Two Harbors Investment (TWO) 10-K 28 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Feb. 24, 2017	Jun. 30, 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-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		348,910,980
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 2.9

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
ASSETS
Available-for-sale securities, at fair value		$ 13,128,857	$ 7,825,320
Residential mortgage loans held-for-sale, at fair value		40,146	811,431
Residential mortgage loans held-for-investment in securitization trusts, at fair value		3,271,317	3,173,727
Commercial real estate assets		1,412,543	660,953
Mortgage servicing rights, at fair value		693,815	493,688
Cash and cash equivalents		406,883	737,831
Restricted cash		408,312	262,562
Accrued interest receivable		62,751	49,970
Due from counterparties		60,380	17,206
Derivative assets, at fair value		324,182	271,509
Other assets		302,870	271,575
Total Assets	[1]	20,112,056	14,575,772
Liabilities
Repurchase agreements		9,316,351	5,008,274
Collateralized borrowings in securitization trusts, at fair value		3,037,196	2,000,110
Federal Home Loan Bank advances		4,000,000	3,785,000
Revolving credit facilities		70,000	0
Derivative liabilities, at fair value		12,501	7,285
Due to counterparties		111,884	34,294
Dividends payable		83,437	92,016
Other liabilities		79,576	72,232
Total liabilities	[1]	16,710,945	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 347,652,326 and 353,906,807 shares issued and outstanding, respectively		3,477	3,539
Additional paid-in capital		3,659,973	3,705,519
Accumulated other comprehensive income		199,227	359,061
Cumulative earnings		2,038,033	1,684,755
Cumulative distributions to stockholders		(2,499,599)	(2,176,313)
Total stockholders’ equity		3,401,111	3,576,561
Total Liabilities and Stockholders’ Equity		20,112,056	14,575,772
Variable Interest Entity, Consolidated, Carrying Amount, Assets		3,336,292	3,237,918
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities		$ 3,058,278	$ 2,017,677
[1]	The 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 December 31, 2016 and December 31, 2015, assets of the VIEs totaled $3,336,292 and $3,237,918, and liabilities of the VIEs totaled $3,058,278 and $2,017,677, respectively. See Note 3 - Variable Interest Entities for additional information.

Balance Sheet Paranthetical

Balance Sheet Paranthetical - USD ($) $ in Thousands	Dec. 31, 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	347,652,326	353,906,807
Common Stock, Shares, Outstanding	347,652,326	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	$ 3,336,292	$ 3,237,918
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$ 3,058,278	$ 2,017,677

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest income:
Available-for-sale securities	$ 415,052	$ 458,515	$ 506,268
Trading securities	0	8,676	12,913
Residential mortgage loans held-for-sale	23,037	28,966	16,089
Residential mortgage loans held-for-investment in securitization trusts	133,993	95,740	41,220
Commercial real estate assets	59,819	9,138	0
Cash and cash equivalents	1,589	902	717
Total interest income	633,490	601,937	577,207
Interest expense:
Repurchase agreements	97,461	73,049	76,177
Collateralized borrowings in securitization trusts	97,729	57,216	26,760
Federal Home Loan Bank advances	26,101	11,921	4,513
Revolving credit facilities	604	0	0
Total interest expense	221,895	142,186	107,450
Net interest income	411,595	459,751	469,757
Other-than-temporary impairments:
Total other-than-temporary impairment losses	(1,822)	(535)	(392)
Other income (loss):
(Loss) gain on investment securities	(107,374)	363,379	87,201
Gain (loss) on interest rate swap and swaption agreements	45,371	(210,621)	(345,647)
Gain (loss) on other derivative instruments	99,379	(5,049)	(17,529)
Gain on residential mortgage loans held-for-sale	16,085	14,285	17,297
Servicing income	143,616	127,412	128,160
Loss on servicing asset	(83,531)	(99,584)	(128,388)
Other (loss) income	(5,955)	(21,790)	18,539
Total other income (loss)	107,591	168,032	(240,367)
Expenses:
Management fees	46,434	50,294	48,803
Securitization deal costs	6,152	8,971	4,638
Servicing expenses	32,724	28,101	25,925
Other operating expenses	63,483	64,162	56,231
Restructuring charges	2,990	0	0
Total expenses	151,783	151,528	135,597
Income before income taxes	365,581	475,720	93,401
Provision for (benefit from) income taxes	12,303	(16,490)	(73,738)
Net income	$ 353,278	$ 492,210	$ 167,139
Basic and diluted earnings per weighted average common share	$ 1.01	$ 1.35	$ 0.46
Basic and diluted weighted average number of shares of common stock outstanding	348,073,704	365,247,738	366,011,855
Comprehensive income (loss):
Net income	$ 353,278	$ 492,210	$ 167,139
Other comprehensive (loss) income, net of tax:
Unrealized (loss) gain on available-for-sale securities	(159,834)	(496,728)	411,054
Other comprehensive (loss) income	(159,834)	(496,728)	411,054
Comprehensive income (loss)	$ 193,444	$ (4,518)	$ 578,193

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
Common shares outstanding at beginning of period at Dec. 31, 2013	364,935,168	364,935,168
Stockholders’ equity at beginning of period at Dec. 31, 2013	$ 3,854,995	$ 3,649	$ 3,795,372	$ 444,735	$ 1,028,397	$ (1,417,158)
Net income (loss)	167,139	0	0	0	167,139	0
Other comprehensive income (loss) before reclassifications	463,593	0	0	463,593	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	(52,539)	0	0	(52,539)	0	0
Net other comprehensive income (loss)	$ 411,054	$ 0	0	411,054	0	0
Issuance of common stock, net of offering costs, shares	57,218	57,218
Issuance of common stock, net of offering costs	$ 588	$ 1	587	0	0	0
Common dividends declared	$ (380,816)	$ 0	0	0	0	(380,816)
Non-cash equity award compensation, shares	1,403,534	1,403,534
Non-cash equity award compensation	$ 15,082	$ 14	15,068	0	0	0
Common shares outstanding at end of period at Dec. 31, 2014	366,395,920	366,395,920
Stockholders’ equity at end of period 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)	492,210	0	0	0	492,210	0
Other comprehensive income (loss) before reclassifications	(161,033)	0	0	(161,033)	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	(335,695)	0	0	(335,695)	0	0
Net other comprehensive income (loss)	$ (496,728)	$ 0	0	(496,728)	0	0
Issuance of common stock, net of offering costs, shares	69,826	69,826
Issuance of common stock, net of offering costs	$ 539	$ 1	538	0	0	0
Repurchase of common stock, shares	(13,664,300)	(13,664,300)
Repurchase of common stock, value	$ (115,174)	$ (137)	(115,037)	0	0	0
Common dividends declared	$ (378,339)	$ 0	0	0	0	(378,339)
Non-cash equity award compensation, shares	1,105,361	1,105,361
Non-cash equity award compensation	$ 9,002	$ 11	8,991	0	0	0
Common shares outstanding at end of period at Dec. 31, 2015	353,906,807	353,906,807
Stockholders’ equity at end of period at Dec. 31, 2015	$ 3,576,561	$ 3,539	3,705,519	359,061	1,684,755	(2,176,313)
Net income (loss)	353,278	0	0	0		0
Other comprehensive income (loss) before reclassifications	(58,804)	0	0	(58,804)	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	(101,030)	0	0	(101,030)	0	0
Net other comprehensive income (loss)	$ (159,834)	$ 0	0	(159,834)	0	0
Issuance of common stock, net of offering costs, shares	60,602	60,602
Issuance of common stock, net of offering costs	$ 502	$ 1	501	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	$ (323,286)	$ 0	0	0	0	(323,286)
Non-cash equity award compensation, shares	1,704,917	1,704,917
Non-cash equity award compensation	$ 15,197	$ 17	15,180	0	0	0
Common shares outstanding at end of period at Dec. 31, 2016	347,652,326	347,652,326
Stockholders’ equity at end of period at Dec. 31, 2016	$ 3,401,111	$ 3,477	$ 3,659,973	$ 199,227	$ 2,038,033	$ (2,499,599)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Cash Flows From Operating Activities:
Net income (loss)	$ 353,278	$ 492,210	$ 167,139
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of premiums and discounts on investment securities and commercial real estate assets, net	35,644	38,445	12,012
Other-than-temporary impairment losses	1,822	535	392
Realized and unrealized losses (gains) on investment securities, net	107,374	(363,379)	(87,201)
Gain on residential mortgage loans held-for-sale	(16,085)	(14,285)	(17,297)
Loss (gain) on residential mortgage loans held-for-investment and collateralized borrowings in securitization trusts	11,834	26,527	(16,840)
Realized gain on sales of commercial real estate assets	0	(181)	0
Loss on servicing asset	83,531	99,584	128,388
Loss on termination and option expiration of interest rate swaps and swaptions	81,985	226,143	55,389
Unrealized (gain) loss on interest rate swaps and swaptions	(148,429)	(101,158)	198,504
Unrealized gain on other derivative instruments	(37,463)	(14,196)	(8,011)
Equity based compensation	15,197	9,002	15,082
Depreciation of fixed assets	1,283	1,362	1,083
Amortization of intangible assets	0	0	533
Purchases of residential mortgage loans held-for-sale	(1,214,865)	(2,599,737)	(1,475,210)
Proceeds from sales of residential mortgage loans held-for-sale	804,265	160,559	432,749
Proceeds from repayment of residential mortgage loans held-for-sale	143,587	98,631	38,545
Net change in assets and liabilities:
(Increase) decrease in accrued interest receivable	(12,781)	15,559	(15,226)
Decrease (increase) in deferred income taxes, net	13,766	(12,638)	(80,261)
Decrease (increase) in income taxes receivable	3,754	(5,286)	0
Increase in prepaid and fixed assets	(338)	(930)	(2,536)
(Increase) decrease in other receivables	(6,376)	8,701	(10,421)
Decrease (increase) in servicing advances	11,352	(10,009)	(20,192)
Increase (decrease) in accrued interest payable	10,782	(5,049)	3,495
(Decrease) increase in income taxes payable	(70)	(1,305)	618
(Decrease) increase in accrued expenses and other liabilities	(3,368)	14,147	11,983
Net cash provided by (used in) operating activities	239,679	(1,936,748)	(667,283)
Cash Flows From Investing Activities:
Purchases of available-for-sale securities	(21,325,083)	(1,788,541)	(6,126,579)
Proceeds from sales of available-for-sale securities	14,404,458	6,985,567	3,479,329
Principal payments on available-for-sale securities	1,278,361	1,148,407	1,044,487
(Purchases) short sales of derivative instruments, net	(19,240)	(90,183)	(81,330)
Proceeds from sales (payments for termination) of derivative instruments, net	76,040	4,081	73,966
Purchases of trading securities	0	0	(2,138,647)
Proceeds from sales of trading securities	0	2,004,375	1,145,410
Proceeds from repayment of residential mortgage loans held-for-investment in securitization trusts	913,894	562,025	111,129
Originations and purchases of commercial real estate assets, net of deferred fees	(760,731)	(662,627)	0
Proceeds from sales of commercial real estate assets	0	1,979	0
Proceeds from repayment of commercial real estate assets	16,385	344	0
Purchases of mortgage servicing rights, net of purchase price adjustments	(317,709)	(123,666)	(59,568)
Proceeds from sales of mortgage servicing rights	40,137	0	0
Purchases of Federal Home Loan Bank stock	(11,206)	(56,640)	(100,000)
Purchases of equity investments	0	0	(3,000)
Increase (decrease) in due to counterparties, net	34,416	(71,493)	(205,180)
(Increase) decrease in restricted cash	(145,750)	74,209	64,876
Net cash (used in) provided by investing activities	(5,816,028)	7,987,837	(2,795,107)
Cash Flows From Financing Activities:
Proceeds from repurchase agreements	112,504,120	47,385,219	213,091,865
Principal payments on repurchase agreements	(108,196,043)	(55,309,408)	(212,409,852)
Proceeds from issuance of collateralized borrowings in securitization trusts	1,877,399	1,223,302	728,519
Principal payments on collateralized borrowings in securitization trusts	(832,405)	(406,942)	(182,872)
Proceeds from Federal Home Loan Bank advances	215,000	1,490,000	4,796,411
Principal payments on Federal Home Loan Bank advances	0	(205,000)	(2,296,411)
Proceeds from revolving credit facilities	70,000	0	0
Proceeds from issuance of common stock, net of offering costs	502	539	588
Repurchase of common stock	(61,307)	(115,174)	0
Dividends paid on common stock	(331,865)	(381,586)	(285,553)
Net cash provided by (used in) financing activities	5,245,401	(6,319,050)	3,442,695
Net decrease in cash and cash equivalents	(330,948)	(267,961)	(19,695)
Cash and cash equivalents at beginning of period	737,831	1,005,792	1,025,487
Cash and cash equivalents at end of period	406,883	737,831	1,005,792
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	116,147	92,286	79,276
Cash (received) paid for taxes	(5,146)	2,739	5,905
Noncash Activities:
Transfers of residential mortgage loans held-for-sale to residential mortgage loans held-for-investment in securitization trusts	1,031,226	2,046,437	1,022,360
Transfers of residential mortgage loans held-for-sale to other receivables for foreclosed government-guaranteed loans	16,721	16,723	0
Transfer of fair value of mortgage servicing rights to fair value of Ginnie Mae residential mortgage loans held-for-sale upon buyout	5,162	15,756	6,136
Additions to mortgage servicing rights due to sale of residential mortgage loans held-for-sale	924	1,844	288
Cumulative-effect adjustment to equity for adoption of new accounting principle	0	(2,991)	0
Dividends declared but not paid at end of period	83,437	92,016	95,263
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	1,214,865	2,599,737	1,475,210
Transfers to residential mortgage loans held-for-investment in securitization trusts	(1,031,226)	(2,046,437)	(1,022,360)
Transfers to other receivables for foreclosed government-guaranteed loans	(16,721)	(16,723)	0
Transfer of fair value of mortgage servicing rights to fair value of Ginnie Mae residential mortgage loans held-for-sale upon buyout	(5,162)	(15,756)	(6,136)
Proceeds from sales of residential mortgage loans held-for-sale	(804,265)	(160,559)	(432,749)
Proceeds from repayment of residential mortgage loans held-for-sale	(143,587)	(98,631)	(38,545)
Realized and unrealized gains on residential mortgage loans held-for-sale	14,811	14,088	15,711
Residential mortgage loans held-for-sale at end of period	$ 40,146	$ 811,431	$ 535,712

Organization and Operations (No

Organization and Operations (Notes)	12 Months Ended
	Dec. 31, 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, 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)	12 Months Ended
	Dec. 31, 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 accompanying consolidated financial statements 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 accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles, or U.S. GAAP. 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 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 trust. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make a number of significant estimates. These 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 as of the date of the 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. Significant Accounting Policies Available-for-Sale Securities, at Fair Value The Company invests primarily in mortgage pass-through certificates, collateralized mortgage obligations and other residential mortgage-backed securities representing interests in or obligations backed by pools of mortgage loans (collectively “RMBS”) issued by the Federal National Mortgage Association, or Fannie Mae, the Federal Home Loan Mortgage Corporation, or Freddie Mac, and the Government National Mortgage Association, or Ginnie Mae, or collectively, the government sponsored entities, or GSEs. The Company also invests in residential mortgage-backed securities that are not issued by the GSEs, or non-Agency RMBS, and, from time to time, U.S. Treasuries. Designation The Company classifies its RMBS, excluding inverse interest-only Agency securities classified as derivatives for purposes of U.S. GAAP, as available-for-sale, or AFS, investments. Although the Company generally intends to hold most of its investment securities until maturity, it may, from time to time, sell any of its investment securities as part of its overall management of its portfolio. Accordingly, the Company classifies all of its RMBS as AFS, including its interest-only strips, which represent the Company’s right to receive a specified portion of the contractual interest flows of specific Agency or non-Agency securities. All assets classified as AFS, excluding Agency interest-only mortgage-backed securities and GSE credit risk transfer securities, are reported at estimated fair value with unrealized gains and losses, excluding other than temporary impairments, included in accumulated other comprehensive income, on an after-tax basis. 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. All Agency interest-only securities and GSE credit risk transfer securities acquired on or after July 1, 2015 are carried at estimated fair value with changes in fair value, excluding other than temporary impairments, recorded as a component of (loss) gain on investment securities in the consolidated statements of comprehensive income (loss) . Balance Sheet Presentation Investment securities transactions are recorded on the trade date. Purchases of newly-issued securities are recorded when all significant uncertainties regarding the characteristics of the securities are removed, generally shortly before settlement date. The cost basis for realized gains and losses on sales of investment securities are determined on the first-in, first-out, or FIFO, method. Determination of RMBS Fair Value Fair value is determined under the guidance of Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, or ASC 820. The Company determines the fair value of its RMBS that are issued or guaranteed as to principal and/or interest by a federally chartered corporation, such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government, such as Ginnie Mae (collectively, “Agency RMBS”), based upon prices obtained from third-party pricing providers or broker quotes received using the bid price, which are both 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 is used to arrive at fair value that considers prices obtained from third-party pricing providers, broker quotes received and other applicable market data. If listed price data is not available or insufficient, 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. The Company classifies these securities as Level 3 assets. As of December 31, 2016 , none of the investment securities portfolio is categorized as Level 3. The Company’s application of ASC 820 guidance is discussed in further detail in Note 14 - Fair Value of these notes to the consolidated financial statements. Revenue Recognition, Premium Amortization and Discount Accretion Interest income on securities is accrued based on the outstanding principal balance and their contractual terms. Premiums and discounts associated with Agency and non-Agency RMBS rated AA and higher at the time of purchase, are amortized into interest income over the life of such securities using the effective yield method. Adjustments to premium amortization are made for actual prepayment activity. The Company estimates prepayments for its Agency interest-only securities, which represent the Company’s right to receive a specified portion of the contractual interest flows of specific Agency and CMO securities. As a result, if prepayments increase (or are expected to increase), the Company will accelerate the rate of amortization on the premiums. Interest income on the non-Agency RMBS that were purchased at a discount to par value and were rated below AA at the time of purchase is recognized based on the security’s effective interest rate. The effective interest rate on these securities is based on the projected cash flows from each security, which are estimated based on the Company’s observation of current information and events and include assumptions related to interest rates, prepayment rates, and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on such securities. Actual maturities of the AFS securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, and prepayments of principal. Therefore actual maturities of AFS securities are generally shorter than stated contractual maturities. Stated contractual maturities are generally greater than ten years. Based on the projected cash flows from the Company’s non-Agency RMBS purchased at a discount to par value, a portion of the purchase discount may be designated as credit protection against future credit losses and, therefore, not accreted into interest income. The amount designated as credit discount may be adjusted over time, based on the actual performance of the security, its underlying collateral, actual and projected cash flow from such collateral, economic conditions, and other factors. If the performance of a security with a credit discount is more favorable than forecasted, a portion of the amount designated as credit discount may be accreted into interest income prospectively. Conversely, if the performance of a security with a credit discount is less favorable than forecasted, an impairment charge and write-down of such security to a new cost basis results. Impairment The Company evaluates its investment securities, on a quarterly basis, to assess whether a decline in the fair value of an AFS security below the Company’s amortized cost basis is an other-than-temporary impairment, or OTTI. The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. Impairment is considered other-than-temporary if an entity (i) intends to sell the security, (ii) will more likely than not be required to sell the security before it recovers in value, or (iii) does not expect to recover the security’s amortized cost basis, even if the entity does not intend to sell the security. Under these scenarios, the impairment is other-than-temporary and the full amount of impairment should be recognized currently in earnings and the cost basis of the investment security is adjusted. However, if an entity does not intend to sell the impaired debt security and it is more likely than not that it will not be required to sell before recovery, the OTTI is separated into (i) the estimated amount relating to credit loss, or credit component, and (ii) the amount relating to all other factors, or non-credit component. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss amount recognized in other comprehensive (loss) income . The difference between the new amortized cost basis and the cash flows expected to be collected is accreted as interest income in accordance with the effective interest method. Residential Mortgage Loans Held-for-Sale, at Fair Value Residential mortgage loans held-for-sale are reported at fair value as a result of a fair value option election. Fair value is determined under the guidance of ASC 820. The Company determines the fair value of its residential mortgage loans held-for-sale by type of loan and the determination is generally based on current secondary market pricing or cash flow models using market-based yield requirements. See Note 14 - Fair Value of these notes to the consolidated financial statements for details on fair value measurement. The Company classifies residential mortgage loans held-for-sale based on management’s intent to sell them in the secondary whole loan market or include them in a securitization. Interest income on residential mortgage loans held-for-sale is recognized at the loan coupon rate. Loans are considered past due when they are 30 days past their contractual due date. Interest income recognition is suspended when mortgage loans are placed on nonaccrual status. Generally, mortgage loans are placed on nonaccrual status when delinquent for more than 60 days or when determined not to be probable of full collection. Interest accrued, but not collected, at the date mortgage loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Mortgage loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. Securitizations and Variable Interest Entities The Company retains subordinated debt and excess servicing rights purchased from securitization trusts sponsored by either third parties or the Company’s subsidiaries. The securitization trusts are considered VIEs for financial reporting purposes and, thus, are reviewed for consolidation under the applicable consolidation guidance. As the Company has both the power to direct the activities of the securitization 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. The underlying loans are classified as residential mortgage loans held-for-investment in securitization trusts and the underlying debt is classified as collateralized borrowings in securitization trusts on the consolidated balance sheets. The interest income on residential mortgage loans held-for-investment and interest expense on collateralized borrowings are recorded on the consolidated statements of comprehensive income (loss) . See Note 14 - Fair Value of these notes to the consolidated financial statements for details on fair value measurement. Residential Mortgage Loans Held-for-Investment in Securitization Trusts, at Fair Value Residential mortgage loans held-for-investment in securitization trusts related to the Company's on-balance sheet securitizations are reported at fair value as a result of a fair value option election. These securitized mortgage loans are legally isolated from the Company and have been structured to be beyond the reach of creditors of the Company. Under the guidance of ASC 810, Consolidation , an entity is allowed to measure both the financial assets and financial liabilities of a qualifying collateralized financing entity, or 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. See Note 14 - Fair Value of these notes to the consolidated financial statements for details on fair value measurement. Interest income on residential mortgage loans held-for-investment is recognized at the loan coupon rate. Loans are considered past due when they are 30 days past their contractual due date. Interest income recognition is suspended when mortgage loans are placed on nonaccrual status. Generally, mortgage loans are placed on nonaccrual status when delinquent for more than 60 days or when determined not to be probable of full collection. Interest accrued, but not collected, at the date mortgage loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Mortgage loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. 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 consolidated balance sheets. Additionally, the Company is the sole certificate holder of a trust entity that holds a commercial real estate loan. The trust is considered a VIE for financial reporting purposes and, thus, is reviewed for consolidation under the applicable consolidation guidance. As the Company has both the power to direct the activities of the 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. The underlying loan is classified as commercial real estate assets on the consolidated balance sheets. The loan is legally isolated from the Company and has been structured to be beyond the reach of creditors of the Company. Interest income on commercial real estate assets is recorded on the consolidated statements of comprehensive income (loss) . 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. Impairment is indicated when it is deemed probable that the Company will not be able to collect all amounts due pursuant to the contractual terms of the loan. Because the Company’s commercial real estate assets are collateralized either by real property or by equity interests in the commercial real estate borrower, impairment is measured by comparing the estimated fair value of the underlying collateral to the amortized cost of the respective loan. The valuation of the underlying collateral requires significant judgment, which includes assumptions regarding capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic conditions, the broader commercial real estate market, local geographic sub-markets, and other factors deemed necessary. If a loan is determined to be impaired, the Company records an allowance to reduce the carrying value of the loan through a charge to provision for loan losses. Actual losses, if any, could ultimately differ from these estimates. Interest income on commercial real estate assets is recognized at the loan coupon rate. Any premiums or discounts, loan fees and origination costs are amortized or accreted into interest income over the lives of the loans using the effective interest method. Loans are considered past due when they are 30 days past their contractual due date. Interest income recognition is suspended when loans are placed on nonaccrual status. Generally, commercial real estate loans are placed on nonaccrual status when delinquent for more than 60 days or when determined not to be probable of full collection. Interest accrued, but not collected, at the date loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Commercial real estate loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. Mortgage Servicing Rights, at Fair Value The Company’s MSR represent the right to service mortgage loans. The Company and its subsidiaries do not originate or directly service mortgage loans, and instead contract with appropriately licensed subservicers to handle substantially all servicing functions for the loans underlying the Company’s MSR. However, as an owner and manager of MSR, the Company may be obligated to fund advances of principal and interest payments due to third-party owners of the loans, but not yet received from the individual borrowers. These advances are reported as servicing advances within the other assets line item on the consolidated balance sheets. MSR are reported at fair value on the consolidated balance sheets. Although MSR transactions are observable in the marketplace, the valuation includes unobservable market data inputs (prepayment speeds, delinquency levels and discount rates). Changes in the fair value of MSR as well as servicing fee income and servicing expenses are reported on the consolidated statements of comprehensive income (loss) . Cash and Cash Equivalents Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis. Restricted Cash Restricted cash represents the Company’s cash held by counterparties as collateral against the Company’s securities, derivatives and/or repurchase agreements. Also included is the cash balance held pursuant to a letter of credit on the New York office lease. Cash held by counterparties as collateral, which resides in non-interest bearing accounts, is not available to the Company for general corporate purposes, but may be applied against amounts due to securities, derivatives or repurchase counterparties or returned to the Company when the collateral requirements are exceeded or, at the maturity of the derivative or repurchase agreement. Accrued Interest Receivable Accrued interest receivable represents interest that is due and payable to the Company. Cash interest is generally received within 30 days of recording the receivable. Due from/to Counterparties, net Due from counterparties includes cash held by counterparties for payment of principal and interest as well as cash held by counterparties as collateral against the Company’s derivatives and/or repurchase agreements but represents excess capacity and deemed unrestricted and a receivable from the counterparty as of the balance sheet date. Due from counterparties also includes cash receivable from counterparties for sales of MSR pending final transfer and settlement. Due to counterparties includes cash payable by the Company upon settlement of trade positions as well as cash deposited to and held by the Company as collateral against the Company’s derivatives and/or repurchase agreements but represents a payable to the counterparty as of the balance sheet date. Due to counterparties also includes purchase price holdbacks on MSR acquisitions for early prepayment or default provisions, collateral exceptions and other contractual terms. Derivative Financial Instruments, at Fair Value In accordance with ASC 815, Derivatives and Hedging, as amended and interpreted, or ASC 815, all derivative financial instruments, whether designated for hedging relationships or not, are recorded on the consolidated balance sheets as assets or liabilities and carried at fair value. At the inception of a derivative contract, the Company determines whether the instrument will be part of a qualifying hedge accounting relationship or whether the Company will account for the contract as a trading instrument. 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. Changes in fair value as well as the accrual and settlement of interest associated with derivatives accounted for as trading instruments are reported in the consolidated statements of comprehensive income (loss) as gain (loss) on interest rate swap and swaption agreements or gain (loss) on other derivative instruments depending on the type of derivative instrument. The Company enters into interest rate derivative contracts for a variety of reasons, including minimizing fluctuations in earnings or market values on certain assets or liabilities that may be caused by changes in interest rates. The Company may, at times, enter into various forward contracts including short securities, Agency to-be-announced securities, or TBAs, options, futures, swaps, and caps. Due to the nature of these instruments, they may be in a receivable/asset position or a payable/liability position at the end of an accounting period. Amounts payable to and receivable from the same party under contracts may be offset as long as the following conditions are met: (a) each of the two parties owes the other determinable amounts; (b) the reporting party has the right to offset the amount owed with the amount owed by the other party; (c) the reporting party intends to offset; and (d) the right of offset is enforceable by law. If the aforementioned conditions are not met, amounts payable to and receivable from are presented by the Company on a gross basis in its consolidated balance sheets. The Company has provided specific disclosure regarding the location and amounts of derivative instruments in the consolidated financial statements and how derivative instruments and related hedged items are accounted for. See Note 11 - Derivative Instruments and Hedging Activities of these notes to the consolidated financial statements. Property and Equipment Property and equipment, stated at cost, net of accumulated depreciation, are reported in other assets in the Company’s consolidated balance sheets. Included in property and equipment are certain furniture and fixtures, leasehold improvements, and information technology hardware and software. Depreciation is computed on the straight-line basis over the estimated useful lives of the assets, which is generally three years. Repurchase Agreements The Company finances the acquisition of certain of its investment securities, residential mortgage loans and commercial real estate assets through the use of repurchase agreements. These repurchase agreements are generally short-term debt, which expire within one year. As of December 31, 2016 , certain of the Company’s repurchase agreements had contractual terms of greater than one year, and were considered long-term debt. Borrowings under repurchase agreements generally bear interest rates of a specified margin over one-month LIBOR and are generally uncommitted. The repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Collateralized Borrowings in Securitization Trusts, at Fair Value Collateralized borrowings in securitization trusts related to the Company's on-balance sheet securitizations are reported at fair value as a result of a fair value option election. This long-term debt is nonrecourse to the Company beyond the assets held in the trusts. Fair value is determined under the guidance of ASC 820. The Company determines the fair value of its collateralized borrowings in securitization trusts based on prices obtained from third-party pricing providers, broker quotes received and other applicable market data. See Note 14 - Fair Value of these notes to the consolidated financial statements for details on fair value measurement. Federal Home Loan Bank of Des Moines Advances and Stock Holdings The Company’s wholly owned subsidiary, TH Insurance Holdings Company LLC, or TH Insurance, is a member of the Federal Home Loan Bank of Des Moines, or 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. The Company’s secured advances from the FHLB may have both short-term and long-term maturities. The advances with less than five year terms generally bear interest rates of a spread over one- or three-month LIBOR and the advances with 20-year terms generally bear interest rates of or one- or three-month MOVR, or the FHLB member option variable-rate. FHLB advances are treated as secured financing transactions and are carried at their contractual amounts. 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. FHLB stock is considered a nonmarketable, 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. At its discretion, the FHLB may declare dividends on its stock. 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. Accrued Interest Payable Accrued interest payable represents interest that is due and payable to third parties. Interest is generally paid within 30 days to three months of recording the payable, based upon the Company’s remittance requirements. Deferred Tax Assets and Liabilities Income recognition for U.S. GAAP and tax differ in certain respects. These differences often reflect differing accounting treatments for tax and U.S. GAAP, such as accounting for discount and premium amortization, credit losses, asset impairments, recognition of certain operating expenses and certain valuation estimates. Some of these differences are temporary in nature and create timing mismatches between when taxable income is earned and the tax is paid versus when the earnings (losses) for U.S. GAAP purposes, or GAAP net income , are recognized and the tax provision is recorded. Some of these differences are permanent since certain income (or expense) may be recorded for tax purposes but not for U.S. GAAP purposes (or vice-versa). One such significant permanent difference is the Company’s ability as a REIT to deduct dividends paid to stockholders as an expense for tax purposes, but not for U.S. GAAP purposes. As a result of these temporary differences, the Company’s taxable REIT subsidiaries, or TRSs, may recognize taxable income in periods prior or subsequent to when it recognizes income for U.S. GAAP purposes. When this occurs, the TRSs pay or defer the tax liability and establish deferred tax assets or deferred tax liabilities, respectively, for U.S. GAAP purposes. As the income is subsequently realized in future periods under U.S. GAAP, the deferred tax asset is recognized as an expense. Alternatively, as the TRSs realize the deferred taxable income, the deferred tax liability is recognized as a reduction to taxable income. The Company’s deferred tax assets and/or liabilities are generated solely by differences in GAAP net income and taxable income (loss) at our taxable subsidiaries. U.S. GAAP and tax differences in the REIT may create additional deferred tax assets and/or liabilities to the extent the Company does not distribute all of its taxable income. Income Taxes The Company has elected to be taxed as a REIT under the Code and the corresponding provisions of state law. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its taxable subsidiaries) within the time frame set forth in the tax Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which is not qualifying for the REIT gross income tests, the Company has formed TRSs, as defined in the Code, to engage in such activities. These TRSs’ activities are subject to income taxes as well as any REIT taxable income not distributed to stockholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes . The Company records these liabili

Variable Interest Entities (Not

Variable Interest Entities (Notes)	12 Months Ended
	Dec. 31, 2016
Variable Interest Entities [Abstract]
Variable Interest Entities [Text Block]	Variable Interest Entities The Company retains subordinated debt and excess servicing rights purchased 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 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 consolidated balance sheets as of December 31, 2016 and December 31, 2015 : (in thousands) December 31, December 31, Residential mortgage loans held-for-investment in securitization trusts $ 3,271,317 $ 3,173,727 Commercial real estate assets 45,885 45,698 Accrued interest receivable 19,090 18,493 Total Assets $ 3,336,292 $ 3,237,918 Collateralized borrowings in securitization trusts $ 3,037,196 $ 2,000,110 Accrued interest payable 8,708 5,943 Other liabilities 12,374 11,624 Total Liabilities $ 3,058,278 $ 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 consolidated balance sheets. As of both December 31, 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 $1.9 billion .

