Invesco Mortgage Capital (IVR) 10-K 22 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 16, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	IVR
Entity Registrant Name	Invesco Mortgage Capital Inc.
Entity Central Index Key	1,437,071
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		113,621,371
Entity Public Float			$ 1,762,296,542

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
ASSETS
Mortgage-backed and credit risk transfer securities, at fair value		$ 16,065,935	$ 17,248,895
Residential loans, held-for-investment	[1]	0	3,365,003
Commercial loans, held-for-investment		209,062	145,756
Cash and cash equivalents		53,199	164,144
Due from counterparties		110,009	57,604
Investment related receivable		154,594	38,717
Accrued interest receivable		50,779	66,044
Derivative assets, at fair value		8,659	24,178
Deferred securitization and financing costs		5,587	13,080
Other investments		113,788	106,498
Other assets		1,124	1,098
Total assets	[1]	16,772,736	21,231,017
Liabilities:
Repurchase agreements		12,126,048	13,622,677
Secured loans		1,650,000	1,250,000
Asset-backed securities issued by securitization trusts	[1]	0	2,929,820
Exchangeable senior notes		400,000	400,000
Derivative liabilities, at fair value		238,148	254,026
Dividends and distributions payable		51,734	61,757
Investment related payable		167	17,008
Accrued interest payable		21,604	29,670
Collateral held payable		4,900	14,890
Accounts payable and accrued expenses		2,376	2,439
Due to affiliate		10,851	9,880
Total liabilities	[1]	14,505,828	18,592,167
Equity:
Common Stock, par value $0.01 per share; 450,000,000 shares authorized; 113,619,471 and 123,110,454 shares issued and outstanding, respectively		1,136	1,231
Additional paid in capital		2,407,372	2,532,130
Accumulated other comprehensive income (loss)		303,110	424,592
Retained earnings (distributions in excess of earnings)		(755,799)	(632,854)
Total stockholders’ equity		2,241,035	2,610,315
Non-controlling interest		25,873	28,535
Total equity		2,266,908	2,638,850
Total liabilities and equity		16,772,736	21,231,017
Series A Cumulative Redeemable Preferred Stock
Equity:
Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized:		135,356	135,356
Series B Cumulative Redeemable Preferred Stock
Equity:
Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized:		$ 149,860	149,860
Variable Interest Entity, Primary Beneficiary
ASSETS
Residential loans, held-for-investment			3,365,003
Accrued interest receivable			10,562
Deferred securitization and financing costs			5,032
Total assets			3,380,597
Liabilities:
Asset-backed securities issued by securitization trusts			2,929,820
Total liabilities			$ 2,938,512
[1]	As of December 31, 2014, the consolidated balance sheet included assets and liabilities of consolidated variable interest entities (“VIEs”) totaling $3,380,597 and $2,938,512, respectively. The Company deconsolidated these VIEs in 2015. Refer to Note 3 - "Variable Interest Entities" for further discussion.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Preferred Stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized	50,000,000	50,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	113,619,471	123,110,454
Common stock, shares outstanding	113,619,471	123,110,454
Series A Cumulative Redeemable Preferred Stock
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, aggregate liquidation preference	$ 140,000	$ 140,000
Series B Cumulative Redeemable Preferred Stock
Preferred Stock, dividend rate stated percentage	7.75%	7.75%
Preferred Stock, shares issued	6,200,000	6,200,000
Preferred Stock, shares outstanding	6,200,000	6,200,000
Preferred Stock, aggregate liquidation preference	$ 155,000	$ 155,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest Income
Mortgage-backed and credit risk transfer securities		$ 518,256	$ 579,062	$ 646,787
Residential loans	[1]	110,908	88,073	34,122
Commercial loans		15,331	9,508	1,451
Total interest income		644,495	676,643	682,360
Interest Expense
Repurchase agreements		166,892	188,699	287,547
Secured loans		6,579	2,576	0
Exchangeable senior notes		22,461	22,461	18,023
Asset-backed securities	[1]	82,041	68,159	26,682
Total interest expense		277,973	281,895	332,252
Net interest income		366,522	394,748	350,108
(Reduction in) provision for loan losses		(213)	(142)	884
Net interest income after (reduction in) provision for loan losses		366,735	394,890	349,224
Other income (loss)
Gain (loss) on investments, net		(21,212)	(87,168)	(182,733)
Equity in earnings of unconsolidated ventures		12,630	6,786	5,345
Gain (loss) on derivative instruments, net		(219,048)	(487,469)	40,003
Realized and unrealized credit derivative income (loss), net		19,782	(2,866)	1,127
Other investment income (loss), net		944	(2,045)	0
Total other income (loss)		(206,904)	(572,762)	(136,258)
Expenses
Management fee — related party		38,632	37,599	42,639
General and administrative		7,769	9,191	8,368
Expenses - Consolidated securitization trusts	[1]	8,219	6,076	2,137
Total expenses		54,620	52,866	53,144
Net income (loss)		105,211	(230,738)	159,822
Net income (loss) attributable to non-controlling interest		1,241	(2,632)	1,667
Net income (loss) attributable to Invesco Mortgage Capital Inc.		103,970	(228,106)	158,155
Dividends to preferred stockholders		22,864	17,378	10,851
Net income (loss) attributable to common stockholders		$ 81,106	$ (245,484)	$ 147,304
Net income (loss) attributable to common stockholders
Basic (in usd per share)		$ 0.67	$ (1.99)	$ 1.11
Diluted (in usd per share)		$ 0.67	$ (1.99)	$ 1.11
Weighted average number of shares of common stock:
Basic (in shares)		121,377,585	123,104,934	132,714,012
Diluted (in shares)		122,843,838	124,529,934	134,173,691
[1]	The consolidated statements of operations includes income and expenses of consolidated VIEs. The Company deconsolidated these VIEs in 2015. Refer to Note 3 - “Variable Interest Entities” for further discussion.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 105,211	$ (230,738)	$ 159,822
Other comprehensive income (loss):
Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net	(185,416)	431,198	(891,261)
Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net	(4,277)	80,659	199,449
Unrealized gain (loss) on derivative instruments	0	0	263,135
Reclassification of unrealized loss on derivative instruments to gain (loss) on derivatives, net	0	0	166,016
Reclassification of amortization of net deferred losses on de-designated interest rate swaps to repurchase agreements interest expense	66,757	85,176	0
Currency translation adjustments on investment in unconsolidated venture	(32)	0	0
Total other comprehensive income (loss)	(122,968)	597,033	(262,661)
Comprehensive income (loss)	(17,757)	366,295	(102,839)
Less: Comprehensive (income) loss attributable to non-controlling interest	245	(4,188)	1,029
Less: Dividends to preferred stockholders	(22,864)	(17,378)	(10,851)
Comprehensive income (loss) attributable to common stockholders	$ (40,376)	$ 344,729	$ (112,661)

Consolidated Statement of Equit

Consolidated Statement of Equity - USD ($) $ in Thousands	Total	Preferred StockSeries A Cumulative Redeemable Preferred Stock	Preferred StockSeries B Cumulative Redeemable 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
Beginning Balance (in shares) at Dec. 31, 2012		5,600,000	0	116,195,500
Beginning Balance at Dec. 31, 2012	$ 2,589,520	$ 135,362	$ 0	$ 1,162	$ 2,316,290	$ 94,343	$ 10,941	$ 2,558,098	$ 31,422
Increase (Decrease) in Stockholders' Equity
Net income (loss)	159,822						158,155	158,155	1,667
Other comprehensive income (loss)	(262,661)					(259,964)		(259,964)	(2,697)
Proceeds from issuance of common stock, net of offering costs (in shares)				19,020,106
Proceeds from issuance of common stock, net of offering costs	396,470			$ 190	396,280			396,470
(Cost) proceeds from issuance of preferred stock, net of offering costs	(6)	$ (6)						(6)
Repurchase of shares of common stock (in shares)				(10,720,003)
Repurchase of shares of common stock	(160,526)			$ (107)	(160,419)			(160,526)
Stocks awards (in shares)				14,643
Common stock dividends	(305,574)						(305,574)	(305,574)
Common unit dividends	(3,276)								(3,276)
Preferred stock dividends	(10,851)						(10,851)	(10,851)
Amortization of equity-based compensation	317				313			313	4
Ending Balance (in shares) at Dec. 31, 2013		5,600,000	0	124,510,246
Ending Balance at Dec. 31, 2013	2,403,235	$ 135,356	$ 0	$ 1,245	2,552,464	(165,621)	(147,329)	2,376,115	27,120
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(230,738)						(228,106)	(228,106)	(2,632)
Other comprehensive income (loss)	597,033					590,213		590,213	6,820
Proceeds from issuance of common stock, net of offering costs (in shares)				15,505
Proceeds from issuance of common stock, net of offering costs	256				256			256
(Cost) proceeds from issuance of preferred stock, net of offering costs (in shares)			6,200,000
(Cost) proceeds from issuance of preferred stock, net of offering costs	149,860		$ 149,860					149,860
Repurchase of shares of common stock (in shares)				(1,438,213)
Repurchase of shares of common stock	(21,130)			$ (14)	(21,116)			(21,130)
Stocks awards (in shares)				22,916
Common stock dividends	(240,041)						(240,041)	(240,041)
Common unit dividends	(2,779)								(2,779)
Preferred stock dividends	(17,378)						(17,378)	(17,378)
Amortization of equity-based compensation	532				526			526	6
Ending Balance (in shares) at Dec. 31, 2014		5,600,000	6,200,000	123,110,454
Ending Balance at Dec. 31, 2014	2,638,850	$ 135,356	$ 149,860	$ 1,231	2,532,130	424,592	(632,854)	2,610,315	28,535
Increase (Decrease) in Stockholders' Equity
Net income (loss)	105,211						103,970	103,970	1,241
Other comprehensive income (loss)	(122,968)					(121,482)		(121,482)	(1,486)
Proceeds from issuance of common stock, net of offering costs (in shares)				12,945
Proceeds from issuance of common stock, net of offering costs	191				191			191
Repurchase of shares of common stock (in shares)				(9,539,251)
Repurchase of shares of common stock	(125,595)			$ (95)	(125,500)			(125,595)
Stocks awards (in shares)				35,323
Common stock dividends	(204,051)						(204,051)	(204,051)
Common unit dividends	(2,423)								(2,423)
Preferred stock dividends	(22,864)						(22,864)	(22,864)
Amortization of equity-based compensation	557				551			551	6
Ending Balance (in shares) at Dec. 31, 2015		5,600,000	6,200,000	113,619,471
Ending Balance at Dec. 31, 2015	$ 2,266,908	$ 135,356	$ 149,860	$ 1,136	$ 2,407,372	$ 303,110	$ (755,799)	$ 2,241,035	$ 25,873

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Cash Flows from Operating Activities
Net income (loss)	$ 105,211	$ (230,738)	$ 159,822
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of mortgage-backed and credit risk transfer securities premiums and (discounts), net	122,925	124,369	180,121
Amortization of residential loans and asset-backed securities premiums (discounts), net	(656)	2,761	994
Amortization of commercial loan origination fees	(91)	(9)	(26)
(Reduction in) provision for loan losses	(213)	(142)	884
Unrealized (gain) loss on derivative instruments, net	(9,597)	215,499	13,923
Unrealized (gain) loss on credit derivatives, net	4,623	21,753	865
(Gain) loss on investments, net	21,212	87,168	182,733
Realized (gain) loss on derivative instruments, net	44,272	72,187	(56,279)
Realized (gain) loss on credit derivatives, net	1,140	0	0
Equity in earnings of unconsolidated ventures	(12,630)	(6,786)	(5,345)
Amortization of equity-based compensation	557	532	317
Amortization of deferred securitization and financing costs	3,146	3,013	2,446
Amortization of net deferred losses on de-designated interest rate swaps to repurchase agreements interest expense	66,757	85,176	0
Non-cash interest income capitalized in commercial loans	0	(768)	(832)
(Gain) loss on foreign currency transactions, net	1,964	2,718	0
Changes in operating assets and liabilities:
(Increase) decrease in operating assets	5,660	2,473	(5,280)
Increase in operating liabilities	4,305	456	16,099
Net cash provided by operating activities	358,585	379,662	490,442
Cash Flows from Investing Activities
Purchase of mortgage-backed and credit risk transfer securities	(2,352,380)	(4,339,442)	(8,323,891)
(Contributions) distributions (from) to investments in unconsolidated ventures, net	18,183	7,191	(3,757)
Change in other investments	(12,875)	(52,500)	0
Principal payments from mortgage-backed and credit risk transfer securities	2,602,138	1,909,632	2,818,987
Proceeds from sale of mortgage-backed and credit risk transfer securities	907,155	3,266,040	5,041,249
Payments on sale of credit derivatives	(1,140)	0	0
Payment of premiums for interest rate swaptions	(1,486)	(10,328)	(72,723)
(Payments) proceeds (for) from termination of futures, forwards, swaps, swaptions and TBAs	(33,945)	(48,913)	114,538
Purchase of residential loans held-for-investment	(372,305)	(1,816,638)	(1,857,673)
Principal payments from residential loans held-for-investment	549,565	255,662	43,869
Principal payments from commercial loans held-for-investment	92,796	399	0
Origination and advances of commercial loans, net of origination fees	(157,963)	(83,483)	(63,741)
Net cash provided by (used in) investing activities	1,237,743	(912,380)	(2,303,142)
Cash Flows from Financing Activities
Proceeds from issuance of common stock	191	256	396,465
Repurchase of common stock	(125,595)	(21,130)	(160,527)
Proceeds from (cost of) issuance of preferred stock	(36)	149,896	(6)
Due from counterparties	(53,830)	(54,679)	(1,500)
Collateral held payable	(9,990)	(32,014)	46,904
Proceeds from repurchase agreements	140,861,204	141,072,770	182,456,110
Principal repayments of repurchase agreements	(142,357,783)	(142,901,817)	(182,697,053)
Proceeds from issuance of exchangeable senior notes	0	0	400,000
Proceeds from asset-backed securities issued by securitization trusts	336,077	1,525,905	1,687,127
Principal repayments of asset-backed securities issued by securitization trusts	(518,150)	(236,210)	(41,722)
Proceeds from secured loans	2,325,000	2,835,247	0
Principal repayments on secured loans	(1,925,000)	(1,585,247)	0
Payments of deferred costs	0	(2,199)	(16,181)
Payments of dividends and distributions	(239,361)	(264,528)	(332,779)
Net cash provided by (used in) financing activities	(1,707,273)	486,250	1,736,838
Net change in cash and cash equivalents	(110,945)	(46,468)	(75,862)
Cash and cash equivalents, beginning of period	164,144	210,612	286,474
Cash and cash equivalents, end of period	53,199	164,144	210,612
Supplement Disclosure of Cash Flow Information
Interest paid	211,414	193,275	320,253
Non-cash Investing and Financing Activities Information
Net change in unrealized gain (loss) on mortgage-backed and credit risk transfer securities	(189,693)	511,857	(262,661)
Dividends and distributions declared not paid	51,734	61,757	66,087
(Receivable) / payable for mortgage-backed and credit risk transfer securities sold / purchased, net	(131,440)	457,643	(522,492)
Repurchase agreements, not settled	(50)	49	(27,842)
Collateral held payable, not settled	0	(5,794)	5,794
Net change in due from counterparties	$ 1,425	$ (1,425)	$ 0

Organization and Business Opera

Organization and Business Operations	12 Months Ended
	Dec. 31, 2015
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 primarily focused on investing in, financing and managing residential and commercial mortgage-backed securities and mortgage loans. The Company conducts its business through IAS Operating Partnership L.P. (the “Operating Partnership”) as its sole general partner. As of December 31, 2015 the Company owned 98.8% of the Operating Partnership and a wholly-owned subsidiary of Invesco owned the remaining 1.2% . The Company has one operating segment. The Company primarily invests in: • Residential mortgage-backed securities ("RMBS") that are guaranteed by a U.S. government agency such as the Government National Mortgage Association, or a federally chartered corporation such as the Federal National Mortgage Association ("Fannie Mae") or the Federal Home Loan Mortgage Corporation ("Freddie Mac") (collectively "Agency RMBS"); • RMBS that are not guaranteed by a U.S. government agency (“non-Agency RMBS”); • Credit risk transfer securities that are unsecured obligations issued by government-sponsored enterprises ("GSE CRT"); • 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 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 REIT taxable income to its stockholders annually. The Company operates its business in a manner that permits exclusion from the "Investment Company" definition under the Investment Company Act of 1940, as amended. The Company generally finances its investments through short- and long-term borrowings structured as repurchase agreements and secured loans. The Company historically invested in residential loans held-for-investment and financed these investments through asset-backed securities ("ABS") issued by consolidated securitization trusts. The Company has also financed investments through the issuances of debt and equity and may utilize other forms of financing in the future.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Consolidation In the opinion of management, the consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for a fair presentation of the financial condition and results of operations for the periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. The consolidated financial statements have been prepared in accordance with U.S. GAAP and consolidate the financial statements of the Company, its controlled subsidiaries, and certain residential loan securitization trusts (the "Residential Securitizations") that meet the definition of a variable interest entity ("VIE"). On December 9, 2015, the Company completed the sale of certain beneficial interests in the Residential Securitizations and deconsolidated the Residential Securitizations. Refer to Note 3 - "Variable Interest Entities" for additional information regarding the impact of consolidation and deconsolidation of the Residential Securitizations. The Residential Securitizations were VIEs because they did not have equity that met the definition of U.S. GAAP equity at risk. In determining if a securitization trust should be consolidated, the Company evaluates whether it has both (i) the power to direct the activities of the securitization trust that most significantly impact its economic performance and (ii) the right to receive benefits from the securitization trust or the obligation to absorb losses of the securitization trust that could be significant. The Company's determination of whether it is the primary beneficiary of a securitization trust includes both a qualitative and quantitative analysis. The Company determined that it was the primary beneficiary of the Residential Securitizations because it was involved in certain aspects of the design of the Residential Securitizations and had certain default oversight rights on defaulted residential loans. In addition, the Company owned the most subordinated class of asset-backed securities issued by the Residential Securitizations and had the obligation to absorb losses and right to receive benefits from the Residential Securitizations that could potentially be significant to the Residential Securitizations. The Residential Securitizations held pools of residential mortgage loans and issued series of asset-backed securities payable from the cash flows generated by the underlying pools of residential mortgage loans. The Residential Securitizations were non-recourse financing for the residential mortgage loans held-for-investment. Generally, a portion of the asset-backed securities issued by the Residential Securitizations were sold to unaffiliated third parties and the balance was purchased by the Company. The Company classified the underlying residential mortgage loans owned by the Residential Securitizations as residential loans held-for-investment in its consolidated balance sheets. The asset-backed securities issued to third parties were recorded as liabilities on the Company's consolidated balance sheets. The Company recorded interest income on the residential loans held-for-investment, interest expense on the asset-backed securities issued to third parties and direct operating expenses incurred by the Residential Securitizations in the Company's consolidated statements of operations. The Company eliminated all intercompany balances and transactions between itself and the Residential Securitizations. The Company recorded the initial underlying assets and liabilities of the Residential Securitizations at their fair value upon consolidation into the Company and, as such, no gain or loss was recorded upon consolidation. Use of Estimates 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 and credit risk transfer securities, allowance for loan losses and other-than-temporary impairment charges. Actual results may differ from those estimates. Translation of Foreign Currencies The functional currency of the Company and its subsidiaries is U.S. dollars. Transactions in foreign currencies are recorded at the rates of exchange prevailing on the date of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are remeasured at the rates prevailing at the balance sheet date. Gains and losses arising on revaluation are included in the consolidated statements of operations. The Company's reporting currency is U.S. dollars. Upon consolidation, the assets and liabilities of the Company’s investment in an unconsolidated venture whose functional currency is the Euro is translated to U.S. dollars using the period-end exchange rates. Equity accounts are translated at historical rates, except for the change in retained earnings during the year, which is the result of the income statement translation process. Revenue and expense accounts are translated using the weighted average exchange rate during the period. The cumulative translation adjustments associated with the investment in the unconsolidated venture are recorded in accumulated other comprehensive income (loss), a component of consolidated stockholders’ equity. The Company generally hedges interest rate and foreign currency exposure with derivative financial instruments. Refer to Note 8 - "Derivatives and Hedging Activities" for further information. 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 for 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 the Company understand 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 10 - "Fair Value of 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. Transfers between levels, if any, are determined by the Company at the end of the reporting period. Mortgage-Backed and Credit Risk Transfer Securities All of the Company’s mortgage-backed securities ("MBS") except for Agency and non-Agency residential interest-only securities ("RMBS IOs") are classified as available-for-sale and reported at fair value. Fair value is determined by obtaining valuations from an independent source. If the fair value of a security is not available from a 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, discounted cash flow analysis, matrix pricing, option adjusted spread models and other fundamental analysis of observable market factors. The Company records its purchases of mortgage-backed and credit risk transfer securities on the trade date. Although the Company generally intends to hold most of its mortgage-backed and credit risk transfer securities until maturity, the Company may, from time to time, sell any of its mortgage-backed and credit risk transfer securities as part of its overall management of its investment portfolio. Unrealized gains or losses on all MBS, except for RMBS IOs, are recorded in accumulated other comprehensive income, a separate component of stockholders' equity, until sale or disposition of the investment. Upon sale or disposition, the cumulative gain or loss previously reported in stockholders' equity is recognized in income. Realized gains and losses from sales of MBS are determined based upon the specific identification method. RMBS IOs are hybrid financial instruments that contain embedded derivatives. RMBS IOs are carried at fair value on the Company's consolidated balance sheet with changes in fair value recognized in the Company's consolidated statements of operations. GSE CRTs are unsecured obligations of Fannie Mae and Freddie Mac. Coupon payments on the securities are based on LIBOR, and principal payments are based on prepayments, losses and defined credit events in a reference pool of mortgage loans that collateralize Agency RMBS. The Company has elected the fair value option for GSE CRTs purchased on or after August 24, 2015 due to the complexities associated with bifurcation of GSE CRTs into debt host contract and embedded derivative. Under the fair value option, changes in fair value for GSE CRTs are recognized in the Company's consolidated statements of operations. GSE CRTs purchased prior to August 24, 2015 are reported at fair value and accounted for as hybrid financial instruments consisting of a debt host contract and an embedded derivative. Unrealized gains or losses arising from changes in fair value of the debt host contract, excluding other-than-temporary impairment, are recognized in accumulated other comprehensive income, a separate component of stockholders’ equity, until sale or disposition of the investment. Upon sale or disposition of the debt host contract, the cumulative gain or loss previously reported as a separate component of stockholders’ equity is recognized in income. Realized gains and losses from sales of GSE CRTs are determined based upon the specific identification method. Realized and unrealized gains or losses arising from changes in fair value of the embedded derivative are recognized in realized and unrealized credit derivative income (loss), net in the Company’s consolidated statements of operations. The Company considers its portfolio of Agency RMBS to be of high credit quality under applicable accounting guidance. For non-Agency RMBS, GSE CRTs and CMBS, the Company does not rely on ratings from third party agencies to determine the credit quality of the investment. The Company uses internal models that analyze the loans underlying each security and evaluates 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 these internal models in determining credit quality. While non-Agency RMBS, GSE CRTs and CMBS with expected future losses would generally be purchased at a discount to par, the potential for a significant adverse change in expected cash flows remains. The Company therefore evaluates each security for other-than-temporary impairment at least quarterly. 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 amortized cost, (ii) the financial condition and near-term prospects of recovery in fair value of the security, and (iii) the Company’s intent to sell the security and whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. 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 intends 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 stockholders’ 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 are residential mortgage loans that were held by consolidated securitization trusts. Residential loans held-for-investment were carried at unpaid principal balance net of any premiums and an allowance for loan losses. The Company established an allowance for residential loan losses based on the Company's estimate of credit losses. The Company calculated expected losses by estimating the default rate and expected loss severities on the loans. The Company considered the following factors in its evaluation of the allowance for loan losses: • Loan-to-value ratios, credit scores, geographic concentration and other observable data; • Historical default rates of loans with similar characteristics; and • Expected future macroeconomic trends including changes in home prices and the unemployment rate. Commercial Loans Held-For-Investment Commercial loans held-for-investment by the Company are carried at amortized cost, net of any allowance for loan losses. An individual loan is considered impaired when it is deemed probable that the Company will not be able to recover its investment and any other anticipated futures payments. The Company generally considers the following factors in evaluating whether a commercial loan is impaired: • Loan-to-value ratios; • 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 factors the Company considers relevant, including, 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 trends in the 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. When 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 interest rate or if the loan is collateral dependent, the Company reduces the carrying value to the estimated fair value of the collateral, with a corresponding charge to provision for loan losses on the Company's consolidated statements of operations. Interest Income Recognition Mortgage-Backed Securities Interest income on MBS is accrued based on the outstanding principal balance of the securities and their contractual terms. Premiums or discounts are amortized or accreted into interest income over the life of the investment using the effective interest method. Interest income on the Company's non-Agency MBS (and other prepayable mortgage-backed securities where the Company may not recover substantially all of its initial investment) is based on estimated cash flows. 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. Over the life of the investments, 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. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact management’s estimates and the Company's interest income. For Agency RMBS that cannot be prepaid in such a way that the Company would not recover substantially all of its initial investment, interest income recognition is based on contractual cash flows. The Company does not estimate prepayments in applying the effective interest method. Credit Risk Transfer Securities Interest income on credit risk transfer securities is accrued based on the coupon rate of the debt host contract which reflects the credit risk of GSE unsecured senior debt with a similar maturity. Premiums or discounts associated with the purchase of credit risk transfer securities are amortized or accreted into interest income over the life of the debt host contract using the effective interest method. The difference between the coupon rate on the hybrid instrument and the coupon rate on the GSE CRT debt host contract is considered premium income associated with the embedded derivative and is recorded in realized and unrealized credit derivative income (loss), net in the Company’s consolidated statements of operations. Residential Loans The Company recognized interest income from residential loans on an accrual basis and amortized the related premiums into interest income using the effective interest method over the weighted average life of these loans. In estimating the weighted average life of these loans, there were a number of assumptions that were subject to estimation, including the rate and timing of principal payments, defaults, loss severity given default and other factors. Coupon interest was recognized as revenue when earned and deemed collectible or until a loan became more than 90 days past due, at which point the loan was placed on nonaccrual status. Interest previously accrued for loans that had been placed on non-accrual status was reversed against interest income in the period the loan was placed in nonaccrual status. Residential loans delinquent more than 90 days or in foreclosure were characterized as delinquent. Cash principal and interest that was advanced from servicers after a loan becomes greater than 90 days past due was recorded as a liability due to the servicer. When a delinquent loan previously placed on nonaccrual status had cured, meaning all delinquent principal and interest had been remitted by the borrower, the loan was placed back on accrual status. Commercial Loans The Company recognizes interest income from commercial loans when earned and deemed collectible, or until a loan becomes past due based on the terms of the loan agreement. Any related origination fees, net of origination cost are amortized into interest income using the effective interest method over the life of the loan. Interest received after a loan becomes 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 . 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 December 31, 2015 , the Company had cash and cash equivalents 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 derivatives and repurchase agreements. Collateral held payable represents cash posted with the Company by counterparties as collateral under the Company’s derivatives and repurchase agreements. To the extent the Company receives collateral other than cash from its counterparties, such assets are not included in the Company’s consolidated balance sheets. 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 consolidated balance sheets. Investments in Unconsolidated Ventures The Company’s non-controlling investments in unconsolidated ventures are included in other investments in the consolidated balance sheets and 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 the entities' operating agreements. Deferred Securitization and Financing Costs As of December 31, 2015, deferred securitization and financing costs consist of costs incurred in connection with the issuance of the Company's exchangeable senior notes. These costs include underwriting, rating agency, legal, accounting and other fees. Deferred costs are amortized as an adjustment to interest expense using the effective interest method over the stated legal maturity of the exchangeable senior notes. As of December 31, 2014, deferred securitization and financing costs also included costs associated with the issuance of asset-backed securities by Residential Securitizations. As a result of deconsolidation of the Company's Residential Securitizations, these deferred securitization costs were written off in 2015. Refer to Note 3 - "Variable Interest Entities" for further information. Repurchase Agreements The Company finances its purchases of mortgage-backed and credit risk transfer securities 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. Effective January 1, 2015, the Company adopted newly issued accounting guidance for repurchase financings. Under the new standard, the Company no longer applies the "linked" accounting model to instances where the Company purchases mortgage-backed and credit risk transfer securities and enters into repurchase agreements to finance the purchase with the same counterparty. Purchases of mortgage-backed and credit risk transfer securities and repurchase financings are considered separately, and the repurchase agreement component of the transaction is accounted for as a secured borrowing. The Company records the mortgage-backed and credit risk transfer securities and the related repurchase agreement financing on a gross basis in its consolidated balance sheets, and the corresponding interest income and interest expense on a gross basis in its consolidated statements of operations. None of the Company's repurchase financing transactions prior to January 1, 2015 qualified as linked transactions and therefore were not accounted for as derivatives. Accordingly, the Company did not record a cumulative effect adjustment to retained earnings as of January 1, 2015 as a result of adopting the new guidance. Secured Loans The Company's wholly-owned subsidiary, IAS Services LLC, is a member of the Federal Home Loan Bank of Indianapolis ("FHLBI"). As a member of the FHLBI, IAS Services LLC may borrow funds from the FHLBI in the form of secured advances. FHLBI advances are treated as secured financing transactions and are carried at their contractual amounts. Asset-Backed Securities Issued by Securitization Trusts Asset-backed securities issued by securitization trusts were recorded at principal balances net of unamortized premiums or discounts. The Company recognized interest expense on an accrual basis and amortized the related premiums or discounts into interest expense using the effective interest method over the weighted average contractual maturity of these asset-backed securities. Dividends and Distributions Payable Dividends and distributions payable represent dividends declared at the balance sheet date which are payable to common stockholders, preferred stockholders, and an Invesco wholly-owned subsidiary, the non-controlling interest common unit holder of the Operating Partnership. Earnings (Loss) per Share The Company calculates basic earnings (loss) per share by dividing net income (loss) attributable to common stockholders for the period by the weighted-average number of 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 and 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. 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 its Manager and its affiliates under this plan pursuant to the management agreement. Share-based compensation arrangements include share options, restricted and non-restricted share awards, performance-based awards and share appreciation rights. For awards to the Company's independent directors, 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. Compensation related to stock awards to employees of the Company's 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. Underwriting Commissions and Offering Costs Underwriting commissions and direct costs incurred in connection with the Company’s common and preferred stock offerings are reflected as a reduction of additional paid-in-capital and preferred stock, respectively. Comprehensive Income The Company's comprehensive income consists of net income, as presented in the consolidated statements of operations, adjusted for unrealized gains and losses on MBS and the debt host contract associated with GSE CRTs; reclassification of amortization of net deferred losses on de-designated interest rate swaps to repurchase agreements interest expense and foreign currency translation adjustments on an investment in an unconsolidated venture. Unrealized gains and losses on the Company's MBS and the debt host contract associated with GSE CRTs are reclassified into net income upon their sale or termination. 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 its 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. The Company is a party to hybrid financial instruments that contain embedded derivative instruments. At inception, the Company assesses whether the economic characteristics of the embedded derivative instruments are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the debt host contract), whether the financial instrument is remeasured to fair value through earnings and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded instrument possesses economic

