Capstead Mortgage (CMO) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 06, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	CAPSTEAD MORTGAGE CORP
Entity Central Index Key	766,701
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		95,824,551
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Residential mortgage investments ($13.33 and $13.48 billion pledged at September 30, 2015 and December 31, 2014, respectively)	$ 13,958,707	$ 13,908,104
Cash collateral receivable from interest rate swap counterparties	65,868	53,139
Interest rate swap agreements at fair value	0	1,657
Cash and cash equivalents	100,502	307,526
Receivables and other assets	177,038	118,643
Total assets	14,302,115	14,389,069
Liabilities
Secured borrowings	12,752,523	12,806,843
Interest rate swap agreements at fair value	41,240	27,034
Unsecured borrowings	100,000	100,000
Common stock dividend payable	26,048	34,054
Accounts payable and accrued expenses	32,874	30,367
Total liabilities	12,952,685	12,998,298
Stockholders' equity
Common stock - $0.01 par value; 250,000 shares authorized: 95,825 and 95,848 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	958	958
Paid-in capital	1,310,402	1,325,340
Accumulated deficit	(346,464)	(346,885)
Accumulated other comprehensive income	187,920	227,422
Total stockholders' equity	1,349,430	1,390,771
Total liabilities and equity	14,302,115	14,389,069
Redeemable Preferred Stock [Member] | Cumulative Redeemable Preferred Stock, Series E [Member]
Stockholders' equity
Cumulative preferred stock	$ 196,614	$ 183,936

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Assets
Residential mortgage investments	$ 13,330,000	$ 13,330,000	$ 13,480,000
Stockholders' equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000	250,000	250,000
Common stock, shares issued (in shares)	95,825	95,825	95,848
Common stock, shares outstanding (in shares)	95,825	95,825	95,848
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	100,000	100,000	100,000
Cumulative Redeemable Preferred Stock, Series E [Member]
Stockholders' equity
Preferred stock, dividend rate	7.50%	7.50%
Redeemable Preferred Stock [Member] | Cumulative Redeemable Preferred Stock, Series E [Member]
Stockholders' equity
Preferred stock, dividend rate		7.50%	7.50%
Preferred stock, shares issued (in shares)	8,133	8,133	7,618
Preferred stock, shares outstanding (in shares)	8,133	8,133	7,618
Preferred stock, aggregate liquidation preference	$ 203,323	$ 203,323	$ 190,454

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest income
Residential mortgage investments	$ 49,485	$ 53,862	$ 158,471	$ 170,399
Other	88	78	281	216
Interest income	49,573	53,940	158,752	170,615
Interest expense
Secured borrowings	(22,272)	(16,099)	(61,584)	(47,048)
Unsecured borrowings	(2,122)	(2,122)	(6,367)	(6,366)
Interest expense	(24,394)	(18,221)	(67,951)	(53,414)
Net interest income (expense)	25,179	35,719	90,801	117,201
Other revenue (expense)
Salaries and benefits	(1,104)	(999)	(3,256)	(3,116)
Short-term incentive compensation	(1,424)	(613)	(2,946)	(1,550)
Long term incentive compensation	(536)	(624)	(1,371)	(1,874)
Other general and administrative expense	(1,309)	(1,058)	(3,628)	(3,228)
Miscellaneous other revenue (expense)	261	(34)	368	(87)
Operating expenses	(4,112)	(3,328)	(10,833)	(9,855)
Net income	21,067	32,391	79,968	107,346
Net income available to common stockholders
Net income	21,067	32,391	79,968	107,346
Less preferred stock dividends	(3,809)	(3,529)	(11,339)	(10,216)
Total net income (loss) available to common stockholders	$ 17,258	$ 28,862	$ 68,629	$ 97,130
Net income per common share
Basic and diluted (in dollars per share)	$ 0.18	$ 0.30	$ 0.72	$ 1.02
Weighted average common shares outstanding
Basic (in shares)	95,530	95,405	95,500	95,384
Diluted (in shares)	95,721	95,677	95,695	95,614
Cash dividends declared per share
Common (in dollars per share)	$ 0.26	$ 0.34	$ 0.88	$ 1.02
Series E Preferred [Member]
Cash dividends declared per share
Series E Preferred (in dollars per share)	$ 0.47	$ 0.47	$ 1.41	$ 1.41

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) [Abstract]
Net income	$ 21,067	$ 32,391	$ 79,968	$ 107,346
Amounts related to available-for-sale securities:
Change in net unrealized gains	(11,130)	(10,720)	(23,770)	22,465
Amounts related to cash flow hedges:
Change in net unrealized losses	(21,235)	97	(36,226)	(25,557)
Reclassification adjustment for amounts included in net income	7,183	5,826	20,494	15,932
Other comprehensive income (loss)	(25,182)	(4,797)	(39,502)	12,840
Comprehensive income (loss)	$ (4,115)	$ 27,594	$ 40,466	$ 120,186

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income	$ 79,968	$ 107,346
Noncash items:
Amortization of investment premiums	92,458	75,713
Amortization of equity-based awards	1,708	2,074
Other depreciation and amortization	100	104
Change in measurable hedge ineffectiveness related to interest rate swap agreements designated as cash flow hedges	130	(44)
Net change in receivables, other assets, accounts payable and accrued expenses	6,389	(2,453)
Net cash provided by operating activities	180,753	182,740
Investing activities
Purchases of residential mortgage investments	(2,757,199)	(2,379,111)
Interest receivable acquired with the purchase of residential mortgage investments	(4,202)	(3,776)
Principal collections on residential mortgage investments, including changes in mortgage securities principal remittance receivable	2,577,985	2,064,608
Increase in lending counterparty investments	(46,002)	0
Net cash used in investing activities	(229,418)	(318,279)
Financing activities
Proceeds from repurchase arrangements and similar borrowings	84,927,006	101,952,385
Principal payments on repurchase arrangements and similar borrowings	(87,281,325)	(101,685,521)
Proceeds from FHLB Advances	2,450,000	0
Principal payments on FHLB Advances	150,000	0
Increase in cash collateral receivable from interest rate swap counterparties	(12,729)	(17,214)
Proceeds from issuance of preferred shares	12,679	16,346
Other capital stock transactions	(429)	(468)
Dividends paid	(103,561)	(104,723)
Net cash provided by (used in) financing activities	(158,359)	160,805
Net change in cash and cash equivalents	(207,024)	25,266
Cash and cash equivalents at beginning of period	307,526	413,356
Cash and cash equivalents at end of period	$ 100,502	$ 438,622

BUSINESS

BUSINESS	9 Months Ended
	Sep. 30, 2015
BUSINESS [Abstract]
BUSINESS	NOTE 1 ¾ Capstead Mortgage Corporation operates as a self-managed real estate investment trust for federal income tax purposes (a “REIT”) and is based in Dallas, Texas. Unless the context otherwise indicates, Capstead Mortgage Corporation, together with its subsidiaries, is referred to as “Capstead” or the “Company.” Capstead earns income from investing in a leveraged portfolio of residential mortgage pass-through securities consisting almost exclusively of adjustable-rate mortgage (“ARM”) securities issued and guaranteed by government-sponsored enterprises, either Fannie Mae, Freddie Mac, or by an agency of the federal government, Ginnie Mae. Residential mortgage pass-through securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae are referred to as “Agency Securities” and are considered to have limited, if any, credit risk.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2015
BASIS OF PRESENTATION [Abstract]
BASIS OF PRESENTATION	NOTE 2 ¾ Interim Financial Reporting and Reclassifications The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarter and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2015. For further information refer to the audited consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2014. Secured Borrowings In August 2015 Capstead began receiving advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati through a wholly-owned captive insurance subsidiary. These advances are secured by Agency Securities, and together with repurchase arrangements and similar borrowings, are classified as Secured borrowings Recent Accounting Pronouncements In June 2014 the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-11, Transfers and Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE	9 Months Ended
	Sep. 30, 2015
NET INCOME PER COMMON SHARE [Abstract]
NET INCOME PER COMMON SHARE	NOTE 3 ¾ Basic net income per common share is computed by dividing net income, after deducting dividends paid or accrued on preferred stock and allocating earnings to equity awards deemed to be participating securities pursuant to the two-class method, by the weighted average number of shares of common stock outstanding, calculated excluding unvested stock awards. Participating securities include unvested equity awards that contain non-forfeitable rights to dividends prior to vesting. Diluted net income per common share is computed by dividing the numerator used to compute basic net income per common share by the denominator used to compute basic net income per common share, further adjusted for the dilutive effect, if any, of equity awards and shares of preferred stock when and if convertible into shares of common stock. Shares of the Company’s 7.50% Series E Cumulative Redeemable Preferred Stock are contingently convertible into shares of common stock only upon the occurrence of a change in control and therefore are not considered dilutive securities absent such an occurrence. Any unvested equity awards that are deemed participating securities are included in the calculation of diluted net income per common share, if dilutive, under either the two-class method or the treasury stock method, depending upon which method produces the more dilutive result. Components of the computation of basic and diluted net income per common share were as follows for the indicated periods (dollars in thousands, except per share amounts) Quarter Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Basic net income per common share Numerator for basic net income per common share: Net income $ 21,067 $ 32,391 $ 79,968 $ 107,346 Preferred stock dividends (3,809 ) (3,529 ) (11,339 ) (10,216 ) Earnings participation of unvested equity awards (28 ) (24 ) (95 ) (58 ) $ 17,230 $ 28,838 $ 68,534 $ 97,072 Denominator for basic net income per common share: Weighted average common stock outstanding 95,814 95,793 95,814 95,779 Average unvested stock awards outstanding (284 ) (388 ) (314 ) (395 ) 95,530 95,405 95,500 95,384 $ 0.18 $ 0.30 $ 0.72 $ 1.02 Diluted net income per common share Numerator for diluted net income per common share: Numerator for basic net income per common share $ 17,230 $ 28,838 $ 68,534 $ 97,072 Denominator for diluted net income per common share: Denominator for basic net income per common share 95,530 95,405 95,500 95,384 Net effect of dilutive equity awards 191 272 195 230 95,721 95,677 95,695 95,614 $ 0.18 $ 0.30 $ 0.72 $ 1.02

