,810)
Number of contracts, End of period	108,824	130,074

Schedule of ARM Securities Forw

Schedule of ARM Securities Forward Purchase Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Forward purchase agreements - Face/UPB	$ 2,826,769	$ 3,808,687
Forward purchase agreements - Cost	2,911,197	3,927,034
Forward purchase agreements - Fair Value	2,879,014	3,943,097
Forward purchase agreements - Net Asset (Liability)	(32,183)	16,063
ARMs - Originators
Derivative [Line Items]
Forward purchase agreements - Face/UPB	145,246	376,936
Forward purchase agreements - Cost	147,749	384,673
Forward purchase agreements - Fair Value	147,914	388,829
Forward purchase agreements - Net Asset (Liability)	165	4,156
ARMs - Dealers
Derivative [Line Items]
Forward purchase agreements - Face/UPB		20,095
Forward purchase agreements - Cost		20,553
Forward purchase agreements - Fair Value		20,517
Forward purchase agreements - Net Asset (Liability)		(36)
Fixed-rate TBA Dollar Roll Securities
Derivative [Line Items]
Forward purchase agreements - Face/UPB	2,655,000	3,400,000
Forward purchase agreements - Cost	2,736,748	3,509,871
Forward purchase agreements - Fair Value	2,704,375	3,521,816
Forward purchase agreements - Net Asset (Liability)	(32,373)	11,945
Whole Mortgage Loans
Derivative [Line Items]
Forward purchase agreements - Face/UPB	26,523	11,656
Forward purchase agreements - Cost	26,700	11,937
Forward purchase agreements - Fair Value	26,725	11,935
Forward purchase agreements - Net Asset (Liability)	$ 25	$ (2)

Gross Amounts Associated with D

Gross Amounts Associated with Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative assets, at fair value	$ 2,914	$ 27,151
Derivative liabilities, at fair value	(325,233)	(244,591)
Interest Rate Swap
Derivative [Line Items]
Derivative assets, at fair value	1,304	6,489
Net Asset	1,304	6,489
Interest Rate Swaptions
Derivative [Line Items]
Derivative assets, at fair value	727	4,561
Cash Collateral Posted (Held)	(1,106)	(1,558)
Net Asset	(379)	3,003
Futures Contracts
Derivative [Line Items]
Derivative assets, at fair value	693
Net Asset	693
Forward Purchase Commitments
Derivative [Line Items]
Derivative assets, at fair value	190	16,101
Net Asset	190	16,101
Second Interest Rate Swap
Derivative [Line Items]
Derivative liabilities, at fair value	(6,802)	(42,052)
Cash Collateral Posted (Held)	14,626	66,653
Net Liability	7,824	24,601
Second Futures Contracts
Derivative [Line Items]
Derivative liabilities, at fair value	(286,058)	(202,501)
Cash Collateral Posted (Held)	335,084	251,553
Net Liability	49,026	49,052
Second Forward Purchase Commitments
Derivative [Line Items]
Derivative liabilities, at fair value	(32,373)	(38)
Cash Collateral Posted (Held)	25,687	5,585
Net Liability	$ (6,686)	$ 5,547

The Components of Loss on Deriv

The Components of Loss on Derivative Instruments Net (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments Gain Loss [Line Items]
Net gain (loss) on derivative instruments	$ 64,085	$ (130,301)	$ (19,415)	$ (102,785)	$ (79,988)	$ 35,430	$ (55,260)	$ (41,615)	$ (188,416)	$ (141,433)	$ (69,715)
Interest Rate Swaps – Net Realized and Unrealized Gains
Derivative Instruments Gain Loss [Line Items]
Net gain (loss) on derivative instruments									24,851	73,729	25,036
Interest Rate Swaptions
Derivative Instruments Gain Loss [Line Items]
Net gain (loss) on derivative instruments									(12,597)	(15,520)
Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Net gain (loss) on derivative instruments									(55,064)	(113,919)	(30,985)
Futures Contracts
Derivative Instruments Gain Loss [Line Items]
Net gain (loss) on derivative instruments									(82,864)	(176,916)	(25,585)
Futures Contracts - Other Realized Losses
Derivative Instruments Gain Loss [Line Items]
Net gain (loss) on derivative instruments									(45,836)	(29,423)	(33,298)
Mortgage Loan Purchase Commitments - Fair Value Adjustments
Derivative Instruments Gain Loss [Line Items]
Net gain (loss) on derivative instruments									11	(2)
TBA Dollar Roll
Derivative Instruments Gain Loss [Line Items]
Net gain (loss) on derivative instruments									83,397	92,008	5,605
TBA Dollar Rolls – Net Realized And Unrealized Gains (Losses)
Derivative Instruments Gain Loss [Line Items]
Net gain (loss) on derivative instruments									(52,194)	$ 28,610	$ (10,488)
Futures Contracts - Losses From Maturities
Derivative Instruments Gain Loss [Line Items]
Net gain (loss) on derivative instruments									$ (48,120)

