MTGE Investment (MTGE) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2016	May. 01, 2016
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		45,759,373
Trading Symbol	MTGE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Agency securities, at fair value (including pledged securities of $3,239,953 and $3,174,675, respectively)	$ 3,298,466	$ 3,217,252
Non-agency securities, at fair value (including pledged securities of $1,135,642 and $1,435,931, respectively)	1,254,709	1,557,671
Cash and cash equivalents	130,750	169,319
Restricted cash	85,503	95,636
Interest receivable	11,038	11,629
Derivative assets, at fair value	5,073	8,151
Receivable for agency securities sold	4,595	2,565
Receivable under reverse repurchase agreements	14,615	281,618
Mortgage servicing rights	59,930	83,647
Other assets	45,464	54,914
Total assets	4,910,143	5,482,402
Liabilities:
Secured Debt, Repurchase Agreements	3,571,059	3,664,715
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances	273,700	442,900
Payable for Agency and Non-Agency Securities Purchased	18,085	0
Derivative liabilities, at fair value	78,001	58,850
Dividend payable	19,421	20,167
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements, at Fair Value	0	266,001
Accounts payable and other accrued liabilities	24,272	38,657
Total liabilities	3,984,538	4,491,290
Stockholders' equity:
8.125% Series A Cumulative Redeemable Preferred Stock; 2,200 shares issued and outstanding (aggregate liquidation preference of $55,000)	53,039	53,039
Common stock, $0.01 par value; 300,000 shares authorized, 45,759 and 47,626 shares issued and outstanding, respectively	458	476
Additional paid-in capital	1,122,026	1,146,797
Retained earnings	(249,918)	(209,200)
Total stockholders' equity	925,605	991,112
Total liabilities and stockholders' equity	$ 4,910,143	$ 5,482,402

Consolidated Balance Sheets Con

Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
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	$ 458	$ 476
Common Stock, Shares Authorized	300,000	300,000
Common Stock, Shares, Issued	45,759	47,626
Common Stock, Shares, Outstanding	45,759	47,626
Agency Securities [Member]
Security Owned and Pledged as Collateral, Fair Value	$ 3,239,953	$ 3,174,675
Agency Securities [Member] | Repurchase Agreements [Member]
Security Owned and Pledged as Collateral, Fair Value	2,949,553	2,900,584
Non-Agency Securities [Member]
Security Owned and Pledged as Collateral, Fair Value	1,140,236	1,435,931
Non-Agency Securities [Member] | Repurchase Agreements [Member]
Security Owned and Pledged as Collateral, Fair Value	$ 1,100,000	$ 1,200,000

Consolidated Statement Of Opera

Consolidated Statement Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest income:
Agency securities	$ 17,373	$ 27,894
Non-agency securities	19,734	16,928
Investment Income, Interest	165	84
Interest expense	(9,780)	(7,454)
Net interest income	27,492	37,452
Servicing:
Other operating income	9,649	11,804
Other noninterest expense	(17,905)	(16,070)
Net servicing loss	(8,256)	(4,266)
Other gains (losses):
Realized gain on agency securities, net	420	934
Realized gain on non-agency securities, net	(1,635)	3,246
Realized loss on periodic settlements of interest rate swaps, net	(3,830)	(4,311)
Realized gain on other derivatives and securities, net	(36,572)	17,242
Unrealized gain on agency securities, net	49,880	41,128
Unrealized gain on non-agency securities, net	(11,324)	(642)
Unrealized loss on other derivatives and securities, net	(22,280)	(49,742)
Unrealized gain (loss) mortgage servicing rights	(9,027)	(3,194)
Total other gains, net	(34,368)	4,661
Expenses:
Asset Management Costs	3,815	4,508
General and administrative expenses	2,042	1,949
Total expenses	5,857	6,457
Income before excise tax	(20,989)	31,390
Income Tax Expense (Benefit)	(308)	(327)
Net income	(21,297)	31,063
Preferred Stock Dividends, Income Statement Impact	(1,117)	(1,117)
Net Income (Loss) Available to Common Stockholders, Basic	$ (22,414)	$ 29,946
Earnings Per Share, Basic	$ (0.48)	$ 0.59
Earnings Per Share, Diluted	$ (0.48)	$ 0.58
Weighted Average Number of Shares Outstanding, Basic	46,651	51,165
Weighted Average Number of Shares Outstanding, Diluted	46,666	51,209
Common Stock, Dividends, Per Share, Declared	$ 0.40	$ 0.50

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, 2014	$ 1,175,969	$ 53,039	$ 512	$ 1,198,560	$ (76,142)
Preferred Stock, Shares Outstanding at Dec. 31, 2014		2,200
Balance, Common Stock, shares at Dec. 31, 2014			51,165
Net income	$ 31,063
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures			$ 0
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0
Stock-based compensation	$ 372			372
Dividends, Preferred Stock, Cash	(1,117)				1,117
Common dividends declared	25,582				25,582
Balance at Mar. 31, 2015	1,180,705	$ 53,039	$ 512	1,198,932	(71,778)
Balance, Common Stock, shares at Mar. 31, 2015			51,165
Preferred Stock, Shares Outstanding at Mar. 31, 2015		2,200
Beginning Balance, Date Operations Commenced at Dec. 31, 2015	$ 991,112	$ 53,039	$ 476	1,146,797	(209,200)
Preferred Stock, Shares Outstanding at Dec. 31, 2015	2,200	2,200
Balance, Common Stock, shares at Dec. 31, 2015	47,626		47,626
Net income	$ (21,297)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures			$ 136
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	2
Stock Repurchased During Period, Shares	2,000		(2,003)
Stock Repurchased During Period, Value	$ 26,500		$ (20)	(26,432)
Stock Repurchased and Retired During Period, Value	(26,452)
Stock-based compensation	1,663			1,661
Dividends, Preferred Stock, Cash	(1,117)				1,117
Common dividends declared	(18,304)				18,304
Balance at Mar. 31, 2016	$ 925,605	$ 53,039	$ 458	$ 1,122,026	$ (249,918)
Balance, Common Stock, shares at Mar. 31, 2016	45,759		45,759
Preferred Stock, Shares Outstanding at Mar. 31, 2016	2,200	2,200

Consolidated Statement Of Cash

Consolidated Statement Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
Net income	$ (21,297)	$ 31,063
Adjustments to reconcile net income to net cash used in operating activities:
Investment Income, Amortization of Premium	9,640	8,971
Accretion of Discount	(8,533)	(9,161)
Amortization of Mortgage Servicing Rights (MSRs)	1,900	2,413
Unrealized loss (gain) on securities and derivatives, net	(7,249)	12,450
Gain (Loss) on Sale of Investments	420	934
Realized gain on non-agency securities, net	1,635	(3,246)
Realized loss (gain) on derivatives and securities, net	40,810	(12,931)
Stock-based compensation	1,663	372
Increase in interest receivable	591	(159)
Increase in other assets	10,849	3,086
Increase in accounts payable and other accrued liabilities	(5,685)	(2,459)
Net cash from (used in) operating activities	23,904	29,465
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Purchases of agency securities	(263,621)	(711,266)
Purchases of non-agency securities	(143,069)	(246,222)
Payments to Acquire Mortgage Servicing Rights (MSR)	0	(2,736)
Proceeds from sale of agency securities	135,049	430,587
Proceeds from sale of non-agency securities	415,618	70,568
Principal collections on agency securities	88,018	127,481
Proceeds From Principal Collection Of Non Agency Mortgag eBacked Securities	42,042	52,368
Proceeds from (Payments for) Securities Purchased under Agreements to Resell	267,003	143,763
Purchase Of US Treasury Securities	(727,920)	(1,702,202)
Proceeds from sale of U.S. Treasury securities	456,297	1,812,984
Payments for Derivative Instrument, Investing Activities	(23,372)	(7,825)
Increase (Decrease) in Restricted Cash	10,133	(29,723)
Payments for (Proceeds from) Other Investing Activities	(19,503)	12,573
Net cash flows from (used in) investing activities	236,675	(49,650)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Payments of Dividends	(20,167)	(34,374)
Payments for Repurchase of Common Stock	(26,451)	0
Proceeds from repurchase agreements	8,157,988	15,509,529
Repayments of Short-term Debt	(8,410,518)	(15,474,102)
Net cash flow from (used in) financing activities	(299,148)	1,053
Net increase (decrease) in cash and cash equivalents	(38,569)	(19,132)
Cash and cash equivalents at beginning of period	169,319	203,431
Cash and cash equivalents at end of period	$ 130,750	$ 184,299

Unaudited Interim Consolidated

Unaudited Interim Consolidated Financial Statements (Notes)	3 Months Ended
	Mar. 31, 2016
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 all of our wholly-owned subsidiaries. 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)	3 Months Ended
	Mar. 31, 2016
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 real estate-related investments, which we define to include agency residential mortgage-backed securities (“RMBS”), non-agency mortgage investments, other mortgage-related investments and other real estate 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. Other real estate investments may include equity and debt investments in skilled nursing, assisted living and senior housing properties with third-party operators. 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 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)	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	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 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 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 maturities or floating rate coupons. 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	3 Months Ended
	Mar. 31, 2016
Agency Securities [Abstract]
Agency Securities	Agency Securities The following tables summarize our investments in agency RMBS as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 Fannie Mae Freddie Mac Total Agency RMBS: Par value $ 2,491,667 $ 617,268 $ 3,108,935 Unamortized premium 125,867 32,470 158,337 Amortized cost 2,617,534 649,738 3,267,272 Gross unrealized gains 28,302 7,658 35,960 Gross unrealized losses (2,858 ) (1,908 ) (4,766 ) Agency RMBS, at fair value $ 2,642,978 $ 655,488 $ 3,298,466 Weighted average coupon as of March 31, 2016 3.58 % 3.58 % 3.58 % Weighted average yield as of March 31, 2016 2.63 % 2.68 % 2.64 % Weighted average yield for the three months ended March 31, 2016 2.18 % 2.25 % 2.20 % March 31, 2016 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Agency RMBS: Fixed rate $ 3,164,981 $ 31,494 $ (4,767 ) $ 3,191,709 Adjustable rate 102,291 4,466 — 106,757 Total $ 3,267,272 $ 35,960 $ (4,766 ) $ 3,298,466 December 31, 2015 Fannie Mae Freddie Mac Total Agency RMBS: Par value $ 2,421,576 $ 651,622 $ 3,073,198 Unamortized premium 127,871 34,869 162,740 Amortized cost 2,549,447 686,491 3,235,938 Gross unrealized gains 9,745 3,378 13,123 Gross unrealized losses (23,194 ) (8,615 ) (31,809 ) Agency RMBS, at fair value $ 2,535,998 $ 681,254 $ 3,217,252 Weighted average coupon as of December 31, 2015 3.58 % 3.58 % 3.58 % Weighted average yield as of December 31, 2015 2.68 % 2.71 % 2.68 % Weighted average yield for the year ended December 31, 2015 2.58 % 2.64 % 2.59 % December 31, 2015 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Agency RMBS: Fixed rate $ 3,131,136 $ 10,086 $ (31,809 ) $ 3,109,413 Adjustable rate 104,802 3,037 — 107,839 Total $ 3,235,938 $ 13,123 $ (31,809 ) $ 3,217,252 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 March 31, 2016 and December 31, 2015 according to their estimated weighted average life classification (dollars in thousands): March 31, 2016 December 31, 2015 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 $ 1,020,422 $ 1,005,957 2.34 % 3.37 % $ 742,523 $ 740,513 2.25 % 3.29 % Greater than five years and less than or equal to 10 years 2,273,111 2,256,443 2.77 % 3.67 % 2,466,730 2,487,369 2.81 % 3.67 % Greater than 10 years 4,933 4,872 3.00 % 3.50 % 7,999 8,056 3.03 % 3.50 % Total $ 3,298,466 $ 3,267,272 2.64 % 3.58 % $ 3,217,252 $ 3,235,938 2.68 % 3.58 % As of March 31, 2016 and December 31, 2015 , none of our agency RMBS had an estimated weighted average life of less than 3.1 years and 3.2 years , respectively. As of March 31, 2016 and December 31, 2015 , the estimated weighted average life of our agency security portfolio was 6.4 years and 7.0 years , respectively, which incorporates anticipated future prepayment assumptions. As of March 31, 2016 and December 31, 2015 , our weighted average expected constant prepayment rate (“CPR”) over the remaining life of our aggregate agency investment portfolio was 10.1% and 8.5% , respectively. 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 months ended March 31, 2016 and 2015 (dollars in thousands): For the Three Months Ended March 31, 2016 2015 Proceeds from agency RMBS sold $ 135,049 $ 430,587 Increase (decrease) in receivable for agency RMBS sold — 351,759 Less agency RMBS sold, at cost (134,629 ) (781,412 ) Net realized gain on sale of agency RMBS $ 420 $ 934 Gross realized gains on sale of agency RMBS $ 702 $ 3,599 Gross realized losses on sale of agency RMBS (282 ) (2,665 ) Net realized gain on sale of agency RMBS $ 420 $ 934 Pledged Assets The following tables summarize our agency RMBS pledged as collateral under repurchase agreements, derivative agreements and FHLB advances by type as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 Agency RMBS Pledged: Fannie Mae Freddie Mac Total Under Repurchase Agreements Fair value $ 2,379,276 $ 570,277 $ 2,949,553 Accrued interest on pledged agency RMBS 6,681 1,603 8,284 Under Derivative Agreements Fair value 10,380 1,123 11,503 Accrued interest on pledged agency RMBS 31 4 35 Under FHLB Advances Fair value 197,632 81,265 278,897 Accrued interest on pledged agency RMBS 562 227 789 Total Fair Value of Agency RMBS Pledged and Accrued Interest $ 2,594,562 $ 654,499 $ 3,249,061 December 31, 2015 Agency RMBS Pledged: Fannie Mae Freddie Mac Total Under Repurchase Agreements Fair value $ 2,261,124 $ 639,460 $ 2,900,584 Accrued interest on pledged agency RMBS 6,428 1,826 8,254 Under Derivative Agreements Fair value 1,708 1,866 3,574 Accrued interest on pledged agency RMBS 5 5 10 Under FHLB Advances Fair value 249,590 20,927 270,517 Accrued interest on pledged agency RMBS 741 62 803 Total Fair Value of Agency RMBS Pledged and Accrued Interest $ 2,519,596 $ 664,146 $ 3,183,742 The following table summarizes our agency RMBS pledged as collateral under repurchase agreements and FHLB advances, by remaining maturity, including securities pledged related to sold but not yet settled securities, as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Remaining Maturity Fair Value Amortized Cost Accrued Interest Fair Value Amortized Cost Accrued Interest 30 days or less $ 1,715,108 $ 1,700,090 $ 4,812 $ 1,637,388 $ 1,647,007 $ 4,718 31 - 59 days 181,852 179,688 492 340,855 340,852 940 60 - 90 days 189,623 187,022 550 329,397 330,832 932 Greater than 90 days 1,141,867 1,130,977 3,219 863,461 870,764 2,467 Total $ 3,228,450 $ 3,197,777 $ 9,073 $ 3,171,101 $ 3,189,455 $ 9,057 As of March 31, 2016 and December 31, 2015 , none of our repurchase agreement borrowings backed by agency RMBS were due on demand or mature overnight. As of March 31, 2016 , all of our FHLB advances backed by agency RMBS had remaining maturities greater than 90 days.