RESIDENTIAL MORTGAGE INVESTMENT

RESIDENTIAL MORTGAGE INVESTMENTS	9 Months Ended
	Sep. 30, 2015
RESIDENTIAL MORTGAGE INVESTMENTS [Abstract]
RESIDENTIAL MORTGAGE INVESTMENTS	NOTE 4 ¾ Residential mortgage investments Unpaid Principal Balance Investment Premiums Amortized Cost Basis Carrying Amount (a) Net WAC (b) Average Yield (b ) September 30, 2015 Agency Securities: Fannie Mae/Freddie Mac: Fixed-rate $ 938 $ 2 $ 940 $ 941 6.62 % 6.04 % ARMs 10,026,213 319,307 10,345,520 10,563,013 2.53 1.48 Ginnie Mae ARMs 3,265,244 112,189 3,377,433 3,388,900 2.60 1.24 13,292,395 431,498 13,723,893 13,952,854 2.54 1.42 Residential mortgage loans: Fixed-rate 1,193 1 1,194 1,194 6.77 4.95 ARMs 2,729 11 2,740 2,740 3.73 3.21 3,922 12 3,934 3,934 4.65 3.74 Collateral for structured financings 1,888 31 1,919 1,919 8.11 7.87 $ 13,298,205 $ 431,541 $ 13,729,746 $ 13,958,707 2.55 1.43 December 31, 2014 Agency Securities: Fannie Mae/Freddie Mac: Fixed-rate $ 1,660 $ 4 $ 1,664 $ 1,665 6.63 6.52 ARMs 10,230,419 328,781 10,559,200 10,800,332 2.51 1.68 Ginnie Mae ARMs 2,983,659 103,911 3,087,570 3,099,168 2.63 1.58 13,215,738 432,696 13,648,434 13,901,165 2.54 1.66 Residential mortgage loans: Fixed-rate 1,848 2 1,850 1,850 6.96 5.65 ARMs 3,046 13 3,059 3,059 3.73 3.18 4,894 15 4,909 4,909 4.95 4.09 Collateral for structured financings 1,997 33 2,030 2,030 8.11 7.86 $ 13,222,629 $ 432,744 $ 13,655,373 $ 13,908,104 2.54 1.66 (a) Includes unrealized gains and losses for residential mortgage investments classified as available-for-sale (see NOTE 9). (b) Net WAC, or weighted average coupon, is the weighted average interest rate of the mortgage loans underlying the indicated investments net of servicing and other fees as of the indicated balance sheet date. Net WAC is expressed as a percentage calculated on an annualized basis on the unpaid principal balances of the mortgage loans underlying these investments. Average yield is presented for the quarter then ended, and is based on the cash component of interest income expressed as a percentage calculated on an annualized basis on average amortized cost basis (the “cash yield”) less the effects of amortizing investment premiums. Investment premium amortization is determined using the interest method and incorporates actual and anticipated future mortgage prepayments. Agency Securities are considered to have limited, if any, credit risk because the timely payment of principal and interest is guaranteed by Fannie Mae and Freddie Mac, which are federally chartered corporations, or Ginnie Mae, which is an agency of the federal government. Residential mortgage loans held by Capstead were originated prior to 1995 when the Company operated a mortgage conduit and the related credit risk is borne by the Company. Collateral for structured financings consists of private residential mortgage securities that are backed by loans obtained through this mortgage conduit and are pledged to secure repayment of related structured financings. Credit risk for these securities is borne by the related bondholders. The maturity of Residential mortgage investments Fixed-rate investments consist of residential mortgage loans and Agency Securities backed by residential mortgage loans with fixed rates of interest. Adjustable-rate investments generally are ARM Agency Securities backed by residential mortgage loans that have coupon interest rates that adjust at least annually to more current interest rates or begin doing so after an initial fixed-rate period. After the initial fixed-rate period, if applicable, mortgage loans underlying ARM securities typically either (i) adjust annually based on specified margins over the one-year Constant Maturity U.S. Treasury Note Rate (“CMT”) or the one-year London interbank offered rate (“LIBOR”), (ii) adjust semiannually based on specified margins over six-month LIBOR, or (iii) adjust monthly based on specified margins over indices such as one-month LIBOR, the Eleventh District Federal Reserve Bank Cost of Funds Index, or over a rolling twelve month average of the one-year CMT index, usually subject to periodic and lifetime limits, or caps, on the amount of such adjustments during any single interest rate adjustment period and over the contractual term of the underlying loans. Capstead classifies its ARM investments based on average number of months until coupon reset (“months to roll”). Months to roll is an indicator of asset duration which is a measure of market price sensitivity to interest rate movements. A shorter duration generally indicates less interest rate risk. Current-reset ARM investments have months to roll of less than 18 months while longer-to-reset ARM investments have months to roll of 18 months or greater. As of September 30, 2015, the average months to roll for the Company’s $8.01 billion (amortized cost basis) in current-reset ARM investments was 6.5 months while the average months to roll for the Company’s $5.71 billion (amortized cost basis) in longer-to-reset ARM investments was 41.4 months.

SECURED BORROWINGS

SECURED BORROWINGS	9 Months Ended
	Sep. 30, 2015
SECURED BORROWINGS [Abstract]
SECURED BORROWINGS	NOTE 5 ¾ Capstead pledges its Residential mortgage investments as collateral for secured borrowings primarily in the form of repurchase arrangements with commercial banks and other financial institutions. In August 2015 the Company began supplementing its borrowings under repurchase arrangements with advances from the FHLB of Cincinnati (collectively referred to as “counterparties” or “lending counterparties”). Repurchase arrangements entered into by the Company involve the sale and a simultaneous agreement to repurchase the transferred assets at a future date and are accounted for as financings transferring ownership of the pledged collateral to the bank and simultaneously agreeing to repurchase the transferred assets at a future date. the Company is required to maintain an ownership position in the equal to a percentage of outstanding advances. Included in Receivables and other assets at September 30, 2015 is FHLB stock held for this purpose totaling $46.0 million that can only be redeemed or sold at its par value, and only to the FHLB of Cincinnati. The terms and conditions of secured borrowings are negotiated on a transaction-by-transaction basis when each such borrowing is initiated or renewed. pledged, as determined by the lending counterparty, less an agreed-upon discount, referred to as a “haircut.” Interest rates are generally fixed None of the Company’s lending counterparties are obligated to renew or otherwise enter into new borrowings at the conclusion of existing borrowings. In response to declines in fair value of pledged securities due to changes in market conditions or the publishing of monthly security pay-down factors, lending counterparties typically require the Company to post additional securities as collateral, pay down borrowings or fund cash margin accounts with the counterparties in order to re-establish the agreed-upon collateral requirements. These actions are referred to as margin calls. Conversely, in response to increases in fair value of pledged securities, the Company routinely margin calls its lending counterparties in order to have previously pledged collateral returned. Secured borrowings Collateral Type Collateral Carrying Amount Accrued Interest Receivable Borrowings Outstanding Average Borrowing Rates September 30, 2015 Borrowings under repurchase arrangements with maturities of 30 days or less: Agency Securities $ 9,177,537 $ 18,477 $ 8,754,427 0.45 % Borrowings under repurchase arrangements with maturities greater than 30 days: Agency Securities (greater than 90 days) 1,796,490 4,106 1,696,177 0.70 Similar borrowings: Collateral for structured financings * 1,919 – 1,919 8.11 10,975,946 22,583 10,452,523 FHLB advances 2,356,083 6,574 2,300,000 0.42 $ 13,332,029 $ 29,157 $ 12,752,523 0.48 Quarter-end borrowing rates adjusted for effects of related derivative financial instruments (“Derivatives”) held as cash flow hedges (see NOTE 6) 0.72 December 31, 2014 Borrowings under repurchase arrangements with maturities of 30 days or less: Agency Securities $ 10,401,080 $ 24,045 $ 9,878,889 0.35 Borrowings under repurchase arrangements with maturities greater than 30 days: Agency Securities (31 to 90 days) 1,205,570 2,248 1,150,924 0.35 Agency Securities (greater than 90 days) 1,874,892 4,640 1,775,000 0.56 Similar borrowings: Collateral for structured financings * 2,030 – 2,030 8.11 $ 13,483,572 $ 30,933 $ 12,806,843 0.38 Year-end borrowing rates adjusted for effects of related Derivatives held as cash flow hedges 0.58 * The maturity of structured financings is directly affected by prepayments on the related mortgage pass-through securities pledged as collateral. Additionally, these financings are subject to redemption by the residual bondholders. Average secured borrowings outstanding differed from respective quarter-end balances during the indicated periods primarily due to changes in portfolio levels and differences in the timing of portfolio acquisitions relative to portfolio runoff as illustrated below (dollars in thousands): Quarter Ended September 30, 2015 December 31, 2014 Average Borrowings Average Rate Average Borrowings Average Rate Average borrowings and rates adjusted for the effects of related Derivatives held as cash flow hedges for the indicated quarters $ 13,009,877 0.69 % $ 12,843,636 0.56 %