Schedule of Location of Deriv74

Schedule of Location of Derivatives on Net Income and Other Comprehensive Income Statement (Details) - Interest Rate Contract - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Amount of gain recognized in OCI (effective portion)			$ 15,030
Amount of loss reclassified from OCI into net income as interest expense (effective portion)	$ (30,715)	$ (81,132)	(116,847)
Amount of loss recognized in net income as interest expense (ineffective portion)			$ (205)

Schedule of Interest Rate Swap

Schedule of Interest Rate Swap Agreements on Accumulated Other Comprehensive Income (Details) - Interest Rate Swap - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Beginning balance	$ (30,042)	$ (111,174)	$ (243,051)
Unrealized gain on interest rate swaps			15,030
Reclassification of net losses included in income statement	30,715	81,132	116,847
Ending balance	$ 673	$ (30,042)	$ (111,174)

Capital Stock - Additional Info

Capital Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 18, 2013
Class Of Stock [Line Items]
Number of authorized preferred stock	25,000,000	25,000,000
7.625% Series A Cumulative Redeemable Preferred stock, par value	$ 0.001	$ 0.001
Series A preferred stock dividend rate per year	7.625%	7.625%
Total liquidation preference value	$ 287,500	$ 287,500
Common stock share authorized to repurchase	6,345,153
Common stock shares authorized to repurchase					10,000,000
Stock repurchased during period, shares	1,443,283	100,000
Stock repurchased during period, value	$ 20,753	$ 1,912	$ 43,881
7.625% Series A Cumulative Redeemable Preferred Stock
Class Of Stock [Line Items]
7.625% Series A Cumulative Redeemable Preferred stock, par value				$ 0.001
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				7.625%
Annual dividend per share on the preferred stock				$ 1.90625
Total liquidation preference value				$ 287,500
Series A preferred stock, redemption date				Aug. 27, 2017

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Basic earnings per share:
Net income (loss)	$ 145,491	$ (83,892)	$ 24,556	$ (34,535)	$ (25,851)	$ 77,891	$ (12,477)	$ 16,798	$ 51,620	$ 56,361	$ (134,136)
Dividends declared on preferred stock									(21,922)	(21,922)	(21,922)
Net income (loss) available to common shareholders	$ 140,010	$ (89,372)	$ 19,076	$ (40,016)	$ (31,332)	$ 72,411	$ (17,958)	$ 11,318	$ 29,698	$ 34,439	$ (156,058)
Weighted average shares	96,546,219	96,545,913	96,790,541	96,783,199	96,728,821	96,563,132	96,515,599	96,606,081	96,665,489	96,603,634	98,337,362
Basic earnings (loss) per share	$ 1.45	$ (0.93)	$ 0.20	$ (0.41)	$ (0.32)	$ 0.75	$ (0.19)	$ 0.12	$ 0.31	$ 0.36	$ (1.59)
Diluted earnings per share:
Net income (loss)	$ 145,491	$ (83,892)	$ 24,556	$ (34,535)	$ (25,851)	$ 77,891	$ (12,477)	$ 16,798	$ 51,620	$ 56,361	$ (134,136)
Dividends declared on preferred stock									(21,922)	(21,922)	(21,922)
Net income (loss) available to common shareholders									$ 29,698	$ 34,439	$ (156,058)
Weighted average shares	96,546,219	96,545,913	96,790,541	96,783,199	96,728,821	96,563,132	96,515,599	96,606,081	96,665,489	96,603,634	98,337,362
Diluted weighted average shares	96,546,219	96,545,913	96,790,541	96,783,199	96,728,821	96,563,132	96,515,599	96,606,081	96,665,489	96,603,634	98,337,362
Diluted earnings (loss) per share	$ 1.45	$ (0.93)	$ 0.20	$ (0.41)	$ (0.32)	$ 0.75	$ (0.19)	$ 0.12	$ 0.31	$ 0.36	$ (1.59)

Equity Incentive Plans - Additi

Equity Incentive Plans - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Period	5 years
Common stock, shares issued	445,512
Restricted stock expense	$ 408
Share based compensation expense	3,848
Unrecorded compensation expenses	$ 15,080
Weighted average remaining period of recognition (in years)	3 years 8 months 12 days
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued	445,512	269,635
Total fair value of restricted stock awards	$ 2,961	$ 2,658	$ 1,871
Certain Employees of PAM
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued	102,462
Pingora
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued	102,462
2015 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Period	5 years
Awards relating to shares of common stock available for grant	1,176,333
Stock granted under plan period	10 years
2015 Plan | Executive Officers, Employees and Manager
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued	323,667
2010 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grants under the plan	0
2010 Plan | Independent Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued	19,383

