Dynex Capital (DX) 10-Q 3 May 19 2019 Q1 Quarterly report Financial data

Entity Information

Entity Information - $ / shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019	Dec. 31, 2018
Entity Information [Line Items]
Entity Registrant Name	DYNEX CAPITAL INC
Entity Central Index Key	0000826675
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Common Stock, Shares Outstanding		73,763,826
Entity Emerging Growth Company	false
Common stock, par value	$ 0.01		$ 0.01

Document and Entity Information

Document and Entity Information Document Information	3 Months Ended
	Mar. 31, 2019
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Mortgage-backed securities (including pledged of $3,511,604 and $2,640,884 respectively)	$ 4,842,447	$ 3,749,464
Mortgage loans held for investment, net	10,862	11,527
Cash and cash equivalents	55,902	34,598
Restricted cash	86,761	54,106
Derivative assets	6,030	6,563
Accrued interest receivable	26,075	21,019
Other assets, net	7,056	8,812
Total assets	5,035,133	3,886,089
Liabilities:
Repurchase agreements	4,252,893	3,267,984
Payable for unsettled securities	151,075	58,915
Non-recourse collateralized financing	3,219	3,458
Derivative liabilities	0	1,218
Accrued interest payable	12,939	10,308
Accrued dividends payable	6,927	13,810
Other liabilities	3,406	3,243
Total liabilities	4,430,459	3,358,936
Shareholders’ Equity:
Preferred stock, par value $.01 per share; 50,000,000 shares authorized; 5,954,594 and 5,888,680 shares issued and outstanding, respectively ($148,865 and $147,217 aggregate liquidation preference, respectively)	147,898	142,883
Common stock, par value $.01 per share, 200,000,000 shares authorized; 62,817,218 and 55,831,549 shares issued and outstanding, respectively	722	628
Additional paid-in capital	872,010	818,442
Accumulated other comprehensive loss	50,688	(35,779)
Accumulated deficit	(466,644)	(399,021)
Total shareholders’ equity	604,674	527,153
Total liabilities and shareholders’ equity	$ 5,035,133	$ 3,886,089

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Pledged MBS	$ 4,547,769	$ 3,511,604
Pledged U.S. Treasuries	$ 0	$ 0
Shareholders’ Equity:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	6,168,062	5,954,594
Preferred stock, shares outstanding	6,168,062	5,954,594
Preferred stock, aggregate liquidation preference	$ 154,202	$ 148,865
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	72,248,126	62,817,218
Common stock, shares outstanding	72,248,126	62,817,218

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest income	$ 39,957	$ 25,190
Interest expense	26,276	11,595
Net interest income	13,681	13,595
(Loss) gain on derivative instruments, net	61,697	(38,354)
Loss on sale of investments, net	0	(3,775)
Fair value adjustments, net	13	(29)
Other operating (expense) income, net	(231)	(253)
General and administrative expenses:
Compensation and benefits	(1,898)	(1,962)
Other general and administrative	(2,056)	(1,681)
Net income	(52,214)	44,307
Preferred stock dividends	3,059	2,940
Net (loss) income to common shareholders	(55,273)	41,367
Other comprehensive income:
Unrealized (loss) gain on available-for-sale investments, net	86,632	(49,189)
Reclassification adjustment for loss on sale of investments, net	0	3,775
Reclassification adjustment for de-designated cash flow hedges	(165)	(48)
Total other comprehensive (loss) income	86,467	(45,462)
Comprehensive (loss) income to common shareholders	$ 31,194	$ (4,095)
Net (loss) income per common share-basic and diluted	$ (0.81)	$ 0.74
Weighted average common shares-basic and diluted	68,435	55,871

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Preferred Stock Including Additional Paid in Capital	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance, Preferred shares outstanding at Dec. 31, 2017		5,888,680
Balance, Common shares outstanding at Dec. 31, 2017			55,831,549
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Shares, New Issues		20,319	45,401
Stock Issued During Period, Shares, Restricted Stock Award, Gross			176,233
Shares Paid for Tax Withholding for Share Based Compensation			57,135
Balance, Preferred shares outstanding at Mar. 31, 2018		5,908,999
Balance, Common shares outstanding at Mar. 31, 2018			55,996,048
Balance at Dec. 31, 2017	$ 557,058		$ 558	$ 141,294	$ 775,873	$ (8,697)	$ (351,970)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance	788		1	494	293
Restricted stock granted, net of amortization	335		2		333
Adjustments for tax withholding on share-based compensation	(364)		(1)		(363)
Stock issuance costs	(19)			0	(19)
Net income (loss)	44,307						44,307
Dividends on preferred stock	(2,940)						(2,940)
Dividends on common stock	(10,079)						(10,079)
Other comprehensive income (loss)	(45,462)					(45,462)
Balance at Mar. 31, 2018	$ 543,624		$ 560	141,788	776,117	(54,159)	(320,682)
Balance, Preferred shares outstanding at Dec. 31, 2018	5,954,594	5,954,594
Balance, Common shares outstanding at Dec. 31, 2018	62,817,218		62,817,218
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Shares, New Issues		213,468	9,327,139
Stock Issued During Period, Shares, Restricted Stock Award, Gross			152,462
Shares Paid for Tax Withholding for Share Based Compensation			48,693
Balance, Preferred shares outstanding at Mar. 31, 2019	6,168,062	6,168,062
Balance, Common shares outstanding at Mar. 31, 2019	72,248,126		72,248,126
Balance at Dec. 31, 2018	$ 527,153		$ 628	142,883	818,442	(35,779)	(399,021)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance	58,887		93	5,015	53,779
Restricted stock granted, net of amortization	298		2		296
Adjustments for tax withholding on share-based compensation	(296)		(1)		(295)
Stock issuance costs	(212)			0	(212)
Net income (loss)	(52,214)						(52,214)
Dividends on preferred stock	(3,059)						(3,059)
Dividends on common stock	(12,350)						(12,350)
Other comprehensive income (loss)	86,467					86,467
Balance at Mar. 31, 2019	$ 604,674		$ 722	$ 147,898	$ 872,010	$ 50,688	$ (466,644)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities:
Net income	$ (52,214)	$ 44,307
Adjustments to reconcile net income to cash provided by operating activities:
(Increase) decrease in accrued interest receivable	(5,056)	(3,094)
Increase (decrease) in accrued interest payable	2,631	1,389
Loss (gain) on derivative instruments, net	61,697	(38,354)
Loss on sale of investments, net	0	(3,775)
Fair value adjustments, net	13	(29)
Amortization of investment premiums, net	31,083	35,769
Other amortization and depreciation, net	222	312
Stock-based compensation expense	298	335
Change in other assets and liabilities, net	1,625	(2,514)
Net cash and cash equivalents provided by operating activities	40,299	41,896
Investing activities:
Purchase of investments	(1,019,100)	(321,348)
Principal payments received on investments	73,817	51,972
Proceeds from sales of investments	0	154,613
Principal payments received on mortgage loans held for investment, net	646	649
Net receipts on derivatives, including terminations	(62,382)	36,271
Other investing activities	(102)	(67)
Net cash and cash equivalents (used in) provided by investing activities	(1,007,121)	(77,910)
Financing activities:
Borrowings under repurchase agreements	32,608,826	27,508,732
Repayments of repurchase agreement borrowings	(31,623,917)	(27,460,742)
Principal payments on non-recourse collateralized financing	(242)	(234)
Proceeds from issuance of preferred stock	5,015	494
Proceeds from issuance of common stock	53,872	294
Cash paid for stock issuance costs	(185)	0
Payments related to tax withholding for stock-based compensation	(296)	(364)
Dividends paid	(22,292)	(12,982)
Net cash and cash equivalents provided by (used in) financing activities	1,020,781	35,198
Net increase (decrease) in cash, cash equivalents, and restricted cash	53,959	(816)
Cash, cash equivalents, and restricted cash at beginning of period	88,704	87,200
Cash, cash equivalents, and restricted cash at end of period	142,663	86,384
Supplemental Disclosure of Cash Activity:
Cash paid for interest	$ 23,807	$ 10,251

