Javelin Mortgage Investment (JMI) 10-Q 30 Oct 13 2013 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2013	Oct. 29, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	JAVELIN MORTGAGE INVESTMENT CORP.
Document Type	10-Q
Current Fiscal Year End Date	-19
Entity Common Stock, Shares Outstanding		13,500,050
Amendment Flag	FALSE
Entity Central Index Key	1552890
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	30-Sep-13
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3

Condensed_Balance_Sheets_Unaud

Condensed Balance Sheets (Unaudited) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Assets
Cash	$33,305		$36,316
Cash collateral posted	9,446	[1]	273	[1]
Agency Securities, available for sale, at fair value (including pledged securities of $1,250,804 and $1,087,452)	1,275,843		1,112,358
Non-Agency Securities, trading, at fair value (including pledged securities of $144,633 and $129,946)	145,965		129,946
Linked Transactions, net, at fair value (including pledged securities of $121,198)	19,815
Derivatives, at fair value	46,263	[1]	4,940	[1]
Accrued interest receivable	3,569		2,759
Prepaid and other assets	3,229		171
Total Assets	1,537,435		1,286,763
Liabilities:
Repurchase agreements	1,285,034		1,135,830
Cash collateral held	52,885	[1]	1,426	[1]
Derivatives, at fair value		[1]	365	[1]
Accrued interest payable	712		844
Accounts payable and other accrued expenses	482		251
Total Liabilities	1,339,113		1,138,716
Stockholders’ Equity:
Preferred stock, $0.001 par value, 25,000 shares authorized, none issued and outstanding at September 30, 2013 and December 31, 2012	0		0
Common stock, $0.001 par value, 250,000 shares authorized, 13,500 and 7,500 shares issued and outstanding at September 30, 2013 and December 31, 2012	14		8
Additional paid-in capital	263,175		149,993
Retained earnings (Accumulated deficit)	-7,782		2,648
Accumulated other comprehensive loss	-57,085		-4,602
Total Stockholders’ Equity	198,322		148,047
Total Liabilities and Stockholders’ Equity	$1,537,435		$1,286,763
[1]	See Note 5, "Fair Value of Financial Instruments" for additional discussion.

Condensed_Balance_Sheets_Unaud1

Condensed Balance Sheets (Unaudited) (Parentheticals) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified
Preferred stock, par value (in Dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in Shares)	25,000,000	25,000,000
Preferred stock, shares issued (in Shares)	0	0
Preferred stock, shares outstanding (in Shares)	0	0
Common Stock, par value (in Dollars per share)	$0.00	$0.00
Common Stock, shares authorized (in Shares)	250,000,000	250,000,000
Common Stock, shares issued (in Shares)	13,500,000	7,500,000
Common Stock, shares outstanding (in Shares)	13,500,050	7,500,050
US Government Agencies Debt Securities [Member]
Plеdgеd assеts (in Dollars)	$1,250,804	$1,087,452
Non-Agency Securities [Member]
Plеdgеd assеts (in Dollars)	$144,633	$129,946

Condensed_Statement_of_Operati

Condensed Statement of Operations (Unaudited) (USD $)	3 Months Ended					9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2012	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013
Interest Income:
Agency Securities, net of amortization of premium		$9,834				$26,314
Non-Agency Securities, including discount accretion		2,105				5,797
Total Interest Income		11,939				32,111
Interest expense		-2,001				-5,643
Net interest income		9,938				26,468
Other Income (Loss):
Realized loss on sale of Agency Securities		-48,554				-48,554
Gain (loss) on Non-Agency Securities		734				-2,691
Gain on short sale of U.S. Treasury Securities		3,739				633
Unrealized net gain (loss) and net interest income from Linked Transactions		724				-1,573
Subtotal		-43,357				-52,185
Realized loss on derivatives (1)		-2,673	[1]		[1]	-5,612
Unrealized gain on derivatives		269				46,894
Subtotal		-2,404				41,282
Total Other Loss		-45,761				-10,903
Expenses:
Management fee		988				2,341
Professional fees		139				472
Insurance		57				169
Board compensation		67				217
Other		143				369
Total expenses		1,394				3,568
Net income (loss) before taxes		-37,217				11,997
Income tax expense						-2
Net Income (Loss)		-37,217				11,995
Net Income (Loss) per common share (Note 14): (in Dollars per share)	($1.20)	($2.76)		($1.20)		$1.13
Weighted average common shares outstanding (in Shares)		13,500				10,599
Dividends
Common stock dividends declared		$9,315				$22,425
Common stock dividends declared per share (in Dollars per share)		$0.69				$2.07
Common shares of record-end of period (in Shares)		13,500				13,500
[1]	Interest expense related to our interest rate swap contracts is recorded in realized loss on derivatives on the condensed statements of operations. For additional information, see Note 10 to the condensed financial statements.

Condensed_Statement_of_Compreh

Condensed Statement of Comprehensive Income (Unaudited) (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Net Income (Loss)	($37,217)	$11,995
Other comprehensive income :
Reclassification adjustment for realized loss on sale of Agency Securities	48,554	48,554
Net unrealized loss on available for sale Agency Securities	-7,736	-101,037
Other comprehensive income (loss)	40,818	-52,483
Comprehensive Income (Loss)	$3,601	($40,488)

Condensed_Statement_of_Stockho

Condensed Statement of Stockholders' Equity (Unaudited) (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
In Thousands, except Share data
Balance at Dec. 31, 2012	$8	$149,993	$2,648	($4,602)	$148,047
Balance (in Shares) at Dec. 31, 2012	7,500,000
Common stock dividends declared			-22,425		-22,425
Issuance of common stock, net	6	113,182			113,188
Issuance of common stock, net (in Shares)	6,000,000				6,000,000
Net income			11,995		11,995
Other comprehensive loss				-52,483	-52,483
Balance at Sep. 30, 2013	$14	$263,175	($7,782)	($57,085)	$198,322
Balance (in Shares) at Sep. 30, 2013	13,500,000

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2013
Cash Flows From Operating Activities:
Net income	$11,995,000
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion (amortization) of discounts and premiums, investments	727,000
Loss on Non-Agency Securities	2,691,000
Realized loss on sale of Agency Securities	48,554,000
Unrealized net loss and net interest income from Linked Transactions	1,573,000
Gain on short sale of U.S. Treasury Securities	-633,000
Changes in operating assets and liabilities:
Increase in accrued interest receivable	-810,000
Increase in prepaid and other assets	-3,058,000
Increase in derivatives, at fair value	-41,688,000
Decrease in accrued interest payable	-132,000
Increase in accounts payable and other accrued expenses	231,000
Net cash provided by operating activities	24,014,000
Cash Flows From Investing Activities:
Purchases of Agency Securities	-899,127,000
Purchases of Non-Agency Securities	-36,332,000
Cash disbursements on Linked Transactions	-21,388,000
Principal repayments of Agency Securities	75,637,000
Principal repayments of Non-Agency Securities	16,895,000
Proceeds from sales of Agency Securities	554,404,000
Disbursements on reverse repurchase agreements	-1,265,400,000
Receipts from reverse repurchase agreements	1,265,400,000
Decrease in cash collateral	42,286,000
Net cash used in investing activities	-267,625,000
Cash Flows From Financing Activities:
Issuance of common stock, net of expenses	113,188,000
Common stock dividends paid	-22,425,000
Net cash provided by financing activities	240,600,000
Net increase (decrease) in cash	-3,011,000
Cash - beginning of period	36,316,000
Cash - end of period	33,305,000
Supplemental Disclosure:
Cash paid during the period for interest	6,375,000
Non-Cash Investing and Financing Activities:
Unrealized loss on investment in available for sale Agency Securities	-101,037,000
Angency Securities [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion (amortization) of discounts and premiums, investments	4,564,000
Non-Agency Securities [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion (amortization) of discounts and premiums, investments	727,000
Proceeds [Member]
Cash Flows From Financing Activities:
Proceeds from (payments for) repurchase agreements	7,331,410,000
Proceeds from (payments for) U.S. Treasury Securities	301,512,000
Payments [Member]
Cash Flows From Financing Activities:
Proceeds from (payments for) repurchase agreements	-7,182,206,000
Proceeds from (payments for) U.S. Treasury Securities	($300,879,000)

Note_1_Basis_of_Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]
Basis of Accounting [Text Block]	Note 1 – Basis of Presentation
	The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 1001 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarter and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2013. These unaudited financial statements should be read in conjunction with the audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2012.
	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 revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying financial statements include the valuation of MBS (as defined below) and derivative instruments.

Note_2_Organization_and_Nature

Note 2 - Organization and Nature of Business Operations	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]
Nature of Operations [Text Block]	Note 2 – Organization and Nature of Business Operations
	References to “we,” “us,” “our,” "JAVELIN" or the “Company” are to JAVELIN Mortgage Investment Corp. References to "ARRM" are to ARMOUR Residential Management LLC, a Delaware limited liability company.
	We are an externally managed Maryland corporation formed on June 18, 2012 and managed by ARRM (see Note 16, “Related Party Transactions” for additional discussion).  On June 21, 2012, an initial capital contribution of $1,000 was made to us and we issued 50 shares of common stock. On September 24, 2012, we filed Articles of Amendment and Restatement ("Articles") with the Maryland State Department of Assessments and Taxation, which increased our authorized shares of common stock, par value $0.001 per share, from 1,000 shares to 250,000,000 shares and authorized 25,000,000 shares of preferred stock, par value $0.001 per share, for issuance. The registration statement for our initial public offering (“IPO”) was declared effective on October 2, 2012. On October 3, 2012, our common stock commenced trading on the New York Stock Exchange under the symbol “JMI”. We commenced operations upon consummation of our IPO and concurrent private placement (the “Private Placement”) of our common stock on October 9, 2012.  Pursuant to our IPO and Private Placement, we sold to the public 7,250,000 shares of common stock and sold 250,000 shares of common stock to Staton Bell Blank Check LLC (the “Sub-Manager”), an entity jointly owned by two of our directors, at a price of $20.00 per share. Net proceeds from the IPO and Private Placement totaled $150.0 million. On November 2, 2012, the underwriters in the IPO decided not to exercise their over-allotment option to purchase up to an additional 1,087,500 shares of common stock.
	We invest primarily in fixed rate and hybrid adjustable rate mortgage backed securities. Some of these securities are issued or guaranteed by a United States (“U.S.”) Government-sponsored entity (“GSE”), such as the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or guaranteed by the Government National Mortgage Administration (Ginnie Mae) (collectively, “Agency Securities”). Other securities backed by residential mortgages in which we invest, for which the payment of principal and interest is not guaranteed by a GSE or government agency (collectively, “Non-Agency Securities” and together with Agency Securities, “MBS”), may benefit from credit enhancement derived from structural elements such as subordination, overcollateralization or insurance. We also may invest in collateralized commercial mortgage backed securities and other mortgage related investments, including mortgage loans, mortgage related derivatives and mortgage servicing rights. From time to time, a portion of our assets may be invested in unsecured notes and bonds issued by GSEs (collectively, “Agency Debt”), U.S. Treasuries and money market instruments, subject to certain income tests we must satisfy for our qualification as a real estate investment trust (“REIT”). Our charter permits us to invest in Agency Securities and Non-Agency Securities.
	We have elected to be taxed as a REIT under the Internal Revenue Code (the “Code”). Our qualification as a REIT depends on our ability to meet, on a continuing basis, various complex requirements under the Code relating to, among other things, the sources of our gross income, the composition and values of our assets, our distribution levels and the concentration of ownership of our capital stock. We believe that we are organized in conformity with the requirements for qualification as a REIT under the Code and our manner of operations enables us to meet the requirements for taxation as a REIT for federal income tax purposes.
	As a REIT, we will generally not be subject to federal income tax on the taxable REIT income that we currently distribute to our stockholders. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we will be subject to federal income tax at regular corporate rates. Even if we qualify as a REIT for federal income tax purposes, we may still be subject to some federal, state and local taxes on our income.

