Dynex Capital (DX) 10-K 8 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 29, 2016	Jun. 30, 2015
Entity Information [Line Items]
Entity Registrant Name	DYNEX CAPITAL INC
Entity Central Index Key	826,675
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		48,952,860
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 376,818,281

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Mortgage-backed securities (including pledged of $3,361,635 and $3,265,979, respectively)	$ 3,493,701	$ 3,516,239
Mortgage loans held for investment, net	24,145	39,700
Investment in limited partnership	10,835	4,000
Investment in FHLB stock	11,475	0
Cash and cash equivalents	33,935	43,944
Restricted cash	51,190	42,263
Derivative assets	7,835	5,727
Principal receivable on investments	6,193	7,420
Accrued interest receivable	22,764	21,157
Other assets, net	7,975	7,861
Total assets	3,670,048	3,688,311
Liabilities:
Repurchase agreements	2,589,420	3,013,110
FHLB advances	520,000	0
Non-recourse collateralized financing	8,442	10,786
Derivative liabilities	41,205	35,898
Accrued interest payable	1,743	1,947
Accrued dividends payable	13,709	15,622
Other liabilities	3,504	3,646
Total liabilities	3,178,023	3,081,009
Shareholders’ equity:
Common stock, par value $.01 per share, 200,000,000 shares authorized; 49,047,335 and 54,739,111 shares issued and outstanding, respectively	490	547
Additional paid-in capital	725,358	763,935
Accumulated other comprehensive (loss) income	(12,768)	21,316
Accumulated deficit	(330,713)	(288,154)
Total shareholders' equity	492,025	607,302
Total liabilities and shareholders’ equity	3,670,048	3,688,311
Series A Preferred Stock [Member]
Shareholders’ equity:
Preferred Stock, par value $.01 per share, 8.5% Series A Cumulative Redeemable; 8,000,000 shares authorized; 2,300,000 shares issued and outstanding ($57,500 aggregate liquidation preference)	55,407	55,407
Preferred Stock, par value $.01 per share, 7.625% Series B Cumulative Redeemable; 7,000,000 shares authorized 2,250,000 shares issued and outstanding ($56,250 aggregate liquidation preference)	55,407	55,407
Series B Preferred Stock [Member]
Shareholders’ equity:
Preferred Stock, par value $.01 per share, 8.5% Series A Cumulative Redeemable; 8,000,000 shares authorized; 2,300,000 shares issued and outstanding ($57,500 aggregate liquidation preference)	54,251	54,251
Preferred Stock, par value $.01 per share, 7.625% Series B Cumulative Redeemable; 7,000,000 shares authorized 2,250,000 shares issued and outstanding ($56,250 aggregate liquidation preference)	$ 54,251	$ 54,251

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Pledged MBS	$ 3,361,635	$ 3,265,979
Common stock, par value	$ 0.01	$ 0.01
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	49,047,335	54,739,111
Common stock, shares outstanding	49,047,335	54,739,111
Series A Preferred Stock [Member]
ASSETS
Preferred Stock, Par Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	8,000,000	8,000,000
Preferred Stock, Shares Issued	2,300,000	2,300,000
Preferred Stock, Shares Outstanding	2,300,000	2,300,000
Preferred Stock, aggregate liquidation preference	$ 57,500	$ 57,500
Series B Preferred Stock [Member]
ASSETS
Preferred Stock, Par Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	7,000,000	7,000,000
Preferred Stock, Shares Issued	2,250,000	2,250,000
Preferred Stock, Shares Outstanding	2,250,000	2,250,000
Preferred Stock, aggregate liquidation preference	$ 56,250	$ 56,250

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest income:
Mortgage-backed securities	$ 98,936	$ 102,881	$ 123,629
Mortgage loans held for investment	1,308	2,763	3,503
Total interest income	100,244	105,644	127,132
Interest expense:
Repurchase agreements and FHLB advances	22,507	25,821	38,102
Non-recourse collateralized financing	98	94	926
Total interest expense	22,605	25,915	39,028
Net interest income	77,639	79,729	88,104
Loss on derivative instruments, net	(43,128)	(53,393)	(10,076)
(Loss) gain on sale of investments, net	(978)	16,223	3,354
Fair value adjustments, net	69	208	(652)
Equity in income of limited partnership	835	0	0
Other (expense) income, net	(225)	1,046	397
General and administrative expenses:
Compensation and benefits	(9,103)	(9,509)	(7,004)
Other general and administrative	(8,565)	(6,498)	(6,054)
Net income	16,544	27,806	68,069
Preferred stock dividends	(9,176)	(9,176)	(7,902)
Net income to common shareholders	7,368	18,630	60,167
Change in net unrealized gain on available-for-sale investments	(38,561)	64,567	(113,343)
Reclassification adjustment for loss (gain) on sale of investments, net	978	(16,223)	(3,354)
Change in fair value of cash flow hedges	0	0	16,381
Reclassification adjustment for de-designated cash flow hedges	3,499	6,788	13,989
Total other comprehensive (loss) income	(34,084)	55,132	(86,327)
Comprehensive (loss) income to common shareholders	$ (26,716)	$ 73,762	$ (26,160)
Net income per common share - basic and diluted	$ 0.14	$ 0.34	$ 1.10
Weighted average common shares - basic and diluted	52,847	54,701	54,648

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Preferred Stock Including Additional Paid in Capital [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]	Total Shareholders' Equity [Member]
Balance at Dec. 31, 2012		$ 55,407	$ 543	$ 759,214	$ 52,511	$ (250,965)	$ 616,710
Stock issuance		54,459	7	7,548			62,014
Stock Issued During Period, Shares, Restricted Stock Award, Gross			3	2,376			2,379
Adjustments for tax withholding on share-based compensation			1	545			(546)
Stock issuance costs amortization		(208)		(119)			(327)
Common stock repurchased			(9)	(6,924)			(6,933)
Net income	$ 68,069					68,069	68,069
Dividends on preferred stock						(7,902)	(7,902)
Dividends on common stock						(61,261)	(61,261)
Other comprehensive income (loss)	(86,327)				(86,327)		(86,327)
Balance at Dec. 31, 2013		109,658	543	761,550	(33,816)	(252,059)	585,876
Stock issuance		0	1	251			252
Stock Issued During Period, Shares, Restricted Stock Award, Gross			4	2,715			2,719
Adjustments for tax withholding on share-based compensation			1	506			(507)
Stock issuance costs amortization				(75)			(75)
Net income	27,806					27,806	27,806
Dividends on preferred stock						(9,176)	(9,176)
Dividends on common stock						(54,725)	(54,725)
Other comprehensive income (loss)	55,132				55,132		55,132
Balance at Dec. 31, 2014	607,302	109,658	547	763,935	21,316	(288,154)	607,302
Stock issuance		0	0	166			166
Stock Issued During Period, Shares, Restricted Stock Award, Gross			3	2,962			2,965
Adjustments for tax withholding on share-based compensation			1	556			(557)
Stock issuance costs amortization				(37)			(37)
Common stock repurchased			(59)	(41,112)			(41,171)
Net income	16,544					16,544	16,544
Dividends on preferred stock						(9,176)	(9,176)
Dividends on common stock						(49,927)	(49,927)
Other comprehensive income (loss)	(34,084)				(34,084)		(34,084)
Balance at Dec. 31, 2015	$ 492,025	$ 109,658	$ 490	$ 725,358	$ (12,768)	$ (330,713)	$ 492,025

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities:
Net income	$ 16,544	$ 27,806	$ 68,069
Adjustments to reconcile net income to cash provided by operating activities:
Decrease in accrued interest receivable	(1,607)	546	1,370
Decrease in accrued interest payable	(204)	(600)	(347)
Loss on derivative instruments, net	43,128	53,393	10,076
Loss (gain) on sale of investments, net	978	(16,223)	(3,354)
Fair value adjustments, net	(69)	(208)	652
Amortization of investment premiums, net	152,308	137,837	128,865
Other amortization and depreciation	5,338	8,900	7,743
Stock-based compensation expense	2,965	2,719	2,314
Other operating activities	(2,393)	381	(6,628)
Net cash and cash equivalents provided by operating activities	216,988	214,551	208,760
Investing activities:
Purchase of investments	(1,122,970)	(599,381)	(1,419,060)
Principal payments received on investments	494,275	518,303	913,210
Proceeds from sales of investments	449,921	503,918	358,090
Principal payments received on mortgage loans held for investment, net	15,570	16,787	15,828
Payment to acquire interest in limited partnership	(6,000)	(4,000)	0
Net payments on derivatives, including terminations	(39,929)	(11,415)	(39,097)
Other investing activities	(237)	(7)	5,891
Net cash and cash equivalents (used in) provided by investing activities	(209,370)	424,205	(165,138)
Financing activities:
Borrowings under repurchase agreements and FHLB advances	23,555,007	22,547,991	29,176,511
Repayments of repurchase agreement borrowings and FHLB advances	(23,458,697)	(23,115,878)	(29,160,302)
Principal payments on non-recourse collateralized financing	(2,395)	(2,167)	(17,840)
Increase in restricted cash	(8,927)	(28,878)	(13,346)
Proceeds from issuance of preferred stock	0	0	54,251
Proceeds from issuance of common stock, net of issuance costs	129	177	7,436
Cash paid for repurchases of common stock	(41,171)	0	(6,934)
Payments related to tax withholding for share-based compensation	(557)	(507)	(545)
Dividends paid	(61,016)	(64,880)	(69,332)
Net cash and cash equivalents provided by (used in) financing activities	(17,627)	(664,142)	(30,101)
Net decrease in cash and cash equivalents	(10,009)	(25,386)	13,521
Cash and cash equivalents at beginning of period	43,944	69,330	55,809
Cash and cash equivalents at end of period	33,935	43,944	69,330
Supplemental Disclosure of Cash Activities:
Cash paid for interest	$ 19,260	$ 19,445	$ 33,517