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies (Notes)	3 Months Ended
	Mar. 31, 2019
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 debt securities, the majority of which are specified pools of Agency and non-Agency mortgage-backed securities (“MBS”) consisting of residential MBS (“RMBS”), commercial MBS (“CMBS”) and CMBS interest-only (“IO”) securities that are issued or guaranteed by U.S. Government sponsored agencies (“Agency MBS”) and MBS issued by others (“non-Agency MBS”). The Company also invests in other types of mortgage-related securities, such as to-be-announced securities (“TBAs” or “TBA securities”). Basis of Presentation The accompanying unaudited consolidated financial statements of Dynex Capital, Inc. and its subsidiaries (together, “Dynex” or, as appropriate, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10, Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all significant adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of the consolidated financial statements have been included. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for any other interim periods or for the entire year ending December 31, 2019. The unaudited consolidated financial statements included herein should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Form 10-K”) filed with the SEC. Consolidation and Variable Interest Entities 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. All intercompany accounts and transactions have been eliminated in consolidation. The Company consolidates a VIE if the Company is determined to be the VIE’s primary beneficiary, which is defined as the party that has both: (i) the power to control the activities that most significantly impact the VIE’s financial performance and (ii) the right to receive benefits or absorb losses that could potentially be significant to the VIE. The Company reconsiders its evaluation of whether to consolidate a VIE on an ongoing basis, based on changes in the facts and circumstances pertaining to the VIE. The Company consolidates a securitization trust, which has residential mortgage loans included in “mortgage loans held for investment, net” on its consolidated balance sheet, of which a portion is pledged as collateral for one remaining bond recorded as “non-recourse collateralized financing” on its consolidated balance sheet. The Company owns the subordinate class in the trust and has been deemed the primary beneficiary. Though the Company invests in Agency and non-Agency MBS which are generally considered to be interests in VIEs, the Company does not consolidate these entities because it does not meet the criteria necessary to be deemed a primary beneficiary. Please refer to Note 2 for financial information regarding the Company’s investments in these debt securities. 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, amortization of premiums and discounts, fair value measurements of its investments, and other-than-temporary impairments. 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 (Loss) Per Common Share The Company calculates basic net income per common share by dividing net income to common shareholders for the period by weighted-average shares of common stock outstanding for that period. The Company did not have any potentially dilutive securities outstanding during the three months ended March 31, 2019 or March 31, 2018 . 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 per common 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 represents one unrestricted 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 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. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Company's consolidated balance sheet as of March 31, 2019 that sum to the total of the same such amounts shown on the Company’s consolidated statement of cash flows for the three months ended March 31, 2019 : March 31, 2019 Cash and cash equivalents $ 55,902 Restricted cash 86,761 Total cash, cash equivalents, and restricted cash shown on consolidated statement of cash flows $ 142,663 Investments in Debt Securities The Company’s investments in debt securities are designated as available-for-sale (“AFS”) and are recorded at fair value on the Company’s consolidated balance sheet. Changes in unrealized gain (loss) on the Company’s debt securities are reported in other comprehensive income (“OCI”) until the investment is sold, matures, or is 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 fair value of the Company’s debt securities pledged as collateral against repurchase agreements and derivative instruments is disclosed parenthetically on the Company’s consolidated balance sheets. Interest Income, Premium Amortization, and Discount Accretion. Interest income on debt securities 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 or discounts associated with the purchase of Agency MBS as well as any non-Agency MBS rated ‘AA’ and higher are amortized or accreted into interest income over the expected life of such securities using the effective yield method, and adjustments to premium amortization and discount accretion are made for actual cash payments. The Company may also adjust premium amortization and discount accretion for 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 include assumptions about the amount and timing of loan prepayment rates, fluctuations in interest rates, credit losses, 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 does not estimate future prepayments on its fixed-rate Agency RMBS. 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 based on 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 5 for further discussion of MBS fair value measurements. Other-than-Temporary Impairment. An 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. Repurchase Agreements The Company’s repurchase agreements, which are used to finance its purchases of debt securities, 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. Derivative Instruments The Company’s derivative instruments generally include interest rate swaps, futures, and forward contracts for the purchase or sale of non-specified Agency RMBS, commonly referred to as “TBA securities” or “TBA contracts”. Derivative instruments are accounted for at the fair value of their unit of account. Derivative instruments in a gain position are reported as derivative assets and derivative instruments in a loss position are reported as derivative liabilities on the Company’s consolidated balance sheet. All periodic interest benefits/costs and changes in fair value of derivative instruments, including gains and losses realized upon termination, maturity, or settlement are recorded in “gain (loss) on derivative instruments, net” on the Company’s consolidated statement of comprehensive income. Cash receipts and payments related to derivative instruments are classified in the investing activities section of the consolidated statements of cash flows in accordance with the underlying nature or purpose of the derivative transactions. The Company’s interest rate swap agreements are privately negotiated in the over-the-counter (“OTC”) market and the majority of these agreements are centrally cleared through the Chicago Mercantile Exchange (“CME”) with the rest being subject to bilateral agreements between the Company and the swap counterparty. The Company’s CME cleared swaps require that the Company post initial margin as determined by the CME, and in addition, variation margin is exchanged, typically in cash, for changes in the fair value of the CME cleared swaps. The exchange of variation margin for CME cleared swaps is legally considered to be the settlement of the derivative itself as opposed to a pledge of collateral. Accordingly, the Company accounts for the daily exchange of variation margin associated with its CME cleared interest rate swaps as a direct increase or decrease to the carrying value of the related derivative asset or liability. The carrying value of derivative instruments on the Company’s consolidated balance sheets is the unsettled fair value of the instruments subject to bilateral agreements and not centrally cleared through the CME. A TBA security is a forward contract (“TBA contract”) for the purchase (“long position”) or sale (“short position”) of a non-specified Agency MBS at a predetermined price with certain principal and interest terms and certain types of collateral, but the particular Agency securities to be delivered are not identified until shortly before the settlement date. The Company accounts for long and short positions in TBAs as derivative instruments because the Company cannot assert that it is probable at inception and throughout the term of an individual TBA transaction that its settlement will result in physical delivery of the underlying Agency RMBS, or the individual TBA transaction will not settle in the shortest time period possible. Please refer to Note 4 for additional information regarding the Company’s derivative instruments as well as Note 5 for information on how the fair value of these instruments are calculated. Share-Based Compensation Pursuant to the Company’s 2018 Stock and Incentive Plan (“2018 Plan”), the Company may grant share-based compensation to eligible employees, non-employee directors or consultants or advisors to the Company, including restricted stock awards, stock options, stock appreciation rights, performance units, restricted stock units, and performance cash awards. The Company’s restricted stock currently issued and outstanding 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 a participant 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 issued to its employees, officers, and directors. 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. The Company recognizes a liability 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 June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments - Credit Losses, which replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For assets measured at amortized cost, the amendments in this ASU eliminate the probable initial recognition threshold in current GAAP and broaden the information that an entity must consider in developing its expected credit loss estimate to include the use of forecasted information. For assets classified as available-for-sale with changes in fair value recorded in other comprehensive income, measurement of credit losses will be similar to current GAAP. However, the amendments in this ASU require that credit losses be presented as an allowance rather than as a write-down, which is referred to in current GAAP as an other-than-temporary impairment. An entity will be able to record reversals of credit losses, if credit loss estimates decline, in net income for the current period. The amendments in this ASU will not permit an entity to use the length of time a debt security has been in an unrealized loss position to avoid recording a credit loss and removes the requirements to consider historical and implied volatility of the fair value of a security as well as recoveries or declines in fair value after the balance sheet date. The amendments in this ASU will affect an entity by varying degrees depending on a number of factors, including but not limited to, the credit quality of the assets held by the entity, their duration, and how the entity applies current GAAP. These amendments will become effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. An entity will apply the amendments in this ASU through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Though the Company has not fully completed evaluating the impact this ASU will have on its financial condition and results of operations, the Company does not expect it will have a material impact given that the majority of its investments are Agency MBS.

Investments in Debt Securities

Investments in Debt Securities Investment in Debt Securities (Notes)	3 Months Ended
	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Investments in Debt Securities	INVESTMENTS IN DEBT SECURITIES The majority of the Company’s debt securities are pledged as collateral for the Company’s repurchase agreements. The following tables present the Company’s debt securities by investment type (including securities pending settlement) as of the dates indicated: March 31, 2019 Par Net Premium (Discount) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value WAC (1) RMBS: Agency $ 2,683,276 $ 77,584 $ 2,760,860 $ 31,813 $ (11,403 ) $ 2,781,270 4.04 % Non-Agency 803 — 803 27 (21 ) 809 6.75 % 2,684,079 77,584 2,761,663 31,840 (11,424 ) 2,782,079 CMBS: Agency 1,507,835 10,775 1,518,610 30,766 (9,864 ) 1,539,512 3.23 % Non-Agency 2,910 (1,927 ) 983 677 — 1,660 6.27 % 1,510,745 8,848 1,519,593 31,443 (9,864 ) 1,541,172 CMBS IO (2) : Agency — 282,636 282,636 5,982 (154 ) 288,464 0.53 % Non-Agency — 227,868 227,868 3,249 (385 ) 230,732 0.56 % — 510,504 510,504 9,231 (539 ) 519,196 Total AFS securities: $ 4,194,824 $ 596,936 $ 4,791,760 $ 72,514 $ (21,827 ) $ 4,842,447 (1) The weighted average coupon (“WAC”) is the gross interest rate of 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 $13,146,249 and $10,158,055 respectively, as of March 31, 2019 . December 31, 2018 Par Net Premium (Discount) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value WAC (1) RMBS: Agency $ 2,118,639 $ 56,744 $ 2,175,383 $ 8,902 $ (26,264 ) $ 2,158,021 3.95 % Non-Agency 856 — 856 24 (22 ) 858 6.75 % 2,119,495 56,744 2,176,239 8,926 (26,286 ) 2,158,879 CMBS: Agency 1,071,906 8,518 1,080,424 6,141 (29,550 ) 1,057,015 3.22 % Non-Agency 3,040 (2,037 ) 1,003 413 — 1,416 6.47 % 1,074,946 6,481 1,081,427 6,554 (29,550 ) 1,058,431 CMBS IO (2) : Agency — 287,062 287,062 4,281 (239 ) 291,104 0.55 % Non-Agency — 240,681 240,681 1,675 (1,306 ) 241,050 0.57 % — 527,743 527,743 5,956 (1,545 ) 532,154 Total AFS securities: $ 3,194,441 $ 590,968 $ 3,785,409 $ 21,436 $ (57,381 ) $ 3,749,464 (1) The WAC is the gross interest rate of 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 $13,048,666 and $10,275,494 , respectively, as of December 31, 2018 . Actual maturities of MBS are affected by the contractual lives of the underlying mortgage collateral, periodic payments of principal, prepayments of principal, and the payment priority structure of the security; therefore, actual maturities are generally shorter than the securities' stated contractual maturities. The following table categorizes the Company’s debt securities according to their stated maturity as of the dates indicated: March 31, 2019 December 31, 2018 Amortized Cost Fair Value Amortized Cost Fair Value Less than 1 year $ 119,121 $ 121,882 $ 39,868 $ 39,808 > 1 and <5 years 151,888 154,615 151,041 152,917 > 5 and <10 years 911,278 910,315 828,543 806,015 > 10 years 3,609,473 3,655,635 2,765,957 2,750,724 $ 4,791,760 $ 4,842,447 $ 3,785,409 $ 3,749,464 The following table presents information regarding the sales that generated the “loss on sale of investments, net” on the Company’s consolidated statements of comprehensive income (loss) for the periods indicated: Three Months Ended March 31, 2019 2018 Proceeds Received Realized Gain (Loss) Proceeds Received Realized Gain (Loss) Agency CMBS — — $ 108,758 $ (2,052 ) U.S. Treasuries — — 46,498 (1,723 ) $ — $ — $ 155,256 $ (3,775 ) The following table presents certain information for the AFS securities in an unrealized loss position as of the dates indicated: March 31, 2019 December 31, 2018 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 $ 46,127 $ (174 ) 9 $ 581,440 $ (1,793 ) 28 Non-Agency MBS 25,130 (177 ) 7 70,876 (581 ) 22 Continuous unrealized loss position for 12 months or longer: Agency MBS $ 1,293,417 $ (21,248 ) 61 $ 1,543,892 $ (54,260 ) 88 Non-Agency MBS 21,512 (228 ) 13 46,154 (747 ) 19 Because the principal related to Agency MBS is guaranteed by the government-sponsored entities Fannie Mae and Freddie Mac which have AAA ratings due to the Treasury’s commitment of capital under the Senior Preferred Stock Purchase Agreement, 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 in accordance with GAAP. This assessment is based on the amount of the unrealized loss and significance of the related investment as well as the Company’s leverage and liquidity position. Based on this analysis, the Company has determined that the unrealized losses on its Agency MBS as of March 31, 2019 and December 31, 2018 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 the non-Agency MBS, the credit characteristics of the mortgage loans collateralizing these securities, and the estimated future cash flows including projected collateral losses. The Company also assesses its ability and intent to hold any non-Agency MBS with an unrealized loss until the recovery in its value in accordance with GAAP. The Company performed this evaluation for its 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 March 31, 2019 or December 31, 2018 .