Available-for-Sale Securities,

Available-for-Sale Securities, at Fair Value (Notes)	12 Months Ended
	Dec. 31, 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 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 December 31, 2016 and December 31, 2015 : (in thousands) December 31, December 31, Agency Federal Home Loan Mortgage Corporation $ 2,742,630 $ 1,678,814 Federal National Mortgage Association 8,274,507 3,602,348 Government National Mortgage Association 209,337 691,728 Non-Agency 1,902,383 1,852,430 Total available-for-sale securities $ 13,128,857 $ 7,825,320 At December 31, 2016 and December 31, 2015 , the Company pledged AFS securities with a carrying value of $13.1 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 December 31, 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 December 31, 2016 and December 31, 2015 : December 31, 2016 (in thousands) Agency Non-Agency Total Face Value $ 13,571,417 $ 2,732,139 $ 16,303,556 Unamortized premium 571,749 — 571,749 Unamortized discount Designated credit reserve — (367,437 ) (367,437 ) Net, unamortized (2,758,445 ) (808,975 ) (3,567,420 ) Amortized Cost 11,384,721 1,555,727 12,940,448 Gross unrealized gains 79,040 353,358 432,398 Gross unrealized losses (237,287 ) (6,702 ) (243,989 ) Carrying Value $ 11,226,474 $ 1,902,383 $ 13,128,857 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 December 31, 2016 and December 31, 2015 : December 31, 2016 (in thousands) Agency Non-Agency Total Adjustable Rate $ 30,463 $ 1,574,850 $ 1,605,313 Fixed Rate 11,196,011 327,533 11,523,544 Total $ 11,226,474 $ 1,902,383 $ 13,128,857 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 December 31, 2016 : December 31, 2016 (in thousands) Agency Non-Agency Total ≤ 1 year $ 1,198 $ 20,684 $ 21,882 > 1 and ≤ 3 years 48,595 56,498 105,093 > 3 and ≤ 5 years 614,633 207,724 822,357 > 5 and ≤ 10 years 10,532,188 946,609 11,478,797 > 10 years 29,860 670,868 700,728 Total $ 11,226,474 $ 1,902,383 $ 13,128,857 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 years ended December 31, 2016 and 2015 of the unamortized net discount and designated credit reserves on non-Agency AFS securities. Year Ended December 31, 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 (70,108 ) (189,754 ) (259,862 ) 557 (5,124 ) (4,567 ) Accretion of net discount — 69,542 69,542 — 96,061 96,061 Realized credit losses 1,969 — 1,969 18,068 — 18,068 Reclassification adjustment for other-than-temporary impairments 914 — 914 1,742 — 1,742 Transfers from (to) 74,972 (74,972 ) — 154,580 (154,580 ) — Sales, calls, other 33,893 93,230 127,123 343,581 323,990 667,571 Ending balance at December 31 $ (367,437 ) $ (808,975 ) $ (1,176,412 ) $ (409,077 ) $ (707,021 ) $ (1,116,098 ) 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 December 31, 2016 and December 31, 2015 . At December 31, 2016 , the Company held 1,239 AFS securities, of which 252 were in an unrealized loss position for less than twelve consecutive months and 125 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. Of the $6.4 billion and $1.5 billion of AFS securities in an unrealized loss position for less than twelve consecutive months as of December 31, 2016 and December 31, 2015 , $6.1 billion , or 95.8% , and $1.1 billion , or 73.6% , respectively, were Agency AFS securities, whose principal and interest are guaranteed by the GSEs. 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 December 31, 2016 $ 6,416,820 $ (204,034 ) $ 504,978 $ (39,955 ) $ 6,921,798 $ (243,989 ) 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 (loss) income , net of tax, or (loss) 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 a $1.8 million other-than-temporary credit impairment during the year ended December 31, 2016 on four non-Agency RMBS where the future expected cash flows for each security were less than its amortized cost. As of December 31, 2016 , impaired securities with a carrying value of $111.5 million had actual weighted average cumulative losses of 4.9% , weighted average three-month prepayment speed of 5.9% , weighted average 60+ day delinquency of 23.0% of the pool balance, and weighted average FICO score of 660 . At December 31, 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 years ended December 31, 2015 and 2014 , the Company recorded $0.5 million and $0.4 million in other-than-temporary credit impairments on two and three non-Agency RMBS, respectively, 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 years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (in thousands) 2016 2015 2014 Cumulative credit loss at beginning of period $ (6,499 ) $ (8,241 ) $ (9,467 ) Additions: Other-than-temporary impairments not previously recognized (1,307 ) (238 ) (91 ) Increases related to other-than-temporary impairments on securities with previously recognized other-than-temporary impairments (515 ) (297 ) (301 ) Reductions: Decreases related to other-than-temporary impairments on securities paid down 1,387 — 464 Decreases related to other-than-temporary impairments on securities sold 1,328 2,277 1,154 Cumulative credit loss at end of period $ (5,606 ) $ (6,499 ) $ (8,241 ) 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 (loss) gain on investment securities in the Company’s consolidated statements of comprehensive income (loss) . For the years ended December 31, 2016 , 2015 and 2014 , the Company sold AFS securities for $14.4 billion , $7.0 billion and $3.5 billion with an amortized cost of $14.5 billion , $6.6 billion and $3.4 billion for net realized losses of $126.2 million and gains of $369.4 million and $84.4 million , respectively. The following table presents the gross realized gains and losses on sales of AFS securities for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (in thousands) 2016 2015 2014 Gross realized gains $ 97,049 $ 388,392 $ 162,235 Gross realized losses (223,277 ) (19,040 ) (77,820 ) Total realized (losses) gains on sales, net $ (126,228 ) $ 369,352 $ 84,415

Residential Mortgage Loans Held

Residential Mortgage Loans Held-for-Sale, at Fair Value (Notes)	12 Months Ended
	Dec. 31, 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 December 31, 2016 and December 31, 2015 : (in thousands) December 31, December 31, Unpaid principal balance $ 49,986 $ 812,661 Fair value adjustment (9,840 ) (1,230 ) Carrying value $ 40,146 $ 811,431 At December 31, 2015 , the Company pledged residential mortgage loans held-for-sale with a carrying value of $745.5 million as collateral for repurchase agreements and FHLB advances. The Company had not pledged any residential mortgage loans held-for-sale as collateral for borrowings at December 31, 2016 . 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)	12 Months Ended
	Dec. 31, 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 retains subordinated debt and excess servicing rights purchased 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 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 December 31, 2016 and December 31, 2015 : (in thousands) December 31, December 31, Unpaid principal balance $ 3,234,044 $ 3,143,515 Fair value adjustment 37,273 30,212 Carrying value $ 3,271,317 $ 3,173,727

Commercial Real Estate Assets C

Commercial Real Estate Assets Commercial Real Estate Assets (Notes)	12 Months Ended
	Dec. 31, 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 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 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 December 31, 2016 and December 31, 2015 : December 31, December 31, (dollars in thousands) Mezzanine Loans First Mortgages Total Mezzanine Loans First Mortgages Total Unpaid principal balance $ 138,245 $ 1,286,200 $ 1,424,445 $ 153,913 $ 513,433 $ 667,346 Unamortized (discount) premium (15 ) (185 ) (200 ) (237 ) — (237 ) Unamortized net deferred origination fees (221 ) (11,481 ) (11,702 ) (830 ) (5,326 ) (6,156 ) Carrying value $ 138,009 $ 1,274,534 $ 1,412,543 $ 152,846 $ 508,107 $ 660,953 Unfunded commitments $ 1,580 $ 166,344 $ 167,924 $ 1,900 $ 50,334 $ 52,234 Number of loans 6 30 36 6 12 18 Weighted average coupon 8.6 % 5.1 % 5.4 % 8.1 % 4.5 % 5.4 % Weighted average years to maturity (1) 1.5 2.9 2.8 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) December 31, December 31, Property Type Carrying Value % of Commercial Portfolio Carrying Value % of Commercial Portfolio Retail $ 237,414 16.8 % $ 185,883 28.1 % Hotel 90,585 6.4 % 80,843 12.2 % Industrial 105,081 7.4 % — — % Multifamily 260,683 18.5 % 139,011 21.1 % Office 718,780 50.9 % 255,216 38.6 % Total $ 1,412,543 100.0 % $ 660,953 100.0 % (in thousands) December 31, December 31, Geographic Location Carrying Value % of Commercial Portfolio Carrying Value % of Commercial Portfolio West $ 250,044 17.7 % $ 131,488 19.9 % Southeast 239,194 16.9 % 79,118 12.0 % Southwest 267,944 19.0 % 161,721 24.4 % Northeast 578,762 41.0 % 238,913 36.2 % Midwest 76,599 5.4 % 49,713 7.5 % Total $ 1,412,543 100.0 % $ 660,953 100.0 % At December 31, 2016 and December 31, 2015 , the Company pledged commercial real estate assets with a carrying value of $1.4 billion 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 years ended December 31, 2016 , 2015 and 2014 . Year Ended (in thousands) 2016 2015 2014 Balance at beginning of period $ 660,953 $ — $ — Originations and purchases 773,285 669,283 — Sales — (1,979 ) — Repayments (16,385 ) (344 ) — Net discount accretion (premium amortization) 263 149 — (Increase) decrease in net deferred origination fees (12,554 ) (6,656 ) — Amortization of net deferred origination fees 6,981 319 — Realized gains on sales — 181 — Allowance for loan losses — — — Balance at end of period $ 1,412,543 $ 660,953 $ — 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 December 31, 2016 and December 31, 2015 : (dollars in thousands) December 31, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 – 3 36 $ 1,424,445 $ 1,412,543 18 $ 667,346 $ 660,953 4 – 5 — — — — — — Total 36 $ 1,424,445 $ 1,412,543 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)	12 Months Ended
	Dec. 31, 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 appropriately 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 years ended December 31, 2016 , 2015 and 2014 . Year Ended December 31, (in thousands) 2016 2015 2014 Balance at beginning of period $ 493,688 $ 452,006 $ 514,402 Additions from purchases of mortgage servicing rights 312,580 124,261 67,533 Additions from sales of residential mortgage loans 924 1,844 288 Subtractions from sales of mortgage servicing rights (61,511 ) — — Changes in fair value due to: Changes in valuation inputs or assumptions used in the valuation model 16,572 (51,634 ) (73,573 ) Other changes in fair value (1) (78,729 ) (47,950 ) (54,815 ) Other changes (2) 10,291 15,161 (1,829 ) Balance at end of period $ 693,815 $ 493,688 $ 452,006 ____________________ (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 December 31, 2016 , the Company pledged MSR with a carrying value of $180.9 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 December 31, 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: (dollars in thousands) December 31, December 31, Weighted average prepayment speed: 9.2 % 11.8 % Impact on fair value of 10% adverse change $ (25,012 ) $ (20,093 ) Impact on fair value of 20% adverse change $ (48,602 ) $ (38,656 ) Weighted average delinquency: 1.9 % 4.0 % Impact on fair value of 10% adverse change $ (1,908 ) $ (3,826 ) Impact on fair value of 20% adverse change $ (3,816 ) $ (6,640 ) Weighted average discount rate: 9.4 % 10.1 % Impact on fair value of 10% adverse change $ (23,590 ) $ (16,316 ) Impact on fair value of 20% adverse change $ (45,861 ) $ (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 consolidated statements of comprehensive income (loss) for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (in thousands) 2016 2015 2014 Servicing fee income $ 138,430 $ 123,834 $ 125,061 Ancillary fee income 1,668 2,144 2,210 Float income 3,518 1,434 889 Total $ 143,616 $ 127,412 $ 128,160 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 $26.1 million and $37.5 million and were included in other assets on the consolidated balance sheets as of December 31, 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 December 31, 2016 and December 31, 2015 : December 31, 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 333 $ 49,986 1,415 $ 812,661 Residential mortgage loans held-for-investment in securitization trusts 4,604 3,234,044 4,358 3,143,515 Mortgage servicing rights 280,185 62,827,975 241,199 48,540,005 Total serviced mortgage assets 285,122 $ 66,112,005 246,972 $ 52,496,181

Restricted Cash (Notes)

Restricted Cash (Notes)	12 Months Ended
	Dec. 31, 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 December 31, 2016 and December 31, 2015 : (in thousands) December 31, December 31, Restricted cash balances held by trading counterparties: For securities and loan trading activity $ 26,310 $ 12,550 For derivatives trading activity 218,896 130,355 As restricted collateral for repurchase agreements and Federal Home Loan Bank advances 162,759 119,310 Total restricted cash balances held by trading counterparties 407,965 262,215 Restricted cash balance pursuant to letter of credit on office lease 347 347 Total $ 408,312 $ 262,562

Accrued Interest Receivable (No

Accrued Interest Receivable (Notes)	12 Months Ended
	Dec. 31, 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 December 31, 2016 and December 31, 2015 : (in thousands) December 31, December 31, Available-for-sale securities: Agency Federal Home Loan Mortgage Corporation $ 8,914 $ 6,235 Federal National Mortgage Association 25,273 12,407 Government National Mortgage Association 3,068 4,910 Non-Agency 2,705 2,339 Total available-for-sale securities 39,960 25,891 Residential mortgage loans held-for-sale 164 4,173 Residential mortgage loans held-for-investment in securitization trusts 18,928 18,339 Commercial real estate assets 3,699 1,567 Total $ 62,751 $ 49,970

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities (Notes)	12 Months Ended
	Dec. 31, 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 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 December 31, 2016 and December 31, 2015 . (in thousands) December 31, 2016 Derivative Assets Derivative Liabilities Trading instruments Fair Value Notional Fair Value Notional Inverse interest-only securities $ 127,843 $ 740,844 $ — $ — Interest rate swap agreements 109,531 18,471,063 (495 ) 1,900,000 Credit default swaps — — — — Swaptions, net 39,881 825,000 (1,645 ) 600,000 TBAs 4,294 536,000 (10,344 ) 953,000 Put and call options for TBAs, net 42,633 1,136,000 — — Markit IOS total return swaps — — (17 ) 90,593 Forward purchase commitments — — — — Total $ 324,182 $ 21,708,907 $ (12,501 ) $ 3,543,593 (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 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) Year Ended 2016 2015 2014 Interest rate risk management TBAs (1) Gain (loss) on other derivative instruments $ 51,816 $ (39,748 ) $ (69,921 ) Short U.S. Treasuries (1) Gain (loss) on other derivative instruments — 125 (8 ) Put and call options for TBAs (1) Gain (loss) on other derivative instruments 64,920 6,846 (14,070 ) Put and call options for U.S. Treasuries (1) Gain (loss) on other derivative instruments — (837 ) — Constant maturity swaps (1) Gain (loss) on other derivative instruments — 6,164 6,340 Interest rate swap agreements - Receivers (1) Gain (loss) on interest rate swap and swaption agreements 37,272 52,785 201,536 Interest rate swap agreements - Payers (1) Gain (loss) on interest rate swap and swaption agreements (19,986 ) (69,495 ) (114,121 ) Swaptions (1) Gain (loss) on interest rate swap and swaption agreements 11,209 (63,797 ) (242,795 ) Markit IOS total return swaps (1) Gain (loss) on other derivative instruments (36,898 ) (13,371 ) 8,061 Interest rate swap agreements - Payers (2) Gain (loss) on interest rate swap and swaption agreements 16,876 (130,114 ) (190,267 ) Credit risk management Credit default swaps - Receive protection (3) Gain (loss) on other derivative instruments 962 (294 ) 1,742 Non-risk management TBAs Gain (loss) on other derivative instruments — — (4,701 ) Inverse interest-only securities Gain (loss) on other derivative instruments 18,579 36,066 55,028 Forward purchase commitments Gain on residential mortgage loans held-for-sale 2,418 (1,668 ) 4,729 Total $ 147,168 $ (217,338 ) $ (358,447 ) ____________________ (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 years ended December 31, 2016 , 2015 and 2014 , the Company recognized $21.1 million , $85.6 million and $91.8 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 $15.5 billion , $16.1 billion , and $23.3 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 years ended December 31, 2016 and 2015 : Year Ended December 31, 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 $ — $ (191,193 ) $ 740,844 $ 836,707 $ — Interest rate swap agreements 14,268,806 25,103,456 (19,001,199 ) 20,371,063 15,506,763 16,032 Credit default swaps 125,000 10,000 (135,000 ) — 71,257 1,022 Swaptions, net 5,200,000 1,668,000 (6,643,000 ) 225,000 2,449,268 (98,016 ) TBAs, net 297,000 (10,173,000 ) 8,387,000 (1,489,000 ) (531,866 ) 57,616 Put and call options for TBAs, net — 11,260,000 (12,396,000 ) (1,136,000 ) 2,569,117 22,288 Markit IOS total return swaps 889,418 99,911 (898,736 ) 90,593 471,028 (13,374 ) Forward purchase commitments 286,120 1,548,027 (1,834,147 ) — 269,562 2,068 Total $ 21,998,381 $ 29,516,394 $ (32,712,275 ) $ 18,802,500 $ 21,641,836 $ (12,364 ) Year Ended December 31, 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 $ (248,752 ) $ 932,037 $ 1,050,906 $ 64 Interest rate swap agreements 18,584,000 26,868,227 (31,183,421 ) 14,268,806 16,091,714 (126,870 ) Credit default swaps 125,000 — — 125,000 125,000 — Swaptions, net 12,410,000 8,550,000 (15,760,000 ) 5,200,000 9,780,027 (99,273 ) TBAs, net (1,325,000 ) (7,266,000 ) 8,888,000 297,000 (773,381 ) (46,835 ) Short U.S. Treasuries — (50,000 ) 50,000 — — 125 Put and call options for TBAs, net 2,000,000 1,250,000 (3,250,000 ) — (120,548 ) 6,331 Put and call options for U.S. Treasuries, net — 500,000 (500,000 ) — 685 (837 ) Constant maturity swaps 14,000,000 6,000,000 (20,000,000 ) — 2,257,534 7,694 Markit IOS total return swaps 598,459 1,626,514 (1,335,555 ) 889,418 950,206 (11,296 ) Forward purchase commitments 554,838 3,512,843 (3,781,561 ) 286,120 563,108 (21 ) Total $ 48,115,523 $ 41,004,147 $ (67,121,289 ) $ 21,998,381 $ 29,925,251 $ (270,918 ) ____________________ (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 consolidated statements of cash flows. Derivative fair value adjustments are reflected within the unrealized (gain) loss on interest rate swaps and swaptions , unrealized gain on other derivative instruments , and gain on residential mortgage loans held-for-sale line items within the operating activities section of the 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 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 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 December 31, 2016 and December 31, 2015 , the Company had outstanding fair value of $71.1 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 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 December 31, 2016 , $1.5 billion of the Company’s long notional TBA positions and $3.0 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 December 31, 2016 and December 31, 2015 : As of December 31, 2016 Net Carrying Value (4) (in thousands) Notional Amount (1) Cost Basis (2) Market Value (3) Derivative Assets Derivative Liabilities Purchase contracts $ 1,500,000 $ 1,576,270 $ 1,576,875 $ 605 $ — Sale contracts (2,989,000 ) (3,028,470 ) (3,035,125 ) 3,689 (10,344 ) TBAs, net $ (1,489,000 ) $ (1,452,200 ) $ (1,458,250 ) $ 4,294 $ (10,344 ) 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 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 December 31, 2016 , the Company had purchased put options for TBAs with a notional amount of $2.5 billion and short sold call options for TBAs with a notional amount of $3.6 billion . The last of the options expires in February 2017 . The put and call options had a net fair market value of $42.6 million included in derivative assets, at fair value, on the consolidated balance sheet as of December 31, 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 December 31, 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) December 31, 2016 Swaps Maturities Notional Amounts Weighted Average Fixed Pay Rate Weighted Average Receive Rate Weighted Average Maturity (Years) 2018 $ 4,040,000 1.307 % 0.973 % 1.58 2020 310,000 1.545 % 0.881 % 3.59 2021 and Thereafter 900,000 2.378 % 0.997 % 4.24 Total $ 5,250,000 1.504 % 0.972 % 2.16 (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 December 31, 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) December 31, 2016 Swaps Maturities Notional Amounts Weighted Average Pay Rate Weighted Average Fixed Receive Rate Weighted Average Maturity (Years) 2018 $ 575,000 0.911 % 1.440 % 1.89 2019 500,000 0.882 % 1.042 % 2.06 2020 510,000 0.881 % 1.580 % 3.59 2021 and Thereafter 3,479,000 0.963 % 2.137 % 5.52 Total $ 5,064,000 0.941 % 1.894 % 4.57 (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 December 31, 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) December 31, 2016 Swaps Maturities Notional Amount (1) Weighted Average Fixed Pay Rate (2) Weighted Average Receive Rate (2) Weighted Average Maturity (Years) (2) 2017 $ 2,375,000 0.765 % 0.934 % 0.59 2018 1,300,000 1.002 % 0.860 % 1.60 2019 350,000 1.283 % 0.895 % 2.44 2020 1,150,000 1.463 % 0.930 % 3.78 2021 and Thereafter 4,882,063 1.897 % 0.946 % 6.59 Total $ 10,057,063 1.405 % 0.927 % 3.85 (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 $777.1 million in forward starting interest rate swaps as of December 31, 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 December 31, 2016 , the weighted average fixed pay rate on interest rate swaps starting in 2017 was 2.0% . 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 December 31, 2016 and December 31, 2015 , the Company had the following outstanding interest rate swaptions that were utilized as macro-economic hedges: December 31, 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 $ 29,360 $ 42,149 1.22 $ 4,500,000 2.16 % 3M Libor 4.8 Payer ≥ 6 Months 13,655 792 6.70 300,000 3.50 % 3M Libor 10.0 Total Payer $ 43,015 $ 42,941 1.23 $ 4,800,000 2.24 % 3M Libor 5.1 Sale contracts: Payer < 6 Months $ (51,355 ) $ (1,414 ) 5.81 $ (500,000 ) 3.40 % 3M Libor 10.0 Payer ≥ 6 Months (29,893 ) (938 ) 6.77 (300,000 ) 3.50 % 3M Libor 10.0 Total Payer $ (81,248 ) $ (2,352 ) 6.05 $ (800,000 ) 3.44 % 3M Libor 10.0 Receiver < 6 Months $ — $ (2,353 ) 2.30 $ (3,775,000 ) 3M Libor 1.19 % 4.9 Total Receiver $ — $ (2,353 ) 2.30 $ (3,775,000 ) 3M Libor 1.19 % 4.9 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 December 31, 2016 and December 31, 2015 : (notional and dollars in thousands) December 31, 2016 Maturity Date Current Notional Amount Fair Value Upfront Payable Unrealized Gain (Loss) January 12, 2043 $ (45,083 ) $ (5 ) $ (320 ) $ (325 ) January 12, 2044 (45,510 ) (12 ) (366 ) (378 ) Total $ (90,593 ) $ (17 ) $ (686 ) $ (703 ) (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 December 31, 2015 and during the year ended December 31, 2016 , 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 table presents credit default swaps held as of December 31, 2015 through which the Company received credit protection: (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 ) The Company did not hold any credit default swaps as of December 31, 2016 . 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 December 31, 2016 , the fair value of derivative financial instruments as an asset and liability position was $324.2 million and $12.5 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 December 31, 2016 , the Company had received cash deposits from counterparties of $69.4 million and placed cash deposits of $223.3 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 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 counterparties whereby the Company commits to purchasing the loans at a particular interest rate, provided the borrower elects to close the loan. These commitments to purchase mortgage loans have been defined as derivatives and are, therefore, recorded on the Company’s consolidated balance sheets as assets or liabilities and measured at fair value. Subsequent changes in fair value are recorded on the Company’s consolidated balance sheets as adjustments to the carrying value of these assets or liabilities with a corresponding adjustment recognized in current period earnings. As of December 31, 2015 , the Company had outstanding commitments to purchase $286.1 million of mortgage loans, subject to fallout if the loans did not close, with a fair value asset of $77,227 and a fair value liability of $427,468 . The Company did not have any residential mortgage loan purchase commitments outstanding at December 31, 2016 . Inverse Interest-Only Securities . As of December 31, 2016 and December 31, 2015 , inverse interest-only securities with a carrying value of $127.8 million and $159.6 million , including accrued interest receivable of $1.2 million and $1.7 million , respectively, are accounted for as derivative financial instruments in the consolidated financial statements. The following table presents the amortized cost and carrying value (which approximates fair value) of inverse interest-only securities as of December 31, 2016 and December 31, 2015 : (in thousands) December 31, December 31, Face Value $ 740,844 $ 932,037 Unamortized premium — — Unamortized discount Designated credit reserve — — Net, unamortized (631,082 ) (792,178 ) Amortized Cost 109,762 139,859 Gross unrealized gains 18,389 19,655 Gross unrealized losses (1,552 ) (1,608 ) Carrying Value $ 126,599 $ 157,906

Other Assets (Notes)

Other Assets (Notes)	12 Months Ended
	Dec. 31, 2016
Other Assets [Abstract]
Other Assets Disclosure [Text Block]	Other Assets Other assets as of December 31, 2016 and December 31, 2015 are summarized in the following table: (in thousands) December 31, December 31, Property and equipment at cost $ 6,481 $ 5,997 Accumulated depreciation (1) (4,566 ) (3,303 ) Net property and equipment 1,915 2,694 Prepaid expenses 1,406 1,572 Income taxes receivable 1,532 5,286 Deferred tax assets, net 57,361 44,318 Servicing advances 26,147 37,499 Federal Home Loan Bank stock 167,856 156,650 Equity investments 3,000 3,000 Other receivables 43,653 20,556 Total other assets $ 302,870 $ 271,575 ____________________ (1) Depreciation expense for the years ended December 31, 2016 and 2015 was $1.3 million and $1.4 million , respectively.