Non-Agency Securities

Non-Agency Securities	3 Months Ended
	Mar. 31, 2016
Non-agency Securities [Abstract]
Non-Agency Securities	Non-Agency Securities The following tables summarize our non-agency securities as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 Fair Value Gross Unrealized Amortized Cost Premium (Discount) Par/ Current Face Weighted Average Category Gains Losses Coupon (1) Yield Prime $ 227,249 $ 5,999 $ (4,254 ) $ 225,504 $ (21,512 ) $ 247,016 3.02 % 4.91 % CRT 346,321 1,382 (9,708 ) 354,647 1,354 353,293 4.80 % 5.66 % Alt-A 398,149 23,412 (10,980 ) 385,717 (144,429 ) 530,146 1.79 % 6.30 % Option-ARM 155,663 5,493 (7,104 ) 157,274 (35,504 ) 192,778 0.71 % 4.93 % Subprime 127,327 104 (1,109 ) 128,332 (630 ) 128,962 4.07 % 4.34 % Total $ 1,254,709 $ 36,390 $ (33,155 ) $ 1,251,474 $ (200,721 ) $ 1,452,195 2.79 % 5.50 % ———————— (1) Coupon rates are floating, except for $50.4 million , $18.0 million and $118.7 million fair value of fixed-rate prime, Alt-A and subprime non-agency securities, respectively, as of March 31, 2016 . December 31, 2015 Fair Value Gross Unrealized Amortized Cost Premium (Discount) Par/ Current Face Weighted Average Category Gains Losses Coupon (1) Yield Prime $ 411,780 $ 6,797 $ (3,681 ) $ 408,664 $ (22,387 ) $ 431,051 3.24 % 4.49 % CRT 361,028 605 (11,910 ) 372,333 3,999 368,334 4.65 % 5.93 % Alt-A 430,679 28,560 (8,001 ) 410,120 (150,257 ) 560,377 1.76 % 6.65 % Option-ARM 150,014 6,802 (5,742 ) 148,954 (34,454 ) 183,408 0.68 % 5.43 % Subprime 204,170 2,355 (1,227 ) 203,042 (13,270 ) 216,312 3.57 % 4.56 % Total $ 1,557,671 $ 45,119 $ (30,561 ) $ 1,543,113 $ (216,369 ) $ 1,759,482 2.84 % 5.51 % ———————— (1) Coupon rates are floating, except for $226.9 million , $25.9 million and $171.4 million fair value of fixed-rate prime, Alt-A and subprime non-agency securities, respectively, as of December 31, 2015 . The following table summarizes our non-agency securities at fair value, by their estimated weighted average life classifications as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Weighted Average Weighted Average Weighted Average Life Fair Value Amortized Cost Coupon Yield Fair Value Amortized Cost Coupon Yield ≤ 5 years $ 305,805 $ 301,300 3.13 % 5.16 % $ 369,907 $ 363,087 3.15 % 5.22 % > 5 to ≤ 7 years 505,316 496,265 1.80 % 5.64 % 635,840 620,734 2.12 % 5.68 % > 7 years 443,588 453,909 3.85 % 5.56 % 551,924 559,292 3.53 % 5.51 % Total $ 1,254,709 $ 1,251,474 2.79 % 5.50 % $ 1,557,671 $ 1,543,113 2.84 % 5.51 % 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 $178.9 million as of March 31, 2016 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 is still material credit risk embedded in these vintages. As of March 31, 2016 , Prime securities also include $48.4 million in fair value of securities with underlying mortgage loans that were originated with more stringent underwriting between 2010 and 2015. As of March 31, 2016 , our Prime securities have both fixed and floating rate coupons ranging from 1.0% to 6.5% , and have underlying collateral with weighted average coupons ranging from 2.5% to 5.6% . Our CRT securities reference the performance of loans that have been guaranteed by Fannie Mae and Freddie Mac subject to their underwriting standards. As of March 31, 2016 , our CRT securities have floating rate coupons ranging from 3.0% to 6.8% , 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 2015. 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 March 31, 2016 , our Alt-A securities have both fixed and floating rate coupons ranging from 0.5% to 6.5% with weighted average coupons of underlying collateral ranging from 2.8% to 6.8% . 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 March 31, 2016 , our Option-ARM securities have coupons ranging from 0.6% to 1.2% and have underlying collateral with weighted average coupons between 2.9% and 4.1% . The loans underlying our Option-ARM securities were originated between 2004 and 2007. Our Subprime non-agency RMBS issued prior to 2015 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 March 31, 2016 , our Subprime securities issued prior to 2015 have a fair value of $39.6 million with fixed and floating rate coupons ranging from 4.8% to 5.1% and have underlying collateral with weighted-average coupons ranging from 4.9% to 5.8% . 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 2015 and, as of March 31, 2016 , have a fair value of $87.7 million . As of March 31, 2016 , our Subprime securities issued in 2014 and 2015 have fixed rate coupons ranging from 3.4% to 4.4% and have underlying collateral with weighted-average coupons ranging from 4.4% to 6.5% . More than 94% of our non-agency RMBS are rated below investment grade or have not been rated by credit agencies as of March 31, 2016 . Realized Gains and Losses The following table summarizes our net realized gains and losses from the sale of non-agency securities during the three months ended March 31, 2016 and 2015 (dollars in thousands): For the Three Months Ended March 31, 2016 2015 Proceeds from non-agency securities sold $ 415,618 $ 70,568 Increase in receivable for non-agency RMBS sold 2,030 — Less: non-agency securities sold, at cost (419,283 ) (67,322 ) Net realized gain (loss) on sale of non-agency securities $ (1,635 ) $ 3,246 Gross realized gain on sale of non-agency securities $ 3,927 $ 3,437 Gross realized loss on sale of non-agency securities (5,562 ) (191 ) Net realized gain (loss) on sale of non-agency securities $ (1,635 ) $ 3,246 Pledged Assets Non-agency securities with a fair value of $1.1 billion and $1.4 billion were pledged as collateral under financing arrangements as of March 31, 2016 and December 31, 2015 , respectively, none of which were due on demand or mature overnight. The following table summarizes our non-agency securities pledged as collateral under repurchase agreements and FHLB advances, by remaining maturity, including securities pledged related to sold but not yet settled securities, as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Remaining Maturity Fair Value Amortized Accrued Interest Fair Value Amortized Accrued Interest 30 days or less $ 954,614 $ 954,661 $ 1,377 $ 1,067,283 $ 1,056,492 $ 1,669 31 - 59 days 100,641 97,424 91 200,120 196,500 217 60 - 90 days 62,710 63,125 90 168,528 166,695 361 Greater than 90 days 22,271 21,978 62 — — — Total $ 1,140,236 $ 1,137,188 $ 1,620 $ 1,435,931 $ 1,419,687 $ 2,247 As of March 31, 2016 and December 31, 2015 , none of our repurchase agreement borrowings or FHLB advances backed by non-agency securities were due on demand or mature overnight. As of March 31, 2016 , all of our FHLB advances backed by non-agency securities had remaining maturities greater than 90 days.

Repurchase Agreements

Repurchase Agreements	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 , 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 maturities or floating rate coupons. As of March 31, 2016 and December 31, 2015 , our borrowings under repurchase agreements had the following collateral characteristics (dollars in thousands): March 31, 2016 December 31, 2015 Weighted Average Weighted Average Collateral Type Borrowings Interest Rate Days Borrowings Interest Rate Days Agency securities $ 2,746,206 0.76 % 212 $ 2,728,065 0.60 % 243 Non-agency securities (1) 824,853 1.96 % 24 936,650 1.86 % 27 Total repurchase agreements $ 3,571,059 1.04 % 168 $ 3,664,715 0.92 % 188 ———————— (1) Repurchase agreement borrowings secured by non-agency securities include $3.2 million of repurchase agreements related to non-agency RMBS sold but not yet settled as of March 31, 2016 . The following table summarizes our borrowings under repurchase arrangements and weighted average interest rates classified by remaining maturities as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Weighted Average Weighted Average Borrowings Outstanding Interest Rate Days Borrowings Outstanding Interest Rate Days Agency and non-agency ≤ 1 month $ 2,336,634 1.06 % 13 $ 2,045,776 0.97 % 15 > 1 to ≤ 2 months 249,596 1.08 % 39 504,348 1.01 % 42 > 2 to ≤ 3 months 226,440 1.00 % 87 363,365 0.90 % 78 > 3 to ≤ 6 months 100,000 0.90 % 168 — N/A N/A > 6 to ≤ 9 months 136,228 0.86 % 243 100,000 0.78 % 259 > 9 to ≤ 12 months 7,161 0.87 % 321 136,226 0.77 % 334 > 12 months 515,000 1.01 % 949 515,000 0.72 % 1040 Total repurchase agreements $ 3,571,059 1.04 % 168 $ 3,664,715 0.92 % 188 We had repurchase agreements with 32 financial institutions as of March 31, 2016 and December 31, 2015 . 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 March 31, 2016 . We had agency RMBS with fair values of $2.9 billion as of both March 31, 2016 and December 31, 2015 , respectively, and non-agency securities with fair values of $1.1 billion and $1.2 billion pledged as collateral against repurchase agreements as of March 31, 2016 and December 31, 2015 , respectively. Federal Home Loan Bank Advances In April 2015, our wholly owned subsidiary Woodmont Insurance Co. LLC (“Woodmont”) was accepted for membership in the Federal Home Loan Bank (“FHLB”) of Des Moines. In January, 2016, the FHFA released its final rule on proposed changes to regulations concerning FHLB membership criteria, requiring the termination of Woodmont's FHLB membership in February 2017 and repayment of all FHLB advances at the earlier of their contractual maturity dates or February 2017. We do not expect this development to have a material impact on our ability to finance our investment activities. As of March 31, 2016 , Woodmont had $273.7 million in outstanding secured advances, with a weighted average borrowing rate of 0.55% , a weighted average term to maturity of 0.8 years, floating interest rate resets and a one month cancellation feature. These advances were collateralized by $278.9 million and $21.4 million in agency and non-agency securities, respectively, as of March 31, 2016 .

