Invesco Mortgage Capital (IVR) 10-Q 6 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	1-May-14
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'IVR	'
Entity Registrant Name	'Invesco Mortgage Capital Inc.	'
Entity Central Index Key	'0001437071	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	123,089,692

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS	'		'
Mortgage-backed securities, at fair value	$17,535,190		$17,348,657
Residential loans, held-for-investment, net of loan loss reserve	2,070,493		1,810,262
Commercial loans, held-for-investment, net of loan loss reserve	92,748		64,599
Cash and cash equivalents	188,371		210,612
Due from counterparties	4,879		1,500
Investment related receivable	303,565		515,404
Investments in unconsolidated ventures, at fair value	42,123		44,403
Accrued interest receivable	66,999		68,246
Derivative assets, at fair value	166,691		262,059
Deferred securitization and financing costs	13,687		13,894
Other investments	109		10,000
Other assets	1,201		1,343
Total assets	20,486,056	[1]	20,350,979	[1]
Liabilities:	'		'
Repurchase agreements	14,852,310		15,451,675
Asset-backed securities	1,873,434		1,643,741
Exchangeable senior notes	400,000		400,000
Derivative liability, at fair value	259,317		263,204
Dividends and distributions payable	64,969		66,087
Investment related payable	532,991		28,842
Accrued interest payable	22,934		26,492
Collateral held payable	20,148		52,698
Accounts payable and accrued expenses	2,717		4,304
Due to affiliate	9,970		10,701
Total liabilities	18,038,790	[1]	17,947,744	[1]
Equity:	'		'
Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized, 7.75% series A cumulative redeemable, 5,600,000 shares issued and outstanding ($140,000 aggregate liquidation preference) at March 31, 2014 and December 31, 2013, respectively	135,356		135,356
Common Stock: par value $0.01 per share, 450,000,000 shares authorized; 123,087,626 and 124,510,246 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	1,231		1,245
Additional paid in capital	2,531,545		2,552,464
Accumulated other comprehensive income (loss)	43,183		-156,993
Retained earnings (distributions in excess of earnings)	-291,940		-155,957
Total shareholders’ equity	2,419,375		2,376,115
Non-controlling interest	27,891		27,120
Total equity	2,447,266		2,403,235
Total liabilities and equity	$20,486,056		$20,350,979
[1]	The Company's consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the primary beneficiary (IAS Asset I LLC, an indirect subsidiary of the Company). As of March 31, 2014 and December 31, 2013, total assets of the consolidated VIEs were $2,080,824 and $1,819,295, respectively, and total liabilities of the consolidated VIEs were $1,878,875 and $1,648,400, respectively. Refer to Note 3 - "Variable Interest Entities" for further discussion.

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Preferred Stock, par value	$0.01		$0.01
Preferred Stock, shares authorized	50,000,000		50,000,000
Preferred Stock, dividend rate stated Percentage	7.75%		7.75%
Preferred stock, shares issued	5,600,000		5,600,000
Preferred Stock, shares outstanding	5,600,000		5,600,000
Preferred Stock, liquidation preference value	$140,000		$140,000
Common stock, par value	$0.01		$0.01
Common stock, shares authorized	450,000,000		450,000,000
Common stock, shares issued	123,087,626		124,510,246
Common stock, shares outstanding	123,087,626		124,510,246
Total assets	20,486,056	[1]	20,350,979	[1]
Total liabilities	18,038,790	[1]	17,947,744	[1]
Variable Interest Entity, Primary Beneficiary	'		'
Total assets	2,080,824		1,819,295
Total liabilities	$1,878,875		$1,648,400
[1]	The Company's consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the primary beneficiary (IAS Asset I LLC, an indirect subsidiary of the Company). As of March 31, 2014 and December 31, 2013, total assets of the consolidated VIEs were $2,080,824 and $1,819,295, respectively, and total liabilities of the consolidated VIEs were $1,878,875 and $1,648,400, respectively. Refer to Note 3 - "Variable Interest Entities" for further discussion.

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Interest Income	'	'
Mortgage-backed securities	$151,739	$160,344
Residential loans	17,704	137
Commercial loans	1,619	'
Total interest income	171,062	160,481
Interest Expense	'	'
Repurchase agreements	49,071	66,328
Exchangeable senior notes	5,607	1,160
Asset-backed securities	13,935	79
Total interest expense	68,613	67,567
Net interest income	102,449	92,914
Provision for loan losses	207	0
Net interest income after provision for loan losses	102,242	92,914
Other Income (loss)	'	'
Gain (loss) on sale of investments, net	-11,718	6,712
Equity in earnings and fair value change in unconsolidated ventures	441	1,590
Gain (loss) on interest rate derivative instruments, net	-151,312	-2,003
Realized and unrealized credit default swap income	329	351
Total other income (loss)	-162,260	6,650
Expenses	'	'
Management fee – related party	9,335	10,354
General and administrative	3,196	1,543
Total expenses	12,531	11,897
Net income (loss)	-72,549	87,667
Net income (loss) attributable to non-controlling interest	-822	962
Net income (loss) attributable to Invesco Mortgage Capital Inc.	-71,727	86,705
Dividends to preferred shareholders	2,713	2,713
Net income (loss) attributable to common shareholders	($74,440)	$83,992
Earnings (loss) per share:	'	'
Net income attributable to common shareholders (basic)	($0.60)	$0.65
Net income attributable to common shareholders (diluted)	($0.60)	$0.64
Dividends declared per common share	$0.50	$0.65

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]	'	'
Net income (loss)	($72,549)	$87,667
Unrealized gain (loss) on mortgage-back securities	'	'
Change in fair value	169,467	-63,424
Reclassification adjustments for (gain) loss included in gain (loss) on sale of investments, net	11,718	-6,712
Unrealized gain (loss) on mortgage-backed securities, net	181,185	-70,136
Unrealized gain (loss) on derivatives	'	'
Change in fair value	0	-17,171
Reclassification adjustments for loss included in unrealized gain (loss) on interest rate derivative instruments	21,296	35,562
Unrealized gain on derivatives, net	21,296	18,391
Total Other comprehensive income (loss)	202,481	-51,745
Comprehensive income	129,932	35,922
Less: Comprehensive (income) loss attributable to non-controlling interest	-1,483	-405
Less: Dividends to preferred shareholders	-2,713	-2,713
Comprehensive income attributable to common shareholders	$125,736	$32,804

Consolidated_Statement_of_Equi

Consolidated Statement of Equity (Unaudited) (USD $)	Total	Preferred Stock	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Income (loss)	Retained Earnings (Distributions in excess of earnings)	Total Shareholders’ Equity	Non- Controlling Interest
In Thousands, except Share data, unless otherwise specified
Beginning Balance at Dec. 31, 2013	$2,403,235	$135,356	$1,245	$2,552,464	($156,993)	($155,957)	$2,376,115	$27,120
Beginning Balance (in shares) at Dec. 31, 2013	'	5,600,000	124,510,246	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'	'
Net loss	-72,549	'	'	'	'	-71,727	-71,727	-822
Other comprehensive income	202,481	'	'	'	200,176	'	200,176	2,305
Proceeds from issuance of common stock, net of offering costs (in shares)	'	'	4,564	'	'	'	'	'
Proceeds from issuance of common stock, net of offering costs	73	'	0	73	'	'	73	'
Repurchase of shares of common stock, shares	'	'	-1,438,213	'	'	'	'	'
Repurchase of shares of common stock	-21,129	'	-14	-21,115	'	'	-21,129	'
Stock awards	'	'	11,029	'	'	'	'	'
Common stock dividends	-61,543	'	'	'	'	-61,543	-61,543	'
Common unit dividends	-713	'	'	'	'	'	'	-713
Preferred stock dividends	-2,713	'	'	'	'	-2,713	-2,713	'
Amortization of equity-based compensation	124	'	'	123	'	'	123	1
Ending Balance at Mar. 31, 2014	$2,447,266	$135,356	$1,231	$2,531,545	$43,183	($291,940)	$2,419,375	$27,891
Ending Balance (in shares) at Mar. 31, 2014	'	5,600,000	123,087,626	'	'	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash Flows from Operating Activities	'	'
Net income (loss)	($72,549)	$87,667
Adjustments to reconcile net income (loss) to net cash provided by operating activities:	'	'
Amortization of mortgage-backed securities premiums and discounts, net	32,390	46,173
Amortization of residential loan and asset-backed securities premiums (discount)	824	4
Amortization of commercial loan origination fees	-1	0
Provision for loan losses	207	0
Unrealized loss on interest rate derivative instruments	81,047	2,003
Unrealized loss on credit default swap	47	223
(Gain) loss on sale of mortgage-backed securities	11,718	-6,712
Loss on interest rate derivative instruments	18,824	0
Equity in earnings and fair value change in unconsolidated ventures	-441	-1,590
Amortization of equity-based compensation	124	99
Amortization of deferred securitization and financing costs	719	128
Amortization of deferred swap losses from de-designation	21,296	0
Non cash interest income capitalized in commercial loans	-670	0
Changes in operating assets and liabilities:	'	'
(Increase) decrease in accrued interest receivable	1,247	-9,886
Decrease in other assets	142	14
Increase (decrease) in accrued interest payable	-3,558	1,914
Increase (decrease) in due to affiliate	-731	1,444
Increase (decrease) in accounts payable and accrued expenses	-1,588	122
Net cash provided by operating activities	89,047	121,603
Cash Flows from Investing Activities	'	'
Purchase of mortgage-backed securities	-681,827	-4,671,035
Distributions from investment in unconsolidated ventures, net	2,721	122
Change on investment in other assets	9,891	0
Principal payments from mortgage-backed securities	397,431	742,108
Proceeds from sale of mortgage-backed securities	949,905	986,334
Payment of premiums for interest rate swaptions	-4,688	-1,395
Payments for termination of futures contracts	-3,749	0
Purchase of residential loans	-283,421	-405,262
Principal payments from residential loans	21,951	0
Origination and advances of commercial loans, net of origination fees	-27,478	0
Net cash provided by (used in) investing activities	380,736	-3,349,128
Cash Flows from Financing Activities	'	'
Proceeds from issuance of common stock	73	381,276
Repurchase of common stock	-21,129	0
Cost of issuance of preferred stock	0	-6
Due from counterparties	-3,379	0
Collateral held payable	-28,231	0
Proceeds from repurchase agreements	33,987,939	48,870,103
Principal repayments of repurchase agreements	-34,587,304	-46,717,307
Proceeds from issuance of exchangeable senior notes	0	400,000
Proceeds from asset-backed securities	245,864	374,218
Principal repayments of asset-backed securities	-19,258	0
Payments of deferred costs	-512	-13,530
Payments of dividends and distributions	-66,087	-79,165
Net cash provided by (used in) financing activities	-492,024	3,215,589
Net change in cash and cash equivalents	-22,241	-11,936
Cash and cash equivalents, beginning of period	210,612	286,474
Cash and cash equivalents, end of period	188,371	274,538
Supplement Disclosure of Cash Flow Information	'	'
Interest paid	50,363	65,546
Non-cash Investing and Financing Activities Information	'	'
Net change in unrealized gain (loss) on mortgage-backed securities and hedged derivatives	181,185	-51,745
Net change in unconsolidated ventures	0	1,313
Dividends and distributions declared not paid	64,969	91,049
(Receivable) / payable for mortgage-backed securities sold / purchased, net	710,958	-55,149
Collateral held payable, not settled	($4,319)	$0

Organization_and_Business_Oper

Organization and Business Operations	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization and Business Operations	'
	Organization and Business Operations
	Invesco Mortgage Capital Inc. (the “Company”) is a Maryland corporation focused on investing in, financing and managing residential and commercial mortgage-backed securities and mortgage loans. The Company invests in residential mortgage-backed securities (“RMBS”) for which a U.S. government agency such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”) guarantees payments of principal and interest on the securities (collectively “Agency RMBS”). The Company’s Agency RMBS investments include mortgage pass-through securities and collateralized mortgage obligations (“CMOs”). The Company also invests in RMBS that are not guaranteed by a U.S. government Agency (“non-Agency RMBS”), commercial mortgage-backed securities (“CMBS”), residential and commercial mortgage loans, and other real estate-related financing agreements. The Company is externally managed and advised by Invesco Advisers, Inc. (the “Manager”), a registered investment adviser and an indirect, wholly-owned subsidiary of Invesco Ltd. (“Invesco”), a leading independent global investment management firm.
	The Company conducts its business through IAS Operating Partnership LP (the “Operating Partnership”) as its sole general partner. As of March 31, 2014, the Company owned 98.9% of the Operating Partnership, and Invesco Investments (Bermuda) Ltd., a direct, wholly-owned subsidiary of Invesco, owned the remaining 1.1%. The Company has one operating segment.
	The Company finances its Agency RMBS, non-Agency RMBS and CMBS investments primarily through short-term borrowings structured as repurchase agreements. The Company has secured commitments with a number of repurchase agreement counterparties. The Company finances its residential loans held-for-investment through asset-backed securities ("ABS") issued by securitization trusts for which the Company has determined it is the primary beneficiary. In addition, the Company may use other sources of financing including committed borrowing facilities and other private financing.
	The Company elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes under the provisions of the Internal Revenue Code of 1986, as amended, commencing with the Company's taxable year ended December 31, 2009. To maintain the Company’s REIT qualification, the Company is generally required to distribute at least 90% of its taxable income to its shareholders annually.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	Basis of Quarterly Presentation
	The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X, promulgated by the Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial position and the results of operations of the Company for the interim periods presented have been included. Certain disclosures included in the Company’s annual report on Form 10-K are not required to be included on an interim basis in the company’s quarterly reports on Forms 10-Q. The Company has condensed or omitted these disclosures. The interim consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and related notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2013, which was filed with the SEC on March 3, 2014. The results of operations for the period ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year or any other future period.
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company, its subsidiaries and VIEs in which the Company is deemed the primary beneficiary. The underlying loans owned by the VIEs are shown under residential loans on the Company's consolidated balance sheets. The ABS issued to third parties by the VIEs are shown under asset-backed securities. In the Company's consolidated statements of operations, the Company records interest income on the residential loans owned by the VIEs and interest expense on the ABS issued by the VIEs. All intercompany balances and transactions have been eliminated.
	Variable Interest Entity
	A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly impact the VIE’s economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. For VIEs that do not have substantial ongoing activities, the power to direct the activities that most significantly impact the VIE’s economic performance may be determined by a company's involvement with the design of the VIE.
	Use of Estimates
	The accounting and reporting policies of the Company conform to U.S. GAAP. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Examples of estimates include, but are not limited to, estimates of the fair values of financial instruments, interest income on mortgage-backed securities (“MBS”), allowance for loan losses and other-than-temporary impairment charges. Actual results may differ from those estimates.
	Cash and Cash Equivalents
	The Company considers all highly liquid investments that have original or remaining maturity dates of three months or less when purchased to be cash equivalents. At March 31, 2014, the Company had cash and cash equivalents, including amounts restricted, in excess of the FDIC deposit insurance limit of $250,000 per institution. The Company mitigates its risk of loss by actively monitoring the counterparties.
	Due from Counterparties / Collateral Held Payable
	Due from counterparties represents cash posted with the Company's counterparties as collateral for the Company’s interest rate derivatives and repurchase agreements. Collateral held payable represents cash posted with the Company by its counterparties as collateral under the Company’s interest rate derivatives and repurchase agreements. In addition, Collateral held payable may include non-cash collateral in which the Company has the obligation to return the collateral upon the Company either selling or pledging the non-cash collateral. To the extent the Company receives collateral other than cash from its counterparties such assets are not included in the Company’s balance sheet. Notwithstanding the foregoing, if the Company either sells such assets or pledges the assets as collateral pursuant to a repurchase agreement, the cash received and the corresponding liability is reflected on the balance sheet.
	Underwriting Commissions and Offering Costs
	Underwriting commissions and direct costs incurred in connection with the Company’s stock offerings are reflected as a reduction of additional paid-in-capital.
	Deferred Costs
	Included in deferred costs are costs associated with the issuance of beneficial interests by consolidated VIEs incurred by the Company and costs incurred in connection with the issuance by the Company of its exchangeable senior notes. These costs may include underwriting, rating agency, legal, accounting and other fees. These deferred costs are amortized as an adjustment to interest expense using the effective interest method, based upon actual repayments of the associated beneficial interests issued to third parties and over the stated legal maturity of the exchangeable senior notes.
	Repurchase Agreements
	The Company finances its Agency RMBS, non-Agency RMBS and CMBS investment portfolio primarily through the use of repurchase agreements. Repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements.
	In instances where the Company acquires Agency RMBS, non-Agency RMBS or CMBS through repurchase agreements with the same counterparty from whom such assets were purchased, the Company records the assets and the related financing on a gross basis on its consolidated balance sheets, and the corresponding interest income and interest expense in its consolidated statements of operations if the transaction complies with the criteria for gross presentation. All of the following criteria must be met for gross presentation in the circumstance where the repurchase assets are financed with the same counterparty:
	•	the initial transfer of and repurchase financing cannot be contractually contingent;
	•	the repurchase financing entered into between the parties provides full recourse to the transferee and the repurchase price is fixed;
	•	the financial asset has an active market and the transfer is executed at market rates; and
	•	the repurchase agreement and financial asset do not mature simultaneously.
	The Company currently reflects all proceeds from repurchase agreements borrowings and repayment of repurchase agreement borrowings on a gross basis on the consolidated statements of cash flows. If the transaction does not comply with the criteria for gross presentation, the Company would account for the purchase commitment and repurchase agreement on a net basis and record a forward commitment to purchase such assets as a derivative instrument. Forward commitments are recorded at fair value with subsequent changes in fair value recognized in income. Additionally, the Company records the cash portion of its investment in Agency RMBS, non-Agency RMBS and CMBS as a mortgage related receivable from the counterparty on its consolidated balance sheets.
	Asset-Backed Securities
	ABS are recorded at principal balance net of unamortized premiums or discounts.
	Fair Value Measurements
	The Company discloses the fair value of its financial instruments according to a fair value hierarchy (Levels 1, 2, and 3, as defined). In accordance with U.S. GAAP, the Company is required to provide enhanced disclosures regarding instruments in the Level 3 category (which require significant management judgment), including a separate reconciliation of the beginning and ending balances for each major category of assets and liabilities.
	To determine fair value of its financial instruments, the Company generally obtains one price per instrument from its primary valuation service. If this service cannot provide a price, the Company will seek a value from other vendors. The valuation services use various observable inputs which may include a combination of benchmark yields, trades, broker/dealer quotes, issuer spreads, bids, offers and benchmark securities to determine prices. Both the Company and the pricing vendor continuously monitor market indicators and economic events to determine if any may have an impact on the valuations.
	Overrides of prices from pricing vendors are rare in the current market environment and with the assets the Company holds. Examples of instances that would cause an override include if the Company recently traded the same security or there is an indication of market activity that would cause the vendor price to be unreliable. In the rare instance where a price is adjusted, the Company has a control process to monitor the reason for such adjustment.
	To gain comfort that vendor prices are representative of current market information, the Company compares the transaction prices of security purchases and sales to the valuation levels provided by the vendors. Price differences exceeding pre-defined tolerance levels are identified and investigated and may be challenged. Trends are monitored over time and if there are indications that the valuations are not comparable to market activity, the vendors are asked to provide detailed information regarding their methodology and inputs. Transparency tools are also available from the vendors which help clients observe data points and/or market inputs used for pricing securities.
	In addition, the Company performs due diligence procedures on all vendors on at least an annual basis. A questionnaire is sent to vendors which requests information such as changes in methodologies, business recovery preparedness, internal controls and confirmation that evaluations are generated based on market data. Physical visits are also made to each vendor’s office.
	As described in Note 11 - “Financial Instruments,” the Company evaluates the source used to provide the market price for each security and makes a determination on its categorization within the fair value hierarchy. If the price of a security is obtained from quoted prices for identical instruments in active markets, the security is classified as a level 1 security. If the price of a security is obtained from quoted prices for similar instruments or model-derived valuations whose inputs are observable, the security is classified as a level 2 security. If the inputs appear to be unobservable, the security would be classified as a level 3 security.
	Additionally, U.S. GAAP permits entities to choose to measure many financial instruments and certain other items at fair value (the “fair value option”). Unrealized gains and losses on items for which the fair value option has been elected are recognized in earnings at each subsequent reporting date.
	The Company elected the fair value option for its investments in unconsolidated ventures. The Company has the one-time option to elect fair value for these financial assets on the election date. The changes in the fair value of these instruments are recorded in equity in earnings and fair value change in unconsolidated ventures in the consolidated statements of operations.
	For assets representing available-for-sale investment securities, any change in fair value is reported through consolidated other comprehensive income (loss) with the exception of impairment losses, which are recorded in the consolidated statements of operations.
	Securities
	The Company designates securities as held-to-maturity, available-for-sale, or trading depending on its ability and intent to hold such securities to maturity. Trading and securities available-for-sale are reported at fair value, while securities held-to-maturity are reported at amortized cost. Although the Company generally intends to hold most of its RMBS and CMBS until maturity, the Company may, from time to time, sell any of its RMBS or CMBS as part of its overall management of its investment portfolio and therefore classifies its RMBS and CMBS as available-for-sale securities.
	All securities classified as available-for-sale are reported at fair value, based on market prices from third-party sources, with unrealized gains and losses excluded from earnings and reported as a separate component of shareholders’ equity.
	The Company considers its portfolio of Agency RMBS to be of high credit quality under applicable accounting guidance. For non-Agency RMBS and CMBS, the Company does not rely on ratings from third party agencies to determine the credit quality of the investment. To determine expected future losses, the Company uses internal models that analyze the individual loans underlying each security and evaluate factors including, but not limited to, delinquency status, loan-to-value ratios, borrower credit scores, occupancy status and geographic concentration to estimate the expected future cash flows. The Company places reliance on this internal model in determining credit quality and the corresponding accounting treatment.
	While non-Agency RMBS and CMBS with expected future losses are generally purchased at a discount to par, the potential for a significant adverse change in expected cash flows remains. The Company therefore considers each security for other-than-temporary impairment at least quarterly and more frequently when economic or market conditions warrant such evaluation.
	The determination of whether a security is other-than-temporarily impaired involves judgments and assumptions based on subjective and objective factors. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of recovery in fair value of the security, and (iii) the Company’s intent and ability to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.
	For debt securities, the Company recognizes in earnings and reflects as a reduction in the cost basis of the security the amount of any other-than-temporary impairment related to credit losses or impairments on securities that the Company has the intent to sell or for which it is more likely than not that the Company will need to sell before recoveries. The amount of the other-than-temporary impairment on debt securities related to other factors is recorded consistent with changes in the fair value of all other available-for-sale securities as a component of consolidated shareholders’ equity in other comprehensive income or loss with no change to the cost basis of the security.
	Residential Loans Held-For-Investment
	Loans held-for-investment include securitized residential mortgage loans held by VIEs in which the Company has determined it is the primary beneficiary and which are included in the Company's consolidated balance sheets, and are carried at unpaid principal balance net of any premiums and allowance for loan losses. The Company expects that it will be required to continue to consolidate the VIEs in which such loans are held and generally does not have the authority to sell the residential loans held in the VIEs.
	Commercial Loans Held-For-Investment
	Commercial loans held-for-investment by the Company are carried at cost, net of any allowance for loan losses. An allowance for loan losses will be recognized only if past and current events indicate it is probable that all amounts due will not be collected according to the terms of the loan agreement.
	Interest Income Recognition
	Securities
	Interest income on available-for-sale MBS, which includes accretion of discounts and amortization of premiums on such MBS, is recognized over the life of the investment using the effective interest method. Management estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on these estimated cash flows and the Company’s purchase price. As needed, these estimated cash flows are updated and a revised yield is computed based on the current amortized cost of the investment. In estimating these cash flows, there are a number of assumptions that are subject to uncertainties and contingencies, including the rate and timing of principal payments (prepayments, repurchases, defaults and liquidations), the pass through or coupon rate and interest rate fluctuations. In addition, management must use its judgment to estimate interest payment shortfalls due to delinquencies on the underlying mortgage loans. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact management’s estimates and its interest income. Security transactions are recorded on the trade date. Realized gains and losses from security transactions are determined based upon the specific identification method and recorded as gain (loss) on sale of investments, net in the consolidated statements of operations.
	Residential Loans
	Interest income from the Company’s residential loans is recognized on an accrual basis with the related premiums being amortized into interest income using the effective interest method over the weighted average life of these loans. In estimating these cash flows, there are a number of assumptions that are subject to estimation, including the interest rate and timing of principal payments (prepayments, repurchases, defaults and liquidations) and other factors. Coupon interest is recognized as revenue when earned and deemed collectible or until a loan becomes more than 90 days past due, at which point the loan is placed on nonaccrual status. Interest previously accrued for loans that have been placed on non-accrual status is reversed against interest income in the period it becomes nonaccrual. Residential loans delinquent more than 90 days or in foreclosure are characterized as delinquent. Cash principal and interest that is advanced from servicers subsequent to a loan becoming greater than 90 days past due is recorded as a liability due to the servicer. When a delinquent loan previously placed on nonaccrual status has cured, meaning all delinquent principal and interest have been remitted by the borrower, the loan is placed back on accrual status. Alternately, nonaccrual loans may be placed back on accrual status if restructured and after the loan is considered re-performing. A restructured loan is considered re-performing when the loan has been current for at least 12 months.
	Commercial Loans
	Interest is recognized as revenue when earned and deemed collectible, or until a loan becomes past due based on the terms of the loan agreement, with the related originating fees, net of origination cost, being amortized into interest income using the effective interest method over the life of the loan. Interest received subsequent to a loan becoming past due or impaired is used to reduce the outstanding loan principal balance. When a delinquent loan previously placed on nonaccrual status has cured, meaning all delinquent principal and interest have been remitted by the borrower, the loan is placed back on accrual status. Alternately, loans that have been individually impaired may be placed back on accrual status if restructured and after the loan is considered re-performing. A restructured loan is considered re-performing when the loan has been current for at least 12 months.
	Allowance for Loan Losses
	Residential Loans
	For residential loans classified as held-for-investment, an allowance for loan losses is established based on the Company's estimate of credit losses. In calculating the allowance for loan losses, the Company assesses expected losses by estimating the probability of default and expected loss severities on the loans. The following factors are considered in the quarterly evaluation of the allowance for loan losses:
	•	Loan-to-value ratios, property values, credit scores, occupancy status, geographic concentration and other observable data available from third party providers;
	•	Historical prepayments, default rates and loss severities; and
	•	Trends in delinquencies, loan liquidations, foreclosure timelines, liquidation expenses, servicer advances of delinquent principal and interest, and other observable data related to the servicing of the loans.
	Commercial Loans
	For commercial loans classified as held-for-investment, the Company establishes a specific allowance for loan losses for loans the Company has determined to be impaired at the reporting date. An individual loan is considered impaired when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan.
The Company's methodology for assessing the adequacy of the allowance for loan losses begins with a quarterly formal review of each commercial loan in the portfolio to determine whether the loan is impaired. The Company generally considers the following factors in evaluating each loan:
•	Loan-to-value ratios upon origination or acquisition of the loan;
•	The most recent financial information available for each loan and associated properties, including net operating income, debt service coverage ratios, occupancy rates, rent rolls, as well as any other loss factors the Company considers relevant, such as, but not limited to, specific loan trigger events that would indicate an adverse change in expected cash flows or payment delinquency;
•	Economic trends, both macroeconomic as well as those directly affecting the properties associated with the loans, and the supply and demand of competing projects in the sub-market in which the subject property is located; and
•	The loan sponsor or borrowing entity’s ability to ensure that properties associated with the loan are managed and operated sufficiently.
Where an individual commercial loan is deemed to be impaired, the Company records an allowance to reduce the carrying value of the loan to the current present value of expected future cash flows discounted at the loan’s effective rate, with a corresponding charge to provision for loan losses on the Company's consolidated statements of operations.
Investments in Unconsolidated Ventures
The Company has investments in unconsolidated ventures. In circumstances where the Company has a non-controlling interest but is deemed to be able to exert significant influence over the affairs of the enterprise, the Company utilizes the equity method of accounting. Under the equity method of accounting, the initial investment is increased each period for additional capital contributions and a proportionate share of the entity’s earnings and decreased for cash distributions and a proportionate share of the entity’s losses.
The Company elected the fair value option for its investments in unconsolidated ventures. The election was made upon initial recognition in the financial statements. The Company has elected the fair value option for the purpose of enhancing the transparency of its financial condition. The Company measures the fair value on the basis of the net asset value per share of the investments.
Dividends and Distributions Payable
Dividends and distributions payable represent dividends declared at the balance sheet date which are payable to common shareholders and preferred shareholders, and distributions declared at the balance sheet date which are payable to the non-controlling interest common unit holder of the Operating Partnership, respectively.
Earnings (Loss) per Share
The Company calculates basic earnings (loss) per share by dividing net income attributable to common shareholders for the period by weighted-average shares of the Company’s common stock outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as units of limited partnership interest in the Operating Partnership (“OP Units”), exchangeable debt, and unvested restricted stock, but uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding.
Comprehensive Income
Comprehensive income is comprised of net income, as presented in the consolidated statements of operations, adjusted for changes in unrealized gains or losses on available for sale securities, changes in the fair value of derivatives accounted for as cash flow hedges and amortization of deferred swap losses resulting from the de-designation of derivatives previously accounted for as cash flow hedges.
Accounting for Derivative Financial Instruments
U.S. GAAP provides disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (i) how and why an entity uses derivative instruments; (ii) how derivative instruments and related hedged items are accounted for; and (iii) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. U.S. GAAP requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments.
The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts, such as credit default swaps, that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting under U.S. GAAP.
Effective December 31, 2013, the Company voluntarily 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. However, the Company’s accounting for these transactions will change prospectively. All of the Company’s interest rate swaps had previously been accounted for as cash flow hedges under the applicable guidance. As a result of discontinuing hedge accounting, beginning January 1, 2014, changes in the fair value of the interest rate swap agreements are recorded in gain (loss) on interest rate derivative instruments, net in the Company’s consolidated statements of operations, rather than in accumulated other comprehensive income (loss) (“AOCI”). Also, net interest paid or received under the interest rate swaps, which up through December 31, 2013 was recognized in interest expense, is now recognized in gain (loss) on interest rate derivative instruments, net on the Company's consolidated statements of operations. The 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 AOCI from the interest rate swap activity up through December 31, 2013 will remain in AOCI and be recognized in the Company’s consolidated statements of operations as interest expense over the remaining term of the interest rate swaps. Refer to Note 9 - "Derivatives and Hedging Activities" for further information.
The Company evaluates the terms and conditions of its holdings of swaptions, futures contracts and to-be-announced ("TBA") securities to determine if an instrument has the characteristics of an investment or should be considered a derivative under U.S. GAAP. Accordingly swaptions, futures contracts and TBAs having the characteristics of derivatives are accounted for at fair value with such changes recognized in gain (loss) on derivative instruments, net in the consolidated statements of operations. The fair value of these swaptions, futures contracts and TBAs is included in derivative asset or derivative liability on the consolidated balance sheets.
Income Taxes
The Company elected to be taxed as a REIT, commencing with the Company's taxable year ended December 31, 2009. Accordingly, the Company will generally not be subject to U.S. federal and applicable state and local corporate income tax to the extent that the Company makes qualifying distributions to its common shareholders, and provided the Company satisfies on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which the Company lost its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its shareholders.
A REIT’s dividend paid deduction for qualifying dividends to the Company’s shareholders is computed using its taxable income as opposed to net income reported on the consolidated financial statements. Taxable income, generally, will differ from net income because the determination of taxable income is based on tax regulations and not financial accounting principles.
The Company may elect to treat certain of its future subsidiaries as taxable REIT subsidiaries (“TRS”). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes.
If a TRS generates net income, the TRS can declare dividends to the Company which will be included in its taxable income and necessitate a distribution to its shareholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. The Company has no adjustments regarding its tax accounting treatment of any uncertainties. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which will be included in general and administrative expense.
Share-Based Compensation
The Company has adopted an equity incentive plan under which its independent directors, as part of their compensation for serving as directors, are eligible to receive quarterly stock awards. In addition, the Company may compensate the officers and employees of the Manager and its affiliates under this plan pursuant to the management agreement.
Share-based compensation arrangements include share options, restricted share awards, performance-based awards, share appreciation rights, and employee share purchase plans. Compensation costs relating to share-based payment transactions are recognized in the consolidated financial statements, based on the fair value of the equity or liability instruments issued on the date of grant, for awards to the Company’s independent directors. Compensation related to stock awards to officers and employees of the Manager and its affiliates is recorded at the estimated fair value of the award during the vesting period. The Company makes an upward or downward adjustment to compensation expense for the difference in the fair value at the date of grant and the date the award is earned.
Dividend Reinvestment and Stock Purchase Plan
The Company has implemented a dividend reinvestment and stock purchase plan (the “DRSPP”). Under the terms of the DRSPP, shareholders who participate in the DRSPP may purchase shares of common stock directly from the Company. DRSPP participants may also automatically reinvest all or a portion of their dividends for additional shares of common stock.
Reclassifications
The presentation of certain prior period reported amounts has been reclassified to be consistent with the current presentation. Such reclassifications had no impact on net income or equity attributable to common shareholders.
Recent Accounting Pronouncements
None
Recent Accounting Pronouncements Not Yet Adopted
None