Note_3_Summary_of_Significant_

Note 3 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 3 – Summary of Significant Accounting Policies
	Cash
	Cash includes cash on deposit with financial institutions. We may maintain deposits in federally insured financial institutions in excess of federally insured limits. However, management believes we are not exposed to significant credit risk due to the financial position and creditworthiness of the depository institutions in which those deposits are held.
	Cash Collateral Posted/Held
	The following table presents information related to margin collateral posted (held) for MBS, interest rate swap contracts and interest rate swaptions which are included in cash collateral on the accompanying condensed balance sheets as of September 30, 2013 and December 31, 2012.
	30-Sep-13
			Assets at		Liabilities at
			Fair Value (1)		Fair Value (1)
			(in thousands)
	MBS		$	9,446	$	(9,346	)
	Interest rate swap contracts			-		(35,481	)
	Interest rate swaptions			-		(8,058	)
	Totals		$	9,446	$	(52,885	)
	-1	See Note 5, “Fair Value of Financial Instruments” for additional discussion.
	31-Dec-12
			Assets at		Liabilities at
			Fair Value (1)		Fair Value (1)
			(in thousands)
	Interest rate swap contracts		$	273	$	-
	Interest rate swaptions			-		(1,426	)
	Totals		$	273	$	(1,426	)
	-1	See Note 5, “Fair Value of Financial Instruments” for additional discussion.
	MBS, at Fair Value
	We generally intend to hold most of our MBS for extended periods of time. We may, from time to time, sell any of our MBS as part of the overall management of our MBS portfolio. Management determines the appropriate classifications of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date.
	Purchases and sales of our MBS are recorded on the trade date. However, if on the purchase settlement date, a repurchase agreement is used to finance the purchase of an MBS with the same counterparty and such transactions are determined to be linked, then the MBS and linked repurchase borrowing will be reported on the same settlement date as Linked Transactions (see below).
	Agency Securities
	As of September 30, 2013 and December 31, 2012, all of our Agency Securities were classified as available for sale securities. Agency Securities classified as available for sale are reported at their estimated fair values with unrealized gains and losses excluded from earnings and reported in net unrealized loss on available for sale securities in the statements of comprehensive income.
	We evaluate Agency Securities for other than temporary impairment at least on a quarterly basis and more frequently when economic or market concerns warrant such evaluation. We consider an impairment to be other than temporary if we (1) have the intent to sell the Agency Securities, (2) believe it is more likely than not that we will be required to sell the securities before recovery (for example, because of liquidity requirements or contractual obligations) or (3) a credit loss exists.
	Non-Agency Securities
	As of September 30, 2013 and December 31, 2012, all of our Non-Agency Securities were classified as trading securities. Non-Agency Securities classified as trading are reported at their estimated fair values with unrealized gains and losses included in other income (loss) as a component of the statements of operations. We estimate future cash flows for each Non-Agency Security and then discount those cash flows based on our estimates of current market yield for each individual security. We then compare our calculated price with our pricing services and dealer marks. Our estimates for future cash flows and current market yields incorporate such factors as coupons, prepayment speeds, defaults, delinquencies and severities.
	Accrued Interest Receivable and Payable
	Accrued interest receivable includes interest accrued between payment dates on MBS. Accrued interest payable includes interest payable on our repurchase agreements.
	Repurchase Agreements
	We finance the acquisition of our MBS through the use of repurchase agreements. Our repurchase agreements are secured by our MBS and bear interest rates that have historically moved in close relationship to the Federal Funds Rate and the London Interbank Offered Rate (“LIBOR”). Under these repurchase agreements, we sell MBS to a lender and agree to repurchase the same MBS in the future for a price that is higher than the original sales price. The difference between the sales price that we receive and the repurchase price that we pay represents interest paid to the lender. A repurchase agreement operates as a financing arrangement (with the exception of repurchase agreements accounted for as a component of a Linked Transaction described below) under which we pledge our MBS as collateral to secure a loan which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. We retain beneficial ownership of the pledged collateral.  At the maturity of a repurchase agreement, we are required to repay the loan and concurrently receive back our pledged collateral from the lender or, with the consent of the lender, we may renew such agreement at the then prevailing interest rate. The repurchase agreements may require us to pledge additional assets to the lender in the event the estimated fair value of the existing pledged collateral declines.
	In addition to the repurchase agreement financing discussed above we have entered into reverse repurchase agreements with certain of our repurchase agreement counterparties. Under a typical reverse repurchase agreement, we purchase U.S. Treasury Securities from a borrower in exchange for cash and agree to sell the same securities in the future in exchange for a price that is higher than the original purchase price. The difference between the purchase price originally paid and the sale price represents interest received from the borrower. Reverse repurchase agreement receivables and repurchase agreement liabilities are presented net when they meet certain criteria, including being with the same counterparty, being governed by the same master repurchase agreement ("MRA"), settlement through the same brokerage or clearing account and maturing on the same day.
	Obligations to Return Securities Received as Collateral, at Fair Value
	We also sell to third parties the U.S. Treasury Securities received as collateral for reverse repurchase agreements and recognize the resulting obligation to return said U.S. Treasury Securities as a liability on our condensed balance sheet. Interest is recorded on the repurchase agreements, reverse repurchase agreements and U.S. Treasury Securities on an accrual basis and presented as net interest expense. Both parties to the transaction have the right to make daily margin calls based on changes in the fair value of the collateral received and/or pledged.
	Derivatives, at Fair Value
	We recognize all derivatives as either assets or liabilities at fair value on our condensed balance sheets. We do not designate our derivatives as cash flow hedges, which, among other factors, would require us to match the pricing dates of both derivatives and repurchase agreements. Operational issues and credit market volatility make such matching impractical for us.  Since we have not elected cash flow hedge accounting treatment as allowed by GAAP, all changes in the fair values of our derivatives are reflected in our condensed statements of operations. Accordingly, our operating results may reflect greater volatility than otherwise would be the case, because gains or losses on derivatives may not be offset by changes in the fair value or cash flows of the transaction within the same accounting period or ever. Consequently, any declines in the fair value of our derivatives result in a charge to earnings. We will continue to designate derivatives as hedges for tax purposes and any unrealized derivative gains or losses would not affect our distributable net taxable income.
	Linked Transactions
	The initial purchase of Non-Agency Securities and the related contemporaneous repurchase financing of such MBS with the same counterparty are considered part of the same arrangement, or a “Linked Transaction,” when certain criteria are met. The components of a Linked Transaction are evaluated on a combined basis and in totality, accounted for as a forward contract and reported as “Linked Transactions” on our condensed balance sheets. Changes in the fair value of the assets and liabilities underlying Linked Transactions and associated interest income and expense are reported as “unrealized net gains (losses) and net interest income from Linked Transactions” on our condensed statements of operations and are not included in other comprehensive income. When certain criteria are met, the initial transfer (i.e., the purchase of a security) and repurchase financing will no longer be treated as a Linked Transaction and will be evaluated and reported separately, as a MBS purchase and repurchase financing.
	Credit Risk
	We have limited our exposure to credit losses on our Agency Securities in our MBS portfolio. The payment of principal and interest on the Fannie Mae and Freddie Mac Agency Securities are guaranteed by those respective agencies and the payment of principal and interest on the Ginnie Mae Agency Securities are backed by the full faith and credit of the U.S. Government.
	In September 2008, both Fannie Mae and Freddie Mac were placed in the conservatorship of the U.S. Government.  On August 5, 2011, Standard & Poor’s Corporation downgraded the U.S. Government’s credit rating from AAA to AA+ and on August 8, 2011, Fannie Mae and Freddie Mac’s credit ratings were downgraded from AAA to AA+.  Fannie Mae and Freddie Mac remain in conservatorship of the U.S. Government. There can be no assurances as to how or when the U.S. Government will end these conservatorships or how the future profitability of Fannie Mae and Freddie Mac and any future credit rating actions may impact the credit risk associated with Agency Securities and, therefore, the value of the Agency Securities in our MBS portfolio.
	We purchase Non-Agency Securities at prices which incorporate our expectations for prepayment speeds, defaults, delinquencies and severities. These expectations determine the yields we receive on our assets. If actual prepayment speeds, defaults, delinquencies and severities are different from our expectations, our actual yields could be higher or lower.
	Market Risk
	Weakness in the mortgage market may adversely affect the performance and market value of our investments. This could negatively impact our book value. Furthermore, if our lenders are unwilling or unable to provide additional financing, we could be forced to sell our MBS at an inopportune time when prices are depressed.
	Preferred Stock
	We are authorized to issue 25,000,000 shares of preferred stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors ("Board") or a committee thereof. We have not issued any preferred stock to date.
	Common Stock
	At September 30, 2013, we were authorized to issue up to 250,000,000 shares of common stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board. We had 13,500,050 shares of common stock issued and outstanding at September 30, 2013 and 7,500,050 issued and outstanding at December 31, 2012.
	Revenue Recognition
	Interest income is earned and recognized on Agency Securities based on their unpaid principal amounts and their contractual terms. Premiums and discounts associated with the purchase of Agency Securities are amortized or accreted into interest income over the actual lives of the securities.
	Interest income on Non-Agency Securities is recognized using the effective yield method over the life of the securities based on the future cash flows expected to be received. Future cash flow projections and related effective yields are determined for each security and updated quarterly. Other than temporary impairments, which establish a new cost basis in the security for purposes of calculating effective yields, are recognized when the fair value of a security is less than its cost basis and there has been an adverse change in the future cash flows expected to be received. Other changes in future cash flows expected to be received are recognized prospectively over the remaining life of the security.
	Comprehensive Income (loss)
	Comprehensive income (loss) refers to changes in equity during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
	Reclassification
	Cash collateral positions have been presented separately in the December 31, 2012 balance sheet to conform to the current presentation. No other reclassifications have been made to previously reported amounts.

Note_4_Recent_Accounting_Prono

Note 4 - Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2013
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements [Text Block]	Note 4 – Recent Accounting Pronouncements
	Accounting Standards Adopted in 2013
	In January 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, Balance Sheet (Topic 210). This update to ASU 2011-11 addressed implementation issues and applied to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with ASC 210-20-45 or ASC 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. The guidance was effective January 1, 2013 and was applied retrospectively. This guidance did not affect the presentation of Derivatives, at fair value on our condensed balance sheets.
	In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, Comprehensive Income (Topic 220). This update to ASU 2011-12 addressed improving the reporting of reclassifications out of accumulated other comprehensive income by requiring reporting of the effect of significant reclassifications out of accumulated net income if the amount being reclassified is required under GAAP to be classified in its entirety to net income. For amounts not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about these amounts. The update did not change the current requirements for reporting net income or other comprehensive income and resulted in additional disclosure but had no significant effect on our condensed financial statements. The guidance was effective for reporting periods beginning after December 15, 2012 and was applied prospectively.
	In July 2013, the FASB issued ASU 2013-10, Derivatives and Hedging (Topic 815), Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes(a consensus of the FASB Emerging Issues Task Force).Because we do not currently use hedge accounting for our derivative positions this addition to Topic 815 will not affect our financial statements.

Note_5_Fair_Value_of_Financial

Note 5 - Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 5 – Fair Value of Financial Instruments
	Our valuation techniques for financial instruments are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from third-party sources, while unobservable inputs reflect management’s market assumptions. The ASC Topic No. 820 “Fair Value Measurement” classifies these inputs into the following hierarchy:
	Level 1 Inputs - Quoted prices for identical instruments in active markets.
	Level 2 Inputs - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
	Level 3 Inputs - Prices determined using significant unobservable inputs. Unobservable inputs may be used in situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period). Unobservable inputs reflect management’s assumptions about the factors that market participants would use in pricing an asset or liability, and would be based on the best information available.
	The following describes the valuation methodologies used for our assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. Any transfers between levels are assumed to occur at the beginning of the reporting period.
	Cash - Cash includes cash on deposit with financial institutions. The carrying amount of cash is deemed to be its fair value and is classified as Level 1. Cash balances posted to or held by counterparties as collateral are classified as Level 2.
	Agency Securities Available for Sale - Fair value for the Agency Securities in our MBS portfolio is based on obtaining a valuation for each Agency Security from third-party pricing services and dealer quotes. The third-party pricing services use common market pricing methods that may include pricing models that may incorporate such factors as coupons, prepayment speeds, spread to the Treasury curves and interest rate swap curves, duration, periodic and life caps and credit enhancement. If the fair value of an Agency Security is not available from the third-party pricing services or such data appears unreliable, we obtain valuations from up to three dealers who make markets in similar Agency Securities. In general, the dealers incorporate common market pricing methods, including a spread measurement to the Treasury curve or interest rate swap curve as well as underlying characteristics of the particular Agency Security including coupon, periodic and life caps, collateral type, rate reset period and seasoning or age of the Agency Security. Management reviews pricing used to ensure that current market conditions are properly reflected. This review includes, but is not limited to, comparisons of similar market transactions or alternative third-party pricing services, dealer quotes and comparisons to a third-party pricing model. Fair values obtained from the third-party pricing services for similar instruments are classified as Level 2 securities if the inputs to the pricing methods used are consistent with the Level 2 definition. If quoted prices for a security are not reasonably available from the third-party pricing service, but dealer quotes are, the security will be classified as a Level 2 security. If neither is available, management will determine the fair value based on characteristics of the security that we receive from the issuer and based on available market information received from dealers and classify it as a Level 3 security. As of September 30, 2013 and December 31, 2012, all of our Agency Security fair values are based solely on third-party pricing services and dealer quotes and therefore were classified as Level 2.
	Non-Agency Securities Trading - The fair value for the Non-Agency Securities in our MBS portfolio is based on estimates prepared by our Portfolio Management group, which organizationally reports to our Chief Investment Officer.  In preparing the estimates, our Portfolio Management group uses commercially available and proprietary models and data as well as market intelligence gained from discussions with, and transactions by, other market participants.  We estimate the fair value of our Non-Agency Securities by estimating the future cash flows for each Non-Agency Security and then discounting those cash flows based on our estimates of current market yield for each individual security. Our estimates for future cash flows and current market yields incorporate such factors as collateral type, bond structure and priority of payments, coupons, prepayment speeds, defaults, delinquencies and severities. Quarterly, we compare our estimates of fair value of our Non-Agency Securities with pricing from third-party pricing services, dealer marks received and recent purchase and financing transaction history to validate our assumptions of cash flow and market yield and calibrate our models.  Fair values calculated in this manner are considered Level 3.
	Repurchase Agreements - The fair value of repurchase agreements reflects the present value of the contractual cash flows discounted at the estimated LIBOR based market interest rates at the valuation date for repurchase agreements with a term equivalent to the remaining term to interest rate repricing, which may be at maturity, of our repurchase agreements. The fair value of the repurchase agreements approximates their carrying amount due to the short-term nature of these financial instruments. Our repurchase agreements are classified as Level 2.
	Derivative Transactions - The fair values of our interest rate swap contracts and interest rate swaptions are valued using third-party pricing services that incorporate common market pricing methods that may include current interest rate curves, forward interest rate curves and market spreads to interest rate curves. Management compares pricing used to dealer quotes to ensure that the current market conditions are properly reflected. The fair values of our interest rate swap contracts and our interest rate swaptions are classified as Level 2.
	Linked Transactions - The Non-Agency Securities underlying our Linked Transactions are valued using similar techniques to those used for our other Non-Agency Securities. The value of the underlying Non-Agency Security is then netted against the carrying amount (which approximates fair value) of the repurchase agreement at the valuation date. The fair value of Linked Transactions also includes accrued interest receivable on the Non-Agency Security and accrued interest payable on the underlying repurchase agreement. Our Linked Transactions are classified as Level 2.
	The following tables provide a summary of our assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012.
		Quoted			Significant Observable			Significant Unobservable			Balance at
		Prices in			Inputs			Inputs			September 30,
		Active			(Level 2)			(Level 3)			2013
		Markets for Identical
		Assets
		(Level 1)
		(in thousands)
	Assets at Fair Value:
	Agency Securities, available for sale	$	-		$	1,275,843		$	-		$	1,275,843
	Non-Agency Securities, trading	$	-		$	-		$	145,965		$	145,965
	Linked Transactions	$	-		$	19,815		$	-		$	19,815
	Derivatives	$	-		$	46,263		$	-		$	46,263
		Quoted			Significant Observable			Significant Unobservable			Balance at December 31,
		Prices in			Inputs			Inputs			2012
		Active			(Level 2)			(Level 3)
		Markets for Identical
		Assets
		(Level 1)
		(in thousands)
	Assets at Fair Value:
	Agency Securities, available for sale	$	-		$	1,112,358		$	-		$	1,112,358
	Non-Agency Securities, trading	$	-		$	-		$	129,946		$	129,946
	Derivatives	$	-		$	4,940		$	-		$	4,940
	Liabilities at Fair Value:
	Derivatives	$	-		$	365		$	-		$	365
	The following tables provide a summary of the carrying values and fair values of our financial assets and liabilities not carried at fair value but for which fair value is required to be disclosed as of September 30, 2013 and December 31, 2012.
		At September 30, 2013						Fair Value Measurements using:
		Carrying			Fair			Quoted Prices			Significant Observable		Significant Unobservable
		Value			Value			in Active			Inputs		Inputs
								Markets for Identical			(Level 2)		(Level 3)
								Assets
								(Level 1)
		(in thousands)
	Financial Assets:
	Cash	$	33,305		$	33,305		$	33,305		$	-	$	-
	Cash collateral posted	$	9,446		$	9,446		$	-		$	9,446	$	-
	Accrued interest receivable	$	3,569		$	3,569		$	-		$	3,569	$	-
	Financial Liabilities:
	Repurchase agreements	$	1,285,034		$	1,285,034		$	-		$	1,285,034	$	-
	Cash collateral held	$	52,885		$	52,885		$	-		$	52,885	$	-
	Accrued interest payable	$	712		$	712		$	-		$	712	$	-
		At December 31, 2012						Fair Value Measurements using:
		Carrying			Fair			Quoted Prices			Significant Observable		Significant Unobservable
		Value			Value			in Active			Inputs		Inputs
								Markets for Identical			(Level 2)		(Level 3)
								Assets
								(Level 1)
		(in thousands)
	Financial Assets:
	Cash	$	36,316		$	36,316		$	36,316		$	-	$	-
	Cash collateral posted	$	273		$	273		$	-		$	273	$	-
Accrued interest receivable	$	2,759		$	2,759		$	-		$	2,759	$	-
Financial Liabilities:
Repurchase agreements	$	1,135,830		$	1,135,830		$	-		$	1,135,830	$	-
Cash collateral held	$	1,426		$	1,426		$	-		$	1,426	$	-
Accrued interest payable	$	844		$	844		$	-		$	844	$	-
The following table provides a summary of the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarter and nine months ended September 30, 2013. There is no comparable data for the quarter ended September 30, 2012 and for the period from June 21, 2012 through September 30, 2012 due to our limited operating history.
	For the			For the
	Quarter			Nine Months Ended
	Ended			30-Sep-13
	30-Sep-13
	(in thousands)
Balance, beginning of period	$	148,953		$	129,946
Purchase of securities, at cost		3,056			36,332
Principal repayments		(6,649	)		(16,895	)
Net gain (loss)		735			(2,691	)
Discount accretion		(130	)		(727	)
Balance, end of period	$	145,965		$	145,965
Net gains (losses) for outstanding Level 3 Assets	$	735		$	(2,691	)
The significant unobservable inputs used in the fair value measurement of our Level 3 Non-Agency Securities include assumptions for underlying loan collateral default rates and loss severities in the event of default, as well as discount rates.
The following tables present the range of our estimates of cumulative default and loss severities, together with the discount rates implicit in our Level 3 Non-Agency Security fair values totaling $146.0 million and $129.9 million as of September 30, 2013 and December 31, 2012, respectively. See Note 8, “Linked Transactions” for additional discussion of Non-Agency Securities that are accounted for as a component of Linked Transactions.
30-Sep-13
Unobservable	Minimum			Weighted			Maximum
Level 3 Input				Average
Cumulative default		-	%		9.52	%		32.9	%
Loss severity (life)		9.2	%		38.36	%		54.6	%
Discount rate		3.71	%		5.66	%		8.97	%
Delinquency (life)		0.9	%		14.41	%		22.3	%
Voluntary prepayments (life)		6.9	%		9.77	%		14	%
31-Dec-12
Unobservable	Minimum			Weighted			Maximum
Level 3 Input				Average
Cumulative default		6.28	%		17.65	%		26.26	%
Loss severity (life)		36.7	%		48.52	%		56	%
Discount rate		4.5	%		5.17	%		5.54	%
Delinquency (life)		13.5	%		22.56	%		33.6	%
Voluntary prepayments (life)		4.6	%		8.3	%		11.4	%
Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. However, given the interrelationship between loss estimates and the discount rate, overall Non-Agency Security market conditions would likely have a more significant impact on our Level 3 fair values than changes in any one unobservable input.