Information About Company's Res

Information About Company's Restricted Stock Awards (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Shares of Restricted Stock
Granted	445,512
Restricted Stock Awards
Shares of Restricted Stock
Shares non-vested at beginning of year	653,291	542,248
Granted	445,512	269,635
Vested	(187,661)	(140,592)
Shares non-vested at end of year	911,142	653,291
Weighted Average Price on Grant Date
Beginning balance	$ 21.37	$ 23.22
Granted	15.68	19.30
Vested	22.77	24.32
Ending balance	$ 18.30	$ 21.37

Transactions with Related Par80

Transactions with Related Parties - Additional Information (Details)	1 Months Ended	12 Months Ended
	Oct. 31, 2014USD ($)	Dec. 31, 2015USD ($)Director	Dec. 31, 2014USD ($)
ACA
Related Party Transaction [Line Items]
Percentage of management fees payable		8.33%
Management Fees
Related Party Transaction [Line Items]
Number of independent directors | Director		6
Management agreement initial expiration date		Feb. 23, 2017
Management agreement additional term of expiration		1 year
Prior notice for uncertain termination (in days)		180 days
Proportion of average annual management fee description		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.
Period of annual management fees earned (in years)		2 years
Management fee payable		$ 3,063,000	$ 3,198,000
Financial interest at an annual rate	$ 300,000
Management Fees | 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%
Management Fees | 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
Management Fees | 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
Management Fees | Company's Equity In Excess Of $750 Million
Related Party Transaction [Line Items]
Management fee bases per annum		0.50%
Management fee payable, minimum		$ 750,000,000

Amounts Incurred for Management

Amounts Incurred for Management Fee and Reimbursable Expenses (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Management fee									$ 16,235	$ 16,532	$ 18,180
Total	$ 4,020	$ 4,037	$ 4,083	$ 4,095	$ 4,112	$ 4,122	$ 4,144	$ 4,154
Share-based compensation	$ 1,211	$ 966	$ 1,034	$ 1,045	$ 1,020	$ 890	$ 842	$ 860	4,256	3,612	2,594
Management Fees
Related Party Transaction [Line Items]
Management fee									16,235	16,532	18,180
Reimbursable expenses									5,110	4,239	3,200
Total									21,345	20,771	21,380
Share-based compensation									$ 4,256	$ 3,612	$ 2,594

Accumulated Other Comprehensi82

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance accumulated other comprehensive income (loss)	$ 205,765	$ (8,052)	$ 262,854
Other comprehensive income (loss) before reclassification	(91,943)	140,325	(701,899)
Amount reclassified to MBS available for sale	(13,148)	(7,527)	23,032
Amounts reclassified to net gain/loss on the sale of MBS	(32,731)	(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	30,715	81,132	116,847
Net current period other comprehensive income (loss), unrealized gain/(loss) on derivative instruments	26,760	90,993	120,684
Other comprehensive income (loss)	(107,107)	213,817	(270,906)
Ending balance, total accumulated other comprehensive income (loss)	98,658	205,765	(8,052)
Derivative Instruments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(25,922)	(116,915)	(237,599)
Other comprehensive income (loss) before reclassification	8,275	11,789	(21,054)
Amount reclassified to MBS available for sale	(12,230)	(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	30,715	81,132	116,847
Net current period other comprehensive income (loss), unrealized gain/(loss) on derivative instruments	26,760	90,993	120,684
Ending balance	838	(25,922)	(116,915)
Whole Mortgage Loans | Unrealized Gain (Loss) on Investments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, accumulated other comprehensive income (loss), unrealized gain/(loss) on investments	232,240	109,490	499,343
Other comprehensive income (loss) before reclassification, unrealized gain/(loss) on derivative instruments	(101,141)	127,946	(680,967)
Amounts reclassified to net gain/loss on the sale of MBS	(32,731)	(5,196)	283,012
Amounts reclassified for impairment loss on mortgage-backed securities			8,102
Net current period other comprehensive income (loss), unrealized gain/(loss) on investments	(133,872)	122,750	(389,853)
Ending balance, accumulated other comprehensive income (loss), unrealized gain/(loss) on investments	98,368	232,240	109,490
Unsettled MBS | Unrealized Gain (Loss) on Investments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, accumulated other comprehensive income (loss), unrealized gain/(loss) on investments	42		1,217
Other comprehensive income (loss) before reclassification, unrealized gain/(loss) on derivative instruments	875	558	642
Amount reclassified to MBS available for sale	(918)	(516)	(1,859)
Net current period other comprehensive income (loss), unrealized gain/(loss) on investments	(43)	42	(1,217)
Ending balance, accumulated other comprehensive income (loss), unrealized gain/(loss) on investments	(1)	42
Other Investments | Unrealized Gain (Loss) on Investments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, accumulated other comprehensive income (loss), unrealized gain/(loss) on investments	(595)	(627)	(107)
Other comprehensive income (loss) before reclassification, unrealized gain/(loss) on derivative instruments	48	32	(520)
Net current period other comprehensive income (loss), unrealized gain/(loss) on investments	48	32	(520)
Ending balance, accumulated other comprehensive income (loss), unrealized gain/(loss) on investments	$ (547)	$ (595)	$ (627)