Repurchase Agreements (Notes)

Repurchase Agreements (Notes)	3 Months Ended
	Mar. 31, 2019
Disclosure of Repurchase Agreements [Abstract]
Repurchase agreements	REPURCHASE AGREEMENTS The Company’s repurchase agreements outstanding as of March 31, 2019 and December 31, 2018 are summarized in the following tables: March 31, 2019 December 31, 2018 Collateral Type Balance Weighted Average Rate Fair Value of Collateral Pledged Balance Weighted Average Rate Fair Value of Collateral Pledged Agency RMBS $ 2,582,697 2.75 % $ 2,719,705 $ 1,887,878 2.66 % $ 1,998,922 Agency CMBS 1,220,326 2.68 % 1,304,731 919,833 2.51 % 986,861 Agency CMBS IO 253,168 3.05 % 282,927 253,258 2.96 % 285,247 Non-Agency CMBS IO 196,702 3.39 % 230,244 207,015 3.38 % 240,574 Total repurchase agreements $ 4,252,893 2.78 % $ 4,537,607 $ 3,267,984 2.69 % $ 3,511,604 The Company also had $151,075 and $58,915 payable to counterparties as of March 31, 2019 and December 31, 2018 , respectively, which consisted of securities pending settlement as of those respective dates. The following table provides information on the remaining term to maturity and original term to maturity for the Company’s repurchase agreements as of the dates indicated: March 31, 2019 December 31, 2018 Remaining Term to Maturity Balance WAVG Original Term to Maturity Balance WAVG Original Term to Maturity Less than 30 days $ 3,459,566 52 $ 2,319,911 56 30 to 90 days 793,327 82 948,073 89 Total $ 4,252,893 58 $ 3,267,984 66 The following table lists the counterparties with whom the Company had approximately 10% or more of its shareholders’ equity at risk (defined as the excess of collateral pledged over the borrowings outstanding) as of the date indicated: March 31, 2019 Counterparty Name Balance Weighted Average Rate Equity at Risk Wells Fargo Bank, N. A. and affiliates $ 357,111 3.56 % $ 43,381 Of the amount outstanding with Wells Fargo Bank, N.A. and affiliates, $212,631 is under a committed repurchase facility which has an aggregate maximum borrowing capacity of $400,000 and is scheduled to mature on May 12, 2019 , subject to early termination provisions contained in the master repurchase agreement. The facility is collateralized by CMBS IO, and its weighted average borrowing rate as of March 31, 2019 was 3.32% . As of March 31, 2019 , the Company had repurchase agreement amounts outstanding with 19 of its 36 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 and earnings, 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. The Company was in full compliance with all covenants as of March 31, 2019 . The Company's repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its repurchase agreements to these arrangements on a gross basis. The following tables present information regarding the Company's repurchase agreements as if the Company had presented them on a net basis as of March 31, 2019 and December 31, 2018 : 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 March 31, 2019 Repurchase agreements $ 4,252,893 $ — $ 4,252,893 $ (4,252,893 ) $ — $ — December 31, 2018 Repurchase agreements $ 3,267,984 $ — $ 3,267,984 $ (3,267,984 ) $ — $ — (1) Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of debt securities up to and not exceeding the net amount of the repurchase agreement liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please see Note 4 for information related to the Company’s derivatives which are also subject to underlying agreements with master netting or similar arrangements.

Derivatives (Notes)

Derivatives (Notes)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	DERIVATIVES The Company is a party to certain types of financial instruments that are accounted for as derivative instruments. Please refer to Note 1 for information related to the Company’s accounting policy for its derivative instruments. Types and Uses of Derivatives Instruments Interest Rate Derivatives. Changing interest rates impact the fair value of the Company’s investments as well as the interest rates on the Company’s repurchase agreement borrowings used to finance its investments. The Company primarily uses interest rate swaps as economic hedges to mitigate declines in book value and to protect some portion of the Company's earnings from rising interest rates. The Company may also periodically utilize other types of interest rate derivatives, such as Eurodollar and U.S. Treasury futures as economic hedges. TBA Transactions. The Company also holds long positions in TBA securities by executing a series of transactions which effectively delay the settlement of a forward purchase of a non-specified Agency RMBS by entering into an offsetting TBA short position, net settling the paired-off positions in cash, and simultaneously entering into an identical TBA long position with a later settlement date. These long positions in TBA securities (“dollar roll positions”) are viewed by management as economically equivalent to investing in and financing non-specified fixed-rate Agency RMBS. TBA securities purchased for a forward settlement month are generally priced at a discount relative to TBA securities sold for settlement in the current month. This discount, often referred to as “drop income” represents the economic equivalent of net interest income (interest income less implied financing cost) on the underlying Agency security from trade date to settlement date . Periodically, the Company may also hold short positions in TBA securities for the purpose of economically hedging a portion of the impact of changing interest rates on the fair value of the Company’s fixed-rate Agency RMBS. The Company did not hold any short positions in TBA securities as of March 31, 2019 . The table below summarizes information about the fair value by type of derivative instrument on the Company’s consolidated balance sheets as of the dates indicated: Type of Derivative Instrument Balance Sheet Location Purpose March 31, 2019 December 31, 2018 Interest rate swaps Derivative assets Economic hedging $ 112 $ 324 TBA securities Derivative assets Trading 5,918 6,239 $ 6,030 $ 6,563 U.S. Treasury futures Derivative liabilities Economic hedging $ — $ (1,218 ) The table below provides detail of the Company’s “(loss) gain on derivative instruments, net” by type of derivative for the periods indicated: Three Months Ended March 31, Type of Derivative Instrument 2019 2018 Receive-fixed interest rate swaps $ — $ (1,129 ) Pay-fixed interest rate swaps (71,764 ) 49,372 Eurodollar futures — 1,905 TBA dollar roll positions 10,176 (12,087 ) TBA economic hedges — 293 U.S. Treasury futures (109 ) — (Loss) gain on derivative instruments, net $ (61,697 ) $ 38,354 Interest Rate Swaps The following tables present information about the Company’s interest rate swaps as of the dates indicated: March 31, 2019 Weighted-Average: Years to Maturity: Notional Amount (1) Pay Rate (2) Life Remaining (in Years) Fair Value (3) < 3 years $ 1,435,000 2.01 % 1.3 $ 112 >3 and < 6 years 1,930,000 2.27 % 5.7 — >6 and < 10 years 1,530,000 2.85 % 9.0 — >10 years 120,000 2.84 % 28.4 — Total $ 5,015,000 2.38 % 6.0 $ 112 December 31, 2018 Weighted-Average: Years to Maturity: Notional Amount (1) Pay Rate (2) Life Remaining (in Years) Fair Value (3) < 3 years $ 1,560,000 1.96 % 1.4 $ 324 >3 and < 6 years 1,230,000 2.23 % 4.4 — >6 and < 10 years 1,505,000 2.80 % 8.3 — >10 years 220,000 2.81 % 21.9 — Total $ 4,515,000 2.35 % 5.5 $ 324 (1) The notional amounts include $0 and $775,000 of forward starting pay-fixed interest rate swaps as of March 31, 2019 and December 31, 2018 , respectively. (2) Excluding forward starting pay-fixed interest rate swaps, the weighted average pay rate was 2.38% and 2.29% as of March 31, 2019 and December 31, 2018 , respectively. (3) The majority of the Company’s interest rate swap agreements are centrally cleared through the CME. Please refer to Note 1 for information regarding the exchange of variation margin being legally considered as settlement of the derivative as opposed to a pledge of collateral. 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 the repurchase agreements as described in Note 3 . The Company was in compliance with all covenants with respect to bilateral agreements under which interest rate swaps were entered into as of March 31, 2019 . TBA Securities The following table summarizes information about the Company's TBA securities as of the dates indicated: March 31, 2019 December 31, 2018 Implied market value (1) $ 733,130 $ 888,469 Implied cost basis (2) 727,212 882,230 Net carrying value (3) $ 5,918 $ 6,239 (1) Implied market value represents the estimated fair value of the underlying Agency MBS as if settled as of the date indicated. (2) Implied cost basis represents the forward price to be paid for the underlying Agency MBS as if settled as of the date indicated. (3) Net carrying value is the amount included on the consolidated balance sheets within “derivative assets (liabilities)” and represents the difference between the implied market value and the implied cost basis of the TBA security as of the date indicated. Volume of Activity The tables below summarize changes in the Company’s derivative instruments for the periods indicated: Type of Derivative Instrument Notional Amount as of December 31, 2018 Additions Settlements, Terminations, or Pair-Offs Notional Amount as of March 31, 2019 Interest rate swaps $ 4,515,000 $ 1,500,000 $ (1,000,000 ) $ 5,015,000 TBA dollar roll positions 860,000 2,720,000 (2,865,000 ) 715,000 U.S. Treasury futures 50,000 — (50,000 ) — Offsetting The Company's derivatives are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its derivative assets and liabilities subject to these arrangements on a gross basis. The following tables present information regarding those derivative assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of March 31, 2019 and December 31, 2018 : 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 March 31, 2019 Interest rate swaps $ 112 $ — $ 112 $ — $ — $ 112 TBA securities 5,918 — 5,918 — (1,699 ) 4,219 Derivative assets $ 6,030 $ — $ 6,030 $ — $ (1,699 ) $ 4,331 December 31, 2018 Interest rate swaps $ 324 $ — $ 324 $ — $ — $ 324 TBA securities 6,239 — 6,239 — (1,719 ) 4,520 Derivative assets $ 6,563 $ — $ 6,563 $ — $ (1,719 ) $ 4,844 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 March 31, 2019 U.S. Treasury futures — — — — — — Derivative liabilities $ — $ — $ — $ — $ — $ — December 31, 2018 U.S. Treasury futures 1,218 — 1,218 — (1,218 ) — Derivative liabilities $ 1,218 $ — $ 1,218 $ — $ (1,218 ) $ — (1) Amounts 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 derivative asset or liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total cash posted as collateral, which is recorded as "restricted cash", and the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically. Please see Note 3 for information related to the Company’s repurchase agreements which are also subject to underlying agreements with master netting or similar arrangements.

