Two Harbors Investment (TWO) 10-Q 3 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 02, 2016
Entity Information [Line Items]
Entity Registrant Name	TWO HARBORS INVESTMENT CORP.
Entity Central Index Key	1,465,740
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		347,643,717

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015
ASSETS
Available-for-sale securities, at fair value		$ 14,284,625	$ 7,825,320
Residential mortgage loans held-for-sale, at fair value		723,174	811,431
Residential mortgage loans held-for-investment in securitization trusts, at fair value		3,620,037	3,173,727
Commercial real estate assets		1,114,548	660,953
Mortgage servicing rights, at fair value		455,629	493,688
Cash and cash equivalents		688,418	737,831
Restricted cash		264,872	262,562
Accrued interest receivable		67,089	49,970
Due from counterparties		56,095	17,206
Derivative assets, at fair value		199,013	271,509
Other assets		326,396	271,575
Total Assets	[1]	21,799,896	14,575,772
Liabilities
Repurchase agreements		10,637,373	5,008,274
Collateralized borrowings in securitization trusts, at fair value		3,375,906	2,000,110
Federal Home Loan Bank advances		4,000,000	3,785,000
Revolving credit facilities		30,000	0
Derivative liabilities, at fair value		39,918	7,285
Due to counterparties		78,179	34,294
Dividends payable		79,956	92,016
Other liabilities		80,323	72,232
Total liabilities	[1]	18,321,655	10,999,211
Stockholders' Equity
Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; no shares issued and outstanding		0	0
Common stock, par value $0.01 per share; 900,000,000 shares authorized and 347,635,488 and 353,906,807 shares issued and outstanding, respectively		3,476	3,539
Additional paid-in capital		3,655,854	3,705,519
Accumulated other comprehensive income		538,443	359,061
Cumulative earnings		1,696,630	1,684,755
Cumulative distributions to stockholders		(2,416,162)	(2,176,313)
Total stockholders’ equity		3,478,241	3,576,561
Total Liabilities and Stockholders’ Equity		21,799,896	14,575,772
Variable Interest Entity, Consolidated, Carrying Amount, Assets		3,686,340	3,237,918
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities		$ 3,398,215	$ 2,017,677
[1]	The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Two Harbors Investment Corp. At September 30, 2016 and December 31, 2015, assets of the VIEs totaled $3,686,340 and $3,237,918, and liabilities of the VIEs totaled $3,398,215 and $2,017,677, respectively. See Note 3 - Variable Interest Entities for additional information.

Balance Sheet Paranthetical

Balance Sheet Paranthetical - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Stockholders' Equity
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	900,000,000	900,000,000
Common Stock, Shares, Issued	347,635,488	353,906,807
Common Stock, Shares, Outstanding	347,635,488	353,906,807
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Variable Interest Entity, Consolidated, Carrying Amount, Assets	$ 3,686,340	$ 3,237,918
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$ 3,398,215	$ 2,017,677

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest income:
Available-for-sale securities	$ 111,393	$ 116,318	$ 292,333	$ 369,972
Trading securities	0	0	0	8,676
Residential mortgage loans held-for-sale	7,627	9,479	19,789	21,268
Residential mortgage loans held-for-investment in securitization trusts	33,495	24,841	100,765	64,908
Commercial real estate assets	15,907	1,947	40,279	2,841
Cash and cash equivalents	440	249	1,235	667
Total interest income	168,862	152,834	454,401	468,332
Interest expense:
Repurchase agreements	27,056	18,235	65,782	58,198
Collateralized borrowings in securitization trusts	26,422	15,562	70,965	39,401
Federal Home Loan Bank advances	6,744	3,282	18,804	8,012
Revolving credit facilities	128	0	128	0
Total interest expense	60,350	37,079	155,679	105,611
Net interest income	108,512	115,755	298,722	362,721
Other-than-temporary impairments:
Total other-than-temporary impairment losses	(1,015)	(238)	(1,822)	(535)
Other income (loss):
Gain on investment securities	28,290	64,123	66,095	263,512
Gain (loss) on interest rate swap and swaption agreements	5,584	(171,656)	(132,608)	(253,147)
Loss on other derivative instruments	(12,028)	(455)	(44,064)	(2,972)
(Loss) gain on residential mortgage loans held-for-sale	(889)	16,040	17,648	18,300
Servicing income	38,708	32,010	108,657	94,613
Loss on servicing asset	(33,451)	(61,549)	(211,426)	(96,317)
Other income (loss)	5,757	2,201	(977)	(16,265)
Total other income (loss)	31,971	(119,286)	(196,675)	7,724
Expenses:
Management fees	11,387	12,617	35,268	38,024
Securitization deal costs	2,080	2,676	6,241	7,771
Servicing expenses	9,073	7,234	24,510	19,849
Other operating expenses	14,780	16,150	47,280	48,032
Restructuring charges	1,189	0	1,189	0
Total expenses	38,509	38,677	114,488	113,676
Income (loss) before income taxes	100,959	(42,446)	(14,263)	256,234
Benefit from income taxes	(16,827)	(7,656)	(26,138)	(25,270)
Net income (loss)	$ 117,786	$ (34,790)	$ 11,875	$ 281,504
Basic and diluted earnings (loss) per weighted average common share	$ 0.34	$ (0.09)	$ 0.03	$ 0.77
Dividends declared per common share	$ 0.23	$ 0.26	$ 0.69	$ 0.78
Basic and diluted weighted average number of shares of common stock outstanding	347,627,226	367,365,973	348,218,234	366,985,731
Comprehensive income (loss):
Net income (loss)	$ 117,786	$ (34,790)	$ 11,875	$ 281,504
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale securities	18,746	(58,031)	179,382	(282,788)
Other comprehensive income (loss)	18,746	(58,031)	179,382	(282,788)
Comprehensive income (loss)	$ 136,532	$ (92,821)	$ 191,257	$ (1,284)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Cumulative Earnings	Cumulative Distributions to Stockholders
Balance, shares at Dec. 31, 2014		366,395,920
Balance at Dec. 31, 2014	$ 4,068,042	$ 3,664	$ 3,811,027	$ 855,789	$ 1,195,536	$ (1,797,974)
Cumulative effect of adoption of new accounting principle at Dec. 31, 2014	(2,991)	0	0	0	(2,991)	0
Adjusted balance at Dec. 31, 2014	4,065,051	3,664	3,811,027	855,789	1,192,545	(1,797,974)
Net income (loss)	281,504	0	0	0	281,504	0
Other comprehensive income (loss) before reclassifications	(54,805)	0	0	(54,805)	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	(227,983)	0	0	(227,983)	0	0
Net other comprehensive income (loss)	(282,788)	$ 0	0	(282,788)	0	0
Issuance of common stock, net of offering costs, shares		54,088
Issuance of common stock, net of offering costs	$ 404	$ 1	403	0	0	0
Repurchase of common stock, shares	(1,391,887)	(1,391,887)
Repurchase of common stock, value	$ (12,476)	$ (14)	(12,462)	0	0	0
Common dividends declared	(286,323)	$ 0	0	0	0	(286,323)
Non-cash equity award compensation, shares		1,098,638
Non-cash equity award compensation	7,366	$ 11	7,355	0	0	0
Balance, shares at Sep. 30, 2015		366,156,759
Balance at Sep. 30, 2015	$ 3,772,738	$ 3,662	3,806,323	573,001	1,474,049	(2,084,297)
Balance, shares at Dec. 31, 2015	353,906,807	353,906,807
Balance at Dec. 31, 2015	$ 3,576,561	$ 3,539	3,705,519	359,061	1,684,755	(2,176,313)
Net income (loss)	11,875	0	0	0		0
Other comprehensive income (loss) before reclassifications	232,212	0	0	232,212	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	(52,830)	0	0	(52,830)	0	0
Net other comprehensive income (loss)	179,382	$ 0	0	179,382	0	0
Issuance of common stock, net of offering costs, shares		43,764
Issuance of common stock, net of offering costs	$ 356	$ 0	356	0	0	0
Repurchase of common stock, shares	(8,020,000)	(8,020,000)
Repurchase of common stock, value	$ (61,307)	$ (80)	(61,227)	0	0	0
Common dividends declared	(239,849)	$ 0	0	0	0	(239,849)
Non-cash equity award compensation, shares		1,704,917
Non-cash equity award compensation	$ 11,223	$ 17	11,206	0	0	0
Balance, shares at Sep. 30, 2016	347,635,488	347,635,488
Balance at Sep. 30, 2016	$ 3,478,241	$ 3,476	$ 3,655,854	$ 538,443	$ 1,696,630	$ (2,416,162)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows From Operating Activities:
Net income (loss)	$ 11,875	$ 281,504
Adjustments to reconcile net income to net cash used in operating activities:
Amortization of premiums and discounts on investment securities and commercial real estate assets, net	29,469	32,556
Other-than-temporary impairment losses	1,822	535
Realized and unrealized gains on investment securities, net	(66,095)	(263,512)
Gain on residential mortgage loans held-for-sale	(17,648)	(18,300)
Loss on residential mortgage loans held-for-investment and collateralized borrowings in securitization trusts	5,173	19,441
Loss on servicing asset	211,426	96,317
Loss on termination and option expiration of interest rate swaps and swaptions	119,548	124,984
Unrealized (gain) loss on interest rate swaps and swaptions	(5,080)	55,079
Unrealized loss (gain) on other derivative instruments	2,025	(15,563)
Equity based compensation	11,223	7,366
Depreciation of fixed assets	981	1,002
Purchases of residential mortgage loans held-for-sale	(1,159,782)	(2,166,494)
Proceeds from sales of residential mortgage loans held-for-sale	95,331	137,612
Proceeds from repayment of residential mortgage loans held-for-sale	117,092	80,152
Net change in assets and liabilities:
(Increase) decrease in accrued interest receivable	(17,119)	9,279
Increase in deferred income taxes, net	(24,581)	(19,592)
Decrease (increase) in income taxes receivable	3,667	(6,854)
Increase in prepaid and fixed assets	(62)	(221)
Decrease in other receivables	5,721	8,563
Increase in servicing advances	(8,965)	(3,465)
Increase (decrease) in accrued interest payable	11,084	(4,780)
Decrease in income taxes payable	(70)	(1,215)
(Decrease) increase in accrued expenses and other liabilities	(2,923)	6,324
Net cash used in operating activities	(675,888)	(1,639,282)
Cash Flows From Investing Activities:
Purchases of available-for-sale securities	(13,734,884)	(1,732,979)
Proceeds from sales of available-for-sale securities	6,567,992	3,666,974
Principal payments on available-for-sale securities	910,386	918,798
(Purchases) short sales of derivative instruments, net	(13,953)	(93,352)
Proceeds from sales (payments for termination) of derivative instruments, net	3,209	3,592
Proceeds from sales of trading securities	0	2,004,375
Proceeds from repayment of residential mortgage loans held-for-investment in securitization trusts	649,134	435,967
Originations and purchases of commercial real estate assets, net of deferred fees	(463,680)	(290,683)
Proceeds from repayment of commercial real estate assets	15,296	0
Purchases of mortgage servicing rights, net of purchase price adjustments	(208,474)	(75,011)
Proceeds from sales of mortgage servicing rights	41,844	0
Purchases of Federal Home Loan Bank stock	(11,206)	(53,640)
Increase (decrease) in due to counterparties, net	4,996	(57,265)
Increase in restricted cash	(2,310)	(47,258)
Net cash (used in) provided by investing activities	(6,241,650)	4,679,518
Cash Flows From Financing Activities:
Proceeds from repurchase agreements	70,805,165	37,275,034
Principal payments on repurchase agreements	(65,176,066)	(42,224,569)
Proceeds from issuance of collateralized borrowings in securitization trusts	1,875,371	1,104,093
Principal payments on collateralized borrowings in securitization trusts	(568,485)	(309,341)
Proceeds from Federal Home Loan Bank advances	215,000	1,415,000
Principal payments on Federal Home Loan Bank advances	0	205,000
Proceeds from revolving credit facilities	30,000	0
Proceeds from issuance of common stock, net of offering costs	356	404
Repurchase of common stock	(61,307)	(3,683)
Dividends paid on common stock	(251,909)	(286,127)
Net cash provided by (used in) financing activities	6,868,125	(3,234,189)
Net decrease in cash and cash equivalents	(49,413)	(193,953)
Cash and cash equivalents at beginning of period	737,831	1,005,792
Cash and cash equivalents at end of period	688,418	811,839
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	77,142	73,187
Cash (received) paid for taxes	(5,154)	2,389
Noncash Activities:
Transfers of residential mortgage loans held-for-sale to residential mortgage loans held-for-investment in securitization trusts	1,031,707	1,705,885
Transfers of residential mortgage loans held-for-sale to other receivables for foreclosed government-guaranteed loans	14,200	12,764
Transfer of fair value of mortgage servicing rights to fair value of Ginnie Mae residential mortgage loans held-for-sale upon buyout	5,973	15,077
Additions to mortgage servicing rights due to sale of residential mortgage loans held-for-sale	764	1,568
Cumulative-effect adjustment to equity for adoption of new accounting principle	0	(2,991)
Shares repurchase payable at end of period	0	8,793
Dividends declared but not paid at end of period	79,956	95,459
Reconciliation of residential mortgage loans held-for-sale:
Residential mortgage loans held-for-sale at beginning of period	811,431	535,712
Purchases of residential mortgage loans held-for-sale	1,159,782	2,166,494
Transfers to residential mortgage loans held-for-investment in securitization trusts	(1,031,707)	(1,705,885)
Transfers to other receivables for foreclosed government-guaranteed loans	(14,200)	(12,764)
Transfer of fair value of mortgage servicing rights to fair value of Ginnie Mae residential mortgage loans held-for-sale upon buyout	(5,973)	(15,077)
Proceeds from sales of residential mortgage loans held-for-sale	(95,331)	(137,612)
Proceeds from repayment of residential mortgage loans held-for-sale	(117,092)	(80,152)
Realized and unrealized gains on residential mortgage loans held-for-sale	16,264	17,292
Residential mortgage loans held-for-sale at end of period	$ 723,174	$ 768,008

Organization and Operations (No

Organization and Operations (Notes)	9 Months Ended
	Sep. 30, 2016
Organization and Operations [Abstract]
Organization and Operations	Organization and Operations Two Harbors Investment Corp., or the Company, is a Maryland corporation focused on investing in, financing and managing residential mortgage-backed securities, or RMBS, residential mortgage loans, mortgage servicing rights, or MSR, commercial real estate and other financial assets. The Company is externally managed and advised by PRCM Advisers LLC, or PRCM Advisers, which is a subsidiary of Pine River Capital Management L.P., or Pine River, a global multi-strategy asset management firm. The Company’s common stock is listed on the NYSE under the symbol “TWO”. The Company was incorporated on May 21, 2009, and commenced operations as a publicly traded company on October 28, 2009, upon completion of a merger with Capitol Acquisition Corp., or Capitol, which became a wholly owned indirect subsidiary of the Company as a result of the merger. The Company has elected to be treated as a real estate investment trust, or REIT, as defined under the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes. As long as the Company continues to comply with a number of requirements under federal tax law and maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income taxes to the extent that the Company distributes its taxable income to its stockholders on an annual basis and does not engage in prohibited transactions. However, certain activities that the Company may perform may cause it to earn income which will not be qualifying income for REIT purposes. The Company has designated certain of its subsidiaries as taxable REIT subsidiaries, or TRSs, as defined in the Code, to engage in such activities, and the Company may in the future form additional TRSs.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies (Notes)	9 Months Ended
	Sep. 30, 2016
Basis of Presentation and Significant Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	Basis of Presentation and Significant Accounting Policies Consolidation and Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, have been condensed or omitted according to such SEC rules and regulations. However, management believes that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at September 30, 2016 and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2016 should not be construed as indicative of the results to be expected for future periods or the full year. The condensed consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires us to make a number of significant estimates and assumptions. These estimates include estimates of fair value of certain assets and liabilities, amount and timing of credit losses, prepayment rates, the period of time during which the Company anticipates an increase in the fair values of real estate securities sufficient to recover unrealized losses in those securities, and other estimates that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates ( e.g. , valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from its estimates and the differences may be material. The condensed consolidated financial statements of the Company include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The Company’s Chief Investment Officer manages the investment portfolio as a whole and resources are allocated and financial performance is assessed on a consolidated basis. All trust entities in which the Company holds investments that are considered VIEs for financial reporting purposes were reviewed for consolidation under the applicable consolidation guidance. Whenever the Company has both the power to direct the activities of a trust that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the trust. Significant Accounting Policies Included in Note 2 to the Consolidated Financial Statements of the Company’s 2015 Annual Report on Form 10-K is a summary of the Company’s significant accounting policies. Provided below is a summary of additional accounting policies that are significant to the Company’s consolidated financial condition and results of operations for the nine months ended September 30, 2016 . Revolving Credit Facilities To finance MSR, the Company enters into revolving credit facilities collateralized by pledged MSR. Borrowings under these revolving credit facilities are generally short-term debt, which expire within one year. The Company’s revolving credit facilities generally bear interest rates of a specified margin over one-month LIBOR and are uncommitted. Borrowings under revolving credit facilities are treated as collateralized financing transactions and are carried at contractual amounts, as specified in the respective agreements. Offsetting Assets and Liabilities Certain of the Company’s repurchase agreements are governed by underlying agreements that provide for a right of setoff in the event of default of either party to the agreement. The Company also has netting arrangements in place with all derivative counterparties pursuant to standard documentation developed by the International Swap and Derivatives Association, or ISDA, or central clearing exchange agreements, in the case of centrally cleared interest rate swaps. Additionally, the Company and the counterparty or clearing agency are required to post cash collateral based upon the net underlying market value of the Company’s open positions with the counterparty. Under U.S. GAAP, if the Company has a valid right of setoff, it may offset the related asset and liability and report the net amount. The Company presents repurchase agreements subject to master netting arrangements or similar agreements on a gross basis, and derivative assets and liabilities subject to such arrangements on a net basis, based on derivative type and counterparty, in its condensed consolidated balance sheets. Separately, the Company presents cash collateral subject to such arrangements on a net basis, based on counterparty, in its condensed consolidated balance sheets. However, the Company does not offset financial assets and liabilities with the associated cash collateral on its condensed consolidated balance sheets. The following tables present information about the Company’s assets and liabilities that are subject to master netting arrangements or similar agreements and can potentially be offset on the Company’s condensed consolidated balance sheets as of September 30, 2016 and December 31, 2015 : September 30, 2016 Gross Amounts Not Offset with Financial Assets (Liabilities) in the Condensed Consolidated Balance Sheets (1) (in thousands) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheets Financial Instruments Cash Collateral (Received) Pledged Net Amount Assets Derivative assets $ 298,389 $ (99,376 ) $ 199,013 $ (39,918 ) $ — $ 159,095 Total Assets $ 298,389 $ (99,376 ) $ 199,013 $ (39,918 ) $ — $ 159,095 Liabilities Repurchase agreements $ (10,637,373 ) $ — $ (10,637,373 ) $ 10,637,373 $ — $ — Derivative liabilities (139,294 ) 99,376 (39,918 ) 39,918 — — Total Liabilities $ (10,776,667 ) $ 99,376 $ (10,677,291 ) $ 10,677,291 $ — $ — December 31, 2015 Gross Amounts Not Offset with Financial Assets (Liabilities) in the Condensed Consolidated Balance Sheets (1) (in thousands) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheets Financial Instruments Cash Collateral (Received) Pledged Net Amount Assets Derivative assets $ 325,755 $ (54,246 ) $ 271,509 $ (7,285 ) $ — $ 264,224 Total Assets $ 325,755 $ (54,246 ) $ 271,509 $ (7,285 ) $ — $ 264,224 Liabilities Repurchase agreements $ (5,008,274 ) $ — $ (5,008,274 ) $ 5,008,274 $ — $ — Derivative liabilities (61,531 ) 54,246 (7,285 ) 7,285 — — Total Liabilities $ (5,069,805 ) $ 54,246 $ (5,015,559 ) $ 5,015,559 $ — $ — ____________________ (1) Amounts presented are limited in total to the net amount of assets or liabilities presented in the condensed consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to a master netting arrangement or similar agreement, or counterparties may have pledged excess cash collateral to the Company that exceed the corresponding financial assets. These excess amounts are excluded from the table above, although separately reported within restricted cash, due from counterparties, or due to counterparties in the Company’s condensed consolidated balance sheets. Recently Issued and/or Adopted Accounting Standards Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-09, which is a comprehensive revenue recognition standard that supersedes virtually all existing revenue guidance under U.S. GAAP. The standard’s core principle is that an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. As a result of the issuance of ASU No. 2015-14 in August 2015 deferring the effective date of ASU No. 2014-09 by one year, the ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2017, with early adoption prohibited. The Company has determined this ASU will not have a material impact on the Company’s financial condition or results of operations. Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In August 2014, the FASB issued ASU No. 2014-15, which requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern for both annual and interim reporting periods . The update requires certain disclosures if management concludes that substantial doubt exists and plans to alleviate that doubt. The ASU is effective for annual periods ending after December 15, 2016, and for both annual and interim periods thereafter, with early adoption permitted. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU No. 2016-01, which changes how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The ASU requires certain recurring disclosures and is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2017, with early adoption permitted. The Company has determined this ASU will not have a material impact on the Company’s financial condition or results of operations. Lease Classification and Accounting In February 2016, the FASB issued ASU No. 2016-02, which requires lessees to recognize on their balance sheets both a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. The ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2018, with early adoption permitted. The Company has determined this ASU will not have a material impact on the Company’s financial condition or results of operations. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, which changes the impairment model for most financial assets and certain other instruments. Allowances for credit losses on AFS debt securities will be recognized, rather than direct reductions in the amortized cost of the investments. The new model also requires the estimation of lifetime expected credit losses and corresponding recognition of allowance for losses on trade and other receivables, held-to-maturity debt securities, loans, and other instruments held at amortized cost. The ASU requires certain recurring disclosures and is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2019, with early adoption permitted for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2018. The Company is evaluating the adoption of this ASU. Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued ASU No. 2016-15, which clarifies how entities should classify certain cash receipts and cash payments and how the predominance principle should be applied on the statement of cash flows. The ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2017, with early adoption permitted. The Company has determined this ASU will not have an impact on the Company’s financial condition or results of operations but may impact the presentation of the condensed consolidated statements of cash flows.

Variable Interest Entities (Not

Variable Interest Entities (Notes)	9 Months Ended
	Sep. 30, 2016
Variable Interest Entities [Abstract]
Variable Interest Entities [Text Block]	Variable Interest Entities The Company purchases subordinated debt and excess servicing rights from securitization trusts sponsored by either third parties or the Company’s subsidiaries. Additionally, the Company is the sole certificate holder of a trust entity that holds a commercial real estate loan. All of these trusts are considered VIEs for financial reporting purposes and, thus, were reviewed for consolidation under the applicable consolidation guidance. Because the Company has both the power to direct the activities of the trusts that most significantly impact the entities’ performance, and the obligation to absorb losses or the right to receive benefits of the entities that could be significant, the Company consolidates the trusts. As the Company is required to reassess VIE consolidation guidance each quarter, new facts and circumstances may change the Company’s determination. A change in the Company’s determination could result in a material impact to the Company’s condensed consolidated financial statements during subsequent reporting periods. The following table presents a summary of the assets and liabilities of all consolidated trusts as reported on the condensed consolidated balance sheets as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, December 31, Residential mortgage loans held-for-investment in securitization trusts $ 3,620,037 $ 3,173,727 Commercial real estate assets 45,837 45,698 Accrued interest receivable 20,466 18,493 Total Assets $ 3,686,340 $ 3,237,918 Collateralized borrowings in securitization trusts $ 3,375,906 $ 2,000,110 Accrued interest payable 9,457 5,943 Other liabilities 12,852 11,624 Total Liabilities $ 3,398,215 $ 2,017,677 The Company is not required to consolidate VIEs for which it has concluded it does not have both the power to direct the activities of the VIEs that most significantly impact the entities’ performance, and the obligation to absorb losses or the right to receive benefits of the entities that could be significant. The Company’s investments in these unconsolidated VIEs include non-Agency RMBS, which are classified within available-for-sale securities, at fair value on the condensed consolidated balance sheets. As of September 30, 2016 and December 31, 2015 , the carrying value, which also represents the maximum exposure to loss, of all non-Agency RMBS in unconsolidated VIEs was $1.8 billion and $1.9 billion , respectively.

Available-for-Sale Securities,

Available-for-Sale Securities, at Fair Value (Notes)	9 Months Ended
	Sep. 30, 2016
Available-for-sale Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	Available-for-Sale Securities, at Fair Value The Company holds AFS investment securities which are carried at fair value on the condensed consolidated balance sheets. AFS securities exclude the retained interests from the Company’s on-balance sheet securitizations, as they are eliminated in consolidation in accordance with U.S. GAAP. The following table presents the Company’s AFS investment securities by collateral type as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, December 31, Agency Federal Home Loan Mortgage Corporation $ 1,808,122 $ 1,678,814 Federal National Mortgage Association 10,393,094 3,602,348 Government National Mortgage Association 235,600 691,728 Non-Agency 1,847,809 1,852,430 Total available-for-sale securities $ 14,284,625 $ 7,825,320 At September 30, 2016 and December 31, 2015 , the Company pledged AFS securities with a carrying value of $14.3 billion and $7.8 billion , respectively, as collateral for repurchase agreements and advances from the Federal Home Loan Bank of Des Moines, or the FHLB. See Note 15 - Repurchase Agreements and Note 17 - Federal Home Loan Bank of Des Moines Advances . At September 30, 2016 and December 31, 2015 , the Company did not have any securities purchased from and financed with the same counterparty that did not meet the conditions of ASC 860, Transfers and Servicing , or ASC 860, to be considered linked transactions and, therefore, classified as derivatives. The following tables present the amortized cost and carrying value (which approximates fair value) of AFS securities by collateral type as of September 30, 2016 and December 31, 2015 : September 30, 2016 (in thousands) Agency Non-Agency Total Face Value $ 14,254,562 $ 2,634,994 $ 16,889,556 Unamortized premium 625,519 — 625,519 Unamortized discount Designated credit reserve — (352,489 ) (352,489 ) Net, unamortized (2,620,684 ) (789,425 ) (3,410,109 ) Amortized Cost 12,259,397 1,493,080 13,752,477 Gross unrealized gains 208,319 359,748 568,067 Gross unrealized losses (30,900 ) (5,019 ) (35,919 ) Carrying Value $ 12,436,816 $ 1,847,809 $ 14,284,625 December 31, 2015 (in thousands) Agency Non-Agency Total Face Value $ 8,257,030 $ 2,655,381 $ 10,912,411 Unamortized premium 394,787 — 394,787 Unamortized discount Designated credit reserve — (409,077 ) (409,077 ) Net, unamortized (2,721,979 ) (707,021 ) (3,429,000 ) Amortized Cost 5,929,838 1,539,283 7,469,121 Gross unrealized gains 98,389 329,206 427,595 Gross unrealized losses (55,337 ) (16,059 ) (71,396 ) Carrying Value $ 5,972,890 $ 1,852,430 $ 7,825,320 The following tables present the carrying value of the Company’s AFS securities by rate type as of September 30, 2016 and December 31, 2015 : September 30, 2016 (in thousands) Agency Non-Agency Total Adjustable Rate $ 32,588 $ 1,545,843 $ 1,578,431 Fixed Rate 12,404,228 301,966 12,706,194 Total $ 12,436,816 $ 1,847,809 $ 14,284,625 December 31, 2015 (in thousands) Agency Non-Agency Total Adjustable Rate $ 108,596 $ 1,673,038 $ 1,781,634 Fixed Rate 5,864,294 179,392 6,043,686 Total $ 5,972,890 $ 1,852,430 $ 7,825,320 The following table presents the Company’s AFS securities according to their estimated weighted average life classifications as of September 30, 2016 : September 30, 2016 (in thousands) Agency Non-Agency Total ≤ 1 year $ 2,186 $ 67,171 $ 69,357 > 1 and ≤ 3 years 102,324 241,346 343,670 > 3 and ≤ 5 years 5,407,166 214,452 5,621,618 > 5 and ≤ 10 years 6,923,818 957,723 7,881,541 > 10 years 1,322 367,117 368,439 Total $ 12,436,816 $ 1,847,809 $ 14,284,625 When the Company purchases a credit-sensitive AFS security at a significant discount to its face value, the Company often does not amortize into income a significant portion of this discount that the Company is entitled to earn because the Company does not expect to collect the entire discount due to the inherent credit risk of the security. The Company may also record an other-than-temporary impairment, or OTTI, for a portion of its investment in the security to the extent the Company believes that the amortized cost will exceed the present value of expected future cash flows. The amount of principal that the Company does not amortize into income is designated as a credit reserve on the security, with unamortized net discounts or premiums amortized into income over time to the extent realizable. The following table presents the changes for the nine months ended September 30, 2016 and 2015 , of the unamortized net discount and designated credit reserves on non-Agency AFS securities. Nine Months Ended September 30, 2016 2015 (in thousands) Designated Credit Reserve Unamortized Net Discount Total Designated Credit Reserve Unamortized Net Discount Total Beginning balance at January 1 $ (409,077 ) $ (707,021 ) $ (1,116,098 ) $ (927,605 ) $ (967,368 ) $ (1,894,973 ) Acquisitions (45,398 ) (140,318 ) (185,716 ) (274 ) (4,293 ) (4,567 ) Accretion of net discount — 50,596 50,596 — 76,861 76,861 Realized credit losses 279 — 279 13,376 — 13,376 Reclassification adjustment for other-than-temporary impairments (1,226 ) — (1,226 ) 1,742 — 1,742 Transfers from (to) 70,371 (70,371 ) — 85,767 (85,767 ) — Sales, calls, other 32,562 77,689 110,251 282,821 227,078 509,899 Ending balance at September 30 $ (352,489 ) $ (789,425 ) $ (1,141,914 ) $ (544,173 ) $ (753,489 ) $ (1,297,662 ) The following table presents the components comprising the carrying value of AFS securities not deemed to be other than temporarily impaired by length of time that the securities had an unrealized loss position as of September 30, 2016 and December 31, 2015 . At September 30, 2016 , the Company held 1,220 AFS securities, of which 80 were in an unrealized loss position for less than twelve consecutive months and 124 were in an unrealized loss position for more than twelve consecutive months. At December 31, 2015 , the Company held 1,181 AFS securities, of which 121 were in an unrealized loss position for less than twelve consecutive months and 182 were in an unrealized loss position for more than twelve consecutive months. Unrealized Loss Position for Less than 12 Months 12 Months or More Total (in thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses September 30, 2016 $ 2,122,527 $ (12,318 ) $ 551,086 $ (23,601 ) $ 2,673,613 $ (35,919 ) December 31, 2015 $ 1,503,939 $ (26,984 ) $ 1,141,839 $ (44,412 ) $ 2,645,778 $ (71,396 ) Evaluating AFS Securities for Other-Than-Temporary Impairments In evaluating AFS securities for OTTI, the Company determines whether there has been a significant adverse quarterly change in the cash flow expectations for a security. The Company compares the amortized cost of each security in an unrealized loss position against the present value of expected future cash flows of the security. The Company also considers whether there has been a significant adverse change in the regulatory and/or economic environment as part of this analysis. If the amortized cost of the security is greater than the present value of expected future cash flows using the original yield as the discount rate, an other-than-temporary credit impairment has occurred. If the Company does not intend to sell and will not be more likely than not required to sell the security, the credit loss is recognized in earnings and the balance of the unrealized loss is recognized in either other comprehensive income (loss) , net of tax, or gain on investment securities , depending on the accounting treatment. If the Company intends to sell the security or will be more likely than not required to sell the security, the full unrealized loss is recognized in earnings. The Company recorded $1.0 million and $1.8 million in other-than-temporary credit impairments during the three and nine months ended September 30, 2016 on one and four non-Agency RMBS, respectively, where the future expected cash flows for each security were less than its amortized cost. As of September 30, 2016 , impaired securities with a carrying value of $124.0 million had actual weighted average cumulative losses of 12.0% , weighted average three-month prepayment speed of 6.8% , weighted average 60+ day delinquency of 22.9% of the pool balance, and weighted average FICO score of 666 . At September 30, 2016 , the Company did not intend to sell the securities and determined that it was not more likely than not that the Company will be required to sell the securities; therefore, only the projected credit loss was recognized in earnings. During the three and nine months ended September 30, 2015 , the Company recorded $0.2 million and $0.5 million in other-than-temporary credit impairments on two non-Agency RMBS where the future expected cash flows for the security were less than its amortized cost. The following table presents the changes in OTTI included in earnings for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2016 2015 2016 2015 Cumulative credit loss at beginning of period $ (6,710 ) $ (6,622 ) $ (6,499 ) $ (8,241 ) Additions: Other-than-temporary impairments not previously recognized (1,015 ) (238 ) (1,307 ) (238 ) Increases related to other-than-temporary impairments on securities with previously recognized other-than-temporary impairments — — (515 ) (297 ) Reductions: Decreases related to other-than-temporary impairments on securities paid down — — — — Decreases related to other-than-temporary impairments on securities sold — 361 596 2,277 Cumulative credit loss at end of period $ (7,725 ) $ (6,499 ) $ (7,725 ) $ (6,499 ) Cumulative credit losses related to OTTI may be reduced for securities sold as well as for securities that mature, are paid down, or are prepaid such that the outstanding principal balance is reduced to zero. Additionally, increases in cash flows expected to be collected over the remaining life of the security cause a reduction in the cumulative credit loss. Gross Realized Gains and Losses Gains and losses from the sale of AFS securities are recorded as realized gains (losses) within gain on investment securities in the Company’s condensed consolidated statements of comprehensive income (loss) . For the three and nine months ended September 30, 2016 , the Company sold AFS securities for $2.8 billion and $6.6 billion with an amortized cost of $2.8 billion and $6.5 billion for net realized gains of $31.8 million and $63.3 million , respectively. For the three and nine months ended September 30, 2015 , the Company sold AFS securities for $1.1 billion and $3.7 billion with an amortized cost of $1.0 billion and $3.4 billion for net realized gains of $66.5 million and $259.8 million , respectively. The following table presents the gross realized gains and losses on sales of AFS securities for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2016 2015 2016 2015 Gross realized gains $ 31,942 $ 75,427 $ 77,836 $ 269,314 Gross realized losses (164 ) (8,955 ) (14,487 ) (9,511 ) Total realized gains on sales, net $ 31,778 $ 66,472 $ 63,349 $ 259,803

Residential Mortgage Loans Held

Residential Mortgage Loans Held-for-Sale, at Fair Value (Notes)	9 Months Ended
	Sep. 30, 2016
Residential Mortgage Loans Held-for-Sale [Abstract]
Residential Mortgage Loans Held-for-Sale [Text Block]	Residential Mortgage Loans Held-for-Sale, at Fair Value Residential mortgage loans held-for-sale consists of residential mortgage loans carried at fair value as a result of a fair value option election. The following table presents the carrying value of the Company’s residential mortgage loans held-for-sale as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, December 31, Unpaid principal balance $ 720,609 $ 812,661 Fair value adjustment 2,565 (1,230 ) Carrying value $ 723,174 $ 811,431 At September 30, 2016 and December 31, 2015 , the Company pledged residential mortgage loans with a carrying value of $632.7 million and $745.5 million , respectively, as collateral for repurchase agreements and FHLB advances. See Note 15 - Repurchase Agreements and Note 17 - Federal Home Loan Bank of Des Moines Advances .