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2015
Variable Interest Entity Disclosure [Abstract]
Variable Interest Entities	Variable Interest Entities The Company's maximum risk of loss in VIEs in which the Company is not the primary beneficiary at December 31, 2015 is presented in the table below. $ in thousands Carrying Amount Company's Maximum Risk of Loss Non-Agency RMBS 2,692,487 2,692,487 CMBS 2,915,964 2,915,964 Total 5,608,451 5,608,451 Refer to Note 4 - "Mortgage-Backed and Credit Risk Transfer Securities" for additional details regarding these investments. On December 9, 2015, the Company completed the sale of certain beneficial interests (the "Securities") in the Residential Securitizations for $ 69.0 million (the "Transaction"). The Securities sold included the most subordinated classes of asset-backed securities issued by the Residential Securitizations. As a result of the Transaction, the Company no longer has the power to direct the activities of the Residential Securitizations through default oversight rights and is therefore no longer the primary beneficiary of the Residential Securitizations. The Company does not manage the Residential Securitizations nor serve or appoint the loan servicer for the Residential Securitizations. The Company’s risk with respect to each investment in a Residential Securitization was limited to its direct ownership in the Residential Securitization. The residential loans owned by the Residential Securitizations were held solely to satisfy the liabilities of the Residential Securitizations, and the investors in the asset-backed securities issued by the Residential Securitizations had no recourse to the Company. The Company deconsolidated the assets and liabilities of the Residential Securitizations as of the date of the Transaction. The following table summarizes the amounts deconsolidated from the consolidated balance sheet. $ in thousands As of December 9, 2015 Residential loans, held-for-investment 3,181,662 Accrued interest receivable 9,889 Deferred securitization and financing costs 4,347 Total assets 3,195,898 Accrued interest and accrued expenses payable 11,413 Asset-backed securities issued by securitization trusts 2,740,797 Total liabilities 2,752,210 The deconsolidation of the Residential Securitizations did not qualify for presentation and disclosure as discontinued operations. The Company recorded a loss of $19.6 million on deconsolidation of the Residential Securitizations in its consolidated statement of operations as gain (loss) on investments, net. The following table presents the components of the loss on deconsolidation of VIEs. $ in thousands As of December 9, 2015 Gain (loss) related to derecognition of Residential Securitizations, net (13,260 ) Gain (loss) related to remeasurement of retained interest, net 3,068 Gain (loss) on sale of the securities, net (9,431 ) Total gain (loss) on deconsolidation of VIEs, net (19,623 ) The following table summarizes the net income (loss) impact of the Residential Securitizations excluding the loss on deconsolidation. Years ended December 31, $ in thousands 2015 2014 2013 Interest income - Residential loans 110,908 88,073 34,122 Interest expense - Asset-backed securities 82,041 68,159 26,682 Net interest income 28,867 19,914 7,440 (Reduction in) provision for loan losses (213 ) (142 ) 884 Net interest income after (reduction in) provision for loan losses 29,080 20,056 6,556 Expenses - Consolidated securitization trusts 8,219 6,076 2,137 Net income 20,861 13,980 4,419 During the year ended December 31, 2015 , the Company invested in and consolidated one new Residential Securitization with total assets and total liabilities of $373.5 million before consolidation into the Company. As of December 31, 2014, the consolidated financial statements included the consolidation of ten Residential Securitizations. The following table presents a summary of the assets and liabilities of the Company's consolidated securitization trusts as of December 31, 2014 . Intercompany balances have been eliminated for purposes of this presentation. $ in thousands December 31, 2014 Residential loans, held-for-investment 3,365,003 Accrued interest receivable 10,562 Deferred securitization costs 5,032 Total assets 3,380,597 Accrued interest and accrued expenses payable 8,692 Asset-backed securities issued by securitization trusts 2,929,820 Total liabilities 2,938,512 Residential Loans Held by Consolidated Securitization Trust Residential loans held by consolidated securitization trusts were carried at unpaid principal balance net of any premiums and discount and an allowance for loan losses. The residential loans were secured by a lien on the underlying residential property. The following table details the carrying value for residential loans held-for-investment at December 31, 2014 . $ in thousands December 31, 2014 Principal balance 3,332,192 Unamortized premium (discount), net 33,553 Recorded investment 3,365,745 Allowance for loan losses (742 ) Carrying value 3,365,003 Allowance for loan losses on Residential Loans Held by Consolidated Securitization Trusts As discussed in Note 2 - "Summary of Significant Accounting Policies," the Company established and maintained an allowance for loan losses on residential loans held by consolidated securitization trusts based on the Company's estimate of credit losses. The following table summarizes the activity in the allowance for loan losses for the years ended December 31, 2015 and December 31, 2014 . $ in thousands December 31, 2015 December 31, 2014 Balance at beginning of period (742 ) (884 ) Charge-offs, net — — Reduction in (provision) for loan losses 213 142 Deconsolidation of VIEs 529 — Balance at end of period — (742 ) Asset-Backed Securities Issued by Securitization Trusts Asset-backed securities issued by securitization trusts were recorded at principal balance net of unamortized premiums or discounts. Asset-backed securities issued by securitization trusts were issued in various tranches and had a weighted average contractual maturity of 28.94 years at December 31, 2014 . The investors in the asset-backed securities were not affiliated with the Company and had no recourse to the general credit of the Company. The asset-backed securities were collateralized by residential loans held in the securitization trusts as summarized in the following table at December 31, 2014 . December 31, 2014 ABS Residential Loans $ in thousands Outstanding Held as Collateral Principal balance 2,902,378 3,332,192 Interest-only securities 15,040 — Unamortized premium 23,735 41,928 Unamortized discount (11,333 ) (8,375 ) Allowance for loan losses — (742 ) Carrying value 2,929,820 3,365,003 Range of weighted average interest rates 2.8% - 4.0% Number of securitization trusts consolidated 10

Mortgage-Backed and Credit Risk

Mortgage-Backed and Credit Risk Transfer Securities	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Mortgage-Backed and Credit Risk Transfer Securities	Mortgage-Backed and Credit Risk Transfer Securities The following tables summarize the Company’s MBS and GSE CRT portfolio by asset type at December 31, 2015 and 2014 . December 31, 2015 $ in thousands Principal Balance Unamortized Premium (Discount) Amortized Cost Unrealized Gain/ (Loss), net Fair Value Net Weighted Average Coupon (1) Period- end Weighted Average Yield (2) Quarterly Weighted Average Yield (3) Agency RMBS: 15 year fixed-rate 1,527,877 72,389 1,600,266 10,664 1,610,930 3.72 % 2.47 % 2.40 % 30 year fixed-rate 3,796,091 249,285 4,045,376 18,581 4,063,957 4.24 % 2.81 % 2.85 % ARM* 417,424 4,625 422,049 3,976 426,025 2.72 % 2.58 % 2.26 % Hybrid ARM 3,240,967 63,324 3,304,291 5,234 3,309,525 2.73 % 2.56 % 2.22 % Total Agency pass-through 8,982,359 389,623 9,371,982 38,455 9,410,437 3.54 % 2.65 % 2.53 % Agency-CMO (4) 1,774,621 (1,386,284 ) 388,337 482 388,819 2.23 % 4.29 % 3.42 % Non-Agency RMBS (5)(6)(7) 4,965,978 (2,348,080 ) 2,617,898 74,589 2,692,487 2.20 % 4.00 % 4.80 % GSE CRT (8)(9) 657,500 22,593 680,093 (21,865 ) 658,228 1.32 % 0.72 % 0.62 % CMBS (10) 3,429,655 (558,749 ) 2,870,906 45,058 2,915,964 3.95 % 4.30 % 4.35 % Total 19,810,113 (3,880,897 ) 15,929,216 136,719 16,065,935 3.08 % 3.13 % 3.19 % *Adjustable-rate mortgage ("ARM") (1) Net weighted average coupon as of December 31, 2015 is presented net of servicing and other fees. (2) Period-end weighted average yield is based on amortized cost as of December 31, 2015 and incorporates future prepayment and loss assumptions but excludes changes in anticipated interest rates. (3) Quarterly weighted average portfolio yield for the period was calculated by dividing interest income, including amortization of premiums and discounts, by the Company's average of the amortized cost of the investments. All yields are annualized. (4) Agency collateralized mortgage obligation ("Agency CMO") includes interest-only securities, which represent 27.6% of the balance based on fair value. (5) Non-Agency RMBS held by the Company is 48.4% variable rate, 45.2% fixed rate and 6.4% floating rate based on fair value. (6) Of the total discount in non-Agency RMBS, $281.6 million is non-accretable. (7) Non-Agency RMBS includes interest-only securities, which represent 1.3% of the balance based on fair value. (8) The Company has elected the fair value option for GSE CRTs purchased on or after August 24, 2015, which represent 1.9% of the balance based on fair value. As a result, GSE CRTs accounted for under the fair value option are not bifurcated between the debt host contract and the embedded derivative. (9) GSE CRT weighted average coupon and weighted average yield excludes embedded derivative coupon interest. Coupon interest attributable to the embedded derivative is recorded as realized and unrealized credit derivative income (loss), net on the consolidated statement of operations. (10) CMBS includes interest-only securities and commercial real estate mezzanine loan pass-through certificates, which represent 0.9% and 0.7% of the balance based on fair value, respectively. December 31, 2014 $ in thousands Principal Balance Unamortized Premium (Discount) Amortized Cost Unrealized Gain, net Fair Value Net Weighted Average Coupon (1) Period- end Weighted Average Yield (2) Quarterly Weighted Average Yield (3) Agency RMBS: 15 year fixed-rate 1,236,297 60,764 1,297,061 30,040 1,327,101 4.05 % 2.60 % 2.66 % 30 year fixed-rate 4,432,301 297,311 4,729,612 60,681 4,790,293 4.29 % 2.97 % 3.05 % ARM* 531,281 9,068 540,349 6,433 546,782 2.83 % 2.27 % 2.29 % Hybrid ARM 2,901,078 50,757 2,951,835 25,083 2,976,918 2.78 % 2.34 % 2.24 % Total Agency pass-through 9,100,957 417,900 9,518,857 122,237 9,641,094 3.69 % 2.68 % 2.71 % Agency-CMO (4) 1,957,296 (1,502,785 ) 454,511 (3,616 ) 450,895 2.34 % 4.57 % 3.62 % Non-Agency RMBS (5)(6) 3,555,249 (583,890 ) 2,971,359 90,288 3,061,647 3.51 % 4.12 % 4.86 % GSE CRT (7) 615,000 25,814 640,814 (15,390 ) 625,424 1.03 % 0.49 % 0.48 % CMBS (8) 3,277,208 54,893 3,332,101 137,734 3,469,835 4.74 % 4.39 % 4.38 % Total 18,505,710 (1,588,068 ) 16,917,642 331,253 17,248,895 3.61 % 3.24 % 3.36 % *Adjustable-rate mortgage ("ARM") (1) Net weighted average coupon as of December 31, 2014 is presented net of servicing and other fees. (2) Period-end weighted average yield is based on amortized cost as of December 31, 2014 and incorporates future prepayment and loss assumptions but excludes changes in anticipated interest rates. (3) Quarterly weighted average yield for the period was calculated by dividing interest income, including amortization of premiums and discounts, by the Company's average of the amortized cost of the investments. All yields are annualized. (4) Agency-CMO includes interest-only securities, which represent 29.1% of the balance based on fair value. (5) Non-Agency RMBS held by the Company is 52.8% variable rate, 40.1% fixed rate, and 7.1% floating rate based on fair value. (6) Of the total discount in non-Agency RMBS, $405.5 million is non-accretable. (7) GSE CRT weighted average coupon and weighted average yield excludes embedded derivative coupon interest recorded as realized and unrealized credit derivative income (loss), net on the consolidated statement of operations. (8) CMBS includes commercial real estate mezzanine loan pass-through certificates, which represent 1.3% of the balance based on fair value. The following table summarizes the Company's non-Agency RMBS portfolio by asset type as of December 31, 2015 and 2014 . $ in thousands December 31, 2015 % of Non-Agency December 31, 2014 % of Non-Agency Prime 1,081,428 40.2 % 969,849 31.7 % Re-REMIC 663,853 24.7 % 1,000,635 32.7 % Alt-A 544,306 20.2 % 694,467 22.7 % Subprime/reperforming 402,900 14.9 % 396,696 12.9 % Total Non-Agency 2,692,487 100.0 % 3,061,647 100.0 % The following table summarizes the credit enhancement provided to the Company's re-securitization of real estate mortgage investment conduit ("Re-REMIC") holdings as of December 31, 2015 and 2014 . Percentage of Re-REMIC Holdings at Fair Value Re-REMIC Subordination (1) December 31, 2015 December 31, 2014 0% - 10% 11.0 % 7.0 % 10% - 20% 5.6 % 4.4 % 20% - 30% 12.7 % 11.9 % 30% - 40% 20.8 % 26.1 % 40% - 50% 32.8 % 31.8 % 50% - 60% 13.3 % 15.2 % 60% - 70% 3.8 % 3.6 % Total 100.0 % 100.0 % (1) Subordination refers to the credit enhancement provided to the Re-REMIC tranche held by the Company by any junior Re-REMIC tranche or tranches in a resecuritization. This figure reflects the percentage of the balance of the underlying securities represented by any junior tranche or tranches at the time of resecuritization. Generally, principal losses on the underlying securities in excess of the subordination amount would result in principal losses on the Re-REMIC tranche held by the Company. 22.9% of the Company's Re-REMIC holdings are not senior tranches. The components of the carrying value of the Company’s MBS and GSE CRT portfolio at December 31, 2015 and 2014 are presented below. $ in thousands December 31, 2015 December 31, 2014 Principal balance 19,810,113 18,505,710 Unamortized premium 495,537 550,071 Unamortized discount (4,376,434 ) (2,138,139 ) Gross unrealized gains 287,469 439,513 Gross unrealized losses (150,750 ) (108,260 ) Fair value 16,065,935 17,248,895 The following table summarizes the Company’s MBS and GSE CRT portfolio according to estimated weighted average life classifications as of December 31, 2015 and 2014 . $ in thousands December 31, 2015 December 31, 2014 Less than one year 427,678 440,471 Greater than one year and less than five years 6,237,547 7,997,709 Greater than or equal to five years 9,400,710 8,810,715 Total 16,065,935 17,248,895 The following tables present the estimated fair value and gross unrealized losses of the Company’s MBS and GSE CRTs by length of time that such securities have been in a continuous unrealized loss position at December 31, 2015 and 2014 . December 31, 2015 Less than 12 Months 12 Months or More Total $ in thousands Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Agency RMBS: 15 year fixed-rate 600,480 (8,081 ) 33 77,506 (1,482 ) 6 677,986 (9,563 ) 39 30 year fixed-rate 776,065 (14,827 ) 32 1,120,391 (39,497 ) 47 1,896,456 (54,324 ) 79 ARM 200,863 (501 ) 11 — — — 200,863 (501 ) 11 Hybrid ARM 1,913,872 (17,082 ) 111 — — — 1,913,872 (17,082 ) 111 Total Agency pass through 3,491,280 (40,491 ) 187 1,197,897 (40,979 ) 53 4,689,177 (81,470 ) 240 Agency-CMO 166,754 (3,296 ) 14 9,118 (6,934 ) 9 175,872 (10,230 ) 23 Non-Agency RMBS 832,978 (6,957 ) 73 331,018 (10,326 ) 28 1,163,996 (17,283 ) 101 GSE CRT (1) 340,116 (10,050 ) 16 120,877 (13,605 ) 7 460,993 (23,655 ) 23 CMBS 1,224,985 (17,328 ) 85 31,533 (784 ) 2 1,256,518 (18,112 ) 87 Total 6,056,113 (78,122 ) 375 1,690,443 (72,628 ) 99 7,746,556 (150,750 ) 474 (1) Balance includes unrealized losses on both the debt host contract and the embedded derivative. December 31, 2014 Less than 12 Months 12 Months or More Total $ in thousands Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Agency RMBS: 15 year fixed-rate 10,897 (42 ) 1 105,644 (1,395 ) 6 116,541 (1,437 ) 7 30 year fixed-rate 137,680 (2,662 ) 5 1,756,894 (40,181 ) 62 1,894,574 (42,843 ) 67 ARM 24,074 (9 ) 1 3,719 (23 ) 1 27,793 (32 ) 2 Hybrid ARM 630,775 (1,544 ) 28 20,361 (197 ) 2 651,136 (1,741 ) 30 Total Agency pass through 803,426 (4,257 ) 35 1,886,618 (41,796 ) 71 2,690,044 (46,053 ) 106 Agency-CMO 36,723 (6,192 ) 18 265,863 (9,481 ) 10 302,586 (15,673 ) 28 Non-Agency RMBS 573,122 (5,799 ) 34 354,532 (11,990 ) 21 927,654 (17,789 ) 55 GSE CRT (1) 306,603 (25,394 ) 13 — — — 306,603 (25,394 ) 13 CMBS 134,364 (277 ) 11 227,452 (3,074 ) 19 361,816 (3,351 ) 30 Total 1,854,238 (41,919 ) 111 2,734,465 (66,341 ) 121 4,588,703 (108,260 ) 232 (1) Balance includes unrealized losses on both the debt host contract and the embedded derivative. Gross unrealized losses on the Company’s Agency RMBS and Agency-CMO were $81.5 million and $10.2 million , respectively, at December 31, 2015 . Due to the inherent credit quality of Agency RMBS and Agency-CMO, the Company determined that at December 31, 2015 , any unrealized losses on its Agency RMBS and Agency-CMO portfolio are not other than temporary. Gross unrealized losses on the Company’s non-Agency RMBS, GSE CRT and CMBS were $59.1 million at December 31, 2015 . 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 a quarterly basis. The following table presents the impact of the Company’s MBS and GSE CRT debt host contract on its accumulated other comprehensive income (loss) for the years ended December 31, 2015 , 2014 and 2013 . The table excludes certain RMBS IOs and GSE CRTs that are accounted for under the fair value option. Years Ended December 31, $ in thousands 2015 2014 2013 Accumulated other comprehensive income (loss) from MBS and GSE CRT securities: Unrealized gain (loss) on MBS and GSE CRT at beginning of period 351,774 (160,083 ) 531,729 Unrealized gain (loss) on MBS and GSE CRT (185,416 ) 431,198 (891,261 ) Reclassification of unrealized (gain) loss on sale of MBS and GSE CRT to gain (loss) on investments, net (4,277 ) 80,659 199,449 Balance at end of period 162,081 351,774 (160,083 ) During the years ended December 31, 2015 , 2014 and 2013 the Company reclassified $4.3 million of net unrealized gains, $80.7 million of net unrealized losses and $199.4 million of net unrealized losses respectively from other comprehensive income into gain (loss) on investments, net as a result of the Company selling certain investments. The following table summarizes the components of the Company's total gain (loss) on investments, net for the years ended December 31, 2015 , 2014 and 2013 . Years Ended December 31, $ in thousands 2015 2014 2013 Gross realized gains on sale of investments 10,139 16,353 39,131 Gross realized losses on sale of investments (11,114 ) (95,783 ) (238,580 ) Net unrealized gains and losses on RMBS IOs (fair value option) (558 ) (7,738 ) 16,716 Net unrealized gains and losses on GSE CRT (fair value option) (56 ) — — Total gain (loss) on investments, net (1) (1,589 ) (87,168 ) (182,733 ) (1) Balance as of December 31, 2015 excludes gain (loss) on deconsolidation of VIEs, net of $19.6 million . Refer to Note 3 - "Variable Interest Entities" for further discussion. The Company assesses its investment securities for other-than-temporary impairment on a quarterly basis. 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 nine or more consecutive months for other-than-temporary impairment. This analysis includes a determination of estimated future cash flows through an evaluation of the characteristics of the underlying loans and structural features of the investment. Underlying loan characteristics reviewed include, but are not limited to, delinquency status, loan-to-value ratios, borrower credit scores, occupancy status and geographic concentration. The Company did not have other-than-temporary impairments for the years ended December 31, 2015 , 2014 and 2013 . The following table presents components of interest income on the Company’s MBS and GSE CRT portfolio for the years ended December 31, 2015 , 2014 and 2013 . GSE CRT interest income excludes coupon interest associated with embedded derivatives recorded in realized and unrealized credit derivative income (loss), net. For the Year ended December 31, 2015 $ in thousands Coupon Interest Net (Premium Amortization)/ Discount Accretion Interest Income Agency 372,610 (121,170 ) 251,440 Non-Agency 110,885 12,650 123,535 GSE CRT 6,681 (3,088 ) 3,593 CMBS 149,977 (11,322 ) 138,655 Other 1,028 5 1,033 Total 641,181 (122,925 ) 518,256 For the Year ended December 31, 2014 $ in thousands Coupon Interest Net (Premium Amortization)/Discount Accretion Interest Income (Loss) Agency 403,403 (106,116 ) 297,287 Non-Agency 135,178 12,257 147,435 GSE CRT 5,428 (3,014 ) 2,414 CMBS 159,363 (27,496 ) 131,867 Other 59 — 59 Total 703,431 (124,369 ) 579,062 For the Year ended December 31, 2013 $ in thousands Coupon Interest Net (Premium Amortization)/Discount Accretion Interest Income (Loss) Agency 530,220 (161,149 ) 369,071 Non-Agency 155,770 9,327 165,097 GSE CRT 630 (84 ) 546 CMBS 140,094 (28,215 ) 111,879 Other 194 — 194 Total 826,908 (180,121 ) 646,787

Commercial Loans Held-for-Inves

Commercial Loans Held-for-Investment	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Commercial Loans Held-for-Investment	Commercial Loans Held-for-Investment The following table summarizes commercial loans held-for-investment as of December 31, 2015 and 2014 that were purchased or originated by the Company. December 31, 2015 $ in thousands Number of loans Principal Balance Unamortized (fees)/ costs, net Carrying value Unfunded commitment Mezzanine loans 6 210,769 (1,707 ) 209,062 2,128 Total 6 210,769 (1,707 ) 209,062 2,128 December 31, 2014 $ in thousands Number of loans Principal Balance Unamortized (fees)/ costs, net Carrying value Unfunded commitment First mortgage loan 1 19,978 41 20,019 1,623 Subordinate interests: Mezzanine loans 4 71,643 (94 ) 71,549 3,357 Other (1) 2 54,188 — 54,188 — Total 7 145,809 (53 ) 145,756 4,980 (1) Other subordinate interests include a B-note and a preferred equity investment. These loans were not impaired, and no allowance for loan losses has been recorded as of December 31, 2015 and 2014 .

Other Investments

Other Investments	12 Months Ended
	Dec. 31, 2015
Schedule of Investments [Abstract]
Other Investments	Other Investments The following table summarizes the Company's other investments as of December 31, 2015 and 2014 : $ in thousands December 31, 2015 December 31, 2014 FHLBI stock 75,375 62,500 Investments in unconsolidated ventures 38,413 43,998 Total 113,788 106,498 IAS Services LLC, the Company's wholly-owned subsidiary, is required to purchase and hold FHLBI stock as a condition of membership in FHLBI. The stock is recorded at cost. The Company has invested in unconsolidated ventures that are managed by an affiliate of the Company's Manager. The unconsolidated ventures invest in the Company's target assets. Refer to Note 15 - "Commitments and Contingencies" for additional details regarding the Company's commitments to these unconsolidated ventures.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Borrowings	Borrowings The Company has finance the majority of its investment portfolio through repurchase agreements, secured loans and exchangeable senior notes. The following table summarizes certain characteristics of the Company’s borrowings at December 31, 2015 and 2014 . $ in thousands December 31, 2015 December 31, 2014 Amount Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity (Days) Amount Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity (Days) Repurchase Agreements: Agency RMBS 8,389,643 0.65 % 24 9,018,818 0.35 % 18 Non-Agency RMBS 2,077,240 1.68 % 32 2,676,626 1.51 % 36 GSE CRT 488,275 1.91 % 19 468,782 1.55 % 27 CMBS 1,170,890 1.49 % 23 1,458,451 1.32 % 26 Secured Loans 1,650,000 0.55 % 2,937 1,250,000 0.37 % 3,472 Exchangeable Senior Notes 400,000 5.00 % 805 400,000 5.00 % 1,170 Total 14,176,048 1.02 % 389 15,272,677 0.81 % 335 The Company financed its residential loans held-for-investment through asset-backed securities issued by securitization trusts. Refer to Note 3 - "Variable Interest Entities" for a discussion of asset-backed securities issued by securitization trusts. Repurchase Agreements Repurchase agreements bear interest at a contractually agreed upon rate and have maturities ranging from one month to twelve months . 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. The Company intends to maintain a level of liquidity that will enable the Company to meet margin calls. In addition, the repurchase agreements are subject to certain financial covenants. The Company was in compliance with these covenants at December 31, 2015 . The following tables summarize certain characteristics of the Company’s repurchase agreements at December 31, 2015 and 2014 . December 31, 2015 Amount Outstanding Percent of Total Amount Outstanding Company MBS and GSE CRTs Held as Collateral $ in thousands Repurchase Agreement Counterparties HSBC Securities (USA) Inc 1,566,747 12.9 % 1,611,020 Royal Bank of Canada 1,148,480 9.5 % 1,383,839 ING Financial Market LLC 1,050,548 8.7 % 1,112,102 South Street Securities LLC 799,783 6.6 % 838,600 Pierpont Securities LLC 786,623 6.5 % 814,804 Industrial and Commercial Bank of China Financial Services LLC 695,933 5.7 % 730,941 Mitsubishi UFJ Securities (USA), Inc. 627,383 5.2 % 657,201 JP Morgan Securities Inc. 622,665 5.1 % 728,502 Citigroup Global Markets Inc. 585,632 4.8 % 725,882 Scotia Capital 576,137 4.8 % 598,343 BNP Paribas Securities Corp. 474,053 3.9 % 530,584 Wells Fargo Securities, LLC 463,673 3.8 % 551,667 Goldman, Sachs & Co. 428,799 3.5 % 552,549 KGS-Alpha Capital Markets, L.P. 380,286 3.1 % 400,758 Banc of America Securities LLC 380,520 3.1 % 442,801 Morgan Stanley & Co. Incorporated 273,124 2.3 % 320,484 Guggenheim Liquidity Services, LLC 265,709 2.2 % 279,345 All other counterparties (1) 999,953 8.3 % 1,180,866 Total 12,126,048 100.0 % 13,460,288 (1) Represents amounts outstanding with nine counterparties. December 31, 2014 Amount Outstanding Percent of Total Amount Outstanding Company MBS and GSE CRTs Held as Collateral $ in thousands Repurchase Agreement Counterparties Credit Suisse Securities (USA) LLC 1,517,530 11.1 % 1,925,973 (1 ) HSBC Securities (USA) Inc 1,190,769 8.7 % 1,225,194 Royal Bank of Canada 1,057,798 7.8 % 1,278,612 Citigroup Global Markets Inc. 979,247 7.2 % 1,157,265 (2 ) South Street Securities LLC 961,938 7.1 % 1,020,054 Banc of America Securities LLC 791,196 5.9 % 875,984 (3 ) ING Financial Market LLC 767,733 5.6 % 820,166 Mitsubishi UFJ Securities (USA), Inc. 710,058 5.2 % 744,836 J.P. Morgan Securities LLC 698,856 5.1 % 814,896 Industrial and Commercial Bank of China Financial Services LLC 682,193 5.0 % 716,989 Wells Fargo Securities, LLC 627,071 4.6 % 754,706 Pierpont Securities LLC 601,222 4.4 % 627,534 Morgan Stanley & Co. Incorporated 589,950 4.3 % 632,002 BNP Paribas Securities Corp. 559,658 4.1 % 622,749 Scotia Capital 521,778 3.8 % 542,044 KGS-Alpha Capital Markets, L.P. 407,920 3.0 % 430,241 All other counterparties (4) 957,760 7.1 % 1,071,019 Total 13,622,677 100.0 % 15,260,264 (1) Includes $276.1 million of MBS held as collateral which are eliminated in consolidation. (2) Includes $20.3 million of MBS held as collateral which are eliminated in consolidation. (3) Includes $106.8 million of MBS held as collateral which are eliminated in consolidation. (4) Represents amounts outstanding with ten counterparties. The Company's repurchase agreement collateral ratio (Company MBS and GSE CRTs Held as Collateral/Amount Outstanding) was 111% as of December 31, 2015 (December 31, 2014: 112% ). The Company posted cash collateral of $710,000 with its repurchase agreement counterparties at December 31, 2015 . No cash collateral was held by repurchase agreement counterparties at December 31, 2014 . Secured Loans The Company's wholly-owned subsidiary, IAS Services LLC, is a member of the FHLBI. As a member of the FHLBI, IAS Services LLC has borrowed funds from the FHLBI in the form of secured advances. As of December 31, 2015 , IAS Services LLC, had $1.65 billion in outstanding secured advances from the FHLBI. These secured advances have fixed or floating rates. Floating rates are based on the three-month FHLB swap rate plus a spread. For the year ended December 31, 2015 , IAS Services LLC had weighed average borrowings of $1.6 billion with a weighted average borrowing rate of 0.41% and a weighted average maturity of 8.05 years. On January 12, 2016, new FHFA rules were adopted that exclude captive insurance companies from Federal Home Loan Bank membership. Under the new rules, IAS Services LLC is permitted to remain a member of the Federal Home Loan Bank for a period of five years , and the FHLBI is permitted to honor the contractual maturity of our existing advances. Accordingly, the Company does not expect there to be any impact to its existing FHLBI borrowings under the FHFA rule. The ability to borrow from the FHLBI is subject to the Company's continued creditworthiness, pledging of sufficient eligible collateral to secure advances, and compliance with certain agreements with FHLBI. Each advance requires approval by the FHLBI and is secured by collateral in accordance with FHLBI’s credit and collateral guidelines.The FHLBI retains the right to mark the underlying collateral for FHLBI advances to fair value. A reduction in the value of pledged assets would require IAS Services LLC to provide additional collateral. As of December 31, 2015 , the FHLBI advances were collateralized by CMBS and Agency RMBS with a fair value of $1.4 billion and $558.9 million , respectively. As discussed in Note 6 - "Other Investments," IAS Services LLC is required to purchase and hold a certain amount of FHLBI stock, which is based, in part, upon the outstanding principal balance of secured advances from the FHLBI. Exchangeable Senior Notes In 2013, a wholly-owned subsidiary of the Company issued $400.0 million in aggregate principal amount of Exchangeable Senior Notes (the “Notes”) due March 15, 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 March 13, 2018. 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. Under 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 at the request of holders as required by the registration rights agreement. Accrued interest payable on the Notes was approximately $5.9 million as of December 31, 2015 ( 2014 : $5.9 million ).