Variable_Interest_Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2014
Variable Interest Entity Disclosure [Abstract]	'
Variable Interest Entities	'
	Variable Interest Entities
	From time to time the Company purchases through its indirect subsidiary interests in securitization trusts for which the Company has determined it is the primary beneficiary. The trusts hold pools of fixed rate residential mortgage loans and issue series of ABS payable from the cash flows generated by the pools of residential mortgage loans. A portion of the issued ABS is sold to unaffiliated third parties, and the balance is purchased by the Company.
	In determining if a securitized trust should be consolidated, the Company evaluated whether it was a VIE and, if so, whether the Company’s direct involvement in the VIE reflects a controlling financial interest that would result in the Company being deemed the primary beneficiary. The Company has concluded that its interests in the securitized trusts it has purchased are VIEs because such interests include the power to direct the activities that most significantly impact the economic performance of the VIEs and the obligation to absorb losses or right to receive benefits that are potentially significant to the VIEs. The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. Accordingly, for financial statement reporting purposes, the Company consolidated the underlying assets and liabilities of the securitization trusts at their fair value and, as such, no gain or loss was recorded upon consolidation. The securitizations are non-recourse financing of the residential mortgage loans held-for-investment. The senior securities issued by the securitization trusts that were sold to unaffiliated third parties are presented in the consolidated balance sheets as “Asset-backed securities.”
	During the three months ended March 31, 2014, the Company purchased a controlling interest in a securitization trust and, on March 14, 2014, committed to purchase securities of a securitization trust to be issued in April 2014. The newly formed securitization is expected to issue a series of ABS having an aggregate original principal amount of approximately $274.2 million, of which the Company intends to retain approximately $124.2 million. Upon completion of the transaction, the Company will evaluate whether the securitized trust is a VIE and, if so, whether the Company is the primary beneficiary. The Company believes that upon settlement of the interest in the securitized trust, the Company will consolidate the securitized trust. As of March 31, 2014, the Company has recorded the purchase and sale of the MBS as an unsettled trade, presented in investment related payable and investment related receivable on the consolidated balance sheets, respectively, with the resulting net MBS included in Mortgage-backed securities on the consolidated balance sheets.
	The Company is not contractually required and has not provided any additional financial support to the VIEs for the period ended March 31, 2014. The following table presents a summary of the assets and liabilities of the VIEs. Intercompany balances have been eliminated for purposes of this presentation.
	$ in thousands	31-Mar-14	31-Dec-13
	Residential loans, held-for-investment	2,070,493	1,810,262
	Accrued interest receivable	6,547	5,647
	Deferred costs	3,784	3,386
	Total assets	2,080,824	1,819,295
	Accrued interest and accrued expenses payable	5,441	4,659
	Asset-backed securities	1,873,434	1,643,741
	Total liabilities	1,878,875	1,648,400

MortgageBacked_Securities

Mortgage-Backed Securities	3 Months Ended
	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Mortgage-Backed Securities	'
	Mortgage-Backed Securities
	All of the Company’s MBS are classified as available-for-sale and, as such, are reported at fair value, which is determined by obtaining valuations from an independent source. If the fair value of a security is not available from a dealer or third-party pricing service, or such data appears unreliable, the Company may estimate the fair value of the security using a variety of methods including other pricing services, repurchase agreement pricing, discounted cash flow analysis, matrix pricing, option adjusted spread models and other fundamental analysis of observable market factors.
	The following tables present certain information about the Company’s MBS portfolio as of March 31, 2014 and December 31, 2013.
	March 31, 2014
	$ in thousands	Principal			Unamortized			Amortized	Unrealized		Fair		Net		Period-		Quarterly
		Balance			Premium			Cost	Gain/		Value		Weighted		end		Weighted
					(Discount)				(Loss), net				Average		Weighted		Average
													Coupon (1)		Average		Yield (3)
															Yield (2)
	Agency RMBS:
	15 year fixed-rate	1,470,313			74,494			1,544,807	19,656		1,564,463		4.04	%	2.69	%	2.81	%
	30 year fixed-rate	6,166,378			414,656			6,581,034	(153,651	)	6,427,383		4.12	%	3.03	%	3.15	%
	ARM	351,557			4,450			356,007	2,684		358,691		2.88	%	2.63	%	2.37	%
	Hybrid ARM	2,046,826			18,382			2,065,208	11,617		2,076,825		2.73	%	2.53	%	2.35	%
	Total Agency pass-through	10,035,074			511,982			10,547,056	(119,694	)	10,427,362		3.78	%	2.87	%	2.94	%
	Agency-CMO(4)	1,638,374			(1,161,357	)		477,017	(9,788	)	467,229		2.68	%	4.46	%	4.14	%
	Non-Agency RMBS(5)(6)(7)	4,469,615			(609,998	)		3,859,617	82,324		3,941,941		3.76	%	4.1	%	4.26	%
	CMBS(8)	4,653,693			(2,032,007	)		2,621,686	76,972		2,698,658		3.37	%	4.57	%	4.51	%
	Total	20,796,756			(3,291,380	)		17,505,376	29,814		17,535,190		3.6	%	3.44	%	3.43	%
	-1	Net weighted average coupon (“WAC”) as of March 31, 2014 is presented net of servicing and other fees.
	-2	Weighted average yield is based on amortized cost as of March 31, 2014 and incorporates future prepayment and loss assumptions.
	-3	Weighted average yield is based on average amortized cost for the three months ended March 31, 2014 and incorporates actual cash flows and future prepayment and loss assumptions.
	-4	Included in Agency-CMO are interest-only securities, which represent 25.5% of the balance based on fair value.
	-5	Included in Non-Agency RMBS are securities of $124.1 million for a future securitization not yet settled.
	-6	Non-Agency RMBS held by the Company is 55.8% variable rate, 30.1% fixed rate, and 14.1% floating rate based on fair value (excluding securities for a future securitization not yet settled).
	-7	Of the total discount in Non-Agency RMBS, $404.2 million is non-accretable.
	-8	Included in the CMBS are interest-only securities and commercial real estate mezzanine loan pass-through certificates which represent 7.1% and 1.7% of the balance based on fair value, respectively.
	December 31, 2013
	$ in thousands	Principal			Unamortized			Amortized	Unrealized		Fair		Net		Period-		Quarterly
		Balance			Premium			Cost	Gain/		Value		Weighted		end		Weighted
					(Discount)				(Loss), net				Average		Weighted		Average
													Coupon (1)		Average		Yield (3)
															Yield (2)
	Agency RMBS:
	15 year fixed-rate	1,637,988			83,799			1,721,787	22,494		1,744,281		4.02	%	2.54	%	2.61	%
	30 year fixed-rate	6,494,723			435,680			6,930,403	(228,250	)	6,702,153		4.11	%	2.96	%	3.13	%
	ARM	251,693			992			252,685	597		253,282		2.8	%	2.62	%	2.41	%
	Hybrid ARM	1,764,472			9,470			1,773,942	(3,384	)	1,770,558		2.69	%	2.46	%	2.06	%
	Total Agency pass-through	10,148,876			529,941			10,678,817	(208,543	)	10,470,274		3.82	%	2.8	%	2.9	%
	Agency-CMO(4)	1,532,474			(1,051,777	)		480,697	(6,183	)	474,514		2.76	%	3.82	%	3.47	%
	Non-Agency RMBS(5)(6)	4,361,730			(618,634	)		3,743,096	32,213		3,775,309		3.74	%	3.75	%	4.6	%
	CMBS(7)	4,630,363			(2,032,945	)		2,597,418	31,142		2,628,560		3.38	%	4.62	%	4.51	%
	Total	20,673,443			(3,173,415	)		17,500,028	(151,371	)	17,348,657		3.63	%	3.3	%	3.51	%
	-1	Net WAC as of December 31, 2013 is presented net of servicing and other fees.
	-2	Weighted average yield based on amortized cost as of December 31, 2013 incorporates future prepayment and loss assumptions.
	-3	Weighted average yield based on average amortized cost for the three months ended December 31, 2013 incorporates actual cash flows and future prepayment and loss assumptions.
	-4	Included in Agency-CMO are interest-only securities, which represent 25.0% of the balance based on fair value.
	-5	Non-Agency RMBS held by the Company is 58.4% variable rate, 32.4% fixed rate, and 9.2% floating rate based on fair value.
	-6	Of the total discount in Non-Agency RMBS, $438.1 million is non-accretable.
	-7	Included in the CMBS are interest-only securities and commercial real estate mezzanine loan pass-through certificates which represent 7.5% and 1.0% of the balance based on fair value, respectively.
	The following table summarizes the Company's non-Agency RMBS portfolio by asset type as of March 31, 2014 and December 31, 2013, respectively:
	$ in thousands	31-Mar-14			% of Non-Agency			31-Dec-13	% of Non-Agency
	Re-REMIC	1,347,996			35.3	%		1,444,376	38.3	%
	Prime	1,286,040			33.6	%		1,336,821	35.5	%
	Alt-A	811,981			21.3	%		801,919	21.2	%
	GSE CRT(1)	350,021			9.2	%		167,981	4.4	%
	Subprime	21,851			0.6	%		24,212	0.6	%
	Total Non-Agency(2)	3,817,889			100	%		3,775,309	100	%
	-1	Government-sponsored enterprise ("GSE") credit risk transfer ("CRT") securities are general obligations of Fannie Mae and Freddie Mac that are structured to provide credit protection to the issuer with respect to defaults and other credit events within reference pools of residential mortgage loans that collateralize MBS issued and guaranteed by these GSEs.
	-2	Excluded from Non-Agency RMBS are securities of $124.1 million for a future securitization not yet settled.
	The following table summarizes certain characteristics of the Company's re-securitization of real estate mortgage investment conduit ("Re-REMIC") holdings as of March 31, 2014 and December 31, 2013:
			Percentage of Re-REMIC Holdings at Fair Value
	Re-REMIC Subordination(1)		31-Mar-14			31-Dec-13
0-10		5.4	%		4.8	%
20-Oct		3.6	%		3.5	%
20-30		14.8	%		14.7	%
30-40		25.6	%		25.2	%
40-50		36.9	%		38.6	%
50-60		9	%		8.5	%
60-70		4.7	%		4.7	%
Total		100	%		100	%
-1	Subordination refers to the credit enhancement provided to the Re-REMIC tranche by any junior Re-REMIC tranche or tranches in a resecuritization. This figure reflects the percentage of the balance of the underlying security represented by any junior tranche or tranches at the time of resecuritization. Generally, principal losses on the underlying security in excess of the subordination amount would result in principal losses on the Re-REMIC tranche.
The components of the carrying value of the Company’s MBS portfolio at March 31, 2014 and December 31, 2013 are presented below:
$ in thousands	31-Mar-14			31-Dec-13
Principal balance	20,796,756			20,673,443
Unamortized premium	628,568			646,189
Unamortized discount	(3,919,948	)		(3,819,604	)
Gross unrealized gains	350,249			291,725
Gross unrealized losses	(320,435	)		(443,096	)
Fair value	17,535,190			17,348,657
The following table summarizes certain characteristics of the Company’s investment portfolio, at fair value, according to estimated weighted average life classifications as of March 31, 2014 and December 31, 2013:
$ in thousands	31-Mar-14			31-Dec-13
Less than one year	179,394			101,251
Greater than one year and less than five years	6,133,678			5,958,852
Greater than or equal to five years	11,222,118			11,288,554
Total	17,535,190			17,348,657
The following tables present the estimated fair value, the gross unrealized losses and the number of securities of the Company’s MBS by length of time that such securities have been in a continuous unrealized loss position at March 31, 2014 and December 31, 2013, respectively:
March 31, 2014
	Less than 12 Months							12 Months or More						Total
$ in thousands	Fair			Unrealized			Number	Fair		Unrealized		Number		Fair		Unrealized			Number
	Value			Losses			of	Value		Losses		of		Value		Losses			of
							Securities					Securities							Securities
Agency RMBS:
15 year fixed-rate	51,861			(809	)		3	103,393		(2,915	)	6		155,254		(3,724	)		9
30 year fixed-rate	2,937,730			(140,473	)		98	1,046,387		(78,685	)	43		3,984,117		(219,158	)		141
ARM	131,304			(500	)		6	—		—		—		131,304		(500	)		6
Hybrid ARM	720,952			(2,307	)		36	—		—		—		720,952		(2,307	)		36
Total Agency pass-through	3,841,847			(144,089	)		143	1,149,780		(81,600	)	49		4,991,627		(225,689	)		192
Agency-CMO	347,024			(14,927	)		23	8,563		(3,603	)	4		355,587		(18,530	)		27
Non-Agency RMBS	882,640			(40,383	)		59	166,389		(3,459	)	10		1,049,029		(43,842	)		69
CMBS	883,068			(32,374	)		67	—		—		—		883,068		(32,374	)		67
Total	5,954,579			(231,773	)		292	1,324,732		(88,662	)	63		7,279,311		(320,435	)		355
December 31, 2013
	Less than 12 Months							12 Months or More						Total
$ in thousands	Fair			Unrealized			Number	Fair		Unrealized		Number		Fair		Unrealized		Number
	Value			Losses			of	Value		Losses		of		Value		Losses		of
							Securities					Securities						Securities
Agency RMBS:
15 year fixed-rate	431,527			(4,964	)		18	11,100		(259	)	1		442,627		(5,223	)	19
30 year fixed-rate	3,710,679			(228,167	)		126	641,259		(56,754	)	27		4,351,938		(284,921	)	153
ARM	94,447			(968	)		7	—		—		—		94,447		(968	)	7
Hybrid ARM	1,129,488			(9,715	)		48	—		—		—		1,129,488		(9,715	)	48
Total Agency pass-through	5,366,141			(243,814	)		199	652,359		(57,013	)	28		6,018,500		(300,827	)	227
Agency-CMO	311,935			(16,599	)		13	8,883		(3,736	)	4		320,818		(20,335	)	17
Non-Agency RMBS	1,307,036			(58,326	)		76	91,651		(1,726	)	8		1,398,687		(60,052	)	84
CMBS	1,118,270			(61,882	)		84	—		—		—		1,118,270		(61,882	)	84
Total	8,103,382			(380,621	)		372	752,893		(62,475	)	40		8,856,275		(443,096	)	412
Gross unrealized losses on the Company’s Agency RMBS were $225.7 million at March 31, 2014. Due to the inherent credit quality of Agency RMBS, the Company determined that at March 31, 2014, any unrealized losses on its Agency RMBS portfolio are temporary.
Gross unrealized losses on the Company’s MBS-CMO, non-Agency RMBS, and CMBS were $94.7 million at March 31, 2014. The Company does not consider these unrealized losses to be credit related, but rather due to non-credit related factors such as interest rate spreads, prepayment speeds, and market fluctuations. These investment securities are included in the Company’s assessment for other-than-temporary impairment on at least a quarterly basis.
The following table presents the impact of the Company’s MBS on its accumulated other comprehensive income for the three months ended March 31, 2014 and 2013.
$ in thousands	Three Months			Three Months
	ended			ended
	March 31, 2014			March 31, 2013
Accumulated other comprehensive income from investment securities:
Unrealized gain (loss) on MBS at beginning of period	(151,371	)		523,725
Unrealized gain (loss) on MBS, net	181,185			(70,136	)
Balance at the end of period	29,814			453,589
During the three months ended March 31, 2014 and 2013, the Company reclassified $11.7 million of net unrealized losses and $6.7 million of net unrealized gains, respectively, from other comprehensive income into gain (loss) on sale of investments as a result of the Company selling certain investments.
The Company assesses its investment securities for other-than-temporary impairment on at least a quarterly basis and more frequently when economic or market conditions warrant such evaluation. When the fair value of an investment is less than its amortized cost at the balance sheet date of the reporting period for which impairment is assessed, the impairment is designated as either “temporary” or “other-than-temporary.” The Company evaluates each security that has had a fair value less than amortized cost for three or more consecutive months for other-than-temporary impairment. This analysis includes evaluating the individual loans in each security to determine estimated future cash flows. Individual loan characteristics reviewed include, but are not limited to, delinquency status, loan-to-value ratios, borrower credit scores, occupancy status and geographic concentration. To the extent a security is deemed impaired, the amount by which the amortized cost exceeds the security's market value would be considered other-than-temporary impairment.
The Company did not have other-than-temporary impairments for the three months ended March 31, 2014 and 2013.
The following table presents components of interest income on the Company’s MBS portfolio for the three months ended March 31, 2014 and 2013.
For the three months ended March 31, 2014
$ in thousands	Coupon			Net (Premium			Interest
	Interest			Amortization)/Discount			Income
				Accretion
Agency	105,483			(23,664	)		81,819
Non-Agency	39,931			935			40,866
CMBS	38,612			(9,661	)		28,951
Other	103			—			103
Total	184,129			(32,390	)		151,739
For the three months ended March 31, 2013
$ in thousands	Coupon			Net (Premium			Interest
	Interest			Amortization)/Discount			Income
				Accretion
Agency	143,414			(45,114	)		98,300
Non-Agency	36,411			1,141			37,552
CMBS	26,650			(2,200	)		24,450
Other	42			—			42
Total	206,517			(46,173	)		160,344

Residential_Loans_HeldforInves

Residential Loans Held-for-Investment	3 Months Ended
	Mar. 31, 2014
Mortgage Loans on Real Estate [Abstract]	'
Residential Loans Held-for-Investment	'
	Residential Loans Held-for-Investment
	Residential loans held-for-investment includes residential mortgage loans which are secured by a lien on the residential property. The following table details the carrying value for residential loans held-for-investment at March 31, 2014 and December 31, 2013. These loans are held by the six VIEs which the Company consolidates.
	$ in thousands	31-Mar-14		31-Dec-13
	Principal balance	2,049,448		1,783,983
	Unamortized premium (discount), net	22,136		27,163
	Recorded investment	2,071,584		1,811,146
	Allowance for loan losses	(1,091	)	(884	)
	Carrying value	2,070,493		1,810,262
	The Company considers a number of factors when evaluating the credit risks associated with its residential loans held-for-investment portfolio, including but not limited to year of origination, delinquency status, historical losses, geographic concentration and existing economic conditions.
	The following table displays certain characteristics of the Company's residential loans held-for-investment at March 31, 2014 by year of origination.
	$ in thousands	2013		2012		2009		2008		Total
	Portfolio Characteristics:
	Number of Loans(1)	2,068		595		7		3		2,673
	Current Principal Balance	1,548,345		496,438		2,593		2,072		2,049,448
	Net Weighted Average Coupon Rate	3.57	%	3.5	%	3.73	%	6.13	%	3.56	%
	Weighted Average Maturity (years)	29.13		28.78		25.26		24.41		29.03
	Current Performance:
	Current	1,547,775		494,499		2,593		2,072		2,046,939
	30 Day Delinquent	570		1,939		—		—		2,509
	60 Days Delinquent	—		—		—		—		—
	90+ Days Delinquent	—		—		—		—		—
	Bankruptcy/Foreclosure	—		—		—		—		—
	Total	1,548,345		496,438		2,593		2,072		2,049,448
	(1) None for 2011 and 2010
	The following table presents the five largest geographic concentrations of the Company’s residential loans held-for-investment at March 31, 2014 based on principal balance outstanding:
	State	Percent
	California	49.9	%
	Illinois	5.9	%
	Massachusetts	4.5	%
	Maryland	4.1	%
	Virginia	4	%
	Other states (none greater than 4%)	31.6	%
	Total	100	%
	The following table presents future minimum annual principal payments under the residential loans held-for-investment at March 31, 2014:
	$ in thousands
	Scheduled Principal	31-Mar-14
	Within one year	38,276
	One to three years	81,076
	Three to five years	87,509
	Greater than or equal to five years	1,842,587
	Total	2,049,448
	Allowance for Loan Losses on Residential Loans
	For residential loans held-for-investment, the Company establishes an allowance for loan losses. The following table summarizes the activity in the allowance for loan losses for the three months ended March 31, 2014:
	$ in thousands	31-Mar-14
	Balance at beginning of period	(884	)
	Charge-offs, net	—
	Provision for loan losses	(207	)
	Balance at end of period	(1,091	)
	During the quarter ended March 31, 2014 there were no charge-offs of residential loans.

Commercial_Loans_HeldforInvest

Commercial Loans Held-for-Investment	3 Months Ended
	Mar. 31, 2014
Receivables [Abstract]	'
Commercial Loans Held-for-Investment	'
	Commercial Loans Held-for-Investment
	Commercial loans held-for-investment include mezzanine loans, first mortgage loans and preferred equity investments purchased or originated by the Company.
	As of March 31, 2014, the Company had five commercial loans outstanding which were purchased or originated by the Company (one was originated in 2014) and were not delinquent on payment. Included in the five commercial loans are mezzanine loans with an outstanding carrying value of $49.7 million, inclusive of unamortized fees of $100,000, one first mortgage loan with a carrying value of $20.1 million inclusive of unamortized costs of $77,000 and one preferred equity investment with a carrying value of $23.0 million. As of March 31, 2014, the Company had unfunded commitments on the mezzanine loans and first mortgage loan of $10.2 million and $2.0 million, respectively. These loans were not impaired and no allowance for loan loss has been recorded.
	The Company evaluates the credit quality indicators for the mezzanine, first mortgage loans and preferred equity investments on a quarterly basis. Credit quality indicators for the first mortgage loan includes net operating income, debt service coverage ratios and debt yield. Credit quality indicators for the mezzanine loans and preferred equity investments include net operating income, net cash flow, loan-to-value ratio and debt yield.