USE OF DERIVATIVE FINANCIAL INS

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT	9 Months Ended
	Sep. 30, 2015
USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT	NOTE 6 ¾ DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT In addition to entering into longer-maturity secured borrowings when available at attractive rates and terms, Capstead attempts to mitigate exposure to higher interest rates by entering into currently-paying and forward-starting, one-month LIBOR-indexed, pay-fixed, receive-variable, interest rate swap agreements that require interest payments for two-year terms. These Derivatives are designated as cash flow hedges of the variability of the underlying benchmark interest rate of current and forecasted 30- to 90-day secured borrowings. This hedge relationship establishes a relatively stable fixed rate on related borrowings because the variable-rate payments received on the swap agreements offset a significant portion of the interest accruing on the designated borrowings, leaving the fixed-rate swap payments as the Company’s effective borrowing rate, subject to certain adjustments. These adjustments include differences between variable-rate payments received on the swap agreements and related unhedged borrowing rates as well as the effects of measured hedge ineffectiveness. Additionally, changes in fair value of these Derivatives tend to partially offset opposing changes in fair value of the Company’s residential mortgage investments that can occur in response to changes in market interest rates. During the quarter and nine months ended September 30, 2015 Capstead entered into swap agreements with notional amounts of $1.00 billion and $2.40 billion requiring fixed-rate interest payments averaging 0.80% and 0.76%, respectively, while $400 million and $1.70 billion notional amount of swaps requiring fixed-rate interest payments averaging 0.47% and 0.49%, respectively, matured. At September 30, 2015, the Company’s financing-related swap positions had the following characteristics (dollars in thousands): Period of Contract Expiration Notional Amount Average Fixed-Rate Payment Requirement Currently-paying contracts: Fourth quarter 2015 $ 1,200,000 0.45 % First quarter 2016 1,700,000 0.51 Second quarter 2016 1,100,000 0.47 Third quarter 2016 700,000 0.56 Fourth quarter 2016 800,000 0.66 First quarter 2017 1,000,000 0.72 Second quarter 2017 900,000 0.74 Third quarter 2017 400,000 0.74 7,800,000 0.58 Forward-starting contracts: Fourth quarter 2017 600,000 0.83 $ 8,400,000 In 2010 the Company entered into forward-starting, three-month LIBOR-indexed, pay-fixed, receive-variable, interest rate swap agreements with notional amounts totaling $100 million and average fixed rates of 4.09% with 20-year payment terms coinciding with the floating-rate terms of the Company’s Unsecured borrowings, Interest rate swap agreements are measured at fair value on a recurring basis primarily using Level Two Inputs in accordance with ASU 2010-06, Fair Value Measurements and Disclosures (Topic 820) Balance Sheet September 30 December 31 Location 2015 2014 Balance sheet-related Swap agreements in a gain position (an asset) related to: Secured borrowings (a) $ – $ 1,657 Swap agreements in a loss position (a liability) related to: Secured borrowings (a) (14,462 ) (6,332 ) Unsecured borrowings (a) (26,778 ) (20,702 ) Related net interest payable (b) (9,475 ) (9,516 ) $ (50,715 ) $ (34,893 ) (a) The fair value of Derivatives with unrealized gains are aggregated and recorded as an asset on the face of the Balance Sheets separately from the fair value of Derivatives with unrealized losses that are recorded as a liability. The amount of unrealized losses scheduled to be recognized in the Statements of Income over the next twelve months primarily in the form of fixed-rate swap payments in excess of current market rates totaled $17.6 million at September 30, 2015. (b) Included in “Accounts payable and accrued expenses” on the face of the Balance Sheets. Location of Gain or (Loss) Recognized in Net Income Quarter Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Income statement-related Components of effect on interest expense: Amount of loss reclassified from Accumulated other comprehensive income $ (7,183 ) $ (5,826 ) $ (20,494 ) $ (15,932 ) Amount of gain (loss) recognized (ineffective portion) (336 ) 45 (642 ) (123 ) Increase in interest expense and decrease in Net income * $ (7,519 ) $ (5,781 ) $ (21,136 ) $ (16,055 ) Other comprehensive income-related Amount of gain (loss) recognized in Other comprehensive income (loss) $ (21,235 ) $ 97 $ (36,226 ) $ (25,557 ) * Included in “Interest expense: Secured borrowings” on the face of the Statements of Income. Capstead’s swap agreements and borrowings under repurchase arrangements are subject to master netting arrangements in the event of default on, or termination of, any one contract. See NOTE 5 for more information on the Company’s use of secured borrowings. The following tables provide disclosures concerning offsetting of financial liabilities and Derivatives as of the indicated dates (in thousands): Offsetting of Derivative Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet (a) Net Amount Financial Instruments Cash Collateral Received September 30, 2015 Counterparties 1-4 $ – $ – $ – $ – $ – $ – December 31, 2014 Counterparty 2 $ – $ 95 $ 95 $ (95 ) $ – $ – Counterparty 4 1,128 434 1,562 (1,562 ) – – $ 1,128 $ 529 $ 1,657 $ (1,657 ) $ – $ – Offsetting of Financial Liabilities and Derivative Liabilities Gross Amounts of Recognized Liabilities (b) Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented in the Balance Sheet (a) Gross Amounts Not Offset in the Balance Sheet (c) Net Amount Financial Instruments Cash Collateral Pledged September 30, 2015 Derivatives by counterparty: Counterparty 1 $ 28,410 $ – $ 28,410 $ – $ (28,410 ) $ – Counterparty 2 2,816 – 2,816 – (2,600 ) 216 Counterparty 4 19,489 – 19,489 – (19,489 ) – 50,715 – 50,715 – (50,499 ) 216 Borrowings under repurchase arrangements 10,460,193 – 10,460,193 (10,460,193 ) – – $ 10,510,908 $ – $ 10,510,908 $ (10,460,193 ) $ (50,499 ) $ 216 December 31, 2014 Derivatives by counterparty: Counterparty 1 $ 24,533 $ – $ 24,533 $ – $ (24,533 ) $ – Counterparty 2 4,042 95 4,137 (95 ) (4,042 ) – Counterparty 3 736 – 736 – (736 ) – Counterparty 4 6,710 434 7,144 (1,562 ) (5,582 ) – 36,021 529 36,550 (1,657 ) (34,893 ) – Borrowings under repurchase arrangements 12,812,947 – 12,812,947 (12,812,947 ) – – $ 12,848,968 $ 529 $ 12,849,497 $ (12,814,604 ) $ (34,893 ) $ – (a) Amounts presented are limited to recognized liabilities and cash collateral received associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01. (b) Amounts include accrued interest of $9.5 million and $9.5 million on interest rate swap agreements and $8.5 million and $6.1 million on borrowings under repurchase arrangements, included in “Accounts payable and accrued expenses” on the face of the Balance Sheets as of September 30, 2015 and December 31, 2014, respectively. (c) Amounts presented are limited to recognized assets and collateral pledged associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01. Changes in Accumulated other comprehensive income Gains and Losses on Cash Flow Hedges Unrealized Gains and Losses on Available-for-Sale Securities Total Balance at June 30, 2015 $ (26,989 ) $ 240,091 $ 213,102 Activity for the quarter ended September 30, 2015: Other comprehensive income (loss) before reclassifications (21,235 ) (11,130 ) (32,365 ) Amounts reclassified from accumulated other comprehensive income 7,183 – 7,183 Other comprehensive income (loss) (14,052 ) (11,130 ) (25,182 ) Balance at September 30, 2015 $ (41,041 ) $ 228,961 $ 187,920 Balance at December 31, 2014 $ (25,309 ) $ 252,731 $ 227,422 Activity for the nine months ended September 30, 2015: Other comprehensive income (loss) before reclassifications (36,226 ) (23,770 ) (59,996 ) Amounts reclassified from accumulated other comprehensive income 20,494 – 20,494 Other comprehensive income (loss) (15,732 ) (23,770 ) (39,502 ) Balance at September 30, 2015 $ (41,041 ) $ 228,961 $ 187,920

UNSECURED BORROWINGS

UNSECURED BORROWINGS	9 Months Ended
	Sep. 30, 2015
UNSECURED BORROWINGS [Abstract]
UNSECURED BORROWINGS	NOTE 7 ¾ Unsecured borrowings Receivables and other assets Borrowings Outstanding Average Rate * Junior subordinated notes maturing in: October 2035 $ 35,000 8.31 % December 2035 40,000 8.46 September 2036 25,000 8.78 $ 100,000 8.49 * The indicated weighted average rates have been in effect since issuance. After considering cash flow hedges that coincide with the floating rate terms of these borrowings that begin October 30, and December 15, 2015 for the notes maturing in October and December 2035 and September 15, 2016 for the notes maturing in September 2036, the effective borrowing rate will average 7.56% beginning September 15, 2016 through maturity, subject to certain adjustments for the effects of measured hedge ineffectiveness, if any. The notes maturing in October 2035 are currently redeemable, in whole or in part, without penalty, at the Company’s option. The notes maturing in December 2035 are redeemable, in whole or in part, without penalty, at the Company’s option anytime on or after December 15, 2015. The notes maturing in September 2036 are redeemable, in whole or in part, without penalty, at the Company’s option anytime on or after September 15, 2016.

CAPITAL TRANSACTIONS

CAPITAL TRANSACTIONS	9 Months Ended
	Sep. 30, 2015
CAPITAL TRANSACTIONS [Abstract]
CAPITAL TRANSACTIONS	NOTE 8 ¾ During the quarter and nine months ended September 30, 2015, Capstead issued an additional 47,000 and 515,000 shares of its 7.50% Series E Cumulative Redeemable Preferred Stock through an at-the-market continuous offering program at average prices of $24.38 and $24.63, net of underwriting fees and other costs, for net proceeds of $1.1 million and $12.7 million, respectively.

DISCLOSURES REGARDING FAIR VALU

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2015
DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS [Abstract]
DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS	NOTE 9 ¾ This note provides fair value-related disclosures as of the indicated balance sheet dates for Capstead’s financial assets and liabilities, most of which are influenced by changes in, and market expectations for changes in, interest rates and market liquidity conditions, as well as other factors beyond the control of management. With the exception of the fair value of lending counterparty investments, all fair values were determined using Level 2 Inputs in accordance with ASU 2010-06, Fair Value Measurements and Disclosures (Topic 820) Residential mortgage investments , nearly all of which are mortgage securities classified as available-for-sale, are measured at fair value on a recurring basis. In determining fair value estimates the Company considers recent trading activity for similar investments and pricing levels indicated by lenders in connection with designating collateral for secured borrowings, provided such pricing levels are considered indicative of actual market clearing transactions. In determining fair value estimates for secured borrowings with initial terms of greater than 120 days, the Company considers pricing levels indicated by lenders for entering into new transactions using similar pledged collateral with terms equal to the remaining terms of the these borrowings. In determining fair value estimates for unsecured borrowings , the Company considers current pricing for financial instruments with similar characteristics. Excluded from these disclosures are financial instruments for which cost basis is deemed to approximate fair value due primarily to the short duration of these instruments, which are valued using primarily Level 1 measurements, including Cash and cash equivalents , cash collateral receivable from, or payable to, interest rate swap counterparties, receivables, payables and secured borrowings with initial terms of 120 days or less. See NOTE 6 for information relative to the valuation of interest rate swap agreements September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Residential mortgage loans $ 3,934 $ 4,000 $ 4,909 $ 5,000 Lending counterparty investments 51,002 51,002 5,000 5,000 Interest rate swap agreements – – 1,657 1,657 Financial liabilities: Secured borrowings with initial terms of greater than 120 days 3,246,177 3,248,588 2,128,517 2,128,400 Unsecured borrowings 100,000 100,300 100,000 100,500 Interest rate swap agreements 41,240 41,240 27,034 27,034 Fair value-related disclosures for debt securities were as follows as of the indicated dates (in thousands): Amortized Cost Basis Gross Unrealized Fair Value Gains Losses September 30, 2015 Agency Securities classified as available-for-sale: Fannie Mae/Freddie Mac $ 10,345,542 $ 218,095 $ 601 $ 10,563,036 Ginnie Mae 3,377,433 16,278 4,811 3,388,900 Residential mortgage securities classified as held-to-maturity 2,837 53 – 2,890 December 31, 2014 Agency Securities classified as available-for-sale: Fannie Mae/Freddie Mac 10,559,231 243,351 2,218 10,800,364 Ginnie Mae 3,087,570 16,755 5,157 3,099,168 Residential mortgage securities classified as held-to-maturity 3,663 124 – 3,787 September 30, 2015 December 31, 2014 Fair Value Unrealized Loss Fair Value Unrealized Loss Securities in an unrealized loss position: One year or greater $ 572,216 $ 3,054 $ 706,839 $ 5,320 Less than one year 933,211 2,358 1,095,724 2,055 $ 1,505,427 $ 5,412 $ 1,802,563 $ 7,375 Capstead’s investment strategy involves managing a leveraged portfolio of relatively short-duration ARM Agency Securities and management expects these securities will be held until payoff absent a major shift in strategy or a severe contraction in the Company’s ability to obtain financing to support its portfolio. Declines in fair value caused by increases in interest rates are typically modest for investments in short-duration ARM Agency Securities compared to investments in longer-duration ARM or fixed-rate assets. These declines are generally recoverable in a relatively short period of time as coupon interest rates on the underlying mortgage loans reset to rates more reflective of the then current interest rate environment. From a credit risk perspective, federal government support for helps ensure that fluctuations in value due to credit risk associated with these securities will be limited. Given that (a) any existing unrealized losses on mortgage securities held by the Company are not attributable to credit risk and declines in fair value of ARM securities due to changes in interest rates are generally recoverable in a relatively short period of time, (b) the Company typically holds its investments to maturity, and (c) it is more likely than not that the Company will not be required to sell any of its investments given the resiliency of the financing market for Agency Securities, none of these investments were considered other-than-temporarily impaired at the indicated balance sheet dates.