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Interest rate swaps $ — $ 3,152 Interest rate swaptions 997 1,961 TBA securities 3,659 1,958 Interest only swaps 417 — U.S. Treasury futures — 1,080 Derivative assets, at fair value $ 5,073 $ 8,151 Interest rate swaps $ 74,307 $ 55,651 TBA securities 765 1,151 Credit default swaps 2,734 1,972 Interest only swaps — 76 Mortgage options 188 — U.S. Treasury futures 7 — Derivative liabilities, at fair value $ 78,001 $ 58,850 The following table summarizes the effect of our outstanding derivatives and other securities on our consolidated statements of operations during the three months ended March 31, 2016 and 2015 (in thousands): For the Three Months Ended March 31, 2016 2015 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 $ (3,830 ) $ (23,372 ) $ (22,331 ) $ (4,311 ) $ (7,825 ) $ (43,106 ) Interest rate swaptions — — (964 ) — (520 ) (1,277 ) TBA securities — 3,287 2,087 — 16,436 (7,183 ) U.S. Treasury securities — 4,449 — — 15,901 2,655 U.S. Treasury futures — (12,125 ) (1,087 ) — (2,215 ) (1,933 ) Short sales of U.S. Treasuries — (9,492 ) (733 ) — (5,181 ) 321 Agency mortgage REIT equity investments — 244 1,146 — — — Mortgage options — — 15 — — 353 Interest only swaps — 759 490 — 646 428 Credit default swaps — (486 ) (903 ) — — — FHLB stock — 164 — — — — Total $ (3,830 ) $ (36,572 ) $ (22,280 ) $ (4,311 ) $ 17,242 $ (49,742 ) The following tables summarize changes in notional amounts for our outstanding derivatives and other securities for the three months ended March 31, 2016 and 2015 (in thousands): December 31, 2015 Additions/ Long Positions Expirations/ Terminations/ Short Positions March 31, 2016 Interest rate swaps $ 2,290,000 100,000 (375,000 ) $ 2,015,000 Interest rate swaptions $ 250,000 — — $ 250,000 TBA securities $ 59,878 4,464,917 (4,323,204 ) $ 201,591 U.S. Treasuries $ — 245,000 (245,000 ) $ — U.S. Treasury futures $ (350,000 ) 350,000 (350,000 ) $ (350,000 ) Short sales of U.S. Treasuries $ (269,000 ) 474,000 (205,000 ) $ — Mortgage options $ — — (50,000 ) $ (50,000 ) Interest only swaps $ 40,128 — (1,417 ) $ 38,711 Credit default swaps $ 49,500 — — $ 49,500 December 31, 2014 Additions/ Long Positions Expirations/ Terminations/ Short Positions March 31, 2015 Interest rate swaps $ 4,015,000 — (600,000 ) $ 3,415,000 Interest rate swaptions $ 550,000 — (100,000 ) $ 450,000 TBA securities $ 296,172 10,373,879 (10,407,731 ) $ 262,320 U.S. Treasuries $ 756,500 1,323,000 (1,558,000 ) $ 521,500 U.S. Treasury futures $ (150,000 ) 150,000 (150,000 ) $ (150,000 ) Short sales of U.S. Treasuries $ (228,500 ) 364,000 (226,500 ) $ (91,000 ) Mortgage options $ — — (50,000 ) $ (50,000 ) Interest only swaps $ 48,739 — (2,238 ) $ 46,501 Interest Rate Swap Agreements As of March 31, 2016 and December 31, 2015 , our derivative portfolio included interest rate swaps, which are used to manage the interest rate risk created by our use of short-term and floating rate financing. 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 March 31, 2016 and December 31, 2015 , we had interest rate swap agreements summarized in the tables below (dollars in thousands). March 31, 2016 December 31, 2015 Interest Rate Swaps Balance Sheet Location Notional Amount Fair Value Notional Amount Fair Value Interest rate swap assets Derivative assets, at fair value $ — $ — $ 725,000 $ 3,152 Interest rate swap liabilities Derivative liabilities, at fair value 2,015,000 (74,307 ) 1,565,000 (55,651 ) $ 2,015,000 $ (74,307 ) $ 2,290,000 $ (52,499 ) March 31, 2016 Notional Fair Value Weighted Average Current Maturity Date for Interest Rate Swaps (1) Fixed Receive Rate (3) Maturity (Years) ≤ 3 years $ 990,000 $ (8,843 ) 1.20 % 0.62 % 1.9 > 3 to ≤ 5 years 225,000 (4,160 ) 1.48 % 0.63 % 3.3 > 5 to ≤ 7 years 675,000 (55,910 ) 2.95 % 0.62 % 5.9 > 7 years 125,000 (5,394 ) 2.02 % 0.62 % 8.5 Total $ 2,015,000 $ (74,307 ) 1.87 % 0.62 % 3.8 December 31, 2015 Notional Fair Value Weighted Average Current Maturity Date for Interest Rate Swaps (4) Fixed (2) Receive (3) Maturity ≤ 3 years $ 865,000 $ (268 ) 1.09 % 0.41 % 1.8 > 3 to ≤ 5 years 550,000 (5,054 ) 1.72 % 0.42 % 3.4 > 5 to ≤ 7 years 625,000 (35,866 ) 3.16 % 0.46 % 5.9 > 7 years 250,000 (11,311 ) 2.71 % 0.60 % 7.9 Total $ 2,290,000 $ (52,499 ) 1.98 % 0.43 % 4.0 ———————— (1) Includes swaps with an aggregate notional of $0.5 billion with deferred start dates averaging 0.7 years from March 31, 2016 . (2) Excluding forward starting swaps, the weighted average pay rate was 1.44% and 1.36% as of March 31, 2016 and December 31, 2015 , respectively. (3) Weighted average receive rate excludes impact of forward starting interest rate swaps. (4) Includes swaps with an aggregate notional of $0.7 billion with deferred start dates averaging 0.6 years from December 31, 2015 . Interest rate swaps with a liability fair value of $(60.0) million and notional amount of $1.0 billion were centrally cleared on a registered exchange as of March 31, 2016 . 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 March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 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 $ 1,308 $ — 0.0 $ 100,000 4.13 % 7.0 > 3 to ≤ 12 months 3,493 825 0.5 50,000 3.00 % 7.5 >12 to ≤ 24 months 2,735 172 1.6 100,000 3.21 % 5.0 Total / weighted average $ 7,536 $ 997 0.8 $ 250,000 3.54 % 6.3 December 31, 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 $ 3,493 $ 1,307 0.2 $ 50,000 3.00 % 8.0 > 3 to ≤ 12 months 1,308 — 0.3 100,000 4.13 % 7.0 >12 to ≤ 24 months 2,735 654 1.9 100,000 3.21 % 5.0 Total / weighted average $ 7,536 $ 1,961 0.9 $ 250,000 3.54 % 6.4 TBA Securities As of March 31, 2016 and December 31, 2015 , we had contracts to purchase (“long position”) and sell (“short position”) TBA securities on a forward basis, presented in the following table (in thousands): March 31, 2016 December 31, 2015 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 $ 420,578 $ 3,659 $ 267,300 $ 1,321 Sale of TBA securities — — (305,586 ) 637 Total TBA assets 420,578 3,659 (38,286 ) 1,958 TBA liabilities Purchase of TBA securities — — 220,157 (581 ) Sale of TBA securities (218,987 ) (765 ) (121,993 ) (570 ) Total TBA liabilities (218,987 ) (765 ) 98,164 (1,151 ) Total net TBA $ 201,591 $ 2,894 $ 59,878 $ 807 ———————— (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 short positions in U.S. Treasury futures with a notional amount of $(350.0) million as of both March 31, 2016 and December 31, 2015 . These short U.S. Treasury futures had fair values of $(7.0) thousand and $1.1 million as of March 31, 2016 and December 31, 2015 , respectively, and are presented in derivative assets (liabilities), at fair value on the consolidated balance sheets. We had obligations to return U.S. Treasury securities borrowed under reverse repurchase agreements accounted for as securities borrowing transactions with a fair value of $266.0 million as of December 31, 2015. The borrowed securities were collateralized by cash payments of $281.6 million as of December 31, 2015, which are presented as receivables under reverse repurchase agreements on the consolidated balance sheets. All changes in fair value of long and short U.S. Treasury securities and futures are recorded in unrealized gain (loss) on other derivatives and securities, net in our consolidated statements of operations. Credit Default Swaps We hold credit default swaps to mitigate a portion of the potential impact of credit risk on the fair values of our CRT non-agency securities. As of March 31, 2016 , we had credit default swaps with a notional amount of $49.5 million and a liability fair value of $2.7 million . Credit default swaps are presented in derivative 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 March 31, 2016 , 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 March 31, 2016 . 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)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 (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 March 31, 2016 Interest rate swaps and swaptions (2)(3) $ 997 $ — $ 997 $ (825 ) $ (172 ) $ — Receivable under reverse repurchase agreements 14,615 — 14,615 (14,615 ) — — Total $ 15,612 $ — $ 15,612 $ (15,440 ) $ (172 ) $ — December 31, 2015 Interest rate swaps and swaptions (2) $ 5,113 $ — $ 5,113 $ (2,789 ) $ (959 ) $ 1,365 Receivable under reverse repurchase agreements 281,618 — 281,618 (258,597 ) (23,021 ) — Total $ 286,731 $ — $ 286,731 $ (261,386 ) $ (23,980 ) $ 1,365 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 March 31, 2016 Interest rate swaps (2) $ 74,307 $ — $ 74,307 $ (825 ) $ (73,482 ) $ — Repurchase agreements 3,571,059 — 3,571,059 (14,615 ) (3,556,444 ) — FHLB advances 273,700 — 273,700 — (273,700 ) — Total $ 3,919,066 $ — $ 3,919,066 $ (15,440 ) $ (3,903,626 ) $ — December 31, 2015 Interest rate swaps (2) $ 55,651 $ — $ 55,651 $ (2,789 ) $ (52,862 ) $ — Repurchase agreements 3,664,715 — 3,664,715 (258,597 ) (3,406,118 ) — FHLB advances 442,900 — 442,900 — (442,900 ) — Total $ 4,163,266 $ — $ 4,163,266 $ (261,386 ) $ (3,901,880 ) $ — ———————— (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 $0.8 million as of March 31, 2016 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 , on the consolidated balance sheets by the valuation hierarchy, as described above (in thousands): March 31, 2016 Level 1 Level 2 Level 3 Total Assets Agency securities $ — $ 3,298,466 $ — $ 3,298,466 Non-agency securities — 1,254,709 — 1,254,709 Agency mortgage REIT equity securities 7,636 — — 7,636 Derivative assets — 5,073 — 5,073 MSR assets — — 59,930 59,930 Total $ 7,636 $ 4,558,248 $ 59,930 $ 4,625,814 Liabilities Derivative liabilities $ — $ 78,001 $ — $ 78,001 Total $ — $ 78,001 $ — $ 78,001 December 31, 2015 Level 1 Level 2 Level 3 Total Assets Agency securities $ — $ 3,217,252 $ — $ 3,217,252 Non-agency securities — 1,557,671 — 1,557,671 Derivative assets — 8,151 — 8,151 MSR assets — — 83,647 83,647 Total $ — $ 4,783,074 $ 83,647 $ 4,866,721 Liabilities Derivative liabilities $ — $ 58,850 $ — $ 58,850 Obligation to return securities borrowed under reverse repurchase agreements 266,001 — — 266,001 MSR financing liabilities — — 12,790 12,790 Total $ 266,001 $ 58,850 $ 12,790 $ 337,641 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 March 31, 2016 . We use a market approach, with Level 1 inputs, based on quoted market prices to estimate the fair value of our agency mortgage REIT equity securities, which are presented in other assets on our consolidated balance sheets. 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. Excluded from the table above are financial instruments, including cash and cash equivalents, restricted cash and cash equivalents, 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 three months ended March 31, 2016 and 2015 (in thousands): For the Three Months Ended March 31, 2016 MSR Under Secured Financing (1) Purchased MSR (2) Total MSR Balance as of December 31, 2015 $ 12,790 $ 70,857 $ 83,647 Losses included in net income: Realized losses — (1,900 ) (1,900 ) Unrealized losses — (9,027 ) (9,027 ) Total net losses included in net income — (10,927 ) (10,927 ) Dispositions (12,790 ) — (12,790 ) Balance as of March 31, 2016 $ — $ 59,930 $ 59,930 For the Three Months Ended March 31, 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 (462 ) (2,413 ) (2,875 ) Unrealized losses (161 ) (3,194 ) (3,355 ) Total net losses included in net income (623 ) (5,607 ) (6,230 ) Purchases, net of purchase price adjustments — 401 401 Balance as of March 31, 2015 $ 13,380 $ 74,431 $ 87,811 ———————— (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. 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. 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 March 31, 2016 (dollars in thousands): March 31, 2016 Unobservable Level 3 Input Fair Value Minimum Weighted Average Maximum Purchased MSR: $ 59,930 Constant prepayment rate 9.6% 10.2% 10.7% Constant default rate 0.1% 0.3% 0.4% Discount rate 8.3% 8.9% 9.3%

Mortgage Servicing Rights (Note

Mortgage Servicing Rights (Notes)	3 Months Ended
	Mar. 31, 2016
Servicing Assets at Fair Value [Line Items]
Transfers and Servicing of Financial Assets [Text Block]	Mortgage Servicing Rights Our subsidiary, Residential Credit Solutions, Inc. (“RCS”), is a licensed mortgage servicer based in Fort Worth, Texas that has approvals from Fannie Mae and Freddie Mac to hold and manage MSR and residential mortgage loans. RCS holds $59.9 million of MSR under transactions qualifying for sale accounting, representing approximately 31 thousand underlying loans, with a combined unpaid principal balance of approximately $6.2 billion , as of March 31, 2016 . We have elected to account for MSR 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 three months ended March 31, 2016 and 2015 (dollars in thousands): For the Three Months Ended March 31, 2016 2015 Beginning balance $ 70,857 $ 79,637 Additions from purchases of MSR — 401 Changes in fair value due to: Changes in valuation inputs or assumptions used in valuation model (9,027 ) (3,194 ) Other changes in fair value (1) (1,900 ) (2,413 ) Other changes — — Ending balance $ 59,930 $ 74,431 ———————— (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 months ended March 31, 2016 and 2015 (dollars in thousands): For the Three Months Ended March 31, 2016 2015 Servicing fee income $ 6,414 $ 7,948 Incentive, ancillary and other income 3,235 3,856 Servicing income 9,649 11,804 Employee compensation and benefit costs 11,609 7,397 Facility costs 1,141 1,703 Realization of cash flows from MSR 1,900 2,413 Other servicing costs 3,255 4,557 Servicing expense 17,905 16,070 Net servicing loss $ (8,256 ) $ (4,266 ) RCS Assets Sale In late 2015, we entered into a definitive agreement to sell substantially all of RCS' subservicing assets and operations to Ditech Financial (“Ditech”), a subsidiary of Walter Investment Management Corp. In connection with the transaction, Ditech agreed to acquire certain assets of the RCS servicing platform, hire a number of core RCS employees and assume certain existing residential mortgage loan subservicing agreements. The transaction closed on January 28, 2016, and the majority of servicing transfers occurred during the first quarter, with the remaining transfers scheduled for the second quarter. The increase in employee compensation and benefit costs during the first quarter of 2016 is primarily due to transaction related employee compensation. The decrease in other servicing costs during the first quarter of 2016 is primarily due to the assumption of RCS's lease obligation by Ditech. 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)	3 Months Ended
	Mar. 31, 2016
Other Assets [Abstract]
Other Assets Disclosure [Text Block]	Other Assets The following table summarizes our other assets as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Servicing advances $ 10,067 $ 21,619 FHLB membership stock 11,489 17,726 Agency mortgage REIT equity securities, at fair value 7,636 — Prepaid expenses 4,299 6,878 Intangible asset 5,000 5,000 Other 6,973 3,691 Total other assets $ 45,464 $ 54,914 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. The decrease in servicing advances during the first quarter of 2016 was driven primarily by the sale of RCS assets discussed in Note 10. Federal Home Loan Bank Membership Stock As a condition of our membership in the FHLB of Des Moines, we are obligated to purchase membership and activity-based stock in the FHLB based upon the aggregate amount of advances. As of March 31, 2016 and December 31, 2015 , we held $11.5 million and $17.7 million of membership and activity-based stock, respectively. FHLB stock is carried at cost, which equals par value, and can only be redeemed or sold at its par value, and only to the FHLB of Des Moines. Agency Mortgage REIT Equity Securities, at Fair Value Agency mortgage REIT equity securities represent investments in the common stock of other publicly traded mortgage REITs that invest predominately in agency RMBS. We designate our investments in agency mortgage REIT equity securities as trading securities and report them at fair value on the accompanying consolidated balance sheets with changes in fair value recorded in unrealized gain (loss) on other derivatives and securities, net on the accompanying consolidated statements of operations. Dividend income from agency mortgage REIT equity securities is recorded in realized gain (loss) on other derivatives and securities, net.

Other Liabilities (Notes)

Other Liabilities (Notes)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Cash collateral held $ 5,216 $ 1,126 Due to manager 2,008 1,674 Accrued interest 3,286 4,523 MSR financing liability, at fair value (1) — 12,790 Other accounts payable and accrued expenses 13,762 18,544 Total accounts payable and other accrued liabilities $ 24,272 $ 38,657 —————— (1) MSR financing liability represented obligations associated with MSR accounted for as financing arrangements, with estimated fair value changes reported in net income. RCS had no continuing involvement with any MSR accounted for as financing arrangements as of March 31, 2016.

Stockholder's Equity (Notes)

Stockholder's Equity (Notes)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 , 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 March 31, 2016 , 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 up to $300 million . In October 2015, our Board of Directors extended its authorization through December 31, 2016 . 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. During the three months ended March 31, 2016 , we repurchased approximately 2.0 million shares of our common stock at an average repurchase price of $13.21 per share, including expenses, totaling $26.5 million . As of March 31, 2016 , we had $55.1 million available under current board authorization for repurchases of our common stock through December 31, 2016. Long-Term Incentive Plan We sponsor the American Capital Mortgage Investment Corp. Amended and Restated Equity Incentive Plan ("Incentive Plan" or "plan"), as amended March 4, 2016, to provide for the issuance of equity-based awards, including stock options, restricted stock, restricted stock units ("RSU") and unrestricted stock to our independent directors and certain members of RCS management. We issued 136,979 shares of common stock related to the vesting of RSU awards during the three months ended March 31, 2016 . 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. Any shares subject to performance conditions that would not be issuable at period end, if that were the end of the contingency period, have been excluded from diluted net income per common share. The following summarizes the net income per common share for the three months ended March 31, 2016 and 2015 (in thousands, except per share data): For the Three Months Ended March 31, 2016 2015 Weighted average common shares calculation: Basic weighted average common shares outstanding 46,651 51,165 Effect of stock based compensation 15 44 Diluted weighted average common shares outstanding 46,666 51,209 Net income (loss) available to common shareholders $ (22,414 ) $ 29,946 Net income (loss) per common share — basic $ (0.48 ) $ 0.59 Net income (loss) per common share — diluted $ (0.48 ) $ 0.58

(Policies)