Other Liabilities (Notes)

Other Liabilities (Notes)	12 Months Ended
	Dec. 31, 2016
Other Liabilities [Abstract]
Other Liabilities Disclosure [Text Block]	Other Liabilities Other liabilities as of December 31, 2016 and December 31, 2015 are summarized in the following table: (in thousands) December 31, December 31, Accrued expenses $ 28,944 $ 37,052 Accrued interest payable 29,505 18,723 Income taxes payable — 70 Other 21,127 16,387 Total other liabilities $ 79,576 $ 72,232

Fair Value (Notes)

Fair Value (Notes)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurements 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 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 December 31, 2016 . AFS securities account for 75.2% of all assets reported at fair value at December 31, 2016 . Residential mortgage loans held-for-sale . The Company holds residential mortgage loans held-for-sale that are carried at fair value in the 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 2.3% and 97.7% of its residential mortgage loans held-for-sale as Level 2 and Level 3 fair value assets, respectively, at December 31, 2016 . Residential mortgage loans held-for-investment in securitization trusts . The Company recognizes on its 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 December 31, 2016 . Mortgage servicing rights . The Company holds a portfolio of MSR that are carried at fair value on the 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 December 31, 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 December 31, 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 December 31, 2016 . The Company reported 100% of its TBAs as Level 1 as of December 31, 2016 . The Company did not hold any short U.S. Treasuries at December 31, 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. The Company did not have any residential mortgage loan purchase commitments outstanding at December 31, 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 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 December 31, 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 December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets Available-for-sale securities $ — $ 13,128,857 $ — $ 13,128,857 Residential mortgage loans held-for-sale — 925 39,221 40,146 Residential mortgage loans held-for-investment in securitization trusts — 3,271,317 — 3,271,317 Mortgage servicing rights — — 693,815 693,815 Derivative assets 4,294 319,888 — 324,182 Total assets $ 4,294 $ 16,720,987 $ 733,036 $ 17,458,317 Liabilities Collateralized borrowings in securitization trusts $ — $ 3,037,196 $ — $ 3,037,196 Derivative liabilities 10,344 2,157 — 12,501 Total liabilities $ 10,344 $ 3,039,353 $ — $ 3,049,697 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 December 31, 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 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 Year Ended December 31, 2016 2015 (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 $ 47,112 $ 493,688 $ 35,553 $ 452,006 Gains (losses) included in net income: Realized gains (losses) 4,451 (100,103 ) 25,330 (47,950 ) Unrealized (losses) gains (135 ) (1) 16,572 (3) 445 (1) (51,634 ) (3) Total gains (losses) included in net income 4,316 (83,531 ) 25,775 (99,584 ) Purchases 183,074 313,504 231,782 126,105 Sales (98,338 ) (40,137 ) (163,449 ) — Settlements (96,943 ) 10,291 (82,549 ) 15,161 Gross transfers into level 3 — — — — Gross transfers out of level 3 — — — — End of period level 3 fair value $ 39,221 $ 693,815 $ 47,112 $ 493,688 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ 168 (2) $ 13,906 (4) $ 566 (2) $ (51,634 ) (4) ___________________ (1) The change in unrealized gains or losses on residential mortgage loans held-for-sale was recorded in gain on residential mortgage loans held-for-sale on the 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 gain on residential mortgage loans held-for-sale on the 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 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 consolidated statements of comprehensive income (loss) . The Company did not incur transfers between Level 1, Level 2 or Level 3 during the years ended December 31, 2016 or 2015 . 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 December 31, 2016 and December 31, 2015 : As of December 31, 2016 Valuation Technique Unobservable Input (1) Range Weighted Average Discounted cash flow Constant prepayment speed 8.0 - 10.3 % 9.2% Delinquency 1.8 - 2.1 % 1.9% Discount rate 8.4 - 10.2 % 9.4% As of December 31, 2015 Valuation Technique Unobservable Input (1) Range Weighted Average Discounted cash flow Constant prepayment speed 9.6 - 13.5 % 11.8% Delinquency 3.7 - 4.2 % 4.0% Discount rate 8.7 - 11.2 % 10.1% ___________________ (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 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 (loss) gain on investment securities on the 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 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 gain on residential mortgage loans held-for-sale on the 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 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 (loss) income on the 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 consolidated statements of comprehensive income (loss) for each fair value option-elected item. Year Ended December 31, 2016 (in thousands) Interest income (expense) (Loss) gain on investment securities Gain on residential mortgage loans held-for-sale Other (loss) income Total included in net income Change in fair value due to credit risk Assets Available-for-sale securities $ (281 ) $ 1,905 $ — $ — $ 1,624 N/A Residential mortgage loans held-for-sale 23,037 (1) — 15,735 — 38,772 $ 228 (2) Residential mortgage loans held-for-investment in securitization trusts 133,993 (1) — — (19,741 ) 114,252 — (3) Liabilities Collateralized borrowings in securitization trusts (97,729 ) — — 7,907 (89,822 ) — (3) Total $ 59,020 $ 1,905 $ 15,735 $ (11,834 ) $ 64,826 $ 228 Year Ended December 31, 2015 (in thousands) Interest income (expense) (Loss) gain on investment securities Gain on residential mortgage loans held-for-sale Other (loss) income Total included in net income Change in fair value due to credit risk Assets Available-for-sale securities $ 124 $ (68 ) $ — $ — $ 56 N/A Residential mortgage loans held-for-sale 28,966 (1) — 15,932 — 44,898 $ (6,365 ) (2) Residential mortgage loans held-for-investment in securitization trusts 95,740 (1) — — (52,440 ) 43,300 — (3) Liabilities Collateralized borrowings in securitization trusts (57,216 ) — — 25,914 (31,302 ) — (3) Total $ 67,614 $ (68 ) $ 15,932 $ (26,526 ) $ 56,952 $ (6,365 ) Year Ended December 31, 2014 (in thousands) Interest income (expense) (Loss) gain on investment securities Gain on residential mortgage loans held-for-sale Other (loss) income Total included in net income Change in fair value due to credit risk Assets Residential mortgage loans held-for-sale $ 16,089 (1) $ — $ 12,568 $ — $ 28,657 $ 1,295 (2) Residential mortgage loans held-for-investment in securitization trusts 41,220 (1) — — 41,125 82,345 — (3) Liabilities Collateralized borrowings in securitization trusts (26,760 ) — — (24,285 ) (51,045 ) — (3) Total $ 30,549 $ — $ 12,568 $ 16,840 $ 59,957 $ 1,295 ____________________ (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. December 31, 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 $ 49,986 $ 40,146 $ 812,661 $ 811,431 Nonaccrual loans $ 25,445 $ 21,162 $ 30,438 $ 25,771 Loans 90+ days past due $ 21,759 $ 18,203 $ 26,702 $ 22,470 Residential mortgage loans held-for-investment in securitization trusts Total loans $ 3,234,044 $ 3,271,317 $ 3,143,515 $ 3,173,727 Nonaccrual loans $ 2,373 $ 2,408 $ 860 $ 868 Loans 90+ days past due $ 1,401 $ 1,419 $ 860 $ 868 Collateralized borrowings in securitization trusts Total borrowings $ 3,015,162 $ 3,037,196 $ 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 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 December 31, 2016 , the Company held $185.6 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 December 31, 2016 and December 31, 2015 . December 31, 2016 December 31, 2015 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Available-for-sale securities $ 13,128,857 $ 13,128,857 $ 7,825,320 $ 7,825,320 Residential mortgage loans held-for-sale $ 40,146 $ 40,146 $ 811,431 $ 811,431 Residential mortgage loans held-for-investment in securitization trusts $ 3,271,317 $ 3,271,317 $ 3,173,727 $ 3,173,727 Commercial real estate assets $ 1,412,543 $ 1,411,733 $ 660,953 $ 660,953 Mortgage servicing rights $ 693,815 $ 693,815 $ 493,688 $ 493,688 Cash and cash equivalents $ 406,883 $ 406,883 $ 737,831 $ 737,831 Restricted cash $ 408,312 $ 408,312 $ 262,562 $ 262,562 Derivative assets $ 324,182 $ 324,182 $ 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 $ 9,316,351 $ 9,316,351 $ 5,008,274 $ 5,008,274 Collateralized borrowings in securitization trusts $ 3,037,196 $ 3,037,196 $ 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 $ 70,000 $ 70,000 $ — $ — Derivative liabilities $ 12,501 $ 12,501 $ 7,285 $ 7,285

Repurchase Agreements (Notes)

Repurchase Agreements (Notes)	12 Months Ended
	Dec. 31, 2016
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements	Repurchase Agreements As of December 31, 2016 and December 31, 2015 , the Company had outstanding $9.3 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 1.31% and 1.10% and weighted average remaining maturities of 77 and 35 days as of December 31, 2016 and December 31, 2015 , respectively. At December 31, 2016 and December 31, 2015 , the repurchase agreement balances were as follows: (in thousands) December 31, December 31, Short-term $ 9,130,717 $ 5,008,274 Long-term 185,634 — Total $ 9,316,351 $ 5,008,274 At December 31, 2016 and December 31, 2015 , the repurchase agreements had the following characteristics and remaining maturities: December 31, 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 $ 2,511,773 $ 688,667 $ 30,672 $ — $ 21,933 $ 3,253,045 30 to 59 days 1,786,664 334,590 68,257 — 28,991 2,218,502 60 to 89 days 1,035,806 89,281 3,307 — — 1,128,394 90 to 119 days 1,192,127 251,929 — — — 1,444,056 120 to 364 days 810,552 69,678 — — 206,490 1,086,720 One year and over — — — — 185,634 185,634 Total $ 7,336,922 $ 1,434,145 $ 102,236 $ — $ 443,048 $ 9,316,351 Weighted average borrowing rate 0.94 % 2.60 % 1.69 % — % 3.16 % 1.31 % 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) December 31, December 31, Available-for-sale securities, at fair value $ 9,540,849 $ 5,354,104 Residential mortgage loans held-for-sale, at fair value — 9,543 Commercial real estate assets 648,885 108,958 Net economic interests in consolidated securitization trusts (1) 211,095 274,949 Cash and cash equivalents 15,000 15,000 Restricted cash 162,759 119,310 Due from counterparties 48,939 10,211 Derivative assets, at fair value 126,341 157,879 Total $ 10,753,868 $ 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 December 31, 2016 and December 31, 2015 : December 31, 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 $ 980,738 $ 247,486 7 % 76.1 $ 799,527 $ 217,677 6 % 31.5 All other counterparties (2) 8,335,613 1,187,915 35 % 77.6 4,208,747 818,108 23 % 36.2 Total $ 9,316,351 $ 1,435,401 $ 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. Payables due to broker counterparties for unsettled securities purchases are not included in the amounts presented above. However, at both December 31, 2016 and December 31, 2015 , the Company did not have any such payables. (2) Represents amounts outstanding with 22 and 20 counterparties at December 31, 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)	12 Months Ended
	Dec. 31, 2016
Collateralized Borrowings in Securitization Trusts [Abstract]
Debt Disclosure [Text Block]	Collateralized Borrowings in Securitization Trusts, at Fair Value The Company retains subordinated debt and excess servicing rights purchased 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 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 December 31, 2016 and December 31, 2015 , collateralized borrowings in securitization trusts had a carrying value of $3.0 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 December 31, 2016 and December 31, 2015 .

Federal Home Loan Bank Advances

Federal Home Loan Bank Advances (Notes)	12 Months Ended
	Dec. 31, 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, 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 December 31, 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 0.85% and 0.58% , respectively, and had no additional uncommitted capacity to borrow as of December 31, 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 membership grace period that shall run through February 19, 2021, 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 December 31, 2016 and December 31, 2015 , FHLB advances had the following remaining maturities: (in thousands) December 31, 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) December 31, December 31, Available-for-sale securities, at fair value $ 3,576,481 $ 2,412,970 Residential mortgage loans held-for-sale, at fair value — 735,911 Commercial real estate assets 708,989 252,172 Net economic interests in consolidated securitization trusts (1) 2,015 863,363 Total $ 4,287,485 $ 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 December 31, 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 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 December 31, 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)	12 Months Ended
	Dec. 31, 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 December 31, 2016 , the Company had outstanding short-term borrowings under revolving credit facilities of $70.0 million with a weighted average borrowing rate of 4.53% and weighted average remaining maturities of 306 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 from the time of funding 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 pay down the facility. As of December 31, 2016 , MSR with a carrying value of $180.9 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, although there can be no assurance that any such default or defaults will not occur.

Commitments and Contingencies (

Commitments and Contingencies (Notes)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Commitments and Contingencies The following represent the material commitments and contingencies of the Company as of December 31, 2016 : Management agreement. The Company pays PRCM Advisers a management fee equal to 1.5% per annum, calculated and payable quarterly in arrears, of the Company’s stockholders’ equity. For purposes of calculating the management fee, the Company’s stockholders’ equity means the sum of the net proceeds from all issuances of the Company’s equity securities since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus the Company’s retained earnings at the end of the most recently completed calendar quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less any amount that the Company pays for repurchases of the Company’s common stock since inception, and excluding any unrealized gains, losses or other items that do not affect realized net income (regardless of whether such items are included in other comprehensive income or loss, or in net income). This amount will be adjusted to exclude one-time events pursuant to changes in U.S. GAAP, and certain non-cash items after discussions between PRCM Advisers and the Company’s independent directors and approval by a majority of the Company’s independent directors. To the extent asset impairment reduces the Company’s retained earnings at the end of any completed calendar quarter; it will reduce the management fee for such quarter. The Company’s stockholders’ equity for the purposes of calculating the management fee could be greater than the amount of stockholders’ equity shown on the consolidated financial statements. The current term of the management agreement expires on October 28, 2017 , and automatically renews for successive one-year terms annually until terminated in accordance with the terms of the agreement. The Company reimburses PRCM Advisers for (i) the Company’s allocable share of the compensation paid by PRCM Advisers to its personnel serving as the Company’s principal financial officer and general counsel and personnel employed by PRCM Advisers as in-house legal, tax, accounting, consulting, auditing, administrative, information technology, valuation, computer programming and development and back-office resources to the Company, and (ii) any amounts for personnel of PRCM Adviser’s affiliates arising under a shared facilities and services agreement. Upon termination of the management agreement by the Company without cause or by PRCM Advisers due to the Company’s material breach of the management agreement, the Company is required to pay a termination fee equal to three times the sum of the average annual base management fee earned by PRCM Advisers during the 24-month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. Employment contracts. The Company does not directly employ any personnel. Instead, the Company relies on the resources of PRCM Advisers to conduct the Company’s operations. Expense reimbursements to PRCM Advisers are made in cash on a quarterly basis following the end of each quarter. Operating leases. As of December 31, 2016 , the Company was obligated under non-cancelable operating leases for office space. Future minimum rental payments, including escalation clauses, under leases with terms of one year or more at December 31, 2016 were as follows: (in thousands) Year Minimum Payment 2017 $ 2,808 2018 2,412 2019 2,483 2020 2,424 2021 2,438 Thereafter 828 Total $ 13,393 Expenses under the lease agreements were $3.2 million , $2.6 million and $2.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Legal and regulatory. From time to time, the Company may be subject to liability under laws and government regulations and various claims and legal actions arising in the ordinary course of business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material effect on the Company’s consolidated financial statements and therefore no accrual is required as of December 31, 2016 . Commitments to purchase residential mortgage loans. During the years ended December 31, 2016 , 2015 and 2014 , the Company entered into forward purchase commitments with counterparties whereby the Company committed to purchasing residential mortgage loans at a particular interest rate, provided the borrower elects to close the loan. All of these commitments were accounted for as derivatives. See Note 11 - Derivative Instruments and Hedging Activities for additional information. Unfunded commitments on commercial real estate loans. Certain of the Company’s commercial real estate loan agreements contain provisions for future fundings to borrowers, generally to finance lease-related or capital expenditures. As of December 31, 2016 and December 31, 2015 , the Company had unfunded commitments of $167.9 million and $52.2 million on commercial real estate loans held-for-investment with expirations dates within the next two years. Representation and warranty obligations. The Company has exposure to representation and warranty obligations from its prior mortgage loan sales and securitization activities. The Company may also have exposure to representation and warranty obligations in its capacity as owner of MSR; however, some of the MSR the Company owns were purchased on a bifurcated basis, meaning the representation and warranty obligations remain with the seller. The specific representations and warranties, or R&W, vary among different transactions and investors, but typically relate to, among other things, the ownership of the loan, the validity of the lien securing the loan, the loan’s compliance with the criteria for inclusion in the transaction, including compliance with underwriting standards or loan criteria established by the investor, the ability to deliver required documentation and compliance with applicable laws. In general, the representations and warranties may be enforced at any time unless a sunset provision is in place. The reserve for R&W obligations reflect management’s best estimate of probable lifetime loss. The methodology used to estimate the reserve considers a variety of assumptions including borrower performance (both actual and estimated future defaults), historical loan defect experience, historical and estimated future loss experience, which includes projections of future home price changes as well as other qualitative factors including investor behavior. In accordance with the purchase and sale agreement with our MSR and conduit counterparties, we have contractually mirrored our R&W obligations to the GSEs and private investors. As a result, we possess the ability to seek indemnification from our counterparties in the event of a realized loss from the fulfillment of our R&W obligation. At December 31, 2016 and December 31, 2015 , the reserve (liability) for representation and warranty obligations was $4.0 million and $2.8 million , respectively.

Stockholders' Equity (Notes)

Stockholders' Equity (Notes)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Attributable to Parent [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock As of December 31, 2016 , the Company had 347,652,326 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding from December 31, 2013 through December 31, 2016 : Number of common shares Common shares outstanding, December 31, 2013 364,935,168 Issuance of common stock 57,218 Issuance of restricted stock (1) 1,403,534 Common shares outstanding, December 31, 2014 366,395,920 Issuance of common stock 69,826 Issuance of restricted stock (1) 1,105,361 Repurchase of common stock (13,664,300 ) Common shares outstanding, December 31, 2015 353,906,807 Issuance of common stock 60,602 Issuance of restricted stock (1) 1,704,917 Repurchase of common stock (8,020,000 ) Common shares outstanding, December 31, 2016 347,652,326 ____________________ (1) Represents shares of restricted stock granted under the Second Restated 2009 Equity Incentive Plan, of which 2,639,424 restricted shares remained subject to vesting requirements at December 31, 2016 . Distributions to Stockholders The following table presents cash dividends declared by the Company on its common stock during the years ended December 31, 2016 , 2015 and 2014 : Declaration Date Record Date Payment Date Cash Dividend Per Share December 15, 2016 December 30, 2016 January 27, 2017 $ 0.24 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 June 17, 2015 June 30, 2015 July 21, 2015 $ 0.26 March 18, 2015 March 31, 2015 April 21, 2015 $ 0.26 December 16, 2014 December 30, 2014 January 20, 2015 $ 0.26 September 16, 2014 September 30, 2014 October 21, 2014 $ 0.26 June 17, 2014 July 2, 2014 July 22, 2014 $ 0.26 March 17, 2014 March 31, 2014 April 21, 2014 $ 0.26 Accumulated Other Comprehensive Income Accumulated other comprehensive income at December 31, 2016 and December 31, 2015 was as follows: (in thousands) December 31, December 31, Available-for-sale securities Unrealized gains $ 393,555 $ 405,177 Unrealized losses (194,328 ) (46,116 ) Accumulated other comprehensive income $ 199,227 $ 359,061 Reclassifications out of Accumulated Other Comprehensive Income The following table summarizes reclassifications out of accumulated other comprehensive income for the years ended December 31, 2016 , 2015 and 2014 : Affected Line Item in the Condensed Consolidated Statements of Comprehensive Income (Loss) Amount Reclassified out of Accumulated Other Comprehensive Income (in thousands) Year Ended 2016 2015 2014 Other-than-temporary impairments on AFS securities Total other-than-temporary impairment losses $ 1,822 $ 535 $ 392 Realized gains on sales of certain AFS securities, net of tax (Loss) gain on investment securities (102,852 ) (336,230 ) (52,931 ) Total $ (101,030 ) $ (335,695 ) $ (52,539 ) 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 December 31, 2016 , 343,894 shares have been issued under the plan for total proceeds of approximately $3.5 million , of which 60,602 , 69,826 and 57,218 shares were issued for total proceeds of $0.5 million , $0.7 million and $0.6 million during the years ended December 31, 2016 , 2015 and 2014 , respectively. Share Repurchase Program The Company’s share repurchase program in effect as of December 31, 2015 allowed for the repurchase of up to an aggregate of 25,000,000 shares of the Company’s common stock. During the year ended December 31, 2016, the Company’s board of directors approved an increase of 50,000,000 shares, for up to a total of 75,000,000 shares authorized for repurchase by the Company 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 December 31, 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 and 13,664,300 shares were repurchased for a total cost of $61.3 million and $115.2 million during the years ended December 31, 2016 and 2015 , respectively. No shares were repurchased during the year ended December 31, 2014 . 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 December 31, 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 years ended December 31, 2016 , 2015 and 2014 .

Equity Incentive Plan (Notes)

Equity Incentive Plan (Notes)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Equity Incentive Plan The Company’s Plan was adopted in 2009 and amended in May 2013 and May 2015. The Company adopted the Plan to provide incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel, including PRCM Advisers and affiliates and employees of PRCM Advisers and its affiliates, and any joint venture affiliates of the Company. 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. The Plan is administered by the compensation committee of the Company’s board of directors. The compensation committee has the full authority to administer and interpret the Plan, to authorize the granting of awards, to determine the eligibility of directors, officers, advisors, consultants and other personnel, including PRCM Advisers and affiliates and personnel of PRCM Advisers and its affiliates, and any joint venture affiliates of the Company, to receive an award, to determine the number of shares of common stock to be covered by each award (subject to the individual participant limitations provided in the Plan), to determine the terms, provisions and conditions of each award (which may not be inconsistent with the terms of the Plan), to prescribe the form of instruments evidencing awards and to take any other actions and make all other determinations that it deems necessary or appropriate in connection with the Plan or the administration or interpretation thereof. In connection with this authority, the compensation committee may, among other things, establish performance goals that must be met in order for awards to be granted or to vest, or for the restrictions on any such awards to lapse. The Company’s Plan provides for grants of restricted common stock, phantom shares, dividend equivalent rights and other equity-based awards, subject to a ceiling of 13,000,000 shares available for issuance under the Plan. The Plan allows for the Company’s board of directors to expand the types of awards available under the Plan to include long-term incentive plan units in the future. If an award granted under the Plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. Unless earlier terminated by the Company’s board of directors, no new award may be granted under the Plan after the tenth anniversary of the date that such Plan was initially approved by the Company’s board of directors. No award may be granted under the Plan to any person who, assuming payment of all awards held by such person, would own or be deemed to own more than 9.8% of the outstanding shares of the Company’s common stock. During the years ended December 31, 2016 , 2015 and 2014 , the Company granted 81,739 , 61,952 and 54,799 shares of common stock, respectively, to its independent directors pursuant to the Plan. The estimated fair value of these awards was $8.43 , $10.18 and $10.31 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 years ended December 31, 2016 , 2015 and 2014 , the Company granted 1,937,522 , 1,115,574 and 1,374,989 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 , $10.49 and $9.90 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 December 31, 2016 was $8.72 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 year ended December 31, 2016 , in connection with the restructuring described in Note 22 - 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 years ended December 31, 2016 and 2015 : Year Ended December 31, 2016 2015 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 1,177,526 10.47 Vested (1,369,229 ) (10.05 ) (828,164 ) (10.42 ) Forfeited (301,217 ) (8.50 ) (61,159 ) (10.17 ) Outstanding at End of Period 2,639,424 $ 8.59 2,290,609 $ 10.36 For the years ended December 31, 2016 , 2015 and 2014 , the Company recognized compensation costs and restructuring charges related to restricted common stock of $15.2 million , $9.0 million and $11.7 million , respectively.

Restructuring Charges (Notes)

Restructuring Charges (Notes)	12 Months Ended
	Dec. 31, 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. In connection with the closure, the Company incurred the following charges, which are included within restructuring charges on the Company’s consolidated statements of comprehensive income (loss) , for the year ended December 31, 2016 : Year Ended (in thousands) December 31, 2016 Termination benefits $ 2,398 Contract terminations 217 Other associated costs 375 Total $ 2,990 The mortgage loan conduit and securitization business wind down process was completed at the end of 2016. The Company does not expect to incur additional restructuring costs in 2017.

Income Taxes (Notes)

Income Taxes (Notes)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Income Taxes For the years ended December 31, 2016 , 2015 and 2014 , 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. The tables below reflect the net taxes accrued at the TRS level and the tax attributes included in the consolidated financial statements. 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. Certain activities the Company performs may produce income that will not be qualifying income for REIT purposes. These activities include the designated portion of MSR treated as normal mortgage servicing, certain derivative financial instruments and other risk-management instruments. The Company has designated its TRSs to engage in these activities. The Company also purchases and sells mortgage loans through the secondary whole loan market and/or securitization market and has designated its TRSs to engage in these activities. The following table summarizes the tax (benefit) provision recorded at the taxable subsidiary level for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (in thousands) 2016 2015 2014 Current tax (benefit) provision: Federal $ (1,630 ) $ (4,027 ) $ 6,507 State 167 175 16 Total current tax (benefit) provision (1,463 ) (3,852 ) 6,523 Deferred tax provision (benefit) 13,766 (12,638 ) (80,261 ) Total provision for (benefit from) income taxes $ 12,303 $ (16,490 ) $ (73,738 ) The Company’s taxable income before dividend distributions differs from its pre-tax net income for U.S. GAAP purposes primarily due to unrealized gains and losses, the recognition of credit losses for U.S. GAAP purposes but not tax purposes, differences in timing of income recognition due to market discount, and original issue discount and the calculations surrounding each. These book to tax differences in the REIT are not reflected in the consolidated financial statements as the Company intends to retain its REIT status. The following is a reconciliation of the statutory federal and state rates to the effective rates, for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 (dollars in thousands) Amount Percent Amount Percent Amount Percent Computed income tax expense at federal rate $ 127,953 35 % $ 166,502 35 % $ 32,691 35 % State taxes, net of federal benefit, if applicable 108 — % 114 — % 10 — % Permanent differences in taxable income from GAAP net income 392 — % 4,203 1 % 1,636 2 % Dividends paid deduction (116,150 ) (32 )% (187,309 ) (39 )% (108,075 ) (116 )% Provision for (benefit from) income taxes/ Effective Tax Rate (1) $ 12,303 3 % $ (16,490 ) (3 )% $ (73,738 ) (79 )% ____________________ (1) The provision for (benefit from) income taxes is recorded at the taxable subsidiary level. The Company’s permanent differences in taxable income from GAAP net income in the years ended December 31, 2016 and 2015 were primarily due to net losses incurred by consolidated securitization trusts that are not subject to federal taxes and a recurring difference in compensation expense related to restricted stock dividends. The Company’s permanent differences in taxable income from GAAP net income in the year ended December 31, 2014 were due primarily to the statutory federal rate change from 34% to 35% and corresponding adjustment to the measurement of beginning deferred tax assets and liabilities. The Company’s consolidated balance sheets, as of December 31, 2016 and December 31, 2015 contain the following current and deferred tax liabilities and assets, which are included in other assets, and are recorded at the taxable subsidiary level: (in thousands) December 31, December 31, Income taxes receivable Federal income taxes receivable $ 1,532 $ 5,216 State and local income taxes receivable — — Income taxes receivable, net 1,532 5,216 Deferred tax assets (liabilities) Deferred tax asset 111,636 69,441 Deferred tax liability (54,275 ) (25,123 ) Total net deferred tax assets 57,361 44,318 Total tax assets, net $ 58,893 $ 49,534 Deferred Tax Assets and Liabilities Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes at the TRS level. Components of the Company’s deferred tax assets as of December 31, 2016 and December 31, 2015 were as follows: (in thousands) December 31, December 31, Available-for-sale securities $ 17,942 $ (8,673 ) Mortgage servicing rights (9,492 ) 6,363 Derivative assets and liabilities (42,666 ) (4,492 ) Other assets 24 3 Other liabilities 2,713 978 Intangibles 235 256 Alternative minimum tax credit 1,904 420 Net operating loss carryforward 42,039 8,177 Capital loss carryforward 44,662 41,286 Total net deferred tax assets $ 57,361 $ 44,318 At both December 31, 2016 and December 31, 2015 , the Company had not recorded a valuation allowance for any portion of its deferred tax assets as it did not believe, at a more likely than not level, that any portion of its deferred tax assets would not be realized. Of the TRS net operating loss carryforward of $42.0 million , $1.3 million is scheduled to expire December 31, 2033, $2.5 million is scheduled to expire December 31, 2034, $4.3 million is scheduled to expire December 31, 2035 and $33.9 million is scheduled to expire December 31, 2036. Of the TRS net capital loss carryforward of $44.7 million , $0.1 million is scheduled to expire December 31, 2017, $20.1 million is scheduled to expire December 31, 2019, $21.1 million is scheduled to expire December 31, 2020 and $3.4 million is scheduled to expire December 31, 2021. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s consolidated financial statements of a contingent tax liability for uncertain tax positions. Additionally, there were no amounts accrued for penalties or interest as of or during the periods presented in these consolidated financial statements.

Earnings Per Share (Notes)

Earnings Per Share (Notes)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (in thousands, except share data) 2016 2015 2014 Numerator: Net income $ 353,278 $ 492,210 $ 167,139 Denominator: Weighted average common shares outstanding 345,046,993 363,055,228 364,181,059 Weighted average restricted stock shares 3,026,711 2,192,510 1,830,796 Basic and diluted weighted average shares outstanding 348,073,704 365,247,738 366,011,855 Basic and Diluted Earnings Per Share $ 1.01 $ 1.35 $ 0.46

Related Party Transactions (Not

Related Party Transactions (Notes)	12 Months Ended
	Dec. 31, 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 $46.4 million , $50.3 million and $48.8 million as a management fee to PRCM Advisers for the years ended December 31, 2016 , 2015 and 2014 , 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 , 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 $25.8 million , $22.9 million and $15.5 million for the years ended December 31, 2016 , 2015 and 2014 , 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, technology and certain office lease payments, but most direct expenses with third-party vendors are paid directly by the Company. The Company recognized $15.2 million , $9.0 million and $11.7 million of compensation expense and restructuring charges during the years ended December 31, 2016 , 2015 and 2014 , respectively, related to restricted common stock issued to employees of PRCM Advisers and the Company’s independent directors pursuant to the Plan. See Note 21 - Equity Incentive Plan for additional information.

Subsequent Events (Notes)

Subsequent Events (Notes)	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events On January 19, 2017, the Company closed an underwritten public offering of $287.5 million aggregate principal amount of convertible senior notes, which included $37.5 million aggregate principal amount sold by the Company to the underwriter of the offering pursuant to an overallotment option. The notes are unsecured, pay interest semiannually at a rate of 6.25% per annum and are convertible at the option of the holder into shares of the Company’s common stock. The notes will mature in January 2022, unless earlier converted or repurchased in accordance with their terms. The Company does not have the right to redeem the notes prior to maturity, but may be required to repurchase the notes from holders under certain circumstances. The notes have an initial conversion rate of 100 shares of common stock per $1,000 principal amount of the notes (equivalent to an initial conversion price of $10.00 per share), subject to adjustment. The net proceeds from the offering were approximately $282 million after deducting underwriting discounts and estimated offering expenses payable by the Company. Events subsequent to December 31, 2016 , were evaluated through the date these financial statements were issued and no additional events were identified requiring further disclosure in these consolidated financial statements.