Investments_in_Unconsolidated_

Investments in Unconsolidated Ventures	3 Months Ended
	Mar. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
Investments in Unconsolidated Ventures	'
	Investments in Unconsolidated Ventures
	The Company’s non-controlling, unconsolidated ownership interests in these entities are accounted for under the equity method. Capital contributions, distributions, profits and losses of the entities are allocated in accordance with the terms of the entities’ operating agreements. Such allocations may differ from the stated percentage interests, if any, as a result of preferred returns and allocation formulas as described in such agreements. The Company has made the fair value election for its investments in all unconsolidated ventures. The fair value measurement for the investments in unconsolidated ventures is based on the net asset value per share of the investment, or its equivalent.
	Invesco Mortgage Recovery Feeder Fund, L.P. and Invesco Mortgage Recovery Loans AIV, L.P.
	The Company invested in certain non-Agency RMBS, CMBS and residential and commercial mortgage loans by contributing equity capital to the Invesco Mortgage Recovery Feeder Fund L.P. managed by the Company’s Manager (“Invesco IMRF Fund”). In addition, the Manager identified a whole loan transaction for the Company, which resulted in the Company’s admission into an alternative investment vehicle, the Invesco Mortgage Recovery Loans AIV, L.P. (“AIV Fund”). The Company has a commitment to invest up to $100.0 million in the Invesco IMRF Fund and AIV Fund. As of March 31, 2014, $94.6 million of the Company's commitment has been called. On December 31, 2013, the investment period ended. The Company is committed to fund $5.4 million in additional capital to cover future expenses should they occur. The Company realized approximately $215,000 (2013: $345,000) of equity in earnings for the three months ended March 31, 2014 related to these investments. The Company also had $92,000 of unrealized gain (2013: $148,000 gain) from these investments for the three months ended March 31, 2014.
	IMRF Loan Portfolio Member LLC
	On September 30, 2011, the Company invested in a portfolio of commercial mortgage loans by contributing $16.9 million, net of distributions, of equity capital to IMRF Loan Portfolio Member LLC (“IMRF LLC”), a limited liability company managed by AIV Fund. The Company has fully funded its commitment to IMRF LLC. The Company realized a gain of approximately $94,000 (2013: $105,000 realized loss) of equity in earnings for the three months ended March 31, 2014. The Company also had $40,000 of unrealized gain (2013: $1.2 million gain) from these investments for the three months ended March 31, 2014.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Borrowings	'
	Borrowings
	The Company has entered into repurchase agreements and issued exchangeable senior notes to finance the majority of its portfolio of investments. The following table summarizes certain characteristics of the Company’s borrowings at March 31, 2014 and December 31, 2013:
	$ in thousands	31-Mar-14						31-Dec-13
						Weighted					Weighted
				Weighted		Average			Weighted		Average
				Average		Remaining			Average		Remaining
		Amount		Interest		Maturity		Amount	Interest		Maturity
		Outstanding		Rate		(days)		Outstanding	Rate		(days)
	Agency RMBS	9,746,051		0.34	%	20		10,281,154	0.38	%	19
	Non-Agency RMBS	3,067,127		1.55	%	35		3,088,064	1.54	%	33
	CMBS	2,039,132		1.37	%	24		2,082,457	1.39	%	23
	Exchangeable Senior Notes	400,000		5	%	1,445		400,000	5	%	1,535
	Total	15,252,310		0.84	%	61		15,851,675	0.86	%	60
	Repurchase Agreements
	The repurchase agreements bear interest at a contractually agreed rate. The repurchase obligations mature and typically reinvest every thirty days to one year. Repurchase agreements are being accounted for as secured borrowings since the Company maintains effective control of the financed assets. Under the repurchase agreements, the respective lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral or fund margin calls. In addition, the repurchase agreements are subject to certain financial covenants. The Company was in compliance with these covenants at March 31, 2014.
	The following tables summarize certain characteristics of the Company’s repurchase agreements at March 31, 2014 and December 31, 2013:
	31-Mar-14			Percent of Total
	$ in thousands	Amount Outstanding		Percent of Total Amount Outstanding		Company MBS Held as Collateral
	Repurchase Agreement Counterparties
	Credit Suisse Securities (USA) LLC	1,824,258		12.3	%	2,239,264	(1	)
	South Street Securities LLC	1,115,973		7.5	%	1,162,910
	Citigroup Global Markets Inc.	951,086		6.4	%	1,091,193
	Banc of America Securities LLC	998,773		6.7	%	1,090,734
	Wells Fargo Securities, LLC	905,576		6.1	%	1,077,374
	JP Morgan Securities Inc.	825,944		5.6	%	943,476
	Royal Bank of Canada	731,542		4.9	%	873,794
	HSBC Securities (USA) Inc	790,364		5.3	%	812,923
	Morgan Stanley & Co. Incorporated	692,657		4.7	%	755,719
	RBS Securities Inc.	603,578		4.1	%	733,689
	Pierpont Securities LLC	647,870		4.4	%	673,870
	ING Financial Market LLC	615,970		4.1	%	654,816
	Mitsubishi UFJ Securities (USA), Inc.	577,807		3.9	%	606,196
	BNP Paribas Securities Corp.	532,503		3.6	%	582,651
	Deutsche Bank Securities Inc.	474,843		3.2	%	534,847
	Industrial and Commercial Bank of China Financial Services LLC	460,433		3.1	%	484,647
	Nomura Securities International, Inc.	457,959		3.1	%	480,925
	Goldman, Sachs & Co.	395,619		2.7	%	417,528
	Scotia Capital	390,897		2.6	%	406,486
	KGS-Alpha Capital Markets, L.P.	292,395		2	%	308,702
	TD Securities	152,895		1	%	161,454
	Barclays Capital Inc.	109,841		0.7	%	130,632
	Cantor Fitzgerald & Co.	113,219		0.8	%	119,290
	Daiwa Capital Markets America Inc	107,463		0.7	%	112,392
	Mizuho Securities USA Inc.	51,422		0.3	%	59,736
	Guggenheim Liquidity Services, LLC	31,423		0.2	%	33,040
	Total	14,852,310		100	%	16,548,288
	(1) Includes $169.2 million of MBS held as collateral which are eliminated in consolidation.
	31-Dec-13
	$ in thousands	Amount Outstanding		Percent of Total Amount Outstanding		Company MBS Held as Collateral
	Repurchase Agreement Counterparties
	Credit Suisse Securities (USA) LLC	1,809,896		11.8	%	2,203,883	(1	)
	South Street Securities LLC	1,236,812		8	%	1,286,384
	Banc of America Securities LLC	1,043,689		6.8	%	1,146,151
	Citigroup Global Markets Inc.	1,027,210		6.6	%	1,164,162
	JP Morgan Securities Inc.	875,201		5.7	%	1,001,116
	Wells Fargo Securities, LLC	857,824		5.6	%	996,151
	Pierpont Securities LLC	791,572		5.1	%	824,184
	HSBC Securities (USA) Inc.	787,462		5.1	%	809,230
	RBS Securities Inc.	720,457		4.7	%	854,978
	Royal Bank of Canada	710,705		4.6	%	850,870
	Morgan Stanley & Co. Incorporated	691,599		4.5	%	758,761
	ING Financial Market LLC	676,644		4.4	%	718,086
	Mitsubishi UFJ Securities (USA), Inc.	625,703		4	%	656,046
Nomura Securities International, Inc.	578,265		3.7	%	608,193
Industrial and Commercial Bank of China Financial Services LLC	493,906		3.2	%	518,775
BNP Paribas Securities Corp.	471,372		3.1	%	499,106
Scotia Capital	443,534		2.9	%	461,066
Deutsche Bank Securities Inc.	423,405		2.7	%	468,939
Goldman, Sachs & Co.	404,094		2.6	%	423,598
KGS-Alpha Capital Markets, L.P.	202,677		1.3	%	214,033
Barclays Capital Inc.	156,904		1	%	165,605
TD Securities	155,099		1	%	163,512
Daiwa Capital Markets America Inc.	112,309		0.7	%	117,551
Cantor Fitzgerald & Co.	68,261		0.4	%	71,910
Mizuho Securities USA Inc.	53,962		0.3	%	62,423
Guggenheim Liquidity Services, LLC	33,113		0.2	%	34,664
Total	15,451,675		100	%	17,079,377
(1) Includes $133.8 million of MBS held as collateral which are eliminated in consolidation.
Company MBS held by counterparties as security for repurchase agreements was $16.5 billion and $17.1 billion at March 31, 2014 and December 31, 2013, respectively. This represents a collateral ratio (Company MBS Held as Collateral/Amount Outstanding) of 111% and 111% for March 31, 2014 and December 31, 2013, respectively.
No cash collateral was held by the counterparties at March 31, 2014 and December 31, 2013.
Asset-Backed Securities
During the three months ended March 31, 2014, the Company purchased controlling interests in a securitization trust for which it determined it is the primary beneficiary. The securitization trust securitized residential mortgage loans with an aggregate principal balance of $287.4 million, and issued $287.4 million aggregate principal amount of ABS, which was purchased by the Company. The Company subsequently sold $246.7 million of the original principal balance to a third party. As a result, the ABS issued by the securitization trusts is recorded as a non-recourse liability in the Company’s consolidated balance sheets. During the three months ended March 31, 2014, ABS held by unaffiliated third parties was paid down by $19.3 million. The Company has purchased controlling interests in a total of six securitization trusts for which it determined it is the primary beneficiary to date.
The carrying value of the ABS is based on its amortized cost, which is equal to the remaining principal balance net of unamortized premiums or discounts. The following table provides summary information of the carrying value of the ABS, along with other relevant information, at March 31, 2014.
	ABS		Residential loans
$ in thousands	Outstanding		Held as Collateral
Principal balance	1,861,086		2,049,448
Interest-only securities	14,270		—
Unamortized premium	9,510		22,136
Unamortized discount	(11,432	)	—
Loan loss reserve	—		(1,091	)
Carrying value	1,873,434		2,070,493
Range of weighted average interest rates	2.8% - 3.8%
Number of series	6
The following table presents the estimated principal repayment schedule of the VIE’s ABS at March 31, 2014, based on estimated cash flows of the residential mortgage loans, as adjusted for projected prepayments and losses on such loans.
$ in thousands
Estimated principal repayment	31-Mar-14
Within one year	192,386
One to three years	335,283
Three to five years	275,201
Greater than or equal to five years	1,058,216
Total	1,861,086
The maturity of the VIEs' ABS is dependent upon cash flows received from the underlying residential mortgage loans. The estimated principal repayments may differ from actual amounts to the extent prepayments and/or loan losses vary. Refer to Note 5 “Residential Loans Held-for-Investment” for a more detailed discussion of the residential loans collateralizing the VIEs' ABS.
Exchangeable Senior Notes
In the first quarter of 2013, a wholly-owned subsidiary of the Company issued $400.0 million in aggregate principal amount of Exchangeable Senior Notes (the “Notes”) due 2018. The total net proceeds to the Company after deducting financing expenses was $387.7 million.
The terms of the Notes are governed by an indenture (the “Indenture”) by and among the wholly-owned subsidiary, as issuer, the Company, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). The Notes bear interest at 5.00% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning September 15, 2013. The Notes may be exchanged for shares of the Company’s common stock at the applicable exchange rate at any time prior to the close of business on the second scheduled trading day prior to the maturity date. The initial exchange rate for each $1,000 aggregate principal amount of the Notes is 42.0893 shares of the Company’s common stock, equivalent to an exchange price of approximately $23.76 per share, and the maximum exchange rate is 48.4027 shares of the Company's common stock, equivalent to an exchange price of approximately $20.66 per share. The initial and maximum exchange rates of the Notes are subject to adjustment in certain events. The Notes have not been registered under the Securities Act of 1933, as amended. Pursuant to the registration rights agreement between the Company and the initial purchasers of the Notes, the Company filed a prospectus supplement in August 2013 registering for resale 605,034 shares of common stock issuable upon exchange of the Notes. The Company may be required to register additional shares of common stock issuable upon exchange of the Notes from time to time at the request of holders as required by the registration rights agreement. Accrued interest payable on the Notes was approximately $889,000 as of March 31, 2014.

Derivatives_and_Hedging_Activi

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivatives and Hedging Activities	'
	Derivatives and Hedging Activities
	Risk Management Objective of Using Derivatives
	The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its investments, debt funding, and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.
	The Company also utilizes credit derivatives such as credit default swaps (“CDS”) to provide credit event protection based on a financial index or specific security in exchange for receiving a fixed-rate fee or premium over the term of the contract. These instruments enable the Company to synthetically assume the credit risk of a reference security, portfolio of securities or index of securities. The counterparty pays a premium to the Company and the Company agrees to make a payment to compensate the counterparty for losses upon the occurrence of a specified credit event. Although contract specific, credit events generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. Upon the occurrence of a defined credit event, the difference between the value of the reference securities and the CDS’s notional amount is recorded as a realized loss in the consolidated statements of operations.
	Credit Derivatives
	The Company's only CDS contract was entered into in the fourth quarter of 2010. The Company sold protection against losses on a specific pool of non-Agency RMBS in the event they exceed a specified loss limit of 25% of the balance of the non-Agency RMBS on the trade date. The maximum exposure is the remaining unpaid principal balance of the underlying RMBS in excess of the specified loss threshold. In exchange, the Company is paid a stated fixed rate fee of 3% of the notional amount of the CDS. The remaining notional amount of the CDS at March 31, 2014 was $47.8 million ($51.8 million at December 31, 2013), and the Company estimated the fair market value of the CDS to be approximately $607,000 at March 31, 2014 ($654,000 at December 31, 2013). As of March 31, 2014, the Company has not made any payments related to the CDS contract.
	At March 31, 2014 and December 31, 2013, the open CDS sold by the Company is summarized as follows:
	$ in thousand		31-Mar-14			31-Dec-13
	Fair value amount		607			654
	Notional amount		47,764			51,823
	Maximum potential amount of future undiscounted payments		47,764			51,823
	Recourse provisions with third parties		—			—
	Collateral held by counterparty		7,323			7,979
	Interest Rate Swaps
	The Company finances its activities primarily through repurchase agreements, which are usually settled on a short-term basis, usually from one to twelve months. At each settlement date, the Company refinances each repurchase agreement at the market interest rate at that time. Since the interest rate on its repurchase agreements change on a one to twelve month basis, the Company is exposed to changing interest rates. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposures to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. 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.
	Through December 31, 2013, the Company elected cash flow hedge accounting for its interest rate swaps. Under cash flow hedge accounting, effective hedge gains or losses are initially recorded in AOCI and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings while the ineffective portion is recorded on a current basis in earnings. Effective December 31, 2013, the Company voluntarily discontinued cash flow hedge accounting for its interest rate swaps in order to gain greater flexibility in managing interest rate exposures. Amounts reported in AOCI related to the cash flow hedges through December 31, 2013 will remain in AOCI and will be reclassified to interest expense, repurchase agreements on the consolidated statements of operations as interest is accrued and paid on the related repurchase agreements over the remaining life of the interest rate swap agreements. The Company reclassified $21.3 million as an increase to interest expense for the three months ended March 31, 2014. During the next 12 months, the Company estimates that $83.0 million will be reclassified as an increase to interest expense, repurchase agreements.
	The Company will continue to hedge its exposure to variability in future funding costs via interest rate swaps. As a result of discontinuing hedge accounting, beginning January 1, 2014, changes in the fair value of the Company’s interest rate swaps are recorded in gain (loss) on interest rate derivative instruments, net on the consolidated statements of operations, consistent with the Company’s historical accounting for futures contracts, described below. Monthly net cash settlements under swaps are recorded in gain (loss) on interest rate derivative instruments, net on the consolidated statements of operations, prospectively.
	As of March 31, 2014, the Company had the following interest rate swaps outstanding:
	$ in thousands						Notional			Maturity Date		Fixed Interest Rate
	Counterparty											in Contract
	SunTrust Bank						100,000			7/15/14		2.79	%
	Deutsche Bank AG						200,000			1/15/15		1.08	%
	Deutsche Bank AG						250,000			2/15/15		1.14	%
	Credit Suisse International						100,000			2/24/15		3.26	%
	Credit Suisse International						100,000			3/24/15		2.76	%
	Wells Fargo Bank, N.A.						100,000			7/15/15		2.85	%
	Wells Fargo Bank, N.A.						50,000			7/15/15		2.44	%
	Morgan Stanley Capital Services, LLC						300,000			1/24/16		2.12	%
	The Bank of New York Mellon						300,000			1/24/16		2.13	%
	Morgan Stanley Capital Services, LLC						300,000			4/5/16		2.48	%
	Citibank, N.A.						300,000			4/15/16		1.67	%
	Credit Suisse International						500,000			4/15/16		2.27	%
	The Bank of New York Mellon						500,000			4/15/16		2.24	%
	JPMorgan Chase Bank, N.A.						500,000			5/16/16		2.31	%
	Goldman Sachs Bank USA						500,000			5/24/16		2.34	%
	Goldman Sachs Bank USA						250,000			6/15/16		2.67	%
	Wells Fargo Bank, N.A.						250,000			6/15/16		2.67	%
	JPMorgan Chase Bank, N.A.						500,000			6/24/16		2.51	%
	Citibank, N.A.						500,000			10/15/16		1.93	%
	Deutsche Bank AG						150,000			2/5/18		2.9	%
	ING Capital Markets LLC						350,000			2/24/18		0.95	%
	Morgan Stanley Capital Services, LLC						100,000			4/5/18		3.1	%
	ING Capital Markets LLC						300,000			5/5/18		0.79	%
	JPMorgan Chase Bank, N.A.						200,000			5/15/18		2.93	%
	UBS AG						500,000			5/24/18		1.1	%
	ING Capital Markets LLC						400,000			6/5/18		0.87	%
	The Royal Bank of Scotland Plc						500,000			9/5/18		1.04	%
	CME Clearing House		(3	)	(4)		300,000			2/5/21		2.5	%
	CME Clearing House		(3	)	(4)		300,000			2/5/21		2.69	%
	Wells Fargo Bank, N.A.						200,000			3/15/21		3.14	%
	Citibank, N.A.						200,000			5/25/21		2.83	%
	HSBC Bank USA, National Association		(1	)			550,000			2/24/22		2.45	%
	The Royal Bank of Scotland Plc		(2	)			400,000			3/15/23		2.39	%
	UBS AG		(2	)			400,000			3/15/23		2.51	%
	HSBC Bank USA, National Association						250,000			6/5/23		1.91	%
	HSBC Bank USA, National Association						250,000			7/5/23		1.97	%
	The Royal Bank of Scotland Plc						500,000			8/15/23		1.98	%
	CME Clearing House		(4	)			600,000			8/24/23		2.88	%
	UBS AG						250,000			11/15/23		2.23	%
	HSBC Bank USA, National Association						500,000			12/15/23		2.2	%
	Total						12,800,000					2.12	%
	-1	Forward start date of February 2015
	-2	Forward start date of March 2015
-3	Forward start date of February 2016
-4	Beginning June 10, 2013, regulations promulgated under The Dodd-Frank Wall Street Reform and Consumer Protection Act mandate that the Company clear new interest rate swap transactions through a central counterparty. Transactions that are centrally cleared result in the Company facing a clearing house, rather than a swap dealer, as counterparty. Central clearing requires the Company to post collateral in the form of initial and variation margin to the clearing house which reduces default risk.
At March 31, 2014, the Company’s counterparties held $4.9 million net cash margin deposits and approximately $293.7 million in Agency RMBS as collateral against its interest rate swaps, CDS, TBAs and futures contracts. In addition, several counterparties posted securities of approximately $127.8 million and $20.1 million of cash as collateral with the Company. Cash margin posted by the Company is classified as due from counterparties, and cash margin posted by counterparties that are restricted in use, if any, is classified as restricted cash. As of March 31, 2014 and December 31, 2013, the Company did not have any restricted cash. The Agency RMBS collateral posted by the Company is included in the total mortgage-backed securities on the Company’s consolidated balance sheets. Cash collateral that is not restricted for use by the Company is included in Cash and cash equivalents and the liability to return the collateral is included in Collateral held payable on the consolidated balance sheets. Non-cash collateral posted by counterparties to the Company would be recognized if any counterparty defaults or if the Company sold the pledged collateral. As of March 31, 2014, the Company did not recognize any non-cash collateral held as collateral.
Interest Rate Swaptions
The Company has purchased interest rate swaptions to help mitigate the potential impact of increases or decreases in interest rates on the performance of a portion of the Company’s investment portfolio (referred to as “convexity risk”). The interest rate swaptions provide the Company the option to enter into interest rate swap agreements for a predetermined notional amount, stated term and pay and receive interest rates in the future. The premium paid for interest rate swaptions is reported as an asset in the Company’s consolidated balance sheets. The premium is valued at an amount equal to the fair value of the swaption that would have the effect of closing the position adjusted for nonperformance risk, if any. The difference between the premium and the fair value of the swaption is reported in gain (loss) on interest rate derivative instruments, net in the Company’s consolidated statements of operations. If an interest rate swaption expires unexercised, the loss on the interest rate swaption would be equal to the premium paid. If the Company sells or exercises an interest rate swaption, the realized gain or loss on the interest rate swaption would be equal to the difference between the cash or the fair value of the underlying interest rate swap received and the premium paid. One of the Company's interest rate swaptions expired unexercised during the three months ended March 31, 2014, realizing a loss of $15.1 million. For the three months ended March 31, 2014, the Company had $11.1 million of unrealized gain, which represents the change in fair value of the Company's interest rate swaptions that are recognized directly in earnings.
As of March 31, 2014, the Company had the following outstanding interest rate swaptions:
$ in thousands		Option													Underlying Swap
										Average					Average			Average	Average
Interest Rate							Fair			Months to		Notional			Fixed Pay			Receive	Term
Swaptions		Expiration		Cost			Value			Expiration		Amount			Rate			rate	(Years)
Payer		< 6 Months		8,200			10			2		400,000			3.76	%		3M Libor	10
Payer		> 6 Months		4,688			3,094			10		500,000			2.96	%		3M Libor	5
				12,888			3,104			6.4		900,000			3.31	%			7.2
TBAs and Futures Contracts
The Company purchases or sells certain TBAs and U.S. Treasury futures contracts to help mitigate the potential impact of changes in interest rates on the performance of the Company's portfolio. Realized and unrealized gains and losses associated with the purchase or sales of the TBAs and U.S. Treasury futures contracts are recognized in gain (loss) on interest rate derivative instruments, net in the Company's consolidated statements of operations.
The following table presents information with respect to the Company's interest rate derivative instruments:
$ in thousands		Notional Amount as			Additions			Settlement,			Notional Amount as			Amount of Realized
		of January 1, 2014						Termination,			of March 31, 2014			Gain, net on Interest
								Expiration						Rate Derivative
								or Exercise						Instruments (excluding net interest paid or received)
Interest Rate Swaptions		1,150,000			500,000			(750,000	)		900,000			(15,075	)
Interest Rate Swaps		12,800,000			—			—			12,800,000			—
Purchase of TBAs		—			150,000			—			150,000			—
Sale of TBAs		—			250,000			—			250,000			—
Futures Contracts		100,000			100,000			(100,000	)		100,000			(3,749	)
Total		14,050,000			1,000,000			(850,000	)		14,200,000			(18,824	)
Tabular Disclosure of the Effect of Derivative Instruments on the Balance Sheet
The table below presents the fair value of the Company’s derivative financial instruments, as well as their classification on the consolidated balance sheets as of March 31, 2014 and December 31, 2013.
$ in thousands
Asset Derivatives										Liability Derivatives
As of March 31, 2014					As of December 31, 2013					As of March 31, 2014					As of December 31, 2013
Balance		Fair Value			Balance		Fair Value			Balance		Fair Value			Balance		Fair Value
Sheet					Sheet					Sheet					Sheet
Interest Rate Swap Asset		161,691			Interest Rate Swap Asset		256,449			Interest Rate Swap Liability		258,637			Interest Rate Swap Liability		263,204
CDS Contract		607			CDS Contract		654			Futures Contracts		94			Futures Contracts		—
Interest Rate Swaptions		3,104			Swaption		2,365			TBAs		586			TBAs		—
TBAs		1,289			TBAs		—
Futures Contracts		—			Futures Contracts		2,591
Tabular Disclosure of the Effect of Derivative Instruments on the Income Statement
The table below presents the effect of the Company’s derivative financial instruments on the statements of operations for the three months ended March 31, 2014 and 2013.
Three months ended March 31, 2014
$ in thousands
Derivative		Amount of gain			Location of gain (loss) reclassified from accumulated		Amount of gain (loss)			Location of gain		Amount of gain (loss)
type for		(loss) recognized			OCI into income		reclassified from			(loss) recognized		recognized in income
cash flow		in OCI on derivative			(effective portion)		accumulated OCI into			in income on		on derivative
hedge		(effective portion)					income			derivative		(ineffective portion)
							(effective portion)			(ineffective portion)
Interest Rate Swaps		—			Interest Expense, Repurchase Agreements		(21,296	)		Gain (loss)		—
										on interest rate
										derivative instruments, net
Three months ended March 31, 2013
$ in thousands
Derivative		Amount of gain			Location of gain (loss) reclassified from accumulated		Amount of gain (loss)			Location of gain		Amount of gain (loss)
type for		(loss) recognized			OCI into income		reclassified from			(loss) recognized		recognized in income
cash flow		in OCI on derivative			(effective portion)		accumulated OCI into			in income on		on derivative
hedge		(effective portion)					income			derivative		(ineffective portion)
							(effective portion)			(ineffective portion)
Interest Rate Swaps		(17,171	)		Interest Expense, Repurchase Agreements		(35,562	)		Gain (loss)		(1	)
										on interest rate
										derivative instruments, net
				Amount of unrealized gain (loss) recognized in income on derivative
Derivative		Location of unrealized gain (loss)		Three months ended March 31, 2014			Three months ended March 31, 2013
not designated as		recognized in income
hedging instrument		on derivative
CDS Contract		Realized and unrealized credit default swap income		(47	)		(223	)
The following table summarizes the effect of interest rate swaps, swaption contracts, TBAs and futures contracts reported in gain (loss) on interest rate derivative instruments, net on the consolidated statements of operations for the three months ended March 31, 2014 and 2013:
$ in thousands	Three months ended March 31, 2014
Derivative	Realized gain (loss) on settlement, termination, expiration or exercise, net			Contractual interest expense			Unrealized gain (loss), net			Gain (loss) on interest rate derivatives, net
not designated as
hedging instrument
Interest Rate Swaps	—			(51,441	)		(90,192	)		(141,633	)
Swaption Contracts	(15,075	)		—			11,127			(3,948	)
TBAs	—			—			703			703
Futures Contracts	(3,749	)		—			(2,685	)		(6,434	)
Total	(18,824	)		(51,441	)		(81,047	)		(151,312	)
$ in thousands	Three months ended March 31, 2013
Derivative Instrument	Realized gain (loss) on settlement, termination, expiration or exercise, net			Contractual interest expense			Unrealized gain (loss), net			Gain (loss) on interest rate derivatives, net
Interest Rate Swaps ineffectiveness	—			—			(1	)		(1	)
Swaption Contracts	—			—			(2,002	)		(2,002	)
Total	—			—			(2,003	)		(2,003	)
Credit-risk-related Contingent Features
The Company has agreements with each of its derivative counterparties. Some of those agreements contain a provision whereby if the Company defaults on any of its indebtedness, including default whereby 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’s agreements with certain of its derivative counterparties provide that if the Company’s net asset value declines by certain percentages over specified time periods, then the Company could be declared in default on its derivative obligations with that counterparty. The Company’s agreements with certain of its derivative counterparties provide that if the Company’s shareholders’ equity declines by certain percentages over specified time periods, then the Company could be declared in default on its derivative obligations with that counterparty.
The Company’s agreements with certain of its derivative counterparties provide that if the Company fails to maintain a minimum shareholders’ equity or market value of $100 million and $80 million, respectively, then the Company could be declared in default on its derivative obligations with that counterparty.
As of March 31, 2014, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for non-performance risk related to these agreements, was $255.8 million. The Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $293.7 million of Agency RMBS and $4.9 million of cash as of March 31, 2014. If the Company had breached any of these provisions at March 31, 2014, it could have been required to settle its obligations under the agreements at their termination value.
The Company was in compliance with all of the financial provisions of these agreements through March 31, 2014.

Offsetting_Assets_and_Liabilit

Offsetting Assets and Liabilities	3 Months Ended
	Mar. 31, 2014
Offsetting [Abstract]	'
Offsetting Assets and Liabilities	'
	Offsetting Assets and Liabilities
	The following tables present information about certain assets and liabilities that are subject to master netting agreements (or similar agreements) and can potentially be offset on the Company’s consolidated balance sheets at March 31, 2014 and December 31, 2013.
	Offsetting of Derivative Assets
	As of March 31, 2014
					Gross Amounts Not Offset in the
					Consolidated Balance Sheets
	$ in thousands	Gross	Gross	Net Amounts	Financial		Cash		Net Amount
	Description	Amounts of	Amounts	of Assets	Instruments (1)		Collateral
		Recognized	Offset in the	presented in			Received
		Assets	Consolidated	the
			Balance	Consolidated
			Sheets	Balance Sheets
	Derivatives	166,691	—	166,691	(13,221	)	(20,008	)	133,462
	Total	166,691	—	166,691	(13,221	)	(20,008	)	133,462
	Offsetting of Derivative Liabilities and Repurchase Agreements
	As of March 31, 2014
					Gross Amounts Not Offset in the
					Consolidated Balance Sheets
	$ in thousands	Gross	Gross	Net Amounts	Financial		Cash		Net Amount
	Description	Amounts of	Amounts	of Assets	Instruments (2)(3)		Collateral
		Recognized	Offset in the	presented in			Posted (2)(4)
		Liabilities	Consolidated	the
			Balance	Consolidated
			Sheets	Balance Sheets
	Derivatives	259,317	—	259,317	(259,317	)	—		—
	Repurchase Agreements	14,852,310	—	14,852,310	(14,852,310	)	—		—
		15,111,627	—	15,111,627	(15,111,627	)	—		—
	Offsetting of Derivative Assets
	As of December 31, 2013
					Gross Amounts Not Offset in the
					Consolidated Balance Sheets
	$ in thousands	Gross	Gross	Net Amounts	Financial		Cash		Net Amount
	Description	Amounts of	Amounts	of Assets	Instruments (1)		Collateral
		Recognized	Offset in the	presented in			Received
		Assets	Consolidated	the
			Balance	Consolidated
			Sheets	Balance Sheets
	Derivatives	262,059	—	262,059	(671	)	(48,607	)	212,781
	Total	262,059	—	262,059	(671	)	(48,607	)	212,781
	Offsetting of Derivative Liabilities and Repurchase Agreements
	As of December 31, 2013
					Gross Amounts Not Offset in the
					Consolidated Balance Sheets
	$ in thousands	Gross	Gross	Net Amounts	Financial		Cash		Net Amount
	Description	Amounts of	Amounts	of Assets	Instruments (2)(3)		Collateral
		Recognized	Offset in the	presented in			Posted (2)(4)
		Liabilities	Consolidated	the
			Balance	Consolidated
			Sheets	Balance Sheets
	Derivatives	263,204	—	263,204	(263,204	)	—		—
	Repurchase Agreements	15,451,675	—	15,451,675	(15,451,675	)	—		—
		15,714,879	—	15,714,879	(15,714,879	)	—		—
	-1	Amounts represent interest rate derivatives in an asset position which could potentially be offset against interest rate derivatives in a liability position at March 31, 2014 and December 31, 2013, subject to a netting arrangement.
	-2	Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements and interest rate derivatives.
	-3	The fair value of securities pledged against the Company's borrowing under repurchase agreements was $16.5 billion and $17.1 billion at March 31, 2014 and December 31, 2013, respectively, including securities eliminated in consolidation of $169.2 million and $133.8 million, respectively at March 31, 2014 and December 31, 2013.
	-4	Total cash received on the Company's derivatives was $20.1 million and $52.7 million at March 31, 2014 and December 31, 2013, respectively. Total non-cash collateral received on the Company's derivatives was $127.8 million and $207.0 million at March 31, 2014 and December 31, 2013, respectively. Total cash posted by the Company on its Derivatives was $4.9 million and $1.5 million at March 31, 2014 and December 31, 2013, respectively.
	In the Company’s consolidated balance sheets, all balances associated with the repurchase agreement and derivatives transactions are presented on a gross basis.
	Certain of the Company’s repurchase agreement and derivative transactions are governed by underlying agreements that generally provide for a right of setoff in the event of default or in the event of a bankruptcy of either party to the transaction. For one repurchase agreement counterparty, the underlying agreement provides for an unconditional right of setoff.

