MTGE Investment (MTGE) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2015	Aug. 01, 2015
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	American Capital Mortgage Investment Corp.
Entity Central Index Key	1,516,973
Entity Filer Category	Large Accelerated Filer
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		51,192,146
Trading Symbol	MTGE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Agency securities, at fair value (including pledged securities of $3,493,497 and $4,235,235, respectively)	$ 3,580,696	$ 4,384,139
Non-agency securities, at fair value (including pledged securities of $1,328,943 and $940,981, respectively)	1,503,644	1,168,834
U.S. Treasury Securities, at fair value (including pledged securities of $269,121 and $707,284, respectively)	279,120	758,629
Cash and cash equivalents	176,132	203,431
Restricted cash	70,568	82,144
Interest receivable	12,740	15,249
Derivative assets, at fair value	13,530	28,574
Receivable for agency securities sold	233,463	26,747
Receivable under reverse repurchase agreements	204,355	214,399
Mortgage servicing rights	91,699	93,640
Other assets	54,955	55,466
Total assets	6,220,902	7,031,252
Liabilities:
Secured Debt, Repurchase Agreements	4,740,499	5,423,630
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances	197,202	0
Payable for Agency and Non-Agency Securities Purchased	10,004	49,755
Derivative liabilities, at fair value	70,128	75,981
Dividend payable	26,713	34,374
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements, at Fair Value	24,542	230,136
Accounts payable and other accrued liabilities	37,382	41,407
Total liabilities	5,106,470	5,855,283
Stockholders' equity:
Preferred stock, $0.01 par value; 50,000 shares authorized, 2,200 and 2,200 shares issued and outstanding, respectively	53,039	53,039
Common stock, $0.01 par value; 300,000 shares authorized, 51,192 and 51,165 shares issued and outstanding, respectively	512	512
Additional paid-in capital	1,199,329	1,198,560
Retained earnings	(138,448)	(76,142)
Total stockholders' equity	1,114,432	1,175,969
Total liabilities and stockholders' equity	$ 6,220,902	$ 7,031,252

Consolidated Balance Sheets Con

Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - Class of Stock [Domain] - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Preferred Stock, Par or Stated Value Per Share	$ 22	$ 22
Preferred Stock, Shares Authorized	50,000	50,000
Preferred Stock, Shares Issued	2,200	2,200
Preferred Stock, Shares Outstanding	2,200	2,200
Common Stock, Value, Issued	$ 512	$ 512
Common Stock, Shares Authorized	300,000	300,000
Common Stock, Shares, Issued	51,192	51,165
Common Stock, Shares, Outstanding	51,192	51,165
Agency Securities [Member]
Security Owned and Pledged as Collateral, Fair Value	$ 3,493,497	$ 4,235,235
Agency Securities [Member] | Repurchase Agreements [Member]
Security Owned and Pledged as Collateral, Fair Value	3,488,799	4,233,884
Non-Agency Securities [Member]
Security Owned and Pledged as Collateral, Fair Value	1,328,943	940,981
Non-Agency Securities [Member] | Repurchase Agreements [Member]
Security Owned and Pledged as Collateral, Fair Value	1,110,327	940,981
US Treasury Securities [Member]
Security Owned and Pledged as Collateral, Fair Value	$ 269,121	$ 707,284

Consolidated Statement Of Opera

Consolidated Statement Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Interest income:
Agency securities	$ 27,573	$ 31,459	$ 55,467	$ 65,731
Non-agency securities	17,726	15,502	34,654	31,470
Investment Income, Interest	46	77	130	133
Interest expense	(7,561)	(7,256)	(15,015)	(15,401)
Net interest income	37,784	39,782	75,236	81,933
Servicing:
Other operating income	11,388	11,389	23,192	20,953
Other noninterest expense	(15,499)	(14,426)	(31,569)	(28,648)
Net servicing loss	(4,111)	(3,037)	(8,377)	(7,695)
Other gains (losses):
Realized gain on agency securities, net	(6,661)	4,052	(5,727)	(9,081)
Realized gain on non-agency securities, net	3,151	12,983	6,397	14,392
Realized loss on periodic settlements of interest rate swaps, net	(4,433)	(5,227)	(8,744)	(10,174)
Realized gain on other derivatives and securities, net	(32,541)	11,560	(15,299)	(10,468)
Unrealized gain on agency securities, net	(60,834)	78,336	(19,706)	145,893
Unrealized gain on non-agency securities, net	(13,287)	2,018	(13,929)	9,848
Unrealized loss on other derivatives and securities, net	42,008	(49,211)	(7,734)	(68,305)
Unrealized gain (loss) mortgage servicing rights	4,863	(529)	1,669	(629)
Total other gains, net	(67,734)	53,982	(63,073)	71,476
Expenses:
Asset Management Costs	4,425	4,377	8,933	8,625
General and administrative expenses	2,129	1,846	4,078	3,676
Total expenses	6,554	6,223	13,011	12,301
Income before excise tax	(40,615)	84,504	(9,225)	133,413
Income Tax Expense (Benefit)	(658)	207	(331)	356
Net income	(39,957)	84,297	(8,894)	133,057
Preferred Stock Dividends, Income Statement Impact	(1,117)	(484)	(2,234)	(484)
Net Income (Loss) Available to Common Stockholders, Basic	$ (41,074)	$ 83,813	$ (11,128)	$ 132,573
Earnings Per Share, Basic and Diluted	$ (0.80)	$ 1.64	$ (0.22)	$ 2.59
Weighted Average Number of Shares Outstanding, Basic	51,179	51,142	51,172	51,207
Weighted Average Number of Shares Outstanding, Diluted	51,190	51,142	51,183	51,207
Common Stock, Dividends, Per Share, Declared	$ 0.50	$ 0.65	$ 1	$ 1.30

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]
Beginning Balance, Date Operations Commenced at Dec. 31, 2013	$ 1,102,720	$ 0	$ 514	$ 1,201,826	$ (99,620)
Preferred Stock, Shares Outstanding at Dec. 31, 2013		0
Balance, Common Stock, shares at Dec. 31, 2013			51,356
Net income	$ 133,057
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		2,200
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures		$ 53,018	$ 0
Stock Repurchased During Period, Shares	200		(214)
Stock Repurchased During Period, Value	$ 4,200		$ (3)	(4,205)
Stock Repurchased and Retired During Period, Value	(4,208)
Stock-based compensation	71			71
Dividends, Preferred Stock, Cash	(484)				(484)
Common dividends declared	66,484				66,484
Balance at Jun. 30, 2014	1,217,690	$ 53,018	$ 511	1,197,692	(33,531)
Balance, Common Stock, shares at Jun. 30, 2014			51,142
Preferred Stock, Shares Outstanding at Jun. 30, 2014		2,200
Beginning Balance, Date Operations Commenced at Dec. 31, 2013	1,102,720	$ 0	$ 514	1,201,826	(99,620)
Preferred Stock, Shares Outstanding at Dec. 31, 2013		0
Balance, Common Stock, shares at Dec. 31, 2013			51,356
Balance at Dec. 31, 2014	$ 1,175,969	$ 53,039
Balance, Common Stock, shares at Dec. 31, 2014	51,165		51,165
Preferred Stock, Shares Outstanding at Dec. 31, 2014	2,200	2,200
Net income	$ (8,894)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures			$ 27
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0
Stock-based compensation	$ 769			769
Dividends, Preferred Stock, Cash	(2,234)				(2,234)
Common dividends declared	51,178				51,178
Balance at Jun. 30, 2015	$ 1,114,432	$ 53,039	$ 512	$ 1,199,329	$ (138,448)
Balance, Common Stock, shares at Jun. 30, 2015	51,192		51,192
Preferred Stock, Shares Outstanding at Jun. 30, 2015	2,200	2,200

Consolidated Statement Of Cash

Consolidated Statement Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
Net income	$ (8,894)	$ 133,057
Adjustments to reconcile net income to net cash used in operating activities:
Investment Income, Amortization of Premium	14,567	18,664
Accretion of Discount	(17,688)	(20,278)
Amortization of Mortgage Servicing Rights (MSRs)	5,233	1,102
Unrealized loss (gain) on securities and derivatives, net	39,700	(86,807)
Realized loss (gain) on agency securities, net	5,727	9,081
Realized gain on non-agency securities, net	(6,397)	(14,392)
Realized loss (gain) on derivatives and securities, net	24,043	22,481
Stock-based compensation	769	71
Increase in interest receivable	2,509	6,508
Increase in other assets	8,409	2,723
Increase in accounts payable and other accrued liabilities	(566)	8,637
Net cash from (used in) operating activities	67,412	80,847
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Purchases of agency securities	(1,004,555)	(133,739)
Purchases of non-agency securities	(653,987)	(340,376)
Servicing Asset at Fair Value, Additions	(3,564)	(92,844)
Proceeds from sale of agency securities	1,235,875	1,667,076
Proceeds from sale of non-agency securities	218,978	295,211
Principal collections on agency securities	273,426	280,752
Proceeds From Principal Collection Of Non Agency Mortgag eBacked Securities	110,355	49,760
Payments for Securities Purchased under Agreements to Resell	10,044	(556,628)
Purchase Of US Treasury Securities	(3,103,588)	(1,089,263)
Proceeds from sale of U.S. Treasury securities	3,389,100	2,064,270
Proceeds from terminations of interest rate swaptions	0	17,391
Payment of premiums for interest rate swaptions	0	535
Increase (Decrease) in Restricted Cash	11,576	(71,152)
Payments for (Proceeds from) Other Investing Activities	(23,470)	(326)
Net cash flows from (used in) investing activities	460,190	2,089,597
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Payments of Dividends	(61,073)	(66,623)
Proceeds from Issuance of Preferred Stock and Preference Stock	0	53,018
Payments for Repurchase of Common Stock	0	(4,208)
Proceeds from repurchase agreements	27,583,194	17,878,744
Repayments of Short-term Debt	(28,077,022)	(20,037,758)
Net cash flow from (used in) financing activities	(554,901)	(2,176,827)
Net increase (decrease) in cash and cash equivalents	(27,299)	(6,383)
Cash and cash equivalents at beginning of period	203,431	206,398
Cash and cash equivalents at end of period	$ 176,132	$ 200,015

Unaudited Interim Consolidated

Unaudited Interim Consolidated Financial Statements (Notes)	6 Months Ended
	Jun. 30, 2015
Unaudited Interim Consolidated Financial Statements [Abstract]
Unaudited Interim Consolidated Financial Statements [Text Block]	Unaudited Interim Consolidated Financial Statements The unaudited interim consolidated financial statements of American Capital Mortgage Investment Corp. (referred to throughout this report as the "Company", "we", "us" and "our") are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Our unaudited interim consolidated financial statements include the accounts of our wholly-owned subsidiaries, American Capital Mortgage Investment TRS, LLC, Woodmont Insurance Co., LLC and American Capital Mortgage 2013, LLC and, in turn, its wholly-owned subsidiary Residential Credit Solutions, Inc. ("RCS"). Significant intercompany accounts and transactions have been eliminated. In the opinion of management, all adjustments, consisting solely of normal recurring accruals, necessary for the fair presentation of financial statements for the interim period have been included. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the year.

Organization (Notes)

Organization (Notes)	6 Months Ended
	Jun. 30, 2015
Organization [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Organization We were incorporated in Maryland on March 15, 2011 and commenced operations on August 9, 2011 following the completion of our initial public offering ("IPO"). We are externally managed by American Capital MTGE Management, LLC (our "Manager"), an affiliate of American Capital, Ltd. ("American Capital"). Our common stock is traded on the NASDAQ Global Select Market under the symbol "MTGE." We invest in, finance and manage a leveraged portfolio of mortgage-related investments, which we define to include agency residential mortgage-backed securities ("RMBS"), non-agency mortgage investments and other mortgage-related investments. Agency RMBS include residential mortgage pass-through certificates and collateralized mortgage obligations ("CMOs") structured from residential mortgage pass-through certificates for which the principal and interest payments are guaranteed by a government-sponsored enterprise ("GSE"), such as Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac"), or by a U.S. Government agency, such as Government National Mortgage Association ("Ginnie Mae"). Non-agency mortgage investments include RMBS backed by residential mortgages that are not guaranteed by a GSE or U.S. Government agency. Non-agency mortgage investments may also include prime and non-prime residential mortgage loans. Other mortgage-related investments may include mortgage servicing rights ("MSR"), GSE credit risk transfer securities ("CRT"), commercial mortgage-backed securities ("CMBS"), commercial mortgage loans and mortgage-related derivatives. Our objective is to provide attractive risk-adjusted returns to our stockholders over the long-term through a combination of dividends and net book value appreciation. In pursuing this objective, we rely on our Manager’s expertise to construct and manage a diversified mortgage investment portfolio by identifying asset classes that, when properly financed and hedged, are designed to produce attractive returns across a variety of market conditions and economic cycles, considering the risks associated with owning such investments. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). As such, we are required to distribute annually at least 90% of our taxable net income. As long as we continue to qualify as a REIT, we will generally not be subject to U.S. Federal or state corporate taxes on our taxable net income to the extent that we distribute all of our annual taxable net income to our stockholders. It is our intention to distribute 100% of our taxable net income, after application of available tax attributes, within the time limits prescribed by the Internal Revenue Code, which may extend into the subsequent taxable year.

Summary of Significant Accounti

Summary of Significant Accounting Policies (Notes)	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Fair Value of Financial Assets We have elected the option to account for all of our financial assets, including all mortgage-related investments, at estimated fair value, with changes in fair value reflected in income during the period in which they occur. In management's view, this election more appropriately reflects the results of our operations for a particular reporting period, as financial asset fair value changes are presented in a manner consistent with the presentation and timing of the fair value changes of hedging instruments. See Note 9 - Fair Value Measurements. Interest Income Interest income is accrued based on the outstanding principal amount of the securities and their contractual terms. Premiums or discounts associated with the purchase of agency RMBS and non-agency securities of high credit quality are amortized or accreted into interest income, respectively, over the projected lives of the securities, including contractual payments and estimated prepayments, using the effective interest method. We estimate long-term prepayment speeds using a third-party service and market data. The third-party service estimates prepayment speeds for our securities using models that incorporate the mortgage rates, age, size and loan-to-value ratios of the outstanding underlying loans, as well as current mortgage rates, forward yield curves, volatility and other factors. We review the prepayment speeds estimated by the third-party service and compare the results to market consensus prepayment speeds, if available. We also consider historical prepayment speeds and current market conditions to validate the reasonableness of the prepayment speeds estimated by the third-party service, and based on our Manager’s judgment, we may make adjustments to its estimates. Actual and anticipated prepayment experience is reviewed at least quarterly and effective yields are recalculated when differences arise between the previously estimated future prepayments and the amounts actually received plus currently anticipated future prepayments. If the actual and anticipated future prepayment experience differs from our prior estimate of prepayments, we are required to record an adjustment in the current period to the amortization or accretion of premiums and discounts for the cumulative difference in the effective yield through the reporting date. At the time we purchase non-agency securities and loans that are not of high credit quality, we determine an effective yield based on our estimate of the timing and amount of future cash flows and our cost basis. Our initial cash flow estimates for these investments are based on our observations of current information and events and include assumptions related to interest rates, prepayment rates and the impact of default and severity rates on the timing and amount of credit losses. On at least a quarterly basis, we review the estimated cash flows and make appropriate adjustments, based on inputs and analysis received from external sources, internal models, and our judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Any resulting changes in effective yield are recognized prospectively based on the current amortized cost of the investment as adjusted for credit impairment, if any. Mortgage Servicing Rights, at Fair Value Our MSR represent the right to service mortgage loans for a servicing fee. MSR are reported at fair value on our consolidated balance sheets, with changes in fair value related to changes in valuation inputs and assumptions reported as unrealized gain (loss) on MSR on the consolidated statements of operations. Servicing fees, incentive fees and ancillary income are reported within servicing income on the consolidated statements of operations. The related servicing expenses and realization of cash flows related to underlying loan repayments, net of recoveries of contractual prepayment protection, are recorded in servicing expenses on the consolidated statements of operations. See Note 10 - Mortgage Servicing Rights for further discussion on MSR. The accounting model used to evaluate whether a transfer of MSR qualifies as a sale is based on a risks and rewards approach, as MSR are not financial assets. In certain cases where we transfer the economics of MSR while retaining the actual servicing function, we retain the risk associated with servicing and, as a result, the transfer does not qualify for sale accounting. As such, we retain the MSR, together with an offsetting financing liability on our consolidated balance sheets. We have elected the option to account for MSR financing liabilities at estimated fair value, with changes in fair value reflected in income during the period in which they occur. See Note 12 - Accounts Payable and Other Accrued Liabilities for the presentations of our mortgage servicing liability. We may be obligated to fund advances of principal and interest payments due to third party loan investors prior to receiving payment on the loans from the individual borrowers. We may also be obligated to fund advances of real estate taxes and insurance, protective advances to preserve the value of the underlying property, and expenses associated with remedial action in respect of defaulted loans. These servicing advances are reported within other assets on the consolidated balance sheets. Repurchase Agreements We finance the acquisition of agency RMBS and certain non-agency securities for our investment portfolio through repurchase transactions under master repurchase agreements. We account for repurchase transactions as collateralized financing transactions which are carried at their contractual amounts, including accrued interest, as specified in the respective transaction agreements. The contractual amounts approximate fair value due to their short-term nature. Reverse Repurchase Agreements and Obligation to Return Securities Borrowed under Reverse Repurchase Agreements From time to time we borrow securities to cover short sales of U.S. Treasury securities through reverse repurchase transactions under our master repurchase agreements (see Derivatives below). We account for these as securities borrowing transactions and recognize an obligation to return the borrowed securities at fair value on the consolidated balance sheets based on the value of the underlying borrowed securities as of the reporting date. Our reverse repurchase agreements generally mature daily. The fair value of our reverse repurchase agreements is assumed to equal cost as the interest rates are reset daily. Derivatives We utilize a risk management strategy, under which we may use a variety of derivative instruments to hedge some of our exposure to market risks, including interest rate risk, prepayment risk, extension risk and credit risk. The objective of our risk management strategy is to reduce fluctuations in net book value over a range of market conditions. The principal instruments that we currently use are interest rate swaps and options to enter into interest rate swaps ("interest rate swaptions"). We also utilize forward contracts for the purchase or sale of agency RMBS, or to-be-announced forward ("TBA") contracts, and short sales of U.S. Treasury securities and U.S. Treasury futures contracts. We may also purchase or write put or call options on TBA securities and we may invest in other types of mortgage derivatives, such as synthetic total return swaps. We also enter into TBA contracts as a means of investing in and financing agency RMBS (thereby increasing our "at risk" leverage) or as a means of disposing of or reducing our exposure to agency RMBS (thereby reducing our "at risk" leverage). Pursuant to TBA contracts, we agree to purchase or sell, for future delivery, agency RMBS with certain principal and interest terms and certain types of collateral, but the particular agency RMBS to be delivered are not identified until shortly before the TBA settlement date. We may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a "pair off"), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA contract for a later settlement date. This transaction is commonly referred to as a "dollar roll." The agency RMBS purchased or sold for a forward settlement date are typically priced at a discount to agency RMBS for settlement in the current month. This difference (or discount) is referred to as the "price drop." The price drop is the economic equivalent of net interest carry income on the underlying agency RMBS over the roll period (interest income less implied financing cost) and is commonly referred to as "dollar roll income (loss)." Consequently, forward purchases of agency RMBS and dollar roll transactions represent a form of off-balance sheet financing. We recognize all derivative instruments as either assets or liabilities on the balance sheets, measured at fair value. As we have not designated any derivatives as hedging instruments, all changes in fair value are reported in earnings in our consolidated statements of operations in unrealized gain (loss) on other derivatives and securities, net during the period in which they occur. Derivatives in a gain position are reported as derivative assets at fair value and derivatives in a loss position are reported as derivative liabilities at fair value in our consolidated balance sheets. Cash receipts and payments related to derivative instruments are classified in our consolidated statements of cash flows according to the underlying nature or purpose of the derivative transaction, generally in the investing section. Our derivative agreements generally contain provisions that allow for netting or setting off derivative assets and liabilities with each counterparty; however, we report related assets and liabilities on a gross basis in our consolidated balance sheets. The use of derivative instruments creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. We attempt to minimize this risk by limiting our counterparties to major financial institutions with acceptable credit ratings, monitoring positions with individual counterparties and adjusting posted collateral as required. Interest rate swap agreements We use interest rate swaps to hedge the variable cash flows associated with short-term borrowings made under our repurchase agreement and other financing facilities. Under our interest rate swap agreements, we typically pay a fixed rate and receive a floating rate based on one, three or six-month LIBOR ("payer swaps") with terms up to 15 years. The floating rate we receive under our swap agreements has the effect of offsetting the repricing characteristics of our repurchase agreements and cash flows on such liabilities. Our swap agreements are privately negotiated in the over-the-counter ("OTC") market and may be centrally cleared through a registered commodities exchange ("centrally cleared swaps"). We estimate the fair value of our centrally cleared interest rate swaps using the daily settlement price determined by the respective exchange. Centrally cleared swaps are valued by the exchange using a pricing model that references the underlying rates, including the overnight index swap rate and LIBOR forward rate, to produce the daily settlement price. We estimate the fair value of our "non-centrally cleared" interest rate swaps based on valuations obtained from third-party pricing services and the swap counterparty (collectively, “third-party valuations”). The third-party valuations are model-driven using observable inputs consisting of LIBOR and the forward yield curve. We also consider the creditworthiness of both us and our counterparties and the impact of netting and credit enhancement provisions contained in each derivative agreement, such as collateral postings. All of our "non-centrally cleared" interest rate swaps are subject to bilateral collateral arrangements. Consequently, no credit valuation adjustment was made in determining the fair value of such instruments. The payment of periodic settlements of net interest on interest rate swaps is reported in realized loss on periodic settlements of interest rate swaps, net in our consolidated statements of operations. Cash payments received or paid for the early termination of an interest rate swap agreement are recorded as realized gain (loss) on other derivatives and securities, net in our consolidated statements of operations. Changes in fair value of our interest rate swap agreements are reported in unrealized gain (loss) on other derivatives and securities, net in our consolidated statements of operations. Interest rate swaptions We purchase interest rate swaptions to help mitigate the potential impact of larger, more rapid changes in interest rates on the performance of our investment portfolio. The interest rate swaptions provide us the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay or receive interest rates in the future. The premium paid for interest rate swaptions is reported as a derivative asset in our consolidated balance sheets. We estimate the fair value of interest rate swaptions based on the fair value of the future interest rate swap that we have the option to enter into as well as the remaining length of time that we have to exercise the option. The difference between the premium and the fair value of the swaption is reported in unrealized gain (loss) on other derivatives and securities, net in our consolidated statements of operations. If a swaption expires unexercised, the realized loss on the swaption would be equal to the premium paid and reported in realized gain (loss) on other derivatives and securities, net in our consolidated statements of operations. If we exercise a swaption, the realized gain or loss on the swaption would be equal to the difference between the fair value of the underlying interest rate swap and the premium paid and reported in realized gain (loss) on other derivatives and securities, net in our consolidated statements of operations. Interest rate swaption agreements are privately negotiated in the OTC market and are not subject to central clearing. We estimate the fair value of our interest rate swaption agreements based on model-driven valuations obtained from third-party pricing services and the swaption counterparty. These estimates incorporate observable inputs and include the fair value of the future interest rate swaps that we have the option to enter into, as well as the remaining length of time that we have to exercise the options, adjusted for non-performance risk, if any. TBA securities A TBA security is a forward contract for the purchase ("long position") or sale ("short position") of agency RMBS at a predetermined price, face amount, issuer, coupon and stated maturity on an agreed-upon future date. The specific agency RMBS delivered into the contract upon the settlement date, published each month by the Securities Industry and Financial Markets Association, are not known at the time of the transaction. We may enter into TBA contracts as a means of hedging against short-term changes in interest rates. We may also enter into TBA contracts as a means of acquiring or disposing of agency RMBS and we may from time to time utilize TBA dollar roll transactions to finance agency RMBS purchases. We account for all TBA contracts as derivatives since we cannot assert that it is probable at the inception and throughout the term of the contract that it will not settle net and will result in physical delivery of an agency security when it is issued. A TBA dollar roll transaction is a series of derivative transactions. The net settlement of a TBA contract is reported as realized gain (loss) on other derivatives and securities, net and changes in the fair value of our TBA contracts are reported as unrealized gain (loss) on other derivatives and securities, net in our consolidated statements of operations. We estimate the fair value of TBA securities based on similar methods used to value our agency RMBS. Forward commitments to purchase or sell specified securities We may enter into a forward commitment to purchase or sell specified securities as a means of acquiring assets or as a hedge against short-term changes in interest rates. Such forward commitments usually require physical settlement. Contracts for the purchase or sale of specified securities are accounted for as derivatives if the delivery of the specified agency RMBS and settlement extends beyond established market conventions. Realized gains and losses associated with forward commitments are recognized in realized gain (loss) on other derivatives and securities, net and unrealized gains and losses are recognized in unrealized gain (loss) on other derivatives and securities, net on our consolidated statements of operations. We estimate the fair value of forward commitments to purchase or sell specified RMBS based on methods used to value our RMBS, as well as the remaining length of time of the forward commitment. U.S. Treasury securities We purchase or sell short U.S. Treasury securities and U.S. Treasury futures contracts to help mitigate the potential impact of changes in interest rates on the performance of our portfolio. Realized gains and losses associated with purchases and short sales of U.S. Treasury securities and U.S. Treasury futures contracts are recognized in realized gain (loss) on other derivatives and securities, net, and unrealized gains and losses are recognized in unrealized gain (loss) on other derivatives and securities, net on our consolidated statements of operations.