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Notes)	3 Months Ended
	Mar. 31, 2019
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 Company’s financial instruments that are measured at fair value on a recurring basis by their valuation hierarchy levels as of the dates indicated: March 31, 2019 December 31, 2018 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets carried at fair value: MBS $ 4,842,447 $ — $ 4,839,977 $ 2,470 $ 3,749,464 $ — $ 3,747,190 $ 2,274 Derivative assets: Interest rate swaps 112 — 112 — 324 — 324 — TBA securities 5,918 — 5,918 — 6,239 — 6,239 — Total assets carried at fair value $ 4,848,477 $ — $ 4,846,007 $ 2,470 $ 3,756,027 $ — $ 3,753,753 $ 2,274 Liabilities carried at fair value: U.S. Treasury futures $ — $ — $ — $ — $ 1,218 $ 1,218 $ — $ — Total liabilities carried at fair value $ — $ — $ — $ — $ 1,218 $ 1,218 $ — $ — The fair value of interest rate swaps is measured 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. U.S. Treasury futures are valued based on closing exchange prices on these contracts and are classified accordingly as Level 1 measurements. The fair value of TBA securities is estimated using methods similar those used to fair value the Company’s Level 2 MBS. The fair value measurements for a majority of the Company's MBS are considered Level 2 because these securities are substantially similar to securities that either are actively traded or have been recently traded in their respective markets. The Company determines the fair value of its Level 2 securities based on prices received from the Company's primary pricing service as well as other pricing services and brokers. The Company evaluates the third-party prices it receives to assess their reasonableness. Although the Company does not adjust third-party prices, they may be excluded from use in the determination of a security's fair value if they are significantly different from other observable market data. In valuing a security, the primary pricing service uses either a market approach, which uses observable prices and other relevant information that is generated by market transactions of identical or similar securities, or an income approach, which uses valuation techniques to convert future amounts to a single, discounted present value amount. The Company also reviews the assumptions and inputs utilized in the valuation techniques of its primary pricing service. Examples of these observable inputs and assumptions include market interest rates, credit spreads, and projected prepayment speeds, among other things. The Company owns certain non-Agency MBS for which there are not sufficiently recent trades of substantially similar securities, and their fair value measurements are thus considered Level 3. The Company determines the fair value of its Level 3 securities by discounting the estimated future cash flows derived from cash flow models using significant inputs which are determined by the Company when market observable inputs are not available. 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 may result in a significantly different fair value measurement. Level 3 assets are generally most sensitive to the default rate and severity assumptions. The activity of the Company’s non-Agency MBS measured at fair value on a recurring basis using Level 3 inputs is presented in the following table for the periods indicated: Three Months Ended March 31, 2019 2018 Balance as of beginning of period $ 2,274 $ 7,243 Unrealized gain included in OCI 268 (310 ) Principal payments (183 ) (361 ) Accretion 111 311 Balance as of end of period $ 2,470 $ 6,883 The Company reviews the classification of its financial instruments within the fair value hierarchy on a quarterly basis, and management may conclude that its financial instruments should be reclassified to a different level in the future if a change in type of inputs occurs. The following table presents a summary of the carrying value and estimated fair values of the Company’s financial instruments as of the dates indicated: March 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Assets: Mortgage-backed securities $ 4,842,447 $ 4,842,447 $ 3,749,464 $ 3,749,464 Mortgage loans held for investment, net (1) 10,862 7,458 11,527 8,566 Derivative assets 6,030 6,030 6,563 6,563 Liabilities: Repurchase agreements (2) $ 4,252,893 $ 4,252,893 $ 3,267,984 $ 3,267,984 Non-recourse collateralized financing (1) 3,219 3,073 3,458 3,475 Derivative liabilities — — 1,218 1,218 (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 generally approximates fair value due to their short-term maturities.

(Notes)

(Notes)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Shareholders' Equity and Share-based Compensation	SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION Preferred Stock. The Company's articles of incorporation authorize the issuance of up to 50,000,000 shares of preferred stock, par value $0.01 per share, of which the Company’s Board of Directors has designated 8,000,000 shares of 8.50% Series A Preferred Stock and 7,000,000 shares of 7.625% Series B Preferred Stock, (the Series A Preferred Stock and the Series B Preferred Stock collectively, the “Preferred Stock”). The Company had 2,300,000 shares of its Series A Preferred Stock and 3,868,062 shares of its Series B Preferred Stock issued and outstanding as of March 31, 2019 compared to 2,300,000 shares of Series A Preferred Stock and 3,654,594 shares of Series B Preferred Stock as of December 31, 2018 . 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. The Company's Preferred Stock may be redeemed in whole, or in part, at any time and from time to time at the Company's option at a cash redemption price of $25.00 per share plus any accumulated and unpaid dividends. 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 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. The Company paid its regular quarterly dividends of $0.053125 and $0.4765625 on its Series A and Series B Preferred Stock, respectively, for the first quarter on April 15, 2019 to shareholders of record as of April 1, 2019 . Common Stock. The following table summarizes information regarding monthly dividend declarations on the Company’s common stock for the first quarter of 2019: Three Months Ended March 31, 2018 Declaration Date Amount Declared Record Date Payment Date January 7, 2019 $ 0.06 January 18, 2019 January 31, 2019 January 28, 2019 0.06 February 14, 2019 February 28, 2019 March 12, 2019 0.06 March 22, 2019 April 1, 2019 Stock and Incentive Plans. The Company’s 2018 Stock and Incentive Plan, which replaced the Company’s 2009 Stock and Incentive Plan (the “2009 Plan”), reserves for issuance up to 3,000,000 shares of common stock for eligible employees, non-employee directors, consultants, and advisors to the Company to be granted in the form of stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance units, and performance cash awards. Total stock-based compensation expense recognized by the Company for the three months ended March 31, 2019 was $298 compared to $335 for the three months ended March 31, 2018 , respectively. The following table presents a rollforward of the restricted stock activity for the periods indicated: Three Months Ended March 31, 2019 2018 Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share Restricted stock outstanding as of beginning of period (1) 341,713 $ 6.37 353,103 $ 7.01 Restricted stock granted 152,462 6.10 176,233 6.28 Restricted stock vested (1) (151,139 ) 6.37 (194,827 ) 7.37 Restricted stock outstanding as of end of period (1) 343,036 $ 6.25 334,509 $ 6.42 (1) Amounts include awards previously granted under the 2009 Plan which will remain outstanding in accordance with their terms. The Company is no longer granting new equity awards under the 2009 Plan. As of March 31, 2019 , the grant date fair value of the Company’s remaining nonvested restricted stock is $1,865 which will be amortized into compensation expense over a weighted average period of 2.3 years.

Subsequent Events (Notes)