Financial_Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Financial Instruments	'
	Financial Instruments
	U.S. GAAP defines fair value, provides a consistent framework for measuring fair value under U.S. GAAP, and Accounting Standards Codification (“ASC”) Topic 820 expands fair value financial statement disclosure requirements. ASC Topic 820 does not require any new fair value measurements and only applies to accounting pronouncements that already require or permit fair value measures, except for standards that relate to share-based payments.
	Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels are defined as follows:
	•	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 fair values on a recurring basis of the Company’s MBS and interest rate hedges based on the level of inputs at March 31, 2014 and December 31, 2013 are summarized below:
		31-Mar-14
		Fair Value Measurements Using:
									Total at
	$ in thousands	Level 1		Level 2			Level 3		Fair Value
	Assets
	Mortgage-backed securities(1)	—		17,535,190			—		17,535,190
	Investments in unconsolidated ventures	—		—			42,123		42,123
	Derivatives	—		166,084			607		166,691
	Total	—		17,701,274			42,730		17,744,004
	Liabilities
	Derivatives	94		259,223			—		259,317
	Total	94		259,223			—		259,317
		31-Dec-13
		Fair Value Measurements Using:
									Total at
	$ in thousands	Level 1		Level 2			Level 3		Fair Value
	Assets
	Mortgage-backed securities(1)	—		17,348,657			—		17,348,657
	Investments in unconsolidated ventures	—		—			44,403		44,403
	Derivatives	2,591		258,814			654		262,059
	Total	2,591		17,607,471			45,057		17,655,119
	Liabilities
	Derivatives	—		263,204			—		263,204
	Total	—		263,204			—		263,204
	-1	For more detail about the fair value of the Company's MBS, refer to Note 4 - Mortgage-Backed Securities in these consolidated financial statements.
	The following table presents additional information about the Company’s investments in unconsolidated ventures which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value:
	$ in thousands	31-Mar-14		31-Dec-13
	Beginning balance	44,403		35,301
	Purchases	—		11,717
	Sales and settlements	(2,721	)	(7,960	)
	Total net gains included in net income
	Realized gains, net	309		2,757
	Unrealized gains, net	132		2,588
	Unrealized gains/(losses), net included in other comprehensive income	—		—
	Ending balance	42,123		44,403
	The following table presents additional information about the Company’s CDS contract, which is measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value:
	$ in thousands	31-Mar-14		31-Dec-13
	Beginning balance	654		1,519
	Purchases	—		—
	Sales and settlements	—		—
	Total net gains/(losses) included in net income
	Realized gains/(losses), net	—		—
	Unrealized gains/(losses), net	(47	)	(865	)
	Unrealized gains/(losses), net included in other comprehensive income	—		—
	Ending balance	607		654
	The following table summarizes quantitative information about Level 3 fair value measurements:
		Fair Value at		Valuation		Unobservable			Weighted
	$ in thousands	31-Mar-14		Technique		Input		Range	Average
	CDS Contract	607		Discounted cash flow		Swap Rate			2.39	%
						Discount Rate			0.56	%
						Credit Spread			0.26	%
						Constant Prepayment Rate		1.0% - 20.0%	5.54	%
						Constant Default Rate		0.2% - 100.0%	4.46	%
						Loss Severity		4.5% - 67.7%	42.43	%
	The significant unobservable inputs used in the fair value measurement of the CDS contract are the swap rate, discount rate, credit spread, constant prepayment rate, constant default rate, and loss severity in the event of default. These inputs change according to market conditions and security performance expectations. Significant increases (decreases) in swap rate, discount rate, credit spread, constant prepayment rate, constant default rate or loss severity in isolation would result in a lower (higher) fair value measurement. Generally, a change in the assumption used for the constant default rate would likely be accompanied by a directionally similar change in the assumptions used for swap rate, credit spread and loss severity and a directionally opposite change in the assumption used for discount rate and constant prepayment rate. If the inputs had not changed during the quarter, the fair value of the CDS contract would have been $11,000 less than the actual fair value at March 31, 2014.
	The following table presents the carrying value and estimated fair value of the Company's financial instruments that are not carried at fair value on the consolidated balance sheets, at March 31, 2014 and December 31, 2013:
	31-Mar-14					31-Dec-13
$ in thousands	Carrying		Estimated			Carrying		Estimated
	Value		Fair Value			Value		Fair Value
Financial Assets
Residential loans, held-for-investment	2,070,493		2,022,006			1,810,262		1,709,385
Commercial loans, held-for-investment	92,748		92,748			64,599		64,599
Other investments	109		109			10,000		10,000
Total	2,163,350		2,114,863			1,884,861		1,783,984
Financial Liabilities
Repurchase agreements	14,852,310		14,860,574			15,451,675		15,459,452
Asset-backed securities	1,873,434		1,768,416			1,643,741		1,543,217
Exchangeable senior notes	400,000		386,000			400,000		368,250
Total	17,125,744		17,014,990			17,495,416		17,370,919
The following describes the Company’s methods for estimating the fair value for financial instruments.
•	The fair value of the residential loans, held-for-investment and commercial loans, held-for-investment are a Level 3 fair value measurement which is based on an expected present value technique. This method discounts future estimated cash flows using rates the Company determined best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality.
•	In December 2012, the Company acquired a $10.0 million debt security from a repurchase lending counterparty that matures October 31, 2016. The debt security pays interest quarterly at the rate of 4.0% above the three-month LIBOR rate. The debt security is included in “Other Investments” and its fair value is a Level 3 fair value measurement based on an expected present value technique. This method discounts future estimated cash flows using rates the Company determined best reflect current market interest rates that would be offered for securities with similar characteristics and credit quality. The debt security was repaid in March 2014 at carrying value.
•	The fair value of the repurchase agreements is a Level 3 fair value measurement, based on an expected present value technique. This method discounts future estimated cash flows using rates the Company determined best reflect current market interest rates that would be offered for repurchase agreements with similar characteristics and credit quality.
•	The fair value of the ABS is a Level 3 fair value measurement based on an expected present value technique. This method discounts future estimated cash flows using rates the Company determined best reflect current market interest rates that would be offered for securities with similar characteristics and credit quality.
•	The fair value of the exchangeable senior notes issued is a Level 2 fair value measurement based on obtaining valuations from an independent source. The value was based on a value obtained from a third-party pricing service.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	Related Party Transactions
	The Company is externally managed and advised by the Manager. Pursuant to the terms of the management agreement, the Manager and its affiliates provide the Company with its management team, including its officers, along with appropriate support personnel. Each of the Company’s officers is an employee of the Manager or one of its affiliates. The Company does not have any employees. The Manager is not obligated to dedicate any of its employees exclusively to the Company, nor are the Manager or its employees obligated to dedicate any specific portion of its or their time to the Company’s business. The Manager is at all times subject to the supervision and oversight of the Company’s Board of Directors and has only such functions and authority as the Company delegates to it.
	Management Fee
	The Company pays the Manager a management fee equal to 1.50% of the Company’s shareholders’ equity per annum, which is calculated and payable quarterly in arrears. For purposes of calculating the management fee, shareholders’ equity is equal to the sum of the net proceeds from all issuances of equity securities since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus retained earnings at the end of the most recently completed calendar quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less any amount paid to repurchase common stock since inception, and excluding any unrealized gains, losses or other items that do not affect realized net income (regardless of whether such items are included in other comprehensive income or loss, or in net income). This amount will be adjusted to exclude one-time events pursuant to changes in U.S. GAAP, and certain non-cash items after discussions between the Manager and the Company’s independent directors and approval by a majority of the Company’s independent directors.
	The Manager has agreed to reduce (but not below zero) the management fee payable by the Company under the management agreement with respect to any equity investment managed by the Manager. The fee reduction occurs at the equity investment level.
	For the three months ended March 31, 2014, the Company incurred management fees of $9.3 million (2013: $10.4 million), of which $9.3 million (2013: $10.4 million) was accrued but has not been paid.
	Expense Reimbursement
	Pursuant to the management agreement, the Company is required to reimburse the Manager for operating expenses related to the Company incurred by the Manager, including directors and officers insurance, accounting services, auditing and tax services, filing fees, and miscellaneous general and administrative costs. The Company’s reimbursement obligation is not subject to any dollar limitation.
	The Company incurred costs, originally paid by Invesco, of approximately $1.8 million (2013: $1.2 million) for the three months ended March 31, 2014. Approximately $1.8 million (2013: $934,000) was either prepaid or expensed for the three months ended March 31, 2014, and $0 (2013: $234,000) was charged against equity as a cost of raising capital for the three months ended March 31, 2014. There were no capitalization to other assets as of March 31, 2014.
	Termination Fee
	A termination fee is due to the Manager upon termination of the management agreement by the Company equal to three times the sum of the average annual management fee earned by the Manager during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter.

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Shareholders' Equity	'
	Shareholders’ Equity
	Securities Convertible into Shares of Common Stock
	The limited partner who holds units of the OP Units has the right to cause the Operating Partnership to redeem their OP Units for cash equal to the market value of an equivalent number of shares of common stock, or at the Company’s option, the Company may purchase their OP Units by issuing one share of common stock for each OP Unit redeemed. The Company has also adopted an equity incentive plan which includes the ability of the Company to grant securities convertible into the Company’s common stock to the independent directors and the executive officers of the Company and the personnel of the Manager and its affiliates.
	Exchangeable Senior Notes
	In the first quarter of 2013, a wholly-owned subsidiary of the Company issued $400.0 million in aggregate principal amount of the Notes due 2018. The total net proceeds to the Company after deducting financing expenses was $387.7 million. The Notes may be exchanged for shares of the Company’s common stock at the applicable exchange rate at any time prior to the close of business on the second scheduled trading day prior to the maturity date. The initial exchange rate for each $1,000 aggregate principal amount of the Notes is 42.0893 shares of the Company’s common stock, equivalent to an exchange price of approximately $23.76 per share, and the maximum exchange rate is 48.4027 shares of the Company's common stock, equivalent to an exchange price of approximately $20.66 per share. The initial and maximum exchange rates of the Notes are subject to adjustment in certain events.
	Registration Rights
	The Company entered into a registration rights agreement with regard to the common stock and OP Units owned by the Manager and Invesco Investments (Bermuda) Ltd., respectively, upon completion of the Company’s IPO and any shares of common stock that the Manager may elect to receive under the management agreement or otherwise. Pursuant to the registration rights agreement, the Company has granted to the Manager and Invesco Investments (Bermuda) Ltd. (i) unlimited demand registration rights to have the shares purchased by the Manager or granted to it in the future and the shares that the Company may issue upon redemption of the OP Units purchased by Invesco Investments (Bermuda) Ltd. registered for resale and (ii) in certain circumstances, the right to “piggy-back” these shares in registration statements the Company might file in connection with any future public offering so long as the Company retains the Manager under the management agreement.
	On March 12, 2013, in connection with the issuance and sale of the Notes, the Operating Partnership and the Company also entered into a registration rights agreement with the initial purchasers of the Notes. Pursuant to the registration rights agreement, the Company has designated its automatic shelf registration statement filed on April 2, 2013 to be used for resales of the common stock, if any, issuable upon exchange of the Notes. The Company has filed a supplement to the underlying prospectus in that shelf registration statement to cover resales of the common stock by one noteholder and has agreed to file additional prospectus supplements if requested by noteholders to add such noteholders as selling securityholders. If the shelf registration statement ceases to be effective, then subject to certain exceptions, additional interest will accrue on the Notes.
	Common Stock
	During the three months ended March 31, 2014, the Company issued 4,564 shares of common stock at an average price of $16.26 under the DRSPP with total proceeds to the Company of approximately $74,000, net of issuance costs of $0.
	Preferred Stock
	Holders of the Company’s Series A Preferred Stock are entitled to receive dividends at an annual rate of 7.75% of the liquidation preference of $25 per share or $1.9375 per share per annum. These dividends are cumulative and payable quarterly in arrears. The shares are not convertible into or exchangeable for any other property or any other securities of the Company at the election of the holders. However, the Company, at its option after July 26, 2017, may redeem the shares at a redemption price of $25.00, plus any accrued unpaid distributions through the date of the redemption.
	Share Repurchase Program
	On December 12, 2011, the Company's board of directors approved a share repurchase program to purchase up to 7,000,000 shares of its common shares with no stated expiration date. On December 2, 2013, the Company's board of directors approved an additional share repurchase of up to 20,000,000 of its common shares with no stated expiration date. Shares of the Company's common stock may be purchased in the open market, including through block purchases, or through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rules 10b5-1 and 10b-18 of the Securities Exchange Act of 1934, as amended. The timing, manner, price and amount of any repurchases will be determined at the Company's discretion and the program may be suspended, terminated or modified at any time for any reason. The program does not obligate the Company to acquire any specific number of shares, and all repurchases will be made in accordance with Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of stock repurchases.
	During the three months ended March 31, 2014, the Company repurchased 1,438,213 shares of its common stock at an average repurchase price of $14.69 per share for a net cost of $21.1 million, including acquisition expenses. During the three months ended March 31, 2013, the Company did not repurchase any shares of its common stock. As of March 31, 2014, the Company had authority to purchase 14,841,784 additional shares of its common stock through this program.
	Share-Based Compensation
	The Company established the 2009 Equity Incentive Plan for grants of restricted common stock and other equity based awards to the independent directors and the executive officers of the Company and personnel of the Manager and its affiliates (the “Incentive Plan”). Under the Incentive Plan, a total of 1,000,000 shares of common stock are currently reserved for issuance. Unless terminated earlier, the Incentive Plan will terminate in 2019, but will continue to govern the unexpired awards. The Company recognized compensation expense of approximately $52,000 (2013: $38,000) related to the Company's non-executive directors for the three months ended March 31, 2014. During the three months ended March 31, 2014, the Company issued 2,745 shares (2013: 1,770 shares) of stock pursuant to the Incentive Plan to the Company’s non-executive directors. The fair market value of the shares granted was determined by the closing stock market price on the date of the grant.
	The Company recognized compensation expense of approximately $81,000 (2013: $62,000) for the three months ended March 31, 2014 related to awards to officers and employees of the Manager and its affiliates which is reimbursed by the Manager under the management agreement.
	During March 2014, the Company issued 8,284 shares of common stock (net of tax withholding) in exchange for 12,599 restricted stock units that vested under the Incentive Plan. In addition, during the three months ended March 31, 2014, the Company awarded 20,732 restricted stock units to officers and employees of the Manager and its affiliates.
	Dividends
	On March 18, 2014, the Company declared a dividend of $0.50 per share of common stock. The dividend was paid on April 28, 2014 to shareholders of record as of the close of business on March 31, 2014.
	On March 18, 2014, the Company declared a dividend of $0.4844 per share of Series A Preferred Stock. The dividend was paid on April 25, 2014 to shareholders of record as of the close of business on April 1, 2014.

Earnings_per_Common_Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings per Common Share	'
	Earnings per Common Share
	Earnings per share for the three months ended March 31, 2014 and 2013 is computed as follows:
		Three Months Ended
		March 31,
	$ and share amounts in thousands	2014		2013
	Numerator (Income)
	Basic Earnings
	Net income (loss) available to common shareholders	(74,440	)	83,992
	Effect of dilutive securities:
	Income allocated to exchangeable senior debt	—		1,160
	Income allocated to non-controlling interest	(822	)	962
	Dilutive net income (loss) available to shareholders	(75,262	)	86,114
	Denominator (Weighted Average Shares)
	Basic Earnings:
	Shares available to common shareholders	123,125		128,888
	Effect of dilutive securities:
	Restricted Stock Awards	—		26
	OP Units	1,425		1,425
	Exchangeable senior notes	—		3,741
	Dilutive Shares	124,550		134,080
	The following potential common shares (in thousands) were excluded from diluted earnings per common share for the three months ended March 31, 2014 as the Company had a net loss for the period: 16,836 (in thousands) for the Exchangeable senior notes and 41 (in thousands) for Restricted Stock Awards.

Noncontrolling_InterestOperati

Non-controlling Interest-Operating Partnership	3 Months Ended
	Mar. 31, 2014
Noncontrolling Interest [Abstract]	'
Non-controlling Interest-Operating Partnership	'
	Non-controlling Interest—Operating Partnership
	Non-controlling interest represents the aggregate OP Units in the Operating Partnership held by limited partners (the “Unit Holders”). Income allocated to the non-controlling interest is based on the Unit Holders’ ownership percentage of the Operating Partnership. The ownership percentage is determined by dividing the number of OP Units held by the Unit Holders by the total number of dilutive shares of common stock. The issuance of common stock (“Share” or “Shares”) or OP Units changes the percentage ownership of both the Unit Holders and the holders of common stock. Since an OP unit is generally redeemable for cash or Shares at the option of the Company, it is deemed to be equivalent to a Share. Therefore, such transactions are treated as capital transactions and result in an allocation between shareholders’ equity and non-controlling interest in the accompanying consolidated balance sheets to account for the change in the ownership of the underlying equity in the Operating Partnership. As of March 31, 2014, non-controlling interest related to the outstanding 1,425,000 OP Units represented a 1.1% interest (2013: 1.0%) in the Operating Partnership. Expense allocated to the Operating Partnership non-controlling interest for the three months ended March 31, 2014 was $822,000 (2013: $962,000 income). For the three months ended March 31, 2014, distributions paid to the non-controlling interest were $713,000 (2013: $926,000). As of March 31, 2014, distributions payable to the non-controlling interest were approximately $713,000 (2013: $926,000).

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	The Company has reviewed subsequent events occurring through the date that these consolidated financial statements were issued, and determined that no subsequent events occurred that would require accrual or additional disclosure.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis of Quarterly Presentation	'
	Basis of Quarterly Presentation
	The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X, promulgated by the Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial position and the results of operations of the Company for the interim periods presented have been included. Certain disclosures included in the Company’s annual report on Form 10-K are not required to be included on an interim basis in the company’s quarterly reports on Forms 10-Q. The Company has condensed or omitted these disclosures. The interim consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and related notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2013, which was filed with the SEC on March 3, 2014. The results of operations for the period ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year or any other future period.
Principles of Consolidation	'
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company, its subsidiaries and VIEs in which the Company is deemed the primary beneficiary. The underlying loans owned by the VIEs are shown under residential loans on the Company's consolidated balance sheets. The ABS issued to third parties by the VIEs are shown under asset-backed securities. In the Company's consolidated statements of operations, the Company records interest income on the residential loans owned by the VIEs and interest expense on the ABS issued by the VIEs. All intercompany balances and transactions have been eliminated.
Variable Interest Entity	'
	Variable Interest Entity
	A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly impact the VIE’s economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. For VIEs that do not have substantial ongoing activities, the power to direct the activities that most significantly impact the VIE’s economic performance may be determined by a company's involvement with the design of the VIE.
Use of Estimates	'
	Use of Estimates
	The accounting and reporting policies of the Company conform to U.S. GAAP. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Examples of estimates include, but are not limited to, estimates of the fair values of financial instruments, interest income on mortgage-backed securities (“MBS”), allowance for loan losses and other-than-temporary impairment charges. Actual results may differ from those estimates.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	The Company considers all highly liquid investments that have original or remaining maturity dates of three months or less when purchased to be cash equivalents. At March 31, 2014, the Company had cash and cash equivalents, including amounts restricted, in excess of the FDIC deposit insurance limit of $250,000 per institution. The Company mitigates its risk of loss by actively monitoring the counterparties.
Due From Counterparties/ Collateral Held Payable	'
	Due from Counterparties / Collateral Held Payable
	Due from counterparties represents cash posted with the Company's counterparties as collateral for the Company’s interest rate derivatives and repurchase agreements. Collateral held payable represents cash posted with the Company by its counterparties as collateral under the Company’s interest rate derivatives and repurchase agreements. In addition, Collateral held payable may include non-cash collateral in which the Company has the obligation to return the collateral upon the Company either selling or pledging the non-cash collateral. To the extent the Company receives collateral other than cash from its counterparties such assets are not included in the Company’s balance sheet. Notwithstanding the foregoing, if the Company either sells such assets or pledges the assets as collateral pursuant to a repurchase agreement, the cash received and the corresponding liability is reflected on the balance sheet.
Underwriting Commissions and Offering Costs	'
	Underwriting Commissions and Offering Costs
	Underwriting commissions and direct costs incurred in connection with the Company’s stock offerings are reflected as a reduction of additional paid-in-capital.
Deferred Costs	'
	Deferred Costs
	Included in deferred costs are costs associated with the issuance of beneficial interests by consolidated VIEs incurred by the Company and costs incurred in connection with the issuance by the Company of its exchangeable senior notes. These costs may include underwriting, rating agency, legal, accounting and other fees. These deferred costs are amortized as an adjustment to interest expense using the effective interest method, based upon actual repayments of the associated beneficial interests issued to third parties and over the stated legal maturity of the exchangeable senior notes.
Repurchase Agreements	'
	Repurchase Agreements
	The Company finances its Agency RMBS, non-Agency RMBS and CMBS investment portfolio primarily through the use of repurchase agreements. Repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements.
	In instances where the Company acquires Agency RMBS, non-Agency RMBS or CMBS through repurchase agreements with the same counterparty from whom such assets were purchased, the Company records the assets and the related financing on a gross basis on its consolidated balance sheets, and the corresponding interest income and interest expense in its consolidated statements of operations if the transaction complies with the criteria for gross presentation. All of the following criteria must be met for gross presentation in the circumstance where the repurchase assets are financed with the same counterparty:
	•	the initial transfer of and repurchase financing cannot be contractually contingent;
	•	the repurchase financing entered into between the parties provides full recourse to the transferee and the repurchase price is fixed;
	•	the financial asset has an active market and the transfer is executed at market rates; and
	•	the repurchase agreement and financial asset do not mature simultaneously.
	The Company currently reflects all proceeds from repurchase agreements borrowings and repayment of repurchase agreement borrowings on a gross basis on the consolidated statements of cash flows. If the transaction does not comply with the criteria for gross presentation, the Company would account for the purchase commitment and repurchase agreement on a net basis and record a forward commitment to purchase such assets as a derivative instrument. Forward commitments are recorded at fair value with subsequent changes in fair value recognized in income. Additionally, the Company records the cash portion of its investment in Agency RMBS, non-Agency RMBS and CMBS as a mortgage related receivable from the counterparty on its consolidated balance sheets.
Asset-Backed Debt Securities	'
	Asset-Backed Securities
	ABS are recorded at principal balance net of unamortized premiums or discounts.
Fair Value Measurements	'
	Fair Value Measurements
	The Company discloses the fair value of its financial instruments according to a fair value hierarchy (Levels 1, 2, and 3, as defined). In accordance with U.S. GAAP, the Company is required to provide enhanced disclosures regarding instruments in the Level 3 category (which require significant management judgment), including a separate reconciliation of the beginning and ending balances for each major category of assets and liabilities.
	To determine fair value of its financial instruments, the Company generally obtains one price per instrument from its primary valuation service. If this service cannot provide a price, the Company will seek a value from other vendors. The valuation services use various observable inputs which may include a combination of benchmark yields, trades, broker/dealer quotes, issuer spreads, bids, offers and benchmark securities to determine prices. Both the Company and the pricing vendor continuously monitor market indicators and economic events to determine if any may have an impact on the valuations.
	Overrides of prices from pricing vendors are rare in the current market environment and with the assets the Company holds. Examples of instances that would cause an override include if the Company recently traded the same security or there is an indication of market activity that would cause the vendor price to be unreliable. In the rare instance where a price is adjusted, the Company has a control process to monitor the reason for such adjustment.
	To gain comfort that vendor prices are representative of current market information, the Company compares the transaction prices of security purchases and sales to the valuation levels provided by the vendors. Price differences exceeding pre-defined tolerance levels are identified and investigated and may be challenged. Trends are monitored over time and if there are indications that the valuations are not comparable to market activity, the vendors are asked to provide detailed information regarding their methodology and inputs. Transparency tools are also available from the vendors which help clients observe data points and/or market inputs used for pricing securities.
	In addition, the Company performs due diligence procedures on all vendors on at least an annual basis. A questionnaire is sent to vendors which requests information such as changes in methodologies, business recovery preparedness, internal controls and confirmation that evaluations are generated based on market data. Physical visits are also made to each vendor’s office.
	As described in Note 11 - “Financial Instruments,” the Company evaluates the source used to provide the market price for each security and makes a determination on its categorization within the fair value hierarchy. If the price of a security is obtained from quoted prices for identical instruments in active markets, the security is classified as a level 1 security. If the price of a security is obtained from quoted prices for similar instruments or model-derived valuations whose inputs are observable, the security is classified as a level 2 security. If the inputs appear to be unobservable, the security would be classified as a level 3 security.
	Additionally, U.S. GAAP permits entities to choose to measure many financial instruments and certain other items at fair value (the “fair value option”). Unrealized gains and losses on items for which the fair value option has been elected are recognized in earnings at each subsequent reporting date.
	The Company elected the fair value option for its investments in unconsolidated ventures. The Company has the one-time option to elect fair value for these financial assets on the election date. The changes in the fair value of these instruments are recorded in equity in earnings and fair value change in unconsolidated ventures in the consolidated statements of operations.
	For assets representing available-for-sale investment securities, any change in fair value is reported through consolidated other comprehensive income (loss) with the exception of impairment losses, which are recorded in the consolidated statements of operations.
Securities	'
	Securities
	The Company designates securities as held-to-maturity, available-for-sale, or trading depending on its ability and intent to hold such securities to maturity. Trading and securities available-for-sale are reported at fair value, while securities held-to-maturity are reported at amortized cost. Although the Company generally intends to hold most of its RMBS and CMBS until maturity, the Company may, from time to time, sell any of its RMBS or CMBS as part of its overall management of its investment portfolio and therefore classifies its RMBS and CMBS as available-for-sale securities.
	All securities classified as available-for-sale are reported at fair value, based on market prices from third-party sources, with unrealized gains and losses excluded from earnings and reported as a separate component of shareholders’ equity.
	The Company considers its portfolio of Agency RMBS to be of high credit quality under applicable accounting guidance. For non-Agency RMBS and CMBS, the Company does not rely on ratings from third party agencies to determine the credit quality of the investment. To determine expected future losses, the Company uses internal models that analyze the individual loans underlying each security and evaluate factors including, but not limited to, delinquency status, loan-to-value ratios, borrower credit scores, occupancy status and geographic concentration to estimate the expected future cash flows. The Company places reliance on this internal model in determining credit quality and the corresponding accounting treatment.
	While non-Agency RMBS and CMBS with expected future losses are generally purchased at a discount to par, the potential for a significant adverse change in expected cash flows remains. The Company therefore considers each security for other-than-temporary impairment at least quarterly and more frequently when economic or market conditions warrant such evaluation.
	The determination of whether a security is other-than-temporarily impaired involves judgments and assumptions based on subjective and objective factors. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of recovery in fair value of the security, and (iii) the Company’s intent and ability to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.
	For debt securities, the Company recognizes in earnings and reflects as a reduction in the cost basis of the security the amount of any other-than-temporary impairment related to credit losses or impairments on securities that the Company has the intent to sell or for which it is more likely than not that the Company will need to sell before recoveries. The amount of the other-than-temporary impairment on debt securities related to other factors is recorded consistent with changes in the fair value of all other available-for-sale securities as a component of consolidated shareholders’ equity in other comprehensive income or loss with no change to the cost basis of the security.
Residential Loans Held-For-Investment	'
	Residential Loans Held-For-Investment
	Loans held-for-investment include securitized residential mortgage loans held by VIEs in which the Company has determined it is the primary beneficiary and which are included in the Company's consolidated balance sheets, and are carried at unpaid principal balance net of any premiums and allowance for loan losses. The Company expects that it will be required to continue to consolidate the VIEs in which such loans are held and generally does not have the authority to sell the residential loans held in the VIEs.
Commercial Loans Held-For-Investment	'
	Commercial Loans Held-For-Investment
	Commercial loans held-for-investment by the Company are carried at cost, net of any allowance for loan losses. An allowance for loan losses will be recognized only if past and current events indicate it is probable that all amounts due will not be collected according to the terms of the loan agreement.
Interest Income Recognition	'
	Interest Income Recognition
	Securities
	Interest income on available-for-sale MBS, which includes accretion of discounts and amortization of premiums on such MBS, is recognized over the life of the investment using the effective interest method. Management estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on these estimated cash flows and the Company’s purchase price. As needed, these estimated cash flows are updated and a revised yield is computed based on the current amortized cost of the investment. In estimating these cash flows, there are a number of assumptions that are subject to uncertainties and contingencies, including the rate and timing of principal payments (prepayments, repurchases, defaults and liquidations), the pass through or coupon rate and interest rate fluctuations. In addition, management must use its judgment to estimate interest payment shortfalls due to delinquencies on the underlying mortgage loans. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact management’s estimates and its interest income. Security transactions are recorded on the trade date. Realized gains and losses from security transactions are determined based upon the specific identification method and recorded as gain (loss) on sale of investments, net in the consolidated statements of operations.
	Residential Loans
	Interest income from the Company’s residential loans is recognized on an accrual basis with the related premiums being amortized into interest income using the effective interest method over the weighted average life of these loans. In estimating these cash flows, there are a number of assumptions that are subject to estimation, including the interest rate and timing of principal payments (prepayments, repurchases, defaults and liquidations) and other factors. Coupon interest is recognized as revenue when earned and deemed collectible or until a loan becomes more than 90 days past due, at which point the loan is placed on nonaccrual status. Interest previously accrued for loans that have been placed on non-accrual status is reversed against interest income in the period it becomes nonaccrual. Residential loans delinquent more than 90 days or in foreclosure are characterized as delinquent. Cash principal and interest that is advanced from servicers subsequent to a loan becoming greater than 90 days past due is recorded as a liability due to the servicer. When a delinquent loan previously placed on nonaccrual status has cured, meaning all delinquent principal and interest have been remitted by the borrower, the loan is placed back on accrual status. Alternately, nonaccrual loans may be placed back on accrual status if restructured and after the loan is considered re-performing. A restructured loan is considered re-performing when the loan has been current for at least 12 months.
	Commercial Loans
	Interest is recognized as revenue when earned and deemed collectible, or until a loan becomes past due based on the terms of the loan agreement, with the related originating fees, net of origination cost, being amortized into interest income using the effective interest method over the life of the loan. Interest received subsequent to a loan becoming past due or impaired is used to reduce the outstanding loan principal balance. When a delinquent loan previously placed on nonaccrual status has cured, meaning all delinquent principal and interest have been remitted by the borrower, the loan is placed back on accrual status. Alternately, loans that have been individually impaired may be placed back on accrual status if restructured and after the loan is considered re-performing. A restructured loan is considered re-performing when the loan has been current for at least
Allowance for Loan Losses	'
	Allowance for Loan Losses
	Residential Loans
	For residential loans classified as held-for-investment, an allowance for loan losses is established based on the Company's estimate of credit losses. In calculating the allowance for loan losses, the Company assesses expected losses by estimating the probability of default and expected loss severities on the loans. The following factors are considered in the quarterly evaluation of the allowance for loan losses:
	•	Loan-to-value ratios, property values, credit scores, occupancy status, geographic concentration and other observable data available from third party providers;
	•	Historical prepayments, default rates and loss severities; and
	•	Trends in delinquencies, loan liquidations, foreclosure timelines, liquidation expenses, servicer advances of delinquent principal and interest, and other observable data related to the servicing of the loans.
	Commercial Loans
	For commercial loans classified as held-for-investment, the Company establishes a specific allowance for loan losses for loans the Company has determined to be impaired at the reporting date. An individual loan is considered impaired when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan.
	The Company's methodology for assessing the adequacy of the allowance for loan losses begins with a quarterly formal review of each commercial loan in the portfolio to determine whether the loan is impaired. The Company generally considers the following factors in evaluating each loan:
	•	Loan-to-value ratios upon origination or acquisition of the loan;
	•	The most recent financial information available for each loan and associated properties, including net operating income, debt service coverage ratios, occupancy rates, rent rolls, as well as any other loss factors the Company considers relevant, such as, but not limited to, specific loan trigger events that would indicate an adverse change in expected cash flows or payment delinquency;
	•	Economic trends, both macroeconomic as well as those directly affecting the properties associated with the loans, and the supply and demand of competing projects in the sub-market in which the subject property is located; and
	•	The loan sponsor or borrowing entity’s ability to ensure that properties associated with the loan are managed and operated sufficiently.
	Where an individual commercial loan is deemed to be impaired, the Company records an allowance to reduce the carrying value of the loan to the current present value of expected future cash flows discounted at the loan’s effective rate, with a corresponding charge to provision for loan losses on the Company's consolidated statements of operations.
Investments in Unconsolidated Ventures	'
	Investments in Unconsolidated Ventures
	The Company has investments in unconsolidated ventures. In circumstances where the Company has a non-controlling interest but is deemed to be able to exert significant influence over the affairs of the enterprise, the Company utilizes the equity method of accounting. Under the equity method of accounting, the initial investment is increased each period for additional capital contributions and a proportionate share of the entity’s earnings and decreased for cash distributions and a proportionate share of the entity’s losses.
	The Company elected the fair value option for its investments in unconsolidated ventures. The election was made upon initial recognition in the financial statements. The Company has elected the fair value option for the purpose of enhancing the transparency of its financial condition. The Company measures the fair value on the basis of the net asset value per share of the investments.
Dividends and Distributions Payable	'
	Dividends and Distributions Payable
	Dividends and distributions payable represent dividends declared at the balance sheet date which are payable to common shareholders and preferred shareholders, and distributions declared at the balance sheet date which are payable to the non-controlling interest common unit holder of the Operating Partnership, respectively.
Earnings (Loss) per Share	'
	Earnings (Loss) per Share
	The Company calculates basic earnings (loss) per share by dividing net income attributable to common shareholders for the period by weighted-average shares of the Company’s common stock outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as units of limited partnership interest in the Operating Partnership (“OP Units”), exchangeable debt, and unvested restricted stock, but uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding.
Comprehensive Income (Loss)	'
	Comprehensive Income
	Comprehensive income is comprised of net income, as presented in the consolidated statements of operations, adjusted for changes in unrealized gains or losses on available for sale securities, changes in the fair value of derivatives accounted for as cash flow hedges and amortization of deferred swap losses resulting from the de-designation of derivatives previously accounted for as cash flow hedges.
Accounting for Derivative Financial Instruments	'
	Accounting for Derivative Financial Instruments
	U.S. GAAP provides disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (i) how and why an entity uses derivative instruments; (ii) how derivative instruments and related hedged items are accounted for; and (iii) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. U.S. GAAP requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments.
	The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts, such as credit default swaps, that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting under U.S. GAAP.
	Effective December 31, 2013, the Company voluntarily 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. However, the Company’s accounting for these transactions will change prospectively. All of the Company’s interest rate swaps had previously been accounted for as cash flow hedges under the applicable guidance. As a result of discontinuing hedge accounting, beginning January 1, 2014, changes in the fair value of the interest rate swap agreements are recorded in gain (loss) on interest rate derivative instruments, net in the Company’s consolidated statements of operations, rather than in accumulated other comprehensive income (loss) (“AOCI”). Also, net interest paid or received under the interest rate swaps, which up through December 31, 2013 was recognized in interest expense, is now recognized in gain (loss) on interest rate derivative instruments, net on the Company's consolidated statements of operations. The 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 AOCI from the interest rate swap activity up through December 31, 2013 will remain in AOCI and be recognized in the Company’s consolidated statements of operations as interest expense over the remaining term of the interest rate swaps. Refer to Note 9 - "Derivatives and Hedging Activities" for further information.
	The Company evaluates the terms and conditions of its holdings of swaptions, futures contracts and to-be-announced ("TBA") securities to determine if an instrument has the characteristics of an investment or should be considered a derivative under U.S. GAAP. Accordingly swaptions, futures contracts and TBAs having the characteristics of derivatives are accounted for at fair value with such changes recognized in gain (loss) on derivative instruments, net in the consolidated statements of operations. The fair value of these swaptions, futures contracts and TBAs is included in derivative asset or derivative liability on the consolidated balance sheets.
Income Taxes	'
	Income Taxes
	The Company elected to be taxed as a REIT, commencing with the Company's taxable year ended December 31, 2009. Accordingly, the Company will generally not be subject to U.S. federal and applicable state and local corporate income tax to the extent that the Company makes qualifying distributions to its common shareholders, and provided the Company satisfies on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which the Company lost its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its shareholders.
	A REIT’s dividend paid deduction for qualifying dividends to the Company’s shareholders is computed using its taxable income as opposed to net income reported on the consolidated financial statements. Taxable income, generally, will differ from net income because the determination of taxable income is based on tax regulations and not financial accounting principles.
	The Company may elect to treat certain of its future subsidiaries as taxable REIT subsidiaries (“TRS”). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes.
	If a TRS generates net income, the TRS can declare dividends to the Company which will be included in its taxable income and necessitate a distribution to its shareholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. The Company has no adjustments regarding its tax accounting treatment of any uncertainties. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which will be included in general and administrative expense.
Share-Based Compensation	'
	Share-Based Compensation
	The Company has adopted an equity incentive plan under which its independent directors, as part of their compensation for serving as directors, are eligible to receive quarterly stock awards. In addition, the Company may compensate the officers and employees of the Manager and its affiliates under this plan pursuant to the management agreement.
	Share-based compensation arrangements include share options, restricted share awards, performance-based awards, share appreciation rights, and employee share purchase plans. Compensation costs relating to share-based payment transactions are recognized in the consolidated financial statements, based on the fair value of the equity or liability instruments issued on the date of grant, for awards to the Company’s independent directors. Compensation related to stock awards to officers and employees of the Manager and its affiliates is recorded at the estimated fair value of the award during the vesting period. The Company makes an upward or downward adjustment to compensation expense for the difference in the fair value at the date of grant and the date the award is earned.
Dividend Reinvestment and Stock Purchase Plan	'
	Dividend Reinvestment and Stock Purchase Plan
	The Company has implemented a dividend reinvestment and stock purchase plan (the “DRSPP”). Under the terms of the DRSPP, shareholders who participate in the DRSPP may purchase shares of common stock directly from the Company. DRSPP participants may also automatically reinvest all or a portion of their dividends for additional shares of common stock.
Reclassifications	'
	Reclassifications
	The presentation of certain prior period reported amounts has been reclassified to be consistent with the current presentation. Such reclassifications had no impact on net income or equity attributable to common shareholders.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	None
Recent Accounting Pronouncements Not Yet Adopted	'
	Recent Accounting Pronouncements Not Yet Adopted
	None