(Policies)	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies [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 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 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 maturities or floating rate coupons.
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)	3 Months Ended
	Mar. 31, 2016
Agency Securities [Abstract]
Agency Securities [Table Text Block]	The following tables summarize our investments in agency RMBS as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 Fannie Mae Freddie Mac Total Agency RMBS: Par value $ 2,491,667 $ 617,268 $ 3,108,935 Unamortized premium 125,867 32,470 158,337 Amortized cost 2,617,534 649,738 3,267,272 Gross unrealized gains 28,302 7,658 35,960 Gross unrealized losses (2,858 ) (1,908 ) (4,766 ) Agency RMBS, at fair value $ 2,642,978 $ 655,488 $ 3,298,466 Weighted average coupon as of March 31, 2016 3.58 % 3.58 % 3.58 % Weighted average yield as of March 31, 2016 2.63 % 2.68 % 2.64 % Weighted average yield for the three months ended March 31, 2016 2.18 % 2.25 % 2.20 % March 31, 2016 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Agency RMBS: Fixed rate $ 3,164,981 $ 31,494 $ (4,767 ) $ 3,191,709 Adjustable rate 102,291 4,466 — 106,757 Total $ 3,267,272 $ 35,960 $ (4,766 ) $ 3,298,466 December 31, 2015 Fannie Mae Freddie Mac Total Agency RMBS: Par value $ 2,421,576 $ 651,622 $ 3,073,198 Unamortized premium 127,871 34,869 162,740 Amortized cost 2,549,447 686,491 3,235,938 Gross unrealized gains 9,745 3,378 13,123 Gross unrealized losses (23,194 ) (8,615 ) (31,809 ) Agency RMBS, at fair value $ 2,535,998 $ 681,254 $ 3,217,252 Weighted average coupon as of December 31, 2015 3.58 % 3.58 % 3.58 % Weighted average yield as of December 31, 2015 2.68 % 2.71 % 2.68 % Weighted average yield for the year ended December 31, 2015 2.58 % 2.64 % 2.59 % December 31, 2015 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Agency RMBS: Fixed rate $ 3,131,136 $ 10,086 $ (31,809 ) $ 3,109,413 Adjustable rate 104,802 3,037 — 107,839 Total $ 3,235,938 $ 13,123 $ (31,809 ) $ 3,217,252
Summary Of Agency Securities Estimated Weighted Average Life Classifications Text Block	The following table summarizes our agency RMBS as of March 31, 2016 and December 31, 2015 according to their estimated weighted average life classification (dollars in thousands): March 31, 2016 December 31, 2015 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 $ 1,020,422 $ 1,005,957 2.34 % 3.37 % $ 742,523 $ 740,513 2.25 % 3.29 % Greater than five years and less than or equal to 10 years 2,273,111 2,256,443 2.77 % 3.67 % 2,466,730 2,487,369 2.81 % 3.67 % Greater than 10 years 4,933 4,872 3.00 % 3.50 % 7,999 8,056 3.03 % 3.50 % Total $ 3,298,466 $ 3,267,272 2.64 % 3.58 % $ 3,217,252 $ 3,235,938 2.68 % 3.58 %
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 months ended March 31, 2016 and 2015 (dollars in thousands): For the Three Months Ended March 31, 2016 2015 Proceeds from agency RMBS sold $ 135,049 $ 430,587 Increase (decrease) in receivable for agency RMBS sold — 351,759 Less agency RMBS sold, at cost (134,629 ) (781,412 ) Net realized gain on sale of agency RMBS $ 420 $ 934 Gross realized gains on sale of agency RMBS $ 702 $ 3,599 Gross realized losses on sale of agency RMBS (282 ) (2,665 ) Net realized gain on sale of agency RMBS $ 420 $ 934 The following table summarizes our net realized gains and losses from the sale of non-agency securities during the three months ended March 31, 2016 and 2015 (dollars in thousands): For the Three Months Ended March 31, 2016 2015 Proceeds from non-agency securities sold $ 415,618 $ 70,568 Increase in receivable for non-agency RMBS sold 2,030 — Less: non-agency securities sold, at cost (419,283 ) (67,322 ) Net realized gain (loss) on sale of non-agency securities $ (1,635 ) $ 3,246 Gross realized gain on sale of non-agency securities $ 3,927 $ 3,437 Gross realized loss on sale of non-agency securities (5,562 ) (191 ) Net realized gain (loss) on sale of non-agency securities $ (1,635 ) $ 3,246
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, derivative agreements and FHLB advances by type as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 Agency RMBS Pledged: Fannie Mae Freddie Mac Total Under Repurchase Agreements Fair value $ 2,379,276 $ 570,277 $ 2,949,553 Accrued interest on pledged agency RMBS 6,681 1,603 8,284 Under Derivative Agreements Fair value 10,380 1,123 11,503 Accrued interest on pledged agency RMBS 31 4 35 Under FHLB Advances Fair value 197,632 81,265 278,897 Accrued interest on pledged agency RMBS 562 227 789 Total Fair Value of Agency RMBS Pledged and Accrued Interest $ 2,594,562 $ 654,499 $ 3,249,061 December 31, 2015 Agency RMBS Pledged: Fannie Mae Freddie Mac Total Under Repurchase Agreements Fair value $ 2,261,124 $ 639,460 $ 2,900,584 Accrued interest on pledged agency RMBS 6,428 1,826 8,254 Under Derivative Agreements Fair value 1,708 1,866 3,574 Accrued interest on pledged agency RMBS 5 5 10 Under FHLB Advances Fair value 249,590 20,927 270,517 Accrued interest on pledged agency RMBS 741 62 803 Total Fair Value of Agency RMBS Pledged and Accrued Interest $ 2,519,596 $ 664,146 $ 3,183,742
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 and FHLB advances, by remaining maturity, including securities pledged related to sold but not yet settled securities, as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Remaining Maturity Fair Value Amortized Cost Accrued Interest Fair Value Amortized Cost Accrued Interest 30 days or less $ 1,715,108 $ 1,700,090 $ 4,812 $ 1,637,388 $ 1,647,007 $ 4,718 31 - 59 days 181,852 179,688 492 340,855 340,852 940 60 - 90 days 189,623 187,022 550 329,397 330,832 932 Greater than 90 days 1,141,867 1,130,977 3,219 863,461 870,764 2,467 Total $ 3,228,450 $ 3,197,777 $ 9,073 $ 3,171,101 $ 3,189,455 $ 9,057 The following table summarizes our non-agency securities pledged as collateral under repurchase agreements and FHLB advances, by remaining maturity, including securities pledged related to sold but not yet settled securities, as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Remaining Maturity Fair Value Amortized Accrued Interest Fair Value Amortized Accrued Interest 30 days or less $ 954,614 $ 954,661 $ 1,377 $ 1,067,283 $ 1,056,492 $ 1,669 31 - 59 days 100,641 97,424 91 200,120 196,500 217 60 - 90 days 62,710 63,125 90 168,528 166,695 361 Greater than 90 days 22,271 21,978 62 — — — Total $ 1,140,236 $ 1,137,188 $ 1,620 $ 1,435,931 $ 1,419,687 $ 2,247 As of March 31, 2016 and December 31, 2015 , none of our repurchase agreement borrowings or FHLB advances backed by non-agency securities were due on demand or mature overnight. As of March 31, 2016 , all of our FHLB advances backed by non-agency securities had remaining maturities greater than 90 days.

Non-Agency Securities (Tables)

Non-Agency Securities (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Non-Agency Securities [Table Text Block]	The following tables summarize our non-agency securities as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 Fair Value Gross Unrealized Amortized Cost Premium (Discount) Par/ Current Face Weighted Average Category Gains Losses Coupon (1) Yield Prime $ 227,249 $ 5,999 $ (4,254 ) $ 225,504 $ (21,512 ) $ 247,016 3.02 % 4.91 % CRT 346,321 1,382 (9,708 ) 354,647 1,354 353,293 4.80 % 5.66 % Alt-A 398,149 23,412 (10,980 ) 385,717 (144,429 ) 530,146 1.79 % 6.30 % Option-ARM 155,663 5,493 (7,104 ) 157,274 (35,504 ) 192,778 0.71 % 4.93 % Subprime 127,327 104 (1,109 ) 128,332 (630 ) 128,962 4.07 % 4.34 % Total $ 1,254,709 $ 36,390 $ (33,155 ) $ 1,251,474 $ (200,721 ) $ 1,452,195 2.79 % 5.50 % ———————— (1) Coupon rates are floating, except for $50.4 million , $18.0 million and $118.7 million fair value of fixed-rate prime, Alt-A and subprime non-agency securities, respectively, as of March 31, 2016 . December 31, 2015 Fair Value Gross Unrealized Amortized Cost Premium (Discount) Par/ Current Face Weighted Average Category Gains Losses Coupon (1) Yield Prime $ 411,780 $ 6,797 $ (3,681 ) $ 408,664 $ (22,387 ) $ 431,051 3.24 % 4.49 % CRT 361,028 605 (11,910 ) 372,333 3,999 368,334 4.65 % 5.93 % Alt-A 430,679 28,560 (8,001 ) 410,120 (150,257 ) 560,377 1.76 % 6.65 % Option-ARM 150,014 6,802 (5,742 ) 148,954 (34,454 ) 183,408 0.68 % 5.43 % Subprime 204,170 2,355 (1,227 ) 203,042 (13,270 ) 216,312 3.57 % 4.56 % Total $ 1,557,671 $ 45,119 $ (30,561 ) $ 1,543,113 $ (216,369 ) $ 1,759,482 2.84 % 5.51 % ———————— (1) Coupon rates are floating, except for $226.9 million , $25.9 million and $171.4 million fair value of fixed-rate prime, Alt-A and subprime non-agency securities, respectively, as of December 31, 2015 .
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 March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Weighted Average Weighted Average Weighted Average Life Fair Value Amortized Cost Coupon Yield Fair Value Amortized Cost Coupon Yield ≤ 5 years $ 305,805 $ 301,300 3.13 % 5.16 % $ 369,907 $ 363,087 3.15 % 5.22 % > 5 to ≤ 7 years 505,316 496,265 1.80 % 5.64 % 635,840 620,734 2.12 % 5.68 % > 7 years 443,588 453,909 3.85 % 5.56 % 551,924 559,292 3.53 % 5.51 % Total $ 1,254,709 $ 1,251,474 2.79 % 5.50 % $ 1,557,671 $ 1,543,113 2.84 % 5.51 %
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 months ended March 31, 2016 and 2015 (dollars in thousands): For the Three Months Ended March 31, 2016 2015 Proceeds from agency RMBS sold $ 135,049 $ 430,587 Increase (decrease) in receivable for agency RMBS sold — 351,759 Less agency RMBS sold, at cost (134,629 ) (781,412 ) Net realized gain on sale of agency RMBS $ 420 $ 934 Gross realized gains on sale of agency RMBS $ 702 $ 3,599 Gross realized losses on sale of agency RMBS (282 ) (2,665 ) Net realized gain on sale of agency RMBS $ 420 $ 934 The following table summarizes our net realized gains and losses from the sale of non-agency securities during the three months ended March 31, 2016 and 2015 (dollars in thousands): For the Three Months Ended March 31, 2016 2015 Proceeds from non-agency securities sold $ 415,618 $ 70,568 Increase in receivable for non-agency RMBS sold 2,030 — Less: non-agency securities sold, at cost (419,283 ) (67,322 ) Net realized gain (loss) on sale of non-agency securities $ (1,635 ) $ 3,246 Gross realized gain on sale of non-agency securities $ 3,927 $ 3,437 Gross realized loss on sale of non-agency securities (5,562 ) (191 ) Net realized gain (loss) on sale of non-agency securities $ (1,635 ) $ 3,246
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 and FHLB advances, by remaining maturity, including securities pledged related to sold but not yet settled securities, as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Remaining Maturity Fair Value Amortized Cost Accrued Interest Fair Value Amortized Cost Accrued Interest 30 days or less $ 1,715,108 $ 1,700,090 $ 4,812 $ 1,637,388 $ 1,647,007 $ 4,718 31 - 59 days 181,852 179,688 492 340,855 340,852 940 60 - 90 days 189,623 187,022 550 329,397 330,832 932 Greater than 90 days 1,141,867 1,130,977 3,219 863,461 870,764 2,467 Total $ 3,228,450 $ 3,197,777 $ 9,073 $ 3,171,101 $ 3,189,455 $ 9,057 The following table summarizes our non-agency securities pledged as collateral under repurchase agreements and FHLB advances, by remaining maturity, including securities pledged related to sold but not yet settled securities, as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Remaining Maturity Fair Value Amortized Accrued Interest Fair Value Amortized Accrued Interest 30 days or less $ 954,614 $ 954,661 $ 1,377 $ 1,067,283 $ 1,056,492 $ 1,669 31 - 59 days 100,641 97,424 91 200,120 196,500 217 60 - 90 days 62,710 63,125 90 168,528 166,695 361 Greater than 90 days 22,271 21,978 62 — — — Total $ 1,140,236 $ 1,137,188 $ 1,620 $ 1,435,931 $ 1,419,687 $ 2,247 As of March 31, 2016 and December 31, 2015 , none of our repurchase agreement borrowings or FHLB advances backed by non-agency securities were due on demand or mature overnight. As of March 31, 2016 , all of our FHLB advances backed by non-agency securities had remaining maturities greater than 90 days.

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Repurchase Agreements [Abstract]
Schedule of Debt [Table Text Block]	March 31, 2016 and December 31, 2015 , our borrowings under repurchase agreements had the following collateral characteristics (dollars in thousands): March 31, 2016 December 31, 2015 Weighted Average Weighted Average Collateral Type Borrowings Interest Rate Days Borrowings Interest Rate Days Agency securities $ 2,746,206 0.76 % 212 $ 2,728,065 0.60 % 243 Non-agency securities (1) 824,853 1.96 % 24 936,650 1.86 % 27 Total repurchase agreements $ 3,571,059 1.04 % 168 $ 3,664,715 0.92 % 188 ———————— (1) Repurchase agreement borrowings secured by non-agency securities include $3.2 million of repurchase agreements related to non-agency RMBS sold but not yet settled as of March 31, 2016 . The following table summarizes our borrowings under repurchase arrangements and weighted average interest rates classified by remaining maturities as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Weighted Average Weighted Average Borrowings Outstanding Interest Rate Days Borrowings Outstanding Interest Rate Days Agency and non-agency ≤ 1 month $ 2,336,634 1.06 % 13 $ 2,045,776 0.97 % 15 > 1 to ≤ 2 months 249,596 1.08 % 39 504,348 1.01 % 42 > 2 to ≤ 3 months 226,440 1.00 % 87 363,365 0.90 % 78 > 3 to ≤ 6 months 100,000 0.90 % 168 — N/A N/A > 6 to ≤ 9 months 136,228 0.86 % 243 100,000 0.78 % 259 > 9 to ≤ 12 months 7,161 0.87 % 321 136,226 0.77 % 334 > 12 months 515,000 1.01 % 949 515,000 0.72 % 1040 Total repurchase agreements $ 3,571,059 1.04 % 168 $ 3,664,715 0.92 % 188