Note_6_Agency_Securities_Avail

Note 6 - Agency Securities, Available for Sale	9 Months Ended
	Sep. 30, 2013
Angency Securities [Member]
Note 6 - Agency Securities, Available for Sale [Line Items]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	Note 6 – Agency Securities, Available for Sale
	All of our Agency Securities are classified as available for sale and, as such, are reported at their estimated fair value and changes in fair value reported as part of the statements of comprehensive income. As of September 30, 2013 investments in Agency Securities accounted for 89.7% of our MBS portfolio and 82.7% of our total MBS portfolio inclusive of the Non-Agency Securities underlying our Linked Transactions (see Note 8, “Linked Transactions” for additional discussion of Non-Agency Securities that are accounted for as a component of Linked Transactions).
	As of September 30, 2013, we had the following securities in an unrealized gain or loss position as presented below. The components of the carrying value of our Agency Securities as of September 30, 2013 are also presented below. All of our Agency Securities are fixed rate securities with a weighted average coupon of 3.40% as of September 30, 2013.
	30-Sep-13	Fannie			Freddie			Total
		Mae			Mac			Agency
								Securities
		(in thousands)
	Principal amount	$	980,458		$	281,574		$	1,262,032
	Net unamortized premium		54,263			16,633			70,896
	Amortized cost		1,034,721			298,207			1,332,928
	Unrealized gains		137			-			137
	Unrealized losses		(40,392	)		(16,830	)		(57,222	)
	Fair value	$	994,466		$	281,377		$	1,275,843
	As of December 31, 2012, we had the following securities in an unrealized gain or loss position as presented below. The components of the carrying value of our Agency Securities as of December 31, 2012 are also presented below. As of December 31, 2012 investments in Agency Securities accounted for 89.5% of our total MBS portfolio. There were no Linked Transactions as of December 31, 2012. All of our Agency Securities were fixed rate securities with a weighted average coupon of 3.14% as of December 31, 2012.
	31-Dec-12	Fannie			Freddie			Total
		Mae			Mac			Agency
								Securities
		(in thousands)
	Principal amount	$	651,867		$	403,589		$	1,055,456
	Net unamortized premium		38,683			22,821			61,504
	Amortized cost		690,550			426,410			1,116,960
	Unrealized gains		86			4			90
	Unrealized losses		(2,480	)		(2,212	)		(4,692	)
	Fair value	$	688,156		$	424,202		$	1,112,358
	Actual maturities of Agency Securities are generally shorter than stated contractual maturities because actual maturities of Agency Securities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.
	The following table summarizes the weighted average lives of our Agency Securities as of September 30, 2013 and December 31, 2012.
		30-Sep-13						31-Dec-12
		(in thousands)
	Weighted Average Life of all Agency Securities	Fair Value			Amortized			Fair Value			Amortized
					Cost						Cost
	Less than one year	$	-		$	-		$	-		$	-
	Greater than or equal to one year and less than three years		-			-			-			-
	Greater than or equal to three years and less than five years		31,956			32,692			638,744			641,231
	Greater than or equal to five years		1,243,887			1,300,236			473,614			475,729
	Total Agency Securities	$	1,275,843		$	1,332,928		$	1,112,358		$	1,116,960
	We use a third-party model to calculate the weighted average lives of our Agency Securities. Weighted average life is calculated based on expectations for estimated prepayments for the underlying mortgage loans of our Agency Securities. These estimated prepayments are based on assumptions such as interest rates, current and future home prices, housing policy and borrower incentives. The weighted average lives of our Agency Securities as of September 30, 2013 and December 31, 2012 in the table above are based upon market factors, assumptions, models and estimates from the third-party model and also incorporate management’s judgment and experience. The actual weighted average lives of our Agency Securities could be longer or shorter than estimated.
	The following table presents the unrealized losses and estimated fair value of our Agency Securities by length of time that such securities have been in a continuous unrealized loss position as of September 30, 2013 and December 31, 2012.
		Unrealized Loss Position For:
		(in thousands)
		Less than 12 Months						12 Months or More						Total
	As of	Fair Value			Unrealized			Fair Value			Unrealized			Fair Value		Unrealized
					Losses						Losses					Losses
	30-Sep-13	$	1,235,161		$	(57,222	)	$	-		$	-		$	1,235,161	$	(57,222	)
	31-Dec-12	$	1,032,421		$	(4,692	)	$	-		$	-		$	1,032,421	$	(4,692	)
	We evaluated our Agency Securities with unrealized losses and determined that there was no other than temporary impairments as of September 30, 2013 or December 31, 2012. As of those dates, we did not intend to sell Agency Securities and believed it was more likely than not that we could meet our liquidity requirements and contractual obligations without selling Agency Securities. The decline in value of these Agency Securities is solely due to market conditions and not the credit quality of the assets. All of our Agency Securities are issued and guaranteed by the GSEs. The GSEs have a rating of AA+.
	During the quarter and nine months ended September 30, 2013 we sold $554.4 million of Agency Securities resulting in a realized loss of $48.6 million. During the quarter ended September 30, 2012 and for the period from June 21, 2012 through September 30, 2012, we did not sell any Agency Securities.
Non-Agency Securities [Member]
Note 6 - Agency Securities, Available for Sale [Line Items]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	Note 7 – Non-Agency Securities, Trading
	All of our Non-Agency Securities are classified as trading securities and reported at their estimated fair value.  Fair value changes are reported in the statements of operations in the period in which they occur.
	As of September 30, 2013, investments in Non-Agency Securities accounted for 10.3% of our MBS portfolio and 17.3% of our total MBS portfolio inclusive of the Non-Agency Securities underlying our Linked Transactions (see Note 8, “Linked Transactions” for additional discussion of Non-Agency Securities that are accounted for as a component of Linked Transactions).
		Non-Agency Securities
		(in thousands)
	30-Sep-13	Fair Value			Amortized			Principal			Weighted
					Cost			Amount			Average
											Coupon
	Prime/Alt-A	$	145,965		$	144,086		$	176,954			4.17	%
	As of December 31, 2012, investments in Non-Agency Securities accounted for 10.5% of our total MBS portfolio. There were no Linked Transactions as of December 31, 2012.
		Non-Agency Securities
		(in thousands)
	31-Dec-12	Fair Value			Amortized			Principal			Weighted
					Cost			Amount			Average
											Coupon
	Prime/Alt-A	$	129,946		$	127,037		$	156,957			5.29	%
	Prime/Alt-A Non-Agency Securities as of September 30, 2013 and December 31, 2012 include senior tranches in securitization trusts issued between 2004 and 2007, and are collateralized by residential mortgages originated between 2002 and 2007. The loans were originally considered to be either prime or one tier below prime credit quality. Prime mortgage loans are residential mortgage loans that are considered the highest tier with the most stringent underwriting standards within the Non-agency mortgage market, but do not carry any credit guarantee from either a U.S. government agency or GSE. These loans were originated during a period when underwriting standards were generally weak and housing prices have dropped significantly subsequent to their origination. As a result, there is still material credit risk embedded in these vintage tranches. Alt-A, or alternative A-paper, mortgage loans are considered riskier than prime mortgage loans and less risky than sub-prime mortgage loans and 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. These securities were generally rated below investment grade as of September 30, 2013 and December 31, 2012.
	The following table summarizes the weighted average lives of our Non-Agency Securities as of September 30, 2013 and December 31, 2012.
		30-Sep-13						31-Dec-12
		(in thousands)
	Weighted Average Life of all Non-Agency Securities	Fair Value			Amortized			Fair Value			Amortized
					Cost						Cost
	Less than one year	$	-		$	-		$	-		$	-
	Greater than or equal to one year and less than three years		-			-			-			-
	Greater than or equal to three years and less than five years		21,582			21,698			5,763			5,678
	Greater than or equal to five years		124,383			122,388			124,183			121,359
	Total Non-Agency Securities	$	145,965		$	144,086		$	129,946		$	127,037
	We use a third-party model to calculate the weighted average lives of our Non-Agency Securities. Weighted average life is calculated based on expectations for estimated prepayments for the underlying mortgage loans of our Non-Agency Securities. These estimated prepayments are based on assumptions such as interest rates, current and future home prices, housing policy and borrower incentives. The weighted average lives of our Non-Agency Securities as of September 30, 2013 and December 31, 2012 in the table above are based upon market factors, assumptions, models and estimates from the third-party model and also incorporate management’s judgment and experience. The actual weighted average lives of our Non-Agency Securities could be longer or shorter than estimated.
	The following table presents the unrealized losses and estimated fair value of our Non-Agency Securities by length of time that such securities have been in a continuous unrealized loss position as of September 30, 2013 and December 31, 2012.
		Unrealized Loss Position For:
		(in thousands)
		Less than 12 months						12 Months or More						Total
	As of	Fair Value			Unrealized			Fair Value			Unrealized			Fair Value		Unrealized
					Losses						Losses					Losses
	30-Sep-13	$	48,078		$	(1,236	)	$	-		$	-		$	48,078	$	(1,236	)
	31-Dec-12	$	-		$	-		$	-		$	-		$	-	$	-
	Our Non-Agency Securities are subject to risk of loss with regard to principal and interest payments and as of September 30, 2013 and December 31, 2012, have generally either been assigned below investment grade ratings by rating agencies, or have not been rated. We evaluate each investment based on the characteristics of the underlying collateral and securitization structure, rather than relying on the ratings assigned by rating agencies.
	There were no sales of Non-Agency Securities for the quarter and nine months ended September 30, 2013.