Residential Mortgage Loans He12

Residential Mortgage Loans Held-for-Investment in Securitization Trusts, at Fair Value (Notes)	9 Months Ended
	Sep. 30, 2016
Residential Mortgage Loans Held-for-Investment [Abstract]
Residential Mortgage Loans Held-for-Investment [Text Block]	Residential Mortgage Loans Held-for-Investment in Securitization Trusts, at Fair Value The Company purchases subordinated debt and excess servicing rights from securitization trusts sponsored by either third parties or the Company’s subsidiaries. The underlying residential mortgage loans held by the trusts, which are consolidated on the Company’s condensed consolidated balance sheets, are classified as residential mortgage loans held-for-investment in securitization trusts and carried at fair value as a result of a fair value option election. See Note 3 - Variable Interest Entities for additional information regarding consolidation of the securitization trusts. The following table presents the carrying value of the Company’s residential mortgage loans held-for-investment in securitization trusts as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, December 31, Unpaid principal balance $ 3,499,285 $ 3,143,515 Fair value adjustment 120,752 30,212 Carrying value $ 3,620,037 $ 3,173,727

Commercial Real Estate Assets C

Commercial Real Estate Assets Commercial Real Estate Assets (Notes)	9 Months Ended
	Sep. 30, 2016
Commercial Real Estate Assets [Abstract]
Commercial Real Estate Assets [Text Block]	Commercial Real Estate Assets The Company originates and purchases commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as commercial real estate assets on the condensed consolidated balance sheets. Additionally, the Company is the sole certificate holder of a trust entity that holds a commercial real estate loan. The underlying loan held by the trust is consolidated on the Company’s condensed consolidated balance sheet and classified as commercial real estate assets. See Note 3 - Variable Interest Entities for additional information regarding consolidation of the trust. Commercial real estate assets are reported at cost, net of any unamortized acquisition premiums or discounts, loan fees and origination costs as applicable, unless the assets are deemed impaired. The following tables summarize the Company’s commercial real estate assets by asset type, property type and geographic location as of September 30, 2016 and December 31, 2015 : September 30, December 31, (in thousands) Mezzanine Loans First Mortgages Total Mezzanine Loans First Mortgages Total Unpaid principal balance $ 139,334 $ 983,463 $ 1,122,797 $ 153,913 $ 513,433 $ 667,346 Unamortized (discount) premium (42 ) (190 ) (232 ) (237 ) — (237 ) Unamortized net deferred origination fees (380 ) (7,637 ) (8,017 ) (830 ) (5,326 ) (6,156 ) Carrying value $ 138,912 $ 975,636 $ 1,114,548 $ 152,846 $ 508,107 $ 660,953 Unfunded commitments $ 1,580 $ 93,761 $ 95,341 $ 1,900 $ 50,334 $ 52,234 Number of loans 6 22 28 6 12 18 Weighted average coupon 8.4 % 4.9 % 5.3 % 8.1 % 4.5 % 5.4 % Weighted average years to maturity (1) 1.8 3.1 2.9 2.6 3.3 3.1 ____________________ (1) Based on contractual maturity date. Certain loans are subject to contractual extension options which may be subject to conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities in connection with loan modifications. (in thousands) September 30, December 31, Property Type Carrying Value % of Commercial Portfolio Carrying Value % of Commercial Portfolio Retail $ 237,007 21.3 % $ 185,883 28.1 % Hotel 85,520 7.7 % 80,843 12.2 % Industrial 104,929 9.4 % — — % Multifamily 208,265 18.7 % 139,011 21.1 % Office 478,827 42.9 % 255,216 38.6 % Total $ 1,114,548 100.0 % $ 660,953 100.0 % (in thousands) September 30, December 31, Geographic Location Carrying Value % of Commercial Portfolio Carrying Value % of Commercial Portfolio West $ 180,943 16.2 % $ 131,488 19.9 % Southeast 104,688 9.4 % 79,118 12.0 % Southwest 266,238 23.9 % 161,721 24.4 % Northeast 491,503 44.1 % 238,913 36.2 % Midwest 71,176 6.4 % 49,713 7.5 % Total $ 1,114,548 100.0 % $ 660,953 100.0 % At September 30, 2016 and December 31, 2015 , the Company pledged commercial real estate assets with a carrying value of $997.2 million and $361.1 million , respectively, as collateral for repurchase agreements and FHLB advances. See Note 15 - Repurchase Agreements and Note 17 - Federal Home Loan Bank of Des Moines Advances . The following table summarizes activity related to commercial real estate assets for the three and nine months ended September 30, 2016 and 2015 . Three Months Ended Nine Months Ended (in thousands) 2016 2015 2016 2015 Balance at beginning of period $ 926,377 $ 45,605 $ 660,953 $ — Originations and purchases 190,100 246,644 470,547 292,200 Repayments (908 ) — (15,295 ) — Net discount accretion (premium amortization) 64 49 204 98 (Increase) decrease in net deferred origination fees (2,858 ) (1,517 ) (6,867 ) (1,517 ) Amortization of net deferred origination fees 1,773 129 5,006 129 Allowance for loan losses — — — — Balance at end of period $ 1,114,548 $ 290,910 $ 1,114,548 $ 290,910 The Company evaluates each loan for impairment at least quarterly by assessing the risk factors of each loan and assigning a risk rating based on a variety of factors. Risk factors include property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash flow, loan structure and exit plan, loan-to-value ratio, project sponsorship, and other factors deemed necessary. Risk ratings are defined as follows: 1 – Lower Risk 2 – Average Risk 3 – Acceptable Risk 4 – Higher Risk: A loan that has exhibited material deterioration in cash flows and/or other credit factors, which, if negative trends continue, could be indicative of future loss. 5 – Impaired/Loss Likely: A loan that has a significantly increased probability of default or principal loss. The following table presents the number of loans, unpaid principal balance and carrying value (amortized cost) by risk rating for commercial real estate assets as of September 30, 2016 and December 31, 2015 : (dollars in thousands) September 30, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 – 3 28 $ 1,122,797 $ 1,114,548 18 $ 667,346 $ 660,953 4 – 5 — — — — — — Total 28 $ 1,122,797 $ 1,114,548 18 $ 667,346 $ 660,953 The Company has not recorded any allowances for losses as no loans are past-due and it is not deemed probable that the Company will not be able to collect all amounts due pursuant to the contractual terms of the loans.

Servicing Activities (Notes)

Servicing Activities (Notes)	9 Months Ended
	Sep. 30, 2016
Disclosures Pertaining to Servicing Assets and Servicing Liabilities [Abstract]
Transfers and Servicing of Financial Assets [Text Block]	Servicing Activities Mortgage Servicing Rights, at Fair Value One of the Company’s wholly owned subsidiaries has approvals from Fannie Mae, Freddie Mac, and Ginnie Mae to own and manage MSR, which represent the right to control the servicing of mortgage loans. The Company and its subsidiaries do not originate or directly service mortgage loans, and instead contract with fully licensed subservicers to handle substantially all servicing functions for the loans underlying the Company’s MSR. The following table summarizes activity related to MSR for the three and nine months ended September 30, 2016 and 2015 . Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2016 2015 2016 2015 Balance at beginning of period $ 427,813 $ 437,576 $ 493,688 $ 452,006 Additions from purchases of servicing rights 98,224 67,175 204,435 75,709 Additions from sales of residential mortgage loans 242 752 764 1,568 Subtractions from sales of servicing rights (60,910 ) — (60,910 ) — Changes in fair value due to: Changes in valuation inputs or assumptions used in the valuation model 3,846 (49,449 ) (139,587 ) (63,573 ) Other changes in fair value (1) (18,231 ) (12,100 ) (52,773 ) (32,744 ) Other changes (2) 4,645 3,391 10,012 14,379 Balance at end of period $ 455,629 $ 447,345 $ 455,629 $ 447,345 ____________________ (1) Other changes in fair value primarily represents changes due to the realization of expected cash flows. (2) Other changes includes purchase price adjustments, contractual prepayment protection, and changes due to the Company’s purchase of the underlying collateral. At September 30, 2016 , the Company pledged MSR with a carrying value of $73.5 million as collateral for revolving credit facilities. See Note 18 - Revolving Credit Facilities . The Company did not have any revolving credit facilities in place, and, thus, had not pledged any MSR as collateral, at December 31, 2015 . As of September 30, 2016 and December 31, 2015 , the key economic assumptions and sensitivity of the fair value of MSR to immediate 10% and 20% adverse changes in these assumptions were as follows: (in thousands) September 30, December 31, Weighted average prepayment speed: 15.8 % 11.8 % Impact on fair value of 10% adverse change $ (25,310 ) $ (20,093 ) Impact on fair value of 20% adverse change $ (48,388 ) $ (38,656 ) Weighted average delinquency: 2.1 % 4.0 % Impact on fair value of 10% adverse change $ (1,549 ) $ (3,826 ) Impact on fair value of 20% adverse change $ (4,237 ) $ (6,640 ) Weighted average discount rate: 9.0 % 10.1 % Impact on fair value of 10% adverse change $ (11,937 ) $ (16,316 ) Impact on fair value of 20% adverse change $ (23,100 ) $ (31,522 ) These assumptions and sensitivities are hypothetical and should be considered with caution. Changes in fair value based on 10% and 20% variations in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of MSR is calculated without changing any other assumptions. In reality, changes in one factor may result in changes in another ( e.g. , increased market interest rates may result in lower prepayments and increased credit losses) that could magnify or counteract the sensitivities. Further, these sensitivities show only the change in the asset balances and do not show any expected change in the fair value of the instruments used to manage the interest rates and prepayment risks associated with these assets. Risk Mitigation Activities The primary risk associated with the Company’s MSR is interest rate risk and the resulting impact on prepayments. A significant decline in interest rates could lead to higher-than-expected prepayments that could reduce the value of the MSR. The Company economically hedges the impact of these risks with AFS securities and derivative financial instruments. Refer to Note 11 - Derivative Instruments and Hedging Activities for additional information regarding the derivative financial instruments used to economically hedge MSR. Mortgage Servicing Income The following table presents the components of servicing income recorded on the Company’s condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2016 2015 2016 2015 Servicing fee income $ 37,226 $ 31,073 $ 104,765 $ 91,896 Ancillary fee income 449 535 1,423 1,650 Float income 1,033 402 2,469 1,067 Total $ 38,708 $ 32,010 $ 108,657 $ 94,613 Mortgage Servicing Advances In connection with the servicing of loans, the Company’s subservicers make certain payments for property taxes and insurance premiums, default and property maintenance payments, as well as advances of principal and interest payments before collecting them from individual borrowers. Servicing advances, including contractual interest, are priority cash flows in the event of a loan principal reduction or foreclosure and ultimate liquidation of the real estate-owned property, thus making their collection reasonably assured. These servicing advances, which are funded by the Company, totaled $46.5 million and $37.5 million and were included in other assets on the condensed consolidated balance sheets as of September 30, 2016 and December 31, 2015 , respectively. Serviced Mortgage Assets The Company’s total serviced mortgage assets consist of loans owned and classified as residential mortgage loans held-for-sale, loans held in consolidated VIEs classified as residential mortgage loans held-for-investment in securitization trusts, and loans underlying MSR. The following table presents the number of loans and unpaid principal balance of the mortgage assets for which the Company manages the servicing as of September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 (dollars in thousands) Number of Loans Unpaid Principal Balance Number of Loans Unpaid Principal Balance Residential mortgage loans held-for-sale 1,439 $ 720,609 1,415 $ 812,661 Residential mortgage loans held-for-investment in securitization trusts 4,938 3,499,285 4,329 3,117,219 Mortgage servicing rights 249,032 55,080,859 241,228 48,566,301 Total serviced mortgage assets 255,409 $ 59,300,753 246,972 $ 52,496,181

Restricted Cash (Notes)

Restricted Cash (Notes)	9 Months Ended
	Sep. 30, 2016
Restricted Cash [Abstract]
Cash and Cash Equivalents Disclosure [Text Block]	Restricted Cash The Company is required to maintain certain cash balances with counterparties for securities and derivatives trading activity and collateral for the Company’s repurchase agreements and FHLB advances in restricted accounts. The Company has also placed cash in a restricted account pursuant to a letter of credit on an office space lease. The following table presents the Company’s restricted cash balances as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, December 31, Restricted cash balances held by trading counterparties: For securities and loan trading activity $ 20,810 $ 12,550 For derivatives trading activity 148,492 130,355 As restricted collateral for repurchase agreements and Federal Home Loan Bank advances 95,223 119,310 Total restricted cash balances held by trading counterparties 264,525 262,215 Restricted cash balance pursuant to letter of credit on office lease 347 347 Total $ 264,872 $ 262,562

Accrued Interest Receivable (No

Accrued Interest Receivable (Notes)	9 Months Ended
	Sep. 30, 2016
Accrued Interest Receivable [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Accrued Interest Receivable The following table presents the Company’s accrued interest receivable by collateral type as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, December 31, Available-for-sale securities: Agency Federal Home Loan Mortgage Corporation $ 6,421 $ 6,235 Federal National Mortgage Association 28,727 12,407 Government National Mortgage Association 3,007 4,910 Non-Agency 2,481 2,339 Total available-for-sale securities 40,636 25,891 Residential mortgage loans held-for-sale 3,377 4,173 Residential mortgage loans held-for-investment in securitization trusts 20,318 18,339 Commercial real estate assets 2,758 1,567 Total $ 67,089 $ 49,970

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities (Notes)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company enters into a variety of derivative and non-derivative instruments in connection with its risk management activities. The Company’s primary objective for executing these derivative and non-derivative instruments is to mitigate the Company’s economic exposure to future events that are outside its control. The Company’s derivative financial instruments are utilized principally to manage market risk and cash flow volatility associated with interest rate risk (including associated prepayment risk) related to certain assets and liabilities. As part of its risk management activities, the Company may, at times, enter into various forward contracts, including short securities, Agency to-be-announced securities, or TBAs, options, futures, swaps, caps, credit default swaps and total return swaps. In executing on the Company’s current risk management strategy, the Company has entered into interest rate swap and swaption agreements, TBAs, short U.S. Treasuries, put and call options for TBAs and U.S. Treasuries, constant maturity swaps, credit default swaps and total return swaps (based on the Markit IOS Index). The Company has also entered into a number of non-derivative instruments to manage interest rate risk, principally Agency interest-only securities. The following summarizes the Company’s significant asset and liability classes, the risk exposure for these classes, and the Company’s risk management activities used to mitigate certain of these risks. The discussion includes both derivative and non-derivative instruments used as part of these risk management activities. Any of the Company’s derivative and non-derivative instruments may be entered into in conjunction with one another in order to mitigate risks associated with the Company’s investment portfolio. As a result, the following discussions of each type of instrument should be read as a collective representation of the Company’s risk mitigation efforts and should not be considered independent of one another. While the Company uses derivative and non-derivative instruments to achieve the Company’s risk management activities, it is possible that these instruments will not effectively mitigate all or a substantial portion of the Company’s market rate risk. In addition, the Company might elect, at times, not to enter into certain hedging arrangements in order to maintain compliance with REIT requirements. Balance Sheet Presentation In accordance with ASC 815, Derivatives and Hedging , or ASC 815, the Company records derivative financial instruments on its condensed consolidated balance sheets as assets or liabilities at fair value. Changes in fair value are accounted for depending on the use of the derivative instruments and whether they qualify for hedge accounting treatment. Due to the volatility of the credit markets and difficulty in effectively matching pricing or cash flows, the Company has elected to treat all current derivative contracts as trading instruments. The following tables present the gross fair value and notional amounts of the Company’s derivative financial instruments treated as trading instruments as of September 30, 2016 and December 31, 2015 . (in thousands) September 30, 2016 Derivative Assets Derivative Liabilities Trading instruments Fair Value Notional Fair Value Notional Inverse interest-only securities $ 142,597 $ 784,823 $ — $ — Interest rate swap agreements 36,306 10,338,367 (27,048 ) 6,607,063 Credit default swaps — — (52 ) 25,000 Swaptions, net 95 600,000 (3,001 ) 330,000 TBAs 17,527 1,040,000 (4,340 ) 1,629,000 Put and call options for TBAs, net 2,178 3,950,000 (4,685 ) 519,000 Markit IOS total return swaps — — (752 ) 96,248 Forward purchase commitments 310 46,134 (40 ) 15,269 Total $ 199,013 $ 16,759,324 $ (39,918 ) $ 9,221,580 (in thousands) December 31, 2015 Derivative Assets Derivative Liabilities Trading instruments Fair Value Notional Fair Value Notional Inverse interest-only securities $ 159,582 $ 932,037 $ — $ — Interest rate swap agreements 91,757 14,268,806 — — Credit default swaps — — (703 ) 125,000 Swaptions, net 17,374 4,700,000 (4,831 ) 500,000 TBAs 1,074 847,000 (1,324 ) 550,000 Markit IOS total return swaps 1,645 889,418 — — Forward purchase commitments 77 98,736 (427 ) 187,384 Total $ 271,509 $ 21,735,997 $ (7,285 ) $ 1,362,384 Comprehensive Income (Loss) Statement Presentation The Company has not applied hedge accounting to its current derivative portfolio held to mitigate the interest rate risk and credit risk associated with its portfolio. As a result, the Company is subject to volatility in its earnings due to movement in the unrealized gains and losses associated with its interest rate swaps and its other derivative instruments. The following table summarizes the location and amount of gains and losses on derivative instruments reported in the condensed consolidated statements of comprehensive income (loss) : Trading Instruments Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives (in thousands) Three Months Ended Nine Months Ended 2016 2015 2016 2015 Interest rate risk management TBAs (1) Loss on other derivative instruments $ (522 ) $ (2,982 ) $ 26,369 $ (25,677 ) Short U.S. Treasuries (1) Loss on other derivative instruments — — — 125 Put and call options for TBAs (1) Loss on other derivative instruments (6,226 ) (1,358 ) (51,259 ) 6,848 Put and call options for U.S. Treasuries (1) Loss on other derivative instruments — — — (837 ) Constant maturity swaps (1) Loss on other derivative instruments — — — 6,164 Interest rate swap agreements - Receivers (1) Gain (loss) on interest rate swap and swaption agreements (18,381 ) 86,672 131,465 86,528 Interest rate swap agreements - Payers (1) Gain (loss) on interest rate swap and swaption agreements 22,973 (70,546 ) (89,043 ) (102,392 ) Swaptions (1) Gain (loss) on interest rate swap and swaption agreements (24,394 ) (66,809 ) (18,397 ) (65,563 ) Markit IOS total return swaps (1) Loss on other derivative instruments (6,550 ) (5,966 ) (41,541 ) (23,492 ) Interest rate swap agreements - Payers (2) Gain (loss) on interest rate swap and swaption agreements 25,386 (120,973 ) (156,633 ) (171,720 ) Credit risk management Credit default swaps - Receive protection (3) Loss on other derivative instruments (18 ) (75 ) 364 (199 ) Non-risk management Inverse interest-only securities Loss on other derivative instruments 1,288 9,926 22,003 34,096 Forward purchase commitments (Loss) gain on residential mortgage loans held-for-sale 107 2,834 2,455 (1,327 ) Total $ (6,337 ) $ (169,277 ) $ (174,217 ) $ (257,446 ) ____________________ (1) Includes derivative instruments held to mitigate interest rate risk associated with the Company’s investment portfolio. (2) Includes derivative instruments held to mitigate interest rate risk associated with the Company’s repurchase agreements and FHLB advances. (3) Includes derivative instruments held to mitigate credit risk associated with the Company’s non-Agency RMBS and residential mortgage loans held-for-sale. For the three and nine months ended September 30, 2016 , the Company recognized $4.3 million and $18.1 million , respectively, of expenses for the accrual and/or settlement of the net interest expense associated with its interest rate swaps. The expenses result from paying either a fixed interest rate or LIBOR interest on an average $14.5 billion and $14.8 billion notional, respectively, and receiving either LIBOR interest or a fixed interest rate. For the three and nine months ended September 30, 2015 , the Company recognized $19.4 million and $73.1 million , respectively, of expenses for the accrual and/or settlement of the net interest expense associated with its interest rate swaps. The expenses result from paying either a fixed interest rate or LIBOR interest on an average $15.4 billion and $16.8 billion notional, respectively, and receiving either LIBOR interest or a fixed interest rate. The following tables present information with respect to the volume of activity in the Company’s derivative instruments during the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, 2016 (in thousands) Beginning of Period Notional Amount Additions Settlement, Termination, Expiration or Exercise End of Period Notional Amount Average Notional Amount Realized Gain (Loss), net (1) Inverse interest-only securities $ 834,866 $ — $ (50,043 ) $ 784,823 $ 813,045 $ — Interest rate swap agreements 13,697,000 4,451,430 (1,203,000 ) 16,945,430 14,497,913 (39,369 ) Credit default swaps 25,000 — — 25,000 25,000 — Swaptions, net 1,800,000 (1,537,000 ) 7,000 270,000 219,315 (55,692 ) TBAs, net (337,000 ) (5,622,000 ) 5,370,000 (589,000 ) (1,051,989 ) (18,819 ) Put and call options for TBAs, net 8,897,000 2,269,000 (6,697,000 ) 4,469,000 5,607,728 (26,955 ) Markit IOS total return swaps 588,037 99,911 (591,700 ) 96,248 113,334 (13,897 ) Forward purchase commitments 636,467 315,787 (890,851 ) 61,403 418,333 577 Total $ 26,141,370 $ (22,872 ) $ (4,055,594 ) $ 22,062,904 $ 20,642,679 $ (154,155 ) Three Months Ended September 30, 2015 (in thousands) Beginning of Period Notional Amount Additions Settlement, Termination, Expiration or Exercise End of Period Notional Amount Average Notional Amount Realized Gain (Loss), net (1) Inverse interest-only securities $ 1,049,743 $ — $ (63,842 ) $ 985,901 $ 1,020,199 $ — Interest rate swap agreements 16,225,523 5,280,000 (7,480,000 ) 14,025,523 15,371,175 (24,948 ) Credit default swaps 125,000 — — 125,000 125,000 — Swaptions, net 9,410,000 — 600,000 10,010,000 9,481,739 (36,960 ) TBAs, net (1,024,000 ) (468,000 ) 2,274,000 782,000 (343,272 ) (13,615 ) Short U.S. Treasuries — — — — — — Put and call options for TBAs, net — 1,000,000 — 1,000,000 163,043 — Put and call options for U.S. Treasuries, net — — — — — — Constant maturity swaps — — — — — — Markit IOS total return swaps 988,409 176,807 (277,252 ) 887,964 828,323 (2,368 ) Forward purchase commitments 626,660 941,480 (1,066,948 ) 501,192 576,251 (392 ) Total $ 27,401,335 $ 6,930,287 $ (6,014,042 ) $ 28,317,580 $ 27,222,458 $ (78,283 ) Nine Months Ended September 30, 2016 (in thousands) Beginning of Period Notional Amount Additions Settlement, Termination, Expiration or Exercise End of Period Notional Amount Average Notional Amount Realized Gain (Loss), net (1) Inverse interest-only securities $ 932,037 $ — $ (147,214 ) $ 784,823 $ 860,920 $ — Interest rate swap agreements 14,268,806 16,553,456 (13,876,832 ) 16,945,430 14,751,923 (33,067 ) Credit default swaps 125,000 10,000 (110,000 ) 25,000 87,883 412 Swaptions, net 5,200,000 1,063,000 (5,993,000 ) 270,000 3,192,617 (86,481 ) TBAs, net 297,000 (1,186,000 ) 300,000 (589,000 ) (239,493 ) 12,932 Put and call options for TBAs, net — 13,166,000 (8,697,000 ) 4,469,000 3,091,679 (28,303 ) Markit IOS total return swaps 889,418 99,911 (893,081 ) 96,248 598,163 (13,374 ) Forward purchase commitments 286,120 1,548,027 (1,772,744 ) 61,403 357,448 1,835 Total $ 21,998,381 $ 31,254,394 $ (31,189,871 ) $ 22,062,904 $ 22,701,140 $ (146,046 ) Nine Months Ended September 30, 2015 (in thousands) Beginning of Period Notional Amount Additions Settlement, Termination, Expiration or Exercise End of Period Notional Amount Average Notional Amount Realized Gain (Loss), net (1) Inverse interest-only securities $ 1,168,226 $ 12,563 $ (194,888 ) $ 985,901 $ 1,081,376 $ 64 Interest rate swap agreements 18,584,000 22,393,227 (26,951,704 ) 14,025,523 16,753,347 (92,816 ) Credit default swaps 125,000 — — 125,000 125,000 — Swaptions, net 12,410,000 7,050,000 (9,450,000 ) 10,010,000 10,862,930 (32,168 ) TBAs, net (1,325,000 ) (11,330,000 ) 13,437,000 782,000 (729,916 ) (38,461 ) Short U.S. Treasuries — (50,000 ) 50,000 — — 125 Put and call options for TBAs, net 2,000,000 1,250,000 (2,250,000 ) 1,000,000 (183,150 ) 7,796 Put and call options for U.S. Treasuries, net — 500,000 (500,000 ) — 916 (837 ) Constant maturity swaps 14,000,000 6,000,000 (20,000,000 ) — 3,018,315 7,694 Markit IOS total return swaps 598,459 1,601,350 (1,311,845 ) 887,964 968,223 (11,296 ) Forward purchase commitments 554,838 3,048,411 (3,102,057 ) 501,192 634,356 (766 ) Total $ 48,115,523 $ 30,475,551 $ (50,273,494 ) $ 28,317,580 $ 32,531,397 $ (160,665 ) ____________________ (1) Excludes net interest paid or received in full settlement of the net interest spread liability. Cash flow activity related to derivative instruments is reflected within the operating activities and investing activities sections of the condensed consolidated statements of cash flows. Derivative fair value adjustments are reflected within the unrealized (gain) loss on interest rate swaps and swaptions , unrealized loss (gain) on other derivative instruments , and gain on residential mortgage loans held-for-sale line items within the operating activities section of the condensed consolidated statements of cash flows. Realized gains and losses on interest rate swap and swaption agreements are reflected within the loss on termination and option expiration of interest rate swaps and swaptions line item within the operating activities section of the condensed consolidated statements of cash flows. The remaining cash flow activity related to derivative instruments is reflected within the (purchases) short sales of other derivative instruments, proceeds from sales (payments for termination) of other derivative instruments, net and increase (decrease) in due to counterparties, net line items within the investing activities section of the condensed consolidated statements of cash flows. Interest Rate Sensitive Assets/Liabilities The Company’s RMBS investment securities and MSR are generally subject to change in value when mortgage rates decline or increase, depending on the type of investment. Rising mortgage rates generally result in a slowing of refinancing activity, which slows prepayments and results in a decline in the value of the Company’s fixed-rate Agency pools and an increase in the value of the Company’s MSR. To mitigate the impact of this risk, the Company maintains a portfolio of fixed-rate interest-only securities, which increase in value when interest rates increase, as well as TBA positions, short U.S. Treasuries, put and call options for TBAs and U.S. Treasuries, constant maturity swaps, interest rate swap and swaption agreements and Markit IOS total return swaps to further mitigate its exposure to higher interest rates, decreased prepayment speeds and widening mortgage spreads. As of September 30, 2016 and December 31, 2015 , the Company had outstanding fair value of $50.1 million and $42.9 million , respectively, of interest-only securities in place to economically hedge its investment securities. These interest-only securities are included in AFS securities, at fair value, in the condensed consolidated balance sheets. The Company is exposed to interest rate risk on residential mortgage loans from the time it commits to purchase a mortgage loan until it acquires the loan from the originator and subsequently sells the loan to a third party. Changes in interest rates impact the market price for the mortgage loans. For example, as market interest rates decline, the value of residential mortgage loans held-for-sale increases, and vice versa. To mitigate the impact of this risk, the Company may enter into derivative contracts to hedge the interest rate risk related to its commitments to purchase residential mortgage loans and residential mortgage loans held-for-sale, such as interest rate swaps, swaptions, TBA positions, short U.S. Treasuries, put and call options for TBAs and U.S. Treasuries and constant maturity swaps. TBAs. At times, the Company may use TBAs for risk management purposes or as a means of deploying capital until targeted investments are available and to take advantage of temporary displacements in the marketplace. Additionally, the Company may use TBAs independently, or in conjunction with other derivative and non-derivative instruments, in order to mitigate risks associated with the Company’s investment portfolio. TBAs are forward contracts for the purchase (long notional positions) or sale (short notional positions) of Agency RMBS. The issuer, coupon and stated maturity of the Agency RMBS are predetermined as well as the trade price, face amount and future settle date (published each month by the Securities Industry and Financial Markets Association). However, the specific Agency RMBS to be delivered upon settlement is not known at the time of the TBA transaction. As a result, and because physical delivery of the Agency RMBS upon settlement cannot be assured, the Company accounts for TBAs as derivative instruments. As of September 30, 2016 , $1.0 billion of the Company’s long notional TBA positions and $1.6 billion of the Company’s short notional TBA positions were held in order to economically hedge portfolio risk. As of December 31, 2015 , $847.0 million of the Company’s long notional TBA positions and $550.0 million of the Company’s short notional TBA positions were held in order to economically hedge portfolio risk. The Company discloses these positions on a gross basis according to the unrealized gain or loss position of each TBA contract regardless of long or short notional position. The following tables present the notional amount, cost basis, market value and carrying value (which approximates fair value) of the Company’s TBA positions as of September 30, 2016 and December 31, 2015 : As of September 30, 2016 Net Carrying Value (4) (in thousands) Notional Amount (1) Cost Basis (2) Market Value (3) Derivative Assets Derivative Liabilities Purchase contracts $ 1,040,000 $ 1,060,175 $ 1,077,702 $ 17,527 $ — Sale contracts (1,629,000 ) (1,693,953 ) (1,698,293 ) — (4,340 ) TBAs, net $ (589,000 ) $ (633,778 ) $ (620,591 ) $ 17,527 $ (4,340 ) As of December 31, 2015 Net Carrying Value (4) (in thousands) Notional Amount (1) Cost Basis (2) Market Value (3) Derivative Assets Derivative Liabilities Purchase contracts $ 847,000 $ 858,572 $ 859,646 $ 1,074 $ — Sale contracts (550,000 ) (568,813 ) (570,137 ) — (1,324 ) TBAs, net $ 297,000 $ 289,759 $ 289,509 $ 1,074 $ (1,324 ) ___________________ (1) Notional amount represents the face amount of the underlying Agency RMBS. (2) Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS. (3) Market value represents the current market value of the TBA (or of the underlying Agency RMBS) as of period-end. (4) Net carrying value represents the difference between the market value of the TBA as of period-end and its cost basis, and is reported in derivative assets / (liabilities), at fair value, in the condensed consolidated balance sheets. Put and Call Options for TBAs . The Company may use put and call options for TBAs independently, or in conjunction with other derivative and non-derivative instruments, in order to mitigate risks associated with the Company’s investment portfolio. As of September 30, 2016 , the Company had purchased put options for TBAs with a notional amount of $6.9 billion , short sold call options for TBAs with a notional amount of $2.4 billion and paid upfront premiums of approximately $20.5 million . The last of the options expires in December 2016 . The put and call options had a net fair market value of $2.2 million included in derivative assets, at fair value, and $4.7 million included in derivative liabilities, at fair value, on the condensed consolidated balance sheet as of September 30, 2016 . The Company did not hold any put and call options for TBAs as of December 31, 2015 . Interest Rate Swap Agreements . The Company may use interest rate swaps independently, or in conjunction with other derivative and non-derivative instruments, in order to mitigate risks associated with the Company’s investment portfolio. As of September 30, 2016 and December 31, 2015 , the Company held the following interest rate swaps in order to mitigate mortgage interest rate exposure (or duration) risk associated with the Company’s investment portfolio whereby the Company receives interest at a three-month LIBOR rate: (notional in thousands) September 30, 2016 Swaps Maturities Notional Amounts Weighted Average Fixed Pay Rate Weighted Average Receive Rate Weighted Average Maturity (Years) 2018 $ 4,669,049 1.273 % 0.853 % 1.85 2020 and Thereafter 1,341,512 2.094 % 0.812 % 4.88 Total $ 6,010,561 1.456 % 0.843 % 2.53 (notional in thousands) December 31, 2015 Swaps Maturities Notional Amounts Weighted Average Fixed Pay Rate Weighted Average Receive Rate Weighted Average Maturity (Years) 2018 $ 2,040,000 1.563 % 0.487 % 2.94 2020 and Thereafter 1,210,000 2.164 % 0.531 % 5.08 Total $ 3,250,000 1.787 % 0.503 % 3.74 Additionally, as of September 30, 2016 and December 31, 2015 , the Company held the following interest rate swaps in order to mitigate mortgage interest rate exposure (or duration) risk associated with the Company’s investment portfolio whereby the Company pays interest at a three-month LIBOR rate: (notional in thousands) September 30, 2016 Swaps Maturities Notional Amounts Weighted Average Pay Rate Weighted Average Fixed Receive Rate Weighted Average Maturity (Years) 2018 $ 1,207,294 0.729 % 1.214 % 2.07 2019 500,000 0.702 % 1.042 % 2.31 2020 and Thereafter 2,120,512 0.783 % 2.037 % 6.07 Total $ 3,827,806 0.755 % 1.647 % 4.32 (notional in thousands) December 31, 2015 Swaps Maturities Notional Amounts Weighted Average Pay Rate Weighted Average Fixed Receive Rate Weighted Average Maturity (Years) 2018 $ 575,000 0.329 % 1.440 % 2.89 2020 and Thereafter 2,589,000 0.453 % 2.301 % 7.00 Total $ 3,164,000 0.431 % 2.145 % 6.26 The Company monitors its borrowings under repurchase agreements and FHLB advances, which are generally floating rate debt, in relation to the rate profile of its investment securities. When it is cost effective to do so, the Company may enter into interest rate swap arrangements to align the interest rate composition of its borrowings under repurchase agreements and FHLB advances with that of its investment securities and debt portfolios. This particularly applies to borrowing agreements with maturities or interest rate resets of less than six months. Typically, the interest receivable terms ( i.e. , LIBOR) of the interest rate swaps match the terms of the underlying debt, resulting in an effective conversion of the rate of the related repurchase agreement or FHLB advance from floating to fixed. As of September 30, 2016 and December 31, 2015 , the Company had the following outstanding interest rate swaps that were utilized as economic hedges of interest rate exposure (or duration) associated with the Company’s short-term repurchase agreements and FHLB advances: (notional in thousands) September 30, 2016 Swaps Maturities Notional Amount (1) Weighted Average Fixed Pay Rate (2) Weighted Average Receive Rate (2) Weighted Average Maturity (Years) (2) 2016 $ 1,000,000 0.435 % 0.857 % 0.23 2017 2,375,000 0.765 % 0.787 % 0.84 2018 1,300,000 1.002 % 0.674 % 1.85 2019 350,000 1.283 % 0.731 % 2.69 2020 and Thereafter 2,082,063 1.733 % 0.731 % 6.74 Total $ 7,107,063 0.858 % 0.765 % 1.48 (notional in thousands) December 31, 2015 Swaps Maturities Notional Amount (1) Weighted Average Fixed Pay Rate (2) Weighted Average Receive Rate (2) Weighted Average Maturity (Years) (2) 2016 $ 1,700,000 0.462 % 0.481 % 0.73 2017 2,375,000 0.765 % 0.510 % 1.59 2018 800,000 0.944 % 0.384 % 2.14 2019 350,000 1.283 % 0.340 % 3.44 2020 and Thereafter 2,629,806 1.821 % 0.371 % 8.04 Total $ 7,854,806 1.094 % 0.437 % 3.71 ____________________ (1) Notional amount includes $577.1 million in forward starting interest rate swaps as of September 30, 2016 . The Company did not have any forward starting interest rate swaps as of December 31, 2015 . (2) Weighted averages exclude forward starting interest rate swaps. As of September 30, 2016 , the weighted average fixed pay rate on interest rate swaps starting in March 2017 was 1.8% . The Company did not have any forward starting interest rate swaps as of December 31, 2015 . Interest Rate Swaptions . The Company may use interest rate swaptions (agreements to enter into interest rate swaps in the future for which the Company would either pay or receive a fixed rate) independently, or in conjunction with other derivative and non-derivative instruments, in order to mitigate risks associated with the Company’s investment portfolio. As of September 30, 2016 and December 31, 2015 , the Company had the following outstanding interest rate swaptions that were utilized as macro-economic hedges: September 30, 2016 (notional and dollars 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) Purchase contracts: Payer ≥ 6 Months $ 43,015 $ 145 8.84 $ 1,800,000 3.27 % 3M Libor 5.6 Total Payer $ 43,015 $ 145 8.84 $ 1,800,000 3.27 % 3M Libor 5.6 Receiver < 6 Months $ — $ 3,061 4.93 $ 1,500,000 3M Libor 1.34 % 3.0 Total Receiver $ — $ 3,061 4.93 $ 1,500,000 3M Libor 1.34 % 3.0 Sale contracts: Payer < 6 Months $ — $ (5,882 ) 4.45 $ (2,230,000 ) 1.14 % 3M Libor 4.6 Payer ≥ 6 Months (81,248 ) (230 ) 8.99 (800,000 ) 3.44 % 3M Libor 10.0 Total Payer $ (81,248 ) $ (6,112 ) 4.49 $ (3,030,000 ) 1.74 % 3M Libor 6.0 December 31, 2015 (notional and dollars in thousands) Option Underlying Swap Swaption Expiration Cost Fair Value Average Months to Expiration Notional Amount Average Fixed Pay Rate Average Receive Rate Average Term (Years) Purchase contracts: Payer < 6 Months $ 375 $ 174 0.75 $ 2,000,000 2.23 % 3M Libor 6.3 Payer ≥ 6 Months 126,273 19,150 39.17 4,500,000 3.69 % 3M Libor 5.8 Total Payer $ 126,648 $ 19,324 38.51 $ 6,500,000 3.24 % 3M Libor 5.9 Sale contracts: Payer ≥ 6 Months $ (81,248 ) $ (6,738 ) 18.01 $ (800,000 ) 3.44 % 3M Libor 10.0 Total Payer $ (81,248 ) $ (6,738 ) 18.01 $ (800,000 ) 3.44 % 3M Libor 10.0 Receiver < 6 Months $ (100 ) $ (43 ) 0.73 $ (500,000 ) 3M Libor 1.75 % 10.0 Total Receiver $ (100 ) $ (43 ) 0.73 $ (500,000 ) 3M Libor 1.75 % 10.0 Markit IOS Total Return Swaps . The Company may use total return swaps (agreements whereby the Company receives or makes payments based on the total return of an underlying instrument or index, such as the Markit IOS Index, in exchange for fixed or floating rate interest payments) independently, or in conjunction with other derivative and non-derivative instruments, in order to mitigate risks associated with the Company’s investment portfolio. The Company enters into total return swaps to help mitigate the potential impact of larger increases or decreases in interest rates on the performance of our investment portfolio (referred to as “convexity risk”). Total return swaps based on the Markit IOS Index are intended to synthetically replicate the performance of interest-only securities. The Company had the following total return swap agreements in place at September 30, 2016 and December 31, 2015 : (notional and dollars in thousands) September 30, 2016 Maturity Date Current Notional Amount Fair Value Upfront Payable Unrealized Gain (Loss) January 12, 2043 $ (47,910 ) $ (363 ) $ (320 ) $ (683 ) January 12, 2044 (48,338 ) (389 ) (366 ) (755 ) Total $ (96,248 ) $ (752 ) $ (686 ) $ (1,438 ) (notional and dollars in thousands) December 31, 2015 Maturity Date Current Notional Amount Fair Value Upfront Payable Unrealized Gain (Loss) January 12, 2043 $ (369,639 ) $ 456 $ (866 ) $ (410 ) January 12, 2044 (325,003 ) 350 (1,679 ) (1,329 ) January 12, 2045 (194,776 ) 839 1,162 2,001 Total $ (889,418 ) $ 1,645 $ (1,383 ) $ 262 Credit Risk The Company’s exposure to credit losses on its Agency RMBS portfolio is limited due to implicit or explicit backing from the GSEs. The payment of principal and interest on the Freddie Mac and Fannie Mae mortgage-backed securities are guaranteed by those respective agencies, and the payment of principal and interest on the Ginnie Mae mortgage-backed securities are backed by the full faith and credit of the U.S. Government. Credit Default Swaps . For non-Agency investment securities, residential mortgage loans and commercial real estate assets, the Company may enter into credit default swaps to hedge credit risk. In future periods, the Company could enhance its credit risk protection, enter into further paired derivative positions, including both long and short credit default swaps, and/or seek opportunistic trades in the event of a market disruption (see discussion under “Non-Risk Management Activities” below). The Company also has processes and controls in place to monitor, analyze, manage and mitigate its credit risk with respect to non-Agency RMBS, residential mortgage loans and commercial real estate assets. As of September 30, 2016 and December 31, 2015 , the Company held credit default swaps through which the Company received credit protection for a fixed premium. The maximum payouts for these credit default swaps are limited to the current notional amounts of each swap contract. Maximum payouts for credit default swaps do not represent the expected future cash requirements, as the Company’s credit default swaps are typically liquidated or expire and are not exercised by the holder of the credit default swaps. The following tables present credit default swaps through which the Company is receiving protection held as of September 30, 2016 and December 31, 2015 : (notional and dollars in thousands) September 30, 2016 Protection Maturity Date Average Implied Credit Spread Current Notional Amount Fair Value Upfront (Payable) Receivable Unrealized Gain (Loss) Receive December 20, 2016 496.00 $ (25,000 ) $ (52 ) $ (4,062 ) $ (4,114 ) Total 496.00 $ (25,000 ) $ (52 ) $ (4,062 ) $ (4,114 ) (notional and dollars in thousands) December 31, 2015 Protection Maturity Date Average Implied Credit Spread Current Notional Amount Fair Value Upfront (Payable) Receivable Unrealized Gain (Loss) Receive June 20, 2016 105.50 $ (100,000 ) $ (502 ) $ (260 ) $ (762 ) December 20, 2016 496.00 (25,000 ) (201 ) (4,062 ) (4,263 ) Total 183.60 $ (125,000 ) $ (703 ) $ (4,322 ) $ (5,025 ) Derivative financial instruments contain an element of credit risk if counterparties are unable to meet the terms of the agreements. Credit risk associated with derivative financial instruments is measured as the net replacement cost should the counterparties that owe the Company under such contracts completely fail to perform under the terms of these contracts, assuming there are no recoveries of underlying collateral, as measured by the market value of the derivative financial instruments. As of September 30, 2016 , the fair value of derivative financial instruments as an asset and liability position was $199.0 million and $39.9 million , respectively. The Company attempts to mitigate its credit risk exposure on derivative financial instruments by limiting its counterparties to banks and financial institutions that meet established credit guidelines. The Company also seeks to spread its credit risk exposure across multiple counterparties in order to reduce its exposure to any single counterparty. Additionally, the Company reduces credit risk on the majority of its derivative instruments by entering into agreements that permit the closeout and netting of transactions with the same counterparty or clearing agency, in the case of centrally cleared interest rate swaps, upon the occurrence of certain events. To further mitigate the risk of counterparty default, the Company maintains collateral agreements with certain of its counterparties and clearing agencies, which require both parties to maintain cash deposits in the event the fair values of the derivative financial instruments exceed established thresholds. As of September 30, 2016 , the Company had received cash deposits from counterparties of $12.1 million and placed cash deposits of $161.8 million in accounts maintained by counterparties, of which the amounts are netted on a counterparty basis and classified within restricted cash, due from counterparties, or due to counterparties on the Company’s condensed consolidated balance sheets. Non-Risk Management Activities The Company has entered into certain financial instruments that are considered derivative contracts under ASC 815 that are not for purposes of hedging. These contracts are currently limited to forward purchase commitments and inverse interest-only RMBS. Commitments to Purchase Residential Mortgage Loans Held-for-Sale . Prior to a mortgage loan purchase, the Company may enter into forward purchase commitments with

