Ellington Residential Mortgage REIT (EARN) 10-Q 13 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	3 Months Ended
	Mar. 31, 2014	9-May-14
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Ellington Residential Mortgage REIT	'
Entity Central Index Key	'0001560672	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	9,139,842

CONSOLIDATED_BALANCE_SHEET

CONSOLIDATED BALANCE SHEET (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS	'		'
Cash and cash equivalents	$51,106		$50,112
Real estate securities, at fair value	1,327,629		1,326,036
Due from brokers	10,725		18,347
Financial derivatives-assets at fair value	18,117	[1]	34,963	[1]
Receivable for securities sold	119,887		76,692
Interest receivable	5,522		4,766
Other assets	112		174
Total Assets	1,533,098		1,511,090
LIABILITIES	'		'
Repurchase agreements	1,281,470	[1]	1,310,347	[1]
Payable for securities purchased	65,812		2,776
Due to brokers	11,764		22,788
Financial derivatives-liabilities at fair value	2,020	[1]	1,069	[1]
Dividend payable	5,027		4,570
Accrued expenses	874		996
Management fee payable	592		600
Interest payable	584		764
Total Liabilities	1,368,143		1,343,910
SHAREHOLDERS' EQUITY	'		'
Preferred shares, par value $0.01 per share, 100,000,000 shares authorized; (0 shares issued and outstanding, respectively)	0		0
Common shares, par value $0.01 per share, 500,000,000 shares authorized; (9,139,842 shares issued and outstanding, respectively)	91		91
Additional paid-in-capital	181,188		181,147
Accumulated deficit	-16,324		-14,058
Total Shareholders' Equity	164,955		167,180
Total Liabilities and Shareholders' Equity	$1,533,098		$1,511,090
[1]	In the Company's Consolidated Balance Sheet, all balances associated with the repurchase agreements and financial derivatives are presented on a gross basis.

CONSOLIDATED_BALANCE_SHEET_Par

CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	9,139,842	9,139,842
Common stock, shares outstanding	9,139,842	9,139,842
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

CONSOLIDATED_STATEMENT_OF_OPER

CONSOLIDATED STATEMENT OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
INTEREST INCOME (EXPENSE)	'	'
Interest income	$11,959	$283
Interest expense	-1,155	0
Total net interest income	10,804	283
EXPENSES	'	'
Management fees	592	119
Professional fees	139	32
Other operating expenses	663	46
Total expenses	1,394	197
OTHER INCOME (LOSS)	'	'
Net realized gains (losses) on real estate securities	-3,025	888
Net realized gains (losses) on financial derivatives	-3,409	0
Change in net unrealized gains (losses) on real estate securities	17,581	155
Change in net unrealized gains (losses) on financial derivatives	-17,796	0
Total other income (loss)	-6,649	1,043
NET INCOME	$2,761	$1,129
NET INCOME PER COMMON SHARE:	'	'
Basic (in dollars per share)	$0.30	$0.69
CASH DIVIDENDS PER COMMON SHARE:	'	'
Dividends declared (in dollars per share)	$0.55	$0

CONSOLIDATED_STATEMENT_OF_SHAR

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (USD $)	Total	Common Shares [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Accumulated (Deficit) Earnings [Member]
In Thousands, except Share data
Balance at Dec. 31, 2012	$30,964	$16	$0	$32,674	($1,726)
Balance, in shares at Dec. 31, 2012	'	1,633,378	0	'	'
Net income	1,129	'	'	'	1,129
Balance at Mar. 31, 2013	32,093	16	0	32,674	-597
Balance, in shares at Mar. 31, 2013	'	1,633,378	0	'	'
Balance at Dec. 31, 2013	167,180	91	0	181,147	-14,058
Balance, in shares at Dec. 31, 2013	'	9,139,842	0	'	'
Share-based Compensation	41	'	'	41	'
Dividends declared	-5,027	'	'	'	-5,027
Net income	2,761	'	'	'	2,761
Balance at Mar. 31, 2014	$164,955	$91	$0	$181,188	($16,324)
Balance, in shares at Mar. 31, 2014	'	9,139,842	0	'	'

CONSOLIDATED_STATEMENT_OF_CASH

CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows provided by (used in) operating activities:	'	'
Net income	$2,761	$1,129
Reconciliation of net income to net cash provided by (used in) operating activities:	'	'
Net realized (gains) losses on real estate securities	3,025	-888
Change in net unrealized (gains) losses on real estate securities	-17,581	-155
Net realized (gains) losses on financial derivatives	3,409	0
Change in net unrealized (gains) losses on financial derivatives	17,796	0
Amortization of premiums and accretion of discounts (net)	1,367	-139
Share based compensation	41	0
(Increase) decrease in assets:	'	'
Due from brokers	7,622	0
Interest receivable	-756	-4
Other assets	-78	0
Increase (decrease) in liabilities:	'	'
Due to brokers	-11,024	0
Accrued expenses	51	-299
Interest payable	-180	0
Management fees payable	-8	3
Net cash provided by (used in) operating activities	6,445	-353
Cash flows provided by (used in) investing activities:	'	'
Purchases of real estate securities	-524,541	-3,331
Proceeds from sale of real estate securities	536,934	5,309
Principal repayments of real estate securities	19,085	440
Proceeds from investments sold short	10,015	0
Repurchase of investments sold short	-10,055	0
Proceeds from disposition of financial derivatives	6,288	0
Purchase of financial derivatives	-9,698	0
Payments made on reverse repurchase agreements	-20,088	0
Proceeds from reverse repurchase agreements	20,088	0
Net cash provided by investing activities	28,028	2,418
Cash flows provided by (used in) financing activities:	'	'
Offering costs paid	-32	-128
Dividends paid	-4,570	0
Borrowings under repurchase agreements	1,616,676	0
Repayments of repurchase agreements	-1,645,553	0
Cash used in financing activities	-33,479	-128
NET INCREASE IN CASH AND CASH EQUIVALENTS	994	1,937
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	50,112	18,161
CASH AND CASH EQUIVALENTS, END OF PERIOD	51,106	20,098
Supplemental disclosure of cash flow information:	'	'
Interest paid	$1,335	$0

Organization_and_Investment_Ob

Organization and Investment Objective	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization and Investment Objective	'
	Organization and Investment Objective
	Ellington Residential Mortgage REIT, or "EARN," was formed as a Maryland real estate investment trust, or "REIT," on August 2, 2012, and commenced operations on September 25, 2012. EARN conducts its business through its wholly owned subsidiaries, EARN OP GP LLC, or the "General Partner," and Ellington Residential Mortgage LP, or the "Operating Partnership," which were formed as a Delaware limited liability company and a Delaware limited partnership, respectively, on July 31, 2012 and commenced operations on September 25, 2012. The Operating Partnership conducts its business of acquiring, investing in, and managing residential mortgage-related and real estate-related assets through its wholly owned subsidiaries.
	EARN, the General Partner, the Operating Partnership, and their consolidated subsidiaries are hereafter defined as the "Company."
	Ellington Residential Mortgage Management LLC, or the "Manager," serves as the Manager of the Company pursuant to the terms of the Second Amended and Restated Management Agreement effective as of March 13, 2014, or the "Management Agreement." The Manager is an affiliate of Ellington Management Group, L.L.C., or "EMG," an investment management firm that is registered as an investment adviser. In accordance with the terms of the Management Agreement and the Services Agreement, as discussed in Note 10, the Manager is responsible for administering the Company's business activities and day-to-day operations, and performs certain services, subject to oversight by the Board of Trustees.
	The Company was formed through an initial strategic venture among affiliates of EMG, an investment management firm and registered investment adviser with a 19-year history of investing in a broad spectrum of mortgage-backed securities and related derivatives, with an emphasis on the residential mortgage-backed securities, or "RMBS," market, and the Blackstone Tactical Opportunity Funds, or the "Blackstone Funds." These initial investors made an aggregate investment of approximately $31.5 million on September 25, 2012. On May 1, 2013, the Company priced an initial public offering of its common shares, pursuant to which it sold 6,450,000 shares to the public at a price of $20.00 per share. Concurrent with the initial public offering, the Company completed a private placement of 1,050,000 common shares to its initial investors at a purchase price of $20.00 per share which generated gross proceeds of $21.0 million. Proceeds to the Company, net of offering costs, were approximately $148.5 million.
	The Company acquires and manages Agency and non-Agency RMBS, including Agency pools and Agency collateralized mortgage obligations, or "CMOs," and non-Agency CMOs, both investment grade and non-investment grade. Collectively, the foregoing are referred to as real estate securities. The Company may also acquire and manage mortgage servicing rights, residential mortgage loans, and other mortgage- and real estate-related assets. The Company may also invest in other instruments including, but not limited to, forward-settling To-Be-Announced Agency pass-through certificates, or "TBAs," interest rate swaps and swaptions, U.S. Treasury securities, Eurodollar and U.S. Treasury futures, other financial derivatives, and cash equivalents. The Company's targeted investments may range from unrated (first loss) securities to AAA senior securities.
	The Company intends to make the election to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or "the Code" commencing with the Company's short taxable year ended December 31, 2013. As a REIT, the Company is required to distribute annually at least 90% of its taxable income. As long as the Company continues to qualify as a REIT, it will not be subject to U.S. federal or state corporate taxes on its taxable income to the extent that it distributes all of its annual taxable income to its shareholders. It is the intention of the Company to distribute at least 100% of its taxable income, after application of available tax attributes, within the limits prescribed by the Code, which may extend into the subsequent taxable year.

Significant_Accounting_Policie

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies	'
	Significant Accounting Policies
	(A) Basis of Presentation: The Company's unaudited interim consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, or "U.S. GAAP," for interim financial information. Entities in which the Company has a controlling financial interest, through ownership of the majority of the entities' voting equity interests, or through other contractual right that give the Company control, are consolidated by the Company. All inter-company balances and transactions have been eliminated. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. Interim results are not necessarily indicative of the results that may be expected for the entire fiscal year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2013.
	(B) Valuation: The Company applies Accounting Standards Codification, or "ASC," ASC 820-10, Fair Value Measurement and Disclosures ("ASC 820-10"), to its holdings of financial instruments. ASC 820-10 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:
	•	Level 1—inputs to the valuation methodology are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets,
	•	Level 2—inputs to the valuation methodology other than quoted prices included in Level 1 are observable for the asset or liability, either directly or indirectly, and
	•	Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement.
	A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities.
	(C) Accounting for Real Estate Securities: Investments in real estate securities are recorded on trade date. The Company has chosen to make a fair value election pursuant to ASC 825-10, Financial Instruments, for its real estate securities portfolio. Electing the fair value option allows the Company to record changes in fair value in the Consolidated Statement of Operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner. As such, the real estate securities are recorded at fair value on the Consolidated Balance Sheet and the period change in fair value is recorded in current period earnings on the Consolidated Statement of Operations as a component of Change in net unrealized gains (losses) on real estate securities.
	Realized gains or losses on sales of real estate securities are included in Net realized gains (losses) on real estate securities on the Consolidated Statement of Operations, and are recorded at the time of disposition. The cost of positions sold is calculated based on identified cost.
	(D) Interest Income: The Company accretes market discounts and amortizes market premiums on debt securities using the effective yield method. Accretion of market discount and amortization of market premiums requires the application of several assumptions including, but not limited to, prepayment assumptions and default rate assumptions, which are re-evaluated not less than quarterly and require the use of a significant amount of judgment. Principal write-offs are generally treated as realized losses. The Company's accretion of discounts and amortization of premiums for U.S. federal and other tax purposes is likely to differ from the financial accounting treatment under U.S. GAAP of these items as described above.
	(E) Cash and Cash Equivalents: Cash and cash equivalents include cash and short term investments with original maturities of three months or less at the date of acquisition. Cash equivalents are recorded at cost plus accrued interest, which approximates fair value. Cash accounts are maintained with financial institutions and these balances generally exceed insured limits.
	(F) Due from brokers/Due to brokers: Due from brokers and Due to brokers accounts on the Consolidated Balance Sheet include collateral paid or received from counterparties, including clearinghouses, along with receivables and payables for open and or closed derivative positions.
	(G) Financial Derivatives: The Company may enter into various types of financial derivatives subject to its investment guidelines, which include restrictions associated with maintaining qualification as a REIT. The Company's derivatives are predominantly subject to bilateral collateral arrangements or clearing in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Company may be required to deliver or receive cash or securities as collateral upon entering into derivative transactions. In addition, changes in the relative value of derivative transactions may require the Company or the counterparty to post or receive additional collateral. In the case of cleared derivatives, the clearinghouse becomes the Company's counterparty and a futures commission merchant, or "FCM," acts as intermediary between the Company and the clearinghouse with respect to all facets of the related transaction, including the posting and receipt of required collateral. Collateral received by the Company is reflected on the Consolidated Balance Sheet as "Due to Brokers." Conversely, collateral posted by the Company is reflected as "Due from Brokers" on the Consolidated Balance Sheet. The types of derivatives that have been utilized by the Company to date are interest rate swaps, TBAs, and swaptions.
	Swaps: The Company has entered into interest rate swaps, which are contractual agreements whereby one party pays a floating rate of interest on a notional principal amount and receives a fixed rate on the same notional principal, or vice versa, for a fixed period of time.
	While the Company does not intend to operate its non-Agency RMBS investment strategy on a credit hedged basis, the Company may opportunistically enter into various credit hedging transactions, such as involving credit default swaps, total return swaps, or other derivative contracts. The Company may use credit default swaps to hedge non-Agency RMBS credit risk by buying protection on a basket or index of non-Agency RMBS assets or on a single non-Agency RMBS. For credit hedging purposes the Company may also enter into credit default swaps which reference other mortgage-backed securities, or "MBS," or the corporate credit of certain corporations, or indices on the foregoing. In addition, the Company may enter into various other derivative contracts, including total return swaps. Generally, a total return swap would reference either the corporate credit or equity of certain corporations. However, the Company's ability to use credit hedges is subject to the Company's qualifying and maintaining its qualification as a REIT and maintaining its exclusion from regulation as an investment company under the Investment Company Act.
	Swaps change in value with movements in interest rates or total return of the reference securities. During the term of swap contracts, changes in value are recognized as unrealized gains or losses on the Consolidated Statement of Operations. When a contract is terminated, the Company realizes a gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Company's basis in the contract, if any. Periodic payments or receipts required by swap agreements are recorded as unrealized gains or losses when accrued and realized gains or losses when received or paid. Upfront payments paid and/or received by the Company to open swap contracts are recorded as an asset and/or liability on the Consolidated Balance Sheet and are recorded as a realized gain or loss on the termination date.
	TBA Securities: The Company has transacted in the TBA RMBS market. A TBA position is a forward contract for the purchase ("long position") or sale ("short position") of Agency RMBS at a predetermined price, face amount, issuer, coupon, and maturity on an agreed-upon future delivery date. For each TBA contract and delivery month, a uniform settlement date for all market participants is determined by the Securities Industry and Financial Markets Association. The specific Agency RMBS to be delivered into the contract at the settlement date are not known at the time of the transaction. The Company typically does not take delivery of TBAs, but rather enters into offsetting transactions and settles the associated receivable and payable balances with its counterparties. The Company primarily uses TBAs to hedge interest rate risk, but from time to time it also holds net long positions in certain TBA securities as a means of acquiring exposure to Agency RMBS.
	TBAs are accounted for as financial derivatives. The difference between the contract price and the fair value of the TBA position as of the reporting date is included in Change in net unrealized gains (losses) on financial derivatives, in the Consolidated Statement of Operations. The Company estimates the fair value of TBA positions based on similar methods used to value real estate securities. Upon settlement of the TBA contract, the realized gain (loss) on the TBA contract is equal to the net cash amount received (paid).
	Options: The Company has entered into swaption contracts. It may purchase or write put, call, straddle, or other similar options contracts. The Company enters into options primarily to help mitigate interest rate risk. When the Company purchases an option, the option asset is initially recorded at an amount equal to the premium paid, if any, and is subsequently marked-to-market. Premiums paid for purchasing options that expire unexercised are recognized on the expiration date as realized losses. If an option is exercised, the premium paid is subtracted from the proceeds of the sale or added to the cost of the purchase to determine whether the Company has realized a gain or loss on the related investment transaction. When the Company writes an option, the option liability is initially recorded at an amount equal to the premium received, if any, and is subsequently marked-to-market. Premiums received for writing options that expire unexercised are recognized on the expiration date as realized gains. If an option is exercised, the premium received is subtracted from the cost of the purchase or added to the proceeds of the sale to determine whether the Company has realized a gain or loss on the related investment transaction. When the Company enters into a closing transaction, the Company will realize a gain or loss depending upon whether the amount from the closing transaction is greater or less than the premiums paid or received. In general, the Company's options contain forward-settling premiums. In this case, no money is exchanged upfront; instead, the agreed-upon premium is paid by the buyer upon expiration of the option, regardless of whether or not the option is exercised.
	Financial derivative assets are included in Financial derivatives–assets, at fair value on the Consolidated Balance Sheet while financial derivative liabilities are included in Financial derivatives–liabilities, at fair value on the Consolidated Balance Sheet.
	Futures Contracts: A futures contract is an exchange-traded agreement to buy or sell an asset for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either in the form of cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by marking-to-market to reflect the current market value of the contract. Variation margin payments are made or received periodically, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Company records a realized gain or loss equal to the difference between the proceeds of the closing transaction and the Company's basis in the contract.
	(H) Repurchase Agreements and Reverse Repurchase Agreements: The Company enters into repurchase agreements with third-party broker-dealers, whereby it sells securities under agreements to repurchase at an agreed upon price and date. The Company may also enter into reverse repurchase agreement transactions with third-party broker-dealers, whereby it purchases securities under agreements to resell at an agreed upon price and date. The Company accounts for repurchase agreements as collateralized borrowings, with the initial sale price representing the amount borrowed, and with the future repurchase price consisting of the amount borrowed plus interest, at the implied interest rate of the repurchase agreement, on the amount borrowed over the term of the repurchase agreement. The interest rate on a repurchase agreement or a reverse repurchase agreement is based on competitive market rates (or competitive market spreads, in the case of agreements with floating interest rates) at the time such agreement is entered into. When the Company enters into a repurchase agreement, the lender establishes and maintains an account containing cash and securities having a value not less than the repurchase price, including accrued interest, of the repurchase agreement. Repurchase and reverse repurchase agreements that are conducted with the same counterparty can be reported on a net basis if they meet the requirements under the authoritative guidance. Repurchase agreements and reverse repurchase agreements are carried at their contractual amounts, which approximate fair value.
	(I) U.S. Treasury Securities: The Company may purchase or sell short U.S. Treasury securities to help mitigate the potential impact of changes in interest rates on the performance of its portfolio. The Company may borrow securities under reverse repurchase agreements to enable it to deliver U.S. Treasury securities that it has sold short.
	(J) Offering Costs/Deferred Offering Costs: Offering costs are charged against shareholders' equity and typically include legal, accounting, printing, and other fees associated with the cost of raising equity capital.
	(K) Share Based Compensation: The Company applies the provisions of ASC 718, Compensation—Shares Compensation ("ASC 718"), with regard to its equity incentive plans. ASC 718 covers a wide range of share-based compensation arrangements including share options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans. ASC 718 requires that compensation cost relating to share-based payment transactions be recognized in financial statements. The cost is measured based on the fair value of the equity or liability instruments issued.
	(L) Dividends: Dividends payable are recorded on the declaration date.
	(M) Earnings Per Share: In accordance with the provisions of ASC 260, Earnings per Share, the Company calculates basic income (loss) per share by dividing net income (loss) for the period by the weighted average of the Company's common shares outstanding for that period. Diluted income (loss) per share takes into account the effect of dilutive instruments, such as share options and warrants, and uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted average number of shares outstanding.
	(N) Share Repurchases: Common shares that are repurchased by the Company subsequent to issuance decrease the total number of shares issued and outstanding.
	(O) Income Taxes: Prior to May 1, 2013, the Company, as a business trust with more than one owner, was considered a partnership for U.S. federal income tax purposes. In general, partnerships are not subject to entity-level tax on their income, but the income of a partnership is taxable to its owners on a flow-through basis. Interest, dividend, and other income realized by the Company from non-U.S. sources and capital gains realized on the sale of securities of non-U.S. issuers may be subject to entity level tax such as withholding and other taxes levied by the jurisdiction in which the income is sourced. For the periods September 25, 2012 (commencement of operations) through December 31, 2012 and January 1, 2013 through April 30, 2013, the Company filed its tax return as a partnership. Effective May 1, 2013, the Company made the election to be taxed as a corporation. In addition, the Company intends to elect to be taxed as a REIT under Sections 856 to 860 of the Code commencing with the short taxable period May 1, 2013 through December 31, 2013. To qualify as a REIT, the Company must meet certain requirements, including the distribution of at least 90% of its annual taxable income to shareholders.
	The Company follows the authoritative guidance on accounting for and disclosure of uncertainty on tax positions, which requires management to determine whether a tax position of the company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals of the litigation process, based on the technical merits of the position. For uncertain tax positions, the tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company did not have any unrecognized tax benefits at December 31, 2013. In the normal course of business, the Company may be subject to examination by federal, state, local, and foreign jurisdictions, where applicable, for the current period, 2013, and 2012 (its open tax years). The Company may take positions with respect to certain tax issues which depend on legal interpretation of facts or applicable tax regulations. Should the relevant tax regulators successfully challenge any of such positions, the Company might be found to have a tax liability that has not been recorded in the accompanying consolidated financial statements. Also, management's conclusions regarding the authoritative guidance may be subject to review and adjustment at a later date based on changing tax laws, regulations, and interpretations thereof. There were no amounts accrued for penalties or interest as of or during the periods presented in these consolidated financial statements.
	(P) Recent Accounting Pronouncements: Under the Jumpstart Our Business Startups Act, or the "JOBS Act," the Company meets the definition of an "emerging growth company." The Company has elected to follow the extended transition period for complying with new or revised U.S. accounting standards pursuant to Section 107(b) of the JOBS Act. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-public entities.