Note_8_Linked_Transactions

Note 8 - Linked Transactions	9 Months Ended
	Sep. 30, 2013
Linked Transactions Disclosure [Abstract]
Linked Transactions Disclosure [Text Block]	Note 8 – Linked Transactions
	Our Linked Transactions are evaluated on a combined basis, reported as forward (derivative) instruments and presented as assets on our condensed balance sheets at fair value. The fair value of Linked Transactions reflect the value of the underlying Non-Agency MBS, linked repurchase agreement borrowings and accrued interest receivable and payable on such instruments. Our Linked Transactions are not designated as hedging instruments and, as a result, the change in the fair value and net interest income from Linked Transactions is reported in other income on our condensed statements of operations.
	The following tables present information about our Non-Agency Securities and repurchase agreements underlying our Linked Transactions at September 30, 2013. Our Non-Agency Securities underlying our Linked Transactions represent approximately 7.9% of our overall investment in MBS.
	Linked Repurchase Agreements							Linked Non-Agency Securities
	Maturity or Repricing	Balance			Weighted Average Interest			Non-Agency MBS	Fair Value		Amortized		Par/Current		Weighted Average Coupon
					Rate						Cost		Face		Rate
	Within 30 days	$	5,301			1.94	%	Prime	$	92,384	$	93,152	$	97,761		2.98	%
	31 days to 60 days		23,386			1.41		Alt/A		28,814		28,720		36,946		4.7
	61 days to 90 days		66,229			1.04		Total	$	121,198	$	121,872	$	134,707		3.39	%
	Greater than 90 days		6,467			2
	Total	$	101,383			1.23	%
	The following table presents certain information about the components of the unrealized net gains and net interest income from Linked Transactions included in our condensed statements of operations for the quarter and nine months ended September 30, 2013. There is no comparable data for the quarter ended September 30, 2012 and for the period from June 21, 2012 through September 30, 2012 due to our limited operating history.
	Unrealized Net Gain (Loss) and Net Interest Income from Linked Transactions	For the Quarter			For the Nine Months Ended September 30, 2013
		Ended September 30, 2013
		(dollars in thousands)
	Interest income attributable to MBS underlying Linked Transactions	$	854		$	893
	Interest expense attributable to linked repurchase agreements underlying Linked Transactions		(170	)		(179	)
	Change in fair value of Linked Transactions included in earnings		40			(2,287	)
	Unrealized net gain (loss) and net interest income from Linked Transactions	$	724		$	(1,573	)

Note_9_Repurchase_Agreements

Note 9 - Repurchase Agreements	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]	Note 9 – Repurchase Agreements
	As of September 30, 2013 we had MRAs with 27 counterparties and had $1.3 billion in outstanding borrowings with 21 of those counterparties. As of December 31, 2012 we had MRAs with 26 counterparties and had $1.1 billion in outstanding borrowings with 18 of those counterparties. See Note 8, “Linked Transactions” for additional discussion of repurchase agreements that are accounted for as a component of Linked Transactions.
	The following tables represent the contractual repricing and other information regarding our repurchase agreements to finance our MBS purchases as of September 30, 2013 and December 31, 2012.
	30-Sep-13
		Repurchase Agreements		Weighted			Weighted		Haircut for
		(in thousands)		Average			Average		Repurchase Agreements (1)
				Contractual			Maturity
				Rate			in days
	Agency Securities	$	1,176,849		0.39	%		39		4.95	%
	Non-Agency Securities		108,185		1.58			54		20.63
	Total	$	1,285,034		0.49	%		40		6.27	%
	(1) The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount.
	31-Dec-12
		Repurchase Agreements		Weighted			Weighted		Haircut for
		(in thousands)		Average			Average		Repurchase Agreements (1)
				Contractual Rate			Maturity in
							days
	Agency Securities	$	1,033,496		0.48	%		43		4.83	%
	Non-Agency Securities		102,334		2.07			25		22.35
	Total	$	1,135,830		0.62	%		41		6.4	%
	(1) The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount.
	Maturing or Repricing	September 30,		December 31,
		2013		2012
		(in thousands)
	Within 30 days	$	504,587	$	280,435
	31 days to 60 days		591,792		629,311
	61 days to 90 days		186,380		226,084
	Greater than 90 days		2,275		-
	Total	$	1,285,034	$	1,135,830
	For the nine months ended September 30, 2013, we sold short $301.5 million of U.S. Treasury Securities acquired under reverse repurchase agreements. We had purchases of $230.8 million and $300.9 million, respectively, of U.S. Treasury Securities resulting in a gain of $3.7 million and $0.6 million, respectively, for the quarter and nine months ended September 30, 2013. During the quarter ended September 30, 2013, we did not sell any U.S. Treasury Securities. During the quarter ended September 30, 2012 and for the period from June 21, 2012 through September 30, 2012, we did not sell or purchase any U.S. Treasury Securities.

Note_10_Derivatives

Note 10 - Derivatives	9 Months Ended
	Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Note 10 – Derivatives
	In addition to the Linked Transactions described in Note 8, “Linked Transactions” we enter into transactions to manage our interest rate risk exposure. These transactions include entering into interest rate swap contracts and interest rate swaptions. These transactions are designed to lock in funding costs for repurchase agreements associated with our assets in such a way to help assure the realization of net interest margins. Such transactions are based on assumptions about prepayments on our Agency Securities which, if not realized, will cause transaction results to differ from expectations. Our derivatives are carried on our condensed balance sheets, as assets or as liabilities at their fair value. We do not designate our derivatives as cash flow hedges and as such, we recognize changes in the fair value of these derivatives through earnings.
	We have agreements with our swap (including swaption) counterparties that provide for the posting of collateral based on the fair values of our interest rate swap contracts. Through this margin process, either we or our swap counterparty may be required to pledge cash or Agency Securities as collateral. Collateral requirements vary by counterparty and change over time based on the market value; notional amount and remaining term of the contracts. Certain interest rate swap contracts provide for cross collateralization and cross default with repurchase agreements and other contracts with the same counterparty.
	Interest rate swaptions generally provide us the option to enter into an interest rate swap agreement at a certain point of time in the future with a predetermined notional amount, stated term and stated rate of interest in the fixed leg and interest rate index on the floating leg.
	The following tables present information about interest rate swap contracts and interest rate swaptions which are included in derivatives on the accompanying condensed balance sheets as of September 30, 2013 and December 31, 2012.
	30-Sep-13
				Notional				Assets at					Liabilities at
				Amount				Fair Value (1)					Fair Value (1)
								(in thousands)
	Interest rate swap contracts		$	801,250			$	35,481				$	-
	Interest rate swaptions			130,000				10,782					-
	Totals		$	931,250			$	46,263				$	-
	-1	See Note 5, “Fair Value of Financial Instruments” for additional discussion.
	31-Dec-12
			Notional				Assets at					Liabilities at
			Amount				Fair Value (1)					Fair Value (1)
			(in thousands)
	Interest rate swap contracts		$	325,000			$	395				$	(365	)
	Interest rate swaptions			130,000				4,545					-
	Totals		$	455,000			$	4,940				$	(365	)
	-1	See Note 5, “Fair Value of Financial Instruments” for additional discussion.
	30-Sep-13
							Gross Amounts Not Offset
							in the
							Condensed Balance Sheet
	Assets		Gross Amounts				Financial				Cash				Net Amount
			of Assets				Instruments				Collateral
			Presented in the Condensed								Held
			Balance Sheet
			(in thousands)
	Interest rate swap contracts		$	35,481			$	-			$	(35,481	)		$	-
	Interest rate swaptions			10,782				-				(8,058	)			2,724
	Totals		$	46,263			$	-			$	(43,539	)		$	2,724
	We did not have any derivatives in a liability position on our condensed balance sheet at September 30, 2013.
	31-Dec-12
							Gross Amounts Not Offset in the
							Condensed Balance Sheet
	Assets		Gross Amounts of Assets Presented in the Condensed Balance Sheet				Financial Instruments				Cash Collateral Held				Net Amount
			(in thousands)
	Interest rate swap contracts		$	395			$	(92	)		$	-			$	303
	Interest rate swaptions			4,545				-				(1,426	)			3,119
	Totals		$	4,940			$	(92	)		$	(1,426	)		$	3,422
							Gross Amounts Not Offset in the
							Condensed Balance Sheet
	Liabilities		Gross Amounts of Liabilities Presented				Financial Instruments				Cash				Net Amount
			in the Condensed								Collateral
			Balance Sheet								Posted
			(in thousands)
	Interest rate swap contracts		$	(365	)		$	92			$	273			$	-
	Totals		$	(365	)		$	92			$	273			$	-
	The following table represents the location and information regarding our derivatives which are included in Other Income (Loss) in the accompanying condensed statements of operations for the quarter and nine months ended September 30, 2013. There is no comparable data for the quarter ended September 30, 2012 and for the period from June 21, 2012 through September 30, 2012 due to our limited operating history.
					Income (Loss) Recognized (in thousands)
	Derivatives		Location on condensed statements of operations		For the Quarter Ended September 30, 2013				For the Nine Months Ended September 30, 2013
	Interest rate swap contracts:
	Interest income		Realized loss on derivatives		$	212			$	530
	Interest expense		Realized loss on derivatives			(2,885	)			(6,142	)
	Changes in fair value		Unrealized gain on derivatives			572				40,657
					$	(2,101	)		$	35,045
	Interest rate swaptions:
	Changes in fair value		Unrealized gain on derivatives			(303	)			6,237
					$	(303	)		$	6,237
	Totals				$	(2,404	)		$	41,282

Note_11_Commitments_and_Contin

Note 11 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 11 – Commitments and Contingencies
	Management Agreement with ARRM
	As discussed in Note 16 “Related Party Transactions,” we are externally managed by ARRM pursuant to a management agreement, (the “Management Agreement”). The Management Agreement entitles ARRM to receive a management fee payable monthly in arrears in an amount equal to 1/12th of (a) 1.5% of gross equity raised (including our IPO and Private Placement equity) up to $1 billion plus (b) 1.0% of gross equity raised in excess of $1 billion. We are also obligated to reimburse certain expenses incurred by ARRM and its affiliates. For the quarter and nine months ended September 30, 2013, we reimbursed ARRM $38,000 and $76,000 for other expenses incurred on our behalf. For the quarter ended September 30, 2012 and the period from June 21, 2012 through September 30, 2012 we did not reimburse ARRM for any expenses.
	ARRM is further entitled to receive a termination fee from us under certain circumstances.  The ARRM monthly management fee is not calculated based on the performance of our assets. Accordingly, the payment of our monthly management fee may not decline in the event of a decline in our earnings and may cause us to incur losses.
	Indemnifications and Litigation
	We enter into certain contracts that contain a variety of indemnifications, principally with ARRM and underwriters, against third-party claims for errors and omissions in connection with their services to us. We have not incurred any costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the estimated fair value of these agreements, as well as the maximum amount attributable to past events, is minimal. Accordingly, we have no liabilities recorded for these agreements as of September 30, 2013 and December 31, 2012.
	We are not party to any pending, threatened or contemplated litigation.

Note_12_StockBased_Compensatio

Note 12 - Stock-Based Compensation	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 12 – Stock Based Compensation
	Stock Incentive Plan
	On October 2, 2012, we adopted the 2012 Stock Incentive Plan (the "Plan") to attract, retain and reward directors and other persons who provide services to us in the course of operations (collectively "Eligible Individuals").
	The Plan provides for grants of common stock, restricted shares of common stock, stock options, performance shares, performance units, stock appreciation rights and other equity and cash-based awards (collectively “Awards”), and will be subject to a ceiling amount of shares available for issuance under the Plan. Pursuant to the Plan, the maximum number of shares of common stock reserved for the grant of awards thereunder is equal to 3.0% of the total issued and outstanding shares of common stock (on a fully diluted basis) at the time of the grant of the award (other than any shares of common stock issued or subject to awards made pursuant to the Plan).
	The Plan allows for the Board to expand the types of awards available under the Plan and determine the maximum number of shares that may underlie these awards in any one year to any Eligible Individual. If an award granted under the Plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards.
	Awards under the Plan
	As of September 30, 2013, there were 405,001 shares reserved for award under the Plan. No awards have been made to date.

Note_13_Stockholders_Equity

Note 13 - Stockholders' Equity	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 13 – Stockholders’ Equity
	Dividends
	The following table presents our common stock dividend transactions for the nine months ended September 30, 2013.
	Record Date	Payment Date		Rate per			Aggregate
				common share			amount paid to
							holders of record
							(in thousands)
	15-Jan-13	30-Jan-13		$	0.23		$	1,725
	15-Feb-13	27-Feb-13		$	0.23		$	1,725
	15-Mar-13	27-Mar-13		$	0.23		$	1,725
	15-Apr-13	29-Apr-13		$	0.23		$	1,725
	15-May-13	30-May-13		$	0.23		$	3,105
	14-Jun-13	27-Jun-13		$	0.23		$	3,105
	15-Jul-13	30-Jul-13		$	0.23		$	3,105
	15-Aug-13	29-Aug-13		$	0.23		$	3,105
	16-Sep-13	27-Sep-13		$	0.23		$	3,105
	Equity Capital Raising Activities
	The following table presents our equity transactions for the nine months ended September 30, 2013.
	Transaction Type		Completion Date		Number of			Per Share		Net Proceeds
					Shares			price		(in thousands)
	Common stock follow-on public offering		13-May-13			6,000,000		$	18.93	$	113,188

Note_14_Net_Income_Loss_per_Co

Note 14 - Net Income (Loss) per Common Share	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Note 14 – Net Income (Loss) per Common Share
	GAAP requires earnings per share to be computed based on the weighted average number of shares outstanding during the period presented, calculated on a daily basis. Net income (loss) per common share was ($2.76) and $1.13 for the quarter and nine months ended September 30, 2013. For the quarter ended September 30, 2012 and for the period from June 21, 2012 through September 30, 2012 our net (loss) and weighted average number of shares were nominal resulting in a net (loss) per common share of ($1.20).
	To date, we have not issued any dilutive securities.

Note_15_Income_Taxes

Note 15 - Income Taxes	9 Months Ended
	Sep. 30, 2013
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Note 15 – Income Taxes
	We have elected to be taxed as a REIT under the Code. We will generally not be subject to federal income tax to the extent that we distribute our taxable income to our stockholders and as long as we satisfy the ongoing REIT requirements under the Code including meeting certain asset, income and stock ownership tests.
	The following table reconciles our GAAP net income to estimated taxable REIT income for the quarter and nine months ended September 30, 2013. Our net loss was nominal for the quarter ended September 30, 2012 and for the period from June 21, 2012 through September 30, 2012.
		For the			For the Nine
		Quarter			Months
		Ended			Ended
		September			September
		30, 2013			30, 2013
		(in thousands)
	GAAP net income (loss)	$	(37,217	)	$	11,995
	Book to tax differences:
	Net book/tax differences on Non-Agency Securities and Linked Transactions		(70	)		6,564
	Net capital losses carried forward		44,815			47,921
	Unrealized gain on derivatives		(268	)		(46,894	)
	Other		-			2
	Estimated taxable income	$	7,260		$	19,588
	The aggregate tax basis of our assets and liabilities is greater than our total Stockholders’ Equity at September 30, 2013 by approximately $19.5 million, or approximately $1.44 per share (based on the 13,500,050 shares then outstanding).
	We are required and intend to timely distribute substantially all of our taxable REIT income in order to maintain our REIT status under the Code. Total dividend payments to stockholders were $9.3 million and $22.4 million for the quarter and nine months ended September 30, 2013, respectively. Our estimated taxable REIT income available to pay dividends was $7.3 million and $19.6 million for the quarter and nine months ended September 30, 2013, respectively. We also carried forward from the year ended December 31, 2012, undistributed taxable REIT income of $2.0 million. Our taxable REIT income and dividend requirements are determined on an annual basis. Dividends in excess of taxable REIT income for the year (including taxable income carried forward from the previous year) will generally not be taxable to common stockholders.
	Our management is responsible for determining whether tax positions taken by us are more likely than not to be sustained on their merits. We have no material unrecognized tax benefits or material uncertain tax positions.