Other Assets (Notes)

Other Assets (Notes)	9 Months Ended
	Sep. 30, 2016
Other Assets [Abstract]
Other Assets Disclosure [Text Block]	Other Assets Other assets as of September 30, 2016 and December 31, 2015 are summarized in the following table: (in thousands) September 30, December 31, Property and equipment at cost $ 6,469 $ 5,997 Accumulated depreciation (1) (4,264 ) (3,303 ) Net property and equipment 2,205 2,694 Prepaid expenses 1,142 1,572 Income taxes receivable 1,619 5,286 Deferred tax assets, net 75,075 44,318 Servicing advances 46,464 37,499 Federal Home Loan Bank stock 167,856 156,650 Equity investments 3,000 3,000 Other receivables 29,035 20,556 Total other assets $ 326,396 $ 271,575 ____________________ (1) Depreciation expense for the three and nine months ended September 30, 2016 was $0.3 million and $1.0 million , respectively.

Other Liabilities (Notes)

Other Liabilities (Notes)	9 Months Ended
	Sep. 30, 2016
Other Liabilities [Abstract]
Other Liabilities Disclosure [Text Block]	Other Liabilities Other liabilities as of September 30, 2016 and December 31, 2015 are summarized in the following table: (in thousands) September 30, December 31, Accrued expenses $ 27,063 $ 37,052 Accrued interest payable 29,807 18,723 Income taxes payable — 70 Other 23,453 16,387 Total other liabilities $ 80,323 $ 72,232

Fair Value (Notes)

Fair Value (Notes)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures , or ASC 820, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 clarifies that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices available in active markets ( i.e. , observable inputs) and the lowest priority to data lacking transparency ( i.e. , unobservable inputs). Additionally, ASC 820 requires an entity to consider all aspects of nonperformance risk, including the entity’s own credit standing, when measuring fair value of a liability. ASC 820 establishes a three-level hierarchy to be used when measuring and disclosing fair value. An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. Following is a description of the three levels: Level 1 Inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date under current market conditions. Additionally, the entity must have the ability to access the active market and the quoted prices cannot be adjusted by the entity. Level 2 Inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full-term of the assets or liabilities. Level 3 Unobservable inputs are supported by little or no market activity. The unobservable inputs represent the assumptions that market participants would use to price the assets and liabilities, including risk. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies, or similar techniques that require significant judgment or estimation. Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized. Available-for-sale securities . The Company holds a portfolio of AFS securities that are carried at fair value in the condensed consolidated balance sheets and primarily comprised of Agency and non-Agency RMBS. The Company determines the fair value of its Agency RMBS based upon prices obtained from third-party pricing providers or broker quotes received using bid price, which are deemed indicative of market activity. The third-party pricing providers and brokers use pricing models that generally incorporate such factors as coupons, primary and secondary mortgage rates, rate reset period, issuer, prepayment speeds, credit enhancements and expected life of the security. In determining the fair value of its non-Agency RMBS, management judgment may be used to arrive at fair value that considers prices obtained from third-party pricing providers, broker quotes received and other applicable market data. If observable market prices are not available or insufficient to determine fair value due principally to illiquidity in the marketplace, then fair value is based upon internally developed models that are primarily based on observable market-based inputs but also include unobservable market data inputs (including prepayment speeds, delinquency levels, and credit losses). The Company classified 100% of its RMBS AFS securities reported at fair value as Level 2 at September 30, 2016 . AFS securities account for 74.1% of all assets reported at fair value at September 30, 2016 . Residential mortgage loans held-for-sale . The Company holds residential mortgage loans held-for-sale that are carried at fair value in the condensed consolidated balance sheets as a result of a fair value option election. The Company determines fair value of its residential mortgage loans based on prices obtained from third-party pricing providers and other applicable market data. If observable market prices are not available or insufficient to determine fair value due principally to illiquidity in the marketplace, then fair value is based upon cash flow models that are primarily based on observable market-based inputs but also include unobservable market data inputs (including prepayment speeds, delinquency levels and credit losses). The Company classified 90.7% and 9.3% of its residential mortgage loans held-for-sale as Level 2 and Level 3 fair value assets, respectively, at September 30, 2016 . Residential mortgage loans held-for-investment in securitization trusts . The Company recognizes on its condensed consolidated balance sheets residential mortgage loans held-for-investment in securitization trusts that are carried at fair value as a result of a fair value option election. An entity is allowed to measure both the financial assets and financial liabilities of a qualifying CFE it consolidates using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. As the Company’s securitization trusts are considered qualifying CFEs, the Company determines the fair value of these residential mortgage loans based on the fair value of its collateralized borrowings in securitization trusts and its retained interests from the Company’s on-balance sheet securitizations (eliminated in consolidation in accordance with U.S. GAAP), as the fair value of these instruments is more observable. The Company classified 100% of its residential mortgage loans held-for-investment in securitization trusts as Level 2 fair value assets at September 30, 2016 . Mortgage servicing rights . The Company holds a portfolio of MSR that are carried at fair value on the condensed consolidated balance sheets. The Company determines fair value of its MSR based on prices obtained from third-party pricing providers. Although MSR transactions are observable in the marketplace, the valuation is based upon cash flow models that include unobservable market data inputs (including prepayment speeds, delinquency levels and discount rates). As a result, the Company classified 100% of its MSR as Level 3 fair value assets at September 30, 2016 . Derivative instruments . The Company may enter into a variety of derivative financial instruments as part of its hedging strategies. The Company principally executes over-the-counter, or OTC, derivative contracts, such as interest rate swaps, swaptions, put and call options for TBAs and U.S. Treasuries, credit default swaps, constant maturity swaps and Markit IOS total return swaps. The Company utilizes third-party pricing providers to value its financial derivative instruments. The Company classified 100% of the interest rate swaps, swaptions, put and call options for TBAs and U.S. Treasuries, credit default swaps, constant maturity swaps and total returns swaps reported at fair value as Level 2 at September 30, 2016 . The Company may also enter into certain other derivative financial instruments, such as TBAs, short U.S. Treasuries and inverse interest-only securities. These instruments are similar in form to the Company’s AFS securities and the Company utilizes a pricing service to value TBAs and broker quotes to value short U.S. Treasuries and inverse interest-only securities. The Company classified 100% of its inverse interest-only securities at fair value as Level 2 at September 30, 2016 . The Company reported 100% of its TBAs as Level 1 as of September 30, 2016 . The Company did not hold any short U.S. Treasuries at September 30, 2016 . The Company may also enter into forward purchase commitments on residential mortgage loans whereby the Company commits to purchasing the loans at a particular interest rate. The fair value of these derivatives is determined based on prices currently offered in the marketplace for new commitments. Fallout assumptions if the borrower elects not to close the loan are applied to the pricing. As of September 30, 2016 , the Company had outstanding commitments to purchase $61.4 million of mortgage loans, subject to fallout if the loans do not close, with a fair value asset of $310,294 and a fair value liability of $40,111 . The Company classified 100% of the forward purchase commitments reported at fair value as Level 2 at September 30, 2016 . The Company’s risk management committee governs trading activity relating to derivative instruments. The Company’s policy is to minimize credit exposure related to financial derivatives used for hedging by limiting the hedge counterparties to major banks, financial institutions, exchanges, and private investors who meet established capital and credit guidelines as well as by limiting the amount of exposure to any individual counterparty. The Company has netting arrangements in place with all derivative counterparties pursuant to standard documentation developed by ISDA, or central clearing exchange agreements, in the case of centrally cleared interest rate swaps. Additionally, both the Company and the counterparty or clearing agency are required to post cash collateral based upon the net underlying market value of the Company’s open positions with the counterparty. Posting of cash collateral typically occurs daily, subject to certain dollar thresholds. Due to the existence of netting arrangements, as well as frequent cash collateral posting at low posting thresholds, credit exposure to the Company and/or to the counterparty or clearing agency is considered materially mitigated. Based on the Company’s assessment, there is no requirement for any additional adjustment to derivative valuations specifically for credit. Collateralized borrowings in securitization trusts . The Company recognizes on its condensed consolidated balance sheets collateralized borrowings that are carried at fair value as a result of a fair value option election. In determining the fair value of its collateralized borrowings, management judgment may be used to arrive at fair value that considers prices obtained from third-party pricing providers, broker quotes received and other applicable market data. If observable market prices are not available or insufficient to determine fair value due principally to illiquidity in the marketplace, then fair value is based upon internally developed models that are primarily based on observable market-based inputs but also include unobservable market data inputs (including prepayment speeds, delinquency levels, and credit losses). The Company classified 100% of its collateralized borrowings in securitization trusts as Level 2 fair value liabilities at September 30, 2016 . The following tables display the Company’s assets and liabilities measured at fair value on a recurring basis. The Company often economically hedges the fair value change of its assets or liabilities with derivatives and other financial instruments. The tables below display the hedges separately from the hedged items, and therefore do not directly display the impact of the Company’s risk management activities. Recurring Fair Value Measurements At September 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets Available-for-sale securities $ — $ 14,284,625 $ — $ 14,284,625 Residential mortgage loans held-for-sale — 655,751 67,423 723,174 Residential mortgage loans held-for-investment in securitization trusts — 3,620,037 — 3,620,037 Mortgage servicing rights — — 455,629 455,629 Derivative assets 17,527 181,486 — 199,013 Total assets $ 17,527 $ 18,741,899 $ 523,052 $ 19,282,478 Liabilities Collateralized borrowings in securitization trusts $ — $ 3,375,906 $ — $ 3,375,906 Derivative liabilities 4,340 35,578 — 39,918 Total liabilities $ 4,340 $ 3,411,484 $ — $ 3,415,824 Recurring Fair Value Measurements At December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets Available-for-sale securities $ — $ 7,825,320 $ — $ 7,825,320 Residential mortgage loans held-for-sale — 764,319 47,112 811,431 Residential mortgage loans held-for-investment in securitization trusts — 3,173,727 — 3,173,727 Mortgage servicing rights — — 493,688 493,688 Derivative assets 1,074 270,435 — 271,509 Total assets $ 1,074 $ 12,033,801 $ 540,800 $ 12,575,675 Liabilities Collateralized borrowings in securitization trusts $ — $ 2,000,110 $ — $ 2,000,110 Derivative liabilities 1,324 5,961 — 7,285 Total liabilities $ 1,324 $ 2,006,071 $ — $ 2,007,395 The Company may be required to measure certain assets or liabilities at fair value from time to time. These periodic fair value measures typically result from application of certain impairment measures under U.S. GAAP. These items would constitute nonrecurring fair value measures under ASC 820. As of September 30, 2016 , the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis in the periods presented. The valuation of Level 3 instruments requires significant judgment by the third-party pricing providers and/or management. The third-party pricing providers and/or management rely on inputs such as market price quotations from market makers (either market or indicative levels), original transaction price, recent transactions in the same or similar instruments, and changes in financial ratios or cash flows to determine fair value. Level 3 instruments may also be discounted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the third-party pricing provider in the absence of market information. Assumptions used by the third-party pricing provider due to lack of observable inputs may significantly impact the resulting fair value and therefore the Company’s condensed consolidated financial statements. The Company’s valuation committee reviews all valuations that are based on pricing information received from a third-party pricing provider. As part of this review, prices are compared against other pricing or input data points in the marketplace, along with internal valuation expertise, to ensure the pricing is reasonable. In addition, the Company performs back-testing of pricing information to validate price information and identify any pricing trends of a third-party price provider. In determining fair value, third-party pricing providers use various valuation approaches, including market and income approaches. Inputs that are used in determining fair value of an instrument may include pricing information, credit data, volatility statistics, and other factors. In addition, inputs can be either observable or unobservable. The availability of observable inputs can vary by instrument and is affected by a wide variety of factors, including the type of instrument, whether the instrument is new and not yet established in the marketplace and other characteristics particular to the instrument. The third-party pricing provider uses prices and inputs that are current as of the measurement date, including during periods of market dislocations. In periods of market dislocation, the availability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified to or from various levels within the fair value hierarchy. Securities for which market quotations are readily available are valued at the bid price (in the case of long positions) or the ask price (in the case of short positions) at the close of trading on the date as of which value is determined. Exchange-traded securities for which no bid or ask price is available are valued at the last traded price. OTC derivative contracts, including interest rate swaps and swaption agreements, put and call options for TBAs and U.S. Treasuries, constant maturity swaps, credit default swaps and Markit IOS total return swaps, are valued by the Company using observable inputs, specifically quotations received from third-party pricing providers, and are therefore classified within Level 2. The following table presents the reconciliation for all of the Company’s Level 3 assets measured at fair value on a recurring basis: Level 3 Recurring Fair Value Measurements Three Months Ended Nine Months Ended September 30, 2016 September 30, 2016 (in thousands) Residential Mortgage Loans Held-For-Sale Mortgage Servicing Rights Residential Mortgage Loans Held-For-Sale Mortgage Servicing Rights Beginning of period level 3 fair value $ 66,369 $ 427,813 $ 47,112 $ 493,688 Gains (losses) included in net income (loss): Realized gains (losses) (725 ) (37,297 ) 3,615 (71,839 ) Unrealized gains (losses) (309 ) (1) 3,846 (3) (313 ) (1) (139,587 ) (3) Total gains (losses) included in net income (loss) (1,034 ) (33,451 ) 3,302 (211,426 ) Other comprehensive income (loss) — — — — Purchases 56,121 98,466 181,679 205,199 Sales (26,954 ) (41,844 ) (82,204 ) (41,844 ) Settlements (27,079 ) 4,645 (82,466 ) 10,012 Gross transfers into level 3 — — — — Gross transfers out of level 3 — — — — End of period level 3 fair value $ 67,423 $ 455,629 $ 67,423 $ 455,629 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ 68 (2) $ (7,254 ) (4) $ 180 (2) $ (150,687 ) (4) ___________________ (1) The change in unrealized gains or losses on residential mortgage loans held-for-sale was recorded in (loss) gain on residential mortgage loans held-for-sale on the condensed consolidated statements of comprehensive income (loss) . (2) The change in unrealized gains or losses on residential mortgage loans held-for-sale that were held at the end of the reporting period was recorded in (loss) gain on residential mortgage loans held-for-sale on the condensed consolidated statements of comprehensive income (loss) . (3) The change in unrealized gains or losses on MSR was recorded in loss on servicing asset on the condensed consolidated statements of comprehensive income (loss) . (4) The change in unrealized gains or losses on MSR that were held at the end of the reporting period was recorded in loss on servicing asset on the condensed consolidated statements of comprehensive income (loss) . The Company did not incur transfers between Level 1, Level 2 or Level 3 during the nine months ended September 30, 2016 . Transfers between Levels are deemed to take place on the first day of the reporting period in which the transfer has taken place. The Company used a third-party pricing provider in the fair value measurement of its Level 3 residential mortgage loans held-for-sale. The significant unobservable inputs used by the third-party pricing provider included expected default, severity and discount rate. Significant increases (decreases) in any of the inputs in isolation may result in significantly lower (higher) fair value measurement. The Company also used a third-party pricing provider in the fair value measurement of its Level 3 MSR. The table below presents information about the significant unobservable inputs used by the third-party pricing provider in the fair value measurement of the Company’s MSR classified as Level 3 fair value assets at September 30, 2016 : As of September 30, 2016 Valuation Technique Unobservable Input (1) Range Weighted Average Discounted cash flow Constant prepayment speed 13.6 - 18.5 % 15.8% Delinquency 2.0 - 2.2 % 2.1% Discount rate 8.2 - 9.8 % 9.0% ___________________ (1) Significant increases (decreases) in any of the inputs in isolation may result in significantly lower (higher) fair value measurement. A change in the assumption used for discount rates may be accompanied by a directionally similar change in the assumption used for the probability of delinquency and a directionally opposite change in the assumption used for prepayment rates. Fair Value Option for Financial Assets and Financial Liabilities On July 1, 2015, the Company elected the fair value option for Agency interest-only securities and GSE credit risk transfer securities acquired on or after such date. The fair value option was elected to simplify the reporting of changes in fair value. Agency interest-only securities and GSE credit risk transfer securities are carried within AFS securities on the condensed consolidated balance sheets. The Company’s policy is to separately record interest income, net of premium amortization or including discount accretion, on these fair value elected securities. Fair value adjustments are reported in gain on investment securities on the condensed consolidated statements of comprehensive income (loss) . The Company elected the fair value option for the residential mortgage loans it has acquired. The fair value option was elected to mitigate earnings volatility by better matching the accounting for the assets with the related hedges. The mortgage loans are carried within residential mortgage loans held-for-sale on the condensed consolidated balance sheets. The Company’s policy is to separately record interest income on these fair value elected loans. Upfront fees and costs related to the fair value elected loans are not deferred or capitalized. Fair value adjustments are reported in (loss) gain on residential mortgage loans held-for-sale on the condensed consolidated statements of comprehensive income (loss) . The fair value option is irrevocable once the loan is acquired. The Company also elected the fair value option for both the residential mortgage loans held-for-investment in securitization trusts and the collateralized borrowings in securitization trusts carried on the condensed consolidated balance sheets. The fair value option was elected to better reflect the economics of the Company’s retained interests. The Company’s policy is to separately record interest income on the fair value elected loans and interest expense on the fair value elected borrowings. Upfront fees and costs are not deferred or capitalized. Fair value adjustments are reported in other income (loss) on the condensed consolidated statements of comprehensive income (loss) . The following tables summarize the fair value option elections and information regarding the line items and amounts recognized in the condensed consolidated statements of comprehensive income (loss) for each fair value option-elected item. Three Months Ended September 30, 2016 (in thousands) Interest income (expense) Gain on investment securities (Loss) gain on residential mortgage loans held-for-sale Other income (loss) Total included in net income (loss) Change in fair value due to credit risk Assets Available-for-sale securities $ (249 ) $ 12 $ — $ — $ (237 ) N/A Residential mortgage loans held-for-sale 7,627 (1) — (419 ) — 7,208 $ 145 (2) Residential mortgage loans held-for-investment in securitization trusts 33,495 (1) — — 24,628 58,123 — (3) Liabilities Collateralized borrowings in securitization trusts (26,422 ) — — (20,360 ) (46,782 ) — (3) Total $ 14,451 $ 12 $ (419 ) $ 4,268 $ 18,312 $ 145 Three Months Ended September 30, 2015 (in thousands) Interest income (expense) Gain on investment securities (Loss) gain on residential mortgage loans held-for-sale Other income (loss) Total included in net income (loss) Change in fair value due to credit risk Assets Available-for-sale securities $ 89 $ (47 ) $ — $ — $ 42 N/A Residential mortgage loans held-for-sale 9,479 (1) — 12,814 — 22,293 $ 721 (2) Residential mortgage loans held-for-investment in securitization trusts 24,841 (1) — — 16,006 40,847 — (3) Liabilities Collateralized borrowings in securitization trusts (15,562 ) — — (14,922 ) (30,484 ) — (3) Total $ 18,847 $ (47 ) $ 12,814 $ 1,084 $ 32,698 $ 721 Nine Months Ended September 30, 2016 (in thousands) Interest income (expense) Gain on investment securities (Loss) gain on residential mortgage loans held-for-sale Other income (loss) Total included in net income (loss) Change in fair value due to credit risk Assets Available-for-sale securities $ (132 ) $ (1,262 ) $ — $ — $ (1,394 ) N/A Residential mortgage loans held-for-sale 19,789 (1) — 17,028 — 36,817 $ 209 (2) Residential mortgage loans held-for-investment in securitization trusts 100,765 (1) — — 63,737 164,502 — (3) Liabilities Collateralized borrowings in securitization trusts (70,965 ) — — (68,910 ) (139,875 ) — (3) Total $ 49,457 $ (1,262 ) $ 17,028 $ (5,173 ) $ 60,050 $ 209 Nine Months Ended September 30, 2015 (in thousands) Interest income (expense) Gain on investment securities (Loss) gain on residential mortgage loans held-for-sale Other income (loss) Total included in net income (loss) Change in fair value due to credit risk Assets Available-for-sale securities $ 89 $ (47 ) $ — $ — $ 42 N/A Residential mortgage loans held-for-sale 21,268 (1) — 18,861 — 40,129 $ 751 (2) Residential mortgage loans held-for-investment in securitization trusts 64,908 (1) — — (33,088 ) 31,820 — (3) Liabilities Collateralized borrowings in securitization trusts (39,401 ) — — 13,647 (25,754 ) — (3) Total $ 46,864 $ (47 ) $ 18,861 $ (19,441 ) $ 46,237 $ 751 ____________________ (1) Interest income on residential mortgage loans held-for-sale and residential mortgage loans held-for-investment in securitization trusts is measured by multiplying the unpaid principal balance on the loans by the coupon rate and the number of days of interest due. (2) The change in fair value due to credit risk on residential mortgage loans held-for-sale was quantified by holding yield constant in the cash flow model in order to isolate credit risk component. (3) The change in fair value on residential mortgage loans held-for-investment in securitization trusts and collateralized borrowings in securitization trusts was due entirely to changes in market interest rates. The table below provides the fair value and the unpaid principal balance for the Company’s fair value option-elected loans and collateralized borrowings. September 30, 2016 December 31, 2015 (in thousands) Unpaid Principal Balance Fair Value (1) Unpaid Principal Balance Fair Value (1) Residential mortgage loans held-for-sale Total loans $ 720,609 $ 723,174 $ 812,661 $ 811,431 Nonaccrual loans $ 51,156 $ 45,843 $ 30,438 $ 25,771 Loans 90+ days past due $ 45,759 $ 40,936 $ 26,702 $ 22,470 Residential mortgage loans held-for-investment in securitization trusts Total loans $ 3,499,285 $ 3,620,037 $ 3,143,515 $ 3,173,727 Nonaccrual loans $ 860 $ 887 $ 860 $ 868 Loans 90+ days past due $ 860 $ 887 $ 860 $ 868 Collateralized borrowings in securitization trusts Total borrowings $ 3,277,103 $ 3,375,906 $ 1,987,628 $ 2,000,110 ____________________ (1) Excludes accrued interest receivable. Fair Value of Financial Instruments In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the condensed consolidated balance sheets, for which fair value can be estimated. The following describes the Company’s methods for estimating the fair value for financial instruments. Descriptions are not provided for those items that have zero balances as of the current balance sheet date. • AFS securities, residential mortgage loans held-for-sale, residential mortgage loans held-for-investment in securitization trusts, MSR, derivative assets and liabilities, and collateralized borrowings in securitization trusts are recurring fair value measurements; carrying value equals fair value. See discussion of valuation methods and assumptions within the Fair Value Measurements section of this Note 14 . • Commercial real estate assets are carried at cost, net of any unamortized acquisition premiums or discounts, loan fees and origination costs as applicable, unless deemed impaired. The Company estimates the fair value of its commercial real estate assets by assessing any changes in market interest rates, shifts in credit profiles and actual operating results for mezzanine commercial real estate loans and commercial real estate first mortgages, taking into consideration such factors as underlying property type, property competitive position within its market, market and submarket fundamentals, tenant mix, nature of business plan, sponsorship, extent of leverage and other loan terms. The Company categorizes the fair value measurement of these assets as Level 3. • Cash and cash equivalents and restricted cash have a carrying value which approximates fair value because of the short maturities of these instruments. The Company categorizes the fair value measurement of these assets as Level 1. • As a condition to membership in the FHLB, the Company is required to purchase and hold a certain amount of FHLB stock, which is considered a non-marketable, long-term investment, and is carried at cost. Because this stock can only be redeemed or sold at its par value, and only to the FHLB, carrying value, or cost, approximates fair value. The Company categorizes the fair value measurement of these assets as Level 3. • Equity investments include cost method investments for which fair value is not estimated. Carrying value, or cost, approximates fair value. The Company categorizes the fair value measurement of these assets as Level 3. • The carrying value of repurchase agreements, FHLB advances and revolving credit facilities that mature in less than one year generally approximates fair value due to the short maturities. As of September 30, 2016 , the Company held $222.6 million of repurchase agreements and $3.3 billion of FHLB advances that are considered long-term. The Company’s long-term repurchase agreements and FHLB advances have floating rates based on an index plus a spread and, for members of the FHLB, the credit spread is typically consistent with those demanded in the market. Accordingly, the interest rates on these borrowings are at market and thus carrying value approximates fair value. The Company categorizes the fair value measurement of these liabilities as Level 2. The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at September 30, 2016 and December 31, 2015 . September 30, 2016 December 31, 2015 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Available-for-sale securities $ 14,284,625 $ 14,284,625 $ 7,825,320 $ 7,825,320 Residential mortgage loans held-for-sale $ 723,174 $ 723,174 $ 811,431 $ 811,431 Residential mortgage loans held-for-investment in securitization trusts $ 3,620,037 $ 3,620,037 $ 3,173,727 $ 3,173,727 Commercial real estate assets $ 1,114,548 $ 1,113,756 $ 660,953 $ 660,953 Mortgage servicing rights $ 455,629 $ 455,629 $ 493,688 $ 493,688 Cash and cash equivalents $ 688,418 $ 688,418 $ 737,831 $ 737,831 Restricted cash $ 264,872 $ 264,872 $ 262,562 $ 262,562 Derivative assets $ 199,013 $ 199,013 $ 271,509 $ 271,509 Federal Home Loan Bank stock $ 167,856 $ 167,856 $ 156,650 $ 156,650 Equity investments $ 3,000 $ 3,000 $ 3,000 $ 3,000 Liabilities Repurchase agreements $ 10,637,373 $ 10,637,373 $ 5,008,274 $ 5,008,274 Collateralized borrowings in securitization trusts $ 3,375,906 $ 3,375,906 $ 2,000,110 $ 2,000,110 Federal Home Loan Bank advances $ 4,000,000 $ 4,000,000 $ 3,785,000 $ 3,785,000 Revolving credit facilities $ 30,000 $ 30,000 $ — $ — Derivative liabilities $ 39,918 $ 39,918 $ 7,285 $ 7,285