Agency Securities

Agency Securities	6 Months Ended
	Jun. 30, 2015
Agency Securities [Abstract]
Agency Securities	Agency Securities The following tables summarize our investments in agency RMBS as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 Fannie Mae Freddie Mac Total Agency RMBS: Par value $ 2,663,954 $ 759,404 $ 3,423,358 Unamortized premium 128,485 39,150 167,635 Amortized cost 2,792,439 798,554 3,590,993 Gross unrealized gains 16,960 5,432 22,392 Gross unrealized losses (23,582 ) (9,107 ) (32,689 ) Agency RMBS, at fair value $ 2,785,817 $ 794,879 $ 3,580,696 Weighted average coupon as of June 30, 2015 3.44 % 3.53 % 3.46 % Weighted average yield as of June 30, 2015 2.61 % 2.68 % 2.63 % Weighted average yield for the three months ended June 30, 2015 2.70 % 2.84 % 2.73 % Weighted average yield for the six months ended June 30, 2015 2.58 % 2.68 % 2.60 % June 30, 2015 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Agency RMBS: Fixed rate $ 3,479,997 $ 18,853 $ (32,689 ) $ 3,466,161 Adjustable rate 110,996 3,539 — 114,535 Total $ 3,590,993 $ 22,392 $ (32,689 ) $ 3,580,696 December 31, 2014 Fannie Mae Freddie Mac Total Agency RMBS: Par value $ 3,333,348 $ 857,059 $ 4,190,407 Unamortized premium 141,252 43,070 184,322 Amortized cost 3,474,600 900,129 4,374,729 Gross unrealized gains 26,102 7,550 33,652 Gross unrealized losses (18,575 ) (5,667 ) (24,242 ) Agency RMBS, at fair value $ 3,482,127 $ 902,012 $ 4,384,139 Weighted average coupon as of December 31, 2014 3.37 % 3.50 % 3.39 % Weighted average yield as of December 31, 2014 2.54 % 2.65 % 2.56 % Weighted average yield for the year ended December 31, 2014 2.48 % 2.58 % 2.50 % December 31, 2014 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Agency RMBS: Fixed rate $ 4,252,616 $ 30,059 $ (24,242 ) $ 4,258,433 Adjustable rate 122,113 3,593 — 125,706 Total $ 4,374,729 $ 33,652 $ (24,242 ) $ 4,384,139 Actual maturities of agency RMBS are generally shorter than the stated contractual maturities. Actual maturities are affected by the contractual lives of the underlying mortgages, periodic principal payments and principal prepayments. The following table summarizes our agency RMBS as of June 30, 2015 and December 31, 2014 according to their estimated weighted average life classification (dollars in thousands): June 30, 2015 December 31, 2014 Weighted Average Weighted Average Weighted Average Life Fair Value Amortized Cost Yield Coupon Fair Value Amortized Cost Yield Coupon Greater than three years and less than or equal to five years $ 1,206,839 $ 1,197,616 2.24 % 3.14 % $ 1,528,121 $ 1,520,350 2.13 % 3.05 % Greater than five years and less than or equal to 10 years 2,346,965 2,366,476 2.82 % 3.63 % 2,827,653 2,826,297 2.79 % 3.58 % Greater than 10 years 26,892 26,901 3.12 % 3.52 % 28,365 28,082 3.12 % 3.52 % Total $ 3,580,696 $ 3,590,993 2.63 % 3.46 % $ 4,384,139 $ 4,374,729 2.56 % 3.39 % As of June 30, 2015 and December 31, 2014 , none of our agency RMBS had an estimated weighted average life of less than 3.4 years and 3.2 years , respectively. As of June 30, 2015 and December 31, 2014 , the estimated weighted average life of our agency security portfolio was 6.9 years and 6.8 years , respectively, which incorporates anticipated future prepayment assumptions. As of both June 30, 2015 and December 31, 2014 , our weighted average expected constant prepayment rate ("CPR") over the remaining life of our aggregate agency investment portfolio was 8% . Our estimates may differ materially for different types of securities and thus individual holdings may have a wide range of projected CPRs. Realized Gains and Losses The following table summarizes our net realized gains and losses from the sale of agency RMBS during the three and six months ended June 30, 2015 and 2014 (dollars in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Proceeds from agency RMBS sold $ 805,288 $ 335,176 $ 1,235,875 $ 1,667,076 Increase (decrease) in receivable for agency RMBS sold (142,817 ) 116,535 208,942 (492,111 ) Less agency RMBS sold, at cost (669,132 ) (447,659 ) (1,450,544 ) (1,184,046 ) Net realized gain (loss) on sale of agency RMBS $ (6,661 ) $ 4,052 $ (5,727 ) $ (9,081 ) Gross realized gains on sale of agency RMBS $ 365 $ 6,260 $ 3,964 $ 7,830 Gross realized losses on sale of agency RMBS (7,026 ) (2,208 ) (9,691 ) (16,911 ) Net realized gain (loss) on sale of agency RMBS $ (6,661 ) $ 4,052 $ (5,727 ) $ (9,081 ) Pledged Assets The following tables summarize our agency RMBS pledged as collateral under repurchase agreements and derivative agreements by type as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 Agency RMBS Pledged (1) Fannie Mae Freddie Mac Total Under Repurchase Agreements Fair value $ 2,713,837 $ 774,962 $ 3,488,799 Accrued interest on pledged agency RMBS 7,465 2,175 9,640 Under Derivative Agreements Fair value 4,360 338 4,698 Accrued interest on pledged agency RMBS 13 1 14 Total Fair Value of Agency RMBS Pledged and Accrued Interest $ 2,725,675 $ 777,476 $ 3,503,151 ———————— (1) Agency RMBS pledged do not include pledged amounts of $199.6 million under repurchase agreements related to agency RMBS sold but not yet settled as of June 30, 2015 . December 31, 2014 Agency RMBS Pledged Fannie Mae Freddie Mac Total Under Repurchase Agreements Fair value $ 3,395,257 $ 838,627 $ 4,233,884 Accrued interest on pledged agency RMBS 9,089 2,335 11,424 Under Derivative Agreements Fair value 677 674 1,351 Accrued interest on pledged agency RMBS 2 2 4 Total Fair Value of Agency RMBS Pledged and Accrued Interest $ 3,405,025 $ 841,638 $ 4,246,663 The following table summarizes our agency RMBS pledged as collateral under repurchase agreements by remaining maturity as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Remaining Maturity Fair Value Amortized Cost Accrued Interest Fair Value Amortized Cost Accrued Interest 30 days or less $ 1,672,747 $ 1,675,076 $ 4,576 $ 1,711,727 $ 1,707,149 $ 4,718 31 - 59 days 686,461 689,936 1,942 507,160 503,833 1,310 60 - 90 days 425,650 426,561 1,142 525,089 524,291 1,352 Greater than 90 days 703,941 707,871 1,980 1,489,908 1,489,667 4,044 Total $ 3,488,799 $ 3,499,444 $ 9,640 $ 4,233,884 $ 4,224,940 $ 11,424 As of June 30, 2015 and December 31, 2014 , none of our repurchase agreement borrowings backed by agency RMBS were due on demand or mature overnight.

Non-Agency Securities

Non-Agency Securities	6 Months Ended
	Jun. 30, 2015
Non-agency Securities [Abstract]
Non-Agency Securities	Non-Agency Securities The following tables summarize our non-agency securities as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 Fair Value Gross Unrealized Amortized Cost Premium (Discount) Par/ Current Face Weighted Average Category Gains Losses Coupon (1) Yield Prime $ 451,352 $ 8,222 $ (1,785 ) $ 444,915 $ (25,132 ) $ 470,047 3.41 % 4.53 % CRT 197,551 634 (6,294 ) 203,211 4,518 198,693 4.11 % 5.73 % Alt-A 462,229 37,500 (5,096 ) 429,825 (162,265 ) 592,090 1.64 % 6.98 % Option-ARM 167,089 9,259 (4,179 ) 162,009 (38,571 ) 200,580 0.45 % 5.83 % Subprime 225,423 5,586 (65 ) 219,902 (22,534 ) 242,436 3.12 % 4.36 % Total $ 1,503,644 $ 61,201 $ (17,419 ) $ 1,459,862 $ (243,984 ) $ 1,703,846 2.49 % 5.54 % ———————— (1) Coupon rates are floating, except for $234.6 million , $28.0 million and $186.2 million fair value of fixed-rate prime, Alt-A and subprime non-agency securities, respectively, as of June 30, 2015 . December 31, 2014 Fair Value Gross Unrealized Amortized Cost Premium (Discount) Par/ Current Face Weighted Average Category Gains Losses Coupon (1) Yield Prime $ 178,215 $ 11,346 $ (596 ) $ 167,464 $ (25,977 ) $ 193,441 3.03 % 6.42 % CRT 104,123 88 (5,893 ) 109,929 4,150 105,779 4.21 % 5.46 % Alt-A 486,254 42,536 (4,090 ) 447,808 (169,221 ) 617,029 1.67 % 6.54 % Option-ARM 173,727 11,317 (2,473 ) 164,883 (42,338 ) 207,221 0.43 % 5.88 % Subprime 226,515 5,818 (342 ) 221,039 (29,143 ) 250,182 2.70 % 4.57 % Total $ 1,168,834 $ 71,105 $ (13,394 ) $ 1,111,123 $ (262,529 ) $ 1,373,652 2.06 % 5.92 % ———————— (1) Coupon rates are floating, except for $2.5 million , $29.3 million and $151.2 million fair value of fixed-rate prime, Alt-A and subprime non-agency securities, respectively, as of December 31, 2014 . The following table summarizes our non-agency securities at fair value, by their estimated weighted average life classifications as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Weighted Average Life Fair Value Amortized Cost Weighted Average Yield Weighted Average Coupon Fair Value Amortized Cost Weighted Average Yield Weighted Average Coupon ≤ 5 years $ 384,531 $ 372,890 5.19 % 2.88 % $ 436,385 $ 422,400 5.15 % 2.85 % > 5 to ≤ 7 years 714,384 686,175 5.51 % 2.08 % 486,869 446,967 6.68 % 1.29 % > 7 years 404,729 400,797 5.91 % 2.87 % 245,580 241,756 5.89 % 2.43 % Total $ 1,503,644 $ 1,459,862 5.54 % 2.49 % $ 1,168,834 $ 1,111,123 5.92 % 2.06 % Our Prime non-agency RMBS include investments in securitization trusts collateralized by prime mortgage loans, which are residential mortgage loans that are considered to have been originated with relatively stringent underwriting standards at the time of origination. Our Prime securities with a combined fair value of $219.1 million as of June 30, 2015 are collateralized by loans that were originated between 2002 and 2006, a period of generally weaker underwriting standards and elevated housing prices. As a result, there may still be material credit risk embedded in these vintages. As of June 30, 2015 , Prime securities also include $232.3 million in fair value of securities with underlying mortgage loans that were originated with more stringent underwriting standards between 2012 and 2015. As of June 30, 2015 , $234.7 million of our Prime securities pay fixed coupon interest rates ranging from 3.5% to 6.5% and have underlying collateral with weighted average coupons ranging from 3.8% to 5.8% . As of June 30, 2015 , $216.7 million of our Prime securities pay floating rate coupons ranging from 0.8% to 5.3% , and have underlying collateral with weighted average coupons ranging from 2.4% to 5.5% . Our CRT securities are issued by Fannie Mae and Freddie Mac and reference the performance of loans that have been guaranteed by Fannie Mae and Freddie Mac, subject to their underwriting standards. As of June 30, 2015 , our CRT securities have floating rate coupons ranging from 2.8% to 5.1% , with weighted average coupons of underlying collateral ranging from 3.6% to 4.6% . The loans underlying our CRT securities were originated between 2012 and 2014. Our Alt-A non-agency RMBS are collateralized by Alt-A mortgage loans that were originated from 2002 to 2007. Alt-A, or alternative A-paper, mortgage loans are considered to have more credit risk than prime mortgage loans and less credit risk than sub-prime mortgage loans. Alt-A loans are typically characterized by borrowers with less than full documentation, lower credit scores, higher loan-to-value ratios and a higher percentage of investment properties. As of June 30, 2015 , our Alt-A securities have both fixed and floating rate coupons ranging from 0.3% to 6.5% with weighted average coupons of underlying collateral ranging from 2.7% to 6.9% . Our Option-ARM non-agency RMBS include senior tranches in securitization trusts that are collateralized by residential mortgages that have origination and underwriting characteristics similar to Alt-A mortgage loans, with the added feature of providing underlying mortgage borrowers the option, within certain constraints, to make lower payments than otherwise required by the stated interest rate for a number of years, leading to negative amortization and increased loan balances. This additional feature can increase the credit risk of these securities. As of June 30, 2015 , our Option-ARM securities have coupons ranging from 0.3% to 1.0% and have underlying collateral with weighted average coupons between 2.7% and 4.0% . The loans underlying our Option-ARM securities were originated between 2004 and 2007. Our Subprime non-agency RMBS issued prior to 2014 include investments in securitization trusts collateralized by residential mortgages originated during or before 2007 that were originally considered to be of lower credit quality. As of June 30, 2015 , our Subprime securities issued prior to 2014 have a fair value of $90.6 million with fixed and floating rate coupons ranging from 0.2% to 5.3% and have underlying collateral with weighted-average coupons ranging from 4.5% to 5.9% . Additionally, we have classified certain non-performing loans that were securitized in 2014 and 2015 as Subprime securities. These securitizations are backed by loans originated during or before 2014 and, as of June 30, 2015 , have a fair value of $134.8 million . As of June 30, 2015 , our Subprime securities issued in 2014 and 2015 have fixed rate coupons ranging from 3.2% to 4.3% and have underlying collateral with weighted-average coupons ranging from 4.9% to 7.6% . More than 84% of our non-agency securities are rated below investment grade or have not been rated by credit agencies as of June 30, 2015 . Realized Gains and Losses The following table summarizes our net realized gains and losses from the sale of non-agency securities during the three and six months ended June 30, 2015 and 2014 (dollars in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Proceeds from non-agency securities sold $ 148,410 $ 250,548 $ 218,978 $ 295,211 Increase in receivable for non-agency RMBS sold — (4,743 ) — — Less: non-agency securities sold, at cost (145,259 ) (232,822 ) (212,581 ) (280,819 ) Net realized gain on sale of non-agency securities $ 3,151 $ 12,983 $ 6,397 $ 14,392 Gross realized gain on sale of non-agency securities $ 3,456 $ 16,886 $ 6,893 $ 18,295 Gross realized loss on sale of non-agency securities (305 ) (3,903 ) (496 ) (3,903 ) Net realized gain on sale of non-agency securities $ 3,151 $ 12,983 $ 6,397 $ 14,392 Pledged Assets Non-agency securities with a fair value of $1.3 billion and $0.9 billion were pledged as collateral under repurchase agreements and other financing arrangements as of June 30, 2015 and December 31, 2014 , respectively. As of June 30, 2015 and December 31, 2014 , none of our repurchase agreements or other financing arrangements backed by non-agency securities were due on demand or mature overnight. The following table summarizes our non-agency securities pledged as collateral under repurchase agreements and other financing arrangements by remaining maturity as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Remaining Maturity Fair Value Amortized Accrued Interest Fair Value Amortized Accrued Interest 30 days or less $ 1,170,435 $ 1,139,599 $ 1,910 $ 791,654 $ 770,604 $ 1,151 31 - 59 days 80,331 73,191 55 106,097 98,690 77 60 - 90 days 78,177 74,903 59 43,230 39,280 40 Total $ 1,328,943 $ 1,287,693 $ 2,024 $ 940,981 $ 908,574 $ 1,268