Real_Estate_Securities

Real Estate Securities	3 Months Ended
	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Real Estate Securities	'
	Real Estate Securities
	The following tables present details of the Company's real estate securities portfolio at March 31, 2014 and December 31, 2013, respectively. The Company's Agency RMBS include mortgage pass-through certificates and CMOs representing interests in or obligations backed by pools of residential mortgage loans issued or guaranteed by a U.S. government agency or government-sponsored enterprises, or "GSEs." The non-Agency RMBS portfolio is not issued or guaranteed by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or any agency of the U.S. Government and is therefore subject to greater credit risk.
	By RMBS Type –
	March 31, 2014:
	($ in thousands)											Gross Unrealized										Weighted Average
		Current Principal			Unamortized Premium (Discount)				Amortized			Gains			Losses			Fair Value				Coupon	Yield		Weighted Average Life(Years)(1)
									Cost
	Agency RMBS:
	15-year fixed rate mortgages	$	144,422		$	5,762			$	150,184		$	204		$	(959	)	$	149,429			3.21%	2.52%		5.68
	20-year fixed rate mortgages	10,347			633				10,980			—			(72		)	10,908				4.00%	2.94%		7.3
	30-year fixed rate mortgages	1,004,293			47,822				1,052,115			2,649			(14,752		)	1,040,012				3.95%	3.35%		9.39
	Adjustable rate mortgages	46,804			3,065				49,869			174			(203		)	49,840				4.82%	3.90%		6.01
	Reverse mortgages	27,081			2,218				29,299			182			(10		)	29,471				3.83%	2.82%		5.55
	Interest only securities	n/a			n/a				13,232			2,761			(69		)	15,924				4.24%	14.90%		4.25
	Total Agency RMBS	1,232,947			59,500				1,305,679			5,970			(16,065		)	1,295,584				3.93%	3.38%		8.31
	Non-Agency RMBS	54,115			(23,706		)		30,409			2,142			(506		)	32,045				2.50%	9.74%		5.8
	Total Real Estate Securities	$	1,287,062		$	35,794			$	1,336,088		$	8,112		$	(16,571	)	$	1,327,629			3.87%	3.52%		8.21
	-1	Average lives of RMBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal.
	For the three months ended March 31, 2014, the weighted average holdings of RMBS investments based on amortized cost was $1.374 billion.
	December 31, 2013:
	($ in thousands)											Gross Unrealized										Weighted Average
		Current Principal			Unamortized Premium (Discount)				Amortized			Gains			Losses			Fair Value				Coupon	Yield		Weighted Average Life(Years)(1)
									Cost
	Agency RMBS:
	15-year fixed rate mortgages	$	179,906		$	7,153			$	187,059		$	65		$	(3,252	)	$	183,872			3.09%	2.52%		5.76
	30-year fixed rate mortgages	1,029,629			41,565				1,071,194			490			(28,111		)	1,043,573				3.79%	3.30%		9.8
	Adjustable rate mortgages	43,525			2,647				46,172			46			(103		)	46,115				4.72%	3.24%		3.79
	Reverse mortgages	7,581			673				8,254			16			(2		)	8,268				4.85%	2.90%		3.41
	Interest only securities	n/a			n/a				10,718			2,841			(32		)	13,527				3.97%	11.79%		5.02
	Total Agency RMBS	1,260,641			52,038				1,323,397			3,458			(31,500		)	1,295,355				3.75%	3.26%		8.67
	Non-Agency RMBS	50,006			(21,327		)		28,679			2,196			(194		)	30,681				2.84%	9.12%		5.54
	Total Real Estate Securities	$	1,310,647		$	30,711			$	1,352,076		$	5,654		$	(31,694	)	$	1,326,036			3.72%	3.38%		8.56
	-1	Average lives of RMBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal.
	For the year ended December 31, 2013, the weighted average holdings of RMBS investments based on amortized cost was $879.9 million.
	By Estimated Weighted Average Life –
	As of March 31, 2014:
	($ in thousands)		Agency RMBS									Agency Interest Only Securities									Non-Agency RMBS
	Estimated Weighted Average Life		Fair			Amortized Cost				Weighted Average Coupon		Fair Value			Amortized Cost			Weighted Average Coupon			Fair Value			Amortized Cost		Weighted Average Coupon
			Value
	Less than three years		$	3,942		$	3,919			4.82	%	$	1,981		$	1,792		5.63	%		$	1,782		$	1,044	2.38	%
	Greater than three years and less than seven years		206,433			207,123				3.66	%	12,507			10,468			4.02	%		17,802			17,923		2.67	%
	Greater than seven years and less than eleven years		1,069,285			1,081,405				3.94	%	1,436			972			3.5	%		11,645			10,646		1.41	%
	Greater than eleven years		—			—				—	%	—			—			—	%		816			796		7.69	%
	Total		$	1,279,660		$	1,292,447			3.9	%	$	15,924		$	13,232		4.24	%		$	32,045		$	30,409	2.5	%
	As of December 31, 2013:
	($ in thousands)		Agency RMBS									Agency Interest Only Securities									Non-Agency RMBS
	Estimated Weighted Average Life		Fair			Amortized Cost				Weighted Average Coupon		Fair Value			Amortized Cost			Weighted Average Coupon			Fair Value			Amortized Cost		Weighted Average Coupon
			Value
	Less than three years		$	5,554		$	5,518			5.68	%	$	955		$	762		6.48	%		$	1,715		$	1,216	2.38	%
	Greater than three years and less than seven years		243,120			246,342				3.48	%	7,643			6,198			3.31	%		16,488			15,950		3.42	%
	Greater than seven years and less than eleven years		1,031,552			1,059,223				3.79	%	4,929			3,758			4.91	%		11,656			10,708		1.43	%
	Greater than eleven years		1,602			1,596				4.5	%	—			—			—	%		822			805		7.69	%
	Total		$	1,281,828		$	1,312,679			3.73	%	$	13,527		$	10,718		3.97	%		$	30,681		$	28,679	2.84	%
	The following table illustrates components of interest income on the Company's RMBS for the three month periods ended March 31, 2014 and 2013:
			Three Month Period Ended										Three Month Period Ended
			31-Mar-14										31-Mar-13
	($ in thousands)		Coupon Interest			Net Amortization				Interest			Coupon Interest			Net Amortization			Interest
										Income									Income
	Agency RMBS		$	13,017		$	(1,756	)		$	11,261		$	—		$	—		$	—
	Non-Agency RMBS		306			389				695			144			139			283
	Total		$	13,323		$	(1,367	)		$	11,956		$	144		$	139		$	283

Valuation

Valuation	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Valuation	'
	Valuation
	The Company applies ASC 820-10, Fair Value Measurement and Disclosures ("ASC 820-10"), to its holdings of financial instruments. ASC 820-10 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Financial instruments include securities and derivatives. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The following is a description of the valuation methodologies used for financial instruments:
	Level 1—valuation methodologies include the observation of quoted prices (unadjusted) for identical assets or liabilities in active markets, often received from widely recognized data providers.
	Level 2—valuation methodologies include the observation of (i) quoted prices for similar assets or liabilities in active markets, (ii) inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves) in active markets and (iii) quoted prices for identical or similar assets or liabilities in markets that are not active.
	The Company's Agency RMBS, exclusive of Agency interest only securities, or "Agency IOs," are classified as Level 2 assets. Fair value for Agency RMBS, excluding Agency IOs is determined using inputs considered to be observable including multiple indicative quotes from broker-dealers and recent trading activity for similar securities.
	Level 3—valuation methodologies include (i) the solicitation of valuations from third parties (typically, pricing services and broker-dealers), (ii) the use of proprietary models that require the use of a significant amount of judgment and the application of various assumptions including, but not limited to, prepayment assumptions and default rate assumptions, and (iii) the assessment of observable or reported recent trading activity. The Company utilizes such information to assign a good faith fair value (the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction at the valuation date) to each such financial instrument. The Company's non-Agency RMBS and Agency IOs are classified as Level 3 assets.
	The Company seeks to obtain at least one third-party indicative valuation for each instrument, and often obtains multiple indicative valuations when available. Third-party valuation providers often utilize proprietary models that are highly subjective and also require the use of a significant amount of judgment and the application of various assumptions including, but not limited to, prepayment assumptions and default rate assumptions. The Company has been able to obtain third-party valuations on the vast majority of its assets, and the Company expects to continue to solicit third-party valuations on substantially all of its assets in the future to the extent practical. The Company generally values each financial instrument at the average of third-party valuations received and not rejected as described below. Third-party valuations are not binding on the Company and while the Company generally does not adjust valuations it receives, it may challenge or reject a valuation when, based on validation criteria, the Company determines that such valuation is unreasonable or erroneous. Furthermore, the Company may determine, based on validation criteria, that for a given instrument the average of the third-party valuations received does not result in what the Company believes to be fair value, and in such circumstances the Company may override this average with its own good faith valuation. The validation criteria include the use of the Company's own models, recent trading activity in the same or similar instruments, and valuations received from third parties. The Company's valuation process, including the application of validation criteria, is overseen by a valuation committee. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the financial instruments existed, and the differences could be material to the consolidated financial statements.
	The following tables present the Company's financial instruments measured at fair value on:
	March 31, 2014:
	(In thousands)
	Description		Level 1			Level 2			Level 3			Total
	Assets:
	Real estate securities, at fair value:
	Agency RMBS:
	15-year fixed rate mortgages		$	—		$	149,429		$	—		$	149,429
	20-year fixed rate mortgages		—			10,908			—			10,908
	30-year fixed rate mortgages		—			1,040,012			—			1,040,012
	Adjustable rate mortgages		—			49,840			—			49,840
	Reverse mortgages		—			29,471			—			29,471
	Interest only securities		—			—			15,924			15,924
	Non-Agency RMBS		—			—			32,045			32,045
	Real estate securities, at fair value		—			1,279,660			47,969			1,327,629
	Financial derivatives–assets, at fair value:
	TBAs		—			898			—			898
	Fixed payer interest rate swaps		—			17,219			—			17,219
	Total financial derivatives–assets, at fair value		—			18,117			—			18,117
	Total real estate securities and financial derivatives–assets, at fair value		$	—		$	1,297,777		$	47,969		$	1,345,746
	Liabilities:
	Financial derivatives–liabilities, at fair value:
	TBAs		$	—		$	(174	)	$	—		$	(174	)
	Fixed payer interest rate swaps		—			(1,123		)	—			(1,123		)
	Fixed payer swaptions		—			(723		)	—			(723		)
	Total financial derivatives–liabilities, at fair value		$	—		$	(2,020	)	$	—		$	(2,020	)
	There were no transfers of financial instruments between Levels 1, 2, or 3 of the fair value hierarchy during the three month period ended March 31, 2014.
	December 31, 2013:
	(In thousands)
	Description		Level 1			Level 2			Level 3			Total
	Assets:
	Real estate securities, at fair value:
	Agency RMBS:
	15-year fixed rate mortgages		$	—		$	183,872		$	—		$	183,872
	30-year fixed rate mortgages		—			1,043,573			—			1,043,573
	Adjustable rate mortgages		—			46,115			—			46,115
	Reverse mortgages		—			8,268			—			8,268
	Interest only securities		—			—			13,527			13,527
	Non-Agency RMBS		—			—			30,681			30,681
	Real estate securities, at fair value		—			1,281,828			44,208			1,326,036
	Financial derivatives–assets, at fair value:
	TBAs		—			2,263			—			2,263
	Fixed payer interest rate swaps		—			32,700			—			32,700
	Total financial derivatives–assets, at fair value		—			34,963			—			34,963
	Total real estate securities and financial derivatives–assets, at fair value		$	—		$	1,316,791		$	44,208		$	1,360,999
	Liabilities:
	Financial derivatives–liabilities, at fair value:
	TBAs		$	—		$	(28	)	$	—		$	(28	)
	Fixed payer interest rate swaps		—			(956		)	—			(956		)
	Fixed payer swaptions		—			(85		)	—			(85		)
	Total financial derivatives–liabilities, at fair value		$	—		$	(1,069	)	$	—		$	(1,069	)
	There were no transfers of financial instruments between Levels 1, 2, or 3 of the fair value hierarchy during the year ended December 31, 2013.
	The following tables present additional information about the Company's investments which are measured at fair value for which the Company has utilized Level 3 inputs to determine fair value:
	Three month period ended March 31, 2014:
	(In thousands)	Non-Agency			Agency RMBS
		RMBS
Beginning balance as of December 31, 2013	$	30,681		$	13,527
Transfers:
Transfers into level 3	—			—
Transfers out of level 3	—			—
Purchases	7,663			4,096
Proceeds from sales	(5,423		)	(1,282		)
Principal repayments	(1,104		)	—
(Amortization)/accretion, net	389			(658		)
Net realized gains	205			358
Change in net unrealized gains (losses)	(366		)	(117		)
Ending balance as of March 31, 2014	$	32,045		$	15,924
All amounts of net realized and changes in net unrealized gain (loss) in the table above are reflected in the accompanying Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at March 31, 2014, as well as Level 3 financial instruments disposed of by the Company during the three month period ended March 31, 2014. For Level 3 financial instruments held by the Company at March 31, 2014, change in net unrealized gain (loss) of $106 thousand and $(230) thousand, for the three month period ended March 31, 2014 relate to Agency RMBS and non-Agency RMBS, respectively.
Three month period ended March 31, 2013:
(In thousands)	Non-Agency RMBS
Beginning balance as of December 31, 2012	$	13,596
Transfers:
Transfers into level 3	—
Transfers out of level 3	—
Purchases	3,331
Proceeds from sales	(5,309		)
Principal repayments	(440		)
(Amortization)/accretion, net	139
Net realized gains	888
Change in net unrealized gains (losses)	155
Ending balance as of March 31, 2013	$	12,360
All amounts of net realized and changes in net unrealized gain (loss) in the table above are reflected in the accompanying Consolidated Statement of Operations. The table above incorporates changes in net unrealized gain (loss) for both Level 3 financial instruments held by the Company at March 31, 2013, as well as Level 3 financial instruments disposed of by the Company during the three month period ended March 31, 2013. For Level 3 financial instruments held by the Company at March 31, 2013, change in net unrealized gain (loss) of $220 thousand, for the three month period ended March 31, 2013 relate to non-Agency RMBS.
The following tables identify the significant unobservable inputs that affect the valuation of the Company's Level 3 assets and liabilities as of March 31, 2014 and December 31, 2013:
March 31, 2014:
								Range
Description		Fair Value			Valuation Technique		Significant	Min			Max			Weighted Average(1)
							Unobservable Input
		(In thousands)
Non-Agency RMBS		$	23,910		Market quotes		Non Binding Indicative Price	$	52.48		$	102		$	78.45
Non-Agency RMBS		8,135			Discounted Cash Flows		Yield	6.8		%	17.9		%	13.1		%
							Projected Collateral Prepayments	11.8		%	53.3		%	38		%
							Projected Collateral Losses	3.8		%	26.7		%	13.3		%
							Projected Collateral Recoveries	5.6		%	24.8		%	13.8		%
							Projected Collateral Scheduled Amortization	13.2		%	55		%	34.9		%
														100		%
Agency RMBS–Interest Only Securities		11,951			Market quotes		Non Binding Indicative Price	$	4.98		$	22.89		$	15.76
Agency RMBS–Interest Only Securities		3,973			Option Adjusted Spread ("OAS")		LIBOR OAS (2)	633			883			710
							Projected Collateral Prepayments	59.8		%	76		%	69.1		%
							Projected Collateral Scheduled Amortization	24		%	40.2		%	30.9		%
														100		%
-1	Averages are weighted based on the fair value of the related instrument.
-2	Shown in basis points.
December 31, 2013:
								Range
Description		Fair Value			Valuation Technique		Significant	Min			Max			Weighted Average(1)
							Unobservable Input
		(In thousands)
Non-Agency RMBS		$	27,422		Market quotes		Non Binding Indicative Price	$	20		$	100.25		$	75.39
Non-Agency RMBS		3,259			Discounted Cash Flows		Yield	6		%	17		%	11.9		%
							Projected Collateral Prepayments	12.2		%	58.1		%	33.9		%
							Projected Collateral Losses	6.4		%	26.5		%	11.8		%
							Projected Collateral Recoveries	4.6		%	12.8		%	8.8		%
							Projected Collateral Scheduled Amortization	29.9		%	54.9		%	45.5		%
														100		%
Agency RMBS–Interest Only Securities		12,368			Market quotes		Non Binding Indicative Price	$	4.99		$	22.47		$	14.92
Agency RMBS–Interest Only Securities		1,159			Option Adjusted Spread ("OAS")		LIBOR OAS(2)	436			436			436
							Projected Collateral Prepayments	57.8		%	57.8		%	57.8		%
							Projected Collateral Scheduled Amortization	42.2		%	42.2		%	42.2		%
														100		%
-1	Averages are weighted based on the fair value of the related instrument.
-2	Shown in basis points.
Third-party non-binding indicative prices are validated by comparing such prices to internally generated prices based on the Company's models and to recent trading activity in the same or similar instruments. For those instruments valued using discounted cash flows, collateral prepayments, losses, recoveries, and scheduled amortization are projected over the remaining life of the collateral and expressed as a percentage of the collateral's current principal balance. For those assets valued using the LIBOR Option Adjusted Spread, or "OAS," valuation methodology, cash flows are projected using the Company's models over multiple interest rate scenarios, and these projected cash flows are then discounted using the LIBOR rates implied by each interest rate scenario. The LIBOR OAS of an asset is then computed as the unique constant yield spread that, when added to all LIBOR rates in each interest rate scenario generated by the model, will equate (a) the expected present value of the projected asset cash flows over all model scenarios to (b) the actual current market price of the asset. LIBOR OAS is therefore model-dependent. Generally speaking, LIBOR OAS measures the additional yield spread over LIBOR that an asset provides at its current market price after taking into account any interest rate options embedded in the asset.
Material changes in any of the inputs above in isolation could result in a significant change to reported fair value measurements. Fair value measurements are impacted by the interrelationships of these inputs. For example, a higher expectation of collateral prepayments will generally result in a lower expectation of collateral losses. Conversely, higher losses will generally result in lower prepayments.