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Dynex Capital, Inc., ("Company”) was incorporated in the Commonwealth of Virginia on December 18, 1987 and commenced operations in February 1988. The Company primarily earns income from investing on a leveraged basis in mortgage-backed securities ("MBS") that are issued or guaranteed by the U.S. Government or U.S. Government sponsored agencies ("Agency MBS") and MBS issued by others ("non-Agency MBS"). Basis of Presentation The accompanying consolidated financial statements of Dynex Capital, Inc. and its subsidiaries (together, “Dynex” or, as appropriate, the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) the instructions to the Annual Report on Form 10-K and Article 3 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). Reclassifications Certain items in the prior periods' consolidated financial statements have been reclassified to conform to the current year's presentation. Because the Company's provision for loan loss was immaterial for the years ended December 31, 2015, 2014, and 2013, this amount is now included within "other income (expense), net" on the Company's consolidated statements of comprehensive income. These presentation changes have no effect on reported total assets, total liabilities, results of operations, or cash flow activities. Consolidation The consolidated financial statements include the accounts of the Company and the accounts of its majority owned subsidiaries and variable interest entities ("VIE") for which it is the primary beneficiary. As a primary beneficiary, the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE. All intercompany accounts and transactions have been eliminated in consolidation. The Company consolidates certain trusts through which it has securitized mortgage loans as a result of not meeting the sale criteria under GAAP at the time the financial assets were transferred to the trust. Additional information regarding the accounting policy for the Company's securitized mortgage loans is provided in Note 3 . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. The most significant estimates used by management include, but are not limited to, fair value measurements of its investments, other-than-temporary impairments, contingencies, and amortization of premiums and discounts. These items are discussed further below within this note to the consolidated financial statements. Income Taxes The Company has elected to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986 and the corresponding provisions of state law. To qualify as a REIT, the Company must meet certain tests including investing in primarily real estate-related assets and the required distribution of at least 90% of its annual REIT taxable income to stockholders after consideration of its net operating loss ("NOL") carryforward and not including taxable income retained in its taxable subsidiaries. As a REIT, the Company generally will not be subject to federal income tax on the amount of its income or capital gains that is distributed as dividends to shareholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with Accounting Standards Codification ("ASC") Topic 740. The Company records these liabilities, if any, to the extent they are deemed more likely than not to have been incurred. Net Income Per Common Share The Company did not have any potentially dilutive securities outstanding during the years ended December 31, 2015 , December 31, 2014 , or December 31, 2013. Holders of unvested shares of the Company's issued and outstanding restricted common stock are eligible to receive non-forfeitable dividends. As such, these unvested shares are considered participating securities as per ASC Topic 260-10 and therefore are included in the computation of basic net income (loss) per share using the two-class method. Upon vesting, restrictions on transfer expire on each share of restricted stock, and each such share of restricted stock is converted to one equal share of common stock. Because the Company's 8.50% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) and 7.625% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”) are redeemable at the Company's option for cash only and may convert into shares of common stock only upon a change of control of the Company, the effect of those shares and their related dividends is excluded from the calculation of diluted net income (loss) per common share. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid investments with original maturities of three months or less. Restricted Cash Restricted cash consists of cash the Company has pledged to cover initial and variation margin with its financing and derivative counterparties. Mortgage-Backed Securities The Company invests in Agency and non-Agency RMBS, CMBS and CMBS IO securities, all of which are designated as available-for-sale ("AFS"). All of the Company’s MBS are recorded at fair value on the consolidated balance sheet. Changes in unrealized gain (loss) on the Company's MBS are reported in other comprehensive income ("OCI") until each security is collected, disposed of, or determined to be other than temporarily impaired. Although the Company generally intends to hold its AFS securities until maturity, it may sell any of these securities as part of the overall management of its business. Upon the sale of an AFS security, any unrealized gain or loss is reclassified out of accumulated other comprehensive income ("AOCI") into net income as a realized "gain (loss) on sale of investments, net" using the specific identification method. The Company’s MBS pledged as collateral against repurchase agreements and derivative instruments are included in MBS on the consolidated balance sheets with the fair value of the MBS pledged disclosed parenthetically. Interest Income, Premium Amortization, and Discount Accretion. Interest income on MBS is accrued based on the outstanding principal balance (or notional balance in the case of interest-only, or "IO", securities) and their contractual terms. Premiums and discounts on Agency MBS as well as any non-Agency MBS rated 'AA' and higher at the time of purchase are amortized into interest income over the expected life of such securities using the effective yield method and adjustments to premium amortization are made for actual cash payments as well as changes in projected future cash payments. The Company's projections of future cash payments are based on input and analysis received from external sources and internal models, and includes assumptions about the amount and timing of credit losses, loan prepayment rates, fluctuations in interest rates, and other factors. On at least a quarterly basis, the Company reviews and makes any necessary adjustments to its cash flow projections and updates the yield recognized on these assets. The Company holds certain non-Agency MBS that had credit ratings of less than 'AA' at the time of purchase or were not rated by any of the nationally recognized credit rating agencies. A portion of these non-Agency MBS were purchased at discounts to their par value, which management does not believe to be substantial. The discount is accreted into income over the security's expected life, which reflects management's estimate of the security's projected cash flows. Future changes in the timing of projected cash flows or differences arising between projected cash flows and actual cash flows received may result in a prospective change in the effective yield on those securities. Determination of MBS Fair Value. The Company estimates the fair value of the majority of its MBS based upon prices obtained from third-party pricing services and broker quotes. The remainder of the Company's MBS are valued by discounting the estimated future cash flows derived from cash flow models that utilize information such as the security's coupon rate, estimated prepayment speeds, expected weighted average life, collateral composition, estimated future interest rates, expected losses, and credit enhancements as well as certain other relevant information. Refer to Note 8 for further discussion of MBS fair value measurements. Other-than-Temporary Impairment. MBS is considered impaired when its fair value is less than its amortized cost. The Company evaluates all of its impaired MBS for other-than-temporary impairments ("OTTI") on at least a quarterly basis. An impairment is considered other-than-temporary if: (1) the Company intends to sell the MBS; (2) it is more likely than not that the Company will be required to sell the MBS before its fair value recovers; or (3) the Company does not expect to recover the full amortized cost basis of the MBS. If either of the first two conditions is met, the entire amount of the impairment is recognized in earnings. If the impairment is solely due to the inability to fully recover the amortized cost basis, the security is further analyzed to quantify any credit loss, which is the difference between the present value of cash flows expected to be collected on the MBS and its amortized cost. The credit loss, if any, is then recognized in earnings, while the balance of impairment related to other factors is recognized in other comprehensive income. Following the recognition of an OTTI through earnings, a new cost basis is established for the security. Any subsequent recoveries in fair value may be accreted back into the amortized cost basis of the MBS on a prospective basis through interest income. Please see Note 2 for additional information related to the Company's evaluation for OTTI. Investment in Limited Partnership The Company is a limited partner with a less than 50% interest in a limited partnership for which it does not have substantive participating or kick-out rights that overcome the general partner's presumption of control. The Company accounts for its investment in this limited partnership using the equity method of accounting, which requires initially recording an investment in the equity of an investee at cost and subsequently adjusting the carrying amount of the investment to recognize the investor's share of the earnings or losses, capital contributions and distributions, and other changes in equity. Secured Borrowings Secured borrowings, including repurchase agreements and Federal Home Loan Bank (or "FHLB") advances, are accounted for as secured borrowings under which the Company pledges its securities as collateral to secure a loan, which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. The Company retains beneficial ownership of the pledged collateral. At the maturity of a repurchase agreement, the Company is required to repay the loan and concurrently receives back its pledged collateral from the lender or, with the consent of the lender, the Company may renew the agreement at the then prevailing financing rate. A repurchase agreement lender may require the Company to pledge additional collateral in the event of a decline in the fair value of the collateral pledged. Repurchase agreement financing is recourse to the Company and the assets pledged. Most of the Company’s repurchase agreements are based on the September 1996 version of the Bond Market Association Master Repurchase Agreement, which generally provides that the lender, as buyer, is responsible for obtaining collateral valuations from a generally recognized source agreed to by both the Company and the lender, or, in an instance when such source is not available, the value determination is made by the lender. The Company’s wholly-owned captive insurance subsidiary, Mackinaw Insurance Company, LLC (“Mackinaw”), has obtained advances from the Federal Home Loan Bank of Indianapolis (“FHLBI”) under an advances, pledge and security agreement which includes collateral requirements similar to the Company’s repurchase agreement borrowings, including the FHLBI’s right to require additional pledges of collateral. The agreement also requires Mackinaw to observe the rules of FHLBI membership and is subject to the FHLBI’s credit policies. The FHLBI requires Mackinaw to pledge additional securities or cash as collateral for advances in the event the value of the collateral held by the FHLBI falls below specified levels and gives the FHLBI the right to demand additional collateral in certain circumstances. Please see Note 13 for important information related to the Company's FHLB advances. Derivative Instruments The Company's derivative instruments, which currently include interest rate swaps and Eurodollar futures, are accounted for at fair value and recognized accordingly as either derivative assets or derivative liabilities on the Company's consolidated balance sheet. All periodic interest costs and changes in fair value of derivative instruments, including gains and losses realized upon termination, are recorded in "gain (loss) on derivative instruments, net" on the Company's consolidated statement of comprehensive income. Please refer to Note 6 for additional information regarding the Company's accounting for its derivative instruments. Effective June 30, 2013, the Company discontinued cash flow hedge accounting for derivative instruments which had previously been accounted for as cash flow hedges under ASC Topic 815. Activity up to and including June 30, 2013 for those agreements previously designated as cash flow hedges was recorded in accordance with cash flow hedge accounting as prescribed by ASC Topic 815, which states that the effective portion of the hedge relationship on an instrument designated as a cash flow hedge is reported in the current period's other comprehensive income while the ineffective portion is immediately reported as a component of the current period’s net income. The balance remaining in AOCI related to the de-designated cash flow hedges is amortized into the Company's net income as a portion of "interest expense" over the remaining life of the interest rate swap agreements. Subsequent to June 30, 2013, changes in the fair value of the Company's derivative instruments, plus periodic settlements, are recorded in the Company's net income as a portion of "gain (loss) on derivative instruments, net". Although MBS have characteristics that meet the definition of a derivative instrument, ASC Topic 815 specifically excludes these instruments from its scope because they are accounted for as debt securities under ASC Topic 320. Share-Based Compensation Pursuant to the Company’s 2009 Stock and Incentive Plan, the Company may grant share-based compensation to eligible employees, directors or consultants or advisers to the Company, including stock awards, stock options, stock appreciation rights, dividend equivalent rights, performance shares, and restricted stock units. The Company's restricted stock currently issued and outstanding under this plan may be settled only in shares of its common stock, and therefore are treated as equity awards with their fair value measured at the grant date and recognized as compensation cost over the requisite service period with a corresponding credit to shareholders' equity. The requisite service period is the period during which an employee is required to provide service in exchange for an award, which is equivalent to the vesting period specified in the terms of the time-based restricted stock award. None of the Company's restricted stock awards have performance based conditions. The Company does not currently have any share-based compensation issued or outstanding other than restricted stock. Contingencies In the normal course of business, there may be various lawsuits, claims, and other contingencies pending against the Company. On a quarterly basis, the Company evaluates whether to establish provisions for estimated losses from those matters in accordance with ASC Topic 450, which states that a liability is recognized for a contingent loss when: (a) the underlying causal event has occurred prior to the balance sheet date; (b) it is probable that a loss has been incurred; and (c) there is a reasonable basis for estimating that loss. A liability is not recognized for a contingent loss when it is only possible or remotely possible that a loss has been incurred, however, possible contingent losses shall be disclosed. If the contingent loss (or an additional loss in excess of any accrual) is at least a reasonable possibility and material, then the Company discloses a reasonable estimate of the possible loss or range of loss, if such reasonable estimate can be made. If the Company cannot make a reasonable estimate of the possible material loss, or range of loss, then that fact is disclosed. Recent Accounting Pronouncements In January 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-01, Financial Instruments-Overall (Subtopic 825-10); Recognition and Measurement of Financial Assets and Financial Liabilities, which includes the following amendments: • equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) are to be measured at fair value with changes in fair value recognized in net income. • simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. • the exit price notion is to be used by public business entities when measuring the fair value of financial instruments for disclosure purposes. • separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e. securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. • elimination of the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measure at amortized cost. • a requirement for the entity to present separately in OCI the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. • clarification that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to AFS securities in combination with the entity's other deferred tax assets. ASU No. 2016-01 is effective for public companies for fiscal years beginning after December 15, 2017. Management has evaluated this ASU, and its adoption is not expected to have a material impact on the Company's consolidated financial statements.

Mortgage Backed Securities Mort

Mortgage Backed Securities Mortgage backed securities (Notes)	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Mortgage-backed securities	MORTGAGE-BACKED SECURITIES The majority of the Company's MBS are pledged as collateral to cover initial and variation margins for the Company's repurchase agreements, FHLB advances, and derivative instruments. The following tables present the Company’s MBS by investment type as of the dates indicated: December 31, 2015 Par Net Premium (Discount) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value WAC (1) RMBS: Agency $ 1,536,733 $ 77,617 $ 1,614,350 $ 4,362 $ (20,190 ) $ 1,598,522 3.03 % Non-Agency 66,003 (45 ) 65,958 70 (818 ) 65,210 3.25 % 1,602,736 77,572 1,680,308 4,432 (21,008 ) 1,663,732 CMBS: Agency 876,751 13,252 890,003 10,542 (14,614 ) 885,931 3.45 % Non-Agency 156,218 (8,133 ) 148,085 7,039 (941 ) 154,183 4.29 % 1,032,969 5,119 1,038,088 17,581 (15,555 ) 1,040,114 CMBS IO (2) : Agency — 421,857 421,857 5,922 (1,651 ) 426,128 0.80 % Non-Agency — 365,554 365,554 1,992 (3,819 ) 363,727 0.71 % — 787,411 787,411 7,914 (5,470 ) 789,855 Total AFS securities: $ 2,635,705 $ 870,102 $ 3,505,807 $ 29,927 $ (42,033 ) $ 3,493,701 (1) The current weighted average coupon ("WAC") is the gross interest rate of the pool of mortgages underlying the security weighted by the outstanding principal balance (or by notional balance in the case of an IO security). (2) The notional balance for Agency CMBS IO and non-Agency CMBS IO was $12,180,291 and $10,328,628 , respectively, as of December 31, 2015 . December 31, 2014 Par Net Premium (Discount) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value WAC (1) RMBS: Agency $ 2,086,807 $ 113,635 $ 2,200,442 $ 8,473 $ (22,215 ) $ 2,186,700 3.09 % Non-Agency 22,432 (17 ) 22,415 107 (74 ) 22,448 3.83 % 2,109,239 113,618 2,222,857 8,580 (22,289 ) 2,209,148 CMBS: Agency 301,943 18,042 319,985 15,288 (76 ) 335,197 5.21 % Non-Agency 210,358 (8,520 ) 201,838 6,679 (479 ) 208,038 4.33 % 512,301 9,522 521,823 21,967 (555 ) 543,235 CMBS IO (2) : Agency — 426,564 426,564 12,252 (79 ) 438,737 0.80 % Non-Agency — 319,280 319,280 6,069 (230 ) 325,119 0.72 % — 745,844 745,844 18,321 (309 ) 763,856 Total AFS securities: $ 2,621,540 $ 868,984 $ 3,490,524 $ 48,868 $ (23,153 ) $ 3,516,239 (1) The current weighted average coupon ("WAC") is the gross interest rate of the pool of mortgages underlying the security weighted by the outstanding principal balance (or by notional balance in the case of an IO security). (2) The notional balance for the Agency CMBS IO and non-Agency CMBS IO was $10,460,113 and $7,868,896 , respectively, as of December 31, 2014 . The Company's sale proceeds for MBS were $449,921 , $503,918 , and $357,892 for the years ended December 31, 2015 , 2014, and 2013, respectively. The following table presents the gross realized gains (losses) of those sales included in "(loss) gain on sale of investments, net" on the Company's consolidated statements of comprehensive income (loss) for the periods indicated: Year Ended December 31, ($ in thousands) 2015 2014 2013 Gross realized gains on sales of MBS $ 3,552 $ 22,492 $ 8,670 Gross realized losses on sales of MBS (4,530 ) (6,269 ) (5,316 ) (Loss) gain on sale of investments, net $ (978 ) $ 16,223 $ 3,354 The following table presents certain information for those Agency MBS in an unrealized loss position as of the dates indicated: December 31, 2015 December 31, 2014 Fair Value Gross Unrealized Losses # of Securities Fair Value Gross Unrealized Losses # of Securities Continuous unrealized loss position for less than 12 months: Agency MBS $ 1,332,849 $ (19,062 ) 109 $ 322,741 $ (879 ) 24 Non-Agency MBS 351,650 (5,347 ) 72 111,778 (625 ) 24 Continuous unrealized loss position for 12 months or longer: Agency MBS $ 775,484 $ (17,393 ) 72 $ 1,321,323 $ (21,491 ) 113 Non-Agency MBS 8,306 (231 ) 7 18,037 (159 ) 5 Because the principal related to Agency MBS is guaranteed by the government-sponsored entities Fannie Mae and Freddie Mac which have the implicit guarantee of the U.S. government, the Company does not consider any of the unrealized losses on its Agency MBS to be credit related. Although the unrealized losses are not credit related, the Company assesses its ability and intent to hold any Agency MBS with an unrealized loss until the recovery in its value. This assessment is based on the amount of the unrealized loss and significance of the related investment as well as the Company’s current leverage and anticipated liquidity. Based on this analysis, the Company has determined that the unrealized losses on its Agency MBS as of December 31, 2015 and December 31, 2014 were temporary. The Company reviews any non-Agency MBS in an unrealized loss position to evaluate whether any decline in fair value represents an OTTI. The evaluation includes a review of the credit ratings of these non-Agency MBS and the seasoning of the mortgage loans collateralizing these securities as well as the estimated future cash flows which include projected losses. The Company performed this evaluation for the non-Agency MBS in an unrealized loss position and has determined that there have not been any adverse changes in the timing or amount of estimated future cash flows that necessitate a recognition of OTTI amounts as of December 31, 2015 or December 31, 2014.

Mortgage Loans Held for Investm

Mortgage Loans Held for Investment, Net and Related Non-Recourse Collateralized Financing (Notes)	12 Months Ended
	Dec. 31, 2015
Mortgage Loans Held for Investment, Net and Related Non-Recourse Collateralized Financing [Abstract]
Mortgage loans held for investment, net and related non-recourse collateralized financing	MORTGAGE LOANS HELD FOR INVESTMENT, NET AND RELATED NON-RECOURSE COLLATERALIZED FINANCING The Company's mortgage loans held for investment, net consist of securitized and unsecuritized mortgage loans originated or purchased by the Company from 1992 through 1998 and are reported at amortized cost. The following table provides detail by type of collateral as of the periods indicated: December 31, 2015 December 31, 2014 Single-family mortgage loans held for investment, amortized cost $ 24,189 $ 30,214 Commercial mortgage loans held for investment, amortized cost 148 9,736 Allowance for loan losses (192 ) (250 ) Total mortgage loans held for investment, net $ 24,145 $ 39,700 Commercial securitized mortgage loans are evaluated individually for impairment when the debt service coverage ratio on the mortgage loan is less than 1:1 or when the mortgage loan is delinquent. Commercial mortgage loans not evaluated for individual impairment are evaluated for a general allowance. There were no securitized commercial mortgage loans identified as seriously delinquent (60 or more days past due) on the Company's consolidated balance sheets as of December 31, 2015 or as of December 31, 2014. Single-family mortgage loans are considered homogeneous and are evaluated on a pool basis for a general allowance. The unpaid principal balance of the Company's securitized single-family mortgage loans identified as seriously delinquent as of December 31, 2015 was $1,343 compared to $2,221 as of December 31, 2014. The Company continues to accrue interest on its seriously delinquent securitized single-family mortgage loans because the primary servicer continues to advance the interest and/or principal due on the loan. The Company considers various factors in determining its specific and general allowance requirements, including whether a loan is delinquent, the Company’s historical experience with similar types of loans, historical cure rates of delinquent loans, and historical and anticipated loss severity of the mortgage loans as they are liquidated. The factors may differ by mortgage loan type (e.g., single-family versus commercial) and collateral type (e.g., multifamily versus office property). The allowance for loan losses is evaluated and adjusted periodically by management based on the actual and estimated timing and amount of probable credit losses, using the above factors, as well as industry loss experience. The Company recorded $180 , $0 , and $261 as provision for loan losses for the years ended December 31, 2015, 2014, and 2013, respectively, which is included within "other (expense) income, net" on the Company's consolidated statements of comprehensive income (loss). The majority of the Company's mortgage loans held for investment, net are securitized mortgage loans and are pledged as collateral for the one remaining class of the Company's single-family securitization financing bond, which is recorded on the Company's balance sheet as "non-recourse collateralized financing". As of December 31, 2015, $9,220 of the principal balance of the single-family mortgage loans held for investment was pledged as collateral for the Company's non-recourse collateralized financing which had a remaining principal balance of $8,573 . As of December 31, 2014, $11,902 of the principal balance of the Company's mortgage loans held for investment was pledged as collateral for the remaining principal balance of the outstanding bonds of $10,967 . The interest rate on this bond is based on 1-month LIBOR plus 0.30%.