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Interest rate swaps $ — $ 3,152 Interest rate swaptions 997 1,961 TBA securities 3,659 1,958 Interest only swaps 417 — U.S. Treasury futures — 1,080 Derivative assets, at fair value $ 5,073 $ 8,151 Interest rate swaps $ 74,307 $ 55,651 TBA securities 765 1,151 Credit default swaps 2,734 1,972 Interest only swaps — 76 Mortgage options 188 — U.S. Treasury futures 7 — Derivative liabilities, at fair value $ 78,001 $ 58,850
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 months ended March 31, 2016 and 2015 (in thousands): For the Three Months Ended March 31, 2016 2015 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 $ (3,830 ) $ (23,372 ) $ (22,331 ) $ (4,311 ) $ (7,825 ) $ (43,106 ) Interest rate swaptions — — (964 ) — (520 ) (1,277 ) TBA securities — 3,287 2,087 — 16,436 (7,183 ) U.S. Treasury securities — 4,449 — — 15,901 2,655 U.S. Treasury futures — (12,125 ) (1,087 ) — (2,215 ) (1,933 ) Short sales of U.S. Treasuries — (9,492 ) (733 ) — (5,181 ) 321 Agency mortgage REIT equity investments — 244 1,146 — — — Mortgage options — — 15 — — 353 Interest only swaps — 759 490 — 646 428 Credit default swaps — (486 ) (903 ) — — — FHLB stock — 164 — — — — Total $ (3,830 ) $ (36,572 ) $ (22,280 ) $ (4,311 ) $ 17,242 $ (49,742 )
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 three months ended March 31, 2016 and 2015 (in thousands): December 31, 2015 Additions/ Long Positions Expirations/ Terminations/ Short Positions March 31, 2016 Interest rate swaps $ 2,290,000 100,000 (375,000 ) $ 2,015,000 Interest rate swaptions $ 250,000 — — $ 250,000 TBA securities $ 59,878 4,464,917 (4,323,204 ) $ 201,591 U.S. Treasuries $ — 245,000 (245,000 ) $ — U.S. Treasury futures $ (350,000 ) 350,000 (350,000 ) $ (350,000 ) Short sales of U.S. Treasuries $ (269,000 ) 474,000 (205,000 ) $ — Mortgage options $ — — (50,000 ) $ (50,000 ) Interest only swaps $ 40,128 — (1,417 ) $ 38,711 Credit default swaps $ 49,500 — — $ 49,500 December 31, 2014 Additions/ Long Positions Expirations/ Terminations/ Short Positions March 31, 2015 Interest rate swaps $ 4,015,000 — (600,000 ) $ 3,415,000 Interest rate swaptions $ 550,000 — (100,000 ) $ 450,000 TBA securities $ 296,172 10,373,879 (10,407,731 ) $ 262,320 U.S. Treasuries $ 756,500 1,323,000 (1,558,000 ) $ 521,500 U.S. Treasury futures $ (150,000 ) 150,000 (150,000 ) $ (150,000 ) Short sales of U.S. Treasuries $ (228,500 ) 364,000 (226,500 ) $ (91,000 ) Mortgage options $ — — (50,000 ) $ (50,000 ) Interest only swaps $ 48,739 — (2,238 ) $ 46,501
Schedule Of Interest Rate Swap Agreement By Remaining Maturity [Table Text Block]	As of March 31, 2016 and December 31, 2015 , we had interest rate swap agreements summarized in the tables below (dollars in thousands). March 31, 2016 December 31, 2015 Interest Rate Swaps Balance Sheet Location Notional Amount Fair Value Notional Amount Fair Value Interest rate swap assets Derivative assets, at fair value $ — $ — $ 725,000 $ 3,152 Interest rate swap liabilities Derivative liabilities, at fair value 2,015,000 (74,307 ) 1,565,000 (55,651 ) $ 2,015,000 $ (74,307 ) $ 2,290,000 $ (52,499 ) March 31, 2016 Notional Fair Value Weighted Average Current Maturity Date for Interest Rate Swaps (1) Fixed Receive Rate (3) Maturity (Years) ≤ 3 years $ 990,000 $ (8,843 ) 1.20 % 0.62 % 1.9 > 3 to ≤ 5 years 225,000 (4,160 ) 1.48 % 0.63 % 3.3 > 5 to ≤ 7 years 675,000 (55,910 ) 2.95 % 0.62 % 5.9 > 7 years 125,000 (5,394 ) 2.02 % 0.62 % 8.5 Total $ 2,015,000 $ (74,307 ) 1.87 % 0.62 % 3.8 December 31, 2015 Notional Fair Value Weighted Average Current Maturity Date for Interest Rate Swaps (4) Fixed (2) Receive (3) Maturity ≤ 3 years $ 865,000 $ (268 ) 1.09 % 0.41 % 1.8 > 3 to ≤ 5 years 550,000 (5,054 ) 1.72 % 0.42 % 3.4 > 5 to ≤ 7 years 625,000 (35,866 ) 3.16 % 0.46 % 5.9 > 7 years 250,000 (11,311 ) 2.71 % 0.60 % 7.9 Total $ 2,290,000 $ (52,499 ) 1.98 % 0.43 % 4.0 ———————— (1) Includes swaps with an aggregate notional of $0.5 billion with deferred start dates averaging 0.7 years from March 31, 2016 . (2) Excluding forward starting swaps, the weighted average pay rate was 1.44% and 1.36% as of March 31, 2016 and December 31, 2015 , respectively. (3) Weighted average receive rate excludes impact of forward starting interest rate swaps. (4) Includes swaps with an aggregate notional of $0.7 billion with deferred start dates averaging 0.6 years from December 31, 2015 .
Schedule of Interest Rate Swaption Agreements Outstandin [Table Text Block]	The following tables present certain information about our interest rate swaption agreements as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 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 $ 1,308 $ — 0.0 $ 100,000 4.13 % 7.0 > 3 to ≤ 12 months 3,493 825 0.5 50,000 3.00 % 7.5 >12 to ≤ 24 months 2,735 172 1.6 100,000 3.21 % 5.0 Total / weighted average $ 7,536 $ 997 0.8 $ 250,000 3.54 % 6.3 December 31, 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 $ 3,493 $ 1,307 0.2 $ 50,000 3.00 % 8.0 > 3 to ≤ 12 months 1,308 — 0.3 100,000 4.13 % 7.0 >12 to ≤ 24 months 2,735 654 1.9 100,000 3.21 % 5.0 Total / weighted average $ 7,536 $ 1,961 0.9 $ 250,000 3.54 % 6.4
Schedule of Long and Short Position of Derivative Instruments [Table Text Block]	TBA Securities As of March 31, 2016 and December 31, 2015 , we had contracts to purchase (“long position”) and sell (“short position”) TBA securities on a forward basis, presented in the following table (in thousands): March 31, 2016 December 31, 2015 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 $ 420,578 $ 3,659 $ 267,300 $ 1,321 Sale of TBA securities — — (305,586 ) 637 Total TBA assets 420,578 3,659 (38,286 ) 1,958 TBA liabilities Purchase of TBA securities — — 220,157 (581 ) Sale of TBA securities (218,987 ) (765 ) (121,993 ) (570 ) Total TBA liabilities (218,987 ) (765 ) 98,164 (1,151 ) Total net TBA $ 201,591 $ 2,894 $ 59,878 $ 807 ———————— (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)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 Interest rate swaps and swaptions (2)(3) $ 997 $ — $ 997 $ (825 ) $ (172 ) $ — Receivable under reverse repurchase agreements 14,615 — 14,615 (14,615 ) — — Total $ 15,612 $ — $ 15,612 $ (15,440 ) $ (172 ) $ — December 31, 2015 Interest rate swaps and swaptions (2) $ 5,113 $ — $ 5,113 $ (2,789 ) $ (959 ) $ 1,365 Receivable under reverse repurchase agreements 281,618 — 281,618 (258,597 ) (23,021 ) — Total $ 286,731 $ — $ 286,731 $ (261,386 ) $ (23,980 ) $ 1,365
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 March 31, 2016 Interest rate swaps (2) $ 74,307 $ — $ 74,307 $ (825 ) $ (73,482 ) $ — Repurchase agreements 3,571,059 — 3,571,059 (14,615 ) (3,556,444 ) — FHLB advances 273,700 — 273,700 — (273,700 ) — Total $ 3,919,066 $ — $ 3,919,066 $ (15,440 ) $ (3,903,626 ) $ — December 31, 2015 Interest rate swaps (2) $ 55,651 $ — $ 55,651 $ (2,789 ) $ (52,862 ) $ — Repurchase agreements 3,664,715 — 3,664,715 (258,597 ) (3,406,118 ) — FHLB advances 442,900 — 442,900 — (442,900 ) — Total $ 4,163,266 $ — $ 4,163,266 $ (261,386 ) $ (3,901,880 ) $ — ———————— (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 $0.8 million as of March 31, 2016 .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 , on the consolidated balance sheets by the valuation hierarchy, as described above (in thousands): March 31, 2016 Level 1 Level 2 Level 3 Total Assets Agency securities $ — $ 3,298,466 $ — $ 3,298,466 Non-agency securities — 1,254,709 — 1,254,709 Agency mortgage REIT equity securities 7,636 — — 7,636 Derivative assets — 5,073 — 5,073 MSR assets — — 59,930 59,930 Total $ 7,636 $ 4,558,248 $ 59,930 $ 4,625,814 Liabilities Derivative liabilities $ — $ 78,001 $ — $ 78,001 Total $ — $ 78,001 $ — $ 78,001 December 31, 2015 Level 1 Level 2 Level 3 Total Assets Agency securities $ — $ 3,217,252 $ — $ 3,217,252 Non-agency securities — 1,557,671 — 1,557,671 Derivative assets — 8,151 — 8,151 MSR assets — — 83,647 83,647 Total $ — $ 4,783,074 $ 83,647 $ 4,866,721 Liabilities Derivative liabilities $ — $ 58,850 $ — $ 58,850 Obligation to return securities borrowed under reverse repurchase agreements 266,001 — — 266,001 MSR financing liabilities — — 12,790 12,790 Total $ 266,001 $ 58,850 $ 12,790 $ 337,641
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 three months ended March 31, 2016 and 2015 (in thousands): For the Three Months Ended March 31, 2016 MSR Under Secured Financing (1) Purchased MSR (2) Total MSR Balance as of December 31, 2015 $ 12,790 $ 70,857 $ 83,647 Losses included in net income: Realized losses — (1,900 ) (1,900 ) Unrealized losses — (9,027 ) (9,027 ) Total net losses included in net income — (10,927 ) (10,927 ) Dispositions (12,790 ) — (12,790 ) Balance as of March 31, 2016 $ — $ 59,930 $ 59,930 For the Three Months Ended March 31, 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 (462 ) (2,413 ) (2,875 ) Unrealized losses (161 ) (3,194 ) (3,355 ) Total net losses included in net income (623 ) (5,607 ) (6,230 ) Purchases, net of purchase price adjustments — 401 401 Balance as of March 31, 2015 $ 13,380 $ 74,431 $ 87,811 ———————— (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 March 31, 2016 (dollars in thousands): March 31, 2016 Unobservable Level 3 Input Fair Value Minimum Weighted Average Maximum Purchased MSR: $ 59,930 Constant prepayment rate 9.6% 10.2% 10.7% Constant default rate 0.1% 0.3% 0.4% Discount rate 8.3% 8.9% 9.3%

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 and 2015 (dollars in thousands): For the Three Months Ended March 31, 2016 2015 Beginning balance $ 70,857 $ 79,637 Additions from purchases of MSR — 401 Changes in fair value due to: Changes in valuation inputs or assumptions used in valuation model (9,027 ) (3,194 ) Other changes in fair value (1) (1,900 ) (2,413 ) Other changes — — Ending balance $ 59,930 $ 74,431 ———————— (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 months ended March 31, 2016 and 2015 (dollars in thousands): For the Three Months Ended March 31, 2016 2015 Servicing fee income $ 6,414 $ 7,948 Incentive, ancillary and other income 3,235 3,856 Servicing income 9,649 11,804 Employee compensation and benefit costs 11,609 7,397 Facility costs 1,141 1,703 Realization of cash flows from MSR 1,900 2,413 Other servicing costs 3,255 4,557 Servicing expense 17,905 16,070 Net servicing loss $ (8,256 ) $ (4,266 )

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Other Assets [Abstract]
Schedule of Other Assets [Table Text Block]	The following table summarizes our other assets as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Servicing advances $ 10,067 $ 21,619 FHLB membership stock 11,489 17,726 Agency mortgage REIT equity securities, at fair value 7,636 — Prepaid expenses 4,299 6,878 Intangible asset 5,000 5,000 Other 6,973 3,691 Total other assets $ 45,464 $ 54,914

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Other Liabilities [Abstract]
Other Liabilities [Table Text Block]	The following table summarizes our accounts payable and other accrued liabilities as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Cash collateral held $ 5,216 $ 1,126 Due to manager 2,008 1,674 Accrued interest 3,286 4,523 MSR financing liability, at fair value (1) — 12,790 Other accounts payable and accrued expenses 13,762 18,544 Total accounts payable and other accrued liabilities $ 24,272 $ 38,657 —————— (1) MSR financing liability represented obligations associated with MSR accounted for as financing arrangements, with estimated fair value changes reported in net income. RCS had no continuing involvement with any MSR accounted for as financing arrangements as of March 31, 2016.

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 (in thousands, except per share data): For the Three Months Ended March 31, 2016 2015 Weighted average common shares calculation: Basic weighted average common shares outstanding 46,651 51,165 Effect of stock based compensation 15 44 Diluted weighted average common shares outstanding 46,666 51,209 Net income (loss) available to common shareholders $ (22,414 ) $ 29,946 Net income (loss) per common share — basic $ (0.48 ) $ 0.59 Net income (loss) per common share — diluted $ (0.48 ) $ 0.58

Agency Securities Agency securi

Agency Securities Agency securities, at fair value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2014	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 3,298,466		$ 3,217,252
Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Agency Securities at Par	3,108,935		3,073,198
Agency Securities Unamortized Premium	158,337		162,740
Agency Securities Amortized Cost	3,267,272		3,235,938
Agency Securities, Gross Unrealized Gains	35,960		13,123
Agency Securities, Gross Unrealized Losses	(4,766)		(31,809)
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 3,298,466		$ 3,217,252
Weighted Average Coupon Rate	3.58%		3.58%
Weighted Average Yield Percentage	2.64%		2.68%
Weighted Average Yield Percentage for Period	2.20%	2.59%
Agency Securities [Member] | Fixed Rate Residential Mortgage [Member]
Schedule of Available-for-sale Securities [Line Items]
Agency Securities Amortized Cost	$ 3,164,981		$ 3,131,136
Agency Securities, Gross Unrealized Gains	31,494		10,086
Agency Securities, Gross Unrealized Losses	(4,767)		(31,809)
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	3,191,709		3,109,413
Agency Securities [Member] | Adjustable Rate Residential Mortgage [Member]
Schedule of Available-for-sale Securities [Line Items]
Agency Securities Amortized Cost	102,291		104,802
Agency Securities, Gross Unrealized Gains	4,466		3,037
Agency Securities, Gross Unrealized Losses	0		0
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	106,757		107,839
Agency Securities [Member] | Fannie Mae [Member]
Schedule of Available-for-sale Securities [Line Items]
Agency Securities at Par	2,491,667		2,421,576
Agency Securities Unamortized Premium	125,867		127,871
Agency Securities Amortized Cost	2,617,534		2,549,447
Agency Securities, Gross Unrealized Gains	28,302		9,745
Agency Securities, Gross Unrealized Losses	(2,858)		(23,194)
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 2,642,978		$ 2,535,998
Weighted Average Coupon Rate	3.58%		3.58%
Weighted Average Yield Percentage	2.63%		2.68%
Weighted Average Yield Percentage for Period	2.18%	2.58%
Agency Securities [Member] | Freddie Mac [Member]
Schedule of Available-for-sale Securities [Line Items]
Agency Securities at Par	$ 617,268		$ 651,622
Agency Securities Unamortized Premium	32,470		34,869
Agency Securities Amortized Cost	649,738		686,491
Agency Securities, Gross Unrealized Gains	7,658		3,378
Agency Securities, Gross Unrealized Losses	(1,908)		(8,615)
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 655,488		$ 681,254
Weighted Average Coupon Rate	3.58%		3.58%
Weighted Average Yield Percentage	2.68%		2.71%
Weighted Average Yield Percentage for Period	2.25%	2.64%

Agency Securities Weighted Aver

Agency Securities Weighted Average Life of Agency Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 3,298,466	$ 3,217,252
WeightedAverageLifeofAgencySecurities	6 years 5 months
Prepayment Rate Of Remaining Life Of Investment Portfolio	10.10%
Agency Securities [Member]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 3,298,466	3,217,252
Agency Securities Amortized Cost	$ 3,267,272	$ 3,235,938
Weighted Average Yield Percentage	2.64%	2.68%
Weighted Average Coupon Rate	3.58%	3.58%
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	$ 1,020,422	$ 742,523
Agency Securities Amortized Cost	$ 1,005,957	$ 740,513
Weighted Average Yield Percentage	2.34%	2.25%
Weighted Average Coupon Rate	3.37%	3.29%
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	$ 2,273,111	$ 2,466,730
Agency Securities Amortized Cost	$ 2,256,443	$ 2,487,369
Weighted Average Yield Percentage	2.77%	2.81%
Weighted Average Coupon Rate	3.67%	3.67%
Agency Securities [Member] | Greater than 10 years [Member]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 4,933	$ 7,999
Agency Securities Amortized Cost	$ 4,872	$ 8,056
Weighted Average Yield Percentage	3.00%	3.03%
Weighted Average Coupon Rate	3.50%	3.50%
Minimum [Member]
WeightedAverageLifeofAgencySecurities	3 years 1 month