Derivative_Instruments_Notes

Derivative Instruments (Notes)	3 Months Ended
	Mar. 31, 2014
Derivative Instruments [Abstract]	'
Derivative Instruments and Hedging Activities Disclosure [Text Block]	'
	Financial Derivatives
	The Company is exposed to certain risks arising from both its business operations and economic conditions. Specifically, the Company's primary source of debt financing is repurchase agreements and the Company enters into financial derivative and other instruments to manage exposure to variable cash flows on portions of its borrowings under those repurchase agreements. Since the interest rates on repurchase agreements typically change with market interest rates such as LIBOR, the Company is exposed to constantly changing interest rates, which accordingly affects cash flows associated with these rates on its borrowings. To mitigate the effect of changes in these interest rates and their related cash flows, the Company may enter into a variety of derivative contracts, including interest rate swaps, interest rate swaptions, and TBAs.
	The following table details fair value of the Company's holdings of financial derivatives as of March 31, 2014 and December 31, 2013:
			31-Mar-14			31-Dec-13
			(In thousands)
	Financial derivatives–assets, at fair value:
	TBA securities purchase contracts		$	—		$	1
	TBA securities sale contracts		898			2,262
	Fixed payer interest rate swaps		17,219			32,700
	Total financial derivatives–assets, at fair value:		$	18,117		$	34,963
	Financial derivatives–liabilities, at fair value:
	TBA securities purchase contracts		$	(4	)	$	—
	TBA securities sale contracts		(170		)	(28		)
	Fixed payer interest rate swaps		(1,123		)	(956		)
	Swaptions		(723		)	(85		)
	Total financial derivatives–liabilities, at fair value:		$	(2,020	)	$	(1,069	)
	Total		$	16,097		$	33,894
	Interest Rate Swaps
	The following tables provide information about the Company's interest rate swaps as of March 31, 2014 and December 31, 2013:
	March 31, 2014:
										Weighted Average
	Remaining Maturity		Notional Amount			Fair Value				Pay Rate			Receive Rate			Remaining Years to Maturity
			(In thousands)
	2016		$	48,000		$	(101	)		0.8	%		0.24	%		2.52
	2017		113,750			(403		)		1.2			0.23			3.34
	2018		81,500			1,685				0.89			0.24			4.12
	2020		70,500			2,499				1.44			0.24			6.13
	2023		210,600			9,087				2.13			0.24			9.15
	2024		22,500			(105		)		2.88			0.23			9.98
	2043		59,600			3,684				3.17			0.23			29.19
	2044		8,000			(250		)		3.69			0.23			29.97
	Total		$	614,450		$	16,096			1.76	%		0.24	%		8.79
	December 31, 2013:
										Weighted Average
	Remaining Maturity		Notional Amount			Fair Value				Pay Rate			Receive Rate			Remaining Years to Maturity
			(In thousands)
	2016		$	48,000		$	(171	)		0.8	%		0.24	%		2.77
	2017		124,000			(517		)		1.19			0.24			3.61
	2018		156,500			2,784				1.19			0.24			4.63
	2020		137,100			6,444				1.49			0.24			6.06
	2023		218,000			14,599				2.16			0.24			9.41
	2043		64,750			8,605				3.18			0.24			29.44
	Total		$	748,350		$	31,744			1.67	%		0.24	%		8.14
	Interest Rate Swaptions
	The following tables provide information about the Company's swaptions as of March 31, 2014 and December 31, 2013.
	March 31, 2014:
	Option							Underlying Swap
	Type		Fair Value			Months to Expiration		Notional				Term (Years)
								Amount						Fixed Rate
	($ in thousands)
	Fixed Payer		$	(535	)	5.9		$	22,000			10		3.31%
	Straddle		$	(188	)	6.9		$	8,000			10		3.08%
	December 31, 2013:
	Option							Underlying Swap
	Type		Fair Value			Months to Expiration		Notional				Term (Years)		Fixed Rate
								Amount
	($ in thousands)
	Fixed Payer		$	(59	)	8.9		$	22,000			10		3.31%
	Straddle		$	(26	)	9.9		$	8,000			10		3.08%
	TBAs
	As of March 31, 2014 and December 31, 2013, the Company had outstanding contracts to purchase ("long positions") and sell ("short positions") TBA securities as follows:
			31-Mar-14														31-Dec-13
	TBA Securities		Notional Amount(1)			Cost				Market Value(3)				Net Carrying Value(4)			Notional Amount (1)			Cost			Market Value(3)			Net Carrying Value(4)
Basis(2)						Basis(2)
(In thousands)
Purchase contracts:
Assets		$	—		$	—			$	—			$	—		$	1,600		$	1,725		$	1,726		$	1
Liabilities		8,450			8,162				8,158				(4		)	—			—			—			—
Sale contracts:
Assets		(275,308		)	(289,532		)		(288,634		)		898			(363,078		)	(375,524		)	(373,262		)	2,262
Liabilities		(154,669		)	(161,989		)		(162,159		)		(170		)	(16,400		)	(17,518		)	(17,546		)	(28		)
Total TBA securities, net		$	(421,527	)	$	(443,359	)		$	(442,635	)		$	724		$	(377,878	)	$	(391,317	)	$	(389,082	)	$	2,235
-1	Notional amount represents the principal balance of the underlying Agency RMBS.
-2	Cost basis represents the forward price to be paid for the underlying Agency RMBS.
-3	Market value represents the current market value of the underlying Agency RMBS (on a forward delivery basis) as of period end.
-4	Net carrying value represents the difference between the market value of the TBA contract as of period end and the cost basis and is reported in Financial derivatives-assets at fair value and Financial derivatives-liabilities at fair value on the Consolidated Balance Sheet.
The Company primarily uses TBAs to hedge interest rate risk, but from time to time it also holds net long positions in certain TBA securities as a means of acquiring exposure to Agency RMBS.
Gains and losses on the Company's financial derivatives for the three month period ended March 31, 2014 are summarized in the tables below:
		Year Ended March 31, 2014
Derivative Type		Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps			Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps				Net Realized Gains (Losses) on Financial Derivatives				Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps			Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps			Change in Net Unrealized Gains (Losses) on Financial Derivatives
(In thousands)
Fixed payer interest rate swaps		$	(795	)	$	3,431			$	2,636			$	(1,583	)	$	(14,064	)	$	(15,647	)
Swaptions					—				—							(638		)	(638		)
TBAs					(6,065		)		(6,065		)					(1,511		)	(1,511		)
Futures					20				20							—			—
Total		$	(795	)	$	(2,614	)		$	(3,409	)		$	(1,583	)	$	(16,213	)	$	(17,796	)
The Company did not have any derivatives outstanding during the three month period ended March 31, 2013.

Borrowings_under_Repurchase_Ag

Borrowings under Repurchase Agreements (Notes)	3 Months Ended
	Mar. 31, 2014
Repurchase Agreements [Abstract]	'
Repurchase Agreements Disclosure [Text Block]	'
	Borrowings under Repurchase Agreements
	The Company pledges certain real estate securities as collateral under repurchase agreements with financial institutions, the terms and conditions of which are negotiated on a transaction-by-transaction basis. Repurchase agreements involve the sale to a counterparty and a simultaneous agreement to repurchase the transferred assets or similar assets from such counterparty at a future date. Repurchase agreements entered into by the Company are accounted for as collateralized borrowings and require the repurchase of the transferred securities at the end of each agreement's term, which is typically 30 to 180 days. The carrying amount of the Company's repurchase agreements approximates fair value as the debt is short-term in nature. The Company maintains the beneficial interest in the specific securities pledged during the term of the repurchase agreement and receives the related principal and interest payments. Interest rates on these borrowings are generally fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of the repurchase agreement at which time the Company may enter into a new repurchase agreement at prevailing market rates with the same counterparty or repay that counterparty and possibly negotiate financing terms with a different counterparty. In response to declines in fair value of pledged securities due to changes in market conditions and/or declines in security paydown factors, counterparties to repurchase agreements will typically make margin calls, whereby the Company will be required to post additional securities as collateral or establish cash margin accounts with the counterparties in order to re-establish the agreed-upon collateral requirements. Under the terms of the Company's master repurchase agreements, or "MRAs," the counterparties may, in certain cases, sell, or re-hypothecate the pledged collateral.
	The Company seeks to have repurchase agreements with several different counterparties at any given time in order to reduce the exposure to any single counterparty. As of both March 31, 2014 and December 31, 2013, the Company had outstanding borrowings under repurchase agreements with nine counterparties.
	The following table details the Company's outstanding borrowings under repurchase agreements as of March 31, 2014 and December 31, 2013:
		31-Mar-14					31-Dec-13
				Weighted Average					Weighted Average
	Remaining Days to Maturity	Borrowings Outstanding		Interest Rate		Remaining Days to Maturity	Borrowings Outstanding		Interest Rate		Remaining Days to Maturity
		(In thousands)
	30 days or less	$	355,198	0.36	%	11	$	338,700	0.35	%	14
	31-60 days	369,220		0.35		43	531,799		0.39		46
	61-90 days	414,722		0.32		74	326,386		0.38		72
	91-120 days	2,940		0.39		108	109,476		0.45		100
	121-150 days	47,945		0.39		134	3,986		0.56		136
	151-180 days	91,445		0.38		164	—		—		—
	Total	$	1,281,470	0.35	%	56	$	1,310,347	0.38	%	49
	Repurchase agreements involving underlying investments that we sold prior to period end, for settlement following period end, are shown using their original maturity dates even though such repurchase agreements may be expected to be terminated early upon settlement of the sale of the underlying investment. Not included are any repurchase agreements that we may have entered into prior to period end for which delivery of the borrowed funds is not scheduled until after period end.
	As of March 31, 2014 and December 31, 2013, the fair value of Agency RMBS pledged as collateral under outstanding borrowings under repurchase agreements was $1.3 billion and $1.4 billion, respectively. Collateral pledged under outstanding borrowings as of March 31, 2014 include Agency RMBS in the amount of $96.2 million that were sold prior to period end but for which such sale had not yet settled. Collateral pledged under outstanding borrowings as of December 31, 2013 include Agency RMBS in the amount of $76.1 million that were sold prior to period end but for which such sale had not yet settled.

Offsetting_of_Assets_and_Liabi

Offsetting of Assets and Liabilities (Notes)	3 Months Ended
	Mar. 31, 2014
Offsetting of Assets and Liabilities [Abstract]	'
OffsettingOfAssetsAndLiabilities [Text Block]	'
	Offsetting of Assets and Liabilities
	The Company records financial instruments at fair value as described in Note 4. All financial instruments are recorded on a gross basis on the Consolidated Balance Sheet. In connection with its financial derivatives, repurchase agreements, and related trading agreements, the Company and its counterparties are required to pledge collateral. Cash or other collateral is exchanged as required with each of the Company's counterparties in connection with open derivative positions and repurchase agreements.
	The following tables present information about certain assets and liabilities representing financial instruments as of March 31, 2014 and December 31, 2013. The Company has not previously entered into master netting agreements with any of its counterparties. Certain of the Company's repurchase and reverse repurchase agreements and financial derivative transactions are governed by underlying agreements that generally provide a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction.
	March 31, 2014:
	Description		Amount of Assets (Liabilities) Presented in the Consolidated Balance Sheet(1)			Financial Instruments Available for Offset			Financial Instruments Pledged as Collateral(2)(3)		Cash Collateral (Received) Pledged(2)(3)			Net Amount
	(In thousands)
	Assets:
	Financial derivatives–assets		$	18,117		$	(942	)	$	—	$	(10,754	)	$	6,421
	Liabilities:
	Financial derivatives–liabilities		(2,020		)	942			—		1,051			(27		)
	Repurchase Agreements		(1,281,470		)	—			1,278,788		2,682			—
	-1	In the Company's Consolidated Balance Sheet, all balances associated with the repurchase agreements and financial derivatives are presented on a gross basis.
	-2	For the purpose of this presentation, for each row the total amount of financial instruments pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, we have reduced the amount of financial instruments pledged as collateral related to our repurchase agreements and cash collateral pledged on our financial derivative assets and liabilities. Total financial instruments pledged as collateral on our repurchase agreements as of March 31, 2014 were $1.34 billion. As of March 31, 2014 total cash collateral on financial derivative assets and liabilities excludes $2.5 million and $3.1 million, respectively of net excess cash collateral.
	-3	When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a specific asset or liability. As a result, in preparing the above table, the Company has made assumptions in allocating pledged or posted collateral among the various rows.
	December 31, 2013:
	Description		Amount of Assets (Liabilities) Presented in the Consolidated Balance Sheet(1)			Financial Instruments Available for Offset			Financial Instruments Pledged as Collateral(2)(3)		Cash Collateral (Received) Pledged(2)(3)			Net Amount
	(In thousands)
	Assets:
	Financial derivatives–assets		$	34,963		$	(1,042	)	$	—	$	(22,360	)	$	11,561
	Liabilities:
	Financial derivatives–liabilities		(1,069		)	1,042			—		26			(1		)
	Repurchase Agreements		(1,310,347		)	—			1,295,567		14,780			—
	-1	In the Company's Consolidated Balance Sheet, all balances associated with the repurchase agreements and financial derivatives are presented on a gross basis.
	-2	For the purpose of this presentation, for each row the total amount of financial instruments pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore we have reduced the amount of financial instruments pledged as collateral related to our repurchase agreements and cash collateral pledged on our financial derivative assets and liabilities. Total financial instruments pledged as collateral on our repurchase agreements as of December 31, 2013 were $1.36 billion. As of December 31, 2013 total cash collateral on financial derivative assets and liabilities excludes $0.3 million and $3.1 million, respectively of net excess cash collateral.
	-3	When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a specific asset or liability. As a result, in preparing the above table, the Company has made assumptions in allocating pledged or posted collateral among the various rows.