COMPENSATION PROGRAMS

COMPENSATION PROGRAMS	9 Months Ended
	Sep. 30, 2015
COMPENSATION PROGRAMS [Abstract]
COMPENSATION PROGRAMS	NOTE 10 ¾ The compensation committee of Capstead’s board of directors (the “Committee”) is responsible for establishing, implementing, and monitoring the Company’s compensation program and practices. In 2013 the Committee implemented largely nondiscretionary and formulaic, target-based annual and long-term incentive compensation programs for key executives with multiple pre-established performance goals and defined threshold, target and maximum awards as a percentage of base salaries. The Committee reviews the Company’s programs annually, establishing and implementing desired changes in performance metrics, composition of mortgage REIT industry peer groups used for relative performance metric measurement purposes, and each executive’s targeted award opportunity. Equity-based awards and other long-term incentive awards that recognize the creation of value for stockholders and promote the Company’s long-term success are made pursuant to the Company’s Amended and Restated 2014 Flexible Incentive Plan, approved by stockholders in May 2014. At September 30, 2015, this plan had 4,397,739 shares of common stock remaining available for future issuances. Short-term Incentive Compensation Programs Under the provisions of the Capstead’s annual incentive compensation program, awards are made based on (a) economic return (change in book value per share of common stock plus common stock dividends divided by beginning book value per share) measured on a relative basis, and, to a lesser extent, on an absolute return basis, (b) relative operating cost efficiency (operating expenses divided by Unsecured borrowings and Stockholders’ equity ), and (c) each participating executive’s attainment of stated goals and objectives. These key executives have targeted award opportunities equal to 125% of base salaries. Under the terms of the program, each performance metric is assigned a weighting and the Company’s performance relative to each metric is calculated separately. No awards can be earned for performance below the defined threshold returns and awards are capped for performance above the defined maximum return levels. Accounts payable and accrued expenses Short-term incentive compensation The Committee administers an additional performance-based short-term incentive compensation program for key executives that provides for quarterly cash payments equal to per share dividends declared on Capstead’s common stock multiplied by a notional amount of non-vesting shares of common stock (“Dividend Equivalent Rights” or “DERs”). DERs only represent the right to receive the same cash distributions that the Company’s common stockholders are entitled to receive during the term of the grants, subject to certain conditions, including continuous service. In December 2014 the Committee extended the term of the 654,000 outstanding DERs to December 31, 2015. In April 2015 the Committee issued 90,000 DERs to a new executive and 90,000 DERs were forfeited by a departing executive. Included in Accounts payable and accrued expenses are third quarter 2015 DERs distribution amounts totaling $170,000 that were paid in October 2015. Recognized in Short-term incentive compensation are $170,000 and $576,000 related to the DERs program for the quarter and nine months ended September 30, 2015, respectively. Long-term Equity-based Awards – Performance-based RSUs Capstead’s performance-based long-term incentive compensation program for key executives provides for the grant of performance-based RSUs that are convertible into shares of common stock following three-year performance periods, contingent upon whether, and to what extent, defined performance levels established for certain relative and absolute return performance metrics are met or exceeded. The relative return metrics measure the Company’s performance on the basis of relative economic return and relative total stockholder return (change in stock price plus reinvested dividends). The absolute economic return metric measures performance against defined return levels. For conversion purposes, each performance metric is assigned a weighting and the Company’s performance relative to each metric is calculated separately. The actual number of shares of common stock the units can convert into for each of the metrics, if any, can range from one-half of a share per unit if that metric’s minimum threshold of performance is met, to two shares per unit if the related maximum performance threshold is met or exceeded, adjusted for the weighting assigned to the metric. If a metric’s minimum performance threshold is not met, no shares are issuable under that metric. Dividends accrue from the date of grant and will be paid in cash when the units convert into shares of common stock based on the number of shares ultimately issued, if any. Pursuant to this program, in January 2015 and December 2013 the Committee granted 247,512 and 242,505 RSUs with three-year performance periods ending December 31, 2017 and 2016, respectively. With the April 2015 departure of a participating executive, 37,199 and 36,467 RSUs issued in 2015 and 2013, respectively, were forfeited. Initial grant date fair values of $8.83 and $12.45 were assigned to each unit of the January 2015 and December 2013 grants, respectively. In the fourth quarter of 2014 the three-year compensation cost estimate for the December 2013 grant was reduced to $7.21 per unit. Recognized in Long-term incentive compensation Long-term Equity-based Awards – Stock Awards Under a performance-based stock award program last utilized in 2012, the Committee granted common stock awards to all employees with staggered three-year vesting periods. These awards vest if annualized returns in excess of established return levels are generated during three-year measurement periods. Vesting can be deferred and a new three-year measurement period established to include the subsequent year, up to and including the seventh calendar year after the year of grant. Any remaining unvested awards issued under this program will expire if the required returns are not generated for each award’s final three-year measurement period. Grants made under this program totaling 125,221 shares with an average grant date fair value of $12.58 vested in February 2015 pertaining to initial measurement periods ending December 31, 2014. Remaining grants under this program totaling 118,784 and 62,137 shares with average grant date fair values of $12.17 and $11.67 are scheduled to vest in February 2016 and 2017, respectively, assuming performance criteria and service conditions are met. In December 2014 and 2013 respectively, the Committee granted service-based stock awards for 37,237 and 35,703 shares of common stock with grant date fair values of $12.47 and $12.34 to employees not awarded RSUs. These awards vest January 2, 2018 and January 2, 2017, respectively, assuming service conditions are met. As a component of the Company’s director compensation program, directors are granted stock awards annually upon election or re-election to the board of directors that vest approximately one year from issuance. In July 2015, director stock awards for a total of 35,000 shares granted in July 2014 with a grant date fair value of $13.16 vested and new awards, also for a total of 35,000 shares, with a grant date fair value of $11.41 were granted that will vest on July 15, 2016. Performance-based and service-based stock award activity for the nine months ended September 30, 2015 is summarized below: Number of Shares Weighted Average Grant Date Fair Value Unvested stock awards outstanding at December 31, 2014 436,581 12.29 Grants 35,000 11.41 Forfeitures (22,499 ) 12.00 Vestings ( 160,221 ) 12.71 Unvested stock awards outstanding at September 30, 2015 288,861 11.98 During the quarter and nine months ended September 30, 2015, the Company recognized in Long-term incentive compensation Other general and administrative expense All service-based stock awards receive dividends on a current basis without risk of forfeiture if the related awards do not vest. Outstanding performance-based stock awards defer the payment of dividends accruing between the grant dates and the end of related performance periods. If these awards do not vest, the related accrued dividends will be forfeited. Long-term Equity-based Awards – Option Awards At September 30, 2015 option awards for 40,000 shares of common stock were outstanding with a weighted average strike price of $11.86. These awards are currently exercisable, have aggregate intrinsic value and have a weighted average remaining contractual term of 2.7 years. All outstanding option awards were granted prior to 2010, have ten-year contractual terms and were issued with strike prices equal to the closing market price of Capstead’s common stock on the dates of grant. The fair value of these awards was estimated at that time using a Black-Scholes option pricing model and was expensed over the related vesting periods. Other Benefit Programs Capstead sponsors a qualified defined contribution retirement plan for all employees and a nonqualified deferred compensation plan for certain of its executives. In general the Company matches up to 50% of a participant’s voluntary contribution up to a maximum of 6% of a participant’s base salary and annual incentive compensation payments. The Company also makes discretionary contributions of up to another 3% of such compensation regardless of participation in the plans. Company contributions are subject to certain vesting requirements that have been met by nearly all of Capstead’s current employees. During the quarter and nine months ended September 30, 2015, the Company recognized in Salaries and benefits

NET INCOME PER COMMON SHARE (Ta

NET INCOME PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2015
NET INCOME PER COMMON SHARE [Abstract]
Components of Computation of Basic and Diluted Net Income Per Common Share	Components of the computation of basic and diluted net income per common share were as follows for the indicated periods (dollars in thousands, except per share amounts) Quarter Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Basic net income per common share Numerator for basic net income per common share: Net income $ 21,067 $ 32,391 $ 79,968 $ 107,346 Preferred stock dividends (3,809 ) (3,529 ) (11,339 ) (10,216 ) Earnings participation of unvested equity awards (28 ) (24 ) (95 ) (58 ) $ 17,230 $ 28,838 $ 68,534 $ 97,072 Denominator for basic net income per common share: Weighted average common stock outstanding 95,814 95,793 95,814 95,779 Average unvested stock awards outstanding (284 ) (388 ) (314 ) (395 ) 95,530 95,405 95,500 95,384 $ 0.18 $ 0.30 $ 0.72 $ 1.02 Diluted net income per common share Numerator for diluted net income per common share: Numerator for basic net income per common share $ 17,230 $ 28,838 $ 68,534 $ 97,072 Denominator for diluted net income per common share: Denominator for basic net income per common share 95,530 95,405 95,500 95,384 Net effect of dilutive equity awards 191 272 195 230 95,721 95,677 95,695 95,614 $ 0.18 $ 0.30 $ 0.72 $ 1.02

RESIDENTIAL MORTGAGE INVESTME18

RESIDENTIAL MORTGAGE INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
RESIDENTIAL MORTGAGE INVESTMENTS [Abstract]
Schedule of Residential Mortgage Investments	Residential mortgage investments Unpaid Principal Balance Investment Premiums Amortized Cost Basis Carrying Amount (a) Net WAC (b) Average Yield (b ) September 30, 2015 Agency Securities: Fannie Mae/Freddie Mac: Fixed-rate $ 938 $ 2 $ 940 $ 941 6.62 % 6.04 % ARMs 10,026,213 319,307 10,345,520 10,563,013 2.53 1.48 Ginnie Mae ARMs 3,265,244 112,189 3,377,433 3,388,900 2.60 1.24 13,292,395 431,498 13,723,893 13,952,854 2.54 1.42 Residential mortgage loans: Fixed-rate 1,193 1 1,194 1,194 6.77 4.95 ARMs 2,729 11 2,740 2,740 3.73 3.21 3,922 12 3,934 3,934 4.65 3.74 Collateral for structured financings 1,888 31 1,919 1,919 8.11 7.87 $ 13,298,205 $ 431,541 $ 13,729,746 $ 13,958,707 2.55 1.43 December 31, 2014 Agency Securities: Fannie Mae/Freddie Mac: Fixed-rate $ 1,660 $ 4 $ 1,664 $ 1,665 6.63 6.52 ARMs 10,230,419 328,781 10,559,200 10,800,332 2.51 1.68 Ginnie Mae ARMs 2,983,659 103,911 3,087,570 3,099,168 2.63 1.58 13,215,738 432,696 13,648,434 13,901,165 2.54 1.66 Residential mortgage loans: Fixed-rate 1,848 2 1,850 1,850 6.96 5.65 ARMs 3,046 13 3,059 3,059 3.73 3.18 4,894 15 4,909 4,909 4.95 4.09 Collateral for structured financings 1,997 33 2,030 2,030 8.11 7.86 $ 13,222,629 $ 432,744 $ 13,655,373 $ 13,908,104 2.54 1.66 (a) Includes unrealized gains and losses for residential mortgage investments classified as available-for-sale (see NOTE 9). (b) Net WAC, or weighted average coupon, is the weighted average interest rate of the mortgage loans underlying the indicated investments net of servicing and other fees as of the indicated balance sheet date. Net WAC is expressed as a percentage calculated on an annualized basis on the unpaid principal balances of the mortgage loans underlying these investments. Average yield is presented for the quarter then ended, and is based on the cash component of interest income expressed as a percentage calculated on an annualized basis on average amortized cost basis (the “cash yield”) less the effects of amortizing investment premiums. Investment premium amortization is determined using the interest method and incorporates actual and anticipated future mortgage prepayments.