Subsequent Events (Notes)	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Management has evaluated events and circumstances occurring as of and through the date this Quarterly Report on Form 10-Q was filed with the SEC and has determined that there have been no significant events or circumstances that qualify as a "recognized" or "nonrecognized" subsequent event as defined by ASC Topic 855.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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 debt securities, the majority of which are specified pools of Agency and non-Agency mortgage-backed securities (“MBS”) consisting of residential MBS (“RMBS”), commercial MBS (“CMBS”) and CMBS interest-only (“IO”) securities that are issued or guaranteed by U.S. Government sponsored agencies (“Agency MBS”) and MBS issued by others (“non-Agency MBS”). The Company also invests in other types of mortgage-related securities, such as to-be-announced securities (“TBAs” or “TBA securities”).
Basis of Presentation [Policy Text Block]	Basis of Presentation The accompanying unaudited consolidated financial statements of Dynex Capital, Inc. and its subsidiaries (together, “Dynex” or, as appropriate, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10, Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all significant adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of the consolidated financial statements have been included. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for any other interim periods or for the entire year ending December 31, 2019. The unaudited consolidated financial statements included herein should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Form 10-K”) filed with the SEC.
Consolidation [Policy Text Block]	Consolidation and Variable Interest Entities 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. All intercompany accounts and transactions have been eliminated in consolidation. The Company consolidates a VIE if the Company is determined to be the VIE’s primary beneficiary, which is defined as the party that has both: (i) the power to control the activities that most significantly impact the VIE’s financial performance and (ii) the right to receive benefits or absorb losses that could potentially be significant to the VIE. The Company reconsiders its evaluation of whether to consolidate a VIE on an ongoing basis, based on changes in the facts and circumstances pertaining to the VIE. The Company consolidates a securitization trust, which has residential mortgage loans included in “mortgage loans held for investment, net” on its consolidated balance sheet, of which a portion is pledged as collateral for one remaining bond recorded as “non-recourse collateralized financing” on its consolidated balance sheet. The Company owns the subordinate class in the trust and has been deemed the primary beneficiary. Though the Company invests in Agency and non-Agency MBS which are generally considered to be interests in VIEs, the Company does not consolidate these entities because it does not meet the criteria necessary to be deemed a primary beneficiary. Please refer to Note 2 for financial information regarding the Company’s investments in these debt securities.
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, amortization of premiums and discounts, fair value measurements of its investments, and other-than-temporary impairments. 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 (Loss) Per Common Share The Company calculates basic net income per common share by dividing net income to common shareholders for the period by weighted-average shares of common stock outstanding for that period. The Company did not have any potentially dilutive securities outstanding during the three months ended March 31, 2019 or March 31, 2018 . 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 per common 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 represents one unrestricted 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 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. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Company's consolidated balance sheet as of March 31, 2019 that sum to the total of the same such amounts shown on the Company’s consolidated statement of cash flows for the three months ended March 31, 2019 : March 31, 2019 Cash and cash equivalents $ 55,902 Restricted cash 86,761 Total cash, cash equivalents, and restricted cash shown on consolidated statement of cash flows $ 142,663
Investments in Debt Securities [Policy Text Block]	Investments in Debt Securities The Company’s investments in debt securities are designated as available-for-sale (“AFS”) and are recorded at fair value on the Company’s consolidated balance sheet. Changes in unrealized gain (loss) on the Company’s debt securities are reported in other comprehensive income (“OCI”) until the investment is sold, matures, or is 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 fair value of the Company’s debt securities pledged as collateral against repurchase agreements and derivative instruments is disclosed parenthetically on the Company’s consolidated balance sheets. Interest Income, Premium Amortization, and Discount Accretion. Interest income on debt securities 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 or discounts associated with the purchase of Agency MBS as well as any non-Agency MBS rated ‘AA’ and higher are amortized or accreted into interest income over the expected life of such securities using the effective yield method, and adjustments to premium amortization and discount accretion are made for actual cash payments. The Company may also adjust premium amortization and discount accretion for 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 include assumptions about the amount and timing of loan prepayment rates, fluctuations in interest rates, credit losses, 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 does not estimate future prepayments on its fixed-rate Agency RMBS. 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 based on 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 5 for further discussion of MBS fair value measurements. Other-than-Temporary Impairment. An 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.
Repurchase Agreements [Policy Text Block]	Repurchase Agreements The Company’s repurchase agreements, which are used to finance its purchases of debt securities, 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.
Derivative Instruments [Policy Text Block]	Derivative Instruments The Company’s derivative instruments generally include interest rate swaps, futures, and forward contracts for the purchase or sale of non-specified Agency RMBS, commonly referred to as “TBA securities” or “TBA contracts”. Derivative instruments are accounted for at the fair value of their unit of account. Derivative instruments in a gain position are reported as derivative assets and derivative instruments in a loss position are reported as derivative liabilities on the Company’s consolidated balance sheet. All periodic interest benefits/costs and changes in fair value of derivative instruments, including gains and losses realized upon termination, maturity, or settlement are recorded in “gain (loss) on derivative instruments, net” on the Company’s consolidated statement of comprehensive income. Cash receipts and payments related to derivative instruments are classified in the investing activities section of the consolidated statements of cash flows in accordance with the underlying nature or purpose of the derivative transactions. The Company’s interest rate swap agreements are privately negotiated in the over-the-counter (“OTC”) market and the majority of these agreements are centrally cleared through the Chicago Mercantile Exchange (“CME”) with the rest being subject to bilateral agreements between the Company and the swap counterparty. The Company’s CME cleared swaps require that the Company post initial margin as determined by the CME, and in addition, variation margin is exchanged, typically in cash, for changes in the fair value of the CME cleared swaps. The exchange of variation margin for CME cleared swaps is legally considered to be the settlement of the derivative itself as opposed to a pledge of collateral. Accordingly, the Company accounts for the daily exchange of variation margin associated with its CME cleared interest rate swaps as a direct increase or decrease to the carrying value of the related derivative asset or liability. The carrying value of derivative instruments on the Company’s consolidated balance sheets is the unsettled fair value of the instruments subject to bilateral agreements and not centrally cleared through the CME. A TBA security is a forward contract (“TBA contract”) for the purchase (“long position”) or sale (“short position”) of a non-specified Agency MBS at a predetermined price with certain principal and interest terms and certain types of collateral, but the particular Agency securities to be delivered are not identified until shortly before the settlement date. The Company accounts for long and short positions in TBAs as derivative instruments because the Company cannot assert that it is probable at inception and throughout the term of an individual TBA transaction that its settlement will result in physical delivery of the underlying Agency RMBS, or the individual TBA transaction will not settle in the shortest time period possible. Please refer to Note 4 for additional information regarding the Company’s derivative instruments as well as Note 5 for information on how the fair value of these instruments are calculated.
Share-based Compensation [Policy Text Block]	Share-Based Compensation Pursuant to the Company’s 2018 Stock and Incentive Plan (“2018 Plan”), the Company may grant share-based compensation to eligible employees, non-employee directors or consultants or advisors to the Company, including restricted stock awards, stock options, stock appreciation rights, performance units, restricted stock units, and performance cash awards. The Company’s restricted stock currently issued and outstanding 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 a participant 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 issued to its employees, officers, and directors.
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. The Company recognizes a liability 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.
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments - Credit Losses, which replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For assets measured at amortized cost, the amendments in this ASU eliminate the probable initial recognition threshold in current GAAP and broaden the information that an entity must consider in developing its expected credit loss estimate to include the use of forecasted information. For assets classified as available-for-sale with changes in fair value recorded in other comprehensive income, measurement of credit losses will be similar to current GAAP. However, the amendments in this ASU require that credit losses be presented as an allowance rather than as a write-down, which is referred to in current GAAP as an other-than-temporary impairment. An entity will be able to record reversals of credit losses, if credit loss estimates decline, in net income for the current period. The amendments in this ASU will not permit an entity to use the length of time a debt security has been in an unrealized loss position to avoid recording a credit loss and removes the requirements to consider historical and implied volatility of the fair value of a security as well as recoveries or declines in fair value after the balance sheet date. The amendments in this ASU will affect an entity by varying degrees depending on a number of factors, including but not limited to, the credit quality of the assets held by the entity, their duration, and how the entity applies current GAAP. These amendments will become effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. An entity will apply the amendments in this ASU through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Though the Company has not fully completed evaluating the impact this ASU will have on its financial condition and results of operations, the Company does not expect it will have a material impact given that the majority of its investments are Agency MBS.

Investments in Debt Securitie_2

Investments in Debt Securities Investments in Debt Securities (Tables)	3 Months Ended
	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-sale [Table Text Block]	The following tables present the Company’s debt securities by investment type (including securities pending settlement) as of the dates indicated: March 31, 2019 Par Net Premium (Discount) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value WAC (1) RMBS: Agency $ 2,683,276 $ 77,584 $ 2,760,860 $ 31,813 $ (11,403 ) $ 2,781,270 4.04 % Non-Agency 803 — 803 27 (21 ) 809 6.75 % 2,684,079 77,584 2,761,663 31,840 (11,424 ) 2,782,079 CMBS: Agency 1,507,835 10,775 1,518,610 30,766 (9,864 ) 1,539,512 3.23 % Non-Agency 2,910 (1,927 ) 983 677 — 1,660 6.27 % 1,510,745 8,848 1,519,593 31,443 (9,864 ) 1,541,172 CMBS IO (2) : Agency — 282,636 282,636 5,982 (154 ) 288,464 0.53 % Non-Agency — 227,868 227,868 3,249 (385 ) 230,732 0.56 % — 510,504 510,504 9,231 (539 ) 519,196 Total AFS securities: $ 4,194,824 $ 596,936 $ 4,791,760 $ 72,514 $ (21,827 ) $ 4,842,447 (1) The weighted average coupon (“WAC”) is the gross interest rate of 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 $13,146,249 and $10,158,055 respectively, as of March 31, 2019 . December 31, 2018 Par Net Premium (Discount) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value WAC (1) RMBS: Agency $ 2,118,639 $ 56,744 $ 2,175,383 $ 8,902 $ (26,264 ) $ 2,158,021 3.95 % Non-Agency 856 — 856 24 (22 ) 858 6.75 % 2,119,495 56,744 2,176,239 8,926 (26,286 ) 2,158,879 CMBS: Agency 1,071,906 8,518 1,080,424 6,141 (29,550 ) 1,057,015 3.22 % Non-Agency 3,040 (2,037 ) 1,003 413 — 1,416 6.47 % 1,074,946 6,481 1,081,427 6,554 (29,550 ) 1,058,431 CMBS IO (2) : Agency — 287,062 287,062 4,281 (239 ) 291,104 0.55 % Non-Agency — 240,681 240,681 1,675 (1,306 ) 241,050 0.57 % — 527,743 527,743 5,956 (1,545 ) 532,154 Total AFS securities: $ 3,194,441 $ 590,968 $ 3,785,409 $ 21,436 $ (57,381 ) $ 3,749,464 (1) The WAC is the gross interest rate of 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 $13,048,666 and $10,275,494 , respectively, as of December 31, 2018 . Actual maturities of MBS are affected by the contractual lives of the underlying mortgage collateral, periodic payments of principal, prepayments of principal, and the payment priority structure of the security; therefore, actual maturities are generally shorter than the securities' stated contractual maturities. The following table categorizes the Company’s debt securities according to their stated maturity as of the dates indicated: March 31, 2019 December 31, 2018 Amortized Cost Fair Value Amortized Cost Fair Value Less than 1 year $ 119,121 $ 121,882 $ 39,868 $ 39,808 > 1 and <5 years 151,888 154,615 151,041 152,917 > 5 and <10 years 911,278 910,315 828,543 806,015 > 10 years 3,609,473 3,655,635 2,765,957 2,750,724 $ 4,791,760 $ 4,842,447 $ 3,785,409 $ 3,749,464
Schedule of Realized Gain (Loss) [Table Text Block]	The following table presents information regarding the sales that generated the “loss on sale of investments, net” on the Company’s consolidated statements of comprehensive income (loss) for the periods indicated: Three Months Ended March 31, 2019 2018 Proceeds Received Realized Gain (Loss) Proceeds Received Realized Gain (Loss) Agency CMBS — — $ 108,758 $ (2,052 ) U.S. Treasuries — — 46,498 (1,723 ) $ — $ — $ 155,256 $ (3,775 )
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block]	The following table presents certain information for the AFS securities in an unrealized loss position as of the dates indicated: March 31, 2019 December 31, 2018 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 $ 46,127 $ (174 ) 9 $ 581,440 $ (1,793 ) 28 Non-Agency MBS 25,130 (177 ) 7 70,876 (581 ) 22 Continuous unrealized loss position for 12 months or longer: Agency MBS $ 1,293,417 $ (21,248 ) 61 $ 1,543,892 $ (54,260 ) 88 Non-Agency MBS 21,512 (228 ) 13 46,154 (747 ) 19

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Repurchase Agreements [Abstract]
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block]	The Company’s repurchase agreements outstanding as of March 31, 2019 and December 31, 2018 are summarized in the following tables: March 31, 2019 December 31, 2018 Collateral Type Balance Weighted Average Rate Fair Value of Collateral Pledged Balance Weighted Average Rate Fair Value of Collateral Pledged Agency RMBS $ 2,582,697 2.75 % $ 2,719,705 $ 1,887,878 2.66 % $ 1,998,922 Agency CMBS 1,220,326 2.68 % 1,304,731 919,833 2.51 % 986,861 Agency CMBS IO 253,168 3.05 % 282,927 253,258 2.96 % 285,247 Non-Agency CMBS IO 196,702 3.39 % 230,244 207,015 3.38 % 240,574 Total repurchase agreements $ 4,252,893 2.78 % $ 4,537,607 $ 3,267,984 2.69 % $ 3,511,604
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Table Text Block]	The following table provides information on the remaining term to maturity and original term to maturity for the Company’s repurchase agreements as of the dates indicated: March 31, 2019 December 31, 2018 Remaining Term to Maturity Balance WAVG Original Term to Maturity Balance WAVG Original Term to Maturity Less than 30 days $ 3,459,566 52 $ 2,319,911 56 30 to 90 days 793,327 82 948,073 89 Total $ 4,252,893 58 $ 3,267,984 66
Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity [Table Text Block]	The following table lists the counterparties with whom the Company had approximately 10% or more of its shareholders’ equity at risk (defined as the excess of collateral pledged over the borrowings outstanding) as of the date indicated: March 31, 2019 Counterparty Name Balance Weighted Average Rate Equity at Risk Wells Fargo Bank, N. A. and affiliates $ 357,111 3.56 % $ 43,381