Management_Fees

Management Fees	3 Months Ended
	Mar. 31, 2014
Management Fees Disclosure [Abstract]	'
Management Fees	'
	Management Fees
	The Manager receives an annual management fee in an amount equal to 1.50% per annum of shareholders' equity (as defined in the Management Agreement) as of the end of each fiscal quarter (before deductions for management fee with respect to such fiscal period). The management fee is payable quarterly in arrears. For the three month periods ended March 31, 2014 and 2013, total management fee incurred was approximately $0.6 million and $0.1 million, respectively.
	Shareholders' equity is defined in the Management Agreement, as of the end of any fiscal quarter, as (a) the sum of (1) the net proceeds from any issuances of common shares or other equity securities of the Company or the Operating Partnership (without double counting) since inception, plus (2) the Company's and the Operating Partnership's (without double counting) retained earnings or accumulated deficit calculated in accordance with U.S. GAAP at the end of the most recently completed fiscal quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less (b) any amount that the Company or the Operating Partnership has paid to repurchase common shares, limited partnership interests in the Operating Partnership or other equity securities since inception. Shareholders' equity excludes (1) any unrealized gains, losses, or non-cash equity compensation expenses that have impacted shareholders' equity as reported in the financial statements prepared in accordance with U.S. GAAP, regardless of whether such items are included in net income, and (2) one-time events pursuant to changes in U.S. GAAP, and certain non-cash items not otherwise described above, in each case, after discussions between the Manager and the Company's independent trustees and approval by a majority of the Company's independent trustees.

Earnings_per_Share

Earnings per Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings per Share	'
	Earnings Per Share
	Basic earnings per share, or "EPS," is calculated by dividing net income (loss) for the period by the weighted average of the Company's common shares outstanding for the period. Diluted EPS takes into account the effect of dilutive instruments, such as share options and warrants, and uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted average number of shares outstanding. As of March 31, 2014 and 2013, the Company did not have any dilutive instruments outstanding.
	The following table presents a reconciliation of the earnings/(losses) and shares used in calculating basic EPS for the three month periods ended March 31, 2014 and 2013:
	(In thousands except share amounts)	Three Month		Three Month
		Period Ended		Period Ended
		31-Mar-14		31-Mar-13
	Numerator:
	Net income	$	2,761	$	1,129
	Denominator:
	Basic weighted average shares outstanding	9,139,842		1,633,378
	Basic Earnings Per Share	$	0.3	$	0.69

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	Related Party Transactions
	Management Agreement
	The Company has entered into a management agreement with the Manager, which provides for an initial term through September 24, 2017, and which will be renewed automatically each year thereafter for an additional one-year period, subject to certain termination rights. The Company is externally managed and advised by the Manager. Pursuant to the terms of the Management Agreement, effective September 24, 2012, the Manager provides the Company with its management team, including its officers and appropriate support personnel. The Company does not have any employees. The Manager is responsible for the day-to-day operations of the Company.
	Services Agreement
	The Manager and EMG are parties to a services agreement, pursuant to which EMG is required to provide to the Manager sufficient personnel, services, and resources to enable the Manager to carry out its obligations and responsibilities under the Management Agreement. The Company is a named third-party beneficiary to the services agreement and, as a result, has, as a non-exclusive remedy, a direct right of action against EMG in the event of any breach by the Manager of any of its duties, obligations, or agreements under the Management Agreement that arise out of or result from any breach by EMG of its obligations under the services agreement. The services agreement will terminate upon the termination of the Management Agreement. Pursuant to the services agreement, the Manager makes certain payments to EMG in connection with the services provided. The Manager and EMG are under common ownership and control. As a result, all management fee compensation earned by the Manager and all service agreement fees earned by EMG accrue to the common benefit of the owners of the Manager and EMG, other than in respect of certain special non-voting membership interests in Ellington Residential Mortgage Management LLC held by certain shareholders of the Company.
	Expense Reimbursement
	Under the terms of the Management Agreement the Company is required to reimburse the Manager for operating expenses related to the Company that are incurred by the Manager, including expenses relating to legal, accounting, due diligence, other services, and all other costs and expenses. The Company's reimbursement obligation is not subject to any dollar limitation. Expenses will be reimbursed in cash within 60 days following delivery of the expense statement by the Manager; provided, however, that such reimbursement may be offset by the Manager against amounts due to the Company from the Manager. The Company will not reimburse the Manager for the salaries and other compensation of the Manager's personnel except that the Company will be responsible for expenses incurred by the Manager in employing certain dedicated or partially dedicated personnel as further described below.
	The Company reimburses the Manager for the allocable share of the compensation, including, without limitation, wages, salaries, and employee benefits paid or reimbursed, as approved by the Compensation Committee of the Board of Trustees, to certain dedicated or partially dedicated personnel who spend all or a portion of their time managing the Company's affairs, based upon the percentage of time devoted by such personnel to the Company's affairs. In their capacities as officers or personnel of the Manager or its affiliates, such personnel will devote such portion of their time to the Company's affairs as is necessary to enable the Company to operate its business.
	For the three month period ended March 31, 2014, the Company reimbursed the Manager $0.5 million for previously incurred operating and compensation expenses. For the three month period ended March 31, 2013, the Company reimbursed the Manager $0.3 million for previously incurred operating and compensation expenses.
	Termination Fee
	The Management Agreement requires the Company to pay a termination fee to the Manager in the event of (1) the Company's termination or non-renewal of the Management Agreement without cause or (2) the Manager's termination of the Management Agreement upon a default by the Company in the performance of any material term of the Management Agreement. Such termination fee will be equal to 5% of Shareholders' Equity, as defined in the Management Agreement (see Note 8 above) as of the month-end preceding termination.
	Registration Rights Agreement
	The Company is a party to a registration rights agreement with an affiliate of EMG and with the Blackstone Tactical Opportunities Funds (the "Blackstone Funds") pursuant to which the Company has granted its initial investors and each of their permitted transferees and other holders of the Company's "registrable common shares" (as such term is defined in the registration rights agreement) who become a party to the registration rights agreement with certain demand and/or piggy-back registration and shelf takedown rights. In no event shall any holder of the Company's registrable common shares have any of the registration, offering, or sale rights set forth in the registration rights agreement prior to the one year anniversary of the closing of the initial public offering.

Capital

Capital	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Capital	'
	Capital
	The Company has authorized 500,000,000 common shares, $0.01 par value per share, and 100,000,000 preferred shares, $0.01 par value per share. The Board of Trustees may authorize the issuance of additional shares of either class. As of both March 31, 2014 and December 31, 2013, there were 9,139,842 common shares outstanding, respectively. No preferred shares have been issued.
	The below table details cash dividends declared by the Board of Trustees during the three month period ended March 31, 2014:
		Dividend	Dividend Amount	Declaration Date	Record Date	Payment Date
		Per Share
			(In thousands)
	First Quarter	$0.55	$5,027	12-Mar-14	31-Mar-14	28-Apr-14
	The Board of Trustees did not declare any cash dividends prior to the second quarter of 2013.
	On August 13, 2013, the Company's Board of Trustees approved the adoption of a $10 million share repurchase program. The program, which is open-ended in duration, allows the Company to make repurchases from time to time on the open market or in negotiated transactions. Repurchases are at the Company's discretion, subject to applicable law, share availability, price and the Company's financial performance, among other considerations. No purchases have been made under the program to date.
	Distribution Policy
	The timing and frequency of distributions will be determined by the Board of Trustees based upon a variety of factors deemed relevant by the Company's trustees, including restrictions under applicable law, capital requirements of the Company, and the REIT requirements of the Code. Distributions to shareholders generally will be taxable as ordinary income, although a portion of such distributions may be designated as long-term capital gain or qualified dividend income, or may constitute a return of capital. The Company will furnish annually to each shareholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment.
	It is the intention of the Company to distribute at least 100% of its taxable income, after application of available tax attributes, within the limits prescribed by the Internal Revenue Code, which may extend into the subsequent taxable year.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. Management is not aware of any significant contingencies at March 31, 2014.

Significant_Accounting_Policie1

Significant Accounting Policies Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis of Presentation	'
	Basis of Presentation: The Company's unaudited interim consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, or "U.S. GAAP," for interim financial information. Entities in which the Company has a controlling financial interest, through ownership of the majority of the entities' voting equity interests, or through other contractual right that give the Company control, are consolidated by the Company. All inter-company balances and transactions have been eliminated. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. Interim results are not necessarily indicative of the results that may be expected for the entire fiscal year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2013.
Valuation	'
	Valuation: The Company applies Accounting Standards Codification, or "ASC," ASC 820-10, Fair Value Measurement and Disclosures ("ASC 820-10"), to its holdings of financial instruments. ASC 820-10 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:
	•	Level 1—inputs to the valuation methodology are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets,
	•	Level 2—inputs to the valuation methodology other than quoted prices included in Level 1 are observable for the asset or liability, either directly or indirectly, and
	•	Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement.
	A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities.
Accounting for Real Estate Securities	'
	Accounting for Real Estate Securities: Investments in real estate securities are recorded on trade date. The Company has chosen to make a fair value election pursuant to ASC 825-10, Financial Instruments, for its real estate securities portfolio. Electing the fair value option allows the Company to record changes in fair value in the Consolidated Statement of Operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner. As such, the real estate securities are recorded at fair value on the Consolidated Balance Sheet and the period change in fair value is recorded in current period earnings on the Consolidated Statement of Operations as a component of Change in net unrealized gains (losses) on real estate securities.
	Realized gains or losses on sales of real estate securities are included in Net realized gains (losses) on real estate securities on the Consolidated Statement of Operations, and are recorded at the time of disposition. The cost of positions sold is calculated based on identified cost.
Interest Income	'
	Interest Income: The Company accretes market discounts and amortizes market premiums on debt securities using the effective yield method. Accretion of market discount and amortization of market premiums requires the application of several assumptions including, but not limited to, prepayment assumptions and default rate assumptions, which are re-evaluated not less than quarterly and require the use of a significant amount of judgment. Principal write-offs are generally treated as realized losses. The Company's accretion of discounts and amortization of premiums for U.S. federal and other tax purposes is likely to differ from the financial accounting treatment under U.S. GAAP of these items as described above.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents: Cash and cash equivalents include cash and short term investments with original maturities of three months or less at the date of acquisition. Cash equivalents are recorded at cost plus accrued interest, which approximates fair value. Cash accounts are maintained with financial institutions and these balances generally exceed insured limits.
Deposits with Dealers Held as Collateral/Due to Brokers	'
	Due from brokers/Due to brokers: Due from brokers and Due to brokers accounts on the Consolidated Balance Sheet include collateral paid or received from counterparties, including clearinghouses, along with receivables and payables for open and or closed derivative positions.
Financial Derivatives	'
	Financial Derivatives: The Company may enter into various types of financial derivatives subject to its investment guidelines, which include restrictions associated with maintaining qualification as a REIT. The Company's derivatives are predominantly subject to bilateral collateral arrangements or clearing in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Company may be required to deliver or receive cash or securities as collateral upon entering into derivative transactions. In addition, changes in the relative value of derivative transactions may require the Company or the counterparty to post or receive additional collateral. In the case of cleared derivatives, the clearinghouse becomes the Company's counterparty and a futures commission merchant, or "FCM," acts as intermediary between the Company and the clearinghouse with respect to all facets of the related transaction, including the posting and receipt of required collateral. Collateral received by the Company is reflected on the Consolidated Balance Sheet as "Due to Brokers." Conversely, collateral posted by the Company is reflected as "Due from Brokers" on the Consolidated Balance Sheet. The types of derivatives that have been utilized by the Company to date are interest rate swaps, TBAs, and swaptions.
	Swaps: The Company has entered into interest rate swaps, which are contractual agreements whereby one party pays a floating rate of interest on a notional principal amount and receives a fixed rate on the same notional principal, or vice versa, for a fixed period of time.
	While the Company does not intend to operate its non-Agency RMBS investment strategy on a credit hedged basis, the Company may opportunistically enter into various credit hedging transactions, such as involving credit default swaps, total return swaps, or other derivative contracts. The Company may use credit default swaps to hedge non-Agency RMBS credit risk by buying protection on a basket or index of non-Agency RMBS assets or on a single non-Agency RMBS. For credit hedging purposes the Company may also enter into credit default swaps which reference other mortgage-backed securities, or "MBS," or the corporate credit of certain corporations, or indices on the foregoing. In addition, the Company may enter into various other derivative contracts, including total return swaps. Generally, a total return swap would reference either the corporate credit or equity of certain corporations. However, the Company's ability to use credit hedges is subject to the Company's qualifying and maintaining its qualification as a REIT and maintaining its exclusion from regulation as an investment company under the Investment Company Act.
	Swaps change in value with movements in interest rates or total return of the reference securities. During the term of swap contracts, changes in value are recognized as unrealized gains or losses on the Consolidated Statement of Operations. When a contract is terminated, the Company realizes a gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Company's basis in the contract, if any. Periodic payments or receipts required by swap agreements are recorded as unrealized gains or losses when accrued and realized gains or losses when received or paid. Upfront payments paid and/or received by the Company to open swap contracts are recorded as an asset and/or liability on the Consolidated Balance Sheet and are recorded as a realized gain or loss on the termination date.
	TBA Securities: The Company has transacted in the TBA RMBS market. A TBA position is a forward contract for the purchase ("long position") or sale ("short position") of Agency RMBS at a predetermined price, face amount, issuer, coupon, and maturity on an agreed-upon future delivery date. For each TBA contract and delivery month, a uniform settlement date for all market participants is determined by the Securities Industry and Financial Markets Association. The specific Agency RMBS to be delivered into the contract at the settlement date are not known at the time of the transaction. The Company typically does not take delivery of TBAs, but rather enters into offsetting transactions and settles the associated receivable and payable balances with its counterparties. The Company primarily uses TBAs to hedge interest rate risk, but from time to time it also holds net long positions in certain TBA securities as a means of acquiring exposure to Agency RMBS.
	TBAs are accounted for as financial derivatives. The difference between the contract price and the fair value of the TBA position as of the reporting date is included in Change in net unrealized gains (losses) on financial derivatives, in the Consolidated Statement of Operations. The Company estimates the fair value of TBA positions based on similar methods used to value real estate securities. Upon settlement of the TBA contract, the realized gain (loss) on the TBA contract is equal to the net cash amount received (paid).
	Options: The Company has entered into swaption contracts. It may purchase or write put, call, straddle, or other similar options contracts. The Company enters into options primarily to help mitigate interest rate risk. When the Company purchases an option, the option asset is initially recorded at an amount equal to the premium paid, if any, and is subsequently marked-to-market. Premiums paid for purchasing options that expire unexercised are recognized on the expiration date as realized losses. If an option is exercised, the premium paid is subtracted from the proceeds of the sale or added to the cost of the purchase to determine whether the Company has realized a gain or loss on the related investment transaction. When the Company writes an option, the option liability is initially recorded at an amount equal to the premium received, if any, and is subsequently marked-to-market. Premiums received for writing options that expire unexercised are recognized on the expiration date as realized gains. If an option is exercised, the premium received is subtracted from the cost of the purchase or added to the proceeds of the sale to determine whether the Company has realized a gain or loss on the related investment transaction. When the Company enters into a closing transaction, the Company will realize a gain or loss depending upon whether the amount from the closing transaction is greater or less than the premiums paid or received. In general, the Company's options contain forward-settling premiums. In this case, no money is exchanged upfront; instead, the agreed-upon premium is paid by the buyer upon expiration of the option, regardless of whether or not the option is exercised.
	Financial derivative assets are included in Financial derivatives–assets, at fair value on the Consolidated Balance Sheet while financial derivative liabilities are included in Financial derivatives–liabilities, at fair value on the Consolidated Balance Sheet.
	Futures Contracts: A futures contract is an exchange-traded agreement to buy or sell an asset for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either in the form of cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by marking-to-market to reflect the current market value of the contract. Variation margin payments are made or received periodically, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Company records a realized gain or loss equal to the difference between the proceeds of the closing transaction and the Company's basis in the contract.
Repurchase Agreements and Reverse Repurchase Agreements	'
	Repurchase Agreements and Reverse Repurchase Agreements: The Company enters into repurchase agreements with third-party broker-dealers, whereby it sells securities under agreements to repurchase at an agreed upon price and date. The Company may also enter into reverse repurchase agreement transactions with third-party broker-dealers, whereby it purchases securities under agreements to resell at an agreed upon price and date. The Company accounts for repurchase agreements as collateralized borrowings, with the initial sale price representing the amount borrowed, and with the future repurchase price consisting of the amount borrowed plus interest, at the implied interest rate of the repurchase agreement, on the amount borrowed over the term of the repurchase agreement. The interest rate on a repurchase agreement or a reverse repurchase agreement is based on competitive market rates (or competitive market spreads, in the case of agreements with floating interest rates) at the time such agreement is entered into. When the Company enters into a repurchase agreement, the lender establishes and maintains an account containing cash and securities having a value not less than the repurchase price, including accrued interest, of the repurchase agreement. Repurchase and reverse repurchase agreements that are conducted with the same counterparty can be reported on a net basis if they meet the requirements under the authoritative guidance. Repurchase agreements and reverse repurchase agreements are carried at their contractual amounts, which approximate fair value.
U.S. Treasury securities	'
	U.S. Treasury Securities: The Company may purchase or sell short U.S. Treasury securities to help mitigate the potential impact of changes in interest rates on the performance of its portfolio. The Company may borrow securities under reverse repurchase agreements to enable it to deliver U.S. Treasury securities that it has sold short.
Offering Costs/Placement Fees/Deferred Offering Costs	'
	Offering Costs/Deferred Offering Costs: Offering costs are charged against shareholders' equity and typically include legal, accounting, printing, and other fees associated with the cost of raising equity capital.
Share Based Compensation	'
	Share Based Compensation: The Company applies the provisions of ASC 718, Compensation—Shares Compensation ("ASC 718"), with regard to its equity incentive plans. ASC 718 covers a wide range of share-based compensation arrangements including share options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans. ASC 718 requires that compensation cost relating to share-based payment transactions be recognized in financial statements. The cost is measured based on the fair value of the equity or liability instruments issued.
Dividends	'
	Dividends: Dividends payable are recorded on the declaration date.
Earnings Per Share	'
	Earnings Per Share: In accordance with the provisions of ASC 260, Earnings per Share, the Company calculates basic income (loss) per share by dividing net income (loss) for the period by the weighted average of the Company's common shares outstanding for that period. Diluted income (loss) per share takes into account the effect of dilutive instruments, such as share options and warrants, and uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted average number of shares outstanding.
Share repurchases [Policy Text Block]	'
	Share Repurchases: Common shares that are repurchased by the Company subsequent to issuance decrease the total number of shares issued and outstanding.
Income Taxes	'
	Income Taxes: Prior to May 1, 2013, the Company, as a business trust with more than one owner, was considered a partnership for U.S. federal income tax purposes. In general, partnerships are not subject to entity-level tax on their income, but the income of a partnership is taxable to its owners on a flow-through basis. Interest, dividend, and other income realized by the Company from non-U.S. sources and capital gains realized on the sale of securities of non-U.S. issuers may be subject to entity level tax such as withholding and other taxes levied by the jurisdiction in which the income is sourced. For the periods September 25, 2012 (commencement of operations) through December 31, 2012 and January 1, 2013 through April 30, 2013, the Company filed its tax return as a partnership. Effective May 1, 2013, the Company made the election to be taxed as a corporation. In addition, the Company intends to elect to be taxed as a REIT under Sections 856 to 860 of the Code commencing with the short taxable period May 1, 2013 through December 31, 2013. To qualify as a REIT, the Company must meet certain requirements, including the distribution of at least 90% of its annual taxable income to shareholders.
	The Company follows the authoritative guidance on accounting for and disclosure of uncertainty on tax positions, which requires management to determine whether a tax position of the company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals of the litigation process, based on the technical merits of the position. For uncertain tax positions, the tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company did not have any unrecognized tax benefits at December 31, 2013. In the normal course of business, the Company may be subject to examination by federal, state, local, and foreign jurisdictions, where applicable, for the current period, 2013, and 2012 (its open tax years). The Company may take positions with respect to certain tax issues which depend on legal interpretation of facts or applicable tax regulations. Should the relevant tax regulators successfully challenge any of such positions, the Company might be found to have a tax liability that has not been recorded in the accompanying consolidated financial statements. Also, management's conclusions regarding the authoritative guidance may be subject to review and adjustment at a later date based on changing tax laws, regulations, and interpretations thereof. There were no amounts accrued for penalties or interest as of or during the periods presented in these consolidated financial statements.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements: Under the Jumpstart Our Business Startups Act, or the "JOBS Act," the Company meets the definition of an "emerging growth company." The Company has elected to follow the extended transition period for complying with new or revised U.S. accounting standards pursuant to Section 107(b) of the JOBS Act. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-public entities.