Repurchase Agreements (Notes)

Repurchase Agreements (Notes)	12 Months Ended
	Dec. 31, 2015
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements	REPURCHASE AGREEMENTS The Company finances its purchases of investments primarily using repurchase agreements which bear interest at a rate based on a spread to London Interbank Offered Rate ("LIBOR"). The Company’s repurchase agreement borrowings outstanding as of December 31, 2015 and December 31, 2014 are summarized in the table below by the fair value and type of securities pledged as collateral: December 31, 2015 Collateral Type Balance Weighted Average Rate Fair Value of Collateral Pledged Agency RMBS $ 1,439,436 0.47 % $ 1,483,152 Non-Agency RMBS 52,128 1.77 % 64,286 Agency CMBS 301,427 0.49 % 345,728 Non-Agency CMBS 126,378 1.26 % 143,785 Agency CMBS IO 360,245 1.24 % 421,285 Non-Agency CMBS IO 302,771 1.33 % 359,351 Securitization financing bond 7,035 1.65 % 8,054 $ 2,589,420 0.75 % $ 2,825,641 December 31, 2014 Collateral Type Balance Weighted Average Rate Fair Value of Collateral Pledged Agency RMBS $ 1,977,338 0.39 % $ 2,064,704 Non-Agency RMBS 17,594 1.57 % 21,787 Agency CMBS 253,857 0.36 % 291,103 Non-Agency CMBS 114,895 1.15 % 140,216 Agency CMBS IOs 372,609 0.92 % 430,638 Non-Agency CMBS IOs 266,983 1.04 % 315,149 Securitization financing bond 9,834 1.51 % 11,000 $ 3,013,110 0.55 % $ 3,274,597 As of December 31, 2015 , the weighted average remaining term to maturity of our repurchase agreements was 22 days compared to 88 days as of December 31, 2014. The following table provides a summary of the original term to maturity of our repurchase agreements as of December 31, 2015 and December 31, 2014 : Original Term to Maturity December 31, December 31, Less than 30 days $ 551,643 $ 250,635 30 to 90 days 782,393 617,399 91 to 180 days 1,255,384 904,830 181 to 364 days — 1,030,569 1 year or longer — 209,677 $ 2,589,420 $ 3,013,110 As of December 31, 2015 , the Company had approximately $56,193 of its shareholders' equity at risk (defined as the excess of collateral pledged over the borrowings outstanding) with Wells Fargo Bank National Association together with its affiliate Wells Fargo Securities, LLC. The borrowings outstanding with that counterparty and its affiliate as of December 31, 2015 were $297,916 with a weighted average borrowing rate of 1.30% . Of the amount outstanding with this counterparty and its affiliate, $283,655 is under a committed repurchase facility with Wells Fargo Bank National Association. This facility has an aggregate maximum borrowing capacity of $300,000 and is scheduled to expire on August 6, 2016, subject to early termination provisions contained in the master repurchase agreement. The facility is collateralized primarily by CMBS IO, and its weighted average borrowing rate as of December 31, 2015 was 1.30% . Shareholders' equity at risk did not exceed 10% for any of the Company's other counterparties. As of December 31, 2015 , the Company had repurchase agreement amounts outstanding with 17 of its 32 available repurchase agreement counterparties. The Company's counterparties, as set forth in the master repurchase agreement with the counterparty, require the Company to comply with various customary operating and financial covenants, including, but not limited to, minimum net worth, maximum declines in net worth in a given period, and maximum leverage requirements as well as maintaining the Company's REIT status. In addition, some of the agreements contain cross default features, whereby default under an agreement with one lender simultaneously causes default under agreements with other lenders. To the extent that the Company fails to comply with the covenants contained in these financing agreements or is otherwise found to be in default under the terms of such agreements, the counterparty has the right to accelerate amounts due under the master repurchase agreement. With respect to outstanding repurchase agreement and FHLB advance financings as of December 31, 2015 , the Company was in compliance with all covenants. Please see Note 7 for the Company's disclosures related to offsetting assets and liabilities.

FHLB Advances (Notes)

FHLB Advances (Notes)	12 Months Ended
	Dec. 31, 2015
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
FHLB Advances, Disclosure [Text Block]	FHLB ADVANCES The Company’s wholly owned subsidiary, Mackinaw Insurance Company, LLC (or "Mackinaw") is a member of the FHLB of Indianapolis (or "FHLBI"). Please refer to Note 13 for important information regarding the Company's ability to continue using FHLB advances in the future. The following table summarizes certain information about the Company's FHLB advances outstanding as of December 31, 2015: December 31, 2015 Remaining Term to Maturity Agency RMBS Collateral Agency CMBS Collateral Total Weighted Average Rate 30 to 90 days $ 17,000 $ 240,000 $ 257,000 0.28 % 91 days to 1 year — 263,000 263,000 0.51 % $ 17,000 $ 503,000 $ 520,000 0.40 % The Company had MBS with a fair value of $541,771 pledged as collateral for its FHLB advances as of December 31, 2015 and had interest expense of $541 related to its FHLB advances for the year ended December 31, 2015. As a condition to membership in the FHLBI, the Company had stock in the FHLBI totaling $11,475 as of December 31, 2015 which is shown on the Company's consolidated balance sheet as "Investment in FHLB stock". FHLB stock is considered a non-marketable, long-term investment, is carried at cost and is subject to recoverability testing under applicable accounting standards. This stock can only be redeemed or sold at its par value and only to the FHLBI.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	DERIVATIVES The Company utilizes derivative instruments to economically hedge a portion of its exposure to interest rate risk. The Company primarily uses pay-fixed interest rate swaps and Eurodollar contracts to hedge its exposure to changes in interest rates and uses receive-fixed interest rate swaps to offset a portion of its pay-fixed interest rate swaps in order to manage its overall hedge position. The objective of the Company's risk management strategy is to mitigate declines in book value resulting from fluctuations in the fair value of the Company's assets from changing interest rates and to protect some portion of the Company's earnings from rising interest rates. Please refer to Note 1 for information related to the Company's accounting policy for its derivative instruments. The table below summarizes information about the Company’s derivative instruments treated as trading instruments on its consolidated balance sheet as of the dates indicated: December 31, 2015 Derivative Assets Derivative Liabilities Trading Instruments Fair Value Notional Fair Value Notional Interest rate swaps $ 7,835 $ 460,000 $ (12,108 ) $ 2,920,000 Eurodollar futures (1) — — (29,097 ) 6,300,000 Total $ 7,835 $ 460,000 $ (41,205 ) $ 9,220,000 December 31, 2014 Derivative Assets Derivative Liabilities Trading Instruments Fair Value Notional Fair Value Notional Interest rate swaps $ 5,727 $ 440,000 $ (3,002 ) $ 485,000 Eurodollar futures (2) — — (32,896 ) 16,600,000 Total $ 5,727 $ 440,000 $ (35,898 ) $ 17,085,000 (1) The Eurodollar futures aggregate notional amount represents the total notional of the 3-month contracts with expiration dates from 2017 to 2020. The maximum notional outstanding for any future 3-month period did not exceed $725,000 as of December 31, 2015 . (2) The Eurodollar futures aggregate notional amount represents the total notional of the 3-month contracts with expiration dates from 2015 to 2020. The maximum notional outstanding for any future 3-month period did not exceed $1,300,000 as of December 31, 2014. The following table summarizes the contractual maturities remaining for the Company’s outstanding interest rate swap agreements as of December 31, 2015 : Remaining Maturity Pay-Fixed Interest Rate Swaps Pay-Fixed Weighted-Average Rate Receive-Fixed Interest Rate Swaps Receive-Fixed Weighted-Average Rate 13-24 months $ 1,435,000 1.18 % $ — — % 25-36 months — — % — — % 37-48 months 160,000 1.37 % 250,000 1.91 % 49-60 months 685,000 1.71 % 50,000 1.75 % 61-72 months — — % 100,000 1.69 % 73-84 months 75,000 1.77 % — — % 85-96 months 125,000 1.98 % — — % 97-108 months — — % 25,000 2.71 % 109-120 months 475,000 2.86 % — — % The following table summarizes the volume of activity related to derivative instruments for the period indicated: For the year ended December 31, 2015: Beginning of Period Notional Amount Additions Settlement, Termination, Expiration or Exercise End of Period Notional Amount Receive-fixed interest rate swaps $ 275,000 $ 150,000 $ — $ 425,000 Pay-fixed interest rate swaps 650,000 3,135,000 (830,000 ) 2,955,000 Eurodollar futures 16,600,000 — (10,300,000 ) 6,300,000 $ 17,525,000 $ 3,285,000 $ (11,130,000 ) $ 9,680,000 The table below provides detail of the Company's "loss on derivative instruments, net" by type of interest rate derivative for the periods indicated: Year Ended December 31, Type of Derivative Instrument 2015 2014 2013 Receive-fixed interest rate swaps $ 6,522 $ 4,912 $ — Pay-fixed interest rate swaps (28,687 ) (30,754 ) 9,315 Eurodollar futures (20,963 ) (27,551 ) (19,391 ) Loss on derivative instruments, net $ (43,128 ) $ (53,393 ) $ (10,076 ) There is a net unrealized gain of $921 remaining in AOCI on the Company's consolidated balance sheet as of December 31, 2015 which represents the activity related to interest rate swap agreements while they were previously designated as cash flow hedges, and this amount will be recognized in the Company's net income as a portion of "interest expense" over the remaining contractual life of the agreements. The Company estimates a credit of $251 will be reclassified to net income as a reduction of "interest expense" within the next 12 months. A portion of the Company's interest rate swaps were entered into under bilateral agreements which contain cross-default provisions with other agreements between the parties. In addition, these bilateral agreements contain financial and operational covenants similar to those contained in our repurchase agreements, as described in Note 4 . With respect to interest rate agreements under which interest rate swaps were entered into as of December 31, 2015, the Company was in compliance with all covenants. Please see Note 7 for the Company's disclosures related to offsetting assets and liabilities.