Quarterly Financial Data (Notes

Quarterly Financial Data (Notes)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	Quarterly Financial Data - Unaudited 2016 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 130,763 $ 154,776 $ 168,862 $ 179,089 Total interest expense 41,360 53,969 60,350 66,216 Net interest income 89,403 100,807 108,512 112,873 Other-than-temporary impairment losses (717 ) (90 ) (1,015 ) — Total other (loss) income (133,672 ) (94,974 ) 31,971 304,266 Total expenses 38,493 37,486 38,509 37,295 Provision for (benefit from) income taxes 5,451 (14,762 ) (16,827 ) 38,441 Net (loss) income $ (88,930 ) $ (16,981 ) $ 117,786 $ 341,403 Basic and diluted (loss) earnings per weighted average common share $ (0.25 ) $ (0.05 ) $ 0.34 $ 0.98 Basic and diluted weighted average number of shares of common stock 349,436,015 347,597,955 347,627,226 347,643,257 2015 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 162,969 $ 152,529 $ 152,834 $ 133,605 Total interest expense 33,503 35,029 37,079 36,574 Net interest income 129,466 117,500 115,755 97,031 Other-than-temporary impairment losses (127 ) (170 ) (238 ) — Total other (loss) income (7,100 ) 134,110 (119,286 ) 160,308 Total expenses 38,103 36,896 38,677 37,852 (Benefit from) provision for income taxes (10,657 ) (6,957 ) (7,656 ) 8,780 Net income (loss) $ 94,793 $ 221,501 $ (34,790 ) $ 210,707 Basic and diluted earnings (loss) per weighted average common share $ 0.26 $ 0.60 $ (0.09 ) $ 0.59 Basic and diluted weighted average number of shares of common stock 366,507,657 367,074,131 367,365,973 360,090,432 2016 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 130,763 $ 154,776 $ 168,862 $ 179,089 Total interest expense 41,360 53,969 60,350 66,216 Net interest income 89,403 100,807 108,512 112,873 Other-than-temporary impairment losses (717 ) (90 ) (1,015 ) — Total other (loss) income (133,672 ) (94,974 ) 31,971 304,266 Total expenses 38,493 37,486 38,509 37,295 Provision for (benefit from) income taxes 5,451 (14,762 ) (16,827 ) 38,441 Net (loss) income $ (88,930 ) $ (16,981 ) $ 117,786 $ 341,403 Basic and diluted (loss) earnings per weighted average common share $ (0.25 ) $ (0.05 ) $ 0.34 $ 0.98 Basic and diluted weighted average number of shares of common stock 349,436,015 347,597,955 347,627,226 347,643,257 2015 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 162,969 $ 152,529 $ 152,834 $ 133,605 Total interest expense 33,503 35,029 37,079 36,574 Net interest income 129,466 117,500 115,755 97,031 Other-than-temporary impairment losses (127 ) (170 ) (238 ) — Total other (loss) income (7,100 ) 134,110 (119,286 ) 160,308 Total expenses 38,103 36,896 38,677 37,852 (Benefit from) provision for income taxes (10,657 ) (6,957 ) (7,656 ) 8,780 Net income (loss) $ 94,793 $ 221,501 $ (34,790 ) $ 210,707 Basic and diluted earnings (loss) per weighted average common share $ 0.26 $ 0.60 $ (0.09 ) $ 0.59 Basic and diluted weighted average number of shares of common stock 366,507,657 367,074,131 367,365,973 360,090,432

Schedule IV Mortgage Loans on R

Schedule IV Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]	TWO HARBORS INVESTMENT CORP. SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE As of December 31, 2016 (dollars in thousands) Asset Type/ Description Number of Loans Interest Rate Final Maturity Date (1) Periodic Payment Terms (2) Prior Liens (3) Face Amount Carrying Amount Principal Amount Subject to Delinquent Principal or Interest Residential mortgage loans held-for-sale Prime nonconforming residential mortgage loans: Fixed rate 2 3.875% - 4.25% 8/2045 - 6/2046 P&I $ — $ 978 $ 925 $ 481 Credit sensitive residential mortgage loans: Fixed rate 71 1% - 12.2% 5/2017 - 5/2056 P&I — 12,494 6,691 2,420 Adjustable rate 23 2.875% - 10.65% 7/2019 - 10/2051 P&I — 5,346 3,798 751 Ginnie Mae buyout residential mortgage loans: Fixed rate 234 2% - 12% 11/2014 - 7/2056 P&I — 30,856 28,434 18,006 Adjustable rate 3 2.375% - 4% 6/2035 - 9/2041 P&I — 312 298 101 Total residential mortgage loans held-for-sale $ — $ 49,986 $ 40,146 $ 21,759 Residential mortgage loans held-for-investment in securitization trusts Prime nonconforming residential mortgage loans: Fixed rate Original loan balance $0 - $999,999 4,074 3.375% - 5.125% 11/2044 - 7/2046 P&I $ — $ 2,612,321 $ 2,642,617 $ 1,401 Original loan balance $1,000,000 - $1,999,999 514 3.5% - 5% 12/2042 - 7/2046 P&I — 589,291 595,884 — Original loan balance $2,000,000 - $2,999,999 16 3.625% - 4.25% 10/2042 - 6/2046 P&I — 32,432 32,816 — Total residential mortgage loans held-for-investment in securitization trusts $ — $ 3,234,044 $ 3,271,317 $ 1,401 Asset Type/ Location Interest Rate Final Maturity Date (1) Periodic Payment Terms (2) Prior Liens (3) Face Amount Carrying Amount Principal Amount Subject to Delinquent Principal or Interest Commercial real estate loans held-for-investment Retail-Mixed Use/ Southwest L+4.20% 12/2019 P&I $ — $ 120,000 $ 119,734 $ — Retail/ West L+3.42% 10/2018 IO — 105,000 104,967 — Office/ Diversified US L+4.45% 8/2020 P&I — 93,138 91,727 — Industrial/ Northeast L+4.75% 4/2019 IO — 82,000 81,250 — Office-Mixed Use/ Northeast L+4.20% 12/2018 IO — 77,134 76,923 — Office/ Northeast L+4.37% 10/2020 P&I — 72,966 72,043 — Office/ Southeast L+4.11% 1/2021 P&I — 62,275 60,373 — Retail/ West L+4.49% 7/2020 P&I — 50,300 49,837 — Office/ Diversified US L+7.25% 9/2018 P&I 708,000 48,252 48,252 — Hotel/ Diversified US L+6.75% 1/2017 IO 285,000 45,900 45,885 — TWO HARBORS INVESTMENT CORP. SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE, continued As of December 31, 2016 (dollars in thousands) Asset Type/ Location Interest Rate Final Maturity Date (1) Periodic Payment Terms (2) Prior Liens (3) Face Amount Carrying Amount Principal Amount Subject to Delinquent Principal or Interest Commercial real estate loans held-for-investment, continued Multifamily/ Southwest L+4.05% 1/2019 P&I — 43,500 43,462 — Office/ Northeast L+4.40% 5/2019 IO — 43,500 42,937 — Office/ Northeast L+4.65% 1/2020 IO — 43,215 43,181 — Office/ Southwest L+4.30% 3/2019 IO — 41,821 41,457 — Office/ Northeast L+4.95% 9/2020 P&I — 39,550 38,885 — Office/ Northeast L+4.55% 12/2019 P&I — 38,000 37,778 — Office/ Northeast L+4.60% 11/2018 IO — 37,000 36,539 — Office/ West L+4.60% 11/2019 IO — 36,010 35,414 — Multifamily/ Northeast L+4.27% 12/2019 IO — 34,000 33,321 — Office/ Northeast 5.11 % 3/2026 P&I — 33,800 33,615 — Multifamily/ Midwest L+4.80% 2/2019 P&I — 30,941 30,651 — Industrial/ Northeast L+4.70% 9/2020 P&I — 24,000 23,831 — Multifamily/ Northeast L+3.60% 11/2019 P&I — 23,500 23,515 — Office/ West L+4.55% 10/2019 IO — 23,083 22,781 — Hotel/ Midwest L+4.99% 11/2018 IO — 21,157 21,049 — Multifamily/ Southeast L+4.57% 8/2019 P&I — 20,488 20,214 — Multifamily/ Southeast L+5.25% 8/2018 P&I — 19,288 19,287 — Multifamily/ Southeast L+4.05% 9/2018 P&I — 18,700 18,669 — Hotel/ Southeast L+8.75% 8/2017 IO 98,500 17,000 17,027 — Multifamily/ Northeast L+4.85% 11/2019 IO — 16,527 16,216 — Multifamily/ Northeast L+4.62% 6/2019 IO — 13,400 13,216 — Multifamily/ Southeast L+4.03% 10/2018 P&I — 11,000 11,001 — Office/ West L+5.90% 1/2020 IO — 10,907 10,660 — Office/ Northeast L+12.25% 7/2018 IO 45,100 10,257 10,279 — Office/ Southeast L+9.50% 8/2020 IO 45,303 9,900 9,942 — Hotel/ Northeast 13 % 11/2025 P&I 59,000 6,936 6,625 — Total commercial real estate loans held-for-investment $ 1,240,903 $ 1,424,445 $ 1,412,543 $ — Total mortgage loans on real estate $ 1,240,903 $ 4,708,475 $ 4,724,006 $ 23,160 ____________________ (1) Based on contractual maturity date. Certain commercial real estate 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. (2) Principal and interest (“P&I”); Interest-only (“IO”). Certain commercial real estate loans labeled as P&I are non-amortizing until a specific date when they begin amortizing P&I, as stated in the loan agreements. (3) Represents third-party priority liens. Third party portions of pari-passu participations are not considered prior liens. TWO HARBORS INVESTMENT CORP. NOTE TO SCHEDULE IV - RECONCILIATION OF MORTGAGE LOANS ON REAL ESTATE (dollars in thousands) Year Ended December 31, (in thousands) 2016 2015 2014 Balance at beginning of period $ 4,646,111 $ 2,280,458 $ 1,336,971 Additions during period: Originations and purchases 1,988,150 3,269,020 1,475,210 Net discount accretion (premium amortization) 263 149 — Amortization of net deferred origination fees 6,981 319 — Deductions during period: Collections of principal (1,080,632 ) (661,000 ) (149,674 ) Cost of mortgages sold (799,563 ) (147,713 ) (425,505 ) (Increase) decrease in net deferred origination fees (12,554 ) (6,656 ) — Cumulative-effect adjustment to equity for adoption of new accounting principle — (2,991 ) — Change in realized and unrealized (losses) gains (2,868 ) (53,689 ) 49,719 Other (1) (21,882 ) (31,786 ) (6,263 ) Balance at end of period $ 4,724,006 $ 4,646,111 $ 2,280,458 ____________________ (1) Includes transfer of mortgage servicing rights fair value on buyout of Ginnie Mae residential mortgage loans and transfers to other receivables for foreclosed government-guaranteed loans.

Basis of Presentation and Sig35

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Basis of Presentation and Significant Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	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. Adoption of this ASU did not have any impact on the Company’s financial condition, results of operations or disclosures as no going concern issues were identified. 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 and Restricted Cash 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. Additionally, in November 2016, the FASB issued ASU No. 2016-18, which requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents, but no longer present transfers between cash and cash equivalents and restricted cash and cash equivalents in the statement of cash flows. Both ASUs are 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 these ASUs will not have an impact on the Company’s financial condition or results of operations but will impact the presentation of the consolidated statements of cash flows.
Consolidation, Policy [Policy Text Block]	Consolidation and Basis of Presentation The accompanying consolidated financial statements 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 accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles, or U.S. GAAP. 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 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 trust.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make a number of significant estimates. These 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 as of the date of the 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.
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block]	Available-for-Sale Securities, at Fair Value The Company invests primarily in mortgage pass-through certificates, collateralized mortgage obligations and other residential mortgage-backed securities representing interests in or obligations backed by pools of mortgage loans (collectively “RMBS”) issued by the Federal National Mortgage Association, or Fannie Mae, the Federal Home Loan Mortgage Corporation, or Freddie Mac, and the Government National Mortgage Association, or Ginnie Mae, or collectively, the government sponsored entities, or GSEs. The Company also invests in residential mortgage-backed securities that are not issued by the GSEs, or non-Agency RMBS, and, from time to time, U.S. Treasuries. Designation The Company classifies its RMBS, excluding inverse interest-only Agency securities classified as derivatives for purposes of U.S. GAAP, as available-for-sale, or AFS, investments. Although the Company generally intends to hold most of its investment securities until maturity, it may, from time to time, sell any of its investment securities as part of its overall management of its portfolio. Accordingly, the Company classifies all of its RMBS as AFS, including its interest-only strips, which represent the Company’s right to receive a specified portion of the contractual interest flows of specific Agency or non-Agency securities. All assets classified as AFS, excluding Agency interest-only mortgage-backed securities and GSE credit risk transfer securities, are reported at estimated fair value with unrealized gains and losses, excluding other than temporary impairments, included in accumulated other comprehensive income, on an after-tax basis. 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. All Agency interest-only securities and GSE credit risk transfer securities acquired on or after July 1, 2015 are carried at estimated fair value with changes in fair value, excluding other than temporary impairments, recorded as a component of (loss) gain on investment securities in the consolidated statements of comprehensive income (loss) . Balance Sheet Presentation Investment securities transactions are recorded on the trade date. Purchases of newly-issued securities are recorded when all significant uncertainties regarding the characteristics of the securities are removed, generally shortly before settlement date. The cost basis for realized gains and losses on sales of investment securities are determined on the first-in, first-out, or FIFO, method.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Determination of RMBS Fair Value Fair value is determined under the guidance of Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, or ASC 820. The Company determines the fair value of its RMBS that are issued or guaranteed as to principal and/or interest by a federally chartered corporation, such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government, such as Ginnie Mae (collectively, “Agency RMBS”), based upon prices obtained from third-party pricing providers or broker quotes received using the bid price, which are both 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 is used to arrive at fair value that considers prices obtained from third-party pricing providers, broker quotes received and other applicable market data. If listed price data is not available or insufficient, 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. The Company classifies these securities as Level 3 assets. As of December 31, 2016 , none of the investment securities portfolio is categorized as Level 3. The Company’s application of ASC 820 guidance is discussed in further detail in Note 14 - Fair Value of these notes to the consolidated financial statements.
Revenue Recognition, Interest [Policy Text Block]	Revenue Recognition, Premium Amortization and Discount Accretion Interest income on securities is accrued based on the outstanding principal balance and their contractual terms. Premiums and discounts associated with Agency and non-Agency RMBS rated AA and higher at the time of purchase, are amortized into interest income over the life of such securities using the effective yield method. Adjustments to premium amortization are made for actual prepayment activity. The Company estimates prepayments for its Agency interest-only securities, which represent the Company’s right to receive a specified portion of the contractual interest flows of specific Agency and CMO securities. As a result, if prepayments increase (or are expected to increase), the Company will accelerate the rate of amortization on the premiums. Interest income on the non-Agency RMBS that were purchased at a discount to par value and were rated below AA at the time of purchase is recognized based on the security’s effective interest rate. The effective interest rate on these securities is based on the projected cash flows from each security, which are estimated based on the Company’s observation of current information and events and include assumptions related to interest rates, prepayment rates, and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on such securities. Actual maturities of the AFS securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, and prepayments of principal. Therefore actual maturities of AFS securities are generally shorter than stated contractual maturities. Stated contractual maturities are generally greater than ten years. Based on the projected cash flows from the Company’s non-Agency RMBS purchased at a discount to par value, a portion of the purchase discount may be designated as credit protection against future credit losses and, therefore, not accreted into interest income. The amount designated as credit discount may be adjusted over time, based on the actual performance of the security, its underlying collateral, actual and projected cash flow from such collateral, economic conditions, and other factors. If the performance of a security with a credit discount is more favorable than forecasted, a portion of the amount designated as credit discount may be accreted into interest income prospectively. Conversely, if the performance of a security with a credit discount is less favorable than forecasted, an impairment charge and write-down of such security to a new cost basis results.
Impairment, Policy [Policy Text Block]	Impairment The Company evaluates its investment securities, on a quarterly basis, to assess whether a decline in the fair value of an AFS security below the Company’s amortized cost basis is an other-than-temporary impairment, or OTTI. The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. Impairment is considered other-than-temporary if an entity (i) intends to sell the security, (ii) will more likely than not be required to sell the security before it recovers in value, or (iii) does not expect to recover the security’s amortized cost basis, even if the entity does not intend to sell the security. Under these scenarios, the impairment is other-than-temporary and the full amount of impairment should be recognized currently in earnings and the cost basis of the investment security is adjusted. However, if an entity does not intend to sell the impaired debt security and it is more likely than not that it will not be required to sell before recovery, the OTTI is separated into (i) the estimated amount relating to credit loss, or credit component, and (ii) the amount relating to all other factors, or non-credit component. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss amount recognized in other comprehensive (loss) income . The difference between the new amortized cost basis and the cash flows expected to be collected is accreted as interest income in accordance with the effective interest method.
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block]	Residential Mortgage Loans Held-for-Sale, at Fair Value Residential mortgage loans held-for-sale are reported at fair value as a result of a fair value option election. Fair value is determined under the guidance of ASC 820. The Company determines the fair value of its residential mortgage loans held-for-sale by type of loan and the determination is generally based on current secondary market pricing or cash flow models using market-based yield requirements. See Note 14 - Fair Value of these notes to the consolidated financial statements for details on fair value measurement. The Company classifies residential mortgage loans held-for-sale based on management’s intent to sell them in the secondary whole loan market or include them in a securitization. Interest income on residential mortgage loans held-for-sale is recognized at the loan coupon rate. Loans are considered past due when they are 30 days past their contractual due date. Interest income recognition is suspended when mortgage loans are placed on nonaccrual status. Generally, mortgage loans are placed on nonaccrual status when delinquent for more than 60 days or when determined not to be probable of full collection. Interest accrued, but not collected, at the date mortgage loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Mortgage loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Securitizations and Variable Interest Entities The Company retains subordinated debt and excess servicing rights purchased from securitization trusts sponsored by either third parties or the Company’s subsidiaries. The securitization trusts are considered VIEs for financial reporting purposes and, thus, are reviewed for consolidation under the applicable consolidation guidance. As the Company has both the power to direct the activities of the securitization 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. The underlying loans are classified as residential mortgage loans held-for-investment in securitization trusts and the underlying debt is classified as collateralized borrowings in securitization trusts on the consolidated balance sheets. The interest income on residential mortgage loans held-for-investment and interest expense on collateralized borrowings are recorded on the consolidated statements of comprehensive income (loss) . See Note 14 - Fair Value of these notes to the consolidated financial statements for details on fair value measurement.
Finance, Loan and Lease Receivables, Held-for-investment, Residential Mortgages, Policy [Policy Text Block]	Residential Mortgage Loans Held-for-Investment in Securitization Trusts, at Fair Value Residential mortgage loans held-for-investment in securitization trusts related to the Company's on-balance sheet securitizations are reported at fair value as a result of a fair value option election. These securitized mortgage loans are legally isolated from the Company and have been structured to be beyond the reach of creditors of the Company. Under the guidance of ASC 810, Consolidation , an entity is allowed to measure both the financial assets and financial liabilities of a qualifying collateralized financing entity, or 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. See Note 14 - Fair Value of these notes to the consolidated financial statements for details on fair value measurement. Interest income on residential mortgage loans held-for-investment is recognized at the loan coupon rate. Loans are considered past due when they are 30 days past their contractual due date. Interest income recognition is suspended when mortgage loans are placed on nonaccrual status. Generally, mortgage loans are placed on nonaccrual status when delinquent for more than 60 days or when determined not to be probable of full collection. Interest accrued, but not collected, at the date mortgage loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Mortgage loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured.
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy 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 consolidated balance sheets. Additionally, the Company is the sole certificate holder of a trust entity that holds a commercial real estate loan. The trust is considered a VIE for financial reporting purposes and, thus, is reviewed for consolidation under the applicable consolidation guidance. As the Company has both the power to direct the activities of the 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. The underlying loan is classified as commercial real estate assets on the consolidated balance sheets. The loan is legally isolated from the Company and has been structured to be beyond the reach of creditors of the Company. Interest income on commercial real estate assets is recorded on the consolidated statements of comprehensive income (loss) . 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. Impairment is indicated when it is deemed probable that the Company will not be able to collect all amounts due pursuant to the contractual terms of the loan. Because the Company’s commercial real estate assets are collateralized either by real property or by equity interests in the commercial real estate borrower, impairment is measured by comparing the estimated fair value of the underlying collateral to the amortized cost of the respective loan. The valuation of the underlying collateral requires significant judgment, which includes assumptions regarding capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic conditions, the broader commercial real estate market, local geographic sub-markets, and other factors deemed necessary. If a loan is determined to be impaired, the Company records an allowance to reduce the carrying value of the loan through a charge to provision for loan losses. Actual losses, if any, could ultimately differ from these estimates. Interest income on commercial real estate assets is recognized at the loan coupon rate. Any premiums or discounts, loan fees and origination costs are amortized or accreted into interest income over the lives of the loans using the effective interest method. Loans are considered past due when they are 30 days past their contractual due date. Interest income recognition is suspended when loans are placed on nonaccrual status. Generally, commercial real estate loans are placed on nonaccrual status when delinquent for more than 60 days or when determined not to be probable of full collection. Interest accrued, but not collected, at the date loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Commercial real estate loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured.
Transfers and Servicing of Financial Assets, Servicing of Financial Assets, Policy [Policy Text Block]	Mortgage Servicing Rights, at Fair Value The Company’s MSR represent the right to service mortgage loans. The Company and its subsidiaries do not originate or directly service mortgage loans, and instead contract with appropriately licensed subservicers to handle substantially all servicing functions for the loans underlying the Company’s MSR. However, as an owner and manager of MSR, the Company may be obligated to fund advances of principal and interest payments due to third-party owners of the loans, but not yet received from the individual borrowers. These advances are reported as servicing advances within the other assets line item on the consolidated balance sheets. MSR are reported at fair value on the consolidated balance sheets. Although MSR transactions are observable in the marketplace, the valuation includes unobservable market data inputs (prepayment speeds, delinquency levels and discount rates). Changes in the fair value of MSR as well as servicing fee income and servicing expenses are reported on the consolidated statements of comprehensive income (loss) .
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash Restricted cash represents the Company’s cash held by counterparties as collateral against the Company’s securities, derivatives and/or repurchase agreements. Also included is the cash balance held pursuant to a letter of credit on the New York office lease. Cash held by counterparties as collateral, which resides in non-interest bearing accounts, is not available to the Company for general corporate purposes, but may be applied against amounts due to securities, derivatives or repurchase counterparties or returned to the Company when the collateral requirements are exceeded or, at the maturity of the derivative or repurchase agreement.
Accrued Interest Receivable, Policy [Policy Text Block]	Accrued Interest Receivable Accrued interest receivable represents interest that is due and payable to the Company. Cash interest is generally received within 30 days of recording the receivable.
Due To or From Counterparties Policy [Policy Text Block]	Due from/to Counterparties, net Due from counterparties includes cash held by counterparties for payment of principal and interest as well as cash held by counterparties as collateral against the Company’s derivatives and/or repurchase agreements but represents excess capacity and deemed unrestricted and a receivable from the counterparty as of the balance sheet date. Due from counterparties also includes cash receivable from counterparties for sales of MSR pending final transfer and settlement. Due to counterparties includes cash payable by the Company upon settlement of trade positions as well as cash deposited to and held by the Company as collateral against the Company’s derivatives and/or repurchase agreements but represents a payable to the counterparty as of the balance sheet date. Due to counterparties also includes purchase price holdbacks on MSR acquisitions for early prepayment or default provisions, collateral exceptions and other contractual terms.
Derivatives, Policy [Policy Text Block]	Derivative Financial Instruments, at Fair Value In accordance with ASC 815, Derivatives and Hedging, as amended and interpreted, or ASC 815, all derivative financial instruments, whether designated for hedging relationships or not, are recorded on the consolidated balance sheets as assets or liabilities and carried at fair value. At the inception of a derivative contract, the Company determines whether the instrument will be part of a qualifying hedge accounting relationship or whether the Company will account for the contract as a trading instrument. 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. Changes in fair value as well as the accrual and settlement of interest associated with derivatives accounted for as trading instruments are reported in the consolidated statements of comprehensive income (loss) as gain (loss) on interest rate swap and swaption agreements or gain (loss) on other derivative instruments depending on the type of derivative instrument. The Company enters into interest rate derivative contracts for a variety of reasons, including minimizing fluctuations in earnings or market values on certain assets or liabilities that may be caused by changes in interest rates. The Company may, at times, enter into various forward contracts including short securities, Agency to-be-announced securities, or TBAs, options, futures, swaps, and caps. Due to the nature of these instruments, they may be in a receivable/asset position or a payable/liability position at the end of an accounting period. Amounts payable to and receivable from the same party under contracts may be offset as long as the following conditions are met: (a) each of the two parties owes the other determinable amounts; (b) the reporting party has the right to offset the amount owed with the amount owed by the other party; (c) the reporting party intends to offset; and (d) the right of offset is enforceable by law. If the aforementioned conditions are not met, amounts payable to and receivable from are presented by the Company on a gross basis in its consolidated balance sheets. The Company has provided specific disclosure regarding the location and amounts of derivative instruments in the consolidated financial statements and how derivative instruments and related hedged items are accounted for. See Note 11 - Derivative Instruments and Hedging Activities of these notes to the consolidated financial statements.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment, stated at cost, net of accumulated depreciation, are reported in other assets in the Company’s consolidated balance sheets. Included in property and equipment are certain furniture and fixtures, leasehold improvements, and information technology hardware and software. Depreciation is computed on the straight-line basis over the estimated useful lives of the assets, which is generally three years.
Repurchase and Resale Agreements Policy [Policy Text Block]	Repurchase Agreements The Company finances the acquisition of certain of its investment securities, residential mortgage loans and commercial real estate assets through the use of repurchase agreements. These repurchase agreements are generally short-term debt, which expire within one year. As of December 31, 2016 , certain of the Company’s repurchase agreements had contractual terms of greater than one year, and were considered long-term debt. Borrowings under repurchase agreements generally bear interest rates of a specified margin over one-month LIBOR and are generally uncommitted. The repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements.
Assets or Liabilities that Relate to Transferor's Continuing Involvement in Securitized or Asset-backed Financing Assets, Policy [Policy Text Block]	Collateralized Borrowings in Securitization Trusts, at Fair Value Collateralized borrowings in securitization trusts related to the Company's on-balance sheet securitizations are reported at fair value as a result of a fair value option election. This long-term debt is nonrecourse to the Company beyond the assets held in the trusts. Fair value is determined under the guidance of ASC 820. The Company determines the fair value of its collateralized borrowings in securitization trusts based on prices obtained from third-party pricing providers, broker quotes received and other applicable market data. See Note 14 - Fair Value of these notes to the consolidated financial statements for details on fair value measurement.
Federal Home Loan Bank Advances, Policy [Policy Text Block]	Federal Home Loan Bank of Des Moines Advances and Stock Holdings The Company’s wholly owned subsidiary, TH Insurance Holdings Company LLC, or TH Insurance, is a member of the Federal Home Loan Bank of Des Moines, or 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. The Company’s secured advances from the FHLB may have both short-term and long-term maturities. The advances with less than five year terms generally bear interest rates of a spread over one- or three-month LIBOR and the advances with 20-year terms generally bear interest rates of or one- or three-month MOVR, or the FHLB member option variable-rate. FHLB advances are treated as secured financing transactions and are carried at their contractual amounts. 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. FHLB stock is considered a nonmarketable, 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. At its discretion, the FHLB may declare dividends on its stock.
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.
Accrued Interest Payable, Policy [Policy Text Block]	Accrued Interest Payable Accrued interest payable represents interest that is due and payable to third parties. Interest is generally paid within 30 days to three months of recording the payable, based upon the Company’s remittance requirements.
Deferred Taxes Assets and Liabilities, Policy [Policy Text Block]	Deferred Tax Assets and Liabilities Income recognition for U.S. GAAP and tax differ in certain respects. These differences often reflect differing accounting treatments for tax and U.S. GAAP, such as accounting for discount and premium amortization, credit losses, asset impairments, recognition of certain operating expenses and certain valuation estimates. Some of these differences are temporary in nature and create timing mismatches between when taxable income is earned and the tax is paid versus when the earnings (losses) for U.S. GAAP purposes, or GAAP net income , are recognized and the tax provision is recorded. Some of these differences are permanent since certain income (or expense) may be recorded for tax purposes but not for U.S. GAAP purposes (or vice-versa). One such significant permanent difference is the Company’s ability as a REIT to deduct dividends paid to stockholders as an expense for tax purposes, but not for U.S. GAAP purposes. As a result of these temporary differences, the Company’s taxable REIT subsidiaries, or TRSs, may recognize taxable income in periods prior or subsequent to when it recognizes income for U.S. GAAP purposes. When this occurs, the TRSs pay or defer the tax liability and establish deferred tax assets or deferred tax liabilities, respectively, for U.S. GAAP purposes. As the income is subsequently realized in future periods under U.S. GAAP, the deferred tax asset is recognized as an expense. Alternatively, as the TRSs realize the deferred taxable income, the deferred tax liability is recognized as a reduction to taxable income. The Company’s deferred tax assets and/or liabilities are generated solely by differences in GAAP net income and taxable income (loss) at our taxable subsidiaries. U.S. GAAP and tax differences in the REIT may create additional deferred tax assets and/or liabilities to the extent the Company does not distribute all of its taxable income.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company has elected to be taxed as a REIT under the Code and the corresponding provisions of state law. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its taxable subsidiaries) within the time frame set forth in the tax Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which is not qualifying for the REIT gross income tests, the Company has formed TRSs, as defined in the Code, to engage in such activities. These TRSs’ activities are subject to income taxes as well as any REIT taxable income not distributed to stockholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes . The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company classifies interest and penalties on material uncertain tax positions as interest expense and operating expense, respectively, in its consolidated statements of comprehensive income (loss) .
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share Basic and diluted earnings per share are computed by dividing net income by the weighted average number of common shares and potential common shares outstanding during the period. For both basic and diluted per share calculations, potential common shares represents issued and unvested shares of restricted stock, which have full rights to the common stock dividend declarations of the Company.
Other Comprehensive Income, Policy [Policy Text Block]	Other Comprehensive (Loss) Income Current period net unrealized gains and losses on AFS securities, excluding Agency interest-only securities and GSE credit risk transfer securities, are reported as components of accumulated other comprehensive income on the consolidated statements of stockholders’ equity and in the consolidated statements of comprehensive income (loss) . Net unrealized gains and losses on securities held by our taxable subsidiaries that are reported in accumulated other comprehensive income are adjusted for the effects of taxation and may create deferred tax assets or liabilities.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Equity Incentive Plan The Company’s Second Restated 2009 Equity Incentive Plan, or the Plan, was approved by its stockholders on May 14, 2015. The Plan provides incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel, including PRCM Advisers and its affiliates. The Plan is administered by the compensation committee of the Company’s board of directors. The Plan permits the granting of restricted shares of common stock, phantom shares, dividend equivalent rights and other equity-based awards. See Note 21 - Equity Incentive Plan for further details regarding the Plan. The cost of equity-based compensation awarded to employees provided by our manager 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, and amortized over the vesting term.
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 consolidated balance sheets. Separately, the Company presents cash collateral subject to such arrangements on a net basis, based on counterparty, in its consolidated balance sheets. However, the Company does not offset financial assets and liabilities with the associated cash collateral on its 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 consolidated balance sheets as of December 31, 2016 and December 31, 2015 : December 31, 2016 Gross Amounts Not Offset with Financial Assets (Liabilities) in the Consolidated Balance Sheets (1) (in thousands) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral (Received) Pledged Net Amount Assets Derivative assets $ 388,522 $ (64,340 ) $ 324,182 $ (12,501 ) $ — $ 311,681 Total Assets $ 388,522 $ (64,340 ) $ 324,182 $ (12,501 ) $ — $ 311,681 Liabilities Repurchase agreements $ (9,316,351 ) $ — $ (9,316,351 ) $ 9,316,351 $ — $ — Derivative liabilities (76,841 ) 64,340 (12,501 ) 12,501 — — Total Liabilities $ (9,393,192 ) $ 64,340 $ (9,328,852 ) $ 9,328,852 $ — $ — December 31, 2015 Gross Amounts Not Offset with Financial Assets (Liabilities) in the Consolidated Balance Sheets (1) (in thousands) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets (Liabilities) Presented in the 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 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 consolidated balance sheets.