Real_Estate_Securities_Tables

Real Estate Securities (Tables)	3 Months Ended
	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Schedule of Real Estate Securities	'
	The following tables present details of the Company's real estate securities portfolio at March 31, 2014 and December 31, 2013, respectively. The Company's Agency RMBS include mortgage pass-through certificates and CMOs representing interests in or obligations backed by pools of residential mortgage loans issued or guaranteed by a U.S. government agency or government-sponsored enterprises, or "GSEs." The non-Agency RMBS portfolio is not issued or guaranteed by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or any agency of the U.S. Government and is therefore subject to greater credit risk.
	By RMBS Type –
	March 31, 2014:
	($ in thousands)											Gross Unrealized										Weighted Average
		Current Principal			Unamortized Premium (Discount)				Amortized			Gains			Losses			Fair Value				Coupon	Yield		Weighted Average Life(Years)(1)
									Cost
	Agency RMBS:
	15-year fixed rate mortgages	$	144,422		$	5,762			$	150,184		$	204		$	(959	)	$	149,429			3.21%	2.52%		5.68
	20-year fixed rate mortgages	10,347			633				10,980			—			(72		)	10,908				4.00%	2.94%		7.3
	30-year fixed rate mortgages	1,004,293			47,822				1,052,115			2,649			(14,752		)	1,040,012				3.95%	3.35%		9.39
	Adjustable rate mortgages	46,804			3,065				49,869			174			(203		)	49,840				4.82%	3.90%		6.01
	Reverse mortgages	27,081			2,218				29,299			182			(10		)	29,471				3.83%	2.82%		5.55
	Interest only securities	n/a			n/a				13,232			2,761			(69		)	15,924				4.24%	14.90%		4.25
	Total Agency RMBS	1,232,947			59,500				1,305,679			5,970			(16,065		)	1,295,584				3.93%	3.38%		8.31
	Non-Agency RMBS	54,115			(23,706		)		30,409			2,142			(506		)	32,045				2.50%	9.74%		5.8
	Total Real Estate Securities	$	1,287,062		$	35,794			$	1,336,088		$	8,112		$	(16,571	)	$	1,327,629			3.87%	3.52%		8.21
	-1	Average lives of RMBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal.
	December 31, 2013:
	($ in thousands)											Gross Unrealized										Weighted Average
		Current Principal			Unamortized Premium (Discount)				Amortized			Gains			Losses			Fair Value				Coupon	Yield		Weighted Average Life(Years)(1)
									Cost
	Agency RMBS:
	15-year fixed rate mortgages	$	179,906		$	7,153			$	187,059		$	65		$	(3,252	)	$	183,872			3.09%	2.52%		5.76
	30-year fixed rate mortgages	1,029,629			41,565				1,071,194			490			(28,111		)	1,043,573				3.79%	3.30%		9.8
	Adjustable rate mortgages	43,525			2,647				46,172			46			(103		)	46,115				4.72%	3.24%		3.79
	Reverse mortgages	7,581			673				8,254			16			(2		)	8,268				4.85%	2.90%		3.41
	Interest only securities	n/a			n/a				10,718			2,841			(32		)	13,527				3.97%	11.79%		5.02
	Total Agency RMBS	1,260,641			52,038				1,323,397			3,458			(31,500		)	1,295,355				3.75%	3.26%		8.67
	Non-Agency RMBS	50,006			(21,327		)		28,679			2,196			(194		)	30,681				2.84%	9.12%		5.54
	Total Real Estate Securities	$	1,310,647		$	30,711			$	1,352,076		$	5,654		$	(31,694	)	$	1,326,036			3.72%	3.38%		8.56
	-1	Average lives of RMBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal.
Weighted Average Life Classifications [Table Text Block]	'
	By Estimated Weighted Average Life –
	As of March 31, 2014:
	($ in thousands)		Agency RMBS									Agency Interest Only Securities									Non-Agency RMBS
	Estimated Weighted Average Life		Fair			Amortized Cost				Weighted Average Coupon		Fair Value			Amortized Cost			Weighted Average Coupon			Fair Value			Amortized Cost		Weighted Average Coupon
			Value
	Less than three years		$	3,942		$	3,919			4.82	%	$	1,981		$	1,792		5.63	%		$	1,782		$	1,044	2.38	%
	Greater than three years and less than seven years		206,433			207,123				3.66	%	12,507			10,468			4.02	%		17,802			17,923		2.67	%
	Greater than seven years and less than eleven years		1,069,285			1,081,405				3.94	%	1,436			972			3.5	%		11,645			10,646		1.41	%
	Greater than eleven years		—			—				—	%	—			—			—	%		816			796		7.69	%
	Total		$	1,279,660		$	1,292,447			3.9	%	$	15,924		$	13,232		4.24	%		$	32,045		$	30,409	2.5	%
	As of December 31, 2013:
	($ in thousands)		Agency RMBS									Agency Interest Only Securities									Non-Agency RMBS
	Estimated Weighted Average Life		Fair			Amortized Cost				Weighted Average Coupon		Fair Value			Amortized Cost			Weighted Average Coupon			Fair Value			Amortized Cost		Weighted Average Coupon
			Value
	Less than three years		$	5,554		$	5,518			5.68	%	$	955		$	762		6.48	%		$	1,715		$	1,216	2.38	%
	Greater than three years and less than seven years		243,120			246,342				3.48	%	7,643			6,198			3.31	%		16,488			15,950		3.42	%
	Greater than seven years and less than eleven years		1,031,552			1,059,223				3.79	%	4,929			3,758			4.91	%		11,656			10,708		1.43	%
	Greater than eleven years		1,602			1,596				4.5	%	—			—			—	%		822			805		7.69	%
	Total		$	1,281,828		$	1,312,679			3.73	%	$	13,527		$	10,718		3.97	%		$	30,681		$	28,679	2.84	%
Interest Income Components - Investments [Table Text Block]	'
	The following table illustrates components of interest income on the Company's RMBS for the three month periods ended March 31, 2014 and 2013:
			Three Month Period Ended										Three Month Period Ended
			31-Mar-14										31-Mar-13
	($ in thousands)		Coupon Interest			Net Amortization				Interest			Coupon Interest			Net Amortization			Interest
										Income									Income
	Agency RMBS		$	13,017		$	(1,756	)		$	11,261		$	—		$	—		$	—
	Non-Agency RMBS		306			389				695			144			139			283
	Total		$	13,323		$	(1,367	)		$	11,956		$	144		$	139		$	283

Valuation_Tables

Valuation (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Schedule of Fair Value Measurements	'
	The following tables present the Company's financial instruments measured at fair value on:
	March 31, 2014:
	(In thousands)
	Description		Level 1			Level 2			Level 3			Total
	Assets:
	Real estate securities, at fair value:
	Agency RMBS:
	15-year fixed rate mortgages		$	—		$	149,429		$	—		$	149,429
	20-year fixed rate mortgages		—			10,908			—			10,908
	30-year fixed rate mortgages		—			1,040,012			—			1,040,012
	Adjustable rate mortgages		—			49,840			—			49,840
	Reverse mortgages		—			29,471			—			29,471
	Interest only securities		—			—			15,924			15,924
	Non-Agency RMBS		—			—			32,045			32,045
	Real estate securities, at fair value		—			1,279,660			47,969			1,327,629
	Financial derivatives–assets, at fair value:
	TBAs		—			898			—			898
	Fixed payer interest rate swaps		—			17,219			—			17,219
	Total financial derivatives–assets, at fair value		—			18,117			—			18,117
	Total real estate securities and financial derivatives–assets, at fair value		$	—		$	1,297,777		$	47,969		$	1,345,746
	Liabilities:
	Financial derivatives–liabilities, at fair value:
	TBAs		$	—		$	(174	)	$	—		$	(174	)
	Fixed payer interest rate swaps		—			(1,123		)	—			(1,123		)
	Fixed payer swaptions		—			(723		)	—			(723		)
	Total financial derivatives–liabilities, at fair value		$	—		$	(2,020	)	$	—		$	(2,020	)
	There were no transfers of financial instruments between Levels 1, 2, or 3 of the fair value hierarchy during the three month period ended March 31, 2014.
	December 31, 2013:
	(In thousands)
	Description		Level 1			Level 2			Level 3			Total
	Assets:
	Real estate securities, at fair value:
	Agency RMBS:
	15-year fixed rate mortgages		$	—		$	183,872		$	—		$	183,872
	30-year fixed rate mortgages		—			1,043,573			—			1,043,573
	Adjustable rate mortgages		—			46,115			—			46,115
	Reverse mortgages		—			8,268			—			8,268
	Interest only securities		—			—			13,527			13,527
	Non-Agency RMBS		—			—			30,681			30,681
	Real estate securities, at fair value		—			1,281,828			44,208			1,326,036
	Financial derivatives–assets, at fair value:
	TBAs		—			2,263			—			2,263
	Fixed payer interest rate swaps		—			32,700			—			32,700
	Total financial derivatives–assets, at fair value		—			34,963			—			34,963
	Total real estate securities and financial derivatives–assets, at fair value		$	—		$	1,316,791		$	44,208		$	1,360,999
	Liabilities:
	Financial derivatives–liabilities, at fair value:
	TBAs		$	—		$	(28	)	$	—		$	(28	)
	Fixed payer interest rate swaps		—			(956		)	—			(956		)
	Fixed payer swaptions		—			(85		)	—			(85		)
	Total financial derivatives–liabilities, at fair value		$	—		$	(1,069	)	$	—		$	(1,069	)
	There were no transfers of financial instruments between Levels 1, 2, or 3 of the fair value hierarchy during the year ended December 31, 2013.
Unobservable Input Reconciliation	'
	The following tables present additional information about the Company's investments which are measured at fair value for which the Company has utilized Level 3 inputs to determine fair value:
	Three month period ended March 31, 2014:
	(In thousands)	Non-Agency			Agency RMBS
		RMBS
	Beginning balance as of December 31, 2013	$	30,681		$	13,527
	Transfers:
	Transfers into level 3	—			—
	Transfers out of level 3	—			—
	Purchases	7,663			4,096
	Proceeds from sales	(5,423		)	(1,282		)
	Principal repayments	(1,104		)	—
	(Amortization)/accretion, net	389			(658		)
	Net realized gains	205			358
	Change in net unrealized gains (losses)	(366		)	(117		)
	Ending balance as of March 31, 2014	$	32,045		$	15,924
	Three month period ended March 31, 2013:
	(In thousands)	Non-Agency RMBS
	Beginning balance as of December 31, 2012	$	13,596
	Transfers:
	Transfers into level 3	—
	Transfers out of level 3	—
	Purchases	3,331
	Proceeds from sales	(5,309		)
	Principal repayments	(440		)
	(Amortization)/accretion, net	139
	Net realized gains	888
	Change in net unrealized gains (losses)	155
	Ending balance as of March 31, 2013	$	12,360
Quantitative Information	'
	The following tables identify the significant unobservable inputs that affect the valuation of the Company's Level 3 assets and liabilities as of March 31, 2014 and December 31, 2013:
	March 31, 2014:
									Range
	Description		Fair Value			Valuation Technique		Significant	Min			Max			Weighted Average(1)
								Unobservable Input
			(In thousands)
	Non-Agency RMBS		$	23,910		Market quotes		Non Binding Indicative Price	$	52.48		$	102		$	78.45
	Non-Agency RMBS		8,135			Discounted Cash Flows		Yield	6.8		%	17.9		%	13.1		%
								Projected Collateral Prepayments	11.8		%	53.3		%	38		%
								Projected Collateral Losses	3.8		%	26.7		%	13.3		%
								Projected Collateral Recoveries	5.6		%	24.8		%	13.8		%
								Projected Collateral Scheduled Amortization	13.2		%	55		%	34.9		%
															100		%
	Agency RMBS–Interest Only Securities		11,951			Market quotes		Non Binding Indicative Price	$	4.98		$	22.89		$	15.76
	Agency RMBS–Interest Only Securities		3,973			Option Adjusted Spread ("OAS")		LIBOR OAS (2)	633			883			710
								Projected Collateral Prepayments	59.8		%	76		%	69.1		%
								Projected Collateral Scheduled Amortization	24		%	40.2		%	30.9		%
															100		%
	-1	Averages are weighted based on the fair value of the related instrument.
	-2	Shown in basis points.
	December 31, 2013:
									Range
	Description		Fair Value			Valuation Technique		Significant	Min			Max			Weighted Average(1)
								Unobservable Input
			(In thousands)
	Non-Agency RMBS		$	27,422		Market quotes		Non Binding Indicative Price	$	20		$	100.25		$	75.39
	Non-Agency RMBS		3,259			Discounted Cash Flows		Yield	6		%	17		%	11.9		%
								Projected Collateral Prepayments	12.2		%	58.1		%	33.9		%
								Projected Collateral Losses	6.4		%	26.5		%	11.8		%
								Projected Collateral Recoveries	4.6		%	12.8		%	8.8		%
								Projected Collateral Scheduled Amortization	29.9		%	54.9		%	45.5		%
															100		%
	Agency RMBS–Interest Only Securities		12,368			Market quotes		Non Binding Indicative Price	$	4.99		$	22.47		$	14.92
	Agency RMBS–Interest Only Securities		1,159			Option Adjusted Spread ("OAS")		LIBOR OAS(2)	436			436			436
								Projected Collateral Prepayments	57.8		%	57.8		%	57.8		%
								Projected Collateral Scheduled Amortization	42.2		%	42.2		%	42.2		%
															100		%
	-1	Averages are weighted based on the fair value of the related instrument.
	-2	Shown in basis points.