Derivatives and Hedging Activit

Derivatives and Hedging Activities	12 Months Ended
	Dec. 31, 2015
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, credit and foreign exchange rate 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 As discussed in Note 2 - "Summary of Significant Accounting Policies," the Company's GSE CRTs purchased prior to August 24, 2015 are accounted for as hybrid financial instruments consisting of a debt host contract and an embedded derivative and are reported at fair value. At December 31, 2015 , terms of the GSE CRT embedded derivatives are: $ in thousands December 31, 2015 December 31, 2014 Fair value amount (25,722 ) (21,495 ) Notional amount 645,000 615,000 Maximum potential amount of future undiscounted payments 645,000 615,000 In 2010, the Company entered into a CDS contract.The Company sold protection against losses on a specific pool of non-Agency RMBS in excess of a specified threshold. In exchange, the Company was paid a stated fixed rate fee of 3% of the notional amount of the CDS. The Company terminated the CDS in October 2015 in exchange for a payment to the Company of $1.0 million . Interest Rate Swaps The Company's repurchase agreements are usually settled on a short-term basis ranging from one to twelve months. At each settlement date, the Company refinances each repurchase agreement at the market interest rate at that time. In addition, the Company's secured loans have floating interest rates. As such, 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. Effective December 31, 2013, the Company voluntarily discontinued cash flow hedge accounting for its interest rate swaps to gain greater flexibility in managing interest rate exposures. Amounts recorded in AOCI through December 31, 2013 related to cash flow hedges are reclassified to interest expense on 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 $66.8 million ( 2014 : $85.2 million ) as an increase to interest expense for the year ended December 31, 2015 . During the next 12 months, the Company estimates that $5.2 million will be reclassified as an increase to interest expense, repurchase agreements. 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 derivative instruments, net on the consolidated statements of operations. Monthly net cash settlements under swaps are recorded in gain (loss) on derivative instruments, net on the consolidated statements of operations. As of December 31, 2015 , the Company had the following interest rate derivatives outstanding: $ in thousands Counterparty Notional Maturity Date Fixed Interest Rate in Contract Credit Suisse International 500,000 4/15/2016 2.27 % The Bank of New York Mellon 500,000 4/15/2016 2.24 % JPMorgan Chase Bank, N.A. 500,000 5/16/2016 2.31 % Goldman Sachs Bank USA 500,000 5/24/2016 2.34 % Goldman Sachs Bank USA 250,000 6/15/2016 2.67 % Wells Fargo Bank, N.A. 250,000 6/15/2016 2.67 % JPMorgan Chase Bank, N.A. 500,000 6/24/2016 2.51 % Citibank, N.A. 500,000 10/15/2016 1.93 % Deutsche Bank AG 150,000 2/5/2018 2.90 % ING Capital Markets LLC 350,000 2/24/2018 0.95 % ING Capital Markets LLC 300,000 5/5/2018 0.79 % UBS AG 500,000 5/24/2018 1.10 % ING Capital Markets LLC 400,000 6/5/2018 0.87 % The Royal Bank of Scotland Plc 500,000 9/5/2018 1.04 % Citibank, N.A. CME Central Clearing (1) 300,000 2/5/2021 2.50 % The Royal Bank of Scotland Plc CME Central Clearing (1) 300,000 2/5/2021 2.69 % Wells Fargo Bank, N.A. 200,000 3/15/2021 3.14 % JPMorgan Chase Bank, N.A. CME Central Clearing (2) 500,000 5/24/2021 2.25 % Citibank, N.A. 200,000 5/25/2021 2.83 % HSBC Bank USA, National Association CME Central Clearing (3) 500,000 6/24/2021 2.44 % HSBC Bank USA, National Association 550,000 2/24/2022 2.45 % Deutsche Bank AG CME Central Clearing 1,000,000 6/9/2022 2.21 % HSBC Bank USA, National Association 250,000 6/5/2023 1.91 % The Royal Bank of Scotland Plc 500,000 8/15/2023 1.98 % Goldman Sachs Bank USA CME Central Clearing 600,000 8/24/2023 2.88 % UBS AG 250,000 11/15/2023 2.23 % HSBC Bank USA, National Association 500,000 12/15/2023 2.20 % Morgan Stanley Capital Services, LLC Central Clearing 100,000 4/2/2025 2.04 % Total 11,450,000 2.12 % (1) Forward start date of February 2016 (2) Forward start date of May 2016 (3) Forward start date of June 2016 At December 31, 2015 , the Company’s counterparties held $109.3 million in cash margin deposits and approximately $143.9 million in Agency RMBS as collateral against its interest rate swaps. In addition, several counterparties posted $4.9 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 December 31, 2015 and 2014 , the Company did not have any restricted cash. The Agency RMBS collateral posted by the Company is included in mortgage-backed and credit risk transfer 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 December 31, 2015 , 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 a derivative 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 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. The Company had $10.3 million ( 2014 : $23.3 million ) of realized loss for interest rate swaptions that expired unexercised during the year ended December 31, 2015 . The Company sold swaptions during the year ended December 31, 2013 , realizing a net gain of $56.3 million . For the year ended December 31, 2015 , the Company had $8.5 million of unrealized gain ( 2014 : $10.9 million unrealized gain and 2013 : $17.0 million of unrealized loss), which represents the change in fair value of the Company's interest rate swaptions that are recognized directly in earnings. As of December 31, 2015 , the Company had the following outstanding interest rate swaptions: $ in thousands Option Underlying Swap Swaption Expiration Cost Fair Value Average Months to Expiration Notional Amount Average Pay Rate Average Receive Rate Average Term (Years) Receiver < 6 Months 1,485 — 1 300,000 3M LIBOR 1.11 % 10.0 Total Receiver 1,485 — 1 300,000 3M LIBOR 1.11 % 10.0 TBAs, Futures and Currency Forward 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 purchases or sales of the TBAs and U.S. Treasury futures contracts are recognized in gain (loss) on derivative instruments, net in the Company's consolidated statements of operations. The Company uses currency forward contracts to help mitigate the potential impact of changes in foreign currency exchange rates on the Company's investments denominated in foreign currencies. Realized and unrealized gains and losses associated with the purchases or sales of currency forward contracts are recognized in gain (loss) on derivative instruments, net in the Company's consolidated statements of operations. The following table presents information with respect to our derivative instruments: $ in thousands Notional Amount as Additions Settlement, Termination, Expiration or Exercise Notional Amount as Amount of Realized Interest Rate Swaptions 1,050,000 300,000 (1,050,000 ) 300,000 (10,328 ) Interest Rate Swaps 10,550,000 2,100,000 (1,200,000 ) 11,450,000 (31,881 ) TBAs 198,000 248,000 (446,000 ) — (2,292 ) Futures Contracts 127,400 120,900 (248,300 ) — (943 ) Currency Forward Contracts 35,688 171,647 (131,011 ) 76,324 1,172 Total 11,961,088 2,940,547 (3,075,311 ) 11,826,324 (44,272 ) 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 December 31, 2015 and 2014 . $ in thousands Derivative Assets Derivative Liabilities As of December 31, 2015 As of December 31, 2014 As of December 31, 2015 As of December 31, 2014 Balance Sheet Fair Value Fair Value Balance Sheet Fair Value Fair Value Interest Rate Swaps Asset 6,795 22,772 Interest Rate Swaps Liability 238,045 253,468 CDS Contract — 396 TBAs — 558 Interest Rate Swaptions — 322 Currency Forward Contracts 103 — Futures Contracts — 89 Currency Forward Contracts 1,864 599 Embedded derivatives associated with GSE CRTs are recorded within mortgage-backed and credit risk transfer securities, at fair value, on the consolidated balance sheet. The fair value of the embedded derivative associated with GSE CRTs is a net liability of $25.7 million ( 2014 : net liability of $21.5 million ) as of December 31, 2015 . Tabular Disclosure of the Effect of Derivative Instruments on the Income Statement The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2015 , 2014 and 2013 . $ in thousands Derivative not designated as hedging instrument Location of unrealized gain (loss) recognized in income on derivative Year ended December 31, Year ended December 31, Year ended December 31, CDS Contract Realized and unrealized credit derivative income (loss), net 648 (258 ) (865 ) GSE CRT Embedded Derivatives Realized and unrealized credit derivative income (loss), net (6,411 ) (21,495 ) — Total (5,763 ) (21,753 ) (865 ) The following table summarizes the effect of interest rate swaps, interest rate swaptions, TBAs, futures contracts and currency forward contracts reported in gain (loss) on derivative instruments, net on the consolidated statements of operations for the years ended December 31, 2015 , 2014 and 2013 . $ in thousands Year ended December 31, 2015 Derivative not designated as hedging instrument Realized gain (loss) on settlement, termination, expiration or exercise, net Contractual interest expense Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest Rate Swaps (31,881 ) (184,373 ) (554 ) (216,808 ) Interest Rate Swaptions (10,328 ) — 8,521 (1,807 ) TBAs (2,292 ) — 558 (1,734 ) Futures Contracts (943 ) — (90 ) (1,033 ) Currency Forward Contracts 1,172 — 1,162 2,334 Total (44,272 ) (184,373 ) 9,597 (219,048 ) $ in thousands Year ended December 31, 2014 Derivative not designated as hedging instrument Realized gain (loss) on settlement, termination, expiration or exercise, net Contractual interest expense Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest Rate Swaps (28,758 ) (199,783 ) (223,944 ) (452,485 ) Interest Rate Swaptions (23,275 ) — 10,906 (12,369 ) TBAs (10,843 ) — (558 ) (11,401 ) Futures Contracts (11,489 ) — (2,502 ) (13,991 ) Currency Forward Contracts 2,178 — 599 2,777 Total (72,187 ) (199,783 ) (215,499 ) (487,469 ) $ in thousands Year ended December 31, 2013 Derivative instrument Realized gain (loss) on settlement, termination, expiration or exercise, net Contractual interest expense Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest Rate Swaps Ineffectiveness — — 535 535 Interest Rate Swaptions 56,279 — (17,048 ) 39,231 Futures Contracts (2,353 ) — 2,590 237 Total 53,926 — (13,923 ) 40,003 The following table presents the impact of the Company’s derivative instruments on its accumulated other comprehensive income for the years ended December 31, 2015 , 2014 and 2013 . Years ended December 31, $ in thousands 2015 2014 2013 Accumulated other comprehensive income (loss) from derivative instruments: Unrealized gain (loss) on derivative instruments at beginning of period 79,110 (6,066 ) (435,217 ) Unrealized gain (loss) on derivative instruments, net — — 429,151 Reclassification of amortization of net deferred losses on de-designated interest rate swaps to repurchase agreements interest expense 66,757 85,176 — Balance at end of period 145,867 79,110 (6,066 ) Credit-risk-related Contingent Features The Company has agreements with each of its bilateral 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, the Company could also be declared in default on its derivative obligations. At December 31, 2015 , 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 $121.7 million . The Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $143.9 million of Agency RMBS and $109.3 million of cash as of December 31, 2015 . If the Company had breached any of these provisions at December 31, 2015 , it could have been required to settle its obligations under the agreements at their termination value. In addition, as of December 31, 2015 , the Company has an agreement with a central clearing counterparty. The fair value of such derivatives in a net liability position, which includes accrued interest but excludes any adjustment for non-performance risk related to this agreement, was $121.1 million . The Company was in compliance with all of the financial provisions of these counterparty agreements as of December 31, 2015 .

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2015
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities Certain of the Company's repurchase agreements and derivative transactions are governed by underlying agreements that generally provide for a right of offset under master netting arrangements (or similar agreements), in the event of default or in the event of bankruptcy of either party to the transactions. Assets and liabilities subject to such arrangements are presented on a gross basis in the consolidated balance sheets. The following tables present information about the assets and liabilities that are subject to master netting arrangements (or similar agreements) and can potentially be offset on the Company’s consolidated balance sheets at December 31, 2015 and December 31, 2014 . Offsetting of Derivative Assets As of December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets presented in the Consolidated Balance Sheets Financial Instruments (1) Collateral Received Net Amount Derivatives 8,659 — 8,659 (4,142 ) (4,517 ) — Total 8,659 — 8,659 (4,142 ) (4,517 ) — Offsetting of Derivative Liabilities, Repurchase Agreements and Secured Loans As of December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities presented in the Consolidated Balance Sheets Financial Instruments (2)(3)(5) Collateral Posted (2)(4)(5) Net Amount Derivatives 238,148 — 238,148 (117,240 ) (109,299 ) 11,609 Repurchase Agreements 12,126,048 — 12,126,048 (12,126,048 ) — — Secured Loans 1,650,000 — 1,650,000 (1,650,000 ) — — Total 14,014,196 — 14,014,196 (13,893,288 ) (109,299 ) 11,609 Offsetting of Derivative Assets As of December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets presented in the Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Received Net Amount Derivatives 24,178 — 24,178 (5,277 ) (18,901 ) — Total 24,178 — 24,178 (5,277 ) (18,901 ) — Offsetting of Derivative Liabilities and Repurchase Agreements As of December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities presented in the Consolidated Balance Sheets Financial Instruments (2)(3) Cash Collateral Posted (2)(4) Net Amount Derivatives 254,026 — 254,026 (235,908 ) (18,118 ) — Repurchase Agreements 13,622,677 — 13,622,677 (13,622,677 ) — — Secured Loans 1,250,000 1,250,000 (1,250,000 ) — — 15,126,703 — 15,126,703 (15,108,585 ) (18,118 ) — (1) Amounts represent derivatives in an asset position which could potentially be offset against derivatives in a liability position at December 31, 2015 and December 31, 2014 , subject to a netting arrangement. (2) Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements, secured loans and derivatives. (3) The fair value of securities pledged against the Company's borrowing under repurchase agreements was $13.5 billion and $15.3 billion at December 31, 2015 and December 31, 2014 , respectively, including securities held as collateral that are eliminated in consolidation of $403.2 million at December 31, 2014 . (4) Cash collateral received on the Company's derivatives was $4.9 million and $14.9 million at December 31, 2015 and December 31, 2014 , respectively. Non-cash collateral received on the Company's derivatives was $0.0 million and $10.8 million at December 31, 2015 and December 31, 2014 , respectively. Cash collateral posted by the Company on its derivatives was $109.3 million and $57.6 million at December 31, 2015 and December 31, 2014 , respectively. (5) The fair value of securities pledged against IAS Services LLC's borrowing under secured loans was $1.9 billion and $1.5 billion at December 31, 2015 and December 31, 2014 , respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments A three-level valuation hierarchy exists for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. 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 following tables present the Company's assets and liabilities measured at fair value on a recurring basis. December 31, 2015 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 Total at Fair Value Assets: Mortgage-backed and credit risk transfer securities (1) (2) — 16,091,657 (25,722 ) 16,065,935 Derivative assets — 8,659 — 8,659 Total assets — 16,100,316 (25,722 ) 16,074,594 Liabilities: Derivative liabilities — 238,148 — 238,148 Total liabilities — 238,148 — 238,148 December 31, 2014 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 Total at Fair Value Assets: Mortgage-backed and credit risk transfer securities (1) (2) — 17,270,390 (21,495 ) 17,248,895 Derivative assets 89 23,693 396 24,178 Total assets 89 17,294,083 (21,099 ) 17,273,073 Liabilities: Derivative liabilities — 254,026 — 254,026 Total liabilities — 254,026 — 254,026 (1) For more detail about the fair value of the Company's MBS and GSE CRTs, refer to Note 4 - "Mortgage-Backed and Credit Risk Transfer Securities." (2) As discussed in Note 2 "Summary of Significant Accounting Policies," the Company's GSE CRTs are accounted for as hybrid financial instruments with an embedded derivative. The hybrid instruments consist of debt host contracts classified as Level 2 and embedded derivatives classified as Level 3. As of December 31, 2015 , the net embedded derivative liability position of $25.7 million includes $1.0 million of embedded derivatives in an asset position and $26.7 million of embedded derivatives in a liability position. As of December 31, 2014, the net embedded derivative liability position of $21.5 million includes $3.1 million of embedded derivatives in an asset position and $24.6 million of embedded derivatives in a liability position. The following table shows a reconciliation of the beginning and ending fair value measurements of the Company's GSE CRT embedded derivatives: $ in thousands December 31, 2015 December 31, 2014 Beginning balance (21,495 ) — Sales and settlements 2,184 — Realized gains/(losses), net (2,184 ) — Unrealized gains/(losses), net (4,227 ) (21,495 ) Ending balance (25,722 ) (21,495 ) The following table summarizes significant unobservable inputs used in the fair value measurement of the Company's GSE CRT embedded derivatives: Fair Value at $ in thousands December 31, 2015 Valuation Technique Unobservable Input Range Weighted Average GSE CRT Embedded derivatives (25,722 ) Market Comparables Prepayment Rate 5.72% - 14.37% 7.83 % Vendor Pricing Defaults Rate 0.10% - 0.35% 0.16 % Fair Value at $ in thousands December 31, 2014 Valuation Technique Unobservable Input Range Weighted Average GSE CRT Embedded derivatives (21,495 ) Market Comparables Prepayment Rate 4.46% - 8.98% 5.29 % Vendor Pricing Defaults Rate 0.12% - 0.37% 0.18 % These significant unobservable inputs change according to market conditions and security performance. Prepayment rates and default rates are used to estimate the maturity of GSE CRTs in order to identify GSE corporate debt with a similar maturity. Therefore, changes in prepayment rate and default rate do not have an explicit directional impact on the fair value measurement. The following table shows a reconciliation of the beginning and ending Level 3 fair value measurements of the Company's credit default swap ("CDS") contract: $ in thousands December 31, 2015 December 31, 2014 Beginning balance 396 654 Unrealized gains/(losses), net 648 (258 ) Sales and settlements (1,044 ) — Ending balance — 396 The following table summarizes significant unobservable inputs used in the fair value measurement of the Company's CDS contract as of December 31, 2014 : Fair Value at $ in thousands December 31, 2014 Valuation Technique Unobservable Input Range Weighted Average CDS Contract 396 Discounted cash flow Swap Rate 2.39 % Discount Rate 0.76 % Credit Spread 0.24 % Constant Prepayment Rate 1.0% - 20.0% 5.46 % Constant Default Rate 0.6% - 100.0% 4.15 % Loss Severity 1.1% - 62.3% 39.35 % These significant unobservable 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. 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 December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 $ in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Residential loans, held-for-investment — — 3,365,003 3,399,964 Commercial loans, held-for-investment 209,062 209,790 145,756 147,497 Other investments 113,788 113,788 106,498 106,498 Total 322,850 323,578 3,617,257 3,653,959 Financial Liabilities: Repurchase agreements 12,126,048 12,133,352 13,622,677 13,630,571 Secured loans 1,650,000 1,650,000 1,250,000 1,250,000 Asset-backed securities issued by securitization trusts — — 2,929,820 2,930,422 Exchangeable senior notes 400,000 376,500 400,000 379,500 Total 14,176,048 14,159,852 18,202,497 18,190,493 The following describes the Company’s methods for estimating the fair value for financial instruments. • The fair value of residential loans held-for-investment is 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. • The fair value of commercial loans held-for-investment is a Level 3 fair value measurement. New commercial loans are carried at their unpaid principal balance until the end of the calendar year in which they were originated or purchased unless market factors indicate cost may not be a reliable indicator of fair value. Subsequent to the year of origination, commercial loan investments are valued on at least an annual basis by an independent third party valuation agent using a discounted cash flow technique. • The fair value of FHLBI stock, included in "Other investments," is a Level 3 fair value measurement. FHLBI stock may only be sold back to the FHLBI at its discretion at cost. As a result, the cost of the FHLBI stock approximates its fair value. • The fair value of investments in unconsolidated ventures, included in "Other investments," is a Level 3 fair value measurement. The fair value measurement is based on the net asset value per share of the Company's investments. • The fair value of 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 secured loans is a Level 3 fair value measurement. The secured loans have floating rates based on an index plus a spread. Accordingly, the interest rates on these secured loans are at market, and thus the carrying amount approximates fair value. • The fair value of asset-backed securities issued by securitization trusts is a Level 3 fair value measurement based on valuations obtained from a third party pricing service. There is not an active trading market for many of the underlying asset-backed securities. Accordingly, these securities are valued by the third party pricing service by discounting future estimated cash flows using rates that best reflect current market interest rates that would be offered for securities with similar characteristics and credit quality. • The fair value of exchangeable senior notes is a Level 2 fair value measurement based on a valuation obtained from a third-party pricing service.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company is externally managed and advised by Invesco Advisers, Inc. (the "Manager"), a wholly-owned subsidiary of Invesco Ltd. Under 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. The Company has invested $47.4 million as of December 31, 2015 ( 2014 : $149.3 million ) in money market or mutual funds managed by affiliates of the Company’s Manager. The investments are reported as cash and cash equivalents on the Company’s consolidated balance sheets. Management Fee The Company pays its Manager a management fee equal to 1.50% of the Company’s stockholders’ equity per annum. The fee is calculated and payable quarterly in arrears. For purposes of calculating the management fee, stockholders’ 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. Stockholder's equity shall exclude (i) 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); (ii) cumulative net realized losses that are not attributable to permanently impaired investments and that relate to the investments for which market movement is accounted for in other comprehensive income; provided, however, that such adjustment shall not exceed cumulative unrealized net gains in other comprehensive income; (iii) one-time events pursuant to changes in U.S. GAAP; and (iv) 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 Company does not pay any management fees on its investments in unconsolidated ventures that are managed by an affiliate of the Manager. For the year ended December 31, 2015 , the Company incurred management fees of $38.6 million ( 2014 : $37.6 million ; 2013 : $42.6 million ) of which $9.8 million ( 2014 : $9.6 million ; 2013 : $10.5 million ) was accrued but has not been paid. Expense Reimbursement The Company is required to reimburse its Manager for Company operating expenses incurred on its behalf 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 following table summarizes the costs originally paid by the Manager, incurred on behalf of the Company for the years ended December 31, 2015 , 2014 and 2013 . Years ended December 31, $ in thousands 2015 2014 2013 Incurred costs, prepaid or expensed 6,463 5,954 4,449 Incurred costs, charged against equity as a cost of raising capital 22 213 418 Incurred costs, capitalized to other assets — — 7 Total incurred costs, originally paid by the Manager 6,485 6,167 4,874 Termination Fee A termination fee is due to the Manager upon termination of the management agreement by the Company. The termination fee is equal to three times the sum of the average annual management fee earned by the Manager during the 24-month period before termination, calculated as of the end of the most recently completed fiscal quarter.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Securities Convertible into Shares of Common Stock The non-controlling interest holder of the Operating Partnership units, a wholly-owned Invesco subsidiary, has the right to cause the Operating Partnership to redeem their operating partnership ("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 allows the Company to grant securities convertible into the Company’s common stock to its non-executive directors and employees of the Company's Manager and its affiliates. In 2013, a wholly-owned subsidiary of the Company issued $400.0 million in aggregate principal amount of Exchangeable Senior Notes due March 15, 2018 . The Exchangeable Senior Notes are convertible into shares of common stock. Refer to Note 7 - "Borrowings" for further discussion of the Exchangeable Senior Notes. Registration Rights Upon completion of the Company's initial public offering, the Company entered into a registration rights agreement with regard to the common stock and OP Units owned by wholly-owned subsidiaries of Invesco and any shares of common stock that the Manager may elect to receive under the management agreement or otherwise. Under the registration rights agreement, the Company has granted Invesco (i) unlimited demand registration rights to have the common stock and OP Units owned by Invesco and any shares of common stock granted to the Manager 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, the Company also entered into a registration rights agreement with the initial purchasers of the Notes. Under 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, additional interest will accrue on the Notes, subject to certain exceptions. Common Stock The Company has a dividend reinvestment and stock purchase plan (the “DRSPP”) that allows participating stockholders to purchase shares of common stock directly from the Company. DRSPP participants may also automatically reinvest all or a portion of their dividends in exchange for additional shares of common stock. During the year ended December 31, 2015 and 2014 , the Company issued 12,945 ( 2014 : 15,505 ; 2013 : 1,770,106 ) shares of common stock at an average price of $14.75 ( 2014 : $16.52 ; 2013 : $21.31 ) under the DRSPP. The Company received total proceeds of approximately $191,000 ( 2014 : $256,000 ; 2013 : $37.7 million ), net of issuance costs of $0 ( 2014 : $0 ; 2013 : $219,000 ). 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 $25.00 per share or $1.9375 per share per annum. These dividends are cumulative and payable quarterly in arrears. In September 2014, the Company completed a public offering of 6,200,000 shares of 7.75% Fixed-to-Floating Series B Cumulative Redeemable Preferred Stock (the "Series B Preferred Stock") at the price of $25.00 per share. Total proceeds were $149.9 million , net of issuance costs of $5.1 million . Holders of the Company’s Series B Preferred Stock are entitled to receive dividends at an annual rate of 7.75% of the liquidation preference of $25.00 per share or $1.9375 per share per annum until December 27, 2024. After December 27, 2024, holders are entitled to receive dividends at a floating rate equal to three-month LIBOR plus a spread of 5.18% of the $25.00 liquidation preference per annum. These dividends are cumulative and payable quarterly in arrears. The Company may elect to redeem shares of preferred stock at its option after July 26, 2017 (with respect to the Series A Preferred Stock) and after December 27, 2024 (with respect to the Series B Preferred Stock) for $25.00 per share, plus any accumulated and unpaid dividends through the date of the redemption. These shares are not redeemable, convertible into or exchangeable for any other property or any other securities of the Company prior to those times, except under circumstances intended to preserve the Company's qualification as a REIT or upon the occurrence of a change in control. Share Repurchase Program In December 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. In December 2013, the Company's board of directors approved an additional share repurchase of up to 20,000,000 of its common shares with no expiration date. During the twelve months ended December 31, 2015 , the Company repurchased 9,539,251 ( 2014 : 1,438,213 ) shares of its common stock at an average repurchase price of $13.17 ( 2014 : $14.69 ) per share for a net cost of $125.6 million ( 2014 : $21.1 million ), including acquisition expenses. As of December 31, 2015 , the Company had authority to purchase 5,302,533 additional shares of its common stock through the share repurchase program. Share-Based Compensation The Company established the 2009 Equity Incentive Plan for grants of common stock and other equity based awards to its non-executive directors and officers and employees 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 $340,000 ( 2014 : $282,000 ; 2013 : $165,000 ) related to awards to the Company's non-executive directors for the year ended December 31, 2015 . During the year ended December 31, 2015 , the Company issued 23,776 shares ( 2014 : 14,632 shares; 2013 : 8,946 shares) of common 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 grants vested immediately. The Company recognized compensation expense of approximately $219,000 ( 2014 : $290,000 ; 2013 : $197,000 ) for the year ended December 31, 2015 related to awards to employees of the Manager and its affiliates which is reimbursed by the Manager under the management agreement. The following table summarizes the activity related to restricted stock units to employees of the Manager and its affiliates for the year ended December 31, 2015 . Year Ended December 31, 2015 Restricted Stock Units Weighted Average Grant Date Fair Value (1) Unvested at the beginning of the year 45,545 $ 18.67 Shares granted during the year 17,652 15.97 Shares forfeited during the year (4,600 ) (17.26 ) Shares vested during the year (17,783 ) (19.53 ) Unvested at the end of the year 40,814 $ 17.29 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date. Dividends The following table sets forth the dividends declared per share of the Company's common stock. Date Declared Dividends Declared Per Share Amount Date of Payment 2015 December 15, 2015 $ 0.40 January 26, 2016 September 15, 2015 $ 0.40 October 27, 2015 June 15, 2015 $ 0.45 July 28, 2015 March 17, 2015 $ 0.45 April 28, 2015 2014 December 16, 2014 $ 0.45 January 27, 2015 September 15, 2014 $ 0.50 October 28, 2014 June 16, 2014 $ 0.50 July 28, 2014 March 18, 2014 $ 0.50 April 28, 2014 The following table sets forth the dividends declared per share of the Company's Series A Preferred Stock. Date Declared Dividends Declared Per Share Amount Date of Payment 2015 December 15, 2015 $ 0.4844 January 25, 2016 September 15, 2015 $ 0.4844 October 26, 2015 June 15, 2015 $ 0.4844 July 27, 2015 March 17, 2015 $ 0.4844 April 27, 2015 2014 December 16, 2014 $ 0.4844 January 26, 2015 September 15, 2014 $ 0.4844 October 27, 2014 June 16, 2014 $ 0.4844 July 25, 2014 March 18, 2014 $ 0.4844 April 25, 2014 The following table sets forth the dividends declared per share of the Company's Series B Preferred Stock. Date Declared Dividends Declared Per Share Amount Date of Payment 2015 December 15, 2015 $ 0.4844 March 28, 2016 September 15, 2015 $ 0.4844 December 28, 2015 June 15, 2015 $ 0.4844 September 28, 2015 March 17, 2015 $ 0.4844 June 29, 2015 2014 December 16, 2014 $ 0.4844 March 27, 2015 November 4, 2014 $ 0.5705 December 29, 2014 The following table sets forth the dividends declared per share of the Company's preferred and common stock and their related tax characterization for the fiscal tax years ended December 31, 2015 and 2014 . Tax Characterization of Dividends Fiscal Tax Year Dividends Declared Ordinary Dividends Capital Gain Distribution Carry Forward Series A Preferred Stock Dividends Fiscal tax year 2015 (1) 1.937600 1.937600 — — Fiscal tax year 2014 (2) 1.937600 1.937600 — — Series B Preferred Stock Dividends Fiscal tax year 2015 (3) 1.937600 1.937600 — — Fiscal tax year 2014 (4) 0.570500 0.570500 — — Common Stock Dividends Fiscal tax year 2015 (5) 1.700000 1.615469 — 0.257840 Fiscal tax year 2014 1.950000 1.776691 — 0.173309 (1) Excludes preferred stock dividend of $0.4844 per share declared on December 15, 2015 having a record date of January 1, 2016, which for federal income tax purposes is a fiscal tax year 2016 dividend. (2) Excludes preferred stock dividend of $0.4844 per share declared on December 16, 2014 having a record date of January 1, 2015, which for federal income tax purposes is a fiscal tax year 2015 dividend. (3) Excludes preferred stock dividend of $0.4844 per share declared on December 15, 2015 having a record date of March 5, 2016 , which for federal income tax purposes is a fiscal tax year 2016 dividend. (4) Excludes preferred stock dividend of $0.4844 per share declared on December 16, 2014 having a record date of March 5, 2015, which for federal income tax purposes is a fiscal tax year 2015 dividend. (5) Ordinary dividends include $0.173309 of undistributed taxable income carried-forward from fiscal tax year 2014.

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Earnings per share for the years ended December 31, 2015 , 2014 and 2013 is computed as follows: $ and share amounts in thousands Years Ended December 31, 2015 2014 2013 Numerator (Income) Basic Earnings: Net income (loss) available to common stockholders 81,106 (245,484 ) 147,304 Effect of dilutive securities: Income allocated to exchangeable senior notes — — — Income (loss) allocated to non-controlling interest 1,241 (2,632 ) 1,667 Dilutive net income (loss) available to stockholders 82,347 (248,116 ) 148,971 Denominator (Weighted Average Shares) Basic Earnings: Shares available to common stockholders 121,378 123,105 132,714 Effect of dilutive securities: Restricted stock awards 41 — 35 OP Units 1,425 1,425 1,425 Exchangeable senior notes — — — Dilutive Shares 122,844 124,530 134,174 The following potential common shares were excluded from diluted earnings per common share for the years ended December 31, 2015 and 2014 as the effect would be anti-dilutive: 16,835,720 for the exchangeable senior notes, respectively, and 0 and 44,421 for restricted stock awards, respectively. The following potential common shares were excluded from diluted earnings per common share for the year ended December 31, 2013 as the effect would be anti-dilutive: 13,606,952 for the exchangeable senior notes.

Non-controlling Interest - Oper

Non-controlling Interest - Operating Partnership	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
Non-controlling Interest - Operating Partnership	Non-controlling Interest – Operating Partnership Non-controlling interest represents the aggregate Operating Partnership Units in the Company's Operating Partnership held by a wholly-owned Invesco subsidiary. 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 common stockholders. Since an OP unit is generally redeemable for cash or Shares at the option of the Company, it is deemed to be a Share equivalent. Therefore, such transactions are treated as capital transactions and result in an allocation between stockholders’ equity and non-controlling interest in the accompanying consolidated balance sheets. As of December 31, 2015 , non-controlling interest related to the outstanding 1,425,000 OP Units represented a 1.2% interest ( 2014 : 1.1% ) in the Operating Partnership. The following table presents the net income (loss) allocated and distributions paid to the Operating Partnership non-controlling interest for the years ended December 31, 2015 , 2014 and 2013 . Years ended December 31, $ in thousands 2015 2014 2013 Net income (loss) allocated 1,241 (2,632 ) 1,667 Distributions paid 2,494 2,850 3,491 As of December 31, 2015 , distributions payable to the non-controlling interest were approximately $570,000 ( 2014 : $641,000 ; 2013 : $713,000 ).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Contingencies	Commitments and Contingencies Commitments and contingencies may arise in the ordinary course of business. The Company's material off balance sheet commitments as of December 31, 2015 are discussed below. As discussed in Note 6 - "Other Investments", the Company has invested in unconsolidated ventures that are sponsored by an affiliate of the Company’s Manager. The unconsolidated ventures are structured as partnerships, and the Company invests in the partnerships as a limited partner. The entities are structured such that capital commitments are to be drawn down over the life of the partnership as investment opportunities are identified. At December 31, 2015 , the Company’s undrawn capital and purchase commitments were $21.1 million ( 2014 : $31.0 million ). As discussed in Note 5 - “Commercial Loans Held-for-Investment”, the Company purchases and originates commercial loans. As of December 31, 2015 , the Company has unfunded commitments on commercial loans held-for-investment of $2.1 million ( 2014 : $5.0 million ). The Company has entered into agreements with financial institutions to guarantee certain obligations of its subsidiaries. The Company would be required to perform under these guarantees in the event of certain defaults. The Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Summarized Quarterly (Unaudited

Summarized Quarterly (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Summarized Quarterly (Unaudited)	Summarized Quarterly (Unaudited) The following is a presentation of selected unaudited results of operations for the quarters ended. $ in thousands except share amounts Q4 15 Q3 15 Q2 15 Q1 15 Q4 14 Q3 14 Q2 14 Q1 14 Interest Income Mortgage-backed and credit risk transfer securities 127,633 129,260 126,098 135,265 143,043 139,419 148,195 148,405 Residential loans 22,907 28,380 30,247 29,374 27,185 22,713 20,471 17,704 Commercial loans 3,982 3,743 4,491 3,115 3,179 2,649 2,061 1,619 Total interest income 154,522 161,383 160,836 167,754 173,407 164,781 170,727 167,728 Interest Expense Repurchase agreements 41,348 41,303 40,931 43,310 46,050 45,756 47,822 49,071 Secured loans 1,940 1,622 1,553 1,464 1,177 1,223 176 — Exchangeable senior notes 5,621 5,620 5,613 5,607 5,621 5,620 5,613 5,607 Asset-backed securities 17,128 20,686 22,329 21,898 20,738 17,660 15,826 13,935 Total interest expense 66,037 69,231 70,426 72,279 73,586 70,259 69,437 68,613 Net interest income 88,485 92,152 90,410 95,475 99,821 94,522 101,290 99,115 (Reduction in) provision for loan losses — (81 ) (70 ) (62 ) (90 ) (209 ) (50 ) 207 Net interest income after (reduction in) provision for loan losses 88,485 92,233 90,480 95,537 99,911 94,731 101,340 98,908 Other income (loss) Gain (loss) on investments, net (31,302 ) (2,958 ) 10,876 2,172 (835 ) (48,364 ) (20,197 ) (17,772 ) Equity in earnings of unconsolidated ventures 3,499 1,894 1,231 6,006 1,306 1,145 3,894 441 Gain (loss) on derivative instruments, net 68,296 (220,602 ) 56,003 (122,745 ) (164,637 ) (3,704 ) (167,816 ) (151,312 ) Realized and unrealized credit derivative income (loss), net (5,122 ) 2,928 614 21,362 (23,795 ) (28,613 ) 32,055 17,487 Other investment income (loss), net (574 ) 739 1,673 (894 ) (687 ) (1,358 ) — — Total other income (loss) 34,797 (217,999 ) 70,397 (94,099 ) (188,648 ) (80,894 ) (152,064 ) (151,156 ) Expenses 13,074 14,697 13,551 13,298 13,976 13,293 13,066 12,531 Net income (loss) 110,208 (140,463 ) 147,326 (11,860 ) (102,713 ) 544 (63,790 ) (64,779 ) Net income (loss) attributable to non-controlling interest 1,321 (1,629 ) 1,685 (136 ) (1,176 ) 6 (729 ) (733 ) Net income (loss) attributable to Invesco Mortgage Capital Inc. 108,887 (138,834 ) 145,641 (11,724 ) (101,537 ) 538 (63,061 ) (64,046 ) Dividends to preferred stockholders 5,716 5,716 5,716 5,716 9,240 2,713 2,712 2,713 Undeclared cumulative dividends to preferred stockholders — — — — (661 ) 661 — — Net income (loss) attributable to common stockholders 103,171 (144,550 ) 139,925 (17,440 ) (110,116 ) (2,836 ) (65,773 ) (66,759 ) Earnings (loss) per share: Net income (loss) attributable to common stockholders Basic 0.88 (1.18 ) 1.14 (0.14 ) (0.89 ) (0.02 ) (0.53 ) (0.54 ) Diluted 0.81 (1.18 ) 1.04 (0.14 ) (0.89 ) (0.02 ) (0.53 ) (0.54 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 18, 2016, the Company's board of directors authorized an additional 15,000,000 shares of common stock for the existing share repurchase program with no stated expiration date.