Basis of Presentation and Sig36

Basis of Presentation and Significant Accounting Policies Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 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 consolidated balance sheets as of December 31, 2016 and December 31, 2015 : December 31, 2016 Gross Amounts Not Offset with Financial Assets (Liabilities) in the Consolidated Balance Sheets (1) (in thousands) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral (Received) Pledged Net Amount Assets Derivative assets $ 388,522 $ (64,340 ) $ 324,182 $ (12,501 ) $ — $ 311,681 Total Assets $ 388,522 $ (64,340 ) $ 324,182 $ (12,501 ) $ — $ 311,681 Liabilities Repurchase agreements $ (9,316,351 ) $ — $ (9,316,351 ) $ 9,316,351 $ — $ — Derivative liabilities (76,841 ) 64,340 (12,501 ) 12,501 — — Total Liabilities $ (9,393,192 ) $ 64,340 $ (9,328,852 ) $ 9,328,852 $ — $ — December 31, 2015 Gross Amounts Not Offset with Financial Assets (Liabilities) in the Consolidated Balance Sheets (1) (in thousands) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets (Liabilities) Presented in the 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 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 consolidated balance sheets.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 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 consolidated balance sheets as of December 31, 2016 and December 31, 2015 : (in thousands) December 31, December 31, Residential mortgage loans held-for-investment in securitization trusts $ 3,271,317 $ 3,173,727 Commercial real estate assets 45,885 45,698 Accrued interest receivable 19,090 18,493 Total Assets $ 3,336,292 $ 3,237,918 Collateralized borrowings in securitization trusts $ 3,037,196 $ 2,000,110 Accrued interest payable 8,708 5,943 Other liabilities 12,374 11,624 Total Liabilities $ 3,058,278 $ 2,017,677

Available-for-Sale Securities38

Available-for-Sale Securities, at Fair Value (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2016 and December 31, 2015 : (in thousands) December 31, December 31, Agency Federal Home Loan Mortgage Corporation $ 2,742,630 $ 1,678,814 Federal National Mortgage Association 8,274,507 3,602,348 Government National Mortgage Association 209,337 691,728 Non-Agency 1,902,383 1,852,430 Total available-for-sale securities $ 13,128,857 $ 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 December 31, 2016 and December 31, 2015 : December 31, 2016 (in thousands) Agency Non-Agency Total Face Value $ 13,571,417 $ 2,732,139 $ 16,303,556 Unamortized premium 571,749 — 571,749 Unamortized discount Designated credit reserve — (367,437 ) (367,437 ) Net, unamortized (2,758,445 ) (808,975 ) (3,567,420 ) Amortized Cost 11,384,721 1,555,727 12,940,448 Gross unrealized gains 79,040 353,358 432,398 Gross unrealized losses (237,287 ) (6,702 ) (243,989 ) Carrying Value $ 11,226,474 $ 1,902,383 $ 13,128,857 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 December 31, 2016 and December 31, 2015 : December 31, 2016 (in thousands) Agency Non-Agency Total Adjustable Rate $ 30,463 $ 1,574,850 $ 1,605,313 Fixed Rate 11,196,011 327,533 11,523,544 Total $ 11,226,474 $ 1,902,383 $ 13,128,857 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 December 31, 2016 : December 31, 2016 (in thousands) Agency Non-Agency Total ≤ 1 year $ 1,198 $ 20,684 $ 21,882 > 1 and ≤ 3 years 48,595 56,498 105,093 > 3 and ≤ 5 years 614,633 207,724 822,357 > 5 and ≤ 10 years 10,532,188 946,609 11,478,797 > 10 years 29,860 670,868 700,728 Total $ 11,226,474 $ 1,902,383 $ 13,128,857
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 years ended December 31, 2016 and 2015 of the unamortized net discount and designated credit reserves on non-Agency AFS securities. Year Ended December 31, 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 (70,108 ) (189,754 ) (259,862 ) 557 (5,124 ) (4,567 ) Accretion of net discount — 69,542 69,542 — 96,061 96,061 Realized credit losses 1,969 — 1,969 18,068 — 18,068 Reclassification adjustment for other-than-temporary impairments 914 — 914 1,742 — 1,742 Transfers from (to) 74,972 (74,972 ) — 154,580 (154,580 ) — Sales, calls, other 33,893 93,230 127,123 343,581 323,990 667,571 Ending balance at December 31 $ (367,437 ) $ (808,975 ) $ (1,176,412 ) $ (409,077 ) $ (707,021 ) $ (1,116,098 )
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 December 31, 2016 and December 31, 2015 . At December 31, 2016 , the Company held 1,239 AFS securities, of which 252 were in an unrealized loss position for less than twelve consecutive months and 125 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. Of the $6.4 billion and $1.5 billion of AFS securities in an unrealized loss position for less than twelve consecutive months as of December 31, 2016 and December 31, 2015 , $6.1 billion , or 95.8% , and $1.1 billion , or 73.6% , respectively, were Agency AFS securities, whose principal and interest are guaranteed by the GSEs. 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 December 31, 2016 $ 6,416,820 $ (204,034 ) $ 504,978 $ (39,955 ) $ 6,921,798 $ (243,989 ) 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 years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (in thousands) 2016 2015 2014 Cumulative credit loss at beginning of period $ (6,499 ) $ (8,241 ) $ (9,467 ) Additions: Other-than-temporary impairments not previously recognized (1,307 ) (238 ) (91 ) Increases related to other-than-temporary impairments on securities with previously recognized other-than-temporary impairments (515 ) (297 ) (301 ) Reductions: Decreases related to other-than-temporary impairments on securities paid down 1,387 — 464 Decreases related to other-than-temporary impairments on securities sold 1,328 2,277 1,154 Cumulative credit loss at end of period $ (5,606 ) $ (6,499 ) $ (8,241 )
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 years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (in thousands) 2016 2015 2014 Gross realized gains $ 97,049 $ 388,392 $ 162,235 Gross realized losses (223,277 ) (19,040 ) (77,820 ) Total realized (losses) gains on sales, net $ (126,228 ) $ 369,352 $ 84,415

Residential Mortgage Loans He39

Residential Mortgage Loans Held-for-Sale, at Fair Value (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2016 and December 31, 2015 : (in thousands) December 31, December 31, Unpaid principal balance $ 49,986 $ 812,661 Fair value adjustment (9,840 ) (1,230 ) Carrying value $ 40,146 $ 811,431

Residential Mortgage Loans He40

Residential Mortgage Loans Held-for-Investment in Securitization Trusts, at Fair Value (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2016 and December 31, 2015 : (in thousands) December 31, December 31, Unpaid principal balance $ 3,234,044 $ 3,143,515 Fair value adjustment 37,273 30,212 Carrying value $ 3,271,317 $ 3,173,727

Commercial Real Estate Assets (

Commercial Real Estate Assets (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2016 and December 31, 2015 : December 31, December 31, (dollars in thousands) Mezzanine Loans First Mortgages Total Mezzanine Loans First Mortgages Total Unpaid principal balance $ 138,245 $ 1,286,200 $ 1,424,445 $ 153,913 $ 513,433 $ 667,346 Unamortized (discount) premium (15 ) (185 ) (200 ) (237 ) — (237 ) Unamortized net deferred origination fees (221 ) (11,481 ) (11,702 ) (830 ) (5,326 ) (6,156 ) Carrying value $ 138,009 $ 1,274,534 $ 1,412,543 $ 152,846 $ 508,107 $ 660,953 Unfunded commitments $ 1,580 $ 166,344 $ 167,924 $ 1,900 $ 50,334 $ 52,234 Number of loans 6 30 36 6 12 18 Weighted average coupon 8.6 % 5.1 % 5.4 % 8.1 % 4.5 % 5.4 % Weighted average years to maturity (1) 1.5 2.9 2.8 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) December 31, December 31, Property Type Carrying Value % of Commercial Portfolio Carrying Value % of Commercial Portfolio Retail $ 237,414 16.8 % $ 185,883 28.1 % Hotel 90,585 6.4 % 80,843 12.2 % Industrial 105,081 7.4 % — — % Multifamily 260,683 18.5 % 139,011 21.1 % Office 718,780 50.9 % 255,216 38.6 % Total $ 1,412,543 100.0 % $ 660,953 100.0 %
Schedule of Commercial Real Estate Assets by Geographic Location [Table Text Block]	(in thousands) December 31, December 31, Geographic Location Carrying Value % of Commercial Portfolio Carrying Value % of Commercial Portfolio West $ 250,044 17.7 % $ 131,488 19.9 % Southeast 239,194 16.9 % 79,118 12.0 % Southwest 267,944 19.0 % 161,721 24.4 % Northeast 578,762 41.0 % 238,913 36.2 % Midwest 76,599 5.4 % 49,713 7.5 % Total $ 1,412,543 100.0 % $ 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 years ended December 31, 2016 , 2015 and 2014 . Year Ended (in thousands) 2016 2015 2014 Balance at beginning of period $ 660,953 $ — $ — Originations and purchases 773,285 669,283 — Sales — (1,979 ) — Repayments (16,385 ) (344 ) — Net discount accretion (premium amortization) 263 149 — (Increase) decrease in net deferred origination fees (12,554 ) (6,656 ) — Amortization of net deferred origination fees 6,981 319 — Realized gains on sales — 181 — Allowance for loan losses — — — Balance at end of period $ 1,412,543 $ 660,953 $ —
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 December 31, 2016 and December 31, 2015 : (dollars in thousands) December 31, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 – 3 36 $ 1,424,445 $ 1,412,543 18 $ 667,346 $ 660,953 4 – 5 — — — — — — Total 36 $ 1,424,445 $ 1,412,543 18 $ 667,346 $ 660,953

Servicing Activities (Tables)

Servicing Activities (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2016 , 2015 and 2014 . Year Ended December 31, (in thousands) 2016 2015 2014 Balance at beginning of period $ 493,688 $ 452,006 $ 514,402 Additions from purchases of mortgage servicing rights 312,580 124,261 67,533 Additions from sales of residential mortgage loans 924 1,844 288 Subtractions from sales of mortgage servicing rights (61,511 ) — — Changes in fair value due to: Changes in valuation inputs or assumptions used in the valuation model 16,572 (51,634 ) (73,573 ) Other changes in fair value (1) (78,729 ) (47,950 ) (54,815 ) Other changes (2) 10,291 15,161 (1,829 ) Balance at end of period $ 693,815 $ 493,688 $ 452,006 ____________________ (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 December 31, 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: (dollars in thousands) December 31, December 31, Weighted average prepayment speed: 9.2 % 11.8 % Impact on fair value of 10% adverse change $ (25,012 ) $ (20,093 ) Impact on fair value of 20% adverse change $ (48,602 ) $ (38,656 ) Weighted average delinquency: 1.9 % 4.0 % Impact on fair value of 10% adverse change $ (1,908 ) $ (3,826 ) Impact on fair value of 20% adverse change $ (3,816 ) $ (6,640 ) Weighted average discount rate: 9.4 % 10.1 % Impact on fair value of 10% adverse change $ (23,590 ) $ (16,316 ) Impact on fair value of 20% adverse change $ (45,861 ) $ (31,522 )
Components of Servicing Revenue [Table Text Block]	The following table presents the components of servicing income recorded on the Company’s consolidated statements of comprehensive income (loss) for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (in thousands) 2016 2015 2014 Servicing fee income $ 138,430 $ 123,834 $ 125,061 Ancillary fee income 1,668 2,144 2,210 Float income 3,518 1,434 889 Total $ 143,616 $ 127,412 $ 128,160
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 December 31, 2016 and December 31, 2015 : December 31, 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 333 $ 49,986 1,415 $ 812,661 Residential mortgage loans held-for-investment in securitization trusts 4,604 3,234,044 4,358 3,143,515 Mortgage servicing rights 280,185 62,827,975 241,199 48,540,005 Total serviced mortgage assets 285,122 $ 66,112,005 246,972 $ 52,496,181

Restricted Cash (Tables)

Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2016 and December 31, 2015 : (in thousands) December 31, December 31, Restricted cash balances held by trading counterparties: For securities and loan trading activity $ 26,310 $ 12,550 For derivatives trading activity 218,896 130,355 As restricted collateral for repurchase agreements and Federal Home Loan Bank advances 162,759 119,310 Total restricted cash balances held by trading counterparties 407,965 262,215 Restricted cash balance pursuant to letter of credit on office lease 347 347 Total $ 408,312 $ 262,562

Accrued Interest Receivable (Ta

Accrued Interest Receivable (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2016 and December 31, 2015 : (in thousands) December 31, December 31, Available-for-sale securities: Agency Federal Home Loan Mortgage Corporation $ 8,914 $ 6,235 Federal National Mortgage Association 25,273 12,407 Government National Mortgage Association 3,068 4,910 Non-Agency 2,705 2,339 Total available-for-sale securities 39,960 25,891 Residential mortgage loans held-for-sale 164 4,173 Residential mortgage loans held-for-investment in securitization trusts 18,928 18,339 Commercial real estate assets 3,699 1,567 Total $ 62,751 $ 49,970

Derivative Instruments and He45

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2016 and December 31, 2015 . (in thousands) December 31, 2016 Derivative Assets Derivative Liabilities Trading instruments Fair Value Notional Fair Value Notional Inverse interest-only securities $ 127,843 $ 740,844 $ — $ — Interest rate swap agreements 109,531 18,471,063 (495 ) 1,900,000 Credit default swaps — — — — Swaptions, net 39,881 825,000 (1,645 ) 600,000 TBAs 4,294 536,000 (10,344 ) 953,000 Put and call options for TBAs, net 42,633 1,136,000 — — Markit IOS total return swaps — — (17 ) 90,593 Forward purchase commitments — — — — Total $ 324,182 $ 21,708,907 $ (12,501 ) $ 3,543,593 (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 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) Year Ended 2016 2015 2014 Interest rate risk management TBAs (1) Gain (loss) on other derivative instruments $ 51,816 $ (39,748 ) $ (69,921 ) Short U.S. Treasuries (1) Gain (loss) on other derivative instruments — 125 (8 ) Put and call options for TBAs (1) Gain (loss) on other derivative instruments 64,920 6,846 (14,070 ) Put and call options for U.S. Treasuries (1) Gain (loss) on other derivative instruments — (837 ) — Constant maturity swaps (1) Gain (loss) on other derivative instruments — 6,164 6,340 Interest rate swap agreements - Receivers (1) Gain (loss) on interest rate swap and swaption agreements 37,272 52,785 201,536 Interest rate swap agreements - Payers (1) Gain (loss) on interest rate swap and swaption agreements (19,986 ) (69,495 ) (114,121 ) Swaptions (1) Gain (loss) on interest rate swap and swaption agreements 11,209 (63,797 ) (242,795 ) Markit IOS total return swaps (1) Gain (loss) on other derivative instruments (36,898 ) (13,371 ) 8,061 Interest rate swap agreements - Payers (2) Gain (loss) on interest rate swap and swaption agreements 16,876 (130,114 ) (190,267 ) Credit risk management Credit default swaps - Receive protection (3) Gain (loss) on other derivative instruments 962 (294 ) 1,742 Non-risk management TBAs Gain (loss) on other derivative instruments — — (4,701 ) Inverse interest-only securities Gain (loss) on other derivative instruments 18,579 36,066 55,028 Forward purchase commitments Gain on residential mortgage loans held-for-sale 2,418 (1,668 ) 4,729 Total $ 147,168 $ (217,338 ) $ (358,447 ) ____________________ (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 years ended December 31, 2016 and 2015 : Year Ended December 31, 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 $ — $ (191,193 ) $ 740,844 $ 836,707 $ — Interest rate swap agreements 14,268,806 25,103,456 (19,001,199 ) 20,371,063 15,506,763 16,032 Credit default swaps 125,000 10,000 (135,000 ) — 71,257 1,022 Swaptions, net 5,200,000 1,668,000 (6,643,000 ) 225,000 2,449,268 (98,016 ) TBAs, net 297,000 (10,173,000 ) 8,387,000 (1,489,000 ) (531,866 ) 57,616 Put and call options for TBAs, net — 11,260,000 (12,396,000 ) (1,136,000 ) 2,569,117 22,288 Markit IOS total return swaps 889,418 99,911 (898,736 ) 90,593 471,028 (13,374 ) Forward purchase commitments 286,120 1,548,027 (1,834,147 ) — 269,562 2,068 Total $ 21,998,381 $ 29,516,394 $ (32,712,275 ) $ 18,802,500 $ 21,641,836 $ (12,364 ) Year Ended December 31, 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 $ (248,752 ) $ 932,037 $ 1,050,906 $ 64 Interest rate swap agreements 18,584,000 26,868,227 (31,183,421 ) 14,268,806 16,091,714 (126,870 ) Credit default swaps 125,000 — — 125,000 125,000 — Swaptions, net 12,410,000 8,550,000 (15,760,000 ) 5,200,000 9,780,027 (99,273 ) TBAs, net (1,325,000 ) (7,266,000 ) 8,888,000 297,000 (773,381 ) (46,835 ) Short U.S. Treasuries — (50,000 ) 50,000 — — 125 Put and call options for TBAs, net 2,000,000 1,250,000 (3,250,000 ) — (120,548 ) 6,331 Put and call options for U.S. Treasuries, net — 500,000 (500,000 ) — 685 (837 ) Constant maturity swaps 14,000,000 6,000,000 (20,000,000 ) — 2,257,534 7,694 Markit IOS total return swaps 598,459 1,626,514 (1,335,555 ) 889,418 950,206 (11,296 ) Forward purchase commitments 554,838 3,512,843 (3,781,561 ) 286,120 563,108 (21 ) Total $ 48,115,523 $ 41,004,147 $ (67,121,289 ) $ 21,998,381 $ 29,925,251 $ (270,918 ) ____________________ (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 December 31, 2016 and December 31, 2015 : As of December 31, 2016 Net Carrying Value (4) (in thousands) Notional Amount (1) Cost Basis (2) Market Value (3) Derivative Assets Derivative Liabilities Purchase contracts $ 1,500,000 $ 1,576,270 $ 1,576,875 $ 605 $ — Sale contracts (2,989,000 ) (3,028,470 ) (3,035,125 ) 3,689 (10,344 ) TBAs, net $ (1,489,000 ) $ (1,452,200 ) $ (1,458,250 ) $ 4,294 $ (10,344 ) 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 consolidated balance sheets.
Schedule of Interest Rate Swap Payers Associated with the Investment Portfolio [Table Text Block]	As of December 31, 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) December 31, 2016 Swaps Maturities Notional Amounts Weighted Average Fixed Pay Rate Weighted Average Receive Rate Weighted Average Maturity (Years) 2018 $ 4,040,000 1.307 % 0.973 % 1.58 2020 310,000 1.545 % 0.881 % 3.59 2021 and Thereafter 900,000 2.378 % 0.997 % 4.24 Total $ 5,250,000 1.504 % 0.972 % 2.16 (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 December 31, 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) December 31, 2016 Swaps Maturities Notional Amounts Weighted Average Pay Rate Weighted Average Fixed Receive Rate Weighted Average Maturity (Years) 2018 $ 575,000 0.911 % 1.440 % 1.89 2019 500,000 0.882 % 1.042 % 2.06 2020 510,000 0.881 % 1.580 % 3.59 2021 and Thereafter 3,479,000 0.963 % 2.137 % 5.52 Total $ 5,064,000 0.941 % 1.894 % 4.57 (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 December 31, 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) December 31, 2016 Swaps Maturities Notional Amount (1) Weighted Average Fixed Pay Rate (2) Weighted Average Receive Rate (2) Weighted Average Maturity (Years) (2) 2017 $ 2,375,000 0.765 % 0.934 % 0.59 2018 1,300,000 1.002 % 0.860 % 1.60 2019 350,000 1.283 % 0.895 % 2.44 2020 1,150,000 1.463 % 0.930 % 3.78 2021 and Thereafter 4,882,063 1.897 % 0.946 % 6.59 Total $ 10,057,063 1.405 % 0.927 % 3.85 (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 December 31, 2016 and December 31, 2015 , the Company had the following outstanding interest rate swaptions that were utilized as macro-economic hedges: December 31, 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 $ 29,360 $ 42,149 1.22 $ 4,500,000 2.16 % 3M Libor 4.8 Payer ≥ 6 Months 13,655 792 6.70 300,000 3.50 % 3M Libor 10.0 Total Payer $ 43,015 $ 42,941 1.23 $ 4,800,000 2.24 % 3M Libor 5.1 Sale contracts: Payer < 6 Months $ (51,355 ) $ (1,414 ) 5.81 $ (500,000 ) 3.40 % 3M Libor 10.0 Payer ≥ 6 Months (29,893 ) (938 ) 6.77 (300,000 ) 3.50 % 3M Libor 10.0 Total Payer $ (81,248 ) $ (2,352 ) 6.05 $ (800,000 ) 3.44 % 3M Libor 10.0 Receiver < 6 Months $ — $ (2,353 ) 2.30 $ (3,775,000 ) 3M Libor 1.19 % 4.9 Total Receiver $ — $ (2,353 ) 2.30 $ (3,775,000 ) 3M Libor 1.19 % 4.9 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 table presents credit default swaps held as of December 31, 2015 through which the Company received credit protection: (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 December 31, 2016 and December 31, 2015 : (in thousands) December 31, December 31, Face Value $ 740,844 $ 932,037 Unamortized premium — — Unamortized discount Designated credit reserve — — Net, unamortized (631,082 ) (792,178 ) Amortized Cost 109,762 139,859 Gross unrealized gains 18,389 19,655 Gross unrealized losses (1,552 ) (1,608 ) Carrying Value $ 126,599 $ 157,906
Schedule of Total Return Swaps [Table Text Block]	The Company had the following total return swap agreements in place at December 31, 2016 and December 31, 2015 : (notional and dollars in thousands) December 31, 2016 Maturity Date Current Notional Amount Fair Value Upfront Payable Unrealized Gain (Loss) January 12, 2043 $ (45,083 ) $ (5 ) $ (320 ) $ (325 ) January 12, 2044 (45,510 ) (12 ) (366 ) (378 ) Total $ (90,593 ) $ (17 ) $ (686 ) $ (703 ) (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)	12 Months Ended
	Dec. 31, 2016
Other Assets [Abstract]
Schedule of Other Assets [Table Text Block]	Other assets as of December 31, 2016 and December 31, 2015 are summarized in the following table: (in thousands) December 31, December 31, Property and equipment at cost $ 6,481 $ 5,997 Accumulated depreciation (1) (4,566 ) (3,303 ) Net property and equipment 1,915 2,694 Prepaid expenses 1,406 1,572 Income taxes receivable 1,532 5,286 Deferred tax assets, net 57,361 44,318 Servicing advances 26,147 37,499 Federal Home Loan Bank stock 167,856 156,650 Equity investments 3,000 3,000 Other receivables 43,653 20,556 Total other assets $ 302,870 $ 271,575 ____________________ (1) Depreciation expense for the years ended December 31, 2016 and 2015 was $1.3 million and $1.4 million , respectively.

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2016
Other Liabilities [Abstract]
Other Liabilities [Table Text Block]	Other liabilities as of December 31, 2016 and December 31, 2015 are summarized in the following table: (in thousands) December 31, December 31, Accrued expenses $ 28,944 $ 37,052 Accrued interest payable 29,505 18,723 Income taxes payable — 70 Other 21,127 16,387 Total other liabilities $ 79,576 $ 72,232

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets Available-for-sale securities $ — $ 13,128,857 $ — $ 13,128,857 Residential mortgage loans held-for-sale — 925 39,221 40,146 Residential mortgage loans held-for-investment in securitization trusts — 3,271,317 — 3,271,317 Mortgage servicing rights — — 693,815 693,815 Derivative assets 4,294 319,888 — 324,182 Total assets $ 4,294 $ 16,720,987 $ 733,036 $ 17,458,317 Liabilities Collateralized borrowings in securitization trusts $ — $ 3,037,196 $ — $ 3,037,196 Derivative liabilities 10,344 2,157 — 12,501 Total liabilities $ 10,344 $ 3,039,353 $ — $ 3,049,697 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 Year Ended December 31, 2016 2015 (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 $ 47,112 $ 493,688 $ 35,553 $ 452,006 Gains (losses) included in net income: Realized gains (losses) 4,451 (100,103 ) 25,330 (47,950 ) Unrealized (losses) gains (135 ) (1) 16,572 (3) 445 (1) (51,634 ) (3) Total gains (losses) included in net income 4,316 (83,531 ) 25,775 (99,584 ) Purchases 183,074 313,504 231,782 126,105 Sales (98,338 ) (40,137 ) (163,449 ) — Settlements (96,943 ) 10,291 (82,549 ) 15,161 Gross transfers into level 3 — — — — Gross transfers out of level 3 — — — — End of period level 3 fair value $ 39,221 $ 693,815 $ 47,112 $ 493,688 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ 168 (2) $ 13,906 (4) $ 566 (2) $ (51,634 ) (4) ___________________ (1) The change in unrealized gains or losses on residential mortgage loans held-for-sale was recorded in gain on residential mortgage loans held-for-sale on the 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 gain on residential mortgage loans held-for-sale on the 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 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 consolidated statements of comprehensive income (loss) . The Company did not incur transfers between Level 1, Level 2 or Level 3 during the years ended December 31, 2016 or 2015 . 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 December 31, 2016 and December 31, 2015 : As of December 31, 2016 Valuation Technique Unobservable Input (1) Range Weighted Average Discounted cash flow Constant prepayment speed 8.0 - 10.3 % 9.2% Delinquency 1.8 - 2.1 % 1.9% Discount rate 8.4 - 10.2 % 9.4% As of December 31, 2015 Valuation Technique Unobservable Input (1) Range Weighted Average Discounted cash flow Constant prepayment speed 9.6 - 13.5 % 11.8% Delinquency 3.7 - 4.2 % 4.0% Discount rate 8.7 - 11.2 % 10.1% ___________________ (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 consolidated statements of comprehensive income (loss) for each fair value option-elected item. Year Ended December 31, 2016 (in thousands) Interest income (expense) (Loss) gain on investment securities Gain on residential mortgage loans held-for-sale Other (loss) income Total included in net income Change in fair value due to credit risk Assets Available-for-sale securities $ (281 ) $ 1,905 $ — $ — $ 1,624 N/A Residential mortgage loans held-for-sale 23,037 (1) — 15,735 — 38,772 $ 228 (2) Residential mortgage loans held-for-investment in securitization trusts 133,993 (1) — — (19,741 ) 114,252 — (3) Liabilities Collateralized borrowings in securitization trusts (97,729 ) — — 7,907 (89,822 ) — (3) Total $ 59,020 $ 1,905 $ 15,735 $ (11,834 ) $ 64,826 $ 228 Year Ended December 31, 2015 (in thousands) Interest income (expense) (Loss) gain on investment securities Gain on residential mortgage loans held-for-sale Other (loss) income Total included in net income Change in fair value due to credit risk Assets Available-for-sale securities $ 124 $ (68 ) $ — $ — $ 56 N/A Residential mortgage loans held-for-sale 28,966 (1) — 15,932 — 44,898 $ (6,365 ) (2) Residential mortgage loans held-for-investment in securitization trusts 95,740 (1) — — (52,440 ) 43,300 — (3) Liabilities Collateralized borrowings in securitization trusts (57,216 ) — — 25,914 (31,302 ) — (3) Total $ 67,614 $ (68 ) $ 15,932 $ (26,526 ) $ 56,952 $ (6,365 ) Year Ended December 31, 2014 (in thousands) Interest income (expense) (Loss) gain on investment securities Gain on residential mortgage loans held-for-sale Other (loss) income Total included in net income Change in fair value due to credit risk Assets Residential mortgage loans held-for-sale $ 16,089 (1) $ — $ 12,568 $ — $ 28,657 $ 1,295 (2) Residential mortgage loans held-for-investment in securitization trusts 41,220 (1) — — 41,125 82,345 — (3) Liabilities Collateralized borrowings in securitization trusts (26,760 ) — — (24,285 ) (51,045 ) — (3) Total $ 30,549 $ — $ 12,568 $ 16,840 $ 59,957 $ 1,295 ____________________ (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. December 31, 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 $ 49,986 $ 40,146 $ 812,661 $ 811,431 Nonaccrual loans $ 25,445 $ 21,162 $ 30,438 $ 25,771 Loans 90+ days past due $ 21,759 $ 18,203 $ 26,702 $ 22,470 Residential mortgage loans held-for-investment in securitization trusts Total loans $ 3,234,044 $ 3,271,317 $ 3,143,515 $ 3,173,727 Nonaccrual loans $ 2,373 $ 2,408 $ 860 $ 868 Loans 90+ days past due $ 1,401 $ 1,419 $ 860 $ 868 Collateralized borrowings in securitization trusts Total borrowings $ 3,015,162 $ 3,037,196 $ 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 December 31, 2016 and December 31, 2015 . December 31, 2016 December 31, 2015 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Available-for-sale securities $ 13,128,857 $ 13,128,857 $ 7,825,320 $ 7,825,320 Residential mortgage loans held-for-sale $ 40,146 $ 40,146 $ 811,431 $ 811,431 Residential mortgage loans held-for-investment in securitization trusts $ 3,271,317 $ 3,271,317 $ 3,173,727 $ 3,173,727 Commercial real estate assets $ 1,412,543 $ 1,411,733 $ 660,953 $ 660,953 Mortgage servicing rights $ 693,815 $ 693,815 $ 493,688 $ 493,688 Cash and cash equivalents $ 406,883 $ 406,883 $ 737,831 $ 737,831 Restricted cash $ 408,312 $ 408,312 $ 262,562 $ 262,562 Derivative assets $ 324,182 $ 324,182 $ 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 $ 9,316,351 $ 9,316,351 $ 5,008,274 $ 5,008,274 Collateralized borrowings in securitization trusts $ 3,037,196 $ 3,037,196 $ 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 $ 70,000 $ 70,000 $ — $ — Derivative liabilities $ 12,501 $ 12,501 $ 7,285 $ 7,285

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Repurchase Agreements [Abstract]
Schedule Of Repurchase Agreements By Term, Short Or Long [Table Text Block]	At December 31, 2016 and December 31, 2015 , the repurchase agreement balances were as follows: (in thousands) December 31, December 31, Short-term $ 9,130,717 $ 5,008,274 Long-term 185,634 — Total $ 9,316,351 $ 5,008,274
Schedule of Repurchase Agreements by Maturity [Table Text Block]	At December 31, 2016 and December 31, 2015 , the repurchase agreements had the following characteristics and remaining maturities: December 31, 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 $ 2,511,773 $ 688,667 $ 30,672 $ — $ 21,933 $ 3,253,045 30 to 59 days 1,786,664 334,590 68,257 — 28,991 2,218,502 60 to 89 days 1,035,806 89,281 3,307 — — 1,128,394 90 to 119 days 1,192,127 251,929 — — — 1,444,056 120 to 364 days 810,552 69,678 — — 206,490 1,086,720 One year and over — — — — 185,634 185,634 Total $ 7,336,922 $ 1,434,145 $ 102,236 $ — $ 443,048 $ 9,316,351 Weighted average borrowing rate 0.94 % 2.60 % 1.69 % — % 3.16 % 1.31 % 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) December 31, December 31, Available-for-sale securities, at fair value $ 9,540,849 $ 5,354,104 Residential mortgage loans held-for-sale, at fair value — 9,543 Commercial real estate assets 648,885 108,958 Net economic interests in consolidated securitization trusts (1) 211,095 274,949 Cash and cash equivalents 15,000 15,000 Restricted cash 162,759 119,310 Due from counterparties 48,939 10,211 Derivative assets, at fair value 126,341 157,879 Total $ 10,753,868 $ 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 December 31, 2016 and December 31, 2015 : December 31, 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 $ 980,738 $ 247,486 7 % 76.1 $ 799,527 $ 217,677 6 % 31.5 All other counterparties (2) 8,335,613 1,187,915 35 % 77.6 4,208,747 818,108 23 % 36.2 Total $ 9,316,351 $ 1,435,401 $ 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. Payables due to broker counterparties for unsettled securities purchases are not included in the amounts presented above. However, at both December 31, 2016 and December 31, 2015 , the Company did not have any such payables. (2) Represents amounts outstanding with 22 and 20 counterparties at December 31, 2016 and December 31, 2015 , respectively.