Repurchase Agreements (Notes)

Repurchase Agreements (Notes)	9 Months Ended
	Sep. 30, 2016
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements	Repurchase Agreements As of September 30, 2016 and December 31, 2015 , the Company had outstanding $10.6 billion and $5.0 billion , respectively, of repurchase agreements. Excluding the effect of the Company’s interest rate swaps, the repurchase agreements had a weighted average borrowing rate of 1.06% and 1.10% and weighted average remaining maturities of 69 and 35 days as of September 30, 2016 and December 31, 2015 , respectively. At September 30, 2016 and December 31, 2015 , the repurchase agreement balances were as follows: (in thousands) September 30, December 31, Short-term $ 10,414,745 $ 5,008,274 Long-term 222,628 — Total $ 10,637,373 $ 5,008,274 At September 30, 2016 and December 31, 2015 , the repurchase agreements had the following characteristics and remaining maturities: September 30, 2016 Collateral Type (in thousands) Agency RMBS Non-Agency RMBS (1) Agency Derivatives Residential Mortgage Loans Held-for-Sale Commercial Real Estate Assets Total Amount Outstanding Within 30 days $ 3,341,276 $ 588,934 $ 15,385 $ — $ 21,933 $ 3,967,528 30 to 59 days 2,595,970 207,856 65,018 — 27,820 2,896,664 60 to 89 days 1,185,026 — — — — 1,185,026 90 to 119 days 622,725 373,474 16,373 — — 1,012,572 120 to 364 days 1,116,541 218,431 17,983 — — 1,352,955 One year and over — — — — 222,628 222,628 Total $ 8,861,538 $ 1,388,695 $ 114,759 $ — $ 272,381 $ 10,637,373 Weighted average borrowing rate 0.79 % 2.41 % 1.60 % — % 2.93 % 1.06 % December 31, 2015 Collateral Type (in thousands) Agency RMBS Non-Agency RMBS (1) Agency Derivatives Residential Mortgage Loans Held-for-Sale Commercial Real Estate Assets Total Amount Outstanding Within 30 days $ 1,719,292 $ 852,436 $ 58,286 $ — $ 59,349 $ 2,689,363 30 to 59 days 1,407,353 271,819 60,065 — — 1,739,237 60 to 89 days 143,051 15,691 2,707 — — 161,449 90 to 119 days 68,014 106,007 1,465 — — 175,486 120 to 364 days — 234,229 — 8,510 — 242,739 Total $ 3,337,710 $ 1,480,182 $ 122,523 $ 8,510 $ 59,349 $ 5,008,274 Weighted average borrowing rate 0.65 % 2.03 % 1.18 % 2.87 % 2.62 % 1.10 % ____________________ (1) Includes repurchase agreements collateralized by retained interests from the Company’s on-balance sheet securitizations, which are eliminated in consolidation in accordance with U.S. GAAP. The following table summarizes assets at carrying values that are pledged or restricted as collateral for the future payment obligations of repurchase agreements: (in thousands) September 30, December 31, Available-for-sale securities, at fair value $ 11,115,563 $ 5,354,104 Residential mortgage loans held-for-sale, at fair value — 9,543 Commercial real estate assets 399,594 108,958 Net economic interests in consolidated securitization trusts (1) 218,971 274,949 Cash and cash equivalents 12,094 15,000 Restricted cash 95,223 119,310 Due from counterparties 29,477 10,211 Derivative assets, at fair value 140,868 157,879 Total $ 12,011,790 $ 6,049,954 ____________________ (1) Includes the retained interests from the Company’s on-balance sheet securitizations, which are eliminated in consolidation in accordance with U.S. GAAP. Although the transactions under repurchase agreements represent committed borrowings until maturity, 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 following table summarizes certain characteristics of the Company’s repurchase agreements and counterparty concentration at September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 (dollars in thousands) Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Days to Maturity Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Days to Maturity Royal Bank of Canada $ 1,202,327 $ 260,862 7 % 76.4 $ 799,527 $ 217,677 6 % 31.5 All other counterparties (2) 9,435,046 1,115,813 32 % 68.1 4,208,747 818,108 23 % 36.2 Total $ 10,637,373 $ 1,376,675 $ 5,008,274 $ 1,035,785 ____________________ (1) Represents the net carrying value of the securities, residential mortgage loans held-for-sale and commercial real estate assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. However, at both September 30, 2016 and December 31, 2015 , the Company did not have any such payables. (2) Represents amounts outstanding with 21 and 20 counterparties at September 30, 2016 and December 31, 2015 , respectively. The Company does not anticipate any defaults by its repurchase agreement counterparties. There can be no assurance, however, that any such default or defaults will not occur.

Collateralized Borrowings in Se

Collateralized Borrowings in Securitization Trusts, at Fair Value (Notes)	9 Months Ended
	Sep. 30, 2016
Collateralized Borrowings in Securitization Trusts [Abstract]
Debt Disclosure [Text Block]	Collateralized Borrowings in Securitization Trusts, at Fair Value The Company purchases subordinated debt and excess servicing rights from securitization trusts sponsored by either third parties or the Company’s subsidiaries. The debt associated with the underlying residential mortgage loans held by the trusts, which are consolidated on the Company’s condensed consolidated balance sheets, is classified as collateralized borrowings in securitization trusts and carried at fair value as a result of a fair value option election. See Note 3 - Variable Interest Entities for additional information regarding consolidation of the securitization trusts. As of September 30, 2016 and December 31, 2015 , collateralized borrowings in securitization trusts had a carrying value of $3.4 billion and $2.0 billion with a weighted average interest rate of 3.4% and 3.6% , respectively. The stated maturity dates for all collateralized borrowings were more than five years from both September 30, 2016 and December 31, 2015 .

Federal Home Loan Bank Advances

Federal Home Loan Bank Advances (Notes)	9 Months Ended
	Sep. 30, 2016
Advances from Federal Home Loan Banks [Abstract]
Federal Home Loan Bank Advances, Disclosure [Text Block]	Federal Home Loan Bank of Des Moines Advances The Company’s wholly owned subsidiary, TH Insurance Holdings Company LLC, or TH Insurance, is a member of the FHLB. As a member of the FHLB, TH Insurance has access to a variety of products and services offered by the FHLB, including secured advances. As of September 30, 2016 and December 31, 2015 , TH Insurance had $4.0 billion and $3.8 billion in outstanding secured advances with a weighted average borrowing rate of 0.67% and 0.58% , respectively, and had no additional uncommitted capacity to borrow as of September 30, 2016 . As of December 31, 2015 , TH Insurance had an additional $215.0 million of available uncommitted capacity for borrowings. To the extent TH Insurance has uncommitted capacity, it may be adjusted at the sole discretion of the FHLB. The ability to borrow from the FHLB is subject to the Company’s continued creditworthiness, pledging of sufficient eligible collateral to secure advances, and compliance with certain agreements with the FHLB. Each advance requires approval by the FHLB and is secured by collateral in accordance with the FHLB’s credit and collateral guidelines, as may be revised from time to time by the FHLB. Eligible collateral may include conventional 1-4 family residential mortgage loans, commercial real estate loans, Agency RMBS and certain non-Agency RMBS with a rating of A and above. On January 11, 2016, the Federal Housing Finance Agency, or FHFA, released a final rule regarding membership in the Federal Home Loan Bank system. Among other effects, the final rule excludes captive insurers from membership eligibility, including the Company’s subsidiary member, TH Insurance. Since TH Insurance was admitted as a member in 2013, it is eligible for a five-year membership grace period, during which new advances or renewals that mature beyond the grace period will be prohibited; however, any existing advances that mature beyond this grace period will be permitted to remain in place subject to their terms insofar as the Company maintains good standing with the FHLB. If any new advances or renewals occur, TH Insurance’s outstanding advances will be limited to 40% of its total assets. At September 30, 2016 and December 31, 2015 , FHLB advances had the following remaining maturities: (in thousands) September 30, December 31, ≤ 1 year $ 651,238 $ — > 1 and ≤ 3 years 815,024 651,238 > 3 and ≤ 5 years — 815,024 > 5 and ≤ 10 years — — > 10 years 2,533,738 2,318,738 Total $ 4,000,000 $ 3,785,000 The following table summarizes assets at carrying values that are pledged or restricted as collateral for the future payment obligations of FHLB advances: (in thousands) September 30, December 31, Available-for-sale securities, at fair value $ 3,156,325 $ 2,412,970 Residential mortgage loans held-for-sale, at fair value 632,698 735,911 Commercial real estate assets 597,603 252,172 Net economic interests in consolidated securitization trusts (1) 4,124 863,363 Total $ 4,390,750 $ 4,264,416 ____________________ (1) Includes the retained interests from the Company’s on-balance sheet securitizations, which are eliminated in consolidation in accordance with U.S. GAAP. The FHLB retains the right to mark the underlying collateral for FHLB advances to fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral. In addition, as a condition to membership in the FHLB, the Company is required to purchase and hold a certain amount of FHLB stock, which is based, in part, upon the outstanding principal balance of advances from the FHLB. At September 30, 2016 and December 31, 2015 , the Company had stock in the FHLB totaling $167.9 million and $156.7 million , respectively, which is included in other assets on the condensed consolidated balance sheets. FHLB stock is considered a non-marketable, long-term investment, is carried at cost and is subject to recoverability testing under applicable accounting standards. This stock can only be redeemed or sold at its par value, and only to the FHLB. Accordingly, when evaluating FHLB stock for impairment, the Company considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. As of September 30, 2016 and December 31, 2015 , the Company had not recognized an impairment charge related to its FHLB stock.

Revolving Credit Facilities (No

Revolving Credit Facilities (Notes)	9 Months Ended
	Sep. 30, 2016
Revolving Credit Facilities [Abstract]
Short-term Debt [Text Block]	Revolving Credit Facilities To finance MSR, the Company enters into revolving credit facilities collateralized by the value of the MSR pledged. As of September 30, 2016 , the Company had outstanding short-term borrowings under revolving credit facilities of $30.0 million with a weighted average borrowing rate of 4.27% and remaining maturities of 336 days. The Company did not have any revolving credit facilities in place at December 31, 2015 . Although the transactions under revolving credit facilities represent committed borrowings until maturity, the respective lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets below a designated threshold would require the Company to provide additional collateral or fund margin calls. As of September 30, 2016 , MSR with a carrying value of $73.5 million was pledged as collateral for the Company’s future payment obligations under its revolving credit facilities. The Company does not anticipate any defaults by its revolving credit facility counterparties. There can be no assurance, however, that any such default or defaults will not occur.

Stockholders' Equity (Notes)

Stockholders' Equity (Notes)	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Attributable to Parent [Abstract]
Stockholders' Equity	Stockholders’ Equity Distributions to Stockholders The following table presents cash dividends declared by the Company on its common stock during the three months ended September 30, 2016 , and the four immediately preceding quarters: Declaration Date Record Date Payment Date Cash Dividend Per Share September 15, 2016 September 30, 2016 October 20, 2016 $ 0.23 June 16, 2016 June 30, 2016 July 20, 2016 $ 0.23 March 15, 2016 March 31, 2016 April 21, 2016 $ 0.23 December 16, 2015 December 30, 2015 January 20, 2016 $ 0.26 September 16, 2015 September 30, 2015 October 22, 2015 $ 0.26 Accumulated Other Comprehensive Income Accumulated other comprehensive income at September 30, 2016 and December 31, 2015 was as follows: (in thousands) September 30, December 31, Available-for-sale securities Unrealized gains $ 551,343 $ 405,177 Unrealized losses (12,900 ) (46,116 ) Accumulated other comprehensive income $ 538,443 $ 359,061 Reclassifications out of Accumulated Other Comprehensive Income The following table summarizes reclassifications out of accumulated other comprehensive income for the three and nine months ended September 30, 2016 and 2015 : Affected Line Item in the Condensed Consolidated Statements of Comprehensive Income (Loss) Amount Reclassified out of Accumulated Other Comprehensive Income (in thousands) Three Months Ended Nine Months Ended 2016 2015 2016 2015 Other-than-temporary impairments on AFS securities Total other-than-temporary impairment losses $ 1,015 $ 238 $ 1,822 $ 535 Realized gains on sales of certain AFS securities, net of tax Gain on investment securities (30,396 ) (53,447 ) (54,652 ) (228,518 ) Total $ (29,381 ) $ (53,209 ) $ (52,830 ) $ (227,983 ) Dividend Reinvestment and Direct Stock Purchase Plan The Company sponsors a dividend reinvestment and direct stock purchase plan through which stockholders may purchase additional shares of the Company’s common stock by reinvesting some or all of the cash dividends received on shares of the Company’s common stock. Stockholders may also make optional cash purchases of shares of the Company’s common stock subject to certain limitations detailed in the plan prospectus. An aggregate of 7.5 million shares of the Company’s common stock were originally reserved for issuance under the plan. As of September 30, 2016 , 327,056 shares have been issued under the plan for total proceeds of approximately $3.3 million , of which 14,621 and 43,764 shares were issued for total proceeds of $0.1 million and $0.4 million during the three and nine months ended September 30, 2016 , respectively. During the three and nine months ended September 30, 2015 , 17,904 and 54,088 shares were issued for total proceeds of $0.2 million and $0.6 million , respectively. Share Repurchase Program As of December 31, 2015 , the Company’s share repurchase program allowed the Company to repurchase up to 25,000,000 shares of its common stock. During the nine months ended September 30, 2016 , the Company’s board of directors authorized an increase of 50,000,000 shares, for up to a total of 75,000,000 shares authorized under the program. Shares may be repurchased from time to time through privately negotiated transactions or open market transactions, pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, or by any combination of such methods. The manner, price, number and timing of share repurchases are subject to a variety of factors, including market conditions and applicable SEC rules. The share repurchase program does not require the purchase of any minimum number of shares, and, subject to SEC rules, purchases may be commenced or suspended at any time without prior notice. The share repurchase program does not have an expiration date. As of September 30, 2016 , a total of 24,135,000 shares had been repurchased by the Company under the program for an aggregate cost of $200.4 million ; of these, 8,020,000 shares were repurchased for a total cost of $61.3 million during the nine months ended September 30, 2016 . No shares were repurchased during the three months ended September 30, 2016 . During the three and nine months ended September 30, 2015 , 1,391,887 shares were repurchased for a total cost of $12.5 million . At-the-Market Offering On May 25, 2012, the Company entered into an equity distribution agreement under which the Company may sell up to an aggregate of 20,000,000 shares of its common stock from time to time in any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act. On May 22, 2015, the Company entered into an amendment to the equity distribution agreement providing that any subsequent offers or sales of the Company’s common stock under the equity distribution agreement shall be made pursuant to a new prospectus supplement, which was filed on the same date. As of September 30, 2016 , 7,585,869 shares of common stock have been sold under the equity distribution agreement for total accumulated net proceeds of approximately $77.6 million ; however, no shares were sold during the three and nine months ended September 30, 2016 and 2015 .

Equity Incentive Plan (Notes)

Equity Incentive Plan (Notes)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Equity Incentive Plan On May 14, 2015, the Company’s stockholders approved the Company’s Second Restated 2009 Equity Incentive Plan, which replaced the previous Restated 2009 Equity Incentive Plan, both of which are referred to collectively as the Plan. This stockholder approval effectuated, among other changes, an increase in the number of shares of common stock available for issuance under the Plan by 10,000,000 shares, to a total of 13,000,000 shares. During the nine months ended September 30, 2016 and 2015 , the Company granted 81,739 and 55,229 shares of common stock, respectively, to its independent directors pursuant to the Plan. The estimated fair value of these awards was $8.43 and $10.41 per share on grant date, based on the closing price of the Company’s common stock on the NYSE on such date. The grants vested immediately. Additionally, during the nine months ended September 30, 2016 and 2015 , the Company granted 1,937,522 and 1,115,574 shares of restricted common stock, respectively, to key employees of PRCM Advisers pursuant to the terms of the Plan and the associated award agreements. The estimated fair value of these awards was $7.52 and $10.49 per share on grant date, based on the closing market price of the Company’s common stock on the NYSE on such date. However, as the cost of these awards is measured at fair value at each reporting date based on the price of the Company’s stock as of period end in accordance with ASC 505, Equity , or ASC 505, the fair value of these awards as of September 30, 2016 was $8.53 per share based on the closing market price of the Company’s common stock on the NYSE on such date. The shares underlying the grants vest in three equal annual installments commencing on the first anniversary of the grant date, as long as such grantee complies with the terms and conditions of his or her applicable restricted stock award agreement. During the nine months ended September 30, 2016 , in connection with the restructuring described in Note 21 - Restructuring Charges , certain agreements were forfeited and re-granted with accelerated vesting terms, in accordance with ASC 718, Compensation - Stock Compensation . The following table summarizes the activity related to restricted common stock for the nine months ended September 30, 2016 and 2015 : Nine Months Ended September 30, 2016 2015 (in thousands) Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding at Beginning of Period 2,290,609 $ 10.36 2,002,406 $ 10.32 Granted 2,019,261 7.56 1,170,803 10.48 Vested (1,209,116 ) (10.10 ) (730,832 ) (10.45 ) Forfeited (301,217 ) (8.50 ) (61,159 ) (10.17 ) Outstanding at End of Period 2,799,537 $ 8.65 2,381,218 $ 10.36 For the three and nine months ended September 30, 2016 , the Company recognized compensation costs and restructuring charges related to restricted common stock of $3.5 million and $11.2 million , respectively. For the three and nine months ended September 30, 2015 , the Company recognized compensation costs related to restricted common stock of $1.7 million and $7.4 million , respectively.

Restructuring Charges (Notes)

Restructuring Charges (Notes)	9 Months Ended
	Sep. 30, 2016
Restructuring Charges [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	Restructuring Charges On July 28, 2016, the Company announced that its board of directors had approved a plan to discontinue the Company’s mortgage loan conduit and securitization business. The wind down process is expected to be substantially completed by the end of 2016. In connection with the closure, the Company incurred the following charges, included within restructuring charges on the Company’s condensed consolidated statements of comprehensive income (loss) , for the three and nine months ended September 30, 2016 : Three Months Ended Nine Months Ended (in thousands) September 30, 2016 September 30, 2016 Termination benefits $ 652 $ 652 Contract terminations 519 519 Other associated costs 18 18 Total $ 1,189 $ 1,189 The Company expects to incur an estimated $1.6 million in additional restructuring costs, which will be expensed in the period in which they occur. The additional expenses, which are expected to be substantially incurred by the end of 2016, relate to termination benefits and contract terminations.

Income Taxes (Notes)

Income Taxes (Notes)	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Income Taxes For the three and nine months ended September 30, 2016 and 2015 , the Company qualified to be taxed as a REIT under the Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes its net taxable income to stockholders, and does not engage in prohibited transactions. The Company intends to distribute 100% of its REIT taxable income and comply with all requirements to continue to qualify as a REIT. The majority of states also recognize the Company’s REIT status. The Company’s TRSs file separate tax returns and are fully taxed as standalone U.S. C-corporations. It is assumed that the Company will retain its REIT status and will incur no REIT level taxation as it intends to comply with the REIT regulations and annual distribution requirements. During the three and nine months ended September 30, 2016 , the Company’s TRSs recognized a benefit from income taxes of $16.8 million and $26.1 million , respectively, which was primarily due to losses incurred on MSR and derivative instruments held in the Company’s TRSs. During the three and nine months ended September 30, 2015 , the Company’s TRSs recognized a benefit from income taxes of $7.7 million and $25.3 million , respectively, which was primarily due to losses incurred on MSR and derivative instruments held in the Company’s TRSs. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s condensed consolidated financial statements of a contingent tax liability for uncertain tax positions.

Earnings Per Share (Notes)

Earnings Per Share (Notes)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents a reconciliation of the earnings (loss) and shares used in calculating basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share data) 2016 2015 2016 2015 Numerator: Net income (loss) $ 117,786 $ (34,790 ) $ 11,875 $ 281,504 Denominator: Weighted average common shares outstanding 344,744,917 364,979,716 345,091,765 364,844,032 Weighted average restricted stock shares 2,882,309 2,386,257 3,126,469 2,141,699 Basic and diluted weighted average shares outstanding 347,627,226 367,365,973 348,218,234 366,985,731 Basic and Diluted Earnings (Loss) Per Share $ 0.34 $ (0.09 ) $ 0.03 $ 0.77

Related Party Transactions (Not

Related Party Transactions (Notes)	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The following summary provides disclosure of the material transactions with affiliates of the Company. In accordance with its Management Agreement with PRCM Advisers, the Company incurred $11.4 million and $35.3 million as a management fee to PRCM Advisers for the three and nine months ended September 30, 2016 , respectively, and $12.6 million and $38.0 million as a management fee to PRCM Advisers for the three and nine months ended September 30, 2015 , respectively, which represents approximately 1.5% of stockholders’ equity on an annualized basis as defined by the Management Agreement. For purposes of calculating the management fee, stockholders’ equity is adjusted to exclude any common stock repurchases as well as any unrealized gains, losses or other items that do not affect realized net income (loss) , among other adjustments, in accordance with the Management Agreement. In addition, the Company reimbursed PRCM Advisers for direct and allocated costs incurred by PRCM Advisers on behalf of the Company. These direct and allocated costs totaled approximately $6.3 million and $19.1 million for the three and nine months ended September 30, 2016 , respectively, and $5.9 million and $16.0 million for the three and nine months ended September 30, 2015 , respectively. The Company has direct relationships with the majority of its third-party vendors. The Company will continue to have certain costs allocated to it by PRCM Advisers for compensation, data services, proprietary technology and certain office lease payments, but most direct expenses with third-party vendors are paid directly by the Company. The Company recognized $3.5 million and $11.2 million of compensation expense and restructuring charges during the three and nine months ended September 30, 2016 , respectively, and $1.7 million and $7.4 million of compensation expense during the three and nine months ended September 30, 2015 , respectively, related to restricted common stock issued to employees of PRCM Advisers and the Company’s independent directors pursuant to the Plan. See Note 20 - Equity Incentive Plan for additional information.

Subsequent Events (Notes)

Subsequent Events (Notes)	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events Events subsequent to September 30, 2016 , were evaluated through the date these financial statements were issued and no additional events were identified requiring further disclosure in these condensed consolidated financial statements.

Basis of Presentation and Sig32

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Basis of Presentation and Significant Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Consolidation and Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, have been condensed or omitted according to such SEC rules and regulations. However, management believes that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at September 30, 2016 and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2016 should not be construed as indicative of the results to be expected for future periods or the full year. The condensed consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires us to make a number of significant estimates and assumptions. These estimates include estimates of fair value of certain assets and liabilities, amount and timing of credit losses, prepayment rates, the period of time during which the Company anticipates an increase in the fair values of real estate securities sufficient to recover unrealized losses in those securities, and other estimates that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates ( e.g. , valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from its estimates and the differences may be material. The condensed consolidated financial statements of the Company include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The Company’s Chief Investment Officer manages the investment portfolio as a whole and resources are allocated and financial performance is assessed on a consolidated basis. All trust entities in which the Company holds investments that are considered VIEs for financial reporting purposes were reviewed for consolidation under the applicable consolidation guidance. Whenever the Company has both the power to direct the activities of a trust that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the trust.
Debt, Policy [Policy Text Block]	Revolving Credit Facilities To finance MSR, the Company enters into revolving credit facilities collateralized by pledged MSR. Borrowings under these revolving credit facilities are generally short-term debt, which expire within one year. The Company’s revolving credit facilities generally bear interest rates of a specified margin over one-month LIBOR and are uncommitted. Borrowings under revolving credit facilities are treated as collateralized financing transactions and are carried at contractual amounts, as specified in the respective agreements.
Offsetting Assets and Liabilities, Policy [Policy Text Block]	Offsetting Assets and Liabilities Certain of the Company’s repurchase agreements are governed by underlying agreements that provide for a right of setoff in the event of default of either party to the agreement. The Company also has netting arrangements in place with all derivative counterparties pursuant to standard documentation developed by the International Swap and Derivatives Association, or ISDA, or central clearing exchange agreements, in the case of centrally cleared interest rate swaps. Additionally, the Company and the counterparty or clearing agency are required to post cash collateral based upon the net underlying market value of the Company’s open positions with the counterparty. Under U.S. GAAP, if the Company has a valid right of setoff, it may offset the related asset and liability and report the net amount. The Company presents repurchase agreements subject to master netting arrangements or similar agreements on a gross basis, and derivative assets and liabilities subject to such arrangements on a net basis, based on derivative type and counterparty, in its condensed consolidated balance sheets. Separately, the Company presents cash collateral subject to such arrangements on a net basis, based on counterparty, in its condensed consolidated balance sheets. However, the Company does not offset financial assets and liabilities with the associated cash collateral on its condensed consolidated balance sheets. The following tables present information about the Company’s assets and liabilities that are subject to master netting arrangements or similar agreements and can potentially be offset on the Company’s condensed consolidated balance sheets as of September 30, 2016 and December 31, 2015 : September 30, 2016 Gross Amounts Not Offset with Financial Assets (Liabilities) in the Condensed Consolidated Balance Sheets (1) (in thousands) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheets Financial Instruments Cash Collateral (Received) Pledged Net Amount Assets Derivative assets $ 298,389 $ (99,376 ) $ 199,013 $ (39,918 ) $ — $ 159,095 Total Assets $ 298,389 $ (99,376 ) $ 199,013 $ (39,918 ) $ — $ 159,095 Liabilities Repurchase agreements $ (10,637,373 ) $ — $ (10,637,373 ) $ 10,637,373 $ — $ — Derivative liabilities (139,294 ) 99,376 (39,918 ) 39,918 — — Total Liabilities $ (10,776,667 ) $ 99,376 $ (10,677,291 ) $ 10,677,291 $ — $ — December 31, 2015 Gross Amounts Not Offset with Financial Assets (Liabilities) in the Condensed Consolidated Balance Sheets (1) (in thousands) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheets Financial Instruments Cash Collateral (Received) Pledged Net Amount Assets Derivative assets $ 325,755 $ (54,246 ) $ 271,509 $ (7,285 ) $ — $ 264,224 Total Assets $ 325,755 $ (54,246 ) $ 271,509 $ (7,285 ) $ — $ 264,224 Liabilities Repurchase agreements $ (5,008,274 ) $ — $ (5,008,274 ) $ 5,008,274 $ — $ — Derivative liabilities (61,531 ) 54,246 (7,285 ) 7,285 — — Total Liabilities $ (5,069,805 ) $ 54,246 $ (5,015,559 ) $ 5,015,559 $ — $ — ____________________ (1) Amounts presented are limited in total to the net amount of assets or liabilities presented in the condensed consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to a master netting arrangement or similar agreement, or counterparties may have pledged excess cash collateral to the Company that exceed the corresponding financial assets. These excess amounts are excluded from the table above, although separately reported within restricted cash, due from counterparties, or due to counterparties in the Company’s condensed consolidated balance sheets.

Basis of Presentation and Sig33

Basis of Presentation and Significant Accounting Policies Offsetting Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2016
Offsetting [Abstract]
Offsetting Assets and Liabilities [Table Text Block]	The following tables present information about the Company’s assets and liabilities that are subject to master netting arrangements or similar agreements and can potentially be offset on the Company’s condensed consolidated balance sheets as of September 30, 2016 and December 31, 2015 : September 30, 2016 Gross Amounts Not Offset with Financial Assets (Liabilities) in the Condensed Consolidated Balance Sheets (1) (in thousands) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheets Financial Instruments Cash Collateral (Received) Pledged Net Amount Assets Derivative assets $ 298,389 $ (99,376 ) $ 199,013 $ (39,918 ) $ — $ 159,095 Total Assets $ 298,389 $ (99,376 ) $ 199,013 $ (39,918 ) $ — $ 159,095 Liabilities Repurchase agreements $ (10,637,373 ) $ — $ (10,637,373 ) $ 10,637,373 $ — $ — Derivative liabilities (139,294 ) 99,376 (39,918 ) 39,918 — — Total Liabilities $ (10,776,667 ) $ 99,376 $ (10,677,291 ) $ 10,677,291 $ — $ — December 31, 2015 Gross Amounts Not Offset with Financial Assets (Liabilities) in the Condensed Consolidated Balance Sheets (1) (in thousands) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheets Financial Instruments Cash Collateral (Received) Pledged Net Amount Assets Derivative assets $ 325,755 $ (54,246 ) $ 271,509 $ (7,285 ) $ — $ 264,224 Total Assets $ 325,755 $ (54,246 ) $ 271,509 $ (7,285 ) $ — $ 264,224 Liabilities Repurchase agreements $ (5,008,274 ) $ — $ (5,008,274 ) $ 5,008,274 $ — $ — Derivative liabilities (61,531 ) 54,246 (7,285 ) 7,285 — — Total Liabilities $ (5,069,805 ) $ 54,246 $ (5,015,559 ) $ 5,015,559 $ — $ — ____________________ (1) Amounts presented are limited in total to the net amount of assets or liabilities presented in the condensed consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to a master netting arrangement or similar agreement, or counterparties may have pledged excess cash collateral to the Company that exceed the corresponding financial assets. These excess amounts are excluded from the table above, although separately reported within restricted cash, due from counterparties, or due to counterparties in the Company’s condensed consolidated balance sheets.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2016
Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities [Table Text Block]	The following table presents a summary of the assets and liabilities of all consolidated trusts as reported on the condensed consolidated balance sheets as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, December 31, Residential mortgage loans held-for-investment in securitization trusts $ 3,620,037 $ 3,173,727 Commercial real estate assets 45,837 45,698 Accrued interest receivable 20,466 18,493 Total Assets $ 3,686,340 $ 3,237,918 Collateralized borrowings in securitization trusts $ 3,375,906 $ 2,000,110 Accrued interest payable 9,457 5,943 Other liabilities 12,852 11,624 Total Liabilities $ 3,398,215 $ 2,017,677