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative [Line Items]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below summarizes information about the fair value by type of derivative instrument on the Company’s consolidated balance sheets as of the dates indicated: Type of Derivative Instrument Balance Sheet Location Purpose March 31, 2019 December 31, 2018 Interest rate swaps Derivative assets Economic hedging $ 112 $ 324 TBA securities Derivative assets Trading 5,918 6,239 $ 6,030 $ 6,563 U.S. Treasury futures Derivative liabilities Economic hedging $ — $ (1,218 )
Derivative Instruments, Gain (Loss)	The table below provides detail of the Company’s “(loss) gain on derivative instruments, net” by type of derivative for the periods indicated: Three Months Ended March 31, Type of Derivative Instrument 2019 2018 Receive-fixed interest rate swaps $ — $ (1,129 ) Pay-fixed interest rate swaps (71,764 ) 49,372 Eurodollar futures — 1,905 TBA dollar roll positions 10,176 (12,087 ) TBA economic hedges — 293 U.S. Treasury futures (109 ) — (Loss) gain on derivative instruments, net $ (61,697 ) $ 38,354
Schedule of Derivative Instruments	The following tables present information about the Company’s interest rate swaps as of the dates indicated: March 31, 2019 Weighted-Average: Years to Maturity: Notional Amount (1) Pay Rate (2) Life Remaining (in Years) Fair Value (3) < 3 years $ 1,435,000 2.01 % 1.3 $ 112 >3 and < 6 years 1,930,000 2.27 % 5.7 — >6 and < 10 years 1,530,000 2.85 % 9.0 — >10 years 120,000 2.84 % 28.4 — Total $ 5,015,000 2.38 % 6.0 $ 112 December 31, 2018 Weighted-Average: Years to Maturity: Notional Amount (1) Pay Rate (2) Life Remaining (in Years) Fair Value (3) < 3 years $ 1,560,000 1.96 % 1.4 $ 324 >3 and < 6 years 1,230,000 2.23 % 4.4 — >6 and < 10 years 1,505,000 2.80 % 8.3 — >10 years 220,000 2.81 % 21.9 — Total $ 4,515,000 2.35 % 5.5 $ 324 (1) The notional amounts include $0 and $775,000 of forward starting pay-fixed interest rate swaps as of March 31, 2019 and December 31, 2018 , respectively. (2) Excluding forward starting pay-fixed interest rate swaps, the weighted average pay rate was 2.38% and 2.29% as of March 31, 2019 and December 31, 2018 , respectively. (3) The majority of the Company’s interest rate swap agreements are centrally cleared through the CME. Please refer to Note 1 for information regarding the exchange of variation margin being legally considered as settlement of the derivative as opposed to a pledge of collateral. 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 the repurchase agreements as described in Note 3 . The Company was in compliance with all covenants with respect to bilateral agreements under which interest rate swaps were entered into as of March 31, 2019 . TBA Securities The following table summarizes information about the Company's TBA securities as of the dates indicated: March 31, 2019 December 31, 2018 Implied market value (1) $ 733,130 $ 888,469 Implied cost basis (2) 727,212 882,230 Net carrying value (3) $ 5,918 $ 6,239 (1) Implied market value represents the estimated fair value of the underlying Agency MBS as if settled as of the date indicated. (2) Implied cost basis represents the forward price to be paid for the underlying Agency MBS as if settled as of the date indicated. (3) Net carrying value is the amount included on the consolidated balance sheets within “derivative assets (liabilities)” and represents the difference between the implied market value and the implied cost basis of the TBA security as of the date indicated.
Schedule of Notional Amounts of Outstanding Derivative Positions	The tables below summarize changes in the Company’s derivative instruments for the periods indicated: Type of Derivative Instrument Notional Amount as of December 31, 2018 Additions Settlements, Terminations, or Pair-Offs Notional Amount as of March 31, 2019 Interest rate swaps $ 4,515,000 $ 1,500,000 $ (1,000,000 ) $ 5,015,000 TBA dollar roll positions 860,000 2,720,000 (2,865,000 ) 715,000 U.S. Treasury futures 50,000 — (50,000 ) —
Offsetting Assets	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 March 31, 2019 Interest rate swaps $ 112 $ — $ 112 $ — $ — $ 112 TBA securities 5,918 — 5,918 — (1,699 ) 4,219 Derivative assets $ 6,030 $ — $ 6,030 $ — $ (1,699 ) $ 4,331 December 31, 2018 Interest rate swaps $ 324 $ — $ 324 $ — $ — $ 324 TBA securities 6,239 — 6,239 — (1,719 ) 4,520 Derivative assets $ 6,563 $ — $ 6,563 $ — $ (1,719 ) $ 4,844
Offsetting Liabilities	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 March 31, 2019 U.S. Treasury futures — — — — — — Derivative liabilities $ — $ — $ — $ — $ — $ — December 31, 2018 U.S. Treasury futures 1,218 — 1,218 — (1,218 ) — Derivative liabilities $ 1,218 $ — $ 1,218 $ — $ (1,218 ) $ — (1) Amounts 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 derivative asset or liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total cash posted as collateral, which is recorded as "restricted cash", and the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents the Company’s financial instruments that are measured at fair value on a recurring basis by their valuation hierarchy levels as of the dates indicated: March 31, 2019 December 31, 2018 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets carried at fair value: MBS $ 4,842,447 $ — $ 4,839,977 $ 2,470 $ 3,749,464 $ — $ 3,747,190 $ 2,274 Derivative assets: Interest rate swaps 112 — 112 — 324 — 324 — TBA securities 5,918 — 5,918 — 6,239 — 6,239 — Total assets carried at fair value $ 4,848,477 $ — $ 4,846,007 $ 2,470 $ 3,756,027 $ — $ 3,753,753 $ 2,274 Liabilities carried at fair value: U.S. Treasury futures $ — $ — $ — $ — $ 1,218 $ 1,218 $ — $ — Total liabilities carried at fair value $ — $ — $ — $ — $ 1,218 $ 1,218 $ — $ —
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The activity of the Company’s non-Agency MBS measured at fair value on a recurring basis using Level 3 inputs is presented in the following table for the periods indicated: Three Months Ended March 31, 2019 2018 Balance as of beginning of period $ 2,274 $ 7,243 Unrealized gain included in OCI 268 (310 ) Principal payments (183 ) (361 ) Accretion 111 311 Balance as of end of period $ 2,470 $ 6,883
Fair Value, by Balance Sheet Grouping	The following table presents a summary of the carrying value and estimated fair values of the Company’s financial instruments as of the dates indicated: March 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Assets: Mortgage-backed securities $ 4,842,447 $ 4,842,447 $ 3,749,464 $ 3,749,464 Mortgage loans held for investment, net (1) 10,862 7,458 11,527 8,566 Derivative assets 6,030 6,030 6,563 6,563 Liabilities: Repurchase agreements (2) $ 4,252,893 $ 4,252,893 $ 3,267,984 $ 3,267,984 Non-recourse collateralized financing (1) 3,219 3,073 3,458 3,475 Derivative liabilities — — 1,218 1,218 (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 generally approximates fair value due to their short-term maturities.

(Tables)

(Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Dividends Declared	Common Stock. The following table summarizes information regarding monthly dividend declarations on the Company’s common stock for the first quarter of 2019: Three Months Ended March 31, 2018 Declaration Date Amount Declared Record Date Payment Date January 7, 2019 $ 0.06 January 18, 2019 January 31, 2019 January 28, 2019 0.06 February 14, 2019 February 28, 2019 March 12, 2019 0.06 March 22, 2019 April 1, 2019
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table presents a rollforward of the restricted stock activity for the periods indicated: Three Months Ended March 31, 2019 2018 Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share Restricted stock outstanding as of beginning of period (1) 341,713 $ 6.37 353,103 $ 7.01 Restricted stock granted 152,462 6.10 176,233 6.28 Restricted stock vested (1) (151,139 ) 6.37 (194,827 ) 7.37 Restricted stock outstanding as of end of period (1) 343,036 $ 6.25 334,509 $ 6.42

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 55,902	$ 34,598
Restricted cash	86,761	54,106
Total cash, cash equivalents, and restricted cash shown on consolidated statement of cash flows	$ 142,663	$ 88,704	$ 86,384	$ 87,200