Repurchase Agreements

Repurchase Agreements	6 Months Ended
	Jun. 30, 2015
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements	Repurchase Agreements and Other Financing Arrangements We pledge certain of our securities as collateral under repurchase and other financing arrangements with financial institutions, the terms and conditions of which are negotiated on a transaction-by-transaction basis. Interest rates on these borrowings are generally based on LIBOR plus or minus a margin and amounts available to be borrowed are dependent upon the fair value of the securities pledged as collateral, which fluctuates with changes in interest rates, type of security and liquidity conditions within the banking, mortgage finance and real estate industries. In response to declines in fair value of pledged securities, lenders may require us to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as margin calls. As of June 30, 2015 and December 31, 2014 , we have met all margin call requirements and had no agency or non-agency repurchase agreements with original overnight maturities. Repurchase agreements are carried at cost, which approximates fair value due to their short-term nature. As of June 30, 2015 and December 31, 2014 , our borrowings under repurchase agreements had the following collateral characteristics (dollars in thousands): June 30, 2015 December 31, 2014 Weighted Average Weighted Average Collateral Type Borrowings Interest Rate Days Borrowings Interest Rate Days Agency securities (1) $ 3,486,173 0.44 % 214 $ 4,002,291 0.42 % 245 Non-agency securities 849,376 1.67 % 21 715,704 1.67 % 20 U.S. Treasury securities 404,950 (0.04 )% 2 705,635 (0.13 )% 7 Total repurchase agreements $ 4,740,499 0.62 % 162 $ 5,423,630 0.51 % 190 ———————— (1) Repurchase agreements borrowings secured by agency securities include $191.3 million of repurchase agreements related to agency RMBS sold but not yet settled as of June 30, 2015 . The following table summarizes our borrowings under repurchase arrangements and weighted average interest rates classified by remaining maturities as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Weighted Average Weighted Average Borrowings Outstanding Interest Rate Days Borrowings Outstanding Interest Rate Days Agency and non-agency repurchase agreements ≤ 1 month $ 2,366,349 0.78 % 14 $ 2,245,188 0.71 % 13 > 1 to ≤ 2 months 748,657 0.50 % 49 568,014 0.55 % 45 > 2 to ≤ 3 months 488,282 0.58 % 77 540,201 0.48 % 74 > 3 to ≤ 6 months 220,986 0.53 % 145 508,216 0.43 % 142 > 6 to ≤ 9 months — — % 0 123,947 0.51 % 246 > 9 to ≤ 12 months — — % 0 217,429 0.51 % 327 > 12 months 511,275 0.67 % 1222 515,000 0.63 % 1405 Total 4,335,549 0.68 % 177 4,717,995 0.61 % 210 U.S. Treasury repurchase agreements Short-term 404,950 (0.04 )% 2 705,635 (0.13 )% 7 Total repurchase agreements $ 4,740,499 0.62 % 162 $ 5,423,630 0.51 % 190 We had repurchase agreements with 32 and 31 financial institutions as of June 30, 2015 and December 31, 2014 , respectively. In addition, less than 5% of stockholders' equity was at risk due to collateral pledged in excess of borrowings under repurchase agreements with any one counterparty, with the top five counterparties representing less than 22% of our equity at risk as of June 30, 2015 . We had agency RMBS with fair values of $3.5 billion and $4.2 billion as of June 30, 2015 and December 31, 2014 , respectively, and non-agency securities with fair values of $1.1 billion and $0.9 billion pledged as collateral against repurchase agreements as of June 30, 2015 and December 31, 2014 , respectively. Federal Home Loan Bank Advances In April 2015, the Company’s wholly owned subsidiary, Woodmont Insurance Co., LLC, was accepted for membership in the Federal Home Loan Bank ("FHLB") of Des Moines. As a member of the FHLB, Woodmont Insurance Co., LLC has access to a variety of products and services offered by the FHLB, including secured advances. As of June 30, 2015 , Woodmont Insurance Co., LLC had $197.2 million in outstanding secured advances, with a weighted average borrowing rate of 0.25% , a weighted average term to maturity of 23 days , and $218.6 million in non-agency securities pledged as collateral. The ability to borrow from the FHLB is subject to the Company pledging sufficient eligible collateral to secure advances and maintaining 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 one to four family residential mortgage loans, commercial real estate loans, agency RMBS and non-agency RMBS with credit ratings of A and above.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2015
Derivative Instruments [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Derivatives and Other Securities In connection with our risk management strategy, we hedge a portion of our exposure to market risks, including interest rate risk, prepayment risk and credit risk, by entering into derivative and other hedging instrument contracts. We may enter into agreements for interest rate swaps, interest rate swaptions, interest rate cap or floor contracts and futures or forward contracts. We may also purchase or short TBA and U.S. Treasury securities, purchase or write put or call options on TBA securities or we may invest in other types of derivative securities, including synthetic total return swaps and credit default swaps. Our risk management strategy attempts to manage the overall risk of the portfolio and reduce fluctuations in book value. We do not use derivative or other hedging instruments for speculative purposes. Derivatives have not been designated as hedging instruments. We do not offset our derivatives and related cash collateral with the same counterparties under any master netting arrangements. For additional information regarding our derivative instruments and our overall risk management strategy, please refer to the discussion of derivatives in Note 3. The table below presents the balance sheet location and fair value information for our derivatives outstanding as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Interest rate swaps $ 4,806 $ 9,414 Interest rate swaptions 4,610 5,464 TBA securities 2,519 13,495 Interest only swaps — 201 U.S. Treasury futures 680 — Mortgage options 915 — Derivative assets, at fair value $ 13,530 $ 28,574 Interest rate swaps $ 59,941 $ 73,052 TBA securities 6,930 1,863 Credit default swaps 3,159 — Interest only swaps 98 — U.S. Treasury futures — 1,066 Derivative liabilities, at fair value $ 70,128 $ 75,981 The following table summarizes the effect of our outstanding derivatives and other securities on our consolidated statements of operations during the three and six months ended June 30, 2015 and 2014 (in thousands): For the Three Months Ended June 30, 2015 2014 Realized Loss on Periodic Settlements of Interest Rate Swaps, net Realized Gain (Loss) on Other Derivatives and Securities, net Unrealized Gain (Loss) on Other Derivatives and Securities, net Realized Loss on Periodic Settlements of Interest Rate Swaps, net Realized Gain (Loss) on Other Derivatives and Securities, net Unrealized Gain (Loss) on Other Derivatives and Securities, net Interest rate swaps $ (4,433 ) $ (21,749 ) $ 50,282 $ (5,227 ) $ — $ (50,038 ) Interest rate swaptions — — 943 — (2,164 ) (1,885 ) TBA securities — (2,936 ) (9,290 ) — 14,821 12,747 U.S. Treasuries — (6,807 ) (3,393 ) — 1,711 1,480 U.S. Treasury futures — (563 ) 3,679 — (3,203 ) (523 ) Short sales of U.S. Treasuries — 97 613 — (4,417 ) (8,887 ) REIT equity investments — — — — 4,812 (1,965 ) Mortgage options — 22 (353 ) — — (140 ) Interest only swap — (930 ) (739 ) — — — Credit default swap — 325 (74 ) — — — Credit default option — — 340 — — — Total $ (4,433 ) $ (32,541 ) $ 42,008 $ (5,227 ) $ 11,560 $ (49,211 ) For the Six Months Ended June 30, 2015 2014 Realized Loss on Periodic Settlements of Interest Rate Swaps, net Realized Gain (Loss) on Other Derivatives and Securities, net Unrealized Gain (Loss) on Other Derivatives and Securities, net Realized Loss on Periodic Settlements of Interest Rate Swaps, net Realized Gain (Loss) on Other Derivatives and Securities, net Unrealized Gain (Loss) on Other Derivatives and Securities, net Interest rate swaps $ (8,744 ) $ (29,574 ) $ 7,176 $ (10,174 ) $ 68 $ (78,202 ) Interest rate swaptions — (520 ) (334 ) — (16,832 ) (8,368 ) TBA securities — 13,500 (16,473 ) — 5,992 11,918 U.S. Treasuries — 9,094 (738 ) — 2,758 12,438 U.S. Treasury futures — (2,778 ) 1,746 — (3,977 ) (2,761 ) Short sales of U.S. Treasuries — (5,084 ) 934 — (5,964 ) (5,067 ) REIT equity investments — — — — 7,487 1,877 Mortgage options — 22 — — — (140 ) Interest only swap — (284 ) (311 ) — — — Credit default swap — 325 (74 ) — — — Credit default option — — 340 — — — Total $ (8,744 ) $ (15,299 ) $ (7,734 ) $ (10,174 ) $ (10,468 ) $ (68,305 ) The following tables summarize changes in notional amounts for our outstanding derivatives and other securities for the six months ended June 30, 2015 and 2014 (in thousands): December 31, 2014 Notional Amount Additions/ Long Positions Expirations/ Terminations/ Short Positions June 30, 2015 Notional Amount Interest rate swaps $ 4,015,000 — (1,225,000 ) $ 2,790,000 Interest rate swaptions $ 550,000 — (100,000 ) $ 450,000 TBA securities $ 296,172 19,145,070 (19,498,669 ) $ (57,427 ) U.S. Treasuries $ 756,500 2,430,250 (2,906,750 ) $ 280,000 U.S. Treasury futures $ (150,000 ) 300,000 (300,000 ) $ (150,000 ) Short sales of U.S. Treasuries $ (228,500 ) 679,500 (476,000 ) $ (25,000 ) Mortgage options $ — 50,000 (50,000 ) $ — Interest only swaps $ 48,739 — (4,975 ) $ 43,764 Credit default swaps — 50,000 (500 ) $ 49,500 Credit default options $ — 50,000 (500 ) $ 49,500 December 31, 2013 Notional Amount Additions/ Long Positions Expirations/ Terminations/ Short Positions June 30, 2014 Notional Amount Interest rate swaps $ 3,240,000 875,000 (50,000 ) $ 4,065,000 Interest rate swaptions $ 2,100,000 75,000 (1,775,000 ) $ 400,000 TBA securities $ (773,816 ) 9,667,634 (7,769,168 ) $ 1,124,650 U.S. Treasuries $ 656,000 280,570 (786,570 ) $ 150,000 U.S. Treasury futures $ (150,000 ) 300,000 (300,000 ) $ (150,000 ) Short sales of U.S. Treasuries $ (23,000 ) 813,000 (1,360,000 ) $ (570,000 ) Mortgage options $ — — (100,000 ) $ (100,000 ) Interest Rate Swap Agreements As of June 30, 2015 and December 31, 2014 , our derivative portfolio included interest rate swaps, which have the effect of modifying the repricing characteristics of our repurchase agreements and cash flows on such liabilities. Our interest rate swaps are used to manage the interest rate risk created by our use of short-term repurchase agreements. Under our interest rate swaps, we typically pay a fixed rate and receive a floating rate based on LIBOR with terms usually ranging up to 15 years. As of June 30, 2015 and December 31, 2014 , we had interest rate swap agreements summarized in the tables below (dollars in thousands). June 30, 2015 December 31, 2014 Interest Rate Swaps Balance Sheet Location Notional Amount Fair Value Notional Amount Fair Value Interest rate swap assets Derivative assets, at fair value $ 525,000 $ 4,806 $ 925,000 $ 9,414 Interest rate swap liabilities Derivative liabilities, at fair value 2,265,000 (59,941 ) 3,090,000 (73,052 ) $ 2,790,000 $ (55,135 ) $ 4,015,000 $ (63,638 ) June 30, 2015 Notional Fair Value Weighted Average Current Maturity Date for Interest Rate Swaps (1) Fixed (2) Receive Rate (3) Maturity (Years) ≤ 3 years $ 865,000 $ (2,669 ) 1.01 % 0.28 % 1.5 > 3 to ≤ 5 years 750,000 (8,785 ) 1.78 % 0.28 % 3.8 > 5 to ≤ 7 years 875,000 (30,000 ) 2.94 % 0.28 % 6.0 > 7 years 300,000 (13,681 ) 2.93 % 0.27 % 8.2 Total $ 2,790,000 $ (55,135 ) 2.03 % 0.28 % 4.3 December 31, 2014 Notional Fair Value Weighted Average Current Maturity Date for Interest Rate Swaps (4) Fixed (2) Receive (3) Maturity ≤ 3 years $ 1,065,000 $ (1,635 ) 0.97 % 0.23 % 1.6 > 3 to ≤ 5 years 850,000 (4,441 ) 1.91 % 0.23 % 4.2 > 5 to ≤ 7 years 1,625,000 (38,780 ) 2.66 % 0.23 % 6.0 > 7 years 475,000 (18,782 ) 2.87 % 0.25 % 8.2 Total $ 4,015,000 $ (63,638 ) 2.08 % 0.23 % 4.7 ———————— (1) Includes swaps with an aggregate notional of $1.2 billion with deferred start dates averaging 0.8 years from June 30, 2015 . (2) Excluding forward starting swaps, the weighted average pay rate was 1.30% and 1.24% as of June 30, 2015 and December 31, 2014 , respectively. (3) Weighted average receive rate excludes impact of forward starting interest rate swaps. (4) Includes swaps with an aggregate notional of $2.1 billion with deferred start dates averaging 1.1 years from December 31, 2014 . As of June 30, 2015 , interest rate swaps with a notional amount of $1.4 billion and liability fair value of $(54.3) million were centrally cleared on a registered exchange. Interest Rate Swaption Agreements Our interest rate swaption agreements provide us the option to enter into interest rate swap agreements in the future where we would pay a fixed rate and receive LIBOR. The following tables present certain information about our interest rate swaption agreements as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 Option Underlying Swap Current Option Expiration Date Cost Fair Value Weighted Average Years to Expiration Notional Amount Pay Rate Weighted Average Term (Years) ≤ 3 months $ 4,765 $ 2,048 0.2 $ 100,000 3.34 % 6.8 > 3 to ≤ 12 months 3,174 862 0.6 250,000 3.55 % 8.8 > 24 months 2,735 1,700 2.4 100,000 3.21 % 5.0 Total / weighted average $ 10,674 $ 4,610 0.9 $ 450,000 3.43 % 7.5 December 31, 2014 Option Underlying Swap Current Option Expiration Date Cost Fair Value Weighted Average Years to Expiration Notional Amount Pay Rate Weighted Average Term (Years) ≤ 3 months $ 4,013 $ 1,972 0.1 $ 150,000 2.78 % 4.3 > 3 to ≤ 12 months 3,139 1,432 0.9 200,000 3.29 % 8.8 >12 to ≤ 24 months 1,308 207 1.3 100,000 4.13 % 7.0 > 24 months 2,735 1,853 2.9 100,000 3.21 % 5.0 Total / weighted average $ 11,195 $ 5,464 1.1 $ 550,000 3.29 % 6.5 TBA Securities As of June 30, 2015 and December 31, 2014 , we had contracts to purchase ("long position") and sell ("short position") TBA securities on a forward basis, presented in the following table (in thousands): June 30, 2015 December 31, 2014 Purchase and Sale Contracts for TBA Securities Notional Amount (1) Fair Value (2) Notional Amount (1) Fair Value (2) TBA assets Purchase of TBA securities $ 171,720 $ 151 $ 829,030 $ 8,226 Sale of TBA securities (561,012 ) 2,368 (74,758 ) 5,269 Total TBA assets (389,292 ) 2,519 754,272 13,495 TBA liabilities Purchase of TBA securities 474,700 (5,675 ) 199,000 (595 ) Sale of TBA securities (142,835 ) (1,255 ) (657,100 ) (1,268 ) Total TBA liabilities 331,865 (6,930 ) (458,100 ) (1,863 ) Total net TBA $ (57,427 ) $ (4,411 ) $ 296,172 $ 11,632 ———————— (1) Notional amount represents the par value or principal balance of the underlying agency security. (2) Fair value represents the current market value of the agency RMBS underlying the TBA contract as of period end, less the forward price to be paid for the underlying agency RMBS. U.S. Treasury Securities and Futures We purchase or sell short U.S. Treasury securities and U.S. Treasury futures contracts to help mitigate the potential impact of changes in interest rates on the performance of our portfolio. We had U.S. Treasury securities with a fair value of $279.1 million and $758.6 million and a face amount of $280.0 million and $756.5 million as of June 30, 2015 and December 31, 2014 , respectively, which are presented as U.S. Treasury securities, at fair value on the consolidated balance sheets. In addition, we had short positions in U.S. Treasury futures with a notional amount of $(150.0) million as of both June 30, 2015 and December 31, 2014 . These short U.S. Treasury futures had fair values of $0.7 million and $(1.1) million as of June 30, 2015 and December 31, 2014 , respectively, and are presented in derivative assets (liabilities), at fair value on the consolidated balance sheets. Credit Risk-Related Contingent Features The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. We minimize this risk by limiting our counterparties for instruments which are not centrally cleared on a registered exchange to major financial institutions with acceptable credit ratings and monitoring positions with individual counterparties. In addition, both we and our counterparties may be required to pledge assets as collateral for our derivatives, whose amounts vary over time based on the market value, notional amount and remaining term of the derivative contract. In the event of a default by a counterparty, we may not receive payments provided for under the terms of our derivative agreements, and may have difficulty obtaining our assets pledged as collateral for our derivatives. The cash and cash equivalents pledged as collateral for our derivative instruments is included in restricted cash and cash equivalents on our consolidated balance sheets. Each of our ISDA Master Agreements contains provisions pursuant to which we are required to fully collateralize our obligations under our interest rate swap agreements if at any point the fair value of the swap represents a liability greater than the minimum transfer amount contained within our ISDA Master Agreements. We are also required to post initial collateral upon execution of certain of our swap transactions. If we breach any of these provisions, we will be required to settle our obligations under the agreements at their termination values, which approximates fair value. Further, each of our ISDA Master Agreements also contains a cross default provision under which a default under certain of our other indebtedness in excess of a certain threshold causes an event of default under the agreement. Threshold amounts vary by lender. Following an event of default, we could be required to settle our obligations under the agreements at their termination values. Additionally, under certain of our ISDA Master Agreements, we could be required to settle our obligations under the agreements at their termination values if we fail to maintain either our REIT status or certain minimum stockholders’ equity thresholds, or comply with limits on our leverage above certain specified levels. As of June 30, 2015 , the fair value of the additional collateral that could be required to be posted as a result of the credit-risk related contingent features being triggered was not material to our consolidated financial statements. Concerning our non-centrally cleared interest rate swap and swaption agreements, we did not have counterparty credit risk with any single counterparty in excess of 1% of our stockholders’ equity, as of June 30, 2015 . In the case of centrally cleared interest rate swap contracts, we could be exposed to credit risk if the central clearing agency or a clearing member defaults on its respective obligation to perform under the contract; however, the risk is considered minimal due to initial and daily exchange of mark to market margin requirements and the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities (Notes)	6 Months Ended
	Jun. 30, 2015
Offsetting Assets and Liabilities [Abstract]
Offsetting Assets and Liabilities [Text Block]	Offsetting Assets and Liabilities Certain of our repurchase agreements and derivative transactions are governed by underlying agreements that generally provide for a right of offset under master netting arrangements (or similar agreements), including in the event of default or in the event of bankruptcy of either party to the transactions. We present our assets and liabilities subject to such arrangements on a gross basis in our consolidated balance sheets. The following tables present information about our assets and liabilities that are subject to such agreements and can potentially be offset on our consolidated balance sheets as of June 30, 2015 and December 31, 2014 (in thousands): Offsetting of Financial Assets and Derivative Assets: Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Financial Instruments Collateral Received (1) Net Amount June 30, 2015 Interest rate swaps and swaptions (2)(3) $ 9,416 $ — $ 9,416 $ (2,687 ) $ (1,351 ) $ 5,378 Receivable under reverse repurchase agreements 204,355 — 204,355 (204,355 ) — — Total $ 213,771 $ — $ 213,771 $ (207,042 ) $ (1,351 ) $ 5,378 December 31, 2014 Interest rate swaps and swaptions (2) $ 14,878 $ — $ 14,878 $ (5,192 ) $ (3,059 ) $ 6,627 Receivable under reverse repurchase agreements 214,399 — 214,399 (214,399 ) — — Total $ 229,277 $ — $ 229,277 $ (219,591 ) $ (3,059 ) $ 6,627 Offsetting of Financial Liabilities and Derivative Liabilities: Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Financial Instruments Collateral Pledged (1) Net Amount June 30, 2015 Interest rate swaps (2) $ 59,941 $ — $ 59,941 $ (2,687 ) $ (57,254 ) $ — Repurchase agreements 4,740,499 — 4,740,499 (204,355 ) (4,536,144 ) — FHLB advances 197,202 — 197,202 — (197,202 ) — Total $ 4,997,642 $ — $ 4,997,642 $ (207,042 ) $ (4,790,600 ) $ — December 31, 2014 Interest rate swaps (2) $ 73,052 $ — $ 73,052 $ (5,192 ) $ (67,860 ) $ — Repurchase agreements 5,423,630 — 5,423,630 (214,399 ) (5,209,231 ) — Total $ 5,496,682 $ — $ 5,496,682 $ (219,591 ) $ (5,277,091 ) $ — ———————— (1) Includes cash and securities received / pledged as collateral, at fair value. Amounts presented are limited to collateral pledged sufficient to reduce the net amount to zero on a counterparty by counterparty basis, as applicable. Refer to Notes 4 and 5 for additional information regarding assets pledged as collateral. (2) Reported under derivative assets / liabilities, at fair value in the accompanying consolidated balance sheets. Refer to Note 7 for a reconciliation of derivative assets / liabilities, at fair value to their sub-components. (3) Interest rate swaps and swaptions are subject to master netting arrangements which could reduce our maximum amount of loss due to credit risk by $2.7 million as of June 30, 2015 .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Fair Value Measurements We have elected the option to account for all of our financial assets, including RMBS, at fair value, with changes in fair value reflected in income during the period in which they occur. We have determined that this presentation most appropriately represents our financial results and position. Fair value is defined 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, based on the assumptions market participants would use when pricing an asset or liability. We determine the fair value of our agency and non-agency securities, including securities held as collateral, based upon fair value estimates obtained from multiple third-party pricing services and dealers. In determining fair value, third-party pricing sources use various valuation approaches, including market and income approaches. Factors used by third-party sources in estimating the fair value of an instrument may include observable inputs such as recent trading activity, credit data, volatility statistics, and other market data that are current as of the measurement date. 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. Third-party pricing sources may also use certain unobservable inputs, such as assumptions of future levels of prepayment, default and loss severity, especially when estimating fair values for securities with lower levels of recent trading activity. When possible, we make inquiries of third-party pricing sources to understand their use of significant inputs and assumptions. We review the various third-party fair value estimates and perform procedures to validate their reasonableness, including an analysis of the range of third-party estimates for each position, comparison to recent trade activity for similar securities, and our Manager's review for consistency with market conditions observed as of the measurement date. While we do not adjust prices we obtain from third-party pricing sources, we will exclude third-party prices for securities from our determination of fair value if we determine (based on our validation procedures and our Manager's market knowledge and expertise) that the price is significantly different than observable market data would indicate and we cannot obtain a satisfactory understanding from the third party source as to the significant inputs used to determine the price. We determine the fair value of our MSR based upon third party estimates, corroborated by internally developed discounted cash flow models that utilize observable market-based inputs and include substantial unobservable market data inputs (including prepayment speeds, delinquency levels and discount rates). We utilize a three-level valuation hierarchy for disclosure of fair value measurement. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. We use the results of the validation procedures described above as part of our determination of the appropriate fair value measurement hierarchy classification. The three levels of hierarchy are defined as follows: • Level 1 Inputs - Quoted prices (unadjusted) for identical unrestricted assets and liabilities in active markets that are accessible at the measurement date. • Level 2 Inputs - Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 Inputs - Significant unobservable market inputs that 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. The following tables present our financial instruments carried at fair value as of June 30, 2015 and December 31, 2014 , on the consolidated balance sheets by the valuation hierarchy, as described above (in thousands): June 30, 2015 Level 1 Level 2 Level 3 Total Assets Agency securities $ — $ 3,580,696 $ — $ 3,580,696 Non-agency securities — 1,503,644 — 1,503,644 U.S. Treasury securities 279,120 — — 279,120 Derivative assets — 13,530 — 13,530 MSR assets — — 91,699 91,699 Total $ 279,120 $ 5,097,870 $ 91,699 $ 5,468,689 Liabilities Derivative liabilities $ — $ 70,128 $ — $ 70,128 Obligation to return securities borrowed under reverse repurchase agreements 24,542 — — 24,542 MSR financing liabilities — — 14,572 14,572 Total $ 24,542 $ 70,128 $ 14,572 $ 109,242 December 31, 2014 Level 1 Level 2 Level 3 Total Assets Agency securities $ — $ 4,384,139 $ — $ 4,384,139 Non-agency securities — 1,168,834 — 1,168,834 U.S. Treasury securities 758,629 — — 758,629 Derivative assets — 28,574 — 28,574 MSR assets — — 93,640 93,640 Total $ 758,629 $ 5,581,547 $ 93,640 $ 6,433,816 Liabilities Derivative liabilities $ — $ 75,981 $ — $ 75,981 Obligation to return securities borrowed under reverse repurchase agreements 230,136 — — 230,136 MSR financing liabilities — — 14,003 14,003 Total $ 230,136 $ 75,981 $ 14,003 $ 320,120 Our agency and non-agency securities are valued using the various market data described above, which include inputs determined to be observable or whose significant value drivers are observable. Accordingly, our agency and non-agency securities are classified as Level 2 in the fair value hierarchy as of June 30, 2015 . For information regarding valuation of our derivative instruments, please refer to the discussion of derivative and other hedging instruments in Note 3. Our interest rate swaps and other derivatives are classified as Level 2 in the fair value hierarchy. The fair value of our obligation to return securities borrowed under reverse repurchase agreements is based upon the value of the underlying borrowed U.S. Treasury securities as of the reporting date. Both U.S. Treasury securities and our obligation to return borrowed U.S. Treasury securities are classified as Level 1 in the fair value hierarchy. Excluded from the table above are financial instruments, including cash and cash equivalents, restricted cash, receivables, payables, borrowings under repurchase agreements and FHLB advances, which are presented in our consolidated financial statements at cost, which is determined to approximate fair value, primarily due to the short duration of these instruments. The cost basis of repurchase agreement borrowings with initial terms of greater than one year is determined to approximate fair value, primarily as such agreements have floating rates based on an index plus or minus a fixed spread and the fixed spread is generally consistent with those demanded in the market. We estimate the fair value of these instruments using Level 2 inputs. The following table presents a summary of the changes in fair value for Level 3 assets carried at fair value for the six months ended June 30, 2015 and 2014 (in thousands): For the Six Months Ended June 30, 2015 MSR Under Secured Financing (1) Purchased MSR (2) Total MSR Balance as of December 31, 2014 $ 14,003 $ 79,637 $ 93,640 Losses included in net income: Realized losses (1,014 ) (5,233 ) (6,247 ) Unrealized gains 1,583 1,669 3,252 Total net gains (losses) included in net income 569 (3,564 ) (2,995 ) Purchases, net of purchase price adjustments — 1,054 1,054 Balance as of June 30, 2015 $ 14,572 $ 77,127 $ 91,699 For the Six Months Ended June 30, 2014 MSR Under Secured Financing (1) Purchased MSR (2) Total MSR Balance as of December 31, 2013 $ 15,608 $ — $ 15,608 Losses included in net income: Realized losses (551 ) (1,102 ) (1,653 ) Unrealized losses (6 ) (629 ) (635 ) Total net losses included in net income (557 ) (1,731 ) (2,288 ) Purchases, net of purchase price adjustments — 92,844 92,844 Balance as of June 30, 2014 $ 15,051 $ 91,113 $ 106,164 ———————— (1) Losses related to MSR under secured financing are offset in their entirety by gains associated with related MSR financing liabilities. (2) Realized losses on purchased MSR are included in servicing expense and unrealized gains (losses) on purchased MSR are included in unrealized gain (loss) on mortgage servicing rights on the consolidated statements of operations. We use third-party pricing providers in the fair value measurement of our Level 3 MSR. The significant unobservable inputs used in estimating the fair value measurement of our Level 3 MSR assets and financing liabilities include assumptions for underlying loan constant prepayment rates and delinquency rates, as well as discount rates. We review the various third-party fair value estimates used to determine the fair value of our MSR and perform procedures to validate their reasonableness. In reviewing the estimated fair values of our Level 3 MSR, we use internal models and estimates of prepayment and delinquency rates on the loans underlying our MSR. The following table presents the range of our estimates of loan constant voluntary prepayment rates and constant default rates, together with the discount rates used by third-party pricing providers in estimating the fair value of our Level 3 MSR as of June 30, 2015 (dollars in thousands): June 30, 2015 Unobservable Level 3 Input Fair Value Minimum Weighted Average Maximum MSR treated as financing arrangements: $ 14,572 Constant prepayment rate 4.1% 14.9% 36.0% Constant default rate 2.5% 7.7% 29.3% Discount rate 12.0% 12.0% 12.0% Purchased MSR: 77,127 Constant prepayment rate 7.8% 8.0% 8.4% Constant default rate 0.2% 0.3% 0.4% Discount rate 8.3% 8.9% 9.3% Total $ 91,699 Our MSR treated as financing arrangements relate to private label mortgages with an average origination year of 2005, whereas our purchased MSR relate to more recently originated mortgages that conform to GSE underwriting standards. Private label originations from the pre-2009 era have experienced heightened default rates relative to recently originated conforming mortgages. As such, we anticipate that the default rate and discount rate for our MSR treated as financing arrangements will exceed the default rate and discount rate for our purchased MSR. A significant increase in any one of these individual inputs in isolation would likely result in a decrease in fair value measurement. Additionally, 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. Overall MSR market conditions could have a more significant impact on our Level 3 fair values than changes in any one unobservable input.