Available-for-Sale Securities35

Available-for-Sale Securities, at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2016
Available-for-sale Securities [Abstract]
Available-for-sale Securities [Table Text Block]	The following table presents the Company’s AFS investment securities by collateral type as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, December 31, Agency Federal Home Loan Mortgage Corporation $ 1,808,122 $ 1,678,814 Federal National Mortgage Association 10,393,094 3,602,348 Government National Mortgage Association 235,600 691,728 Non-Agency 1,847,809 1,852,430 Total available-for-sale securities $ 14,284,625 $ 7,825,320
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	The following tables present the amortized cost and carrying value (which approximates fair value) of AFS securities by collateral type as of September 30, 2016 and December 31, 2015 : September 30, 2016 (in thousands) Agency Non-Agency Total Face Value $ 14,254,562 $ 2,634,994 $ 16,889,556 Unamortized premium 625,519 — 625,519 Unamortized discount Designated credit reserve — (352,489 ) (352,489 ) Net, unamortized (2,620,684 ) (789,425 ) (3,410,109 ) Amortized Cost 12,259,397 1,493,080 13,752,477 Gross unrealized gains 208,319 359,748 568,067 Gross unrealized losses (30,900 ) (5,019 ) (35,919 ) Carrying Value $ 12,436,816 $ 1,847,809 $ 14,284,625 December 31, 2015 (in thousands) Agency Non-Agency Total Face Value $ 8,257,030 $ 2,655,381 $ 10,912,411 Unamortized premium 394,787 — 394,787 Unamortized discount Designated credit reserve — (409,077 ) (409,077 ) Net, unamortized (2,721,979 ) (707,021 ) (3,429,000 ) Amortized Cost 5,929,838 1,539,283 7,469,121 Gross unrealized gains 98,389 329,206 427,595 Gross unrealized losses (55,337 ) (16,059 ) (71,396 ) Carrying Value $ 5,972,890 $ 1,852,430 $ 7,825,320
Available-for-sale Securities Classified by Rate Type [Table Text Block]	The following tables present the carrying value of the Company’s AFS securities by rate type as of September 30, 2016 and December 31, 2015 : September 30, 2016 (in thousands) Agency Non-Agency Total Adjustable Rate $ 32,588 $ 1,545,843 $ 1,578,431 Fixed Rate 12,404,228 301,966 12,706,194 Total $ 12,436,816 $ 1,847,809 $ 14,284,625 December 31, 2015 (in thousands) Agency Non-Agency Total Adjustable Rate $ 108,596 $ 1,673,038 $ 1,781,634 Fixed Rate 5,864,294 179,392 6,043,686 Total $ 5,972,890 $ 1,852,430 $ 7,825,320
Available-for-sale Securities, Weighted Average Life Classifications [Table Text Block]	The following table presents the Company’s AFS securities according to their estimated weighted average life classifications as of September 30, 2016 : September 30, 2016 (in thousands) Agency Non-Agency Total ≤ 1 year $ 2,186 $ 67,171 $ 69,357 > 1 and ≤ 3 years 102,324 241,346 343,670 > 3 and ≤ 5 years 5,407,166 214,452 5,621,618 > 5 and ≤ 10 years 6,923,818 957,723 7,881,541 > 10 years 1,322 367,117 368,439 Total $ 12,436,816 $ 1,847,809 $ 14,284,625
Schedule of Available-for-sale Securities Reconciliation, Non-Agency Unamortized Net Discount and Designated Credit Reserves [Table Text Block]	The following table presents the changes for the nine months ended September 30, 2016 and 2015 , of the unamortized net discount and designated credit reserves on non-Agency AFS securities. Nine Months Ended September 30, 2016 2015 (in thousands) Designated Credit Reserve Unamortized Net Discount Total Designated Credit Reserve Unamortized Net Discount Total Beginning balance at January 1 $ (409,077 ) $ (707,021 ) $ (1,116,098 ) $ (927,605 ) $ (967,368 ) $ (1,894,973 ) Acquisitions (45,398 ) (140,318 ) (185,716 ) (274 ) (4,293 ) (4,567 ) Accretion of net discount — 50,596 50,596 — 76,861 76,861 Realized credit losses 279 — 279 13,376 — 13,376 Reclassification adjustment for other-than-temporary impairments (1,226 ) — (1,226 ) 1,742 — 1,742 Transfers from (to) 70,371 (70,371 ) — 85,767 (85,767 ) — Sales, calls, other 32,562 77,689 110,251 282,821 227,078 509,899 Ending balance at September 30 $ (352,489 ) $ (789,425 ) $ (1,141,914 ) $ (544,173 ) $ (753,489 ) $ (1,297,662 )
Schedule of Unrealized Loss on Investments [Table Text Block]	The following table presents the components comprising the carrying value of AFS securities not deemed to be other than temporarily impaired by length of time that the securities had an unrealized loss position as of September 30, 2016 and December 31, 2015 . At September 30, 2016 , the Company held 1,220 AFS securities, of which 80 were in an unrealized loss position for less than twelve consecutive months and 124 were in an unrealized loss position for more than twelve consecutive months. At December 31, 2015 , the Company held 1,181 AFS securities, of which 121 were in an unrealized loss position for less than twelve consecutive months and 182 were in an unrealized loss position for more than twelve consecutive months. Unrealized Loss Position for Less than 12 Months 12 Months or More Total (in thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses September 30, 2016 $ 2,122,527 $ (12,318 ) $ 551,086 $ (23,601 ) $ 2,673,613 $ (35,919 ) December 31, 2015 $ 1,503,939 $ (26,984 ) $ 1,141,839 $ (44,412 ) $ 2,645,778 $ (71,396 )
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]	The following table presents the changes in OTTI included in earnings for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2016 2015 2016 2015 Cumulative credit loss at beginning of period $ (6,710 ) $ (6,622 ) $ (6,499 ) $ (8,241 ) Additions: Other-than-temporary impairments not previously recognized (1,015 ) (238 ) (1,307 ) (238 ) Increases related to other-than-temporary impairments on securities with previously recognized other-than-temporary impairments — — (515 ) (297 ) Reductions: Decreases related to other-than-temporary impairments on securities paid down — — — — Decreases related to other-than-temporary impairments on securities sold — 361 596 2,277 Cumulative credit loss at end of period $ (7,725 ) $ (6,499 ) $ (7,725 ) $ (6,499 )
Schedule of Realized Gain (Loss) [Table Text Block]	The following table presents the gross realized gains and losses on sales of AFS securities for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2016 2015 2016 2015 Gross realized gains $ 31,942 $ 75,427 $ 77,836 $ 269,314 Gross realized losses (164 ) (8,955 ) (14,487 ) (9,511 ) Total realized gains on sales, net $ 31,778 $ 66,472 $ 63,349 $ 259,803

Residential Mortgage Loans He36

Residential Mortgage Loans Held-for-Sale, at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2016
Residential Mortgage Loans Held-for-Sale [Abstract]
Schedule of Residential Mortgage Loans Held-for-Sale Reconciliation [Table Text Block]	The following table presents the carrying value of the Company’s residential mortgage loans held-for-sale as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, December 31, Unpaid principal balance $ 720,609 $ 812,661 Fair value adjustment 2,565 (1,230 ) Carrying value $ 723,174 $ 811,431

Residential Mortgage Loans He37

Residential Mortgage Loans Held-for-Investment in Securitization Trusts, at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2016
Residential Mortgage Loans Held-for-Investment [Abstract]
Schedule of Residential Mortgage Loans Held-for-Investment Reconciliation [Table Text Block]	The following table presents the carrying value of the Company’s residential mortgage loans held-for-investment in securitization trusts as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, December 31, Unpaid principal balance $ 3,499,285 $ 3,143,515 Fair value adjustment 120,752 30,212 Carrying value $ 3,620,037 $ 3,173,727

Commercial Real Estate Assets (

Commercial Real Estate Assets (Tables)	9 Months Ended
	Sep. 30, 2016
Commercial Real Estate Assets [Abstract]
Schedule of Commercial Real Estate Assets Reconciliation [Table Text Block]	The following tables summarize the Company’s commercial real estate assets by asset type, property type and geographic location as of September 30, 2016 and December 31, 2015 : September 30, December 31, (in thousands) Mezzanine Loans First Mortgages Total Mezzanine Loans First Mortgages Total Unpaid principal balance $ 139,334 $ 983,463 $ 1,122,797 $ 153,913 $ 513,433 $ 667,346 Unamortized (discount) premium (42 ) (190 ) (232 ) (237 ) — (237 ) Unamortized net deferred origination fees (380 ) (7,637 ) (8,017 ) (830 ) (5,326 ) (6,156 ) Carrying value $ 138,912 $ 975,636 $ 1,114,548 $ 152,846 $ 508,107 $ 660,953 Unfunded commitments $ 1,580 $ 93,761 $ 95,341 $ 1,900 $ 50,334 $ 52,234 Number of loans 6 22 28 6 12 18 Weighted average coupon 8.4 % 4.9 % 5.3 % 8.1 % 4.5 % 5.4 % Weighted average years to maturity (1) 1.8 3.1 2.9 2.6 3.3 3.1 ____________________ (1) Based on contractual maturity date. Certain loans are subject to contractual extension options which may be subject to conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities in connection with loan modifications.
Schedule of Commercial Real Estate Assets by Property Type [Table Text Block]	(in thousands) September 30, December 31, Property Type Carrying Value % of Commercial Portfolio Carrying Value % of Commercial Portfolio Retail $ 237,007 21.3 % $ 185,883 28.1 % Hotel 85,520 7.7 % 80,843 12.2 % Industrial 104,929 9.4 % — — % Multifamily 208,265 18.7 % 139,011 21.1 % Office 478,827 42.9 % 255,216 38.6 % Total $ 1,114,548 100.0 % $ 660,953 100.0 %
Schedule of Commercial Real Estate Assets by Geographic Location [Table Text Block]	(in thousands) September 30, December 31, Geographic Location Carrying Value % of Commercial Portfolio Carrying Value % of Commercial Portfolio West $ 180,943 16.2 % $ 131,488 19.9 % Southeast 104,688 9.4 % 79,118 12.0 % Southwest 266,238 23.9 % 161,721 24.4 % Northeast 491,503 44.1 % 238,913 36.2 % Midwest 71,176 6.4 % 49,713 7.5 % Total $ 1,114,548 100.0 % $ 660,953 100.0 %
Rollforward of Commercial Real Estate Loans Held-for-Investment [Table Text Block]	The following table summarizes activity related to commercial real estate assets for the three and nine months ended September 30, 2016 and 2015 . Three Months Ended Nine Months Ended (in thousands) 2016 2015 2016 2015 Balance at beginning of period $ 926,377 $ 45,605 $ 660,953 $ — Originations and purchases 190,100 246,644 470,547 292,200 Repayments (908 ) — (15,295 ) — Net discount accretion (premium amortization) 64 49 204 98 (Increase) decrease in net deferred origination fees (2,858 ) (1,517 ) (6,867 ) (1,517 ) Amortization of net deferred origination fees 1,773 129 5,006 129 Allowance for loan losses — — — — Balance at end of period $ 1,114,548 $ 290,910 $ 1,114,548 $ 290,910
Schedule of Commercial Real Estate Loans Held-for-Investment by Internal Risk Rating [Table Text Block]	The following table presents the number of loans, unpaid principal balance and carrying value (amortized cost) by risk rating for commercial real estate assets as of September 30, 2016 and December 31, 2015 : (dollars in thousands) September 30, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 – 3 28 $ 1,122,797 $ 1,114,548 18 $ 667,346 $ 660,953 4 – 5 — — — — — — Total 28 $ 1,122,797 $ 1,114,548 18 $ 667,346 $ 660,953

Servicing Activities (Tables)

Servicing Activities (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosures Pertaining to Servicing Assets and Servicing Liabilities [Abstract]
Schedule of Servicing Assets at Fair Value [Table Text Block]	The following table summarizes activity related to MSR for the three and nine months ended September 30, 2016 and 2015 . Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2016 2015 2016 2015 Balance at beginning of period $ 427,813 $ 437,576 $ 493,688 $ 452,006 Additions from purchases of servicing rights 98,224 67,175 204,435 75,709 Additions from sales of residential mortgage loans 242 752 764 1,568 Subtractions from sales of servicing rights (60,910 ) — (60,910 ) — Changes in fair value due to: Changes in valuation inputs or assumptions used in the valuation model 3,846 (49,449 ) (139,587 ) (63,573 ) Other changes in fair value (1) (18,231 ) (12,100 ) (52,773 ) (32,744 ) Other changes (2) 4,645 3,391 10,012 14,379 Balance at end of period $ 455,629 $ 447,345 $ 455,629 $ 447,345 ____________________ (1) Other changes in fair value primarily represents changes due to the realization of expected cash flows. (2) Other changes includes purchase price adjustments, contractual prepayment protection, and changes due to the Company’s purchase of the underlying collateral.
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block]	As of September 30, 2016 and December 31, 2015 , the key economic assumptions and sensitivity of the fair value of MSR to immediate 10% and 20% adverse changes in these assumptions were as follows: (in thousands) September 30, December 31, Weighted average prepayment speed: 15.8 % 11.8 % Impact on fair value of 10% adverse change $ (25,310 ) $ (20,093 ) Impact on fair value of 20% adverse change $ (48,388 ) $ (38,656 ) Weighted average delinquency: 2.1 % 4.0 % Impact on fair value of 10% adverse change $ (1,549 ) $ (3,826 ) Impact on fair value of 20% adverse change $ (4,237 ) $ (6,640 ) Weighted average discount rate: 9.0 % 10.1 % Impact on fair value of 10% adverse change $ (11,937 ) $ (16,316 ) Impact on fair value of 20% adverse change $ (23,100 ) $ (31,522 )
Components of Servicing Revenue [Table Text Block]	The following table presents the components of servicing income recorded on the Company’s condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2016 2015 2016 2015 Servicing fee income $ 37,226 $ 31,073 $ 104,765 $ 91,896 Ancillary fee income 449 535 1,423 1,650 Float income 1,033 402 2,469 1,067 Total $ 38,708 $ 32,010 $ 108,657 $ 94,613
Schedule of Total Serviced Mortgage Assets [Table Text Block]	The following table presents the number of loans and unpaid principal balance of the mortgage assets for which the Company manages the servicing as of September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 (dollars in thousands) Number of Loans Unpaid Principal Balance Number of Loans Unpaid Principal Balance Residential mortgage loans held-for-sale 1,439 $ 720,609 1,415 $ 812,661 Residential mortgage loans held-for-investment in securitization trusts 4,938 3,499,285 4,329 3,117,219 Mortgage servicing rights 249,032 55,080,859 241,228 48,566,301 Total serviced mortgage assets 255,409 $ 59,300,753 246,972 $ 52,496,181

Restricted Cash (Tables)

Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2016
Restricted Cash [Abstract]
Schedule of Restricted Cash and Cash Equivalents [Table Text Block]	The following table presents the Company’s restricted cash balances as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, December 31, Restricted cash balances held by trading counterparties: For securities and loan trading activity $ 20,810 $ 12,550 For derivatives trading activity 148,492 130,355 As restricted collateral for repurchase agreements and Federal Home Loan Bank advances 95,223 119,310 Total restricted cash balances held by trading counterparties 264,525 262,215 Restricted cash balance pursuant to letter of credit on office lease 347 347 Total $ 264,872 $ 262,562

Accrued Interest Receivable (Ta

Accrued Interest Receivable (Tables)	9 Months Ended
	Sep. 30, 2016
Accrued Interest Receivable [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	The following table presents the Company’s accrued interest receivable by collateral type as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, December 31, Available-for-sale securities: Agency Federal Home Loan Mortgage Corporation $ 6,421 $ 6,235 Federal National Mortgage Association 28,727 12,407 Government National Mortgage Association 3,007 4,910 Non-Agency 2,481 2,339 Total available-for-sale securities 40,636 25,891 Residential mortgage loans held-for-sale 3,377 4,173 Residential mortgage loans held-for-investment in securitization trusts 20,318 18,339 Commercial real estate assets 2,758 1,567 Total $ 67,089 $ 49,970

Derivative Instruments and He42

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The following tables present the gross fair value and notional amounts of the Company’s derivative financial instruments treated as trading instruments as of September 30, 2016 and December 31, 2015 . (in thousands) September 30, 2016 Derivative Assets Derivative Liabilities Trading instruments Fair Value Notional Fair Value Notional Inverse interest-only securities $ 142,597 $ 784,823 $ — $ — Interest rate swap agreements 36,306 10,338,367 (27,048 ) 6,607,063 Credit default swaps — — (52 ) 25,000 Swaptions, net 95 600,000 (3,001 ) 330,000 TBAs 17,527 1,040,000 (4,340 ) 1,629,000 Put and call options for TBAs, net 2,178 3,950,000 (4,685 ) 519,000 Markit IOS total return swaps — — (752 ) 96,248 Forward purchase commitments 310 46,134 (40 ) 15,269 Total $ 199,013 $ 16,759,324 $ (39,918 ) $ 9,221,580 (in thousands) December 31, 2015 Derivative Assets Derivative Liabilities Trading instruments Fair Value Notional Fair Value Notional Inverse interest-only securities $ 159,582 $ 932,037 $ — $ — Interest rate swap agreements 91,757 14,268,806 — — Credit default swaps — — (703 ) 125,000 Swaptions, net 17,374 4,700,000 (4,831 ) 500,000 TBAs 1,074 847,000 (1,324 ) 550,000 Markit IOS total return swaps 1,645 889,418 — — Forward purchase commitments 77 98,736 (427 ) 187,384 Total $ 271,509 $ 21,735,997 $ (7,285 ) $ 1,362,384
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]	The following table summarizes the location and amount of gains and losses on derivative instruments reported in the condensed consolidated statements of comprehensive income (loss) : Trading Instruments Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives (in thousands) Three Months Ended Nine Months Ended 2016 2015 2016 2015 Interest rate risk management TBAs (1) Loss on other derivative instruments $ (522 ) $ (2,982 ) $ 26,369 $ (25,677 ) Short U.S. Treasuries (1) Loss on other derivative instruments — — — 125 Put and call options for TBAs (1) Loss on other derivative instruments (6,226 ) (1,358 ) (51,259 ) 6,848 Put and call options for U.S. Treasuries (1) Loss on other derivative instruments — — — (837 ) Constant maturity swaps (1) Loss on other derivative instruments — — — 6,164 Interest rate swap agreements - Receivers (1) Gain (loss) on interest rate swap and swaption agreements (18,381 ) 86,672 131,465 86,528 Interest rate swap agreements - Payers (1) Gain (loss) on interest rate swap and swaption agreements 22,973 (70,546 ) (89,043 ) (102,392 ) Swaptions (1) Gain (loss) on interest rate swap and swaption agreements (24,394 ) (66,809 ) (18,397 ) (65,563 ) Markit IOS total return swaps (1) Loss on other derivative instruments (6,550 ) (5,966 ) (41,541 ) (23,492 ) Interest rate swap agreements - Payers (2) Gain (loss) on interest rate swap and swaption agreements 25,386 (120,973 ) (156,633 ) (171,720 ) Credit risk management Credit default swaps - Receive protection (3) Loss on other derivative instruments (18 ) (75 ) 364 (199 ) Non-risk management Inverse interest-only securities Loss on other derivative instruments 1,288 9,926 22,003 34,096 Forward purchase commitments (Loss) gain on residential mortgage loans held-for-sale 107 2,834 2,455 (1,327 ) Total $ (6,337 ) $ (169,277 ) $ (174,217 ) $ (257,446 ) ____________________ (1) Includes derivative instruments held to mitigate interest rate risk associated with the Company’s investment portfolio. (2) Includes derivative instruments held to mitigate interest rate risk associated with the Company’s repurchase agreements and FHLB advances. (3) Includes derivative instruments held to mitigate credit risk associated with the Company’s non-Agency RMBS and residential mortgage loans held-for-sale.
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	The following tables present information with respect to the volume of activity in the Company’s derivative instruments during the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, 2016 (in thousands) Beginning of Period Notional Amount Additions Settlement, Termination, Expiration or Exercise End of Period Notional Amount Average Notional Amount Realized Gain (Loss), net (1) Inverse interest-only securities $ 834,866 $ — $ (50,043 ) $ 784,823 $ 813,045 $ — Interest rate swap agreements 13,697,000 4,451,430 (1,203,000 ) 16,945,430 14,497,913 (39,369 ) Credit default swaps 25,000 — — 25,000 25,000 — Swaptions, net 1,800,000 (1,537,000 ) 7,000 270,000 219,315 (55,692 ) TBAs, net (337,000 ) (5,622,000 ) 5,370,000 (589,000 ) (1,051,989 ) (18,819 ) Put and call options for TBAs, net 8,897,000 2,269,000 (6,697,000 ) 4,469,000 5,607,728 (26,955 ) Markit IOS total return swaps 588,037 99,911 (591,700 ) 96,248 113,334 (13,897 ) Forward purchase commitments 636,467 315,787 (890,851 ) 61,403 418,333 577 Total $ 26,141,370 $ (22,872 ) $ (4,055,594 ) $ 22,062,904 $ 20,642,679 $ (154,155 ) Three Months Ended September 30, 2015 (in thousands) Beginning of Period Notional Amount Additions Settlement, Termination, Expiration or Exercise End of Period Notional Amount Average Notional Amount Realized Gain (Loss), net (1) Inverse interest-only securities $ 1,049,743 $ — $ (63,842 ) $ 985,901 $ 1,020,199 $ — Interest rate swap agreements 16,225,523 5,280,000 (7,480,000 ) 14,025,523 15,371,175 (24,948 ) Credit default swaps 125,000 — — 125,000 125,000 — Swaptions, net 9,410,000 — 600,000 10,010,000 9,481,739 (36,960 ) TBAs, net (1,024,000 ) (468,000 ) 2,274,000 782,000 (343,272 ) (13,615 ) Short U.S. Treasuries — — — — — — Put and call options for TBAs, net — 1,000,000 — 1,000,000 163,043 — Put and call options for U.S. Treasuries, net — — — — — — Constant maturity swaps — — — — — — Markit IOS total return swaps 988,409 176,807 (277,252 ) 887,964 828,323 (2,368 ) Forward purchase commitments 626,660 941,480 (1,066,948 ) 501,192 576,251 (392 ) Total $ 27,401,335 $ 6,930,287 $ (6,014,042 ) $ 28,317,580 $ 27,222,458 $ (78,283 ) Nine Months Ended September 30, 2016 (in thousands) Beginning of Period Notional Amount Additions Settlement, Termination, Expiration or Exercise End of Period Notional Amount Average Notional Amount Realized Gain (Loss), net (1) Inverse interest-only securities $ 932,037 $ — $ (147,214 ) $ 784,823 $ 860,920 $ — Interest rate swap agreements 14,268,806 16,553,456 (13,876,832 ) 16,945,430 14,751,923 (33,067 ) Credit default swaps 125,000 10,000 (110,000 ) 25,000 87,883 412 Swaptions, net 5,200,000 1,063,000 (5,993,000 ) 270,000 3,192,617 (86,481 ) TBAs, net 297,000 (1,186,000 ) 300,000 (589,000 ) (239,493 ) 12,932 Put and call options for TBAs, net — 13,166,000 (8,697,000 ) 4,469,000 3,091,679 (28,303 ) Markit IOS total return swaps 889,418 99,911 (893,081 ) 96,248 598,163 (13,374 ) Forward purchase commitments 286,120 1,548,027 (1,772,744 ) 61,403 357,448 1,835 Total $ 21,998,381 $ 31,254,394 $ (31,189,871 ) $ 22,062,904 $ 22,701,140 $ (146,046 ) Nine Months Ended September 30, 2015 (in thousands) Beginning of Period Notional Amount Additions Settlement, Termination, Expiration or Exercise End of Period Notional Amount Average Notional Amount Realized Gain (Loss), net (1) Inverse interest-only securities $ 1,168,226 $ 12,563 $ (194,888 ) $ 985,901 $ 1,081,376 $ 64 Interest rate swap agreements 18,584,000 22,393,227 (26,951,704 ) 14,025,523 16,753,347 (92,816 ) Credit default swaps 125,000 — — 125,000 125,000 — Swaptions, net 12,410,000 7,050,000 (9,450,000 ) 10,010,000 10,862,930 (32,168 ) TBAs, net (1,325,000 ) (11,330,000 ) 13,437,000 782,000 (729,916 ) (38,461 ) Short U.S. Treasuries — (50,000 ) 50,000 — — 125 Put and call options for TBAs, net 2,000,000 1,250,000 (2,250,000 ) 1,000,000 (183,150 ) 7,796 Put and call options for U.S. Treasuries, net — 500,000 (500,000 ) — 916 (837 ) Constant maturity swaps 14,000,000 6,000,000 (20,000,000 ) — 3,018,315 7,694 Markit IOS total return swaps 598,459 1,601,350 (1,311,845 ) 887,964 968,223 (11,296 ) Forward purchase commitments 554,838 3,048,411 (3,102,057 ) 501,192 634,356 (766 ) Total $ 48,115,523 $ 30,475,551 $ (50,273,494 ) $ 28,317,580 $ 32,531,397 $ (160,665 ) ____________________ (1) Excludes net interest paid or received in full settlement of the net interest spread liability.
Schedule of TBA Positions [Table Text Block]	The following tables present the notional amount, cost basis, market value and carrying value (which approximates fair value) of the Company’s TBA positions as of September 30, 2016 and December 31, 2015 : As of September 30, 2016 Net Carrying Value (4) (in thousands) Notional Amount (1) Cost Basis (2) Market Value (3) Derivative Assets Derivative Liabilities Purchase contracts $ 1,040,000 $ 1,060,175 $ 1,077,702 $ 17,527 $ — Sale contracts (1,629,000 ) (1,693,953 ) (1,698,293 ) — (4,340 ) TBAs, net $ (589,000 ) $ (633,778 ) $ (620,591 ) $ 17,527 $ (4,340 ) As of December 31, 2015 Net Carrying Value (4) (in thousands) Notional Amount (1) Cost Basis (2) Market Value (3) Derivative Assets Derivative Liabilities Purchase contracts $ 847,000 $ 858,572 $ 859,646 $ 1,074 $ — Sale contracts (550,000 ) (568,813 ) (570,137 ) — (1,324 ) TBAs, net $ 297,000 $ 289,759 $ 289,509 $ 1,074 $ (1,324 ) ___________________ (1) Notional amount represents the face amount of the underlying Agency RMBS. (2) Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS. (3) Market value represents the current market value of the TBA (or of the underlying Agency RMBS) as of period-end. (4) Net carrying value represents the difference between the market value of the TBA as of period-end and its cost basis, and is reported in derivative assets / (liabilities), at fair value, in the condensed consolidated balance sheets.
Schedule of Interest Rate Swap Payers Associated with the Investment Portfolio [Table Text Block]	As of September 30, 2016 and December 31, 2015 , the Company held the following interest rate swaps in order to mitigate mortgage interest rate exposure (or duration) risk associated with the Company’s investment portfolio whereby the Company receives interest at a three-month LIBOR rate: (notional in thousands) September 30, 2016 Swaps Maturities Notional Amounts Weighted Average Fixed Pay Rate Weighted Average Receive Rate Weighted Average Maturity (Years) 2018 $ 4,669,049 1.273 % 0.853 % 1.85 2020 and Thereafter 1,341,512 2.094 % 0.812 % 4.88 Total $ 6,010,561 1.456 % 0.843 % 2.53 (notional in thousands) December 31, 2015 Swaps Maturities Notional Amounts Weighted Average Fixed Pay Rate Weighted Average Receive Rate Weighted Average Maturity (Years) 2018 $ 2,040,000 1.563 % 0.487 % 2.94 2020 and Thereafter 1,210,000 2.164 % 0.531 % 5.08 Total $ 3,250,000 1.787 % 0.503 % 3.74
Schedule of Interest Rate Swap Receivers Associated with the Investment Portfolio [Table Text Block]	Additionally, as of September 30, 2016 and December 31, 2015 , the Company held the following interest rate swaps in order to mitigate mortgage interest rate exposure (or duration) risk associated with the Company’s investment portfolio whereby the Company pays interest at a three-month LIBOR rate: (notional in thousands) September 30, 2016 Swaps Maturities Notional Amounts Weighted Average Pay Rate Weighted Average Fixed Receive Rate Weighted Average Maturity (Years) 2018 $ 1,207,294 0.729 % 1.214 % 2.07 2019 500,000 0.702 % 1.042 % 2.31 2020 and Thereafter 2,120,512 0.783 % 2.037 % 6.07 Total $ 3,827,806 0.755 % 1.647 % 4.32 (notional in thousands) December 31, 2015 Swaps Maturities Notional Amounts Weighted Average Pay Rate Weighted Average Fixed Receive Rate Weighted Average Maturity (Years) 2018 $ 575,000 0.329 % 1.440 % 2.89 2020 and Thereafter 2,589,000 0.453 % 2.301 % 7.00 Total $ 3,164,000 0.431 % 2.145 % 6.26
Schedule of Interest Rate Swaps Associated with Borrowings [Table Text Block]	As of September 30, 2016 and December 31, 2015 , the Company had the following outstanding interest rate swaps that were utilized as economic hedges of interest rate exposure (or duration) associated with the Company’s short-term repurchase agreements and FHLB advances: (notional in thousands) September 30, 2016 Swaps Maturities Notional Amount (1) Weighted Average Fixed Pay Rate (2) Weighted Average Receive Rate (2) Weighted Average Maturity (Years) (2) 2016 $ 1,000,000 0.435 % 0.857 % 0.23 2017 2,375,000 0.765 % 0.787 % 0.84 2018 1,300,000 1.002 % 0.674 % 1.85 2019 350,000 1.283 % 0.731 % 2.69 2020 and Thereafter 2,082,063 1.733 % 0.731 % 6.74 Total $ 7,107,063 0.858 % 0.765 % 1.48 (notional in thousands) December 31, 2015 Swaps Maturities Notional Amount (1) Weighted Average Fixed Pay Rate (2) Weighted Average Receive Rate (2) Weighted Average Maturity (Years) (2) 2016 $ 1,700,000 0.462 % 0.481 % 0.73 2017 2,375,000 0.765 % 0.510 % 1.59 2018 800,000 0.944 % 0.384 % 2.14 2019 350,000 1.283 % 0.340 % 3.44 2020 and Thereafter 2,629,806 1.821 % 0.371 % 8.04 Total $ 7,854,806 1.094 % 0.437 % 3.71
Schedule of Interest Rate Swaptions [Table Text Block]	As of September 30, 2016 and December 31, 2015 , the Company had the following outstanding interest rate swaptions that were utilized as macro-economic hedges: September 30, 2016 (notional and dollars 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) Purchase contracts: Payer ≥ 6 Months $ 43,015 $ 145 8.84 $ 1,800,000 3.27 % 3M Libor 5.6 Total Payer $ 43,015 $ 145 8.84 $ 1,800,000 3.27 % 3M Libor 5.6 Receiver < 6 Months $ — $ 3,061 4.93 $ 1,500,000 3M Libor 1.34 % 3.0 Total Receiver $ — $ 3,061 4.93 $ 1,500,000 3M Libor 1.34 % 3.0 Sale contracts: Payer < 6 Months $ — $ (5,882 ) 4.45 $ (2,230,000 ) 1.14 % 3M Libor 4.6 Payer ≥ 6 Months (81,248 ) (230 ) 8.99 (800,000 ) 3.44 % 3M Libor 10.0 Total Payer $ (81,248 ) $ (6,112 ) 4.49 $ (3,030,000 ) 1.74 % 3M Libor 6.0 December 31, 2015 (notional and dollars in thousands) Option Underlying Swap Swaption Expiration Cost Fair Value Average Months to Expiration Notional Amount Average Fixed Pay Rate Average Receive Rate Average Term (Years) Purchase contracts: Payer < 6 Months $ 375 $ 174 0.75 $ 2,000,000 2.23 % 3M Libor 6.3 Payer ≥ 6 Months 126,273 19,150 39.17 4,500,000 3.69 % 3M Libor 5.8 Total Payer $ 126,648 $ 19,324 38.51 $ 6,500,000 3.24 % 3M Libor 5.9 Sale contracts: Payer ≥ 6 Months $ (81,248 ) $ (6,738 ) 18.01 $ (800,000 ) 3.44 % 3M Libor 10.0 Total Payer $ (81,248 ) $ (6,738 ) 18.01 $ (800,000 ) 3.44 % 3M Libor 10.0 Receiver < 6 Months $ (100 ) $ (43 ) 0.73 $ (500,000 ) 3M Libor 1.75 % 10.0 Total Receiver $ (100 ) $ (43 ) 0.73 $ (500,000 ) 3M Libor 1.75 % 10.0
Schedule of Credit Default Swaps, Receive Protection [Table Text Block]	The following tables present credit default swaps through which the Company is receiving protection held as of September 30, 2016 and December 31, 2015 : (notional and dollars in thousands) September 30, 2016 Protection Maturity Date Average Implied Credit Spread Current Notional Amount Fair Value Upfront (Payable) Receivable Unrealized Gain (Loss) Receive December 20, 2016 496.00 $ (25,000 ) $ (52 ) $ (4,062 ) $ (4,114 ) Total 496.00 $ (25,000 ) $ (52 ) $ (4,062 ) $ (4,114 ) (notional and dollars in thousands) December 31, 2015 Protection Maturity Date Average Implied Credit Spread Current Notional Amount Fair Value Upfront (Payable) Receivable Unrealized Gain (Loss) Receive June 20, 2016 105.50 $ (100,000 ) $ (502 ) $ (260 ) $ (762 ) December 20, 2016 496.00 (25,000 ) (201 ) (4,062 ) (4,263 ) Total 183.60 $ (125,000 ) $ (703 ) $ (4,322 ) $ (5,025 )
Schedule of Inverse Interest-Only Securities Reconciliation [Table Text Block]	The following table presents the amortized cost and carrying value (which approximates fair value) of inverse interest-only securities as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, December 31, Face Value $ 784,823 $ 932,037 Unamortized premium — — Unamortized discount Designated credit reserve — — Net, unamortized (668,282 ) (792,178 ) Amortized Cost 116,541 139,859 Gross unrealized gains 25,420 19,655 Gross unrealized losses (729 ) (1,608 ) Carrying Value $ 141,232 $ 157,906
Schedule of Total Return Swaps [Table Text Block]	The Company had the following total return swap agreements in place at September 30, 2016 and December 31, 2015 : (notional and dollars in thousands) September 30, 2016 Maturity Date Current Notional Amount Fair Value Upfront Payable Unrealized Gain (Loss) January 12, 2043 $ (47,910 ) $ (363 ) $ (320 ) $ (683 ) January 12, 2044 (48,338 ) (389 ) (366 ) (755 ) Total $ (96,248 ) $ (752 ) $ (686 ) $ (1,438 ) (notional and dollars in thousands) December 31, 2015 Maturity Date Current Notional Amount Fair Value Upfront Payable Unrealized Gain (Loss) January 12, 2043 $ (369,639 ) $ 456 $ (866 ) $ (410 ) January 12, 2044 (325,003 ) 350 (1,679 ) (1,329 ) January 12, 2045 (194,776 ) 839 1,162 2,001 Total $ (889,418 ) $ 1,645 $ (1,383 ) $ 262

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2016
Other Assets [Abstract]
Schedule of Other Assets [Table Text Block]	Other assets as of September 30, 2016 and December 31, 2015 are summarized in the following table: (in thousands) September 30, December 31, Property and equipment at cost $ 6,469 $ 5,997 Accumulated depreciation (1) (4,264 ) (3,303 ) Net property and equipment 2,205 2,694 Prepaid expenses 1,142 1,572 Income taxes receivable 1,619 5,286 Deferred tax assets, net 75,075 44,318 Servicing advances 46,464 37,499 Federal Home Loan Bank stock 167,856 156,650 Equity investments 3,000 3,000 Other receivables 29,035 20,556 Total other assets $ 326,396 $ 271,575 ____________________ (1) Depreciation expense for the three and nine months ended September 30, 2016 was $0.3 million and $1.0 million , respectively.