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2014
Variable Interest Entity Disclosure [Abstract]	'
Summary of Assets and Liabilities of Variable Interest Entities	'
	The following table presents a summary of the assets and liabilities of the VIEs. Intercompany balances have been eliminated for purposes of this presentation.
	$ in thousands	31-Mar-14	31-Dec-13
	Residential loans, held-for-investment	2,070,493	1,810,262
	Accrued interest receivable	6,547	5,647
	Deferred costs	3,784	3,386
	Total assets	2,080,824	1,819,295
	Accrued interest and accrued expenses payable	5,441	4,659
	Asset-backed securities	1,873,434	1,643,741
	Total liabilities	1,878,875	1,648,400

MortgageBacked_Securities_Tabl

Mortgage-Backed Securities (Tables)	3 Months Ended
	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Summary of Investment Portfolio	'
	The following tables present certain information about the Company’s MBS portfolio as of March 31, 2014 and December 31, 2013.
	March 31, 2014
	$ in thousands	Principal			Unamortized			Amortized	Unrealized		Fair		Net		Period-		Quarterly
		Balance			Premium			Cost	Gain/		Value		Weighted		end		Weighted
					(Discount)				(Loss), net				Average		Weighted		Average
													Coupon (1)		Average		Yield (3)
															Yield (2)
	Agency RMBS:
	15 year fixed-rate	1,470,313			74,494			1,544,807	19,656		1,564,463		4.04	%	2.69	%	2.81	%
	30 year fixed-rate	6,166,378			414,656			6,581,034	(153,651	)	6,427,383		4.12	%	3.03	%	3.15	%
	ARM	351,557			4,450			356,007	2,684		358,691		2.88	%	2.63	%	2.37	%
	Hybrid ARM	2,046,826			18,382			2,065,208	11,617		2,076,825		2.73	%	2.53	%	2.35	%
	Total Agency pass-through	10,035,074			511,982			10,547,056	(119,694	)	10,427,362		3.78	%	2.87	%	2.94	%
	Agency-CMO(4)	1,638,374			(1,161,357	)		477,017	(9,788	)	467,229		2.68	%	4.46	%	4.14	%
	Non-Agency RMBS(5)(6)(7)	4,469,615			(609,998	)		3,859,617	82,324		3,941,941		3.76	%	4.1	%	4.26	%
	CMBS(8)	4,653,693			(2,032,007	)		2,621,686	76,972		2,698,658		3.37	%	4.57	%	4.51	%
	Total	20,796,756			(3,291,380	)		17,505,376	29,814		17,535,190		3.6	%	3.44	%	3.43	%
	-1	Net weighted average coupon (“WAC”) as of March 31, 2014 is presented net of servicing and other fees.
	-2	Weighted average yield is based on amortized cost as of March 31, 2014 and incorporates future prepayment and loss assumptions.
	-3	Weighted average yield is based on average amortized cost for the three months ended March 31, 2014 and incorporates actual cash flows and future prepayment and loss assumptions.
	-4	Included in Agency-CMO are interest-only securities, which represent 25.5% of the balance based on fair value.
	-5	Included in Non-Agency RMBS are securities of $124.1 million for a future securitization not yet settled.
	-6	Non-Agency RMBS held by the Company is 55.8% variable rate, 30.1% fixed rate, and 14.1% floating rate based on fair value (excluding securities for a future securitization not yet settled).
	-7	Of the total discount in Non-Agency RMBS, $404.2 million is non-accretable.
	-8	Included in the CMBS are interest-only securities and commercial real estate mezzanine loan pass-through certificates which represent 7.1% and 1.7% of the balance based on fair value, respectively.
	December 31, 2013
	$ in thousands	Principal			Unamortized			Amortized	Unrealized		Fair		Net		Period-		Quarterly
		Balance			Premium			Cost	Gain/		Value		Weighted		end		Weighted
					(Discount)				(Loss), net				Average		Weighted		Average
													Coupon (1)		Average		Yield (3)
															Yield (2)
	Agency RMBS:
	15 year fixed-rate	1,637,988			83,799			1,721,787	22,494		1,744,281		4.02	%	2.54	%	2.61	%
	30 year fixed-rate	6,494,723			435,680			6,930,403	(228,250	)	6,702,153		4.11	%	2.96	%	3.13	%
	ARM	251,693			992			252,685	597		253,282		2.8	%	2.62	%	2.41	%
	Hybrid ARM	1,764,472			9,470			1,773,942	(3,384	)	1,770,558		2.69	%	2.46	%	2.06	%
	Total Agency pass-through	10,148,876			529,941			10,678,817	(208,543	)	10,470,274		3.82	%	2.8	%	2.9	%
	Agency-CMO(4)	1,532,474			(1,051,777	)		480,697	(6,183	)	474,514		2.76	%	3.82	%	3.47	%
	Non-Agency RMBS(5)(6)	4,361,730			(618,634	)		3,743,096	32,213		3,775,309		3.74	%	3.75	%	4.6	%
	CMBS(7)	4,630,363			(2,032,945	)		2,597,418	31,142		2,628,560		3.38	%	4.62	%	4.51	%
	Total	20,673,443			(3,173,415	)		17,500,028	(151,371	)	17,348,657		3.63	%	3.3	%	3.51	%
	-1	Net WAC as of December 31, 2013 is presented net of servicing and other fees.
	-2	Weighted average yield based on amortized cost as of December 31, 2013 incorporates future prepayment and loss assumptions.
	-3	Weighted average yield based on average amortized cost for the three months ended December 31, 2013 incorporates actual cash flows and future prepayment and loss assumptions.
	-4	Included in Agency-CMO are interest-only securities, which represent 25.0% of the balance based on fair value.
	-5	Non-Agency RMBS held by the Company is 58.4% variable rate, 32.4% fixed rate, and 9.2% floating rate based on fair value.
	-6	Of the total discount in Non-Agency RMBS, $438.1 million is non-accretable.
	-7	Included in the CMBS are interest-only securities and commercial real estate mezzanine loan pass-through certificates which represent 7.5% and 1.0% of the balance based on fair value, respectively.
Components of Non-Agency RMBS Portfolio by Asset Type	'
	The following table summarizes the Company's non-Agency RMBS portfolio by asset type as of March 31, 2014 and December 31, 2013, respectively:
	$ in thousands	31-Mar-14			% of Non-Agency			31-Dec-13	% of Non-Agency
	Re-REMIC	1,347,996			35.3	%		1,444,376	38.3	%
	Prime	1,286,040			33.6	%		1,336,821	35.5	%
	Alt-A	811,981			21.3	%		801,919	21.2	%
	GSE CRT(1)	350,021			9.2	%		167,981	4.4	%
	Subprime	21,851			0.6	%		24,212	0.6	%
	Total Non-Agency(2)	3,817,889			100	%		3,775,309	100	%
	-1	Government-sponsored enterprise ("GSE") credit risk transfer ("CRT") securities are general obligations of Fannie Mae and Freddie Mac that are structured to provide credit protection to the issuer with respect to defaults and other credit events within reference pools of residential mortgage loans that collateralize MBS issued and guaranteed by these GSEs.
Components of Senior Re-REMIC at Fair Value	'
	The following table summarizes certain characteristics of the Company's re-securitization of real estate mortgage investment conduit ("Re-REMIC") holdings as of March 31, 2014 and December 31, 2013:
			Percentage of Re-REMIC Holdings at Fair Value
	Re-REMIC Subordination(1)		31-Mar-14			31-Dec-13
	0-10		5.4	%		4.8	%
	20-Oct		3.6	%		3.5	%
	20-30		14.8	%		14.7	%
	30-40		25.6	%		25.2	%
	40-50		36.9	%		38.6	%
	50-60		9	%		8.5	%
	60-70		4.7	%		4.7	%
	Total		100	%		100	%
	-1	Subordination refers to the credit enhancement provided to the Re-REMIC tranche by any junior Re-REMIC tranche or tranches in a resecuritization. This figure reflects the percentage of the balance of the underlying security represented by any junior tranche or tranches at the time of resecuritization. Generally, principal losses on the underlying security in excess of the subordination amount would result in principal losses on the Re-REMIC tranche.
Components of Carrying Value of Investment Portfolio	'
	The components of the carrying value of the Company’s MBS portfolio at March 31, 2014 and December 31, 2013 are presented below:
	$ in thousands	31-Mar-14			31-Dec-13
	Principal balance	20,796,756			20,673,443
	Unamortized premium	628,568			646,189
	Unamortized discount	(3,919,948	)		(3,819,604	)
	Gross unrealized gains	350,249			291,725
	Gross unrealized losses	(320,435	)		(443,096	)
	Fair value	17,535,190			17,348,657
Fair Value of Mortgage-Backed Securities According to Weighted Average Life Classification	'
	The following table summarizes certain characteristics of the Company’s investment portfolio, at fair value, according to estimated weighted average life classifications as of March 31, 2014 and December 31, 2013:
	$ in thousands	31-Mar-14			31-Dec-13
	Less than one year	179,394			101,251
	Greater than one year and less than five years	6,133,678			5,958,852
	Greater than or equal to five years	11,222,118			11,288,554
	Total	17,535,190			17,348,657
Unrealized Losses and Estimated Fair Value of MBS by Length of Time	'
	The following tables present the estimated fair value, the gross unrealized losses and the number of securities of the Company’s MBS by length of time that such securities have been in a continuous unrealized loss position at March 31, 2014 and December 31, 2013, respectively:
	March 31, 2014
		Less than 12 Months							12 Months or More						Total
	$ in thousands	Fair			Unrealized			Number	Fair		Unrealized		Number		Fair		Unrealized			Number
		Value			Losses			of	Value		Losses		of		Value		Losses			of
								Securities					Securities							Securities
	Agency RMBS:
	15 year fixed-rate	51,861			(809	)		3	103,393		(2,915	)	6		155,254		(3,724	)		9
	30 year fixed-rate	2,937,730			(140,473	)		98	1,046,387		(78,685	)	43		3,984,117		(219,158	)		141
	ARM	131,304			(500	)		6	—		—		—		131,304		(500	)		6
	Hybrid ARM	720,952			(2,307	)		36	—		—		—		720,952		(2,307	)		36
	Total Agency pass-through	3,841,847			(144,089	)		143	1,149,780		(81,600	)	49		4,991,627		(225,689	)		192
	Agency-CMO	347,024			(14,927	)		23	8,563		(3,603	)	4		355,587		(18,530	)		27
	Non-Agency RMBS	882,640			(40,383	)		59	166,389		(3,459	)	10		1,049,029		(43,842	)		69
	CMBS	883,068			(32,374	)		67	—		—		—		883,068		(32,374	)		67
	Total	5,954,579			(231,773	)		292	1,324,732		(88,662	)	63		7,279,311		(320,435	)		355
	December 31, 2013
		Less than 12 Months							12 Months or More						Total
	$ in thousands	Fair			Unrealized			Number	Fair		Unrealized		Number		Fair		Unrealized		Number
		Value			Losses			of	Value		Losses		of		Value		Losses		of
								Securities					Securities						Securities
	Agency RMBS:
	15 year fixed-rate	431,527			(4,964	)		18	11,100		(259	)	1		442,627		(5,223	)	19
	30 year fixed-rate	3,710,679			(228,167	)		126	641,259		(56,754	)	27		4,351,938		(284,921	)	153
	ARM	94,447			(968	)		7	—		—		—		94,447		(968	)	7
	Hybrid ARM	1,129,488			(9,715	)		48	—		—		—		1,129,488		(9,715	)	48
	Total Agency pass-through	5,366,141			(243,814	)		199	652,359		(57,013	)	28		6,018,500		(300,827	)	227
	Agency-CMO	311,935			(16,599	)		13	8,883		(3,736	)	4		320,818		(20,335	)	17
	Non-Agency RMBS	1,307,036			(58,326	)		76	91,651		(1,726	)	8		1,398,687		(60,052	)	84
	CMBS	1,118,270			(61,882	)		84	—		—		—		1,118,270		(61,882	)	84
	Total	8,103,382			(380,621	)		372	752,893		(62,475	)	40		8,856,275		(443,096	)	412
Impact of MBS on Accumulated other Comprehensive Income	'
	The following table presents the impact of the Company’s MBS on its accumulated other comprehensive income for the three months ended March 31, 2014 and 2013.
	$ in thousands	Three Months			Three Months
		ended			ended
		March 31, 2014			March 31, 2013
	Accumulated other comprehensive income from investment securities:
	Unrealized gain (loss) on MBS at beginning of period	(151,371	)		523,725
	Unrealized gain (loss) on MBS, net	181,185			(70,136	)
	Balance at the end of period	29,814			453,589
Components of MBS Interest Income	'
	The following table presents components of interest income on the Company’s MBS portfolio for the three months ended March 31, 2014 and 2013.
	For the three months ended March 31, 2014
	$ in thousands	Coupon			Net (Premium			Interest
		Interest			Amortization)/Discount			Income
					Accretion
	Agency	105,483			(23,664	)		81,819
	Non-Agency	39,931			935			40,866
	CMBS	38,612			(9,661	)		28,951
	Other	103			—			103
	Total	184,129			(32,390	)		151,739
	For the three months ended March 31, 2013
	$ in thousands	Coupon			Net (Premium			Interest
		Interest			Amortization)/Discount			Income
					Accretion
	Agency	143,414			(45,114	)		98,300
	Non-Agency	36,411			1,141			37,552
	CMBS	26,650			(2,200	)		24,450
	Other	42			—			42
	Total	206,517			(46,173	)		160,344

Residential_Loans_HeldforInves1

Residential Loans Held-for-Investment (Tables)	3 Months Ended
	Mar. 31, 2014
Residential Loans Held-for-Investment	'
	The following table displays certain characteristics of the Company's residential loans held-for-investment at March 31, 2014 by year of origination.
	$ in thousands	2013		2012		2009		2008		Total
	Portfolio Characteristics:
	Number of Loans(1)	2,068		595		7		3		2,673
	Current Principal Balance	1,548,345		496,438		2,593		2,072		2,049,448
	Net Weighted Average Coupon Rate	3.57	%	3.5	%	3.73	%	6.13	%	3.56	%
	Weighted Average Maturity (years)	29.13		28.78		25.26		24.41		29.03
	Current Performance:
	Current	1,547,775		494,499		2,593		2,072		2,046,939
	30 Day Delinquent	570		1,939		—		—		2,509
	60 Days Delinquent	—		—		—		—		—
	90+ Days Delinquent	—		—		—		—		—
	Bankruptcy/Foreclosure	—		—		—		—		—
	Total	1,548,345		496,438		2,593		2,072		2,049,448
	(1) None for 2011 and 2010
Five Largest Geographic Concentrations of Residential Loans	'
	The following table presents the five largest geographic concentrations of the Company’s residential loans held-for-investment at March 31, 2014 based on principal balance outstanding:
	State	Percent
	California	49.9	%
	Illinois	5.9	%
	Massachusetts	4.5	%
	Maryland	4.1	%
	Virginia	4	%
	Other states (none greater than 4%)	31.6	%
	Total	100	%
Future Minimum Annual Principal Payments Under Residential Loans, Held for Investments	'
	The following table presents future minimum annual principal payments under the residential loans held-for-investment at March 31, 2014:
	$ in thousands
	Scheduled Principal	31-Mar-14
	Within one year	38,276
	One to three years	81,076
	Three to five years	87,509
	Greater than or equal to five years	1,842,587
	Total	2,049,448
Activity in Allowance for Loan Losses	'
	The following table summarizes the activity in the allowance for loan losses for the three months ended March 31, 2014:
	$ in thousands	31-Mar-14
	Balance at beginning of period	(884	)
	Charge-offs, net	—
	Provision for loan losses	(207	)
	Balance at end of period	(1,091	)
Variable Interest Entity, Primary Beneficiary	'
Residential Loans Held-for-Investment	'
	The following table details the carrying value for residential loans held-for-investment at March 31, 2014 and December 31, 2013. These loans are held by the six VIEs which the Company consolidates.
	$ in thousands	31-Mar-14		31-Dec-13
	Principal balance	2,049,448		1,783,983
	Unamortized premium (discount), net	22,136		27,163
	Recorded investment	2,071,584		1,811,146
	Allowance for loan losses	(1,091	)	(884	)
	Carrying value	2,070,493		1,810,262

Borrowings_Tables

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Schedule of Borrowings	'
	The following table summarizes certain characteristics of the Company’s borrowings at March 31, 2014 and December 31, 2013:
	$ in thousands	31-Mar-14						31-Dec-13
						Weighted					Weighted
				Weighted		Average			Weighted		Average
				Average		Remaining			Average		Remaining
		Amount		Interest		Maturity		Amount	Interest		Maturity
		Outstanding		Rate		(days)		Outstanding	Rate		(days)
	Agency RMBS	9,746,051		0.34	%	20		10,281,154	0.38	%	19
	Non-Agency RMBS	3,067,127		1.55	%	35		3,088,064	1.54	%	33
	CMBS	2,039,132		1.37	%	24		2,082,457	1.39	%	23
	Exchangeable Senior Notes	400,000		5	%	1,445		400,000	5	%	1,535
	Total	15,252,310		0.84	%	61		15,851,675	0.86	%	60
Schedule of Repurchase Agreements by Counterparties	'
	The following tables summarize certain characteristics of the Company’s repurchase agreements at March 31, 2014 and December 31, 2013:
	31-Mar-14			Percent of Total
	$ in thousands	Amount Outstanding		Percent of Total Amount Outstanding		Company MBS Held as Collateral
	Repurchase Agreement Counterparties
	Credit Suisse Securities (USA) LLC	1,824,258		12.3	%	2,239,264	(1	)
	South Street Securities LLC	1,115,973		7.5	%	1,162,910
	Citigroup Global Markets Inc.	951,086		6.4	%	1,091,193
	Banc of America Securities LLC	998,773		6.7	%	1,090,734
	Wells Fargo Securities, LLC	905,576		6.1	%	1,077,374
	JP Morgan Securities Inc.	825,944		5.6	%	943,476
	Royal Bank of Canada	731,542		4.9	%	873,794
	HSBC Securities (USA) Inc	790,364		5.3	%	812,923
	Morgan Stanley & Co. Incorporated	692,657		4.7	%	755,719
	RBS Securities Inc.	603,578		4.1	%	733,689
	Pierpont Securities LLC	647,870		4.4	%	673,870
	ING Financial Market LLC	615,970		4.1	%	654,816
	Mitsubishi UFJ Securities (USA), Inc.	577,807		3.9	%	606,196
	BNP Paribas Securities Corp.	532,503		3.6	%	582,651
	Deutsche Bank Securities Inc.	474,843		3.2	%	534,847
	Industrial and Commercial Bank of China Financial Services LLC	460,433		3.1	%	484,647
	Nomura Securities International, Inc.	457,959		3.1	%	480,925
	Goldman, Sachs & Co.	395,619		2.7	%	417,528
	Scotia Capital	390,897		2.6	%	406,486
	KGS-Alpha Capital Markets, L.P.	292,395		2	%	308,702
	TD Securities	152,895		1	%	161,454
	Barclays Capital Inc.	109,841		0.7	%	130,632
	Cantor Fitzgerald & Co.	113,219		0.8	%	119,290
	Daiwa Capital Markets America Inc	107,463		0.7	%	112,392
	Mizuho Securities USA Inc.	51,422		0.3	%	59,736
	Guggenheim Liquidity Services, LLC	31,423		0.2	%	33,040
	Total	14,852,310		100	%	16,548,288
	(1) Includes $169.2 million of MBS held as collateral which are eliminated in consolidation.
	31-Dec-13
	$ in thousands	Amount Outstanding		Percent of Total Amount Outstanding		Company MBS Held as Collateral
	Repurchase Agreement Counterparties
	Credit Suisse Securities (USA) LLC	1,809,896		11.8	%	2,203,883	(1	)
	South Street Securities LLC	1,236,812		8	%	1,286,384
	Banc of America Securities LLC	1,043,689		6.8	%	1,146,151
	Citigroup Global Markets Inc.	1,027,210		6.6	%	1,164,162
	JP Morgan Securities Inc.	875,201		5.7	%	1,001,116
	Wells Fargo Securities, LLC	857,824		5.6	%	996,151
	Pierpont Securities LLC	791,572		5.1	%	824,184
	HSBC Securities (USA) Inc.	787,462		5.1	%	809,230
	RBS Securities Inc.	720,457		4.7	%	854,978
	Royal Bank of Canada	710,705		4.6	%	850,870
	Morgan Stanley & Co. Incorporated	691,599		4.5	%	758,761
	ING Financial Market LLC	676,644		4.4	%	718,086
	Mitsubishi UFJ Securities (USA), Inc.	625,703		4	%	656,046
	Nomura Securities International, Inc.	578,265		3.7	%	608,193
	Industrial and Commercial Bank of China Financial Services LLC	493,906		3.2	%	518,775
	BNP Paribas Securities Corp.	471,372		3.1	%	499,106
	Scotia Capital	443,534		2.9	%	461,066
	Deutsche Bank Securities Inc.	423,405		2.7	%	468,939
	Goldman, Sachs & Co.	404,094		2.6	%	423,598
	KGS-Alpha Capital Markets, L.P.	202,677		1.3	%	214,033
	Barclays Capital Inc.	156,904		1	%	165,605
	TD Securities	155,099		1	%	163,512
	Daiwa Capital Markets America Inc.	112,309		0.7	%	117,551
	Cantor Fitzgerald & Co.	68,261		0.4	%	71,910
	Mizuho Securities USA Inc.	53,962		0.3	%	62,423
	Guggenheim Liquidity Services, LLC	33,113		0.2	%	34,664
	Total	15,451,675		100	%	17,079,377
	(1) Includes $133.8 million of MBS held as collateral which are eliminated in consolidation.
Carrying Value of Assets Backed Securities Issued	'
	The following table provides summary information of the carrying value of the ABS, along with other relevant information, at March 31, 2014.
		ABS		Residential loans
	$ in thousands	Outstanding		Held as Collateral
	Principal balance	1,861,086		2,049,448
	Interest-only securities	14,270		—
	Unamortized premium	9,510		22,136
	Unamortized discount	(11,432	)	—
	Loan loss reserve	—		(1,091	)
	Carrying value	1,873,434		2,070,493
	Range of weighted average interest rates	2.8% - 3.8%
	Number of series	6
Principal Repayment of Mortgage Loans	'
		ABS		Residential loans
	$ in thousands	Outstanding		Held as Collateral
	Principal balance	1,861,086		2,049,448
	Interest-only securities	14,270		—
	Unamortized premium	9,510		22,136
	Unamortized discount	(11,432	)	—
	Loan loss reserve	—		(1,091	)
	Carrying value	1,873,434		2,070,493
	Range of weighted average interest rates	2.8% - 3.8%
	Number of series	6
	The following table presents the estimated principal repayment schedule of the VIE’s ABS at March 31, 2014, based on estimated cash flows of the residential mortgage loans, as adjusted for projected prepayments and losses on such loans.
	$ in thousands
	Estimated principal repayment	31-Mar-14
	Within one year	192,386
	One to three years	335,283
	Three to five years	275,201
	Greater than or equal to five years	1,058,216
	Total	1,861,086