Derivative_Instruments_Tables

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative Instruments [Abstract]	'
Schedule of Derivative Instruments [Table Text Block]	'
	The following table details fair value of the Company's holdings of financial derivatives as of March 31, 2014 and December 31, 2013:
			31-Mar-14			31-Dec-13
			(In thousands)
	Financial derivatives–assets, at fair value:
	TBA securities purchase contracts		$	—		$	1
	TBA securities sale contracts		898			2,262
	Fixed payer interest rate swaps		17,219			32,700
	Total financial derivatives–assets, at fair value:		$	18,117		$	34,963
	Financial derivatives–liabilities, at fair value:
	TBA securities purchase contracts		$	(4	)	$	—
	TBA securities sale contracts		(170		)	(28		)
	Fixed payer interest rate swaps		(1,123		)	(956		)
	Swaptions		(723		)	(85		)
	Total financial derivatives–liabilities, at fair value:		$	(2,020	)	$	(1,069	)
	Total		$	16,097		$	33,894
InterestRateSwapsByRemainingMaturity [Table Text Block]	'
	The following tables provide information about the Company's interest rate swaps as of March 31, 2014 and December 31, 2013:
	March 31, 2014:
										Weighted Average
	Remaining Maturity		Notional Amount			Fair Value				Pay Rate			Receive Rate			Remaining Years to Maturity
			(In thousands)
	2016		$	48,000		$	(101	)		0.8	%		0.24	%		2.52
	2017		113,750			(403		)		1.2			0.23			3.34
	2018		81,500			1,685				0.89			0.24			4.12
	2020		70,500			2,499				1.44			0.24			6.13
	2023		210,600			9,087				2.13			0.24			9.15
	2024		22,500			(105		)		2.88			0.23			9.98
	2043		59,600			3,684				3.17			0.23			29.19
	2044		8,000			(250		)		3.69			0.23			29.97
	Total		$	614,450		$	16,096			1.76	%		0.24	%		8.79
	December 31, 2013:
										Weighted Average
	Remaining Maturity		Notional Amount			Fair Value				Pay Rate			Receive Rate			Remaining Years to Maturity
			(In thousands)
	2016		$	48,000		$	(171	)		0.8	%		0.24	%		2.77
	2017		124,000			(517		)		1.19			0.24			3.61
	2018		156,500			2,784				1.19			0.24			4.63
	2020		137,100			6,444				1.49			0.24			6.06
	2023		218,000			14,599				2.16			0.24			9.41
	2043		64,750			8,605				3.18			0.24			29.44
	Total		$	748,350		$	31,744			1.67	%		0.24	%		8.14
Swaptions [Table Text Block]	'
	The following tables provide information about the Company's swaptions as of March 31, 2014 and December 31, 2013.
	March 31, 2014:
	Option							Underlying Swap
	Type		Fair Value			Months to Expiration		Notional				Term (Years)
								Amount						Fixed Rate
	($ in thousands)
	Fixed Payer		$	(535	)	5.9		$	22,000			10		3.31%
	Straddle		$	(188	)	6.9		$	8,000			10		3.08%
	December 31, 2013:
	Option							Underlying Swap
	Type		Fair Value			Months to Expiration		Notional				Term (Years)		Fixed Rate
								Amount
	($ in thousands)
	Fixed Payer		$	(59	)	8.9		$	22,000			10		3.31%
	Straddle		$	(26	)	9.9		$	8,000			10		3.08%
Schedule of To-be-announced securities (TBAs) [Table Text Block]	'
	As of March 31, 2014 and December 31, 2013, the Company had outstanding contracts to purchase ("long positions") and sell ("short positions") TBA securities as follows:
			31-Mar-14														31-Dec-13
	TBA Securities		Notional Amount(1)			Cost				Market Value(3)				Net Carrying Value(4)			Notional Amount (1)			Cost			Market Value(3)			Net Carrying Value(4)
						Basis(2)														Basis(2)
	(In thousands)
	Purchase contracts:
	Assets		$	—		$	—			$	—			$	—		$	1,600		$	1,725		$	1,726		$	1
	Liabilities		8,450			8,162				8,158				(4		)	—			—			—			—
	Sale contracts:
	Assets		(275,308		)	(289,532		)		(288,634		)		898			(363,078		)	(375,524		)	(373,262		)	2,262
	Liabilities		(154,669		)	(161,989		)		(162,159		)		(170		)	(16,400		)	(17,518		)	(17,546		)	(28		)
	Total TBA securities, net		$	(421,527	)	$	(443,359	)		$	(442,635	)		$	724		$	(377,878	)	$	(391,317	)	$	(389,082	)	$	2,235
	-1	Notional amount represents the principal balance of the underlying Agency RMBS.
	-2	Cost basis represents the forward price to be paid for the underlying Agency RMBS.
	-3	Market value represents the current market value of the underlying Agency RMBS (on a forward delivery basis) as of period end.
	-4	Net carrying value represents the difference between the market value of the TBA contract as of period end and the cost basis and is reported in Financial derivatives-assets at fair value and Financial derivatives-liabilities at fair value on the Consolidated Balance Sheet.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]	'
	Gains and losses on the Company's financial derivatives for the three month period ended March 31, 2014 are summarized in the tables below:
			Year Ended March 31, 2014
	Derivative Type		Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps			Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps				Net Realized Gains (Losses) on Financial Derivatives				Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps			Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps			Change in Net Unrealized Gains (Losses) on Financial Derivatives
	(In thousands)
	Fixed payer interest rate swaps		$	(795	)	$	3,431			$	2,636			$	(1,583	)	$	(14,064	)	$	(15,647	)
	Swaptions					—				—							(638		)	(638		)
	TBAs					(6,065		)		(6,065		)					(1,511		)	(1,511		)
	Futures					20				20							—			—
	Total		$	(795	)	$	(2,614	)		$	(3,409	)		$	(1,583	)	$	(16,213	)	$	(17,796	)

Borrowings_under_Repurchase_Ag1

Borrowings under Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2014
Repurchase Agreements [Abstract]	'
Schedule of Repurchase Agreements [Table Text Block]	'
	The following table details the Company's outstanding borrowings under repurchase agreements as of March 31, 2014 and December 31, 2013:
		31-Mar-14					31-Dec-13
				Weighted Average					Weighted Average
	Remaining Days to Maturity	Borrowings Outstanding		Interest Rate		Remaining Days to Maturity	Borrowings Outstanding		Interest Rate		Remaining Days to Maturity
		(In thousands)
	30 days or less	$	355,198	0.36	%	11	$	338,700	0.35	%	14
	31-60 days	369,220		0.35		43	531,799		0.39		46
	61-90 days	414,722		0.32		74	326,386		0.38		72
	91-120 days	2,940		0.39		108	109,476		0.45		100
	121-150 days	47,945		0.39		134	3,986		0.56		136
	151-180 days	91,445		0.38		164	—		—		—
	Total	$	1,281,470	0.35	%	56	$	1,310,347	0.38	%	49

Offsetting_of_Assets_and_Liabi1

Offsetting of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2014
Offsetting of Assets and Liabilities [Abstract]	'
Offsetting of Assets and Liabilities [Table Text Block]	'
	The following tables present information about certain assets and liabilities representing financial instruments as of March 31, 2014 and December 31, 2013. The Company has not previously entered into master netting agreements with any of its counterparties. Certain of the Company's repurchase and reverse repurchase agreements and financial derivative transactions are governed by underlying agreements that generally provide a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction.
	March 31, 2014:
	Description		Amount of Assets (Liabilities) Presented in the Consolidated Balance Sheet(1)			Financial Instruments Available for Offset			Financial Instruments Pledged as Collateral(2)(3)		Cash Collateral (Received) Pledged(2)(3)			Net Amount
	(In thousands)
	Assets:
	Financial derivatives–assets		$	18,117		$	(942	)	$	—	$	(10,754	)	$	6,421
	Liabilities:
	Financial derivatives–liabilities		(2,020		)	942			—		1,051			(27		)
	Repurchase Agreements		(1,281,470		)	—			1,278,788		2,682			—
	-1	In the Company's Consolidated Balance Sheet, all balances associated with the repurchase agreements and financial derivatives are presented on a gross basis.
	-2	For the purpose of this presentation, for each row the total amount of financial instruments pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, we have reduced the amount of financial instruments pledged as collateral related to our repurchase agreements and cash collateral pledged on our financial derivative assets and liabilities. Total financial instruments pledged as collateral on our repurchase agreements as of March 31, 2014 were $1.34 billion. As of March 31, 2014 total cash collateral on financial derivative assets and liabilities excludes $2.5 million and $3.1 million, respectively of net excess cash collateral.
	-3	When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a specific asset or liability. As a result, in preparing the above table, the Company has made assumptions in allocating pledged or posted collateral among the various rows.
	December 31, 2013:
	Description		Amount of Assets (Liabilities) Presented in the Consolidated Balance Sheet(1)			Financial Instruments Available for Offset			Financial Instruments Pledged as Collateral(2)(3)		Cash Collateral (Received) Pledged(2)(3)			Net Amount
	(In thousands)
	Assets:
	Financial derivatives–assets		$	34,963		$	(1,042	)	$	—	$	(22,360	)	$	11,561
	Liabilities:
	Financial derivatives–liabilities		(1,069		)	1,042			—		26			(1		)
	Repurchase Agreements		(1,310,347		)	—			1,295,567		14,780			—
	-1	In the Company's Consolidated Balance Sheet, all balances associated with the repurchase agreements and financial derivatives are presented on a gross basis.
	-2	For the purpose of this presentation, for each row the total amount of financial instruments pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore we have reduced the amount of financial instruments pledged as collateral related to our repurchase agreements and cash collateral pledged on our financial derivative assets and liabilities. Total financial instruments pledged as collateral on our repurchase agreements as of December 31, 2013 were $1.36 billion. As of December 31, 2013 total cash collateral on financial derivative assets and liabilities excludes $0.3 million and $3.1 million, respectively of net excess cash collateral.
	-3	When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a specific asset or liability. As a result, in preparing the above table, the Company has made assumptions in allocating pledged or posted collateral among the various rows.

Earnings_per_Share_Tables

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share Reconciliation	'
	The following table presents a reconciliation of the earnings/(losses) and shares used in calculating basic EPS for the three month periods ended March 31, 2014 and 2013:
	(In thousands except share amounts)	Three Month		Three Month
		Period Ended		Period Ended
		31-Mar-14		31-Mar-13
	Numerator:
	Net income	$	2,761	$	1,129
	Denominator:
	Basic weighted average shares outstanding	9,139,842		1,633,378
	Basic Earnings Per Share	$	0.3	$	0.69

Capital_Capital_Tables

Capital Capital (Tables)	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Dividends Declared [Table Text Block]	'
	The below table details cash dividends declared by the Board of Trustees during the three month period ended March 31, 2014:
		Dividend	Dividend Amount	Declaration Date	Record Date	Payment Date
		Per Share
			(In thousands)
	First Quarter	$0.55	$5,027	12-Mar-14	31-Mar-14	28-Apr-14

Organization_and_Investment_Ob1

Organization and Investment Objective Organization and Investment Objective (Details) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2014	1-May-13	1-May-13	1-May-13	Sep. 25, 2012
		Common Stock [Member]	IPO [Member]	Private Placement [Member]	Private Placement [Member]
			Common Stock [Member]	Common Stock [Member]	Common Stock [Member]
Private Placement and Initial Public Offering [Line Items]	'	'	'	'	'
Issuance of shares, shares	'	'	6,450,000	1,050,000	'
Share price	'	'	$20	$20	'
Issuance of shares, Value	'	'	'	$21,000,000	$31,500,000
Proceeds from issuance of common shares	'	$148,500,000	'	'	'
Required Distribution of Taxable Net Income, Percentage on Annual Basis	90.00%	'	'	'	'
Intended Distribution of Taxable Net Income, Percentage on Annual Basis	100.00%	'	'	'	'

Significant_Accounting_Policie2

Significant Accounting Policies Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2014
Significant Accounting Policies [Abstract]	'
Required Distribution of Taxable Net Income, Percentage on Annual Basis	90.00%

Real_Estate_Securities_Schedul

Real Estate Securities Schedule of Real Estate Securities (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Real Estate-Related Securities [Line Items]	'		'
Fair Value	$1,327,629		$1,326,036
Residential Mortgage Backed Securities [Member]	'		'
Real Estate-Related Securities [Line Items]	'		'
Current Principal	1,287,062		1,310,647
Unamortized Premium (Discount)	35,794		30,711
Amortized Cost	1,336,088		1,352,076
Gross Unrealized Gain	8,112		5,654
Gross Unrealized Losses	-16,571		-31,694
Fair Value	1,327,629		1,326,036
Weighted Average Coupon	3.87%		3.72%
Weighted Average Yield	3.52%		3.38%
Weighted Average Life (Years)	'8 years 77 days	[1]	'8 years 204 days	[1]
Non-Agency RMBS [Member]	'		'
Real Estate-Related Securities [Line Items]	'		'
Current Principal	54,115		50,006
Unamortized Premium (Discount)	-23,706		-21,327
Amortized Cost	30,409		28,679
Gross Unrealized Gain	2,142		2,196
Gross Unrealized Losses	-506		-194
Fair Value	32,045		30,681
Weighted Average Coupon	2.50%		2.84%
Weighted Average Yield	9.74%		9.12%
Weighted Average Life (Years)	'5 years 292 days	[1]	'5 years 197 days	[1]
15-year fixed rate mortgages [Member] | Agency RMBS [Member]	'		'
Real Estate-Related Securities [Line Items]	'		'
Current Principal	144,422		179,906
Unamortized Premium (Discount)	5,762		7,153
Amortized Cost	150,184		187,059
Gross Unrealized Gain	204		65
Gross Unrealized Losses	-959		-3,252
Fair Value	149,429		183,872
Weighted Average Coupon	3.21%		3.09%
Weighted Average Yield	2.52%		2.52%
Weighted Average Life (Years)	'5 years 248 days	[1]	'5 years 277 days	[1]
20-year fixed rate mortgages [Member] | Agency RMBS [Member]	'		'
Real Estate-Related Securities [Line Items]	'		'
Current Principal	10,347		'
Unamortized Premium (Discount)	633		'
Amortized Cost	10,980		'
Gross Unrealized Gain	0		'
Gross Unrealized Losses	-72		'
Fair Value	10,908		'
Weighted Average Coupon	4.00%		'
Weighted Average Yield	2.94%		'
Weighted Average Life (Years)	'7 years 110 days	[1]	'
30-year fixed rate mortgages [Member] | Agency RMBS [Member]	'		'
Real Estate-Related Securities [Line Items]	'		'
Current Principal	1,004,293		1,029,629
Unamortized Premium (Discount)	47,822		41,565
Amortized Cost	1,052,115		1,071,194
Gross Unrealized Gain	2,649		490
Gross Unrealized Losses	-14,752		-28,111
Fair Value	1,040,012		1,043,573
Weighted Average Coupon	3.95%		3.79%
Weighted Average Yield	3.35%		3.30%
Weighted Average Life (Years)	'9 years 142 days	[1]	'9 years 292 days	[1]
Adjustable Rate Residential Mortgage [Member] | Agency RMBS [Member]	'		'
Real Estate-Related Securities [Line Items]	'		'
Current Principal	46,804		43,525
Unamortized Premium (Discount)	3,065		2,647
Amortized Cost	49,869		46,172
Gross Unrealized Gain	174		46
Gross Unrealized Losses	-203		-103
Fair Value	49,840		46,115
Weighted Average Coupon	4.82%		4.72%
Weighted Average Yield	3.90%		3.24%
Weighted Average Life (Years)	'6 years 4 days	[1]	'3 years 288 days	[1]
Reverse mortgages [Member] | Agency RMBS [Member]	'		'
Real Estate-Related Securities [Line Items]	'		'
Current Principal	27,081		7,581
Unamortized Premium (Discount)	2,218		673
Amortized Cost	29,299		8,254
Gross Unrealized Gain	182		16
Gross Unrealized Losses	-10		-2
Fair Value	29,471		8,268
Weighted Average Coupon	3.83%		4.85%
Weighted Average Yield	2.82%		2.90%
Weighted Average Life (Years)	'5 years 201 days	[1]	'3 years 150 days	[1]
Interest-Only [Member] | Agency RMBS [Member]	'		'
Real Estate-Related Securities [Line Items]	'		'
Amortized Cost	13,232		10,718
Gross Unrealized Gain	2,761		2,841
Gross Unrealized Losses	-69		-32
Fair Value	15,924		13,527
Weighted Average Coupon	4.24%		3.97%
Weighted Average Yield	14.90%		11.79%
Weighted Average Life (Years)	'4 years 91 days	[1]	'5 years 7 days	[1]
Agency Securities [Member] | Agency RMBS [Member]	'		'
Real Estate-Related Securities [Line Items]	'		'
Current Principal	1,232,947		1,260,641
Unamortized Premium (Discount)	59,500		52,038
Amortized Cost	1,305,679		1,323,397
Gross Unrealized Gain	5,970		3,458
Gross Unrealized Losses	-16,065		-31,500
Fair Value	$1,295,584		$1,295,355
Weighted Average Coupon	3.93%		3.75%
Weighted Average Yield	3.38%		3.26%
Weighted Average Life (Years)	'8 years 113 days	[1]	'8 years 245 days	[1]
[1]	Average lives of RMBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal.