Quarterly Results of Operations

Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest income:
Securities	$ 72,211	$ 70,874	$ 76,270	$ 86,362	$ 87,702	$ 80,969	$ 89,458	$ 96,307	$ 305,717	$ 354,436	$ 450,708
Mortgage loans	2,168	1,786	1,088	467	35
Mortgage loans in securitization trusts	446								446
Short-term cash investments	433	328	318	288	324	330	347	282	1,367	1,283	1,560
Total interest income	75,258	72,988	77,676	87,117	88,061	81,299	89,805	96,589
Interest expense:
Repurchase agreements	18,724	20,956	23,750	27,314	26,966	31,950	35,128	38,451	90,744	132,495	197,709
Warehouse lines	305	292							597
Collateralized borrowings in securitization trusts	97								97
Total interest expense	19,126	21,248	23,750	27,314	26,966	31,950	35,128	38,451	91,438	132,495	197,709
Net interest margin	56,132	51,740	53,926	59,803	61,095	49,349	54,677	58,138	221,601	223,259	254,559
Other income (loss):
Servicing income	15,549	4,562
Management fee income	1,503	524							2,027
Net realized gain on sale of securities	15,371	1,216	(309)	16,453	2,107	237	(4,584)	7,436
Net gain (loss) on mortgage loans	(1,950)	1,361	(689)	244	8				(1,034)	8
Net gain on mortgage servicing rights	11,250	(539)							10,711
Net gain (loss) on derivative instruments	64,085	(130,301)	(19,415)	(102,785)	(79,988)	35,430	(55,260)	(41,615)	(188,416)	(141,433)	(69,715)
Net miscellaneous gains and losses	1,686	(912)							774
Total other income (loss)	107,494	(124,089)	(20,413)	(86,088)	(77,873)	35,667	(59,844)	(34,179)	(123,096)	(136,229)	(360,829)
Expenses:
Management fee	4,020	4,037	4,083	4,095	4,112	4,122	4,144	4,154
Share-based compensation	1,211	966	1,034	1,045	1,020	890	842	860	4,256	3,612	2,594
Servicing expenses	2,268	754
General and administrative	9,163	5,786	3,840	3,110	3,941	2,113	2,324	2,147	21,899	10,525	7,092
Securitization deal costs	1,473								1,473
Total expenses	18,135	11,543	8,957	8,250	9,073	7,125	7,310	7,161
Net income	145,491	(83,892)	24,556	(34,535)	(25,851)	77,891	(12,477)	16,798	51,620	56,361	(134,136)
Dividends on preferred stock	5,481	5,480	5,480	5,481	5,481	5,480	5,481	5,480
Net income (loss) available to common shareholders	$ 140,010	$ (89,372)	$ 19,076	$ (40,016)	$ (31,332)	$ 72,411	$ (17,958)	$ 11,318	$ 29,698	$ 34,439	$ (156,058)
Earnings (loss) per share - common stock, basic	$ 1.45	$ (0.93)	$ 0.20	$ (0.41)	$ (0.32)	$ 0.75	$ (0.19)	$ 0.12	$ 0.31	$ 0.36	$ (1.59)
Earnings (loss) per share - common stock, diluted	1.45	(0.93)	0.20	(0.41)	(0.32)	0.75	(0.19)	0.12	0.31	0.36	(1.59)
Dividends per share of common stock	$ 0.45	$ 0.45	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 1.90	$ 2	$ 2.45
Weighted average common shares outstanding, basic	96,546,219	96,545,913	96,790,541	96,783,199	96,728,821	96,563,132	96,515,599	96,606,081	96,665,489	96,603,634	98,337,362
Weighted average common shares outstanding, diluted	96,546,219	96,545,913	96,790,541	96,783,199	96,728,821	96,563,132	96,515,599	96,606,081	96,665,489	96,603,634	98,337,362