v3.19.1
Investment in Securities (Summary of Investment in Securities) (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Dec. 31, 2018
Long:    
Current Principal $ 1,514,771  
Unamortized Premium (Discount) (128,167)  
Amortized Cost 1,518,066  
Gross Unrealized Gains 30,871  
Gross Unrealized Losses (19,452)  
Fair Value $ 1,529,485  
Coupon 4.15%  
Yield 5.08%  
Life (Years) 6 years 179 days  
Short:    
Current Principal $ (26,565)  
Unamortized Premium (Discount) (354)  
Amortized Cost (26,919)  
Gross Unrealized Gains 1,184  
Gross Unrealized Losses (477)  
Fair Value $ (26,212) $ (850,577)
Coupon 2.42%  
Yield 1.64%  
Life (Years) 3 years  
Current Principal, Total $ 1,488,206  
Unamortized Premium (Discount), Total (128,521)  
Amortized Cost, Total 1,491,147  
Gross Unrealized Gains, Total 32,055  
Gross Unrealized Losses, Total (19,929)  
Fair Value, Total $ 1,503,273  
Rate 4.18%  
Yield 5.02%  
Life (Years), Total 6 years 201 days  
Non-Agency IOs    
Long:    
Amortized Cost $ 5,693  
Gross Unrealized Gains 1,953  
Gross Unrealized Losses 0  
Fair Value $ 7,646  
Coupon 0.77%  
Yield 25.35%  
Life (Years) 7 years 230 days  
15-year fixed-rate mortgages    
Long:    
Current Principal $ 70,927  
Unamortized Premium (Discount) 2,897  
Amortized Cost 73,824  
Gross Unrealized Gains 68  
Gross Unrealized Losses (1,261)  
Fair Value $ 72,631  
Coupon 3.48%  
Yield 2.40%  
Life (Years) 4 years 142 days  
20-year fixed-rate mortgages    
Long:    
Current Principal $ 2,267  
Unamortized Premium (Discount) 148  
Amortized Cost 2,415  
Gross Unrealized Gains 0  
Gross Unrealized Losses (38)  
Fair Value $ 2,377  
Coupon 4.20%  
Yield 2.88%  
Life (Years) 5 years 117 days  
30-year fixed-rate mortgages    
Long:    
Current Principal $ 906,415  
Unamortized Premium (Discount) 43,286  
Amortized Cost 949,701  
Gross Unrealized Gains 4,584  
Gross Unrealized Losses (9,311)  
Fair Value $ 944,974  
Coupon 4.20%  
Yield 3.37%  
Life (Years) 6 years 299 days  
Adjustable rate mortgages    
Long:    
Current Principal $ 9,173  
Unamortized Premium (Discount) 401  
Amortized Cost 9,574  
Gross Unrealized Gains 23  
Gross Unrealized Losses (137)  
Fair Value $ 9,460  
Coupon 3.97%  
Yield 2.97%  
Life (Years) 3 years 58 days  
Reverse mortgages    
Long:    
Current Principal $ 83,293  
Unamortized Premium (Discount) 6,448  
Amortized Cost 89,741  
Gross Unrealized Gains 233  
Gross Unrealized Losses (629)  
Fair Value $ 89,345  
Coupon 4.40%  
Yield 3.03%  
Life (Years) 6 years 124 days  
Interest only securities    
Long:    
Amortized Cost $ 25,473  
Gross Unrealized Gains 1,110  
Gross Unrealized Losses (1,155)  
Fair Value $ 25,428  
Coupon 3.31%  
Yield 7.48%  
Life (Years) 3 years 223 days  
Non-Agency RMBS    
Long:    
Current Principal $ 298,383  
Unamortized Premium (Discount) (111,182)  
Amortized Cost 187,201  
Gross Unrealized Gains 17,642  
Gross Unrealized Losses (2,540)  
Fair Value $ 202,303  
Coupon 3.44%  
Yield 6.42%  
Life (Years) 7 years 113 days  
CMBS    
Long:    
Current Principal $ 65,186  
Unamortized Premium (Discount) (36,910)  
Amortized Cost 28,276  
Gross Unrealized Gains 1,284  
Gross Unrealized Losses (147)  
Fair Value $ 29,413  
Coupon 2.77%  
Yield 8.42%  
Life (Years) 8 years 139 days  
CLOs    
Long:    
Amortized Cost $ 98,713  
Gross Unrealized Gains 2,941  
Gross Unrealized Losses (3,657)  
Fair Value $ 97,997  
Coupon 3.85%  
Yield 16.22%  
Life (Years) 5 years 248 days  
Asset-backed securities, backed by consumer loans    
Long:    
Current Principal $ 36,022  
Unamortized Premium (Discount) (12,488)  
Amortized Cost 23,534  
Gross Unrealized Gains 940  
Gross Unrealized Losses (366)  
Fair Value $ 24,108  
Coupon 14.52%  
Yield 11.85%  
Life (Years) 1 year 58 days  
Corporate debt securities    
Long:    
Current Principal $ 26,730  
Unamortized Premium (Discount) (20,956)  
Amortized Cost 5,774  
Gross Unrealized Gains 44  
Gross Unrealized Losses (81)  
Fair Value $ 5,737  
Coupon 9.26%  
Yield 20.18%  
Life (Years) 1 year 208 days  
Short:    
Current Principal $ (5,160)  
Unamortized Premium (Discount) 515  
Amortized Cost (4,645)  
Gross Unrealized Gains 237  
Gross Unrealized Losses (33)  
Fair Value $ (4,441)  
Coupon 5.19%  
Yield 5.91%  
Life (Years) 6 years 58 days  
Corporate equity securities    
Long:    
Corporate equity, amortized cost $ 1,583  
Corporate equity, gross unrealized gains 4  
Corporate equity, gross unrealized losses (122)  
Corporate equity, fair value 1,465  
U.S. Treasury securities    
Long:    
Current Principal 16,375  
Unamortized Premium (Discount) 189  
Amortized Cost 16,564  
Gross Unrealized Gains 45  
Gross Unrealized Losses (8)  
Fair Value $ 16,601  
Coupon 2.51%  
Yield 2.30%  
Life (Years) 5 years 248 days  
Short:    
Current Principal $ (2,800)  
Unamortized Premium (Discount) 15  
Amortized Cost (2,785)  
Gross Unrealized Gains 0  
Gross Unrealized Losses (125)  
Fair Value $ (2,910)  
Coupon 2.88%  
Yield 2.92%  
Life (Years) 9 years 139 days  
European sovereign bonds    
Short:    
Current Principal $ (18,605)  
Unamortized Premium (Discount) (884)  
Amortized Cost (19,489)  
Gross Unrealized Gains 947  
Gross Unrealized Losses (319)  
Fair Value $ (18,861)  
Coupon 1.69%  
Yield 0.43%  
Life (Years) 1 year 99 days