Derivatives_and_Hedging_Activi1

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Open CDS Sold by Company	'
	At March 31, 2014 and December 31, 2013, the open CDS sold by the Company is summarized as follows:
	$ in thousand		31-Mar-14			31-Dec-13
	Fair value amount		607			654
	Notional amount		47,764			51,823
	Maximum potential amount of future undiscounted payments		47,764			51,823
	Recourse provisions with third parties		—			—
	Collateral held by counterparty		7,323			7,979
Interest Rate Derivatives Outstanding Designated as Cash Flow Hedges	'
	As of March 31, 2014, the Company had the following interest rate swaps outstanding:
	$ in thousands						Notional			Maturity Date		Fixed Interest Rate
	Counterparty											in Contract
	SunTrust Bank						100,000			7/15/14		2.79	%
	Deutsche Bank AG						200,000			1/15/15		1.08	%
	Deutsche Bank AG						250,000			2/15/15		1.14	%
	Credit Suisse International						100,000			2/24/15		3.26	%
	Credit Suisse International						100,000			3/24/15		2.76	%
	Wells Fargo Bank, N.A.						100,000			7/15/15		2.85	%
	Wells Fargo Bank, N.A.						50,000			7/15/15		2.44	%
	Morgan Stanley Capital Services, LLC						300,000			1/24/16		2.12	%
	The Bank of New York Mellon						300,000			1/24/16		2.13	%
	Morgan Stanley Capital Services, LLC						300,000			4/5/16		2.48	%
	Citibank, N.A.						300,000			4/15/16		1.67	%
	Credit Suisse International						500,000			4/15/16		2.27	%
	The Bank of New York Mellon						500,000			4/15/16		2.24	%
	JPMorgan Chase Bank, N.A.						500,000			5/16/16		2.31	%
	Goldman Sachs Bank USA						500,000			5/24/16		2.34	%
	Goldman Sachs Bank USA						250,000			6/15/16		2.67	%
	Wells Fargo Bank, N.A.						250,000			6/15/16		2.67	%
	JPMorgan Chase Bank, N.A.						500,000			6/24/16		2.51	%
	Citibank, N.A.						500,000			10/15/16		1.93	%
	Deutsche Bank AG						150,000			2/5/18		2.9	%
	ING Capital Markets LLC						350,000			2/24/18		0.95	%
	Morgan Stanley Capital Services, LLC						100,000			4/5/18		3.1	%
	ING Capital Markets LLC						300,000			5/5/18		0.79	%
	JPMorgan Chase Bank, N.A.						200,000			5/15/18		2.93	%
	UBS AG						500,000			5/24/18		1.1	%
	ING Capital Markets LLC						400,000			6/5/18		0.87	%
	The Royal Bank of Scotland Plc						500,000			9/5/18		1.04	%
	CME Clearing House		(3	)	(4)		300,000			2/5/21		2.5	%
	CME Clearing House		(3	)	(4)		300,000			2/5/21		2.69	%
	Wells Fargo Bank, N.A.						200,000			3/15/21		3.14	%
	Citibank, N.A.						200,000			5/25/21		2.83	%
	HSBC Bank USA, National Association		(1	)			550,000			2/24/22		2.45	%
	The Royal Bank of Scotland Plc		(2	)			400,000			3/15/23		2.39	%
	UBS AG		(2	)			400,000			3/15/23		2.51	%
	HSBC Bank USA, National Association						250,000			6/5/23		1.91	%
	HSBC Bank USA, National Association						250,000			7/5/23		1.97	%
	The Royal Bank of Scotland Plc						500,000			8/15/23		1.98	%
	CME Clearing House		(4	)			600,000			8/24/23		2.88	%
	UBS AG						250,000			11/15/23		2.23	%
	HSBC Bank USA, National Association						500,000			12/15/23		2.2	%
	Total						12,800,000					2.12	%
	-1	Forward start date of February 2015
	-2	Forward start date of March 2015
	-3	Forward start date of February 2016
	-4	Beginning June 10, 2013, regulations promulgated under The Dodd-Frank Wall Street Reform and Consumer Protection Act mandate that the Company clear new interest rate swap transactions through a central counterparty. Transactions that are centrally cleared result in the Company facing a clearing house, rather than a swap dealer, as counterparty. Central clearing requires the Company to post collateral in the form of initial and variation margin to the clearing house which reduces default risk.
Outstanding Interest Rate Swaptions and Derivative Instrument Information	'
	The following table presents information with respect to the Company's interest rate derivative instruments:
	$ in thousands		Notional Amount as			Additions			Settlement,			Notional Amount as			Amount of Realized
			of January 1, 2014						Termination,			of March 31, 2014			Gain, net on Interest
									Expiration						Rate Derivative
									or Exercise						Instruments (excluding net interest paid or received)
	Interest Rate Swaptions		1,150,000			500,000			(750,000	)		900,000			(15,075	)
	Interest Rate Swaps		12,800,000			—			—			12,800,000			—
	Purchase of TBAs		—			150,000			—			150,000			—
	Sale of TBAs		—			250,000			—			250,000			—
	Futures Contracts		100,000			100,000			(100,000	)		100,000			(3,749	)
	Total		14,050,000			1,000,000			(850,000	)		14,200,000			(18,824	)
	As of March 31, 2014, the Company had the following outstanding interest rate swaptions:
	$ in thousands		Option													Underlying Swap
											Average					Average			Average	Average
	Interest Rate							Fair			Months to		Notional			Fixed Pay			Receive	Term
	Swaptions		Expiration		Cost			Value			Expiration		Amount			Rate			rate	(Years)
	Payer		< 6 Months		8,200			10			2		400,000			3.76	%		3M Libor	10
	Payer		> 6 Months		4,688			3,094			10		500,000			2.96	%		3M Libor	5
					12,888			3,104			6.4		900,000			3.31	%			7.2
Fair Value of Derivative Financial Instruments and Classification on Balance Sheet	'
	The table below presents the fair value of the Company’s derivative financial instruments, as well as their classification on the consolidated balance sheets as of March 31, 2014 and December 31, 2013.
	$ in thousands
	Asset Derivatives										Liability Derivatives
	As of March 31, 2014					As of December 31, 2013					As of March 31, 2014					As of December 31, 2013
	Balance		Fair Value			Balance		Fair Value			Balance		Fair Value			Balance		Fair Value
	Sheet					Sheet					Sheet					Sheet
	Interest Rate Swap Asset		161,691			Interest Rate Swap Asset		256,449			Interest Rate Swap Liability		258,637			Interest Rate Swap Liability		263,204
	CDS Contract		607			CDS Contract		654			Futures Contracts		94			Futures Contracts		—
	Interest Rate Swaptions		3,104			Swaption		2,365			TBAs		586			TBAs		—
	TBAs		1,289			TBAs		—
	Futures Contracts		—			Futures Contracts		2,591
Effect of Derivative Financial Instruments on Statement of Operations	'
	The table below presents the effect of the Company’s derivative financial instruments on the statements of operations for the three months ended March 31, 2014 and 2013.
	Three months ended March 31, 2014
	$ in thousands
	Derivative		Amount of gain			Location of gain (loss) reclassified from accumulated		Amount of gain (loss)			Location of gain		Amount of gain (loss)
	type for		(loss) recognized			OCI into income		reclassified from			(loss) recognized		recognized in income
	cash flow		in OCI on derivative			(effective portion)		accumulated OCI into			in income on		on derivative
	hedge		(effective portion)					income			derivative		(ineffective portion)
								(effective portion)			(ineffective portion)
	Interest Rate Swaps		—			Interest Expense, Repurchase Agreements		(21,296	)		Gain (loss)		—
											on interest rate
											derivative instruments, net
	Three months ended March 31, 2013
	$ in thousands
	Derivative		Amount of gain			Location of gain (loss) reclassified from accumulated		Amount of gain (loss)			Location of gain		Amount of gain (loss)
	type for		(loss) recognized			OCI into income		reclassified from			(loss) recognized		recognized in income
	cash flow		in OCI on derivative			(effective portion)		accumulated OCI into			in income on		on derivative
	hedge		(effective portion)					income			derivative		(ineffective portion)
								(effective portion)			(ineffective portion)
	Interest Rate Swaps		(17,171	)		Interest Expense, Repurchase Agreements		(35,562	)		Gain (loss)		(1	)
											on interest rate
											derivative instruments, net
					Amount of unrealized gain (loss) recognized in income on derivative
	Derivative		Location of unrealized gain (loss)		Three months ended March 31, 2014			Three months ended March 31, 2013
	not designated as		recognized in income
	hedging instrument		on derivative
	CDS Contract		Realized and unrealized credit default swap income		(47	)		(223	)
	The following table summarizes the effect of interest rate swaps, swaption contracts, TBAs and futures contracts reported in gain (loss) on interest rate derivative instruments, net on the consolidated statements of operations for the three months ended March 31, 2014 and 2013:
	$ in thousands	Three months ended March 31, 2014
	Derivative	Realized gain (loss) on settlement, termination, expiration or exercise, net			Contractual interest expense			Unrealized gain (loss), net			Gain (loss) on interest rate derivatives, net
	not designated as
	hedging instrument
	Interest Rate Swaps	—			(51,441	)		(90,192	)		(141,633	)
	Swaption Contracts	(15,075	)		—			11,127			(3,948	)
	TBAs	—			—			703			703
	Futures Contracts	(3,749	)		—			(2,685	)		(6,434	)
	Total	(18,824	)		(51,441	)		(81,047	)		(151,312	)
	$ in thousands	Three months ended March 31, 2013
	Derivative Instrument	Realized gain (loss) on settlement, termination, expiration or exercise, net			Contractual interest expense			Unrealized gain (loss), net			Gain (loss) on interest rate derivatives, net
	Interest Rate Swaps ineffectiveness	—			—			(1	)		(1	)
	Swaption Contracts	—			—			(2,002	)		(2,002	)
	Total	—			—			(2,003	)		(2,003	)

Offsetting_Assets_and_Liabilit1

Offsetting Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2014
Offsetting [Abstract]	'
Offsetting of Derivative Assets	'
	Offsetting of Derivative Assets
	As of December 31, 2013
					Gross Amounts Not Offset in the
					Consolidated Balance Sheets
	$ in thousands	Gross	Gross	Net Amounts	Financial		Cash		Net Amount
	Description	Amounts of	Amounts	of Assets	Instruments (1)		Collateral
		Recognized	Offset in the	presented in			Received
		Assets	Consolidated	the
			Balance	Consolidated
			Sheets	Balance Sheets
	Derivatives	262,059	—	262,059	(671	)	(48,607	)	212,781
	Total	262,059	—	262,059	(671	)	(48,607	)	212,781
	The following tables present information about certain assets and liabilities that are subject to master netting agreements (or similar agreements) and can potentially be offset on the Company’s consolidated balance sheets at March 31, 2014 and December 31, 2013.
	Offsetting of Derivative Assets
	As of March 31, 2014
					Gross Amounts Not Offset in the
					Consolidated Balance Sheets
	$ in thousands	Gross	Gross	Net Amounts	Financial		Cash		Net Amount
	Description	Amounts of	Amounts	of Assets	Instruments (1)		Collateral
		Recognized	Offset in the	presented in			Received
		Assets	Consolidated	the
			Balance	Consolidated
			Sheets	Balance Sheets
	Derivatives	166,691	—	166,691	(13,221	)	(20,008	)	133,462
	Total	166,691	—	166,691	(13,221	)	(20,008	)	133,462
Offsetting of Derivative Liabilities and Repurchase Agreements	'
	Offsetting of Derivative Liabilities and Repurchase Agreements
	As of March 31, 2014
					Gross Amounts Not Offset in the
					Consolidated Balance Sheets
	$ in thousands	Gross	Gross	Net Amounts	Financial		Cash		Net Amount
	Description	Amounts of	Amounts	of Assets	Instruments (2)(3)		Collateral
		Recognized	Offset in the	presented in			Posted (2)(4)
		Liabilities	Consolidated	the
			Balance	Consolidated
			Sheets	Balance Sheets
	Derivatives	259,317	—	259,317	(259,317	)	—		—
	Repurchase Agreements	14,852,310	—	14,852,310	(14,852,310	)	—		—
		15,111,627	—	15,111,627	(15,111,627	)	—		—
	Offsetting of Derivative Liabilities and Repurchase Agreements
	As of December 31, 2013
					Gross Amounts Not Offset in the
					Consolidated Balance Sheets
	$ in thousands	Gross	Gross	Net Amounts	Financial		Cash		Net Amount
	Description	Amounts of	Amounts	of Assets	Instruments (2)(3)		Collateral
		Recognized	Offset in the	presented in			Posted (2)(4)
		Liabilities	Consolidated	the
			Balance	Consolidated
			Sheets	Balance Sheets
	Derivatives	263,204	—	263,204	(263,204	)	—		—
	Repurchase Agreements	15,451,675	—	15,451,675	(15,451,675	)	—		—
		15,714,879	—	15,714,879	(15,714,879	)	—		—
	-1	Amounts represent interest rate derivatives in an asset position which could potentially be offset against interest rate derivatives in a liability position at March 31, 2014 and December 31, 2013, subject to a netting arrangement.
	-2	Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements and interest rate derivatives.
	-3	The fair value of securities pledged against the Company's borrowing under repurchase agreements was $16.5 billion and $17.1 billion at March 31, 2014 and December 31, 2013, respectively, including securities eliminated in consolidation of $169.2 million and $133.8 million, respectively at March 31, 2014 and December 31, 2013.
	-4	Total cash received on the Company's derivatives was $20.1 million and $52.7 million at March 31, 2014 and December 31, 2013, respectively. Total non-cash collateral received on the Company's derivatives was $127.8 million and $207.0 million at March 31, 2014 and December 31, 2013, respectively. Total cash posted by the Company on its Derivatives was $4.9 million and $1.5 million at March 31, 2014 and December 31, 2013, respectively.

Financial_Instruments_Tables

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Values Measured on Recurring Basis	'
	The fair values on a recurring basis of the Company’s MBS and interest rate hedges based on the level of inputs at March 31, 2014 and December 31, 2013 are summarized below:
		31-Mar-14
		Fair Value Measurements Using:
									Total at
	$ in thousands	Level 1		Level 2			Level 3		Fair Value
	Assets
	Mortgage-backed securities(1)	—		17,535,190			—		17,535,190
	Investments in unconsolidated ventures	—		—			42,123		42,123
	Derivatives	—		166,084			607		166,691
	Total	—		17,701,274			42,730		17,744,004
	Liabilities
	Derivatives	94		259,223			—		259,317
	Total	94		259,223			—		259,317
		31-Dec-13
		Fair Value Measurements Using:
									Total at
	$ in thousands	Level 1		Level 2			Level 3		Fair Value
	Assets
	Mortgage-backed securities(1)	—		17,348,657			—		17,348,657
	Investments in unconsolidated ventures	—		—			44,403		44,403
	Derivatives	2,591		258,814			654		262,059
	Total	2,591		17,607,471			45,057		17,655,119
	Liabilities
	Derivatives	—		263,204			—		263,204
	Total	—		263,204			—		263,204
	-1	For more detail about the fair value of the Company's MBS, refer to Note 4 - Mortgage-Backed Securities in these consolidated financial statements.
Fair Value on Recurring Basis Utilizing Level 3 Inputs	'
	The following table presents additional information about the Company’s investments in unconsolidated ventures which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value:
	$ in thousands	31-Mar-14		31-Dec-13
	Beginning balance	44,403		35,301
	Purchases	—		11,717
	Sales and settlements	(2,721	)	(7,960	)
	Total net gains included in net income
	Realized gains, net	309		2,757
	Unrealized gains, net	132		2,588
	Unrealized gains/(losses), net included in other comprehensive income	—		—
	Ending balance	42,123		44,403
	The following table presents additional information about the Company’s CDS contract, which is measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value:
	$ in thousands	31-Mar-14		31-Dec-13
	Beginning balance	654		1,519
	Purchases	—		—
	Sales and settlements	—		—
	Total net gains/(losses) included in net income
	Realized gains/(losses), net	—		—
	Unrealized gains/(losses), net	(47	)	(865	)
	Unrealized gains/(losses), net included in other comprehensive income	—		—
	Ending balance	607		654
Quantitative Information About Level 3 Fair Value Measurements	'
	The following table summarizes quantitative information about Level 3 fair value measurements:
		Fair Value at		Valuation		Unobservable			Weighted
	$ in thousands	31-Mar-14		Technique		Input		Range	Average
	CDS Contract	607		Discounted cash flow		Swap Rate			2.39	%
						Discount Rate			0.56	%
						Credit Spread			0.26	%
						Constant Prepayment Rate		1.0% - 20.0%	5.54	%
						Constant Default Rate		0.2% - 100.0%	4.46	%
						Loss Severity		4.5% - 67.7%	42.43	%
Carrying Value and Estimated Fair Value of Financial Instruments	'
	The following table presents the carrying value and estimated fair value of the Company's financial instruments that are not carried at fair value on the consolidated balance sheets, at March 31, 2014 and December 31, 2013:
		31-Mar-14					31-Dec-13
	$ in thousands	Carrying		Estimated			Carrying		Estimated
		Value		Fair Value			Value		Fair Value
	Financial Assets
	Residential loans, held-for-investment	2,070,493		2,022,006			1,810,262		1,709,385
	Commercial loans, held-for-investment	92,748		92,748			64,599		64,599
	Other investments	109		109			10,000		10,000
	Total	2,163,350		2,114,863			1,884,861		1,783,984
	Financial Liabilities
	Repurchase agreements	14,852,310		14,860,574			15,451,675		15,459,452
	Asset-backed securities	1,873,434		1,768,416			1,643,741		1,543,217
	Exchangeable senior notes	400,000		386,000			400,000		368,250
	Total	17,125,744		17,014,990			17,495,416		17,370,919

Earnings_per_Common_Share_Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	Earnings per share for the three months ended March 31, 2014 and 2013 is computed as follows:
		Three Months Ended
		March 31,
	$ and share amounts in thousands	2014		2013
	Numerator (Income)
	Basic Earnings
	Net income (loss) available to common shareholders	(74,440	)	83,992
	Effect of dilutive securities:
	Income allocated to exchangeable senior debt	—		1,160
	Income allocated to non-controlling interest	(822	)	962
	Dilutive net income (loss) available to shareholders	(75,262	)	86,114
	Denominator (Weighted Average Shares)
	Basic Earnings:
	Shares available to common shareholders	123,125		128,888
	Effect of dilutive securities:
	Restricted Stock Awards	—		26
	OP Units	1,425		1,425
	Exchangeable senior notes	—		3,741
	Dilutive Shares	124,550		134,080

Organization_and_Business_Oper1

Organization and Business Operations - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
	segment
Organization And Business Operations [Line Items]	'	'
Ownership interest in Operating Partnership	99.00%	'
Ownership percentage in Operating Partnership	1.10%	1.00%
Number of operating segments	1	'
Minimum distribution percentage of taxable income to qualify for REIT	90.00%	'
Invesco Investments (Bermuda) Ltd	'	'
Organization And Business Operations [Line Items]	'	'
Ownership percentage in Operating Partnership	1.10%	'

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014
FDIC, deposit insurance limit per institution	250,000
Residential Loans	'
Past due period for suspension of income recognition for residential loans	'90 days
Residential Loans | Minimum	'
Period considered for a restructured loan to be re-performing	'12 months

Variable_Interest_Entities_Add

Variable Interest Entities - Additional Information (Detail) (USD $)	Apr. 30, 2014	Mar. 31, 2014	Mar. 31, 2014	Apr. 30, 2014
	Asset backed securities	Variable Interest Entity, Primary Beneficiary	Variable Interest Entity, Primary Beneficiary	Potential VIE
	Scenario, Forecast		Asset backed securities	Scenario, Forecast
Variable Interest Entity [Line Items]	'	'	'	'
Securitized loans, aggregate principal amount	'	$287,400,000	'	$274,200,000
Aggregate principal balance	$124,200,000	$300,000,000	$246,700,000	'

Variable_Interest_Entities_Sum

Variable Interest Entities Summary of Assets and Liabilities of Variable Interest Entities (Detail) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Variable Interest Entity [Line Items]	'		'
Residential loans, held-for-investment	$2,070,493		$1,810,262
Accrued interest receivable	66,999		68,246
Deferred costs	13,687		13,894
Total assets	20,486,056	[1]	20,350,979	[1]
Asset-backed securities	1,873,434		1,643,741
Total liabilities	18,038,790	[1]	17,947,744	[1]
Variable Interest Entity, Primary Beneficiary	'		'
Variable Interest Entity [Line Items]	'		'
Residential loans, held-for-investment	2,070,493		1,810,262
Accrued interest receivable	6,547		5,647
Deferred costs	3,784		3,386
Total assets	2,080,824		1,819,295
Accrued interest and accrued expenses payable	5,441		4,659
Asset-backed securities	1,873,434		1,643,741
Total liabilities	$1,878,875		$1,648,400
[1]	The Company's consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the primary beneficiary (IAS Asset I LLC, an indirect subsidiary of the Company). As of March 31, 2014 and December 31, 2013, total assets of the consolidated VIEs were $2,080,824 and $1,819,295, respectively, and total liabilities of the consolidated VIEs were $1,878,875 and $1,648,400, respectively. Refer to Note 3 - "Variable Interest Entities" for further discussion.

MortgageBacked_Securities_Summ

Mortgage-Backed Securities - Summary of Investment Portfolio (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'		'
Principal balance	$20,796,756		$20,673,443
Unamortized Premium (Discount)	-3,291,380		-3,173,415
Amortized Cost	17,505,376		17,500,028
Unrealized Gain/ (Loss), net	29,814		-151,371
Mortgage-backed securities, at fair value	17,535,190		17,348,657
Net Weighted Average Coupon	3.60%	[1]	3.63%	[2]
Period- end Weighted Average Yield	3.44%	[3]	3.30%	[4]
Quarterly Weighted Average Yield	3.43%	[5]	3.51%	[6]
Agency RMBS	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Principal balance	10,035,074		10,148,876
Unamortized Premium (Discount)	511,982		529,941
Amortized Cost	10,547,056		10,678,817
Unrealized Gain/ (Loss), net	-119,694		-208,543
Mortgage-backed securities, at fair value	10,427,362		10,470,274
Net Weighted Average Coupon	3.78%	[1]	3.82%	[2]
Period- end Weighted Average Yield	2.87%	[3]	2.80%	[4]
Quarterly Weighted Average Yield	2.94%	[5]	2.90%	[6]
Agency RMBS | 15 Year Fixed-Rate	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Principal balance	1,470,313		1,637,988
Unamortized Premium (Discount)	74,494		83,799
Amortized Cost	1,544,807		1,721,787
Unrealized Gain/ (Loss), net	19,656		22,494
Mortgage-backed securities, at fair value	1,564,463		1,744,281
Net Weighted Average Coupon	4.04%	[1]	4.02%	[2]
Period- end Weighted Average Yield	2.69%	[3]	2.54%	[4]
Quarterly Weighted Average Yield	2.81%	[5]	2.61%	[6]
Agency RMBS | 30 Year Fixed-Rate	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Principal balance	6,166,378		6,494,723
Unamortized Premium (Discount)	414,656		435,680
Amortized Cost	6,581,034		6,930,403
Unrealized Gain/ (Loss), net	-153,651		-228,250
Mortgage-backed securities, at fair value	6,427,383		6,702,153
Net Weighted Average Coupon	4.12%	[1]	4.11%	[2]
Period- end Weighted Average Yield	3.03%	[3]	2.96%	[4]
Quarterly Weighted Average Yield	3.15%	[5]	3.13%	[6]
Agency RMBS | ARM	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Principal balance	351,557		251,693
Unamortized Premium (Discount)	4,450		992
Amortized Cost	356,007		252,685
Unrealized Gain/ (Loss), net	2,684		597
Mortgage-backed securities, at fair value	358,691		253,282
Net Weighted Average Coupon	2.88%	[1]	2.80%	[2]
Period- end Weighted Average Yield	2.63%	[3]	2.62%	[4]
Quarterly Weighted Average Yield	2.37%	[5]	2.41%	[6]
Agency RMBS | Hybrid ARM	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Principal balance	2,046,826		1,764,472
Unamortized Premium (Discount)	18,382		9,470
Amortized Cost	2,065,208		1,773,942
Unrealized Gain/ (Loss), net	11,617		-3,384
Mortgage-backed securities, at fair value	2,076,825		1,770,558
Net Weighted Average Coupon	2.73%	[1]	2.69%	[2]
Period- end Weighted Average Yield	2.53%	[3]	2.46%	[4]
Quarterly Weighted Average Yield	2.35%	[5]	2.06%	[6]
Agency-CMO	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Principal balance	1,638,374	[7]	1,532,474	[8]
Unamortized Premium (Discount)	-1,161,357	[7]	-1,051,777	[8]
Amortized Cost	477,017	[7]	480,697	[8]
Unrealized Gain/ (Loss), net	-9,788	[7]	-6,183	[8]
Mortgage-backed securities, at fair value	467,229	[7]	474,514	[8]
Net Weighted Average Coupon	2.68%	[1],[7]	2.76%	[2],[8]
Period- end Weighted Average Yield	4.46%	[3],[7]	3.82%	[4],[8]
Quarterly Weighted Average Yield	4.14%	[5],[7]	3.47%	[6],[8]
Non-Agency RMBS	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Principal balance	4,469,615	[10],[11],[9]	4,361,730	[12],[13]
Unamortized Premium (Discount)	-609,998	[10],[11],[9]	-618,634	[12],[13]
Amortized Cost	3,859,617	[10],[11],[9]	3,743,096	[12],[13]
Unrealized Gain/ (Loss), net	82,324	[10],[11],[9]	32,213	[12],[13]
Mortgage-backed securities, at fair value	3,941,941	[10],[11],[9]	3,775,309	[12],[13],[14]
Net Weighted Average Coupon	3.76%	[1],[10],[11],[9]	3.74%	[12],[13],[2]
Period- end Weighted Average Yield	4.10%	[10],[11],[3],[9]	3.75%	[12],[13],[4]
Quarterly Weighted Average Yield	4.26%	[10],[11],[5],[9]	4.60%	[12],[13],[6]
CMBS	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Principal balance	4,653,693	[15]	4,630,363	[16]
Unamortized Premium (Discount)	-2,032,007	[15]	-2,032,945	[16]
Amortized Cost	2,621,686	[15]	2,597,418	[16]
Unrealized Gain/ (Loss), net	76,972	[15]	31,142	[16]
Mortgage-backed securities, at fair value	$2,698,658	[15]	$2,628,560	[16]
Net Weighted Average Coupon	3.37%	[1],[15]	3.38%	[16],[2]
Period- end Weighted Average Yield	4.57%	[15],[3]	4.62%	[16],[4]
Quarterly Weighted Average Yield	4.51%	[15],[5]	4.51%	[16],[6]
[1]	Net weighted average coupon (“WAC”) as of March 31, 2014 is presented net of servicing and other fees.
[2]	Net WAC as of December 31, 2013 is presented net of servicing and other fees.
[3]	Weighted average yield is based on amortized cost as of March 31, 2014 and incorporates future prepayment and loss assumptions.
[4]	Weighted average yield based on amortized cost as of December 31, 2013 incorporates future prepayment and loss assumptions.
[5]	Weighted average yield is based on average amortized cost for the three months ended March 31, 2014 and incorporates actual cash flows and future prepayment and loss assumptions.
[6]	Weighted average yield based on average amortized cost for the three months ended December 31, 2013 incorporates actual cash flows and future prepayment and loss assumptions.
[7]	Included in Agency-CMO are interest-only securities, which represent 25.5% of the balance based on fair value.
[8]	Included in Agency-CMO are interest-only securities, which represent 25.0% of the balance based on fair value.
[9]	Included in Non-Agency RMBS are securities of $124.1 million for a future securitization not yet settled.
[10]	Non-Agency RMBS held by the Company is 55.8% variable rate, 30.1% fixed rate, and 14.1% floating rate based on fair value (excluding securities for a future securitization not yet settled).
[11]	Of the total discount in Non-Agency RMBS, $404.2 million is non-accretable.
[12]	Of the total discount in Non-Agency RMBS, $438.1 million is non-accretable.
[13]	Non-Agency RMBS held by the Company is 58.4% variable rate, 32.4% fixed rate, and 9.2% floating rate based on fair value.
[14]	Excluded from Non-Agency RMBS are securities of $124.1 million for a future securitization not yet settled.
[15]	Included in the CMBS are interest-only securities and commercial real estate mezzanine loan pass-through certificates which represent 7.1% and 1.7% of the balance based on fair value, respectively.
[16]	Included in the CMBS are interest-only securities and commercial real estate mezzanine loan pass-through certificates which represent 7.5% and 1.0% of the balance based on fair value, respectively.