Federal Home Loan Bank Advanc50

Federal Home Loan Bank Advances (Tables)	12 Months Ended
	Dec. 31, 2016
Advances from Federal Home Loan Banks [Abstract]
Schedule of Maturities of Federal Home Loan Bank Advances [Table Text Block]	At December 31, 2016 and December 31, 2015 , FHLB advances had the following remaining maturities: (in thousands) December 31, 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) December 31, December 31, Available-for-sale securities, at fair value $ 3,576,481 $ 2,412,970 Residential mortgage loans held-for-sale, at fair value — 735,911 Commercial real estate assets 708,989 252,172 Net economic interests in consolidated securitization trusts (1) 2,015 863,363 Total $ 4,287,485 $ 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.

Commitments and Contingencies51

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Future minimum rental payments, including escalation clauses, under leases with terms of one year or more at December 31, 2016 were as follows: (in thousands) Year Minimum Payment 2017 $ 2,808 2018 2,412 2019 2,483 2020 2,424 2021 2,438 Thereafter 828 Total $ 13,393 Expenses under the lease agreements were $3.2 million , $2.6 million and $2.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Attributable to Parent [Abstract]
Schedule of Stock by Class [Table Text Block]	The following table presents a reconciliation of the common shares outstanding from December 31, 2013 through December 31, 2016 : Number of common shares Common shares outstanding, December 31, 2013 364,935,168 Issuance of common stock 57,218 Issuance of restricted stock (1) 1,403,534 Common shares outstanding, December 31, 2014 366,395,920 Issuance of common stock 69,826 Issuance of restricted stock (1) 1,105,361 Repurchase of common stock (13,664,300 ) Common shares outstanding, December 31, 2015 353,906,807 Issuance of common stock 60,602 Issuance of restricted stock (1) 1,704,917 Repurchase of common stock (8,020,000 ) Common shares outstanding, December 31, 2016 347,652,326 ____________________ (1) Represents shares of restricted stock granted under the Second Restated 2009 Equity Incentive Plan, of which 2,639,424 restricted shares remained subject to vesting requirements at December 31, 2016 .
Schedule of Dividends Declared [Table Text Block]	The following table presents cash dividends declared by the Company on its common stock during the years ended December 31, 2016 , 2015 and 2014 : Declaration Date Record Date Payment Date Cash Dividend Per Share December 15, 2016 December 30, 2016 January 27, 2017 $ 0.24 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 June 17, 2015 June 30, 2015 July 21, 2015 $ 0.26 March 18, 2015 March 31, 2015 April 21, 2015 $ 0.26 December 16, 2014 December 30, 2014 January 20, 2015 $ 0.26 September 16, 2014 September 30, 2014 October 21, 2014 $ 0.26 June 17, 2014 July 2, 2014 July 22, 2014 $ 0.26 March 17, 2014 March 31, 2014 April 21, 2014 $ 0.26
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Accumulated other comprehensive income at December 31, 2016 and December 31, 2015 was as follows: (in thousands) December 31, December 31, Available-for-sale securities Unrealized gains $ 393,555 $ 405,177 Unrealized losses (194,328 ) (46,116 ) Accumulated other comprehensive income $ 199,227 $ 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 years ended December 31, 2016 , 2015 and 2014 : Affected Line Item in the Condensed Consolidated Statements of Comprehensive Income (Loss) Amount Reclassified out of Accumulated Other Comprehensive Income (in thousands) Year Ended 2016 2015 2014 Other-than-temporary impairments on AFS securities Total other-than-temporary impairment losses $ 1,822 $ 535 $ 392 Realized gains on sales of certain AFS securities, net of tax (Loss) gain on investment securities (102,852 ) (336,230 ) (52,931 ) Total $ (101,030 ) $ (335,695 ) $ (52,539 )

Equity Incentive Plan Equity In

Equity Incentive Plan Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2016 and 2015 : Year Ended December 31, 2016 2015 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 1,177,526 10.47 Vested (1,369,229 ) (10.05 ) (828,164 ) (10.42 ) Forfeited (301,217 ) (8.50 ) (61,159 ) (10.17 ) Outstanding at End of Period 2,639,424 $ 8.59 2,290,609 $ 10.36

Restructuring Charges (Tables)

Restructuring Charges (Tables)	12 Months Ended
	Dec. 31, 2016
Restructuring Charges [Abstract]
Restructuring and Related Costs [Table Text Block]	In connection with the closure, the Company incurred the following charges, which are included within restructuring charges on the Company’s consolidated statements of comprehensive income (loss) , for the year ended December 31, 2016 : Year Ended (in thousands) December 31, 2016 Termination benefits $ 2,398 Contract terminations 217 Other associated costs 375 Total $ 2,990

Income Taxes Income Taxes (Tabl

Income Taxes Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The following table summarizes the tax (benefit) provision recorded at the taxable subsidiary level for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (in thousands) 2016 2015 2014 Current tax (benefit) provision: Federal $ (1,630 ) $ (4,027 ) $ 6,507 State 167 175 16 Total current tax (benefit) provision (1,463 ) (3,852 ) 6,523 Deferred tax provision (benefit) 13,766 (12,638 ) (80,261 ) Total provision for (benefit from) income taxes $ 12,303 $ (16,490 ) $ (73,738 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	The following is a reconciliation of the statutory federal and state rates to the effective rates, for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 (dollars in thousands) Amount Percent Amount Percent Amount Percent Computed income tax expense at federal rate $ 127,953 35 % $ 166,502 35 % $ 32,691 35 % State taxes, net of federal benefit, if applicable 108 — % 114 — % 10 — % Permanent differences in taxable income from GAAP net income 392 — % 4,203 1 % 1,636 2 % Dividends paid deduction (116,150 ) (32 )% (187,309 ) (39 )% (108,075 ) (116 )% Provision for (benefit from) income taxes/ Effective Tax Rate (1) $ 12,303 3 % $ (16,490 ) (3 )% $ (73,738 ) (79 )% ____________________ (1) The provision for (benefit from) income taxes is recorded at the taxable subsidiary level.
Schedule of Current and Deferred Tax Assets and Liabilities [Table Text Block]	The Company’s consolidated balance sheets, as of December 31, 2016 and December 31, 2015 contain the following current and deferred tax liabilities and assets, which are included in other assets, and are recorded at the taxable subsidiary level: (in thousands) December 31, December 31, Income taxes receivable Federal income taxes receivable $ 1,532 $ 5,216 State and local income taxes receivable — — Income taxes receivable, net 1,532 5,216 Deferred tax assets (liabilities) Deferred tax asset 111,636 69,441 Deferred tax liability (54,275 ) (25,123 ) Total net deferred tax assets 57,361 44,318 Total tax assets, net $ 58,893 $ 49,534
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	Components of the Company’s deferred tax assets as of December 31, 2016 and December 31, 2015 were as follows: (in thousands) December 31, December 31, Available-for-sale securities $ 17,942 $ (8,673 ) Mortgage servicing rights (9,492 ) 6,363 Derivative assets and liabilities (42,666 ) (4,492 ) Other assets 24 3 Other liabilities 2,713 978 Intangibles 235 256 Alternative minimum tax credit 1,904 420 Net operating loss carryforward 42,039 8,177 Capital loss carryforward 44,662 41,286 Total net deferred tax assets $ 57,361 $ 44,318

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 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 and shares used in calculating basic and diluted earnings per share for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (in thousands, except share data) 2016 2015 2014 Numerator: Net income $ 353,278 $ 492,210 $ 167,139 Denominator: Weighted average common shares outstanding 345,046,993 363,055,228 364,181,059 Weighted average restricted stock shares 3,026,711 2,192,510 1,830,796 Basic and diluted weighted average shares outstanding 348,073,704 365,247,738 366,011,855 Basic and Diluted Earnings Per Share $ 1.01 $ 1.35 $ 0.46

Quarterly Financial Data (Table

Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	Quarterly Financial Data - Unaudited 2016 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 130,763 $ 154,776 $ 168,862 $ 179,089 Total interest expense 41,360 53,969 60,350 66,216 Net interest income 89,403 100,807 108,512 112,873 Other-than-temporary impairment losses (717 ) (90 ) (1,015 ) — Total other (loss) income (133,672 ) (94,974 ) 31,971 304,266 Total expenses 38,493 37,486 38,509 37,295 Provision for (benefit from) income taxes 5,451 (14,762 ) (16,827 ) 38,441 Net (loss) income $ (88,930 ) $ (16,981 ) $ 117,786 $ 341,403 Basic and diluted (loss) earnings per weighted average common share $ (0.25 ) $ (0.05 ) $ 0.34 $ 0.98 Basic and diluted weighted average number of shares of common stock 349,436,015 347,597,955 347,627,226 347,643,257 2015 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 162,969 $ 152,529 $ 152,834 $ 133,605 Total interest expense 33,503 35,029 37,079 36,574 Net interest income 129,466 117,500 115,755 97,031 Other-than-temporary impairment losses (127 ) (170 ) (238 ) — Total other (loss) income (7,100 ) 134,110 (119,286 ) 160,308 Total expenses 38,103 36,896 38,677 37,852 (Benefit from) provision for income taxes (10,657 ) (6,957 ) (7,656 ) 8,780 Net income (loss) $ 94,793 $ 221,501 $ (34,790 ) $ 210,707 Basic and diluted earnings (loss) per weighted average common share $ 0.26 $ 0.60 $ (0.09 ) $ 0.59 Basic and diluted weighted average number of shares of common stock 366,507,657 367,074,131 367,365,973 360,090,432 2016 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 130,763 $ 154,776 $ 168,862 $ 179,089 Total interest expense 41,360 53,969 60,350 66,216 Net interest income 89,403 100,807 108,512 112,873 Other-than-temporary impairment losses (717 ) (90 ) (1,015 ) — Total other (loss) income (133,672 ) (94,974 ) 31,971 304,266 Total expenses 38,493 37,486 38,509 37,295 Provision for (benefit from) income taxes 5,451 (14,762 ) (16,827 ) 38,441 Net (loss) income $ (88,930 ) $ (16,981 ) $ 117,786 $ 341,403 Basic and diluted (loss) earnings per weighted average common share $ (0.25 ) $ (0.05 ) $ 0.34 $ 0.98 Basic and diluted weighted average number of shares of common stock 349,436,015 347,597,955 347,627,226 347,643,257 2015 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 162,969 $ 152,529 $ 152,834 $ 133,605 Total interest expense 33,503 35,029 37,079 36,574 Net interest income 129,466 117,500 115,755 97,031 Other-than-temporary impairment losses (127 ) (170 ) (238 ) — Total other (loss) income (7,100 ) 134,110 (119,286 ) 160,308 Total expenses 38,103 36,896 38,677 37,852 (Benefit from) provision for income taxes (10,657 ) (6,957 ) (7,656 ) 8,780 Net income (loss) $ 94,793 $ 221,501 $ (34,790 ) $ 210,707 Basic and diluted earnings (loss) per weighted average common share $ 0.26 $ 0.60 $ (0.09 ) $ 0.59 Basic and diluted weighted average number of shares of common stock 366,507,657 367,074,131 367,365,973 360,090,432

Basis of Presentation and Sig58

Basis of Presentation and Significant Accounting Policies Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Derivative Financial Instruments, Assets [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amount of Recognized Assets (Liabilities)	$ 388,522	$ 325,755
Gross Amounts Offset on the Balance Sheet	(64,340)	(54,246)
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	324,182	271,509
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	(12,501)	(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	311,681	264,224
Assets [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amount of Recognized Assets (Liabilities)	388,522	325,755
Gross Amounts Offset on the Balance Sheet	(64,340)	(54,246)
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	324,182	271,509
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	(12,501)	(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	311,681	264,224
Securities Loaned or Sold under Agreements to Repurchase [Member]
Offsetting Assets and Liabilities [Line Items]
Gross Amount of Recognized Assets (Liabilities)	(9,316,351)	(5,008,274)
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	(9,316,351)	(5,008,274)
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	9,316,351	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)	(76,841)	(61,531)
Gross Amounts Offset on the Balance Sheet	64,340	54,246
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	(12,501)	(7,285)
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	12,501	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)	(9,393,192)	(5,069,805)
Gross Amounts Offset on the Balance Sheet	64,340	54,246
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	(9,328,852)	(5,015,559)
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	9,328,852	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	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Assets	$ 3,336,292	$ 3,237,918
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	3,058,278	2,017,677
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	1,902,384	1,852,430
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	1,902,384	1,852,430
Loans Held-for-Investment, Residential Mortgages [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Assets	3,271,317	3,173,727
Commercial Real Estate Assets [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Assets	45,885	45,698
Accrued Income Receivable [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Assets	19,090	18,493
Assets, Total [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Assets	3,336,292	3,237,918
Borrowings [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	3,037,196	2,000,110
Accrued Liabilities [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	8,708	5,943
Accounts Payable [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	12,374	11,624
Liabilities, Total [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$ 3,058,278	$ 2,017,677

Available-for-Sale Securities60

Available-for-Sale Securities, at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, at fair value	$ 13,128,857	$ 7,825,320
Available-for-sale Securities Pledged as Collateral	13,117,329	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	2,742,630	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	8,274,507	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	209,337	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	$ 1,902,383	$ 1,852,430

Schedule of Available-for-sale

Schedule of Available-for-sale Securities Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Face Value	$ 16,303,556	$ 10,912,411
Available-for-sale Securities, Unamortized Premium	571,749	394,787
Available-for-sale Securities, Designated Credit Reserve	(367,437)	(409,077)
Available-for-sale Securities, Net, Unamortized	(3,567,420)	(3,429,000)
Available-for-sale Securities, Amortized Cost Basis	12,940,448	7,469,121
Available-for-sale Securities, Gross Unrealized Gains	432,398	427,595
Available-for-sale Securities, Gross Unrealized Losses	(243,989)	(71,396)
Available-for-sale securities, at fair value	13,128,857	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	13,571,417	8,257,030
Available-for-sale Securities, Unamortized Premium	571,749	394,787
Available-for-sale Securities, Designated Credit Reserve	0	0
Available-for-sale Securities, Net, Unamortized	(2,758,445)	(2,721,979)
Available-for-sale Securities, Amortized Cost Basis	11,384,721	5,929,838
Available-for-sale Securities, Gross Unrealized Gains	79,040	98,389
Available-for-sale Securities, Gross Unrealized Losses	(237,287)	(55,337)
Available-for-sale securities, at fair value	11,226,474	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	2,732,139	2,655,381
Available-for-sale Securities, Unamortized Premium	0	0
Available-for-sale Securities, Designated Credit Reserve	(367,437)	(409,077)
Available-for-sale Securities, Net, Unamortized	(808,975)	(707,021)
Available-for-sale Securities, Amortized Cost Basis	1,555,727	1,539,283
Available-for-sale Securities, Gross Unrealized Gains	353,358	329,206
Available-for-sale Securities, Gross Unrealized Losses	(6,702)	(16,059)
Available-for-sale securities, at fair value	$ 1,902,383	$ 1,852,430

Available-for-sale Securities C

Available-for-sale Securities Classified by Rate Type (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Adjustable Rate	$ 1,605,313	$ 1,781,634
Available-for-sale Securities, Fixed Rate	11,523,544	6,043,686
Available-for-sale Securities	13,128,857	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	30,463	108,596
Available-for-sale Securities, Fixed Rate	11,196,011	5,864,294
Available-for-sale Securities	11,226,474	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	1,574,850	1,673,038
Available-for-sale Securities, Fixed Rate	327,533	179,392
Available-for-sale Securities	$ 1,902,383	$ 1,852,430

Available-for-Sale Securities63

Available-for-Sale Securities, Weighted Average Life Classifications (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value	$ 21,882
Available-for-sale Securities, Debt Maturities, Year Two Through Three, Fair Value	105,093
Available-for-sale Securities, Debt Maturities, Year Four Through Five, Fair Value	822,357
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value	11,478,797
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	700,728
Available-for-sale Securities	13,128,857	$ 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	1,198
Available-for-sale Securities, Debt Maturities, Year Two Through Three, Fair Value	48,595
Available-for-sale Securities, Debt Maturities, Year Four Through Five, Fair Value	614,633
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value	10,532,188
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	29,860
Available-for-sale Securities	11,226,474	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	20,684
Available-for-sale Securities, Debt Maturities, Year Two Through Three, Fair Value	56,498
Available-for-sale Securities, Debt Maturities, Year Four Through Five, Fair Value	207,724
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value	946,609
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	670,868
Available-for-sale Securities	$ 1,902,383	$ 1,852,430

Schedule of Available-for-sal64

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	12 Months Ended
	Dec. 31, 2016	Dec. 31, 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	(70,108)	557
Available-for-sale Securities, Unamortized Discount, Accretion	0	0
Available-for-sale Securities, Unamortized Discount, Credit Losses	1,969	18,068
Available-for-sale Securities, Unamortized Discount, Other-than-temporary Impairment Adjustment	914	1,742
Available-for-sale Securities, Unamortized Discount, Transfers	74,972	154,580
Available-for-sale Securities, Unamortized Discount, Sales, Calls and Other	33,893	343,581
Available-for-sale Securities, Unamortized Discount, Ending Balance	(367,437)	(409,077)
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	(189,754)	(5,124)
Available-for-sale Securities, Unamortized Discount, Accretion	69,542	96,061
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	(74,972)	(154,580)
Available-for-sale Securities, Unamortized Discount, Sales, Calls and Other	93,230	323,990
Available-for-sale Securities, Unamortized Discount, Ending Balance	(808,975)	(707,021)
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	(259,862)	(4,567)
Available-for-sale Securities, Unamortized Discount, Accretion	69,542	96,061
Available-for-sale Securities, Unamortized Discount, Credit Losses	1,969	18,068
Available-for-sale Securities, Unamortized Discount, Other-than-temporary Impairment Adjustment	914	1,742
Available-for-sale Securities, Unamortized Discount, Transfers	0	0
Available-for-sale Securities, Unamortized Discount, Sales, Calls and Other	127,123	667,571
Available-for-sale Securities, Unamortized Discount, Ending Balance	$ (1,176,412)	$ (1,116,098)

Available-for-Sale Securities65

Available-for-Sale Securities, at Fair Value Schedule of Unrealized Loss on Investments (Details) $ in Thousands	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Schedule of Available-for-sale Securities [Line Items]
Available-for-Sale Securities, Number of Positions	1,239	1,181
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year	252	121
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year	125	182
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Percent Agency	95.80%	73.60%
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 6,416,820	$ 1,503,939
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses	(204,034)	(26,984)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	504,978	1,141,839
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses	(39,955)	(44,412)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	6,921,798	2,645,778
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses	(243,989)	(71,396)
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 6,147,713	$ 1,107,411

Available-for-Sale Securities66

Available-for-Sale Securities, at Fair Value Other than Temporary Impairment, Credit Losses Recognized in Earnings (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Other-than-temporary impairment losses	$ 0	$ (1,015)	$ (90)	$ (717)	$ 0	$ (238)	$ (170)	$ (127)	$ (1,822)	$ (535)	$ (392)
Other than Temporary Impairment Losses, Investments, Number, Available-for-sale Securities									4	2	3
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Market Value	111,504								$ 111,504
Available-for-sale Securities, Weighted Average Cumulative Losses									4.90%
Available-for-sale Securities, Weighted Average Three-Month Prepayment Speed									0.059
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures, Delinquency Rate									23.00%
Available-for-sale Securities, Weighted Average FICO Score									660
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Beginning Balance				$ (6,499)				$ (8,241)	$ (6,499)	$ (8,241)	$ (9,467)
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment									(1,307)	(238)	(91)
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses									(515)	(297)	(301)
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows									1,387	0	464
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold									1,328	2,277	1,154
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Ending Balance	$ (5,606)				$ (6,499)				$ (5,606)	$ (6,499)	$ (8,241)

Available-for-Sale Securities67

Available-for-Sale Securities, at Fair Value Schedule of Realized Gain (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds	$ 14,404,457	$ 6,985,567	$ 3,479,666
Available-for-sale Securities, Gross Realized Gains (Losses), Amortized Cost Sold	14,530,685	6,616,215	3,395,251
Available-for-sale Securities, Gross Realized Gains	97,049	388,392	162,235
Available-for-sale Securities, Gross Realized Losses	(223,277)	(19,040)	(77,820)
Available-for-sale Securities, Gross Realized Gain (Loss)	$ (126,228)	$ 369,352	$ 84,415

Schedule of Residential Mortgag

Schedule of Residential Mortgage Loans Held-for-Sale Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Held-for-sale, Mortgages, Unpaid Principal	$ 49,986	$ 812,661
Loans Held-for-sale, Mortgages, Fair Value Adjustment	(9,840)	(1,230)
Residential mortgage loans held-for-sale, at fair value	$ 40,146	811,431
Residential Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Pledged as Collateral		$ 745,454

Residential Mortgage Loans He69

Residential Mortgage Loans Held-for-Investment in Securitization Trusts, at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential Mortgage Loans Held-for-Invesment, Unpaid Principal	$ 3,234,044	$ 3,143,515
Residential Mortgage Loans Held-for-Investment, Fair Value Adjustment	37,273	30,212
Residential mortgage loans held-for-investment in securitization trusts, at fair value	$ 3,271,317	$ 3,173,727

Commercial Real Estate Assets70

Commercial Real Estate Assets (Details) $ in Thousands	Dec. 31, 2016USD ($)unit	Dec. 31, 2015USD ($)unit	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial Real Estate Assets, Gross	$ 1,424,445	$ 667,346
Unamortized Discounts or Premiums, Commercial Real Estate Assets	(200)	(237)
Unamortized Net Deferred Origination Fees, Commercial Real Estate Assets	(11,702)	(6,156)
Commercial real estate assets	1,412,543	660,953	$ 0	$ 0
Unfunded Commitments, Commercial Real Estate Assets	$ 167,924	$ 52,234
Number of Instruments, Commercial Real Estate Assets | unit	36	18
Weighted Average Coupon Rate, Commercial Real Estate Assets	5.40%	5.40%
Weighted Average Life, Commercial Real Estate Assets	2.8	3.1
Second Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial Real Estate Assets, Gross	$ 138,245	$ 153,913
Unamortized Discounts or Premiums, Commercial Real Estate Assets	(15)	(237)
Unamortized Net Deferred Origination Fees, Commercial Real Estate Assets	(221)	(830)
Commercial real estate assets	138,009	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	8.60%	8.10%
Weighted Average Life, Commercial Real Estate Assets	1.5	2.6
First Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial Real Estate Assets, Gross	$ 1,286,200	$ 513,433
Unamortized Discounts or Premiums, Commercial Real Estate Assets	(185)	0
Unamortized Net Deferred Origination Fees, Commercial Real Estate Assets	(11,481)	(5,326)
Commercial real estate assets	1,274,534	508,107
Unfunded Commitments, Commercial Real Estate Assets	$ 166,344	$ 50,334
Number of Instruments, Commercial Real Estate Assets | unit	30	12
Weighted Average Coupon Rate, Commercial Real Estate Assets	5.10%	4.50%
Weighted Average Life, Commercial Real Estate Assets	2.9	3.3

Commercial Real Estate Assets b

Commercial Real Estate Assets by Property Type (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 1,412,543	$ 660,953	$ 0	$ 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	$ 237,414	$ 185,883
Loans and Leases Receivable, Percentage of Total, Commercial	16.80%	28.10%
Hotel [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 90,585	$ 80,843
Loans and Leases Receivable, Percentage of Total, Commercial	6.40%	12.20%
Industrial Property [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 105,081	$ 0
Loans and Leases Receivable, Percentage of Total, Commercial	7.40%	0.00%
Multifamily [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 260,683	$ 139,011
Loans and Leases Receivable, Percentage of Total, Commercial	18.50%	21.10%
Office Building [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 718,780	$ 255,216
Loans and Leases Receivable, Percentage of Total, Commercial	50.90%	38.60%

Commercial Real Estate Assets72

Commercial Real Estate Assets by Geographic Location (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 1,412,543	$ 660,953	$ 0	$ 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	$ 250,044	$ 131,488
Loans and Leases Receivable, Percentage of Total, Commercial	17.70%	19.90%
United States, Southeastern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 239,194	$ 79,118
Loans and Leases Receivable, Percentage of Total, Commercial	16.90%	12.00%
United States, Southwestern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 267,944	$ 161,721
Loans and Leases Receivable, Percentage of Total, Commercial	19.00%	24.40%
United States, Northeastern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 578,762	$ 238,913
Loans and Leases Receivable, Percentage of Total, Commercial	41.00%	36.20%
United States, Midwestern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets	$ 76,599	$ 49,713
Loans and Leases Receivable, Percentage of Total, Commercial	5.40%	7.50%

Rollforward of Commercial Real

Rollforward of Commercial Real Estate Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate assets at beginning of period	$ 660,953	$ 0	$ 0
Commercial Real Estate Loans Held-for-Investment, Additions	773,285	669,283	0
Proceeds from sales of commercial real estate assets	0	(1,979)	0
Commercial Real Estate Loans Held-for-Investment, Repayments	(16,385)	(344)	0
Commercial Real Estate Loans Held-for-Investment, Accretion (Amortization) of Discounts and Premiums	263	149	0
Increase (Decrease) in Loans, Deferred Income	(12,554)	(6,656)	0
Amortization of Deferred Loan Origination Fees, Net	6,981	319	0
Gain (Loss) on Sales of Loans, Net	0	181	0
Provision for Loan and Lease Losses	0	0	0
Commercial real estate assets at end of period	1,412,543	660,953	$ 0
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Pledged as Collateral	$ 1,357,874	$ 361,130

Commercial Real Estate Loans As

Commercial Real Estate Loans Assets by Internal Risk Rating (Details) $ in Thousands	Dec. 31, 2016USD ($)unit	Dec. 31, 2015USD ($)unit	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Instruments, Commercial Real Estate Assets | unit	36	18
Commercial real estate assets			$ 535,712	$ 544,581
Commercial Real Estate Assets [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Instruments, Commercial Real Estate Assets | unit	36	18
Commercial Real Estate Loans Held-for-Investment, Unpaid Principal	$ 1,424,445	$ 667,346
Commercial real estate assets	$ 1,412,543	$ 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	36	18
Commercial Real Estate Loans Held-for-Investment, Unpaid Principal	$ 1,424,445	$ 667,346
Commercial real estate assets	$ 1,412,543	$ 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	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Servicing Assets at Fair Value [Line Items]
Mortgage servicing rights, at fair value, Beginning Balance	$ 493,688	$ 452,006	$ 514,402
Servicing Asset at Fair Value, Additions	312,580	124,261	67,533
Servicing Asset at Fair Value, Additions from Sale of Mortgage Loans	924	1,844	288
Servicing Asset at Fair Value, Disposals	(61,511)	0	0
Servicing Asset at Fair Value, Changes in Fair Value Resulting from Changes in Valuation Inputs or Changes in Assumptions	16,572	(51,634)	(73,573)
Servicing Asset at Fair Value, Other Changes in Fair Value	(78,729)	(47,950)	(54,815)
Servicing Asset at Fair Value, Other Changes that Affect Balance	10,291	15,161	(1,829)
Mortgage servicing rights, at fair value, Ending Balance	693,815	$ 493,688	$ 452,006
Pledged Assets, Not Separately Reported, Other	$ 180,948

Schedule of Mortgage Servicing

Schedule of Mortgage Servicing Rights Sensitivity Analysis of Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	9.20%	11.80%
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Adverse Change in Prepayment Speed	$ (25,012)	$ (20,093)
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 20 Percent Adverse Change in Prepayment Speed	$ (48,602)	$ (38,656)
Fair Value Inputs, Probability of Default	1.90%	4.00%
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Adverse Change in Other Assumption	$ (1,908)	$ (3,826)
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 20 Percent Adverse Change in Other Assumption	$ (3,816)	$ (6,640)
Fair Value Inputs, Discount Rate	9.40%	10.10%
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Adverse Change in Discount Rate	$ (23,590)	$ (16,316)
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 20 Percent Adverse Change in Discount Rate	$ (45,861)	$ (31,522)

Components of Servicing Revenue

Components of Servicing Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Components of Servicing Revenue [Line Items]
Contractually Specified Servicing Fees, Amount	$ 138,430	$ 123,834	$ 125,061
Ancillary Fee Income Generated by Servicing Financial Assets, Amount	1,668	2,144	2,210
Float Income Generated by Servicing Financial Assets, Amount	3,518	1,434	889
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets	143,616	127,412	$ 128,160
Servicing advances	$ 26,147	$ 37,499

Serviced Mortgage Assets (Detai

Serviced Mortgage Assets (Details) $ in Thousands	Dec. 31, 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	285,122	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	$ 66,112,005	$ 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	333	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	$ 49,986	$ 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	4,604	4,358
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Principal Amount Outstanding	$ 3,234,044	$ 3,143,515
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	280,185	241,199
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Principal Amount Outstanding	$ 62,827,975	$ 48,540,005

Schedule of Restricted Cash and

Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 408,312	$ 262,562
Restricted Cash and Cash Equivalents Held for Securities Trading Activity [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	26,310	12,550
Restricted Cash and Cash Equivalents Held for Derivatives Trading Activity [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	218,896	130,355
Restricted Cash and Cash Equivalents Pledged as Restricted Collateral for Borrowings [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	162,759	119,310
Restricted Cash and Cash Equivalents Held by Counterparties [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	407,965	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	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	$ 62,751	$ 49,970
Loans Held-for-Sale, Residential Mortgages [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	164	4,173
Loans Held-for-Investment, Residential Mortgages [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	18,928	18,339
Commercial Real Estate Assets [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	3,699	1,567
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	8,914	6,235
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	25,273	12,407
Government National Mortgage Association Certificates and Obligations (GNMA) [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	3,068	4,910
Mortgage-backed Securities, Issued by Private Enterprises [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	2,705	2,339
Available-for-sale Securities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Receivable	$ 39,960	$ 25,891