Schedule IV Mortgage Loans on R

Schedule IV Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule IV Mortgage Loans on Real Estate	INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIES Schedule IV Mortgage Loans on Real Estate As of December 31, 2015 $ in thousands Asset Type Description Number of loans Interest Rate Maturity Date Periodic Payment Terms (1) Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal or Interest Mezzanine Loans Various 6 LIBOR+6.75% to 10.5% or 7.5% Fixed 4/9/2016 to 12/1/2018 I — 210,769 209,062 — — 210,769 209,062 — (1) Interest ("I") Reconciliation of Carrying Value of Mortgage Loans on Real Estate: 2015 2014 2013 Beginning balance 3,510,759 1,874,861 — Additions: Principal amount of new loans 530,399 1,887,391 1,891,646 Premium (discount) on new loans (131 ) 12,730 29,768 Capitalized interests — 768 832 Amortization of premium (discount) (6,204 ) (6,368 ) (2,632 ) Deductions: Collection of principal 642,361 256,061 43,869 (Reduction in) provision for loan losses (213 ) (142 ) 884 Loss on foreign currency translation 1,951 2,704 — Deconsolidation of VIEs 3,181,662 — — Ending balance 209,062 3,510,759 1,874,861

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Principles of Consolidation	Basis of Presentation and Consolidation In the opinion of management, the consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for a fair presentation of the financial condition and results of operations for the periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. The consolidated financial statements have been prepared in accordance with U.S. GAAP and consolidate the financial statements of the Company, its controlled subsidiaries, and certain residential loan securitization trusts (the "Residential Securitizations") that meet the definition of a variable interest entity ("VIE"). On December 9, 2015, the Company completed the sale of certain beneficial interests in the Residential Securitizations and deconsolidated the Residential Securitizations. Refer to Note 3 - "Variable Interest Entities" for additional information regarding the impact of consolidation and deconsolidation of the Residential Securitizations.
Variable Interest Entity	The Residential Securitizations were VIEs because they did not have equity that met the definition of U.S. GAAP equity at risk. In determining if a securitization trust should be consolidated, the Company evaluates whether it has both (i) the power to direct the activities of the securitization trust that most significantly impact its economic performance and (ii) the right to receive benefits from the securitization trust or the obligation to absorb losses of the securitization trust that could be significant. The Company's determination of whether it is the primary beneficiary of a securitization trust includes both a qualitative and quantitative analysis. The Company determined that it was the primary beneficiary of the Residential Securitizations because it was involved in certain aspects of the design of the Residential Securitizations and had certain default oversight rights on defaulted residential loans. In addition, the Company owned the most subordinated class of asset-backed securities issued by the Residential Securitizations and had the obligation to absorb losses and right to receive benefits from the Residential Securitizations that could potentially be significant to the Residential Securitizations. The Residential Securitizations held pools of residential mortgage loans and issued series of asset-backed securities payable from the cash flows generated by the underlying pools of residential mortgage loans. The Residential Securitizations were non-recourse financing for the residential mortgage loans held-for-investment. Generally, a portion of the asset-backed securities issued by the Residential Securitizations were sold to unaffiliated third parties and the balance was purchased by the Company. The Company classified the underlying residential mortgage loans owned by the Residential Securitizations as residential loans held-for-investment in its consolidated balance sheets. The asset-backed securities issued to third parties were recorded as liabilities on the Company's consolidated balance sheets. The Company recorded interest income on the residential loans held-for-investment, interest expense on the asset-backed securities issued to third parties and direct operating expenses incurred by the Residential Securitizations in the Company's consolidated statements of operations. The Company eliminated all intercompany balances and transactions between itself and the Residential Securitizations. The Company recorded the initial underlying assets and liabilities of the Residential Securitizations at their fair value upon consolidation into the Company and, as such, no gain or loss was recorded upon consolidation.
Use of Estimates	Use of Estimates 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 and credit risk transfer securities, allowance for loan losses and other-than-temporary impairment charges. Actual results may differ from those estimates.
Translation of Foreign Currencies	Translation of Foreign Currencies The functional currency of the Company and its subsidiaries is U.S. dollars. Transactions in foreign currencies are recorded at the rates of exchange prevailing on the date of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are remeasured at the rates prevailing at the balance sheet date. Gains and losses arising on revaluation are included in the consolidated statements of operations. The Company's reporting currency is U.S. dollars. Upon consolidation, the assets and liabilities of the Company’s investment in an unconsolidated venture whose functional currency is the Euro is translated to U.S. dollars using the period-end exchange rates. Equity accounts are translated at historical rates, except for the change in retained earnings during the year, which is the result of the income statement translation process. Revenue and expense accounts are translated using the weighted average exchange rate during the period. The cumulative translation adjustments associated with the investment in the unconsolidated venture are recorded in accumulated other comprehensive income (loss), a component of consolidated stockholders’ equity. The Company generally hedges interest rate and foreign currency exposure with derivative financial instruments. Refer to Note 8 - "Derivatives and Hedging Activities" for further information.
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 for 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 the Company understand 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 10 - "Fair Value of 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. Transfers between levels, if any, are determined by the Company at the end of the reporting period.
Mortgage-Backed and Credit Risk Transfer Securities	Mortgage-Backed and Credit Risk Transfer Securities All of the Company’s mortgage-backed securities ("MBS") except for Agency and non-Agency residential interest-only securities ("RMBS IOs") are classified as available-for-sale and reported at fair value. Fair value is determined by obtaining valuations from an independent source. If the fair value of a security is not available from a 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, discounted cash flow analysis, matrix pricing, option adjusted spread models and other fundamental analysis of observable market factors. The Company records its purchases of mortgage-backed and credit risk transfer securities on the trade date. Although the Company generally intends to hold most of its mortgage-backed and credit risk transfer securities until maturity, the Company may, from time to time, sell any of its mortgage-backed and credit risk transfer securities as part of its overall management of its investment portfolio. Unrealized gains or losses on all MBS, except for RMBS IOs, are recorded in accumulated other comprehensive income, a separate component of stockholders' equity, until sale or disposition of the investment. Upon sale or disposition, the cumulative gain or loss previously reported in stockholders' equity is recognized in income. Realized gains and losses from sales of MBS are determined based upon the specific identification method. RMBS IOs are hybrid financial instruments that contain embedded derivatives. RMBS IOs are carried at fair value on the Company's consolidated balance sheet with changes in fair value recognized in the Company's consolidated statements of operations. GSE CRTs are unsecured obligations of Fannie Mae and Freddie Mac. Coupon payments on the securities are based on LIBOR, and principal payments are based on prepayments, losses and defined credit events in a reference pool of mortgage loans that collateralize Agency RMBS. The Company has elected the fair value option for GSE CRTs purchased on or after August 24, 2015 due to the complexities associated with bifurcation of GSE CRTs into debt host contract and embedded derivative. Under the fair value option, changes in fair value for GSE CRTs are recognized in the Company's consolidated statements of operations. GSE CRTs purchased prior to August 24, 2015 are reported at fair value and accounted for as hybrid financial instruments consisting of a debt host contract and an embedded derivative. Unrealized gains or losses arising from changes in fair value of the debt host contract, excluding other-than-temporary impairment, are recognized in accumulated other comprehensive income, a separate component of stockholders’ equity, until sale or disposition of the investment. Upon sale or disposition of the debt host contract, the cumulative gain or loss previously reported as a separate component of stockholders’ equity is recognized in income. Realized gains and losses from sales of GSE CRTs are determined based upon the specific identification method. Realized and unrealized gains or losses arising from changes in fair value of the embedded derivative are recognized in realized and unrealized credit derivative income (loss), net in the Company’s consolidated statements of operations. The Company considers its portfolio of Agency RMBS to be of high credit quality under applicable accounting guidance. For non-Agency RMBS, GSE CRTs and CMBS, the Company does not rely on ratings from third party agencies to determine the credit quality of the investment. The Company uses internal models that analyze the loans underlying each security and evaluates 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 these internal models in determining credit quality. While non-Agency RMBS, GSE CRTs and CMBS with expected future losses would generally be purchased at a discount to par, the potential for a significant adverse change in expected cash flows remains. The Company therefore evaluates each security for other-than-temporary impairment at least quarterly. 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 amortized cost, (ii) the financial condition and near-term prospects of recovery in fair value of the security, and (iii) the Company’s intent to sell the security and whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. 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 intends 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 stockholders’ equity in other comprehensive income or loss with no change to the cost basis of the security.
Residential and Commercial Loans Held-For-Investment	Residential Loans Held-For-Investment Residential loans held-for-investment are residential mortgage loans that were held by consolidated securitization trusts. Residential loans held-for-investment were carried at unpaid principal balance net of any premiums and an allowance for loan losses. The Company established an allowance for residential loan losses based on the Company's estimate of credit losses. The Company calculated expected losses by estimating the default rate and expected loss severities on the loans. The Company considered the following factors in its evaluation of the allowance for loan losses: • Loan-to-value ratios, credit scores, geographic concentration and other observable data; • Historical default rates of loans with similar characteristics; and • Expected future macroeconomic trends including changes in home prices and the unemployment rate. Commercial Loans Held-For-Investment Commercial loans held-for-investment by the Company are carried at amortized cost, net of any allowance for loan losses. An individual loan is considered impaired when it is deemed probable that the Company will not be able to recover its investment and any other anticipated futures payments. The Company generally considers the following factors in evaluating whether a commercial loan is impaired: • Loan-to-value ratios; • 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 factors the Company considers relevant, including, 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 trends in the 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. When 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 interest rate or if the loan is collateral dependent, the Company reduces the carrying value to the estimated fair value of the collateral, with a corresponding charge to provision for loan losses on the Company's consolidated statements of operations.
Interest Income Recognition	Interest Income Recognition Mortgage-Backed Securities Interest income on MBS is accrued based on the outstanding principal balance of the securities and their contractual terms. Premiums or discounts are amortized or accreted into interest income over the life of the investment using the effective interest method. Interest income on the Company's non-Agency MBS (and other prepayable mortgage-backed securities where the Company may not recover substantially all of its initial investment) is based on estimated cash flows. 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. Over the life of the investments, 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. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact management’s estimates and the Company's interest income. For Agency RMBS that cannot be prepaid in such a way that the Company would not recover substantially all of its initial investment, interest income recognition is based on contractual cash flows. The Company does not estimate prepayments in applying the effective interest method. Credit Risk Transfer Securities Interest income on credit risk transfer securities is accrued based on the coupon rate of the debt host contract which reflects the credit risk of GSE unsecured senior debt with a similar maturity. Premiums or discounts associated with the purchase of credit risk transfer securities are amortized or accreted into interest income over the life of the debt host contract using the effective interest method. The difference between the coupon rate on the hybrid instrument and the coupon rate on the GSE CRT debt host contract is considered premium income associated with the embedded derivative and is recorded in realized and unrealized credit derivative income (loss), net in the Company’s consolidated statements of operations. Residential Loans The Company recognized interest income from residential loans on an accrual basis and amortized the related premiums into interest income using the effective interest method over the weighted average life of these loans. In estimating the weighted average life of these loans, there were a number of assumptions that were subject to estimation, including the rate and timing of principal payments, defaults, loss severity given default and other factors. Coupon interest was recognized as revenue when earned and deemed collectible or until a loan became more than 90 days past due, at which point the loan was placed on nonaccrual status. Interest previously accrued for loans that had been placed on non-accrual status was reversed against interest income in the period the loan was placed in nonaccrual status. Residential loans delinquent more than 90 days or in foreclosure were characterized as delinquent. Cash principal and interest that was advanced from servicers after a loan becomes greater than 90 days past due was recorded as a liability due to the servicer. When a delinquent loan previously placed on nonaccrual status had cured, meaning all delinquent principal and interest had been remitted by the borrower, the loan was placed back on accrual status. Commercial Loans The Company recognizes interest income from commercial loans when earned and deemed collectible, or until a loan becomes past due based on the terms of the loan agreement. Any related origination fees, net of origination cost are amortized into interest income using the effective interest method over the life of the loan. Interest received after a loan becomes 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 .
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 December 31, 2015 , the Company had cash and cash equivalents 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 derivatives and repurchase agreements. Collateral held payable represents cash posted with the Company by counterparties as collateral under the Company’s derivatives and repurchase agreements. To the extent the Company receives collateral other than cash from its counterparties, such assets are not included in the Company’s consolidated balance sheets. 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 consolidated balance sheets.
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures The Company’s non-controlling investments in unconsolidated ventures are included in other investments in the consolidated balance sheets and 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 the entities' operating agreements.
Deferred Securitization and Financing Costs	Deferred Securitization and Financing Costs As of December 31, 2015, deferred securitization and financing costs consist of costs incurred in connection with the issuance of the Company's exchangeable senior notes. These costs include underwriting, rating agency, legal, accounting and other fees. Deferred costs are amortized as an adjustment to interest expense using the effective interest method over the stated legal maturity of the exchangeable senior notes. As of December 31, 2014, deferred securitization and financing costs also included costs associated with the issuance of asset-backed securities by Residential Securitizations. As a result of deconsolidation of the Company's Residential Securitizations, these deferred securitization costs were written off in 2015. Refer to Note 3 - "Variable Interest Entities" for further information.
Repurchase Agreements	Repurchase Agreements The Company finances its purchases of mortgage-backed and credit risk transfer securities 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. Effective January 1, 2015, the Company adopted newly issued accounting guidance for repurchase financings. Under the new standard, the Company no longer applies the "linked" accounting model to instances where the Company purchases mortgage-backed and credit risk transfer securities and enters into repurchase agreements to finance the purchase with the same counterparty. Purchases of mortgage-backed and credit risk transfer securities and repurchase financings are considered separately, and the repurchase agreement component of the transaction is accounted for as a secured borrowing. The Company records the mortgage-backed and credit risk transfer securities and the related repurchase agreement financing on a gross basis in its consolidated balance sheets, and the corresponding interest income and interest expense on a gross basis in its consolidated statements of operations. None of the Company's repurchase financing transactions prior to January 1, 2015 qualified as linked transactions and therefore were not accounted for as derivatives. Accordingly, the Company did not record a cumulative effect adjustment to retained earnings as of January 1, 2015 as a result of adopting the new guidance.
Secured Loans	Secured Loans The Company's wholly-owned subsidiary, IAS Services LLC, is a member of the Federal Home Loan Bank of Indianapolis ("FHLBI"). As a member of the FHLBI, IAS Services LLC may borrow funds from the FHLBI in the form of secured advances. FHLBI advances are treated as secured financing transactions and are carried at their contractual amounts.
Asset-Backed Securities Issued by Securitization Trusts	Asset-Backed Securities Issued by Securitization Trusts Asset-backed securities issued by securitization trusts were recorded at principal balances net of unamortized premiums or discounts. The Company recognized interest expense on an accrual basis and amortized the related premiums or discounts into interest expense using the effective interest method over the weighted average contractual maturity of these asset-backed securities.
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 stockholders, preferred stockholders, and an Invesco wholly-owned subsidiary, the non-controlling interest common unit holder of the Operating Partnership.
Earnings (Loss) per Share	Earnings (Loss) per Share The Company calculates basic earnings (loss) per share by dividing net income (loss) attributable to common stockholders for the period by the weighted-average number of 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 and 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.
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 its Manager and its affiliates under this plan pursuant to the management agreement. Share-based compensation arrangements include share options, restricted and non-restricted share awards, performance-based awards and share appreciation rights. For awards to the Company's independent directors, 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. Compensation related to stock awards to employees of the Company's 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.
Underwriting Commissions and Offering Costs	Underwriting Commissions and Offering Costs Underwriting commissions and direct costs incurred in connection with the Company’s common and preferred stock offerings are reflected as a reduction of additional paid-in-capital and preferred stock, respectively.
Comprehensive Income	Comprehensive Income The Company's comprehensive income consists of net income, as presented in the consolidated statements of operations, adjusted for unrealized gains and losses on MBS and the debt host contract associated with GSE CRTs; reclassification of amortization of net deferred losses on de-designated interest rate swaps to repurchase agreements interest expense and foreign currency translation adjustments on an investment in an unconsolidated venture. Unrealized gains and losses on the Company's MBS and the debt host contract associated with GSE CRTs are reclassified into net income upon their sale or termination.
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 its 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. The Company is a party to hybrid financial instruments that contain embedded derivative instruments. At inception, the Company assesses whether the economic characteristics of the embedded derivative instruments are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the debt host contract), whether the financial instrument is remeasured to fair value through earnings and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded instrument possesses economic characteristics that are not clearly and closely related to the economic characteristics of the debt host contract, (2) the financial instrument is not remeasured to fair value through earnings and (3) a separate instrument with the same terms would qualify as a derivative instrument, the embedded instrument qualifies as an embedded derivative that is separated from the debt host contract. The embedded derivative is recorded at fair value, and changes in fair value are recorded in realized and unrealized credit derivative income (loss), net in the Company's consolidated statements of operations. 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 changed beginning January 1, 2014. 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, changes in the fair value of the interest rate swap agreements are recorded in gain (loss) on 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 derivative instruments, net on the Company's consolidated statements of operations. The interest rate swaps continue to be reported as derivative assets or derivative 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 8 - "Derivatives and Hedging Activities" for further information. The Company evaluates the terms and conditions of its holdings of swaptions, futures contracts, currency forward 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, currency forward 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, currency forward contracts and TBAs is included in derivative assets or derivative liabilities 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 stockholders, 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 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 the Company's results of operations and amounts available for distribution to stockholders. A REIT’s dividend paid deduction for qualifying dividends to the Company’s stockholders is computed using its REIT taxable income as opposed to net income reported on the consolidated financial statements. REIT taxable income will generally differ from net income because the determination of REIT taxable income is based on tax regulations and not financial accounting principles. The Company has elected to treat one of its subsidiaries as a taxable REIT subsidiary (“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 stockholders. 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 would recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which would be included in general and administrative expenses.
Reclassifications	Reclassifications Certain prior period reported amounts have been reclassified to be consistent with the current presentation. Consolidated securitization trust expenses, previously presented in general and administrative expenses, are presented as a separate line item on the Company's consolidated statements of operations. The reclassification of consolidated securitization trust expenses had no impact on net income or equity attributable to common stockholders.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements None. Recent Accounting Pronouncements Not Yet Adopted In February 2015, the FASB issued modifications to existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. The guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015, and requires either a retrospective or a modified retrospective approach to adoption. Early adoption is permitted. The new guidance is not expected to have a material impact on the Company's consolidated financial statements. In April 2015, the FASB issued guidance to amend the presentation of debt issuance cost related to a recognized debt liability. Under the new guidance, the debt issuance costs will be presented in the balance sheet as a direct deduction from the carrying amount of the recognized debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected under the new guidance. The Company will implement the new guidance in the first quarter of 2016 on a retrospective basis. Upon adoption, the Company will comply with the applicable disclosures for a change in an accounting principle. These disclosures include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items. The new guidance will not have a material impact on the Company's consolidated financial statements. In January 2016, the FASB issued guidance to improve certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The Company is required to adopt the new guidance in the first quarter of 2018. Early adoption is permitted. The Company should apply the guidance by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The guidance related to equity securities without readily determinable fair values should be applied prospectively to equity investments that exist at the date of adoption. The Company is currently evaluating the potential impact of the new guidance on its consolidated financial statements.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2015
Variable Interest Entity Disclosure [Abstract]
Maximum Risk of Loss	The Company's maximum risk of loss in VIEs in which the Company is not the primary beneficiary at December 31, 2015 is presented in the table below. $ in thousands Carrying Amount Company's Maximum Risk of Loss Non-Agency RMBS 2,692,487 2,692,487 CMBS 2,915,964 2,915,964 Total 5,608,451 5,608,451 The following table presents a summary of the assets and liabilities of the Company's consolidated securitization trusts as of December 31, 2014 . Intercompany balances have been eliminated for purposes of this presentation. $ in thousands December 31, 2014 Residential loans, held-for-investment 3,365,003 Accrued interest receivable 10,562 Deferred securitization costs 5,032 Total assets 3,380,597 Accrued interest and accrued expenses payable 8,692 Asset-backed securities issued by securitization trusts 2,929,820 Total liabilities 2,938,512
Deconsolidation of VIEs Assets and Liabilities	The Company deconsolidated the assets and liabilities of the Residential Securitizations as of the date of the Transaction. The following table summarizes the amounts deconsolidated from the consolidated balance sheet. $ in thousands As of December 9, 2015 Residential loans, held-for-investment 3,181,662 Accrued interest receivable 9,889 Deferred securitization and financing costs 4,347 Total assets 3,195,898 Accrued interest and accrued expenses payable 11,413 Asset-backed securities issued by securitization trusts 2,740,797 Total liabilities 2,752,210
Gain (Loss) on Deconsolidation of VIEs	The deconsolidation of the Residential Securitizations did not qualify for presentation and disclosure as discontinued operations. The Company recorded a loss of $19.6 million on deconsolidation of the Residential Securitizations in its consolidated statement of operations as gain (loss) on investments, net. The following table presents the components of the loss on deconsolidation of VIEs. $ in thousands As of December 9, 2015 Gain (loss) related to derecognition of Residential Securitizations, net (13,260 ) Gain (loss) related to remeasurement of retained interest, net 3,068 Gain (loss) on sale of the securities, net (9,431 ) Total gain (loss) on deconsolidation of VIEs, net (19,623 )
Impact of Deconsolidation on Financial Statements	The following table summarizes the net income (loss) impact of the Residential Securitizations excluding the loss on deconsolidation. Years ended December 31, $ in thousands 2015 2014 2013 Interest income - Residential loans 110,908 88,073 34,122 Interest expense - Asset-backed securities 82,041 68,159 26,682 Net interest income 28,867 19,914 7,440 (Reduction in) provision for loan losses (213 ) (142 ) 884 Net interest income after (reduction in) provision for loan losses 29,080 20,056 6,556 Expenses - Consolidated securitization trusts 8,219 6,076 2,137 Net income 20,861 13,980 4,419
Carrying Value of Residential Loans Held-for-Investment	Residential loans held by consolidated securitization trusts were carried at unpaid principal balance net of any premiums and discount and an allowance for loan losses. The residential loans were secured by a lien on the underlying residential property. The following table details the carrying value for residential loans held-for-investment at December 31, 2014 . $ in thousands December 31, 2014 Principal balance 3,332,192 Unamortized premium (discount), net 33,553 Recorded investment 3,365,745 Allowance for loan losses (742 ) Carrying value 3,365,003
Activity in Allowance for Loan Losses	The following table summarizes the activity in the allowance for loan losses for the years ended December 31, 2015 and December 31, 2014 . $ in thousands December 31, 2015 December 31, 2014 Balance at beginning of period (742 ) (884 ) Charge-offs, net — — Reduction in (provision) for loan losses 213 142 Deconsolidation of VIEs 529 — Balance at end of period — (742 )
Carrying Value of Assets Backed Securities Issued	The asset-backed securities were collateralized by residential loans held in the securitization trusts as summarized in the following table at December 31, 2014 . December 31, 2014 ABS Residential Loans $ in thousands Outstanding Held as Collateral Principal balance 2,902,378 3,332,192 Interest-only securities 15,040 — Unamortized premium 23,735 41,928 Unamortized discount (11,333 ) (8,375 ) Allowance for loan losses — (742 ) Carrying value 2,929,820 3,365,003 Range of weighted average interest rates 2.8% - 4.0% Number of securitization trusts consolidated 10

Mortgage-Backed and Credit Ri28

Mortgage-Backed and Credit Risk Transfer Securities (Tables)	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Summary of Investment Portfolio	The following tables summarize the Company’s MBS and GSE CRT portfolio by asset type at December 31, 2015 and 2014 . December 31, 2015 $ in thousands Principal Balance Unamortized Premium (Discount) Amortized Cost Unrealized Gain/ (Loss), net Fair Value Net Weighted Average Coupon (1) Period- end Weighted Average Yield (2) Quarterly Weighted Average Yield (3) Agency RMBS: 15 year fixed-rate 1,527,877 72,389 1,600,266 10,664 1,610,930 3.72 % 2.47 % 2.40 % 30 year fixed-rate 3,796,091 249,285 4,045,376 18,581 4,063,957 4.24 % 2.81 % 2.85 % ARM* 417,424 4,625 422,049 3,976 426,025 2.72 % 2.58 % 2.26 % Hybrid ARM 3,240,967 63,324 3,304,291 5,234 3,309,525 2.73 % 2.56 % 2.22 % Total Agency pass-through 8,982,359 389,623 9,371,982 38,455 9,410,437 3.54 % 2.65 % 2.53 % Agency-CMO (4) 1,774,621 (1,386,284 ) 388,337 482 388,819 2.23 % 4.29 % 3.42 % Non-Agency RMBS (5)(6)(7) 4,965,978 (2,348,080 ) 2,617,898 74,589 2,692,487 2.20 % 4.00 % 4.80 % GSE CRT (8)(9) 657,500 22,593 680,093 (21,865 ) 658,228 1.32 % 0.72 % 0.62 % CMBS (10) 3,429,655 (558,749 ) 2,870,906 45,058 2,915,964 3.95 % 4.30 % 4.35 % Total 19,810,113 (3,880,897 ) 15,929,216 136,719 16,065,935 3.08 % 3.13 % 3.19 % *Adjustable-rate mortgage ("ARM") (1) Net weighted average coupon as of December 31, 2015 is presented net of servicing and other fees. (2) Period-end weighted average yield is based on amortized cost as of December 31, 2015 and incorporates future prepayment and loss assumptions but excludes changes in anticipated interest rates. (3) Quarterly weighted average portfolio yield for the period was calculated by dividing interest income, including amortization of premiums and discounts, by the Company's average of the amortized cost of the investments. All yields are annualized. (4) Agency collateralized mortgage obligation ("Agency CMO") includes interest-only securities, which represent 27.6% of the balance based on fair value. (5) Non-Agency RMBS held by the Company is 48.4% variable rate, 45.2% fixed rate and 6.4% floating rate based on fair value. (6) Of the total discount in non-Agency RMBS, $281.6 million is non-accretable. (7) Non-Agency RMBS includes interest-only securities, which represent 1.3% of the balance based on fair value. (8) The Company has elected the fair value option for GSE CRTs purchased on or after August 24, 2015, which represent 1.9% of the balance based on fair value. As a result, GSE CRTs accounted for under the fair value option are not bifurcated between the debt host contract and the embedded derivative. (9) GSE CRT weighted average coupon and weighted average yield excludes embedded derivative coupon interest. Coupon interest attributable to the embedded derivative is recorded as realized and unrealized credit derivative income (loss), net on the consolidated statement of operations. (10) CMBS includes interest-only securities and commercial real estate mezzanine loan pass-through certificates, which represent 0.9% and 0.7% of the balance based on fair value, respectively. December 31, 2014 $ in thousands Principal Balance Unamortized Premium (Discount) Amortized Cost Unrealized Gain, net Fair Value Net Weighted Average Coupon (1) Period- end Weighted Average Yield (2) Quarterly Weighted Average Yield (3) Agency RMBS: 15 year fixed-rate 1,236,297 60,764 1,297,061 30,040 1,327,101 4.05 % 2.60 % 2.66 % 30 year fixed-rate 4,432,301 297,311 4,729,612 60,681 4,790,293 4.29 % 2.97 % 3.05 % ARM* 531,281 9,068 540,349 6,433 546,782 2.83 % 2.27 % 2.29 % Hybrid ARM 2,901,078 50,757 2,951,835 25,083 2,976,918 2.78 % 2.34 % 2.24 % Total Agency pass-through 9,100,957 417,900 9,518,857 122,237 9,641,094 3.69 % 2.68 % 2.71 % Agency-CMO (4) 1,957,296 (1,502,785 ) 454,511 (3,616 ) 450,895 2.34 % 4.57 % 3.62 % Non-Agency RMBS (5)(6) 3,555,249 (583,890 ) 2,971,359 90,288 3,061,647 3.51 % 4.12 % 4.86 % GSE CRT (7) 615,000 25,814 640,814 (15,390 ) 625,424 1.03 % 0.49 % 0.48 % CMBS (8) 3,277,208 54,893 3,332,101 137,734 3,469,835 4.74 % 4.39 % 4.38 % Total 18,505,710 (1,588,068 ) 16,917,642 331,253 17,248,895 3.61 % 3.24 % 3.36 % *Adjustable-rate mortgage ("ARM") (1) Net weighted average coupon as of December 31, 2014 is presented net of servicing and other fees. (2) Period-end weighted average yield is based on amortized cost as of December 31, 2014 and incorporates future prepayment and loss assumptions but excludes changes in anticipated interest rates. (3) Quarterly weighted average yield for the period was calculated by dividing interest income, including amortization of premiums and discounts, by the Company's average of the amortized cost of the investments. All yields are annualized. (4) Agency-CMO includes interest-only securities, which represent 29.1% of the balance based on fair value. (5) Non-Agency RMBS held by the Company is 52.8% variable rate, 40.1% fixed rate, and 7.1% floating rate based on fair value. (6) Of the total discount in non-Agency RMBS, $405.5 million is non-accretable. (7) GSE CRT weighted average coupon and weighted average yield excludes embedded derivative coupon interest recorded as realized and unrealized credit derivative income (loss), net on the consolidated statement of operations. (8) CMBS includes commercial real estate mezzanine loan pass-through certificates, which represent 1.3% of the balance based on fair value. The components of the carrying value of the Company’s MBS and GSE CRT portfolio at December 31, 2015 and 2014 are presented below. $ in thousands December 31, 2015 December 31, 2014 Principal balance 19,810,113 18,505,710 Unamortized premium 495,537 550,071 Unamortized discount (4,376,434 ) (2,138,139 ) Gross unrealized gains 287,469 439,513 Gross unrealized losses (150,750 ) (108,260 ) Fair value 16,065,935 17,248,895
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 December 31, 2015 and 2014 . $ in thousands December 31, 2015 % of Non-Agency December 31, 2014 % of Non-Agency Prime 1,081,428 40.2 % 969,849 31.7 % Re-REMIC 663,853 24.7 % 1,000,635 32.7 % Alt-A 544,306 20.2 % 694,467 22.7 % Subprime/reperforming 402,900 14.9 % 396,696 12.9 % Total Non-Agency 2,692,487 100.0 % 3,061,647 100.0 %
Components of Senior Re-REMIC at Fair Value	The following table summarizes the credit enhancement provided to the Company's re-securitization of real estate mortgage investment conduit ("Re-REMIC") holdings as of December 31, 2015 and 2014 . Percentage of Re-REMIC Holdings at Fair Value Re-REMIC Subordination (1) December 31, 2015 December 31, 2014 0% - 10% 11.0 % 7.0 % 10% - 20% 5.6 % 4.4 % 20% - 30% 12.7 % 11.9 % 30% - 40% 20.8 % 26.1 % 40% - 50% 32.8 % 31.8 % 50% - 60% 13.3 % 15.2 % 60% - 70% 3.8 % 3.6 % Total 100.0 % 100.0 % (1) Subordination refers to the credit enhancement provided to the Re-REMIC tranche held by the Company by any junior Re-REMIC tranche or tranches in a resecuritization. This figure reflects the percentage of the balance of the underlying securities represented by any junior tranche or tranches at the time of resecuritization. Generally, principal losses on the underlying securities in excess of the subordination amount would result in principal losses on the Re-REMIC tranche held by the Company. 22.9% of the Company's Re-REMIC holdings are not senior tranches.
Fair Value of MBS and GSE CRTs According to Weighted Average Life Classification	The following table summarizes the Company’s MBS and GSE CRT portfolio according to estimated weighted average life classifications as of December 31, 2015 and 2014 . $ in thousands December 31, 2015 December 31, 2014 Less than one year 427,678 440,471 Greater than one year and less than five years 6,237,547 7,997,709 Greater than or equal to five years 9,400,710 8,810,715 Total 16,065,935 17,248,895
Unrealized Losses and Estimated Fair Value of MBS and GSE CRTs by Length of Time	The following tables present the estimated fair value and gross unrealized losses of the Company’s MBS and GSE CRTs by length of time that such securities have been in a continuous unrealized loss position at December 31, 2015 and 2014 . December 31, 2015 Less than 12 Months 12 Months or More Total $ in thousands Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Agency RMBS: 15 year fixed-rate 600,480 (8,081 ) 33 77,506 (1,482 ) 6 677,986 (9,563 ) 39 30 year fixed-rate 776,065 (14,827 ) 32 1,120,391 (39,497 ) 47 1,896,456 (54,324 ) 79 ARM 200,863 (501 ) 11 — — — 200,863 (501 ) 11 Hybrid ARM 1,913,872 (17,082 ) 111 — — — 1,913,872 (17,082 ) 111 Total Agency pass through 3,491,280 (40,491 ) 187 1,197,897 (40,979 ) 53 4,689,177 (81,470 ) 240 Agency-CMO 166,754 (3,296 ) 14 9,118 (6,934 ) 9 175,872 (10,230 ) 23 Non-Agency RMBS 832,978 (6,957 ) 73 331,018 (10,326 ) 28 1,163,996 (17,283 ) 101 GSE CRT (1) 340,116 (10,050 ) 16 120,877 (13,605 ) 7 460,993 (23,655 ) 23 CMBS 1,224,985 (17,328 ) 85 31,533 (784 ) 2 1,256,518 (18,112 ) 87 Total 6,056,113 (78,122 ) 375 1,690,443 (72,628 ) 99 7,746,556 (150,750 ) 474 (1) Balance includes unrealized losses on both the debt host contract and the embedded derivative. December 31, 2014 Less than 12 Months 12 Months or More Total $ in thousands Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Agency RMBS: 15 year fixed-rate 10,897 (42 ) 1 105,644 (1,395 ) 6 116,541 (1,437 ) 7 30 year fixed-rate 137,680 (2,662 ) 5 1,756,894 (40,181 ) 62 1,894,574 (42,843 ) 67 ARM 24,074 (9 ) 1 3,719 (23 ) 1 27,793 (32 ) 2 Hybrid ARM 630,775 (1,544 ) 28 20,361 (197 ) 2 651,136 (1,741 ) 30 Total Agency pass through 803,426 (4,257 ) 35 1,886,618 (41,796 ) 71 2,690,044 (46,053 ) 106 Agency-CMO 36,723 (6,192 ) 18 265,863 (9,481 ) 10 302,586 (15,673 ) 28 Non-Agency RMBS 573,122 (5,799 ) 34 354,532 (11,990 ) 21 927,654 (17,789 ) 55 GSE CRT (1) 306,603 (25,394 ) 13 — — — 306,603 (25,394 ) 13 CMBS 134,364 (277 ) 11 227,452 (3,074 ) 19 361,816 (3,351 ) 30 Total 1,854,238 (41,919 ) 111 2,734,465 (66,341 ) 121 4,588,703 (108,260 ) 232 (1) Balance includes unrealized losses on both the debt host contract and the embedded derivative.
Impact of MBS and GSE CRTs on Accumulated other Comprehensive Income	The following table presents the impact of the Company’s MBS and GSE CRT debt host contract on its accumulated other comprehensive income (loss) for the years ended December 31, 2015 , 2014 and 2013 . The table excludes certain RMBS IOs and GSE CRTs that are accounted for under the fair value option. Years Ended December 31, $ in thousands 2015 2014 2013 Accumulated other comprehensive income (loss) from MBS and GSE CRT securities: Unrealized gain (loss) on MBS and GSE CRT at beginning of period 351,774 (160,083 ) 531,729 Unrealized gain (loss) on MBS and GSE CRT (185,416 ) 431,198 (891,261 ) Reclassification of unrealized (gain) loss on sale of MBS and GSE CRT to gain (loss) on investments, net (4,277 ) 80,659 199,449 Balance at end of period 162,081 351,774 (160,083 )
Gain (Loss) on Investments	The following table summarizes the components of the Company's total gain (loss) on investments, net for the years ended December 31, 2015 , 2014 and 2013 . Years Ended December 31, $ in thousands 2015 2014 2013 Gross realized gains on sale of investments 10,139 16,353 39,131 Gross realized losses on sale of investments (11,114 ) (95,783 ) (238,580 ) Net unrealized gains and losses on RMBS IOs (fair value option) (558 ) (7,738 ) 16,716 Net unrealized gains and losses on GSE CRT (fair value option) (56 ) — — Total gain (loss) on investments, net (1) (1,589 ) (87,168 ) (182,733 ) (1) Balance as of December 31, 2015 excludes gain (loss) on deconsolidation of VIEs, net of $19.6 million . Refer to Note 3 - "Variable Interest Entities" for further discussion.
Components of MBS and GSE CRT Interest Income	The following table presents components of interest income on the Company’s MBS and GSE CRT portfolio for the years ended December 31, 2015 , 2014 and 2013 . GSE CRT interest income excludes coupon interest associated with embedded derivatives recorded in realized and unrealized credit derivative income (loss), net. For the Year ended December 31, 2015 $ in thousands Coupon Interest Net (Premium Amortization)/ Discount Accretion Interest Income Agency 372,610 (121,170 ) 251,440 Non-Agency 110,885 12,650 123,535 GSE CRT 6,681 (3,088 ) 3,593 CMBS 149,977 (11,322 ) 138,655 Other 1,028 5 1,033 Total 641,181 (122,925 ) 518,256 For the Year ended December 31, 2014 $ in thousands Coupon Interest Net (Premium Amortization)/Discount Accretion Interest Income (Loss) Agency 403,403 (106,116 ) 297,287 Non-Agency 135,178 12,257 147,435 GSE CRT 5,428 (3,014 ) 2,414 CMBS 159,363 (27,496 ) 131,867 Other 59 — 59 Total 703,431 (124,369 ) 579,062 For the Year ended December 31, 2013 $ in thousands Coupon Interest Net (Premium Amortization)/Discount Accretion Interest Income (Loss) Agency 530,220 (161,149 ) 369,071 Non-Agency 155,770 9,327 165,097 GSE CRT 630 (84 ) 546 CMBS 140,094 (28,215 ) 111,879 Other 194 — 194 Total 826,908 (180,121 ) 646,787

Commercial Loans Held-for-Inv29

Commercial Loans Held-for-Investment (Tables)	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Schedule of Commercial Loans Held for Investment	The following table summarizes commercial loans held-for-investment as of December 31, 2015 and 2014 that were purchased or originated by the Company. December 31, 2015 $ in thousands Number of loans Principal Balance Unamortized (fees)/ costs, net Carrying value Unfunded commitment Mezzanine loans 6 210,769 (1,707 ) 209,062 2,128 Total 6 210,769 (1,707 ) 209,062 2,128 December 31, 2014 $ in thousands Number of loans Principal Balance Unamortized (fees)/ costs, net Carrying value Unfunded commitment First mortgage loan 1 19,978 41 20,019 1,623 Subordinate interests: Mezzanine loans 4 71,643 (94 ) 71,549 3,357 Other (1) 2 54,188 — 54,188 — Total 7 145,809 (53 ) 145,756 4,980 (1) Other subordinate interests include a B-note and a preferred equity investment.