Investments in Debt Securitie_3

Investments in Debt Securities Investments in Debt Securities (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Investment [Line Items]
Par value of available for sale debt security		$ 4,194,824		$ 3,194,441
Investments, Unamortized Premium (Discount)		596,936		590,968
Debt Securities, Available-for-sale, Amortized Cost		4,791,760		3,785,409
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax		72,514		21,436
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		21,827		57,381
Debt Securities, Available-for-sale		4,842,447		3,749,464
Proceeds from Sale of Available-for-sale Securities		0	$ 155,256
Debt Securities, Available-for-sale, Realized Gain (Loss)		0	(3,775)
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost		119,121		39,868
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value		121,882		39,808
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost		151,888		151,041
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value		154,615		152,917
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost		911,278		828,543
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value		910,315		806,015
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost		3,609,473		2,765,957
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value		3,655,635		2,750,724
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost		4,791,760		3,785,409
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value		4,842,447		3,749,464
Agency MBS
Investment [Line Items]
Notional balance for interest only securities		13,146,249		13,048,666
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value		46,127		581,440
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss		$ 174		$ 1,793
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year		9		28
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value		$ 1,293,417		$ 1,543,892
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		$ 21,248		$ 54,260
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year		61		88
Non-Agency MBS
Investment [Line Items]
Notional balance for interest only securities		$ 10,158,055		$ 10,275,494
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value		25,130		70,876
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss		$ 177		$ 581
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year		7		22
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value		$ 21,512		$ 46,154
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		$ 228		$ 747
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year		13		19
Residential Mortgage Backed Securities
Investment [Line Items]
Par value of available for sale debt security		$ 2,684,079		$ 2,119,495
Investments, Unamortized Premium (Discount)		77,584		56,744
Debt Securities, Available-for-sale, Amortized Cost		2,761,663		2,176,239
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax		31,840		8,926
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		11,424		26,286
Debt Securities, Available-for-sale		2,782,079		2,158,879
Commercial Mortgage Backed Securities
Investment [Line Items]
Par value of available for sale debt security		1,510,745		1,074,946
Investments, Unamortized Premium (Discount)		8,848		6,481
Debt Securities, Available-for-sale, Amortized Cost		1,519,593		1,081,427
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax		31,443		6,554
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		9,864		29,550
Debt Securities, Available-for-sale		1,541,172		1,058,431
Interest-Only-Strip
Investment [Line Items]
Investments, Unamortized Premium (Discount)		510,504		527,743
Debt Securities, Available-for-sale, Amortized Cost		510,504		527,743
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax		9,231		5,956
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		539		1,545
Debt Securities, Available-for-sale		519,196		532,154
U.S. Treasuries
Investment [Line Items]
Proceeds from Sale of Available-for-sale Securities		0	46,498
Debt Securities, Available-for-sale, Realized Loss		0	(1,723)
Agency | Residential Mortgage Backed Securities
Investment [Line Items]
Par value of available for sale debt security		2,683,276		2,118,639
Investments, Unamortized Premium (Discount)		77,584		56,744
Debt Securities, Available-for-sale, Amortized Cost		2,760,860		2,175,383
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax		31,813		8,902
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		11,403		26,264
Debt Securities, Available-for-sale		$ 2,781,270		$ 2,158,021
Investments, Weighted Average Coupon Rate	[1]	4.04%		3.95%
Agency | Commercial Mortgage Backed Securities
Investment [Line Items]
Par value of available for sale debt security		$ 1,507,835		$ 1,071,906
Investments, Unamortized Premium (Discount)		10,775		8,518
Debt Securities, Available-for-sale, Amortized Cost		1,518,610		1,080,424
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax		30,766		6,141
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		9,864		29,550
Debt Securities, Available-for-sale		$ 1,539,512		$ 1,057,015
Investments, Weighted Average Coupon Rate	[1]	3.23%		3.22%
Proceeds from Sale of Available-for-sale Securities		$ 0	108,758
Debt Securities, Available-for-sale, Realized Loss		0	$ (2,052)
Agency | Interest-Only-Strip
Investment [Line Items]
Investments, Unamortized Premium (Discount)		282,636		$ 287,062
Debt Securities, Available-for-sale, Amortized Cost		282,636		287,062
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax		5,982		4,281
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		154		239
Debt Securities, Available-for-sale		$ 288,464		$ 291,104
Investments, Weighted Average Coupon Rate	[1]	0.53%		0.55%
Non-Agency | Residential Mortgage Backed Securities
Investment [Line Items]
Par value of available for sale debt security		$ 803		$ 856
Investments, Unamortized Premium (Discount)		0		0
Debt Securities, Available-for-sale, Amortized Cost		803		856
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax		27		24
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		21		22
Debt Securities, Available-for-sale		$ 809		$ 858
Investments, Weighted Average Coupon Rate	[1]	6.75%		6.75%
Non-Agency | Commercial Mortgage Backed Securities
Investment [Line Items]
Par value of available for sale debt security		$ 2,910		$ 3,040
Investments, Unamortized Premium (Discount)		(1,927)		(2,037)
Debt Securities, Available-for-sale, Amortized Cost		983		1,003
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax		677		413
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		0		0
Debt Securities, Available-for-sale		$ 1,660		$ 1,416
Investments, Weighted Average Coupon Rate	[1]	6.27%		6.47%
Non-Agency | Interest-Only-Strip
Investment [Line Items]
Investments, Unamortized Premium (Discount)		$ 227,868		$ 240,681
Debt Securities, Available-for-sale, Amortized Cost		227,868		240,681
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax		3,249		1,675
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		385		1,306
Debt Securities, Available-for-sale		$ 230,732		$ 241,050
Investments, Weighted Average Coupon Rate	[1]	0.56%		0.57%
[1]	The weighted average coupon (“WAC”) is the gross interest rate of the security weighted by the outstanding principal balance (or by notional balance in the case of an IO security).

Repurchase Agreements (Details)

Repurchase Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Balance	$ 4,252,893	$ 3,267,984
Weighted Average Rate	2.78%	2.69%
Fair Value of Collateral Pledged	$ 4,537,607	$ 3,511,604
Payable for unsettled securities	151,075	58,915
Agency | Commercial Mortgage Backed Securities
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Balance	$ 1,220,326	$ 919,833
Weighted Average Rate	2.68%	2.51%
Fair Value of Collateral Pledged	$ 1,304,731	$ 986,861
Agency | Residential Mortgage Backed Securities
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Balance	$ 2,582,697	$ 1,887,878
Weighted Average Rate	2.75%	2.66%
Fair Value of Collateral Pledged	$ 2,719,705	$ 1,998,922
Agency | Interest-Only-Strip
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Balance	$ 253,168	$ 253,258
Weighted Average Rate	3.05%	2.96%
Fair Value of Collateral Pledged	$ 282,927	$ 285,247
Non-Agency | Interest-Only-Strip
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Balance	$ 196,702	$ 207,015
Weighted Average Rate	3.39%	3.38%
Fair Value of Collateral Pledged	$ 230,244	$ 240,574

Repurchase Agreements Remaining

Repurchase Agreements Remaining Term to Maturity (Details) $ in Thousands	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Balance	$ 4,252,893	$ 3,267,984
WAVG Original Term to Maturity	58	66
Less than 30 days
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Balance	$ 3,459,566	$ 2,319,911
WAVG Original Term to Maturity	52	56
30 to 90 days
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Balance	$ 793,327	$ 948,073
WAVG Original Term to Maturity	82	89

Repurchase Agreements Counterpa

Repurchase Agreements Counterparty Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Agreements
Repurchase Agreement Counterparty [Line Items]
Borrowings outstanding with counterparty	$ 357,111
Weighted Average Rate	3.56%
Equity at Risk	$ 43,381
Line of Credit Facility, Amount Outstanding	212,631
Line of Credit Facility, Maximum Borrowing Capacity	$ 400,000
Line of Credit Facility, Expiration Date	May 12, 2019
Line of Credit Facility, Interest Rate at Period End	3.32%
Number of Counterparties with Borrowings Outstanding | Agreements	19
Available Repurchase Agreement Counterparties | Agreements	36

Repurchase Agreements Offsettin

Repurchase Agreements Offsetting (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Offsetting Liabilities [Line Items]
Gross Amount of Recognized Liabilities		$ 4,252,893	$ 3,267,984
Gross Amount Offset in the Balance Sheet		0	0
Net Amount of Liabilities Presented in the Balance Sheet		4,252,893	3,267,984
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities	[1]	(4,252,893)	(3,267,984)
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash		0	0
Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral		$ 0	$ 0
[1]	Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of debt securities up to and not exceeding the net amount of the repurchase agreement liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented.

(Details)

(Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Derivative [Line Items]
Derivative assets, fair value		$ 6,030		$ 6,563
Gain (loss) on derivative instruments, net		$ (61,697)	$ 38,354
Derivative, Average Fixed Interest Rate, Current Effective		2.38%		2.29%
Forward starting interest rate swap
Derivative [Line Items]
Derivative, Notional Amount		$ 0		$ (775,000)
Eurodollar futures
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain		0	1,905
U.S. Treasury futures
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain			0
Derivative Instruments Not Designated as Hedging Instruments, Loss		(109)
Long [Member] | Interest rate swaps
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Loss		0	(1,129)
Long [Member] | TBA securities
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain		10,176
Derivative Instruments Not Designated as Hedging Instruments, Loss			(12,087)
Short [Member] | Interest rate swaps
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain			49,372
Derivative Instruments Not Designated as Hedging Instruments, Loss		(71,764)
Short [Member] | TBA securities
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain		0	$ 293
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest rate swaps
Derivative [Line Items]
Derivative assets, fair value		112		324
Derivative, Notional Amount	[1]	$ (5,015,000)		$ (4,515,000)
Derivative, Average Fixed Interest Rate	[2]	2.38%		2.35%
Derivative, Average Remaining Maturity		5 years 11 months 16 days	5 years 6 months 1 day
Derivative, Fair Value, Net	[3]	$ 112		$ 324
Not Designated as Hedging Instrument, Economic Hedge [Member] | U.S. Treasury futures
Derivative [Line Items]
Derivative, Notional Amount		0		(50,000)
Notional Amount of Derivative Instruments Added		0
Notional Amount of Derivative Instruments Maturing, Settled, Terminated, or Paired-Off		(50,000)
Not Designated as Hedging Instrument, Economic Hedge [Member] | Short [Member] | Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount		(5,015,000)		(4,515,000)
Notional Amount of Derivative Instruments Added		1,500,000
Notional Amount of Derivative Instruments Maturing, Settled, Terminated, or Paired-Off		(1,000,000)
Not Designated as Hedging Instrument, Trading | Long [Member] | TBA securities
Derivative [Line Items]
Derivative assets, fair value		5,918		6,239
Derivative, Notional Amount		(715,000)		(860,000)
Notional Amount of Derivative Instruments Added		2,720,000
Notional Amount of Derivative Instruments Maturing, Settled, Terminated, or Paired-Off		(2,865,000)
Not Designated as Hedging Instrument, Trading | Short [Member] | U.S. Treasury futures
Derivative [Line Items]
Derivative liabilities, fair value		0		(1,218)
Maturity in three years or less | Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount	[1]	$ (1,435,000)		$ (1,560,000)
Derivative, Average Fixed Interest Rate		2.01%		1.96%
Derivative, Average Remaining Maturity		1 year 3 months	1 year 4 months 18 days
Derivative, Fair Value, Net	[3]	$ 112		$ 324
Maturity between 3 and 6 years | Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount	[1]	$ (1,930,000)		$ (1,230,000)
Derivative, Average Fixed Interest Rate		2.27%		2.23%
Derivative, Average Remaining Maturity		5 years 8 months 1 day	4 years 4 months 17 days
Derivative, Fair Value, Net	[3]	$ 0		$ 0
Maturity between 6 and 10 years | Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount	[1]	$ (1,530,000)		$ (1,505,000)
Derivative, Average Fixed Interest Rate		2.85%		2.80%
Derivative, Average Remaining Maturity		8 years 11 months 16 days	8 years 3 months 16 days
Derivative, Fair Value, Net	[3]	$ 0		$ 0
Maturity greater than 10 years [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount	[1]	$ (120,000)		$ (220,000)
Derivative, Average Fixed Interest Rate		2.84%		2.81%
Derivative, Average Remaining Maturity		28 years 5 months 1 day	21 years 10 months 29 days
Derivative, Fair Value, Net	[3]	$ 0		$ 0
[1]	The notional amounts include $0 and $775,000 of forward starting pay-fixed interest rate swaps as of March 31, 2019 and December 31, 2018, respectively.
[2]	Excluding forward starting pay-fixed interest rate swaps, the weighted average pay rate was 2.38% and 2.29% as of March 31, 2019 and December 31, 2018, respectively.
[3]	The majority of the Company’s interest rate swap agreements are centrally cleared through the CME. Please refer to Note 1 for information regarding the exchange of variation margin being legally considered as settlement of the derivative as opposed to a pledge of collateral.