MortgageBacked_Securities_Summ1

Mortgage-Backed Securities - Summary of Investment Portfolio (Parenthetical) (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'		'
Unamortized Premium (Discount)	($3,291,380)		($3,173,415)
Agency-CMO	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Percentage of Agency	25.50%		25.00%
Non-Agency RMBS	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Principal balance	124,052	[1],[2],[3]	'
Unamortized Premium (Discount)	-609,998	[1],[2],[3]	-618,634	[4],[5]
Non-Agency RMBS | Variable Rate	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Percentage of non-Agency securities classified as variable rate	55.80%		58.40%
Non-Agency RMBS | Fixed rate residential mortgage	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Percentage of non-Agency securities classified as fixed rate	30.10%		32.40%
Non-Agency RMBS | Floating Rate	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Percentage of non-Agency securities classified as floating rate	14.10%		9.20%
Non Agency RMBS, Non-accretable	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Unamortized Premium (Discount)	404,193	[1],[2],[3]	438,096	[1],[2],[3]
CMBS	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Unamortized Premium (Discount)	($2,032,007)	[6]	($2,032,945)	[7]
CMBS | Interest-Only Securities	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Percentage of Agency	7.10%		7.50%
CMBS | Commercial Real Estate Mezzanine Loan Pass-through Certificates	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Percentage of Agency	1.70%		1.00%
[1]	Included in Non-Agency RMBS are securities of $124.1 million for a future securitization not yet settled.
[2]	Non-Agency RMBS held by the Company is 55.8% variable rate, 30.1% fixed rate, and 14.1% floating rate based on fair value (excluding securities for a future securitization not yet settled).
[3]	Of the total discount in Non-Agency RMBS, $404.2 million is non-accretable.
[4]	Of the total discount in Non-Agency RMBS, $438.1 million is non-accretable.
[5]	Non-Agency RMBS held by the Company is 58.4% variable rate, 32.4% fixed rate, and 9.2% floating rate based on fair value.
[6]	Included in the CMBS are interest-only securities and commercial real estate mezzanine loan pass-through certificates which represent 7.1% and 1.7% of the balance based on fair value, respectively.
[7]	Included in the CMBS are interest-only securities and commercial real estate mezzanine loan pass-through certificates which represent 7.5% and 1.0% of the balance based on fair value, respectively.

MortgageBacked_Securities_Comp

Mortgage-Backed Securities - Components of Non-Agency RMBS Portfolio By Asset Type (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'		'
Mortgage-backed securities, at fair value	$17,535,190		$17,348,657
Non-Agency RMBS	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Mortgage-backed securities, at fair value	3,941,941	[1],[2],[3]	3,775,309	[4],[5],[6]
% of Non-Agency	'		100.00%	[4]
Non-Agency RMBS | Re-REMIC	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Mortgage-backed securities, at fair value	1,347,996		1,444,376
% of Non-Agency	35.30%		38.30%
Non-Agency RMBS | Prime	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Mortgage-backed securities, at fair value	1,286,040		1,336,821
% of Non-Agency	33.60%		35.50%
Non-Agency RMBS | Alt-A	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Mortgage-backed securities, at fair value	811,981		801,919
% of Non-Agency	21.30%		21.20%
Non-Agency RMBS | GSE CRT	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Mortgage-backed securities, at fair value	350,021	[7]	167,981	[7]
% of Non-Agency	9.20%	[7]	4.40%	[7]
Non-Agency RMBS | Subprime	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Mortgage-backed securities, at fair value	21,851		24,212
% of Non-Agency	0.60%		0.60%
Non Agency RMBS, excluding securities for a future securitization not yet settled	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Mortgage-backed securities, at fair value	$3,817,889	[4]	'
% of Non-Agency	100.00%	[4]	'
[1]	Included in Non-Agency RMBS are securities of $124.1 million for a future securitization not yet settled.
[2]	Non-Agency RMBS held by the Company is 55.8% variable rate, 30.1% fixed rate, and 14.1% floating rate based on fair value (excluding securities for a future securitization not yet settled).
[3]	Of the total discount in Non-Agency RMBS, $404.2 million is non-accretable.
[4]	Excluded from Non-Agency RMBS are securities of $124.1 million for a future securitization not yet settled.
[5]	Of the total discount in Non-Agency RMBS, $438.1 million is non-accretable.
[6]	Non-Agency RMBS held by the Company is 58.4% variable rate, 32.4% fixed rate, and 9.2% floating rate based on fair value.
[7]	Government-sponsored enterprise ("GSE") credit risk transfer ("CRT") securities are general obligations of Fannie Mae and Freddie Mac that are structured to provide credit protection to the issuer with respect to defaults and other credit events within reference pools of residential mortgage loans that collateralize MBS issued and guaranteed by these GSEs.

MortgageBacked_Securities_Comp1

Mortgage-Backed Securities - Components of Senior Re-REMIC at Fair Value (Detail)	Mar. 31, 2014		Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'		'
Percentage of Re-REMIC at fair value	100.00%	[1]	100.00%	[1]
Re-REMIC 0-10	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Percentage of Re-REMIC at fair value	5.40%	[1]	4.80%	[1]
Re-REMIC 10-20	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Percentage of Re-REMIC at fair value	3.60%	[1]	3.50%	[1]
Re-REMIC 20-30	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Percentage of Re-REMIC at fair value	14.80%	[1]	14.70%	[1]
Re-REMIC 30-40	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Percentage of Re-REMIC at fair value	25.60%	[1]	25.20%	[1]
Re-REMIC 40-50	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Percentage of Re-REMIC at fair value	36.90%	[1]	38.60%	[1]
Re-REMIC 50-60	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Percentage of Re-REMIC at fair value	9.00%	[1]	8.50%	[1]
Re-REMIC 60-70	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Percentage of Re-REMIC at fair value	4.70%	[1]	4.70%	[1]
[1]	Subordination refers to the credit enhancement provided to the Re-REMIC tranche by any junior Re-REMIC tranche or tranches in a resecuritization. This figure reflects the percentage of the balance of the underlying security represented by any junior tranche or tranches at the time of resecuritization. Generally, principal losses on the underlying security in excess of the subordination amount would result in principal losses on the Re-REMIC tranche.

MortgageBacked_Securities_Comp2

Mortgage-Backed Securities - Components of Carrying Value Of Investment Portfolio (Detail) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]	'	'
Principal balance	$20,796,756	$20,673,443
Unamortized premium	628,568	646,189
Unamortized discount	-3,919,948	-3,819,604
Gross unrealized gains	350,249	291,725
Gross unrealized losses	-320,435	-443,096
Fair value	$17,535,190	$17,348,657

MortgageBacked_Securities_Mort

Mortgage-Backed Securities - Mortgage-Backed Securities According to Weighted Average Life Classification (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investments, Debt and Equity Securities [Abstract]	'	'
Less than one year	$179,394	$101,251
Greater than one year and less than five years	6,133,678	5,958,852
Greater than or equal to five years	11,222,118	11,288,554
Fair Value	$17,535,190	$17,348,657

MortgageBacked_Securities_Unre

Mortgage-Backed Securities - Unrealized Losses and Estimated Fair Value of MBS by Length of Time (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	security	security
Schedule of Available-for-sale Securities [Line Items]	'	'
Fair Value, Less than 12 Months	$5,954,579	$8,103,382
Unrealized Losses, Less than 12 Months	-231,773	-380,621
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year	292	372
Fair Value, 12 Months or More	1,324,732	752,893
Unrealized Losses, 12 Months or More	-88,662	-62,475
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year	63	40
Fair Value, Total	7,279,311	8,856,275
Unrealized Losses, Total	-320,435	-443,096
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	355	412
Agency RMBS	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Fair Value, Less than 12 Months	3,841,847	5,366,141
Unrealized Losses, Less than 12 Months	-144,089	-243,814
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year	143	199
Fair Value, 12 Months or More	1,149,780	652,359
Unrealized Losses, 12 Months or More	-81,600	-57,013
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year	49	28
Fair Value, Total	4,991,627	6,018,500
Unrealized Losses, Total	-225,689	-300,827
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	192	227
Agency RMBS | 15 Year Fixed-Rate	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Fair Value, Less than 12 Months	51,861	431,527
Unrealized Losses, Less than 12 Months	-809	-4,964
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year	3	18
Fair Value, 12 Months or More	103,393	11,100
Unrealized Losses, 12 Months or More	-2,915	-259
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year	6	1
Fair Value, Total	155,254	442,627
Unrealized Losses, Total	-3,724	-5,223
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	9	19
Agency RMBS | 30 Year Fixed-Rate	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Fair Value, Less than 12 Months	2,937,730	3,710,679
Unrealized Losses, Less than 12 Months	-140,473	-228,167
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year	98	126
Fair Value, 12 Months or More	1,046,387	641,259
Unrealized Losses, 12 Months or More	-78,685	-56,754
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year	43	27
Fair Value, Total	3,984,117	4,351,938
Unrealized Losses, Total	-219,158	-284,921
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	141	153
Agency RMBS | ARM	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Fair Value, Less than 12 Months	131,304	94,447
Unrealized Losses, Less than 12 Months	-500	-968
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year	6	7
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year	0	0
Fair Value, Total	131,304	94,447
Unrealized Losses, Total	-500	-968
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	6	7
Agency RMBS | Hybrid ARM	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Fair Value, Less than 12 Months	720,952	1,129,488
Unrealized Losses, Less than 12 Months	-2,307	-9,715
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year	36	48
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year	0	0
Fair Value, Total	720,952	1,129,488
Unrealized Losses, Total	-2,307	-9,715
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	36	48
Agency-CMO	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Fair Value, Less than 12 Months	347,024	311,935
Unrealized Losses, Less than 12 Months	-14,927	-16,599
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year	23	13
Fair Value, 12 Months or More	8,563	8,883
Unrealized Losses, 12 Months or More	-3,603	-3,736
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year	4	4
Fair Value, Total	355,587	320,818
Unrealized Losses, Total	-18,530	-20,335
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	27	17
Non-Agency RMBS	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Fair Value, Less than 12 Months	882,640	1,307,036
Unrealized Losses, Less than 12 Months	-40,383	-58,326
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year	59	76
Fair Value, 12 Months or More	166,389	91,651
Unrealized Losses, 12 Months or More	-3,459	-1,726
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year	10	8
Fair Value, Total	1,049,029	1,398,687
Unrealized Losses, Total	-43,842	-60,052
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	69	84
CMBS	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Fair Value, Less than 12 Months	883,068	1,118,270
Unrealized Losses, Less than 12 Months	-32,374	-61,882
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year	67	84
Fair Value, 12 Months or More	'	0
Unrealized Losses, 12 Months or More	'	0
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year	0	0
Fair Value, Total	883,068	1,118,270
Unrealized Losses, Total	($32,374)	($61,882)
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	67	84

MortgageBacked_Securities_Impa

Mortgage-Backed Securities - Impact of MBS on Accumulated other Comprehensive Income (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Investments, Debt and Equity Securities [Abstract]	'	'
Unrealized gain on MBS at beginning of period	($151,371)	$523,725
Unrealized gain (loss) on MBS, net	181,185	-70,136
Balance at the end of period	$29,814	$453,589

MortgageBacked_Securities_Comp3

Mortgage-Backed Securities - Components of MBS Interest Income (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Coupon Interest	$184,129	$206,517
Net (Premium Amortization)/ Discount Accretion	-32,390	-46,173
Interest income	151,739	160,344
Agency RMBS	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Coupon Interest	105,483	143,414
Net (Premium Amortization)/ Discount Accretion	-23,664	-45,114
Interest income	81,819	98,300
Non-Agency RMBS	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Coupon Interest	39,931	36,411
Net (Premium Amortization)/ Discount Accretion	935	1,141
Interest income	40,866	37,552
CMBS	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Coupon Interest	38,612	26,650
Net (Premium Amortization)/ Discount Accretion	-9,661	-2,200
Interest income	28,951	24,450
Other	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Coupon Interest	103	42
Interest income	$103	$42

MortgageBacked_Securities_Addi

Mortgage-Backed Securities - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'	'
Gross unrealized losses	($320,435)	'	($443,096)
Net unrealized gains (losses) from other comprehensive income into gain (loss) on sale of investments	11,718	-6,712	'
Agency RMBS	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'
Gross unrealized losses	-225,700	'	'
Agency-CMO, Non-Agency RMBS And CMBS	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'
Gross unrealized losses	($94,700)	'	'

Residential_Loans_HeldforInves2

Residential Loans Held-for-Investment Carrying Value for Residential Loans Held-For-Investment (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
	entity	Variable Interest Entity, Primary Beneficiary	Variable Interest Entity, Primary Beneficiary	Variable Interest Entity, Primary Beneficiary
			Residential Mortgage	Residential Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'
Number of Variable Interest Entities	6	'	'	'
Principal balance	'	$287,400	$2,049,448	$1,783,983
Unamortized premium, net	'	'	22,136	27,163
Recorded investment	'	'	2,071,584	1,811,146
Allowance for loan losses	'	'	-1,091	-884
Carrying value	'	'	$2,070,493	$1,810,262

Residential_Loans_HeldforInves3

Residential Loans Held-for-Investment Residential Loans Held-for-Investment Organized by Year of Origination (Detail) (Residential Mortgage, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
	Loan
Portfolio Characteristics:	'
Number of Loans	2,673	[1]
Current Principal Balance	$2,049,448
Net Weighted Average Coupon Rate	3.56%
Weighted Average Maturity (years)	'29 years 0 months 11 days
Current Performance:	'
Current	2,046,939
30 Day Delinquent	2,509
60 Days Delinquent	0
90+ Days Delinquent	0
Bankruptcy/Foreclosure	0
Total	2,049,448
Origination in 2013	'
Portfolio Characteristics:	'
Number of Loans	2,068	[1]
Current Principal Balance	1,548,345
Net Weighted Average Coupon Rate	3.57%
Weighted Average Maturity (years)	'29 years 1 month 17 days
Current Performance:	'
Current	1,547,775
30 Day Delinquent	570
60 Days Delinquent	0
90+ Days Delinquent	0
Bankruptcy/Foreclosure	0
Total	1,548,345
Origination in 2012	'
Portfolio Characteristics:	'
Number of Loans	595	[1]
Current Principal Balance	496,438
Net Weighted Average Coupon Rate	3.50%
Weighted Average Maturity (years)	'28 years 9 months 11 days
Current Performance:	'
Current	494,499
30 Day Delinquent	1,939
60 Days Delinquent	0
90+ Days Delinquent	0
Bankruptcy/Foreclosure	0
Total	496,438
Origination in 2009	'
Portfolio Characteristics:	'
Number of Loans	7	[1]
Current Principal Balance	2,593
Net Weighted Average Coupon Rate	3.73%
Weighted Average Maturity (years)	'25 years 3 months 4 days
Current Performance:	'
Current	2,593
60 Days Delinquent	0
90+ Days Delinquent	0
Bankruptcy/Foreclosure	0
Total	2,593
Origination In 2008	'
Portfolio Characteristics:	'
Number of Loans	3
Current Principal Balance	2,072
Net Weighted Average Coupon Rate	6.13%
Weighted Average Maturity (years)	'24 years 4 months 28 days
Current Performance:	'
Current	2,072
60 Days Delinquent	0
90+ Days Delinquent	0
Bankruptcy/Foreclosure	0
Total	$2,072
[1]	None for 2011 and 2010

Residential_Loans_HeldforInves4

Residential Loans Held-for-Investment Five Largest Geographic Concentrations of Residential Loans (Detail) (Geographic Concentration Risk, Residential Mortgage)	3 Months Ended
	Mar. 31, 2014
Concentration Risk [Line Items]	'
Concentration risk percentage	100.00%
California	'
Concentration Risk [Line Items]	'
Concentration risk percentage	49.90%
Illinois	'
Concentration Risk [Line Items]	'
Concentration risk percentage	5.90%
Massachusetts	'
Concentration Risk [Line Items]	'
Concentration risk percentage	4.50%
Maryland	'
Concentration Risk [Line Items]	'
Concentration risk percentage	4.10%
Virginia	'
Concentration Risk [Line Items]	'
Concentration risk percentage	4.00%
Other states (none greater than 4%)	'
Concentration Risk [Line Items]	'
Concentration risk percentage	31.60%

Residential_Loans_HeldforInves5

Residential Loans Held-for-Investment Five Largest Geographic Concentrations of Residential Loans (Parenthetical) (Detail) (Other states (none greater than 4%), Geographic Concentration Risk, Maximum, Residential Mortgage)	Mar. 31, 2014
Other states (none greater than 4%) | Geographic Concentration Risk | Maximum | Residential Mortgage	'
Concentration Risk [Line Items]	'
Concentration risk percentage per other state	4.00%

Residential_Loans_HeldforInves6

Residential Loans Held-for-Investment Future Minimum Annual Principal Payments Under Residential Loans, Held for Investments (Detail) (Residential Mortgage, USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Residential Mortgage	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Within one year	$38,276
One to three years	81,076
Three to five years	87,509
Greater than or equal to five years	1,842,587
Total	$2,049,448

Residential_Loans_HeldforInves7

Residential Loans Held-for-Investment Activity in Allowance for Loan Losses (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Mortgage Loans on Real Estate [Abstract]	'	'
Balance at beginning of period	($884)	'
Charge-offs, net	0	'
Provision for loan losses	-207	0
Balance at end of period	($1,091)	'

Commercial_Loans_HeldforInvest1

Commercial Loans Held-for-Investment - Additional Information (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
	Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Number of loans originated	1
Commercial	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Number of Loans	5
Mezzanine	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Carrying value	49,700,000
Unamortized costs	100,000
Unfunded commitment	10,200,000
First mortgage	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Number of Loans	1
Carrying value	20,100,000
Unamortized costs	77,000
Unfunded commitment	2,000,000
Preferred Equity Investment	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Number of Loans	1
Carrying value	23,000,000

Investments_in_Unconsolidated_1

Investments in Unconsolidated Ventures - Additional Information (Detail) (USD $)	3 Months Ended			3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Sep. 30, 2011
				Invesco Mortgage Recovery Feeder Fund, L.P. And Invesco Mortgage Recovery Loans AIV, L.P.	Invesco Mortgage Recovery Feeder Fund, L.P. And Invesco Mortgage Recovery Loans AIV, L.P.	IMRF Loan Portfolio Member LLC	IMRF Loan Portfolio Member LLC	IMRF Loan Portfolio Member LLC
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'	'	'
Initial investment in unconsolidated ventures	'	'	'	$100,000,000	'	'	'	'
Total investments in unconsolidated ventures, at fair value	42,123,000	'	44,403,000	94,600,000	'	'	'	16,900,000
Committed to fund	'	'	'	5,400,000	'	'	'	'
Equity in earnings	441,000	1,590,000	'	215,000	345,000	94,000	-105,000	'
Unrealized gain (loss) from investments in unconsolidated ventures	'	'	'	$92,000	$148,000	$40,000	$1,200,000	'

Borrowings_Schedule_of_Borrowi

Borrowings - Schedule of Borrowings (Detail) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Borrowings [Line Items]	'	'
Amount Outstanding	$15,252,310	$15,851,675
Weighted Average Interest Rate	0.84%	0.86%
Weighted Average Remaining Maturity	'61 days	'60 days
Agency RMBS	'	'
Borrowings [Line Items]	'	'
Amount Outstanding	9,746,051	10,281,154
Weighted Average Interest Rate	0.34%	0.38%
Weighted Average Remaining Maturity	'20 days	'19 days
Non-Agency RMBS	'	'
Borrowings [Line Items]	'	'
Amount Outstanding	3,067,127	3,088,064
Weighted Average Interest Rate	1.55%	1.54%
Weighted Average Remaining Maturity	'35 days	'33 days
CMBS	'	'
Borrowings [Line Items]	'	'
Amount Outstanding	2,039,132	2,082,457
Weighted Average Interest Rate	1.37%	1.39%
Weighted Average Remaining Maturity	'24 days	'23 days
Exchangeable Senior Notes	'	'
Borrowings [Line Items]	'	'
Amount Outstanding	$400,000	$400,000
Weighted Average Interest Rate	5.00%	5.00%
Weighted Average Remaining Maturity	'1445 days	'1535 days

Borrowings_Repurchase_Agreemen

Borrowings - Repurchase Agreements (Detail) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	$14,852,310		$15,451,675
Percent of Total Amount Outstanding	100.00%		100.00%
Company MBS Held as Collateral	16,548,288		17,079,377
Credit Suisse Securities (USA) LLC	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	1,824,258		1,809,896
Percent of Total Amount Outstanding	12.30%		11.80%
Company MBS Held as Collateral	2,239,264	[1]	2,203,883	[2]
South Street Securities Llc	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	1,115,973		1,236,812
Percent of Total Amount Outstanding	7.50%		8.00%
Company MBS Held as Collateral	1,162,910		1,286,384
Citigroup Global Markets Inc	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	951,086		1,027,210
Percent of Total Amount Outstanding	6.40%		6.60%
Company MBS Held as Collateral	1,091,193		1,164,162
Banc Of America Securities Llc	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	998,773		1,043,689
Percent of Total Amount Outstanding	6.70%		6.80%
Company MBS Held as Collateral	1,090,734		1,146,151
Wells Fargo Securities, LLC	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	905,576		857,824
Percent of Total Amount Outstanding	6.10%		5.60%
Company MBS Held as Collateral	1,077,374		996,151
J.P. Morgan Securities Inc.	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	825,944		875,201
Percent of Total Amount Outstanding	5.60%		5.70%
Company MBS Held as Collateral	943,476		1,001,116
Royal Bank of Canada	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	731,542		710,705
Percent of Total Amount Outstanding	4.90%		4.60%
Company MBS Held as Collateral	873,794		850,870
HSBC Securities (USA) Inc	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	790,364		787,462
Percent of Total Amount Outstanding	5.30%		5.10%
Company MBS Held as Collateral	812,923		809,230
Morgan Stanley & Co. Incorporated	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	692,657		691,599
Percent of Total Amount Outstanding	4.70%		4.50%
Company MBS Held as Collateral	755,719		758,761
Rbs Securities Inc	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	603,578		720,457
Percent of Total Amount Outstanding	4.10%		4.70%
Company MBS Held as Collateral	733,689		854,978
Pierpont Securities L L C	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	647,870		791,572
Percent of Total Amount Outstanding	4.40%		5.10%
Company MBS Held as Collateral	673,870		824,184
Ing Financial Market Llc	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	615,970		676,644
Percent of Total Amount Outstanding	4.10%		4.40%
Company MBS Held as Collateral	654,816		718,086
Mitsubishi UFJ Securities (USA), Inc	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	577,807		625,703
Percent of Total Amount Outstanding	3.90%		4.00%
Company MBS Held as Collateral	606,196		656,046
BNP Paribas Securities Corp.	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	532,503		471,372
Percent of Total Amount Outstanding	3.60%		3.10%
Company MBS Held as Collateral	582,651		499,106
Deutsche Bank Securities Inc	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	474,843		423,405
Percent of Total Amount Outstanding	3.20%		2.70%
Company MBS Held as Collateral	534,847		468,939
Industrial And Commercial Bank Of China Financial Services Llc	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	460,433		493,906
Percent of Total Amount Outstanding	3.10%		3.20%
Company MBS Held as Collateral	484,647		518,775
Nomura Securities International, Inc	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	457,959		578,265
Percent of Total Amount Outstanding	3.10%		3.70%
Company MBS Held as Collateral	480,925		608,193
Goldman, Sachs & Co	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	395,619		404,094
Percent of Total Amount Outstanding	2.70%		2.60%
Company MBS Held as Collateral	417,528		423,598
Scotia Capital	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	390,897		443,534
Percent of Total Amount Outstanding	2.60%		2.90%
Company MBS Held as Collateral	406,486		461,066
KGS Alpha Capital Markets L P	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	292,395		202,677
Percent of Total Amount Outstanding	2.00%		1.30%
Company MBS Held as Collateral	308,702		214,033
Td Securities	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	152,895		155,099
Percent of Total Amount Outstanding	1.00%		1.00%
Company MBS Held as Collateral	161,454		163,512
Barclays Capital Inc.	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	109,841		156,904
Percent of Total Amount Outstanding	0.70%		1.00%
Company MBS Held as Collateral	130,632		165,605
Cantor Fitzgerald & Co	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	113,219		68,261
Percent of Total Amount Outstanding	0.80%		0.40%
Company MBS Held as Collateral	119,290		71,910
Daiwa Capital Markets America Inc	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	107,463		112,309
Percent of Total Amount Outstanding	0.70%		0.70%
Company MBS Held as Collateral	112,392		117,551
Mizuho Securities Usa Inc	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	51,422		53,962
Percent of Total Amount Outstanding	0.30%		0.30%
Company MBS Held as Collateral	59,736		62,423
Guggenheim Liquidity Services, LLC	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Amount Outstanding	31,423		33,113
Percent of Total Amount Outstanding	0.20%		0.20%
Company MBS Held as Collateral	33,040		34,664
Consolidation, Eliminations | Credit Suisse Securities (USA) LLC	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Company MBS Held as Collateral	$169,171		$133,837
[1]	Includes $169.2 million of MBS held as collateral which are eliminated in consolidation.
[2]	Includes $133.8 million of MBS held as collateral which are eliminated in consolidation.

Borrowings_Carrying_Value_of_A

Borrowings - Carrying Value of Assets Backed Securities Issued (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'	'
Carrying value	$1,873,434	$1,643,741
Asset backed securities	'	'
Debt Instrument [Line Items]	'	'
Principal balance	1,861,086	'
Unamortized premium	9,510	'
Unamortized discount	-11,432	'
Loan loss reserve	0	'
Carrying value	1,873,434	'
Number of series	6	'
Asset backed securities | Interest-only securities	'	'
Debt Instrument [Line Items]	'	'
Principal balance	14,270	'
Asset backed securities | Minimum	'	'
Debt Instrument [Line Items]	'	'
Weighted average interest rates	2.80%	'
Asset backed securities | Maximum	'	'
Debt Instrument [Line Items]	'	'
Weighted average interest rates	3.80%	'
Collateralized Mortgage Backed Securities	'	'
Debt Instrument [Line Items]	'	'
Principal balance	2,049,448	'
Unamortized premium	22,136	'
Unamortized discount	0	'
Loan loss reserve	-1,091	'
Carrying value	2,070,493	'
Collateralized Mortgage Backed Securities | Interest-only securities	'	'
Debt Instrument [Line Items]	'	'
Principal balance	$0	'

Borrowings_Principal_Repayment

Borrowings - Principal Repayment Schedule of ABS (Detail) (Asset backed securities, USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Asset backed securities	'
Debt Instrument [Line Items]	'
Within One Year	$192,386
One to Three Years	335,283
Three to Five Years	275,201
Greater Than or Equal to Five Years	1,058,216
Total	$1,861,086

Borrowings_Additional_Informat

Borrowings - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended		12 Months Ended
	Aug. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
		trust
Repurchase Agreement Counterparty [Line Items]	'	'	'	'
Pledged Financial Instruments, Not Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment	'	$16,548,288,000	'	$17,079,377,000
Collateral Ratio	'	111.00%	'	111.00%
Number of securitization trusts	'	6	'	'
Proceed from issuance of debt	'	0	400,000,000	'
Number of Shares Registered for Resale Prospectus	605,034	'	'	'
Exchangeable Senior Notes	'	'	'	'
Repurchase Agreement Counterparty [Line Items]	'	'	'	'
Aggregate principal balance of Loans sold	'	'	400,000,000	'
Debt instrument, maturity year	'	'	'2018	'
Proceed from issuance of debt	'	'	387,700,000	'
Debt instrument, percentage	'	5.00%	'	'
First interest payment date	'	15-Sep-13	'	'
Conversion ratio, Shares of Common Stock at an initial exchange rate per $1,000 principal	'	0.0420893	'	'
Common Stock, exchange price	'	$23.76	$23.76	'
Accrued interest payable on notes	'	889,000	'	'
Variable Interest Entity, Primary Beneficiary	'	'	'	'
Repurchase Agreement Counterparty [Line Items]	'	'	'	'
Securitized loans, aggregate principal amount	'	287,400,000	'	'
Aggregate principal balance of Loans sold	'	300,000,000	'	'
Variable Interest Entity, Primary Beneficiary | Asset backed securities	'	'	'	'
Repurchase Agreement Counterparty [Line Items]	'	'	'	'
Aggregate principal balance of Loans sold	'	246,700,000	'	'
Aggregate principal balance paid	'	$19,300,000	'	'
Minimum	'	'	'	'
Repurchase Agreement Counterparty [Line Items]	'	'	'	'
Repurchase obligation, maturity	'	'30 days	'	'
Maximum	'	'	'	'
Repurchase Agreement Counterparty [Line Items]	'	'	'	'
Repurchase obligation, maturity	'	'1 year	'	'
Maximum | Exchangeable Senior Notes	'	'	'	'
Repurchase Agreement Counterparty [Line Items]	'	'	'	'
Conversion ratio, Shares of Common Stock at an initial exchange rate per $1,000 principal	'	0.0484027	'	'
Common Stock, exchange price	'	'	$20.66	'

Derivatives_and_Hedging_Activi2

Derivatives and Hedging Activities - Open CDS Sold (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Derivative [Line Items]	'	'
Notional amount	$14,200,000,000	$14,050,000,000
CDS Contract	'	'
Derivative [Line Items]	'	'
Fair value amount	607,000	654,000
Notional amount	47,764,000	51,823,000
Maximum potential amount of future undiscounted payments	47,764,000	51,823,000
Recourse provisions with third parties	0	0
Collateral held by counterparty	$7,323,000	$7,979,000

Derivatives_and_Hedging_Activi3

Derivatives and Hedging Activities - Interest Rate Derivatives Outstanding Designated as Cash Flow Hedges (Detail) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

Interest Rate Swap

SunTrust Bank

Deutsche Bank AG

Deutsche Bank AG

Credit Suisse International

Credit Suisse International

Wells Fargo Bank, N.A.