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Notes)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTS ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 clarifies that fair value should be based on the assumptions market participants would use when pricing an asset or liability and also requires an entity to consider all aspects of nonperformance risk, including the entity's own credit standing, when measuring fair value of a liability. ASC Topic 820 established a valuation hierarchy of three levels as follows: • Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. • Level 2 – Inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs either directly observable or indirectly observable through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level 3 – Unobservable inputs are supported by little or no market activity. The unobservable inputs represent management’s best estimate of how market participants would price the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table presents the fair value of the Company’s assets and liabilities presented on its consolidated balance sheets, segregated by the hierarchy level of the fair value estimate, that are measured at fair value on a recurring basis as of the dates indicated: December 31, 2015 Fair Value Level 1 - Unadjusted Quoted Prices in Active Markets Level 2 - Observable Inputs Level 3 - Unobservable Inputs Assets: Mortgage-backed securities $ 3,493,701 $ — $ 3,477,266 $ 16,435 Derivative assets 7,835 — 7,835 — Total assets carried at fair value $ 3,501,536 $ — $ 3,485,101 $ 16,435 Liabilities: Derivative liabilities $ 41,205 $ 29,097 $ 12,108 $ — Total liabilities carried at fair value $ 41,205 $ 29,097 $ 12,108 $ — December 31, 2014 Fair Value Level 1 - Unadjusted Quoted Prices in Active Markets Level 2 - Observable Inputs Level 3 - Unobservable Inputs Assets: Mortgage-backed securities $ 3,516,239 $ — $ 3,472,282 $ 43,957 Derivative assets 5,727 — 5,727 — Total assets carried at fair value $ 3,521,966 $ — $ 3,478,009 $ 43,957 Liabilities: Derivative liabilities $ 35,898 $ 32,896 $ 3,002 $ — Total liabilities carried at fair value $ 35,898 $ 32,896 $ 3,002 $ — The Company did not have assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2015 or December 31, 2014 . The Company's derivative assets and liabilities include interest rate swaps and Eurodollar futures. Interest rate swaps are valued using the income approach with the primary input being the forward interest rate swap curve, which is considered an observable input and thus their fair values are considered Level 2 measurements. Eurodollar futures are valued based on closing exchange prices on these contracts. Accordingly, the fair values of these financial futures are classified as Level 1 measurements. Agency MBS, as well a majority of non-Agency MBS, are substantially similar to securities that either are currently actively traded or have been recently traded in their respective market. Their fair values are derived from an average of multiple dealer quotes and thus are considered Level 2 fair value measurements. The Company’s remaining non-Agency MBS are comprised of securities for which there are not substantially similar securities that trade frequently, and their fair values are therefore considered Level 3 measurements. The Company determines the fair value of its Level 3 securities by discounting the estimated future cash flows derived from cash flow models using assumptions that are confirmed to the extent possible by third party dealers or other pricing indicators. Significant inputs into those pricing models are Level 3 in nature due to the lack of readily available market quotes. Information utilized in those pricing models include the security’s credit rating, coupon rate, estimated prepayment speeds, expected weighted average life, collateral composition, estimated future interest rates, expected credit losses, and credit enhancement as well as certain other relevant information. Significant changes in any of these inputs in isolation would result in a significantly different fair value measurement. Level 3 assets are generally most sensitive to the default rate and severity assumptions. The table below presents information about the significant unobservable inputs used in the fair value measurement for the Company's Level 3 non-Agency CMBS and RMBS as of December 31, 2015 : Quantitative Information about Level 3 Fair Value Measurements (1) Prepayment Speed Default Rate Severity Discount Rate Non-Agency CMBS 20 CPY 2.0 % 35.0 % 10.1 % Non-Agency RMBS 10 CPR 1.0 % 20.0 % 6.5 % (1) Data presented are weighted averages. The activity of the instruments measured at fair value on a recurring basis using Level 3 inputs is presented in the following table for the period indicated: Level 3 Fair Value Non-Agency CMBS Non-Agency RMBS Total assets Balance as of December 31, 2014 $ 42,033 $ 1,924 $ 43,957 Unrealized gain (loss) included in OCI 2,628 (20 ) 2,608 Principal payments (30,230 ) (372 ) (30,602 ) Accretion 472 — 472 Balance as of December 31, 2015 $ 14,903 $ 1,532 $ 16,435 The following table presents a summary of the recorded basis and estimated fair values of the Company’s financial instruments as of the dates indicated: December 31, 2015 December 31, 2014 Recorded Basis Fair Value Recorded Basis Fair Value Assets: Mortgage-backed securities $ 3,493,701 $ 3,493,701 $ 3,516,239 $ 3,516,239 Mortgage loans held for investment, net (1) 24,145 20,849 39,700 35,024 Investment in FHLB Stock 11,475 11,475 — — Derivative assets 7,835 7,835 5,727 5,727 Liabilities: Repurchase agreements (2) $ 2,589,420 $ 2,589,420 $ 3,013,110 $ 3,013,110 FHLB advances (2) 520,000 520,000 — — Non-recourse collateralized financing (1) 8,442 8,102 10,786 10,366 Derivative liabilities 41,205 41,205 35,898 35,898 (1) The Company determines the fair value of its mortgage loans held for investment, net and its non-recourse collateralized financing using internally developed cash flow models with inputs similar to those used to estimate the fair value of the Company's Level 3 non-Agency MBS. (2) The carrying value of repurchase agreements and FHLB advances generally approximates fair value due to their short term maturities.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS' EQUITY Preferred Stock The Company has 2,300,000 shares of its 8.50% Series A Preferred Stock and 2,250,000 shares of its 7.625% Series B Preferred Stock issued and outstanding as of December 31, 2015 (collectively, the "Preferred Stock"). The Preferred Stock has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased or converted into common stock pursuant to the terms of the Preferred Stock. Except under certain limited circumstances intended to preserve the Company's REIT status, upon the occurrence of a change in control as defined in Article IIIA, Section 7(d) of the Company’s Articles of Incorporation, or to avoid the direct or indirect imposition of a penalty tax in respect of, or to protect the tax status of, any of the Company’s real estate mortgage investment conduits (“REMIC”) interests or a REMIC in which the Company may acquire an interest (as permitted by the Company’s Articles of Incorporation), the Company may not redeem the Series A Preferred Stock prior to July 31, 2017 or the Series B Preferred Stock prior to April 30, 2018. On or after these dates, at any time and from time to time, the Preferred Stock may be redeemed in whole, or in part, at the Company's option at a cash redemption price of $25.00 per share plus any accumulated and unpaid dividends. The Series A Preferred Stock pays a cumulative cash dividend equivalent to 8.50% of the $25.00 liquidation preference per share each year and the Series B Preferred Stock pays a cumulative cash dividend equivalent to 7.625% of the $25.00 liquidation preference per share each year. Because the Preferred Stock is redeemable only at the option of the issuer, it is classified as equity on the Company's consolidated balance sheet. The Company announced that it will pay its regular quarterly dividends on its Preferred Stock for the fourth quarter on January 15, 2016 to shareholders of record as of January 1, 2016. Common Stock The following table presents a summary of the changes in the number of common shares outstanding for the periods presented: Year Ended December 31, 2015 2014 Balance as of beginning of period 54,739,111 54,310,484 Common stock issued under DRIP 22,607 16,753 Common stock issued under stock and incentive plans 263,829 471,210 Common stock forfeited for tax withholding on share-based compensation (67,296 ) (59,336 ) Common stock repurchased during the period (5,910,916 ) — Balance as of end of period 49,047,335 54,739,111 The Company had 7,416,520 shares of common stock that remain available to offer and sell through its sales agent, JMP Securities LLC, under its "at the market", or "ATM" program, as of December 31, 2015 . The Company's Dividend Reinvestment and Share Purchase Plan ("DRIP") allows registered shareholders to automatically reinvest some or all of their quarterly common stock dividends in shares of the Company’s common stock and provides an opportunity for investors to purchase shares of the Company’s common stock, potentially at a discount to the prevailing market price. Of the 3,000,000 shares reserved for issuance under the Company's DRIP, there were 2,427,538 shares remaining for issuance as of December 31, 2015 . The Company declared a fourth quarter common stock dividend of $0.24 per share payable on January 29, 2016 to shareholders of record as of December 31, 2015. There was no discount for shares purchased through the DRIP during the fourth quarter of 2015. Of the $50,000 authorized by the Company's Board of Directors for the repurchase of its common stock through December 31, 2016 , approximately $8,829 remains available for repurchase at the Company's option as of December 31, 2015 . 2009 Stock and Incentive Plan. Of the 2,500,000 shares of common stock authorized for issuance under its 2009 Stock and Incentive Plan, the Company had 994,096 available for issuance as of December 31, 2015 . Total stock-based compensation expense recognized by the Company for the year ended December 31, 2015 was $2,965 compared to $2,719 and $2,354 for the years ended December 31, 2014 and December 31, 2013, respectively. The following table presents a rollforward of the restricted stock activity for the periods indicated: Year Ended December 31, 2015 2014 Restricted stock outstanding as of beginning of period 731,809 520,987 Restricted stock granted 263,829 457,538 Restricted stock vested (299,041 ) (246,716 ) Restricted stock outstanding as of end of period 696,597 731,809 (1) The beginning balance shown for the year ended December 31, 2014 has been adjusted from amount previously disclosed to correct computational errors relating to vesting terms on grants made in the first quarter of 2013. The combined grant date fair value of the restricted stock issued by the Company for the year ended December 31, 2015 was $2,167 compared to $3,703 for the year ended December 31, 2014 . As of December 31, 2015 , the fair value of the Company’s outstanding restricted stock remaining to be amortized into compensation expense is $3,497 which will be recognized over a weighted average period of 1.7 years .

Income Taxes (Notes)

Income Taxes (Notes)	12 Months Ended
	Dec. 31, 2015
Income Taxes [Abstract]
Income Tax Disclosure [Text Block]	INCOME TAXES The Company's estimated REIT taxable income before consideration of its NOL carryforward was $52,964 for the year ended December 31, 2015, $79,229 for the year ended December 31, 2014, and $71,765 for the year ended December 31, 2013. After common and preferred dividend distributions during those years as well as utilization of the Company's NOL carryforward to offset taxable earnings, the Company does not expect to incur any income tax liability for the year ended December 31, 2015 and did not incur any material income tax liability for the years ending December 31, 2014 or December 31, 2013. The Company's estimated NOL carryforward as of December 31, 2015 is $89,775 . Because the Company incurred an "ownership change" under Section 382 of the Internal Revenue Code ("Section 382"), the Company's ability to utilize its NOL carryforward to offset its taxable income after any required dividend distributions is limited to approximately $13,451 per year with any unused amounts being accumulated and carried forward for use in subsequent years. As of December 31, 2015, the Company had $25,190 of NOL that is not subject to the existing Section 382 limitations available to offset any future taxable income. The NOL will expire beginning in 2020 to the extent it is not used. After reviewing for any potentially uncertain income tax positions, the Company has concluded that it does not have any uncertain tax positions that meet the recognition or measurement criteria of ASC 740 as of December 31, 2015, December 31, 2014, or December 31, 2013, although its tax returns for those tax years are open to examination by the IRS. In the event that the Company incurs income tax related interest and penalties, its policy is to classify them as a component of provision for income taxes.

Related Party Transactions (Not

Related Party Transactions (Notes)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	RELATED PARTY TRANSACTIONS The Company and DCI Commercial, Inc. ("DCI"), a former affiliate of the Company and formerly known as Dynex Commercial, Inc., were jointly named in litigation regarding the activities of DCI while it was an operating subsidiary of an affiliate of the Company. In May 2013, the Fifth Circuit Court of Appeals in Dallas, Texas (the “Fifth Circuit”) affirmed the trial court’s decision with respect to a take nothing judgment against the Company. With respect to DCI, the Fifth Circuit remanded the case to the trial court for entry of judgment and a $25.6 million damage award against DCI and for a new trial with respect to attorneys’ fees and for costs and pre- and post-judgment interest as determined by the trial court. In December 2000, the Company and DCI entered into a Litigation Cost Sharing Agreement whereby the parties set forth how the costs of defending against such litigation would be shared, and whereby the Company agreed to advance DCI's portion of the costs of defending against such litigation. The Litigation Cost Sharing Agreement remains in effect as of December 31, 2015. DCI costs advanced by the Company are loans and bear simple interest at the rate of Prime plus 8.0% per annum. As of December 31, 2015, the total amount due to the Company under the Litigation Cost Sharing Agreement, including interest, was $9,630 , which has been fully reserved for collectability by the Company. DCI is currently wholly owned by a company unaffiliated with the Company. An executive of the Company is the sole shareholder of this unaffiliated company.

Selected Quarterly Information

Selected Quarterly Information (Unaudited) (Notes)	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Information (Unaudited) [Abstract]
Quarterly Financial Information [Text Block]	SELECTED QUARTERLY INFORMATION (UNAUDITED) Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Operating results: Interest income $ 24,099 $ 24,527 $ 26,096 $ 25,522 Interest expense 5,371 5,542 5,859 5,833 Net interest income 18,728 18,985 20,237 19,689 (Loss) gain on derivatives instruments, net (25,323 ) 17,090 (52,749 ) 17,854 Gain (loss) on sale of investments, net 1,308 (1,491 ) 113 (908 ) Fair value adjustments and other income (expense) amounts, net 72 632 (199 ) 174 General and administrative expenses (4,257 ) (4,754 ) (4,379 ) (4,278 ) Preferred stock dividends (2,294 ) (2,294 ) (2,294 ) (2,294 ) Net (loss) income to common shareholders (11,766 ) 28,168 (39,271 ) 30,237 Other comprehensive income (loss) 23,054 (39,679 ) 27,418 (44,877 ) Comprehensive income (loss) to common shareholders $ 11,288 $ (11,511 ) $ (11,853 ) $ (14,640 ) Net (loss) income per common share $ (0.21 ) $ 0.52 $ (0.74 ) $ 0.61 Dividends declared per common share $ 0.24 $ 0.24 $ 0.24 $ 0.24 Year Ended December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Operating results: Interest income $ 27,640 $ 27,718 $ 26,000 $ 24,286 Interest expense 7,633 6,572 6,058 5,652 Net interest income 20,007 21,146 19,942 18,634 (Loss) gain on derivatives instruments, net (13,422 ) (23,074 ) 4,842 (21,739 ) (Loss) gain on sale of investments, net (3,307 ) (477 ) 9,057 10,950 Fair value adjustments and other income (expense) amounts, net 107 225 939 (17 ) General and administrative expenses (4,119 ) (3,819 ) (3,914 ) (4,155 ) Preferred stock dividends (2,294 ) (2,294 ) (2,294 ) (2,294 ) Net (loss) income to common shareholders (3,028 ) (8,293 ) 28,572 1,379 Other comprehensive income (loss) 29,560 35,199 (14,482 ) 4,855 Comprehensive income to common shareholders $ 26,532 $ 26,906 $ 14,090 $ 6,234 Net (loss) income per common share $ (0.06 ) $ (0.15 ) $ 0.52 $ 0.03 Dividends declared per common share $ 0.25 $ 0.25 $ 0.25 $ 0.25

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Management has evaluated events and circumstances occurring as of and through the date this Annual Report on Form 10-K was filed with the SEC and has determined that there have been no significant events or circumstances that qualify as a "recognized" subsequent event as defined by ASC Topic 855. Management has determined that the following events or circumstances qualify as "nonrecognized" subsequent events as defined by ASC Topic 855: As a result of a final rule issued by the FHFA in January 2016 regarding the exclusion of captive insurance entities from membership in the FHLB, the Company's wholly owned subsidiary, Mackinaw, must terminate its membership in the FHLB of Indianapolis by February 19, 2017 and will no longer be permitted new advances or renewals of existing advances. FHLB advances outstanding on the Company's consolidated balance sheet as of December 31, 2015 will be repaid at or before their respective maturities. Each FHLB advance matures before the end of 2016.