Note_16_Related_Party_Transact

Note 16 - Related Party Transactions	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 16 – Related Party Transactions
	We are externally managed by ARRM pursuant to the Management Agreement. All of our executive officers are also employees of ARRM. ARRM manages our day-to-day operations, subject to the direction and oversight of the Board. The Management Agreement expires after an initial term of five years on October 5, 2017 and is thereafter automatically renewed for successive one-year terms, unless terminated under certain circumstances. Either party must provide 180 days prior written notice of any such termination.
	Under the terms of the Management Agreement, ARRM is responsible for costs incident to the performance of its duties, such as compensation of its employees and various overhead expenses. ARRM is responsible for the following primary roles:
		●	Advising us with respect to, arranging for and managing the acquisition, financing, management and disposition of, elements of our investment portfolio;
		●	Evaluating the duration risk and prepayment risk within the investment portfolio and arranging borrowing and hedging strategies;
		●	Coordinating capital raising activities;
		●	Advising us on the formulation and implementation of operating strategies and policies, arranging for the acquisition of assets, monitoring the performance of those assets  and providing administrative and managerial services in connection with our day-to-day operations; and
		●	Providing executive and administrative personnel, office space and other appropriate services required in rendering management services to us.
	ARRM is also responsible for the payment of a sub-management fee payable monthly in arrears to the Sub-Manager in an amount equal to a retainer of $115,000 plus 25% of the management fee earned by ARRM, net of expenses.
	We are required to take actions as may be reasonably required to permit and enable ARRM to carry out its duties and obligations. We are also responsible for any costs and expenses that ARRM incurred solely on behalf of us other than the various overhead expenses specified in the terms of the Management Agreement. For the quarter and nine months ended September 30, 2013, we reimbursed ARRM $38,000 and $76,000, respectively, for other expenses incurred on our behalf. For the quarter ended September 30, 2012 and for the period from June 21, 2012 through September 30, 2012, we did not reimburse ARRM for any expenses.
	For the quarter and nine months ended September 30, 2013, we incurred $1.0 billion and $2.3 billion, respectively, in management fees to ARRM. For the quarter ended September 30, 2012 and for the period from June 21, 2012 through September 30, 2012, we did not incur any management fees.

Note_17_Interest_Rate_Risk

Note 17 - Interest Rate Risk	9 Months Ended
	Sep. 30, 2013
Interest Rate Risk [Abstract]
Interest Rate Risk [Text Block]	Note 17 – Interest Rate Risk
	Our primary market risk is interest rate risk. Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond our control. Changes in the general level of interest rates can affect net interest income, which is the difference between the interest income earned and the interest expense incurred in connection with the liabilities, by affecting the spread between the interest-earning assets and interest-bearing liabilities. Changes in the level of interest rates also can affect the value of MBS and our ability to realize gains from the sale of these assets. A decline in the value of the MBS pledged as collateral for borrowings under repurchase agreements could result in the counterparties demanding additional collateral pledges or liquidation of some of the existing collateral to reduce borrowing levels.

Note_18_Subsequent_events

Note 18 - Subsequent events	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 18 – Subsequent Events
	On October 28, 2013, a cash dividend of $0.15 per outstanding common share, or $2.0 million in the aggregate, was paid to holders of record on October 15, 2013. We have also announced cash dividends of $0.15 per outstanding common share payable November 27, 2013 to holders of record on November 15, 2013 and payable December 27, 2013 to holders of record on December 16, 2013.
	On October 29, 2013, our Board authorized us to repurchase up to two million shares of outstanding common stock. Shares may be purchased in the open market, including block trades, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future. The timing, manner, price and amount of any repurchases will be at our discretion, subject to the requirements of the Securities Exchange Act of 1934 and related rules. The program does not oblige us to repurchase any shares and it may be modified, suspended or terminated at any time and for any reason. We do not intend to purchase shares from our directors, officers or other affiliates.

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash
	Cash includes cash on deposit with financial institutions. We may maintain deposits in federally insured financial institutions in excess of federally insured limits. However, management believes we are not exposed to significant credit risk due to the financial position and creditworthiness of the depository institutions in which those deposits are held.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Collateral Posted/Held
	The following table presents information related to margin collateral posted (held) for MBS, interest rate swap contracts and interest rate swaptions which are included in cash collateral on the accompanying condensed balance sheets as of September 30, 2013 and December 31, 2012.
	30-Sep-13
			Assets at		Liabilities at
			Fair Value (1)		Fair Value (1)
			(in thousands)
	MBS		$	9,446	$	(9,346	)
	Interest rate swap contracts			-		(35,481	)
	Interest rate swaptions			-		(8,058	)
	Totals		$	9,446	$	(52,885	)
	-1	See Note 5, “Fair Value of Financial Instruments” for additional discussion.
	31-Dec-12
			Assets at		Liabilities at
			Fair Value (1)		Fair Value (1)
			(in thousands)
	Interest rate swap contracts		$	273	$	-
	Interest rate swaptions			-		(1,426	)
	Totals		$	273	$	(1,426	)
	-1	See Note 5, “Fair Value of Financial Instruments” for additional discussion.
Marketable Securities, Policy [Policy Text Block]	MBS, at Fair Value
	We generally intend to hold most of our MBS for extended periods of time. We may, from time to time, sell any of our MBS as part of the overall management of our MBS portfolio. Management determines the appropriate classifications of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date.
	Purchases and sales of our MBS are recorded on the trade date. However, if on the purchase settlement date, a repurchase agreement is used to finance the purchase of an MBS with the same counterparty and such transactions are determined to be linked, then the MBS and linked repurchase borrowing will be reported on the same settlement date as Linked Transactions (see below).
	Agency Securities
	As of September 30, 2013 and December 31, 2012, all of our Agency Securities were classified as available for sale securities. Agency Securities classified as available for sale are reported at their estimated fair values with unrealized gains and losses excluded from earnings and reported in net unrealized loss on available for sale securities in the statements of comprehensive income.
	We evaluate Agency Securities for other than temporary impairment at least on a quarterly basis and more frequently when economic or market concerns warrant such evaluation. We consider an impairment to be other than temporary if we (1) have the intent to sell the Agency Securities, (2) believe it is more likely than not that we will be required to sell the securities before recovery (for example, because of liquidity requirements or contractual obligations) or (3) a credit loss exists.
	Non-Agency Securities
	As of September 30, 2013 and December 31, 2012, all of our Non-Agency Securities were classified as trading securities. Non-Agency Securities classified as trading are reported at their estimated fair values with unrealized gains and losses included in other income (loss) as a component of the statements of operations. We estimate future cash flows for each Non-Agency Security and then discount those cash flows based on our estimates of current market yield for each individual security. We then compare our calculated price with our pricing services and dealer marks. Our estimates for future cash flows and current market yields incorporate such factors as coupons, prepayment speeds, defaults, delinquencies and severities.
Accrued Interest Receivable and Payable [Policy Text Block]	Accrued Interest Receivable and Payable
	Accrued interest receivable includes interest accrued between payment dates on MBS. Accrued interest payable includes interest payable on our repurchase agreements.
Repurchase and Resale Agreements Policy [Policy Text Block]	Repurchase Agreements
	We finance the acquisition of our MBS through the use of repurchase agreements. Our repurchase agreements are secured by our MBS and bear interest rates that have historically moved in close relationship to the Federal Funds Rate and the London Interbank Offered Rate (“LIBOR”). Under these repurchase agreements, we sell MBS to a lender and agree to repurchase the same MBS in the future for a price that is higher than the original sales price. The difference between the sales price that we receive and the repurchase price that we pay represents interest paid to the lender. A repurchase agreement operates as a financing arrangement (with the exception of repurchase agreements accounted for as a component of a Linked Transaction described below) under which we pledge our MBS as collateral to secure a loan which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. We retain beneficial ownership of the pledged collateral.  At the maturity of a repurchase agreement, we are required to repay the loan and concurrently receive back our pledged collateral from the lender or, with the consent of the lender, we may renew such agreement at the then prevailing interest rate. The repurchase agreements may require us to pledge additional assets to the lender in the event the estimated fair value of the existing pledged collateral declines.
	In addition to the repurchase agreement financing discussed above we have entered into reverse repurchase agreements with certain of our repurchase agreement counterparties. Under a typical reverse repurchase agreement, we purchase U.S. Treasury Securities from a borrower in exchange for cash and agree to sell the same securities in the future in exchange for a price that is higher than the original purchase price. The difference between the purchase price originally paid and the sale price represents interest received from the borrower. Reverse repurchase agreement receivables and repurchase agreement liabilities are presented net when they meet certain criteria, including being with the same counterparty, being governed by the same master repurchase agreement ("MRA"), settlement through the same brokerage or clearing account and maturing on the same day.
Obligations to Return Securities Received as Collateral, at Fair Value [Policy Text Block]	Obligations to Return Securities Received as Collateral, at Fair Value
	We also sell to third parties the U.S. Treasury Securities received as collateral for reverse repurchase agreements and recognize the resulting obligation to return said U.S. Treasury Securities as a liability on our condensed balance sheet. Interest is recorded on the repurchase agreements, reverse repurchase agreements and U.S. Treasury Securities on an accrual basis and presented as net interest expense. Both parties to the transaction have the right to make daily margin calls based on changes in the fair value of the collateral received and/or pledged.
Derivatives, Policy [Policy Text Block]	Derivatives, at Fair Value
	We recognize all derivatives as either assets or liabilities at fair value on our condensed balance sheets. We do not designate our derivatives as cash flow hedges, which, among other factors, would require us to match the pricing dates of both derivatives and repurchase agreements. Operational issues and credit market volatility make such matching impractical for us.  Since we have not elected cash flow hedge accounting treatment as allowed by GAAP, all changes in the fair values of our derivatives are reflected in our condensed statements of operations. Accordingly, our operating results may reflect greater volatility than otherwise would be the case, because gains or losses on derivatives may not be offset by changes in the fair value or cash flows of the transaction within the same accounting period or ever. Consequently, any declines in the fair value of our derivatives result in a charge to earnings. We will continue to designate derivatives as hedges for tax purposes and any unrealized derivative gains or losses would not affect our distributable net taxable income.
Linked Transactions [Policy Text Block]	Linked Transactions
	The initial purchase of Non-Agency Securities and the related contemporaneous repurchase financing of such MBS with the same counterparty are considered part of the same arrangement, or a “Linked Transaction,” when certain criteria are met. The components of a Linked Transaction are evaluated on a combined basis and in totality, accounted for as a forward contract and reported as “Linked Transactions” on our condensed balance sheets. Changes in the fair value of the assets and liabilities underlying Linked Transactions and associated interest income and expense are reported as “unrealized net gains (losses) and net interest income from Linked Transactions” on our condensed statements of operations and are not included in other comprehensive income. When certain criteria are met, the initial transfer (i.e., the purchase of a security) and repurchase financing will no longer be treated as a Linked Transaction and will be evaluated and reported separately, as a MBS purchase and repurchase financing.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Credit Risk
	We have limited our exposure to credit losses on our Agency Securities in our MBS portfolio. The payment of principal and interest on the Fannie Mae and Freddie Mac Agency Securities are guaranteed by those respective agencies and the payment of principal and interest on the Ginnie Mae Agency Securities are backed by the full faith and credit of the U.S. Government.
	In September 2008, both Fannie Mae and Freddie Mac were placed in the conservatorship of the U.S. Government.  On August 5, 2011, Standard & Poor’s Corporation downgraded the U.S. Government’s credit rating from AAA to AA+ and on August 8, 2011, Fannie Mae and Freddie Mac’s credit ratings were downgraded from AAA to AA+.  Fannie Mae and Freddie Mac remain in conservatorship of the U.S. Government. There can be no assurances as to how or when the U.S. Government will end these conservatorships or how the future profitability of Fannie Mae and Freddie Mac and any future credit rating actions may impact the credit risk associated with Agency Securities and, therefore, the value of the Agency Securities in our MBS portfolio.
	We purchase Non-Agency Securities at prices which incorporate our expectations for prepayment speeds, defaults, delinquencies and severities. These expectations determine the yields we receive on our assets. If actual prepayment speeds, defaults, delinquencies and severities are different from our expectations, our actual yields could be higher or lower.
Market Risk [Policy Text Block]	Market Risk
	Weakness in the mortgage market may adversely affect the performance and market value of our investments. This could negatively impact our book value. Furthermore, if our lenders are unwilling or unable to provide additional financing, we could be forced to sell our MBS at an inopportune time when prices are depressed.
Preferred Stock [Policy Text Block]	Preferred Stock
	We are authorized to issue 25,000,000 shares of preferred stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors ("Board") or a committee thereof. We have not issued any preferred stock to date.
Stockholders' Equity, Policy [Policy Text Block]	Common Stock
	At September 30, 2013, we were authorized to issue up to 250,000,000 shares of common stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board. We had 13,500,050 shares of common stock issued and outstanding at September 30, 2013 and 7,500,050 issued and outstanding at December 31, 2012.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition
	Interest income is earned and recognized on Agency Securities based on their unpaid principal amounts and their contractual terms. Premiums and discounts associated with the purchase of Agency Securities are amortized or accreted into interest income over the actual lives of the securities.
	Interest income on Non-Agency Securities is recognized using the effective yield method over the life of the securities based on the future cash flows expected to be received. Future cash flow projections and related effective yields are determined for each security and updated quarterly. Other than temporary impairments, which establish a new cost basis in the security for purposes of calculating effective yields, are recognized when the fair value of a security is less than its cost basis and there has been an adverse change in the future cash flows expected to be received. Other changes in future cash flows expected to be received are recognized prospectively over the remaining life of the security.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income (loss)
	Comprehensive income (loss) refers to changes in equity during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
Reclassification, Policy [Policy Text Block]	Reclassification
	Cash collateral positions have been presented separately in the December 31, 2012 balance sheet to conform to the current presentation. No other reclassifications have been made to previously reported amounts.