Mortgage Servicing Rights (Note

Mortgage Servicing Rights (Notes)	6 Months Ended
	Jun. 30, 2015
Servicing Assets at Fair Value [Line Items]
Transfers and Servicing of Financial Assets [Text Block]	Mortgage Servicing Rights Our $91.7 million balance of MSR as of June 30, 2015 includes $14.6 million related to RCS' acquisition of certain MSR covering private label residential mortgage pools, for which RCS entered into sale and assignment agreements with a third party to transfer its interest in the excess MSR while retaining the actual servicing function. These transfers do not qualify for sale accounting and are treated as financing arrangements, under which we recognize both MSR assets and corresponding MSR financing liabilities. Changes in the fair value of assets and liabilities resulting from MSR financing transactions have no net impact on the consolidated statements of operations. RCS purchased the remaining $77.1 million of MSR under transactions qualifying for sale accounting, representing approximately 33 thousand underlying loans, with a combined unpaid principal balance of approximately $6.8 billion , as of June 30, 2015 . We have elected to account for all MSR assets and MSR financing liabilities at estimated fair value with changes in fair value reported in net income. The following table summarizes activity related to MSR accounted for as purchases during the six months ended June 30, 2015 and 2014 (dollars in thousands): For the Six Months Ended June 30, 2015 2014 Beginning balance $ 79,637 $ — Additions from purchases of MSR 1,054 93,414 Changes in fair value due to: Changes in valuation inputs or assumptions used in valuation model 1,669 (629 ) Other changes in fair value (1) (5,233 ) (1,672 ) Ending balance $ 77,127 $ 91,113 ———————— 1. Other changes in fair value primarily represents changes due to the realization of cash flows. The following table presents the components of net servicing loss for the three and six months ended June 30, 2015 and 2014 (dollars in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Servicing fee income $ 7,786 $ 7,502 $ 15,734 $ 13,325 Incentive, ancillary and other income 3,602 3,887 7,458 7,628 Servicing income 11,388 11,389 23,192 20,953 Employee compensation and benefit costs 7,622 7,898 15,019 16,675 Facility costs 2,592 3,347 5,420 6,280 Realization of cash flows from MSR 2,820 879 5,233 1,102 Other servicing costs 2,465 2,302 5,897 4,591 Servicing expense 15,499 14,426 31,569 28,648 Net servicing loss $ (4,111 ) $ (3,037 ) $ (8,377 ) $ (7,695 ) Risk Mitigation Activities The Company’s acquisitions of MSR expose us to certain risks, including interest rate risk and representation and warranty risk. A significant decline in interest rates could lead to higher-than-expected prepayments that could reduce the value of the MSR. Our primary method of managing the prepayment risk associated with our MSR portfolio is asset selection, both in respect of products and the originators of the underlying loans. Representation and warranty risk refers to the representations and warranties we make (or are deemed to have made) to the applicable investor (including, without limitation, the GSEs) regarding, among other things, the origination and servicing of mortgage loans with respect to which we have acquired MSR. We mitigate representation and warranty risk through our due diligence in connection with MSR acquisitions, including counterparty reviews and loan file reviews, as well as negotiated contractual protections from our MSR transaction counterparties with respect to origination and prior servicing.

Other Assets (Notes)

Other Assets (Notes)	6 Months Ended
	Jun. 30, 2015
Other Assets [Abstract]
Other Assets Disclosure [Text Block]	Other Assets The following table summarizes our other assets as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Property and equipment, at cost $ 4,866 $ 4,809 Accumulated depreciation (2,595 ) (1,877 ) Net property and equipment 2,271 2,932 Servicing advances 18,628 24,393 Prepaid expenses 5,240 7,089 Intangible assets 15,000 15,000 Other 13,816 6,052 Total other assets $ 54,955 $ 55,466 Servicing Advances We are required to fund cash advances in connection with our servicing operations. These servicing advances are reported within other assets on the consolidated balance sheets and represent advances for principal and interest, property taxes and insurance, as well as certain out-of-pocket expenses incurred by the Company in the performance of its servicing obligations.

Other Liabilities (Notes)

Other Liabilities (Notes)	6 Months Ended
	Jun. 30, 2015
Other Liabilities [Abstract]
Other Liabilities Disclosure [Text Block]	Accounts Payable and Other Accrued Liabilities The following table summarizes our accounts payable and other accrued liabilities as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Cash collateral held on derivatives $ 1,351 $ 2,298 Due to manager 1,605 1,763 Swaption premium payable — 520 Payable for MSR purchased 170 2,680 Accrued interest 2,871 4,642 MSR, at fair value (1) 14,572 14,003 Other accounts payable and accrued expenses 16,813 15,501 Total accounts payable and other accrued liabilities $ 37,382 $ 41,407 —————— (1) MSR financing represents our obligations associated with excess MSR transferred to a third party which are accounted for as financing arrangements. We have elected the option to account for MSR financing at estimated fair value with changes in fair value reported in net income.

Stockholder's Equity (Notes)

Stockholder's Equity (Notes)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Attributable to Parent [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Stockholders’ Equity Redeemable Preferred Stock Pursuant to our charter, we are authorized to designate and issue up to 50.0 million shares of preferred stock in one or more classes or series. Our Board of Directors has designated 2.3 million shares as 8.125% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock"). As of June 30, 2015 , we had 47.8 million of authorized but unissued shares of preferred stock. Shares of our Series A Preferred Stock are redeemable at $25.00 per share plus accumulated and unpaid dividends (whether or not declared) exclusively at our option commencing on May 22, 2019, or earlier under certain circumstances intended to preserve our qualification as a REIT for Federal income tax purposes. Dividends are payable quarterly in arrears on the 15th day of each January, April, July and October. As of June 30, 2015 , we had declared all required quarterly dividends on the Series A Preferred Stock. Our Board of Directors may designate additional series of authorized preferred stock ranking junior to or in parity with the Series A Preferred Stock or designate additional shares of the Series A Preferred Stock and authorize the issuance of such shares. Common Stock Repurchase Program Our Board of Directors adopted a program that authorizes repurchases of our common stock through December 31, 2015, up to a specified amount. Shares of our common stock may be purchased in the open market, including through block purchases, or through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The timing, manner, price and amount of any repurchases will be determined at our discretion and the program may be suspended, terminated or modified at any time for any reason. Among other factors, we intend to only consider repurchasing shares of our common stock when the purchase price is less than our estimate of our current net asset value per common share. Generally, when we repurchase our common stock at a discount to our net asset value, the net asset value of our remaining shares of common stock outstanding increases. In addition, we do not intend to repurchase any shares from directors, officers or other affiliates. The program does not obligate us to acquire any specific number of shares, and all repurchases will be made in accordance with Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of stock repurchases. We did not repurchase any shares of our common stock during the three and six months ended June 30, 2015 . During the three months ended March 31, 2014, we repurchased approximately 0.2 million shares of our common stock at an average repurchase price of $19.67 per share, including expenses, totaling $4.2 million . As of June 30, 2015 , we had an additional $134.9 million authorized for repurchases of our common stock through December 31, 2015. Long-Term Incentive Plan We sponsor the American Capital Mortgage Investment Corp. Amended and Restated Equity Incentive Plan ("Incentive Plan" or "plan") to provide for the issuance of equity-based awards, including stock options, restricted stock, restricted stock units ("RSU") and unrestricted stock. We issued 27,244 shares of common stock related to the time vesting of RSU awards during the six months ended June 30, 2015 . We issued 22,839 shares of common stock related to the time vesting of RSU awards during the year ended December 31, 2014. Net Income per Common Share Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share assumes the conversion, exercise or issuance of all potential common stock equivalents unless the effect is to reduce a loss or increase the income per share. Shares subject to performance conditions have been excluded from diluted net income per common share. The following summarizes the net income per common share for the three and six months ended June 30, 2015 and 2014 (in thousands, except per share data): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Weighted average common shares calculation: Basic weighted average common shares outstanding 51,179 51,142 51,172 51,207 Effect of stock based compensation 11 — 11 — Diluted weighted average common shares outstanding 51,190 51,142 51,183 51,207 Net income (loss) available to common shareholders $ (41,074 ) $ 83,813 $ (11,128 ) $ 132,573 Net income (loss) per common share — basic and diluted $ (0.80 ) $ 1.64 $ (0.22 ) $ 2.59

(Policies)

(Policies)	6 Months Ended
	Jun. 30, 2015
Fair Value of Financial Assets [Abstract]
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Assets We have elected the option to account for all of our financial assets, including all mortgage-related investments, at estimated fair value, with changes in fair value reflected in income during the period in which they occur. In management's view, this election more appropriately reflects the results of our operations for a particular reporting period, as financial asset fair value changes are presented in a manner consistent with the presentation and timing of the fair value changes of hedging instruments. See Note 9 - Fair Value Measurements.
Revenue Recognition, Policy [Policy Text Block]	Interest Income Interest income is accrued based on the outstanding principal amount of the securities and their contractual terms. Premiums or discounts associated with the purchase of agency RMBS and non-agency securities of high credit quality are amortized or accreted into interest income, respectively, over the projected lives of the securities, including contractual payments and estimated prepayments, using the effective interest method. We estimate long-term prepayment speeds using a third-party service and market data. The third-party service estimates prepayment speeds for our securities using models that incorporate the mortgage rates, age, size and loan-to-value ratios of the outstanding underlying loans, as well as current mortgage rates, forward yield curves, volatility and other factors. We review the prepayment speeds estimated by the third-party service and compare the results to market consensus prepayment speeds, if available. We also consider historical prepayment speeds and current market conditions to validate the reasonableness of the prepayment speeds estimated by the third-party service, and based on our Manager’s judgment, we may make adjustments to its estimates. Actual and anticipated prepayment experience is reviewed at least quarterly and effective yields are recalculated when differences arise between the previously estimated future prepayments and the amounts actually received plus currently anticipated future prepayments. If the actual and anticipated future prepayment experience differs from our prior estimate of prepayments, we are required to record an adjustment in the current period to the amortization or accretion of premiums and discounts for the cumulative difference in the effective yield through the reporting date. At the time we purchase non-agency securities and loans that are not of high credit quality, we determine an effective yield based on our estimate of the timing and amount of future cash flows and our cost basis. Our initial cash flow estimates for these investments are based on our observations of current information and events and include assumptions related to interest rates, prepayment rates and the impact of default and severity rates on the timing and amount of credit losses. On at least a quarterly basis, we review the estimated cash flows and make appropriate adjustments, based on inputs and analysis received from external sources, internal models, and our judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Any resulting changes in effective yield are recognized prospectively based on the current amortized cost of the investment as adjusted for credit impairment, if any.
Transfers and Servicing of Financial Assets, Servicing of Financial Assets, Policy [Policy Text Block]	Mortgage Servicing Rights, at Fair Value Our MSR represent the right to service mortgage loans for a servicing fee. MSR are reported at fair value on our consolidated balance sheets, with changes in fair value related to changes in valuation inputs and assumptions reported as unrealized gain (loss) on MSR on the consolidated statements of operations. Servicing fees, incentive fees and ancillary income are reported within servicing income on the consolidated statements of operations. The related servicing expenses and realization of cash flows related to underlying loan repayments, net of recoveries of contractual prepayment protection, are recorded in servicing expenses on the consolidated statements of operations. See Note 10 - Mortgage Servicing Rights for further discussion on MSR. The accounting model used to evaluate whether a transfer of MSR qualifies as a sale is based on a risks and rewards approach, as MSR are not financial assets. In certain cases where we transfer the economics of MSR while retaining the actual servicing function, we retain the risk associated with servicing and, as a result, the transfer does not qualify for sale accounting. As such, we retain the MSR, together with an offsetting financing liability on our consolidated balance sheets. We have elected the option to account for MSR financing liabilities at estimated fair value, with changes in fair value reflected in income during the period in which they occur. See Note 12 - Accounts Payable and Other Accrued Liabilities for the presentations of our mortgage servicing liability. We may be obligated to fund advances of principal and interest payments due to third party loan investors prior to receiving payment on the loans from the individual borrowers. We may also be obligated to fund advances of real estate taxes and insurance, protective advances to preserve the value of the underlying property, and expenses associated with remedial action in respect of defaulted loans. These servicing advances are reported within other assets on the consolidated balance sheets.
Repurchase Agreements, Valuation, Policy [Policy Text Block]	Repurchase Agreements We finance the acquisition of agency RMBS and certain non-agency securities for our investment portfolio through repurchase transactions under master repurchase agreements. We account for repurchase transactions as collateralized financing transactions which are carried at their contractual amounts, including accrued interest, as specified in the respective transaction agreements. The contractual amounts approximate fair value due to their short-term nature.
Repurchase and Resale Agreements Policy [Policy Text Block]	Reverse Repurchase Agreements and Obligation to Return Securities Borrowed under Reverse Repurchase Agreements From time to time we borrow securities to cover short sales of U.S. Treasury securities through reverse repurchase transactions under our master repurchase agreements (see Derivatives below). We account for these as securities borrowing transactions and recognize an obligation to return the borrowed securities at fair value on the consolidated balance sheets based on the value of the underlying borrowed securities as of the reporting date. Our reverse repurchase agreements generally mature daily. The fair value of our reverse repurchase agreements is assumed to equal cost as the interest rates are reset daily.
Derivatives, Policy [Policy Text Block]	Derivatives We utilize a risk management strategy, under which we may use a variety of derivative instruments to hedge some of our exposure to market risks, including interest rate risk, prepayment risk, extension risk and credit risk. The objective of our risk management strategy is to reduce fluctuations in net book value over a range of market conditions. The principal instruments that we currently use are interest rate swaps and options to enter into interest rate swaps ("interest rate swaptions"). We also utilize forward contracts for the purchase or sale of agency RMBS, or to-be-announced forward ("TBA") contracts, and short sales of U.S. Treasury securities and U.S. Treasury futures contracts. We may also purchase or write put or call options on TBA securities and we may invest in other types of mortgage derivatives, such as synthetic total return swaps. We also enter into TBA contracts as a means of investing in and financing agency RMBS (thereby increasing our "at risk" leverage) or as a means of disposing of or reducing our exposure to agency RMBS (thereby reducing our "at risk" leverage). Pursuant to TBA contracts, we agree to purchase or sell, for future delivery, agency RMBS with certain principal and interest terms and certain types of collateral, but the particular agency RMBS to be delivered are not identified until shortly before the TBA settlement date. We may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a "pair off"), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA contract for a later settlement date. This transaction is commonly referred to as a "dollar roll." The agency RMBS purchased or sold for a forward settlement date are typically priced at a discount to agency RMBS for settlement in the current month. This difference (or discount) is referred to as the "price drop." The price drop is the economic equivalent of net interest carry income on the underlying agency RMBS over the roll period (interest income less implied financing cost) and is commonly referred to as "dollar roll income (loss)." Consequently, forward purchases of agency RMBS and dollar roll transactions represent a form of off-balance sheet financing. We recognize all derivative instruments as either assets or liabilities on the balance sheets, measured at fair value. As we have not designated any derivatives as hedging instruments, all changes in fair value are reported in earnings in our consolidated statements of operations in unrealized gain (loss) on other derivatives and securities, net during the period in which they occur. Derivatives in a gain position are reported as derivative assets at fair value and derivatives in a loss position are reported as derivative liabilities at fair value in our consolidated balance sheets. Cash receipts and payments related to derivative instruments are classified in our consolidated statements of cash flows according to the underlying nature or purpose of the derivative transaction, generally in the investing section. Our derivative agreements generally contain provisions that allow for netting or setting off derivative assets and liabilities with each counterparty; however, we report related assets and liabilities on a gross basis in our consolidated balance sheets. The use of derivative instruments creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. We attempt to minimize this risk by limiting our counterparties to major financial institutions with acceptable credit ratings, monitoring positions with individual counterparties and adjusting posted collateral as required. Interest rate swap agreements We use interest rate swaps to hedge the variable cash flows associated with short-term borrowings made under our repurchase agreement and other financing facilities. Under our interest rate swap agreements, we typically pay a fixed rate and receive a floating rate based on one, three or six-month LIBOR ("payer swaps") with terms up to 15 years. The floating rate we receive under our swap agreements has the effect of offsetting the repricing characteristics of our repurchase agreements and cash flows on such liabilities. Our swap agreements are privately negotiated in the over-the-counter ("OTC") market and may be centrally cleared through a registered commodities exchange ("centrally cleared swaps"). We estimate the fair value of our centrally cleared interest rate swaps using the daily settlement price determined by the respective exchange. Centrally cleared swaps are valued by the exchange using a pricing model that references the underlying rates, including the overnight index swap rate and LIBOR forward rate, to produce the daily settlement price. We estimate the fair value of our "non-centrally cleared" interest rate swaps based on valuations obtained from third-party pricing services and the swap counterparty (collectively, “third-party valuations”). The third-party valuations are model-driven using observable inputs consisting of LIBOR and the forward yield curve. We also consider the creditworthiness of both us and our counterparties and the impact of netting and credit enhancement provisions contained in each derivative agreement, such as collateral postings. All of our "non-centrally cleared" interest rate swaps are subject to bilateral collateral arrangements. Consequently, no credit valuation adjustment was made in determining the fair value of such instruments. The payment of periodic settlements of net interest on interest rate swaps is reported in realized loss on periodic settlements of interest rate swaps, net in our consolidated statements of operations. Cash payments received or paid for the early termination of an interest rate swap agreement are recorded as realized gain (loss) on other derivatives and securities, net in our consolidated statements of operations. Changes in fair value of our interest rate swap agreements are reported in unrealized gain (loss) on other derivatives and securities, net in our consolidated statements of operations. Interest rate swaptions We purchase interest rate swaptions to help mitigate the potential impact of larger, more rapid changes in interest rates on the performance of our investment portfolio. The interest rate swaptions provide us the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay or receive interest rates in the future. The premium paid for interest rate swaptions is reported as a derivative asset in our consolidated balance sheets. We estimate the fair value of interest rate swaptions based on the fair value of the future interest rate swap that we have the option to enter into as well as the remaining length of time that we have to exercise the option. The difference between the premium and the fair value of the swaption is reported in unrealized gain (loss) on other derivatives and securities, net in our consolidated statements of operations. If a swaption expires unexercised, the realized loss on the swaption would be equal to the premium paid and reported in realized gain (loss) on other derivatives and securities, net in our consolidated statements of operations. If we exercise a swaption, the realized gain or loss on the swaption would be equal to the difference between the fair value of the underlying interest rate swap and the premium paid and reported in realized gain (loss) on other derivatives and securities, net in our consolidated statements of operations. Interest rate swaption agreements are privately negotiated in the OTC market and are not subject to central clearing. We estimate the fair value of our interest rate swaption agreements based on model-driven valuations obtained from third-party pricing services and the swaption counterparty. These estimates incorporate observable inputs and include the fair value of the future interest rate swaps that we have the option to enter into, as well as the remaining length of time that we have to exercise the options, adjusted for non-performance risk, if any. TBA securities A TBA security is a forward contract for the purchase ("long position") or sale ("short position") of agency RMBS at a predetermined price, face amount, issuer, coupon and stated maturity on an agreed-upon future date. The specific agency RMBS delivered into the contract upon the settlement date, published each month by the Securities Industry and Financial Markets Association, are not known at the time of the transaction. We may enter into TBA contracts as a means of hedging against short-term changes in interest rates. We may also enter into TBA contracts as a means of acquiring or disposing of agency RMBS and we may from time to time utilize TBA dollar roll transactions to finance agency RMBS purchases. We account for all TBA contracts as derivatives since we cannot assert that it is probable at the inception and throughout the term of the contract that it will not settle net and will result in physical delivery of an agency security when it is issued. A TBA dollar roll transaction is a series of derivative transactions. The net settlement of a TBA contract is reported as realized gain (loss) on other derivatives and securities, net and changes in the fair value of our TBA contracts are reported as unrealized gain (loss) on other derivatives and securities, net in our consolidated statements of operations. We estimate the fair value of TBA securities based on similar methods used to value our agency RMBS. Forward commitments to purchase or sell specified securities We may enter into a forward commitment to purchase or sell specified securities as a means of acquiring assets or as a hedge against short-term changes in interest rates. Such forward commitments usually require physical settlement. Contracts for the purchase or sale of specified securities are accounted for as derivatives if the delivery of the specified agency RMBS and settlement extends beyond established market conventions. Realized gains and losses associated with forward commitments are recognized in realized gain (loss) on other derivatives and securities, net and unrealized gains and losses are recognized in unrealized gain (loss) on other derivatives and securities, net on our consolidated statements of operations. We estimate the fair value of forward commitments to purchase or sell specified RMBS based on methods used to value our RMBS, as well as the remaining length of time of the forward commitment. U.S. Treasury securities We purchase or sell short U.S. Treasury securities and U.S. Treasury futures contracts to help mitigate the potential impact of changes in interest rates on the performance of our portfolio. Realized gains and losses associated with purchases and short sales of U.S. Treasury securities and U.S. Treasury futures contracts are recognized in realized gain (loss) on other derivatives and securities, net, and unrealized gains and losses are recognized in unrealized gain (loss) on other derivatives and securities, net on our consolidated statements of operations.