SECURED BORROWINGS (Tables)

SECURED BORROWINGS (Tables)	9 Months Ended
	Sep. 30, 2015
SECURED BORROWINGS [Abstract]
Schedule of Secured Borrowings	Secured borrowings Collateral Type Collateral Carrying Amount Accrued Interest Receivable Borrowings Outstanding Average Borrowing Rates September 30, 2015 Borrowings under repurchase arrangements with maturities of 30 days or less: Agency Securities $ 9,177,537 $ 18,477 $ 8,754,427 0.45 % Borrowings under repurchase arrangements with maturities greater than 30 days: Agency Securities (greater than 90 days) 1,796,490 4,106 1,696,177 0.70 Similar borrowings: Collateral for structured financings * 1,919 – 1,919 8.11 10,975,946 22,583 10,452,523 FHLB advances 2,356,083 6,574 2,300,000 0.42 $ 13,332,029 $ 29,157 $ 12,752,523 0.48 Quarter-end borrowing rates adjusted for effects of related derivative financial instruments (“Derivatives”) held as cash flow hedges (see NOTE 6) 0.72 December 31, 2014 Borrowings under repurchase arrangements with maturities of 30 days or less: Agency Securities $ 10,401,080 $ 24,045 $ 9,878,889 0.35 Borrowings under repurchase arrangements with maturities greater than 30 days: Agency Securities (31 to 90 days) 1,205,570 2,248 1,150,924 0.35 Agency Securities (greater than 90 days) 1,874,892 4,640 1,775,000 0.56 Similar borrowings: Collateral for structured financings * 2,030 – 2,030 8.11 $ 13,483,572 $ 30,933 $ 12,806,843 0.38 Year-end borrowing rates adjusted for effects of related Derivatives held as cash flow hedges 0.58 * The maturity of structured financings is directly affected by prepayments on the related mortgage pass-through securities pledged as collateral. Additionally, these financings are subject to redemption by the residual bondholders.
Schedule of Average Borrowings Outstanding	Average secured borrowings outstanding differed from respective quarter-end balances during the indicated periods primarily due to changes in portfolio levels and differences in the timing of portfolio acquisitions relative to portfolio runoff as illustrated below (dollars in thousands): Quarter Ended September 30, 2015 December 31, 2014 Average Borrowings Average Rate Average Borrowings Average Rate Average borrowings and rates adjusted for the effects of related Derivatives held as cash flow hedges for the indicated quarters $ 13,009,877 0.69 % $ 12,843,636 0.56 %

USE OF DERIVATIVE FINANCIAL I20

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)	9 Months Ended
	Sep. 30, 2015
USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
Schedule of Swap Agreements Expiration Period and Characteristics	At September 30, 2015, the Company’s financing-related swap positions had the following characteristics (dollars in thousands): Period of Contract Expiration Notional Amount Average Fixed-Rate Payment Requirement Currently-paying contracts: Fourth quarter 2015 $ 1,200,000 0.45 % First quarter 2016 1,700,000 0.51 Second quarter 2016 1,100,000 0.47 Third quarter 2016 700,000 0.56 Fourth quarter 2016 800,000 0.66 First quarter 2017 1,000,000 0.72 Second quarter 2017 900,000 0.74 Third quarter 2017 400,000 0.74 7,800,000 0.58 Forward-starting contracts: Fourth quarter 2017 600,000 0.83 $ 8,400,000
Impact of Derivative Instruments on Statements of Financial Performance and Financial Position	The following tables include fair value and other related disclosures regarding all Derivatives held as of and for the indicated periods (in thousands): Balance Sheet September 30 December 31 Location 2015 2014 Balance sheet-related Swap agreements in a gain position (an asset) related to: Secured borrowings (a) $ – $ 1,657 Swap agreements in a loss position (a liability) related to: Secured borrowings (a) (14,462 ) (6,332 ) Unsecured borrowings (a) (26,778 ) (20,702 ) Related net interest payable (b) (9,475 ) (9,516 ) $ (50,715 ) $ (34,893 ) (a) The fair value of Derivatives with unrealized gains are aggregated and recorded as an asset on the face of the Balance Sheets separately from the fair value of Derivatives with unrealized losses that are recorded as a liability. The amount of unrealized losses scheduled to be recognized in the Statements of Income over the next twelve months primarily in the form of fixed-rate swap payments in excess of current market rates totaled $17.6 million at September 30, 2015. (b) Included in “Accounts payable and accrued expenses” on the face of the Balance Sheets. Location of Gain or (Loss) Recognized in Net Income Quarter Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Income statement-related Components of effect on interest expense: Amount of loss reclassified from Accumulated other comprehensive income $ (7,183 ) $ (5,826 ) $ (20,494 ) $ (15,932 ) Amount of gain (loss) recognized (ineffective portion) (336 ) 45 (642 ) (123 ) Increase in interest expense and decrease in Net income * $ (7,519 ) $ (5,781 ) $ (21,136 ) $ (16,055 ) Other comprehensive income-related Amount of gain (loss) recognized in Other comprehensive income (loss) $ (21,235 ) $ 97 $ (36,226 ) $ (25,557 ) * Included in “Interest expense: Secured borrowings” on the face of the Statements of Income.
Schedule of Offsetting Disclosures for Asset Derivatives Held and Repurchase Arrangements and Similar Borrowings Outstanding	The following tables provide disclosures concerning offsetting of financial liabilities and Derivatives as of the indicated dates (in thousands): Offsetting of Derivative Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet (a) Net Amount Financial Instruments Cash Collateral Received September 30, 2015 Counterparties 1-4 $ – $ – $ – $ – $ – $ – December 31, 2014 Counterparty 2 $ – $ 95 $ 95 $ (95 ) $ – $ – Counterparty 4 1,128 434 1,562 (1,562 ) – – $ 1,128 $ 529 $ 1,657 $ (1,657 ) $ – $ –
Schedule of Offsetting Disclosures for Liability Derivatives Held and Repurchase Arrangements and Similar Borrowings Outstanding	Offsetting of Financial Liabilities and Derivative Liabilities Gross Amounts of Recognized Liabilities (b) Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented in the Balance Sheet (a) Gross Amounts Not Offset in the Balance Sheet (c) Net Amount Financial Instruments Cash Collateral Pledged September 30, 2015 Derivatives by counterparty: Counterparty 1 $ 28,410 $ – $ 28,410 $ – $ (28,410 ) $ – Counterparty 2 2,816 – 2,816 – (2,600 ) 216 Counterparty 4 19,489 – 19,489 – (19,489 ) – 50,715 – 50,715 – (50,499 ) 216 Borrowings under repurchase arrangements 10,460,193 – 10,460,193 (10,460,193 ) – – $ 10,510,908 $ – $ 10,510,908 $ (10,460,193 ) $ (50,499 ) $ 216 December 31, 2014 Derivatives by counterparty: Counterparty 1 $ 24,533 $ – $ 24,533 $ – $ (24,533 ) $ – Counterparty 2 4,042 95 4,137 (95 ) (4,042 ) – Counterparty 3 736 – 736 – (736 ) – Counterparty 4 6,710 434 7,144 (1,562 ) (5,582 ) – 36,021 529 36,550 (1,657 ) (34,893 ) – Borrowings under repurchase arrangements 12,812,947 – 12,812,947 (12,812,947 ) – – $ 12,848,968 $ 529 $ 12,849,497 $ (12,814,604 ) $ (34,893 ) $ – (a) Amounts presented are limited to recognized liabilities and cash collateral received associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01. (b) Amounts include accrued interest of $9.5 million and $9.5 million on interest rate swap agreements and $8.5 million and $6.1 million on borrowings under repurchase arrangements, included in “Accounts payable and accrued expenses” on the face of the Balance Sheets as of September 30, 2015 and December 31, 2014, respectively. (c) Amounts presented are limited to recognized assets and collateral pledged associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01.
Changes in Accumulated Other Comprehensive Income	Changes in Accumulated other comprehensive income Gains and Losses on Cash Flow Hedges Unrealized Gains and Losses on Available-for-Sale Securities Total Balance at June 30, 2015 $ (26,989 ) $ 240,091 $ 213,102 Activity for the quarter ended September 30, 2015: Other comprehensive income (loss) before reclassifications (21,235 ) (11,130 ) (32,365 ) Amounts reclassified from accumulated other comprehensive income 7,183 – 7,183 Other comprehensive income (loss) (14,052 ) (11,130 ) (25,182 ) Balance at September 30, 2015 $ (41,041 ) $ 228,961 $ 187,920 Balance at December 31, 2014 $ (25,309 ) $ 252,731 $ 227,422 Activity for the nine months ended September 30, 2015: Other comprehensive income (loss) before reclassifications (36,226 ) (23,770 ) (59,996 ) Amounts reclassified from accumulated other comprehensive income 20,494 – 20,494 Other comprehensive income (loss) (15,732 ) (23,770 ) (39,502 ) Balance at September 30, 2015 $ (41,041 ) $ 228,961 $ 187,920

UNSECURED BORROWINGS (Tables)

UNSECURED BORROWINGS (Tables)	9 Months Ended
	Sep. 30, 2015
UNSECURED BORROWINGS [Abstract]
Schedule of Subordinated Note Balances and Related Weighted Average Interest Rates	Note balances and related weighted average interest rates as of September 30, 2015 and December 31, 2014 (calculated including issue cost amortization) were as follows (dollars in thousands): Borrowings Outstanding Average Rate * Junior subordinated notes maturing in: October 2035 $ 35,000 8.31 % December 2035 40,000 8.46 September 2036 25,000 8.78 $ 100,000 8.49 * The indicated weighted average rates have been in effect since issuance. After considering cash flow hedges that coincide with the floating rate terms of these borrowings that begin October 30, and December 15, 2015 for the notes maturing in October and December 2035 and September 15, 2016 for the notes maturing in September 2036, the effective borrowing rate will average 7.56% beginning September 15, 2016 through maturity, subject to certain adjustments for the effects of measured hedge ineffectiveness, if any.

DISCLOSURES REGARDING FAIR VA22

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS [Abstract]
Financial Instruments Other than Debt Securities	Fair value-related disclosures for financial instruments other than debt securities were as follows as of the indicated dates (in thousands): September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Residential mortgage loans $ 3,934 $ 4,000 $ 4,909 $ 5,000 Lending counterparty investments 51,002 51,002 5,000 5,000 Interest rate swap agreements – – 1,657 1,657 Financial liabilities: Secured borrowings with initial terms of greater than 120 days 3,246,177 3,248,588 2,128,517 2,128,400 Unsecured borrowings 100,000 100,300 100,000 100,500 Interest rate swap agreements 41,240 41,240 27,034 27,034
Fair Value and Related Disclosures for Debt Securities	Fair value-related disclosures for debt securities were as follows as of the indicated dates (in thousands): Amortized Cost Basis Gross Unrealized Fair Value Gains Losses September 30, 2015 Agency Securities classified as available-for-sale: Fannie Mae/Freddie Mac $ 10,345,542 $ 218,095 $ 601 $ 10,563,036 Ginnie Mae 3,377,433 16,278 4,811 3,388,900 Residential mortgage securities classified as held-to-maturity 2,837 53 – 2,890 December 31, 2014 Agency Securities classified as available-for-sale: Fannie Mae/Freddie Mac 10,559,231 243,351 2,218 10,800,364 Ginnie Mae 3,087,570 16,755 5,157 3,099,168 Residential mortgage securities classified as held-to-maturity 3,663 124 – 3,787
Securities in Unrealized Loss Position	September 30, 2015 December 31, 2014 Fair Value Unrealized Loss Fair Value Unrealized Loss Securities in an unrealized loss position: One year or greater $ 572,216 $ 3,054 $ 706,839 $ 5,320 Less than one year 933,211 2,358 1,095,724 2,055 $ 1,505,427 $ 5,412 $ 1,802,563 $ 7,375