Note_3_Summary_of_Significant_1

Note 3 - Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]		Assets at		Liabilities at
		Fair Value (1)		Fair Value (1)
		(in thousands)
	MBS	$	9,446	$	(9,346	)
	Interest rate swap contracts		-		(35,481	)
	Interest rate swaptions		-		(8,058	)
	Totals	$	9,446	$	(52,885	)
		Assets at		Liabilities at
		Fair Value (1)		Fair Value (1)
		(in thousands)
	Interest rate swap contracts	$	273	$	-
	Interest rate swaptions		-		(1,426	)
	Totals	$	273	$	(1,426	)

Note_5_Fair_Value_of_Financial1

Note 5 - Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]		Quoted			Significant Observable			Significant Unobservable			Balance at
		Prices in			Inputs			Inputs			September 30,
		Active			(Level 2)			(Level 3)			2013
		Markets for Identical
		Assets
		(Level 1)
		(in thousands)
	Assets at Fair Value:
	Agency Securities, available for sale	$	-		$	1,275,843		$	-		$	1,275,843
	Non-Agency Securities, trading	$	-		$	-		$	145,965		$	145,965
	Linked Transactions	$	-		$	19,815		$	-		$	19,815
	Derivatives	$	-		$	46,263		$	-		$	46,263
		Quoted			Significant Observable			Significant Unobservable			Balance at December 31,
		Prices in			Inputs			Inputs			2012
		Active			(Level 2)			(Level 3)
		Markets for Identical
		Assets
		(Level 1)
		(in thousands)
	Assets at Fair Value:
	Agency Securities, available for sale	$	-		$	1,112,358		$	-		$	1,112,358
	Non-Agency Securities, trading	$	-		$	-		$	129,946		$	129,946
	Derivatives	$	-		$	4,940		$	-		$	4,940
	Liabilities at Fair Value:
	Derivatives	$	-		$	365		$	-		$	365
Carrying Values and Fair Values of Financial Assets and Liabilities [Table Text Block]		At September 30, 2013						Fair Value Measurements using:
		Carrying			Fair			Quoted Prices			Significant Observable		Significant Unobservable
		Value			Value			in Active			Inputs		Inputs
								Markets for Identical			(Level 2)		(Level 3)
								Assets
								(Level 1)
		(in thousands)
	Financial Assets:
	Cash	$	33,305		$	33,305		$	33,305		$	-	$	-
	Cash collateral posted	$	9,446		$	9,446		$	-		$	9,446	$	-
	Accrued interest receivable	$	3,569		$	3,569		$	-		$	3,569	$	-
	Financial Liabilities:
	Repurchase agreements	$	1,285,034		$	1,285,034		$	-		$	1,285,034	$	-
	Cash collateral held	$	52,885		$	52,885		$	-		$	52,885	$	-
	Accrued interest payable	$	712		$	712		$	-		$	712	$	-
		At December 31, 2012						Fair Value Measurements using:
		Carrying			Fair			Quoted Prices			Significant Observable		Significant Unobservable
		Value			Value			in Active			Inputs		Inputs
								Markets for Identical			(Level 2)		(Level 3)
								Assets
								(Level 1)
		(in thousands)
	Financial Assets:
	Cash	$	36,316		$	36,316		$	36,316		$	-	$	-
	Cash collateral posted	$	273		$	273		$	-		$	273	$	-
	Accrued interest receivable	$	2,759		$	2,759		$	-		$	2,759	$	-
	Financial Liabilities:
	Repurchase agreements	$	1,135,830		$	1,135,830		$	-		$	1,135,830	$	-
	Cash collateral held	$	1,426		$	1,426		$	-		$	1,426	$	-
	Accrued interest payable	$	844		$	844		$	-		$	844	$	-
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]		For the			For the
		Quarter			Nine Months Ended
		Ended			30-Sep-13
		30-Sep-13
		(in thousands)
	Balance, beginning of period	$	148,953		$	129,946
	Purchase of securities, at cost		3,056			36,332
	Principal repayments		(6,649	)		(16,895	)
	Net gain (loss)		735			(2,691	)
	Discount accretion		(130	)		(727	)
	Balance, end of period	$	145,965		$	145,965
	Net gains (losses) for outstanding Level 3 Assets	$	735		$	(2,691	)
Range of Estimates of Cumulative Default and Loss Severities and Discount Rates [Table Text Block]	Unobservable	Minimum			Weighted			Maximum
	Level 3 Input				Average
	Cumulative default		-	%		9.52	%		32.9	%
	Loss severity (life)		9.2	%		38.36	%		54.6	%
	Discount rate		3.71	%		5.66	%		8.97	%
	Delinquency (life)		0.9	%		14.41	%		22.3	%
	Voluntary prepayments (life)		6.9	%		9.77	%		14	%
	Unobservable	Minimum			Weighted			Maximum
	Level 3 Input				Average
	Cumulative default		6.28	%		17.65	%		26.26	%
	Loss severity (life)		36.7	%		48.52	%		56	%
	Discount rate		4.5	%		5.17	%		5.54	%
	Delinquency (life)		13.5	%		22.56	%		33.6	%
	Voluntary prepayments (life)		4.6	%		8.3	%		11.4	%

Note_6_Agency_Securities_Avail1

Note 6 - Agency Securities, Available for Sale (Tables)	9 Months Ended
	Sep. 30, 2013
Angency Securities [Member]
Note 6 - Agency Securities, Available for Sale (Tables) [Line Items]
Available-for-sale Securities [Table Text Block]	30-Sep-13	Fannie			Freddie			Total
		Mae			Mac			Agency
								Securities
		(in thousands)
	Principal amount	$	980,458		$	281,574		$	1,262,032
	Net unamortized premium		54,263			16,633			70,896
	Amortized cost		1,034,721			298,207			1,332,928
	Unrealized gains		137			-			137
	Unrealized losses		(40,392	)		(16,830	)		(57,222	)
	Fair value	$	994,466		$	281,377		$	1,275,843
	31-Dec-12	Fannie			Freddie			Total
		Mae			Mac			Agency
								Securities
		(in thousands)
	Principal amount	$	651,867		$	403,589		$	1,055,456
	Net unamortized premium		38,683			22,821			61,504
	Amortized cost		690,550			426,410			1,116,960
	Unrealized gains		86			4			90
	Unrealized losses		(2,480	)		(2,212	)		(4,692	)
	Fair value	$	688,156		$	424,202		$	1,112,358
Investments Classified by Contractual Maturity Date [Table Text Block]		30-Sep-13						31-Dec-12
		(in thousands)
	Weighted Average Life of all Agency Securities	Fair Value			Amortized			Fair Value			Amortized
					Cost						Cost
	Less than one year	$	-		$	-		$	-		$	-
	Greater than or equal to one year and less than three years		-			-			-			-
	Greater than or equal to three years and less than five years		31,956			32,692			638,744			641,231
	Greater than or equal to five years		1,243,887			1,300,236			473,614			475,729
	Total Agency Securities	$	1,275,843		$	1,332,928		$	1,112,358		$	1,116,960
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]		Unrealized Loss Position For:
		(in thousands)
		Less than 12 Months						12 Months or More						Total
	As of	Fair Value			Unrealized			Fair Value			Unrealized			Fair Value		Unrealized
					Losses						Losses					Losses
	30-Sep-13	$	1,235,161		$	(57,222	)	$	-		$	-		$	1,235,161	$	(57,222	)
	31-Dec-12	$	1,032,421		$	(4,692	)	$	-		$	-		$	1,032,421	$	(4,692	)
Non-Agency Securities [Member]
Note 6 - Agency Securities, Available for Sale (Tables) [Line Items]
Investments Classified by Contractual Maturity Date [Table Text Block]		30-Sep-13						31-Dec-12
		(in thousands)
	Weighted Average Life of all Non-Agency Securities	Fair Value			Amortized			Fair Value			Amortized
					Cost						Cost
	Less than one year	$	-		$	-		$	-		$	-
	Greater than or equal to one year and less than three years		-			-			-			-
	Greater than or equal to three years and less than five years		21,582			21,698			5,763			5,678
	Greater than or equal to five years		124,383			122,388			124,183			121,359
	Total Non-Agency Securities	$	145,965		$	144,086		$	129,946		$	127,037
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]		Unrealized Loss Position For:
		(in thousands)
		Less than 12 months						12 Months or More						Total
	As of	Fair Value			Unrealized			Fair Value			Unrealized			Fair Value		Unrealized
					Losses						Losses					Losses
	30-Sep-13	$	48,078		$	(1,236	)	$	-		$	-		$	48,078	$	(1,236	)
	31-Dec-12	$	-		$	-		$	-		$	-		$	-	$	-
Trading Securities [Table Text Block]		Non-Agency Securities
		(in thousands)
	30-Sep-13	Fair Value			Amortized			Principal			Weighted
					Cost			Amount			Average
											Coupon
	Prime/Alt-A	$	145,965		$	144,086		$	176,954			4.17	%
		Non-Agency Securities
		(in thousands)
	31-Dec-12	Fair Value			Amortized			Principal			Weighted
					Cost			Amount			Average
											Coupon
	Prime/Alt-A	$	129,946		$	127,037		$	156,957			5.29	%

Note_8_Linked_Transactions_Tab

Note 8 - Linked Transactions (Tables)	9 Months Ended
	Sep. 30, 2013
Linked Transactions Disclosure [Abstract]
Non-Agency Securities and Repurchase Agreements Underlying Linked Transactions [Table Text Block]	Linked Repurchase Agreements							Linked Non-Agency Securities
	Maturity or Repricing	Balance			Weighted Average Interest			Non-Agency MBS	Fair Value		Amortized		Par/Current		Weighted Average Coupon
					Rate						Cost		Face		Rate
	Within 30 days	$	5,301			1.94	%	Prime	$	92,384	$	93,152	$	97,761		2.98	%
	31 days to 60 days		23,386			1.41		Alt/A		28,814		28,720		36,946		4.7
	61 days to 90 days		66,229			1.04		Total	$	121,198	$	121,872	$	134,707		3.39	%
	Greater than 90 days		6,467			2
	Total	$	101,383			1.23	%
Schedule of Other Nonoperating Income (Expense) [Table Text Block]	Unrealized Net Gain (Loss) and Net Interest Income from Linked Transactions	For the Quarter			For the Nine Months Ended September 30, 2013
		Ended September 30, 2013
		(dollars in thousands)
	Interest income attributable to MBS underlying Linked Transactions	$	854		$	893
	Interest expense attributable to linked repurchase agreements underlying Linked Transactions		(170	)		(179	)
	Change in fair value of Linked Transactions included in earnings		40			(2,287	)
	Unrealized net gain (loss) and net interest income from Linked Transactions	$	724		$	(1,573	)

Note_9_Repurchase_Agreements_T

Note 9 - Repurchase Agreements (Tables)	9 Months Ended
	Sep. 30, 2013
Initial [Member]
Note 9 - Repurchase Agreements (Tables) [Line Items]
Schedule of Repurchase Agreements [Table Text Block]		Repurchase Agreements		Weighted			Weighted		Haircut for
		(in thousands)		Average			Average		Repurchase Agreements (1)
				Contractual			Maturity
				Rate			in days
	Agency Securities	$	1,176,849		0.39	%		39		4.95	%
	Non-Agency Securities		108,185		1.58			54		20.63
	Total	$	1,285,034		0.49	%		40		6.27	%
		Repurchase Agreements		Weighted			Weighted		Haircut for
		(in thousands)		Average			Average		Repurchase Agreements (1)
				Contractual Rate			Maturity in
							days
	Agency Securities	$	1,033,496		0.48	%		43		4.83	%
	Non-Agency Securities		102,334		2.07			25		22.35
	Total	$	1,135,830		0.62	%		41		6.4	%
Additional [Member]
Note 9 - Repurchase Agreements (Tables) [Line Items]
Schedule of Repurchase Agreements [Table Text Block]	Maturing or Repricing	September 30,		December 31,
		2013		2012
		(in thousands)
	Within 30 days	$	504,587	$	280,435
	31 days to 60 days		591,792		629,311
	61 days to 90 days		186,380		226,084
	Greater than 90 days		2,275		-
	Total	$	1,285,034	$	1,135,830

Note_10_Derivatives_Tables

Note 10 - Derivatives (Tables)	9 Months Ended
	Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments [Table Text Block]			Notional				Assets at					Liabilities at
			Amount				Fair Value (1)					Fair Value (1)
							(in thousands)
	Interest rate swap contracts	$	801,250			$	35,481				$	-
	Interest rate swaptions		130,000				10,782					-
	Totals	$	931,250			$	46,263				$	-
		Notional				Assets at					Liabilities at
		Amount				Fair Value (1)					Fair Value (1)
		(in thousands)
	Interest rate swap contracts	$	325,000			$	395				$	(365	)
	Interest rate swaptions		130,000				4,545					-
	Totals	$	455,000			$	4,940				$	(365	)
Potential Effects of Netting Derivative Instruments on the Balance Sheets [Table Text Block]						Gross Amounts Not Offset
						in the
						Condensed Balance Sheet
	Assets	Gross Amounts				Financial				Cash				Net Amount
		of Assets				Instruments				Collateral
		Presented in the Condensed								Held
		Balance Sheet
		(in thousands)
	Interest rate swap contracts	$	35,481			$	-			$	(35,481	)		$	-
	Interest rate swaptions		10,782				-				(8,058	)			2,724
	Totals	$	46,263			$	-			$	(43,539	)		$	2,724
						Gross Amounts Not Offset in the
						Condensed Balance Sheet
	Assets	Gross Amounts of Assets Presented in the Condensed Balance Sheet				Financial Instruments				Cash Collateral Held				Net Amount
		(in thousands)
	Interest rate swap contracts	$	395			$	(92	)		$	-			$	303
	Interest rate swaptions		4,545				-				(1,426	)			3,119
	Totals	$	4,940			$	(92	)		$	(1,426	)		$	3,422
						Gross Amounts Not Offset in the
						Condensed Balance Sheet
	Liabilities	Gross Amounts of Liabilities Presented				Financial Instruments				Cash				Net Amount
		in the Condensed								Collateral
		Balance Sheet								Posted
		(in thousands)
	Interest rate swap contracts	$	(365	)		$	92			$	273			$	-
	Totals	$	(365	)		$	92			$	273			$	-
Derivative Instruments, Gain (Loss) [Table Text Block]				Income (Loss) Recognized (in thousands)
	Derivatives	Location on condensed statements of operations		For the Quarter Ended September 30, 2013				For the Nine Months Ended September 30, 2013
	Interest rate swap contracts:
	Interest income	Realized loss on derivatives		$	212			$	530
	Interest expense	Realized loss on derivatives			(2,885	)			(6,142	)
	Changes in fair value	Unrealized gain on derivatives			572				40,657
				$	(2,101	)		$	35,045
	Interest rate swaptions:
	Changes in fair value	Unrealized gain on derivatives			(303	)			6,237
				$	(303	)		$	6,237
	Totals			$	(2,404	)		$	41,282

Note_13_Stockholders_Equity_Ta

Note 13 - Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity Note [Abstract]
Dividends Transactions [Table Text Block]	Record Date	Payment Date		Rate per			Aggregate
				common share			amount paid to
							holders of record
							(in thousands)
	15-Jan-13	30-Jan-13		$	0.23		$	1,725
	15-Feb-13	27-Feb-13		$	0.23		$	1,725
	15-Mar-13	27-Mar-13		$	0.23		$	1,725
	15-Apr-13	29-Apr-13		$	0.23		$	1,725
	15-May-13	30-May-13		$	0.23		$	3,105
	14-Jun-13	27-Jun-13		$	0.23		$	3,105
	15-Jul-13	30-Jul-13		$	0.23		$	3,105
	15-Aug-13	29-Aug-13		$	0.23		$	3,105
	16-Sep-13	27-Sep-13		$	0.23		$	3,105
Equity Transactions [Table Text Block]	Transaction Type		Completion Date		Number of			Per Share		Net Proceeds
					Shares			price		(in thousands)
	Common stock follow-on public offering		13-May-13			6,000,000		$	18.93	$	113,188