Agency Securities (Tables)

Agency Securities (Tables)	6 Months Ended
	Jun. 30, 2015
Agency Securities [Abstract]
Agency Securities [Table Text Block]	The following tables summarize our investments in agency RMBS as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 Fannie Mae Freddie Mac Total Agency RMBS: Par value $ 2,663,954 $ 759,404 $ 3,423,358 Unamortized premium 128,485 39,150 167,635 Amortized cost 2,792,439 798,554 3,590,993 Gross unrealized gains 16,960 5,432 22,392 Gross unrealized losses (23,582 ) (9,107 ) (32,689 ) Agency RMBS, at fair value $ 2,785,817 $ 794,879 $ 3,580,696 Weighted average coupon as of June 30, 2015 3.44 % 3.53 % 3.46 % Weighted average yield as of June 30, 2015 2.61 % 2.68 % 2.63 % Weighted average yield for the three months ended June 30, 2015 2.70 % 2.84 % 2.73 % Weighted average yield for the six months ended June 30, 2015 2.58 % 2.68 % 2.60 % June 30, 2015 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Agency RMBS: Fixed rate $ 3,479,997 $ 18,853 $ (32,689 ) $ 3,466,161 Adjustable rate 110,996 3,539 — 114,535 Total $ 3,590,993 $ 22,392 $ (32,689 ) $ 3,580,696 December 31, 2014 Fannie Mae Freddie Mac Total Agency RMBS: Par value $ 3,333,348 $ 857,059 $ 4,190,407 Unamortized premium 141,252 43,070 184,322 Amortized cost 3,474,600 900,129 4,374,729 Gross unrealized gains 26,102 7,550 33,652 Gross unrealized losses (18,575 ) (5,667 ) (24,242 ) Agency RMBS, at fair value $ 3,482,127 $ 902,012 $ 4,384,139 Weighted average coupon as of December 31, 2014 3.37 % 3.50 % 3.39 % Weighted average yield as of December 31, 2014 2.54 % 2.65 % 2.56 % Weighted average yield for the year ended December 31, 2014 2.48 % 2.58 % 2.50 % December 31, 2014 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Agency RMBS: Fixed rate $ 4,252,616 $ 30,059 $ (24,242 ) $ 4,258,433 Adjustable rate 122,113 3,593 — 125,706 Total $ 4,374,729 $ 33,652 $ (24,242 ) $ 4,384,139
Summary Of Agency Securities Estimated Weighted Average Life Classifications Text Block	The following table summarizes our agency RMBS as of June 30, 2015 and December 31, 2014 according to their estimated weighted average life classification (dollars in thousands): June 30, 2015 December 31, 2014 Weighted Average Weighted Average Weighted Average Life Fair Value Amortized Cost Yield Coupon Fair Value Amortized Cost Yield Coupon Greater than three years and less than or equal to five years $ 1,206,839 $ 1,197,616 2.24 % 3.14 % $ 1,528,121 $ 1,520,350 2.13 % 3.05 % Greater than five years and less than or equal to 10 years 2,346,965 2,366,476 2.82 % 3.63 % 2,827,653 2,826,297 2.79 % 3.58 % Greater than 10 years 26,892 26,901 3.12 % 3.52 % 28,365 28,082 3.12 % 3.52 % Total $ 3,580,696 $ 3,590,993 2.63 % 3.46 % $ 4,384,139 $ 4,374,729 2.56 % 3.39 %
Schedule of Realized Gain (Loss) [Table Text Block]	The following table summarizes our net realized gains and losses from the sale of agency RMBS during the three and six months ended June 30, 2015 and 2014 (dollars in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Proceeds from agency RMBS sold $ 805,288 $ 335,176 $ 1,235,875 $ 1,667,076 Increase (decrease) in receivable for agency RMBS sold (142,817 ) 116,535 208,942 (492,111 ) Less agency RMBS sold, at cost (669,132 ) (447,659 ) (1,450,544 ) (1,184,046 ) Net realized gain (loss) on sale of agency RMBS $ (6,661 ) $ 4,052 $ (5,727 ) $ (9,081 ) Gross realized gains on sale of agency RMBS $ 365 $ 6,260 $ 3,964 $ 7,830 Gross realized losses on sale of agency RMBS (7,026 ) (2,208 ) (9,691 ) (16,911 ) Net realized gain (loss) on sale of agency RMBS $ (6,661 ) $ 4,052 $ (5,727 ) $ (9,081 ) The following table summarizes our net realized gains and losses from the sale of non-agency securities during the three and six months ended June 30, 2015 and 2014 (dollars in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Proceeds from non-agency securities sold $ 148,410 $ 250,548 $ 218,978 $ 295,211 Increase in receivable for non-agency RMBS sold — (4,743 ) — — Less: non-agency securities sold, at cost (145,259 ) (232,822 ) (212,581 ) (280,819 ) Net realized gain on sale of non-agency securities $ 3,151 $ 12,983 $ 6,397 $ 14,392 Gross realized gain on sale of non-agency securities $ 3,456 $ 16,886 $ 6,893 $ 18,295 Gross realized loss on sale of non-agency securities (305 ) (3,903 ) (496 ) (3,903 ) Net realized gain on sale of non-agency securities $ 3,151 $ 12,983 $ 6,397 $ 14,392
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	The following tables summarize our agency RMBS pledged as collateral under repurchase agreements and derivative agreements by type as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 Agency RMBS Pledged (1) Fannie Mae Freddie Mac Total Under Repurchase Agreements Fair value $ 2,713,837 $ 774,962 $ 3,488,799 Accrued interest on pledged agency RMBS 7,465 2,175 9,640 Under Derivative Agreements Fair value 4,360 338 4,698 Accrued interest on pledged agency RMBS 13 1 14 Total Fair Value of Agency RMBS Pledged and Accrued Interest $ 2,725,675 $ 777,476 $ 3,503,151 ———————— (1) Agency RMBS pledged do not include pledged amounts of $199.6 million under repurchase agreements related to agency RMBS sold but not yet settled as of June 30, 2015 . December 31, 2014 Agency RMBS Pledged Fannie Mae Freddie Mac Total Under Repurchase Agreements Fair value $ 3,395,257 $ 838,627 $ 4,233,884 Accrued interest on pledged agency RMBS 9,089 2,335 11,424 Under Derivative Agreements Fair value 677 674 1,351 Accrued interest on pledged agency RMBS 2 2 4 Total Fair Value of Agency RMBS Pledged and Accrued Interest $ 3,405,025 $ 841,638 $ 4,246,663
Schedules Of Securities Pledged As Collateral Under Repurchase Agreement [Text Block] [Table Text Block]	The following table summarizes our agency RMBS pledged as collateral under repurchase agreements by remaining maturity as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Remaining Maturity Fair Value Amortized Cost Accrued Interest Fair Value Amortized Cost Accrued Interest 30 days or less $ 1,672,747 $ 1,675,076 $ 4,576 $ 1,711,727 $ 1,707,149 $ 4,718 31 - 59 days 686,461 689,936 1,942 507,160 503,833 1,310 60 - 90 days 425,650 426,561 1,142 525,089 524,291 1,352 Greater than 90 days 703,941 707,871 1,980 1,489,908 1,489,667 4,044 Total $ 3,488,799 $ 3,499,444 $ 9,640 $ 4,233,884 $ 4,224,940 $ 11,424 The following table summarizes our non-agency securities pledged as collateral under repurchase agreements and other financing arrangements by remaining maturity as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Remaining Maturity Fair Value Amortized Accrued Interest Fair Value Amortized Accrued Interest 30 days or less $ 1,170,435 $ 1,139,599 $ 1,910 $ 791,654 $ 770,604 $ 1,151 31 - 59 days 80,331 73,191 55 106,097 98,690 77 60 - 90 days 78,177 74,903 59 43,230 39,280 40 Total $ 1,328,943 $ 1,287,693 $ 2,024 $ 940,981 $ 908,574 $ 1,268

Non-Agency Securities (Tables)

Non-Agency Securities (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
Non-Agency Securities [Table Text Block]	The following tables summarize our non-agency securities as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 Fair Value Gross Unrealized Amortized Cost Premium (Discount) Par/ Current Face Weighted Average Category Gains Losses Coupon (1) Yield Prime $ 451,352 $ 8,222 $ (1,785 ) $ 444,915 $ (25,132 ) $ 470,047 3.41 % 4.53 % CRT 197,551 634 (6,294 ) 203,211 4,518 198,693 4.11 % 5.73 % Alt-A 462,229 37,500 (5,096 ) 429,825 (162,265 ) 592,090 1.64 % 6.98 % Option-ARM 167,089 9,259 (4,179 ) 162,009 (38,571 ) 200,580 0.45 % 5.83 % Subprime 225,423 5,586 (65 ) 219,902 (22,534 ) 242,436 3.12 % 4.36 % Total $ 1,503,644 $ 61,201 $ (17,419 ) $ 1,459,862 $ (243,984 ) $ 1,703,846 2.49 % 5.54 % ———————— (1) Coupon rates are floating, except for $234.6 million , $28.0 million and $186.2 million fair value of fixed-rate prime, Alt-A and subprime non-agency securities, respectively, as of June 30, 2015 . December 31, 2014 Fair Value Gross Unrealized Amortized Cost Premium (Discount) Par/ Current Face Weighted Average Category Gains Losses Coupon (1) Yield Prime $ 178,215 $ 11,346 $ (596 ) $ 167,464 $ (25,977 ) $ 193,441 3.03 % 6.42 % CRT 104,123 88 (5,893 ) 109,929 4,150 105,779 4.21 % 5.46 % Alt-A 486,254 42,536 (4,090 ) 447,808 (169,221 ) 617,029 1.67 % 6.54 % Option-ARM 173,727 11,317 (2,473 ) 164,883 (42,338 ) 207,221 0.43 % 5.88 % Subprime 226,515 5,818 (342 ) 221,039 (29,143 ) 250,182 2.70 % 4.57 % Total $ 1,168,834 $ 71,105 $ (13,394 ) $ 1,111,123 $ (262,529 ) $ 1,373,652 2.06 % 5.92 % ———————— (1) Coupon rates are floating, except for $2.5 million , $29.3 million and $151.2 million fair value of fixed-rate prime, Alt-A and subprime non-agency securities, respectively, as of December 31, 2014 .
Schedule of Non-Agency Securities by Weighted Average Life [Table Text Block]	The following table summarizes our non-agency securities at fair value, by their estimated weighted average life classifications as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Weighted Average Life Fair Value Amortized Cost Weighted Average Yield Weighted Average Coupon Fair Value Amortized Cost Weighted Average Yield Weighted Average Coupon ≤ 5 years $ 384,531 $ 372,890 5.19 % 2.88 % $ 436,385 $ 422,400 5.15 % 2.85 % > 5 to ≤ 7 years 714,384 686,175 5.51 % 2.08 % 486,869 446,967 6.68 % 1.29 % > 7 years 404,729 400,797 5.91 % 2.87 % 245,580 241,756 5.89 % 2.43 % Total $ 1,503,644 $ 1,459,862 5.54 % 2.49 % $ 1,168,834 $ 1,111,123 5.92 % 2.06 %
Realized Gain (Loss) on Investments [Table Text Block]	The following table summarizes our net realized gains and losses from the sale of agency RMBS during the three and six months ended June 30, 2015 and 2014 (dollars in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Proceeds from agency RMBS sold $ 805,288 $ 335,176 $ 1,235,875 $ 1,667,076 Increase (decrease) in receivable for agency RMBS sold (142,817 ) 116,535 208,942 (492,111 ) Less agency RMBS sold, at cost (669,132 ) (447,659 ) (1,450,544 ) (1,184,046 ) Net realized gain (loss) on sale of agency RMBS $ (6,661 ) $ 4,052 $ (5,727 ) $ (9,081 ) Gross realized gains on sale of agency RMBS $ 365 $ 6,260 $ 3,964 $ 7,830 Gross realized losses on sale of agency RMBS (7,026 ) (2,208 ) (9,691 ) (16,911 ) Net realized gain (loss) on sale of agency RMBS $ (6,661 ) $ 4,052 $ (5,727 ) $ (9,081 ) The following table summarizes our net realized gains and losses from the sale of non-agency securities during the three and six months ended June 30, 2015 and 2014 (dollars in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Proceeds from non-agency securities sold $ 148,410 $ 250,548 $ 218,978 $ 295,211 Increase in receivable for non-agency RMBS sold — (4,743 ) — — Less: non-agency securities sold, at cost (145,259 ) (232,822 ) (212,581 ) (280,819 ) Net realized gain on sale of non-agency securities $ 3,151 $ 12,983 $ 6,397 $ 14,392 Gross realized gain on sale of non-agency securities $ 3,456 $ 16,886 $ 6,893 $ 18,295 Gross realized loss on sale of non-agency securities (305 ) (3,903 ) (496 ) (3,903 ) Net realized gain on sale of non-agency securities $ 3,151 $ 12,983 $ 6,397 $ 14,392
Schedules Of Securities Pledged As Collateral Under Repurchase Agreement [Text Block] [Table Text Block]	The following table summarizes our agency RMBS pledged as collateral under repurchase agreements by remaining maturity as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Remaining Maturity Fair Value Amortized Cost Accrued Interest Fair Value Amortized Cost Accrued Interest 30 days or less $ 1,672,747 $ 1,675,076 $ 4,576 $ 1,711,727 $ 1,707,149 $ 4,718 31 - 59 days 686,461 689,936 1,942 507,160 503,833 1,310 60 - 90 days 425,650 426,561 1,142 525,089 524,291 1,352 Greater than 90 days 703,941 707,871 1,980 1,489,908 1,489,667 4,044 Total $ 3,488,799 $ 3,499,444 $ 9,640 $ 4,233,884 $ 4,224,940 $ 11,424 The following table summarizes our non-agency securities pledged as collateral under repurchase agreements and other financing arrangements by remaining maturity as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Remaining Maturity Fair Value Amortized Accrued Interest Fair Value Amortized Accrued Interest 30 days or less $ 1,170,435 $ 1,139,599 $ 1,910 $ 791,654 $ 770,604 $ 1,151 31 - 59 days 80,331 73,191 55 106,097 98,690 77 60 - 90 days 78,177 74,903 59 43,230 39,280 40 Total $ 1,328,943 $ 1,287,693 $ 2,024 $ 940,981 $ 908,574 $ 1,268

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Repurchase Agreements [Abstract]
Schedule of Debt [Table Text Block]	June 30, 2015 and December 31, 2014 , our borrowings under repurchase agreements had the following collateral characteristics (dollars in thousands): June 30, 2015 December 31, 2014 Weighted Average Weighted Average Collateral Type Borrowings Interest Rate Days Borrowings Interest Rate Days Agency securities (1) $ 3,486,173 0.44 % 214 $ 4,002,291 0.42 % 245 Non-agency securities 849,376 1.67 % 21 715,704 1.67 % 20 U.S. Treasury securities 404,950 (0.04 )% 2 705,635 (0.13 )% 7 Total repurchase agreements $ 4,740,499 0.62 % 162 $ 5,423,630 0.51 % 190 ———————— (1) Repurchase agreements borrowings secured by agency securities include $191.3 million of repurchase agreements related to agency RMBS sold but not yet settled as of June 30, 2015 . The following table summarizes our borrowings under repurchase arrangements and weighted average interest rates classified by remaining maturities as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Weighted Average Weighted Average Borrowings Outstanding Interest Rate Days Borrowings Outstanding Interest Rate Days Agency and non-agency repurchase agreements ≤ 1 month $ 2,366,349 0.78 % 14 $ 2,245,188 0.71 % 13 > 1 to ≤ 2 months 748,657 0.50 % 49 568,014 0.55 % 45 > 2 to ≤ 3 months 488,282 0.58 % 77 540,201 0.48 % 74 > 3 to ≤ 6 months 220,986 0.53 % 145 508,216 0.43 % 142 > 6 to ≤ 9 months — — % 0 123,947 0.51 % 246 > 9 to ≤ 12 months — — % 0 217,429 0.51 % 327 > 12 months 511,275 0.67 % 1222 515,000 0.63 % 1405 Total 4,335,549 0.68 % 177 4,717,995 0.61 % 210 U.S. Treasury repurchase agreements Short-term 404,950 (0.04 )% 2 705,635 (0.13 )% 7 Total repurchase agreements $ 4,740,499 0.62 % 162 $ 5,423,630 0.51 % 190

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative [Line Items]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The table below presents the balance sheet location and fair value information for our derivatives outstanding as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Interest rate swaps $ 4,806 $ 9,414 Interest rate swaptions 4,610 5,464 TBA securities 2,519 13,495 Interest only swaps — 201 U.S. Treasury futures 680 — Mortgage options 915 — Derivative assets, at fair value $ 13,530 $ 28,574 Interest rate swaps $ 59,941 $ 73,052 TBA securities 6,930 1,863 Credit default swaps 3,159 — Interest only swaps 98 — U.S. Treasury futures — 1,066 Derivative liabilities, at fair value $ 70,128 $ 75,981
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]	The following table summarizes the effect of our outstanding derivatives and other securities on our consolidated statements of operations during the three and six months ended June 30, 2015 and 2014 (in thousands): For the Three Months Ended June 30, 2015 2014 Realized Loss on Periodic Settlements of Interest Rate Swaps, net Realized Gain (Loss) on Other Derivatives and Securities, net Unrealized Gain (Loss) on Other Derivatives and Securities, net Realized Loss on Periodic Settlements of Interest Rate Swaps, net Realized Gain (Loss) on Other Derivatives and Securities, net Unrealized Gain (Loss) on Other Derivatives and Securities, net Interest rate swaps $ (4,433 ) $ (21,749 ) $ 50,282 $ (5,227 ) $ — $ (50,038 ) Interest rate swaptions — — 943 — (2,164 ) (1,885 ) TBA securities — (2,936 ) (9,290 ) — 14,821 12,747 U.S. Treasuries — (6,807 ) (3,393 ) — 1,711 1,480 U.S. Treasury futures — (563 ) 3,679 — (3,203 ) (523 ) Short sales of U.S. Treasuries — 97 613 — (4,417 ) (8,887 ) REIT equity investments — — — — 4,812 (1,965 ) Mortgage options — 22 (353 ) — — (140 ) Interest only swap — (930 ) (739 ) — — — Credit default swap — 325 (74 ) — — — Credit default option — — 340 — — — Total $ (4,433 ) $ (32,541 ) $ 42,008 $ (5,227 ) $ 11,560 $ (49,211 ) For the Six Months Ended June 30, 2015 2014 Realized Loss on Periodic Settlements of Interest Rate Swaps, net Realized Gain (Loss) on Other Derivatives and Securities, net Unrealized Gain (Loss) on Other Derivatives and Securities, net Realized Loss on Periodic Settlements of Interest Rate Swaps, net Realized Gain (Loss) on Other Derivatives and Securities, net Unrealized Gain (Loss) on Other Derivatives and Securities, net Interest rate swaps $ (8,744 ) $ (29,574 ) $ 7,176 $ (10,174 ) $ 68 $ (78,202 ) Interest rate swaptions — (520 ) (334 ) — (16,832 ) (8,368 ) TBA securities — 13,500 (16,473 ) — 5,992 11,918 U.S. Treasuries — 9,094 (738 ) — 2,758 12,438 U.S. Treasury futures — (2,778 ) 1,746 — (3,977 ) (2,761 ) Short sales of U.S. Treasuries — (5,084 ) 934 — (5,964 ) (5,067 ) REIT equity investments — — — — 7,487 1,877 Mortgage options — 22 — — — (140 ) Interest only swap — (284 ) (311 ) — — — Credit default swap — 325 (74 ) — — — Credit default option — — 340 — — — Total $ (8,744 ) $ (15,299 ) $ (7,734 ) $ (10,174 ) $ (10,468 ) $ (68,305 )
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	The following tables summarize changes in notional amounts for our outstanding derivatives and other securities for the six months ended June 30, 2015 and 2014 (in thousands): December 31, 2014 Notional Amount Additions/ Long Positions Expirations/ Terminations/ Short Positions June 30, 2015 Notional Amount Interest rate swaps $ 4,015,000 — (1,225,000 ) $ 2,790,000 Interest rate swaptions $ 550,000 — (100,000 ) $ 450,000 TBA securities $ 296,172 19,145,070 (19,498,669 ) $ (57,427 ) U.S. Treasuries $ 756,500 2,430,250 (2,906,750 ) $ 280,000 U.S. Treasury futures $ (150,000 ) 300,000 (300,000 ) $ (150,000 ) Short sales of U.S. Treasuries $ (228,500 ) 679,500 (476,000 ) $ (25,000 ) Mortgage options $ — 50,000 (50,000 ) $ — Interest only swaps $ 48,739 — (4,975 ) $ 43,764 Credit default swaps — 50,000 (500 ) $ 49,500 Credit default options $ — 50,000 (500 ) $ 49,500 December 31, 2013 Notional Amount Additions/ Long Positions Expirations/ Terminations/ Short Positions June 30, 2014 Notional Amount Interest rate swaps $ 3,240,000 875,000 (50,000 ) $ 4,065,000 Interest rate swaptions $ 2,100,000 75,000 (1,775,000 ) $ 400,000 TBA securities $ (773,816 ) 9,667,634 (7,769,168 ) $ 1,124,650 U.S. Treasuries $ 656,000 280,570 (786,570 ) $ 150,000 U.S. Treasury futures $ (150,000 ) 300,000 (300,000 ) $ (150,000 ) Short sales of U.S. Treasuries $ (23,000 ) 813,000 (1,360,000 ) $ (570,000 ) Mortgage options $ — — (100,000 ) $ (100,000 )
Schedule Of Interest Rate Swap Agreement By Remaining Maturity [Table Text Block]	As of June 30, 2015 and December 31, 2014 , we had interest rate swap agreements summarized in the tables below (dollars in thousands). June 30, 2015 December 31, 2014 Interest Rate Swaps Balance Sheet Location Notional Amount Fair Value Notional Amount Fair Value Interest rate swap assets Derivative assets, at fair value $ 525,000 $ 4,806 $ 925,000 $ 9,414 Interest rate swap liabilities Derivative liabilities, at fair value 2,265,000 (59,941 ) 3,090,000 (73,052 ) $ 2,790,000 $ (55,135 ) $ 4,015,000 $ (63,638 ) June 30, 2015 Notional Fair Value Weighted Average Current Maturity Date for Interest Rate Swaps (1) Fixed (2) Receive Rate (3) Maturity (Years) ≤ 3 years $ 865,000 $ (2,669 ) 1.01 % 0.28 % 1.5 > 3 to ≤ 5 years 750,000 (8,785 ) 1.78 % 0.28 % 3.8 > 5 to ≤ 7 years 875,000 (30,000 ) 2.94 % 0.28 % 6.0 > 7 years 300,000 (13,681 ) 2.93 % 0.27 % 8.2 Total $ 2,790,000 $ (55,135 ) 2.03 % 0.28 % 4.3 December 31, 2014 Notional Fair Value Weighted Average Current Maturity Date for Interest Rate Swaps (4) Fixed (2) Receive (3) Maturity ≤ 3 years $ 1,065,000 $ (1,635 ) 0.97 % 0.23 % 1.6 > 3 to ≤ 5 years 850,000 (4,441 ) 1.91 % 0.23 % 4.2 > 5 to ≤ 7 years 1,625,000 (38,780 ) 2.66 % 0.23 % 6.0 > 7 years 475,000 (18,782 ) 2.87 % 0.25 % 8.2 Total $ 4,015,000 $ (63,638 ) 2.08 % 0.23 % 4.7 ———————— (1) Includes swaps with an aggregate notional of $1.2 billion with deferred start dates averaging 0.8 years from June 30, 2015 . (2) Excluding forward starting swaps, the weighted average pay rate was 1.30% and 1.24% as of June 30, 2015 and December 31, 2014 , respectively. (3) Weighted average receive rate excludes impact of forward starting interest rate swaps. (4) Includes swaps with an aggregate notional of $2.1 billion with deferred start dates averaging 1.1 years from December 31, 2014 .
Schedule of Interest Rate Swaption Agreements Outstandin [Table Text Block]	The following tables present certain information about our interest rate swaption agreements as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 Option Underlying Swap Current Option Expiration Date Cost Fair Value Weighted Average Years to Expiration Notional Amount Pay Rate Weighted Average Term (Years) ≤ 3 months $ 4,765 $ 2,048 0.2 $ 100,000 3.34 % 6.8 > 3 to ≤ 12 months 3,174 862 0.6 250,000 3.55 % 8.8 > 24 months 2,735 1,700 2.4 100,000 3.21 % 5.0 Total / weighted average $ 10,674 $ 4,610 0.9 $ 450,000 3.43 % 7.5 December 31, 2014 Option Underlying Swap Current Option Expiration Date Cost Fair Value Weighted Average Years to Expiration Notional Amount Pay Rate Weighted Average Term (Years) ≤ 3 months $ 4,013 $ 1,972 0.1 $ 150,000 2.78 % 4.3 > 3 to ≤ 12 months 3,139 1,432 0.9 200,000 3.29 % 8.8 >12 to ≤ 24 months 1,308 207 1.3 100,000 4.13 % 7.0 > 24 months 2,735 1,853 2.9 100,000 3.21 % 5.0 Total / weighted average $ 11,195 $ 5,464 1.1 $ 550,000 3.29 % 6.5
Schedule of Long and Short Position of Derivative Instruments [Table Text Block]	TBA Securities As of June 30, 2015 and December 31, 2014 , we had contracts to purchase ("long position") and sell ("short position") TBA securities on a forward basis, presented in the following table (in thousands): June 30, 2015 December 31, 2014 Purchase and Sale Contracts for TBA Securities Notional Amount (1) Fair Value (2) Notional Amount (1) Fair Value (2) TBA assets Purchase of TBA securities $ 171,720 $ 151 $ 829,030 $ 8,226 Sale of TBA securities (561,012 ) 2,368 (74,758 ) 5,269 Total TBA assets (389,292 ) 2,519 754,272 13,495 TBA liabilities Purchase of TBA securities 474,700 (5,675 ) 199,000 (595 ) Sale of TBA securities (142,835 ) (1,255 ) (657,100 ) (1,268 ) Total TBA liabilities 331,865 (6,930 ) (458,100 ) (1,863 ) Total net TBA $ (57,427 ) $ (4,411 ) $ 296,172 $ 11,632 ———————— (1) Notional amount represents the par value or principal balance of the underlying agency security. (2) Fair value represents the current market value of the agency RMBS underlying the TBA contract as of period end, less the forward price to be paid for the underlying agency RMBS.