Other Investments (Tables)

Other Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Investments [Abstract]
Schedule of Investments	The following table summarizes the Company's other investments as of December 31, 2015 and 2014 : $ in thousands December 31, 2015 December 31, 2014 FHLBI stock 75,375 62,500 Investments in unconsolidated ventures 38,413 43,998 Total 113,788 106,498

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Borrowings	The following table summarizes certain characteristics of the Company’s borrowings at December 31, 2015 and 2014 . $ in thousands December 31, 2015 December 31, 2014 Amount Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity (Days) Amount Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity (Days) Repurchase Agreements: Agency RMBS 8,389,643 0.65 % 24 9,018,818 0.35 % 18 Non-Agency RMBS 2,077,240 1.68 % 32 2,676,626 1.51 % 36 GSE CRT 488,275 1.91 % 19 468,782 1.55 % 27 CMBS 1,170,890 1.49 % 23 1,458,451 1.32 % 26 Secured Loans 1,650,000 0.55 % 2,937 1,250,000 0.37 % 3,472 Exchangeable Senior Notes 400,000 5.00 % 805 400,000 5.00 % 1,170 Total 14,176,048 1.02 % 389 15,272,677 0.81 % 335
Schedule of Repurchase Agreements by Counterparties	The following tables summarize certain characteristics of the Company’s repurchase agreements at December 31, 2015 and 2014 . December 31, 2015 Amount Outstanding Percent of Total Amount Outstanding Company MBS and GSE CRTs Held as Collateral $ in thousands Repurchase Agreement Counterparties HSBC Securities (USA) Inc 1,566,747 12.9 % 1,611,020 Royal Bank of Canada 1,148,480 9.5 % 1,383,839 ING Financial Market LLC 1,050,548 8.7 % 1,112,102 South Street Securities LLC 799,783 6.6 % 838,600 Pierpont Securities LLC 786,623 6.5 % 814,804 Industrial and Commercial Bank of China Financial Services LLC 695,933 5.7 % 730,941 Mitsubishi UFJ Securities (USA), Inc. 627,383 5.2 % 657,201 JP Morgan Securities Inc. 622,665 5.1 % 728,502 Citigroup Global Markets Inc. 585,632 4.8 % 725,882 Scotia Capital 576,137 4.8 % 598,343 BNP Paribas Securities Corp. 474,053 3.9 % 530,584 Wells Fargo Securities, LLC 463,673 3.8 % 551,667 Goldman, Sachs & Co. 428,799 3.5 % 552,549 KGS-Alpha Capital Markets, L.P. 380,286 3.1 % 400,758 Banc of America Securities LLC 380,520 3.1 % 442,801 Morgan Stanley & Co. Incorporated 273,124 2.3 % 320,484 Guggenheim Liquidity Services, LLC 265,709 2.2 % 279,345 All other counterparties (1) 999,953 8.3 % 1,180,866 Total 12,126,048 100.0 % 13,460,288 (1) Represents amounts outstanding with nine counterparties. December 31, 2014 Amount Outstanding Percent of Total Amount Outstanding Company MBS and GSE CRTs Held as Collateral $ in thousands Repurchase Agreement Counterparties Credit Suisse Securities (USA) LLC 1,517,530 11.1 % 1,925,973 (1 ) HSBC Securities (USA) Inc 1,190,769 8.7 % 1,225,194 Royal Bank of Canada 1,057,798 7.8 % 1,278,612 Citigroup Global Markets Inc. 979,247 7.2 % 1,157,265 (2 ) South Street Securities LLC 961,938 7.1 % 1,020,054 Banc of America Securities LLC 791,196 5.9 % 875,984 (3 ) ING Financial Market LLC 767,733 5.6 % 820,166 Mitsubishi UFJ Securities (USA), Inc. 710,058 5.2 % 744,836 J.P. Morgan Securities LLC 698,856 5.1 % 814,896 Industrial and Commercial Bank of China Financial Services LLC 682,193 5.0 % 716,989 Wells Fargo Securities, LLC 627,071 4.6 % 754,706 Pierpont Securities LLC 601,222 4.4 % 627,534 Morgan Stanley & Co. Incorporated 589,950 4.3 % 632,002 BNP Paribas Securities Corp. 559,658 4.1 % 622,749 Scotia Capital 521,778 3.8 % 542,044 KGS-Alpha Capital Markets, L.P. 407,920 3.0 % 430,241 All other counterparties (4) 957,760 7.1 % 1,071,019 Total 13,622,677 100.0 % 15,260,264 (1) Includes $276.1 million of MBS held as collateral which are eliminated in consolidation. (2) Includes $20.3 million of MBS held as collateral which are eliminated in consolidation. (3) Includes $106.8 million of MBS held as collateral which are eliminated in consolidation. (4) Represents amounts outstanding with ten counterparties.

Derivatives and Hedging Activ32

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Credit Derivatives	As discussed in Note 2 - "Summary of Significant Accounting Policies," the Company's GSE CRTs purchased prior to August 24, 2015 are accounted for as hybrid financial instruments consisting of a debt host contract and an embedded derivative and are reported at fair value. At December 31, 2015 , terms of the GSE CRT embedded derivatives are: $ in thousands December 31, 2015 December 31, 2014 Fair value amount (25,722 ) (21,495 ) Notional amount 645,000 615,000 Maximum potential amount of future undiscounted payments 645,000 615,000
Interest Rate Derivatives Outstanding	As of December 31, 2015 , the Company had the following interest rate derivatives outstanding: $ in thousands Counterparty Notional Maturity Date Fixed Interest Rate in Contract Credit Suisse International 500,000 4/15/2016 2.27 % The Bank of New York Mellon 500,000 4/15/2016 2.24 % JPMorgan Chase Bank, N.A. 500,000 5/16/2016 2.31 % Goldman Sachs Bank USA 500,000 5/24/2016 2.34 % Goldman Sachs Bank USA 250,000 6/15/2016 2.67 % Wells Fargo Bank, N.A. 250,000 6/15/2016 2.67 % JPMorgan Chase Bank, N.A. 500,000 6/24/2016 2.51 % Citibank, N.A. 500,000 10/15/2016 1.93 % Deutsche Bank AG 150,000 2/5/2018 2.90 % ING Capital Markets LLC 350,000 2/24/2018 0.95 % ING Capital Markets LLC 300,000 5/5/2018 0.79 % UBS AG 500,000 5/24/2018 1.10 % ING Capital Markets LLC 400,000 6/5/2018 0.87 % The Royal Bank of Scotland Plc 500,000 9/5/2018 1.04 % Citibank, N.A. CME Central Clearing (1) 300,000 2/5/2021 2.50 % The Royal Bank of Scotland Plc CME Central Clearing (1) 300,000 2/5/2021 2.69 % Wells Fargo Bank, N.A. 200,000 3/15/2021 3.14 % JPMorgan Chase Bank, N.A. CME Central Clearing (2) 500,000 5/24/2021 2.25 % Citibank, N.A. 200,000 5/25/2021 2.83 % HSBC Bank USA, National Association CME Central Clearing (3) 500,000 6/24/2021 2.44 % HSBC Bank USA, National Association 550,000 2/24/2022 2.45 % Deutsche Bank AG CME Central Clearing 1,000,000 6/9/2022 2.21 % HSBC Bank USA, National Association 250,000 6/5/2023 1.91 % The Royal Bank of Scotland Plc 500,000 8/15/2023 1.98 % Goldman Sachs Bank USA CME Central Clearing 600,000 8/24/2023 2.88 % UBS AG 250,000 11/15/2023 2.23 % HSBC Bank USA, National Association 500,000 12/15/2023 2.20 % Morgan Stanley Capital Services, LLC Central Clearing 100,000 4/2/2025 2.04 % Total 11,450,000 2.12 % (1) Forward start date of February 2016 (2) Forward start date of May 2016 (3) Forward start date of June 2016
Outstanding Interest Rate Swaptions and Derivative Instrument Information	As of December 31, 2015 , the Company had the following outstanding interest rate swaptions: $ in thousands Option Underlying Swap Swaption Expiration Cost Fair Value Average Months to Expiration Notional Amount Average Pay Rate Average Receive Rate Average Term (Years) Receiver < 6 Months 1,485 — 1 300,000 3M LIBOR 1.11 % 10.0 Total Receiver 1,485 — 1 300,000 3M LIBOR 1.11 % 10.0 TBAs, Futures and Currency Forward 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 purchases or sales of the TBAs and U.S. Treasury futures contracts are recognized in gain (loss) on derivative instruments, net in the Company's consolidated statements of operations. The Company uses currency forward contracts to help mitigate the potential impact of changes in foreign currency exchange rates on the Company's investments denominated in foreign currencies. Realized and unrealized gains and losses associated with the purchases or sales of currency forward contracts are recognized in gain (loss) on derivative instruments, net in the Company's consolidated statements of operations. The following table presents information with respect to our derivative instruments: $ in thousands Notional Amount as Additions Settlement, Termination, Expiration or Exercise Notional Amount as Amount of Realized Interest Rate Swaptions 1,050,000 300,000 (1,050,000 ) 300,000 (10,328 ) Interest Rate Swaps 10,550,000 2,100,000 (1,200,000 ) 11,450,000 (31,881 ) TBAs 198,000 248,000 (446,000 ) — (2,292 ) Futures Contracts 127,400 120,900 (248,300 ) — (943 ) Currency Forward Contracts 35,688 171,647 (131,011 ) 76,324 1,172 Total 11,961,088 2,940,547 (3,075,311 ) 11,826,324 (44,272 )
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 December 31, 2015 and 2014 . $ in thousands Derivative Assets Derivative Liabilities As of December 31, 2015 As of December 31, 2014 As of December 31, 2015 As of December 31, 2014 Balance Sheet Fair Value Fair Value Balance Sheet Fair Value Fair Value Interest Rate Swaps Asset 6,795 22,772 Interest Rate Swaps Liability 238,045 253,468 CDS Contract — 396 TBAs — 558 Interest Rate Swaptions — 322 Currency Forward Contracts 103 — Futures Contracts — 89 Currency Forward Contracts 1,864 599
Effect of Derivative Financial Instruments on Statement of Operations	The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2015 , 2014 and 2013 . $ in thousands Derivative not designated as hedging instrument Location of unrealized gain (loss) recognized in income on derivative Year ended December 31, Year ended December 31, Year ended December 31, CDS Contract Realized and unrealized credit derivative income (loss), net 648 (258 ) (865 ) GSE CRT Embedded Derivatives Realized and unrealized credit derivative income (loss), net (6,411 ) (21,495 ) — Total (5,763 ) (21,753 ) (865 ) The following table summarizes the effect of interest rate swaps, interest rate swaptions, TBAs, futures contracts and currency forward contracts reported in gain (loss) on derivative instruments, net on the consolidated statements of operations for the years ended December 31, 2015 , 2014 and 2013 . $ in thousands Year ended December 31, 2015 Derivative not designated as hedging instrument Realized gain (loss) on settlement, termination, expiration or exercise, net Contractual interest expense Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest Rate Swaps (31,881 ) (184,373 ) (554 ) (216,808 ) Interest Rate Swaptions (10,328 ) — 8,521 (1,807 ) TBAs (2,292 ) — 558 (1,734 ) Futures Contracts (943 ) — (90 ) (1,033 ) Currency Forward Contracts 1,172 — 1,162 2,334 Total (44,272 ) (184,373 ) 9,597 (219,048 ) $ in thousands Year ended December 31, 2014 Derivative not designated as hedging instrument Realized gain (loss) on settlement, termination, expiration or exercise, net Contractual interest expense Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest Rate Swaps (28,758 ) (199,783 ) (223,944 ) (452,485 ) Interest Rate Swaptions (23,275 ) — 10,906 (12,369 ) TBAs (10,843 ) — (558 ) (11,401 ) Futures Contracts (11,489 ) — (2,502 ) (13,991 ) Currency Forward Contracts 2,178 — 599 2,777 Total (72,187 ) (199,783 ) (215,499 ) (487,469 ) $ in thousands Year ended December 31, 2013 Derivative instrument Realized gain (loss) on settlement, termination, expiration or exercise, net Contractual interest expense Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest Rate Swaps Ineffectiveness — — 535 535 Interest Rate Swaptions 56,279 — (17,048 ) 39,231 Futures Contracts (2,353 ) — 2,590 237 Total 53,926 — (13,923 ) 40,003
Derivative Instruments effect on Accumulated Other Comprehensive Income	The following table presents the impact of the Company’s derivative instruments on its accumulated other comprehensive income for the years ended December 31, 2015 , 2014 and 2013 . Years ended December 31, $ in thousands 2015 2014 2013 Accumulated other comprehensive income (loss) from derivative instruments: Unrealized gain (loss) on derivative instruments at beginning of period 79,110 (6,066 ) (435,217 ) Unrealized gain (loss) on derivative instruments, net — — 429,151 Reclassification of amortization of net deferred losses on de-designated interest rate swaps to repurchase agreements interest expense 66,757 85,176 — Balance at end of period 145,867 79,110 (6,066 )

Offsetting Assets and Liabili33

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Offsetting [Abstract]
Offsetting Assets	Offsetting Assets and Liabilities Certain of the Company's repurchase agreements and derivative transactions are governed by underlying agreements that generally provide for a right of offset under master netting arrangements (or similar agreements), in the event of default or in the event of bankruptcy of either party to the transactions. Assets and liabilities subject to such arrangements are presented on a gross basis in the consolidated balance sheets. The following tables present information about the assets and liabilities that are subject to master netting arrangements (or similar agreements) and can potentially be offset on the Company’s consolidated balance sheets at December 31, 2015 and December 31, 2014 . Offsetting of Derivative Assets As of December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets presented in the Consolidated Balance Sheets Financial Instruments (1) Collateral Received Net Amount Derivatives 8,659 — 8,659 (4,142 ) (4,517 ) — Total 8,659 — 8,659 (4,142 ) (4,517 ) — Offsetting of Derivative Liabilities, Repurchase Agreements and Secured Loans As of December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities presented in the Consolidated Balance Sheets Financial Instruments (2)(3)(5) Collateral Posted (2)(4)(5) Net Amount Derivatives 238,148 — 238,148 (117,240 ) (109,299 ) 11,609 Repurchase Agreements 12,126,048 — 12,126,048 (12,126,048 ) — — Secured Loans 1,650,000 — 1,650,000 (1,650,000 ) — — Total 14,014,196 — 14,014,196 (13,893,288 ) (109,299 ) 11,609 Offsetting of Derivative Assets As of December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets presented in the Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Received Net Amount Derivatives 24,178 — 24,178 (5,277 ) (18,901 ) — Total 24,178 — 24,178 (5,277 ) (18,901 ) — Offsetting of Derivative Liabilities and Repurchase Agreements As of December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities presented in the Consolidated Balance Sheets Financial Instruments (2)(3) Cash Collateral Posted (2)(4) Net Amount Derivatives 254,026 — 254,026 (235,908 ) (18,118 ) — Repurchase Agreements 13,622,677 — 13,622,677 (13,622,677 ) — — Secured Loans 1,250,000 1,250,000 (1,250,000 ) — — 15,126,703 — 15,126,703 (15,108,585 ) (18,118 ) — (1) Amounts represent derivatives in an asset position which could potentially be offset against derivatives in a liability position at December 31, 2015 and December 31, 2014 , subject to a netting arrangement. (2) Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements, secured loans and derivatives. (3) The fair value of securities pledged against the Company's borrowing under repurchase agreements was $13.5 billion and $15.3 billion at December 31, 2015 and December 31, 2014 , respectively, including securities held as collateral that are eliminated in consolidation of $403.2 million at December 31, 2014 . (4) Cash collateral received on the Company's derivatives was $4.9 million and $14.9 million at December 31, 2015 and December 31, 2014 , respectively. Non-cash collateral received on the Company's derivatives was $0.0 million and $10.8 million at December 31, 2015 and December 31, 2014 , respectively. Cash collateral posted by the Company on its derivatives was $109.3 million and $57.6 million at December 31, 2015 and December 31, 2014 , respectively. (5) The fair value of securities pledged against IAS Services LLC's borrowing under secured loans was $1.9 billion and $1.5 billion at December 31, 2015 and December 31, 2014 , respectively.
Offsetting Liabilities	Offsetting Assets and Liabilities Certain of the Company's repurchase agreements and derivative transactions are governed by underlying agreements that generally provide for a right of offset under master netting arrangements (or similar agreements), in the event of default or in the event of bankruptcy of either party to the transactions. Assets and liabilities subject to such arrangements are presented on a gross basis in the consolidated balance sheets. The following tables present information about the assets and liabilities that are subject to master netting arrangements (or similar agreements) and can potentially be offset on the Company’s consolidated balance sheets at December 31, 2015 and December 31, 2014 . Offsetting of Derivative Assets As of December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets presented in the Consolidated Balance Sheets Financial Instruments (1) Collateral Received Net Amount Derivatives 8,659 — 8,659 (4,142 ) (4,517 ) — Total 8,659 — 8,659 (4,142 ) (4,517 ) — Offsetting of Derivative Liabilities, Repurchase Agreements and Secured Loans As of December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities presented in the Consolidated Balance Sheets Financial Instruments (2)(3)(5) Collateral Posted (2)(4)(5) Net Amount Derivatives 238,148 — 238,148 (117,240 ) (109,299 ) 11,609 Repurchase Agreements 12,126,048 — 12,126,048 (12,126,048 ) — — Secured Loans 1,650,000 — 1,650,000 (1,650,000 ) — — Total 14,014,196 — 14,014,196 (13,893,288 ) (109,299 ) 11,609 Offsetting of Derivative Assets As of December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets presented in the Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Received Net Amount Derivatives 24,178 — 24,178 (5,277 ) (18,901 ) — Total 24,178 — 24,178 (5,277 ) (18,901 ) — Offsetting of Derivative Liabilities and Repurchase Agreements As of December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities presented in the Consolidated Balance Sheets Financial Instruments (2)(3) Cash Collateral Posted (2)(4) Net Amount Derivatives 254,026 — 254,026 (235,908 ) (18,118 ) — Repurchase Agreements 13,622,677 — 13,622,677 (13,622,677 ) — — Secured Loans 1,250,000 1,250,000 (1,250,000 ) — — 15,126,703 — 15,126,703 (15,108,585 ) (18,118 ) — (1) Amounts represent derivatives in an asset position which could potentially be offset against derivatives in a liability position at December 31, 2015 and December 31, 2014 , subject to a netting arrangement. (2) Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements, secured loans and derivatives. (3) The fair value of securities pledged against the Company's borrowing under repurchase agreements was $13.5 billion and $15.3 billion at December 31, 2015 and December 31, 2014 , respectively, including securities held as collateral that are eliminated in consolidation of $403.2 million at December 31, 2014 . (4) Cash collateral received on the Company's derivatives was $4.9 million and $14.9 million at December 31, 2015 and December 31, 2014 , respectively. Non-cash collateral received on the Company's derivatives was $0.0 million and $10.8 million at December 31, 2015 and December 31, 2014 , respectively. Cash collateral posted by the Company on its derivatives was $109.3 million and $57.6 million at December 31, 2015 and December 31, 2014 , respectively. (5) The fair value of securities pledged against IAS Services LLC's borrowing under secured loans was $1.9 billion and $1.5 billion at December 31, 2015 and December 31, 2014 , respectively.

Fair Value of Financial Instr34

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Values Measured on Recurring Basis	The following tables present the Company's assets and liabilities measured at fair value on a recurring basis. December 31, 2015 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 Total at Fair Value Assets: Mortgage-backed and credit risk transfer securities (1) (2) — 16,091,657 (25,722 ) 16,065,935 Derivative assets — 8,659 — 8,659 Total assets — 16,100,316 (25,722 ) 16,074,594 Liabilities: Derivative liabilities — 238,148 — 238,148 Total liabilities — 238,148 — 238,148 December 31, 2014 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 Total at Fair Value Assets: Mortgage-backed and credit risk transfer securities (1) (2) — 17,270,390 (21,495 ) 17,248,895 Derivative assets 89 23,693 396 24,178 Total assets 89 17,294,083 (21,099 ) 17,273,073 Liabilities: Derivative liabilities — 254,026 — 254,026 Total liabilities — 254,026 — 254,026 (1) For more detail about the fair value of the Company's MBS and GSE CRTs, refer to Note 4 - "Mortgage-Backed and Credit Risk Transfer Securities." (2) As discussed in Note 2 "Summary of Significant Accounting Policies," the Company's GSE CRTs are accounted for as hybrid financial instruments with an embedded derivative. The hybrid instruments consist of debt host contracts classified as Level 2 and embedded derivatives classified as Level 3. As of December 31, 2015 , the net embedded derivative liability position of $25.7 million includes $1.0 million of embedded derivatives in an asset position and $26.7 million of embedded derivatives in a liability position. As of December 31, 2014, the net embedded derivative liability position of $21.5 million includes $3.1 million of embedded derivatives in an asset position and $24.6 million of embedded derivatives in a liability position.
Net Derivative Asset (Liability) Level 3 Roll Forward	The following table shows a reconciliation of the beginning and ending fair value measurements of the Company's GSE CRT embedded derivatives: $ in thousands December 31, 2015 December 31, 2014 Beginning balance (21,495 ) — Sales and settlements 2,184 — Realized gains/(losses), net (2,184 ) — Unrealized gains/(losses), net (4,227 ) (21,495 ) Ending balance (25,722 ) (21,495 )
Net Derivative Asset (Liability), Fair Value Inputs	The following table summarizes significant unobservable inputs used in the fair value measurement of the Company's GSE CRT embedded derivatives: Fair Value at $ in thousands December 31, 2015 Valuation Technique Unobservable Input Range Weighted Average GSE CRT Embedded derivatives (25,722 ) Market Comparables Prepayment Rate 5.72% - 14.37% 7.83 % Vendor Pricing Defaults Rate 0.10% - 0.35% 0.16 % Fair Value at $ in thousands December 31, 2014 Valuation Technique Unobservable Input Range Weighted Average GSE CRT Embedded derivatives (21,495 ) Market Comparables Prepayment Rate 4.46% - 8.98% 5.29 % Vendor Pricing Defaults Rate 0.12% - 0.37% 0.18 %
Assets Level 3 Roll Forward	The following table shows a reconciliation of the beginning and ending Level 3 fair value measurements of the Company's credit default swap ("CDS") contract: $ in thousands December 31, 2015 December 31, 2014 Beginning balance 396 654 Unrealized gains/(losses), net 648 (258 ) Sales and settlements (1,044 ) — Ending balance — 396
Assets, Fair Value Inputs	The following table summarizes significant unobservable inputs used in the fair value measurement of the Company's CDS contract as of December 31, 2014 : Fair Value at $ in thousands December 31, 2014 Valuation Technique Unobservable Input Range Weighted Average CDS Contract 396 Discounted cash flow Swap Rate 2.39 % Discount Rate 0.76 % Credit Spread 0.24 % Constant Prepayment Rate 1.0% - 20.0% 5.46 % Constant Default Rate 0.6% - 100.0% 4.15 % Loss Severity 1.1% - 62.3% 39.35 %
Carrying Values 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 December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 $ in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Residential loans, held-for-investment — — 3,365,003 3,399,964 Commercial loans, held-for-investment 209,062 209,790 145,756 147,497 Other investments 113,788 113,788 106,498 106,498 Total 322,850 323,578 3,617,257 3,653,959 Financial Liabilities: Repurchase agreements 12,126,048 12,133,352 13,622,677 13,630,571 Secured loans 1,650,000 1,650,000 1,250,000 1,250,000 Asset-backed securities issued by securitization trusts — — 2,929,820 2,930,422 Exchangeable senior notes 400,000 376,500 400,000 379,500 Total 14,176,048 14,159,852 18,202,497 18,190,493

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the costs originally paid by the Manager, incurred on behalf of the Company for the years ended December 31, 2015 , 2014 and 2013 . Years ended December 31, $ in thousands 2015 2014 2013 Incurred costs, prepaid or expensed 6,463 5,954 4,449 Incurred costs, charged against equity as a cost of raising capital 22 213 418 Incurred costs, capitalized to other assets — — 7 Total incurred costs, originally paid by the Manager 6,485 6,167 4,874

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Nonvested Restricted Stock Shares Activity	The following table summarizes the activity related to restricted stock units to employees of the Manager and its affiliates for the year ended December 31, 2015 . Year Ended December 31, 2015 Restricted Stock Units Weighted Average Grant Date Fair Value (1) Unvested at the beginning of the year 45,545 $ 18.67 Shares granted during the year 17,652 15.97 Shares forfeited during the year (4,600 ) (17.26 ) Shares vested during the year (17,783 ) (19.53 ) Unvested at the end of the year 40,814 $ 17.29 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date.
Common Dividends Declared Per Share	The following table sets forth the dividends declared per share of the Company's common stock. Date Declared Dividends Declared Per Share Amount Date of Payment 2015 December 15, 2015 $ 0.40 January 26, 2016 September 15, 2015 $ 0.40 October 27, 2015 June 15, 2015 $ 0.45 July 28, 2015 March 17, 2015 $ 0.45 April 28, 2015 2014 December 16, 2014 $ 0.45 January 27, 2015 September 15, 2014 $ 0.50 October 28, 2014 June 16, 2014 $ 0.50 July 28, 2014 March 18, 2014 $ 0.50 April 28, 2014
Preferred Stock Dividends Declared Per Share	The following table sets forth the dividends declared per share of the Company's Series A Preferred Stock. Date Declared Dividends Declared Per Share Amount Date of Payment 2015 December 15, 2015 $ 0.4844 January 25, 2016 September 15, 2015 $ 0.4844 October 26, 2015 June 15, 2015 $ 0.4844 July 27, 2015 March 17, 2015 $ 0.4844 April 27, 2015 2014 December 16, 2014 $ 0.4844 January 26, 2015 September 15, 2014 $ 0.4844 October 27, 2014 June 16, 2014 $ 0.4844 July 25, 2014 March 18, 2014 $ 0.4844 April 25, 2014 The following table sets forth the dividends declared per share of the Company's Series B Preferred Stock. Date Declared Dividends Declared Per Share Amount Date of Payment 2015 December 15, 2015 $ 0.4844 March 28, 2016 September 15, 2015 $ 0.4844 December 28, 2015 June 15, 2015 $ 0.4844 September 28, 2015 March 17, 2015 $ 0.4844 June 29, 2015 2014 December 16, 2014 $ 0.4844 March 27, 2015 November 4, 2014 $ 0.5705 December 29, 2014
Schedule of Dividends Declared Per Share, Including Tax Characterization	The following table sets forth the dividends declared per share of the Company's preferred and common stock and their related tax characterization for the fiscal tax years ended December 31, 2015 and 2014 . Tax Characterization of Dividends Fiscal Tax Year Dividends Declared Ordinary Dividends Capital Gain Distribution Carry Forward Series A Preferred Stock Dividends Fiscal tax year 2015 (1) 1.937600 1.937600 — — Fiscal tax year 2014 (2) 1.937600 1.937600 — — Series B Preferred Stock Dividends Fiscal tax year 2015 (3) 1.937600 1.937600 — — Fiscal tax year 2014 (4) 0.570500 0.570500 — — Common Stock Dividends Fiscal tax year 2015 (5) 1.700000 1.615469 — 0.257840 Fiscal tax year 2014 1.950000 1.776691 — 0.173309 (1) Excludes preferred stock dividend of $0.4844 per share declared on December 15, 2015 having a record date of January 1, 2016, which for federal income tax purposes is a fiscal tax year 2016 dividend. (2) Excludes preferred stock dividend of $0.4844 per share declared on December 16, 2014 having a record date of January 1, 2015, which for federal income tax purposes is a fiscal tax year 2015 dividend. (3) Excludes preferred stock dividend of $0.4844 per share declared on December 15, 2015 having a record date of March 5, 2016 , which for federal income tax purposes is a fiscal tax year 2016 dividend. (4) Excludes preferred stock dividend of $0.4844 per share declared on December 16, 2014 having a record date of March 5, 2015, which for federal income tax purposes is a fiscal tax year 2015 dividend. (5) Ordinary dividends include $0.173309 of undistributed taxable income carried-forward from fiscal tax year 2014.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per share for the years ended December 31, 2015 , 2014 and 2013 is computed as follows: $ and share amounts in thousands Years Ended December 31, 2015 2014 2013 Numerator (Income) Basic Earnings: Net income (loss) available to common stockholders 81,106 (245,484 ) 147,304 Effect of dilutive securities: Income allocated to exchangeable senior notes — — — Income (loss) allocated to non-controlling interest 1,241 (2,632 ) 1,667 Dilutive net income (loss) available to stockholders 82,347 (248,116 ) 148,971 Denominator (Weighted Average Shares) Basic Earnings: Shares available to common stockholders 121,378 123,105 132,714 Effect of dilutive securities: Restricted stock awards 41 — 35 OP Units 1,425 1,425 1,425 Exchangeable senior notes — — — Dilutive Shares 122,844 124,530 134,174

Summarized Quarterly (Unaudit38

Summarized Quarterly (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Selected Results of Operations for Quarters	The following is a presentation of selected unaudited results of operations for the quarters ended. $ in thousands except share amounts Q4 15 Q3 15 Q2 15 Q1 15 Q4 14 Q3 14 Q2 14 Q1 14 Interest Income Mortgage-backed and credit risk transfer securities 127,633 129,260 126,098 135,265 143,043 139,419 148,195 148,405 Residential loans 22,907 28,380 30,247 29,374 27,185 22,713 20,471 17,704 Commercial loans 3,982 3,743 4,491 3,115 3,179 2,649 2,061 1,619 Total interest income 154,522 161,383 160,836 167,754 173,407 164,781 170,727 167,728 Interest Expense Repurchase agreements 41,348 41,303 40,931 43,310 46,050 45,756 47,822 49,071 Secured loans 1,940 1,622 1,553 1,464 1,177 1,223 176 — Exchangeable senior notes 5,621 5,620 5,613 5,607 5,621 5,620 5,613 5,607 Asset-backed securities 17,128 20,686 22,329 21,898 20,738 17,660 15,826 13,935 Total interest expense 66,037 69,231 70,426 72,279 73,586 70,259 69,437 68,613 Net interest income 88,485 92,152 90,410 95,475 99,821 94,522 101,290 99,115 (Reduction in) provision for loan losses — (81 ) (70 ) (62 ) (90 ) (209 ) (50 ) 207 Net interest income after (reduction in) provision for loan losses 88,485 92,233 90,480 95,537 99,911 94,731 101,340 98,908 Other income (loss) Gain (loss) on investments, net (31,302 ) (2,958 ) 10,876 2,172 (835 ) (48,364 ) (20,197 ) (17,772 ) Equity in earnings of unconsolidated ventures 3,499 1,894 1,231 6,006 1,306 1,145 3,894 441 Gain (loss) on derivative instruments, net 68,296 (220,602 ) 56,003 (122,745 ) (164,637 ) (3,704 ) (167,816 ) (151,312 ) Realized and unrealized credit derivative income (loss), net (5,122 ) 2,928 614 21,362 (23,795 ) (28,613 ) 32,055 17,487 Other investment income (loss), net (574 ) 739 1,673 (894 ) (687 ) (1,358 ) — — Total other income (loss) 34,797 (217,999 ) 70,397 (94,099 ) (188,648 ) (80,894 ) (152,064 ) (151,156 ) Expenses 13,074 14,697 13,551 13,298 13,976 13,293 13,066 12,531 Net income (loss) 110,208 (140,463 ) 147,326 (11,860 ) (102,713 ) 544 (63,790 ) (64,779 ) Net income (loss) attributable to non-controlling interest 1,321 (1,629 ) 1,685 (136 ) (1,176 ) 6 (729 ) (733 ) Net income (loss) attributable to Invesco Mortgage Capital Inc. 108,887 (138,834 ) 145,641 (11,724 ) (101,537 ) 538 (63,061 ) (64,046 ) Dividends to preferred stockholders 5,716 5,716 5,716 5,716 9,240 2,713 2,712 2,713 Undeclared cumulative dividends to preferred stockholders — — — — (661 ) 661 — — Net income (loss) attributable to common stockholders 103,171 (144,550 ) 139,925 (17,440 ) (110,116 ) (2,836 ) (65,773 ) (66,759 ) Earnings (loss) per share: Net income (loss) attributable to common stockholders Basic 0.88 (1.18 ) 1.14 (0.14 ) (0.89 ) (0.02 ) (0.53 ) (0.54 ) Diluted 0.81 (1.18 ) 1.04 (0.14 ) (0.89 ) (0.02 ) (0.53 ) (0.54 )

Organization and Business Ope39

Organization and Business Operations (Detail)	12 Months Ended
	Dec. 31, 2015segment
Organization And Business Operations
Ownership interest in operating partnership	98.80%
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
Ownership percentage in operating partnership	1.20%

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)
Mortgage Loans on Real Estate
FDIC deposit insurance limit per institution	$ 250,000
Mortgage Loans on Real Estate
Mortgage Loans on Real Estate
Past due period for suspension of income recognition for residential loans	90 days

Variable Interest Entities (Det

Variable Interest Entities (Detail) $ in Thousands		Dec. 09, 2015USD ($)	Dec. 31, 2014USD ($)trust	Dec. 31, 2015USD ($)trust	Dec. 31, 2014USD ($)
Variable Interest Entity
Proceeds from sale of certain beneficial interests in residential securitizations		$ 69,000
Gain (loss) on deconsolidation of VIEs, net		$ (19,623)
Number of securitization trusts | trust			10	1
Total assets	[1]		$ 21,231,017	$ 16,772,736	$ 21,231,017
Total liabilities	[1]		18,592,167	14,505,828	18,592,167
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Total assets			3,380,597		3,380,597
Total liabilities			$ 2,938,512		$ 2,938,512
Variable Interest Entity, New Primary Beneficiary
Variable Interest Entity
Total assets				373,541
Total liabilities				$ 373,500
Asset-backed Securities | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Weighted average contractual maturity					28 years 11 months 9 days
[1]	As of December 31, 2014, the consolidated balance sheet included assets and liabilities of consolidated variable interest entities (“VIEs”) totaling $3,380,597 and $2,938,512, respectively. The Company deconsolidated these VIEs in 2015. Refer to Note 3 - "Variable Interest Entities" for further discussion.