Other Liabilities (Tables)

Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2016
Other Liabilities [Abstract]
Other Liabilities [Table Text Block]	Other liabilities as of September 30, 2016 and December 31, 2015 are summarized in the following table: (in thousands) September 30, December 31, Accrued expenses $ 27,063 $ 37,052 Accrued interest payable 29,807 18,723 Income taxes payable — 70 Other 23,453 16,387 Total other liabilities $ 80,323 $ 72,232

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value, Measurement Inputs, Disclosure [Text Block]	The following tables display the Company’s assets and liabilities measured at fair value on a recurring basis. The Company often economically hedges the fair value change of its assets or liabilities with derivatives and other financial instruments. The tables below display the hedges separately from the hedged items, and therefore do not directly display the impact of the Company’s risk management activities. Recurring Fair Value Measurements At September 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets Available-for-sale securities $ — $ 14,284,625 $ — $ 14,284,625 Residential mortgage loans held-for-sale — 655,751 67,423 723,174 Residential mortgage loans held-for-investment in securitization trusts — 3,620,037 — 3,620,037 Mortgage servicing rights — — 455,629 455,629 Derivative assets 17,527 181,486 — 199,013 Total assets $ 17,527 $ 18,741,899 $ 523,052 $ 19,282,478 Liabilities Collateralized borrowings in securitization trusts $ — $ 3,375,906 $ — $ 3,375,906 Derivative liabilities 4,340 35,578 — 39,918 Total liabilities $ 4,340 $ 3,411,484 $ — $ 3,415,824 Recurring Fair Value Measurements At December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets Available-for-sale securities $ — $ 7,825,320 $ — $ 7,825,320 Residential mortgage loans held-for-sale — 764,319 47,112 811,431 Residential mortgage loans held-for-investment in securitization trusts — 3,173,727 — 3,173,727 Mortgage servicing rights — — 493,688 493,688 Derivative assets 1,074 270,435 — 271,509 Total assets $ 1,074 $ 12,033,801 $ 540,800 $ 12,575,675 Liabilities Collateralized borrowings in securitization trusts $ — $ 2,000,110 $ — $ 2,000,110 Derivative liabilities 1,324 5,961 — 7,285 Total liabilities $ 1,324 $ 2,006,071 $ — $ 2,007,395
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The following table presents the reconciliation for all of the Company’s Level 3 assets measured at fair value on a recurring basis: Level 3 Recurring Fair Value Measurements Three Months Ended Nine Months Ended September 30, 2016 September 30, 2016 (in thousands) Residential Mortgage Loans Held-For-Sale Mortgage Servicing Rights Residential Mortgage Loans Held-For-Sale Mortgage Servicing Rights Beginning of period level 3 fair value $ 66,369 $ 427,813 $ 47,112 $ 493,688 Gains (losses) included in net income (loss): Realized gains (losses) (725 ) (37,297 ) 3,615 (71,839 ) Unrealized gains (losses) (309 ) (1) 3,846 (3) (313 ) (1) (139,587 ) (3) Total gains (losses) included in net income (loss) (1,034 ) (33,451 ) 3,302 (211,426 ) Other comprehensive income (loss) — — — — Purchases 56,121 98,466 181,679 205,199 Sales (26,954 ) (41,844 ) (82,204 ) (41,844 ) Settlements (27,079 ) 4,645 (82,466 ) 10,012 Gross transfers into level 3 — — — — Gross transfers out of level 3 — — — — End of period level 3 fair value $ 67,423 $ 455,629 $ 67,423 $ 455,629 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ 68 (2) $ (7,254 ) (4) $ 180 (2) $ (150,687 ) (4) ___________________ (1) The change in unrealized gains or losses on residential mortgage loans held-for-sale was recorded in (loss) gain on residential mortgage loans held-for-sale on the condensed consolidated statements of comprehensive income (loss) . (2) The change in unrealized gains or losses on residential mortgage loans held-for-sale that were held at the end of the reporting period was recorded in (loss) gain on residential mortgage loans held-for-sale on the condensed consolidated statements of comprehensive income (loss) . (3) The change in unrealized gains or losses on MSR was recorded in loss on servicing asset on the condensed consolidated statements of comprehensive income (loss) . (4) The change in unrealized gains or losses on MSR that were held at the end of the reporting period was recorded in loss on servicing asset on the condensed consolidated statements of comprehensive income (loss) . The Company did not incur transfers between Level 1, Level 2 or Level 3 during the nine months ended September 30, 2016 . Transfers between Levels are deemed to take place on the first day of the reporting period in which the transfer has taken place.
Fair Value Inputs, Assets, Quantitative Information [Table Text Block]	The table below presents information about the significant unobservable inputs used by the third-party pricing provider in the fair value measurement of the Company’s MSR classified as Level 3 fair value assets at September 30, 2016 : As of September 30, 2016 Valuation Technique Unobservable Input (1) Range Weighted Average Discounted cash flow Constant prepayment speed 13.6 - 18.5 % 15.8% Delinquency 2.0 - 2.2 % 2.1% Discount rate 8.2 - 9.8 % 9.0% ___________________ (1) Significant increases (decreases) in any of the inputs in isolation may result in significantly lower (higher) fair value measurement. A change in the assumption used for discount rates may be accompanied by a directionally similar change in the assumption used for the probability of delinquency and a directionally opposite change in the assumption used for prepayment rates.
Fair Value, Option, Quantitative Disclosures [Table Text Block]	The following tables summarize the fair value option elections and information regarding the line items and amounts recognized in the condensed consolidated statements of comprehensive income (loss) for each fair value option-elected item. Three Months Ended September 30, 2016 (in thousands) Interest income (expense) Gain on investment securities (Loss) gain on residential mortgage loans held-for-sale Other income (loss) Total included in net income (loss) Change in fair value due to credit risk Assets Available-for-sale securities $ (249 ) $ 12 $ — $ — $ (237 ) N/A Residential mortgage loans held-for-sale 7,627 (1) — (419 ) — 7,208 $ 145 (2) Residential mortgage loans held-for-investment in securitization trusts 33,495 (1) — — 24,628 58,123 — (3) Liabilities Collateralized borrowings in securitization trusts (26,422 ) — — (20,360 ) (46,782 ) — (3) Total $ 14,451 $ 12 $ (419 ) $ 4,268 $ 18,312 $ 145 Three Months Ended September 30, 2015 (in thousands) Interest income (expense) Gain on investment securities (Loss) gain on residential mortgage loans held-for-sale Other income (loss) Total included in net income (loss) Change in fair value due to credit risk Assets Available-for-sale securities $ 89 $ (47 ) $ — $ — $ 42 N/A Residential mortgage loans held-for-sale 9,479 (1) — 12,814 — 22,293 $ 721 (2) Residential mortgage loans held-for-investment in securitization trusts 24,841 (1) — — 16,006 40,847 — (3) Liabilities Collateralized borrowings in securitization trusts (15,562 ) — — (14,922 ) (30,484 ) — (3) Total $ 18,847 $ (47 ) $ 12,814 $ 1,084 $ 32,698 $ 721 Nine Months Ended September 30, 2016 (in thousands) Interest income (expense) Gain on investment securities (Loss) gain on residential mortgage loans held-for-sale Other income (loss) Total included in net income (loss) Change in fair value due to credit risk Assets Available-for-sale securities $ (132 ) $ (1,262 ) $ — $ — $ (1,394 ) N/A Residential mortgage loans held-for-sale 19,789 (1) — 17,028 — 36,817 $ 209 (2) Residential mortgage loans held-for-investment in securitization trusts 100,765 (1) — — 63,737 164,502 — (3) Liabilities Collateralized borrowings in securitization trusts (70,965 ) — — (68,910 ) (139,875 ) — (3) Total $ 49,457 $ (1,262 ) $ 17,028 $ (5,173 ) $ 60,050 $ 209 Nine Months Ended September 30, 2015 (in thousands) Interest income (expense) Gain on investment securities (Loss) gain on residential mortgage loans held-for-sale Other income (loss) Total included in net income (loss) Change in fair value due to credit risk Assets Available-for-sale securities $ 89 $ (47 ) $ — $ — $ 42 N/A Residential mortgage loans held-for-sale 21,268 (1) — 18,861 — 40,129 $ 751 (2) Residential mortgage loans held-for-investment in securitization trusts 64,908 (1) — — (33,088 ) 31,820 — (3) Liabilities Collateralized borrowings in securitization trusts (39,401 ) — — 13,647 (25,754 ) — (3) Total $ 46,864 $ (47 ) $ 18,861 $ (19,441 ) $ 46,237 $ 751 ____________________ (1) Interest income on residential mortgage loans held-for-sale and residential mortgage loans held-for-investment in securitization trusts is measured by multiplying the unpaid principal balance on the loans by the coupon rate and the number of days of interest due. (2) The change in fair value due to credit risk on residential mortgage loans held-for-sale was quantified by holding yield constant in the cash flow model in order to isolate credit risk component. (3) The change in fair value on residential mortgage loans held-for-investment in securitization trusts and collateralized borrowings in securitization trusts was due entirely to changes in market interest rates.
Schedule of Financing Receivables, Non Accrual Status [Table Text Block]	The table below provides the fair value and the unpaid principal balance for the Company’s fair value option-elected loans and collateralized borrowings. September 30, 2016 December 31, 2015 (in thousands) Unpaid Principal Balance Fair Value (1) Unpaid Principal Balance Fair Value (1) Residential mortgage loans held-for-sale Total loans $ 720,609 $ 723,174 $ 812,661 $ 811,431 Nonaccrual loans $ 51,156 $ 45,843 $ 30,438 $ 25,771 Loans 90+ days past due $ 45,759 $ 40,936 $ 26,702 $ 22,470 Residential mortgage loans held-for-investment in securitization trusts Total loans $ 3,499,285 $ 3,620,037 $ 3,143,515 $ 3,173,727 Nonaccrual loans $ 860 $ 887 $ 860 $ 868 Loans 90+ days past due $ 860 $ 887 $ 860 $ 868 Collateralized borrowings in securitization trusts Total borrowings $ 3,277,103 $ 3,375,906 $ 1,987,628 $ 2,000,110 ____________________ (1) Excludes accrued interest receivable.
Fair Value, by Balance Sheet Grouping [Table Text Block]	The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at September 30, 2016 and December 31, 2015 . September 30, 2016 December 31, 2015 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Available-for-sale securities $ 14,284,625 $ 14,284,625 $ 7,825,320 $ 7,825,320 Residential mortgage loans held-for-sale $ 723,174 $ 723,174 $ 811,431 $ 811,431 Residential mortgage loans held-for-investment in securitization trusts $ 3,620,037 $ 3,620,037 $ 3,173,727 $ 3,173,727 Commercial real estate assets $ 1,114,548 $ 1,113,756 $ 660,953 $ 660,953 Mortgage servicing rights $ 455,629 $ 455,629 $ 493,688 $ 493,688 Cash and cash equivalents $ 688,418 $ 688,418 $ 737,831 $ 737,831 Restricted cash $ 264,872 $ 264,872 $ 262,562 $ 262,562 Derivative assets $ 199,013 $ 199,013 $ 271,509 $ 271,509 Federal Home Loan Bank stock $ 167,856 $ 167,856 $ 156,650 $ 156,650 Equity investments $ 3,000 $ 3,000 $ 3,000 $ 3,000 Liabilities Repurchase agreements $ 10,637,373 $ 10,637,373 $ 5,008,274 $ 5,008,274 Collateralized borrowings in securitization trusts $ 3,375,906 $ 3,375,906 $ 2,000,110 $ 2,000,110 Federal Home Loan Bank advances $ 4,000,000 $ 4,000,000 $ 3,785,000 $ 3,785,000 Revolving credit facilities $ 30,000 $ 30,000 $ — $ — Derivative liabilities $ 39,918 $ 39,918 $ 7,285 $ 7,285

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure of Repurchase Agreements [Abstract]
Schedule Of Repurchase Agreements By Term, Short Or Long [Table Text Block]	At September 30, 2016 and December 31, 2015 , the repurchase agreement balances were as follows: (in thousands) September 30, December 31, Short-term $ 10,414,745 $ 5,008,274 Long-term 222,628 — Total $ 10,637,373 $ 5,008,274
Schedule of Repurchase Agreements by Maturity [Table Text Block]	At September 30, 2016 and December 31, 2015 , the repurchase agreements had the following characteristics and remaining maturities: September 30, 2016 Collateral Type (in thousands) Agency RMBS Non-Agency RMBS (1) Agency Derivatives Residential Mortgage Loans Held-for-Sale Commercial Real Estate Assets Total Amount Outstanding Within 30 days $ 3,341,276 $ 588,934 $ 15,385 $ — $ 21,933 $ 3,967,528 30 to 59 days 2,595,970 207,856 65,018 — 27,820 2,896,664 60 to 89 days 1,185,026 — — — — 1,185,026 90 to 119 days 622,725 373,474 16,373 — — 1,012,572 120 to 364 days 1,116,541 218,431 17,983 — — 1,352,955 One year and over — — — — 222,628 222,628 Total $ 8,861,538 $ 1,388,695 $ 114,759 $ — $ 272,381 $ 10,637,373 Weighted average borrowing rate 0.79 % 2.41 % 1.60 % — % 2.93 % 1.06 % December 31, 2015 Collateral Type (in thousands) Agency RMBS Non-Agency RMBS (1) Agency Derivatives Residential Mortgage Loans Held-for-Sale Commercial Real Estate Assets Total Amount Outstanding Within 30 days $ 1,719,292 $ 852,436 $ 58,286 $ — $ 59,349 $ 2,689,363 30 to 59 days 1,407,353 271,819 60,065 — — 1,739,237 60 to 89 days 143,051 15,691 2,707 — — 161,449 90 to 119 days 68,014 106,007 1,465 — — 175,486 120 to 364 days — 234,229 — 8,510 — 242,739 Total $ 3,337,710 $ 1,480,182 $ 122,523 $ 8,510 $ 59,349 $ 5,008,274 Weighted average borrowing rate 0.65 % 2.03 % 1.18 % 2.87 % 2.62 % 1.10 % ____________________ (1) Includes repurchase agreements collateralized by retained interests from the Company’s on-balance sheet securitizations, which are eliminated in consolidation in accordance with U.S. GAAP.
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block]	The following table summarizes assets at carrying values that are pledged or restricted as collateral for the future payment obligations of repurchase agreements: (in thousands) September 30, December 31, Available-for-sale securities, at fair value $ 11,115,563 $ 5,354,104 Residential mortgage loans held-for-sale, at fair value — 9,543 Commercial real estate assets 399,594 108,958 Net economic interests in consolidated securitization trusts (1) 218,971 274,949 Cash and cash equivalents 12,094 15,000 Restricted cash 95,223 119,310 Due from counterparties 29,477 10,211 Derivative assets, at fair value 140,868 157,879 Total $ 12,011,790 $ 6,049,954 ____________________ (1) Includes the retained interests from the Company’s on-balance sheet securitizations, which are eliminated in consolidation in accordance with U.S. GAAP.
Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity [Table Text Block]	The following table summarizes certain characteristics of the Company’s repurchase agreements and counterparty concentration at September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 (dollars in thousands) Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Days to Maturity Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Days to Maturity Royal Bank of Canada $ 1,202,327 $ 260,862 7 % 76.4 $ 799,527 $ 217,677 6 % 31.5 All other counterparties (2) 9,435,046 1,115,813 32 % 68.1 4,208,747 818,108 23 % 36.2 Total $ 10,637,373 $ 1,376,675 $ 5,008,274 $ 1,035,785 ____________________ (1) Represents the net carrying value of the securities, residential mortgage loans held-for-sale and commercial real estate assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. However, at both September 30, 2016 and December 31, 2015 , the Company did not have any such payables. (2) Represents amounts outstanding with 21 and 20 counterparties at September 30, 2016 and December 31, 2015 , respectively.

Federal Home Loan Bank Advanc47

Federal Home Loan Bank Advances (Tables)	9 Months Ended
	Sep. 30, 2016
Advances from Federal Home Loan Banks [Abstract]
Schedule of Maturities of Federal Home Loan Bank Advances [Table Text Block]	At September 30, 2016 and December 31, 2015 , FHLB advances had the following remaining maturities: (in thousands) September 30, December 31, ≤ 1 year $ 651,238 $ — > 1 and ≤ 3 years 815,024 651,238 > 3 and ≤ 5 years — 815,024 > 5 and ≤ 10 years — — > 10 years 2,533,738 2,318,738 Total $ 4,000,000 $ 3,785,000
Schedule of Underlying Assets of Federal Home Loan Bank Advances [Table Text Block]	The following table summarizes assets at carrying values that are pledged or restricted as collateral for the future payment obligations of FHLB advances: (in thousands) September 30, December 31, Available-for-sale securities, at fair value $ 3,156,325 $ 2,412,970 Residential mortgage loans held-for-sale, at fair value 632,698 735,911 Commercial real estate assets 597,603 252,172 Net economic interests in consolidated securitization trusts (1) 4,124 863,363 Total $ 4,390,750 $ 4,264,416 ____________________ (1) Includes the retained interests from the Company’s on-balance sheet securitizations, which are eliminated in consolidation in accordance with U.S. GAAP.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Attributable to Parent [Abstract]
Schedule of Dividends Declared [Table Text Block]	The following table presents cash dividends declared by the Company on its common stock during the three months ended September 30, 2016 , and the four immediately preceding quarters: Declaration Date Record Date Payment Date Cash Dividend Per Share September 15, 2016 September 30, 2016 October 20, 2016 $ 0.23 June 16, 2016 June 30, 2016 July 20, 2016 $ 0.23 March 15, 2016 March 31, 2016 April 21, 2016 $ 0.23 December 16, 2015 December 30, 2015 January 20, 2016 $ 0.26 September 16, 2015 September 30, 2015 October 22, 2015 $ 0.26
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Accumulated other comprehensive income at September 30, 2016 and December 31, 2015 was as follows: (in thousands) September 30, December 31, Available-for-sale securities Unrealized gains $ 551,343 $ 405,177 Unrealized losses (12,900 ) (46,116 ) Accumulated other comprehensive income $ 538,443 $ 359,061
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	The following table summarizes reclassifications out of accumulated other comprehensive income for the three and nine months ended September 30, 2016 and 2015 : Affected Line Item in the Condensed Consolidated Statements of Comprehensive Income (Loss) Amount Reclassified out of Accumulated Other Comprehensive Income (in thousands) Three Months Ended Nine Months Ended 2016 2015 2016 2015 Other-than-temporary impairments on AFS securities Total other-than-temporary impairment losses $ 1,015 $ 238 $ 1,822 $ 535 Realized gains on sales of certain AFS securities, net of tax Gain on investment securities (30,396 ) (53,447 ) (54,652 ) (228,518 ) Total $ (29,381 ) $ (53,209 ) $ (52,830 ) $ (227,983 )

Equity Incentive Plan Equity In

Equity Incentive Plan Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	The following table summarizes the activity related to restricted common stock for the nine months ended September 30, 2016 and 2015 : Nine Months Ended September 30, 2016 2015 (in thousands) Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding at Beginning of Period 2,290,609 $ 10.36 2,002,406 $ 10.32 Granted 2,019,261 7.56 1,170,803 10.48 Vested (1,209,116 ) (10.10 ) (730,832 ) (10.45 ) Forfeited (301,217 ) (8.50 ) (61,159 ) (10.17 ) Outstanding at End of Period 2,799,537 $ 8.65 2,381,218 $ 10.36

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Sep. 30, 2016
Restructuring Charges [Abstract]
Restructuring and Related Costs [Table Text Block]	In connection with the closure, the Company incurred the following charges, included within restructuring charges on the Company’s condensed consolidated statements of comprehensive income (loss) , for the three and nine months ended September 30, 2016 : Three Months Ended Nine Months Ended (in thousands) September 30, 2016 September 30, 2016 Termination benefits $ 652 $ 652 Contract terminations 519 519 Other associated costs 18 18 Total $ 1,189 $ 1,189

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table presents a reconciliation of the earnings (loss) and shares used in calculating basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share data) 2016 2015 2016 2015 Numerator: Net income (loss) $ 117,786 $ (34,790 ) $ 11,875 $ 281,504 Denominator: Weighted average common shares outstanding 344,744,917 364,979,716 345,091,765 364,844,032 Weighted average restricted stock shares 2,882,309 2,386,257 3,126,469 2,141,699 Basic and diluted weighted average shares outstanding 347,627,226 367,365,973 348,218,234 366,985,731 Basic and Diluted Earnings (Loss) Per Share $ 0.34 $ (0.09 ) $ 0.03 $ 0.77

Basis of Presentation and Sig52

Basis of Presentation and Significant Accounting Policies Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivative Financial Instruments, Assets [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amount of Recognized Assets (Liabilities)	$ 298,389	$ 325,755
Gross Amounts Offset on the Balance Sheet	(99,376)	(54,246)
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	199,013	271,509
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	(39,918)	(7,285)
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	0	0
Net Amount After Deducting Gross Amounts Not Offset on the Balance Sheet From Net Amount of Assets (Liabilities) Presented on the Balance Sheet	159,095	264,224
Assets [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amount of Recognized Assets (Liabilities)	298,389	325,755
Gross Amounts Offset on the Balance Sheet	(99,376)	(54,246)
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	199,013	271,509
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	(39,918)	(7,285)
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	0	0
Net Amount After Deducting Gross Amounts Not Offset on the Balance Sheet From Net Amount of Assets (Liabilities) Presented on the Balance Sheet	159,095	264,224
Securities Loaned or Sold under Agreements to Repurchase [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amount of Recognized Assets (Liabilities)	(10,637,373)	(5,008,274)
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	(10,637,373)	(5,008,274)
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	10,637,373	5,008,274
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	0	0
Net Amount After Deducting Gross Amounts Not Offset on the Balance Sheet From Net Amount of Assets (Liabilities) Presented on the Balance Sheet	0	0
Derivative Financial Instruments, Liabilities [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amount of Recognized Assets (Liabilities)	(139,294)	(61,531)
Gross Amounts Offset on the Balance Sheet	99,376	54,246
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	(39,918)	(7,285)
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	39,918	7,285
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	0	0
Net Amount After Deducting Gross Amounts Not Offset on the Balance Sheet From Net Amount of Assets (Liabilities) Presented on the Balance Sheet	0	0
Liability [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amount of Recognized Assets (Liabilities)	(10,776,667)	(5,069,805)
Gross Amounts Offset on the Balance Sheet	99,376	54,246
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	(10,677,291)	(5,015,559)
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	10,677,291	5,015,559
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	0	0
Net Amount After Deducting Gross Amounts Not Offset on the Balance Sheet From Net Amount of Assets (Liabilities) Presented on the Balance Sheet	$ 0	$ 0

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Assets	$ 3,686,340	$ 3,237,918
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	3,398,215	2,017,677
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	1,847,810	1,852,430
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	1,847,809	1,852,430
Loans Held-for-investment, Residential Mortgages [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Assets	3,620,037	3,173,727
Commercial Real Estate Assets [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Assets	45,837	45,698
Accrued Income Receivable [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Assets	20,466	18,493
Assets, Total [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Assets	3,686,340	3,237,918
Borrowings [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	3,375,906	2,000,110
Accrued Liabilities [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	9,457	5,943
Accounts Payable [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	12,852	11,624
Liabilities, Total [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$ 3,398,215	$ 2,017,677

Available-for-Sale Securities54

Available-for-Sale Securities, at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, at fair value	$ 14,284,625	$ 7,825,320
Available-for-sale Securities Pledged as Collateral	14,271,888	7,767,074
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, at fair value	1,808,122	1,678,814
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, at fair value	10,393,094	3,602,348
Government National Mortgage Association Certificates and Obligations (GNMA) [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, at fair value	235,600	691,728
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, at fair value	$ 1,847,809	$ 1,852,430

Schedule of Available-for-sale

Schedule of Available-for-sale Securities Reconciliation (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Face Value	$ 16,889,556	$ 10,912,411
Available-for-sale Securities, Unamortized Premium	625,519	394,787
Available-for-sale Securities, Designated Credit Reserve	(352,489)	(409,077)
Available-for-sale Securities, Net, Unamortized	(3,410,109)	(3,429,000)
Available-for-sale Securities, Amortized Cost Basis	13,752,477	7,469,121
Available-for-sale Securities, Gross Unrealized Gains	568,067	427,595
Available-for-sale Securities, Gross Unrealized Losses	(35,919)	(71,396)
Available-for-sale securities, at fair value	14,284,625	7,825,320
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Face Value	14,254,562	8,257,030
Available-for-sale Securities, Unamortized Premium	625,519	394,787
Available-for-sale Securities, Designated Credit Reserve	0	0
Available-for-sale Securities, Net, Unamortized	(2,620,684)	(2,721,979)
Available-for-sale Securities, Amortized Cost Basis	12,259,397	5,929,838
Available-for-sale Securities, Gross Unrealized Gains	208,319	98,389
Available-for-sale Securities, Gross Unrealized Losses	(30,900)	(55,337)
Available-for-sale securities, at fair value	12,436,816	5,972,890
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Face Value	2,634,994	2,655,381
Available-for-sale Securities, Unamortized Premium	0	0
Available-for-sale Securities, Designated Credit Reserve	(352,489)	(409,077)
Available-for-sale Securities, Net, Unamortized	(789,425)	(707,021)
Available-for-sale Securities, Amortized Cost Basis	1,493,080	1,539,283
Available-for-sale Securities, Gross Unrealized Gains	359,748	329,206
Available-for-sale Securities, Gross Unrealized Losses	(5,019)	(16,059)
Available-for-sale securities, at fair value	$ 1,847,809	$ 1,852,430

Available-for-sale Securities C

Available-for-sale Securities Classified by Rate Type (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Adjustable Rate	$ 1,578,431	$ 1,781,634
Available-for-sale Securities, Fixed Rate	12,706,194	6,043,686
Available-for-sale Securities	14,284,625	7,825,320
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Adjustable Rate	32,588	108,596
Available-for-sale Securities, Fixed Rate	12,404,228	5,864,294
Available-for-sale Securities	12,436,816	5,972,890
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Adjustable Rate	1,545,843	1,673,038
Available-for-sale Securities, Fixed Rate	301,966	179,392
Available-for-sale Securities	$ 1,847,809	$ 1,852,430

Available-for-Sale Securities57

Available-for-Sale Securities, Weighted Average Life Classifications (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value	$ 69,357
Available-for-sale Securities, Debt Maturities, Year Two Through Three, Fair Value	343,670
Available-for-sale Securities, Debt Maturities, Year Four Through Five, Fair Value	5,621,618
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value	7,881,541
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	368,439
Available-for-sale Securities	14,284,625	$ 7,825,320
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value	2,186
Available-for-sale Securities, Debt Maturities, Year Two Through Three, Fair Value	102,324
Available-for-sale Securities, Debt Maturities, Year Four Through Five, Fair Value	5,407,166
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value	6,923,818
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	1,322
Available-for-sale Securities	12,436,816	5,972,890
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value	67,171
Available-for-sale Securities, Debt Maturities, Year Two Through Three, Fair Value	241,346
Available-for-sale Securities, Debt Maturities, Year Four Through Five, Fair Value	214,452
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value	957,723
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	367,117
Available-for-sale Securities	$ 1,847,809	$ 1,852,430

Schedule of Available-for-sal58

Schedule of Available-for-sale Securities Reconciliation, Non-Agency Unamortized Net Discount and Designated Credit Reserves (Details) - Mortgage-backed Securities, Issued by Private Enterprises [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Available-for-sale Securities, Designated Credit Reserve [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Unamortized Discount, Beginning Balance	$ (409,077)	$ (927,605)
Available-for-sale Securities, Unamortized Discount, Acquisitions	(45,398)	(274)
Available-for-sale Securities, Unamortized Discount, Accretion	0	0
Available-for-sale Securities, Unamortized Discount, Credit Losses	279	13,376
Available-for-sale Securities, Unamortized Discount, Other-than-temporary Impairment Adjustment	(1,226)	1,742
Available-for-sale Securities, Unamortized Discount, Transfers	70,371	85,767
Available-for-sale Securities, Unamortized Discount, Sales, Calls and Other	32,562	(282,821)
Available-for-sale Securities, Unamortized Discount, Ending Balance	(352,489)	(544,173)
Available-for-sale Securities, Net, Unamortized [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Unamortized Discount, Beginning Balance	(707,021)	(967,368)
Available-for-sale Securities, Unamortized Discount, Acquisitions	(140,318)	(4,293)
Available-for-sale Securities, Unamortized Discount, Accretion	50,596	76,861
Available-for-sale Securities, Unamortized Discount, Credit Losses	0	0
Available-for-sale Securities, Unamortized Discount, Other-than-temporary Impairment Adjustment	0	0
Available-for-sale Securities, Unamortized Discount, Transfers	(70,371)	(85,767)
Available-for-sale Securities, Unamortized Discount, Sales, Calls and Other	77,689	(227,078)
Available-for-sale Securities, Unamortized Discount, Ending Balance	(789,425)	(753,489)
Available-for-sale Securities, Unamortized Discount [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Unamortized Discount, Beginning Balance	(1,116,098)	(1,894,973)
Available-for-sale Securities, Unamortized Discount, Acquisitions	(185,716)	(4,567)
Available-for-sale Securities, Unamortized Discount, Accretion	50,596	76,861
Available-for-sale Securities, Unamortized Discount, Credit Losses	279	13,376
Available-for-sale Securities, Unamortized Discount, Other-than-temporary Impairment Adjustment	(1,226)	1,742
Available-for-sale Securities, Unamortized Discount, Transfers	0	0
Available-for-sale Securities, Unamortized Discount, Sales, Calls and Other	(110,251)	(509,899)
Available-for-sale Securities, Unamortized Discount, Ending Balance	$ (1,141,914)	$ (1,297,662)

Available-for-Sale Securities59

Available-for-Sale Securities, at Fair Value Schedule of Unrealized Loss on Investments (Details) $ in Thousands	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Schedule of Available-for-sale Securities [Line Items]
Available-for-Sale Securities, Number of Positions	1,220	1,181
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year	80	121
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year	124	182
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 2,122,527	$ 1,503,939
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses	(12,318)	(26,984)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	551,086	1,141,839
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses	(23,601)	(44,412)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	2,673,613	2,645,778
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses	$ (35,919)	$ (71,396)

Available-for-Sale Securities60

Available-for-Sale Securities, at Fair Value Other than Temporary Impairment, Credit Losses Recognized in Earnings (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities	$ (1,015)	$ (238)	$ (1,822)	$ (535)
Other than Temporary Impairment Losses, Investments, Number, Available-for-sale Securities			4	2
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Market Value	124,033		$ 124,033
Available-for-sale Securities, Weighted Average Cumulative Losses			12.00%
Available-for-sale Securities, Weighted Average Three-Month Prepayment Speed			0.068
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures, Delinquency Rate			22.90%
Available-for-sale Securities, Weighted Average FICO Score			666
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Beginning Balance	(6,710)	(6,622)	$ (6,499)	$ (8,241)
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment	(1,015)	(238)	(1,307)	(238)
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses	0	0	(515)	(297)
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows	0	0	0	0
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold	0	361	596	2,277
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Ending Balance	$ (7,725)	$ (6,499)	$ (7,725)	$ (6,499)

Available-for-Sale Securities61

Available-for-Sale Securities, at Fair Value Schedule of Realized Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds	$ 2,791,697	$ 1,094,959	$ 6,567,991	$ 3,666,974
Available-for-sale Securities, Gross Realized Gains (Losses), Amortized Cost Sold	2,759,919	1,028,486	6,504,642	3,407,171
Available-for-sale Securities, Gross Realized Gains	31,942	75,427	77,836	269,314
Available-for-sale Securities, Gross Realized Losses	(164)	(8,955)	(14,487)	(9,511)
Available-for-sale Securities, Gross Realized Gain (Loss)	$ 31,778	$ 66,472	$ 63,349	$ 259,803

Schedule of Residential Mortgag

Schedule of Residential Mortgage Loans Held-for-Sale Reconciliation (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Held-for-sale, Mortgages, Unpaid Principal	$ 720,609	$ 812,661
Loans Held-for-sale, Mortgages, Fair Value Adjustment	2,565	(1,230)
Residential mortgage loans held-for-sale, at fair value	723,174	811,431
Residential Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Pledged as Collateral	$ 632,698	$ 745,454

Residential Mortgage Loans He63

Residential Mortgage Loans Held-for-Investment in Securitization Trusts, at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential Mortgage Loans Held-for-Invesment, Unpaid Principal	$ 3,499,285	$ 3,143,515
Residential Mortgage Loans Held-for-Investment, Fair Value Adjustment	120,752	30,212
Residential mortgage loans held-for-investment in securitization trusts, at fair value	$ 3,620,037	$ 3,173,727

Commercial Real Estate Assets64

Commercial Real Estate Assets (Details) $ in Thousands	Sep. 30, 2016USD ($)unit	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)unit	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial Real Estate Assets, Gross	$ 1,122,797		$ 667,346
Unamortized Discounts or Premiums, Commercial Real Estate Assets	(232)		(237)
Unamortized Net Deferred Origination Fees, Commercial Real Estate Assets	(8,017)		(6,156)
Commercial real estate assets	1,114,548	$ 926,377	660,953	$ 290,910	$ 45,605	$ 0
Unfunded Commitments, Commercial Real Estate Assets	$ 95,341		$ 52,234
Number of Instruments, Commercial Real Estate Assets | unit	28		18
Weighted Average Coupon Rate, Commercial Real Estate Assets	5.30%		5.40%
Weighted Average Life, Commercial Real Estate Assets	2.9		3.1
Second Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial Real Estate Assets, Gross	$ 139,334		$ 153,913
Unamortized Discounts or Premiums, Commercial Real Estate Assets	(42)		(237)
Unamortized Net Deferred Origination Fees, Commercial Real Estate Assets	(380)		(830)
Commercial real estate assets	138,912		152,846
Unfunded Commitments, Commercial Real Estate Assets	$ 1,580		$ 1,900
Number of Instruments, Commercial Real Estate Assets | unit	6		6
Weighted Average Coupon Rate, Commercial Real Estate Assets	8.40%		8.10%
Weighted Average Life, Commercial Real Estate Assets	1.8		2.6
First Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial Real Estate Assets, Gross	$ 983,463		$ 513,433
Unamortized Discounts or Premiums, Commercial Real Estate Assets	(190)		0
Unamortized Net Deferred Origination Fees, Commercial Real Estate Assets	(7,637)		(5,326)
Commercial real estate assets	975,636		508,107
Unfunded Commitments, Commercial Real Estate Assets	$ 93,761		$ 50,334
Number of Instruments, Commercial Real Estate Assets | unit	22		12
Weighted Average Coupon Rate, Commercial Real Estate Assets	4.90%		4.50%
Weighted Average Life, Commercial Real Estate Assets	3.1		3.3

Commercial Real Estate Assets b

Commercial Real Estate Assets by Property Type (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 1,114,548	$ 926,377	$ 660,953	$ 290,910	$ 45,605	$ 0
Loans and Leases Receivable, Percentage of Total, Commercial	100.00%		100.00%
Retail Site [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 237,007		$ 185,883
Loans and Leases Receivable, Percentage of Total, Commercial	21.30%		28.10%
Hotel [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 85,520		$ 80,843
Loans and Leases Receivable, Percentage of Total, Commercial	7.70%		12.20%
Industrial Property [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 104,929		$ 0
Loans and Leases Receivable, Percentage of Total, Commercial	9.40%		0.00%
Multifamily [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 208,265		$ 139,011
Loans and Leases Receivable, Percentage of Total, Commercial	18.70%		21.10%
Office Building [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 478,827		$ 255,216
Loans and Leases Receivable, Percentage of Total, Commercial	42.90%		38.60%