Offsetting Assets and Liabili25

Offsetting Assets and Liabilities Offsetting Financial and Derivative Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Offsetting of Financial Assets and Derivative Assets [Abstract]
Offsetting Assets [Table Text Block]	Offsetting of Financial Assets and Derivative Assets: Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Financial Instruments Collateral Received (1) Net Amount June 30, 2015 Interest rate swaps and swaptions (2)(3) $ 9,416 $ — $ 9,416 $ (2,687 ) $ (1,351 ) $ 5,378 Receivable under reverse repurchase agreements 204,355 — 204,355 (204,355 ) — — Total $ 213,771 $ — $ 213,771 $ (207,042 ) $ (1,351 ) $ 5,378 December 31, 2014 Interest rate swaps and swaptions (2) $ 14,878 $ — $ 14,878 $ (5,192 ) $ (3,059 ) $ 6,627 Receivable under reverse repurchase agreements 214,399 — 214,399 (214,399 ) — — Total $ 229,277 $ — $ 229,277 $ (219,591 ) $ (3,059 ) $ 6,627
Offsetting Liabilities [Table Text Block]	Offsetting of Financial Liabilities and Derivative Liabilities: Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Financial Instruments Collateral Pledged (1) Net Amount June 30, 2015 Interest rate swaps (2) $ 59,941 $ — $ 59,941 $ (2,687 ) $ (57,254 ) $ — Repurchase agreements 4,740,499 — 4,740,499 (204,355 ) (4,536,144 ) — FHLB advances 197,202 — 197,202 — (197,202 ) — Total $ 4,997,642 $ — $ 4,997,642 $ (207,042 ) $ (4,790,600 ) $ — December 31, 2014 Interest rate swaps (2) $ 73,052 $ — $ 73,052 $ (5,192 ) $ (67,860 ) $ — Repurchase agreements 5,423,630 — 5,423,630 (214,399 ) (5,209,231 ) — Total $ 5,496,682 $ — $ 5,496,682 $ (219,591 ) $ (5,277,091 ) $ — ———————— (1) Includes cash and securities received / pledged as collateral, at fair value. Amounts presented are limited to collateral pledged sufficient to reduce the net amount to zero on a counterparty by counterparty basis, as applicable. Refer to Notes 4 and 5 for additional information regarding assets pledged as collateral. (2) Reported under derivative assets / liabilities, at fair value in the accompanying consolidated balance sheets. Refer to Note 7 for a reconciliation of derivative assets / liabilities, at fair value to their sub-components. (3) Interest rate swaps and swaptions are subject to master netting arrangements which could reduce our maximum amount of loss due to credit risk by $2.7 million as of June 30, 2015 .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	The following tables present our financial instruments carried at fair value as of June 30, 2015 and December 31, 2014 , on the consolidated balance sheets by the valuation hierarchy, as described above (in thousands): June 30, 2015 Level 1 Level 2 Level 3 Total Assets Agency securities $ — $ 3,580,696 $ — $ 3,580,696 Non-agency securities — 1,503,644 — 1,503,644 U.S. Treasury securities 279,120 — — 279,120 Derivative assets — 13,530 — 13,530 MSR assets — — 91,699 91,699 Total $ 279,120 $ 5,097,870 $ 91,699 $ 5,468,689 Liabilities Derivative liabilities $ — $ 70,128 $ — $ 70,128 Obligation to return securities borrowed under reverse repurchase agreements 24,542 — — 24,542 MSR financing liabilities — — 14,572 14,572 Total $ 24,542 $ 70,128 $ 14,572 $ 109,242 December 31, 2014 Level 1 Level 2 Level 3 Total Assets Agency securities $ — $ 4,384,139 $ — $ 4,384,139 Non-agency securities — 1,168,834 — 1,168,834 U.S. Treasury securities 758,629 — — 758,629 Derivative assets — 28,574 — 28,574 MSR assets — — 93,640 93,640 Total $ 758,629 $ 5,581,547 $ 93,640 $ 6,433,816 Liabilities Derivative liabilities $ — $ 75,981 $ — $ 75,981 Obligation to return securities borrowed under reverse repurchase agreements 230,136 — — 230,136 MSR financing liabilities — — 14,003 14,003 Total $ 230,136 $ 75,981 $ 14,003 $ 320,120
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The following table presents a summary of the changes in fair value for Level 3 assets carried at fair value for the six months ended June 30, 2015 and 2014 (in thousands): For the Six Months Ended June 30, 2015 MSR Under Secured Financing (1) Purchased MSR (2) Total MSR Balance as of December 31, 2014 $ 14,003 $ 79,637 $ 93,640 Losses included in net income: Realized losses (1,014 ) (5,233 ) (6,247 ) Unrealized gains 1,583 1,669 3,252 Total net gains (losses) included in net income 569 (3,564 ) (2,995 ) Purchases, net of purchase price adjustments — 1,054 1,054 Balance as of June 30, 2015 $ 14,572 $ 77,127 $ 91,699 For the Six Months Ended June 30, 2014 MSR Under Secured Financing (1) Purchased MSR (2) Total MSR Balance as of December 31, 2013 $ 15,608 $ — $ 15,608 Losses included in net income: Realized losses (551 ) (1,102 ) (1,653 ) Unrealized losses (6 ) (629 ) (635 ) Total net losses included in net income (557 ) (1,731 ) (2,288 ) Purchases, net of purchase price adjustments — 92,844 92,844 Balance as of June 30, 2014 $ 15,051 $ 91,113 $ 106,164 ———————— (1) Losses related to MSR under secured financing are offset in their entirety by gains associated with related MSR financing liabilities. (2) Realized losses on purchased MSR are included in servicing expense and unrealized gains (losses) on purchased MSR are included in unrealized gain (loss) on mortgage servicing rights on the consolidated statements of operations.
Fair Value Inputs, Assets, Quantitative Information [Table Text Block]	The following table presents the range of our estimates of loan constant voluntary prepayment rates and constant default rates, together with the discount rates used by third-party pricing providers in estimating the fair value of our Level 3 MSR as of June 30, 2015 (dollars in thousands): June 30, 2015 Unobservable Level 3 Input Fair Value Minimum Weighted Average Maximum MSR treated as financing arrangements: $ 14,572 Constant prepayment rate 4.1% 14.9% 36.0% Constant default rate 2.5% 7.7% 29.3% Discount rate 12.0% 12.0% 12.0% Purchased MSR: 77,127 Constant prepayment rate 7.8% 8.0% 8.4% Constant default rate 0.2% 0.3% 0.4% Discount rate 8.3% 8.9% 9.3% Total $ 91,699

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	6 Months Ended
	Jun. 30, 2015
Servicing Assets at Fair Value [Line Items]
Schedule of Servicing Assets at Fair Value [Table Text Block]	The following table summarizes activity related to MSR accounted for as purchases during the six months ended June 30, 2015 and 2014 (dollars in thousands): For the Six Months Ended June 30, 2015 2014 Beginning balance $ 79,637 $ — Additions from purchases of MSR 1,054 93,414 Changes in fair value due to: Changes in valuation inputs or assumptions used in valuation model 1,669 (629 ) Other changes in fair value (1) (5,233 ) (1,672 ) Ending balance $ 77,127 $ 91,113 ———————— 1. Other changes in fair value primarily represents changes due to the realization of cash flows.
Other Income and Other Expense Disclosure [Text Block]	The following table presents the components of net servicing loss for the three and six months ended June 30, 2015 and 2014 (dollars in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Servicing fee income $ 7,786 $ 7,502 $ 15,734 $ 13,325 Incentive, ancillary and other income 3,602 3,887 7,458 7,628 Servicing income 11,388 11,389 23,192 20,953 Employee compensation and benefit costs 7,622 7,898 15,019 16,675 Facility costs 2,592 3,347 5,420 6,280 Realization of cash flows from MSR 2,820 879 5,233 1,102 Other servicing costs 2,465 2,302 5,897 4,591 Servicing expense 15,499 14,426 31,569 28,648 Net servicing loss $ (4,111 ) $ (3,037 ) $ (8,377 ) $ (7,695 )

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Other Assets [Abstract]
Schedule of Other Assets [Table Text Block]	The following table summarizes our other assets as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Property and equipment, at cost $ 4,866 $ 4,809 Accumulated depreciation (2,595 ) (1,877 ) Net property and equipment 2,271 2,932 Servicing advances 18,628 24,393 Prepaid expenses 5,240 7,089 Intangible assets 15,000 15,000 Other 13,816 6,052 Total other assets $ 54,955 $ 55,466

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Other Liabilities [Abstract]
Other Liabilities [Table Text Block]	The following table summarizes our accounts payable and other accrued liabilities as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Cash collateral held on derivatives $ 1,351 $ 2,298 Due to manager 1,605 1,763 Swaption premium payable — 520 Payable for MSR purchased 170 2,680 Accrued interest 2,871 4,642 MSR, at fair value (1) 14,572 14,003 Other accounts payable and accrued expenses 16,813 15,501 Total accounts payable and other accrued liabilities $ 37,382 $ 41,407 —————— (1) MSR financing represents our obligations associated with excess MSR transferred to a third party which are accounted for as financing arrangements. We have elected the option to account for MSR financing at estimated fair value with changes in fair value reported in net income.

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Class of Stock [Line Items]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following summarizes the net income per common share for the three and six months ended June 30, 2015 and 2014 (in thousands, except per share data): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Weighted average common shares calculation: Basic weighted average common shares outstanding 51,179 51,142 51,172 51,207 Effect of stock based compensation 11 — 11 — Diluted weighted average common shares outstanding 51,190 51,142 51,183 51,207 Net income (loss) available to common shareholders $ (41,074 ) $ 83,813 $ (11,128 ) $ 132,573 Net income (loss) per common share — basic and diluted $ (0.80 ) $ 1.64 $ (0.22 ) $ 2.59

Agency Securities Agency securi

Agency Securities Agency securities, at fair value (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Schedule of Agency Securities [Line Items]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 3,580,696	$ 3,580,696	$ 4,384,139
Agency Securities [Member]
Schedule of Agency Securities [Line Items]
Agency Securities at Par	3,423,358	3,423,358	4,190,407
Agency Securities Unamortized Premium	167,635	167,635	184,322
Agency Securities Amortized Cost	3,590,993	3,590,993	4,374,729
Agency Securities, Gross Unrealized Gains	22,392	22,392	33,652
Agency Securities, Gross Unrealized Losses	(32,689)	(32,689)	(24,242)
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 3,580,696	$ 3,580,696	$ 4,384,139
Weighted Average Coupon Rate	3.46%	3.46%	3.39%
Weighted Average Yield Percentage	2.63%	2.63%	2.56%
Weighted Average Yield Percentage for Period	2.73%	2.60%	2.50%
Agency Securities [Member] | Fixed Rate Residential Mortgage [Member]
Schedule of Agency Securities [Line Items]
Agency Securities Amortized Cost	$ 3,479,997	$ 3,479,997	$ 4,252,616
Agency Securities, Gross Unrealized Gains	18,853	18,853	30,059
Agency Securities, Gross Unrealized Losses	(32,689)	(32,689)	(24,242)
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	3,466,161	3,466,161	4,258,433
Agency Securities [Member] | Adjustable Rate Residential Mortgage [Member]
Schedule of Agency Securities [Line Items]
Agency Securities Amortized Cost	110,996	110,996	122,113
Agency Securities, Gross Unrealized Gains	3,539	3,539	3,593
Agency Securities, Gross Unrealized Losses	0	0	0
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	114,535	114,535	125,706
Agency Securities [Member] | Fannie Mae [Member]
Schedule of Agency Securities [Line Items]
Agency Securities at Par	2,663,954	2,663,954	3,333,348
Agency Securities Unamortized Premium	128,485	128,485	141,252
Agency Securities Amortized Cost	2,792,439	2,792,439	3,474,600
Agency Securities, Gross Unrealized Gains	16,960	16,960	26,102
Agency Securities, Gross Unrealized Losses	(23,582)	(23,582)	(18,575)
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 2,785,817	$ 2,785,817	$ 3,482,127
Weighted Average Coupon Rate	3.44%	3.44%	3.37%
Weighted Average Yield Percentage	2.61%	2.61%	2.54%
Weighted Average Yield Percentage for Period	2.70%	2.58%	2.48%
Agency Securities [Member] | Freddie Mac [Member]
Schedule of Agency Securities [Line Items]
Agency Securities at Par	$ 759,404	$ 759,404	$ 857,059
Agency Securities Unamortized Premium	39,150	39,150	43,070
Agency Securities Amortized Cost	798,554	798,554	900,129
Agency Securities, Gross Unrealized Gains	5,432	5,432	7,550
Agency Securities, Gross Unrealized Losses	(9,107)	(9,107)	(5,667)
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 794,879	$ 794,879	$ 902,012
Weighted Average Coupon Rate	3.53%	3.53%	3.50%
Weighted Average Yield Percentage	2.68%	2.68%	2.65%
Weighted Average Yield Percentage for Period	2.84%	2.68%	2.58%

Agency Securities Weighted Aver

Agency Securities Weighted Average Life of Agency Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 3,580,696	$ 4,384,139
WeightedAverageLifeofAgencySecurities	6 years 11 months	6 years 9 months
Prepayment Rate Of Remaining Life Of Investment Portfolio	8.00%
Agency Securities [Member]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 3,580,696	$ 4,384,139
Agency Securities Amortized Cost	$ 3,590,993	$ 4,374,729
Weighted Average Yield Percentage	2.63%	2.56%
Weighted Average Coupon Rate	3.46%	3.39%
Agency Securities [Member] | Greater Than Three Years and Less Than or Equal to Five Years [Member]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 1,206,839	$ 1,528,121
Agency Securities Amortized Cost	$ 1,197,616	$ 1,520,350
Weighted Average Yield Percentage	2.24%	2.13%
Weighted Average Coupon Rate	3.14%	3.05%
Agency Securities [Member] | Greater than 5 years and less than or equal to 10 years [Member]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 2,346,965	$ 2,827,653
Agency Securities Amortized Cost	$ 2,366,476	$ 2,826,297
Weighted Average Yield Percentage	2.82%	2.79%
Weighted Average Coupon Rate	3.63%	3.58%
Agency Securities [Member] | Greater than 10 years [Member]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 26,892	$ 28,365
Agency Securities Amortized Cost	$ 26,901	$ 28,082
Weighted Average Yield Percentage	3.12%	3.12%
Weighted Average Coupon Rate	3.52%	3.52%
Minimum [Member]
WeightedAverageLifeofAgencySecurities	3 years 5 months	3 years 2 months

Agency Securities Realized Gain

Agency Securities Realized Gains and Losses on Agency Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Agency Securities [Line Items]
Gain (Loss) on Sales of Mortgage Backed Securities (MBS)	$ (6,661)	$ 4,052	$ (5,727)	$ (9,081)
Agency Securities [Member]
Schedule of Agency Securities [Line Items]
Proceeds from Sale of Agency Securities, Debt	805,288	335,176	1,235,875	1,667,076
Increase (Decrease) in Other Receivables	(142,817)	116,535	208,942	(492,111)
Cost of Sale of Agency Securities	(669,132)	(447,659)	(1,450,544)	(1,184,046)
Agency Securities, Gross Realized Gains	365	6,260	3,964	7,830
Agency Securities, Gross Realized Losses	7,026	2,208	(9,691)	(16,911)
Gain (Loss) on Sales of Mortgage Backed Securities (MBS)	$ (6,661)	$ 4,052	$ (5,727)	$ (9,081)

Agency Securities Agency Secu34

Agency Securities Agency Securities Pledged Under Borrowing Agreements (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total Fair Value Of Agency Securities Pledged And Accrued Interest	$ 3,503,151	$ 4,246,663
Fannie Mae [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total Fair Value Of Agency Securities Pledged And Accrued Interest	2,725,675	3,405,025
Freddie Mac [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total Fair Value Of Agency Securities Pledged And Accrued Interest	777,476	841,638
Agency Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	3,493,497	4,235,235
Repurchase Agreements [Member] | Agency Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	3,488,799	4,233,884
Agency Securities Pledged As Collateral Accrued Interest	9,640	11,424
Repurchase Agreements [Member] | Agency Securities [Member] | Fannie Mae [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	2,713,837	3,395,257
Agency Securities Pledged As Collateral Accrued Interest	7,465	9,089
Repurchase Agreements [Member] | Agency Securities [Member] | Freddie Mac [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	774,962	838,627
Agency Securities Pledged As Collateral Accrued Interest	2,175	2,335
Under Derivative Agreements [Member] | Agency Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	4,698	1,351
Agency Securities Pledged As Collateral Accrued Interest	14	4
Under Derivative Agreements [Member] | Agency Securities [Member] | Fannie Mae [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	4,360	677
Agency Securities Pledged As Collateral Accrued Interest	13	2
Under Derivative Agreements [Member] | Agency Securities [Member] | Freddie Mac [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	338	674
Agency Securities Pledged As Collateral Accrued Interest	1	$ 2
Agency Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateralized Agency Securities Sold But Not Settled	199,600
Agency Securities [Member] | Repurchase Agreements [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateralized Agency Securities Sold But Not Settled	$ 191,300

Agency Securities Agency Secu35

Agency Securities Agency Securities Pledged As Collateral by Maturity Date (Details) - Agency Securities [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	$ 3,493,497	$ 4,235,235
Repurchase Agreements [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	3,488,799	4,233,884
Agency Securities Pledged As Collateral Amortized Cost	3,499,444	4,224,940
Pledged Assets, Not Separately Reported, Other	9,640	11,424
Repurchase Agreements [Member] | Maturity up to 30 days [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	1,672,747	1,711,727
Agency Securities Pledged As Collateral Amortized Cost	1,675,076	1,707,149
Pledged Assets, Not Separately Reported, Other	4,576	4,718
Repurchase Agreements [Member] | Maturity 31 To 59 Days [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	686,461	507,160
Agency Securities Pledged As Collateral Amortized Cost	689,936	503,833
Pledged Assets, Not Separately Reported, Other	1,942	1,310
Repurchase Agreements [Member] | Maturity 60 To 90 Days [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	425,650	525,089
Agency Securities Pledged As Collateral Amortized Cost	426,561	524,291
Pledged Assets, Not Separately Reported, Other	1,142	1,352
Repurchase Agreements [Member] | Maturity over 90 days [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	703,941	1,489,908
Agency Securities Pledged As Collateral Amortized Cost	707,871	1,489,667
Pledged Assets, Not Separately Reported, Other	$ 1,980	$ 4,044