Agency Securities Realized Gain

Agency Securities Realized Gains and Losses on Agency Securities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Gain (Loss) on Sales of Mortgage Backed Securities (MBS)	$ 420	$ 934
Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from Sale of Agency Securities, Debt	135,049		$ 430,587
Increase (Decrease) in Other Receivables	0		351,759
Cost of Sale of Agency Securities	(134,629)		(781,412)
Agency Securities, Gross Realized Gains	702		3,599
Agency Securities, Gross Realized Losses	(282)		(2,665)
Gain (Loss) on Sales of Mortgage Backed Securities (MBS)	$ 420		$ 934

Agency Securities Agency Secu34

Agency Securities Agency Securities Pledged Under Borrowing Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total Fair Value Of Agency Securities Pledged And Accrued Interest	$ 3,249,061	$ 3,183,742
Fannie Mae [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total Fair Value Of Agency Securities Pledged And Accrued Interest	2,594,562	2,519,596
Freddie Mac [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total Fair Value Of Agency Securities Pledged And Accrued Interest	654,499	664,146
Agency Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	3,239,953	3,174,675
Federal Home Loan Bank Advances [Member] | Agency Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	278,897	270,517
Agency Securities Pledged As Collateral Accrued Interest	789	803
Federal Home Loan Bank Advances [Member] | Agency Securities [Member] | Fannie Mae [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	197,632	249,590
Agency Securities Pledged As Collateral Accrued Interest	562	741
Federal Home Loan Bank Advances [Member] | Agency Securities [Member] | Freddie Mac [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	81,265	20,927
Agency Securities Pledged As Collateral Accrued Interest	227	62
Repurchase Agreements [Member] | Agency Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	2,949,553	2,900,584
Agency Securities Pledged As Collateral Accrued Interest	8,284	8,254
Repurchase Agreements [Member] | Agency Securities [Member] | Fannie Mae [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	2,379,276	2,261,124
Agency Securities Pledged As Collateral Accrued Interest	6,681	6,428
Repurchase Agreements [Member] | Agency Securities [Member] | Freddie Mac [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	570,277	639,460
Agency Securities Pledged As Collateral Accrued Interest	1,603	1,826
Under Derivative Agreements [Member] | Agency Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	11,503	3,574
Agency Securities Pledged As Collateral Accrued Interest	35	10
Under Derivative Agreements [Member] | Agency Securities [Member] | Fannie Mae [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	10,380	1,708
Agency Securities Pledged As Collateral Accrued Interest	31	5
Under Derivative Agreements [Member] | Agency Securities [Member] | Freddie Mac [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	1,123	1,866
Agency Securities Pledged As Collateral Accrued Interest	$ 4	$ 5

Agency Securities Agency Secu35

Agency Securities Agency Securities Pledged As Collateral by Maturity Date (Details) - Agency Securities [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	$ 3,239,953	$ 3,174,675
Short-term Debt [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	3,228,450	3,171,101
Agency Securities Pledged As Collateral Amortized Cost	3,197,777	3,189,455
Pledged Assets, Not Separately Reported, Other	9,073	9,057
Short-term Debt [Member] | Maturity up to 30 days [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	1,715,108	1,637,388
Agency Securities Pledged As Collateral Amortized Cost	1,700,090	1,647,007
Pledged Assets, Not Separately Reported, Other	4,812	4,718
Short-term Debt [Member] | Maturity 31 To 59 Days [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	181,852	340,855
Agency Securities Pledged As Collateral Amortized Cost	179,688	340,852
Pledged Assets, Not Separately Reported, Other	492	940
Short-term Debt [Member] | Maturity 60 To 90 Days [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	189,623	329,397
Agency Securities Pledged As Collateral Amortized Cost	187,022	330,832
Pledged Assets, Not Separately Reported, Other	550	932
Short-term Debt [Member] | Maturity over 90 days [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Agency Securities Pledged As Collateral	1,141,867	863,461
Agency Securities Pledged As Collateral Amortized Cost	1,130,977	870,764
Pledged Assets, Not Separately Reported, Other	$ 3,219	$ 2,467

Non-Agency Securities Schedule

Non-Agency Securities Schedule of Non-Agency Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Prime [Member]
Investment [Line Items]
Non-Agency Security, at Fair Value	$ 227,249	$ 411,780
Gross Unrealized Gain on Non-Agency Securities	5,999	6,797
Gross Unrealized Loss on Non-Agency Securities	(4,254)	(3,681)
Non-Agency Securities, at Amortized Cost	225,504	408,664
Debt Instrument, Unamortized Discount	(21,512)	(22,387)
Non-Agency Securities at Par	$ 247,016	$ 431,051
Weighted Average Coupon Rate	3.02%	3.24%
Weighted Average Yield Percentage	4.91%	4.49%
Fixed Rate Non-Agency Security	$ 50,400	$ 226,900
Credit Risk Transfer [Member]
Investment [Line Items]
Non-Agency Security, at Fair Value	346,321	361,028
Gross Unrealized Gain on Non-Agency Securities	1,382	605
Gross Unrealized Loss on Non-Agency Securities	(9,708)	(11,910)
Non-Agency Securities, at Amortized Cost	354,647	372,333
Debt Instrument, Unamortized Discount	1,354	3,999
Non-Agency Securities at Par	$ 353,293	$ 368,334
Weighted Average Coupon Rate	4.80%	4.65%
Weighted Average Yield Percentage	5.66%	5.93%
Alt-A [Member]
Investment [Line Items]
Non-Agency Security, at Fair Value	$ 398,149	$ 430,679
Gross Unrealized Gain on Non-Agency Securities	23,412	28,560
Gross Unrealized Loss on Non-Agency Securities	(10,980)	(8,001)
Non-Agency Securities, at Amortized Cost	385,717	410,120
Debt Instrument, Unamortized Discount	(144,429)	(150,257)
Non-Agency Securities at Par	$ 530,146	$ 560,377
Weighted Average Coupon Rate	1.79%	1.76%
Weighted Average Yield Percentage	6.30%	6.65%
Fixed Rate Non-Agency Security	$ 18,000	$ 25,900
Option-Arm [Member]
Investment [Line Items]
Non-Agency Security, at Fair Value	155,663	150,014
Gross Unrealized Gain on Non-Agency Securities	5,493	6,802
Gross Unrealized Loss on Non-Agency Securities	(7,104)	(5,742)
Non-Agency Securities, at Amortized Cost	157,274	148,954
Debt Instrument, Unamortized Discount	(35,504)	(34,454)
Non-Agency Securities at Par	$ 192,778	$ 183,408
Weighted Average Coupon Rate	0.71%	0.68%
Weighted Average Yield Percentage	4.93%	5.43%
Subprime [Member]
Investment [Line Items]
Non-Agency Security, at Fair Value	$ 127,327	$ 204,170
Gross Unrealized Gain on Non-Agency Securities	104	2,355
Gross Unrealized Loss on Non-Agency Securities	(1,109)	(1,227)
Non-Agency Securities, at Amortized Cost	128,332	203,042
Debt Instrument, Unamortized Discount	(630)	(13,270)
Non-Agency Securities at Par	$ 128,962	$ 216,312
Weighted Average Coupon Rate	4.07%	3.57%
Weighted Average Yield Percentage	4.34%	4.56%
Fixed Rate Non-Agency Security	$ 118,700	$ 171,400
Non-Agency Securities [Member]
Investment [Line Items]
Non-Agency Security, at Fair Value	1,254,709	1,557,671
Gross Unrealized Gain on Non-Agency Securities	36,390	45,119
Gross Unrealized Loss on Non-Agency Securities	(33,155)	(30,561)
Non-Agency Securities, at Amortized Cost	1,251,474	1,543,113
Debt Instrument, Unamortized Discount	(200,721)	(216,369)
Non-Agency Securities at Par	$ 1,452,195	$ 1,759,482
Weighted Average Coupon Rate	2.79%	2.84%
Weighted Average Yield Percentage	5.50%	5.51%

Non-Agency Securities Weighted

Non-Agency Securities Weighted Average Life of Non-Agency Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Non-Agency Securities [Member]
Investment [Line Items]
Non-Agency Security, at Fair Value	$ 1,254,709	$ 1,557,671
Non-Agency Securities, at Amortized Cost	$ 1,251,474	$ 1,543,113
Weighted Average Coupon Rate	2.79%	2.84%
Weighted Average Yield Percentage	5.50%	5.51%
Less Than or Equal to Five Years [Member]
Investment [Line Items]
Non-Agency Security, at Fair Value	$ 305,805	$ 369,907
Non-Agency Securities, at Amortized Cost	$ 301,300	$ 363,087
Weighted Average Coupon Rate	3.13%	3.15%
Weighted Average Yield Percentage	5.16%	5.22%
Greater Than Five Years and Less Than or Equal to Seven Year [Member]
Investment [Line Items]
Non-Agency Security, at Fair Value	$ 505,316	$ 635,840
Non-Agency Securities, at Amortized Cost	$ 496,265	$ 620,734
Weighted Average Coupon Rate	1.80%	2.12%
Weighted Average Yield Percentage	5.64%	5.68%
Greater Than Seven Years [Member]
Investment [Line Items]
Non-Agency Security, at Fair Value	$ 443,588	$ 551,924
Non-Agency Securities, at Amortized Cost	$ 453,909	$ 559,292
Weighted Average Coupon Rate	3.85%	3.53%
Weighted Average Yield Percentage	5.56%	5.51%

Non-Agency Securities Realized

Non-Agency Securities Realized Gains (Losses) from Sale of Non-Agency Securities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014
Gain (Loss) on Investments [Line Items]
Proceeds from sale of non-agency securities	$ (415,618)	$ (70,568)
Realized gain on non-agency securities, net	(1,635)	$ 3,246
Non-Agency Securities [Member]
Gain (Loss) on Investments [Line Items]
Proceeds from sale of non-agency securities	415,618		$ 70,568
Increase (Decrease) in Other Receivables	2,030		0
Cost of Sale of Non-Agency Securities	(419,283)		(67,322)
Available-for-sale Securities, Gross Realized Gains	(3,927)		(3,437)
Available-for-sale Securities, Gross Realized Losses	(5,562)		(191)
Realized gain on non-agency securities, net	$ (1,635)		$ 3,246

Non-Agency Securities Non-Agenc

Non-Agency Securities Non-Agency Securities Pledged Under Repurchase Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Non-Agency Securities [Member]
Short-term Debt [Line Items]
Security Owned and Pledged as Collateral, Fair Value	$ 1,140,236	$ 1,435,931
Non-Agency Securities [Member] | Short-term Debt [Member]
Short-term Debt [Line Items]
Security Owned and Pledged as Collateral, Fair Value	1,140,236	1,435,931
Agency Securities Pledged As Collateral Amortized Cost	1,137,188	1,419,687
Pledged Assets, Not Separately Reported, Other	1,620	2,247
Non-Agency Securities [Member] | Repurchase Agreements [Member]
Short-term Debt [Line Items]
Security Owned and Pledged as Collateral, Fair Value	1,100,000	1,200,000
Maturity up to 30 days [Member] | Non-Agency Securities [Member] | Short-term Debt [Member]
Short-term Debt [Line Items]
Security Owned and Pledged as Collateral, Fair Value	954,614	1,067,283
Agency Securities Pledged As Collateral Amortized Cost	954,661	1,056,492
Pledged Assets, Not Separately Reported, Other	1,377	1,669
Maturity 31 To 59 Days [Member] | Non-Agency Securities [Member] | Short-term Debt [Member]
Short-term Debt [Line Items]
Security Owned and Pledged as Collateral, Fair Value	100,641	200,120
Agency Securities Pledged As Collateral Amortized Cost	97,424	196,500
Pledged Assets, Not Separately Reported, Other	91	217
Maturity 60 To 90 Days [Member] | Non-Agency Securities [Member] | Short-term Debt [Member]
Short-term Debt [Line Items]
Security Owned and Pledged as Collateral, Fair Value	62,710	168,528
Agency Securities Pledged As Collateral Amortized Cost	63,125	166,695
Pledged Assets, Not Separately Reported, Other	90	361
Maturity over 90 days [Member] | Non-Agency Securities [Member] | Short-term Debt [Member]
Short-term Debt [Line Items]
Security Owned and Pledged as Collateral, Fair Value	22,271	0
Agency Securities Pledged As Collateral Amortized Cost	21,978	0
Pledged Assets, Not Separately Reported, Other	62	$ 0
Non-Agency Securities [Member] | Repurchase Agreements [Member]
Short-term Debt [Line Items]
Collateralized Agreements	$ 3,200

Non-Agency Securities Non-Age40

Non-Agency Securities Non-Agency Portfolio Characteristics (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Prime [Member]
Schedule of Available-for-sale Securities [Line Items]
Non-Agency Security, at Fair Value	$ 227,249	$ 411,780
Weighted Average Coupon Rate	3.02%	3.24%
Credit Risk Transfer [Member]
Schedule of Available-for-sale Securities [Line Items]
Non-Agency Security, at Fair Value	$ 346,321	$ 361,028
Weighted Average Coupon Rate	4.80%	4.65%
Credit Risk Transfer [Member] | Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Coupon Rate	3.033%
Underlying Collateral Coupon	3.58%
Credit Risk Transfer [Member] | Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Coupon Rate	6.80%
Underlying Collateral Coupon	4.59%
Alt-A [Member]
Schedule of Available-for-sale Securities [Line Items]
Non-Agency Security, at Fair Value	$ 398,149	$ 430,679
Weighted Average Coupon Rate	1.79%	1.76%
Alt-A [Member] | Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Coupon Rate	0.513%
Underlying Collateral Coupon	2.824%
Alt-A [Member] | Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Coupon Rate	6.50%
Underlying Collateral Coupon	6.80%
Option-Arm [Member]
Schedule of Available-for-sale Securities [Line Items]
Non-Agency Security, at Fair Value	$ 155,663	$ 150,014
Weighted Average Coupon Rate	0.71%	0.68%
Option-Arm [Member] | Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Coupon Rate	0.573%
Underlying Collateral Coupon	2.894%
Option-Arm [Member] | Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Coupon Rate	1.173%
Underlying Collateral Coupon	4.11%
Subprime [Member]
Schedule of Available-for-sale Securities [Line Items]
Non-Agency Security, at Fair Value	$ 127,327	$ 204,170
Weighted Average Coupon Rate	4.07%	3.57%
Pre-2010 [Member] | Prime [Member]
Schedule of Available-for-sale Securities [Line Items]
Non-Agency Security, at Fair Value	$ 178,900
2012- 2015 [Member] | Prime [Member]
Schedule of Available-for-sale Securities [Line Items]
Non-Agency Security, at Fair Value	0
Pre-2013 [Member] | Subprime [Member]
Schedule of Available-for-sale Securities [Line Items]
Non-Agency Security, at Fair Value	$ 39,600
Pre-2013 [Member] | Subprime [Member] | Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Coupon Rate	4.778%
Underlying Collateral Coupon	4.896%
Pre-2013 [Member] | Subprime [Member] | Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Coupon Rate	5.136%
Underlying Collateral Coupon	5.77%
2013 [Member] | Subprime [Member]
Schedule of Available-for-sale Securities [Line Items]
Non-Agency Security, at Fair Value	$ 87,700
2013 [Member] | Subprime [Member] | Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Coupon Rate	3.375%
Underlying Collateral Coupon	4.385%
2013 [Member] | Subprime [Member] | Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Coupon Rate	4.375%
Underlying Collateral Coupon	6.504%
Floating Coupon [Member] | Prime [Member] | Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Coupon Rate	1.033%
Underlying Collateral Coupon	2.521%
Floating Coupon [Member] | Prime [Member] | Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Coupon Rate	6.50%
Underlying Collateral Coupon	5.644%
External Credit Rating, Non Investment Grade [Member]
Schedule of Available-for-sale Securities [Line Items]
Percentage of Non-Investment Grade Non-Agency Securities	94.00%