Organization and Summary of S19

Organization and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Organization [Text Block]	Organization Dynex Capital, Inc., ("Company”) was incorporated in the Commonwealth of Virginia on December 18, 1987 and commenced operations in February 1988. The Company primarily earns income from investing on a leveraged basis in mortgage-backed securities ("MBS") that are issued or guaranteed by the U.S. Government or U.S. Government sponsored agencies ("Agency MBS") and MBS issued by others ("non-Agency MBS").
Basis of Presentation [Policy Text Block]	Basis of Presentation The accompanying consolidated financial statements of Dynex Capital, Inc. and its subsidiaries (together, “Dynex” or, as appropriate, the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) the instructions to the Annual Report on Form 10-K and Article 3 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”).
Reclassifications [Text Block]	Reclassifications Certain items in the prior periods' consolidated financial statements have been reclassified to conform to the current year's presentation. Because the Company's provision for loan loss was immaterial for the years ended December 31, 2015, 2014, and 2013, this amount is now included within "other income (expense), net" on the Company's consolidated statements of comprehensive income. These presentation changes have no effect on reported total assets, total liabilities, results of operations, or cash flow activities.
Consolidation [Policy Text Block]	Consolidation The consolidated financial statements include the accounts of the Company and the accounts of its majority owned subsidiaries and variable interest entities ("VIE") for which it is the primary beneficiary. As a primary beneficiary, the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE. All intercompany accounts and transactions have been eliminated in consolidation. The Company consolidates certain trusts through which it has securitized mortgage loans as a result of not meeting the sale criteria under GAAP at the time the financial assets were transferred to the trust. Additional information regarding the accounting policy for the Company's securitized mortgage loans is provided in Note 3 .
Use of Estimates [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. The most significant estimates used by management include, but are not limited to, fair value measurements of its investments, other-than-temporary impairments, contingencies, and amortization of premiums and discounts. These items are discussed further below within this note to the consolidated financial statements.
Income Taxes [Policy Text Block]	Income Taxes The Company has elected to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986 and the corresponding provisions of state law. To qualify as a REIT, the Company must meet certain tests including investing in primarily real estate-related assets and the required distribution of at least 90% of its annual REIT taxable income to stockholders after consideration of its net operating loss ("NOL") carryforward and not including taxable income retained in its taxable subsidiaries. As a REIT, the Company generally will not be subject to federal income tax on the amount of its income or capital gains that is distributed as dividends to shareholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with Accounting Standards Codification ("ASC") Topic 740. The Company records these liabilities, if any, to the extent they are deemed more likely than not to have been incurred.
Net Income (Loss) Per Common Share [Text Block]	Net Income Per Common Share The Company did not have any potentially dilutive securities outstanding during the years ended December 31, 2015 , December 31, 2014 , or December 31, 2013. Holders of unvested shares of the Company's issued and outstanding restricted common stock are eligible to receive non-forfeitable dividends. As such, these unvested shares are considered participating securities as per ASC Topic 260-10 and therefore are included in the computation of basic net income (loss) per share using the two-class method. Upon vesting, restrictions on transfer expire on each share of restricted stock, and each such share of restricted stock is converted to one equal share of common stock. Because the Company's 8.50% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) and 7.625% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”) are redeemable at the Company's option for cash only and may convert into shares of common stock only upon a change of control of the Company, the effect of those shares and their related dividends is excluded from the calculation of diluted net income (loss) per common share.
Cash and Cash Equivalents [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid investments with original maturities of three months or less.
Restricted Cash [Policy Text Block]	Restricted Cash Restricted cash consists of cash the Company has pledged to cover initial and variation margin with its financing and derivative counterparties.
Mortgage-Backed Securities [Policy Text Block]	Mortgage-Backed Securities The Company invests in Agency and non-Agency RMBS, CMBS and CMBS IO securities, all of which are designated as available-for-sale ("AFS"). All of the Company’s MBS are recorded at fair value on the consolidated balance sheet. Changes in unrealized gain (loss) on the Company's MBS are reported in other comprehensive income ("OCI") until each security is collected, disposed of, or determined to be other than temporarily impaired. Although the Company generally intends to hold its AFS securities until maturity, it may sell any of these securities as part of the overall management of its business. Upon the sale of an AFS security, any unrealized gain or loss is reclassified out of accumulated other comprehensive income ("AOCI") into net income as a realized "gain (loss) on sale of investments, net" using the specific identification method. The Company’s MBS pledged as collateral against repurchase agreements and derivative instruments are included in MBS on the consolidated balance sheets with the fair value of the MBS pledged disclosed parenthetically. Interest Income, Premium Amortization, and Discount Accretion. Interest income on MBS is accrued based on the outstanding principal balance (or notional balance in the case of interest-only, or "IO", securities) and their contractual terms. Premiums and discounts on Agency MBS as well as any non-Agency MBS rated 'AA' and higher at the time of purchase are amortized into interest income over the expected life of such securities using the effective yield method and adjustments to premium amortization are made for actual cash payments as well as changes in projected future cash payments. The Company's projections of future cash payments are based on input and analysis received from external sources and internal models, and includes assumptions about the amount and timing of credit losses, loan prepayment rates, fluctuations in interest rates, and other factors. On at least a quarterly basis, the Company reviews and makes any necessary adjustments to its cash flow projections and updates the yield recognized on these assets. The Company holds certain non-Agency MBS that had credit ratings of less than 'AA' at the time of purchase or were not rated by any of the nationally recognized credit rating agencies. A portion of these non-Agency MBS were purchased at discounts to their par value, which management does not believe to be substantial. The discount is accreted into income over the security's expected life, which reflects management's estimate of the security's projected cash flows. Future changes in the timing of projected cash flows or differences arising between projected cash flows and actual cash flows received may result in a prospective change in the effective yield on those securities. Determination of MBS Fair Value. The Company estimates the fair value of the majority of its MBS based upon prices obtained from third-party pricing services and broker quotes. The remainder of the Company's MBS are valued by discounting the estimated future cash flows derived from cash flow models that utilize information such as the security's coupon rate, estimated prepayment speeds, expected weighted average life, collateral composition, estimated future interest rates, expected losses, and credit enhancements as well as certain other relevant information. Refer to Note 8 for further discussion of MBS fair value measurements. Other-than-Temporary Impairment. MBS is considered impaired when its fair value is less than its amortized cost. The Company evaluates all of its impaired MBS for other-than-temporary impairments ("OTTI") on at least a quarterly basis. An impairment is considered other-than-temporary if: (1) the Company intends to sell the MBS; (2) it is more likely than not that the Company will be required to sell the MBS before its fair value recovers; or (3) the Company does not expect to recover the full amortized cost basis of the MBS. If either of the first two conditions is met, the entire amount of the impairment is recognized in earnings. If the impairment is solely due to the inability to fully recover the amortized cost basis, the security is further analyzed to quantify any credit loss, which is the difference between the present value of cash flows expected to be collected on the MBS and its amortized cost. The credit loss, if any, is then recognized in earnings, while the balance of impairment related to other factors is recognized in other comprehensive income. Following the recognition of an OTTI through earnings, a new cost basis is established for the security. Any subsequent recoveries in fair value may be accreted back into the amortized cost basis of the MBS on a prospective basis through interest income. Please see Note 2 for additional information related to the Company's evaluation for OTTI.
Investment in Limited Partnership [Policy Text Block]	Investment in Limited Partnership The Company is a limited partner with a less than 50% interest in a limited partnership for which it does not have substantive participating or kick-out rights that overcome the general partner's presumption of control. The Company accounts for its investment in this limited partnership using the equity method of accounting, which requires initially recording an investment in the equity of an investee at cost and subsequently adjusting the carrying amount of the investment to recognize the investor's share of the earnings or losses, capital contributions and distributions, and other changes in equity.
Secured Borrowings [Policy Text Block]	Secured Borrowings Secured borrowings, including repurchase agreements and Federal Home Loan Bank (or "FHLB") advances, are accounted for as secured borrowings under which the Company pledges its securities as collateral to secure a loan, which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. The Company retains beneficial ownership of the pledged collateral. At the maturity of a repurchase agreement, the Company is required to repay the loan and concurrently receives back its pledged collateral from the lender or, with the consent of the lender, the Company may renew the agreement at the then prevailing financing rate. A repurchase agreement lender may require the Company to pledge additional collateral in the event of a decline in the fair value of the collateral pledged. Repurchase agreement financing is recourse to the Company and the assets pledged. Most of the Company’s repurchase agreements are based on the September 1996 version of the Bond Market Association Master Repurchase Agreement, which generally provides that the lender, as buyer, is responsible for obtaining collateral valuations from a generally recognized source agreed to by both the Company and the lender, or, in an instance when such source is not available, the value determination is made by the lender. The Company’s wholly-owned captive insurance subsidiary, Mackinaw Insurance Company, LLC (“Mackinaw”), has obtained advances from the Federal Home Loan Bank of Indianapolis (“FHLBI”) under an advances, pledge and security agreement which includes collateral requirements similar to the Company’s repurchase agreement borrowings, including the FHLBI’s right to require additional pledges of collateral. The agreement also requires Mackinaw to observe the rules of FHLBI membership and is subject to the FHLBI’s credit policies. The FHLBI requires Mackinaw to pledge additional securities or cash as collateral for advances in the event the value of the collateral held by the FHLBI falls below specified levels and gives the FHLBI the right to demand additional collateral in certain circumstances. Please see Note 13 for important information related to the Company's FHLB advances.
Derivative Instruments [Policy Text Block]	Derivative Instruments The Company's derivative instruments, which currently include interest rate swaps and Eurodollar futures, are accounted for at fair value and recognized accordingly as either derivative assets or derivative liabilities on the Company's consolidated balance sheet. All periodic interest costs and changes in fair value of derivative instruments, including gains and losses realized upon termination, are recorded in "gain (loss) on derivative instruments, net" on the Company's consolidated statement of comprehensive income. Please refer to Note 6 for additional information regarding the Company's accounting for its derivative instruments. Effective June 30, 2013, the Company discontinued cash flow hedge accounting for derivative instruments which had previously been accounted for as cash flow hedges under ASC Topic 815. Activity up to and including June 30, 2013 for those agreements previously designated as cash flow hedges was recorded in accordance with cash flow hedge accounting as prescribed by ASC Topic 815, which states that the effective portion of the hedge relationship on an instrument designated as a cash flow hedge is reported in the current period's other comprehensive income while the ineffective portion is immediately reported as a component of the current period’s net income. The balance remaining in AOCI related to the de-designated cash flow hedges is amortized into the Company's net income as a portion of "interest expense" over the remaining life of the interest rate swap agreements. Subsequent to June 30, 2013, changes in the fair value of the Company's derivative instruments, plus periodic settlements, are recorded in the Company's net income as a portion of "gain (loss) on derivative instruments, net". Although MBS have characteristics that meet the definition of a derivative instrument, ASC Topic 815 specifically excludes these instruments from its scope because they are accounted for as debt securities under ASC Topic 320.
Stock-based Compensation [Policy Text Block]	Share-Based Compensation Pursuant to the Company’s 2009 Stock and Incentive Plan, the Company may grant share-based compensation to eligible employees, directors or consultants or advisers to the Company, including stock awards, stock options, stock appreciation rights, dividend equivalent rights, performance shares, and restricted stock units. The Company's restricted stock currently issued and outstanding under this plan may be settled only in shares of its common stock, and therefore are treated as equity awards with their fair value measured at the grant date and recognized as compensation cost over the requisite service period with a corresponding credit to shareholders' equity. The requisite service period is the period during which an employee is required to provide service in exchange for an award, which is equivalent to the vesting period specified in the terms of the time-based restricted stock award. None of the Company's restricted stock awards have performance based conditions. The Company does not currently have any share-based compensation issued or outstanding other than restricted stock.
Contingencies [Policy Text Block]	Contingencies In the normal course of business, there may be various lawsuits, claims, and other contingencies pending against the Company. On a quarterly basis, the Company evaluates whether to establish provisions for estimated losses from those matters in accordance with ASC Topic 450, which states that a liability is recognized for a contingent loss when: (a) the underlying causal event has occurred prior to the balance sheet date; (b) it is probable that a loss has been incurred; and (c) there is a reasonable basis for estimating that loss. A liability is not recognized for a contingent loss when it is only possible or remotely possible that a loss has been incurred, however, possible contingent losses shall be disclosed. If the contingent loss (or an additional loss in excess of any accrual) is at least a reasonable possibility and material, then the Company discloses a reasonable estimate of the possible loss or range of loss, if such reasonable estimate can be made. If the Company cannot make a reasonable estimate of the possible material loss, or range of loss, then that fact is disclosed.
Recent Accounting Pronouncements [Text Block]	Recent Accounting Pronouncements In January 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-01, Financial Instruments-Overall (Subtopic 825-10); Recognition and Measurement of Financial Assets and Financial Liabilities, which includes the following amendments: • equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) are to be measured at fair value with changes in fair value recognized in net income. • simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. • the exit price notion is to be used by public business entities when measuring the fair value of financial instruments for disclosure purposes. • separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e. securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. • elimination of the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measure at amortized cost. • a requirement for the entity to present separately in OCI the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. • clarification that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to AFS securities in combination with the entity's other deferred tax assets. ASU No. 2016-01 is effective for public companies for fiscal years beginning after December 15, 2017. Management has evaluated this ASU, and its adoption is not expected to have a material impact on the Company's consolidated financial statements.

Mortgage Backed Securities Mo20

Mortgage Backed Securities Mortgage backed securities (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities [Table Text Block]	The following tables present the Company’s MBS by investment type as of the dates indicated: December 31, 2015 Par Net Premium (Discount) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value WAC (1) RMBS: Agency $ 1,536,733 $ 77,617 $ 1,614,350 $ 4,362 $ (20,190 ) $ 1,598,522 3.03 % Non-Agency 66,003 (45 ) 65,958 70 (818 ) 65,210 3.25 % 1,602,736 77,572 1,680,308 4,432 (21,008 ) 1,663,732 CMBS: Agency 876,751 13,252 890,003 10,542 (14,614 ) 885,931 3.45 % Non-Agency 156,218 (8,133 ) 148,085 7,039 (941 ) 154,183 4.29 % 1,032,969 5,119 1,038,088 17,581 (15,555 ) 1,040,114 CMBS IO (2) : Agency — 421,857 421,857 5,922 (1,651 ) 426,128 0.80 % Non-Agency — 365,554 365,554 1,992 (3,819 ) 363,727 0.71 % — 787,411 787,411 7,914 (5,470 ) 789,855 Total AFS securities: $ 2,635,705 $ 870,102 $ 3,505,807 $ 29,927 $ (42,033 ) $ 3,493,701 (1) The current weighted average coupon ("WAC") is the gross interest rate of the pool of mortgages underlying the security weighted by the outstanding principal balance (or by notional balance in the case of an IO security). (2) The notional balance for Agency CMBS IO and non-Agency CMBS IO was $12,180,291 and $10,328,628 , respectively, as of December 31, 2015 . December 31, 2014 Par Net Premium (Discount) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value WAC (1) RMBS: Agency $ 2,086,807 $ 113,635 $ 2,200,442 $ 8,473 $ (22,215 ) $ 2,186,700 3.09 % Non-Agency 22,432 (17 ) 22,415 107 (74 ) 22,448 3.83 % 2,109,239 113,618 2,222,857 8,580 (22,289 ) 2,209,148 CMBS: Agency 301,943 18,042 319,985 15,288 (76 ) 335,197 5.21 % Non-Agency 210,358 (8,520 ) 201,838 6,679 (479 ) 208,038 4.33 % 512,301 9,522 521,823 21,967 (555 ) 543,235 CMBS IO (2) : Agency — 426,564 426,564 12,252 (79 ) 438,737 0.80 % Non-Agency — 319,280 319,280 6,069 (230 ) 325,119 0.72 % — 745,844 745,844 18,321 (309 ) 763,856 Total AFS securities: $ 2,621,540 $ 868,984 $ 3,490,524 $ 48,868 $ (23,153 ) $ 3,516,239 (1) The current weighted average coupon ("WAC") is the gross interest rate of the pool of mortgages underlying the security weighted by the outstanding principal balance (or by notional balance in the case of an IO security). (2) The notional balance for the Agency CMBS IO and non-Agency CMBS IO was $10,460,113 and $7,868,896 , respectively, as of December 31, 2014 .
Schedule of Realized Gain (Loss) [Table Text Block]	The Company's sale proceeds for MBS were $449,921 , $503,918 , and $357,892 for the years ended December 31, 2015 , 2014, and 2013, respectively. The following table presents the gross realized gains (losses) of those sales included in "(loss) gain on sale of investments, net" on the Company's consolidated statements of comprehensive income (loss) for the periods indicated: Year Ended December 31, ($ in thousands) 2015 2014 2013 Gross realized gains on sales of MBS $ 3,552 $ 22,492 $ 8,670 Gross realized losses on sales of MBS (4,530 ) (6,269 ) (5,316 ) (Loss) gain on sale of investments, net $ (978 ) $ 16,223 $ 3,354
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]	The following table presents certain information for those Agency MBS in an unrealized loss position as of the dates indicated: December 31, 2015 December 31, 2014 Fair Value Gross Unrealized Losses # of Securities Fair Value Gross Unrealized Losses # of Securities Continuous unrealized loss position for less than 12 months: Agency MBS $ 1,332,849 $ (19,062 ) 109 $ 322,741 $ (879 ) 24 Non-Agency MBS 351,650 (5,347 ) 72 111,778 (625 ) 24 Continuous unrealized loss position for 12 months or longer: Agency MBS $ 775,484 $ (17,393 ) 72 $ 1,321,323 $ (21,491 ) 113 Non-Agency MBS 8,306 (231 ) 7 18,037 (159 ) 5

Mortgage Loans Held for Inves21

Mortgage Loans Held for Investment, Net and Related Non-Recourse Collateralized Financing (Tables)	12 Months Ended
	Dec. 31, 2015
Mortgage Loans Held for Investment, Net and Related Non-Recourse Collateralized Financing [Abstract]
Assets that Continue to be Recognized, Transferred Financial Assets and Other Financial Assets Managed Together [Table Text Block]	The Company's mortgage loans held for investment, net consist of securitized and unsecuritized mortgage loans originated or purchased by the Company from 1992 through 1998 and are reported at amortized cost. The following table provides detail by type of collateral as of the periods indicated: December 31, 2015 December 31, 2014 Single-family mortgage loans held for investment, amortized cost $ 24,189 $ 30,214 Commercial mortgage loans held for investment, amortized cost 148 9,736 Allowance for loan losses (192 ) (250 ) Total mortgage loans held for investment, net $ 24,145 $ 39,700