Non-Agency Securities Schedule

Non-Agency Securities Schedule of Non-Agency Securities (Details) - Major Types of Debt Securities [Domain] - Investment Securities Class [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Narrative [Abstract]
Non-Agency Securities, at Fair Value	$ 1,503,644	$ 1,168,834
Prime [Member]
Non-Agency Security, at Fair Value	451,352	178,215
Gross Unrealized Gain on Non-Agency Securities	8,222	11,346
Gross Unrealized Loss on Non-Agency Securities	(1,785)	(596)
Non-Agency Securities, at Amortized Cost	444,915	167,464
Debt Instrument, Unamortized Discount	(25,132)	(25,977)
Non-Agency Securities at Par	$ 470,047	$ 193,441
Weighted Average Coupon Rate	3.41%	3.03%
Weighted Average Yield Percentage	4.53%	6.42%
Narrative [Abstract]
Fixed Rate Non-Agency Security	$ 234,600	$ 2,500
Credit Risk Transfer [Member]
Non-Agency Security, at Fair Value	197,551	104,123
Gross Unrealized Gain on Non-Agency Securities	634	88
Gross Unrealized Loss on Non-Agency Securities	(6,294)	(5,893)
Non-Agency Securities, at Amortized Cost	203,211	109,929
Debt Instrument, Unamortized Discount	4,518	4,150
Non-Agency Securities at Par	$ 198,693	$ 105,779
Weighted Average Coupon Rate	4.11%	4.21%
Weighted Average Yield Percentage	5.73%	5.46%
Alt-A [Member]
Non-Agency Security, at Fair Value	$ 462,229	$ 486,254
Gross Unrealized Gain on Non-Agency Securities	37,500	42,536
Gross Unrealized Loss on Non-Agency Securities	(5,096)	(4,090)
Non-Agency Securities, at Amortized Cost	429,825	447,808
Debt Instrument, Unamortized Discount	(162,265)	(169,221)
Non-Agency Securities at Par	$ 592,090	$ 617,029
Weighted Average Coupon Rate	1.64%	1.67%
Weighted Average Yield Percentage	6.98%	6.54%
Narrative [Abstract]
Fixed Rate Non-Agency Security	$ 28,000	$ 29,300
Option-Arm [Member]
Non-Agency Security, at Fair Value	167,089	173,727
Gross Unrealized Gain on Non-Agency Securities	9,259	11,317
Gross Unrealized Loss on Non-Agency Securities	(4,179)	(2,473)
Non-Agency Securities, at Amortized Cost	162,009	164,883
Debt Instrument, Unamortized Discount	(38,571)	(42,338)
Non-Agency Securities at Par	$ 200,580	$ 207,221
Weighted Average Coupon Rate	0.45%	0.43%
Weighted Average Yield Percentage	5.83%	5.88%
Subprime [Member]
Non-Agency Security, at Fair Value	$ 225,423	$ 226,515
Gross Unrealized Gain on Non-Agency Securities	5,586	5,818
Gross Unrealized Loss on Non-Agency Securities	(65)	(342)
Non-Agency Securities, at Amortized Cost	219,902	221,039
Debt Instrument, Unamortized Discount	(22,534)	(29,143)
Non-Agency Securities at Par	$ 242,436	$ 250,182
Weighted Average Coupon Rate	3.12%	2.70%
Weighted Average Yield Percentage	4.36%	4.57%
Narrative [Abstract]
Fixed Rate Non-Agency Security	$ 186,200	$ 151,200
Non-Agency Securities [Member]
Non-Agency Security, at Fair Value	1,503,644	1,168,834
Gross Unrealized Gain on Non-Agency Securities	61,201	71,105
Gross Unrealized Loss on Non-Agency Securities	(17,419)	(13,394)
Non-Agency Securities, at Amortized Cost	1,459,862	1,111,123
Debt Instrument, Unamortized Discount	(243,984)	(262,529)
Non-Agency Securities at Par	$ 1,703,846	$ 1,373,652
Weighted Average Coupon Rate	2.49%	2.06%
Weighted Average Yield Percentage	5.54%	5.92%
External Credit Rating, Non Investment Grade [Member]
Percentage of Non-Investment Grade Non-Agency Securities	84.00%
Minimum [Member] | Credit Risk Transfer [Member]
Weighted Average Coupon Rate	2.787%
Underlying Collateral Coupon	3.58%
Minimum [Member] | Alt-A [Member]
Weighted Average Coupon Rate	0.257%
Underlying Collateral Coupon	2.65583%
Minimum [Member] | Option-Arm [Member]
Weighted Average Coupon Rate	0.327%
Underlying Collateral Coupon	2.7334%
Maximum [Member] | Credit Risk Transfer [Member]
Weighted Average Coupon Rate	5.10%
Underlying Collateral Coupon	4.60354%
Maximum [Member] | Alt-A [Member]
Weighted Average Coupon Rate	6.50%
Underlying Collateral Coupon	6.9332%
Maximum [Member] | Option-Arm [Member]
Weighted Average Coupon Rate	1.047%
Underlying Collateral Coupon	3.98593%

Non-Agency Securities Weighted

Non-Agency Securities Weighted Average Life of Non-Agency Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Non-Agency Securities, at Fair Value	$ 1,503,644	$ 1,168,834
Prime [Member]
Non-Agency Security, at Fair Value	451,352	178,215
Non-Agency Securities, at Amortized Cost	$ 444,915	$ 167,464
Weighted Average Yield Percentage	4.53%	6.42%
Weighted Average Coupon Rate	3.41%	3.03%
Prime [Member] | 2012- 2015 [Member]
Non-Agency Security, at Fair Value	$ 0
Prime [Member] | Pre-2010 [Member]
Non-Agency Security, at Fair Value	219,100
Alt-A [Member]
Non-Agency Security, at Fair Value	462,229	$ 486,254
Non-Agency Securities, at Amortized Cost	$ 429,825	$ 447,808
Weighted Average Yield Percentage	6.98%	6.54%
Weighted Average Coupon Rate	1.64%	1.67%
Option-Arm [Member]
Non-Agency Security, at Fair Value	$ 167,089	$ 173,727
Non-Agency Securities, at Amortized Cost	$ 162,009	$ 164,883
Weighted Average Yield Percentage	5.83%	5.88%
Weighted Average Coupon Rate	0.45%	0.43%
Subprime [Member]
Non-Agency Security, at Fair Value	$ 225,423	$ 226,515
Non-Agency Securities, at Amortized Cost	$ 219,902	$ 221,039
Weighted Average Yield Percentage	4.36%	4.57%
Weighted Average Coupon Rate	3.12%	2.70%
Subprime [Member] | 2013 [Member]
Non-Agency Security, at Fair Value	$ 134,800
Subprime [Member] | Pre-2013 [Member]
Non-Agency Security, at Fair Value	90,600
Non-Agency Securities [Member]
Non-Agency Security, at Fair Value	1,503,644	$ 1,168,834
Non-Agency Securities, at Amortized Cost	$ 1,459,862	$ 1,111,123
Weighted Average Yield Percentage	5.54%	5.92%
Weighted Average Coupon Rate	2.49%	2.06%
Fixed Coupon [Member] | Prime [Member]
Non-Agency Security, at Fair Value	$ 0
Floating Coupon [Member] | Prime [Member]
Non-Agency Security, at Fair Value	0
Less Than or Equal to Five Years [Member]
Non-Agency Security, at Fair Value	384,531	$ 436,385
Non-Agency Securities, at Amortized Cost	$ 372,890	$ 422,400
Weighted Average Yield Percentage	5.19%	5.15%
Weighted Average Coupon Rate	2.88%	2.85%
Greater Than Five Years and Less Than or Equal to Seven Year [Member]
Non-Agency Security, at Fair Value	$ 714,384	$ 486,869
Non-Agency Securities, at Amortized Cost	$ 686,175	$ 446,967
Weighted Average Yield Percentage	5.51%	6.68%
Weighted Average Coupon Rate	2.08%	1.29%
Greater Than Seven Years [Member]
Non-Agency Security, at Fair Value	$ 404,729	$ 245,580
Non-Agency Securities, at Amortized Cost	$ 400,797	$ 241,756
Weighted Average Yield Percentage	5.91%	5.89%
Weighted Average Coupon Rate	2.87%	2.43%
Minimum [Member] | Alt-A [Member]
Weighted Average Coupon Rate	0.257%
Underlying Collateral Coupon	2.65583%
Minimum [Member] | Option-Arm [Member]
Weighted Average Coupon Rate	0.327%
Underlying Collateral Coupon	2.7334%
Minimum [Member] | Subprime [Member] | 2013 [Member]
Weighted Average Coupon Rate	3.228%
Underlying Collateral Coupon	4.8724%
Minimum [Member] | Subprime [Member] | Pre-2013 [Member]
Weighted Average Coupon Rate	0.247%
Underlying Collateral Coupon	4.50783%
Minimum [Member] | Fixed Coupon [Member] | Prime [Member]
Weighted Average Coupon Rate	3.50%
Underlying Collateral Coupon	3.80%
Minimum [Member] | Floating Coupon [Member] | Prime [Member]
Weighted Average Coupon Rate	0.80%
Underlying Collateral Coupon	2.40%
Maximum [Member] | Alt-A [Member]
Weighted Average Coupon Rate	6.50%
Underlying Collateral Coupon	6.9332%
Maximum [Member] | Option-Arm [Member]
Weighted Average Coupon Rate	1.047%
Underlying Collateral Coupon	3.98593%
Maximum [Member] | Subprime [Member] | 2013 [Member]
Weighted Average Coupon Rate	4.25%
Underlying Collateral Coupon	7.6009%
Maximum [Member] | Subprime [Member] | Pre-2013 [Member]
Weighted Average Coupon Rate	5.25078%
Underlying Collateral Coupon	5.90315%
Maximum [Member] | Fixed Coupon [Member] | Prime [Member]
Weighted Average Coupon Rate	6.50%
Underlying Collateral Coupon	5.80%
Maximum [Member] | Floating Coupon [Member] | Prime [Member]
Weighted Average Coupon Rate	5.30%
Underlying Collateral Coupon	5.50%

Non-Agency Securities Realized

Non-Agency Securities Realized Gains (Losses) from Sale of Non-Agency Securities (Details) - Major Types of Debt Securities [Domain] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Gain (Loss) on Investments [Line Items]
Proceeds from sale of non-agency securities			$ (218,978)	$ (295,211)
Realized gain on non-agency securities, net			6,397	14,392
Non-Agency Securities [Member]
Gain (Loss) on Investments [Line Items]
Proceeds from sale of non-agency securities	$ 148,410	$ 250,548	218,978	295,211
Increase (Decrease) in Other Receivables	0	(4,743)	0	0
Cost of Sale of Non-Agency Securities	(145,259)	(232,822)	(212,581)	(280,819)
Available-for-sale Securities, Gross Realized Gains	(3,456)	(16,886)	(6,893)	(18,295)
Available-for-sale Securities, Gross Realized Losses	(305)	(3,903)	(496)	(3,903)
Realized gain on non-agency securities, net	$ 3,151	$ 12,983	$ 6,397	$ 14,392

Non-Agency Securities Non-Agenc

Non-Agency Securities Non-Agency Securities Pledged Under Repurchase Agreements (Details) - Major Types of Debt Securities [Domain] - Non-Agency Securities [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Security Owned and Pledged as Collateral, Fair Value	$ 1,328,943	$ 940,981
Agency Securities Pledged As Collateral Amortized Cost	1,287,693	908,574
Pledged Assets, Not Separately Reported, Other	2,024	1,268
Repurchase Agreements [Member]
Short-term Debt [Line Items]
Security Owned and Pledged as Collateral, Fair Value	1,110,327	940,981
Maturity up to 30 days [Member]
Short-term Debt [Line Items]
Security Owned and Pledged as Collateral, Fair Value	1,170,435	791,654
Agency Securities Pledged As Collateral Amortized Cost	1,139,599	770,604
Pledged Assets, Not Separately Reported, Other	1,910	1,151
Maturity 31 To 59 Days [Member]
Short-term Debt [Line Items]
Security Owned and Pledged as Collateral, Fair Value	80,331	106,097
Agency Securities Pledged As Collateral Amortized Cost	73,191	98,690
Pledged Assets, Not Separately Reported, Other	55	77
Maturity 60 To 90 Days [Member]
Short-term Debt [Line Items]
Security Owned and Pledged as Collateral, Fair Value	78,177	43,230
Agency Securities Pledged As Collateral Amortized Cost	74,903	39,280
Pledged Assets, Not Separately Reported, Other	$ 59	$ 40

Repurchase Agreements Repurchas

Repurchase Agreements Repurchase Agreements by Collateral Type (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Agency Securities [Member]
Short-term Debt [Line Items]
Collateralized Agency Securities Sold But Not Settled	$ 199,600
Repurchase Agreements [Member]
Short-term Debt [Line Items]
Securities Sold under Agreements to Repurchase	$ 4,740,499	$ 5,423,630
Short-term Debt, Weighted Average Interest Rate	0.62%	0.51%
Weighted Average Days to Maturity	162 days	190 days
Repurchase Agreements [Member] | Agency Securities [Member]
Short-term Debt [Line Items]
Securities Sold under Agreements to Repurchase	$ 3,486,173	$ 4,002,291
Short-term Debt, Weighted Average Interest Rate	0.44%	0.42%
Weighted Average Days to Maturity	214 days	245 days
Repurchase Agreements [Member] | Non-Agency Securities [Member]
Short-term Debt [Line Items]
Securities Sold under Agreements to Repurchase	$ 849,376	$ 715,704
Short-term Debt, Weighted Average Interest Rate	1.67%	1.67%
Weighted Average Days to Maturity	21 days	20 days
Repurchase Agreements [Member] | US Treasury Securities [Member]
Short-term Debt [Line Items]
Securities Sold under Agreements to Repurchase	$ 404,950	$ 705,635
Short-term Debt, Weighted Average Interest Rate	(0.04%)	(0.13%)
Weighted Average Days to Maturity	2 days	7 days
Repurchase Agreements [Member] | Agency Securities [Member]
Short-term Debt [Line Items]
Collateralized Agency Securities Sold But Not Settled	$ 191,300

Repurchase Agreements Schedule

Repurchase Agreements Schedule of Repurchase Agreements (Details) - Repurchase Agreements [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 4,740,499	$ 5,423,630
Short-term Debt, Weighted Average Interest Rate	0.62%	0.51%
Weighted Average Days to Maturity	162 days	190 days
Maturity up to 30 days [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 2,366,349	$ 2,245,188
Short-term Debt, Weighted Average Interest Rate	0.78%	0.71%
Weighted Average Days to Maturity	14 days	13 days
Maturity Thirty One To Sixty Days [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 748,657	$ 568,014
Short-term Debt, Weighted Average Interest Rate	0.50%	0.55%
Weighted Average Days to Maturity	49 days	45 days
Maturity 61 To 90 Days [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 488,282	$ 540,201
Short-term Debt, Weighted Average Interest Rate	0.58%	0.48%
Weighted Average Days to Maturity	77 days	74 days
Maturity 90 to 180 Days [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 220,986	$ 508,216
Short-term Debt, Weighted Average Interest Rate	0.53%	0.43%
Weighted Average Days to Maturity	145 days	142 days
Maturity 180 to 270 days [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 0	$ 123,947
Short-term Debt, Weighted Average Interest Rate	0.00%	0.51%
Weighted Average Days to Maturity		246 days
Maturity 271 Days to 365 Days [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 0	$ 217,429
Short-term Debt, Weighted Average Interest Rate	0.00%	0.51%
Weighted Average Days to Maturity		327 days
Greater Than 12 Months [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 511,275	$ 515,000
Short-term Debt, Weighted Average Interest Rate	0.67%	0.63%
Weighted Average Days to Maturity	1222 days	1405 days
Agency and Non-Agency Securities [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 4,335,549	$ 4,717,995
Short-term Debt, Weighted Average Interest Rate	0.68%	0.61%
Weighted Average Days to Maturity	177 days	210 days
US Treasury Securities [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 404,950	$ 705,635
Short-term Debt, Weighted Average Interest Rate	(0.04%)	(0.13%)
Weighted Average Days to Maturity	2 days	7 days

Repurchase Agreements Repurch42

Repurchase Agreements Repurchase Agreements Narrative (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Number of Repo Counterparties	32	31
Risk Of Repurchase Agreement To Stockholders Equity	5.00%
Secured Debt, Repurchase Agreements	$ 4,740,499,000	$ 5,423,630,000
Agency Securities [Member]
Agency Securities Pledged As Collateral	3,493,497,000	4,235,235,000
Non-Agency Securities [Member]
Agency Securities Pledged As Collateral	1,328,943,000	940,981,000
Repurchase Agreements [Member] | Agency Securities [Member]
Agency Securities Pledged As Collateral	3,488,799,000	4,233,884,000
Repurchase Agreements [Member] | Non-Agency Securities [Member]
Agency Securities Pledged As Collateral	1,110,327,000	$ 940,981,000
Agency Securities [Member]
Collateralized Agreements	199,600,000
Agency Securities [Member] | Repurchase Agreements [Member]
Collateralized Agreements	$ 191,300,000
Top 5 Repo Counterparties [Member]
Risk Of Repurchase Agreement To Stockholders Equity	22.00%

Repurchase Agreements Federal H

Repurchase Agreements Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances	$ 197,202	$ 0
Federal Home Loan Bank Advances [Member]
Short-term Debt [Line Items]
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate	0.25%
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Due Date	23 days
Non-Agency Securities [Member] | Federal Home Loan Bank Advances [Member]
Short-term Debt [Line Items]
Debt Instrument, Collateral Amount	$ 218,600

Derivatives Fair Value of Outst

Derivatives Fair Value of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	$ 13,530	$ 28,574
Derivative Liabilities	70,128	75,981
Interest Rate Swap Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	4,806	9,414
Derivative Liabilities	59,941	73,052
Payer Swaption [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	4,610	5,464
Purchases Of TBAs And Forward Settling Agency Securities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	2,519	13,495
Derivative Liabilities	6,930	1,863
Credit Default Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	3,159	0
Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	0	201
Derivative Liabilities	98	0
Future [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	680	0
Derivative Liabilities	0	1,066
Call Option [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	$ 915	$ 0

Derivatives Effect of Derivativ

Derivatives Effect of Derivatives on Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	$ (4,433)	$ (5,227)	$ (8,744)	$ (10,174)
Other realized gain loss on derivative instruments and other securities, net	(32,541)	11,560	(15,299)	(10,468)
Unrealized Gain Loss On Derivative Instrument And Trading Securities	42,008	(49,211)	(7,734)	(68,305)
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	(4,433)	(5,227)	(8,744)	(10,174)
Other realized gain loss on derivative instruments and other securities, net	(21,749)	0	(29,574)	68
Unrealized Gain Loss On Derivative Instrument And Trading Securities	50,282	(50,038)	7,176	(78,202)
Interest Rate Swaption [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0	0	0	0
Other realized gain loss on derivative instruments and other securities, net	0	(2,164)	(520)	(16,832)
Unrealized Gain Loss On Derivative Instrument And Trading Securities	943	(1,885)	(334)	(8,368)
Forward Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0	0	0	0
Other realized gain loss on derivative instruments and other securities, net	(2,936)	14,821	13,500	5,992
Unrealized Gain Loss On Derivative Instrument And Trading Securities	(9,290)	12,747	(16,473)	11,918
US Treasury Securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0	0	0	0
Other realized gain loss on derivative instruments and other securities, net	(6,807)	1,711	9,094	2,758
Unrealized Gain Loss On Derivative Instrument And Trading Securities	(3,393)	1,480	(738)	12,438
Treasury Futures Short [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0	0	0	0
Other realized gain loss on derivative instruments and other securities, net	(563)	(3,203)	(2,778)	(3,977)
Short Sales Of U S Government Securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0	0	0	0
Other realized gain loss on derivative instruments and other securities, net	97	(4,417)	(5,084)	(5,964)
Equity Securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0	0	0	0
Other realized gain loss on derivative instruments and other securities, net	0	4,812	0	7,487
Call Option [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0	0	0	0
Other realized gain loss on derivative instruments and other securities, net	22	0	22	0
Unrealized Gain Loss On Derivative Instrument And Trading Securities	(353)	(140)	0	(140)
Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0	0	0	0
Other realized gain loss on derivative instruments and other securities, net	(930)		(284)
Unrealized Gain Loss On Derivative Instrument And Trading Securities	(739)	0	(311)	0
Credit Default Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0	0	0	0
Other realized gain loss on derivative instruments and other securities, net	325	0	325	0
Unrealized Gain Loss On Derivative Instrument And Trading Securities	(74)	0	(74)	0
Credit Default Option [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0	0	0	0
Other realized gain loss on derivative instruments and other securities, net	0	0	0	0
Unrealized Gain Loss On Derivative Instrument And Trading Securities	$ 340	$ 0	$ 340	$ 0

Derivatives Change in Derivativ

Derivatives Change in Derivative Notional Amounts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Derivative [Line Items]
Notional Amount of Derivatives	$ 2,100,000
Notional Amount of Derivatives	1,200,000
Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	4,015,000	$ 3,240,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	0	875,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(1,225,000)	(50,000)
Notional Amount of Derivatives	2,790,000	4,065,000
Interest Rate Swaption [Member]
Derivative [Line Items]
Notional Amount of Derivatives	550,000	2,100,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	0	75,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(100,000)	(1,775,000)
Notional Amount of Derivatives	450,000	400,000
Forward Contracts [Member]
Derivative [Line Items]
Notional Amount of Derivatives	296,172	(773,816)
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	19,145,070	9,667,634
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(19,498,669)	(7,769,168)
Notional Amount of Derivatives	(57,427)	1,124,650
US Treasury Securities [Member]
Derivative [Line Items]
Notional Amount of Derivatives	756,500	656,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	2,430,250	280,570
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(2,906,750)	(786,570)
Notional Amount of Derivatives	280,000	150,000
Treasury Futures Short [Member]
Derivative [Line Items]
Notional Amount of Derivatives	(150,000)	(150,000)
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	300,000	300,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(300,000)	(300,000)
Notional Amount of Derivatives	(150,000)	(150,000)
Short Sales Of U S Government Securities [Member]
Derivative [Line Items]
Notional Amount of Derivatives	(228,500)	(23,000)
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	679,500	813,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(476,000)	(1,360,000)
Notional Amount of Derivatives	(25,000)	(570,000)
Call Option [Member]
Derivative [Line Items]
Notional Amount of Derivatives	0	0
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	50,000	0
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(50,000)	(100,000)
Notional Amount of Derivatives	0	$ (100,000)
Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	48,739
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	0
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(4,975)
Notional Amount of Derivatives	43,764
Credit Default Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	0
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	50,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(500)
Notional Amount of Derivatives	49,500
Credit Default Option [Member]
Derivative [Line Items]
Notional Amount of Derivatives	0
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	50,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(500)
Notional Amount of Derivatives	$ 49,500