Note_15_Income_Taxes_Tables

Note 15 - Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2013
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]		For the			For the Nine
		Quarter			Months
		Ended			Ended
		September			September
		30, 2013			30, 2013
		(in thousands)
	GAAP net income (loss)	$	(37,217	)	$	11,995
	Book to tax differences:
	Net book/tax differences on Non-Agency Securities and Linked Transactions		(70	)		6,564
	Net capital losses carried forward		44,815			47,921
	Unrealized gain on derivatives		(268	)		(46,894	)
	Other		-			2
	Estimated taxable income	$	7,260		$	19,588

Note_2_Organization_and_Nature1

Note 2 - Organization and Nature of Business Operations (Details) (USD $)	0 Months Ended	1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 03, 2012	Jun. 30, 2012	Sep. 30, 2012	Sep. 30, 2013	Dec. 31, 2012	Nov. 02, 2012	Sep. 24, 2012
Note 2 - Organization and Nature of Business Operations (Details) [Line Items]
Proceeds from Contributed Capital (in Dollars)		$1,000	$1,000
Stock Issued During Period, Shares, New Issues		50		6,000,000
Common Stock, Par or Stated Value Per Share (in Dollars per share)				$0.00	$0.00		$0.00
Common Stock, Shares Authorized (in Shares)		1,000		250,000,000	250,000,000		250,000,000
Preferred Stock, Shares Authorized (in Shares)				25,000,000	25,000,000		25,000,000
Preferred Stock, Par or Stated Value Per Share (in Dollars per share)				$0.00	$0.00		$0.00
Shares Issued, Price Per Share (in Dollars per share)	$20			$18.93
Proceeds from Issuance of Common Stock (in Dollars)	$150,000,000			$113,188,000
Over-Allotment Option to Purchase Additional Common Stock						1,087,500
IPO [Member]
Note 2 - Organization and Nature of Business Operations (Details) [Line Items]
Stock Issued During Period, Shares, New Issues	7,250,000
Private Placement [Member]
Note 2 - Organization and Nature of Business Operations (Details) [Line Items]
Stock Issued During Period, Shares, New Issues	250,000

Note_3_Summary_of_Significant_2

Note 3 - Summary of Significant Accounting Policies (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 24, 2012	Jun. 30, 2012
Accounting Policies [Abstract]
Preferred Stock, Shares Authorized (in Shares)	25,000,000	25,000,000	25,000,000
Preferred Stock, Par or Stated Value Per Share (in Dollars per share)	$0.00	$0.00	$0.00
Common Stock, Shares Authorized (in Shares)	250,000,000	250,000,000	250,000,000	1,000
Common Stock, Par or Stated Value Per Share (in Dollars per share)	$0.00	$0.00	$0.00
Common Stock, Shares, Outstanding (in Shares)	13,500,050	7,500,050

Note_3_Summary_of_Significant_3

Note 3 - Summary of Significant Accounting Policies (Details) - Information Related to Net Margin Collateral Posted (Held) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Financial Instruments Owned and Pledged as Collateral [Line Items]
Assets at Fair Value	$9,446	[1]	$273	[1]
Liabilities at Fair Value	-52,885	[1]	-1,426	[1]
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Assets at Fair Value	9,446	[1]
Liabilities at Fair Value	-9,346	[1]
Interest Rate Swap [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Assets at Fair Value		[1]	273	[1]
Liabilities at Fair Value	-35,481	[1]		[1]
Swaption [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Assets at Fair Value		[1]		[1]
Liabilities at Fair Value	($8,058)	[1]	($1,426)	[1]
[1]	See Note 5, "Fair Value of Financial Instruments" for additional discussion.

Note_5_Fair_Value_of_Financial2

Note 5 - Fair Value of Financial Instruments (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Note 5 - Fair Value of Financial Instruments (Details) [Line Items]
Trading Securities, Debt	$145,965	$129,946
Fair Value, Inputs, Level 3 [Member]
Note 5 - Fair Value of Financial Instruments (Details) [Line Items]
Trading Securities, Debt	$146,000	$129,900

Note_5_Fair_Value_of_Financial3

Note 5 - Fair Value of Financial Instruments (Details) - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $)	Sep. 30, 2013		Jun. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Note 5 - Fair Value of Financial Instruments (Details) - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Agency Securities, available for sale	$1,275,843			$1,112,358
Non-Agency Securities, trading	145,965		148,953	129,946
Linked Transactions	19,815
Derivatives	46,263	[1]		4,940	[1]
Derivatives		[1]		365	[1]
Fair Value, Inputs, Level 2 [Member]
Note 5 - Fair Value of Financial Instruments (Details) - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Agency Securities, available for sale	1,275,843			1,112,358
Linked Transactions	19,815
Derivatives	46,263			4,940
Derivatives				365
Fair Value, Inputs, Level 3 [Member]
Note 5 - Fair Value of Financial Instruments (Details) - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Non-Agency Securities, trading	$145,965			$129,946
[1]	See Note 5, "Fair Value of Financial Instruments" for additional discussion.

Note_5_Fair_Value_of_Financial4

Note 5 - Fair Value of Financial Instruments (Details) - Carrying Values and Fair Values of Financial Assets and Liabilities (USD $)	Sep. 30, 2013		Dec. 31, 2012		Sep. 30, 2012
In Thousands, unless otherwise specified
Financial Assets:
Cash	$33,305		$36,316		$1
Cash	33,305		36,316
Cash collateral posted	9,446	[1]	273	[1]
Accrued interest receivable	3,569		2,759
Accrued interest receivable	3,569		2,759
Financial Liabilities:
Repurchase agreements, net	1,285,034		1,135,830
Repurchase agreements, net	1,285,034		1,135,830
Cash collateral held	52,885	[1]	1,426	[1]
Accrued interest payable	712		844
Accrued interest payable	712		844
Fair Value, Inputs, Level 1 [Member]
Financial Assets:
Cash	33,305		36,316
Fair Value, Inputs, Level 2 [Member]
Financial Assets:
Cash collateral posted	9,446		273
Accrued interest receivable	3,569		2,759
Financial Liabilities:
Repurchase agreements, net	1,285,034		1,135,830
Cash collateral held	52,885		1,426
Accrued interest payable	$712		$844
[1]	See Note 5, "Fair Value of Financial Instruments" for additional discussion.

Note_5_Fair_Value_of_Financial5

Note 5 - Fair Value of Financial Instruments (Details) - Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis [Abstract]
Balance, beginning of period	$148,953	$129,946
Purchase of securities, at cost	3,056	36,332
Principal repayments	-6,649	-16,895
Net gain (loss)	735	-2,691
Discount accretion	-130	-727
Balance, end of period	145,965	145,965
Net gains (losses) for outstanding Level 3 Assets	$735	($2,691)

Note_5_Fair_Value_of_Financial6

Note 5 - Fair Value of Financial Instruments (Details) - Range of Estimates of Cumulative Default and Loss Severities and Discount Rates (Fair Value, Inputs, Level 3 [Member])	6 Months Ended	9 Months Ended
	Dec. 31, 2012	Sep. 30, 2013
Minimum [Member]
Note 5 - Fair Value of Financial Instruments (Details) - Range of Estimates of Cumulative Default and Loss Severities and Discount Rates [Line Items]
Cumulative default	6.28%	0.00%
Loss Severity (Life)	36.70%	9.20%
Discount rate	4.50%	3.71%
Delinquency (life)	13.50%	0.90%
Voluntary prepayments (life)	4.60%	6.90%
Weighted Average [Member]
Note 5 - Fair Value of Financial Instruments (Details) - Range of Estimates of Cumulative Default and Loss Severities and Discount Rates [Line Items]
Cumulative default	17.65%	9.52%
Loss Severity (Life)	48.52%	38.36%
Discount rate	5.17%	5.66%
Delinquency (life)	22.56%	14.41%
Voluntary prepayments (life)	8.30%	9.77%
Maximum [Member]
Note 5 - Fair Value of Financial Instruments (Details) - Range of Estimates of Cumulative Default and Loss Severities and Discount Rates [Line Items]
Cumulative default	26.26%	32.90%
Loss Severity (Life)	56.00%	54.60%
Discount rate	5.54%	8.97%
Delinquency (life)	33.60%	22.30%
Voluntary prepayments (life)	11.40%	14.00%

Note_6_Agency_Securities_Avail2

Note 6 - Agency Securities, Available for Sale (Details) (USD $)	3 Months Ended	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012
Note 6 - Agency Securities, Available for Sale (Details) [Line Items]
Agency Securities, Fixed Rate Securities, Weighted Average Coupon	3.40%	3.40%	3.14%
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds (in Dollars)	$554.40	$554.40
Available-for-sale Securities, Gross Realized Losses (in Dollars)	$48.60	$48.60
MBS Portfolio [Member]
Note 6 - Agency Securities, Available for Sale (Details) [Line Items]
Percentage of Portfolio Invested in Agency Securities	89.70%	89.70%	89.50%
Percentage of Portfolio Invested in Non-Agency Securities	10.30%	10.30%	10.50%
MBS Portfolio Inclusive of Non-Agency Securities Underlying Linked Transactions [Member]
Note 6 - Agency Securities, Available for Sale (Details) [Line Items]
Percentage of Portfolio Invested in Agency Securities	82.70%	82.70%
Overall Investment in Non-Agency Securities Including Those Underlying Linked Transactions [Member]
Note 6 - Agency Securities, Available for Sale (Details) [Line Items]
Percentage of Portfolio Invested in Non-Agency Securities	17.30%	17.30%

Note_6_Agency_Securities_Avail3

Note 6 - Agency Securities, Available for Sale (Details) - Unrealized Gain or Loss Position and Components of Carrying Value of Available for Sale Agency Securities (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Principal Amount	$1,262,032	$1,055,456
Net unamortized premium	70,896	61,504
Amortized cost	1,332,928	1,116,960
Unrealized gains	137	90
Unrealized losses	-57,222	-4,692
Fair value	1,275,843	1,112,358
Fannie Mae [Member]
Schedule of Available-for-sale Securities [Line Items]
Principal Amount	980,458	651,867
Net unamortized premium	54,263	38,683
Amortized cost	1,034,721	690,550
Unrealized gains	137	86
Unrealized losses	-40,392	-2,480
Fair value	994,466	688,156
Freddie Mac [Member]
Schedule of Available-for-sale Securities [Line Items]
Principal Amount	281,574	403,589
Net unamortized premium	16,633	22,821
Amortized cost	298,207	426,410
Unrealized gains		4
Unrealized losses	-16,830	-2,212
Fair value	$281,377	$424,202

Note_6_Agency_Securities_Avail4

Note 6 - Agency Securities, Available for Sale (Details) - Summary of Weighted Average Lives of Agency Securities (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Summary of Weighted Average Lives of Agency Securities [Abstract]
Greater than or equal to three years and less than five years	$31,956	$638,744
Greater than or equal to three years and less than five years	32,692	641,231
Greater than or equal to five years	1,243,887	473,614
Greater than or equal to five years	1,300,236	475,729
Total Agency Securities	1,275,843	1,112,358
Total Agency Securities	$1,332,928	$1,116,960

Note_6_Agency_Securities_Avail5

Note 6 - Agency Securities, Available for Sale (Details) - Unrealized Losses and Estimated Fair Value of Agency Securities (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Unrealized Losses and Estimated Fair Value of Agency Securities [Abstract]
Less than 12 months - Fair Value	$1,235,161	$1,032,421
Less than 12 months - Unrealized Losses	-57,222	-4,692
Total - Fair Value	1,235,161	1,032,421
Total - Unrealized Losses	($57,222)	($4,692)

Note_7_NonAgency_Securities_Tr

Note 7 - Non-Agency Securities, Trading (Details) - Non-Agency Securities (USD $)	6 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Sep. 30, 2013	Jun. 30, 2013
Non-Agency Securities [Abstract]
Fair Value	$129,946	$145,965	$148,953
Amortized Cost	127,037	144,086
Principal Amount	$156,957	$176,954
Weighted Average Coupon	5.29%	4.17%

Note_7_NonAgency_Securities_Tr1

Note 7 - Non-Agency Securities, Trading (Details) - Summary of Weighted Average Lives of Non-Agency Securities (USD $)	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Summary of Weighted Average Lives of Non-Agency Securities [Abstract]
Greater than or equal to three years and less than five years	$21,582		$5,763
Greater than or equal to three years and less than five years	21,698		5,678
Greater than or equal to five years	124,383		124,183
Greater than or equal to five years	122,388		121,359
Total Non-Agency Securities	145,965	148,953	129,946
Total Non-Agency Securities	$144,086		$127,037

Note_7_NonAgency_Securities_Tr2

Note 7 - Non-Agency Securities, Trading (Details) - Unrealized Losses and Estimated Fair Value of Non-Agency Securities (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Note 7 - Non-Agency Securities, Trading (Details) - Unrealized Losses and Estimated Fair Value of Non-Agency Securities [Line Items]
Fair Value - Less than 12 months	$1,235,161	$1,032,421
Unrealized Losses - Less than 12 months	-57,222	-4,692
Fair Value - Total	1,235,161	1,032,421
Unrealized Losses - Total	-57,222	-4,692
Non-Agency Securities [Member]
Note 7 - Non-Agency Securities, Trading (Details) - Unrealized Losses and Estimated Fair Value of Non-Agency Securities [Line Items]
Fair Value - Less than 12 months	48,078
Unrealized Losses - Less than 12 months	-1,236
Fair Value - Total	48,078
Unrealized Losses - Total	($1,236)

Note_8_Linked_Transactions_Det

Note 8 - Linked Transactions (Details) (MBS Portfolio [Member])	Sep. 30, 2013
MBS Portfolio [Member]
Note 8 - Linked Transactions (Details) [Line Items]
Percentage of Portfolio Invested in Non-Agency Securities Underlying Linked Transactions	7.90%