Repurchase Agreements Repurchas

Repurchase Agreements Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2015
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings [Table Text Block]	December 31, 2015 Collateral Type Balance Weighted Average Rate Fair Value of Collateral Pledged Agency RMBS $ 1,439,436 0.47 % $ 1,483,152 Non-Agency RMBS 52,128 1.77 % 64,286 Agency CMBS 301,427 0.49 % 345,728 Non-Agency CMBS 126,378 1.26 % 143,785 Agency CMBS IO 360,245 1.24 % 421,285 Non-Agency CMBS IO 302,771 1.33 % 359,351 Securitization financing bond 7,035 1.65 % 8,054 $ 2,589,420 0.75 % $ 2,825,641 December 31, 2014 Collateral Type Balance Weighted Average Rate Fair Value of Collateral Pledged Agency RMBS $ 1,977,338 0.39 % $ 2,064,704 Non-Agency RMBS 17,594 1.57 % 21,787 Agency CMBS 253,857 0.36 % 291,103 Non-Agency CMBS 114,895 1.15 % 140,216 Agency CMBS IOs 372,609 0.92 % 430,638 Non-Agency CMBS IOs 266,983 1.04 % 315,149 Securitization financing bond 9,834 1.51 % 11,000 $ 3,013,110 0.55 % $ 3,274,597 As of December 31, 2015 , the weighted average remaining term to maturity of our repurchase agreements was 22 days compared to 88 days as of December 31, 2014. The following table provides a summary of the original term to maturity of our repurchase agreements as of December 31, 2015 and December 31, 2014 : Original Term to Maturity December 31, December 31, Less than 30 days $ 551,643 $ 250,635 30 to 90 days 782,393 617,399 91 to 180 days 1,255,384 904,830 181 to 364 days — 1,030,569 1 year or longer — 209,677 $ 2,589,420 $ 3,013,110

FHLB Advances (Tables)

FHLB Advances (Tables)	12 Months Ended
	Dec. 31, 2015
Federal Home Loan Bank, Advances [Line Items]
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block]	The following table summarizes certain information about the Company's FHLB advances outstanding as of December 31, 2015: December 31, 2015 Remaining Term to Maturity Agency RMBS Collateral Agency CMBS Collateral Total Weighted Average Rate 30 to 90 days $ 17,000 $ 240,000 $ 257,000 0.28 % 91 days to 1 year — 263,000 263,000 0.51 % $ 17,000 $ 503,000 $ 520,000 0.40 %

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative [Line Items]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The table below summarizes information about the Company’s derivative instruments treated as trading instruments on its consolidated balance sheet as of the dates indicated: December 31, 2015 Derivative Assets Derivative Liabilities Trading Instruments Fair Value Notional Fair Value Notional Interest rate swaps $ 7,835 $ 460,000 $ (12,108 ) $ 2,920,000 Eurodollar futures (1) — — (29,097 ) 6,300,000 Total $ 7,835 $ 460,000 $ (41,205 ) $ 9,220,000 December 31, 2014 Derivative Assets Derivative Liabilities Trading Instruments Fair Value Notional Fair Value Notional Interest rate swaps $ 5,727 $ 440,000 $ (3,002 ) $ 485,000 Eurodollar futures (2) — — (32,896 ) 16,600,000 Total $ 5,727 $ 440,000 $ (35,898 ) $ 17,085,000 (1) The Eurodollar futures aggregate notional amount represents the total notional of the 3-month contracts with expiration dates from 2017 to 2020. The maximum notional outstanding for any future 3-month period did not exceed $725,000 as of December 31, 2015 . (2) The Eurodollar futures aggregate notional amount represents the total notional of the 3-month contracts with expiration dates from 2015 to 2020. The maximum notional outstanding for any future 3-month period did not exceed $1,300,000 as of December 31, 2014.
Schedule of Derivative Instruments [Table Text Block]	The following table summarizes the contractual maturities remaining for the Company’s outstanding interest rate swap agreements as of December 31, 2015 : Remaining Maturity Pay-Fixed Interest Rate Swaps Pay-Fixed Weighted-Average Rate Receive-Fixed Interest Rate Swaps Receive-Fixed Weighted-Average Rate 13-24 months $ 1,435,000 1.18 % $ — — % 25-36 months — — % — — % 37-48 months 160,000 1.37 % 250,000 1.91 % 49-60 months 685,000 1.71 % 50,000 1.75 % 61-72 months — — % 100,000 1.69 % 73-84 months 75,000 1.77 % — — % 85-96 months 125,000 1.98 % — — % 97-108 months — — % 25,000 2.71 % 109-120 months 475,000 2.86 % — — %
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	The following table summarizes the volume of activity related to derivative instruments for the period indicated: For the year ended December 31, 2015: Beginning of Period Notional Amount Additions Settlement, Termination, Expiration or Exercise End of Period Notional Amount Receive-fixed interest rate swaps $ 275,000 $ 150,000 $ — $ 425,000 Pay-fixed interest rate swaps 650,000 3,135,000 (830,000 ) 2,955,000 Eurodollar futures 16,600,000 — (10,300,000 ) 6,300,000 $ 17,525,000 $ 3,285,000 $ (11,130,000 ) $ 9,680,000
Schedule of Derivative Instruments Included in Trading Activities [Table Text Block]	The table below provides detail of the Company's "loss on derivative instruments, net" by type of interest rate derivative for the periods indicated: Year Ended December 31, Type of Derivative Instrument 2015 2014 2013 Receive-fixed interest rate swaps $ 6,522 $ 4,912 $ — Pay-fixed interest rate swaps (28,687 ) (30,754 ) 9,315 Eurodollar futures (20,963 ) (27,551 ) (19,391 ) Loss on derivative instruments, net $ (43,128 ) $ (53,393 ) $ (10,076 )

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities Offsetting Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Offsetting Assets [Line Items]
Offsetting Assets [Table Text Block]	Offsetting of Assets Gross Amount of Recognized Assets Gross Amount Offset in the Balance Sheet Net Amount of Assets Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (1) Net Amount Financial Instruments Received as Collateral Cash Received as Collateral December 31, 2015: Derivative assets $ 7,835 $ — $ 7,835 $ (7,835 ) $ — $ — December 31, 2014: Derivative assets $ 5,727 $ — $ 5,727 $ (1,073 ) $ (4,521 ) $ 133

Offsetting Assets and Liabili26

Offsetting Assets and Liabilities Offsetting Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Offsetting Liabilities [Line Items]
Offsetting Liabilities [Table Text Block]	Offsetting of Liabilities Gross Amount of Recognized Liabilities Gross Amount Offset in the Balance Sheet Net Amount of Liabilities Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (1) Net Amount Financial Instruments Posted as Collateral Cash Posted as Collateral December 31, 2015: Derivative liabilities $ 41,205 $ — $ 41,205 $ (9,079 ) $ (32,111 ) $ 15 Repurchase agreements 2,589,420 — 2,589,420 (2,589,420 ) — — FHLB Advances 520,000 — 520,000 (520,000 ) — — $ 3,150,625 $ — $ 3,150,625 $ (3,118,499 ) $ (32,111 ) $ 15 December 31, 2014: Derivative liabilities $ 35,898 $ — $ 35,898 $ (2,494 ) $ (32,994 ) $ 410 Repurchase agreements 3,013,110 — 3,013,110 (3,013,110 ) — — $ 3,049,008 $ — $ 3,049,008 $ (3,015,604 ) $ (32,994 ) $ 410

Fair Value of Financial Instr27

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	The following table presents the fair value of the Company’s assets and liabilities presented on its consolidated balance sheets, segregated by the hierarchy level of the fair value estimate, that are measured at fair value on a recurring basis as of the dates indicated: December 31, 2015 Fair Value Level 1 - Unadjusted Quoted Prices in Active Markets Level 2 - Observable Inputs Level 3 - Unobservable Inputs Assets: Mortgage-backed securities $ 3,493,701 $ — $ 3,477,266 $ 16,435 Derivative assets 7,835 — 7,835 — Total assets carried at fair value $ 3,501,536 $ — $ 3,485,101 $ 16,435 Liabilities: Derivative liabilities $ 41,205 $ 29,097 $ 12,108 $ — Total liabilities carried at fair value $ 41,205 $ 29,097 $ 12,108 $ — December 31, 2014 Fair Value Level 1 - Unadjusted Quoted Prices in Active Markets Level 2 - Observable Inputs Level 3 - Unobservable Inputs Assets: Mortgage-backed securities $ 3,516,239 $ — $ 3,472,282 $ 43,957 Derivative assets 5,727 — 5,727 — Total assets carried at fair value $ 3,521,966 $ — $ 3,478,009 $ 43,957 Liabilities: Derivative liabilities $ 35,898 $ 32,896 $ 3,002 $ — Total liabilities carried at fair value $ 35,898 $ 32,896 $ 3,002 $ —
Fair Value Inputs, Assets, Quantitative Information [Table Text Block]	The table below presents information about the significant unobservable inputs used in the fair value measurement for the Company's Level 3 non-Agency CMBS and RMBS as of December 31, 2015 : Quantitative Information about Level 3 Fair Value Measurements (1) Prepayment Speed Default Rate Severity Discount Rate Non-Agency CMBS 20 CPY 2.0 % 35.0 % 10.1 % Non-Agency RMBS 10 CPR 1.0 % 20.0 % 6.5 % (1) Data presented are weighted averages.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The activity of the instruments measured at fair value on a recurring basis using Level 3 inputs is presented in the following table for the period indicated: Level 3 Fair Value Non-Agency CMBS Non-Agency RMBS Total assets Balance as of December 31, 2014 $ 42,033 $ 1,924 $ 43,957 Unrealized gain (loss) included in OCI 2,628 (20 ) 2,608 Principal payments (30,230 ) (372 ) (30,602 ) Accretion 472 — 472 Balance as of December 31, 2015 $ 14,903 $ 1,532 $ 16,435
Recorded basis and fair value [Table Text Block]	The following table presents a summary of the recorded basis and estimated fair values of the Company’s financial instruments as of the dates indicated: December 31, 2015 December 31, 2014 Recorded Basis Fair Value Recorded Basis Fair Value Assets: Mortgage-backed securities $ 3,493,701 $ 3,493,701 $ 3,516,239 $ 3,516,239 Mortgage loans held for investment, net (1) 24,145 20,849 39,700 35,024 Investment in FHLB Stock 11,475 11,475 — — Derivative assets 7,835 7,835 5,727 5,727 Liabilities: Repurchase agreements (2) $ 2,589,420 $ 2,589,420 $ 3,013,110 $ 3,013,110 FHLB advances (2) 520,000 520,000 — — Non-recourse collateralized financing (1) 8,442 8,102 10,786 10,366 Derivative liabilities 41,205 41,205 35,898 35,898

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Preferred Stock [Text Block]	The Company has 2,300,000 shares of its 8.50% Series A Preferred Stock and 2,250,000 shares of its 7.625% Series B Preferred Stock issued and outstanding as of December 31, 2015 (collectively, the "Preferred Stock"). The Preferred Stock has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased or converted into common stock pursuant to the terms of the Preferred Stock. Except under certain limited circumstances intended to preserve the Company's REIT status, upon the occurrence of a change in control as defined in Article IIIA, Section 7(d) of the Company’s Articles of Incorporation, or to avoid the direct or indirect imposition of a penalty tax in respect of, or to protect the tax status of, any of the Company’s real estate mortgage investment conduits (“REMIC”) interests or a REMIC in which the Company may acquire an interest (as permitted by the Company’s Articles of Incorporation), the Company may not redeem the Series A Preferred Stock prior to July 31, 2017 or the Series B Preferred Stock prior to April 30, 2018. On or after these dates, at any time and from time to time, the Preferred Stock may be redeemed in whole, or in part, at the Company's option at a cash redemption price of $25.00 per share plus any accumulated and unpaid dividends. The Series A Preferred Stock pays a cumulative cash dividend equivalent to 8.50% of the $25.00 liquidation preference per share each year and the Series B Preferred Stock pays a cumulative cash dividend equivalent to 7.625% of the $25.00 liquidation preference per share each year. Because the Preferred Stock is redeemable only at the option of the issuer, it is classified as equity on the Company's consolidated balance sheet. The Company announced that it will pay its regular quarterly dividends on its Preferred Stock for the fourth quarter on January 15, 2016 to shareholders of record as of January 1, 2016.
Schedule of Common Stock Outstanding Roll Forward [Table Text Block]	The following table presents a summary of the changes in the number of common shares outstanding for the periods presented: Year Ended December 31, 2015 2014 Balance as of beginning of period 54,739,111 54,310,484 Common stock issued under DRIP 22,607 16,753 Common stock issued under stock and incentive plans 263,829 471,210 Common stock forfeited for tax withholding on share-based compensation (67,296 ) (59,336 ) Common stock repurchased during the period (5,910,916 ) — Balance as of end of period 49,047,335 54,739,111
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	The following table presents a rollforward of the restricted stock activity for the periods indicated: Year Ended December 31, 2015 2014 Restricted stock outstanding as of beginning of period 731,809 520,987 Restricted stock granted 263,829 457,538 Restricted stock vested (299,041 ) (246,716 ) Restricted stock outstanding as of end of period 696,597 731,809