Real_Estate_Securities_Schedul1

Real Estate Securities Schedule of Real Estate Securities by Weighted Average Life (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Real Estate-Related Securities [Line Items]	'	'
Real estate securities, at fair value	$1,327,629	$1,326,036
Non-Agency RMBS [Member]	'	'
Real Estate-Related Securities [Line Items]	'	'
Real estate securities, at fair value	32,045	30,681
Investment Owned, at Cost	30,409	28,679
Weighted Average Coupon Rate, Percent	2.50%	2.84%
Less than three years [Member] | Non-Agency RMBS [Member]	'	'
Real Estate-Related Securities [Line Items]	'	'
Real estate securities, at fair value	1,782	1,715
Investment Owned, at Cost	1,044	1,216
Weighted Average Coupon Rate, Percent	2.38%	2.38%
Greater than three years and less than seven years [Member] | Non-Agency RMBS [Member]	'	'
Real Estate-Related Securities [Line Items]	'	'
Real estate securities, at fair value	17,802	16,488
Investment Owned, at Cost	17,923	15,950
Weighted Average Coupon Rate, Percent	2.67%	3.42%
Greater than seven years and less than eleven years [Member] | Non-Agency RMBS [Member]	'	'
Real Estate-Related Securities [Line Items]	'	'
Real estate securities, at fair value	11,645	11,656
Investment Owned, at Cost	10,646	10,708
Weighted Average Coupon Rate, Percent	1.41%	1.43%
Greater than eleven years [Member] | Non-Agency RMBS [Member]	'	'
Real Estate-Related Securities [Line Items]	'	'
Real estate securities, at fair value	816	822
Investment Owned, at Cost	796	805
Weighted Average Coupon Rate, Percent	7.69%	7.69%
Fixed Rate [Member] | Agency RMBS [Member]	'	'
Real Estate-Related Securities [Line Items]	'	'
Real estate securities, at fair value	1,279,660	1,281,828
Investment Owned, at Cost	1,292,447	1,312,679
Weighted Average Coupon Rate, Percent	3.90%	3.73%
Fixed Rate [Member] | Less than three years [Member] | Agency RMBS [Member]	'	'
Real Estate-Related Securities [Line Items]	'	'
Real estate securities, at fair value	3,942	5,554
Investment Owned, at Cost	3,919	5,518
Weighted Average Coupon Rate, Percent	4.82%	5.68%
Fixed Rate [Member] | Greater than three years and less than seven years [Member] | Agency RMBS [Member]	'	'
Real Estate-Related Securities [Line Items]	'	'
Real estate securities, at fair value	206,433	243,120
Investment Owned, at Cost	207,123	246,342
Weighted Average Coupon Rate, Percent	3.66%	3.48%
Fixed Rate [Member] | Greater than seven years and less than eleven years [Member] | Agency RMBS [Member]	'	'
Real Estate-Related Securities [Line Items]	'	'
Real estate securities, at fair value	1,069,285	1,031,552
Investment Owned, at Cost	1,081,405	1,059,223
Weighted Average Coupon Rate, Percent	3.94%	3.79%
Fixed Rate [Member] | Greater than eleven years [Member] | Agency RMBS [Member]	'	'
Real Estate-Related Securities [Line Items]	'	'
Real estate securities, at fair value	0	1,602
Investment Owned, at Cost	0	1,596
Weighted Average Coupon Rate, Percent	0.00%	4.50%
Interest-Only [Member] | Agency RMBS [Member]	'	'
Real Estate-Related Securities [Line Items]	'	'
Real estate securities, at fair value	15,924	13,527
Investment Owned, at Cost	13,232	10,718
Weighted Average Coupon Rate, Percent	4.24%	3.97%
Interest-Only [Member] | Less than three years [Member] | Agency RMBS [Member]	'	'
Real Estate-Related Securities [Line Items]	'	'
Real estate securities, at fair value	1,981	955
Investment Owned, at Cost	1,792	762
Weighted Average Coupon Rate, Percent	5.63%	6.48%
Interest-Only [Member] | Greater than three years and less than seven years [Member] | Agency RMBS [Member]	'	'
Real Estate-Related Securities [Line Items]	'	'
Real estate securities, at fair value	12,507	7,643
Investment Owned, at Cost	10,468	6,198
Weighted Average Coupon Rate, Percent	4.02%	3.31%
Interest-Only [Member] | Greater than seven years and less than eleven years [Member] | Agency RMBS [Member]	'	'
Real Estate-Related Securities [Line Items]	'	'
Real estate securities, at fair value	1,436	4,929
Investment Owned, at Cost	972	3,758
Weighted Average Coupon Rate, Percent	3.50%	4.91%
Interest-Only [Member] | Greater than eleven years [Member] | Agency RMBS [Member]	'	'
Real Estate-Related Securities [Line Items]	'	'
Real estate securities, at fair value	0	0
Investment Owned, at Cost	$0	$0
Weighted Average Coupon Rate, Percent	0.00%	0.00%

Real_Estate_Securities_Interes

Real Estate Securities Interest Income Components (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Interest Income Components [Line Items]	'	'
Coupon Income	$13,323	$144
Amortization of premiums and accretion of discounts (net)	-1,367	139
Interest Income	11,956	283
Agency RMBS [Member]	'	'
Interest Income Components [Line Items]	'	'
Coupon Income	13,017	0
Amortization of premiums and accretion of discounts (net)	-1,756	0
Interest Income	11,261	0
Non-Agency RMBS [Member]	'	'
Interest Income Components [Line Items]	'	'
Coupon Income	306	144
Amortization of premiums and accretion of discounts (net)	389	139
Interest Income	$695	$283

Real_Estate_Securities_Narrati

Real Estate Securities Narrative (Details) (USD $)	3 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]	'	'
Weighted Average Holdings	$1,374	$879.90

Valuation_Schedule_of_Fair_Val

Valuation Schedule of Fair Value Measurements (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	$1,327,629		$1,326,036
Financial derivatives-assets at fair value	18,117	[1]	34,963	[1]
Financial derivatives-liabilities at fair value	-2,020	[1]	-1,069	[1]
Fair Value Level 1 To Level 2 To Level 3 Transfers Amount	0		0
Level 1 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	0		0
Financial derivatives-assets at fair value	0		0
Total real estate securities and financial derivatives-assets, at fair value	0		0
Financial derivatives-liabilities at fair value	0		0
Level 2 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	1,279,660		1,281,828
Financial derivatives-assets at fair value	18,117		34,963
Total real estate securities and financial derivatives-assets, at fair value	1,297,777		1,316,791
Financial derivatives-liabilities at fair value	-2,020		-1,069
Level 3 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	47,969		44,208
Financial derivatives-assets at fair value	0		0
Total real estate securities and financial derivatives-assets, at fair value	47,969		44,208
Financial derivatives-liabilities at fair value	0		0
Estimate of Fair Value, Fair Value Disclosure [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	1,327,629		1,326,036
Financial derivatives-assets at fair value	18,117		34,963
Total real estate securities and financial derivatives-assets, at fair value	1,345,746		1,360,999
Financial derivatives-liabilities at fair value	-2,020		-1,069
Non-Agency RMBS [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	32,045		30,681
Non-Agency RMBS [Member] | Level 1 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	0		0
Non-Agency RMBS [Member] | Level 2 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	0		0
Non-Agency RMBS [Member] | Level 3 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	32,045		30,681
Non-Agency RMBS [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	32,045		30,681
Residential Mortgage Backed Securities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	1,327,629		1,326,036
15-year fixed rate mortgages [Member] | Agency RMBS [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	149,429		183,872
15-year fixed rate mortgages [Member] | Agency RMBS [Member] | Level 1 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	0		0
15-year fixed rate mortgages [Member] | Agency RMBS [Member] | Level 2 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	149,429		183,872
15-year fixed rate mortgages [Member] | Agency RMBS [Member] | Level 3 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	0		0
15-year fixed rate mortgages [Member] | Agency RMBS [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	149,429		183,872
20-year fixed rate mortgages [Member] | Agency RMBS [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	10,908		'
20-year fixed rate mortgages [Member] | Agency RMBS [Member] | Level 1 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	0		'
20-year fixed rate mortgages [Member] | Agency RMBS [Member] | Level 2 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	10,908		'
20-year fixed rate mortgages [Member] | Agency RMBS [Member] | Level 3 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	0		'
20-year fixed rate mortgages [Member] | Agency RMBS [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	10,908		'
30-year fixed rate mortgages [Member] | Agency RMBS [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	1,040,012		1,043,573
30-year fixed rate mortgages [Member] | Agency RMBS [Member] | Level 1 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	0		0
30-year fixed rate mortgages [Member] | Agency RMBS [Member] | Level 2 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	1,040,012		1,043,573
30-year fixed rate mortgages [Member] | Agency RMBS [Member] | Level 3 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	0		0
30-year fixed rate mortgages [Member] | Agency RMBS [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	1,040,012		1,043,573
Adjustable Rate Residential Mortgage [Member] | Agency RMBS [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	49,840		46,115
Adjustable Rate Residential Mortgage [Member] | Agency RMBS [Member] | Level 1 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	0		0
Adjustable Rate Residential Mortgage [Member] | Agency RMBS [Member] | Level 2 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	49,840		46,115
Adjustable Rate Residential Mortgage [Member] | Agency RMBS [Member] | Level 3 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	0		0
Adjustable Rate Residential Mortgage [Member] | Agency RMBS [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	49,840		46,115
Reverse mortgages [Member] | Agency RMBS [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	29,471		8,268
Reverse mortgages [Member] | Agency RMBS [Member] | Level 1 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	0		0
Reverse mortgages [Member] | Agency RMBS [Member] | Level 2 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	29,471		8,268
Reverse mortgages [Member] | Agency RMBS [Member] | Level 3 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	0		0
Reverse mortgages [Member] | Agency RMBS [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	29,471		8,268
Interest-Only [Member] | Agency RMBS [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	15,924		13,527
Interest-Only [Member] | Agency RMBS [Member] | Level 1 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	0		0
Interest-Only [Member] | Agency RMBS [Member] | Level 2 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	0		0
Interest-Only [Member] | Agency RMBS [Member] | Level 3 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	15,924		13,527
Interest-Only [Member] | Agency RMBS [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate securities, at fair value	15,924		13,527
Interest Rate Swap [Member] | Level 1 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Financial derivatives-assets at fair value	0		0
Financial derivatives-liabilities at fair value	0		0
Interest Rate Swap [Member] | Level 2 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Financial derivatives-assets at fair value	17,219		32,700
Financial derivatives-liabilities at fair value	-1,123		-956
Interest Rate Swap [Member] | Level 3 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Financial derivatives-assets at fair value	0		0
Financial derivatives-liabilities at fair value	0		0
Interest Rate Swap [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Financial derivatives-assets at fair value	17,219		32,700
Financial derivatives-liabilities at fair value	-1,123		-956
Interest Rate Swap [Member] | Derivative Financial Instruments, Assets [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Financial derivatives-assets at fair value	17,219		32,700
Interest Rate Swap [Member] | Derivative Financial Instruments, Liabilities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Financial derivatives-liabilities at fair value	-1,123		-956
Interest Rate Swaption [Member] | Level 1 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Financial derivatives-liabilities at fair value	0		0
Interest Rate Swaption [Member] | Level 2 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Financial derivatives-liabilities at fair value	-723		-85
Interest Rate Swaption [Member] | Level 3 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Financial derivatives-liabilities at fair value	0		0
Interest Rate Swaption [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Financial derivatives-liabilities at fair value	-723		-85
Interest Rate Swaption [Member] | Derivative Financial Instruments, Liabilities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Financial derivatives-liabilities at fair value	-723		-85
TBA securities [Member] | Level 1 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Financial derivatives-assets at fair value	0		0
Financial derivatives-liabilities at fair value	0		0
TBA securities [Member] | Level 2 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Financial derivatives-assets at fair value	898		2,263
Financial derivatives-liabilities at fair value	-174		-28
TBA securities [Member] | Level 3 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Financial derivatives-assets at fair value	0		0
Financial derivatives-liabilities at fair value	0		0
TBA securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Financial derivatives-assets at fair value	898		2,263
Financial derivatives-liabilities at fair value	($174)		($28)
[1]	In the Company's Consolidated Balance Sheet, all balances associated with the repurchase agreements and financial derivatives are presented on a gross basis.

Valuation_Unobservable_Input_R

Valuation Unobservable Input Reconciliation (Details) (Level 3 [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Agency RMBS [Member]	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'
Beginning balance	$13,527	'
Transfers	'	'
Transfers into level 3	0	'
Transfers out of level 3	0	'
Purchases	4,096	'
Proceeds from sales	-1,282	'
Principal repayments	0	'
(Amortization)/accretion, net	-658	'
Net realized gains	358	'
Change in net unrealized gains (losses)	-117	'
Ending balance	15,924	'
Change in net unrealized gains (losses) for level 3 assets still held as of December 31, 2013	106	'
Non-Agency RMBS [Member]	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'
Beginning balance	30,681	13,596
Transfers	'	'
Transfers into level 3	0	0
Transfers out of level 3	0	0
Purchases	7,663	3,331
Proceeds from sales	-5,423	-5,309
Principal repayments	-1,104	-440
(Amortization)/accretion, net	389	139
Net realized gains	205	888
Change in net unrealized gains (losses)	-366	155
Ending balance	32,045	12,360
Change in net unrealized gains (losses) for level 3 assets still held as of December 31, 2013	($230)	$220

Valuation_Qualtitative_Informa

Valuation Qualtitative Information (Details) (Level 3 [Member], USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, except Per Share data, unless otherwise specified
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
Fair Value	$47,969		$44,208
Non-Agency RMBS [Member] | Market Quotes [Member]	'		'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
Fair Value	23,910		27,422
Non-Agency RMBS [Member] | Discounted Cash Flows [Member]	'		'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
Fair Value	8,135		3,259
Non-Agency RMBS [Member] | Minimum [Member] | Market Quotes [Member]	'		'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
Non Binding Indicative Price	$52.48		$20
Non-Agency RMBS [Member] | Minimum [Member] | Discounted Cash Flows [Member]	'		'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
Yield	6.80%		6.00%
Projected Collateral Prepayments	11.80%		12.20%
Projected Collateral Losses	3.80%		6.40%
Projected Collateral Recoveries	5.60%		4.60%
Projected Collateral Scheduled Amortization	13.20%		29.90%
Non-Agency RMBS [Member] | Maximum [Member] | Market Quotes [Member]	'		'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
Non Binding Indicative Price	$102		$100.25
Non-Agency RMBS [Member] | Maximum [Member] | Discounted Cash Flows [Member]	'		'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
Yield	17.90%		17.00%
Projected Collateral Prepayments	53.30%		58.10%
Projected Collateral Losses	26.70%		26.50%
Projected Collateral Recoveries	24.80%		12.80%
Projected Collateral Scheduled Amortization	55.00%		54.90%
Non-Agency RMBS [Member] | Weighted Average [Member] | Market Quotes [Member]	'		'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
Non Binding Indicative Price	$78.45	[1]	$75.39	[1]
Non-Agency RMBS [Member] | Weighted Average [Member] | Discounted Cash Flows [Member]	'		'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
Yield	13.10%	[1]	11.90%	[1]
Projected Collateral Prepayments	38.00%	[1]	33.90%	[1]
Projected Collateral Losses	13.30%	[1]	11.80%	[1]
Projected Collateral Recoveries	13.80%	[1]	8.80%	[1]
Projected Collateral Scheduled Amortization	34.90%	[1]	45.50%	[1]
Projected Total	100.00%	[1]	100.00%	[1]
Interest-Only [Member] | Agency RMBS [Member] | Market Quotes [Member]	'		'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
Fair Value	11,951		12,368
Interest-Only [Member] | Agency RMBS [Member] | Income Approach Valuation Technique [Member]	'		'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
Fair Value	$3,973		$1,159
Interest-Only [Member] | Agency RMBS [Member] | Minimum [Member] | Market Quotes [Member]	'		'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
Non Binding Indicative Price	$4.98		$4.99
Interest-Only [Member] | Agency RMBS [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]	'		'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
FairValueInputsLiborOas	6.33%	[2]	4.36%	[2]
Projected Collateral Prepayments	59.80%		57.80%
Projected Collateral Scheduled Amortization	24.00%		42.20%
Interest-Only [Member] | Agency RMBS [Member] | Maximum [Member] | Market Quotes [Member]	'		'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
Non Binding Indicative Price	$22.89		$22.47
Interest-Only [Member] | Agency RMBS [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]	'		'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
FairValueInputsLiborOas	8.83%	[2]	4.36%	[2]
Projected Collateral Prepayments	76.00%		57.80%
Projected Collateral Scheduled Amortization	40.20%		42.20%
Interest-Only [Member] | Agency RMBS [Member] | Weighted Average [Member] | Market Quotes [Member]	'		'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
Non Binding Indicative Price	$15.76	[1]	$14.92	[1]
Interest-Only [Member] | Agency RMBS [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]	'		'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'		'
FairValueInputsLiborOas	7.10%	[1],[2]	4.36%	[1],[2]
Projected Collateral Prepayments	69.10%	[1]	57.80%	[1]
Projected Collateral Scheduled Amortization	30.90%	[1]	42.20%	[1]
Projected Total	100.00%	[1]	100.00%	[1]
[1]	Averages are weighted based on the fair value of the related instrument.
[2]	Shown in basis points.