Variable Interest Entities - Ma

Variable Interest Entities - Maximum Risk of Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entity
Fair value	$ 16,065,935	$ 17,248,895
Non-Agency RMBS
Variable Interest Entity
Fair value	2,692,487	$ 3,061,647
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Fair value	5,608,451
Company's maximum risk of loss	5,608,451
Variable Interest Entity, Not Primary Beneficiary | Non-Agency RMBS
Variable Interest Entity
Fair value	2,692,487
Company's maximum risk of loss	2,692,487
Variable Interest Entity, Not Primary Beneficiary | CMBS
Variable Interest Entity
Fair value	2,915,964
Company's maximum risk of loss	$ 2,915,964

Variable Interest Entities - De

Variable Interest Entities - Deconsolidation of VIEs Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 09, 2015	Dec. 31, 2014
Variable Interest Entity
Residential loans, held-for-investment	[1]	$ 0		$ 3,365,003
Accrued interest receivable		50,779		66,044
Deferred securitization and financing costs		5,587		13,080
Total assets	[1]	16,772,736		21,231,017
Asset-backed securities issued by securitization trusts	[1]	0		2,929,820
Total liabilities	[1]	$ 14,505,828		$ 18,592,167
Residential Securitizations Deconsolidated
Variable Interest Entity
Residential loans, held-for-investment			$ 3,181,662
Accrued interest receivable			9,889
Deferred securitization and financing costs			4,347
Total assets			3,195,898
Accrued interest and accrued expenses payable			11,413
Asset-backed securities issued by securitization trusts			2,740,797
Total liabilities			$ 2,752,210
[1]	As of December 31, 2014, the consolidated balance sheet included assets and liabilities of consolidated variable interest entities (“VIEs”) totaling $3,380,597 and $2,938,512, respectively. The Company deconsolidated these VIEs in 2015. Refer to Note 3 - "Variable Interest Entities" for further discussion.

Variable Interest Entities - Ga

Variable Interest Entities - Gain (Loss) On Deconsolidation of VIEs (Details) $ in Thousands	Dec. 09, 2015USD ($)
Variable Interest Entity Disclosure [Abstract]
Gain (loss) related to derecognition of Residential Securitizations, net	$ (13,260)
Gain (loss) related to remeasurement of retained interest, net	3,068
Gain (loss) on sale of the securities, net	(9,431)
Total gain (loss) on deconsolidation of VIEs, net	$ (19,623)

Variable Interest Entities - Im

Variable Interest Entities - Impact of Deconsolidation on Financial Statements (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Variable Interest Entity
Residential loans		$ 22,907	$ 28,380	$ 30,247	$ 29,374	$ 27,185	$ 22,713	$ 20,471	$ 17,704	$ 110,908	[1]	$ 88,073	[1]	$ 34,122	[1]
Asset-backed securities		17,128	20,686	22,329	21,898	20,738	17,660	15,826	13,935	82,041	[1]	68,159	[1]	26,682	[1]
Net interest income		88,485	92,152	90,410	95,475	99,821	94,522	101,290	99,115	366,522		394,748		350,108
(Reduction in) provision for loan losses		0	(81)	(70)	(62)	(90)	(209)	(50)	207	(213)		(142)		884
Net interest income after (reduction in) provision for loan losses		88,485	92,233	90,480	95,537	99,911	94,731	101,340	98,908	366,735		394,890		349,224
Expenses - Consolidated securitization trusts	[1]									8,219		6,076		2,137
Net income (loss)		$ 110,208	$ (140,463)	$ 147,326	$ (11,860)	$ (102,713)	$ 544	$ (63,790)	$ (64,779)	105,211		(230,738)		159,822
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Residential loans										110,908		88,073		34,122
Asset-backed securities										82,041		68,159		26,682
Net interest income										28,867		19,914		7,440
(Reduction in) provision for loan losses										(213)		(142)		884
Net interest income after (reduction in) provision for loan losses										29,080		20,056		6,556
Expenses - Consolidated securitization trusts										8,219		6,076		2,137
Net income (loss)										$ 20,861		$ 13,980		$ 4,419
[1]	The consolidated statements of operations includes income and expenses of consolidated VIEs. The Company deconsolidated these VIEs in 2015. Refer to Note 3 - “Variable Interest Entities” for further discussion.

Variable Interest Entities - Su

Variable Interest Entities - Summary of Assets and Liabilities of Consolidated Securitization Trusts (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entity
Residential loans, held-for-investment	[1]	$ 0	$ 3,365,003
Accrued interest receivable		50,779	66,044
Deferred securitization and financing costs		5,587	13,080
Total assets	[1]	16,772,736	21,231,017
Asset-backed securities issued by securitization trusts	[1]	0	2,929,820
Total liabilities	[1]	$ 14,505,828	18,592,167
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Residential loans, held-for-investment			3,365,003
Accrued interest receivable			10,562
Deferred securitization and financing costs			5,032
Total assets			3,380,597
Accrued interest and accrued expenses payable			8,692
Asset-backed securities issued by securitization trusts			2,929,820
Total liabilities			$ 2,938,512
[1]	As of December 31, 2014, the consolidated balance sheet included assets and liabilities of consolidated variable interest entities (“VIEs”) totaling $3,380,597 and $2,938,512, respectively. The Company deconsolidated these VIEs in 2015. Refer to Note 3 - "Variable Interest Entities" for further discussion.

Variable Interest Entities - Ca

Variable Interest Entities - Carrying Value of Residential Loans Held-for-Investment (Details) - Residential Loans Held-for-Investment - Variable Interest Entity, Primary Beneficiary $ in Thousands	Dec. 31, 2014USD ($)
Variable Interest Entity
Principal balance	$ 3,332,192
Unamortized premium (discount), net	33,553
Recorded investment	3,365,745
Allowance for loan losses	(742)
Carrying value	$ 3,365,003

Variable Interest Entities - Ac

Variable Interest Entities - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for Loan Losses
Reduction in (provision) for loan losses	$ 213	$ 142	$ (884)
Variable Interest Entity, Primary Beneficiary
Allowance for Loan Losses
Balance at beginning of period	(742)	(884)
Charge-offs, net	0	0
Reduction in (provision) for loan losses	213	142
Deconsolidation of VIEs	529	0
Balance at end of period	$ 0	$ (742)	$ (884)

Variable Interest Entities - 49

Variable Interest Entities - Carrying Value of Assets Backed Securities Issued (Details) $ in Thousands		Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)series
Variable Interest Entity
Carrying value	[1]	$ 0	$ 2,929,820
Asset-backed Securities Outstanding
Variable Interest Entity
Allowance for loan losses			$ 0
Number of securitization trusts consolidated | series			10
Residential Loans Held as Collateral
Variable Interest Entity
Allowance for loan losses			$ (742)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Carrying value			2,929,820
Variable Interest Entity, Primary Beneficiary | Asset-backed Securities Outstanding
Variable Interest Entity
Long-term debt, gross			2,902,378
Unamortized premium			23,735
Unamortized discount			(11,333)
Carrying value			2,929,820
Variable Interest Entity, Primary Beneficiary | Residential Loans Held as Collateral
Variable Interest Entity
Long-term debt, gross			3,332,192
Unamortized premium			41,928
Unamortized discount			(8,375)
Carrying value			3,365,003
Variable Interest Entity, Primary Beneficiary | Interest-only Securities | Asset-backed Securities Outstanding
Variable Interest Entity
Long-term debt, gross			15,040
Variable Interest Entity, Primary Beneficiary | Interest-only Securities | Residential Loans Held as Collateral
Variable Interest Entity
Long-term debt, gross			$ 0
Minimum | Asset-backed Securities Outstanding
Variable Interest Entity
Range of weighted average interest rates			2.80%
Maximum | Asset-backed Securities Outstanding
Variable Interest Entity
Range of weighted average interest rates			4.00%
[1]	As of December 31, 2014, the consolidated balance sheet included assets and liabilities of consolidated variable interest entities (“VIEs”) totaling $3,380,597 and $2,938,512, respectively. The Company deconsolidated these VIEs in 2015. Refer to Note 3 - "Variable Interest Entities" for further discussion.

Mortgage-Backed and Credit Ri50

Mortgage-Backed and Credit Risk Transfer Securities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities
Gross unrealized losses	$ (150,750)	$ (108,260)
Gross unrealized losses	$ (150,750)	(108,260)
Threshold period for evaluation of other than temporary impairment (in months)	9 months
Agency RMBS
Schedule of Available-for-sale Securities
Gross unrealized losses	$ (81,500)
Gross unrealized losses	(81,470)	(46,053)
Agency-CMO
Schedule of Available-for-sale Securities
Gross unrealized losses	(10,230)	$ (15,673)
Non-Agency RMBS and CMBS
Schedule of Available-for-sale Securities
Gross unrealized losses	$ (59,100)

Mortgage-Backed and Credit Ri51

Mortgage-Backed and Credit Risk Transfer Securities - Summary of Investment Portfolio (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015		Dec. 31, 2014
Schedule of Available-for-sale Securities
Principal balance	$ 19,810,113		$ 18,505,710
Unamortized premium (discount)	(3,880,897)		(1,588,068)
Amortized cost	15,929,216		16,917,642
Unrealized gain/ (loss), net	136,719		331,253
Fair value	$ 16,065,935		$ 17,248,895
Net weighted average coupon	3.08%	[1]	3.61%	[2]
Period-end weighted average yield	3.13%	[3]	3.24%	[4]
Quarterly weighted average yield	3.19%	[5]	3.36%	[6]
Percentage of agency collateralized mortgage obligations interest only securities	27.60%		29.10%
Unamortized premium (discount), non-accretable portion	$ 281,600		$ 405,500
Percentage of non-agency RMBS interest only securities	1.30%
Percentage of GSE CRT securities	1.90%
Agency RMBS
Schedule of Available-for-sale Securities
Principal balance	$ 8,982,359		9,100,957
Unamortized premium (discount)	389,623		417,900
Amortized cost	9,371,982		9,518,857
Unrealized gain/ (loss), net	38,455		122,237
Fair value	$ 9,410,437		$ 9,641,094
Net weighted average coupon	3.54%	[1]	3.69%	[2]
Period-end weighted average yield	2.65%	[3]	2.68%	[4]
Quarterly weighted average yield	2.53%	[5]	2.71%	[6]
Agency RMBS | 15 Year Fixed-Rate
Schedule of Available-for-sale Securities
Principal balance	$ 1,527,877		$ 1,236,297
Unamortized premium (discount)	72,389		60,764
Amortized cost	1,600,266		1,297,061
Unrealized gain/ (loss), net	10,664		30,040
Fair value	$ 1,610,930		$ 1,327,101
Net weighted average coupon	3.72%	[1]	4.05%	[2]
Period-end weighted average yield	2.47%	[3]	2.60%	[4]
Quarterly weighted average yield	2.40%	[5]	2.66%	[6]
Agency RMBS | 30 Year Fixed-Rate
Schedule of Available-for-sale Securities
Principal balance	$ 3,796,091		$ 4,432,301
Unamortized premium (discount)	249,285		297,311
Amortized cost	4,045,376		4,729,612
Unrealized gain/ (loss), net	18,581		60,681
Fair value	$ 4,063,957		$ 4,790,293
Net weighted average coupon	4.24%	[1]	4.29%	[2]
Period-end weighted average yield	2.81%	[3]	2.97%	[4]
Quarterly weighted average yield	2.85%	[5]	3.05%	[6]
Agency RMBS | ARM
Schedule of Available-for-sale Securities
Principal balance	$ 417,424		$ 531,281
Unamortized premium (discount)	4,625		9,068
Amortized cost	422,049		540,349
Unrealized gain/ (loss), net	3,976		6,433
Fair value	$ 426,025		$ 546,782
Net weighted average coupon	2.72%	[1]	2.83%	[2]
Period-end weighted average yield	2.58%	[3]	2.27%	[4]
Quarterly weighted average yield	2.26%	[5]	2.29%	[6]
Agency RMBS | Hybrid ARM
Schedule of Available-for-sale Securities
Principal balance	$ 3,240,967		$ 2,901,078
Unamortized premium (discount)	63,324		50,757
Amortized cost	3,304,291		2,951,835
Unrealized gain/ (loss), net	5,234		25,083
Fair value	$ 3,309,525		$ 2,976,918
Net weighted average coupon	2.73%	[1]	2.78%	[2]
Period-end weighted average yield	2.56%	[3]	2.34%	[4]
Quarterly weighted average yield	2.22%	[5]	2.24%	[6]
Agency-CMO
Schedule of Available-for-sale Securities
Principal balance	$ 1,774,621	[7]	$ 1,957,296	[8]
Unamortized premium (discount)	(1,386,284)	[7]	(1,502,785)	[8]
Amortized cost	388,337	[7]	454,511	[8]
Unrealized gain/ (loss), net	482	[7]	(3,616)	[8]
Fair value	$ 388,819	[7]	$ 450,895	[8]
Net weighted average coupon	2.23%	[1],[7]	2.34%	[2],[8]
Period-end weighted average yield	4.29%	[3],[7]	4.57%	[4],[8]
Quarterly weighted average yield	3.42%	[5],[7]	3.62%	[6],[8]
Non-Agency RMBS
Schedule of Available-for-sale Securities
Principal balance	$ 4,965,978	[9],[10],[11]	$ 3,555,249	[12],[13]
Unamortized premium (discount)	(2,348,080)	[9],[10],[11]	(583,890)	[12],[13]
Amortized cost	2,617,898	[9],[10],[11]	2,971,359	[12],[13]
Unrealized gain/ (loss), net	74,589	[9],[10],[11]	90,288	[12],[13]
Fair value	$ 2,692,487	[9],[10],[11]	$ 3,061,647	[12],[13]
Net weighted average coupon	2.20%	[1],[9],[10],[11]	3.51%	[2],[12],[13]
Period-end weighted average yield	4.00%	[3],[9],[10],[11]	4.12%	[4],[12],[13]
Quarterly weighted average yield	4.80%	[5],[9],[10],[11]	4.86%	[6],[12],[13]
Non-Agency RMBS | Variable Rate
Schedule of Available-for-sale Securities
Percentage of non-agency securities classified as variable rate	48.40%		52.80%
Non-Agency RMBS | Fixed Rate
Schedule of Available-for-sale Securities
Percentage of non-agency securities classified as fixed rate	45.20%		40.10%
Non-Agency RMBS | Floating Rate
Schedule of Available-for-sale Securities
Percentage of non-agency securities classified as floating rate	6.40%		7.10%
GSE CRT
Schedule of Available-for-sale Securities
Principal balance	$ 657,500	[14],[15]	$ 615,000	[16]
Unamortized premium (discount)	22,593	[14],[15]	25,814	[16]
Amortized cost	680,093	[14],[15]	640,814	[16]
Unrealized gain/ (loss), net	(21,865)	[14],[15]	(15,390)	[16]
Fair value	$ 658,228	[14],[15]	$ 625,424	[16]
Net weighted average coupon	1.32%	[1],[14],[15]	1.03%	[2],[16]
Period-end weighted average yield	0.72%	[3],[14],[15]	0.49%	[4],[16]
Quarterly weighted average yield	0.62%	[5],[14],[15]	0.48%	[6],[16]
CMBS
Schedule of Available-for-sale Securities
Principal balance	$ 3,429,655	[17]	$ 3,277,208	[18]
Unamortized premium (discount)	(558,749)	[17]	54,893	[18]
Amortized cost	2,870,906	[17]	3,332,101	[18]
Unrealized gain/ (loss), net	45,058	[17]	137,734	[18]
Fair value	$ 2,915,964	[17]	$ 3,469,835	[18]
Net weighted average coupon	3.95%	[1],[17]	4.74%	[2],[18]
Period-end weighted average yield	4.30%	[3],[17]	4.39%	[4],[18]
Quarterly weighted average yield	4.35%	[5],[17]	4.38%	[6],[18]
Commercial Real Estate | CMBS
Schedule of Available-for-sale Securities
Percentage of commercial real estate mezzanine loan pass-through certificates	0.70%		1.30%
Interest Only Securities | CMBS
Schedule of Available-for-sale Securities
Percentage of commercial mortgage backed securities interest only securities	0.90%
[1]	Net weighted average coupon as of December 31, 2015 is presented net of servicing and other fees.
[2]	Net weighted average coupon as of December 31, 2014 is presented net of servicing and other fees.
[3]	Period-end weighted average yield is based on amortized cost as of December 31, 2015 and incorporates future prepayment and loss assumptions but excludes changes in anticipated interest rates.
[4]	Period-end weighted average yield is based on amortized cost as of December 31, 2014 and incorporates future prepayment and loss assumptions but excludes changes in anticipated interest rates.
[5]	Quarterly weighted average portfolio yield for the period was calculated by dividing interest income, including amortization of premiums and discounts, by the Company's average of the amortized cost of the investments. All yields are annualized.
[6]	Quarterly weighted average yield for the period was calculated by dividing interest income, including amortization of premiums and discounts, by the Company's average of the amortized cost of the investments. All yields are annualized.
[7]	Agency collateralized mortgage obligation ("Agency CMO") includes interest-only securities, which represent 27.6% of the balance based on fair value.
[8]	Agency-CMO includes interest-only securities, which represent 29.1% of the balance based on fair value.
[9]	Non-Agency RMBS held by the Company is 48.4% variable rate, 45.2% fixed rate and 6.4% floating rate based on fair value.
[10]	Non-Agency RMBS includes interest-only securities, which represent 1.3% of the balance based on fair value.
[11]	Of the total discount in non-Agency RMBS, $281.6 million is non-accretable.
[12]	Non-Agency RMBS held by the Company is 52.8% variable rate, 40.1% fixed rate, and 7.1% floating rate based on fair value.
[13]	Of the total discount in non-Agency RMBS, $405.5 million is non-accretable.
[14]	GSE CRT weighted average coupon and weighted average yield excludes embedded derivative coupon interest. Coupon interest attributable to the embedded derivative is recorded as realized and unrealized credit derivative income (loss), net on the consolidated statement of operations.
[15]	The Company has elected the fair value option for GSE CRTs purchased on or after August 24, 2015, which represent 1.9% of the balance based on fair value. As a result, GSE CRTs accounted for under the fair value option are not bifurcated between the debt host contract and the embedded derivative.
[16]	GSE CRT weighted average coupon and weighted average yield excludes embedded derivative coupon interest recorded as realized and unrealized credit derivative income (loss), net on the consolidated statement of operations.
[17]	CMBS includes interest-only securities and commercial real estate mezzanine loan pass-through certificates, which represent 0.9% and 0.7% of the balance based on fair value, respectively.
[18]	CMBS includes commercial real estate mezzanine loan pass-through certificates, which represent 1.3% of the balance based on fair value.

Mortgage-Backed and Credit Ri52

Mortgage-Backed and Credit Risk Transfer Securities - Components of Non-Agency RMBS Portfolio By Asset Type (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities
Mortgage-backed and credit risk transfer securities, at fair value	$ 16,065,935	$ 17,248,895
Non-Agency RMBS
Schedule of Available-for-sale Securities
Mortgage-backed and credit risk transfer securities, at fair value	$ 2,692,487	$ 3,061,647
Percentage of non-agency	100.00%	100.00%
Non-Agency RMBS | Prime
Schedule of Available-for-sale Securities
Mortgage-backed and credit risk transfer securities, at fair value	$ 1,081,428	$ 969,849
Percentage of non-agency	40.20%	31.70%
Non-Agency RMBS | Re-REMIC
Schedule of Available-for-sale Securities
Mortgage-backed and credit risk transfer securities, at fair value	$ 663,853	$ 1,000,635
Percentage of non-agency	24.70%	32.70%
Non-Agency RMBS | Alt-A
Schedule of Available-for-sale Securities
Mortgage-backed and credit risk transfer securities, at fair value	$ 544,306	$ 694,467
Percentage of non-agency	20.20%	22.70%
Non-Agency RMBS | Subprime/reperforming
Schedule of Available-for-sale Securities
Mortgage-backed and credit risk transfer securities, at fair value	$ 402,900	$ 396,696
Percentage of non-agency	14.90%	12.90%

Mortgage-Backed and Credit Ri53

Mortgage-Backed and Credit Risk Transfer Securities - Components of Senior Re-REMIC at Fair Value (Detail)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities
Percentage of Re-REMIC holdings at fair value	[1]	100.00%	100.00%
Re-REMIC holdings that are not senior class (percentage)		22.90%
Re-REMIC 0-10
Schedule of Available-for-sale Securities
Percentage of Re-REMIC holdings at fair value	[1]	11.00%	7.00%
Re-REMIC 10-20
Schedule of Available-for-sale Securities
Percentage of Re-REMIC holdings at fair value	[1]	5.60%	4.40%
Re-REMIC 20-30
Schedule of Available-for-sale Securities
Percentage of Re-REMIC holdings at fair value	[1]	12.70%	11.90%
Re-REMIC 30-40
Schedule of Available-for-sale Securities
Percentage of Re-REMIC holdings at fair value	[1]	20.80%	26.10%
Re-REMIC 40-50
Schedule of Available-for-sale Securities
Percentage of Re-REMIC holdings at fair value	[1]	32.80%	31.80%
Re-REMIC 50-60
Schedule of Available-for-sale Securities
Percentage of Re-REMIC holdings at fair value	[1]	13.30%	15.20%
Re-REMIC 60-70
Schedule of Available-for-sale Securities
Percentage of Re-REMIC holdings at fair value	[1]	3.80%	3.60%
[1]	Subordination refers to the credit enhancement provided to the Re-REMIC tranche held by the Company by any junior Re-REMIC tranche or tranches in a resecuritization. This figure reflects the percentage of the balance of the underlying securities represented by any junior tranche or tranches at the time of resecuritization. Generally, principal losses on the underlying securities in excess of the subordination amount would result in principal losses on the Re-REMIC tranche held by the Company. 22.9% of the Company's Re-REMIC holdings are not senior tranches.

Mortgage-Backed and Credit Ri54

Mortgage-Backed and Credit Risk Transfer Securities - Components of Carrying Value Of Investment Portfolio (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Principal balance	$ 19,810,113	$ 18,505,710
Unamortized premium	495,537	550,071
Unamortized discount	(4,376,434)	(2,138,139)
Gross unrealized gains	287,469	439,513
Gross unrealized losses	(150,750)	(108,260)
Fair value	$ 16,065,935	$ 17,248,895

Mortgage-Backed and Credit Ri55

Mortgage-Backed and Credit Risk Transfer Securities - Fair Value of MBS and GSE CRTs According to Weighted Average Life Classification (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Less than one year	$ 427,678	$ 440,471
Greater than one year and less than five years	6,237,547	7,997,709
Greater than or equal to five years	9,400,710	8,810,715
Fair value	$ 16,065,935	$ 17,248,895

Mortgage-Backed and Credit Ri56

Mortgage-Backed and Credit Risk Transfer Securities - Unrealized Losses and Estimated Fair Value of MBS and GSE CRTs by Length of Time (Detail) $ in Thousands		Dec. 31, 2015USD ($)security	Dec. 31, 2014USD ($)security
Schedule of Available-for-sale Securities
Fair value, less than 12 Months		$ 6,056,113	$ 1,854,238
Unrealized losses, less than 12 months		$ (78,122)	$ (41,919)
Number of securities, less than 12 months | security		375	111
Fair value, 12 months or more		$ 1,690,443	$ 2,734,465
Unrealized losses, 12 months or more		$ (72,628)	$ (66,341)
Number of securities, 12 months or more | security		99	121
Fair value, total		$ 7,746,556	$ 4,588,703
Unrealized losses, total		$ (150,750)	$ (108,260)
Number of securities, total | security		474	232
Agency RMBS
Schedule of Available-for-sale Securities
Fair value, less than 12 Months		$ 3,491,280	$ 803,426
Unrealized losses, less than 12 months		$ (40,491)	$ (4,257)
Number of securities, less than 12 months | security		187	35
Fair value, 12 months or more		$ 1,197,897	$ 1,886,618
Unrealized losses, 12 months or more		$ (40,979)	$ (41,796)
Number of securities, 12 months or more | security		53	71
Fair value, total		$ 4,689,177	$ 2,690,044
Unrealized losses, total		$ (81,470)	$ (46,053)
Number of securities, total | security		240	106
Agency RMBS | 15 Year Fixed-Rate
Schedule of Available-for-sale Securities
Fair value, less than 12 Months		$ 600,480	$ 10,897
Unrealized losses, less than 12 months		$ (8,081)	$ (42)
Number of securities, less than 12 months | security		33	1
Fair value, 12 months or more		$ 77,506	$ 105,644
Unrealized losses, 12 months or more		$ (1,482)	$ (1,395)
Number of securities, 12 months or more | security		6	6
Fair value, total		$ 677,986	$ 116,541
Unrealized losses, total		$ (9,563)	$ (1,437)
Number of securities, total | security		39	7
Agency RMBS | 30 Year Fixed-Rate
Schedule of Available-for-sale Securities
Fair value, less than 12 Months		$ 776,065	$ 137,680
Unrealized losses, less than 12 months		$ (14,827)	$ (2,662)
Number of securities, less than 12 months | security		32	5
Fair value, 12 months or more		$ 1,120,391	$ 1,756,894
Unrealized losses, 12 months or more		$ (39,497)	$ (40,181)
Number of securities, 12 months or more | security		47	62
Fair value, total		$ 1,896,456	$ 1,894,574
Unrealized losses, total		$ (54,324)	$ (42,843)
Number of securities, total | security		79	67
Agency RMBS | ARM
Schedule of Available-for-sale Securities
Fair value, less than 12 Months		$ 200,863	$ 24,074
Unrealized losses, less than 12 months		$ (501)	$ (9)
Number of securities, less than 12 months | security		11	1
Fair value, 12 months or more		$ 0	$ 3,719
Unrealized losses, 12 months or more		$ 0	$ (23)
Number of securities, 12 months or more | security		0	1
Fair value, total		$ 200,863	$ 27,793
Unrealized losses, total		$ (501)	$ (32)
Number of securities, total | security		11	2
Agency RMBS | Hybrid ARM
Schedule of Available-for-sale Securities
Fair value, less than 12 Months		$ 1,913,872	$ 630,775
Unrealized losses, less than 12 months		$ (17,082)	$ (1,544)
Number of securities, less than 12 months | security		111	28
Fair value, 12 months or more		$ 0	$ 20,361
Unrealized losses, 12 months or more		$ 0	$ (197)
Number of securities, 12 months or more | security		0	2
Fair value, total		$ 1,913,872	$ 651,136
Unrealized losses, total		$ (17,082)	$ (1,741)
Number of securities, total | security		111	30
Agency-CMO
Schedule of Available-for-sale Securities
Fair value, less than 12 Months		$ 166,754	$ 36,723
Unrealized losses, less than 12 months		$ (3,296)	$ (6,192)
Number of securities, less than 12 months | security		14	18
Fair value, 12 months or more		$ 9,118	$ 265,863
Unrealized losses, 12 months or more		$ (6,934)	$ (9,481)
Number of securities, 12 months or more | security		9	10
Fair value, total		$ 175,872	$ 302,586
Unrealized losses, total		$ (10,230)	$ (15,673)
Number of securities, total | security		23	28
Non-Agency RMBS
Schedule of Available-for-sale Securities
Fair value, less than 12 Months		$ 832,978	$ 573,122
Unrealized losses, less than 12 months		$ (6,957)	$ (5,799)
Number of securities, less than 12 months | security		73	34
Fair value, 12 months or more		$ 331,018	$ 354,532
Unrealized losses, 12 months or more		$ (10,326)	$ (11,990)
Number of securities, 12 months or more | security		28	21
Fair value, total		$ 1,163,996	$ 927,654
Unrealized losses, total		$ (17,283)	$ (17,789)
Number of securities, total | security		101	55
GSE CRT
Schedule of Available-for-sale Securities
Fair value, less than 12 Months	[1]	$ 340,116	$ 306,603
Unrealized losses, less than 12 months	[1]	$ (10,050)	$ (25,394)
Number of securities, less than 12 months | security	[1]	16	13
Fair value, 12 months or more	[1]	$ 120,877
Unrealized losses, 12 months or more	[1]	$ (13,605)	$ 0
Number of securities, 12 months or more | security	[1]	7	0
Fair value, total	[1]	$ 460,993	$ 306,603
Unrealized losses, total	[1]	$ (23,655)	$ (25,394)
Number of securities, total | security	[1]	23	13
CMBS
Schedule of Available-for-sale Securities
Fair value, less than 12 Months		$ 1,224,985	$ 134,364
Unrealized losses, less than 12 months		$ (17,328)	$ (277)
Number of securities, less than 12 months | security		85	11
Fair value, 12 months or more		$ 31,533	$ 227,452
Unrealized losses, 12 months or more		$ (784)	$ (3,074)
Number of securities, 12 months or more | security		2	19
Fair value, total		$ 1,256,518	$ 361,816
Unrealized losses, total		$ (18,112)	$ (3,351)
Number of securities, total | security		87	30
[1]	Balance includes unrealized losses on both the debt host contract and the embedded derivative.

