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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2012
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table presents the fair value of the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 and December 31, 2011, segregated by the hierarchy level of the fair value estimate:
 
December 31, 2012
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
Agency MBS
$
3,492,659

 
$
—

 
$
3,492,659

 
$
—

Non-Agency MBS:
 

 
 

 
 

 
 

CMBS (including CMBS IO)
600,284

 
—

 
500,182

 
100,102

RMBS
11,038

 
—

 
5,920

 
5,118

Other investments
25

 
—

 
—

 
25

Total assets carried at fair value
$
4,104,006

 
$
—

 
$
3,998,761

 
$
105,245

Liabilities:
 

 
 

 
 

 
 

Derivative liabilities
$
42,537

 
$
—

 
$
42,537

 
$
—

Total liabilities carried at fair value
$
42,537

 
$
—

 
$
42,537

 
$
—


 
December 31, 2011
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
Agency MBS
$
1,965,159

 
$
—

 
$
1,965,159

 
$
—

Non-Agency MBS:
 

 
 

 
 

 
 

CMBS (including CMBS IO)
405,826

 
—

 
282,123

 
123,703

RMBS
15,270

 
—

 
4,974

 
10,296

Other investments
25

 
—

 
—

 
25

Total assets carried at fair value
$
2,386,280

 
$
—

 
$
2,252,256

 
$
134,024

Liabilities:
 

 
 

 
 

 
 

Derivative liabilities
$
27,997

 
$
—

 
$
27,997

 
$
—

Total liabilities carried at fair value
$
27,997

 
$
—

 
$
27,997

 
$
—
Fair Value Inputs, Assets, Quantitative Information [Table Text Block]
The table below presents information about the significant unobservable inputs used in the fair value measurement for the Company's Level 3 non-Agency RMBS and CMBS as of December 31, 2012:
 
Quantitative Information about Level 3 Fair Value Measurements(1)
 
Prepayment Speed
 
Default Rate
 
Severity
 
Discount Rate
Non-Agency CMBS
20 CPY

 
2.5
%
 
35.0
%
 
4.3
%
Non-Agency RMBS
5
 CPR
 
0.5
%
 
9.0
%
 
5.1
%
(1)
Data presented are weighted averages.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table presents the activity of the instruments fair valued at Level 3 for the periods indicated:
 
Level 3 Fair Values
 
Non-Agency CMBS
 
Non-Agency RMBS
 
Other
 
Total assets
Balance as of January 1, 2011
$
146,670

 
$
9,307

 
$
25

 
$
156,002

Purchases
3,054

 
7,000

 
—

 
10,054

Sales
—

 
(3,706
)
 
—

 
(3,706
)
(Loss) gain recognized in net income
—

 
(59
)
 
—

 
(59
)
Unrealized (loss) gain included in other comprehensive income
(2,194
)
 
16

 
—

 
(2,178
)
Principal payments
(22,652
)
 
(2,278
)
 
—

 
(24,930
)
Amortization
(1,175
)
 
16

 
—

 
(1,159
)
Balance as of December 31, 2011
$
123,703

 
$
10,296

 
$
25

 
$
134,024

Purchases
—

 
7,500

 
—

 
7,500

Transfers out to Level 2
(4,670
)
 
—

 
—

 
(4,670
)
Unrealized (loss) gain included in other comprehensive income
(59
)
 
86

 
—

 
27

Principal payments
(18,437
)
 
(12,804
)
 
—

 
(31,241
)
Amortization
(435
)
 
40

 
—

 
(395
)
Balance as of December 31, 2012
$
100,102

 
$
5,118

 
$
25

 
$
105,245
Fair Value, by Balance Sheet Grouping [Table Text Block]
The following table presents a summary of the recorded basis and estimated fair values of the Company’s financial instruments as of December 31, 2012 and December 31, 2011:
 
 
December 31, 2012
 
December 31, 2011
 
Recorded Basis
 
Fair Value
 
Recorded Basis
 
Fair Value
Assets:
 
 
 
 
 
 
 
Agency MBS
$
3,492,659

 
$
3,492,659

 
$
1,965,159

 
$
1,965,159

Non-Agency MBS
611,322

 
611,322

 
421,096

 
421,096

Securitized mortgage loans, net
70,823

 
61,916

 
113,703

 
101,116

Other investments
858

 
810

 
1,018

 
892

Liabilities:
 

 
 

 
 

 
 

Repurchase agreements
$
3,564,128

 
$
3,564,787

 
$
2,093,793

 
$
2,093,793

Non-recourse collateralized financing
30,504

 
30,756

 
70,895

 
69,752

Derivative liabilities
42,537

 
42,537

 
27,997

 
27,997