COMPENSATION PROGRAMS (Tables)

COMPENSATION PROGRAMS (Tables)	9 Months Ended
	Sep. 30, 2015
COMPENSATION PROGRAMS [Abstract]
Schedule of Performance and Service-Based Stock Award Activity	Performance-based and service-based stock award activity for the nine months ended September 30, 2015 is summarized below: Number of Shares Weighted Average Grant Date Fair Value Unvested stock awards outstanding at December 31, 2014 436,581 12.29 Grants 35,000 11.41 Forfeitures (22,499 ) 12.00 Vestings ( 160,221 ) 12.71 Unvested stock awards outstanding at September 30, 2015 288,861 11.98

NET INCOME PER COMMON SHARE - C

NET INCOME PER COMMON SHARE - Components of Computation of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator for basic net income per common share [Abstract]
Net income	$ 21,067	$ 32,391	$ 79,968	$ 107,346
Preferred stock dividends	(3,809)	(3,529)	(11,339)	(10,216)
Earnings participation of unvested equity awards	(28)	(24)	(95)	(58)
Numerator for basic net income per common share	$ 17,230	$ 28,838	$ 68,534	$ 97,072
Denominator for basic net income per common share [Abstract]
Weighted average common stock outstanding (in shares)	95,814	95,793	95,814	95,779
Average unvested stock awards outstanding (in shares)	(284)	(388)	(314)	(395)
Denominator for basic net income per common share (in shares)	95,530	95,405	95,500	95,384
Basic net income per common share (in dollars per share)	$ 0.18	$ 0.30	$ 0.72	$ 1.02
Numerator for diluted net income per common share [Abstract]
Numerator for basic net income per common share	$ 17,230	$ 28,838	$ 68,534	$ 97,072
Denominator for diluted net income per common share [Abstract]
Denominator for basic net income per common share (in shares)	95,530	95,405	95,500	95,384
Net effect of dilutive equity awards (in shares)	191	272	195	230
Denominator for diluted net income per common share (in shares)	95,721	95,677	95,695	95,614
Diluted net income per common share (in dollars per share)	$ 0.18	$ 0.30	$ 0.72	$ 1.02

NET INCOME PER COMMON SHARE - P

NET INCOME PER COMMON SHARE - Potentially Dilutive Securities Excluded from Computation of Net Income Per Common Share (Details) - 7.50% Cumulative Redeemable Preferred Stock, Series E [Member]	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Schedule of Earning Per Share, Basic, by Common Class [Line Items]
Preferred stock dividend rate	7.50%	7.50%
Redeemable Preferred Stock [Member]
Schedule of Earning Per Share, Basic, by Common Class [Line Items]
Preferred stock dividend rate		7.50%	7.50%

RESIDENTIAL MORTGAGE INVESTME26

RESIDENTIAL MORTGAGE INVESTMENTS - Schedule of Residential Mortgage Investments (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance		$ 13,298,205	$ 13,222,629
Investment Premiums		431,541	432,744
Amortized Cost Basis		13,729,746	13,655,373
Carrying Amount	[1]	$ 13,958,707	$ 13,908,104
Net WAC	[2]	2.55%	2.54%
Average Yield	[2]	1.43%	1.66%
Agency Securities [Member]
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance		$ 13,292,395	$ 13,215,738
Investment Premiums		431,498	432,696
Amortized Cost Basis		13,723,893	13,648,434
Carrying Amount	[1]	$ 13,952,854	$ 13,901,165
Net WAC	[2]	2.54%	2.54%
Average Yield	[2]	1.42%	1.66%
Agency Securities [Member] | Fixed-Rate [Member]
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance		$ 938	$ 1,660
Investment Premiums		2	4
Amortized Cost Basis		940	1,664
Carrying Amount	[1]	$ 941	$ 1,665
Net WAC	[2]	6.62%	6.63%
Average Yield	[2]	6.04%	6.52%
Agency Securities [Member] | ARMs [Member]
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance		$ 10,026,213	$ 10,230,419
Investment Premiums		319,307	328,781
Amortized Cost Basis		10,345,520	10,559,200
Carrying Amount	[1]	$ 10,563,013	$ 10,800,332
Net WAC	[2]	2.53%	2.51%
Average Yield	[2]	1.48%	1.68%
Agency Securities [Member] | Ginnie Mae ARMs [Member]
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance		$ 3,265,244	$ 2,983,659
Investment Premiums		112,189	103,911
Amortized Cost Basis		3,377,433	3,087,570
Carrying Amount	[1]	$ 3,388,900	$ 3,099,168
Net WAC	[2]	2.60%	2.63%
Average Yield	[2]	1.24%	1.58%
Residential Mortgage Loans [Member]
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance		$ 3,922	$ 4,894
Investment Premiums		12	15
Amortized Cost Basis		3,934	4,909
Carrying Amount	[1]	$ 3,934	$ 4,909
Net WAC	[2]	4.65%	4.95%
Average Yield	[2]	3.74%	4.09%
Residential Mortgage Loans [Member] | Fixed-Rate [Member]
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance		$ 1,193	$ 1,848
Investment Premiums		1	2
Amortized Cost Basis		1,194	1,850
Carrying Amount	[1]	$ 1,194	$ 1,850
Net WAC	[2]	6.77%	6.96%
Average Yield	[2]	4.95%	5.65%
Residential Mortgage Loans [Member] | ARMs [Member]
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance		$ 2,729	$ 3,046
Investment Premiums		11	13
Amortized Cost Basis		2,740	3,059
Carrying Amount	[1]	$ 2,740	$ 3,059
Net WAC	[2]	3.73%	3.73%
Average Yield	[2]	3.21%	3.18%
Collateral For Structured Financings [Member]
Schedule of Residential Mortgage Investments [Line Items]
Unpaid Principal Balance		$ 1,888	$ 1,997
Investment Premiums		31	33
Amortized Cost Basis		1,919	2,030
Carrying Amount	[1]	$ 1,919	$ 2,030
Net WAC	[2]	8.11%	8.11%
Average Yield	[2]	7.87%	7.86%
[1]	Includes unrealized gains and losses for residential mortgage investments classified as available-for-sale (see NOTE 9).
[2]	Net WAC, or weighted average coupon, is the weighted average interest rate of the mortgage loans underlying the indicated investments net of servicing and other fees as of the indicated balance sheet date. Net WAC is expressed as a percentage calculated on an annualized basis on the unpaid principal balances of the mortgage loans underlying these investments. Average yield is presented for the quarter then ended, and is based on the cash component of interest income expressed as a percentage calculated on an annualized basis on average amortized cost basis (the "cash yield") less the effects of amortizing investment premiums. Investment premium amortization is determined using the interest method and incorporates actual and anticipated future mortgage prepayments.

RESIDENTIAL MORTGAGE INVESTME27

RESIDENTIAL MORTGAGE INVESTMENTS - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Schedule of Residential Mortgage Investments [Line Items]
Mortgage securities weighted average contractual maturity, months	290 months
Current-Reset ARMs [Member]
Schedule of Residential Mortgage Investments [Line Items]
Available for sale ARM securities	$ 8,010
Agency securities average months to roll, months	6 months 15 days
Current-Reset ARMs [Member] | Maximum [Member]
Schedule of Residential Mortgage Investments [Line Items]
Agency securities months to roll	18 months
Longer-To-Reset ARMs [Member]
Schedule of Residential Mortgage Investments [Line Items]
Available for sale ARM securities	$ 5,710
Agency securities average months to roll, months	41 months 12 days
Longer-To-Reset ARMs [Member] | Minimum [Member]
Schedule of Residential Mortgage Investments [Line Items]
Agency securities months to roll	18 months

SECURED BORROWINGS (Details)

SECURED BORROWINGS (Details) - USD ($) $ in Thousands		3 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Total collateral carrying amount		$ 13,330,000	$ 13,480,000
Average borrowings for the effects of related Derivatives held as cash flow hedges		$ 13,009,877	$ 12,843,636
Average rates adjusted for the effects of related Derivatives held as cash flow hedges		0.69%	0.56%
Quarter-end borrowing rates adjusted for effects of related derivative financial instruments ("Derivatives") held as cash flow hedges (see NOTE 6) [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Average borrowing rates		0.72%
Year-end borrowing rates adjusted for effects of related Derivatives held as cash flow hedges [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Average borrowing rates			0.58%
FHLB advances [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Receivables and other assets		$ 46,000
Collateral carrying amount for FHLB advances		2,356,083
Accrued interest receivable		6,574
Borrowings outstanding for FHLB advance		$ 2,300,000
Average borrowing rates		0.42%
Agency Securities [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral carrying amount		$ 10,975,946	$ 13,483,572
Accrued interest receivable		22,583	30,933
Borrowings outstanding		10,452,523	$ 12,806,843
Average borrowing rates			0.38%
Agency Securities [Member] | Borrowings under repurchase arrangements with maturities of 30 days or less [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral carrying amount		9,177,537	$ 10,401,080
Accrued interest receivable		18,477	24,045
Borrowings outstanding		$ 8,754,427	$ 9,878,889
Average borrowing rates		0.45%	0.35%
Agency Securities [Member] | Borrowings under repurchase arrangements with maturities of 31 to 90 Days [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral carrying amount			$ 1,205,570
Accrued interest receivable			2,248
Borrowings outstanding			$ 1,150,924
Average borrowing rates			0.35%
Agency Securities [Member] | Borrowings under repurchase arrangements with maturities greater than 90 days [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral carrying amount		$ 1,796,490	$ 1,874,892
Accrued interest receivable		4,106	4,640
Borrowings outstanding		$ 1,696,177	$ 1,775,000
Average borrowing rates		0.70%	0.56%
Agency Securities [Member] | Similar Borrowings [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Collateral carrying amount	[1]	$ 1,919	$ 2,030
Accrued interest receivable	[1]	0	0
Borrowings outstanding	[1]	$ 1,919	$ 2,030
Average borrowing rates	[1]	8.11%	8.11%
Agency Securities [Member] | FHLB advances [Member]
Secured Borrowings, Including Interest Rate Hedging Activity [Line Items]
Total collateral carrying amount		$ 13,332,029
Accrued interest receivable		29,157
Borrowings outstanding		$ 12,752,523
Average borrowing rates		0.48%
[1]	The maturity of structured financings is directly affected by prepayments on the related mortgage pass-through securities pledged as collateral. Additionally, these financings are subject to redemption by the residual bondholders.