Mortgage-Backed and Credit Ri57

Mortgage-Backed and Credit Risk Transfer Securities - Impact of MBS and GSE CRTs on Accumulated other Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated other comprehensive income (loss) from MBS and GSE CRT securities:
Unrealized gain (loss) on MBS and GSE CRT at beginning of period	$ 351,774	$ (160,083)	$ 531,729
Unrealized gain (loss) on MBS and GSE CRT	(185,416)	431,198	(891,261)
Reclassification of unrealized (gain) loss on sale of MBS and GSE CRT to gain (loss) on investments, net	(4,277)	80,659	199,449
Balance at end of period	$ 162,081	$ 351,774	$ (160,083)

Mortgage-Backed and Credit Ri58

Mortgage-Backed and Credit Risk Transfer Securities - Gain (Loss) on Investments (Details) - USD ($) $ in Thousands		Dec. 09, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities
Gross realized gains on sale of investments			$ 10,139	$ 16,353	$ 39,131
Gross realized losses on sale of investments			(11,114)	(95,783)	(238,580)
Total gain (loss) on investments, net	[1]		(1,589)	(87,168)	(182,733)
Gain (loss) on deconsolidation of VIEs, net		$ (19,623)
RMBS - IO
Schedule of Available-for-sale Securities
Net unrealized gains and losses on Fair Value Option securities			(558)	(7,738)	16,716
GSE CRT
Schedule of Available-for-sale Securities
Net unrealized gains and losses on Fair Value Option securities			$ (56)	$ 0	$ 0
[1]	Balance as of December 31, 2015 excludes gain (loss) on deconsolidation of VIEs, net of $19.6 million. Refer to Note 3 - "Variable Interest Entities" for further discussion.

Mortgage-Backed and Credit Ri59

Mortgage-Backed and Credit Risk Transfer Securities - Components of MBS and GSE CRT Interest Income (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities
Coupon interest									$ 641,181	$ 703,431	$ 826,908
Net (premium amortization)/discount accretion									(122,925)	(124,369)	(180,121)
Interest Income	$ 127,633	$ 129,260	$ 126,098	$ 135,265	$ 143,043	$ 139,419	$ 148,195	$ 148,405	518,256	579,062	646,787
Agency RMBS
Schedule of Available-for-sale Securities
Coupon interest									372,610	403,403	530,220
Net (premium amortization)/discount accretion									(121,170)	(106,116)	(161,149)
Interest Income									251,440	297,287	369,071
Non-Agency RMBS
Schedule of Available-for-sale Securities
Coupon interest									110,885	135,178	155,770
Net (premium amortization)/discount accretion									12,650	12,257	9,327
Interest Income									123,535	147,435	165,097
GSE CRT
Schedule of Available-for-sale Securities
Coupon interest									6,681	5,428	630
Net (premium amortization)/discount accretion									(3,088)	(3,014)	(84)
Interest Income									3,593	2,414	546
CMBS
Schedule of Available-for-sale Securities
Coupon interest									149,977	159,363	140,094
Net (premium amortization)/discount accretion									(11,322)	(27,496)	(28,215)
Interest Income									138,655	131,867	111,879
Other
Schedule of Available-for-sale Securities
Coupon interest									1,028	59	194
Net (premium amortization)/discount accretion									5	0	0
Interest Income									$ 1,033	$ 59	$ 194

Commercial Loans Held-for-Inv60

Commercial Loans Held-for-Investment - Schedule of Commercial Loans Held for Investment (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)loan
Mortgage Loans on Real Estate
Number of loans | loan		6	7
Principal balance		$ 210,769	$ 145,809
Unamortized (fees) / costs, net		(1,707)	(53)
Carrying value		209,062	145,756
Unfunded commitment		$ 2,128	$ 4,980
First Mortgage Loan
Mortgage Loans on Real Estate
Number of loans | loan			1
Principal balance			$ 19,978
Unamortized (fees) / costs, net			41
Carrying value			20,019
Unfunded commitment			$ 1,623
Mezzanine Loans
Mortgage Loans on Real Estate
Number of loans | loan		6	4
Principal balance		$ 210,769	$ 71,643
Unamortized (fees) / costs, net		(1,707)	(94)
Carrying value		209,062	71,549
Unfunded commitment		$ 2,128	$ 3,357
Other
Mortgage Loans on Real Estate
Number of loans | loan	[1]		2
Principal balance	[1]		$ 54,188
Unamortized (fees) / costs, net	[1]		0
Carrying value	[1]		54,188
Unfunded commitment	[1]		$ 0
[1]	Other subordinate interests include a B-note and a preferred equity investment.

Other Investments - Schedule of

Other Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Investments [Abstract]
FHLB Indianapolis stock	$ 75,375	$ 62,500
Investments in unconsolidated ventures	38,413	43,998
Total	$ 113,788	$ 106,498

Borrowings (Detail)

Borrowings (Detail) - USD ($)	Jan. 12, 2016	Aug. 31, 2013	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Repurchase Agreement Counterparty
Collateral ratio				111.00%	112.00%
Due from counterparties				$ 110,009,000	$ 57,604,000
Proceeds from issuance of debt				$ 0	0	$ 400,000,000
Exchangeable Senior Notes
Repurchase Agreement Counterparty
Aggregate principal balance			$ 400,000,000			$ 400,000,000
Proceeds from issuance of debt			$ 387,700,000
Debt instrument, percentage				5.00%
First interest payment date				Sep. 15, 2013
Exchange rate for each $1,000 aggregate principal amount				0.0420893
Common stock, exchange price per share				$ 23.76
Number of shares registered for resale prospectus		605,034
Accrued interest payable on notes				$ 5,900,000	5,900,000
Repurchase Agreements
Repurchase Agreement Counterparty
Due from counterparties				$ 710,000	$ 0
Minimum
Repurchase Agreement Counterparty
Repurchase obligation maturity (in months)				1 month
Maximum
Repurchase Agreement Counterparty
Repurchase obligation maturity (in months)				12 months
Maximum | Exchangeable Senior Notes
Repurchase Agreement Counterparty
Exchange rate for each $1,000 aggregate principal amount				0.0484027
Common stock, exchange price per share				$ 20.66
Federal Home Loan Bank of Indianapolis
Repurchase Agreement Counterparty
Outstanding secured advances from FHLBI				$ 1,650,000,000
Average outstanding borrowings from FHLBI				$ 1,600,000,000
FHLBI weighted average interest rate on advances				0.41%
FHLBI weighted average maturity of advances (in years)				8 years 18 days
Federal Home Loan Bank of Indianapolis | CMBS
Repurchase Agreement Counterparty
Collateral pledged against secured loans				$ 1,400,000,000
Federal Home Loan Bank of Indianapolis | Agency RMBS
Repurchase Agreement Counterparty
Collateral pledged against secured loans				$ 558,900,000
Subsequent Event
Repurchase Agreement Counterparty
Permitted duration IAS may remain a member of FHLB (in years)	5 years

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Borrowings
Secured loans, amounts outstanding	$ 1,650,000	$ 1,250,000
Secured loans, weighted average interest rate	0.55%	0.37%
Secured loans, weighted average remaining maturity (days)	2937 days	3472 days
Exchangeable senior notes, amounts outstanding	$ 400,000	$ 400,000
Agency RMBS
Borrowings
Repurchase agreements, amounts outstanding	$ 8,389,643	$ 9,018,818
Repurchase agreements, weighted average interest rate	0.65%	0.35%
Repurchase agreements, weighted average remaining maturity (days)	24 days	18 days
Non-Agency RMBS
Borrowings
Repurchase agreements, amounts outstanding	$ 2,077,240	$ 2,676,626
Repurchase agreements, weighted average interest rate	1.68%	1.51%
Repurchase agreements, weighted average remaining maturity (days)	32 days	36 days
GSE CRT
Borrowings
Repurchase agreements, amounts outstanding	$ 488,275	$ 468,782
Repurchase agreements, weighted average interest rate	1.91%	1.55%
Repurchase agreements, weighted average remaining maturity (days)	19 days	27 days
CMBS
Borrowings
Repurchase agreements, amounts outstanding	$ 1,170,890	$ 1,458,451
Repurchase agreements, weighted average interest rate	1.49%	1.32%
Repurchase agreements, weighted average remaining maturity (days)	23 days	26 days
Exchangeable Senior Notes
Borrowings
Exchangeable senior notes, amounts outstanding	$ 400,000	$ 400,000
Exchangeable senior notes, weighted average interest rate	5.00%	5.00%
Exchangeable senior notes, weighted average remaining maturity (days)	805 days	1170 days
Secured Debt, Excluding Asset-backed Securities
Borrowings
Asset-backed securities issued by securitization trusts	$ 14,176,048	$ 15,272,677
Secured debt, weighted average interest rate	1.02%	0.81%
Secured debt, weighted average remaining maturity (days)	389 days	335 days

Borrowings - Repurchase Agreeme

Borrowings - Repurchase Agreements (Detail) $ in Thousands		12 Months Ended
		Dec. 31, 2015USD ($)counterparties		Dec. 31, 2014USD ($)counterparties
Repurchase Agreement Counterparty
Amount outstanding		$ 12,126,048		$ 13,622,677
Percent of total amount outstanding		100.00%		100.00%
Securities sold under agreements to repurchase fair value of collateral		$ 13,460,288		$ 15,260,264
Number of counterparties | counterparties		9		10
Credit Suisse Securities (USA) LLC
Repurchase Agreement Counterparty
Amount outstanding				$ 1,517,530
Percent of total amount outstanding				11.10%
Securities sold under agreements to repurchase fair value of collateral	[1]			$ 1,925,973
HSBC Securities (USA) Inc.
Repurchase Agreement Counterparty
Amount outstanding		$ 1,566,747		$ 1,190,769
Percent of total amount outstanding		12.90%		8.70%
Securities sold under agreements to repurchase fair value of collateral		$ 1,611,020		$ 1,225,194
Royal Bank of Canada
Repurchase Agreement Counterparty
Amount outstanding		$ 1,148,480		$ 1,057,798
Percent of total amount outstanding		9.50%		7.80%
Securities sold under agreements to repurchase fair value of collateral		$ 1,383,839		$ 1,278,612
ING Financial Market LLC
Repurchase Agreement Counterparty
Amount outstanding		$ 1,050,548		$ 767,733
Percent of total amount outstanding		8.70%		5.60%
Securities sold under agreements to repurchase fair value of collateral		$ 1,112,102		$ 820,166
South Street Securities LLC
Repurchase Agreement Counterparty
Amount outstanding		$ 799,783		$ 961,938
Percent of total amount outstanding		6.60%		7.10%
Securities sold under agreements to repurchase fair value of collateral		$ 838,600		$ 1,020,054
Pierpont Securities LLC
Repurchase Agreement Counterparty
Amount outstanding		$ 786,623		$ 601,222
Percent of total amount outstanding		6.50%		4.40%
Securities sold under agreements to repurchase fair value of collateral		$ 814,804		$ 627,534
Industrial And Commercial Bank Of China Financial Services LLC
Repurchase Agreement Counterparty
Amount outstanding		$ 695,933		$ 682,193
Percent of total amount outstanding		5.70%		5.00%
Securities sold under agreements to repurchase fair value of collateral		$ 730,941		$ 716,989
Mitsubishi UFJ Securities (USA), Inc.
Repurchase Agreement Counterparty
Amount outstanding		$ 627,383		$ 710,058
Percent of total amount outstanding		5.20%		5.20%
Securities sold under agreements to repurchase fair value of collateral		$ 657,201		$ 744,836
JP Morgan Securities LLC
Repurchase Agreement Counterparty
Amount outstanding		$ 622,665		$ 698,856
Percent of total amount outstanding		5.10%		5.10%
Securities sold under agreements to repurchase fair value of collateral		$ 728,502		$ 814,896
Citigroup Global Markets Inc.
Repurchase Agreement Counterparty
Amount outstanding		$ 585,632		$ 979,247
Percent of total amount outstanding		4.80%		7.20%
Securities sold under agreements to repurchase fair value of collateral		$ 725,882		$ 1,157,265	[2]
Scotia Capital
Repurchase Agreement Counterparty
Amount outstanding		$ 576,137		$ 521,778
Percent of total amount outstanding		4.80%		3.80%
Securities sold under agreements to repurchase fair value of collateral		$ 598,343		$ 542,044
BNP Paribas Securities Corp.
Repurchase Agreement Counterparty
Amount outstanding		$ 474,053		$ 559,658
Percent of total amount outstanding		3.90%		4.10%
Securities sold under agreements to repurchase fair value of collateral		$ 530,584		$ 622,749
Wells Fargo Securities LLC
Repurchase Agreement Counterparty
Amount outstanding		$ 463,673		$ 627,071
Percent of total amount outstanding		3.80%		4.60%
Securities sold under agreements to repurchase fair value of collateral		$ 551,667		$ 754,706
Goldman Sachs & Co.
Repurchase Agreement Counterparty
Amount outstanding		$ 428,799
Percent of total amount outstanding		3.50%
Securities sold under agreements to repurchase fair value of collateral		$ 552,549
KGS Alpha Capital Markets L.P.
Repurchase Agreement Counterparty
Amount outstanding		$ 380,286		$ 407,920
Percent of total amount outstanding		3.10%		3.00%
Securities sold under agreements to repurchase fair value of collateral		$ 400,758		$ 430,241
Banc Of America Securities LLC
Repurchase Agreement Counterparty
Amount outstanding		$ 380,520		$ 791,196
Percent of total amount outstanding		3.10%		5.90%
Securities sold under agreements to repurchase fair value of collateral		$ 442,801		$ 875,984	[3]
Morgan Stanley & Co. Incorporated
Repurchase Agreement Counterparty
Amount outstanding		$ 273,124		$ 589,950
Percent of total amount outstanding		2.30%		4.30%
Securities sold under agreements to repurchase fair value of collateral		$ 320,484		$ 632,002
Guggenheim Liquidity Services, LLC
Repurchase Agreement Counterparty
Amount outstanding		$ 265,709
Percent of total amount outstanding		2.20%
Securities sold under agreements to repurchase fair value of collateral		$ 279,345
All Other Counterparties
Repurchase Agreement Counterparty
Amount outstanding		$ 999,953	[4]	$ 957,760	[5]
Percent of total amount outstanding		8.30%	[4]	7.10%	[5]
Securities sold under agreements to repurchase fair value of collateral		$ 1,180,866	[4]	$ 1,071,019	[5]
Consolidation, Eliminations
Repurchase Agreement Counterparty
Securities sold under agreements to repurchase fair value of collateral				403,200
Consolidation, Eliminations | Credit Suisse Securities (USA) LLC
Repurchase Agreement Counterparty
Securities sold under agreements to repurchase fair value of collateral				276,100
Consolidation, Eliminations | Citigroup Global Markets Inc.
Repurchase Agreement Counterparty
Securities sold under agreements to repurchase fair value of collateral				20,300
Consolidation, Eliminations | Banc Of America Securities LLC
Repurchase Agreement Counterparty
Securities sold under agreements to repurchase fair value of collateral				$ 106,800
[1]	Includes $276.1 million of MBS held as collateral which are eliminated in consolidation.
[2]	Includes $20.3 million of MBS held as collateral which are eliminated in consolidation.
[3]	Includes $106.8 million of MBS held as collateral which are eliminated in consolidation.
[4]	Represents amounts outstanding with nine counterparties.
[5]	Represents amounts outstanding with ten counterparties.

Derivatives and Hedging Activ65

Derivatives and Hedging Activities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosures
Offer received to terminate contract				$ 1,000
Loss to be reclassified during the next 12 months	$ 5,200
Cash margin deposits	110,009	$ 57,604
Cash collateral received	4,900	14,900
Realized (gain) loss on derivative instruments, net	(44,272)	(72,187)	$ 56,279
Gain (loss) on sale of derivatives			56,300
Unrealized gain (loss) on derivatives, net	9,597	(215,499)	(13,923)
Derivative liabilities, at fair value	238,148	254,026
Accrued Interest
Derivative Instruments and Hedging Activities Disclosures
Derivative liabilities, at fair value	121,700
Agency RMBS
Derivative Instruments and Hedging Activities Disclosures
AFS pledged as collateral	$ 143,900
Credit Default Swap (CDS)
Derivative Instruments and Hedging Activities Disclosures
Stated fixed rate fee	3.00%
Interest Rate Swaptions
Derivative Instruments and Hedging Activities Disclosures
Realized (gain) loss on derivative instruments, net	$ (10,300)	(23,300)
Unrealized gain (loss) on derivatives, net	8,500	10,900	$ (17,000)
Central Clearing Counterparty | Derivative Liabilities, at Fair Value
Derivative Instruments and Hedging Activities Disclosures
Derivative liabilities, at fair value	121,100
GSE CRT | Mortgage-Backed and Credit Risk Transfer Securities, at Fair Value
Derivative Instruments and Hedging Activities Disclosures
Fair value amount	(25,700)	(21,500)
Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures
Cash margin deposits	109,300	57,600
Derivative liabilities, at fair value	$ 238,045	$ 253,468

Derivatives and Hedging Activ66

Derivatives and Hedging Activities - Schedule of Credit Derivatives (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Credit Derivatives
Notional amount	$ 11,826,324,000	$ 11,961,088,000
GSE CRT | Embedded Credit Derivative
Credit Derivatives
Fair value amount	(25,722,000)	(21,495,000)
Notional amount	645,000,000	615,000,000
Maximum potential amount of future undiscounted payments	$ 645,000,000	$ 615,000,000

Derivatives and Hedging Activ67

Derivatives and Hedging Activities - Interest Rate Derivatives Outstanding (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Interest Rate Derivatives Outstanding
Notional amount		$ 11,826,324,000	$ 11,961,088,000
Interest Rate Swaps
Interest Rate Derivatives Outstanding
Notional amount		$ 11,450,000,000	$ 10,550,000,000
Fixed interest rate in contract		2.12%
Interest Rate Swaps | Credit Suisse International Maturing 4/15/2016
Interest Rate Derivatives Outstanding
Notional amount		$ 500,000,000
Maturity date		Apr. 15, 2016
Fixed interest rate in contract		2.27%
Interest Rate Swaps | Bank of New York Mellon Maturing 4/15/2016
Interest Rate Derivatives Outstanding
Notional amount		$ 500,000,000
Maturity date		Apr. 15, 2016
Fixed interest rate in contract		2.24%
Interest Rate Swaps | JP Morgan Chase Bank, N.A. Maturing 5/16/2016
Interest Rate Derivatives Outstanding
Notional amount		$ 500,000,000
Maturity date		May 16, 2016
Fixed interest rate in contract		2.31%
Interest Rate Swaps | Goldman Sachs Bank USA Maturing 5/24/2016
Interest Rate Derivatives Outstanding
Notional amount		$ 500,000,000
Maturity date		May 24, 2016
Fixed interest rate in contract		2.34%
Interest Rate Swaps | Goldman Sachs Bank USA Maturing 6/15/2016
Interest Rate Derivatives Outstanding
Notional amount		$ 250,000,000
Maturity date		Jun. 15, 2016
Fixed interest rate in contract		2.67%
Interest Rate Swaps | Wells Fargo Bank, N.A. Maturing 6/15/2016
Interest Rate Derivatives Outstanding
Notional amount		$ 250,000,000
Maturity date		Jun. 15, 2016
Fixed interest rate in contract		2.67%
Interest Rate Swaps | JPMorgan Chase Bank, N.A. Maturing 6/24/2016
Interest Rate Derivatives Outstanding
Notional amount		$ 500,000,000
Maturity date		Jun. 24, 2016
Fixed interest rate in contract		2.51%
Interest Rate Swaps | Citibank, N.A Maturing 10/15/2016
Interest Rate Derivatives Outstanding
Notional amount		$ 500,000,000
Maturity date		Oct. 15, 2016
Fixed interest rate in contract		1.93%
Interest Rate Swaps | Deutsche Bank AG Maturing 2/5/2018
Interest Rate Derivatives Outstanding
Notional amount		$ 150,000,000
Maturity date		Feb. 5, 2018
Fixed interest rate in contract		2.90%
Interest Rate Swaps | ING Capital Markets LLC Maturing 2/24/2018
Interest Rate Derivatives Outstanding
Notional amount		$ 350,000,000
Maturity date		Feb. 24, 2018
Fixed interest rate in contract		0.95%
Interest Rate Swaps | ING Capital Markets LLC Maturing 5/5/2018
Interest Rate Derivatives Outstanding
Notional amount		$ 300,000,000
Maturity date		May 5, 2018
Fixed interest rate in contract		0.79%
Interest Rate Swaps | UBS AG Maturing 5/24/2018
Interest Rate Derivatives Outstanding
Notional amount		$ 500,000,000
Maturity date		May 24, 2018
Fixed interest rate in contract		1.10%
Interest Rate Swaps | ING Captial Markets LLC Maturing 6/5/2018
Interest Rate Derivatives Outstanding
Notional amount		$ 400,000,000
Maturity date		Jun. 5, 2018
Fixed interest rate in contract		0.87%
Interest Rate Swaps | The Royal Bank of Scotland Plc Maturing 9/5/2018
Interest Rate Derivatives Outstanding
Notional amount		$ 500,000,000
Maturity date		Sep. 5, 2018
Fixed interest rate in contract		1.04%
Interest Rate Swaps | Citibank, N.A. CME Clearing House Maturing 2/5/2021
Interest Rate Derivatives Outstanding
Notional amount	[1]	$ 300,000,000
Maturity date	[1]	Feb. 5, 2021
Fixed interest rate in contract	[1]	2.50%
Interest Rate Swaps | The Royal Bank of Scotland Plc CME Clearing House Maturing 2/5/2021
Interest Rate Derivatives Outstanding
Notional amount	[1]	$ 300,000,000
Maturity date	[1]	Feb. 5, 2021
Fixed interest rate in contract	[1]	2.69%
Interest Rate Swaps | Wells Fargo Bank, N.A. Maturing 3/15/2021
Interest Rate Derivatives Outstanding
Notional amount		$ 200,000,000
Maturity date		Mar. 15, 2021
Fixed interest rate in contract		3.14%
Interest Rate Swaps | JP Morgan Chase Bank, N.A. CME Central Clearing Maturing 5/24/2021
Interest Rate Derivatives Outstanding
Notional amount	[2]	$ 500,000,000
Maturity date	[2]	May 24, 2021
Fixed interest rate in contract	[2]	2.25%
Interest Rate Swaps | Citibank, N.A. Maturing 5/25/2021
Interest Rate Derivatives Outstanding
Notional amount		$ 200,000,000
Maturity date		May 25, 2021
Fixed interest rate in contract		2.83%
Interest Rate Swaps | HSBC Bank USA, National Association CME Central Clearing, Maturing 6/24/2021
Interest Rate Derivatives Outstanding
Notional amount	[3]	$ 500,000,000
Maturity date	[3]	Jun. 24, 2021
Fixed interest rate in contract	[3]	2.44%
Interest Rate Swaps | HSBC Bank USA, National Association Maturing 2/24/2022
Interest Rate Derivatives Outstanding
Notional amount		$ 550,000,000
Maturity date		Feb. 24, 2022
Fixed interest rate in contract		2.45%
Interest Rate Swaps | Deutsche Bank AG CME Central Clearing, Maturing 6/9/2022
Interest Rate Derivatives Outstanding
Notional amount		$ 1,000,000,000
Maturity date		Jun. 9, 2022
Fixed interest rate in contract		2.21%
Interest Rate Swaps | HSBC Bank USA, National Association Maturing 6/5/2023
Interest Rate Derivatives Outstanding
Notional amount		$ 250,000,000
Maturity date		Jun. 5, 2023
Fixed interest rate in contract		1.91%
Interest Rate Swaps | Royal Bank Of Scotland Plc Maturing 8/15/2023
Interest Rate Derivatives Outstanding
Notional amount		$ 500,000,000
Maturity date		Aug. 15, 2023
Fixed interest rate in contract		1.98%
Interest Rate Swaps | Goldman Sachs Bank USA CME Clearing House Maturing 8/24/2023
Interest Rate Derivatives Outstanding
Notional amount		$ 600,000,000
Maturity date		Aug. 24, 2023
Fixed interest rate in contract		2.88%
Interest Rate Swaps | UBS AG Maturing 11/15/2023
Interest Rate Derivatives Outstanding
Notional amount		$ 250,000,000
Maturity date		Nov. 15, 2023
Fixed interest rate in contract		2.23%
Interest Rate Swaps | HSBC Bank USA National Association Maturing 12/15/2023
Interest Rate Derivatives Outstanding
Notional amount		$ 500,000,000
Maturity date		Dec. 15, 2023
Fixed interest rate in contract		2.20%
Interest Rate Swaps | Morgan Stanley Capital Services, LLC Maturing 4/2/2025
Interest Rate Derivatives Outstanding
Notional amount		$ 100,000,000
Maturity date		Apr. 2, 2025
Fixed interest rate in contract		2.04%
[1]	Forward start date of February 2016
[2]	Forward start date of May 2016
[3]	Forward start date of June 2016

Derivatives and Hedging Activ68

Derivatives and Hedging Activities - Outstanding Interest Rate Swaptions and Derivative Instrument Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015
Interest Rate Swaps
Notional amount	$ 11,961,088,000	$ 11,826,324,000
Derivative Interest Rate Swaptions
Notional amount as of January 1, 2015	11,961,088,000
Additions	2,940,547,000
Settlement, Termination, Expiration or Exercise	(3,075,311,000)
Notional amount as of December 31, 2015	11,826,324,000
Amount of realized gain (loss), net on derivative instruments (excluding net interest paid or received) for the year ended December 31, 2015	(44,272,000)
Interest Rate Swaptions
Interest Rate Swaps
Notional amount	1,050,000,000	300,000,000
Derivative Interest Rate Swaptions
Notional amount as of January 1, 2015	1,050,000,000
Additions	300,000,000
Settlement, Termination, Expiration or Exercise	(1,050,000,000)
Notional amount as of December 31, 2015	300,000,000
Amount of realized gain (loss), net on derivative instruments (excluding net interest paid or received) for the year ended December 31, 2015	(10,328,000)
Interest Rate Swaps
Interest Rate Swaps
Notional amount	10,550,000,000	11,450,000,000
Derivative Interest Rate Swaptions
Notional amount as of January 1, 2015	10,550,000,000
Additions	2,100,000,000
Settlement, Termination, Expiration or Exercise	(1,200,000,000)
Notional amount as of December 31, 2015	11,450,000,000
Amount of realized gain (loss), net on derivative instruments (excluding net interest paid or received) for the year ended December 31, 2015	(31,881,000)
TBA's
Interest Rate Swaps
Notional amount	198,000,000	0
Derivative Interest Rate Swaptions
Notional amount as of January 1, 2015	198,000,000
Additions	248,000,000
Settlement, Termination, Expiration or Exercise	(446,000,000)
Notional amount as of December 31, 2015	0
Amount of realized gain (loss), net on derivative instruments (excluding net interest paid or received) for the year ended December 31, 2015	(2,292,000)
Futures Contracts
Interest Rate Swaps
Notional amount	127,400,000	0
Derivative Interest Rate Swaptions
Notional amount as of January 1, 2015	127,400,000
Additions	120,900,000
Settlement, Termination, Expiration or Exercise	(248,300,000)
Notional amount as of December 31, 2015	0
Amount of realized gain (loss), net on derivative instruments (excluding net interest paid or received) for the year ended December 31, 2015	(943,000)
Currency Forward Contracts
Interest Rate Swaps
Notional amount	35,688,000	$ 76,324,000
Derivative Interest Rate Swaptions
Notional amount as of January 1, 2015	35,688,000
Additions	171,647,000
Settlement, Termination, Expiration or Exercise	(131,011,000)
Notional amount as of December 31, 2015	76,324,000
Amount of realized gain (loss), net on derivative instruments (excluding net interest paid or received) for the year ended December 31, 2015	$ 1,172,000
Options Held | Receiver Swaption
Interest Rate Swaps
Average months to expiration	1 month
Average receive rate		1.11%
Options Held | Receiver Swaption | Interest Rate Swaptions
Interest Rate Swaps
Option cost		$ 1,485,000
Option fair value		0
Notional amount	$ 300,000,000	$ 300,000,000
Average term (in years)	10 years
Derivative Interest Rate Swaptions
Notional amount as of December 31, 2015	$ 300,000,000
Maximum | Options Held | Receiver Swaption
Interest Rate Swaps
Maximum remaining maturity (less than, in months)	6 months

Derivatives and Hedging Activ69

Derivatives and Hedging Activities - Fair Value of Derivative Financial Instruments Classification on Balance Sheet (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value
Derivative assets, at fair value	$ 8,659	$ 24,178
Derivative liabilities, at fair value	238,148	254,026
Interest Rate Swaps
Derivatives, Fair Value
Derivative assets, at fair value	6,795	22,772
Derivative liabilities, at fair value	238,045	253,468
CDS Contract
Derivatives, Fair Value
Derivative assets, at fair value	0	396
TBA's
Derivatives, Fair Value
Derivative liabilities, at fair value	0	558
Interest Rate Swaptions
Derivatives, Fair Value
Derivative assets, at fair value	0	322
Futures Contracts
Derivatives, Fair Value
Derivative assets, at fair value	0	89
Currency Forward Contracts
Derivatives, Fair Value
Derivative assets, at fair value	1,864	599
Derivative liabilities, at fair value	$ 103	$ 0

Derivatives and Hedging Activ70

Derivatives and Hedging Activities - Effect of Derivative Financial Instruments on Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss)
Realized gain (loss) on settlement, termination, expiration or exercise, net									$ (44,272)	$ (72,187)	$ 56,279
Unrealized gain (loss) on derivatives, net									9,597	(215,499)	(13,923)
Gain (loss) on derivative instruments, net	$ 68,296	$ (220,602)	$ 56,003	$ (122,745)	$ (164,637)	$ (3,704)	$ (167,816)	$ (151,312)	(219,048)	(487,469)	40,003
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss)
Realized gain (loss) on settlement, termination, expiration or exercise, net									(44,272)	(72,187)
Contractual interest expense									(184,373)	(199,783)
Unrealized gain (loss) on derivatives, net									9,597	(215,499)
Gain (loss) on derivative instruments, net									(219,048)	(487,469)
Not Designated as Hedging Instrument | Realized And Unrealized Credit Derivative Income (Loss), Net
Derivative Instruments, Gain (Loss)
Gain (loss) on derivative instruments, net									(5,763)	(21,753)	(865)
Not Designated as Hedging Instrument | CDS Contract | Realized And Unrealized Credit Derivative Income (Loss), Net
Derivative Instruments, Gain (Loss)
Gain (loss) on derivative instruments, net									648	(258)	(865)
Not Designated as Hedging Instrument | Embedded Credit Derivative | Realized And Unrealized Credit Derivative Income (Loss), Net
Derivative Instruments, Gain (Loss)
Gain (loss) on derivative instruments, net									(6,411)	(21,495)	0
Not Designated as Hedging Instrument | Interest Rate Swaps
Derivative Instruments, Gain (Loss)
Realized gain (loss) on settlement, termination, expiration or exercise, net									(31,881)	(28,758)
Contractual interest expense									(184,373)	(199,783)
Unrealized gain (loss) on derivatives, net									(554)	(223,944)
Gain (loss) on derivative instruments, net									(216,808)	(452,485)
Not Designated as Hedging Instrument | Interest Rate Swaptions
Derivative Instruments, Gain (Loss)
Realized gain (loss) on settlement, termination, expiration or exercise, net									(10,328)	(23,275)
Contractual interest expense									0	0
Unrealized gain (loss) on derivatives, net									8,521	10,906
Gain (loss) on derivative instruments, net									(1,807)	(12,369)
Not Designated as Hedging Instrument | TBA's
Derivative Instruments, Gain (Loss)
Realized gain (loss) on settlement, termination, expiration or exercise, net									(2,292)	(10,843)
Contractual interest expense									0	0
Unrealized gain (loss) on derivatives, net									558	(558)
Gain (loss) on derivative instruments, net									(1,734)	(11,401)
Not Designated as Hedging Instrument | Futures Contracts
Derivative Instruments, Gain (Loss)
Realized gain (loss) on settlement, termination, expiration or exercise, net									(943)	(11,489)
Contractual interest expense									0	0
Unrealized gain (loss) on derivatives, net									(90)	(2,502)
Gain (loss) on derivative instruments, net									(1,033)	(13,991)
Not Designated as Hedging Instrument | Currency Forward Contracts
Derivative Instruments, Gain (Loss)
Realized gain (loss) on settlement, termination, expiration or exercise, net									1,172	2,178
Contractual interest expense									0	0
Unrealized gain (loss) on derivatives, net									1,162	599
Gain (loss) on derivative instruments, net									$ 2,334	$ 2,777
Designated as Hedging Instrument
Derivative Instruments, Gain (Loss)
Realized gain (loss) on settlement, termination, expiration or exercise, net											53,926
Contractual interest expense											0
Unrealized gain (loss) on derivatives, net											(13,923)
Gain (loss) on derivative instruments, net											40,003
Designated as Hedging Instrument | Interest Rate Swaps
Derivative Instruments, Gain (Loss)
Realized gain (loss) on settlement, termination, expiration or exercise, net											0
Contractual interest expense											0
Unrealized gain (loss) on derivatives, net											535
Gain (loss) on derivative instruments, net											535
Designated as Hedging Instrument | Interest Rate Swaptions
Derivative Instruments, Gain (Loss)
Realized gain (loss) on settlement, termination, expiration or exercise, net											56,279
Contractual interest expense											0
Unrealized gain (loss) on derivatives, net											(17,048)
Gain (loss) on derivative instruments, net											39,231
Designated as Hedging Instrument | Futures Contracts
Derivative Instruments, Gain (Loss)
Realized gain (loss) on settlement, termination, expiration or exercise, net											(2,353)
Contractual interest expense											0
Unrealized gain (loss) on derivatives, net											2,590
Gain (loss) on derivative instruments, net											$ 237

Derivatives and Hedging Activ71

Derivatives and Hedging Activities - Effect of Derivatives on Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated other comprehensive income (loss) from derivative instruments:
Unrealized gain (loss) on derivative instruments at beginning of period	$ 424,592
Unrealized gain (loss) on derivative instruments, net	(122,968)	$ 597,033	$ (262,661)
Unrealized gain (loss) on derivative instruments at end of period	303,110	424,592
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated other comprehensive income (loss) from derivative instruments:
Unrealized gain (loss) on derivative instruments at beginning of period	79,110	(6,066)	(435,217)
Unrealized gain (loss) on derivative instruments, net	0	0	429,151
Reclassification of amortization of net deferred losses on de-designated interest rate swaps to repurchase agreements interest expense	66,757	85,176	0
Unrealized gain (loss) on derivative instruments at end of period	$ 145,867	$ 79,110	$ (6,066)

Offsetting Assets and Liabili72

Offsetting Assets and Liabilities Offsetting Assets and Liabilities - Offsetting of Derivative Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Offsetting [Abstract]
Gross amounts of recognized assets		$ 8,659	$ 24,178
Gross amounts offset in the consolidated balance sheet		0	0
Net amounts of assets presented in the consolidated balance sheet		8,659	24,178
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments	[1]	(4,142)	(5,277)
Gross Amounts Not Offset in the Consolidated Balance Sheets, Collateral Received		(4,517)	(18,901)
Net Amount		$ 0	$ 0
[1]	Amounts represent derivatives in an asset position which could potentially be offset against derivatives in a liability position at December 31, 2015 and December 31, 2014, subject to a netting arrangement.