Commercial Real Estate Assets66

Commercial Real Estate Assets by Geographic Location (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 1,114,548	$ 926,377	$ 660,953	$ 290,910	$ 45,605	$ 0
Loans and Leases Receivable, Percentage of Total, Commercial	100.00%		100.00%
United States, Western Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 180,943		$ 131,488
Loans and Leases Receivable, Percentage of Total, Commercial	16.20%		19.90%
United States, Southeastern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 104,688		$ 79,118
Loans and Leases Receivable, Percentage of Total, Commercial	9.40%		12.00%
United States, Southwestern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 266,238		$ 161,721
Loans and Leases Receivable, Percentage of Total, Commercial	23.90%		24.40%
United States, Northeastern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 491,503		$ 238,913
Loans and Leases Receivable, Percentage of Total, Commercial	44.10%		36.20%
United States, Midwestern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 71,176		$ 49,713
Loans and Leases Receivable, Percentage of Total, Commercial	6.40%		7.50%

Rollforward of Commercial Real

Rollforward of Commercial Real Estate Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets at beginning of period	$ 926,377	$ 45,605	$ 660,953	$ 0
Commercial Real Estate Loans Held-for-Investment, Additions	190,100	246,644	470,547	292,200
Commercial Real Estate Loans Held-for-Investment, Repayments	(908)	0	(15,295)	0
Commercial Real Estate Loans Held-for-Investment, Accretion (Amortization) of Discounts and Premiums	64	49	204	98
Increase (Decrease) in Loans, Deferred Income	(2,858)	(1,517)	(6,867)	(1,517)
Amortization of Deferred Loan Origination Fees, Net	1,773	129	5,006	129
Provision for Loan and Lease Losses	0	0	0	0
Commercial real estate assets at end of period	1,114,548	$ 290,910	1,114,548	$ 290,910
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Pledged as Collateral	$ 997,197		$ 997,197		$ 361,130

Commercial Real Estate Loans As

Commercial Real Estate Loans Assets by Internal Risk Rating (Details) $ in Thousands	Sep. 30, 2016USD ($)unit	Dec. 31, 2015USD ($)unit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Instruments, Commercial Real Estate Assets | unit	28	18
Commercial Real Estate Assets [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Instruments, Commercial Real Estate Assets | unit	28	18
Commercial Real Estate Loans Held-for-Investment, Unpaid Principal	$ 1,122,797	$ 667,346
Commercial real estate assets	$ 1,114,548	$ 660,953
Commercial Real Estate Assets [Member] | Internal Investment Grade [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Instruments, Commercial Real Estate Assets | unit	28	18
Commercial Real Estate Loans Held-for-Investment, Unpaid Principal	$ 1,122,797	$ 667,346
Commercial real estate assets	$ 1,114,548	$ 660,953
Commercial Real Estate Assets [Member] | Internal Noninvestment Grade [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Instruments, Commercial Real Estate Assets | unit	0	0
Commercial Real Estate Loans Held-for-Investment, Unpaid Principal	$ 0	$ 0
Commercial real estate assets	$ 0	$ 0

Rollforward of Mortgage Servici

Rollforward of Mortgage Servicing Rights, at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Servicing Assets at Fair Value [Line Items]
Mortgage servicing rights, at fair value, Beginning Balance	$ 427,813	$ 437,576	$ 493,688	$ 452,006
Servicing Asset at Fair Value, Additions	98,224	67,175	204,435	75,709
Servicing Asset at Fair Value, Additions from Sale of Mortgage Loans	242	752	764	1,568
Servicing Asset at Fair Value, Disposals	(60,910)	0	(60,910)	0
Servicing Asset at Fair Value, Changes in Fair Value Resulting from Changes in Valuation Inputs or Changes in Assumptions	3,846	(49,449)	(139,587)	(63,573)
Servicing Asset at Fair Value, Other Changes in Fair Value	(18,231)	(12,100)	(52,773)	(32,744)
Servicing Asset at Fair Value, Other Changes that Affect Balance	4,645	3,391	10,012	14,379
Mortgage servicing rights, at fair value, Ending Balance	455,629	$ 447,345	455,629	$ 447,345
Pledged Assets, Not Separately Reported, Other	$ 73,526		$ 73,526

Schedule of Mortgage Servicing

Schedule of Mortgage Servicing Rights Sensitivity Analysis of Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Fair Value Inputs, Prepayment Rate	15.80%	11.80%
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Adverse Change in Prepayment Speed	$ (25,310)	$ (20,093)
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 20 Percent Adverse Change in Prepayment Speed	$ (48,388)	$ (38,656)
Fair Value Inputs, Probability of Default	2.10%	4.00%
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Adverse Change in Other Assumption	$ (1,549)	$ (3,826)
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 20 Percent Adverse Change in Other Assumption	$ (4,237)	$ (6,640)
Fair Value Inputs, Discount Rate	9.00%	10.10%
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Adverse Change in Discount Rate	$ (11,937)	$ (16,316)
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 20 Percent Adverse Change in Discount Rate	$ (23,100)	$ (31,522)

Components of Servicing Revenue

Components of Servicing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Components of Servicing Revenue [Line Items]
Contractually Specified Servicing Fees, Amount	$ 37,226	$ 31,073	$ 104,765	$ 91,896
Ancillary Fee Income Generated by Servicing Financial Assets, Amount	449	535	1,423	1,650
Float Income Generated by Servicing Financial Assets, Amount	1,033	402	2,469	1,067
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets	38,708	$ 32,010	108,657	$ 94,613
Servicing advances	$ 46,464		$ 46,464		$ 37,499

Serviced Mortgage Assets (Detai

Serviced Mortgage Assets (Details) $ in Thousands	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Number of Loans	255,409	246,972
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Principal Amount Outstanding	$ 59,300,753	$ 52,496,181
Loans Held-for-sale, Residential Mortgages [Member]
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Number of Loans	1,439	1,415
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Principal Amount Outstanding	$ 720,609	$ 812,661
Loans Held-for-investment, Residential Mortgages [Member]
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Number of Loans	4,938	4,329
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Principal Amount Outstanding	$ 3,499,285	$ 3,117,219
Servicing Contracts [Member]
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Number of Loans	249,032	241,228
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Principal Amount Outstanding	$ 55,080,859	$ 48,566,301

Schedule of Restricted Cash and

Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 264,872	$ 262,562
Restricted Cash and Cash Equivalents Held for Securities Trading Activity [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	20,810	12,550
Restricted Cash and Cash Equivalents Held for Derivatives Trading Activity [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	148,492	130,355
Restricted Cash and Cash Equivalents Pledged as Restricted Collateral for Borrowings [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	95,223	119,310
Restricted Cash and Cash Equivalents Held by Counterparties [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	264,525	262,215
Restricted Cash and Cash Equivalents for Lease [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 347	$ 347

Accrued Interest Receivable Sch

Accrued Interest Receivable Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	$ 67,089	$ 49,970
Loans Held-for-sale, Residential Mortgages [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	3,377	4,173
Loans Held-for-investment, Residential Mortgages [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	20,318	18,339
Commercial Real Estate Assets [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	2,758	1,567
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	6,421	6,235
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	28,727	12,407
Government National Mortgage Association Certificates and Obligations (GNMA) [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	3,007	4,910
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	2,481	2,339
Available-for-sale Securities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	$ 40,636	$ 25,891

Schedule of Derivative Instrume

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Notional Disclosures [Abstract]
Derivative, Notional Amount	$ 22,062,904	$ 26,141,370	$ 21,998,381	$ 28,317,580	$ 27,401,335	$ 48,115,523
Inverse Interest-Only Securities [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	142,597		159,582
Notional Disclosures [Abstract]
Derivative, Notional Amount	784,823	834,866	932,037	985,901	1,049,743	1,168,226
Interest Rate Swap [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	16,945,430	13,697,000	14,268,806	14,025,523	16,225,523	18,584,000
Credit Default Swap [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	25,000	25,000	125,000	125,000	125,000	125,000
Interest Rate Swaption [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	270,000	1,800,000	5,200,000	10,010,000	9,410,000	12,410,000
Forward Contracts [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	589,000	337,000	297,000	782,000	1,024,000	1,325,000
Options Held [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	4,469,000	8,897,000	0	1,000,000	0	2,000,000
Swap [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount				0	0	14,000,000
Total Return Swap [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	(752)		1,645
Notional Disclosures [Abstract]
Derivative, Notional Amount	96,248	588,037	889,418	887,964	988,409	598,459
Loan Purchase Commitments [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	61,403	$ 636,467	286,120	$ 501,192	$ 626,660	$ 554,838
Derivative Financial Instruments, Assets [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	199,013		271,509
Notional Disclosures [Abstract]
Derivative, Notional Amount	16,759,324		21,735,997
Derivative Financial Instruments, Assets [Member] | Inverse Interest-Only Securities [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	784,823		932,037
Derivative Financial Instruments, Assets [Member] | Interest Rate Swap [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	36,306		91,757
Notional Disclosures [Abstract]
Derivative, Notional Amount	10,338,367		14,268,806
Derivative Financial Instruments, Assets [Member] | Credit Default Swap [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	0		0
Notional Disclosures [Abstract]
Derivative, Notional Amount	0		0
Derivative Financial Instruments, Assets [Member] | Interest Rate Swaption [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	95		17,374
Notional Disclosures [Abstract]
Derivative, Notional Amount	600,000		4,700,000
Derivative Financial Instruments, Assets [Member] | Forward Contracts [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	17,527		1,074
Notional Disclosures [Abstract]
Derivative, Notional Amount	1,040,000		847,000
Derivative Financial Instruments, Assets [Member] | Options Held [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	2,178		0
Notional Disclosures [Abstract]
Derivative, Notional Amount	3,950,000
Derivative Financial Instruments, Assets [Member] | Total Return Swap [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	0		1,645
Notional Disclosures [Abstract]
Derivative, Notional Amount	0		889,418
Derivative Financial Instruments, Assets [Member] | Loan Purchase Commitments [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	310		77
Notional Disclosures [Abstract]
Derivative, Notional Amount	46,134		98,736
Derivative Financial Instruments, Liabilities [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	(39,918)		(7,285)
Notional Disclosures [Abstract]
Derivative, Notional Amount	9,221,580		1,362,384
Derivative Financial Instruments, Liabilities [Member] | Inverse Interest-Only Securities [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	0		0
Notional Disclosures [Abstract]
Derivative, Notional Amount	0		0
Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swap [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	(27,048)		0
Notional Disclosures [Abstract]
Derivative, Notional Amount	6,607,063		0
Derivative Financial Instruments, Liabilities [Member] | Credit Default Swap [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	(52)		(703)
Notional Disclosures [Abstract]
Derivative, Notional Amount	25,000		125,000
Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swaption [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	(3,001)		(4,831)
Notional Disclosures [Abstract]
Derivative, Notional Amount	330,000		500,000
Derivative Financial Instruments, Liabilities [Member] | Forward Contracts [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	(4,340)		(1,324)
Notional Disclosures [Abstract]
Derivative, Notional Amount	1,629,000		550,000
Derivative Financial Instruments, Liabilities [Member] | Options Held [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	(4,685)		0
Notional Disclosures [Abstract]
Derivative, Notional Amount	519,000
Derivative Financial Instruments, Liabilities [Member] | Total Return Swap [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	(752)		0
Notional Disclosures [Abstract]
Derivative, Notional Amount	96,248		0
Derivative Financial Instruments, Liabilities [Member] | Loan Purchase Commitments [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	(40)		(427)
Notional Disclosures [Abstract]
Derivative, Notional Amount	$ 15,269		$ 187,384

Schedule of Derivative Instru76

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	$ 5,584	$ (171,656)	$ (132,608)	$ (253,147)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	(12,028)	(455)	(44,064)	(2,972)
Gain (Loss) on Mortgage Loans Held-for-Sale	(889)	16,040	17,648	18,300
Trading Activity, Gains and Losses, Net	(6,337)	(169,277)	(174,217)	(257,446)
Inverse Interest-Only Securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	1,288	9,926	22,003	34,096
Loan Purchase Commitments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Mortgage Loans Held-for-Sale	107	2,834	2,455	(1,327)
Interest Rate Risk Associated with the Investment Portfolio [Member] | Forward Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	(522)	(2,982)	26,369	(25,677)
Interest Rate Risk Associated with the Investment Portfolio [Member] | Short US Treasury Securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	0	0	0	125
Interest Rate Risk Associated with the Investment Portfolio [Member] | Options Held [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	(6,226)	(1,358)	(51,259)	6,848
Interest Rate Risk Associated with the Investment Portfolio [Member] | Treasury Lock [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	0	0	0	(837)
Interest Rate Risk Associated with the Investment Portfolio [Member] | Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	0	0	0	6,164
Interest Rate Risk Associated with the Investment Portfolio [Member] | Interest Rate Swaption [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	(24,394)	(66,809)	(18,397)	(65,563)
Interest Rate Risk Associated with the Investment Portfolio [Member] | Total Return Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	(6,550)	(5,966)	(41,541)	(23,492)
Interest Rate Risk Associated with the Investment Portfolio [Member] | Short [Member] | Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	(18,381)	86,672	131,465	86,528
Interest Rate Risk Associated with the Investment Portfolio [Member] | Long [Member] | Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	22,973	(70,546)	(89,043)	(102,392)
Interest Rate Risk Associated with Borrowings [Member] | Long [Member] | Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	25,386	(120,973)	(156,633)	(171,720)
Credit Risk Associated with Non-Agency RMBS and Mortgage Loans Held-for-Sale [Member] | Credit Default Swap, Selling Protection [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ (18)	$ (75)	$ 364	$ (199)

Derivative Instruments and He77

Derivative Instruments and Hedging Activities Interest Spread on Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Average Notional Amount	$ 20,642,679	$ 27,222,458	$ 22,701,140	$ 32,531,397
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest Expense on Interest Rate Swap and Swaption Agreements	(4,294)	(19,411)	(18,140)	(73,084)
Derivative, Average Notional Amount	$ 14,497,913	$ 15,371,175	$ 14,751,923	$ 16,753,347

Schedule of Notional Amounts of

Schedule of Notional Amounts of Derivative Positions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	$ 26,141,370	$ 27,401,335	$ 21,998,381	$ 48,115,523
Derivative, Notional Amount, Additions	(22,872)	(6,930,287)	(31,254,394)	(30,475,551)
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	4,055,594	6,014,042	31,189,871	50,273,494
Derivative, Notional Amount, Ending Balance	22,062,904	28,317,580	22,062,904	28,317,580
Derivative, Average Notional Amount	(20,642,679)	(27,222,458)	(22,701,140)	(32,531,397)
Gain (Loss) on Sale of Derivatives	(154,155)	(78,283)	(146,046)	(160,665)
Inverse Interest-Only Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	834,866	1,049,743	932,037	1,168,226
Derivative, Notional Amount, Additions	0	0	0	(12,563)
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	50,043	63,842	147,214	194,888
Derivative, Notional Amount, Ending Balance	784,823	985,901	784,823	985,901
Derivative, Average Notional Amount	(813,045)	(1,020,199)	(860,920)	(1,081,376)
Gain (Loss) on Sale of Derivatives	0	0	0	64
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	13,697,000	16,225,523	14,268,806	18,584,000
Derivative, Notional Amount, Additions	(4,451,430)	(5,280,000)	(16,553,456)	(22,393,227)
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	1,203,000	7,480,000	13,876,832	26,951,704
Derivative, Notional Amount, Ending Balance	16,945,430	14,025,523	16,945,430	14,025,523
Derivative, Average Notional Amount	(14,497,913)	(15,371,175)	(14,751,923)	(16,753,347)
Gain (Loss) on Sale of Derivatives	(39,369)	(24,948)	(33,067)	(92,816)
Credit Default Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	25,000	125,000	125,000	125,000
Derivative, Notional Amount, Additions	0	0	(10,000)	0
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	0	0	110,000	0
Derivative, Notional Amount, Ending Balance	25,000	125,000	25,000	125,000
Derivative, Average Notional Amount	(25,000)	(125,000)	(87,883)	(125,000)
Gain (Loss) on Sale of Derivatives	0	0	412	0
Interest Rate Swaption [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	1,800,000	9,410,000	5,200,000	12,410,000
Derivative, Notional Amount, Additions	(1,537,000)	0	(1,063,000)	(7,050,000)
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	7,000	600,000	5,993,000	9,450,000
Derivative, Notional Amount, Ending Balance	270,000	10,010,000	270,000	10,010,000
Derivative, Average Notional Amount	(219,315)	(9,481,739)	(3,192,617)	(10,862,930)
Gain (Loss) on Sale of Derivatives	(55,692)	(36,960)	(86,481)	(32,168)
Forward Contracts [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	337,000	1,024,000	297,000	1,325,000
Derivative, Notional Amount, Additions	(5,622,000)	(468,000)	(1,186,000)	(11,330,000)
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	5,370,000	2,274,000	300,000	13,437,000
Derivative, Notional Amount, Ending Balance	589,000	782,000	589,000	782,000
Derivative, Average Notional Amount	(1,051,989)	(343,272)	(239,493)	(729,916)
Gain (Loss) on Sale of Derivatives	(18,819)	(13,615)	12,932	(38,461)
Options Held [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	8,897,000	0	0	2,000,000
Derivative, Notional Amount, Additions	(2,269,000)	(1,000,000)	(13,166,000)	(1,250,000)
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	6,697,000	0	8,697,000	2,250,000
Derivative, Notional Amount, Ending Balance	4,469,000	1,000,000	4,469,000	1,000,000
Derivative, Average Notional Amount	(5,607,728)	(163,043)	(3,091,679)	(183,150)
Gain (Loss) on Sale of Derivatives	(26,955)	0	(28,303)	7,796
Treasury Lock [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance		0		0
Derivative, Notional Amount, Additions		0		(500,000)
Derivative, Notional Amount, Settlement Termination Expiration or Exercise		0		500,000
Derivative, Notional Amount, Ending Balance		0		0
Derivative, Average Notional Amount		0		(916)
Gain (Loss) on Sale of Derivatives		0		(837)
Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance		0		14,000,000
Derivative, Notional Amount, Additions		0		(6,000,000)
Derivative, Notional Amount, Settlement Termination Expiration or Exercise		0		20,000,000
Derivative, Notional Amount, Ending Balance		0		0
Derivative, Average Notional Amount		0		(3,018,315)
Gain (Loss) on Sale of Derivatives		0		7,694
Total Return Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	588,037	988,409	889,418	598,459
Derivative, Notional Amount, Additions	(99,911)	(176,807)	(99,911)	(1,601,350)
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	591,700	277,252	893,081	1,311,845
Derivative, Notional Amount, Ending Balance	96,248	887,964	96,248	887,964
Derivative, Average Notional Amount	(113,334)	(828,323)	(598,163)	(968,223)
Gain (Loss) on Sale of Derivatives	(13,897)	(2,368)	(13,374)	(11,296)
Loan Purchase Commitments [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	636,467	626,660	286,120	554,838
Derivative, Notional Amount, Additions	(315,787)	(941,480)	(1,548,027)	(3,048,411)
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	890,851	1,066,948	1,772,744	3,102,057
Derivative, Notional Amount, Ending Balance	61,403	501,192	61,403	501,192
Derivative, Average Notional Amount	(418,333)	(576,251)	(357,448)	(634,356)
Gain (Loss) on Sale of Derivatives	$ 577	(392)	$ 1,835	(766)
Short US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance		0		0
Derivative, Notional Amount, Additions		0		(50,000)
Derivative, Notional Amount, Settlement Termination Expiration or Exercise		0		50,000
Derivative, Notional Amount, Ending Balance		0		0
Derivative, Average Notional Amount		0		0
Gain (Loss) on Sale of Derivatives		$ 0		$ 125

Derivative Instruments and He79

Derivative Instruments and Hedging Activities Interest Rate Sensitive Assets/Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Available-for-sale securities, at fair value	$ 14,284,625	$ 7,825,320
Interest-Only-Strip [Member]
Derivatives, Fair Value [Line Items]
Available-for-sale securities, at fair value	$ 50,132	$ 42,931

Derivative Instruments and He80

Derivative Instruments and Hedging Activities Schedule of TBA Contracts (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative, Notional Amount	$ (22,062,904)	$ (26,141,370)	$ (21,998,381)	$ (28,317,580)	$ (27,401,335)	$ (48,115,523)
Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Derivative, Notional Amount	(16,759,324)		(21,735,997)
Derivative, Fair Value, Net	199,013		271,509
Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(9,221,580)		(1,362,384)
Derivative, Fair Value, Net	(39,918)		(7,285)
Forward Contracts [Member]
Derivative [Line Items]
Derivative, Notional Amount	(589,000)	$ (337,000)	(297,000)	$ (782,000)	$ (1,024,000)	$ (1,325,000)
Derivative, Cost	633,778		289,759
Derivative, Market Value	620,591		289,509
Forward Contracts [Member] | Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Derivative, Notional Amount	(1,040,000)		(847,000)
Derivative, Fair Value, Net	17,527		1,074
Forward Contracts [Member] | Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(1,629,000)		(550,000)
Derivative, Fair Value, Net	(4,340)		(1,324)
Forward Contracts [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount	(1,040,000)		(847,000)
Derivative, Cost	1,060,175		858,572
Derivative, Market Value	1,077,702		859,646
Forward Contracts [Member] | Long [Member] | Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	17,527		1,074
Forward Contracts [Member] | Long [Member] | Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	0		0
Forward Contracts [Member] | Short [Member]
Derivative [Line Items]
Derivative, Notional Amount	(1,629,000)		(550,000)
Derivative, Cost	1,693,953		568,813
Derivative, Market Value	1,698,293		570,137
Forward Contracts [Member] | Short [Member] | Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	0		0
Forward Contracts [Member] | Short [Member] | Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	(4,340)		(1,324)
Interest Rate Risk Associated with the Investment Portfolio [Member] | Forward Contracts [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount	(1,040,000)		(847,000)
Interest Rate Risk Associated with the Investment Portfolio [Member] | Forward Contracts [Member] | Short [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ (1,629,000)		$ (550,000)

Derivative Instruments and He81

Derivative Instruments and Hedging Activities Put and Call Options for TBAs (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative, Notional Amount	$ (22,062,904)	$ (26,141,370)	$ (21,998,381)	$ (28,317,580)	$ (27,401,335)	$ (48,115,523)
Options Held [Member]
Derivative [Line Items]
Derivative, Notional Amount	(4,469,000)	$ (8,897,000)	0	$ (1,000,000)	$ 0	$ (2,000,000)
Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(9,221,580)		(1,362,384)
Derivative, Fair Value, Net	(39,918)		(7,285)
Derivative Financial Instruments, Liabilities [Member] | Options Held [Member]
Derivative [Line Items]
Derivative, Notional Amount	(519,000)
Derivative, Fair Value, Net	(4,685)		0
Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Derivative, Notional Amount	(16,759,324)		(21,735,997)
Derivative, Fair Value, Net	199,013		271,509
Derivative Financial Instruments, Assets [Member] | Options Held [Member]
Derivative [Line Items]
Derivative, Notional Amount	(3,950,000)
Derivative, Fair Value, Net	2,178		0
Long [Member] | Options Held [Member]
Derivative [Line Items]
Derivative, Notional Amount	(6,900,000)		0
Derivative, Cost	(20,450)		0
Short [Member] | Options Held [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ (2,431,000)		0
Derivative, Cost			$ 0

Derivative Instruments and He82

Derivative Instruments and Hedging Activities Schedule of Interest Rate Swap Payers Associated with the Investment Portfolio (Details) $ in Thousands	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ 22,062,904	$ 26,141,370	$ 21,998,381	$ 28,317,580	$ 27,401,335	$ 48,115,523
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	16,945,430	$ 13,697,000	14,268,806	$ 14,025,523	$ 16,225,523	$ 18,584,000
Interest Rate Risk Associated with the Investment Portfolio [Member] | Interest Rate Swap [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 6,010,561		$ 3,250,000
Derivative, Average Fixed Interest Rate	1.456%		1.787%
Derivative, Average Variable Interest Rate	0.843%		0.503%
Derivative, Average Remaining Period Until Maturity	2.53		3.74
Interest Rate Risk Associated with the Investment Portfolio [Member] | Derivative Maturity Over Two And Within Three Years From Balance Sheet Date [Member] | Interest Rate Swap [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 4,669,049		$ 2,040,000
Derivative, Average Fixed Interest Rate	1.273%		1.563%
Derivative, Average Variable Interest Rate	0.853%		0.487%
Derivative, Average Remaining Period Until Maturity	1.85		2.94
Interest Rate Risk Associated with the Investment Portfolio [Member] | Derivative Maturity Over Four Years From Balance Sheet Date [Member] | Interest Rate Swap [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 1,341,512		$ 1,210,000
Derivative, Average Fixed Interest Rate	2.094%		2.164%
Derivative, Average Variable Interest Rate	0.812%		0.531%
Derivative, Average Remaining Period Until Maturity	4.88		5.08

Derivative Instruments and He83

Derivative Instruments and Hedging Activities Schedule of Interest Rate Swap Receivers Associated with the Investment Portfolio (Details) $ in Thousands	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ 22,062,904	$ 26,141,370	$ 21,998,381	$ 28,317,580	$ 27,401,335	$ 48,115,523
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	16,945,430	$ 13,697,000	14,268,806	$ 14,025,523	$ 16,225,523	$ 18,584,000
Interest Rate Risk Associated with the Investment Portfolio [Member] | Interest Rate Swap [Member] | Short [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 3,827,806		$ 3,164,000
Derivative, Average Variable Interest Rate	1.647%		2.145%
Derivative, Average Fixed Interest Rate	0.755%		0.431%
Derivative, Average Remaining Period Until Maturity	4.32		6.26
Interest Rate Risk Associated with the Investment Portfolio [Member] | Derivative Maturity Over Two And Within Three Years From Balance Sheet Date [Member] | Interest Rate Swap [Member] | Short [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 1,207,294		$ 575,000
Derivative, Average Variable Interest Rate	1.214%		1.44%
Derivative, Average Fixed Interest Rate	0.729%		0.329%
Derivative, Average Remaining Period Until Maturity	2.07		2.89
Interest Rate Risk Associated with the Investment Portfolio [Member] | Derivative Maturity Over Three And Within Four Years From Balance Sheet Date [Member] | Interest Rate Swap [Member] | Short [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 500,000
Derivative, Average Variable Interest Rate	1.042%
Derivative, Average Fixed Interest Rate	0.702%
Derivative, Average Remaining Period Until Maturity	2.31
Interest Rate Risk Associated with the Investment Portfolio [Member] | Derivative Maturity Over Four Years From Balance Sheet Date [Member] | Interest Rate Swap [Member] | Short [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 2,120,512		$ 2,589,000
Derivative, Average Variable Interest Rate	2.037%		2.301%
Derivative, Average Fixed Interest Rate	0.783%		0.453%
Derivative, Average Remaining Period Until Maturity	6.07		7

Derivative Instruments and He84

Derivative Instruments and Hedging Activities Schedule of Interest Rate Swaps Associated with Borrowings (Details) $ in Thousands	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ 22,062,904	$ 26,141,370	$ 21,998,381	$ 28,317,580	$ 27,401,335	$ 48,115,523
Forward Starting Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 577,063
Derivative, Average Fixed Interest Rate	1.80%
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 16,945,430	$ 13,697,000	14,268,806	$ 14,025,523	$ 16,225,523	$ 18,584,000
Interest Rate Swap [Member] | Interest Rate Risk Associated with Borrowings [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 7,107,063		$ 7,854,806
Derivative, Average Fixed Interest Rate	0.858%		1.094%
Derivative, Average Variable Interest Rate	0.765%		0.437%
Derivative, Average Remaining Period Until Maturity	1.48		3.71
Interest Rate Swap [Member] | Interest Rate Risk Associated with Borrowings [Member] | Derivative Maturity Within One Year From Balance Sheet Date [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 1,000,000		$ 1,700,000
Derivative, Average Fixed Interest Rate	0.435%		0.462%
Derivative, Average Variable Interest Rate	0.857%		0.481%
Derivative, Average Remaining Period Until Maturity	0.23		0.73
Interest Rate Swap [Member] | Interest Rate Risk Associated with Borrowings [Member] | Derivative Maturity Over One And Within Two Years From Balance Sheet Date [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 2,375,000		$ 2,375,000
Derivative, Average Fixed Interest Rate	0.765%		0.765%
Derivative, Average Variable Interest Rate	0.787%		0.51%
Derivative, Average Remaining Period Until Maturity	0.84		1.59
Interest Rate Swap [Member] | Interest Rate Risk Associated with Borrowings [Member] | Derivative Maturity Over Two And Within Three Years From Balance Sheet Date [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 1,300,000		$ 800,000
Derivative, Average Fixed Interest Rate	1.002%		0.944%
Derivative, Average Variable Interest Rate	0.674%		0.384%
Derivative, Average Remaining Period Until Maturity	1.85		2.14
Interest Rate Swap [Member] | Interest Rate Risk Associated with Borrowings [Member] | Derivative Maturity Over Three And Within Four Years From Balance Sheet Date [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 350,000		$ 350,000
Derivative, Average Fixed Interest Rate	1.283%		1.283%
Derivative, Average Variable Interest Rate	0.731%		0.34%
Derivative, Average Remaining Period Until Maturity	2.69		3.44
Interest Rate Swap [Member] | Interest Rate Risk Associated with Borrowings [Member] | Derivative Maturity Over Four Years From Balance Sheet Date [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 2,082,063		$ 2,629,806
Derivative, Average Fixed Interest Rate	1.733%		1.821%
Derivative, Average Variable Interest Rate	0.731%		0.371%
Derivative, Average Remaining Period Until Maturity	6.74		8.04

Derivative Instruments and He85

Derivative Instruments and Hedging Activities Schedule of Interest Rate Swaptions (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ (22,062,904)	$ (21,998,381)	$ (26,141,370)	$ (28,317,580)	$ (27,401,335)	$ (48,115,523)
Underlying Swap [Member] | Variable Income Interest Rate [Member] | Long [Member]
Derivative [Line Items]
Derivative, Average Remaining Period Until Maturity	5.6	5.9
Derivative, Notional Amount	$ (1,800,000)	$ (6,500,000)
Derivative, Description of Variable Reference Rate	3M Libor	3M Libor
Derivative, Average Fixed Interest Rate	3.27%	3.24%
Underlying Swap [Member] | Variable Income Interest Rate [Member] | Long [Member] | Less Than Six Months Remaining Maturity [Member]
Derivative [Line Items]
Derivative, Average Remaining Period Until Maturity		6.3
Derivative, Notional Amount		$ (2,000,000)
Derivative, Description of Variable Reference Rate		3M Libor
Derivative, Average Fixed Interest Rate		2.23%
Underlying Swap [Member] | Variable Income Interest Rate [Member] | Long [Member] | Six Months or Longer Remaining Maturity [Member]
Derivative [Line Items]
Derivative, Average Remaining Period Until Maturity	5.6	5.8
Derivative, Notional Amount	$ (1,800,000)	$ (4,500,000)
Derivative, Description of Variable Reference Rate	3M Libor	3M Libor
Derivative, Average Fixed Interest Rate	3.27%	3.69%
Underlying Swap [Member] | Variable Income Interest Rate [Member] | Short [Member]
Derivative [Line Items]
Derivative, Average Remaining Period Until Maturity	6	10
Derivative, Notional Amount	$ (3,030,000)	$ (800,000)
Derivative, Description of Variable Reference Rate	3M Libor	3M Libor
Derivative, Average Fixed Interest Rate	1.74%	3.44%
Underlying Swap [Member] | Variable Income Interest Rate [Member] | Short [Member] | Less Than Six Months Remaining Maturity [Member]
Derivative [Line Items]
Derivative, Average Remaining Period Until Maturity	4.6
Derivative, Notional Amount	$ (2,230,000)
Derivative, Description of Variable Reference Rate	3M Libor
Derivative, Average Fixed Interest Rate	1.14%
Underlying Swap [Member] | Variable Income Interest Rate [Member] | Short [Member] | Six Months or Longer Remaining Maturity [Member]
Derivative [Line Items]
Derivative, Average Remaining Period Until Maturity	10	10
Derivative, Notional Amount	$ (800,000)	$ (800,000)
Derivative, Description of Variable Reference Rate	3M Libor	3M Libor
Derivative, Average Fixed Interest Rate	3.44%	3.44%
Underlying Swap [Member] | Fixed Income Interest Rate [Member] | Long [Member]
Derivative [Line Items]
Derivative, Average Remaining Period Until Maturity	3
Derivative, Notional Amount	$ (1,500,000)
Derivative, Description of Variable Reference Rate	3M Libor
Derivative, Average Fixed Interest Rate	1.34%
Underlying Swap [Member] | Fixed Income Interest Rate [Member] | Long [Member] | Less Than Six Months Remaining Maturity [Member]
Derivative [Line Items]
Derivative, Average Remaining Period Until Maturity	3
Derivative, Notional Amount	$ (1,500,000)
Derivative, Description of Variable Reference Rate	3M Libor
Derivative, Average Fixed Interest Rate	1.34%
Underlying Swap [Member] | Fixed Income Interest Rate [Member] | Short [Member]
Derivative [Line Items]
Derivative, Average Remaining Period Until Maturity		10
Derivative, Notional Amount		$ (500,000)
Derivative, Description of Variable Reference Rate		3M Libor
Derivative, Average Fixed Interest Rate		1.75%
Underlying Swap [Member] | Fixed Income Interest Rate [Member] | Short [Member] | Less Than Six Months Remaining Maturity [Member]
Derivative [Line Items]
Derivative, Average Remaining Period Until Maturity		10
Derivative, Notional Amount		$ (500,000)
Derivative, Description of Variable Reference Rate		3M Libor
Derivative, Average Fixed Interest Rate		1.75%
Interest Rate Swaption [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ (270,000)	$ (5,200,000)	$ (1,800,000)	$ (10,010,000)	$ (9,410,000)	$ (12,410,000)
Interest Rate Swaption [Member] | Variable Income Interest Rate [Member] | Long [Member]
Derivative [Line Items]
Derivative, Cost	(43,015)	(126,648)
Derivative, Fair Value, Net	$ (145)	$ (19,324)
Derivative, Average Remaining Period Until Maturity	8.84	38.51
Interest Rate Swaption [Member] | Variable Income Interest Rate [Member] | Long [Member] | Less Than Six Months Remaining Maturity [Member]
Derivative [Line Items]
Derivative, Cost		$ (375)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral		$ (174)
Derivative, Average Remaining Period Until Maturity		0.75
Interest Rate Swaption [Member] | Variable Income Interest Rate [Member] | Long [Member] | Six Months or Longer Remaining Maturity [Member]
Derivative [Line Items]
Derivative, Cost	$ (43,015)	$ (126,273)
Derivative, Fair Value, Net	$ (145)	$ (19,150)
Derivative, Average Remaining Period Until Maturity	8.84	39.17
Interest Rate Swaption [Member] | Variable Income Interest Rate [Member] | Short [Member]
Derivative [Line Items]
Derivative, Cost	$ (81,248)	$ (81,248)
Derivative, Fair Value, Net	$ (6,112)	$ (6,738)
Derivative, Average Remaining Period Until Maturity	4.49	18.01
Interest Rate Swaption [Member] | Variable Income Interest Rate [Member] | Short [Member] | Less Than Six Months Remaining Maturity [Member]
Derivative [Line Items]
Derivative, Cost	$ 0
Derivative, Fair Value, Net	$ (5,882)
Derivative, Average Remaining Period Until Maturity	4.45
Interest Rate Swaption [Member] | Variable Income Interest Rate [Member] | Short [Member] | Six Months or Longer Remaining Maturity [Member]
Derivative [Line Items]
Derivative, Cost	$ (81,248)	$ (81,248)
Derivative, Fair Value, Net	$ (230)	$ (6,738)
Derivative, Average Remaining Period Until Maturity	8.99	18.01
Interest Rate Swaption [Member] | Fixed Income Interest Rate [Member] | Long [Member]
Derivative [Line Items]
Derivative, Cost	$ 0
Derivative, Fair Value, Net	$ (3,061)
Derivative, Average Remaining Period Until Maturity	4.93
Interest Rate Swaption [Member] | Fixed Income Interest Rate [Member] | Long [Member] | Less Than Six Months Remaining Maturity [Member]
Derivative [Line Items]
Derivative, Cost	$ 0
Derivative, Fair Value, Net	$ (3,061)
Derivative, Average Remaining Period Until Maturity	4.93
Interest Rate Swaption [Member] | Fixed Income Interest Rate [Member] | Short [Member]
Derivative [Line Items]
Derivative, Cost		$ (100)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral		$ (43)
Derivative, Average Remaining Period Until Maturity		0.73
Interest Rate Swaption [Member] | Fixed Income Interest Rate [Member] | Short [Member] | Less Than Six Months Remaining Maturity [Member]
Derivative [Line Items]
Derivative, Cost		$ (100)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral		$ (43)
Derivative, Average Remaining Period Until Maturity		0.73