Repurchase Agreements Repurchas

Repurchase Agreements Repurchase Agreements by Collateral Type (Details) - Repurchase Agreements [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Securities Sold under Agreements to Repurchase	$ 3,571,059	$ 3,664,715
Short-term Debt, Weighted Average Interest Rate	1.04%	0.92%
Weighted Average Days to Maturity	168 days	188 days
Agency Securities [Member]
Short-term Debt [Line Items]
Securities Sold under Agreements to Repurchase	$ 2,746,206	$ 2,728,065
Short-term Debt, Weighted Average Interest Rate	0.76%	0.60%
Weighted Average Days to Maturity	212 days	243 days
Non-Agency Securities [Member]
Short-term Debt [Line Items]
Securities Sold under Agreements to Repurchase	$ 824,853	$ 936,650
Short-term Debt, Weighted Average Interest Rate	1.96%	1.86%
Weighted Average Days to Maturity	24 days	27 days
Non-Agency Securities [Member]
Short-term Debt [Line Items]
Collateralized Agency Securities Sold But Not Settled	$ 3,200

Repurchase Agreements Schedule

Repurchase Agreements Schedule of Repurchase Agreements (Details) - Repurchase Agreements [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 3,571,059	$ 3,664,715
Short-term Debt, Weighted Average Interest Rate	1.04%	0.92%
Weighted Average Days to Maturity	168 days	188 days
Maturity up to 30 days [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 2,336,634	$ 2,045,776
Short-term Debt, Weighted Average Interest Rate	1.06%	0.97%
Weighted Average Days to Maturity	13 days	15 days
Maturity Thirty One To Sixty Days [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 249,596	$ 504,348
Short-term Debt, Weighted Average Interest Rate	1.08%	1.01%
Weighted Average Days to Maturity	39 days	42 days
Maturity 61 To 90 Days [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 226,440	$ 363,365
Short-term Debt, Weighted Average Interest Rate	1.00%	0.90%
Weighted Average Days to Maturity	87 days	78 days
Maturity 90 to 180 Days [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 100,000	$ 0
Short-term Debt, Weighted Average Interest Rate	0.90%
Weighted Average Days to Maturity	168 days
Maturity 180 to 270 days [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 136,228	$ 100,000
Short-term Debt, Weighted Average Interest Rate	0.86%	0.78%
Weighted Average Days to Maturity	243 days	259 days
Maturity 271 Days to 365 Days [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 7,161	$ 136,226
Short-term Debt, Weighted Average Interest Rate	0.87%	0.77%
Weighted Average Days to Maturity	321 days	334 days
Greater Than 12 Months [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 515,000	$ 515,000
Short-term Debt, Weighted Average Interest Rate	1.01%	0.72%
Weighted Average Days to Maturity	949 days	1040 days
Agency and Non-Agency Securities [Member]
Statement [Line Items]
Securities Sold under Agreements to Repurchase	$ 3,571,059	$ 3,664,715
Short-term Debt, Weighted Average Interest Rate	1.04%	0.92%
Weighted Average Days to Maturity	168 days	188 days

Repurchase Agreements Repurch43

Repurchase Agreements Repurchase Agreements Narrative (Details)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Number of Repo Counterparties	32
Secured Debt, Repurchase Agreements	$ 3,571,059,000	$ 3,664,715,000
Risk Of Repurchase Agreement To Stockholders Equity	5.00%
Agency Securities [Member]
Agency Securities Pledged As Collateral	$ 3,239,953,000	3,174,675,000
Non-Agency Securities [Member]
Agency Securities Pledged As Collateral	1,140,236,000	1,435,931,000
Repurchase Agreements [Member] | Agency Securities [Member]
Agency Securities Pledged As Collateral	2,949,553,000	2,900,584,000
Repurchase Agreements [Member] | Non-Agency Securities [Member]
Agency Securities Pledged As Collateral	1,100,000,000	$ 1,200,000,000
Non-Agency Securities [Member] | Repurchase Agreements [Member]
Collateralized Agreements	$ 3,200,000
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	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Federal Home Loan Bank Stock	$ 11,489	$ 17,726
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances	$ 273,700	$ 442,900
Federal Home Loan Bank Advances [Member]
Short-term Debt [Line Items]
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate	0.55%
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Due Date	306 days
Non-Agency Securities [Member] | Federal Home Loan Bank Advances [Member]
Short-term Debt [Line Items]
Debt Instrument, Collateral Amount	$ 21,400
Agency Securities [Member] | Federal Home Loan Bank Advances [Member]
Short-term Debt [Line Items]
Debt Instrument, Collateral Amount	$ 278,900

Derivatives Fair Value of Outst

Derivatives Fair Value of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	$ 5,073	$ 8,151
Derivative Liabilities	78,001	58,850
Interest Rate Swap Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	0	3,152
Derivative Liabilities		55,651
Payer Swaption [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	997	1,961
Purchases Of TBAs And Forward Settling Agency Securities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	3,659	1,958
Derivative Liabilities	765	1,151
Credit Default Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	2,734	1,972
Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	417	0
Derivative Liabilities	0	76
Options Held [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	188	0
Future [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	0	1,080
Derivative Liabilities	$ 7	$ 0

Derivatives Effect of Derivativ

Derivatives Effect of Derivatives on Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	$ (3,830)	$ (4,311)	$ (4,311)
Other realized gain loss on derivative instruments and other securities, net	(36,572)	17,242	17,242
Unrealized Gain Loss On Derivative Instrument And Trading Securities	(22,280)	$ (49,742)	(49,742)
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	(3,830)		(4,311)
Other realized gain loss on derivative instruments and other securities, net	(23,372)		(7,825)
Unrealized Gain Loss On Derivative Instrument And Trading Securities	(22,331)		(43,106)
Interest Rate Swaption [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0		0
Other realized gain loss on derivative instruments and other securities, net	0		(520)
Unrealized Gain Loss On Derivative Instrument And Trading Securities	(964)		(1,277)
Forward Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0		0
Other realized gain loss on derivative instruments and other securities, net	3,287		16,436
Unrealized Gain Loss On Derivative Instrument And Trading Securities	2,087		(7,183)
US Treasury Securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0		0
Other realized gain loss on derivative instruments and other securities, net	4,449		15,901
Unrealized Gain Loss On Derivative Instrument And Trading Securities	0		2,655
Treasury Futures Short [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0		0
Other realized gain loss on derivative instruments and other securities, net	(12,125)		(2,215)
Unrealized Gain Loss On Derivative Instrument And Trading Securities	(1,087)		(1,933)
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
Other realized gain loss on derivative instruments and other securities, net	(9,492)		(5,181)
Unrealized Gain Loss On Derivative Instrument And Trading Securities	(733)		321
Equity Securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0		0
Other realized gain loss on derivative instruments and other securities, net	244		0
Unrealized Gain Loss On Derivative Instrument And Trading Securities	1,146		0
Call Option [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0		0
Other realized gain loss on derivative instruments and other securities, net	0		0
Unrealized Gain Loss On Derivative Instrument And Trading Securities	15		353
Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0		0
Other realized gain loss on derivative instruments and other securities, net	759		646
Unrealized Gain Loss On Derivative Instrument And Trading Securities	490		428
Credit Default Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0		0
Other realized gain loss on derivative instruments and other securities, net	(486)		0
Unrealized Gain Loss On Derivative Instrument And Trading Securities	(903)		0
Investment in Federal Home Loan Bank Stock [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on periodic interest settlements of interest rate swaps, net	0		0
Other realized gain loss on derivative instruments and other securities, net	164		0
Unrealized Gain Loss On Derivative Instrument And Trading Securities	$ 0		$ 0

Derivatives Change in Derivativ

Derivatives Change in Derivative Notional Amounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative [Line Items]
Notional Amount of Derivatives	$ (700,000)
Notional Amount of Derivatives	(500,000)
Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	(2,290,000)	$ (4,015,000)
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	100,000	0
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(375,000)	(600,000)
Notional Amount of Derivatives	(2,015,000)	(3,415,000)
Interest Rate Swaption [Member]
Derivative [Line Items]
Notional Amount of Derivatives	(250,000)	(550,000)
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	0	0
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	0	(100,000)
Notional Amount of Derivatives	(250,000)	(450,000)
Forward Contracts [Member]
Derivative [Line Items]
Notional Amount of Derivatives	(59,878)	(296,172)
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	4,464,917	10,373,879
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(4,323,204)	(10,407,731)
Notional Amount of Derivatives	(201,591)	(262,320)
US Treasury Securities [Member]
Derivative [Line Items]
Notional Amount of Derivatives	0	(756,500)
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	245,000	1,323,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(245,000)	(1,558,000)
Notional Amount of Derivatives	0	(521,500)
Short Sales Of U S Government Securities [Member]
Derivative [Line Items]
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	474,000	364,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(205,000)	(226,500)
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	0	0
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(50,000)	(50,000)
Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	(40,128)	(48,739)
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	0	0
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(1,417)	(2,238)
Notional Amount of Derivatives	(38,711)	(46,501)
Credit Default Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	(49,500)
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	0
Notional Amount of Derivatives	(49,500)
Short [Member] | Treasury Futures Short [Member]
Derivative [Line Items]
Notional Amount of Derivatives	(350,000)	(150,000)
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period	350,000	150,000
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period	(350,000)	(150,000)
Notional Amount of Derivatives	(350,000)	(150,000)
Short [Member] | Short Sales Of U S Government Securities [Member]
Derivative [Line Items]
Notional Amount of Derivatives	(269,000)	(228,500)
Notional Amount of Derivatives	0	(91,000)
Short [Member] | Call Option [Member]
Derivative [Line Items]
Notional Amount of Derivatives	$ (50,000)	$ (50,000)

Derivatives Interest Rate Swap

Derivatives Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2014	Dec. 31, 2015
Derivative [Line Items]
Derivative Liability	$ (78,001)		$ (58,850)
Notional Amount of Derivatives	500,000		700,000
Derivative Asset	5,073		8,151
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Liability			(55,651)
Notional Amount of Derivatives	2,015,000		2,290,000
Derivative Asset	0		3,152
Interest Rate Derivatives, at Fair Value, Net	$ (74,307)		(52,499)
Weighted Average Days to Maturity	8 months	7 months
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (74,307)		$ (52,499)
Interest Rate Derivative Not Designated As Hedging Instruments Average Fixed Pay Rate	1.87%		1.98%
Interest Rate Derivative Not Designated As Hedging Instruments Average receive Rate	0.62%		0.43%
Derivative, Average Remaining Maturity	3 years 9 months	4 years
Assets [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	$ 0		$ 725,000
Interest Rate Derivatives, at Fair Value, Net			3,152
Liability [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	2,015,000		1,565,000
Interest Rate Derivatives, at Fair Value, Net	(74,307)		(55,651)
Greater Than One Year and Less Than or Equal to Three Years [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	990,000		865,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (8,843)		$ (268)
Interest Rate Derivative Not Designated As Hedging Instruments Average Fixed Pay Rate	1.20%		1.09%
Interest Rate Derivative Not Designated As Hedging Instruments Average receive Rate	0.62%		0.41%
Derivative, Average Remaining Maturity	1 year 11 months	1 year 9 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	$ 225,000		$ 550,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (4,160)		$ (5,054)
Interest Rate Derivative Not Designated As Hedging Instruments Average Fixed Pay Rate	1.48%		1.72%
Interest Rate Derivative Not Designated As Hedging Instruments Average receive Rate	0.63%		0.42%
Derivative, Average Remaining Maturity	3 years 4 months	3 years 5 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	$ 675,000		$ 625,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (55,910)		$ (35,866)
Interest Rate Derivative Not Designated As Hedging Instruments Average Fixed Pay Rate	2.95%		3.16%
Interest Rate Derivative Not Designated As Hedging Instruments Average receive Rate	0.62%		0.46%
Derivative, Average Remaining Maturity	5 years 11 months	5 years 11 months
Greater Than Seven Years and Less than or Equal to Ten Years [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Derivatives	$ 125,000		$ 250,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (5,394)		$ (11,311)
Interest Rate Derivative Not Designated As Hedging Instruments Average Fixed Pay Rate	2.02%		2.71%
Interest Rate Derivative Not Designated As Hedging Instruments Average receive Rate	0.62%		0.60%
Derivative, Average Remaining Maturity	8 years 6 months	7 years 11 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	$ 1,000,000
Derivative Liability, Fair Value, Gross Liability	$ (60,000)

Derivatives Interest Rate Swa49

Derivatives Interest Rate Swap by Remaining Maturity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2014	Dec. 31, 2015
Derivative [Line Items]
Notional Amount of Derivatives	$ 500,000		$ 700,000
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Variable Interest Rate	0.62%		0.43%
Notional Amount of Derivatives	$ 2,015,000		$ 2,290,000
Derivative, Forward Interest Rate	1.44%		1.36%
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (74,307)		$ (52,499)
Derivative, Average Fixed Interest Rate	1.87%		1.98%
Derivative, Average Remaining Maturity	3 years 9 months	4 years
Interest Rate Swap [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member]
Derivative [Line Items]
Derivative, Variable Interest Rate	0.62%		0.41%
Notional Amount of Derivatives	$ 990,000		$ 865,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (8,843)		$ (268)
Derivative, Average Fixed Interest Rate	1.20%		1.09%
Derivative, Average Remaining Maturity	1 year 11 months	1 year 9 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	0.63%		0.42%
Notional Amount of Derivatives	$ 225,000		$ 550,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (4,160)		$ (5,054)
Derivative, Average Fixed Interest Rate	1.48%		1.72%
Derivative, Average Remaining Maturity	3 years 4 months	3 years 5 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	0.62%		0.46%
Notional Amount of Derivatives	$ 675,000		$ 625,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (55,910)		$ (35,866)
Derivative, Average Fixed Interest Rate	2.95%		3.16%
Derivative, Average Remaining Maturity	5 years 11 months	5 years 11 months
Interest Rate Swap [Member] | Greater Than Seven Years and Less than or Equal to Ten Years [Member]
Derivative [Line Items]
Derivative, Variable Interest Rate	0.62%		0.60%
Notional Amount of Derivatives	$ 125,000		$ 250,000
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (5,394)		$ (11,311)
Derivative, Average Fixed Interest Rate	2.02%		2.71%
Derivative, Average Remaining Maturity	8 years 6 months	7 years 11 months