Offsetting Assets and Liabili73

Offsetting Assets and Liabilities - Offsetting of Derivative Liabilities (Detail) - USD ($) $ in Thousands		Dec. 31, 2015		Dec. 31, 2014
Derivatives:
Gross amounts of recognized liabilities, derivatives		$ 238,148		$ 254,026
Gross amounts offset in the consolidated balance sheet, derivatives		0		0
Net amounts of liabilities presented in the consolidated balance sheet, derivatives		238,148		254,026
Financial instruments, derivatives	[1],[3]	(117,240)	[2]	(235,908)
Collateral received, derivatives	[1],[4]	(109,299)	[2]	(18,118)
Net amount, derivatives		11,609		0
Repurchase Agreements:
Gross amounts of recognized liabilities, repurchase agreements		12,126,048		13,622,677
Gross amounts offset in the consolidated balance sheet, repurchase agreements		0		0
Net amounts of assets presented in the consolidated balance sheet, repurchase agreements		12,126,048		13,622,677
Financial instruments, repurchase agreements	[1],[3]	(12,126,048)	[2]	(13,622,677)
Collateral received, repurchase agreements	[1],[4]	0	[2]	0
Net amount, repurchase agreements		0		0
Secured Loans:
Gross amounts of recognized liabilities, secured loans		1,650,000		1,250,000
Gross amounts offset in the consolidated balance sheet, secured loans		0
Net amounts of assets presented in the consolidated balance sheet, secured loans		1,650,000		1,250,000
Financial instruments, secured loans	[1],[3]	(1,650,000)	[2]	(1,250,000)
Collateral received, secured loans	[1],[4]	0	[2]	0
Net amount, secured loans		0		0
Total gross amount of recognized liabilities		14,014,196		15,126,703
Total gross amounts offset in the consolidated balance sheets		0		0
Net amounts of assets presented in the consolidated balance sheets		14,014,196		15,126,703
Total financial instruments	[1],[3]	(13,893,288)	[2]	(15,108,585)
Total collateral received	[1],[4]	(109,299)	[2]	(18,118)
Total net amount		11,609		0
Securities sold under agreements to repurchase fair value of collateral		13,460,288		15,260,264
Cash collateral received		4,900		14,900
Non-cash collateral received		0		10,800
Due from counterparties		110,009		57,604
Collateral pledged against secured loans		1,900,000		1,500,000
Consolidation, Eliminations
Secured Loans:
Securities sold under agreements to repurchase fair value of collateral				403,200
Interest Rate Swaps
Derivatives:
Gross amounts of recognized liabilities, derivatives		238,045		253,468
Secured Loans:
Due from counterparties		$ 109,300		$ 57,600
[1]	Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements, secured loans and derivatives.
[2]	The fair value of securities pledged against IAS Services LLC's borrowing under secured loans was $1.9 billion and $1.5 billion at December 31, 2015 and December 31, 2014, respectively.
[3]	The fair value of securities pledged against the Company's borrowing under repurchase agreements was $13.5 billion and $15.3 billion at December 31, 2015 and December 31, 2014, respectively, including securities held as collateral that are eliminated in consolidation of $403.2 million at December 31, 2014.
[4]	Cash collateral received on the Company's derivatives was $4.9 million and $14.9 million at December 31, 2015 and December 31, 2014, respectively. Non-cash collateral received on the Company's derivatives was $0.0 million and $10.8 million at December 31, 2015 and December 31, 2014, respectively. Cash collateral posted by the Company on its derivatives was $109.3 million and $57.6 million at December 31, 2015 and December 31, 2014, respectively.

Fair Value of Financial Instr74

Fair Value of Financial Instruments - Fair Values Measured on Recurring Basis (Detail) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed and credit risk transfer securities, at fair value		$ 16,065,935	$ 17,248,895
Derivative assets, at fair value		8,659	24,178
Derivative liabilities, at fair value		238,148	254,026
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed and credit risk transfer securities, at fair value	[1],[2]	16,065,935	17,248,895
Derivative assets, at fair value		8,659	24,178
Total assets		16,074,594	17,273,073
Derivative liabilities, at fair value		238,148	254,026
Total liabilities		238,148	254,026
Recurring | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed and credit risk transfer securities, at fair value	[1],[2]	0	0
Derivative assets, at fair value		0	89
Total assets		0	89
Derivative liabilities, at fair value		0	0
Total liabilities		0	0
Recurring | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed and credit risk transfer securities, at fair value	[1],[2]	16,091,657	17,270,390
Derivative assets, at fair value		8,659	23,693
Total assets		16,100,316	17,294,083
Derivative liabilities, at fair value		238,148	254,026
Total liabilities		238,148	254,026
Recurring | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed and credit risk transfer securities, at fair value	[1],[2]	(25,722)	(21,495)
Derivative assets, at fair value		0	396
Total assets		(25,722)	(21,099)
Derivative liabilities, at fair value		0	0
Total liabilities		0	0
Mortgage-Backed and Credit Risk Transfer Securities, at Fair Value | Recurring | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Embedded derivatives at fair value		25,700	21,500
Embedded derivative asset		1,000	3,100
Embedded derivative liability		$ 26,700	$ 24,600
[1]	As discussed in Note 2 "Summary of Significant Accounting Policies," the Company's GSE CRTs are accounted for as hybrid financial instruments with an embedded derivative. The hybrid instruments consist of debt host contracts classified as Level 2 and embedded derivatives classified as Level 3. As of December 31, 2015, the net embedded derivative liability position of $25.7 million includes $1.0 million of embedded derivatives in an asset position and $26.7 million of embedded derivatives in a liability position. As of December 31, 2014, the net embedded derivative liability position of $21.5 million includes $3.1 million of embedded derivatives in an asset position and $24.6 million of embedded derivatives in a liability position.
[2]	For more detail about the fair value of the Company's MBS and GSE CRTs, refer to Note 4 - "Mortgage-Backed and Credit Risk Transfer Securities."

Fair Value of Financial Instr75

Fair Value of Financial Instruments - Net Derivative Asset (Liability) Level 3 Roll Forward (Detail) - Embedded Credit Derivative - GSE CRT - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (21,495)	$ 0
Sales and settlements	2,184	0
Realized gains/(losses), net	(2,184)	0
Unrealized gains/(losses), net	(4,227)	(21,495)
Ending balance	$ (25,722)	$ (21,495)

Fair Value of Financial Instr76

Fair Value of Financial Instruments - Quantitative Information About Level 3 Fair Value Measurements (Detail) - GSE CRT - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Level 3 | Market Comparables and Vendor Pricing | Weighted Average
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Prepayment rate (as percent)	7.83%	5.29%
Defaults rate (as percent)	0.16%	0.18%
Embedded Credit Derivative
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Embedded derivatives	$ (25,722)	$ (21,495)	$ 0
Embedded Credit Derivative | Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Embedded derivatives	$ (25,722)	$ (21,495)
Embedded Credit Derivative | Level 3 | Market Comparables and Vendor Pricing | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Prepayment rate (as percent)	5.72%	4.46%
Defaults rate (as percent)	0.10%	0.12%
Embedded Credit Derivative | Level 3 | Market Comparables and Vendor Pricing | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Prepayment rate (as percent)	14.37%	8.98%
Defaults rate (as percent)	0.35%	0.37%

Fair Value of Financial Instr77

Fair Value of Financial Instruments - Assets Level 3 Roll Forward (Details) - CDS Contract - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 396	$ 654
Unrealized gains/(losses), net	648	(258)
Sales and settlements	1,044	0
Ending balance	$ 0	$ 396

Fair Value of Financial Instr78

Fair Value of Financial Instruments - Assets Level 3 Inputs (Details) - CDS Contract - Discounted Cash Flow - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Assets fair value		$ 396
Swap rate (as percent)		2.39%
Discount rate (as percent)		0.76%
Credit spread (as percent)		0.24%
Prepayment rate (as percent)		5.46%
Defaults rate (as percent)		4.15%
Loss severity (as percent)		39.35%
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Prepayment rate (as percent)	0.00%	1.00%
Defaults rate (as percent)	0.00%	0.60%
Loss severity (as percent)	0.00%	1.10%
Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Prepayment rate (as percent)	0.00%	20.00%
Defaults rate (as percent)	0.00%	100.00%
Loss severity (as percent)	0.00%	62.30%

Fair Value of Financial Instr79

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Carrying Value
Financial Instruments
Other investments	$ 113,788	$ 106,498
Total	322,850	3,617,257
Repurchase agreements	12,126,048	13,622,677
Secured loans	1,650,000	1,250,000
Asset-backed securities issued by securitization trusts	0	2,929,820
Exchangeable senior notes	400,000	400,000
Total	14,176,048	18,202,497
Estimated Fair Value
Financial Instruments
Other investments	113,788	106,498
Total	323,578	3,653,959
Repurchase agreements	12,133,352	13,630,571
Secured loans	1,650,000	1,250,000
Asset-backed securities issued by securitization trusts	0	2,930,422
Exchangeable senior notes	376,500	379,500
Total	14,159,852	18,190,493
Residential Loans Held-for-Investment | Carrying Value
Financial Instruments
Mortgage loans, held-for-investment	0	3,365,003
Residential Loans Held-for-Investment | Estimated Fair Value
Financial Instruments
Mortgage loans, held-for-investment	0	3,399,964
Commercial Loans Held-for-Investment | Carrying Value
Financial Instruments
Mortgage loans, held-for-investment	209,062	145,756
Commercial Loans Held-for-Investment | Estimated Fair Value
Financial Instruments
Mortgage loans, held-for-investment	$ 209,790	$ 147,497

Related Party Transactions (Det

Related Party Transactions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction
Investment in money market or mutual funds managed by affiliates of a related party	$ 53,199	$ 164,144	$ 210,612	$ 286,474
Management fee — related party	38,632	37,599	42,639
Affiliate of the Manager
Related Party Transaction
Investment in money market or mutual funds managed by affiliates of a related party	$ 47,400	149,300
Management
Related Party Transaction
Fee paid by Company to Manager as percentage of Company's shareholders' equity	1.50%
Management fee — related party	$ 38,600	37,600	42,600
Management fees accrued but not paid	$ 9,800	$ 9,600	$ 10,500

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - Management - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction
Amounts of transaction with related party	$ 6,485	$ 6,167	$ 4,874
Incurred Costs, Prepaid or Expensed
Related Party Transaction
Amounts of transaction with related party	6,463	5,954	4,449
Incurred Costs, Charged Against Equity as a Cost of Raising Capital
Related Party Transaction
Amounts of transaction with related party	22	213	418
Incurred Costs, Capitalized to Other Assets
Related Party Transaction
Amounts of transaction with related party	$ 0	$ 0	$ 7

Shareholders' Equity (Detail)

Shareholders' Equity (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2015	Mar. 31, 2014	Dec. 31, 2011
Class of Stock
Proceeds from issuance of common stock		$ 191,000	$ 256,000	$ 396,465,000
Repurchase of shares of common stock		$ 125,595,000	$ 21,130,000	$ 160,526,000
Common Stock
Class of Stock
Stock repurchase program, number of shares authorized				20,000,000			7,000,000
Repurchase of shares of common stock (in shares)		9,539,251	1,438,213
Average price per repurchased common share		$ 13.17	$ 14.69
Repurchase of shares of common stock		$ 125,595,000	$ 21,130,000
Stock repurchase program, remaining number of shares authorized to be repurchased		5,302,533
Series A Cumulative Redeemable Preferred Stock
Class of Stock
Preferred stock, percentage rate		7.75%
Preferred stock, liquidation preference		$ 25
Preferred stock, price per share per annum		1.9375
Series B Cumulative Redeemable Preferred Stock
Class of Stock
Stock issuance costs	$ 5,100,000
Preferred stock, price per share per annum	$ 1.9375
Shares issued under over-allotment option	6,200,000
Preferred stock dividend rate (percentage)	7.75%
Preferred stock redemption price (in usd per share)					$ 25
Proceeds from issuance of redeemable preferred stock	$ 149,900,000
Series B Cumulative Redeemable Preferred Stock | Three-month LIBOR
Class of Stock
Preferred stock dividends basis spread on variable rate					5.18%
Preferred Stock
Class of Stock
Preferred stock, liquidation preference		$ 25
DRSPP | Common Stock
Class of Stock
Common stock, shares issued		12,945	15,505	1,770,106
Price per share		$ 14.75	$ 16.52	$ 21.31
Proceeds from issuance of common stock		$ 191,000	$ 256,000	$ 37,700,000
Stock issuance costs		$ 0	0	219,000
2009 Equity Incentive Plan
Class of Stock
Incentive plan termination year		2,019
2009 Equity Incentive Plan | Non-Executive Director
Class of Stock
Compensation expense recognized		$ 340,000	$ 282,000	$ 165,000
Restricted stock awards during period (in shares)		23,776	14,632	8,946
2009 Equity Incentive Plan | Employees of the Manager and its Affiliates
Class of Stock
Compensation expense recognized		$ 219,000	$ 290,000	$ 197,000
2009 Equity Incentive Plan | Common Stock
Class of Stock
Common stock options reserved for issuance		1,000,000
Exchangeable Senior Notes
Class of Stock
Aggregate principal balance				$ 400,000,000		$ 400,000,000
Debt instrument maturity year				2,018

Stockholders' Equity Shareholde

Stockholders' Equity Shareholders' Equity - Schedule of Nonvested Restricted Stock Units (Details)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Restricted Stock Units
Balance at beginning of the period (in shares) | shares	45,545
Shares granted during the year (in shares) | shares	17,652
Shares forfeited during the year (in shares) | shares	(4,600)
Shares vested during the year (in shares) | shares	(17,783)
Balance at end of the period (in shares) | shares	40,814
Weighted Average Grant Date Fair Value
Balance at beginning of the period (in usd per share) | $ / shares	$ 18.67	[1]
Shares granted during the year (in usd per share) | $ / shares	15.97	[1]
Shares forfeited during the year (in usd per share) | $ / shares	(17.26)	[1]
Shares vested during the year (in usd per share) | $ / shares	(19.53)	[1]
Balance at end of the period (in usd per share) | $ / shares	$ 17.29	[1]
[1]	The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date.

Shareholders' Equity - Common D

Shareholders' Equity - Common Dividends Declared Per Share (Detail) - Common Stock - $ / shares	12 Months Ended
	Dec. 31, 2015		Dec. 31, 2014
Dividends Per Share
Dividends declared, common stock (usd per share)	$ 1.7	[1]	$ 1.95
December 15, 2015
Dividends Per Share
Date declared	Dec. 15, 2015
Dividends declared, common stock (usd per share)	$ 0.40
Date of payment	Jan. 26, 2016
September 15, 2015
Dividends Per Share
Date declared	Sep. 15, 2015
Dividends declared, common stock (usd per share)	$ 0.40
Date of payment	Oct. 27, 2015
June 15, 2015
Dividends Per Share
Date declared	Jun. 15, 2015
Dividends declared, common stock (usd per share)	$ 0.45
Date of payment	Jul. 28, 2015
March 17, 2015
Dividends Per Share
Date declared	Mar. 17, 2015
Dividends declared, common stock (usd per share)	$ 0.45
Date of payment	Apr. 28, 2015
December 16, 2014
Dividends Per Share
Date declared			Dec. 16, 2014
Dividends declared, common stock (usd per share)			$ 0.45
Date of payment			Jan. 27, 2015
September 15, 2014
Dividends Per Share
Date declared			Sep. 15, 2014
Dividends declared, common stock (usd per share)			$ 0.50
Date of payment			Oct. 28, 2014
June 16, 2014
Dividends Per Share
Date declared			Jun. 16, 2014
Dividends declared, common stock (usd per share)			$ 0.50
Date of payment			Jul. 28, 2014
March 18, 2014
Dividends Per Share
Date declared			Mar. 18, 2014
Dividends declared, common stock (usd per share)			$ 0.50
Date of payment			Apr. 28, 2014
[1]	Ordinary dividends include $0.173309 of undistributed taxable income carried-forward from fiscal tax year 2014.

Shareholders' Equity - Preferre

Shareholders' Equity - Preferred Stock Dividends Declared Per Share (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015		Dec. 31, 2014
Series A Cumulative Redeemable Preferred Stock
Dividends Per Share
Dividends declared, preferred stock (usd per share)	$ 1.9376	[1]	$ 1.9376	[2]
Series A Cumulative Redeemable Preferred Stock | December 15, 2015
Dividends Per Share
Date declared	Dec. 15, 2015
Dividends declared, preferred stock (usd per share)	$ 0.4844
Dividend payment date	Jan. 25, 2016
Series A Cumulative Redeemable Preferred Stock | September 15, 2015
Dividends Per Share
Date declared	Sep. 15, 2015
Dividends declared, preferred stock (usd per share)	$ 0.4844
Dividend payment date	Oct. 26, 2015
Series A Cumulative Redeemable Preferred Stock | June 15, 2015
Dividends Per Share
Date declared	Jun. 15, 2015
Dividends declared, preferred stock (usd per share)	$ 0.4844
Dividend payment date	Jul. 27, 2015
Series A Cumulative Redeemable Preferred Stock | March 17, 2015
Dividends Per Share
Date declared	Mar. 17, 2015
Dividends declared, preferred stock (usd per share)	$ 0.4844
Dividend payment date	Apr. 27, 2015
Series A Cumulative Redeemable Preferred Stock | December 16, 2014
Dividends Per Share
Date declared			Dec. 16, 2014
Dividends declared, preferred stock (usd per share)			$ 0.4844
Dividend payment date			Jan. 26, 2015
Series A Cumulative Redeemable Preferred Stock | September 15, 2014
Dividends Per Share
Date declared			Sep. 15, 2014
Dividends declared, preferred stock (usd per share)			$ 0.4844
Dividend payment date			Oct. 27, 2014
Series A Cumulative Redeemable Preferred Stock | June 16, 2014
Dividends Per Share
Date declared			Jun. 16, 2014
Dividends declared, preferred stock (usd per share)			$ 0.4844
Dividend payment date			Jul. 25, 2014
Series A Cumulative Redeemable Preferred Stock | March 18, 2014
Dividends Per Share
Date declared			Mar. 18, 2014
Dividends declared, preferred stock (usd per share)			$ 0.4844
Dividend payment date			Apr. 25, 2014
Series B Cumulative Redeemable Preferred Stock
Dividends Per Share
Dividends declared, preferred stock (usd per share)	$ 1.9376	[3]	$ 0.5705	[4]
Series B Cumulative Redeemable Preferred Stock | December 15, 2015
Dividends Per Share
Date declared	Dec. 15, 2015
Dividends declared, preferred stock (usd per share)	$ 0.4844
Dividend payment date	Mar. 28, 2016
Series B Cumulative Redeemable Preferred Stock | September 15, 2015
Dividends Per Share
Date declared	Sep. 15, 2015
Dividends declared, preferred stock (usd per share)	$ 0.4844
Dividend payment date	Dec. 28, 2015
Series B Cumulative Redeemable Preferred Stock | June 15, 2015
Dividends Per Share
Date declared	Jun. 15, 2015
Dividends declared, preferred stock (usd per share)	$ 0.4844
Dividend payment date	Sep. 28, 2015
Series B Cumulative Redeemable Preferred Stock | March 17, 2015
Dividends Per Share
Date declared	Mar. 17, 2015
Dividends declared, preferred stock (usd per share)	$ 0.4844
Dividend payment date	Jun. 29, 2015
Series B Cumulative Redeemable Preferred Stock | December 16, 2014
Dividends Per Share
Date declared			Dec. 16, 2014
Dividends declared, preferred stock (usd per share)			$ 0.4844
Dividend payment date			Mar. 27, 2015
Series B Cumulative Redeemable Preferred Stock | November 4, 2014
Dividends Per Share
Date declared			Nov. 4, 2014
Dividends declared, preferred stock (usd per share)			$ 0.5705
Dividend payment date			Dec. 29, 2014
[1]	Excludes preferred stock dividend of $0.4844 per share declared on December 15, 2015 having a record date of January 1, 2016, which for federal income tax purposes is a fiscal tax year 2016 dividend.
[2]	Excludes preferred stock dividend of $0.4844 per share declared on December 16, 2014 having a record date of January 1, 2015, which for federal income tax purposes is a fiscal tax year 2015 dividend.
[3]	Excludes preferred stock dividend of $0.4844 per share declared on December 15, 2015 having a record date of March 5, 2016, which for federal income tax purposes is a fiscal tax year 2016 dividend.
[4]	Excludes preferred stock dividend of $0.4844 per share declared on December 16, 2014 having a record date of March 5, 2015, which for federal income tax purposes is a fiscal tax year 2015 dividend.

Shareholders' Equity - Dividend

Shareholders' Equity - Dividends Declared Per Share and Related Tax Characterizations (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015		Dec. 31, 2014
Series A Cumulative Redeemable Preferred Stock
Dividends Per Share
Dividends declared, preferred stock (usd per share)	$ 1.9376	[1]	$ 1.9376	[2]
Series A Cumulative Redeemable Preferred Stock | December 15, 2015
Dividends Per Share
Dividends declared, preferred stock (usd per share)	0.4844
Series A Cumulative Redeemable Preferred Stock | Ordinary Dividends
Dividends Per Share
Dividends declared, preferred stock (usd per share)	1.9376	[1]	1.9376	[2]
Series A Cumulative Redeemable Preferred Stock | Capital Gain Distributions
Dividends Per Share
Dividends declared, preferred stock (usd per share)	0	[1]	0	[2]
Series A Cumulative Redeemable Preferred Stock | Carry Forward
Dividends Per Share
Dividends declared, preferred stock (usd per share)	0	[1]	0	[2]
Series B Cumulative Redeemable Preferred Stock
Dividends Per Share
Dividends declared, preferred stock (usd per share)	1.9376	[3]	0.5705	[4]
Series B Cumulative Redeemable Preferred Stock | December 15, 2015
Dividends Per Share
Dividends declared, preferred stock (usd per share)	0.4844
Series B Cumulative Redeemable Preferred Stock | Ordinary Dividends
Dividends Per Share
Dividends declared, preferred stock (usd per share)	1.9376	[3]	0.5705	[4]
Series B Cumulative Redeemable Preferred Stock | Capital Gain Distributions
Dividends Per Share
Dividends declared, preferred stock (usd per share)	0	[3]	0	[4]
Series B Cumulative Redeemable Preferred Stock | Carry Forward
Dividends Per Share
Dividends declared, preferred stock (usd per share)	0	[3]	0	[4]
Common Stock
Dividends Per Share
Dividends declared, common stock (usd per share)	1.7	[5]	1.95
Common Stock | December 15, 2015
Dividends Per Share
Dividends declared, common stock (usd per share)	0.40
Common Stock | Ordinary Dividends
Dividends Per Share
Dividends declared, common stock (usd per share)	1.615469	[5]	1.776691
Common Stock | Capital Gain Distributions
Dividends Per Share
Dividends declared, common stock (usd per share)	0	[5]	0
Common Stock | Carry Forward
Dividends Per Share
Dividends declared, common stock (usd per share)	$ 0.25784	[5]	$ 0.173309
[1]	Excludes preferred stock dividend of $0.4844 per share declared on December 15, 2015 having a record date of January 1, 2016, which for federal income tax purposes is a fiscal tax year 2016 dividend.
[2]	Excludes preferred stock dividend of $0.4844 per share declared on December 16, 2014 having a record date of January 1, 2015, which for federal income tax purposes is a fiscal tax year 2015 dividend.
[3]	Excludes preferred stock dividend of $0.4844 per share declared on December 15, 2015 having a record date of March 5, 2016, which for federal income tax purposes is a fiscal tax year 2016 dividend.
[4]	Excludes preferred stock dividend of $0.4844 per share declared on December 16, 2014 having a record date of March 5, 2015, which for federal income tax purposes is a fiscal tax year 2015 dividend.
[5]	Ordinary dividends include $0.173309 of undistributed taxable income carried-forward from fiscal tax year 2014.

Earnings per Common Share (Deta

Earnings per Common Share (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Basic Earnings:
Net income (loss) available to common stockholders	$ 103,171	$ (144,550)	$ 139,925	$ (17,440)	$ (110,116)	$ (2,836)	$ (65,773)	$ (66,759)	$ 81,106	$ (245,484)	$ 147,304
Effect of dilutive securities:
Income allocated to exchangeable senior notes									0	0	0
Income (loss) allocated to non-controlling interest									1,241	(2,632)	1,667
Dilutive net income (loss) available to stockholders									$ 82,347	$ (248,116)	$ 148,971
Basic Earnings:
Shares available to common stockholders									121,377,585	123,104,934	132,714,012
Effect of dilutive securities:
Restricted stock awards									41,000	0	35,000
OP Units									1,425,000	1,425,000	1,425,000
Exchangeable senior notes									0	0	0
Dilutive Shares									122,843,838	124,529,934	134,173,691
Exchangeable Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Potential common shares (in thousands) excluded from diluted earnings per common share									16,835,720		13,606,952
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share
Potential common shares (in thousands) excluded from diluted earnings per common share									0	44,421

Non-controlling Interest - Op88

Non-controlling Interest - Operating Partnership (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Noncontrolling Interest
Non-controlling interest related to the outstanding of OP units	1,425,000
Non-Controlling Interest
Noncontrolling Interest
Non-controlling interest in operating partnership	1.20%	1.10%
Net income (loss) allocated	$ 1,241	$ (2,632)	$ 1,667
Distributions paid	2,494	2,850	3,491
Distributions payable to non-controlling interest	$ 570	$ 641	$ 713

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Undrawn capital and purchase commitments for unconsolidated ventures sponsored by an affiliate	$ 21,100	$ 31,000
Unfunded commitment	$ 2,128	$ 4,980

Summarized Quarterly (Unaudit90

Summarized Quarterly (Unaudited) - Statement of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Interest Income
Mortgage-backed and credit risk transfer securities	$ 127,633	$ 129,260	$ 126,098	$ 135,265	$ 143,043	$ 139,419	$ 148,195	$ 148,405	$ 518,256		$ 579,062		$ 646,787
Residential loans	22,907	28,380	30,247	29,374	27,185	22,713	20,471	17,704	110,908	[1]	88,073	[1]	34,122	[1]
Commercial loans	3,982	3,743	4,491	3,115	3,179	2,649	2,061	1,619	15,331		9,508		1,451
Total interest income	154,522	161,383	160,836	167,754	173,407	164,781	170,727	167,728	644,495		676,643		682,360
Interest Expense
Repurchase agreements	41,348	41,303	40,931	43,310	46,050	45,756	47,822	49,071	166,892		188,699		287,547
Secured loans	1,940	1,622	1,553	1,464	1,177	1,223	176	0	6,579		2,576		0
Exchangeable senior notes	5,621	5,620	5,613	5,607	5,621	5,620	5,613	5,607	22,461		22,461		18,023
Asset-backed securities	17,128	20,686	22,329	21,898	20,738	17,660	15,826	13,935	82,041	[1]	68,159	[1]	26,682	[1]
Total interest expense	66,037	69,231	70,426	72,279	73,586	70,259	69,437	68,613	277,973		281,895		332,252
Net interest income	88,485	92,152	90,410	95,475	99,821	94,522	101,290	99,115	366,522		394,748		350,108
(Reduction in) provision for loan losses	0	(81)	(70)	(62)	(90)	(209)	(50)	207	(213)		(142)		884
Net interest income after (reduction in) provision for loan losses	88,485	92,233	90,480	95,537	99,911	94,731	101,340	98,908	366,735		394,890		349,224
Other income (loss)
Gain (loss) on investments, net	(31,302)	(2,958)	10,876	2,172	(835)	(48,364)	(20,197)	(17,772)	(21,212)		(87,168)		(182,733)
Equity in earnings of unconsolidated ventures	3,499	1,894	1,231	6,006	1,306	1,145	3,894	441	12,630		6,786		5,345
Gain (loss) on derivative instruments, net	68,296	(220,602)	56,003	(122,745)	(164,637)	(3,704)	(167,816)	(151,312)	(219,048)		(487,469)		40,003
Realized and unrealized credit derivative income (loss), net	(5,122)	2,928	614	21,362	(23,795)	(28,613)	32,055	17,487	19,782		(2,866)		1,127
Other investment income (loss), net	(574)	739	1,673	(894)	(687)	(1,358)	0	0	944		(2,045)		0
Total other income (loss)	34,797	(217,999)	70,397	(94,099)	(188,648)	(80,894)	(152,064)	(151,156)	(206,904)		(572,762)		(136,258)
Expenses	13,074	14,697	13,551	13,298	13,976	13,293	13,066	12,531	54,620		52,866		53,144
Net income (loss)	110,208	(140,463)	147,326	(11,860)	(102,713)	544	(63,790)	(64,779)	105,211		(230,738)		159,822
Net income (loss) attributable to non-controlling interest	1,321	(1,629)	1,685	(136)	(1,176)	6	(729)	(733)	1,241		(2,632)		1,667
Net income (loss) attributable to Invesco Mortgage Capital Inc.	108,887	(138,834)	145,641	(11,724)	(101,537)	538	(63,061)	(64,046)	103,970		(228,106)		158,155
Dividends to preferred stockholders	5,716	5,716	5,716	5,716	9,240	2,713	2,712	2,713	22,864		17,378		10,851
Undeclared cumulative dividends to preferred stockholders	0	0	0	0	(661)	661	0	0
Net income (loss) attributable to common stockholders	$ 103,171	$ (144,550)	$ 139,925	$ (17,440)	$ (110,116)	$ (2,836)	$ (65,773)	$ (66,759)	$ 81,106		$ (245,484)		$ 147,304
Net income (loss) attributable to common stockholders
Basic (in usd per share)	$ 0.88	$ (1.18)	$ 1.14	$ (0.14)	$ (0.89)	$ (0.02)	$ (0.53)	$ (0.54)	$ 0.67		$ (1.99)		$ 1.11
Diluted (in usd per share)	$ 0.81	$ (1.18)	$ 1.04	$ (0.14)	$ (0.89)	$ (0.02)	$ (0.53)	$ (0.54)	$ 0.67		$ (1.99)		$ 1.11
[1]	The consolidated statements of operations includes income and expenses of consolidated VIEs. The Company deconsolidated these VIEs in 2015. Refer to Note 3 - “Variable Interest Entities” for further discussion.

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details)	Feb. 18, 2016shares
Subsequent Event | Common Stock | Maximum
Subsequent Event
Additional number of shares authorized to be repurchased (up to)	15,000,000

Schedule IV Mortgage Loans on92

Schedule IV Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)loan	Dec. 31, 2013USD ($)
Mortgage Loans on Real Estate
Number of loans | loan	6	7
Face amount of mortgages	$ 210,769
Carrying amount of mortgages	209,062
Principal amount of loans subject to delinquent principal or interest	0
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Beginning balance	3,510,759	$ 1,874,861	$ 0
Principal amount of new loans	530,399	1,887,391	1,891,646
Premium (discount) on new loans	(131)	12,730	29,768
Capitalized interests	0	768	832
Amortization of premium (discount)	(6,204)	(6,368)	(2,632)
Collection of principal	642,361	256,061	43,869
(Reduction in) provision for loan losses	(213)	(142)	884
Loss on foreign currency translation	1,951	2,704	0
Deconsolidation of VIEs	3,181,662	0	0
Ending balance	$ 209,062	$ 3,510,759	$ 1,874,861
Mezzanine Loans
Mortgage Loans on Real Estate
Number of loans | loan	6	4
Percentage over base rate	7.50%
Face amount of mortgages	$ 210,769
Carrying amount of mortgages	209,062
Principal amount of loans subject to delinquent principal or interest	$ 0
Mezzanine Loans | LIBOR
Mortgage Loans on Real Estate
Minimum percentage over base rate	6.75%
Maximum percentage over base rate	10.50%