USE OF DERIVATIVE FINANCIAL I29

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Schedule of Swap Agreements (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2010	Dec. 31, 2014
Notional Disclosures [Abstract]
Notional amount	$ 8,400,000	$ 8,400,000
Derivative instruments unrealized losses to be recognized		17,600
Interest Rate SWAP Currently-Paying Contracts [Member]
Notional Disclosures [Abstract]
Notional amount	$ 7,800,000	$ 7,800,000
Average-fixed rate payment requirement	0.58%	0.58%
Interest Rate SWAP Currently-Paying Contracts [Member] | Fourth Quarter 2015 [Member]
Notional Disclosures [Abstract]
Notional amount	$ 1,200,000	$ 1,200,000
Average-fixed rate payment requirement	0.45%	0.45%
Interest Rate SWAP Currently-Paying Contracts [Member] | First Quarter 2016 [Member]
Notional Disclosures [Abstract]
Notional amount	$ 1,700,000	$ 1,700,000
Average-fixed rate payment requirement	0.51%	0.51%
Interest Rate SWAP Currently-Paying Contracts [Member] | Second Quarter 2016 [Member]
Notional Disclosures [Abstract]
Notional amount	$ 1,100,000	$ 1,100,000
Average-fixed rate payment requirement	0.47%	0.47%
Interest Rate SWAP Currently-Paying Contracts [Member] | Third Quarter 2016 [Member]
Notional Disclosures [Abstract]
Notional amount	$ 700,000	$ 700,000
Average-fixed rate payment requirement	0.56%	0.56%
Interest Rate SWAP Currently-Paying Contracts [Member] | Fourth Quarter 2016 [Member]
Notional Disclosures [Abstract]
Notional amount	$ 800,000	$ 800,000
Average-fixed rate payment requirement	0.66%	0.66%
Interest Rate SWAP Currently-Paying Contracts [Member] | First Quarter 2017 [Member]
Notional Disclosures [Abstract]
Notional amount	$ 1,000,000	$ 1,000,000
Average-fixed rate payment requirement	0.72%	0.72%
Interest Rate SWAP Currently-Paying Contracts [Member] | Second Quarter 2017 [Member]
Notional Disclosures [Abstract]
Notional amount	$ 900,000	$ 900,000
Average-fixed rate payment requirement	0.74%	0.74%
Interest Rate SWAP Currently-Paying Contracts [Member] | Third Quarter 2017 [Member]
Notional Disclosures [Abstract]
Notional amount	$ 400,000	$ 400,000
Average-fixed rate payment requirement	0.74%	0.74%
Interest Rate SWAP Forward-Starting Contracts [Member] | Fourth Quarter 2017 [Member]
Notional Disclosures [Abstract]
Notional amount	$ 600,000	$ 600,000
Average-fixed rate payment requirement	0.83%	0.83%
Interest Rate Swap Agreements [Member]
Derivative Instruments And Hedging Activities [Line Items]
SWAP agreement notional amount during period	$ 1,000,000	$ 2,400,000	$ 100,000
SWAP agreement average interest rate during period	0.80%	0.76%	4.09%
Swap agreement notional amount expiring during period	$ 400,000	$ 1,700,000
SWAP agreement average interest rate expiring during period	0.47%	0.49%
Notional Disclosures [Abstract]
Payment term of LIBOR interest rate agreement		2 years	20 years
Accrued interest	$ 9,500	$ 9,500		$ 9,500
Portfolio-Related Secured Borrowings [Member]
Notional Disclosures [Abstract]
Accrued interest	$ 8,500	$ 8,500		$ 6,100

USE OF DERIVATIVE FINANCIAL I30

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Balance Sheet and Income Statement Location (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Balance sheet-related [Abstract]
Interest rate swap agreements at fair value, net assets (liability)		$ (50,715)		$ (50,715)		$ (34,893)
Income statement-related [Abstract]
Amount of loss reclassified from Accumulated other comprehensive income related to the effective portion of active positions		7,183	$ 5,826	20,494	$ 15,932
Other Comprehensive Income (Loss) [Member]
Other comprehensive income related [Abstract]
Amount of gain (loss) recognized in Other comprehensive income (loss) (effective portion)		(21,235)	97	(36,226)	(25,557)
Interest Expense [Member]
Income statement-related [Abstract]
Amount of loss reclassified from Accumulated other comprehensive income related to the effective portion of active positions		(7,183)	(5,826)	(20,494)	(15,932)
Amount of gain (loss) recognized (ineffective portion)		(336)	45	(642)	(123)
Increase in interest expense and decrease in Net income as a result of the use of Derivatives	[1]	(7,519)	$ (5,781)	(21,136)	$ (16,055)
Other Liabilities [Member]
Balance sheet-related [Abstract]
Related net interest payable	[2]	(9,475)		(9,475)		(9,516)
Secured Borrowings [Member] | Other Assets [Member]
Balance sheet-related [Abstract]
Swap agreements in a gain position (an asset) related to borrowings	[3]	0		0		1,657
Secured Borrowings [Member] | Other Liabilities [Member]
Balance sheet-related [Abstract]
Swap agreements in a loss position (a liability) related to borrowings	[3]	(14,462)		(14,462)		(6,332)
Unsecured Borrowings [Member] | Other Liabilities [Member]
Balance sheet-related [Abstract]
Swap agreements in a loss position (a liability) related to borrowings	[3]	$ (26,778)		$ (26,778)		$ (20,702)
[1]	*Included in "Interest expense: Secured borrowings" on the face of the Statements of Income.
[2]	Included in "Accounts payable and accrued expenses" on the face of the Balance Sheets.
[3]	The fair value of Derivatives with unrealized gains are aggregated and recorded as an asset on the face of the Balance Sheets separately from the fair value of Derivatives with unrealized losses that are recorded as a liability. The amount of unrealized losses scheduled to be recognized in the Statements of Income over the next twelve months primarily in the form of fixed-rate swap payments in excess of current market rates totaled $17.6 million at September 30, 2015.

USE OF DERIVATIVE FINANCIAL I31

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Offsetting Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Offsetting of derivative assets [Abstract]
Gross Amounts of Recognized Assets		$ 0	$ 1,657
Net Amounts of Assets Presented in the Balance Sheet		50,715	34,893
Cash Collateral Received		65,868	53,139
Offsetting Derivatives Assets [Member]
Offsetting of derivative assets [Abstract]
Gross Amounts of Recognized Assets		0	1,128
Gross Amounts Offset in the Balance Sheet		0	529
Net Amounts of Assets Presented in the Balance Sheet		0	1,657
Financial Instruments	[1]	0	(1,657)
Cash Collateral Received	[1]	0	0
Net Amount		0	0
Offsetting Derivatives Assets [Member] | Counterparties 1-4 [Member]
Offsetting of derivative assets [Abstract]
Gross Amounts of Recognized Assets		0
Gross Amounts Offset in the Balance Sheet		0
Net Amounts of Assets Presented in the Balance Sheet		0
Financial Instruments	[1]	0
Cash Collateral Received	[1]	0
Net Amount		$ 0
Offsetting Derivatives Assets [Member] | Counterparty 2 [Member]
Offsetting of derivative assets [Abstract]
Gross Amounts of Recognized Assets			0
Gross Amounts Offset in the Balance Sheet			95
Net Amounts of Assets Presented in the Balance Sheet			95
Financial Instruments	[1]		(95)
Cash Collateral Received	[1]		0
Net Amount			0
Offsetting Derivatives Assets [Member] | Counterparty 4 [Member]
Offsetting of derivative assets [Abstract]
Gross Amounts of Recognized Assets			1,128
Gross Amounts Offset in the Balance Sheet			434
Net Amounts of Assets Presented in the Balance Sheet			1,562
Financial Instruments	[1]		(1,562)
Cash Collateral Received	[1]		0
Net Amount			$ 0
[1]	Amounts presented are limited to recognized liabilities and cash collateral received associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01.

USE OF DERIVATIVE FINANCIAL I32

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Offsetting Liabilities (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities		$ 41,240	$ 27,034
Offsetting Financial Liabilities and Derivative Liabilities [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities	[1]	10,510,908	12,848,968
Gross Amounts Offset in the Balance Sheet		0	529
Net Amounts of Liabilities Presented in the Balance Sheet	[2]	10,510,908	12,849,497
Financial Instruments	[3]	(10,460,193)	(12,814,604)
Cash Collateral Pledged	[3]	(50,499)	(34,893)
Net Amount		216	0
Offsetting Financial Liabilities and Derivative Liabilities [Member] | Counterparty 1 [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities	[1]	28,410	24,533
Gross Amounts Offset in the Balance Sheet		0	0
Net Amounts of Liabilities Presented in the Balance Sheet	[2]	28,410	24,533
Financial Instruments	[3]	0	0
Cash Collateral Pledged	[3]	(28,410)	(24,533)
Net Amount		0	0
Offsetting Financial Liabilities and Derivative Liabilities [Member] | Counterparty 2 [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities	[1]	2,816	4,042
Gross Amounts Offset in the Balance Sheet		0	95
Net Amounts of Liabilities Presented in the Balance Sheet	[2]	2,816	4,137
Financial Instruments	[3]	0	(95)
Cash Collateral Pledged	[3]	(2,600)	(4,042)
Net Amount		216	0
Offsetting Financial Liabilities and Derivative Liabilities [Member] | Counterparty 3 [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities	[1]		736
Gross Amounts Offset in the Balance Sheet			0
Net Amounts of Liabilities Presented in the Balance Sheet	[2]		736
Financial Instruments	[3]		0
Cash Collateral Pledged	[3]		(736)
Net Amount			0
Offsetting Financial Liabilities and Derivative Liabilities [Member] | Counterparty 4 [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities	[1]	19,489	6,710
Gross Amounts Offset in the Balance Sheet		0	434
Net Amounts of Liabilities Presented in the Balance Sheet	[2]	19,489	7,144
Financial Instruments	[3]	0	(1,562)
Cash Collateral Pledged	[3]	(19,489)	(5,582)
Net Amount		0	0
Offsetting Financial Liabilities and Derivative Liabilities [Member] | Derivative Counterparties [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities	[1]	50,715	36,021
Gross Amounts Offset in the Balance Sheet		0	529
Net Amounts of Liabilities Presented in the Balance Sheet	[2]	50,715	36,550
Financial Instruments	[3]	0	(1,657)
Cash Collateral Pledged	[3]	(50,499)	(34,893)
Net Amount		216	0
Borrowings under Repurchase Arrangements [Member] | Offsetting Financial Liabilities and Derivative Liabilities [Member]
Offsetting of financial liabilities and derivative liabilities [Abstract]
Gross Amounts of Recognized Liabilities	[1]	10,460,193	12,812,947
Gross Amounts Offset in the Balance Sheet		0	0
Net Amounts of Liabilities Presented in the Balance Sheet	[2]	10,460,193	12,812,947
Financial Instruments	[3]	(10,460,193)	(12,812,947)
Cash Collateral Pledged	[3]	0	0
Net Amount		$ 0	$ 0
[1]	Amounts include accrued interest of $9.5 million and $9.5 million on interest rate swap agreements and $8.5 million and $6.1 million on borrowings under repurchase arrangements, included in "Accounts payable and accrued expenses" on the face of the Balance Sheets as of September 30, 2015 and December 31, 2014, respectively.
[2]	Amounts presented are limited to recognized liabilities and cash collateral received associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01.
[3]	Amounts presented are limited to recognized assets and collateral pledged associated with the indicated counterparty sufficient to reduce the related Net Amount to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01.