Derivatives TBA securities (Det

Derivatives TBA securities (Details) - Long [Member] - Not Designated as Hedging Instrument, Trading - TBA securities - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Derivative, Notional Amount		$ 715,000	$ 860,000
Cost Basis,TBA		727,212	882,230
Market value, TBA	[1]	733,130	888,469
Net carrying value, TBA	[2]	$ 5,918	$ 6,239
[1]	(1)Implied market value represents the estimated fair value of the underlying Agency MBS as if settled as of the date indicated.
[2]	Net carrying value is the amount included on the consolidated balance sheets within “derivative assets (liabilities)” and represents the difference between the implied market value and the implied cost basis of the TBA security as of the date indicated.

Derivatives Volume of Activity

Derivatives Volume of Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest rate swaps
Derivative [Line Items]
Beginning of Period Notional Amount	$ 4,515,000	[1]
End of Period Notional Amount	5,015,000	[1]
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest rate swaps | Short [Member]
Derivative [Line Items]
Beginning of Period Notional Amount	4,515,000
Notional Amount of Derivative Instruments Added	1,500,000
Notional Amount of Derivative Instruments Maturing, Settled, Terminated, or Paired-Off	(1,000,000)
End of Period Notional Amount	5,015,000
Not Designated as Hedging Instrument, Economic Hedge [Member] | U.S. Treasury futures
Derivative [Line Items]
Beginning of Period Notional Amount	50,000
Notional Amount of Derivative Instruments Added	0
Notional Amount of Derivative Instruments Maturing, Settled, Terminated, or Paired-Off	(50,000)
End of Period Notional Amount	0
Not Designated as Hedging Instrument, Trading | TBA securities | Long [Member]
Derivative [Line Items]
Beginning of Period Notional Amount	860,000
Notional Amount of Derivative Instruments Added	2,720,000
Notional Amount of Derivative Instruments Maturing, Settled, Terminated, or Paired-Off	(2,865,000)
End of Period Notional Amount	$ 715,000
[1]	The notional amounts include $0 and $775,000 of forward starting pay-fixed interest rate swaps as of March 31, 2019 and December 31, 2018, respectively.

Derivatives Offsetting Assets (

Derivatives Offsetting Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 6,030	$ 6,563
Derivative Asset, Fair Value, Amount Not Offset Against Collateral		6,030	6,563
Derivative, Collateral, Obligation to Return Securities	[1]	0	0
Derivative, Collateral, Obligation to Return Cash		1,699	1,719
Derivative Asset, Fair Value, Amount Offset Against Collateral		4,331	4,844
Interest rate swaps
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset		112	324
Derivative Asset, Fair Value, Amount Not Offset Against Collateral		112	324
Derivative, Collateral, Obligation to Return Securities	[1]	0	0
Derivative, Collateral, Obligation to Return Cash		0	0
Derivative Asset, Fair Value, Amount Offset Against Collateral		112	324
TBA securities
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset		5,918	6,239
Derivative Asset, Fair Value, Amount Not Offset Against Collateral		5,918	6,239
Derivative, Collateral, Obligation to Return Securities	[1]	0	0
Derivative, Collateral, Obligation to Return Cash		(1,699)	(1,719)
Derivative Asset, Fair Value, Amount Offset Against Collateral		$ 4,219	$ 4,520
[1]	Amounts 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 derivative asset or liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total cash posted as collateral, which is recorded as "restricted cash", and the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically.

Derivatives Offsetting Liabilit

Derivatives Offsetting Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Offsetting Liabilities [Line Items]
Derivative Liability, Fair Value, Gross Liability		$ 0	$ 1,218
Derivative Liability, Fair Value, Amount Not Offset Against Collateral		0	1,218
Derivative, Collateral, Right to Reclaim Securities	[1]	0	0
Derivative, Collateral, Right to Reclaim Cash		0	(1,218)
Derivative Liability, Fair Value, Amount Offset Against Collateral		0	0
TBA securities
Offsetting Liabilities [Line Items]
Derivative Liability, Fair Value, Gross Liability		0	1,218
Derivative Liability, Fair Value, Amount Not Offset Against Collateral		0	1,218
Derivative, Collateral, Right to Reclaim Securities	[1]	0	0
Derivative, Collateral, Right to Reclaim Cash		0	(1,218)
Derivative Liability, Fair Value, Amount Offset Against Collateral		$ 0	$ 0
[1]	Amounts 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 derivative asset or liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total cash posted as collateral, which is recorded as "restricted cash", and the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically.

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 6,030	$ 6,563
Derivative liabilities	0	1,218
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	4,842,447	3,749,464
Assets, Fair Value Disclosure	4,848,477	3,756,027
Financial Liabilities Fair Value Disclosure	0	1,218
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
Assets, Fair Value Disclosure	0	0
Financial Liabilities Fair Value Disclosure	0	1,218
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	4,839,977	3,747,190
Assets, Fair Value Disclosure	4,846,007	3,753,753
Financial Liabilities Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	2,470	2,274
Assets, Fair Value Disclosure	2,470	2,274
Financial Liabilities Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	112	324
Fair Value, Measurements, Recurring | Interest rate swaps | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Fair Value, Measurements, Recurring | Interest rate swaps | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	112	324
Fair Value, Measurements, Recurring | Interest rate swaps | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Fair Value, Measurements, Recurring | TBA securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	5,918	6,239
Fair Value, Measurements, Recurring | TBA securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Fair Value, Measurements, Recurring | TBA securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	5,918	6,239
Fair Value, Measurements, Recurring | TBA securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Fair Value, Measurements, Recurring | U.S. Treasury futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	1,218
Fair Value, Measurements, Recurring | U.S. Treasury futures | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	1,218
Fair Value, Measurements, Recurring | U.S. Treasury futures | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | U.S. Treasury futures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments Level 3 (Details) - Non-Agency MBS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	$ 2,274	$ 7,243
Unrealized loss included in OCI	268	(310)
Principal payments	(183)	(361)
Balance at the end of the period	2,470	6,883
Interest Income
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Accretion	$ 111	$ 311

Fair Value of Financial Instr_5

Fair Value of Financial Instruments Recorded basis and Fair Value (Details) - USD ($) $ in Thousands		Mar. 31, 2019		Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets		$ 6,030		$ 6,563
Derivative liabilities		0		1,218
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed securities		4,842,447		3,749,464
Mortgage loans held for investment, net		10,862		11,527
Derivative assets		6,030		6,563
Repurchase agreements		4,252,893		3,267,984
Non-recourse collateralized financing		3,219		3,458
Derivative liabilities		0		1,218
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed securities		4,842,447		3,749,464
Mortgage loans held for investment, net	[1]	7,458		8,566
Derivative assets		6,030		6,563
Repurchase agreements		4,252,893	[2]	3,267,984
Non-recourse collateralized financing, fair value	[1]	3,073		3,475
Derivative liabilities		$ 0		$ 1,218
[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 generally approximates fair value due to their short-term maturities.

Shareholders' Equity (Details)

Shareholders' Equity (Details) - $ / shares	1 Months Ended			3 Months Ended
	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Preferred stock, shares authorized	50,000,000			50,000,000	50,000,000
Preferred stock, par value	$ 0.01			$ 0.01	$ 0.01
Preferred stock, shares issued	6,168,062			6,168,062	5,954,594
Preferred Stock, Liquidation Preference Per Share	$ 25			$ 25
Preferred Stock, Dividend Payment Terms				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.
Dividends declared per common share	$ 0.06	$ 0.06	$ 0.06
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized	8,000,000			8,000,000
Preferred stock, shares issued	2,300,000			2,300,000	2,300,000
Preferred Stock, Dividend Rate, Percentage				8.50%
Preferred Stock, Dividends Per Share, Declared				$ 0.053125
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized	7,000,000			7,000,000
Preferred stock, shares issued	3,868,062			3,868,062	3,654,594
Preferred Stock, Dividend Rate, Percentage				7.625%
Preferred Stock, Dividends Per Share, Declared				$ 0.4765625
Preferred Stock
Class of Stock [Line Items]
Dividends Payable, Date to be Paid				Apr. 15, 2019
Dividends Payable, Date of Record				Apr. 1, 2019
Common Stock
Class of Stock [Line Items]
Dividends Payable, Date to be Paid	Apr. 1, 2019	Feb. 28, 2019	Jan. 31, 2019
Dividends Payable, Date of Record	Mar. 22, 2019	Feb. 14, 2019	Jan. 18, 2019

Shareholders' Equity and Share-

Shareholders' Equity and Share-Based Compensation Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based incentive plan, number of shares authorized for issuance	3,000,000
Stock-based compensation expense	$ 298	$ 335
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 1,865
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 3 months 11 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Rollforward]
Restricted stock outstanding as of beginning of period	341,713	353,103
Restricted stock granted	152,462	176,233
Restricted stock vested	(151,139)	(194,827)
Restricted stock outstanding as of end of period	343,036	334,509
Restricted stock as of beginning of period of period, nonvested, weighted average grant date fair value per share	$ 6.37	$ 7.01
Restricted stock granted, weighted average grant date fair value per share	6.10	6.28
Restricted stock vested, weighted average grant date fair value per share	6.37	7.37
Restricted stock as of end of period, nonvested, weighted average grant date fair value per share	$ 6.25	$ 6.42

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Subsequent Event [Line Items]
Stock issuance subsequent to period end	$ 58,887	$ 788