Derivatives Interest Rate Swap

Derivatives Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional Amount of Derivatives	$ 1,200,000	$ 2,100,000
Derivative Asset	13,530	28,574
Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	2,790,000	4,015,000
Derivative Asset	4,806	9,414
Interest Rate Derivatives, at Fair Value, Net	$ (55,135)	$ (63,638)
Weighted Average Days to Maturity	9 months	1 year 1 month
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (55,135)	$ (63,638)
Interest Rate Derivative Not Designated As Hedging Instruments Average Fixed Pay Rate	2.03%	2.08%
Interest Rate Derivative Not Designated As Hedging Instruments Average receive Rate	0.28%	0.23%
Derivative, Average Remaining Maturity	4 years 3 months	4 years 8 months
Assets [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	$ 525,000	$ 925,000
Interest Rate Derivatives, at Fair Value, Net		9,414
Liability [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	2,265,000	3,090,000
Interest Rate Derivatives, at Fair Value, Net	(59,941)	(73,052)
Greater Than One Year and Less Than or Equal to Three Years [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	865,000	1,065,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (2,669)	$ (1,635)
Interest Rate Derivative Not Designated As Hedging Instruments Average Fixed Pay Rate	1.01%	0.97%
Interest Rate Derivative Not Designated As Hedging Instruments Average receive Rate	0.28%	0.23%
Derivative, Average Remaining Maturity	1 year 6 months	1 year 7 months
Greater Than Three Years and Less Than or Equal to Five Years [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	$ 750,000	$ 850,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (8,785)	$ (4,441)
Interest Rate Derivative Not Designated As Hedging Instruments Average Fixed Pay Rate	1.78%	1.91%
Interest Rate Derivative Not Designated As Hedging Instruments Average receive Rate	0.28%	0.23%
Derivative, Average Remaining Maturity	3 years 9 months	4 years 2 months
Greater Than Five Years and Less than or Equal to Seven Years [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	$ 875,000	$ 1,625,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (30,000)	$ (38,780)
Interest Rate Derivative Not Designated As Hedging Instruments Average Fixed Pay Rate	2.94%	2.66%
Interest Rate Derivative Not Designated As Hedging Instruments Average receive Rate	0.28%	0.23%
Derivative, Average Remaining Maturity	6 years	6 years
Greater Than Seven Years and Less than or Equal to Ten Years [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	$ 300,000	$ 475,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (13,681)	$ (18,782)
Interest Rate Derivative Not Designated As Hedging Instruments Average Fixed Pay Rate	2.93%	2.87%
Interest Rate Derivative Not Designated As Hedging Instruments Average receive Rate	0.27%	0.25%
Derivative, Average Remaining Maturity	8 years 2 months	8 years 2 months
Maximum [Member]
Derivative [Line Items]
Percent of Equity at Risk Under Derivative Assets	1.00%
Exchange Cleared [Member] | Liability [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	$ 1,400,000
Derivative Liability, Fair Value, Gross Liability	$ (54,300)

Derivatives Interest Rate Swa48

Derivatives Interest Rate Swap by Remaining Maturity (Details) - Derivative Contract [Domain] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional Amount of Derivatives	$ 1,200,000	$ 2,100,000
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Variable Interest Rate	0.28%	0.23%
Notional Amount of Derivatives	$ 2,790,000	$ 4,015,000
Derivative, Forward Interest Rate	1.30%	1.24%
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (55,135)	$ (63,638)
Derivative, Average Fixed Interest Rate	2.03%	2.08%
Derivative, Average Remaining Maturity	4 years 3 months	4 years 8 months
Interest Rate Swap [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member]
Derivative [Line Items]
Derivative, Variable Interest Rate	0.28%	0.23%
Notional Amount of Derivatives	$ 865,000	$ 1,065,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (2,669)	$ (1,635)
Derivative, Average Fixed Interest Rate	1.01%	0.97%
Derivative, Average Remaining Maturity	1 year 6 months	1 year 7 months
Interest Rate Swap [Member] | Greater Than Three Years and Less Than or Equal to Five Years [Member]
Derivative [Line Items]
Derivative, Variable Interest Rate	0.28%	0.23%
Notional Amount of Derivatives	$ 750,000	$ 850,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (8,785)	$ (4,441)
Derivative, Average Fixed Interest Rate	1.78%	1.91%
Derivative, Average Remaining Maturity	3 years 9 months	4 years 2 months
Interest Rate Swap [Member] | Greater Than Five Years and Less than or Equal to Seven Years [Member]
Derivative [Line Items]
Derivative, Variable Interest Rate	0.28%	0.23%
Notional Amount of Derivatives	$ 875,000	$ 1,625,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (30,000)	$ (38,780)
Derivative, Average Fixed Interest Rate	2.94%	2.66%
Derivative, Average Remaining Maturity	6 years	6 years
Interest Rate Swap [Member] | Greater Than Seven Years and Less than or Equal to Ten Years [Member]
Derivative [Line Items]
Derivative, Variable Interest Rate	0.27%	0.25%
Notional Amount of Derivatives	$ 300,000	$ 475,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (13,681)	$ (18,782)
Derivative, Average Fixed Interest Rate	2.93%	2.87%
Derivative, Average Remaining Maturity	8 years 2 months	8 years 2 months

Derivatives Interest Rate Swapt

Derivatives Interest Rate Swaptions (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Derivative [Line Items]
Options At Cost		$ 11,195
Weighted Average Years to Swaption Maturity		1 year 1 month
Notional Amount of Interest Rate Derivatives	$ 1,200,000	$ 2,100,000
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate		3.29%
Derivatives Average Term		6 years 6 months
Interest Rate Swaption [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	450,000	$ 550,000	$ 400,000	$ 2,100,000
Interest Rate Swaption [Member]
Derivative [Line Items]
Options At Cost	10,674
Interest Rate Derivatives, at Fair Value, Net	$ 4,610	5,464
Weighted Average Years to Swaption Maturity	11 months
Notional Amount of Interest Rate Derivatives	$ 450,000	550,000
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate	3.43%
Derivatives Average Term	7 years 6 months
Greater Than 3 Months and Less Than 12 Months [Domain]
Derivative [Line Items]
Options At Cost		$ 3,139
Weighted Average Years to Swaption Maturity		11 months
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate		3.29%
Derivatives Average Term		8 years 9 months
Greater Than 3 Months and Less Than 12 Months [Domain] | Interest Rate Swaption [Member]
Derivative [Line Items]
Options At Cost	$ 3,174
Interest Rate Derivatives, at Fair Value, Net	$ 862	$ 1,432
Weighted Average Years to Swaption Maturity	7 months
Notional Amount of Interest Rate Derivatives	$ 250,000	200,000
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate	3.55%
Derivatives Average Term	8 years 9 months
3 Months or Less [Member]
Derivative [Line Items]
Options At Cost		$ 4,013
Weighted Average Years to Swaption Maturity		1 month 6 days
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate		2.78%
Derivatives Average Term		4 years 4 months
3 Months or Less [Member] | Interest Rate Swaption [Member]
Derivative [Line Items]
Options At Cost	$ 4,765
Interest Rate Derivatives, at Fair Value, Net	$ 2,048	$ 1,972
Weighted Average Years to Swaption Maturity	2 months
Notional Amount of Interest Rate Derivatives	$ 100,000	150,000
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate	3.34%
Derivatives Average Term	6 years 9 months
Greaterthan12Monthsandlessthanorequalto24Months [Member]
Derivative [Line Items]
Options At Cost		$ 1,308
Weighted Average Years to Swaption Maturity		1 year 3 months
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate		4.13%
Derivatives Average Term		7 years
Greaterthan12Monthsandlessthanorequalto24Months [Member] | Interest Rate Swaption [Member]
Derivative [Line Items]
Interest Rate Derivatives, at Fair Value, Net		$ 207
Notional Amount of Interest Rate Derivatives		100,000
Greater than 24 Months [Member]
Derivative [Line Items]
Options At Cost		$ 2,735
Weighted Average Years to Swaption Maturity		2 years 11 months
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate		3.21%
Derivatives Average Term		5 years
Greater than 24 Months [Member] | Interest Rate Swaption [Member]
Derivative [Line Items]
Options At Cost	$ 2,735
Interest Rate Derivatives, at Fair Value, Net	$ 1,700	$ 1,853
Weighted Average Years to Swaption Maturity	2 years 5 months
Notional Amount of Interest Rate Derivatives	$ 100,000	$ 100,000
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate	3.21%
Derivatives Average Term	5 years

Derivatives TBA Securities (Det

Derivatives TBA Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional Amount of Derivatives	$ 1,200,000	$ 2,100,000
TBA securities Fifteen Year and Thirty Year Securities [Member]
Derivative [Line Items]
Notional Amount of Derivatives	(57,427)	296,172
Derivative, Fair Value, Net	(4,411)	11,632
Derivative Assets [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member]
Derivative [Line Items]
Notional Amount of Derivatives	(389,292)	754,272
Derivative, Fair Value, Net	2,519	13,495
Derivative Assets [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member] | Long [Member]
Derivative [Line Items]
Notional Amount of Derivatives	171,720	829,030
Derivative, Fair Value, Net	151	8,226
Derivative Assets [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member] | Short [Member]
Derivative [Line Items]
Notional Amount of Derivatives	(561,012)	(74,758)
Derivative, Fair Value, Net	2,368	5,269
Derivative liabilities [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member]
Derivative [Line Items]
Notional Amount of Derivatives	331,865	(458,100)
Derivative, Fair Value, Net	(6,930)	(1,863)
Derivative liabilities [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member] | Long [Member]
Derivative [Line Items]
Notional Amount of Derivatives	474,700	199,000
Derivative, Fair Value, Net	(5,675)	(595)
Derivative liabilities [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member] | Short [Member]
Derivative [Line Items]
Notional Amount of Derivatives	(142,835)	(657,100)
Derivative, Fair Value, Net	$ (1,255)	$ (1,268)

Derivatives U.S. Treasury Secur

Derivatives U.S. Treasury Securities and Futures (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Open Option Contracts Written [Line Items]
US Government Securities, at Carrying Value (including pledged securities of $460,333 and $571,145, respectively)	$ 279,120	$ 758,629
Notional Amount of Derivatives	1,200,000	2,100,000
Derivative Liabilities	70,128	75,981
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	24,542	230,136
Receivable Under Reverse Repurchase Agreements	204,355	214,399
US Treasury Securities [Member]
Open Option Contracts Written [Line Items]
Notional Amount of Derivatives	280,000	756,500	$ 150,000	$ 656,000
Treasury Futures Short [Member]
Open Option Contracts Written [Line Items]
Notional Amount of Derivatives	(150,000)	(150,000)	$ (150,000)	$ (150,000)
Derivative Liabilities	$ 700	$ (1,100)

Derivatives Credit Risk Conting

Derivatives Credit Risk Contingent Features (Details)	Jun. 30, 2015
Maximum [Member]
Derivative [Line Items]
Percent of Equity at Risk Under Derivative Assets	1.00%

Offsetting Assets and Liabili53

Offsetting Assets and Liabilities Offsetting of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure	$ 2,700
Derivative Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amount of Recognized Assets (Liabilities)	9,416	$ 14,878
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	9,416	14,878
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	(2,687)	(5,192)
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	(1,351)	(3,059)
Net Amount After Deducting Gross Amounts Not Offset on the Balance Sheet From Net Amount of Assets (Liabilities) Presented on the Balance Sheet	5,378	6,627
Securities Sold under Agreements to Repurchase [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amount of Recognized Assets (Liabilities)	204,355	214,399
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	204,355	214,399
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	(204,355)	(214,399)
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
Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amount of Recognized Assets (Liabilities)	213,771	229,277
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	213,771	229,277
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	(207,042)	(219,591)
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	(1,351)	(3,059)
Net Amount After Deducting Gross Amounts Not Offset on the Balance Sheet From Net Amount of Assets (Liabilities) Presented on the Balance Sheet	5,378	6,627
Derivative liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amount of Recognized Assets (Liabilities)		73,052
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	59,941	73,052
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	(2,687)	(5,192)
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	(57,254)	(67,860)
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
Repurchase Agreements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amount of Recognized Assets (Liabilities)	4,740,499	5,423,630
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	4,740,499	5,423,630
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	(204,355)	(214,399)
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	(4,536,144)	(5,209,231)
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
Federal Home Loan Bank Advances [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amount of Recognized Assets (Liabilities)	197,202
Gross Amounts Offset on the Balance Sheet	0
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	197,202
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	0
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	(197,202)
Net Amount After Deducting Gross Amounts Not Offset on the Balance Sheet From Net Amount of Assets (Liabilities) Presented on the Balance Sheet	0
Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amount of Recognized Assets (Liabilities)	4,997,642	5,496,682
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	4,997,642	5,496,682
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	(207,042)	(219,591)
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	(4,790,600)	(5,277,091)
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

Fair Value Measurements Financi

Fair Value Measurements Financial Instruments Measured on a Recurring Basis (Details) - Asset Class [Domain] - Major Types of Debt Securities [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 3,580,696	$ 4,384,139
US Government Securities, at Carrying Value (including pledged securities of $460,333 and $571,145, respectively)	279,120	758,629
Derivative Asset	13,530	28,574
Servicing Asset at Fair Value, Amount	91,700
Derivative liabilities, at fair value	70,128	75,981
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	24,542	230,136
Servicing Liability	14,572	14,003
Fair Value, Measurements, Recurring [Member]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	3,580,696	4,384,139
Non-Agency Security, at Fair Value	1,503,644	1,168,834
US Government Securities, at Carrying Value (including pledged securities of $460,333 and $571,145, respectively)	279,120	758,629
Derivative Asset	13,530	28,574
Servicing Asset at Fair Value, Amount	91,699	93,640
Assets, Fair Value Disclosure, Recurring	5,468,689	6,433,816
Derivative liabilities, at fair value	70,128	75,981
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	24,542	230,136
Servicing Liability	14,572	14,003
Liabilities, Fair Value Disclosure, Recurring	109,242	320,120
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	0	0
Non-Agency Security, at Fair Value	0	0
US Government Securities, at Carrying Value (including pledged securities of $460,333 and $571,145, respectively)	279,120	758,629
Derivative Asset	0	0
Servicing Asset at Fair Value, Amount	0	0
Assets, Fair Value Disclosure, Recurring	279,120	758,629
Derivative liabilities, at fair value	0	0
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	24,542	230,136
Servicing Liability	0	0
Liabilities, Fair Value Disclosure, Recurring	24,542	230,136
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	3,580,696	4,384,139
Non-Agency Security, at Fair Value	1,503,644	1,168,834
US Government Securities, at Carrying Value (including pledged securities of $460,333 and $571,145, respectively)	0	0
Derivative Asset	13,530	28,574
Servicing Asset at Fair Value, Amount	0	0
Assets, Fair Value Disclosure, Recurring	5,097,870	5,581,547
Derivative liabilities, at fair value	70,128	75,981
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	0	0
Servicing Liability	0	0
Liabilities, Fair Value Disclosure, Recurring	70,128	75,981
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	0	0
Non-Agency Security, at Fair Value	0	0
US Government Securities, at Carrying Value (including pledged securities of $460,333 and $571,145, respectively)	0	0
Derivative Asset	0	0
Servicing Asset at Fair Value, Amount	91,699	93,640
Assets, Fair Value Disclosure, Recurring	91,699	93,640
Derivative liabilities, at fair value	0	0
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	0	0
Servicing Liability	14,572	14,003
Liabilities, Fair Value Disclosure, Recurring	$ 14,572	$ 14,003

Fair Value Measurements Level 3

Fair Value Measurements Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortization of Mortgage Servicing Rights (MSRs)	$ (2,820)	$ (879)	$ (5,233)	$ (1,102)
Unrealized gain (loss) mortgage servicing rights	4,863	(529)	1,669	(629)
Other Operating Income (Expense), Net	(4,111)	(3,037)	(8,377)	(7,695)
Purchased MSR [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortization of Mortgage Servicing Rights (MSRs)			5,233	1,672
Unrealized gain (loss) mortgage servicing rights			1,669	(629)
Fair Value, Inputs, Level 3 [Member] | 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	91,699	106,164	91,699	106,164	$ 93,640	$ 15,608
Amortization of Mortgage Servicing Rights (MSRs)			(6,247)	(1,653)
Unrealized gain (loss) mortgage servicing rights			3,252	(635)
Other Operating Income (Expense), Net			(2,995)	(2,288)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases			1,054	92,844
Fair Value, Inputs, Level 3 [Member] | Servicing Contracts [Member] | MSR Treated as Financing Arrangement [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	14,572	15,051	14,572	15,051	14,003	15,608
Amortization of Mortgage Servicing Rights (MSRs)			(1,014)	(551)
Unrealized gain (loss) mortgage servicing rights			1,583	(6)
Other Operating Income (Expense), Net			569	(557)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases			0	0
Fair Value, Inputs, Level 3 [Member] | Servicing Contracts [Member] | Purchased MSR [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 77,127	$ 91,113	77,127	91,113	$ 79,637	$ 0
Amortization of Mortgage Servicing Rights (MSRs)			(5,233)	(1,102)
Unrealized gain (loss) mortgage servicing rights			1,669	(629)
Other Operating Income (Expense), Net			(3,564)	(1,731)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases			$ 1,054	$ 92,844

Fair Value Measurements Level56

Fair Value Measurements Level 3 Unobservable Inputs (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Servicing Asset at Fair Value, Amount	$ 91,700
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Servicing Asset at Fair Value, Amount	91,699	$ 93,640
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Servicing Asset at Fair Value, Amount	91,699	93,640
MSR Treated as Financing Arrangement [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Servicing Asset at Fair Value, Amount	$ 14,572
MSR Treated as Financing Arrangement [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Constant Prepayment Speed	4.10%
Loss Severity	2.50%
Discount Rate	12.00%
MSR Treated as Financing Arrangement [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Constant Prepayment Speed	14.90%
Loss Severity	7.70%
Discount Rate	12.00%
MSR Treated as Financing Arrangement [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Constant Prepayment Speed	36.00%
Loss Severity	29.30%
Discount Rate	12.00%
Purchased MSR [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Servicing Asset at Fair Value, Amount	$ 77,127	79,637	$ 91,113	$ 0
Purchased MSR [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Constant Prepayment Speed	7.80%
Loss Severity	0.20%
Discount Rate	8.30%
Purchased MSR [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Constant Prepayment Speed	8.00%
Loss Severity	0.30%
Discount Rate	8.90%
Purchased MSR [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Constant Prepayment Speed	8.40%
Loss Severity	0.40%
Discount Rate	9.30%
Servicing Contracts [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 91,699	93,640	106,164	15,608
Servicing Contracts [Member] | MSR Treated as Financing Arrangement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	14,572	14,003	15,051	15,608
Servicing Contracts [Member] | Purchased MSR [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 77,127	$ 79,637	$ 91,113	$ 0

Mortgage Servicing Rights (Deta

Mortgage Servicing Rights (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Servicing Asset at Fair Value, Amount	$ 91,700		$ 91,700
Servicing Asset at Fair Value, Additions			(3,564)	$ (92,844)
Unrealized gain (loss) mortgage servicing rights	4,863	$ (529)	1,669	(629)
Amortization of Mortgage Servicing Rights (MSRs)	2,820	879	5,233	1,102
MSR Treated as Financing Arrangement [Member]
Servicing Asset at Fair Value, Amount	$ 14,572		$ 14,572
Purchased MSR [Member]
Mortgage Servicing Rights, Number of Loans	33		33
Mortgage Servicing Rights, Unpaid Principal	$ 6,800,000		$ 6,800,000
Servicing Asset at Fair Value, Amount	$ 77,127	$ 91,113	77,127	91,113	$ 79,637	$ 0
Servicing Asset at Fair Value, Additions			1,054	93,414
Unrealized gain (loss) mortgage servicing rights			1,669	(629)
Amortization of Mortgage Servicing Rights (MSRs)			$ (5,233)	$ (1,672)

Mortgage Servicing Rights Rollf

Mortgage Servicing Rights Rollforward of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Servicing Assets at Fair Value [Line Items]
Servicing Asset at Fair Value, Amount	$ 91,700		$ 91,700
Servicing Asset at Fair Value, Additions			(3,564)	$ (92,844)
Unrealized gain (loss) mortgage servicing rights	4,863	$ (529)	1,669	(629)
Amortization of Mortgage Servicing Rights (MSRs)	2,820	879	5,233	1,102
Purchased MSR [Member]
Servicing Assets at Fair Value [Line Items]
Servicing Asset at Fair Value, Amount	$ 77,127	$ 91,113	77,127	91,113	$ 79,637	$ 0
Servicing Asset at Fair Value, Additions			1,054	93,414
Unrealized gain (loss) mortgage servicing rights			1,669	(629)
Amortization of Mortgage Servicing Rights (MSRs)			$ (5,233)	$ (1,672)

Mortgage Servicing Rights Compo

Mortgage Servicing Rights Components of Servicing Revenue and Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Components of Servicing Revenue [Line Items]
Contractually Specified Servicing Fees, Amount	$ 7,786	$ 7,502	$ 15,734	$ 13,325
Ancillary Fee Income Generated by Servicing Financial Assets, Amount	3,602	3,887	7,458	7,628
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets	11,388	11,389	23,192	20,953
Labor and Related Expense	7,622	7,898	15,019	16,675
Occupancy, Net	2,592	3,347	5,420	6,280
Amortization of Mortgage Servicing Rights (MSRs)	(2,820)	(879)	(5,233)	(1,102)
Other Expenses	2,465	2,302	5,897	4,591
Other Noninterest Expense	15,499	14,426	31,569	28,648
Other Operating Income (Expense), Net	$ (4,111)	$ (3,037)	$ (8,377)	$ (7,695)

Other Assets Schedule of Other

Other Assets Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Other Assets [Line Items]
Property, Plant and Equipment, Gross	$ 4,866	$ 4,809
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(2,595)	(1,877)
Property, Plant and Equipment, Net	2,271	2,932
Other Receivables	18,628	24,393
Prepaid Expense, Current	5,240	7,089
Goodwill	15,000	15,000
Other Assets, Miscellaneous, Current	13,816	6,052
Other Assets	$ 54,955	$ 55,466

Other Liabilities Schedule of O

Other Liabilities Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative, Collateral, Obligation to Return Cash	$ 1,351	$ 2,298
Due to Affiliate, Current	1,605	1,763
Other Payables to Broker-Dealers and Clearing Organizations	0	520
Other Accrued Liabilities, Current	170	2,680
Interest Payable, Current	2,871	4,642
Servicing Liability	14,572	14,003
Other Accounts Payable and Accrued Liabilities	16,813	15,501
Accounts Payable and Accrued Liabilities	$ 37,382	$ 41,407

Stockholder's Equity Preferred

Stockholder's Equity Preferred Stock Offering (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2015
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	50,000	50,000
Preferred Class A [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	2,300
Preferred Stock, Dividend Rate, Percentage	8.125%
Preferred Stock, Shares Subscribed but Unissued	47,800
Preferred Stock, Redemption Price Per Share	$ 25

Stockholder's Equity Stock Repu

Stockholder's Equity Stock Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	0.2
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 134.9
Treasury Stock Acquired, Average Cost Per Share	$ 19.67
Stock Repurchased During Period, Value	$ 4.2

Stockholder's Equity Long Term

Stockholder's Equity Long Term Incentive Plan (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0
Restricted Stock Units (RSUs) [Member] | Management [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	27,244	22,839

Stockholder's Equity Earnings p

Stockholder's Equity Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Basic	51,179	51,142	51,172	51,207
Weighted Average Number Diluted Shares Outstanding Adjustment	11		11	0
Weighted Average Number of Shares Outstanding, Diluted	51,190	51,142	51,183	51,207
Net Income (Loss) Available to Common Stockholders, Basic	$ (41,074)	$ 83,813	$ (11,128)	$ 132,573
Earnings Per Share, Basic and Diluted	$ (0.80)	$ 1.64	$ (0.22)	$ 2.59