Schedule of Derivative Instrume

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Notional Disclosures [Abstract]
Derivative, Notional Amount	$ 18,802,500	$ 21,998,381	$ 48,115,523
Inverse Interest-Only Securities [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	127,843	159,582
Notional Disclosures [Abstract]
Derivative, Notional Amount	740,844	932,037	1,168,226
Interest Rate Swap [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	20,371,063	14,268,806	18,584,000
Credit Default Swap [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	0	125,000	125,000
Interest Rate Swaption [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	225,000	5,200,000	12,410,000
Forward Contracts [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	1,489,000	297,000	1,325,000
Options Held [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	1,136,000	0	2,000,000
Swap [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount		0	14,000,000
Total Return Swap [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	(17)	1,645
Notional Disclosures [Abstract]
Derivative, Notional Amount	90,593	889,418	598,459
Loan Purchase Commitments [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	0	286,120	$ 554,838
Derivative Financial Instruments, Assets [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	324,182	271,509
Notional Disclosures [Abstract]
Derivative, Notional Amount	21,708,907	21,735,997
Derivative Financial Instruments, Assets [Member] | Inverse Interest-Only Securities [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	740,844	932,037
Derivative Financial Instruments, Assets [Member] | Interest Rate Swap [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	109,531	91,757
Notional Disclosures [Abstract]
Derivative, Notional Amount	18,471,063	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	39,881	17,374
Notional Disclosures [Abstract]
Derivative, Notional Amount	825,000	4,700,000
Derivative Financial Instruments, Assets [Member] | Forward Contracts [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	4,294	1,074
Notional Disclosures [Abstract]
Derivative, Notional Amount	536,000	847,000
Derivative Financial Instruments, Assets [Member] | Options Held [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	42,633	0
Notional Disclosures [Abstract]
Derivative, Notional Amount	1,136,000
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	0	77
Notional Disclosures [Abstract]
Derivative, Notional Amount	0	98,736
Derivative Financial Instruments, Liabilities [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	(12,501)	(7,285)
Notional Disclosures [Abstract]
Derivative, Notional Amount	3,543,593	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	(495)	0
Notional Disclosures [Abstract]
Derivative, Notional Amount	1,900,000	0
Derivative Financial Instruments, Liabilities [Member] | Credit Default Swap [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	0	(703)
Notional Disclosures [Abstract]
Derivative, Notional Amount	0	125,000
Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swaption [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	(1,645)	(4,831)
Notional Disclosures [Abstract]
Derivative, Notional Amount	600,000	500,000
Derivative Financial Instruments, Liabilities [Member] | Forward Contracts [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	(10,344)	(1,324)
Notional Disclosures [Abstract]
Derivative, Notional Amount	953,000	550,000
Derivative Financial Instruments, Liabilities [Member] | Options Held [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	0
Notional Disclosures [Abstract]
Derivative, Notional Amount	0
Derivative Financial Instruments, Liabilities [Member] | Total Return Swap [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	(17)	0
Notional Disclosures [Abstract]
Derivative, Notional Amount	90,593	0
Derivative Financial Instruments, Liabilities [Member] | Loan Purchase Commitments [Member]
Derivative, Fair Value, Net [Abstract]
Derivative, Fair Value, Net	0	(427)
Notional Disclosures [Abstract]
Derivative, Notional Amount	$ 0	$ 187,384

Schedule of Derivative Instru82

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	$ 45,371	$ (210,621)	$ (345,647)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	99,379	(5,049)	(17,529)
Gain (Loss) on Mortgage Loans Held-for-Sale	16,085	14,285	17,297
Trading Activity, Gains and Losses, Net	147,168	(217,338)	(358,447)
Agency To-be-Announced Securities, Non-Risk Management [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	0	0	(4,701)
Inverse Interest-Only Securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	18,579	36,066	55,028
Loan Purchase Commitments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Mortgage Loans Held-for-Sale	2,418	(1,668)	4,729
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	51,816	(39,748)	(69,921)
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	125	(8)
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	64,920	6,846	(14,070)
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	(837)	0
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	6,164	6,340
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	11,209	(63,797)	(242,795)
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	(36,898)	(13,371)	8,061
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	37,272	52,785	201,536
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	(19,986)	(69,495)	(114,121)
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	16,876	(130,114)	(190,267)
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	$ 962	$ (294)	$ 1,742

Derivative Instruments and He83

Derivative Instruments and Hedging Activities Interest Spread on Interest Rate Swaps (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Average Notional Amount	$ 21,641,836	$ 29,925,251
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest Expense on Interest Rate Swap and Swaption Agreements	(21,074)	(85,636)	$ (91,754)
Derivative, Average Notional Amount	$ 15,506,763	$ 16,091,714	$ 23,329,504

Schedule of Notional Amounts of

Schedule of Notional Amounts of Derivative Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	$ 21,998,381	$ 48,115,523
Derivative, Notional Amount, Additions	29,516,394	41,004,147
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	32,712,275	67,121,289
Derivative, Notional Amount, Ending Balance	18,802,500	21,998,381	$ 48,115,523
Derivative, Average Notional Amount	21,641,836	29,925,251
Gain (Loss) on Sale of Derivatives	(12,364)	(270,918)
Inverse Interest-Only Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	932,037	1,168,226
Derivative, Notional Amount, Additions	0	12,563
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	191,193	248,752
Derivative, Notional Amount, Ending Balance	740,844	932,037	1,168,226
Derivative, Average Notional Amount	836,707	1,050,906
Gain (Loss) on Sale of Derivatives	0	64
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	14,268,806	18,584,000
Derivative, Notional Amount, Additions	25,103,456	26,868,227
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	19,001,199	31,183,421
Derivative, Notional Amount, Ending Balance	20,371,063	14,268,806	18,584,000
Derivative, Average Notional Amount	15,506,763	16,091,714	23,329,504
Gain (Loss) on Sale of Derivatives	16,032	(126,870)
Credit Default Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	125,000	125,000
Derivative, Notional Amount, Additions	10,000	0
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	135,000	0
Derivative, Notional Amount, Ending Balance	0	125,000	125,000
Derivative, Average Notional Amount	71,257	125,000
Gain (Loss) on Sale of Derivatives	1,022	0
Interest Rate Swaption [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	5,200,000	12,410,000
Derivative, Notional Amount, Additions	1,668,000	8,550,000
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	6,643,000	15,760,000
Derivative, Notional Amount, Ending Balance	225,000	5,200,000	12,410,000
Derivative, Average Notional Amount	2,449,268	9,780,027
Gain (Loss) on Sale of Derivatives	(98,016)	(99,273)
Forward Contracts [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	297,000	1,325,000
Derivative, Notional Amount, Additions	10,173,000	7,266,000
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	8,387,000	8,888,000
Derivative, Notional Amount, Ending Balance	1,489,000	297,000	1,325,000
Derivative, Average Notional Amount	531,866	773,381
Gain (Loss) on Sale of Derivatives	57,616	(46,835)
Options Held [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	0	2,000,000
Derivative, Notional Amount, Additions	11,260,000	1,250,000
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	12,396,000	3,250,000
Derivative, Notional Amount, Ending Balance	1,136,000	0	2,000,000
Derivative, Average Notional Amount	2,569,117	120,548
Gain (Loss) on Sale of Derivatives	22,288	6,331
Treasury Lock [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	0	0
Derivative, Notional Amount, Additions		500,000
Derivative, Notional Amount, Settlement Termination Expiration or Exercise		500,000
Derivative, Notional Amount, Ending Balance		0	0
Derivative, Average Notional Amount		685
Gain (Loss) on Sale of Derivatives		(837)
Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	0	14,000,000
Derivative, Notional Amount, Additions		6,000,000
Derivative, Notional Amount, Settlement Termination Expiration or Exercise		20,000,000
Derivative, Notional Amount, Ending Balance		0	14,000,000
Derivative, Average Notional Amount		2,257,534
Gain (Loss) on Sale of Derivatives		7,694
Total Return Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	889,418	598,459
Derivative, Notional Amount, Additions	99,911	1,626,514
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	898,736	1,335,555
Derivative, Notional Amount, Ending Balance	90,593	889,418	598,459
Derivative, Average Notional Amount	471,028	950,206
Gain (Loss) on Sale of Derivatives	(13,374)	(11,296)
Loan Purchase Commitments [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	286,120	554,838
Derivative, Notional Amount, Additions	1,548,027	3,512,843
Derivative, Notional Amount, Settlement Termination Expiration or Exercise	1,834,147	3,781,561
Derivative, Notional Amount, Ending Balance	0	286,120	554,838
Derivative, Average Notional Amount	269,562	563,108
Gain (Loss) on Sale of Derivatives	2,068	(21)
Short US Treasury Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount, Beginning Balance	$ 0	0
Derivative, Notional Amount, Additions		50,000
Derivative, Notional Amount, Settlement Termination Expiration or Exercise		50,000
Derivative, Notional Amount, Ending Balance		0	$ 0
Derivative, Average Notional Amount		0
Gain (Loss) on Sale of Derivatives		$ 125

Derivative Instruments and He85

Derivative Instruments and Hedging Activities Interest Rate Sensitive Assets/Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Available-for-sale securities, at fair value	$ 13,128,857	$ 7,825,320
Interest-Only-Strip [Member]
Derivatives, Fair Value [Line Items]
Available-for-sale securities, at fair value	$ 71,084	$ 42,931

Derivative Instruments and He86

Derivative Instruments and Hedging Activities Schedule of TBA Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative, Notional Amount	$ 18,802,500	$ 21,998,381	$ 48,115,523
Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Derivative, Notional Amount	21,708,907	21,735,997
Derivative, Fair Value, Net	324,182	271,509
Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Derivative, Notional Amount	3,543,593	1,362,384
Derivative, Fair Value, Net	(12,501)	(7,285)
Forward Contracts [Member]
Derivative [Line Items]
Derivative, Notional Amount	1,489,000	297,000	$ 1,325,000
Derivative, Cost	1,452,200	289,759
Derivative, Market Value	1,458,250	289,509
Forward Contracts [Member] | Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Derivative, Notional Amount	536,000	847,000
Derivative, Fair Value, Net	4,294	1,074
Forward Contracts [Member] | Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Derivative, Notional Amount	953,000	550,000
Derivative, Fair Value, Net	(10,344)	(1,324)
Forward Contracts [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount	1,500,000	847,000
Derivative, Cost	1,576,270	858,572
Derivative, Market Value	1,576,875	859,646
Forward Contracts [Member] | Long [Member] | Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	605	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	2,989,000	550,000
Derivative, Cost	3,028,470	568,813
Derivative, Market Value	3,035,125	570,137
Forward Contracts [Member] | Short [Member] | Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	3,689	0
Forward Contracts [Member] | Short [Member] | Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	(10,344)	(1,324)
Interest Rate Risk Associated with the Investment Portfolio [Member] | Forward Contracts [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount	1,500,000	847,000
Interest Rate Risk Associated with the Investment Portfolio [Member] | Forward Contracts [Member] | Short [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 2,989,000	$ 550,000

Derivative Instruments and He87

Derivative Instruments and Hedging Activities Put and Call Options for TBAs (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative, Notional Amount	$ 18,802,500	$ 21,998,381	$ 48,115,523
Options Held [Member]
Derivative [Line Items]
Derivative, Notional Amount	1,136,000	0	$ 2,000,000
Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Derivative, Notional Amount	3,543,593	1,362,384
Derivative, Fair Value, Net	(12,501)	(7,285)
Derivative Financial Instruments, Liabilities [Member] | Options Held [Member]
Derivative [Line Items]
Derivative, Notional Amount	0
Derivative, Fair Value, Net	0
Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Derivative, Notional Amount	21,708,907	21,735,997
Derivative, Fair Value, Net	324,182	271,509
Derivative Financial Instruments, Assets [Member] | Options Held [Member]
Derivative [Line Items]
Derivative, Notional Amount	1,136,000
Derivative, Fair Value, Net	42,633	0
Long [Member] | Options Held [Member]
Derivative [Line Items]
Derivative, Notional Amount	2,500,000	0
Short [Member] | Options Held [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 3,636,000	$ 0

Derivative Instruments and He88

Derivative Instruments and Hedging Activities Schedule of Interest Rate Swap Payers Associated with the Investment Portfolio (Details) $ in Thousands	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ 18,802,500	$ 21,998,381	$ 48,115,523
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	20,371,063	14,268,806	$ 18,584,000
Interest Rate Swap [Member] | Interest Rate Risk Associated with the Investment Portfolio [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 5,250,000	$ 3,250,000
Derivative, Average Fixed Interest Rate	1.504%	1.787%
Derivative, Average Variable Interest Rate	0.972%	0.503%
Derivative, Average Remaining Period Until Maturity	2.16	3.74
Interest Rate Swap [Member] | Interest Rate Risk Associated with the Investment Portfolio [Member] | Derivative Maturity Over One And Within Two Years From Balance Sheet Date [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 4,040,000
Derivative, Average Fixed Interest Rate	1.307%
Derivative, Average Variable Interest Rate	0.973%
Derivative, Average Remaining Period Until Maturity	1.58
Interest Rate Swap [Member] | Interest Rate Risk Associated with the Investment Portfolio [Member] | Derivative Maturity Over Two And Within Three Years From Balance Sheet Date [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 2,040,000
Derivative, Average Fixed Interest Rate		1.563%
Derivative, Average Variable Interest Rate		0.487%
Derivative, Average Remaining Period Until Maturity		2.94
Interest Rate Swap [Member] | Interest Rate Risk Associated with the Investment Portfolio [Member] | Derivative Maturity Over Three And Within Four Years From Balance Sheet Date [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 310,000
Derivative, Average Fixed Interest Rate	1.545%
Derivative, Average Variable Interest Rate	0.881%
Derivative, Average Remaining Period Until Maturity	3.59
Interest Rate Swap [Member] | Interest Rate Risk Associated with the Investment Portfolio [Member] | Derivative Maturity Over Four Years From Balance Sheet Date [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 900,000	$ 1,210,000
Derivative, Average Fixed Interest Rate	2.378%	2.164%
Derivative, Average Variable Interest Rate	0.997%	0.531%
Derivative, Average Remaining Period Until Maturity	4.24	5.08

Derivative Instruments and He89

Derivative Instruments and Hedging Activities Schedule of Interest Rate Swap Receivers Associated with the Investment Portfolio (Details) $ in Thousands	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ 18,802,500	$ 21,998,381	$ 48,115,523
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	20,371,063	14,268,806	$ 18,584,000
Interest Rate Swap [Member] | Interest Rate Risk Associated with the Investment Portfolio [Member] | Short [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 5,064,000	$ 3,164,000
Derivative, Average Variable Interest Rate	1.894%	2.145%
Derivative, Average Fixed Interest Rate	0.941%	0.431%
Derivative, Average Remaining Period Until Maturity	4.57	6.26
Interest Rate Swap [Member] | Interest Rate Risk Associated with the Investment Portfolio [Member] | Derivative Maturity Over One And Within Two Years From Balance Sheet Date [Member] | Short [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 575,000
Derivative, Average Variable Interest Rate	1.44%
Derivative, Average Fixed Interest Rate	0.911%
Derivative, Average Remaining Period Until Maturity	1.89
Interest Rate Swap [Member] | Interest Rate Risk Associated with the Investment Portfolio [Member] | Derivative Maturity Over Two And Within Three Years From Balance Sheet Date [Member] | Short [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 500,000	$ 575,000
Derivative, Average Variable Interest Rate	1.042%	1.44%
Derivative, Average Fixed Interest Rate	0.882%	0.329%
Derivative, Average Remaining Period Until Maturity	2.06	2.89
Interest Rate Swap [Member] | Interest Rate Risk Associated with the Investment Portfolio [Member] | Derivative Maturity Over Three And Within Four Years From Balance Sheet Date [Member] | Short [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 510,000
Derivative, Average Variable Interest Rate	1.58%
Derivative, Average Fixed Interest Rate	0.881%
Derivative, Average Remaining Period Until Maturity	3.59
Interest Rate Swap [Member] | Interest Rate Risk Associated with the Investment Portfolio [Member] | Derivative Maturity Over Four Years From Balance Sheet Date [Member] | Short [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 3,479,000	$ 2,589,000
Derivative, Average Variable Interest Rate	2.137%	2.301%
Derivative, Average Fixed Interest Rate	0.963%	0.453%
Derivative, Average Remaining Period Until Maturity	5.52	7

Derivative Instruments and He90

Derivative Instruments and Hedging Activities Schedule of Interest Rate Swaps Associated with Borrowings (Details) $ in Thousands	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ 18,802,500	$ 21,998,381	$ 48,115,523
Forward Starting Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 777,063
Derivative, Average Fixed Interest Rate	2.00%
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 20,371,063	14,268,806	$ 18,584,000
Interest Rate Swap [Member] | Interest Rate Risk Associated with Borrowings [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 10,057,063	$ 7,854,806
Derivative, Average Fixed Interest Rate	1.405%	1.094%
Derivative, Average Variable Interest Rate	0.927%	0.437%
Derivative, Average Remaining Period Until Maturity	3.85	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	$ 2,375,000	$ 1,700,000
Derivative, Average Fixed Interest Rate	0.765%	0.462%
Derivative, Average Variable Interest Rate	0.934%	0.481%
Derivative, Average Remaining Period Until Maturity	0.59	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	$ 1,300,000	$ 2,375,000
Derivative, Average Fixed Interest Rate	1.002%	0.765%
Derivative, Average Variable Interest Rate	0.86%	0.51%
Derivative, Average Remaining Period Until Maturity	1.60	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	$ 350,000	$ 800,000
Derivative, Average Fixed Interest Rate	1.283%	0.944%
Derivative, Average Variable Interest Rate	0.895%	0.384%
Derivative, Average Remaining Period Until Maturity	2.44	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	$ 1,150,000	$ 350,000
Derivative, Average Fixed Interest Rate	1.463%	1.283%
Derivative, Average Variable Interest Rate	0.93%	0.34%
Derivative, Average Remaining Period Until Maturity	3.78	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	$ 4,882,063	$ 2,629,806
Derivative, Average Fixed Interest Rate	1.897%	1.821%
Derivative, Average Variable Interest Rate	0.946%	0.371%
Derivative, Average Remaining Period Until Maturity	6.59	8.04

Derivative Instruments and He91

Derivative Instruments and Hedging Activities Schedule of Interest Rate Swaptions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ 18,802,500	$ 21,998,381	$ 48,115,523
Underlying Swap [Member] | Variable Income Interest Rate [Member] | Long [Member]
Derivative [Line Items]
Derivative, Average Remaining Period Until Maturity	5.1	5.9
Derivative, Notional Amount	$ 4,800,000	$ 6,500,000
Derivative, Description of Variable Reference Rate	3M Libor	3M Libor
Derivative, Average Fixed Interest Rate	2.24%	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	4.8	6.3
Derivative, Notional Amount	$ 4,500,000	$ 2,000,000
Derivative, Description of Variable Reference Rate	3M Libor	3M Libor
Derivative, Average Fixed Interest Rate	2.16%	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	10	5.8
Derivative, Notional Amount	$ 300,000	$ 4,500,000
Derivative, Description of Variable Reference Rate	3M Libor	3M Libor
Derivative, Average Fixed Interest Rate	3.50%	3.69%
Underlying Swap [Member] | Variable Income Interest Rate [Member] | Short [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] | Variable 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	3.40%
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	$ 300,000	$ 800,000
Derivative, Description of Variable Reference Rate	3M Libor	3M Libor
Derivative, Average Fixed Interest Rate	3.50%	3.44%
Underlying Swap [Member] | Fixed Income Interest Rate [Member] | Short [Member]
Derivative [Line Items]
Derivative, Average Remaining Period Until Maturity	4.9	10
Derivative, Notional Amount	$ 3,775,000	$ 500,000
Derivative, Description of Variable Reference Rate	3M Libor	3M Libor
Derivative, Average Fixed Interest Rate	1.19%	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	4.9	10
Derivative, Notional Amount	$ 3,775,000	$ 500,000
Derivative, Description of Variable Reference Rate	3M Libor	3M Libor
Derivative, Average Fixed Interest Rate	1.19%	1.75%
Interest Rate Swaption [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 225,000	$ 5,200,000	$ 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	$ (42,941)	$ (19,324)
Derivative, Average Remaining Period Until Maturity	1.23	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	$ (29,360)	$ (375)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral		$ (174)
Derivative, Fair Value, Net	$ (42,149)
Derivative, Average Remaining Period Until Maturity	1.22	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	$ (13,655)	$ (126,273)
Derivative, Fair Value, Net	$ (792)	$ (19,150)
Derivative, Average Remaining Period Until Maturity	6.70	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	$ (2,352)	$ (6,738)
Derivative, Average Remaining Period Until Maturity	6.05	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	$ (51,355)
Derivative, Fair Value, Net	$ (1,414)
Derivative, Average Remaining Period Until Maturity	5.81
Interest Rate Swaption [Member] | Variable Income Interest Rate [Member] | Short [Member] | Six Months or Longer Remaining Maturity [Member]
Derivative [Line Items]
Derivative, Cost	$ (29,893)	$ (81,248)
Derivative, Fair Value, Net	$ (938)	$ (6,738)
Derivative, Average Remaining Period Until Maturity	6.77	18.01
Interest Rate Swaption [Member] | Fixed Income Interest Rate [Member] | Short [Member]
Derivative [Line Items]
Derivative, Cost	$ 0	$ (100)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ (2,353)	$ (43)
Derivative, Average Remaining Period Until Maturity	2.30	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	$ 0	$ (100)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ (2,353)	$ (43)
Derivative, Average Remaining Period Until Maturity	2.30	0.73

Derivative Instruments and He92

Derivative Instruments and Hedging Activities Schedule of Total Return Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative, Notional Amount	$ (18,802,500)	$ (21,998,381)	$ (48,115,523)
Total Return Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	(90,593)	(889,418)	$ (598,459)
Derivative, Fair Value, Net	(17)	1,645
Derivative, Cost	686	1,383
Derivative, Unrealized Gains (Losses)	(703)	262
Maturity Date, 1/12/2043 [Member] | Total Return Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	(45,083)	(369,639)
Derivative, Fair Value, Net	(5)	456
Derivative, Cost	320	866
Derivative, Unrealized Gains (Losses)	(325)	(410)
Maturity Date, 1/12/2044 [Member] | Total Return Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	(45,510)	(325,003)
Derivative, Fair Value, Net	(12)	350
Derivative, Cost	366	1,679
Derivative, Unrealized Gains (Losses)	(378)	(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	(21,708,907)	(21,735,997)
Derivative, Fair Value, Net	324,182	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 He93

Derivative Instruments and Hedging Activities Schedule of Credit Default Swaps, Receive Protection (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2014USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ (21,998,381)	$ (18,802,500)	$ (48,115,523)
Credit Default Swap, Buying Protection [Member]
Derivative [Line Items]
Derivative, Average Implied Credit Spread	183.60
Derivative, Notional Amount	$ (125,000)
Derivative, Fair Value, Net	(703)
Derivative, Cost	(4,322)
Derivative, Unrealized Gains (Losses)	$ (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
Derivative, Average Implied Credit Spread	496
Derivative, Notional Amount	$ (25,000)
Derivative, Fair Value, Net	(201)
Derivative, Cost	(4,062)
Derivative, Unrealized Gains (Losses)	(4,263)
Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Derivative, Notional Amount	(1,362,384)	(3,543,593)
Derivative, Fair Value, Net	$ 7,285	$ 12,501

Derivative Instruments and He94

Derivative Instruments and Hedging Activities Credit Risk - Counterparty Exposure (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Offsetting Assets and Liabilities [Line Items]
Derivative, Collateral, Obligation to Return Cash	$ 69,414
Derivative, Collateral, Right to Reclaim Cash	223,273
Derivative Financial Instruments, Assets [Member]
Offsetting Assets and Liabilities [Line Items]
Derivative, Fair Value, Net	324,182	$ 271,509
Derivative Financial Instruments, Liabilities [Member]
Offsetting Assets and Liabilities [Line Items]
Derivative, Fair Value, Net	$ (12,501)	$ (7,285)

Derivative Instruments and He95

Derivative Instruments and Hedging Activities Commitments to Purchase Residential Mortgage Loans Held-for-Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative, Notional Amount	$ 18,802,500	$ 21,998,381	$ 48,115,523
Loan Purchase Commitments [Member]
Derivative [Line Items]
Derivative, Notional Amount	0	286,120	$ 554,838
Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Derivative, Notional Amount	21,708,907	21,735,997
Derivative, Fair Value, Net	324,182	271,509
Derivative Financial Instruments, Assets [Member] | Loan Purchase Commitments [Member]
Derivative [Line Items]
Derivative, Notional Amount	0	98,736
Derivative, Fair Value, Net	0	77
Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Derivative, Notional Amount	3,543,593	1,362,384
Derivative, Fair Value, Net	(12,501)	(7,285)
Derivative Financial Instruments, Liabilities [Member] | Loan Purchase Commitments [Member]
Derivative [Line Items]
Derivative, Notional Amount	0	187,384
Derivative, Fair Value, Net	$ 0	$ (427)

Derivative Instruments and He96

Derivative Instruments and Hedging Activities Schedule of Inverse Interest-Only Securities Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Interest Receivable	$ 62,751	$ 49,970
Derivative, Notional Amount	18,802,500	21,998,381	$ 48,115,523
Derivative Financial Instruments, Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	324,182	271,509
Derivative, Notional Amount	21,708,907	21,735,997
Inverse Interest-Only Securities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	127,843	159,582
Interest Receivable	1,244	1,676
Derivative, Notional Amount	740,844	932,037	$ 1,168,226
Derivative, Unamortized Premium	0	0
Derivative, Designated Credit Reserve	0	0
Derivative, Net, Unamortized	(631,082)	(792,178)
Derivative, Amortized Cost Basis	109,762	139,859
Derivative, Gross Unrealized Gains	18,389	19,655
Derivative, Gross Unrealized Losses	(1,552)	(1,608)
Derivative, Carrying Value	126,599	157,906
Inverse Interest-Only Securities [Member] | Derivative Financial Instruments, Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 740,844	$ 932,037

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Other Assets [Line Items]
Property, Plant and Equipment, Gross	$ 6,481	$ 5,997
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(4,566)	(3,303)
Property, Plant and Equipment, Net	1,915	2,694
Prepaid Expense	1,406	1,572
Income Taxes Receivable, Current	1,532	5,286
Deferred Tax Assets, Net	57,361	44,318
Servicing advances	26,147	37,499
Federal Home Loan Bank stock	167,856	156,650
Cost Method Investments	3,000	3,000
Other Receivables	43,653	20,556
Other Assets	302,870	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	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Depreciation of fixed assets	$ 1,283	$ 1,362	$ 1,083

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Other Liabilities [Abstract]
Accrued Liabilities, Current	$ 28,944	$ 37,052
Interest Payable	29,505	18,723
Taxes Payable	0	70
Other Accounts Payable and Accrued Liabilities	21,127	16,387
Other liabilities	$ 79,576	$ 72,232

Fair Value, Measurement Inputs,

Fair Value, Measurement Inputs, Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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	75.20%
Mortgage Loans Held-for-sale Categorized as Level 2 Assets	2.30%
Mortgage Loans Held-for-sale Categorized as Level 3 Assets	97.70%
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	$ 18,802,500	$ 21,998,381	$ 48,115,523
Collateralized Borrowings in Securitization Trust Categorized as Level 2 Liabilities	100.00%
Available-for-sale securities, at fair value	$ 13,128,857	7,825,320
Mortgage servicing rights, at fair value	693,815	493,688	452,006	$ 514,402
Loan Purchase Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Notional Amount	0	286,120	$ 554,838
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Notional Amount	3,543,593	1,362,384
Derivative, Fair Value, Net	(12,501)	(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	0	187,384
Derivative, Fair Value, Net	0	(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	13,128,857	7,825,320
Residential mortgage loans held-for-sale	40,146	811,431
Residential mortgage loans held-for-investment in securitization trust	3,271,317	3,173,727
Mortgage servicing rights, at fair value	693,815	493,688
Derivative assets	324,182	271,509
Assets, Fair Value Disclosure	17,458,317	12,575,675
Collateralized borrowings in securitization trust	3,037,196	2,000,110
Derivative liabilities	12,501	7,285
Liabilities, Fair Value Disclosure	3,049,697	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	4,294	1,074
Assets, Fair Value Disclosure	4,294	1,074
Collateralized borrowings in securitization trust	0	0
Derivative liabilities	10,344	1,324
Liabilities, Fair Value Disclosure	10,344	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	13,128,857	7,825,320
Residential mortgage loans held-for-sale	925	764,319
Residential mortgage loans held-for-investment in securitization trust	3,271,317	3,173,727
Mortgage servicing rights, at fair value	0	0
Derivative assets	319,888	270,435
Assets, Fair Value Disclosure	16,720,987	12,033,801
Collateralized borrowings in securitization trust	3,037,196	2,000,110
Derivative liabilities	2,157	5,961
Liabilities, Fair Value Disclosure	3,039,353	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	39,221	47,112
Residential mortgage loans held-for-investment in securitization trust	0	0
Mortgage servicing rights, at fair value	693,815	493,688
Derivative assets	0	0
Assets, Fair Value Disclosure	733,036	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	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
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	$ 47,112	$ 35,553
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Realized Gain (Loss) Included in Earnings	4,451	25,330
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Unrealized Gain (Loss) Included in Earnings	(135)	445
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	4,316	25,775
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	183,074	231,782
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	(98,338)	(163,449)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(96,943)	(82,549)
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	39,221	47,112
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	168	566
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	493,688	452,006
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Realized Gain (Loss) Included in Earnings	(100,103)	(47,950)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Unrealized Gain (Loss) Included in Earnings	16,572	(51,634)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	(83,531)	(99,584)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	313,504	126,105
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	(40,137)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	10,291	15,161
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	693,815	493,688
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	$ 13,906	$ (51,634)

Fair Value, Quantitative Inform

Fair Value, Quantitative Information about Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortgage servicing rights, at fair value	$ 693,815	$ 493,688	$ 452,006	$ 514,402
Fair Value Measurements, Valuation Processes, Description	Discounted cash flow	Discounted cash flow
Fair Value Inputs, Prepayment Rate	9.20%	11.80%
Fair Value Inputs, Probability of Default	1.90%	4.00%
Fair Value Inputs, Discount Rate	9.40%	10.10%
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Prepayment Rate	8.00%	9.60%
Fair Value Inputs, Probability of Default	1.80%	3.70%
Fair Value Inputs, Discount Rate	8.40%	8.70%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Prepayment Rate	10.30%	13.50%
Fair Value Inputs, Probability of Default	2.10%	4.20%
Fair Value Inputs, Discount Rate	10.20%	11.20%

Fair Value, Option, Quantitativ

Fair Value, Option, Quantitative Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ 64,826	$ 56,952	$ 59,957
Fair Value, Option, Credit Risk, Gains (Losses) on Assets	228	(6,365)	1,295
Available-for-sale Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	1,624	56
Loans Held-for-Sale, Residential Mortgages [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	38,772	44,898	28,657
Fair Value, Option, Credit Risk, Gains (Losses) on Assets	228	(6,365)	1,295
Loans Held-for-Investment, Residential Mortgages [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	114,252	43,300	82,345
Fair Value, Option, Credit Risk, Gains (Losses) on Assets	0	0	0
Borrowings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	(89,822)	(31,302)	(51,045)
Fair Value, Option, Credit Risk, Gains (Losses) on Liabilities	0	0	0
Interest Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	59,020	67,614	30,549
Interest Income [Member] | Available-for-sale Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	(281)	124
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)	23,037	28,966	16,089
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)	133,993	95,740	41,220
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)	1,905	(68)	0
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)	1,905	(68)
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
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
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
Interest Expense [Member] | Borrowings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	(97,729)	(57,216)	(26,760)
Gain (Loss) on Mortgage Loans [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	15,735	15,932	12,568
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
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)	15,735	15,932	12,568
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
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
Other Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	(11,834)	(26,526)	16,840
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
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
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)	(19,741)	(52,440)	41,125
Other Income [Member] | Borrowings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ 7,907	$ 25,914	$ (24,285)

Fair Value Schedule of Financin

Fair Value Schedule of Financing Receivables, Non Accrual Status (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Residential mortgage loans held-for-sale, at fair value	$ 40,146	$ 811,431
Collateralized borrowings in securitization trusts, at fair value	3,037,196	2,000,110
Residential mortgage loans held-for-investment in securitization trusts, at fair value	3,271,317	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	49,986	812,661
Fair Value, Option, Loans Held as Assets, Aggregate Amount in Nonaccrual Status	25,445	30,438
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due	21,759	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	40,146	811,431
Fair Value, Option, Loans Held as Assets, Aggregate Amount in Nonaccrual Status	21,162	25,771
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due	18,203	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	2,408	868
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due	1,419	868
Residential mortgage loans held-for-investment in securitization trusts, at fair value	3,271,317	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	2,373	860
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due	1,401	860
Residential mortgage loans held-for-investment in securitization trusts, at fair value	3,234,044	3,143,515
Collateralized Borrowings, Unpaid Principal [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Collateralized borrowings in securitization trusts, at fair value	3,015,162	1,987,628
Borrowings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Collateralized borrowings in securitization trusts, at fair value	$ 3,037,196	$ 2,000,110