Derivative Instruments and He86

Derivative Instruments and Hedging Activities Schedule of Total Return Swaps (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative, Notional Amount	$ (22,062,904)	$ (26,141,370)	$ (21,998,381)	$ (28,317,580)	$ (27,401,335)	$ (48,115,523)
Total Return Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	(96,248)	$ (588,037)	(889,418)	$ (887,964)	$ (988,409)	$ (598,459)
Derivative, Fair Value, Net	(752)		1,645
Derivative, Cost	686		1,383
Derivative, Unrealized Gains (Losses)	(1,438)		262
Maturity Date, 1/12/2043 [Member] | Total Return Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	(47,910)		(369,639)
Derivative, Fair Value, Net	(363)		456
Derivative, Cost	320		866
Derivative, Unrealized Gains (Losses)	(683)		(410)
Maturity Date, 1/12/2044 [Member] | Total Return Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	(48,338)		(325,003)
Derivative, Fair Value, Net	(389)		350
Derivative, Cost	366		1,679
Derivative, Unrealized Gains (Losses)	(755)		(1,329)
Maturity Date, 1/12/2045 [Member] | Total Return Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount			(194,776)
Derivative, Fair Value, Net			839
Derivative, Cost			1,162
Derivative, Unrealized Gains (Losses)			2,001
Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Derivative, Notional Amount	(16,759,324)		(21,735,997)
Derivative, Fair Value, Net	199,013		271,509
Derivative Financial Instruments, Assets [Member] | Total Return Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	0		(889,418)
Derivative, Fair Value, Net	$ 0		$ 1,645

Derivative Instruments and He87

Derivative Instruments and Hedging Activities Schedule of Credit Default Swaps, Receive Protection (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ (22,062,904)	$ (21,998,381)	$ (26,141,370)	$ (28,317,580)	$ (27,401,335)	$ (48,115,523)
Credit Default Swap, Buying Protection [Member]
Derivative [Line Items]
Derivative, Average Implied Credit Spread	496	183.60
Derivative, Notional Amount	$ (25,000)	$ (125,000)
Derivative, Fair Value, Net	(52)	(703)
Derivative, Cost	(4,062)	(4,322)
Derivative, Unrealized Gains (Losses)	$ (4,114)	$ (5,025)
Maturity Date, 06/20/2016 [Member] | Credit Default Swap, Buying Protection [Member]
Derivative [Line Items]
Derivative, Maturity Date		Jun. 20, 2016
Derivative, Average Implied Credit Spread		105.50
Derivative, Notional Amount		$ (100,000)
Derivative, Fair Value, Net		(502)
Derivative, Cost		(260)
Derivative, Unrealized Gains (Losses)		$ (762)
Maturity Date, 12/20/2016 [Member] | Credit Default Swap, Buying Protection [Member]
Derivative [Line Items]
Derivative, Maturity Date	Dec. 20, 2016	Dec. 20, 2016
Derivative, Average Implied Credit Spread	496	496
Derivative, Notional Amount	$ (25,000)	$ (25,000)
Derivative, Fair Value, Net	(52)	(201)
Derivative, Cost	(4,062)	(4,062)
Derivative, Unrealized Gains (Losses)	(4,114)	(4,263)
Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(9,221,580)	(1,362,384)
Derivative, Fair Value, Net	$ 39,918	$ 7,285

Derivative Instruments and He88

Derivative Instruments and Hedging Activities Credit Risk - Counterparty Exposure (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Offsetting Assets and Liabilities [Line Items]
Derivative, Collateral, Obligation to Return Cash	$ 12,143
Derivative, Collateral, Right to Reclaim Cash	161,835
Derivative Financial Instruments, Assets [Member]
Offsetting Assets and Liabilities [Line Items]
Derivative, Fair Value, Net	199,013	$ 271,509
Derivative Financial Instruments, Liabilities [Member]
Offsetting Assets and Liabilities [Line Items]
Derivative, Fair Value, Net	$ (39,918)	$ (7,285)

Derivative Instruments and He89

Derivative Instruments and Hedging Activities Commitments to Purchase Residential Mortgage Loans Held-for-Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative, Notional Amount	$ 22,062,904	$ 26,141,370	$ 21,998,381	$ 28,317,580	$ 27,401,335	$ 48,115,523
Loan Purchase Commitments [Member]
Derivative [Line Items]
Derivative, Notional Amount	61,403	$ 636,467	286,120	$ 501,192	$ 626,660	$ 554,838
Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Derivative, Notional Amount	16,759,324		21,735,997
Derivative, Fair Value, Net	199,013		271,509
Derivative Financial Instruments, Assets [Member] | Loan Purchase Commitments [Member]
Derivative [Line Items]
Derivative, Notional Amount	46,134		98,736
Derivative, Fair Value, Net	310		77
Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Derivative, Notional Amount	9,221,580		1,362,384
Derivative, Fair Value, Net	(39,918)		(7,285)
Derivative Financial Instruments, Liabilities [Member] | Loan Purchase Commitments [Member]
Derivative [Line Items]
Derivative, Notional Amount	15,269		187,384
Derivative, Fair Value, Net	$ (40)		$ (427)

Derivative Instruments and He90

Derivative Instruments and Hedging Activities Schedule of Inverse Interest-Only Securities Reconciliation (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Interest Receivable	$ 67,089		$ 49,970
Derivative, Notional Amount	22,062,904	$ 26,141,370	21,998,381	$ 28,317,580	$ 27,401,335	$ 48,115,523
Derivative Financial Instruments, Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	199,013		271,509
Derivative, Notional Amount	16,759,324		21,735,997
Inverse Interest-Only Securities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	142,597		159,582
Interest Receivable	1,364		1,676
Derivative, Notional Amount	784,823	$ 834,866	932,037	$ 985,901	$ 1,049,743	$ 1,168,226
Derivative, Unamortized Premium	0		0
Derivative, Designated Credit Reserve	0		0
Derivative, Net, Unamortized	(668,282)		(792,178)
Derivative, Amortized Cost Basis	116,541		139,859
Derivative, Gross Unrealized Gains	25,420		19,655
Derivative, Gross Unrealized Losses	(729)		(1,608)
Derivative, Carrying Value	141,232		157,906
Inverse Interest-Only Securities [Member] | Derivative Financial Instruments, Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 784,823		$ 932,037

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Other Assets [Line Items]
Property, Plant and Equipment, Gross	$ 6,469	$ 5,997
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(4,264)	(3,303)
Property, Plant and Equipment, Net	2,205	2,694
Prepaid Expense	1,142	1,572
Income Taxes Receivable, Current	1,619	5,286
Deferred Tax Assets, Net	75,075	44,318
Servicing advances	46,464	37,499
Federal Home Loan Bank stock	167,856	156,650
Cost Method Investments	3,000	3,000
Other Receivables	29,035	20,556
Other Assets	326,396	271,575
Federal Home Loan Bank of Des Moines [Member]
Other Assets [Line Items]
Federal Home Loan Bank stock	$ 167,856	$ 156,650

Other Assets Depreciation Expen

Other Assets Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Property, Plant and Equipment [Line Items]
Depreciation of fixed assets	$ 317	$ 981	$ 1,002

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Other Liabilities [Abstract]
Accrued Liabilities, Current	$ 27,063	$ 37,052
Interest Payable	29,807	18,723
Taxes Payable	0	70
Other Accounts Payable and Accrued Liabilities	23,453	16,387
Other liabilities	$ 80,323	$ 72,232

Fair Value, Measurement Inputs,

Fair Value, Measurement Inputs, Disclosure (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities Categorized as Level 2 Assets	100.00%
Assets Reported at Fair Value, Available-for-sale Securities	74.10%
Mortgage Loans Held-for-sale Categorized as Level 2 Assets	90.70%
Mortgage Loans Held-for-sale Categorized as Level 3 Assets	9.30%
Mortgage Loans Held-for-investment Categorized as Level 2 Assets	100.00%
Mortgage Servicing Rights Categorized as Level 3 Assets	100.00%
Interest Rate Swaps, Swaptions and Credit Default Swaps Categorized as Level 2 Assets (Liabilities)	100.00%
Inverse Interest-only Securities Categorized as Level 2 Assets	100.00%
Agency To-be-Announced Securities Categorized as Level 1 Assets (Liabilities)	100.00%
Derivative, Notional Amount	$ 22,062,904	$ 26,141,370	$ 21,998,381	$ 28,317,580	$ 27,401,335	$ 48,115,523
Forward Purchase Commitments Categorized as Level 2 Assets (Liabilities)	100.00%
Collateralized Borrowings in Securitization Trust Categorized as Level 2 Liabilities	100.00%
Available-for-sale securities, at fair value	$ 14,284,625		7,825,320
Mortgage servicing rights, at fair value	455,629	427,813	493,688	447,345	437,576	452,006
Loan Purchase Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Notional Amount	61,403	$ 636,467	286,120	$ 501,192	$ 626,660	$ 554,838
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Notional Amount	9,221,580		1,362,384
Derivative, Fair Value, Net	(39,918)		(7,285)
Derivative Financial Instruments, Liabilities [Member] | Loan Purchase Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Notional Amount	15,269		187,384
Derivative, Fair Value, Net	(40)		(427)
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	14,284,625		7,825,320
Residential mortgage loans held-for-sale	723,174		811,431
Residential mortgage loans held-for-investment in securitization trust	3,620,037		3,173,727
Mortgage servicing rights, at fair value	455,629		493,688
Derivative assets	199,013		271,509
Assets, Fair Value Disclosure	19,282,478		12,575,675
Collateralized borrowings in securitization trust	3,375,906		2,000,110
Derivative liabilities	39,918		7,285
Liabilities, Fair Value Disclosure	3,415,824		2,007,395
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	0		0
Residential mortgage loans held-for-sale	0		0
Residential mortgage loans held-for-investment in securitization trust	0		0
Mortgage servicing rights, at fair value	0		0
Derivative assets	17,527		1,074
Assets, Fair Value Disclosure	17,527		1,074
Collateralized borrowings in securitization trust	0		0
Derivative liabilities	4,340		1,324
Liabilities, Fair Value Disclosure	4,340		1,324
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	14,284,625		7,825,320
Residential mortgage loans held-for-sale	655,751		764,319
Residential mortgage loans held-for-investment in securitization trust	3,620,037		3,173,727
Mortgage servicing rights, at fair value	0		0
Derivative assets	181,486		270,435
Assets, Fair Value Disclosure	18,741,899		12,033,801
Collateralized borrowings in securitization trust	3,375,906		2,000,110
Derivative liabilities	35,578		5,961
Liabilities, Fair Value Disclosure	3,411,484		2,006,071
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	0		0
Residential mortgage loans held-for-sale	67,423		47,112
Residential mortgage loans held-for-investment in securitization trust	0		0
Mortgage servicing rights, at fair value	455,629		493,688
Derivative assets	0		0
Assets, Fair Value Disclosure	523,052		540,800
Collateralized borrowings in securitization trust	0		0
Derivative liabilities	0		0
Liabilities, Fair Value Disclosure	$ 0		$ 0

Fair Value, Assets Measured on

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Loans Receivable [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance	$ 66,369	$ 47,112
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Realized Gain (Loss) Included in Earnings	(725)	3,615
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Unrealized Gain (Loss) Included in Earnings	(309)	(313)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	(1,034)	3,302
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	56,121	181,679
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	(26,954)	(82,204)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	27,079	82,466
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance	67,423	67,423
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	68	180
Servicing Contracts [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance	427,813	493,688
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Realized Gain (Loss) Included in Earnings	(37,297)	(71,839)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Unrealized Gain (Loss) Included in Earnings	3,846	(139,587)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	(33,451)	(211,426)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	98,466	205,199
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	(41,844)	(41,844)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	4,645	10,012
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance	455,629	455,629
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	$ (7,254)	$ (150,687)

Fair Value, Quantitative Inform

Fair Value, Quantitative Information about Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Jun. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortgage servicing rights, at fair value	$ 455,629	$ 493,688	$ 427,813	$ 447,345	$ 437,576	$ 452,006
Fair Value Measurements, Valuation Processes, Description	Discounted cash flow
Fair Value Inputs, Prepayment Rate	15.80%	11.80%
Fair Value Inputs, Probability of Default	2.10%	4.00%
Fair Value Inputs, Discount Rate	9.00%	10.10%
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Prepayment Rate	13.60%
Fair Value Inputs, Probability of Default	2.00%
Fair Value Inputs, Discount Rate	8.20%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Prepayment Rate	18.50%
Fair Value Inputs, Probability of Default	2.20%
Fair Value Inputs, Discount Rate	9.80%

Fair Value, Option, Quantitativ

Fair Value, Option, Quantitative Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ 18,312	$ 32,698	$ 60,050	$ 46,237
Fair Value, Option, Credit Risk, Gains (Losses) on Assets	145	721	209	751
Available-for-sale Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	(237)	42	(1,394)	42
Loans Held-for-sale, Residential Mortgages [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	7,208	22,293	36,817	40,129
Fair Value, Option, Credit Risk, Gains (Losses) on Assets	145	721	209	751
Loans Held-for-investment, Residential Mortgages [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	58,123	40,847	164,502	31,820
Fair Value, Option, Credit Risk, Gains (Losses) on Assets	0	0	0	0
Borrowings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	(46,782)	(30,484)	(139,875)	(25,754)
Fair Value, Option, Credit Risk, Gains (Losses) on Liabilities	0	0	0	0
Interest Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	14,451	18,847	49,457	46,864
Interest Income [Member] | Available-for-sale Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	(249)	89	(132)	89
Interest Income [Member] | Loans Held-for-sale, Residential Mortgages [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	7,627	9,479	19,789	21,268
Interest Income [Member] | Loans Held-for-investment, Residential Mortgages [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	33,495	24,841	100,765	64,908
Marketable Securities, Gain (Loss), Excluding Other than Temporary Impairments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	12	(47)	(1,262)	(47)
Marketable Securities, Gain (Loss), Excluding Other than Temporary Impairments [Member] | Available-for-sale Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	12	(47)	(1,262)	(47)
Marketable Securities, Gain (Loss), Excluding Other than Temporary Impairments [Member] | Loans Held-for-sale, Residential Mortgages [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	0	0	0	0
Marketable Securities, Gain (Loss), Excluding Other than Temporary Impairments [Member] | Loans Held-for-investment, Residential Mortgages [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	0	0	0	0
Marketable Securities, Gain (Loss), Excluding Other than Temporary Impairments [Member] | Borrowings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	0	0	0	0
Interest Expense [Member] | Borrowings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	(26,422)	(15,562)	(70,965)	(39,401)
Gain (Loss) on Mortgage Loans [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	(419)	12,814	17,028	18,861
Gain (Loss) on Mortgage Loans [Member] | Available-for-sale Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	0	0	0	0
Gain (Loss) on Mortgage Loans [Member] | Loans Held-for-sale, Residential Mortgages [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	(419)	12,814	17,028	18,861
Gain (Loss) on Mortgage Loans [Member] | Loans Held-for-investment, Residential Mortgages [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	0	0	0	0
Gain (Loss) on Mortgage Loans [Member] | Borrowings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	0	0	0	0
Other Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	4,268	1,084	(5,173)	(19,441)
Other Income [Member] | Available-for-sale Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	0	0	0	0
Other Income [Member] | Loans Held-for-sale, Residential Mortgages [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	0	0	0	0
Other Income [Member] | Loans Held-for-investment, Residential Mortgages [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	24,628	16,006	63,737	(33,088)
Other Income [Member] | Borrowings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ (20,360)	$ (14,922)	$ (68,910)	$ 13,647

Fair Value Schedule of Financin

Fair Value Schedule of Financing Receivables, Non Accrual Status (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Residential mortgage loans held-for-sale, at fair value	$ 723,174	$ 811,431
Collateralized borrowings in securitization trusts, at fair value	3,375,906	2,000,110
Residential mortgage loans held-for-investment in securitization trusts, at fair value	3,620,037	3,173,727
Loan Held-for-Sale, Residential Mortgages, Unpaid Principal [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Residential mortgage loans held-for-sale, at fair value	720,609	812,661
Fair Value, Option, Loans Held as Assets, Aggregate Amount in Nonaccrual Status	51,156	30,438
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due	45,759	26,702
Loans Held-for-sale, Residential Mortgages [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Residential mortgage loans held-for-sale, at fair value	723,174	811,431
Fair Value, Option, Loans Held as Assets, Aggregate Amount in Nonaccrual Status	45,843	25,771
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due	40,936	22,470
Loans Held-for-investment, Residential Mortgages [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Loans Held as Assets, Aggregate Amount in Nonaccrual Status	887	868
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due	887	868
Residential mortgage loans held-for-investment in securitization trusts, at fair value	3,620,037	3,173,727
Loans Held-for-Investment, Residential Mortgages, Unpaid Principal [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Loans Held as Assets, Aggregate Amount in Nonaccrual Status	860	860
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due	860	860
Residential mortgage loans held-for-investment in securitization trusts, at fair value	3,499,285	3,143,515
Collateralized Borrowings, Unpaid Principal [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Collateralized borrowings in securitization trusts, at fair value	3,277,103	1,987,628
Borrowings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Collateralized borrowings in securitization trusts, at fair value	$ 3,375,906	$ 2,000,110

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Repurchase agreements	$ 10,637,373	$ 5,008,274
Long-term Federal Home Loan Bank Advances	3,348,762
Maturity Over One Year [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Repurchase agreements	$ 222,628	$ 0

Fair Value by Balance Sheet Gro

Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities, at fair value	$ 14,284,625		$ 7,825,320
Residential mortgage loans held-for-sale, at fair value	723,174		811,431
Residential mortgage loans held-for-investment in securitization trusts, at fair value	3,620,037		3,173,727
Commercial real estate assets	1,114,548	$ 926,377	660,953	$ 290,910	$ 45,605	$ 0
Commercial real estate assets, at fair value	1,113,756
Mortgage servicing rights, at fair value	455,629	$ 427,813	493,688	447,345	$ 437,576	452,006
Cash and cash equivalents	688,418		737,831	$ 811,839		$ 1,005,792
Restricted cash	264,872		262,562
Derivative assets, at fair value	199,013		271,509
Federal Home Loan Bank stock	167,856		156,650
Cost Method Investments	3,000		3,000
Repurchase agreements	10,637,373		5,008,274
Collateralized borrowings in securitization trusts, at fair value	3,375,906		2,000,110
Federal Home Loan Bank advances	4,000,000		3,785,000
Revolving credit facilities	30,000		0
Derivative liabilities, at fair value	39,918		7,285
Federal Home Loan Bank of Des Moines [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Federal Home Loan Bank stock	167,856		156,650
Federal Home Loan Bank advances	$ 4,000,000		$ 3,785,000

Repurchase Agreements Schedule

Repurchase Agreements Schedule of Repurchase Agreements by Term, Short or Long (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 10,637,373	$ 5,008,274
Maturity up to One Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	10,414,745	5,008,274
Maturity Over One Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 222,628	$ 0

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements by Maturity (Details) $ in Thousands	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Interest Rate	1.06%	1.10%
Repurchase agreements	$ 10,637,373	$ 5,008,274
Assets Sold under Agreements to Repurchase, Weighted Average Remaining Maturity	69	35
US Government Agencies Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Interest Rate	0.79%	0.65%
Repurchase agreements	$ 8,861,538	$ 3,337,710
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Interest Rate	2.41%	2.03%
Repurchase agreements	$ 1,388,695	$ 1,480,182
Inverse Interest-Only Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Interest Rate	1.60%	1.18%
Repurchase agreements	$ 114,759	$ 122,523
Loans Held-for-sale, Residential Mortgages [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Interest Rate	0.00%	2.87%
Repurchase agreements	$ 0	$ 8,510
Commercial Real Estate Assets [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Interest Rate	2.93%	2.62%
Repurchase agreements	$ 272,381	$ 59,349
Maturity up to 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	3,967,528	2,689,363
Maturity up to 30 days [Member] | US Government Agencies Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	3,341,276	1,719,292
Maturity up to 30 days [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	588,934	852,436
Maturity up to 30 days [Member] | Inverse Interest-Only Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	15,385	58,286
Maturity up to 30 days [Member] | Loans Held-for-sale, Residential Mortgages [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity up to 30 days [Member] | Commercial Real Estate Assets [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	21,933	59,349
Maturity 30 to 59 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	2,896,664	1,739,237
Maturity 30 to 59 Days [Member] | US Government Agencies Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	2,595,970	1,407,353
Maturity 30 to 59 Days [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	207,856	271,819
Maturity 30 to 59 Days [Member] | Inverse Interest-Only Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	65,018	60,065
Maturity 30 to 59 Days [Member] | Loans Held-for-sale, Residential Mortgages [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 30 to 59 Days [Member] | Commercial Real Estate Assets [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	27,820	0
Maturity 60 to 89 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	1,185,026	161,449
Maturity 60 to 89 Days [Member] | US Government Agencies Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	1,185,026	143,051
Maturity 60 to 89 Days [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	15,691
Maturity 60 to 89 Days [Member] | Inverse Interest-Only Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	2,707
Maturity 60 to 89 Days [Member] | Loans Held-for-sale, Residential Mortgages [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 60 to 89 Days [Member] | Commercial Real Estate Assets [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 90 to 119 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	1,012,572	175,486
Maturity 90 to 119 Days [Member] | US Government Agencies Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	622,725	68,014
Maturity 90 to 119 Days [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	373,474	106,007
Maturity 90 to 119 Days [Member] | Inverse Interest-Only Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	16,373	1,465
Maturity 90 to 119 Days [Member] | Loans Held-for-sale, Residential Mortgages [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 90 to 119 Days [Member] | Commercial Real Estate Assets [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 120 to 364 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	1,352,955	242,739
Maturity 120 to 364 days [Member] | US Government Agencies Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	1,116,541	0
Maturity 120 to 364 days [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	218,431	234,229
Maturity 120 to 364 days [Member] | Inverse Interest-Only Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	17,983	0
Maturity 120 to 364 days [Member] | Loans Held-for-sale, Residential Mortgages [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	8,510
Maturity 120 to 364 days [Member] | Commercial Real Estate Assets [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity Over One Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	222,628	$ 0
Maturity Over One Year [Member] | US Government Agencies Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0
Maturity Over One Year [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0
Maturity Over One Year [Member] | Inverse Interest-Only Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0
Maturity Over One Year [Member] | Loans Held-for-sale, Residential Mortgages [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0
Maturity Over One Year [Member] | Commercial Real Estate Assets [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 222,628

Schedule of Underlying Assets o

Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	$ 12,011,790	$ 6,049,954
Available-for-sale Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	11,115,563	5,354,104
Loans Held-for-sale, Residential Mortgages [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	0	9,543
Commercial Real Estate Assets [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	399,594	108,958
Retained Interest [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	218,971	274,949
Cash and Cash Equivalents [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	12,094	15,000
Restricted Cash and Cash Equivalents [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	95,223	119,310
Due From Correspondent Brokers [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	29,477	10,211
Derivative Financial Instruments, Assets [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	$ 140,868	$ 157,879

Schedule of Repurchase Agree104

Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity (Details) $ in Thousands	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 10,637,373	$ 5,008,274
Repurchase Agreement Counterparty, Amount at Risk	1,376,675	1,035,785
Repurchase Agreement Counterparty, Royal Bank of Canada [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	1,202,327	799,527
Repurchase Agreement Counterparty, Amount at Risk	$ 260,862	$ 217,677
Repurchase Agreement Counterparty, Percent of Equity at Risk	7.00%	6.00%
Repurchase Agreement Counterparty, Weighted Average Days to Maturity	76.4	31.5
Repurchase Agreement Counterparty, All Other Counterparties [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 9,435,046	$ 4,208,747
Repurchase Agreement Counterparty, Amount at Risk	$ 1,115,813	$ 818,108
Repurchase Agreement Counterparty, Percent of Equity at Risk	32.00%	23.00%
Repurchase Agreement Counterparty, Weighted Average Days to Maturity	68.1	36.2
Number of Repurchase Agreement Counterparties with Whom Repurchase Agreements Are Less Than 10 Percent of Stockholders' Equity	21	20

Collateralized Borrowings in105

Collateralized Borrowings in Securitization Trusts, at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Collateralized borrowings in securitization trusts, at fair value	$ 3,375,906	$ 2,000,110
Debt, Weighted Average Interest Rate	3.40%	3.60%

Federal Home Loan Bank Advan106

Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Federal Home Loan Bank advances	$ 4,000,000	$ 3,785,000
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds	0	215,000
Federal Home Loan Bank stock	167,856	156,650
Federal Home Loan Bank of Des Moines [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Federal Home Loan Bank advances	$ 4,000,000	$ 3,785,000
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End	0.67%	0.58%
Federal Home Loan Bank stock	$ 167,856	$ 156,650

Schedule of Maturities of Feder

Schedule of Maturities of Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Maturities of Federal Home Loan Bank Advances [Line Items]
Federal Home Loan Bank advances	$ 4,000,000	$ 3,785,000
Maturity Within One Year [Member]
Schedule of Maturities of Federal Home Loan Bank Advances [Line Items]
Federal Home Loan Bank advances	651,238	0
Maturity One to Three Years [Member]
Schedule of Maturities of Federal Home Loan Bank Advances [Line Items]
Federal Home Loan Bank advances	815,024	651,238
Maturity Three to Five Years [Member]
Schedule of Maturities of Federal Home Loan Bank Advances [Line Items]
Federal Home Loan Bank advances	0	815,024
Maturity One to Two Years [Member]
Schedule of Maturities of Federal Home Loan Bank Advances [Line Items]
Federal Home Loan Bank advances	0	0
Maturity Over Two Years [Member]
Schedule of Maturities of Federal Home Loan Bank Advances [Line Items]
Federal Home Loan Bank advances	$ 2,533,738	$ 2,318,738

Schedule of Underlying Asset108

Schedule of Underlying Assets of Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Assets Underlying Federal Home Loan Bank Advances [Line Items]
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	$ 4,390,750	$ 4,264,416
Available-for-sale Securities [Member]
Schedule of Assets Underlying Federal Home Loan Bank Advances [Line Items]
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	3,156,325	2,412,970
Loans Held-for-sale, Residential Mortgages [Member]
Schedule of Assets Underlying Federal Home Loan Bank Advances [Line Items]
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	632,698	735,911
Commercial Real Estate Assets [Member]
Schedule of Assets Underlying Federal Home Loan Bank Advances [Line Items]
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	597,603	252,172
Retained Interest [Member]
Schedule of Assets Underlying Federal Home Loan Bank Advances [Line Items]
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	$ 4,124	$ 863,363

Revolving Credit Facilities (De

Revolving Credit Facilities (Details) $ in Thousands	Sep. 30, 2016USD ($)unit	Dec. 31, 2015USD ($)
Short-term Debt [Line Items]
Revolving credit facilities	$ 30,000	$ 0
Short-term Debt, Weighted Average Interest Rate	4.27%
Revolving Credit Facilities, Weighted Average Remaining Maturity | unit	336
Pledged Assets, Not Separately Reported, Other	$ 73,526

Stockholders' Equity Schedule o

Stockholders' Equity Schedule of Dividends Declared (Details) - $ / shares	3 Months Ended					9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Dividends Payable [Line Items]
Dividends Payable, Date Declared	Sep. 15, 2016	Jun. 16, 2016	Mar. 15, 2016	Dec. 16, 2015	Sep. 16, 2015
Dividends Payable, Date of Record	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 30, 2015	Sep. 30, 2015
Dividends Payable, Date to be Paid	Oct. 20, 2016	Jul. 20, 2016	Apr. 21, 2016	Jan. 20, 2016	Oct. 22, 2015
Common Stock, Dividends, Per Share, Declared	$ 0.23	$ 0.23	$ 0.23	$ 0.26	$ 0.26	$ 0.69	$ 0.78

Stockholders' Equity Schedul111

Stockholders' Equity Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 538,443	$ 359,061
Collateralized Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Unrealized Gains	551,343	405,177
Available-for-sale Securities, Gross Unrealized Losses	$ (12,900)	$ (46,116)

Stockholders' Equity Reclassifi

Stockholders' Equity Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain (Loss) on Investments, Excluding Other than Temporary Impairments			$ (66,095)	$ (263,512)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	$ 1,015	$ 238	1,822	535
Gain (Loss) on Investments, Excluding Other than Temporary Impairments	(30,396)	(53,447)	(54,652)	(228,518)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (29,381)	$ (53,209)	$ (52,830)	$ (227,983)

Stockholders' Equity Dividend R

Stockholders' Equity Dividend Reinvestment and Direct Stock Purchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Class of Stock [Line Items]
Stock Repurchased and Retired During Period, Shares			8,020,000	1,391,887
Common Stock, Capital Shares Reserved for Future Issuance	7,500,000		7,500,000
Stock Issued and Outstanding, Shares, Dividend Reinvestment Plan	327,056		327,056
Stock Issued and Outstanding, Value, Dividend Reinvestment Plan	$ 3,315		$ 3,315
Stock Issued During Period, Shares, Dividend Reinvestment Plan	14,621	17,904	43,764	54,088
Stock Issued During Period, Value, Dividend Reinvestment Plan	$ 129	$ 177	$ 356	$ 556
Stock Repurchased and Retired During Period, Value			$ 61,307	$ 12,476

Stockholders' Equity Share Repu

Stockholders' Equity Share Repurchase Program (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	75,000,000		25,000,000
Stock Repurchase Program, Number of Additional Shares Authorized to be Repurchased	50,000,000
Stock Repurchase Program, Number of Shares Repurchased and Retired to Date	24,135,000
Stock Repurchase Program, Value of Shares Repurchased and Retired to Date	$ 200,375
Stock Repurchased and Retired During Period, Shares	8,020,000	1,391,887
Stock Repurchased and Retired During Period, Value	$ 61,307	$ 12,476
Common Stock [Member]
Class of Stock [Line Items]
Stock Repurchased and Retired During Period, Shares	8,020,000	1,391,887
Stock Repurchased and Retired During Period, Value	$ 80	$ 14

Stockholders' Equity At-the-Mar

Stockholders' Equity At-the-Market Offering (Details) $ in Thousands	Sep. 30, 2016USD ($)shares
Class of Stock [Line Items]
At-the-Market Offering, Number of Shares Authorized to be Sold	20,000,000
Stock Issued And Outstanding, Shares, At-the-Market Offering	7,585,869
Stock Issued and Outstanding, Value, At-the-Market Offering | $	$ 77,603

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized					10,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	13,000,000		13,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			2,019,261	1,170,803
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 7.56	$ 10.48
Allocated Share-based Compensation Expense	$ 3,468	$ 1,748	$ 11,223	$ 7,367
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	81,739	55,229
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 8.43	$ 10.41
Key Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			1,937,522	1,115,574
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 7.52	$ 10.49
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price	$ 8.53		$ 8.53

Equity Incentive Plan Schedule

Equity Incentive Plan Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number at Beginning of Period	2,290,609	2,002,406
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value at Beginning of Period	$ 10.36	$ 10.32
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	2,019,261	1,170,803
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 7.56	$ 10.48
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	1,209,116	730,832
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 10.10	$ 10.45
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	301,217	61,159
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 8.50	$ 10.17
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number at End of Period	2,799,537	2,381,218
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value at End of Period	$ 8.65	$ 10.36

Restructuring Charges (Details)

Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Restructuring Cost and Reserve [Line Items]
Severance Costs	$ 652		$ 652
Business Exit Costs	519		519
Other Restructuring Costs	18		18
Restructuring charges	1,189	$ 0	1,189	$ 0
Restructuring and Related Cost, Expected Cost Remaining	$ 1,600		$ 1,600

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ (16,827)	$ (7,656)	$ (26,138)	$ (25,270)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ 117,786	$ (34,790)	$ 11,875	$ 281,504
Weighted average number of shares of common shares outstanding	344,744,917	364,979,716	345,091,765	364,844,032
Weighted average restricted stock shares	2,882,309	2,386,257	3,126,469	2,141,699
Basic and diluted weighted average shares outstanding	347,627,226	367,365,973	348,218,234	366,985,731
Basic and diluted earnings (loss) per weighted average common share	$ 0.34	$ (0.09)	$ 0.03	$ 0.77

Schedule of Related Party Trans

Schedule of Related Party Transactions, by Related Party (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Related Party Transaction [Line Items]
Asset Management Costs	$ 11,387	$ 12,617	$ 35,268	$ 38,024
Management Fee, Percent			1.50%
Costs and Expenses, Related Party	6,259	5,920	$ 19,086	16,050
Allocated Share-based Compensation Expense	$ 3,468	$ 1,748	$ 11,223	$ 7,367