Wells Fargo Bank, N.A.

Morgan Stanley Capital Services, LLC

Bank of New York Mellon

Morgan Stanley Capital Services, LLC

Citibank, N.A.

Credit Suisse International

Bank of New York Mellon

JPMorgan Chase Bank, N.A.

Goldman Sachs Bank USA

Goldman Sachs Bank USA

Wells Fargo Bank, N.A.

JPMorgan Chase Bank, N.A.

Citibank, N.A

Deutsche Bank AG

ING Capital Markets LLC

Morgan Stanley Capital Services, LLC

ING Capital Markets LLC

JPMorgan Chase Bank, N.A.

UBS AG

ING Capital Markets LLC

The Royal Bank of Scotland Plc

Cme Clearing House February Fifth Twenty Twenty One

Cme Clearing House February Fifth Twenty Twenty One

Wells Fargo Bank, N.A.

Citibank, N.A.

HSBC Bank USA, National Association

The Royal Bank of Scotland Plc

UBS AG

HSBC Bank USA, National Association

HSBC Bank USA, National Association

The Royal Bank of Scotland Plc

Cme Clearing House October Twenty Four Twenty Twenty Three [Member]

UBS AG

HSBC Bank USA, National Association

Interest Rate Derivatives Outstanding [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notional amount

$14,200,000,000

$14,050,000,000

$12,800,000,000

$100,000,000

$200,000,000

$250,000,000

$100,000,000

$100,000,000

$100,000,000

$50,000,000

$300,000,000

$300,000,000

$300,000,000

$300,000,000

$500,000,000

$500,000,000

$500,000,000

$500,000,000

$250,000,000

$250,000,000

$500,000,000

$500,000,000

$150,000,000

$350,000,000

$100,000,000

$300,000,000

$200,000,000

$500,000,000

$400,000,000

$500,000,000

$300,000,000

[1],[2]

$300,000,000

[1],[2]

$200,000,000

$200,000,000

$550,000,000

[3]

$400,000,000

[4]

$400,000,000

[4]

$250,000,000

$250,000,000

$500,000,000

$600,000,000

[1]

$250,000,000

$500,000,000

Maturity Date

'

'

'

15-Jul-14

15-Jan-15

15-Feb-15

24-Feb-15

24-Mar-15

15-Jul-15

15-Jul-15

24-Jan-16

24-Jan-16

5-Apr-16

15-Apr-16

15-Apr-16

15-Apr-16

16-May-16

24-May-16

15-Jun-16

15-Jun-16

24-Jun-16

15-Oct-16

5-Feb-18

24-Feb-18

5-Apr-18

5-May-18

15-May-18

24-May-18

5-Jun-18

5-Sep-18

5-Feb-21

[1],[2]

5-Feb-21

[1],[2]

15-Mar-21

25-May-21

24-Feb-22

[3]

15-Mar-23

[4]

15-Mar-23

[4]

5-Jun-23

5-Jul-23

15-Aug-23

24-Aug-23

[1]

15-Nov-23

15-Dec-23

Fixed Interest Rate in Contract

'

'

2.12%

2.79%

1.08%

1.14%

3.26%

2.76%

2.85%

2.44%

2.12%

2.13%

2.48%

1.67%

2.27%

2.24%

2.31%

2.34%

2.67%

2.67%

2.51%

1.93%

2.90%

0.95%

3.10%

0.79%

2.93%

1.10%

0.87%

1.04%

2.50%

[1],[2]

2.69%

[1],[2]

3.14%

2.83%

2.45%

[3]

2.39%

[4]

2.51%

[4]

1.91%

1.97%

1.98%

2.88%

[1]

2.23%

2.20%

[1]

Beginning June 10, 2013, regulations promulgated under The Dodd-Frank Wall Street Reform and Consumer Protection Act mandate that the Company clear new interest rate swap transactions through a central counterparty. Transactions that are centrally cleared result in the Company facing a clearing house, rather than a swap dealer, as counterparty. Central clearing requires the Company to post collateral in the form of initial and variation margin to the clearing house which reduces default risk.

[2]

Forward start date of February 2016

[3]

Forward start date of February 2015

[4]

Forward start date of March 2015

Derivatives_and_Hedging_Activi4

Derivatives and Hedging Activities - Outstanding Interest Rate Swaptions (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014
Derivative Interest Rate Swaptions [Roll Forward]	'
Notional Amount, Beginning Balance	$14,050,000,000
Additions	1,000,000,000
Settlement, Termination, Expiration or Exercise	-850,000,000
Notional Amount, Ending Balance	14,200,000,000
Amount of Realized Gain, net on Interest Rate Swaps and Swaptions	-18,824,000
Swaptions	'
Derivative Interest Rate Swaptions [Roll Forward]	'
Notional Amount, Beginning Balance	1,150,000,000
Additions	500,000,000
Settlement, Termination, Expiration or Exercise	-750,000,000
Notional Amount, Ending Balance	900,000,000
Amount of Realized Gain, net on Interest Rate Swaps and Swaptions	-15,075,000
Interest Rate Swap	'
Derivative Interest Rate Swaptions [Roll Forward]	'
Notional Amount, Beginning Balance	12,800,000,000
Additions	0
Settlement, Termination, Expiration or Exercise	0
Notional Amount, Ending Balance	12,800,000,000
Purchase of TBAs	'
Derivative Interest Rate Swaptions [Roll Forward]	'
Notional Amount, Beginning Balance	0
Additions	150,000,000
Settlement, Termination, Expiration or Exercise	0
Notional Amount, Ending Balance	150,000,000
Amount of Realized Gain, net on Interest Rate Swaps and Swaptions	0
Sale of TBAs	'
Derivative Interest Rate Swaptions [Roll Forward]	'
Notional Amount, Beginning Balance	0
Additions	250,000,000
Settlement, Termination, Expiration or Exercise	0
Notional Amount, Ending Balance	250,000,000
Amount of Realized Gain, net on Interest Rate Swaps and Swaptions	0
Options Held	'
Interest Rate Swaps [Line Items]	'
Option Cost	12,888,000
Option Fair Value	3,104,000
Average Term	'6 months 12 days
Options Held | Payer Swaption | Maximum	'
Interest Rate Swaps [Line Items]	'
Option Cost	8,200,000
Option Fair Value	10,000
Average Months to Expiration	'6 months
Average Term	'2 months
Options Held | Payer Swaption | Minimum	'
Interest Rate Swaps [Line Items]	'
Option Cost	4,688,000
Option Fair Value	3,094,000
Average Months to Expiration	'6 months
Average Term	'10 months
Underlying Swap	'
Interest Rate Swaps [Line Items]	'
Underlying Swap Average Fixed Pay Rate	3.31%
Average Term	'7 years 2 months 12 days
Underlying Swap | Payer Swaption | Maximum	'
Interest Rate Swaps [Line Items]	'
Underlying Swap Average Fixed Pay Rate	3.76%
Underlying Swap Average Receive Rate	'3M Libor
Average Term	'10 years
Underlying Swap | Payer Swaption | Minimum	'
Interest Rate Swaps [Line Items]	'
Underlying Swap Average Fixed Pay Rate	2.96%
Underlying Swap Average Receive Rate	'3M Libor
Average Term	'5 years
US Treasury Futures Contracts	'
Derivative Interest Rate Swaptions [Roll Forward]	'
Notional Amount, Beginning Balance	100,000,000
Additions	100,000,000
Settlement, Termination, Expiration or Exercise	-100,000,000
Notional Amount, Ending Balance	100,000,000
Amount of Realized Gain, net on Interest Rate Swaps and Swaptions	-3,749,000
Interest Rate Swaption	'
Derivative Interest Rate Swaptions [Roll Forward]	'
Notional Amount, Ending Balance	900,000,000
Interest Rate Swaption | Payer Swaption | Maximum	'
Derivative Interest Rate Swaptions [Roll Forward]	'
Notional Amount, Ending Balance	400,000,000
Interest Rate Swaption | Payer Swaption | Minimum	'
Derivative Interest Rate Swaptions [Roll Forward]	'
Notional Amount, Ending Balance	$500,000,000

Derivatives_and_Hedging_Activi5

Derivatives and Hedging Activities - Fair Value of Derivative Financial Instruments Classification on Balance Sheet (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]	'	'
Derivative assets, at fair value	$166,691	$262,059
Derivative liability, at fair value	259,317	263,204
Asset Derivatives | Interest Rate Swap Asset	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative assets, at fair value	161,691	256,449
Asset Derivatives | CDS Contract	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative assets, at fair value	607	654
Asset Derivatives | Swaptions	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative assets, at fair value	3,104	2,365
Asset Derivatives | TBAs	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative assets, at fair value	1,289	0
Asset Derivatives | US Treasury Futures Contracts	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative assets, at fair value	0	2,591
Liability Derivatives | Interest Rate Swap Liability	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative liability, at fair value	258,637	263,204
Liability Derivatives | TBAs	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative liability, at fair value	586	0
Liability Derivatives | US Treasury Futures Contracts	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative liability, at fair value	$94	$0

Derivatives_and_Hedging_Activi6

Derivatives and Hedging Activities - Effect of Derivative Financial Instruments on Statement of Operations (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Gain (loss) on interest rate derivative instruments, net	($151,312)	($2,003)
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Amount of gain (loss) recognized in OCI on derivative (effective portion)	0	-17,171
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | Interest expense	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Amount of gain (loss) reclassified from accumulated OCI into income (effective portion)	-21,296	-35,562
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | Realized and unrealized gain (loss) on interest rate derivative instruments	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Amount of gain (loss) recognized in income on derivative (ineffective portion)	0	-1
Not Designated as Hedging Instrument	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Gain (loss) on interest rate derivative instruments, net	-151,312	-2,003
Not Designated as Hedging Instrument | Interest Rate Swap	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Gain (loss) on interest rate derivative instruments, net	-141,633	-1
Not Designated as Hedging Instrument | CDS Contract | Realized and unrealized credit default swap income	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Gain (loss) on interest rate derivative instruments, net	-47	-223
Not Designated as Hedging Instrument | Futures Contract	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Gain (loss) on interest rate derivative instruments, net	($6,434)	'

Derivatives_and_Hedging_Activi7

Derivatives and Hedging Activities Derivatives and Hedging Activities - Effect of Derivative Financial Instruments on Accumulated Other Comprehensive Income (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'	'
Unrealized gain (loss) on derivative instruments at beginning of period	($156,993)	'
Unrealized gain (loss) on derivative instruments, net	202,481	-51,745
Balance at the end of period	$43,183	'

Derivatives_and_Hedging_Activi8

Derivatives and Hedging Activities - Additional Information (Detail) (USD $)

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2011

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Agents

Accrued Interest

Agency RMBS

Interest Rate Swaption

Credit Default Swap (CDS)

Credit Default Swap (CDS)

Credit Default Swap (CDS)

Minimum

Interest expense

Derivatives And Hedging Activities [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Specified loss limit on sale of pool of non-agency RMBS (percent)

'

'

'

'

'

'

'

25.00%

'

'

'

'

Stated fixed rate fee (percent)

'

'

'

'

'

'

'

3.00%

'

'

'

'

Notional amount of credit default swaps

$14,200,000,000

'

$14,050,000,000

'

'

'

'

'

$47,764,000

$51,823,000

'

'

Fair market value of credit default swaps

'

'

'

'

'

'

'

'

607,000

654,000

'

'

AOCI related to derivatives reclassed as an increase to interest expense

'

'

'

'

'

'

'

'

'

'

'

21,300,000

AOCI related to derivatives to be reclassified to interest expenses within Next 12 months

'

'

'

'

'

'

'

'

'

'

'

-83,000,000

Cash margin deposits

4,879,000

'

1,500,000

'

'

'

'

'

'

'

'

'

Agency RMBS pledged as collateral against swap contracts

293,700,000

'

'

127,800,000

'

'

'

'

'

'

'

'

Derivative posted cash collateral

'

'

'

20,100,000

'

293,700,000

'

'

'

'

'

'

Realized loss on interest rate swaption

'

'

'

'

'

'

-15,100,000

'

'

'

'

'

Unrealized loss on interest swap and swaptions

81,047,000

2,003,000

'

'

'

'

11,100,000

'

'

'

'

'

Minimum amount of shareholders' equity needed to be maintained

'

'

'

'

'

'

'

'

'

'

100,000,000

'

Minimum market value needed to be maintained

'

'

'

'

'

'

'

'

'

'

80,000,000

'

Derivatives, Liabilities

$259,317,000

'

$263,204,000

'

$255,800,000

'

'

'

'

'

'

'

Derivatives_and_Hedging_Activi9

Derivatives and Hedging Activities - Derivatives not Designated as Hedging Instrument (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Gain (loss) on interest rate derivative instruments, net	($151,312)	($2,003)
Unrealized Gain (Loss) on Derivatives	-81,047	-2,003
Not Designated as Hedging Instrument	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Derivative Instruments, Realized Gain (Loss) on Settlement, Termination, Expiration or Exercise, Net	-18,824	'
Contractual interest expense	-51,441	'
Gain (loss) on interest rate derivative instruments, net	-151,312	-2,003
Unrealized Gain (Loss) on Derivatives	-81,047	-2,003
Interest Rate Swap | Not Designated as Hedging Instrument	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Derivative Instruments, Realized Gain (Loss) on Settlement, Termination, Expiration or Exercise, Net	0	'
Contractual interest expense	-51,441	'
Gain (loss) on interest rate derivative instruments, net	-141,633	-1
Unrealized Gain (Loss) on Derivatives	-90,192	-1
Interest Rate Swaption | Not Designated as Hedging Instrument	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Derivative Instruments, Realized Gain (Loss) on Settlement, Termination, Expiration or Exercise, Net	-15,075	'
Gain (loss) on interest rate derivative instruments, net	-3,948	-2,002
Unrealized Gain (Loss) on Derivatives	11,127	-2,002
TBAs | Not Designated as Hedging Instrument	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Derivative Instruments, Realized Gain (Loss) on Settlement, Termination, Expiration or Exercise, Net	0	'
Gain (loss) on interest rate derivative instruments, net	703	'
Unrealized Gain (Loss) on Derivatives	703	'
Futures Contract | Not Designated as Hedging Instrument	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Derivative Instruments, Realized Gain (Loss) on Settlement, Termination, Expiration or Exercise, Net	-3,749	'
Gain (loss) on interest rate derivative instruments, net	-6,434	'
Unrealized Gain (Loss) on Derivatives	($2,685)	'

Offsetting_Assets_and_Liabilit2

Offsetting Assets and Liabilities - Offsetting of Derivative Assets (Detail) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Offsetting [Abstract]	'		'
Derivatives, Gross Amounts of Recognized Assets	$166,691		$262,059
Derivatives, Gross Amounts Offset in the Consolidated Balance Sheet	0		0
Derivatives, Net Amounts of Assets presented in the Consolidated Balance Sheet	166,691		262,059
Derivatives, Financial Instruments	-13,221	[1]	-671	[1]
Derivatives, Cash Collateral Received	-20,008		-48,607
Derivatives, Net Amount	$133,462		$212,781
[1]	Amounts represent interest rate derivatives in an asset position which could potentially be offset against interest rate derivatives in a liability position at March 31, 2014 and December 31, 2013, subject to a netting arrangement.

Offsetting_Assets_and_Liabilit3

Offsetting Assets and Liabilities - Offsetting of Derivative Liabilities and Repurchase Agreements (Detail) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Offsetting [Abstract]	'		'
Derivative liability, at fair value	$259,317		$263,204
Derivatives, Gross Amounts Offset in the Consolidated Balance Sheet, Derivatives	0		0
Derivatives, Net Amounts of Liabilities presented in the Consolidated Balance Sheet	259,317		263,204
Derivatives, Financial Instruments	-259,317	[1],[2]	-263,204	[1],[2]
Derivatives, Cash Collateral Posted	0	[2],[3]	0	[2],[3]
Derivatives, Net Amount	0		0
Repurchase agreements	14,852,310		15,451,675
Repurchase Agreements, Gross Amounts Offset in the Consolidated Balance Sheet	0		0
Repurchase Agreements, Net Amounts of Liabilities presented in the Consolidated Balance Sheet	14,852,310		15,451,675
Repurchase Agreements, Financial Instruments	-14,852,310	[1],[2]	-15,451,675	[1],[2]
Repurchase Agreements, Cash Collateral Posted	0	[2],[3]	0	[2],[3]
Repurchase Agreements, Net Amount	0		0
Gross Amounts of Recognized Liabilities	15,111,627		15,714,879
Gross Amounts Offset in the Consolidated Balance Sheet	0		0
Net Amounts of Liabilities presented in the Consolidated Balance Sheet	15,111,627		15,714,879
Financial Instruments	-15,111,627	[1],[2]	-15,714,879	[1],[2]
Cash Collateral Posted	0	[2],[3]	0	[2],[3]
Net Amount	$0		$0
[1]	The fair value of securities pledged against the Company's borrowing under repurchase agreements was $16.5 billion and $17.1 billion at March 31, 2014 and December 31, 2013, respectively, including securities eliminated in consolidation of $169.2 million and $133.8 million, respectively at March 31, 2014 and December 31, 2013.
[2]	Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements and interest rate derivatives.
[3]	Total cash received on the Company's derivatives was $20.1 million and $52.7 million at March 31, 2014 and December 31, 2013, respectively. Total non-cash collateral received on the Company's derivatives was $127.8 million and $207.0 million at March 31, 2014 and December 31, 2013, respectively. Total cash posted by the Company on its Derivatives was $4.9 million and $1.5 million at March 31, 2014 and December 31, 2013, respectively.

Offsetting_Assets_and_Liabilit4

Offsetting Assets and Liabilities - Offsetting of Derivative Liabilities and Repurchase Agreements (Parenthetical) (Detail) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Offsetting Liabilities [Line Items]	'	'
Fair value of securities pledged under repurchase agreement	$16,500,000,000	$17,100,000,000
Due from counterparties	4,879,000	1,500,000
Derivative	'	'
Offsetting Liabilities [Line Items]	'	'
Collateral cash received on derivatives	20,100,000	52,700,000
Non Cash collateral received on derivatives	127,800,000	207,000,000
Consolidation, Eliminations	'	'
Offsetting Liabilities [Line Items]	'	'
Fair value of securities pledged under repurchase agreement	$169,200,000	$133,800,000

Financial_Instruments_Fair_Val

Financial Instruments - Fair Values Measured on Recurring Basis (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Mortgage-backed securities, at fair value	$17,535,190	$17,348,657
Investments in unconsolidated ventures, at fair value	42,123	44,403
Derivative assets, at fair value	166,691	262,059
Total, Assets	17,744,004	17,655,119
Derivatives, Liabilities	259,317	263,204
Total	259,317	263,204
Level 1	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Derivative assets, at fair value	'	2,591
Total, Assets	'	2,591
Derivatives, Liabilities	94	'
Total	94	'
Level 2	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Mortgage-backed securities, at fair value	17,535,190	17,348,657
Derivative assets, at fair value	166,084	258,814
Total, Assets	17,701,274	17,607,471
Derivatives, Liabilities	259,223	263,204
Total	259,223	263,204
Level 3	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investments in unconsolidated ventures, at fair value	42,123	44,403
Derivative assets, at fair value	607	654
Total, Assets	$42,730	$45,057

Financial_Instruments_Fair_Val1

Financial Instruments - Fair Value on Recurring Basis Utilizing Level 3 Inputs (Detail) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Investments In Unconsolidated Ventures	'	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Beginning balance	$44,403	$35,301
Purchases	0	11,717
Sales and settlements	-2,721	-7,960
Realized gains/(losses), net	309	2,757
Unrealized gains/(losses), net	132	2,588
Unrealized gain/(losses), net included in other comprehensive income	0	0
Ending balance	42,123	44,403
CDS Contract	'	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Beginning balance	654	1,519
Unrealized gains/(losses), net	-47	-865
Unrealized gain/(losses), net included in other comprehensive income	0	0
Ending balance	$607	$654

Financial_Instruments_Quantita

Financial Instruments - Quantitative Information About Level 3 Fair Value Measurements (Detail) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

In Thousands, unless otherwise specified

CDS Contract

CDS Contract

CDS Contract

Swap Rate

Discount Rate

Credit Spread

Constant Prepayment Rate

Constant Prepayment Rate

Constant Prepayment Rate

Constant Default Rate

Constant Default Rate

Constant Default Rate

Loss Severity

Loss Severity

Loss Severity

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value

$607

$654

$1,519

'

'

'

'

'

'

'

'

'

'

'

'

Range

'

'

'

'

'

'

'

1.00%

20.00%

'

0.20%

100.00%

'

4.50%

67.70%

Weighted Average

'

'

'

2.39%

0.56%

0.26%

5.54%

'

'

4.46%

'

'

42.43%

'

'

Financial_Instruments_Carrying

Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Carrying value	'	'
Financial Instruments [Line Items]	'	'
Other investments	$109	$10,000
Total	2,163,350	1,884,861
Repurchase agreements	14,852,310	15,451,675
Asset-backed-securities	1,873,434	1,643,741
Exchangeable senior notes	400,000	400,000
Total	17,125,744	17,495,416
Carrying value | Residential Loans Held For Investment	'	'
Financial Instruments [Line Items]	'	'
Mortgage loans, held-for-investment	2,070,493	1,810,262
Carrying value | Commercial Loans Held For Investment	'	'
Financial Instruments [Line Items]	'	'
Mortgage loans, held-for-investment	92,748	64,599
Estimated fair value	'	'
Financial Instruments [Line Items]	'	'
Other investments	109	10,000
Total	2,114,863	1,783,984
Repurchase agreements	14,860,574	15,459,452
Asset-backed-securities	1,768,416	1,543,217
Exchangeable senior notes	386,000	368,250
Total	17,014,990	17,370,919
Estimated fair value | Residential Loans Held For Investment	'	'
Financial Instruments [Line Items]	'	'
Mortgage loans, held-for-investment	2,022,006	1,709,385
Estimated fair value | Commercial Loans Held For Investment	'	'
Financial Instruments [Line Items]	'	'
Mortgage loans, held-for-investment	$92,748	$64,599

Financial_Instruments_Addition

Financial Instruments - Additional Information (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2012
In Thousands, unless otherwise specified			Debt Securities	Debt Securities
				Three-month LIBOR rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'	'	'
Fair value of CDS contract	($11)	'	'	'
Debt security	$109	$10,000	$10,000	'
Debt maturity date	'	'	31-Oct-16	'
Debt interest rate above the three-month LIBOR rate	'	'	'	4.00%
Interest payment period	'	'	'Quarterly	'

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Related Party Transactions [Abstract]	'	'
Fee paid by Company to Manager as percentage of Company's shareholders' equity	1.50%	'
Management fee – related party	$9,335,000	$10,354,000
Management fees accrued but not paid	9,335,000	10,354,000
Related party transaction amount	1,800,000	1,200,000
Related party cost prepaid or expensed	1,765,000	934,000
Related party cost charged against equity as a cost of raising capital	0	234,000
Capitalized other assets	$0	'

Shareholders_Equity_Additional

Shareholders' Equity - Additional Information (Detail) (USD $)

3 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 18, 2014

Mar. 31, 2014

Mar. 18, 2014

Mar. 31, 2014

Dec. 02, 2013

Dec. 12, 2011

Mar. 31, 2014

Mar. 31, 2013

Exchangeable Senior Notes

Exchangeable Senior Notes

Restricted Stock Units (RSUs)

Employee And Officer

Employee And Officer

DRSPP

Incentive Plan

Series A Cumulative Redeemable Preferred Stock

Series A Cumulative Redeemable Preferred Stock

Common Stock

Common Stock

Common Stock

Common Stock

Maximum

Maximum

Exchangeable Senior Notes

Exchangeable Senior Notes

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate principal balance

'

'

'

'

$400,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceed from issuance of debt

0

400,000,000

'

'

387,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, maturity year

'

'

'

'

'2018

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion ratio, Shares of Common Stock at an initial exchange rate per $1,000 principal

'

'

'

0.0420893

'

'

'

'

'

'

'

'

'

'

'

'

0.0484027

'

Common Stock, exchange price

'

'

'

$23.76

$23.76

'

'

'

'

'

'

'

'

'

'

'

'

$20.66

Common stock shares issued

123,087,626

'

124,510,246

'

'

'

'

'

4,564

'

'

'

'

'

'

'

'

'

Price of per share of stock issued

'

'

'

'

'

'

'

'

$16.26

'

'

$25

'

'

'

'

'

'

Proceeds from issuance of common stock

73,000

381,276,000

'

'

'

'

'

'

74,000

'

'

'

'

'

'

'

'

'

Stock Issuance costs

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

Preferred Stock, dividend percentage rate

'

'

'

'

'

'

'

'

'

'

'

7.75%

'

'

'

'

'

'

Preferred Stock, dividends per annum (dollars per share)

'

'

'

'

'

'

'

'

'

'

'

$1.94

'

'

'

'

'

'

Preferred Stock, liquidation preference (dollars per share)

'

'

'

'

'

'

'

'

'

'

'

$25

'

'

'

'

'

'

Share repurchase program, number of shares authorized

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,000,000

7,000,000

'

'

Repurchase of shares of common stock, shares

'

'

'

'

'

'

'

'

'

'

'

'

'

1,438,213

'

'

'

'

Average price per repurchased common share

$14.69

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase of shares of common stock

21,129,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock repurchase program, remaining number of shares authorized to be repurchased

'

'

'

'

'

'

'

'

'

'

'

'

'

14,841,784

'

'

'

'

Common stock options reserved for issuance

'

'

'

'

'

'

'

'

'

1,000,000

'

'

'

'

'

'

'

'

Incentive Plan termination year

'

'

'

'

'

'

'

'

'

'2019

'

'

'

'

'

'

'

'

Compensation expense recognized

$52,000

$38,000

'

'

'

'

$81,000

$62,000

'

'

'

'

'

'

'

'

'

'

Restricted stock issued

2,745

1,770

'

'

'

'

20,732

'

'

'

'

'

'

'

'

'

'

'

Common stock shares issued in exchange for restricted stock

'

8,284

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of restricted stock units vested

'

'

'

'

'

12,599

'

'

'

'

'

'

'

'

'

'

'

'

Common stock dividend declared, per share

$0.50

$0.65

'

'

'

'

'

'

'

'

'

'

$0.50

'

'

'

'

'

Dividend payable date

'

'

'

'

'

'

'

'

'

'

25-Apr-14

'

28-Apr-14

'

'

'

'

'

Dividend payable, date of record

'

'

'

'

'

'

'

'

'

'

1-Apr-14

'

31-Mar-14

'

'

'

'

'

Series A preferred stock dividend, per share

'

'

'

'

'

'

'

'

'

'

$0.48

'

'

'

'

'

'

'

Earnings_per_Common_Share_Deta

Earnings per Common Share (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Numerator (Income)	'	'
Net income available to common shareholders	($74,440)	$83,992
Income allocated to exchangeable senior debt	0	1,160
Income allocated to non-controlling interest	-822	962
Dilutive net income available to shareholders	($75,262)	$86,114
Denominator (Weighted Average Shares)	'	'
Shares available to common shareholders	123,125	128,888
Restricted Stock Awards	0	26
OP Units	1,425	1,425
Exchangeable senior notes	0	3,741
Dilutive Shares	124,550	134,080
Exchangeable Senior Notes	'	'
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	17	'
Restricted Stock Units (RSUs)	'	'
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	41	'

Noncontrolling_InterestOperati1

Non-controlling Interest-Operating Partnership - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Noncontrolling Interest [Line Items]	'	'	'
Non-controlling interest related to the outstanding of OP Units	1,425,000	'	'
Non-controlling interest in Operating Partnership	1.10%	1.00%	'
Income allocated to the Operating Partnership non-controlling interest	($822)	$962	'
Distributions payable to non-controlling interest	64,969	91,049	66,087
Non- Controlling Interest	'	'	'
Noncontrolling Interest [Line Items]	'	'	'
Distribution paid to the non-controlling interest	713	926	'
Distributions payable to non-controlling interest	$713	$926	'