Derivative_Instruments_Schedul

Derivative Instruments Schedule of Derivatves (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]	'		'
Financial derivatives-assets at fair value	$18,117	[1]	$34,963	[1]
Financial derivatives-liabilities at fair value	-2,020	[1]	-1,069	[1]
Derivative, Fair Value, Net	16,097		33,894
Interest Rate Swap [Member]	'		'
Derivative [Line Items]	'		'
Derivative, Fair Value, Net	16,096		31,744
Derivative Financial Instruments, Assets [Member] | Interest Rate Swap [Member]	'		'
Derivative [Line Items]	'		'
Financial derivatives-assets at fair value	17,219		32,700
Derivative Financial Instruments, Assets [Member] | TBA securities- sale contracts [Member]	'		'
Derivative [Line Items]	'		'
Financial derivatives-assets at fair value	898	[2]	2,262	[2]
Derivative Financial Instruments, Assets [Member] | TBA securities- purchase contracts [Member]	'		'
Derivative [Line Items]	'		'
Financial derivatives-assets at fair value	0	[2]	1	[2]
Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swap [Member]	'		'
Derivative [Line Items]	'		'
Financial derivatives-liabilities at fair value	-1,123		-956
Derivative Financial Instruments, Liabilities [Member] | TBA securities- sale contracts [Member]	'		'
Derivative [Line Items]	'		'
Financial derivatives-liabilities at fair value	-170	[2]	-28	[2]
Derivative Financial Instruments, Liabilities [Member] | TBA securities- purchase contracts [Member]	'		'
Derivative [Line Items]	'		'
Financial derivatives-liabilities at fair value	-4	[2]	0	[2]
Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swaption [Member]	'		'
Derivative [Line Items]	'		'
Financial derivatives-liabilities at fair value	($723)		($85)
[1]	In the Company's Consolidated Balance Sheet, all balances associated with the repurchase agreements and financial derivatives are presented on a gross basis.
[2]	Net carrying value represents the difference between the market value of the TBA contract as of period end and the cost basis and is reported in Financial derivatives-assets at fair value and Financial derivatives-liabilities at fair value on the Consolidated Balance Sheet.

Derivative_Instruments_Schedul1

Derivative Instruments Schedule of Interest Rate Swaps by Maturity (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]	'	'
Derivative, Fair Value, Net	$16,097	$33,894
Interest Rate Swap [Member]	'	'
Derivative [Line Items]	'	'
Derivative notional	614,450	748,350
Derivative, Fair Value, Net	16,096	31,744
Weighted Average Pay Rate	1.76%	1.67%
Weighted Average Receive Rate	0.24%	0.24%
Weighted Average Years to Maturity	'8 years 288 days	'8 years 51 days
Year 2016 [Member] | Interest Rate Swap [Member]	'	'
Derivative [Line Items]	'	'
Derivative notional	48,000	48,000
Derivative, Fair Value, Net	-101	-171
Weighted Average Pay Rate	0.80%	0.80%
Weighted Average Receive Rate	0.24%	0.24%
Weighted Average Years to Maturity	'2 years 190 days	'2 years 281 days
Year 2017 [Member] | Interest Rate Swap [Member]	'	'
Derivative [Line Items]	'	'
Derivative notional	113,750	124,000
Derivative, Fair Value, Net	-403	-517
Weighted Average Pay Rate	1.20%	1.19%
Weighted Average Receive Rate	0.23%	0.24%
Weighted Average Years to Maturity	'3 years 124 days	'3 years 223 days
Year 2018 [Member] | Interest Rate Swap [Member]	'	'
Derivative [Line Items]	'	'
Derivative notional	81,500	156,500
Derivative, Fair Value, Net	1,685	2,784
Weighted Average Pay Rate	0.89%	1.19%
Weighted Average Receive Rate	0.24%	0.24%
Weighted Average Years to Maturity	'4 years 44 days	'4 years 230 days
Year 2020 [Member] | Interest Rate Swap [Member]	'	'
Derivative [Line Items]	'	'
Derivative notional	70,500	137,100
Derivative, Fair Value, Net	2,499	6,444
Weighted Average Pay Rate	1.44%	1.49%
Weighted Average Receive Rate	0.24%	0.24%
Weighted Average Years to Maturity	'6 years 47 days	'6 years 22 days
Year 2023 [Member] | Interest Rate Swap [Member]	'	'
Derivative [Line Items]	'	'
Derivative notional	210,600	218,000
Derivative, Fair Value, Net	9,087	14,599
Weighted Average Pay Rate	2.13%	2.16%
Weighted Average Receive Rate	0.24%	0.24%
Weighted Average Years to Maturity	'9 years 55 days	'9 years 150 days
Year 2024 [Member] | Interest Rate Swap [Member]	'	'
Derivative [Line Items]	'	'
Derivative notional	22,500	'
Derivative, Fair Value, Net	-105	'
Weighted Average Pay Rate	2.88%	'
Weighted Average Receive Rate	0.23%	'
Weighted Average Years to Maturity	'9 years 358 days	'
Year 2043 [Member] | Interest Rate Swap [Member]	'	'
Derivative [Line Items]	'	'
Derivative notional	59,600	64,750
Derivative, Fair Value, Net	3,684	8,605
Weighted Average Pay Rate	3.17%	3.18%
Weighted Average Receive Rate	0.23%	0.24%
Weighted Average Years to Maturity	'29 years 69 days	'29 years 161 days
Year 2044 [Member] | Interest Rate Swap [Member]	'	'
Derivative [Line Items]	'	'
Derivative notional	8,000	'
Derivative, Fair Value, Net	($250)	'
Weighted Average Pay Rate	3.69%	'
Weighted Average Receive Rate	0.23%	'
Weighted Average Years to Maturity	'29 years 354 days	'

Derivative_Instruments_Schedul2

Derivative Instruments Schedule of Swaptions (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Derivative [Line Items]	'		'
Financial derivatives-liabilities at fair value	($2,020)	[1]	($1,069)	[1]
Fixed Payer [Member] | Interest Rate Swaption [Member]	'		'
Derivative [Line Items]	'		'
Financial derivatives-liabilities at fair value	-535		-59
Fixed Pay Rate on Derivatives	3.31%		3.31%
Maturity term of asset underlying derivative contract	'10 years		'10 years
Derivative notional	22,000		22,000
Derivative, Remaining Maturity	'5 months 27 days		'8 months 27 days
Straddle [Member] | Interest Rate Swaption [Member]	'		'
Derivative [Line Items]	'		'
Financial derivatives-liabilities at fair value	-188		-26
Fixed Pay Rate on Derivatives	3.08%		3.08%
Maturity term of asset underlying derivative contract	'10 years		'10 years
Derivative notional	$8,000		$8,000
Derivative, Remaining Maturity	'6 months 27 days		'9 months 27 days
[1]	In the Company's Consolidated Balance Sheet, all balances associated with the repurchase agreements and financial derivatives are presented on a gross basis.

Derivative_Instruments_Schedul3

Derivative Instruments Schedule of TBA Securities (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]	'		'
Financial derivatives-assets at fair value	$18,117	[1]	$34,963	[1]
Financial derivatives-liabilities at fair value	-2,020	[1]	-1,069	[1]
Derivative, Fair Value, Net	16,097		33,894
TBA securities [Member]	'		'
Derivative [Line Items]	'		'
Derivative notional, net	-421,527	[2]	-377,878	[2]
Derivative cost basis	-443,359	[3]	-391,317	[3]
Market Value, Underyling	-442,635	[4]	-389,082	[4]
Derivative, Fair Value, Net	724	[5]	2,235	[5]
Derivative Financial Instruments, Assets [Member] | TBA securities- purchase contracts [Member]	'		'
Derivative [Line Items]	'		'
Derivative notional	0	[2]	1,600	[2]
Derivative cost basis	0	[3]	1,725	[3]
Market Value, Underyling	0	[4]	1,726	[4]
Financial derivatives-assets at fair value	0	[5]	1	[5]
Derivative Financial Instruments, Assets [Member] | TBA securities- sale contracts [Member]	'		'
Derivative [Line Items]	'		'
Derivative notional	-275,308	[2]	-363,078	[2]
Derivative cost basis	-289,532	[3]	-375,524	[3]
Market Value, Underyling	-288,634	[4]	-373,262	[4]
Financial derivatives-assets at fair value	898	[5]	2,262	[5]
Derivative Financial Instruments, Liabilities [Member] | TBA securities- purchase contracts [Member]	'		'
Derivative [Line Items]	'		'
Derivative notional	8,450	[2]	0	[2]
Derivative cost basis	8,162	[3]	0	[3]
Market Value, Underyling	8,158	[4]	0	[4]
Financial derivatives-liabilities at fair value	-4	[5]	0	[5]
Derivative Financial Instruments, Liabilities [Member] | TBA securities- sale contracts [Member]	'		'
Derivative [Line Items]	'		'
Derivative notional	-154,669	[2]	-16,400	[2]
Derivative cost basis	-161,989	[3]	-17,518	[3]
Market Value, Underyling	-162,159	[4]	-17,546	[4]
Financial derivatives-liabilities at fair value	($170)	[5]	($28)	[5]
[1]	In the Company's Consolidated Balance Sheet, all balances associated with the repurchase agreements and financial derivatives are presented on a gross basis.
[2]	Notional amount represents the principal balance of the underlying Agency RMBS.
[3]	Cost basis represents the forward price to be paid for the underlying Agency RMBS.
[4]	Market value represents the current market value of the underlying Agency RMBS (on a forward delivery basis) as of period end.
[5]	Net carrying value represents the difference between the market value of the TBA contract as of period end and the cost basis and is reported in Financial derivatives-assets at fair value and Financial derivatives-liabilities at fair value on the Consolidated Balance Sheet.

Derivative_Instruments_Schedul4

Derivative Instruments Schedule of Gains and Losses on Derivative Instruments (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Derivative [Line Items]	'	'
Net realized gains (losses) on periodic settements of interest rate swaps	($795)	'
Net realized gains (losses) other than on periodic settements of interest rate swaps	-2,614	'
Net realized gains (losses) on financial derivatives	-3,409	0
Change in net unrealized gains (losses) on accrued periodic settlements on interest rate swaps	-1,583	'
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	-16,213	'
Change in net unrealized gains (losses) on financial derivatives	-17,796	0
Interest Rate Swap [Member]	'	'
Derivative [Line Items]	'	'
Net realized gains (losses) on periodic settements of interest rate swaps	-795	'
Net realized gains (losses) other than on periodic settements of interest rate swaps	3,431	'
Net realized gains (losses) on financial derivatives	2,636	'
Change in net unrealized gains (losses) on accrued periodic settlements on interest rate swaps	-1,583	'
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	-14,064	'
Change in net unrealized gains (losses) on financial derivatives	-15,647	'
Interest Rate Swaption [Member]	'	'
Derivative [Line Items]	'	'
Net realized gains (losses) other than on periodic settements of interest rate swaps	0	'
Net realized gains (losses) on financial derivatives	0	'
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	-638	'
Change in net unrealized gains (losses) on financial derivatives	-638	'
TBA securities [Member]	'	'
Derivative [Line Items]	'	'
Net realized gains (losses) other than on periodic settements of interest rate swaps	-6,065	'
Net realized gains (losses) on financial derivatives	-6,065	'
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	-1,511	'
Change in net unrealized gains (losses) on financial derivatives	-1,511	'
Future [Member]	'	'
Derivative [Line Items]	'	'
Net realized gains (losses) other than on periodic settements of interest rate swaps	20	'
Net realized gains (losses) on financial derivatives	20	'
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	0	'
Change in net unrealized gains (losses) on financial derivatives	$0	'

Borrowings_under_Repurchase_Ag2

Borrowings under Repurchase Agreements Schedule of Repurchase Agreements by Maturity (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	$1,281,470	[1]	$1,310,347	[1]
Debt, Weighted Average Interest Rate	0.35%		0.38%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	'56 days		'49 days
Maturity up to 30 days [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	355,198		338,700
Debt, Weighted Average Interest Rate	0.36%		0.35%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	'11 days		'14 days
Maturity 31 to 60 days [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	369,220		531,799
Debt, Weighted Average Interest Rate	0.35%		0.39%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	'43 days		'46 days
Maturity 61 to 90 days [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	414,722		326,386
Debt, Weighted Average Interest Rate	0.32%		0.38%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	'74 days		'72 days
Maturity 91 to 120 days [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	2,940		109,476
Debt, Weighted Average Interest Rate	0.39%		0.45%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	'108 days		'100 days
Maturity 121 to 150 days [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	47,945		3,986
Debt, Weighted Average Interest Rate	0.39%		0.56%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	'134 days		'136 days
Matuirty 151 to 180 days [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	$91,445		$0
Debt, Weighted Average Interest Rate	0.38%		0.00%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	'164 days		'0 days
[1]	In the Company's Consolidated Balance Sheet, all balances associated with the repurchase agreements and financial derivatives are presented on a gross basis.

Borrowings_under_Repurchase_Ag3

Borrowings under Repurchase Agreements (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014
	counterparties		Minimum [Member]	Maximum [Member]
Repurchase Agreements [Line Items]	'	'	'	'
Repurchase Agreements Maturity	'	'	'30 days	'180 days
Number of Counterparties with Outstanding Repurchase Agreements	9	'	'	'
Repurchase Agreements, collateral amount	$1,300,000,000	$1,400,000,000	'	'
Pledged Assets, Unsettled	$96,200,000	$76,100,000	'	'

Offsetting_of_Assets_and_Liabi2

Offsetting of Assets and Liabilities (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
Offsetting Assets and Liabilities [Line Items]	'		'
Securities Collateral Relating To Repurchase Agreements	$1,340,000,000		$1,360,000,000
Financial derivatives-assets at fair value	18,117,000	[1]	34,963,000	[1]
Derivative Liability, Fair Value, Amount Offset Against Collateral	-942,000		-1,042,000
Financial derivatives-liabilities at fair value	-2,020,000	[1]	-1,069,000	[1]
Derivative Asset, Fair Value, Amount Offset Against Collateral	942,000		1,042,000
Repurchase agreements	-1,281,470,000	[1]	-1,310,347,000	[1]
Securities purchased under agreements to resell available for offset	0		0
Derivative Financial Instruments, Assets [Member]	'		'
Offsetting Assets and Liabilities [Line Items]	'		'
Derivatives and related collateral, net	6,421,000		11,561,000
Financial Instruments Pledged as Collateral	0	[2],[3]	0	[2],[4]
Cash Collateral (Received) Pledged	-10,754,000	[2],[3]	-22,360,000	[2],[4]
Excess cash collateral	2,500,000		300,000
Derivative Financial Instruments, Liabilities [Member]	'		'
Offsetting Assets and Liabilities [Line Items]	'		'
Derivatives and related collateral, net	-27,000		-1,000
Financial Instruments Pledged as Collateral	0	[2],[3]	0	[2],[4]
Cash Collateral (Received) Pledged	1,051,000	[2],[3]	26,000	[2],[4]
Excess cash collateral	3,100,000		3,100,000
Securities Sold under Agreements to Repurchase [Member]	'		'
Offsetting Assets and Liabilities [Line Items]	'		'
Repurchse agreements and related collateral, net	0		0
Financial Instruments Pledged as Collateral	1,278,788,000	[2],[3]	1,295,567,000	[2],[4]
Cash Collateral (Received) Pledged	$2,682,000	[2],[3]	$14,780,000	[2],[4]
[1]	In the Company's Consolidated Balance Sheet, all balances associated with the repurchase agreements and financial derivatives are presented on a gross basis.
[2]	When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a specific asset or liability. As a result, in preparing the above table, the Company has made assumptions in allocating pledged or posted collateral among the various rows.
[3]	For the purpose of this presentation, for each row the total amount of financial instruments pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, we have reduced the amount of financial instruments pledged as collateral related to our repurchase agreements and cash collateral pledged on our financial derivative assets and liabilities. Total financial instruments pledged as collateral on our repurchase agreements as of March 31, 2014 were $1.34 billion. As of March 31, 2014 total cash collateral on financial derivative assets and liabilities excludes $2.5 million and $3.1 million, respectively of net excess cash collateral.
[4]	For the purpose of this presentation, for each row the total amount of financial instruments pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore we have reduced the amount of financial instruments pledged as collateral related to our repurchase agreements and cash collateral pledged on our financial derivative assets and liabilities. Total financial instruments pledged as collateral on our repurchase agreements as of December 31, 2013 were $1.36 billion. As of December 31, 2013 total cash collateral on financial derivative assets and liabilities excludes $0.3 million and $3.1 million, respectively of net excess cash collateral.

Management_Fees_Details

Management Fees (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Management Fees Disclosure [Abstract]	'	'
Annual base management fee percentage	1.50%	'
Management fees	$592	$119

Earnings_per_Share_Details

Earnings per Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]	'	'
Net income	$2,761	$1,129
Basic weighted average shares outstanding	9,139,842	1,633,378
Basic Earnings Per Share (in dollars per share)	$0.30	$0.69

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Related Party Transactions [Abstract]	'	'
Management agreement renewal period	'1 year	'
Expense reimbursement period	'60 days	'
Expenses Reimbursed to Related Party	$0.50	$0.30
Termination fee percentage	5.00%	'

Capital_Details

Capital (Details) (USD $)	0 Months Ended	3 Months Ended		8 Months Ended
	Aug. 13, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
Equity [Line Items]	'	'	'	'	'
Common stock authorized	'	500,000,000	'	500,000,000	500,000,000
Common stock par value	'	$0.01	'	$0.01	$0.01
Preferred stock authorized	'	100,000,000	'	100,000,000	100,000,000
Preferred stock par value	'	$0.01	'	$0.01	$0.01
Common stock outstanding	'	9,139,842	'	9,139,842	9,139,842
Preferred shares issued	'	0	'	0	0
Dividend per share (in dollars per share)	'	$0.55	$0	'	'
Dividends declared	'	$5,027,000	'	'	'
Dividends Payable, Date Declared	'	12-Mar-14	'	'	'
Dividends Payable, Date of Record	'	31-Mar-14	'	'	'
Dividends Payable, Date to be Paid	'	28-Apr-14	'	'	'
Stock Repurchase Program, Authorized Amount	$10,000,000	'	'	'	'
Repurchase of shares, Shares	'	'	'	0	'
Intended Distribution of Taxable Net Income, Percentage on Annual Basis	'	100.00%	'	'	'