Mortgage Backed Securities Mo29

Mortgage Backed Securities Mortgage backed securities designated as AFS (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale MBS, Par Balance		$ 2,635,705		$ 2,621,540
Available-for-sale MBS, Unamortized Premium (Discount)		870,102		868,984
Available-for-sale MBS, Amortized Cost		3,505,807		3,490,524
Available-for-sale MBS, Gross Unrealized Gain		29,927		48,868
Available-for-sale MBS, Gross Unrealized Loss		(42,033)		(23,153)
Available-for-sale MBS, Fair Value		3,493,701		3,516,239
Available-for-sale MBS, Sale Proceeds		449,921		503,918	$ 357,892
Available-for-sale MBS, Gross Realized Gains		3,552		22,492	8,670
Available-for-sale MBS, Gross Realized Losses		(4,530)		(6,269)	(5,316)
Available-for-sale MBS, Gross Realized Gain (Loss)		(978)		16,223	$ 3,354
RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale MBS, Par Balance		1,602,736		2,109,239
Available-for-sale MBS, Unamortized Premium (Discount)		77,572		113,618
Available-for-sale MBS, Amortized Cost		1,680,308		2,222,857
Available-for-sale MBS, Gross Unrealized Gain		4,432		8,580
Available-for-sale MBS, Gross Unrealized Loss		(21,008)		(22,289)
Available-for-sale MBS, Fair Value		1,663,732		2,209,148
CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale MBS, Par Balance		1,032,969		512,301
Available-for-sale MBS, Unamortized Premium (Discount)		5,119		9,522
Available-for-sale MBS, Amortized Cost		1,038,088		521,823
Available-for-sale MBS, Gross Unrealized Gain		17,581		21,967
Available-for-sale MBS, Gross Unrealized Loss		(15,555)		(555)
Available-for-sale MBS, Fair Value		1,040,114		543,235
CMBS IO [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale MBS, Par Balance		0		0
Available-for-sale MBS, Unamortized Premium (Discount)		787,411		745,844
Available-for-sale MBS, Amortized Cost		787,411		745,844
Available-for-sale MBS, Gross Unrealized Gain		7,914		18,321
Available-for-sale MBS, Gross Unrealized Loss		(5,470)		(309)
Available-for-sale MBS, Fair Value		789,855		763,856
Agency MBS [Member] | RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale MBS, Par Balance		1,536,733		2,086,807
Available-for-sale MBS, Unamortized Premium (Discount)		77,617		113,635
Available-for-sale MBS, Amortized Cost		1,614,350		2,200,442
Available-for-sale MBS, Gross Unrealized Gain		4,362		8,473
Available-for-sale MBS, Gross Unrealized Loss		(20,190)		(22,215)
Available-for-sale MBS, Fair Value		$ 1,598,522		$ 2,186,700
Available-for-sale MBS, Weighted Average Coupon		3.03%	[1]	3.09%
Agency MBS [Member] | CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale MBS, Par Balance		$ 876,751		$ 301,943
Available-for-sale MBS, Unamortized Premium (Discount)		13,252		18,042
Available-for-sale MBS, Amortized Cost		890,003		319,985
Available-for-sale MBS, Gross Unrealized Gain		10,542		15,288
Available-for-sale MBS, Gross Unrealized Loss		(14,614)		(76)
Available-for-sale MBS, Fair Value		$ 885,931		$ 335,197
Available-for-sale MBS, Weighted Average Coupon		3.45%	[1]	5.21%
Agency MBS [Member] | CMBS IO [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale MBS, Par Balance		$ 0	[2]	$ 0
Available-for-sale MBS, Unamortized Premium (Discount)		421,857		426,564
Available-for-sale MBS, Amortized Cost		421,857		426,564
Available-for-sale MBS, Gross Unrealized Gain		5,922		12,252
Available-for-sale MBS, Gross Unrealized Loss		(1,651)		(79)
Available-for-sale MBS, Fair Value		$ 426,128		$ 438,737
Available-for-sale MBS, Weighted Average Coupon		0.80%	[1]	0.80%
Notional balance for interest only securities		$ 12,180,291		$ 10,460,113
Non-Agency MBS [Member] | RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale MBS, Par Balance		66,003		22,432
Available-for-sale MBS, Unamortized Premium (Discount)		(45)		(17)
Available-for-sale MBS, Amortized Cost		65,958		22,415
Available-for-sale MBS, Gross Unrealized Gain		70		107
Available-for-sale MBS, Gross Unrealized Loss		(818)		(74)
Available-for-sale MBS, Fair Value		$ 65,210		$ 22,448
Available-for-sale MBS, Weighted Average Coupon		3.25%	[1]	3.83%
Non-Agency MBS [Member] | CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale MBS, Par Balance		$ 156,218		$ 210,358
Available-for-sale MBS, Unamortized Premium (Discount)		(8,133)		(8,520)
Available-for-sale MBS, Amortized Cost		148,085		201,838
Available-for-sale MBS, Gross Unrealized Gain		7,039		6,679
Available-for-sale MBS, Gross Unrealized Loss		(941)		(479)
Available-for-sale MBS, Fair Value		$ 154,183		$ 208,038
Available-for-sale MBS, Weighted Average Coupon		4.29%	[1]	4.33%
Non-Agency MBS [Member] | CMBS IO [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale MBS, Par Balance	[2]	$ 0
Available-for-sale MBS, Unamortized Premium (Discount)		365,554		$ 319,280
Available-for-sale MBS, Amortized Cost		365,554		319,280
Available-for-sale MBS, Gross Unrealized Gain		1,992		6,069
Available-for-sale MBS, Gross Unrealized Loss		(3,819)		(230)
Available-for-sale MBS, Fair Value		$ 363,727		$ 325,119
Available-for-sale MBS, Weighted Average Coupon		0.71%	[1]	0.72%
Notional balance for interest only securities		$ 10,328,628		$ 7,868,896
Agency MBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale MBS, Continuous Unrealized Loss Position for less than 12 months, Fair Value		1,332,849		322,741
Available-for-sale MBS, Continuous Unrealized Loss Position for less than 12 months, Accumulated Loss		$ (19,062)		$ (879)
Available-for-sale MBS, Number of Securities in Continuous Unrealized Loss Position for less than 12 months		109		24
Available-for-sale MBS, Continuous Unrealized Loss Position for 12 months or longer, Fair Value		$ 775,484		$ 1,321,323
Available-for-sale MBS, Continuous Unrealized Loss Position for 12 months or longer, Accumulated Loss		$ (17,393)		$ (21,491)
Available-for-sale MBS, Number of Securities in Continuous Unrealized Loss Position for 12 months or longer		72		113
Non-Agency MBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale MBS, Continuous Unrealized Loss Position for less than 12 months, Fair Value		$ 351,650		$ 111,778
Available-for-sale MBS, Continuous Unrealized Loss Position for less than 12 months, Accumulated Loss		$ (5,347)		$ (625)
Available-for-sale MBS, Number of Securities in Continuous Unrealized Loss Position for less than 12 months		72		24
Available-for-sale MBS, Continuous Unrealized Loss Position for 12 months or longer, Fair Value		$ 8,306		$ 18,037
Available-for-sale MBS, Continuous Unrealized Loss Position for 12 months or longer, Accumulated Loss		$ (231)		$ (159)
Available-for-sale MBS, Number of Securities in Continuous Unrealized Loss Position for 12 months or longer		7		5
[1]	The current weighted average coupon ("WAC") is the gross interest rate of the pool of mortgages underlying the security weighted by the outstanding principal balance (or by notional balance in the case of an IO security).
[2]	The notional balance for Agency CMBS IO and non-Agency CMBS IO was $12,180,291 and $10,328,628, respectively, as of December 31, 2015.

Mortgage Loans Held for Inves30

Mortgage Loans Held for Investment, Net and Related Non-Recourse Collateralized Financing (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Mortgage Loans Held for Investment, Net and Related Non-Recourse Collateralized Financing [Abstract]
Single-family mortgage loans held for investment, amortized cost	$ 24,189	$ 30,214
Commercial mortgage loans held for investment, amortized cost	148	9,736
Allowance for loan losses	(192)	(250)
Total mortgage loans held for investment, net	24,145	39,700
Delinquent amount of single-family securitized mortgage loans	1	2,221
Provision for Loan and Lease Losses	200	0	$ 300
Principal balance pledged as collateral for non-recourse debt	9,220	11,902
Non-Recourse Debt	$ 8,573	$ 10,967

Repurchase Agreements (Details)

Repurchase Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Accounted for as Secured Borrowings	$ 2,589,420	$ 3,013,110
Repurchage agreement, Weighted Average Interest Rate	0.75%	0.55%
Fair Value of Collateral Pledged	$ 2,825,641	$ 3,274,597
Weighted average maturity remaining	22 days	88 days
Securitization financing bond [Member]
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Accounted for as Secured Borrowings	$ 7,035	$ 9,834
Repurchage agreement, Weighted Average Interest Rate	1.65%	1.51%
Fair Value of Collateral Pledged	$ 8,054	$ 11,000
RMBS [Member] | Agency MBS [Member]
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Accounted for as Secured Borrowings	$ 1,439,436	$ 1,977,338
Repurchage agreement, Weighted Average Interest Rate	0.47%	0.39%
Fair Value of Collateral Pledged	$ 1,483,152	$ 2,064,704
RMBS [Member] | Non-Agency MBS [Member]
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Accounted for as Secured Borrowings	$ 52,128	$ 17,594
Repurchage agreement, Weighted Average Interest Rate	1.77%	1.57%
Fair Value of Collateral Pledged	$ 64,286	$ 21,787
CMBS [Member] | Agency MBS [Member]
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Accounted for as Secured Borrowings	$ 301,427	$ 253,857
Repurchage agreement, Weighted Average Interest Rate	0.49%	0.36%
Fair Value of Collateral Pledged	$ 345,728	$ 291,103
CMBS [Member] | Non-Agency MBS [Member]
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Accounted for as Secured Borrowings	$ 126,378	$ 114,895
Repurchage agreement, Weighted Average Interest Rate	1.26%	1.15%
Fair Value of Collateral Pledged	$ 143,785	$ 140,216
CMBS IO [Member] | Agency MBS [Member]
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Accounted for as Secured Borrowings	$ 360,245	$ 372,609
Repurchage agreement, Weighted Average Interest Rate	1.24%	0.92%
Fair Value of Collateral Pledged	$ 421,285	$ 430,638
CMBS IO [Member] | Non-Agency MBS [Member]
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repurchase Agreements Accounted for as Secured Borrowings	$ 302,771	$ 266,983
Repurchage agreement, Weighted Average Interest Rate	1.33%	1.04%
Fair Value of Collateral Pledged	$ 359,351	$ 315,149

Repurchase Agreements Repurch32

Repurchase Agreements Repurchase Agreements, Term to Original Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount	$ 2,589,420	$ 3,013,110
Less than 30 days [Member]
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount	551,643	250,635
30 to 90 days [Member]
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount	782,393	617,399
91 to 180 days [Member]
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount	1,255,384	904,830
181 to 364 days [Member]
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount	0	1,030,569
1 year or longer [Member]
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount	$ 0	$ 209,677

Repurchase Agreements Repurch33

Repurchase Agreements Repurchase Agreements, Counterparty Information (Details) $ in Thousands	Dec. 31, 2015USD ($)Agreements
Counterparty Information [Line Items]
Repurchase Agreement Counterparty, Amount at Risk	$ 56,193
Borrowings outstanding with counterparty	$ 297,916
WAVG interest rate for amount outstanding with named counterparty	1.30%
Line of Credit Facility, Amount Outstanding	$ 283,655
Line of Credit Facility, Maximum Borrowing Capacity	$ 300,000
Line of Credit Facility, Interest Rate at Period End	1.30%
Number of Counterparties with Borrowings Outstanding | Agreements	17
Available Repurchase Agreement Counterparties | Agreements	32

FHLB Advances (Details)

FHLB Advances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest Expense, Federal Home Loan Bank and Federal Reserve Bank Advances, Short-term	$ 541
Investment in FHLB stock	11,475	$ 0
Federal Home Loan Bank of Indianapolis [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	541,771
FHLB advances	520,000
Investment in FHLB stock	$ 11,475
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate	0.40%
RMBS [Member] | Federal Home Loan Bank of Indianapolis [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
FHLB advances	$ 17,000
CMBS [Member] | Federal Home Loan Bank of Indianapolis [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
FHLB advances	503,000
30 to 90 days [Member] | Federal Home Loan Bank of Indianapolis [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
FHLB advances	$ 257,000
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate	0.28%
30 to 90 days [Member] | RMBS [Member] | Federal Home Loan Bank of Indianapolis [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
FHLB advances	$ 17,000
30 to 90 days [Member] | CMBS [Member] | Federal Home Loan Bank of Indianapolis [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
FHLB advances	240,000
Maturity Greater than 90 Days [Member] | Federal Home Loan Bank of Indianapolis [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
FHLB advances	$ 263,000
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate	0.51%
Maturity Greater than 90 Days [Member] | RMBS [Member] | Federal Home Loan Bank of Indianapolis [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
FHLB advances	$ 0
Maturity Greater than 90 Days [Member] | CMBS [Member] | Federal Home Loan Bank of Indianapolis [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
FHLB advances	$ 263,000

Derivatives (Details)

Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended										12 Months Ended
	Dec. 31, 2015		Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Derivative [Line Items]
Derivative assets, fair value						$ 5,727							$ 5,727
Derivative assets, aggregate notional amount	$ 460,000					440,000					$ 460,000		440,000
Derivative liabilities, fair value	(41,205)					(35,898)					(41,205)		(35,898)
Derivative liabilities, aggregate notional amount	9,220,000					17,085,000					9,220,000		17,085,000
Derivative assets	7,835					5,727					7,835		5,727
Beginning of period notional amount					$ 17,525,000						17,525,000
Notional Amount of Derivative Instruments Added											3,285,000
Notional Amount of Derivative Instruments Terminated											(11,130,000)
End of period notional amount	9,680,000					17,525,000					9,680,000		17,525,000
Loss on derivative instruments, net	17,854		$ (52,749)	$ 17,090	(25,323)	(21,739)		$ 4,842	$ (23,074)	$ (13,422)	(43,128)		(53,393)		$ (10,076)
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative assets, fair value	7,835					5,727					7,835		5,727
Derivative assets, aggregate notional amount	460,000					440,000					460,000		440,000
Derivative liabilities, fair value	(12,108)					(3,002)					(12,108)		(3,002)
Derivative liabilities, aggregate notional amount	2,920,000					485,000					2,920,000		485,000
Eurodollar Future [Member]
Derivative [Line Items]
Derivative assets, fair value	0					0					0		0
Derivative assets, aggregate notional amount	0	[1]				0	[2]				0	[1]	0	[2]
Derivative liabilities, fair value	(29,097)					(32,896)					(29,097)		(32,896)
Derivative liabilities, aggregate notional amount	6,300,000	[1]				16,600,000	[2]				6,300,000	[1]	16,600,000	[2]
Beginning of period notional amount					16,600,000						16,600,000
Notional Amount of Derivative Instruments Added											0
Notional Amount of Derivative Instruments Terminated											(10,300,000)
End of period notional amount	6,300,000					16,600,000					6,300,000		16,600,000
Loss on derivative instruments, net											(20,963)		(27,551)		(19,391)
Receive-fixed interest rate swap [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Beginning of period notional amount					275,000						275,000
Notional Amount of Derivative Instruments Added											150,000
Notional Amount of Derivative Instruments Terminated											0
End of period notional amount	425,000					275,000					425,000		275,000
Loss on derivative instruments, net											6,522		4,912		0
Receive-fixed interest rate swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreements, Maturities in Next 13-24 Months [Member]
Derivative [Line Items]
End of period notional amount	$ 0										$ 0
Weighted-average Fixed Pay Rate	0.00%										0.00%
Weighted-average Fixed Receive Rate	0.00%										0.00%
Receive-fixed interest rate swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreements, Maturities in Next 37-48 Months [Member]
Derivative [Line Items]
End of period notional amount	$ 250,000										$ 250,000
Weighted-average Fixed Pay Rate	1.91%										1.91%
Weighted-average Fixed Receive Rate	1.91%										1.91%
Receive-fixed interest rate swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreements, Maturities in Next 49-60 Months [Member]
Derivative [Line Items]
End of period notional amount	$ 50,000										$ 50,000
Weighted-average Fixed Pay Rate	1.75%										1.75%
Weighted-average Fixed Receive Rate	1.75%										1.75%
Receive-fixed interest rate swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreements, Maturities in Next 61-72 Months [Member]
Derivative [Line Items]
End of period notional amount	$ 100,000										$ 100,000
Weighted-average Fixed Pay Rate	1.69%										1.69%
Weighted-average Fixed Receive Rate	1.69%										1.69%
Receive-fixed interest rate swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreements, Maturities in Next 73-84 Months [Member]
Derivative [Line Items]
End of period notional amount	$ 0										$ 0
Weighted-average Fixed Pay Rate	0.00%										0.00%
Weighted-average Fixed Receive Rate	0.00%										0.00%
Receive-fixed interest rate swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreements, Maturities in Next 85-96 Months [Member]
Derivative [Line Items]
End of period notional amount	$ 0										$ 0
Weighted-average Fixed Pay Rate	0.00%										0.00%
Weighted-average Fixed Receive Rate	0.00%										0.00%
Receive-fixed interest rate swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreements, Maturities in Next 97-108 Months [Member]
Derivative [Line Items]
End of period notional amount	$ 25,000										$ 25,000
Weighted-average Fixed Pay Rate	2.71%										2.71%
Weighted-average Fixed Receive Rate	2.71%										2.71%
Receive-fixed interest rate swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreements, Maturities in Next 109-120 Months [Member]
Derivative [Line Items]
End of period notional amount	$ 0										$ 0
Weighted-average Fixed Pay Rate	0.00%										0.00%
Weighted-average Fixed Receive Rate	0.00%										0.00%
Pay-fixed interest rate swap [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Beginning of period notional amount					$ 650,000						$ 650,000
Notional Amount of Derivative Instruments Added											3,135,000
Notional Amount of Derivative Instruments Terminated											(830,000)
End of period notional amount	$ 2,955,000					$ 650,000					2,955,000		650,000
Loss on derivative instruments, net											(28,687)		$ (30,754)		$ 9,315
Pay-fixed interest rate swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreements, Maturities in Next 13-24 Months [Member]
Derivative [Line Items]
End of period notional amount	$ 1,435,000										$ 1,435,000
Weighted-average Fixed Pay Rate	1.18%										1.18%
Weighted-average Fixed Receive Rate	1.18%										1.18%
Pay-fixed interest rate swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreements, Maturities in Next 37-48 Months [Member]
Derivative [Line Items]
End of period notional amount	$ 160,000										$ 160,000
Weighted-average Fixed Pay Rate	1.37%										1.37%
Weighted-average Fixed Receive Rate	1.37%										1.37%
Pay-fixed interest rate swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreements, Maturities in Next 49-60 Months [Member]
Derivative [Line Items]
End of period notional amount	$ 685,000										$ 685,000
Weighted-average Fixed Pay Rate	1.71%										1.71%
Weighted-average Fixed Receive Rate	1.71%										1.71%
Pay-fixed interest rate swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreements, Maturities in Next 73-84 Months [Member]
Derivative [Line Items]
End of period notional amount	$ 75,000										$ 75,000
Weighted-average Fixed Pay Rate	1.77%										1.77%
Weighted-average Fixed Receive Rate	1.77%										1.77%
Pay-fixed interest rate swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreements, Maturities in Next 85-96 Months [Member]
Derivative [Line Items]
End of period notional amount	$ 125,000										$ 125,000
Weighted-average Fixed Pay Rate	1.98%										1.98%
Weighted-average Fixed Receive Rate	1.98%										1.98%
Pay-fixed interest rate swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreements, Maturities in Next 97-108 Months [Member]
Derivative [Line Items]
End of period notional amount	$ 0										$ 0
Weighted-average Fixed Pay Rate	0.00%										0.00%
Weighted-average Fixed Receive Rate	0.00%										0.00%
Pay-fixed interest rate swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap Agreements, Maturities in Next 109-120 Months [Member]
Derivative [Line Items]
End of period notional amount	$ 475,000										$ 475,000
Weighted-average Fixed Pay Rate	2.86%										2.86%
Weighted-average Fixed Receive Rate	2.86%										2.86%
[1]	The Eurodollar futures aggregate notional amount represents the total notional of the 3-month contracts with expiration dates from 2017 to 2020. The maximum notional outstanding for any future 3-month period did not exceed $725,000 as of December 31, 2015
[2]	The Eurodollar futures aggregate notional amount represents the total notional of the 3-month contracts with expiration dates from 2015 to 2020. The maximum notional outstanding for any future 3-month period did not exceed $1,300,000 as of December 31, 2014.