USE OF DERIVATIVE FINANCIAL I33

USE OF DERIVATIVE FINANCIAL INSTRUMENTS, OFFSETTING DISCLOSURES AND CHANGES IN OTHER COMPREHENSIVE INCOME BY COMPONENT - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated other comprehensive income (loss) [Line Items]
Beginning Balance	$ 213,102		$ 227,422
Other comprehensive income (loss) before reclassifications	(32,365)		(59,996)
Amounts reclassified from accumulated other comprehensive income	7,183		20,494
Other comprehensive income (loss)	(25,182)	$ (4,797)	(39,502)	$ 12,840
Ending Balance	187,920		187,920
Gains and Losses on Cash Flow Hedges [Member]
Accumulated other comprehensive income (loss) [Line Items]
Beginning Balance	(26,989)		(25,309)
Other comprehensive income (loss) before reclassifications	(21,235)		(36,226)
Amounts reclassified from accumulated other comprehensive income	7,183		20,494
Other comprehensive income (loss)	(14,052)		(15,732)
Ending Balance	(41,041)		(41,041)
Unrealized Gains and Losses on Available-for-sale Securities [Member]
Accumulated other comprehensive income (loss) [Line Items]
Beginning Balance	240,091		252,731
Other comprehensive income (loss) before reclassifications	(11,130)		(23,770)
Amounts reclassified from accumulated other comprehensive income	0		0
Other comprehensive income (loss)	(11,130)		(23,770)
Ending Balance	$ 228,961		$ 228,961

UNSECURED BORROWINGS (Details)

UNSECURED BORROWINGS (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Junior subordinated notes maturity term		30 years
Remaining issue costs		$ 2,000
Junior subordinated notes borrowings outstanding		$ 100,000	$ 100,000
Average rate	[1]	8.49%
Effective borrowing rate considering cash flow hedges		7.56%
October 2035 [Member]
Debt Instrument [Line Items]
Junior subordinated notes borrowings outstanding		$ 35,000
Average rate	[1]	8.31%
Junior subordinated notes, maturity period		Oct. 31, 2035
Junior subordinated notes, earliest redemption option exercise date		Oct. 30, 2015
December 2035 [Member]
Debt Instrument [Line Items]
Junior subordinated notes borrowings outstanding		$ 40,000
Average rate	[1]	8.46%
Junior subordinated notes, maturity period		Dec. 31, 2035
Junior subordinated notes, earliest redemption option exercise date		Dec. 15, 2015
September 2036 [Member]
Debt Instrument [Line Items]
Junior subordinated notes borrowings outstanding		$ 25,000
Average rate	[1]	8.78%
Junior subordinated notes, maturity period		Sep. 30, 2036
Junior subordinated notes, earliest redemption option exercise date		Sep. 15, 2016
[1]	The indicated weighted average rates have been in effect since issuance. After considering cash flow hedges that coincide with the floating rate terms of these borrowings that begin October 30, and December 15, 2015 for the notes maturing in October and December 2035 and September 15, 2016 for the notes maturing in September 2036, the effective borrowing rate will average 7.56% beginning September 15, 2016 through maturity, subject to certain adjustments for the effects of measured hedge ineffectiveness, if any.

CAPITAL TRANSACTIONS (Details)

CAPITAL TRANSACTIONS (Details) - Cumulative Redeemable Preferred Stock, Series E [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Class of Stock [Line Items]
Additional shares issued (in shares)	47,000	515,000
Preferred stock, dividend rate	7.50%	7.50%
Average cost per share (in dollars per share)	$ 24.38	$ 24.63
Proceeds from issuance of redeemable preferred stock	$ 1.1	$ 12.7

DISCLOSURES REGARDING FAIR VA36

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS - Balance Sheet Location (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Financial assets [Abstract]
Residential mortgage loans	$ 13,958,707	$ 13,908,104
Interest rate swap agreements at fair value	0	1,657
Carrying Amount [Member]
Financial assets [Abstract]
Residential mortgage loans	3,934	4,909
Lending counterparty investments	51,002	5,000
Interest rate swap agreements at fair value	0	1,657
Financial liabilities [Abstract]
Secured borrowings with initial terms of greater than 120 days	3,246,177	2,128,517
Unsecured borrowings	100,000	100,000
Interest rate swap agreements	41,240	27,034
Fair Value [Member]
Financial assets [Abstract]
Residential mortgage loans	4,000	5,000
Lending counterparty investments	51,002	5,000
Interest rate swap agreements at fair value	0	1,657
Financial liabilities [Abstract]
Secured borrowings with initial terms of greater than 120 days	3,248,588	2,128,400
Unsecured borrowings	100,300	100,500
Interest rate swap agreements	$ 41,240	$ 27,034
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Repurchase arrangements with initial terms	120 days

DISCLOSURES REGARDING FAIR VA37

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS - Fair Value and Related Disclosures for Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Agency Securities Classified as Available-for-sale [Member] | Fannie Mae/Freddie Mac [Member]
Available-for-sale securities disclosure Items [Abstract]
Available-for-sale securities, Amortized Cost Basis	$ 10,345,542	$ 10,559,231
Available-for-sale securities, Gross Unrealized Gains	218,095	243,351
Available-for-sale securities, Gross Unrealized Losses	601	2,218
Available-for-sale securities, Fair Value	10,563,036	10,800,364
Agency Securities Classified as Available-for-sale [Member] | Ginnie Mae [Member]
Available-for-sale securities disclosure Items [Abstract]
Available-for-sale securities, Amortized Cost Basis	3,377,433	3,087,570
Available-for-sale securities, Gross Unrealized Gains	16,278	16,755
Available-for-sale securities, Gross Unrealized Losses	4,811	5,157
Available-for-sale securities, Fair Value	3,388,900	3,099,168
Residential Mortgage Securities Classified as Held-to-Maturity [Member]
Held-to-maturity securities disclosure [Abstract]
Held-to-maturities, Amortized Cost Basis	2,837	3,663
Held-to-maturities, Gross Unrealized Gains	53	124
Held-to-maturities, Gross Unrealized Losses	0	0
Held-to-maturities, Fair Value	$ 2,890	$ 3,787

DISCLOSURES REGARDING FAIR VA38

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS - Securities in Unrealized Loss Position (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Securities in an unrealized loss position, fair value [Abstract]
One year or greater	$ 572,216	$ 706,839
Less than one year	933,211	1,095,724
Fair Value, Total	1,505,427	1,802,563
Securities in an unrealized loss position, aggregate loss [Abstract]
One year or greater	3,054	5,320
Less than one year	2,358	2,055
Unrealized Losses, Total	$ 5,412	$ 7,375

COMPENSATION PROGRAMS - Other C

COMPENSATION PROGRAMS - Other Compensation Programs (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Share Based Compensation Programs [Line Items]
Short-term incentive compensation program accruals	$ 2,400,000	$ 2,400,000
Annual incentive compensation expense	1,300,000	$ 2,400,000
DER, issued and outstanding (in shares)			654,000
DER, issued (in shares)		90,000
DER, forfeited (in shares)		90,000
Dividend Equivalent Rights Payable	170,000	$ 170,000
DER expense for the period	$ 170,000	$ 576,000
Targeted award opportunity on base salary		125.00%
Long-Term Equity-Based Awards [Member]
Share Based Compensation Programs [Line Items]
Common shares available for future issuances	4,397,739	4,397,739
Share awards vesting period		3 years

COMPENSATION PROGRAMS - Schedul

COMPENSATION PROGRAMS - Schedule of Restricted Stock Awards (Details) - USD ($)	Jul. 31, 2014	Jan. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per share (in dollars per share)						$ 11.41
Total original grants (in shares)						35,000
Equity instruments other than options, nonvested, number of shares [Roll Forward]
Unvested stock awards outstanding at beginning of period (in shares)		436,581				436,581
Grants (in shares)						35,000
Forfeitures (in shares)						(22,499)
Vestings (in shares)						(160,221)
Unvested stock awards outstanding at end of period (in shares)			288,861		436,581	288,861	436,581
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]
Unvested stock awards outstanding at beginning of period (in dollars per share)		$ 12.29				$ 12.29
Grants (in dollars per share)						11.41
Forfeitures (in dollars per share)						12
Vestings (in dollars per share)						12.71
Unvested stock awards outstanding at end of period (in dollars per share)			$ 11.98		$ 12.29	$ 11.98	$ 12.29
Long-term Equity Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per share (in dollars per share)		$ 8.83			7.21			$ 12.45
Total original grants (in shares)		247,512						242,505
Equity instruments other than options, nonvested, number of shares [Roll Forward]
Grants (in shares)		247,512						242,505
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]
Grants (in dollars per share)		$ 8.83			$ 7.21			$ 12.45
Long term incentive compensation expense			$ 280,000			$ 751,000
Long term incentive compensation expense, adjustments related forfeitures				$ 137,000
Long-term Equity Based Awards [Member] | January 2015 [Member]
Equity instruments other than options, nonvested, number of shares [Roll Forward]
Forfeitures (in shares)						37,199
Long-term Equity Based Awards [Member] | December 2013 [Member]
Equity instruments other than options, nonvested, number of shares [Roll Forward]
Forfeitures (in shares)						36,467
Long-term Equity Based Awards [Member] | February 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per share (in dollars per share)						$ 12.58
Total original grants (in shares)						125,221
Equity instruments other than options, nonvested, number of shares [Roll Forward]
Grants (in shares)						125,221
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]
Grants (in dollars per share)						$ 12.58
Long-term Equity Based Awards [Member] | February 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per share (in dollars per share)						$ 12.17
Total original grants (in shares)						118,784
Equity instruments other than options, nonvested, number of shares [Roll Forward]
Grants (in shares)						118,784
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]
Grants (in dollars per share)						$ 12.17
Long-term Equity Based Awards [Member] | February 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per share (in dollars per share)						$ 11.67
Total original grants (in shares)						62,137
Equity instruments other than options, nonvested, number of shares [Roll Forward]
Grants (in shares)						62,137
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]
Grants (in dollars per share)						$ 11.67
Service-Based Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per share (in dollars per share)							$ 12.47	$ 12.34
Total original grants (in shares)							37,237	35,703
Equity instruments other than options, nonvested, number of shares [Roll Forward]
Grants (in shares)							37,237	35,703
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]
Grants (in dollars per share)							$ 12.47	$ 12.34
Service-Based Stock Awards [Member] | Director Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per share (in dollars per share)	$ 13.16
Total original grants (in shares)	35,000
Equity instruments other than options, nonvested, number of shares [Roll Forward]
Grants (in shares)	35,000
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]
Grants (in dollars per share)	$ 13.16
Stock Awards Activity [Member]
Equity instruments other than options, nonvested, weighted average grant date fair value [Abstract]
Long term incentive compensation expense			256,000			$ 620,000
Long term incentive compensation expense, adjustments related forfeitures				$ 172,000
Other general and administrative expense			$ 105,000			$ 336,000

COMPENSATION PROGRAMS - Sched41

COMPENSATION PROGRAMS - Schedule of Stock Option Award Activity (Details) - Employee Stock Option [Member]	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable option awards outstanding (in shares)	40,000
Weighted average strike price (in dollars per share) | $ / shares	$ 11.86
Exercisable, weighted average remaining contractual term	2 years 8 months 12 days
Exercisable, intrinsic value | $	$ 0
Share awards contractual term	10 years

COMPENSATION PROGRAMS - Defined

COMPENSATION PROGRAMS - Defined Contribution Plans (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Defined Contribution Plan Disclosure [Abstract]
Defined contribution plan voluntary contribution based on compensation		50.00%
Defined contribution plan, maximum annual contributions per employee		6.00%
Defined contribution plan, employer matching contribution		3.00%
Defined contribution plan, cost recognized	$ 123,000	$ 285,000