Note_8_Linked_Transactions_Det1

Note 8 - Linked Transactions (Details) - Non-Agency Securities and Repurchase Agreements Underlying Linked Transactions (USD $)	6 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Sep. 30, 2013
Note 8 - Linked Transactions (Details) - Non-Agency Securities and Repurchase Agreements Underlying Linked Transactions [Line Items]
Linked Repurchase Agreements - Balance	$1,135,830	$1,285,034
Linked Repurchase Agreements - Weighted Average Interest Rate	0.62%	0.49%
Linked Non-Agency Securities - Fair Value	129,946	145,965
Linked Non-Agency Securities - Amortized Cost	127,037	144,086
Linked Non-Agency Securities - Par/Current Face	156,957	176,954
Linked Non-Agency Securities - Weighted Average Coupon Rate	5.29%	4.17%
Within 30 Days [Member] | Linked Transactions [Member]
Note 8 - Linked Transactions (Details) - Non-Agency Securities and Repurchase Agreements Underlying Linked Transactions [Line Items]
Linked Repurchase Agreements - Balance		5,301
Linked Repurchase Agreements - Weighted Average Interest Rate		1.94%
Linked Non-Agency Securities - Fair Value		92,384
Linked Non-Agency Securities - Amortized Cost		93,152
Linked Non-Agency Securities - Par/Current Face		97,761
Linked Non-Agency Securities - Weighted Average Coupon Rate		2.98%
From 31 to 60 Days [Member] | Linked Transactions [Member]
Note 8 - Linked Transactions (Details) - Non-Agency Securities and Repurchase Agreements Underlying Linked Transactions [Line Items]
Linked Repurchase Agreements - Balance		23,386
Linked Repurchase Agreements - Weighted Average Interest Rate		1.41%
Linked Non-Agency Securities - Fair Value		28,814
Linked Non-Agency Securities - Amortized Cost		28,720
Linked Non-Agency Securities - Par/Current Face		36,946
Linked Non-Agency Securities - Weighted Average Coupon Rate		4.70%
From 61 to 90 Days [Member] | Linked Transactions [Member]
Note 8 - Linked Transactions (Details) - Non-Agency Securities and Repurchase Agreements Underlying Linked Transactions [Line Items]
Linked Repurchase Agreements - Balance		66,229
Linked Repurchase Agreements - Weighted Average Interest Rate		1.04%
Linked Non-Agency Securities - Fair Value		121,198
Linked Non-Agency Securities - Amortized Cost		121,872
Linked Non-Agency Securities - Par/Current Face		134,707
Linked Non-Agency Securities - Weighted Average Coupon Rate		3.39%
Greater than 90 Days [Member] | Linked Transactions [Member]
Note 8 - Linked Transactions (Details) - Non-Agency Securities and Repurchase Agreements Underlying Linked Transactions [Line Items]
Linked Repurchase Agreements - Balance		6,467
Linked Repurchase Agreements - Weighted Average Interest Rate		2.00%
Linked Transactions [Member]
Note 8 - Linked Transactions (Details) - Non-Agency Securities and Repurchase Agreements Underlying Linked Transactions [Line Items]
Linked Repurchase Agreements - Balance		$101,383
Linked Repurchase Agreements - Weighted Average Interest Rate		1.23%

Note_8_Linked_Transactions_Det2

Note 8 - Linked Transactions (Details) - Unrealized Net Gain (Loss) and Net Interest Income from Linked Transactions (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Unrealized Net Gain (Loss) and Net Interest Income from Linked Transactions [Abstract]
Interest income attributable to MBS underlying Linked Transactions	$854	$893
Interest expense attributable to linked repurchase agreements underlying Linked Transactions	-170	-179
Change in fair value of Linked Transactions included in earnings	40	-2,287
Unrealized net gain (loss) and net interest income from Linked Transactions	$724	($1,573)

Note_9_Repurchase_Agreements_D

Note 9 - Repurchase Agreements (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012
Note 9 - Repurchase Agreements (Details) [Line Items]
Repurchase Agreements, Number of Counterparties	27	27	26
Securities Sold under Agreements to Repurchase	$1,285,034,000	$1,285,034,000	$1,135,830,000
Amount of U.S. Treasury Securities Sold Short		301,500,000
Amount of U.S. Treasury Securities Repurchased	230,800,000	300,900,000
Realized Gain (Loss) on Short Sale of U.S. Treasury Securities	$3,739,000	$633,000
Outstanding Borrowings [Member]
Note 9 - Repurchase Agreements (Details) [Line Items]
Repurchase Agreements, Number of Counterparties	21	21	18

Note_9_Repurchase_Agreements_D1

Note 9 - Repurchase Agreements (Details) - Repurchase Agreements Information (USD $)	6 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012		Sep. 30, 2013
Note 9 - Repurchase Agreements (Details) - Repurchase Agreements Information [Line Items]
Repurchase Agreements (in Dollars)	$1,135,830		$1,285,034
Weighted Average Contractual Rate	0.62%		0.49%
Weighted Average Maturity in days	41 days		40 days
Haircut for Repurchase Agreements	6.40%	[1]	6.27%	[1]
Angency Securities [Member]
Note 9 - Repurchase Agreements (Details) - Repurchase Agreements Information [Line Items]
Repurchase Agreements (in Dollars)	1,033,496		1,176,849
Weighted Average Contractual Rate	0.48%		0.39%
Weighted Average Maturity in days	43 days		39 days
Haircut for Repurchase Agreements	4.83%	[1]	4.95%	[1]
Non-Agency Securities [Member]
Note 9 - Repurchase Agreements (Details) - Repurchase Agreements Information [Line Items]
Repurchase Agreements (in Dollars)	$102,334		$108,185
Weighted Average Contractual Rate	2.07%		1.58%
Weighted Average Maturity in days	25 days		54 days
Haircut for Repurchase Agreements	22.35%	[1]	20.63%	[1]
[1]	The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount

Note_9_Repurchase_Agreements_D2

Note 9 - Repurchase Agreements (Details) - Repurchase Agreements Information - Additional (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Note 9 - Repurchase Agreements (Details) - Repurchase Agreements Information - Additional [Line Items]
Repurchase agreements	$1,285,034	$1,135,830
Maturity up to 30 days [Member]
Note 9 - Repurchase Agreements (Details) - Repurchase Agreements Information - Additional [Line Items]
Repurchase agreements	504,587	280,435
Maturity 31 to 60 Days [Member]
Note 9 - Repurchase Agreements (Details) - Repurchase Agreements Information - Additional [Line Items]
Repurchase agreements	591,792	629,311
Maturity 61 to 90 Days [Member]
Note 9 - Repurchase Agreements (Details) - Repurchase Agreements Information - Additional [Line Items]
Repurchase agreements	186,380	226,084
Maturity over 90 days [Member]
Note 9 - Repurchase Agreements (Details) - Repurchase Agreements Information - Additional [Line Items]
Repurchase agreements	$2,275

Note_10_Derivatives_Details_In

Note 10 - Derivatives (Details) - Interest Rate Swap Contracts and Interest Rate Swaptions (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Derivative [Line Items]
Notional Amount	$931,250		$455,000
Assets at Fair Value	46,263	[1]	4,940	[1]
Liabilities at Fair Value		[1]	-365	[1]
Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	801,250		325,000
Assets at Fair Value	35,481	[1]	395	[1]
Liabilities at Fair Value		[1]	-365	[1]
Swaption [Member]
Derivative [Line Items]
Notional Amount	130,000		130,000
Assets at Fair Value	10,782	[1]	4,545	[1]
Liabilities at Fair Value		[1]		[1]
[1]	See Note 5, "Fair Value of Financial Instruments" for additional discussion.

Note_10_Derivatives_Details_Po

Note 10 - Derivatives (Details) - Potential Effects of Netting Derivative Instruments On the Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Note 10 - Derivatives (Details) - Potential Effects of Netting Derivative Instruments On the Balance Sheets [Line Items]
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet	$46,263	$4,940
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments - Assets		-92
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Held - Assets	-43,539	-1,426
Net Amount - Assets	2,724	3,422
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet		-365
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments - Liabilities		92
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Posted - Liabilities		273
Interest Rate Swap [Member]
Note 10 - Derivatives (Details) - Potential Effects of Netting Derivative Instruments On the Balance Sheets [Line Items]
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet	35,481	395
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments - Assets		-92
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Held - Assets	-35,481
Net Amount - Assets		303
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet		-365
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments - Liabilities		92
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Posted - Liabilities		273
Swaption [Member]
Note 10 - Derivatives (Details) - Potential Effects of Netting Derivative Instruments On the Balance Sheets [Line Items]
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet	10,782	4,545
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Held - Assets	-8,058	-1,426
Net Amount - Assets	$2,724	$3,119

Note_10_Derivatives_Details_Lo

Note 10 - Derivatives (Details) - Location and Information of Derivatives (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Interest rate swap contracts:
Unrealized loss on derivatives	$269	$46,894
Totals	-2,404	41,282
Interest Rate Swap [Member] | Interest Income [Member]
Interest rate swap contracts:
Realized loss on derivatives	212	530
Interest Rate Swap [Member] | Interest Expense [Member]
Interest rate swap contracts:
Realized loss on derivatives	-2,885	-6,142
Interest Rate Swap [Member] | Changes In Fair Value [Member]
Interest rate swap contracts:
Unrealized loss on derivatives	572	40,657
Interest Rate Swap [Member]
Interest rate swap contracts:
Totals	-2,101	35,045
Swaption [Member] | Changes In Fair Value [Member]
Interest rate swap contracts:
Unrealized loss on derivatives	-303	6,237
Swaption [Member]
Interest rate swap contracts:
Totals	($303)	$6,237

Note_11_Commitments_and_Contin1

Note 11 - Commitments and Contingencies (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Note 11 - Commitments and Contingencies (Details) [Line Items]
Monthly Management Fee Description		Management Agreement with ARRMAs discussed in Note 16 " Related Party Transactions , " we are externally managed by ARRM pursuant to a management agreement, (the "Management Agreement"). The Management Agreement entitles ARRM to receive a management fee payable monthly in arrears in an amount equal to 1/12th of (a) 1.5% of gross equity raised (including our IPO and Private Placement equity) up to $1 billion plus (b) 1.0% of gross equity raised in excess of $1 billion. We are also obligated to reimburse certain expenses incurred by ARRM and its affiliates. For the quarter and nine months ended September 30, 2013, we reimbursed ARRM $38,000 and $76,000 for other expenses incurred on our behalf. For the quarter ended September 30, 2012 and the period from June 21, 2012 through September 30, 2012 we did not reimburse ARRM for any expenses.
Gross Equity Raised Threshold Used in Calculation of Management Fee	$1,000,000,000	$1,000,000,000
Related Party Transaction, Expenses from Transactions with Related Party	$38,000	$76,000
Gross Equity Raised up to One Billion U.S. Dollars [Member]
Note 11 - Commitments and Contingencies (Details) [Line Items]
Percentage of Gross Equity Raised Used in Calculation of Management Fee	1.50%	1.50%
Gross Equity Raised in Excess of One Billion U.S. Dollars [Member]
Note 11 - Commitments and Contingencies (Details) [Line Items]
Percentage of Gross Equity Raised Used in Calculation of Management Fee	1.00%	1.00%

Note_12_StockBased_Compensatio1

Note 12 - Stock-Based Compensation (Details)	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Maximum Number of Common Shares Reserved for Grant of Awards As Percentage of Total Common Shares Issued and Outstanding	3.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares)	405,001

Note_13_Stockholders_Equity_De

Note 13 - Stockholders' Equity (Details) - Common Stock Dividend Transactions (USD $)	1 Months Ended									3 Months Ended	9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Aug. 31, 2013	Jul. 31, 2013	Jun. 30, 2013	31-May-13	Apr. 30, 2013	Mar. 31, 2013	Feb. 28, 2013	Jan. 31, 2013	Sep. 30, 2013	Sep. 30, 2013
Common Stock Dividend Transactions [Abstract]
Rate per common share	$0.23	$0.23	$0.23	$0.23	$0.23	$0.23	$0.23	$0.23	$0.23	$0.69	$2.07
Aggregate amount paid to holders of record (in Dollars)	$3,105	$3,105	$3,105	$3,105	$3,105	$1,725	$1,725	$1,725	$1,725		$22,425

Note_13_Stockholders_Equity_De1

Note 13 - Stockholders' Equity (Details) - Equity Transactions (USD $)	0 Months Ended	1 Months Ended	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Oct. 03, 2012	Jun. 30, 2012	Sep. 30, 2013
Equity Transactions [Abstract]
Common stock follow-on public offering		50	6,000,000
Common stock follow-on public offering (in Dollars per share)	$20		$18.93
Common stock follow-on public offering (in Dollars)	$150,000		$113,188

Note_14_Net_Income_Loss_per_Co1

Note 14 - Net Income (Loss) per Common Share (Details) (USD $)	3 Months Ended			9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2013
Earnings Per Share [Abstract]
Earnings Per Share, Basic	($2.76)	($1.20)	($1.20)	$1.13

Note_15_Income_Taxes_Details

Note 15 - Income Taxes (Details) (USD $)	3 Months Ended	9 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Amount of Aggregate Tax Basis of Assets and Liabilities in Excess of Stockholders' Equity	$19.50	$19.50
Amount of Aggregate Tax Basis of Assets and Liabilities in Excess of Stockholders Equity, Per Share (in Dollars per share)	$1.44	$1.44
Common Stock, Shares, Outstanding (in Shares)	13,500,050	13,500,050	7,500,050
Payments of Dividends	9.3	22.4
Estimated Taxable Income Available for Dividends	7.3	19.6
Retained Earnings, Unappropriated	$2	$2

Note_15_Income_Taxes_Details_R

Note 15 - Income Taxes (Details) - Reconciliation of GAAP Net Income to Estimated REIT Taxable Income (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Reconciliation of GAAP Net Income to Estimated REIT Taxable Income [Abstract]
GAAP net income (loss)	($37,217)	$11,995
Book to tax differences:
Net book/tax differences on Non-Agency Securities and Linked Transactions	-70	6,564
Net capital losses carried forward	44,815	47,921
Unrealized gain on derivatives	-269	-46,894
Other		2
Estimated taxable income	$7,260	$19,588

Note_16_Related_Party_Transact1

Note 16 - Related Party Transactions (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Related Party Transactions [Abstract]
Initial Term of Management Agreement		5 years
Automatic Renewal Period of Management Agreement		1 year
Related Party Transaction, Amounts of Transaction		$115,000
Related Party Transaction, Sub-Management Fee Percentage	25.00%	25.00%
Related Party Transaction, Expenses from Transactions with Related Party	38,000	76,000
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$1,000,000,000	$2,300,000,000

Note_18_Subsequent_events_Deta

Note 18 - Subsequent events (Details) (USD $)	1 Months Ended									3 Months Ended	9 Months Ended	0 Months Ended
In Thousands, except Share data in Millions, unless otherwise specified	Sep. 30, 2013	Aug. 31, 2013	Jul. 31, 2013	Jun. 30, 2013	31-May-13	Apr. 30, 2013	Mar. 31, 2013	Feb. 28, 2013	Jan. 31, 2013	Sep. 30, 2013	Sep. 30, 2013	Oct. 28, 2013	Oct. 29, 2013
												Subsequent Event [Member]	Subsequent Event [Member]
Note 18 - Subsequent events (Details) [Line Items]
Common Stock, Dividends, Per Share, Cash Paid	$0.23	$0.23	$0.23	$0.23	$0.23	$0.23	$0.23	$0.23	$0.23	$0.69	$2.07	$0.15
Payments of Ordinary Dividends, Common Stock (in Dollars)	$3,105	$3,105	$3,105	$3,105	$3,105	$1,725	$1,725	$1,725	$1,725		$22,425	$2,000
Common Stock, Dividends, Per Share, Declared												$0.15
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in Shares)													2