Derivatives Derivative Effect o

Derivatives Derivative Effect on Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax		$ 921
Scenario, Forecast [Member]
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 251

Offsetting Assets and Liabili37

Offsetting Assets and Liabilities Offsetting Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Offsetting Assets [Line Items]
Derivative assets, fair value, gross asset		$ 7,835	$ 5,727
Derivative assets, fair value, gross liability		0	0
Derivative assets, fair value, amount not offset against collateral		7,835	5,727
Derivative assets, Collateral, Obligation to Return Securities	[1]	(7,835)	(1,073)
Derivative assets, Collateral, Obligation to Return Cash	[1]	0	(4,521)
Derivative assets, fair value, amount offset against collateral		$ 0	$ 133
[1]	Amount disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the asset or liability presented in the balance sheet. The fair value of the actual collateral received by or posted to the same counterparty may exceed the amounts presented.

Offsetting Assets and Liabili38

Offsetting Assets and Liabilities Offsettting Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Offsetting Liabilities [Line Items]
Derivative liabilities, fair value, gross liability		$ 41,205	$ 35,898
Derivative liabilities, fair value, gross amount offset in balance sheet		0	0
Derivative liabilities, fair value, amount not offset against collateral		41,205	35,898
Derivative, Collateral, Right to Reclaim Securities	[1]	(9,079)	(2,494)
Derivative, Collateral, Right to Reclaim Cash	[1]	(32,111)	(32,994)
Derivative liabilities, fair value, amount offset against collateral		15	410
Repurchase agreements, amount not offset against collateral		2,589,420	3,013,110
Total gross liabilities		3,150,625	3,049,008
Total gross liabilities, gross amount offset in balance sheet		0	0
Total liabilities, amount not offset against collateral		3,150,625	3,049,008
Total liabilities, Collateral, Right to Reclaim Securities	[1]	(3,118,499)	(3,015,604)
Total liabilities, Collateral, Right to Reclaim Cash	[1]	(32,111)	(32,994)
Total liabilities, amount offset against collateral		15	410
Repurchase agreements [Member]
Offsetting Liabilities [Line Items]
Repurchase agreements, gross liability		2,589,420	3,013,110
Repurchase agreements, gross amount offset in balance sheet		0	0
Repurchase agreements, amount not offset against collateral		2,589,420	3,013,110
Repurchase agreements, Collateral, Right to Reclaim Securities	[1]	(2,589,420)	(3,013,110)
Repurchase agreements, Collateral, Right to Reclaim Cash	[1]	0	0
Repurchase agreements, amount offset against collateral		0	$ 0
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member]
Offsetting Liabilities [Line Items]
Repurchase agreements, gross liability		520,000
Repurchase agreements, gross amount offset in balance sheet		0
Repurchase agreements, amount not offset against collateral		520,000
Repurchase agreements, Collateral, Right to Reclaim Securities	[1]	(520,000)
Repurchase agreements, Collateral, Right to Reclaim Cash	[1]	0
Repurchase agreements, amount offset against collateral		$ 0
[1]	Amount disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the asset or liability presented in the balance sheet. The fair value of the actual collateral received by or posted to the same counterparty may exceed the amounts presented.

Fair Value of Financial Instr39

Fair Value of Financial Instruments Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	$ 3,493,701	$ 3,516,239
Derivative assets	7,835	5,727
Derivative liabilities	41,205	35,898
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	3,493,701	3,516,239
Derivative assets	7,835	5,727
Total assets carried at fair value	3,501,536	3,521,966
Derivative liabilities	41,205	35,898
Total liabilities carried at fair value	41,205	35,898
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
Derivative assets	0	0
Total assets carried at fair value	0	0
Derivative liabilities	29,097	32,896
Total liabilities carried at fair value	29,097	32,896
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	3,477,266	3,472,282
Derivative assets	7,835	5,727
Total assets carried at fair value	3,485,101	3,478,009
Derivative liabilities	12,108	3,002
Total liabilities carried at fair value	12,108	3,002
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	16,435	43,957
Derivative assets	0	0
Total assets carried at fair value	16,435	43,957
Derivative liabilities	0	0
Total liabilities carried at fair value	$ 0	$ 0

Fair Value of Financial Instr40

Fair Value of Financial Instruments Significant Unobservable Inputs Level 3 (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member]	12 Months Ended
	Dec. 31, 2015	[1]
CMBS [Member]
Fair Value Inputs, Quantitative Information [Abstract]
Fair Value Inputs, Prepayment Rate	20.00%
Fair Value Inputs, Probability of Default	2.00%
Fair Value Inputs, Loss Severity	35.00%
Fair Value Inputs, Discount Rate	10.10%
RMBS [Member]
Fair Value Inputs, Quantitative Information [Abstract]
Fair Value Inputs, Prepayment Rate	10.00%
Fair Value Inputs, Probability of Default	1.00%
Fair Value Inputs, Loss Severity	20.00%
Fair Value Inputs, Discount Rate	6.50%
[1]	Data presented are weighted averages.

Fair Value of Financial Instr41

Fair Value of Financial Instruments Level 3 (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	$ 43,957
Unrealized (loss) gain included in OCI	2,608
Principal payments	(30,602)
Accretion	472
Balance at the end of the period	16,435
Non-Agency CMBS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	42,033
Unrealized (loss) gain included in OCI	2,628
Principal payments	(30,230)
Accretion	472
Balance at the end of the period	14,903
Non-Agency RMBS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	1,924
Unrealized (loss) gain included in OCI	(20)
Principal payments	(372)
Accretion	0
Balance at the end of the period	$ 1,532

Fair Value of Financial Instr42

Fair Value of Financial Instruments Recorded basis and Fair Value (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets		$ 7,835	$ 5,727
Derivative liabilities		41,205	35,898
Recorded Basis [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure		3,493,701	3,516,239
Cost Method Investments, Fair Value Disclosure		24,145	39,700
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure		11,475	0
Derivative assets		7,835	5,727
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure		2,589,420	3,013,110
Federal Home Loan Bank Borrowings, Fair Value Disclosure		520,000	0
Long-term Debt, Fair Value		8,442	10,786
Derivative liabilities		41,205	35,898
Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure		3,493,701	3,516,239
Cost Method Investments, Fair Value Disclosure	[1]	20,849	35,024
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure		11,475	0
Derivative assets		7,835	5,727
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure	[2]	2,589,420	3,013,110
Federal Home Loan Bank Borrowings, Fair Value Disclosure	[2]	520,000	0
Long-term Debt, Fair Value	[1]	8,102	10,366
Derivative liabilities		$ 41,205	$ 35,898
[1]	The Company determines the fair value of its mortgage loans held for investment, net and its non-recourse collateralized financing using internally developed cash flow models with inputs similar to those used to estimate the fair value of the Company's Level 3 non-Agency MBS.
[2]	The carrying value of repurchase agreements and FHLB advances generally approximates fair value due to their short term maturities

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference Per Share	$ 25								$ 25
Shareholders' Equity, Common Stock [Roll Forward]
Balance as of beginning of period				54,739,111				54,310,484	54,739,111	54,310,484
Common stock issued under DRIP									22,607	16,753
Common stock issued or redeemed under stock and incentive Plans									263,829	471,210
Common stock forfeited for tax withholding on share-based compensation									(67,296)	(59,336)
Stock Repurchased During Period, Shares									(5,910,916)	0
Balance as of end of period	49,047,335				54,739,111				49,047,335	54,739,111
Dividend reinvestment plan, shares authorized	3,000,000								3,000,000
Stock issued during period, remaining shares available, dividend reinvestment plan	2,427,538								2,427,538
Dividends declared per common share	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.25	$ 0.25	$ 0.25	$ 0.25
Stock Repurchase Program, Authorized Amount	$ 50,000,000								$ 50,000,000
Stock Repurchase Program Expiration Date									Dec. 31, 2016
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 8,829,000								$ 8,829,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage									8.50%
Preferred Stock, Shares Issued	2,300,000				2,300,000				2,300,000	2,300,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage									7.625%
Preferred Stock, Shares Issued	2,250,000				2,250,000				2,250,000	2,250,000
Common Stock [Member] | At the market progam [Member]
Shareholders' Equity, Common Stock [Roll Forward]
ATM program, authorized shares remaining	7,416,520								7,416,520

Shareholders' Equity Share-base

Shareholders' Equity Share-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based incentive plan, number of shares authorized for issuance	2,500,000
Share-based incentive plan, number of shares remaining for issuance	994,096
Total share-based compensation expense	$ 2,965	$ 2,719
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 7 months 27 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value	$ 2,167	$ 3,703
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options
Restricted stock outstanding as of beginning of the period	731,809	520,987	[1]
Restricted stock granted during the period	263,829	457,538
Restricted stock vested during the period	(299,041)	(246,716)
Restricted stock outstanding as of end of the period	696,597	731,809
Nonvested restricted stock, fair value remaining to be amortized	$ 3,497
[1]	(1) The beginning balance shown for the year ended December 31, 2014 has been adjusted from amount previously disclosed to correct computational errors relating to vesting terms on grants made in the first quarter of 2013.

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Abstract]
Estimated REIT taxable income	$ 52,964	$ 79,229	$ 71,765
Operating Loss Carryforwards	$ 89,775,000
Operating Loss Carryforwards, Limitations on Use	Because the Company incurred an "ownership change" under Section 382 of the Internal Revenue Code ("Section 382"), the Company's ability to utilize its NOL carryforward to offset its taxable income after any required dividend distributions is limited to approximately $13,451 per year with any unused amounts being accumulated and carried forward for use in subsequent years. As of December 31, 2015, the Company had $25,190 of NOL that is not subject to the existing Section 382 limitations available to offset any future taxable income.

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Related Party Transactions [Abstract]
Related Party Transaction, Rate	8.00%
Due from Officers or Stockholders	$ 9,630

Selected Quarterly Informatio47

Selected Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Selected Quarterly Information (Unaudited) [Abstract]
Interest income	$ 25,522	$ 26,096	$ 24,527	$ 24,099	$ 24,286	$ 26,000	$ 27,718	$ 27,640	$ 100,244	$ 105,644	$ 127,132
Interest Expense	5,833	5,859	5,542	5,371	5,652	6,058	6,572	7,633	22,605	25,915	39,028
Net interest income	19,689	20,237	18,985	18,728	18,634	19,942	21,146	20,007	77,639	79,729	88,104
(Loss) gain on derivative instruments, net	(17,854)	52,749	(17,090)	25,323	21,739	(4,842)	23,074	13,422	43,128	53,393	10,076
Gain (loss) on sale of investments, net	908	(113)	1,491	(1,308)	(10,950)	(9,057)	477	3,307	978	(16,223)	(3,354)
Fair value adjustments and other income (expense) amounts, net	174	(199)	632	72	(17)	939	225	107
Other General and Administrative Expense	(4,278)	(4,379)	(4,754)	(4,257)	(4,155)	(3,914)	(3,819)	(4,119)
Preferred stock dividends	(2,294)	(2,294)	(2,294)	(2,294)	(2,294)	(2,294)	(2,294)	(2,294)	(9,176)	(9,176)	(7,902)
Net income to common shareholders	30,237	(39,271)	28,168	(11,766)	1,379	28,572	(8,293)	(3,028)	7,368	18,630	60,167
Other comprehensive income (loss)	(44,877)	27,418	(39,679)	23,054	4,855	(14,482)	35,199	29,560	(34,084)	55,132	(86,327)
Comprehensive (loss) income to common shareholders	$ (14,640)	$ (11,853)	$ (11,511)	$ 11,288	$ 6,234	$ 14,090	$ 26,906	$ 26,532	$ (26,716)	$ 73,762	$ (26,160)
Net (loss) income per common share	$ 0.61	$ (0.74)	$ 0.52	$ (0.21)	$ 0.03	$ 0.52	$ (0.15)	$ (0.06)	$ 0.14	$ 0.34	$ 1.10
Dividends declared per common share	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.25	$ 0.25	$ 0.25	$ 0.25

Subsequent Events FHLB Membersh

Subsequent Events FHLB Membership Termination (Details)	2 Months Ended
	Mar. 08, 2016
Subsequent Event [Member]
Subsequent Event [Line Items]
FHLB Membership Termination	As a result of a final rule issued by the FHFA in January 2016 regarding the exclusion of captive insurance entities from membership in the FHLB, the Company's wholly owned subsidiary, Mackinaw, must terminate its membership in the FHLB of Indianapolis by February 19, 2017 and will no longer be permitted new advances or renewals of existing advances. FHLB advances outstanding on the Company's consolidated balance sheet as of December 31, 2015 will be repaid at or before their respective maturities. Each FHLB advance matures before the end of 2016.