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Repurchase agreements	$ 9,316,351	$ 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	$ 185,634	$ 0

Fair Value by Balance Sheet Gro

Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities, at fair value	$ 13,128,857	$ 7,825,320
Residential mortgage loans held-for-sale, at fair value	40,146	811,431
Residential mortgage loans held-for-investment in securitization trusts, at fair value	3,271,317	3,173,727
Commercial real estate assets	1,412,543	660,953	$ 0	$ 0
Commercial real estate assets, at fair value	1,411,733
Mortgage servicing rights, at fair value	693,815	493,688	452,006	514,402
Cash and cash equivalents	406,883	737,831	$ 1,005,792	$ 1,025,487
Restricted cash	408,312	262,562
Derivative assets, at fair value	324,182	271,509
Federal Home Loan Bank stock	167,856	156,650
Cost Method Investments	3,000	3,000
Repurchase agreements	9,316,351	5,008,274
Collateralized borrowings in securitization trusts, at fair value	3,037,196	2,000,110
Federal Home Loan Bank advances	4,000,000	3,785,000
Revolving credit facilities	70,000	0
Derivative liabilities, at fair value	12,501	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	Dec. 31, 2016	Dec. 31, 2015
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 9,316,351	$ 5,008,274
Maturity up to One Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	9,130,717	5,008,274
Maturity Over One Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 185,634	$ 0

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements by Maturity (Details) $ in Thousands	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Interest Rate	1.31%	1.10%
Repurchase agreements	$ 9,316,351	$ 5,008,274
Assets Sold under Agreements to Repurchase, Weighted Average Remaining Maturity	77	35
US Government Agencies Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Interest Rate	0.94%	0.65%
Repurchase agreements	$ 7,336,922	$ 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	2.60%	2.03%
Repurchase agreements	$ 1,434,145	$ 1,480,182
Inverse Interest-Only Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Interest Rate	1.69%	1.18%
Repurchase agreements	$ 102,236	$ 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	3.16%	2.62%
Repurchase agreements	$ 443,048	$ 59,349
Maturity up to 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	3,253,045	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	2,511,773	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	688,667	852,436
Maturity up to 30 days [Member] | Inverse Interest-Only Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	30,672	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	2,218,502	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	1,786,664	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	334,590	271,819
Maturity 30 to 59 Days [Member] | Inverse Interest-Only Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	68,257	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	28,991	0
Maturity 60 to 89 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	1,128,394	161,449
Maturity 60 to 89 Days [Member] | US Government Agencies Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	1,035,806	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	89,281	15,691
Maturity 60 to 89 Days [Member] | Inverse Interest-Only Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	3,307	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	1,444,056	175,486
Maturity 90 to 119 Days [Member] | US Government Agencies Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	1,192,127	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	251,929	106,007
Maturity 90 to 119 Days [Member] | Inverse Interest-Only Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	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	1,086,720	242,739
Maturity 120 to 364 days [Member] | US Government Agencies Debt Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	810,552	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	69,678	234,229
Maturity 120 to 364 days [Member] | Inverse Interest-Only Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	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	206,490	0
Maturity Over One Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	185,634	$ 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	$ 185,634

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	Dec. 31, 2016	Dec. 31, 2015
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	$ 10,753,868	$ 6,049,954
Available-for-sale Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	9,540,849	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	648,885	108,958
Retained Interest [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	211,095	274,949
Cash and Cash Equivalents [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	15,000	15,000
Restricted Cash and Cash Equivalents [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	162,759	119,310
Due From Correspondent Brokers [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	48,939	10,211
Derivative Financial Instruments, Assets [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	$ 126,341	$ 157,879

Schedule of Repurchase Agree110

Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity (Details) $ in Thousands	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 9,316,351	$ 5,008,274
Repurchase Agreement Counterparty, Amount at Risk	1,435,401	1,035,785
Repurchase Agreement Counterparty, Royal Bank of Canada [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	980,738	799,527
Repurchase Agreement Counterparty, Amount at Risk	$ 247,486	$ 217,677
Repurchase Agreement Counterparty, Percent of Equity at Risk	7.00%	6.00%
Repurchase Agreement Counterparty, Weighted Average Days to Maturity	76.1	31.5
Repurchase Agreement Counterparty, All Other Counterparties [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 8,335,613	$ 4,208,747
Repurchase Agreement Counterparty, Amount at Risk	$ 1,187,915	$ 818,108
Repurchase Agreement Counterparty, Percent of Equity at Risk	35.00%	23.00%
Repurchase Agreement Counterparty, Weighted Average Days to Maturity	77.6	36.2
Number of Repurchase Agreement Counterparties with Whom Repurchase Agreements Are Less Than 10 Percent of Stockholders' Equity	22	20

Collateralized Borrowings in111

Collateralized Borrowings in Securitization Trusts, at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Collateralized borrowings in securitization trusts, at fair value	$ 3,037,196	$ 2,000,110
Debt, Weighted Average Interest Rate	3.40%	3.60%

Federal Home Loan Bank Advan112

Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands	Dec. 31, 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	0.85%	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	Dec. 31, 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 Asset114

Schedule of Underlying Assets of Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands	Dec. 31, 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	$ 4,287,485	$ 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	3,576,481	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	0	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	708,989	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	$ 2,015	$ 863,363

Revolving Credit Facilities (De

Revolving Credit Facilities (Details) $ in Thousands	Dec. 31, 2016USD ($)unit	Dec. 31, 2015USD ($)
Short-term Debt [Line Items]
Revolving credit facilities	$ 70,000	$ 0
Short-term Debt, Weighted Average Interest Rate	4.53%
Revolving Credit Facilities, Weighted Average Remaining Maturity | unit	306
Pledged Assets, Not Separately Reported, Other	$ 180,948

Commitments and Contingencies M

Commitments and Contingencies Management Agreement (Details)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Management Fee, Percent	1.50%

Commitments and Contingencies S

Commitments and Contingencies Schedule of Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Leased Assets [Line Items]
Operating Leases, Rent Expense	$ 3,155	$ 2,557	$ 1,998
Operating Leases, Future Minimum Payments Due, Next Twelve Months	2,808
Operating Leases, Future Minimum Payments, Due in Two Years	2,412
Operating Leases, Future Minimum Payments, Due in Two and Three Years	2,483
Operating Leases, Future Minimum Payments, Due in Four Years	2,424
Operating Leases, Future Minimum Payments, Due in Five Years	2,438
Operating Leases, Future Minimum Payments, Due Thereafter	828
Operating Leases, Future Minimum Payments Due	$ 13,393

Commitments and Contingencies U

Commitments and Contingencies Unfunded Commitments on Commercial Real Estate Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Unfunded Commitments, Commercial Real Estate Assets	$ 167,924	$ 52,234

Commitments and Contingencies R

Commitments and Contingencies Representation and Warranty Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency, Estimate of Possible Loss	$ 3,976	$ 2,793

Stockholders' Equity Common Sto

Stockholders' Equity Common Stock Outstanding Roll Forward (Details) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Common shares outstanding at beginning of period	353,906,807	366,395,920	364,935,168
Stock Issued During Period, Shares, New Issues	60,602	69,826	57,218
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	1,704,917	1,105,361	1,403,534
Stock Repurchased and Retired During Period, Shares	(8,020,000)	(13,664,300)
Common shares outstanding at end of period	347,652,326	353,906,807	366,395,920
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	2,639,424

Stockholders' Equity Schedule o

Stockholders' Equity Schedule of Dividends Declared (Details) - $ / shares

3 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dividends Payable [Line Items]

Dividends Payable, Date Declared

Dec. 15, 2016

Sep. 15, 2016

Jun. 16, 2016

Mar. 15, 2016

Dec. 16, 2015

Sep. 16, 2015

Jun. 17, 2015

Mar. 18, 2015

Dec. 16, 2014

Sep. 16, 2014

Jun. 17, 2014

Mar. 17, 2014

Dividends Payable, Date of Record

Dec. 30, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 30, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 30, 2014

Sep. 30, 2014

Jul. 2, 2014

Mar. 31, 2014

Dividends Payable, Date to be Paid

Jan. 27, 2017

Oct. 20, 2016

Jul. 20, 2016

Apr. 21, 2016

Jan. 20, 2016

Oct. 22, 2015

Jul. 21, 2015

Apr. 21, 2015

Jan. 20, 2015

Oct. 21, 2014

Jul. 22, 2014

Apr. 21, 2014

Common Stock, Dividends, Per Share, Declared

$ 0.24

$ 0.23

$ 0.23

$ 0.23

$ 0.26

$ 0.26

$ 0.26

$ 0.26

$ 0.26

$ 0.26

$ 0.26

$ 0.26

Stockholders' Equity Schedul122

Stockholders' Equity Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 199,227	$ 359,061
Collateralized Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Unrealized Gains	393,555	405,177
Available-for-sale Securities, Gross Unrealized Losses	$ (194,328)	$ (46,116)

Stockholders' Equity Reclassifi

Stockholders' Equity Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain (Loss) on Investments, Excluding Other than Temporary Impairments	$ 107,374	$ (363,379)	$ (87,201)
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	1,822	535	392
Gain (Loss) on Investments, Excluding Other than Temporary Impairments	(102,852)	(336,230)	(52,931)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (101,030)	$ (335,695)	$ (52,539)

Stockholders' Equity Dividend R

Stockholders' Equity Dividend Reinvestment and Direct Stock Purchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	7,500,000
Stock Issued and Outstanding, Shares, Dividend Reinvestment Plan	343,894
Stock Issued and Outstanding, Value, Dividend Reinvestment Plan	$ 3,461
Stock Issued During Period, Shares, Dividend Reinvestment Plan	60,602	69,826	57,218
Stock Issued During Period, Value, Dividend Reinvestment Plan	$ 502	$ 691	$ 587

Stockholders' Equity Share Repu

Stockholders' Equity Share Repurchase Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	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	13,664,300
Stock Repurchased and Retired During Period, Value	$ 61,307	$ 115,174
Common Stock [Member]
Class of Stock [Line Items]
Stock Repurchased and Retired During Period, Shares	8,020,000	13,664,300
Stock Repurchased and Retired During Period, Value	$ 80	$ 137

Stockholders' Equity At-the-Mar

Stockholders' Equity At-the-Market Offering (Details) $ in Thousands	Dec. 31, 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		12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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	1,177,526
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	$ 10.47
Allocated Share-based Compensation Expense			$ 15,198	$ 9,002	$ 11,704
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	61,952			54,799
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	$ 10.18			$ 10.31
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	1,374,989
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	$ 9.90
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price	$ 8.72		$ 8.72

Equity Incentive Plan Schedule

Equity Incentive Plan Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 15,198	$ 9,002	$ 11,704
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	1,177,526
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	$ 10.47
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(1,369,229)	(828,164)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ (10.05)	$ (10.42)
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	2,639,424	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 End of Period	$ 8.59	$ 10.36	$ 10.32

Restructuring Charges (Details)

Restructuring Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Severance Costs	$ 2,398
Business Exit Costs	217
Other Restructuring Costs	375
Restructuring charges	$ 2,990	$ 0	$ 0

Schedule of Components of Incom

Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Expense (Benefit) Components [Line Items]
Current Federal Tax Expense (Benefit)									$ (1,630)	$ (4,027)	$ 6,507
Current State and Local Tax Expense (Benefit)									167	175	16
Current Income Tax Expense (Benefit)									(1,463)	(3,852)	6,523
Deferred Income Tax Expense (Benefit)									13,766	(12,638)	(80,261)
Provision for (benefit from) income taxes	$ 38,441	$ (16,827)	$ (14,762)	$ 5,451	$ 8,780	$ (7,656)	$ (6,957)	$ (10,657)	$ 12,303	$ (16,490)	$ (73,738)

Income Taxes Schedule of Effect

Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Effective Income Tax Rate Reconciliaton [Line Items]
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount									$ 127,953	$ 166,502	$ 32,691
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent									35.00%	35.00%	35.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount									$ 108	$ 114	$ 10
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent									0.00%	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount									$ 392	$ 4,203	$ 1,636
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent									0.00%	1.00%	2.00%
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount									$ (116,150)	$ (187,309)	$ (108,075)
Effective Income Tax Rate Reconciliation, Deduction, Dividend, Percent									(32.00%)	(39.00%)	(116.00%)
Provision for (benefit from) income taxes	$ 38,441	$ (16,827)	$ (14,762)	$ 5,451	$ 8,780	$ (7,656)	$ (6,957)	$ (10,657)	$ 12,303	$ (16,490)	$ (73,738)
Effective Income Tax Rate Reconciliation, Percent									3.00%	(3.00%)	(79.00%)

Income Taxes Schedule of Curren

Income Taxes Schedule of Current and Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current and Deferred Tax Assets and Liabilities [Line Items]
Federal Income Taxes Receivable (Payable)	$ 1,532	$ 5,216
State and Local Income Taxes Receivable (Payable)	0	0
Income Taxes Receivable (Payable)	1,532	5,216
Deferred Tax Assets, Gross	111,636	69,441
Deferred Tax Liabilities, Gross	(54,275)	(25,123)
Deferred Income Tax Assets, Net	57,361	44,318
Income Taxes Receivable	$ 58,893	$ 49,534

Income Taxes Schedule of Deferr

Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred Tax Assets and Liabilities [Line Items]
Deferred Tax Assets, Other Comprehensive Loss	$ 17,942
Deferred Tax Liabilities, Other Comprehensive Income		$ (8,673)
Deferred Tax Liabilities, Mortgage Servicing Rights	(9,492)
Deferred Tax Assets, Mortgage Servicing Rights		6,363
Deferred Tax Liabilities, Derivative Instruments	(42,666)	(4,492)
Deferred Tax Assets, Other	24	3
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Warranty Reserves	2,713	978
Deferred Tax Assets, Goodwill and Intangible Assets	235	256
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax	1,904	420
Deferred Tax Assets, Operating Loss Carryforwards	42,039	8,177
Deferred Tax Assets, Capital Loss Carryforwards	44,662	41,286
Deferred Tax Assets, Net	57,361	$ 44,318
Tax Year 2012 [Member]
Deferred Tax Assets and Liabilities [Line Items]
Deferred Tax Assets, Capital Loss Carryforwards	53
Tax Year 2013 [Member]
Deferred Tax Assets and Liabilities [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	1,336
Tax Year 2014 [Member]
Deferred Tax Assets and Liabilities [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	2,490
Deferred Tax Assets, Capital Loss Carryforwards	20,102
Tax Year 2015 [Member]
Deferred Tax Assets and Liabilities [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	4,351
Deferred Tax Assets, Capital Loss Carryforwards	21,131
Latest Tax Year [Member]
Deferred Tax Assets and Liabilities [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	33,862
Deferred Tax Assets, Capital Loss Carryforwards	$ 3,375

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ 341,403	$ 117,786	$ (16,981)	$ (88,930)	$ 210,707	$ (34,790)	$ 221,501	$ 94,793	$ 353,278	$ 492,210	$ 167,139
Weighted average number of shares of common shares outstanding									345,046,993	363,055,228	364,181,059
Weighted average restricted stock shares									3,026,711	2,192,510	1,830,796
Basic and diluted weighted average shares outstanding	347,643,257	347,627,226	347,597,955	349,436,015	360,090,432	367,365,973	367,074,131	366,507,657	348,073,704	365,247,738	366,011,855
Basic and diluted earnings per weighted average common share	$ 0.98	$ 0.34	$ (0.05)	$ (0.25)	$ 0.59	$ (0.09)	$ 0.60	$ 0.26	$ 1.01	$ 1.35	$ 0.46

Schedule of Related Party Trans

Schedule of Related Party Transactions, by Related Party (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Asset Management Costs	$ 46,434	$ 50,294	$ 48,803
Management Fee, Percent	1.50%
Costs and Expenses, Related Party	$ 25,760	22,873	15,501
Allocated Share-based Compensation Expense	$ 15,198	$ 9,002	$ 11,704

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Event, Offering of Convertible Senior Notes (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Jan. 19, 2017
Subsequent Event [Line Items]
Convertible Debt		$ 287.5
Debt Instrument, Interest Rate, Stated Percentage		6.25%
Debt Instrument, Convertible, Conversion Price		$ 10
Proceeds from Convertible Debt	$ 282
Over-Allotment Option [Member]
Subsequent Event [Line Items]
Convertible Debt		$ 37.5

Quarterly Financial Data (Detai

Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Total interest income	$ 179,089	$ 168,862	$ 154,776	$ 130,763	$ 133,605	$ 152,834	$ 152,529	$ 162,969	$ 633,490	$ 601,937	$ 577,207
Total interest expense	66,216	60,350	53,969	41,360	36,574	37,079	35,029	33,503	221,895	142,186	107,450
Net interest income	112,873	108,512	100,807	89,403	97,031	115,755	117,500	129,466	411,595	459,751	469,757
Other-than-temporary impairment losses	0	(1,015)	(90)	(717)	0	(238)	(170)	(127)	(1,822)	(535)	(392)
Total other (loss) income	304,266	31,971	(94,974)	(133,672)	160,308	(119,286)	134,110	(7,100)	107,591	168,032	(240,367)
Total expenses	37,295	38,509	37,486	38,493	37,852	38,677	36,896	38,103	151,783	151,528	135,597
Provision for (benefit from) income taxes	38,441	(16,827)	(14,762)	5,451	8,780	(7,656)	(6,957)	(10,657)	12,303	(16,490)	(73,738)
Net income (loss)	$ 341,403	$ 117,786	$ (16,981)	$ (88,930)	$ 210,707	$ (34,790)	$ 221,501	$ 94,793	$ 353,278	$ 492,210	$ 167,139
Basic and diluted earnings per weighted average common share	$ 0.98	$ 0.34	$ (0.05)	$ (0.25)	$ 0.59	$ (0.09)	$ 0.60	$ 0.26	$ 1.01	$ 1.35	$ 0.46
Basic and diluted weighted average number of shares of common stock outstanding	347,643,257	347,627,226	347,597,955	349,436,015	360,090,432	367,365,973	367,074,131	366,507,657	348,073,704	365,247,738	366,011,855

Schedule IV Mortgage Loans o138

Schedule IV Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)unit
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Prior Liens	$ 1,240,903
Mortgage Loans on Real Estate, Face Amount of Mortgages	4,708,475
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	4,724,006
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	23,160
Loans Held-for-Sale, Residential Mortgages [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Prior Liens	0
Mortgage Loans on Real Estate, Face Amount of Mortgages	49,986
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	40,146
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 21,759
Loans Held-for-Sale, Residential Mortgages [Member] | Prime Nonconforming Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Number of Loans | unit	2
Mortgage Loans on Real Estate, Final Maturity Date	Jun. 1, 2046
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	978
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	925
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 481
Loans Held-for-Sale, Residential Mortgages [Member] | Prime Nonconforming Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	3.875%
Loans Held-for-Sale, Residential Mortgages [Member] | Prime Nonconforming Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	4.25%
Loans Held-for-Sale, Residential Mortgages [Member] | Credit Sensitive Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Number of Loans | unit	71
Mortgage Loans on Real Estate, Final Maturity Date	May 1, 2056
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	12,494
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	6,691
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 2,420
Loans Held-for-Sale, Residential Mortgages [Member] | Credit Sensitive Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	1.00%
Loans Held-for-Sale, Residential Mortgages [Member] | Credit Sensitive Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	12.20%
Loans Held-for-Sale, Residential Mortgages [Member] | Credit Sensitive Residential Mortgage Loan [Member] | Adjustable Rate Residential Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Number of Loans | unit	23
Mortgage Loans on Real Estate, Final Maturity Date	Oct. 1, 2051
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	5,346
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	3,798
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 751
Loans Held-for-Sale, Residential Mortgages [Member] | Credit Sensitive Residential Mortgage Loan [Member] | Adjustable Rate Residential Mortgage [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	2.875%
Loans Held-for-Sale, Residential Mortgages [Member] | Credit Sensitive Residential Mortgage Loan [Member] | Adjustable Rate Residential Mortgage [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	10.65%
Loans Held-for-Sale, Residential Mortgages [Member] | Ginnie Mae Buyout Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Number of Loans | unit	234
Mortgage Loans on Real Estate, Final Maturity Date	Jul. 1, 2056
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	30,856
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	28,434
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 18,006
Loans Held-for-Sale, Residential Mortgages [Member] | Ginnie Mae Buyout Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	2.00%
Loans Held-for-Sale, Residential Mortgages [Member] | Ginnie Mae Buyout Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	12.00%
Loans Held-for-Sale, Residential Mortgages [Member] | Ginnie Mae Buyout Residential Mortgage Loan [Member] | Adjustable Rate Residential Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Number of Loans | unit	3
Mortgage Loans on Real Estate, Final Maturity Date	Sep. 1, 2041
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	312
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	298
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 101
Loans Held-for-Sale, Residential Mortgages [Member] | Ginnie Mae Buyout Residential Mortgage Loan [Member] | Adjustable Rate Residential Mortgage [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	2.375%
Loans Held-for-Sale, Residential Mortgages [Member] | Ginnie Mae Buyout Residential Mortgage Loan [Member] | Adjustable Rate Residential Mortgage [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	4.00%
Loans Held-for-Investment, Residential Mortgages [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	3,234,044
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	3,271,317
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 1,401
Loans Held-for-Investment, Residential Mortgages [Member] | Prime Nonconforming Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member] | Mortgage Loans under $1,000,000 [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Number of Loans | unit	4,074
Mortgage Loans on Real Estate, Final Maturity Date	Jul. 1, 2046
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	2,612,321
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	2,642,617
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 1,401
Loans Held-for-Investment, Residential Mortgages [Member] | Prime Nonconforming Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member] | Mortgage Loans under $1,000,000 [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	3.375%
Loans Held-for-Investment, Residential Mortgages [Member] | Prime Nonconforming Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member] | Mortgage Loans under $1,000,000 [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	5.125%
Loans Held-for-Investment, Residential Mortgages [Member] | Prime Nonconforming Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member] | Mortgage Loans between $1,000,000 and $1,999,999 [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Number of Loans | unit	514
Mortgage Loans on Real Estate, Final Maturity Date	Jul. 1, 2046
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	589,291
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	595,884
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Residential Mortgages [Member] | Prime Nonconforming Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member] | Mortgage Loans between $1,000,000 and $1,999,999 [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	3.50%
Loans Held-for-Investment, Residential Mortgages [Member] | Prime Nonconforming Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member] | Mortgage Loans between $1,000,000 and $1,999,999 [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	5.00%
Loans Held-for-Investment, Residential Mortgages [Member] | Prime Nonconforming Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member] | Mortgage Loans over $2,000,000 [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Number of Loans | unit	16
Mortgage Loans on Real Estate, Final Maturity Date	Jun. 1, 2046
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	32,432
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	32,816
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Residential Mortgages [Member] | Prime Nonconforming Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member] | Mortgage Loans over $2,000,000 [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	3.625%
Loans Held-for-Investment, Residential Mortgages [Member] | Prime Nonconforming Residential Mortgage Loan [Member] | Fixed Rate Residential Mortgage [Member] | Mortgage Loans over $2,000,000 [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	4.25%
Loans Held-for-Investment, Commercial Real Estate [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Prior Liens	$ 1,240,903
Mortgage Loans on Real Estate, Face Amount of Mortgages	1,424,445
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	1,412,543
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Retail-Mixed Use Southwest [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.20%
Mortgage Loans on Real Estate, Final Maturity Date	Dec. 9, 2019
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	120,000
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	119,734
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Retail West [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	3.42%
Mortgage Loans on Real Estate, Final Maturity Date	Oct. 9, 2018
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	105,000
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	104,967
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office Diversified US [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.45%
Mortgage Loans on Real Estate, Final Maturity Date	Aug. 9, 2020
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	93,138
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	91,727
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Industrial Northeast [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.75%
Mortgage Loans on Real Estate, Final Maturity Date	Apr. 9, 2019
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	82,000
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	81,250
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office-Mixed Use Northeast [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.20%
Mortgage Loans on Real Estate, Final Maturity Date	Dec. 9, 2018
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	77,134
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	76,923
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office Northeast [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.37%
Mortgage Loans on Real Estate, Final Maturity Date	Oct. 9, 2020
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	72,966
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	72,043
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office Southeast [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.11%
Mortgage Loans on Real Estate, Final Maturity Date	Sep. 9, 2018
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	62,275
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	60,373
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Retail West 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.49%
Mortgage Loans on Real Estate, Final Maturity Date	Jan. 9, 2021
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	50,300
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	49,837
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office Diversified US 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	7.25%
Mortgage Loans on Real Estate, Final Maturity Date	Jul. 9, 2020
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 708,000
Mortgage Loans on Real Estate, Face Amount of Mortgages	48,252
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	48,252
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Hotel Diversified US [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	6.75%
Mortgage Loans on Real Estate, Final Maturity Date	Jan. 9, 2017
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 285,000
Mortgage Loans on Real Estate, Face Amount of Mortgages	45,900
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	45,885
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Multifamily Southwest [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.05%
Mortgage Loans on Real Estate, Final Maturity Date	Jan. 9, 2019
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	43,500
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	43,462
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office Northeast 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.40%
Mortgage Loans on Real Estate, Final Maturity Date	May 9, 2019
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	43,500
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	42,937
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office Northeast 3 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.65%
Mortgage Loans on Real Estate, Final Maturity Date	Mar. 9, 2019
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	43,215
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	43,181
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office Southwest [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.30%
Mortgage Loans on Real Estate, Final Maturity Date	Sep. 9, 2020
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	41,821
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	41,457
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office Northeast 4 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.95%
Mortgage Loans on Real Estate, Final Maturity Date	Jan. 9, 2020
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	39,550
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	38,885
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office Northeast 5 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.55%
Mortgage Loans on Real Estate, Final Maturity Date	Dec. 9, 2019
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	38,000
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	37,778
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office Northeast 6 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.60%
Mortgage Loans on Real Estate, Final Maturity Date	Nov. 9, 2018
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	37,000
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	36,539
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office West [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.27%
Mortgage Loans on Real Estate, Final Maturity Date	Nov. 9, 2019
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	36,010
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	35,414
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Multifamily Northeast [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.27%
Mortgage Loans on Real Estate, Final Maturity Date	Dec. 9, 2019
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	34,000
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	33,321
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office Northeast 7 [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	5.11%
Mortgage Loans on Real Estate, Final Maturity Date	Mar. 6, 2026
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	33,800
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	33,615
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Multifamily Midwest [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.80%
Mortgage Loans on Real Estate, Final Maturity Date	Feb. 9, 2019
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	30,941
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	30,651
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Industrial Northeast 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.70%
Mortgage Loans on Real Estate, Final Maturity Date	Sep. 9, 2020
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	24,000
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	23,831
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Multifamily Northeast 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	3.60%
Mortgage Loans on Real Estate, Final Maturity Date	Nov. 9, 2019
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	23,500
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	23,515
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office West 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.55%
Mortgage Loans on Real Estate, Final Maturity Date	Oct. 9, 2019
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	23,083
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	22,781
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Hotel Midwest [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.99%
Mortgage Loans on Real Estate, Final Maturity Date	Sep. 9, 2018
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	21,157
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	21,049
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Multifamily Southeast [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.57%
Mortgage Loans on Real Estate, Final Maturity Date	Aug. 9, 2019
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	20,488
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	20,214
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Multifamily Southeast 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	5.25%
Mortgage Loans on Real Estate, Final Maturity Date	Aug. 9, 2017
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	19,288
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	19,287
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Multifamily Southeast 3 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.05%
Mortgage Loans on Real Estate, Final Maturity Date	Nov. 9, 2019
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	18,700
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	18,669
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Hotel Southeast [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	8.75%
Mortgage Loans on Real Estate, Final Maturity Date	Jun. 9, 2019
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 98,500
Mortgage Loans on Real Estate, Face Amount of Mortgages	17,000
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	17,027
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Multifamily Northeast 3 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.85%
Mortgage Loans on Real Estate, Final Maturity Date	Aug. 9, 2018
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	16,527
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	16,216
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Multifamily Northeast 4 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.62%
Mortgage Loans on Real Estate, Final Maturity Date	Jan. 9, 2020
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	13,400
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	13,216
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Multifamily Southeast 4 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	4.03%
Mortgage Loans on Real Estate, Final Maturity Date	Nov. 9, 2018
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	11,000
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	11,001
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office West 3 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	5.90%
Mortgage Loans on Real Estate, Final Maturity Date	Oct. 9, 2018
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 0
Mortgage Loans on Real Estate, Face Amount of Mortgages	10,907
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	10,660
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office Northeast 8 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	2.25%
Mortgage Loans on Real Estate, Final Maturity Date	Nov. 6, 2025
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 45,100
Mortgage Loans on Real Estate, Face Amount of Mortgages	10,257
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	10,279
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Office Southeast 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Description of Variable Rate Basis	1M Libor
Loans Receivable, Basis Spread on Variable Rate	9.50%
Mortgage Loans on Real Estate, Final Maturity Date	Jul. 9, 2018
Mortgage Loans on Real Estate, Periodic Payment Terms	IO
Mortgage Loans on Real Estate, Prior Liens	$ 45,303
Mortgage Loans on Real Estate, Face Amount of Mortgages	9,900
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	9,942
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
Loans Held-for-Investment, Commercial Real Estate [Member] | Hotel Northeast [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	13.00%
Mortgage Loans on Real Estate, Final Maturity Date	Aug. 13, 2020
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Prior Liens	$ 59,000
Mortgage Loans on Real Estate, Face Amount of Mortgages	6,936
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	6,625
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0

Note to Schedule IV Reconciliat

Note to Schedule IV Reconciliation of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate at Beginning of Period	$ 4,646,111	$ 2,280,458	$ 1,336,971
Mortgage Loans on Real Estate, New Mortgage Loans	1,988,150	3,269,020	1,475,210
Mortgage Loans on Real Estate, Amortization of Premium	263	149	0
Amortization of Deferred Loan Origination Fees, Net	6,981	319	0
Mortgage Loans on Real Estate, Collections of Principal	(1,080,632)	(661,000)	(149,674)
Mortgage Loans on Real Estate, Cost of Mortgages Sold	(799,563)	(147,713)	(425,505)
Increase (Decrease) in Loans, Deferred Income	(12,554)	(6,656)	0
Cumulative-effect adjustment to equity for adoption of new accounting principle	0	(2,991)	0
Mortgage Loans on Real Estate, Change in Realized and Unrealized Gains (Losses)	(2,868)	(53,689)	49,719
Mortgage Loans on Real Estate, Other Deductions	(21,882)	(31,786)	(6,263)
Mortgage Loans on Real Estate at End of Period	$ 4,724,006	$ 4,646,111	$ 2,280,458