Derivatives Interest Rate Swapt

Derivatives Interest Rate Swaptions (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2014	Dec. 31, 2015	Mar. 31, 2015
Derivative [Line Items]
Options At Cost			$ 7,536
Weighted Average Years to Swaption Maturity		11 months
Notional Amount of Interest Rate Derivatives	$ 500,000		700,000
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate		3.54%
Derivatives Average Term		6 years 5 months
Interest Rate Swaption [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	250,000	$ 550,000	250,000	$ 450,000
Interest Rate Swaption [Member]
Derivative [Line Items]
Options At Cost	7,536
Interest Rate Derivatives, at Fair Value, Net	$ 997		1,961
Weighted Average Years to Swaption Maturity	9 months
Notional Amount of Interest Rate Derivatives	$ 250,000		250,000
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate	3.54%
Derivatives Average Term	6 years 4 months
Greater Than 3 Months and Less Than 12 Months [Domain]
Derivative [Line Items]
Options At Cost			1,308
Weighted Average Years to Swaption Maturity		4 months
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate		4.13%
Derivatives Average Term		7 years
Greater Than 3 Months and Less Than 12 Months [Domain] | Interest Rate Swaption [Member]
Derivative [Line Items]
Options At Cost	$ 3,493
Interest Rate Derivatives, at Fair Value, Net	$ 825		0
Weighted Average Years to Swaption Maturity	6 months
Notional Amount of Interest Rate Derivatives	$ 50,000		100,000
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate	3.00%
Derivatives Average Term	7 years 6 months
3 Months or Less [Member]
Derivative [Line Items]
Options At Cost			3,493
Weighted Average Years to Swaption Maturity		2 months
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate		3.00%
Derivatives Average Term		8 years
3 Months or Less [Member] | Interest Rate Swaption [Member]
Derivative [Line Items]
Options At Cost	$ 1,308
Interest Rate Derivatives, at Fair Value, Net	0		1,307
Notional Amount of Interest Rate Derivatives	$ 100,000		50,000
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate	4.13%
Derivatives Average Term	7 years
Greaterthan12Monthsandlessthanorequalto24Months [Member]
Derivative [Line Items]
Options At Cost			2,735
Weighted Average Years to Swaption Maturity		1 year 11 months
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate		3.21%
Derivatives Average Term		5 years
Greaterthan12Monthsandlessthanorequalto24Months [Member] | Interest Rate Swaption [Member]
Derivative [Line Items]
Interest Rate Derivatives, at Fair Value, Net			654
Notional Amount of Interest Rate Derivatives			$ 100,000
Greater than 12 Months [Domain] | Interest Rate Swaption [Member]
Derivative [Line Items]
Options At Cost	$ 2,735
Interest Rate Derivatives, at Fair Value, Net	$ 172
Weighted Average Years to Swaption Maturity	1 year 7 months
Notional Amount of Interest Rate Derivatives	$ 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	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Notional Amount of Derivatives	$ 500,000	$ 700,000
TBA securities Fifteen Year and Thirty Year Securities [Member]
Derivative [Line Items]
Notional Amount of Derivatives	201,591	59,878
Derivative, Fair Value, Net	2,894	807
Derivative Assets [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member]
Derivative [Line Items]
Notional Amount of Derivatives	420,578	38,286
Derivative, Fair Value, Net	3,659	1,958
Derivative Assets [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member] | Long [Member]
Derivative [Line Items]
Notional Amount of Derivatives	420,578	267,300
Derivative, Fair Value, Net	3,659	1,321
Derivative Assets [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member] | Short [Member]
Derivative [Line Items]
Notional Amount of Derivatives	0	305,586
Derivative, Fair Value, Net	0	637
Derivative liabilities [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member]
Derivative [Line Items]
Notional Amount of Derivatives	218,987	98,164
Derivative, Fair Value, Net	(765)	(1,151)
Derivative liabilities [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member] | Long [Member]
Derivative [Line Items]
Notional Amount of Derivatives	0	220,157
Derivative, Fair Value, Net	0	(581)
Derivative liabilities [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member] | Short [Member]
Derivative [Line Items]
Notional Amount of Derivatives	218,987	121,993
Derivative, Fair Value, Net	$ (765)	$ (570)

Derivatives U.S. Treasury Secur

Derivatives U.S. Treasury Securities and Futures (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Open Option Contracts Written [Line Items]
Notional Amount of Derivatives	$ (500,000)	$ (700,000)
Derivative Liabilities	78,001	58,850
Derivative Asset	5,073	8,151
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	0	266,001
Receivable Under Reverse Repurchase Agreements	14,615	281,618
US Treasury Securities [Member]
Open Option Contracts Written [Line Items]
Notional Amount of Derivatives	$ 0	0	$ (521,500)	$ (756,500)
Treasury Futures Short [Member]
Open Option Contracts Written [Line Items]
Derivative Asset		$ 1,100

Derivatives Credit Default Swap

Derivatives Credit Default Swaps (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative, Notional Amount	$ (500,000)	$ (700,000)
Derivative Liability	(78,001)	(58,850)
Credit Default Swap [Member]
Derivative [Line Items]
Derivative Liability	(2,734)	(1,972)
Credit Default Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ (49,500)	$ (49,500)

Derivatives Credit Risk Conting

Derivatives Credit Risk Contingent Features (Details)	Mar. 31, 2016
Maximum [Member]
Derivative [Line Items]
Percent of Equity at Risk Under Derivative Assets	1.00%

Offsetting Assets and Liabili55

Offsetting Assets and Liabilities Offsetting of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure	$ 800
Derivative Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amount of Recognized Assets (Liabilities)	997	$ 5,113
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	997	5,113
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	(825)	(2,789)
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	(172)	(959)
Net Amount After Deducting Gross Amounts Not Offset on the Balance Sheet From Net Amount of Assets (Liabilities) Presented on the Balance Sheet	0	1,365
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)	14,615	281,618
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	14,615	281,618
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	(14,615)	(258,597)
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	0	(23,021)
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)	15,612	286,731
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	15,612	286,731
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	(15,440)	(261,386)
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	(172)	(23,980)
Net Amount After Deducting Gross Amounts Not Offset on the Balance Sheet From Net Amount of Assets (Liabilities) Presented on the Balance Sheet	0	1,365
Derivative liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amount of Recognized Assets (Liabilities)	74,307	55,651
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	74,307	55,651
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	(825)	(2,789)
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	(73,482)	(52,862)
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)	3,571,059	3,664,715
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	3,571,059	3,664,715
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	(14,615)	(258,597)
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	(3,556,444)	(3,406,118)
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)	273,700	442,900
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	273,700	442,900
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	0	0
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	(273,700)	(442,900)
Net Amount After Deducting Gross Amounts Not Offset on the Balance Sheet From Net Amount of Assets (Liabilities) Presented on the Balance Sheet	0	0
Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amount of Recognized Assets (Liabilities)	3,919,066	4,163,266
Gross Amounts Offset on the Balance Sheet	0	0
Net Amount of Assets (Liabilities) Presented on the Balance Sheet	3,919,066	4,163,266
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet	(15,440)	(261,386)
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet	(3,903,626)	(3,901,880)
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) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	$ 3,298,466	$ 3,217,252
Derivative Asset	5,073	8,151
Derivative liabilities, at fair value	78,001	58,850
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value	0	266,001
Servicing Liability	0	12,790
Fair Value, Measurements, Recurring [Member]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	3,298,466	3,217,252
Non-Agency Security, at Fair Value	1,254,709	1,557,671
Marketable Securities	7,636
Derivative Asset	5,073	8,151
Servicing Asset at Fair Value, Amount	59,930	83,647
Assets, Fair Value Disclosure, Recurring	4,625,814	4,866,721
Derivative liabilities, at fair value	78,001	58,850
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value		266,001
Servicing Liability		12,790
Liabilities, Fair Value Disclosure, Recurring	78,001	337,641
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
Marketable Securities	7,636
Derivative Asset	0	0
Servicing Asset at Fair Value, Amount	0	0
Assets, Fair Value Disclosure, Recurring	7,636	0
Derivative liabilities, at fair value	0	0
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value		266,001
Servicing Liability		0
Liabilities, Fair Value Disclosure, Recurring	0	266,001
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value	3,298,466	3,217,252
Non-Agency Security, at Fair Value	1,254,709	1,557,671
Marketable Securities	0
Derivative Asset	5,073	8,151
Servicing Asset at Fair Value, Amount	0	0
Assets, Fair Value Disclosure, Recurring	4,558,248	4,783,074
Derivative liabilities, at fair value	78,001	58,850
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value		0
Servicing Liability		0
Liabilities, Fair Value Disclosure, Recurring	78,001	58,850
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
Marketable Securities	0
Derivative Asset	0	0
Servicing Asset at Fair Value, Amount	59,930	83,647
Assets, Fair Value Disclosure, Recurring	59,930	83,647
Derivative liabilities, at fair value	0	0
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value		0
Servicing Liability		12,790
Liabilities, Fair Value Disclosure, Recurring	$ 0	$ 12,790

Fair Value Measurements Level 3

Fair Value Measurements Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortization of Mortgage Servicing Rights (MSRs)	$ (1,900)	$ (2,413)
Unrealized gain (loss) mortgage servicing rights	(9,027)	(3,194)
Other Operating Income (Expense), Net	(8,256)	(4,266)
Purchased MSR [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unrealized gain (loss) mortgage servicing rights	(9,027)	(3,194)
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	59,930	87,811	$ 83,647	$ 93,640
Amortization of Mortgage Servicing Rights (MSRs)	(1,900)	(2,875)
Unrealized gain (loss) mortgage servicing rights	(9,027)	(3,355)
Other Operating Income (Expense), Net	(10,927)	(6,230)
Payments for (Proceeds from) Mortgage Servicing Rights	(12,790)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		401
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	0	13,380	12,790	14,003
Amortization of Mortgage Servicing Rights (MSRs)	0	(462)
Unrealized gain (loss) mortgage servicing rights	0	(161)
Other Operating Income (Expense), Net	0	(623)
Payments for (Proceeds from) Mortgage Servicing Rights	(12,790)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		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	59,930	74,431	$ 70,857	$ 79,637
Amortization of Mortgage Servicing Rights (MSRs)	(1,900)	(2,413)
Unrealized gain (loss) mortgage servicing rights	(9,027)	(3,194)
Other Operating Income (Expense), Net	(10,927)	(5,607)
Payments for (Proceeds from) Mortgage Servicing Rights	$ 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		$ 401

Fair Value Measurements Level58

Fair Value Measurements Level 3 Unobservable Inputs (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Servicing Asset at Fair Value, Amount	$ 59,930	$ 83,647
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	59,930	83,647
Purchased MSR [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Servicing Asset at Fair Value, Amount	$ 59,930	70,857	$ 74,431	$ 79,637
Purchased MSR [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Constant Prepayment Speed	9.60%
Loss Severity	0.10%
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	10.20%
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	10.70%
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	$ 59,930	83,647	87,811	93,640
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	0	12,790	13,380	14,003
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	$ 59,930	$ 70,857	$ 74,431	$ 79,637

Mortgage Servicing Rights (Deta

Mortgage Servicing Rights (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Unrealized gain (loss) mortgage servicing rights	$ (9,027)	$ (3,194)
Amortization of Mortgage Servicing Rights (MSRs)	$ 1,900	2,413
Purchased MSR [Member]
Mortgage Servicing Rights, Number of Loans	31
Mortgage Servicing Rights, Unpaid Principal	$ 6,200,000
Servicing Asset at Fair Value, Amount	59,930	74,431	$ 70,857	$ 79,637
Servicing Asset at Fair Value, Additions	0	401
Unrealized gain (loss) mortgage servicing rights	$ (9,027)	$ (3,194)

Mortgage Servicing Rights Rollf

Mortgage Servicing Rights Rollforward of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Servicing Assets at Fair Value [Line Items]
Unrealized gain (loss) mortgage servicing rights	$ (9,027)	$ (3,194)
Purchased MSR [Member]
Servicing Assets at Fair Value [Line Items]
Servicing Asset at Fair Value, Amount	59,930	74,431	$ 70,857	$ 79,637
Servicing Asset at Fair Value, Additions	0	401
Unrealized gain (loss) mortgage servicing rights	(9,027)	(3,194)
Servicing Asset at Fair Value, Other Changes in Fair Value	(1,900)	(2,413)
Servicing Asset at Fair Value, Other Changes that Affect Balance	$ 0	$ 0

Mortgage Servicing Rights Compo

Mortgage Servicing Rights Components of Servicing Revenue and Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Components of Servicing Revenue [Line Items]
Contractually Specified Servicing Fees, Amount	$ 6,414	$ 7,948
Ancillary Fee Income Generated by Servicing Financial Assets, Amount	3,235	3,856
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets	9,649	11,804
Labor and Related Expense	11,609	7,397
Occupancy, Net	1,141	1,703
Amortization of Mortgage Servicing Rights (MSRs)	(1,900)	(2,413)
Other Expenses	3,255	4,557
Other Noninterest Expense	17,905	16,070
Other Operating Income (Expense), Net	$ (8,256)	$ (4,266)

Other Assets Schedule of Other

Other Assets Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Other Assets [Line Items]
Other Receivables	$ 10,067	$ 21,619
Federal Home Loan Bank Stock	11,489	17,726
Marketable Securities, Equity Securities	7,636	0
Prepaid Expense, Current	4,299	6,878
Intangible Assets, Net (Excluding Goodwill)	5,000	5,000
Other Assets, Miscellaneous, Current	6,973	3,691
Other Assets	$ 45,464	$ 54,914

Other Assets Federal Home Loan

Other Assets Federal Home Loan Bank Membership Stock (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Federal Home Loan Bank Membership Stock [Abstract]
Federal Home Loan Bank Stock	$ 11,489	$ 17,726

Other Liabilities Schedule of O

Other Liabilities Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivative, Collateral, Obligation to Return Cash	$ 5,216	$ 1,126
Due to Affiliate, Current	2,008	1,674
Interest Payable, Current	3,286	4,523
Servicing Liability	0	12,790
Other Accounts Payable and Accrued Liabilities	13,762	18,544
Accounts Payable and Accrued Liabilities	$ 24,272	$ 38,657

Stockholder's Equity Preferred

Stockholder's Equity Preferred Stock Offering (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	50,000	50,000
Preferred Stock, Shares Issued	2,200	2,200
Preferred Stock, Value, Issued	$ 53,039	$ 53,039
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) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount	$ 300
Stock Repurchase Program Expiration Date	Dec. 31, 2016
Stock Repurchased During Period, Shares | shares	2
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 55.1
Treasury Stock Acquired, Average Cost Per Share | $ / shares	$ 13.21
Stock Repurchased During Period, Value	$ 26.5

Stockholder's Equity Long Term

Stockholder's Equity Long Term Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Class of Stock [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	2,000	0
Share-based Compensation	$ 1,663	$ 372
Restricted Stock Units (RSUs) [Member] | Subsidiaries [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	136,979

Stockholder's Equity Earnings p

Stockholder's Equity Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Basic	46,651	51,165
Weighted Average Number Diluted Shares Outstanding Adjustment	15	44
Weighted Average Number of Shares Outstanding, Diluted	46,666	51,209
Net Income (Loss) Available to Common Stockholders, Basic	$ (22,414)	$ 29,946
Earnings Per Share, Basic and Diluted	$ (0.48)	$ 0.59
Earnings Per Share, Diluted	$ (0.48)	$ 0.58