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Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2013
Derivative Instruments [Abstract]  
Schedule of Derivative Instruments [Table Text Block]
The following table details fair value of the Company's holdings of financial derivatives as of September 30, 2013:
 
 
Fair Value
 
 
(In thousands)
Financial derivatives-assets at fair value:
 
 
TBA securities purchase contracts
 
$
104

Fixed payer interest rate swaps
 
23,077

Total financial derivatives-assets at fair value:
 
$
23,181

Financial derivatives-liabilities at fair value:
 
 
TBA securities sale contracts
 
$
(5,572
)
Fixed payer interest rate swaps
 
(1,409
)
Fixed payer swaptions
 
(86
)
Total financial derivatives-liabilities at fair value:
 
$
(7,067
)
Total
 
$
16,114

The Company did not have any financial derivatives outstanding as of December 31, 2012.
InterestRateSwapsByRemainingMaturity [Table Text Block]
The following table details the Company's interest rate swaps as of September 30, 2013:
 
 
 
 
 
 
Weighted Average
Maturity
 
Notional Amount
 
Fair Value
 
Pay Rate
 
Receive Rate
 
Years to Maturity
 
 
(In thousands)
 
 
 
 
 
 
2016
 
$
38,000

 
$
(204
)
 
0.89
%
 
0.26
%
 
2.88
2017
 
109,000

 
(696
)
 
1.20

 
0.26

 
3.82
2018
 
90,000

 
1,773

 
0.88

 
0.27

 
4.60
2020
 
235,900

 
6,054

 
1.57

 
0.26

 
6.65
2023
 
213,000

 
9,279

 
2.14

 
0.26

 
9.65
2043
 
70,000

 
5,462

 
3.20

 
0.26

 
29.68
Total
 
$
755,900

 
$
21,668

 
1.71
%
 
0.26
%
 
8.79
Schedule of To-be-announced securities (TBAs) [Table Text Block]
As of September 30, 2013, the Company had outstanding contracts to purchase ("long positions") and sell ("short positions") TBA securities as follows (shown in thousands):
TBA Securities
 
Notional Amount (1)
 
Cost Basis (2)
 
Market Value (3)
 
Net Carrying Value (4)
Purchase contracts:
 
 
 
 
 
 
 
 
Assets
 
$
3,350

 
$
3,169

 
$
3,273

 
$
104

Sale contracts:
 
 
 
 
 
 
 
 
Liabilities
 
(438,579
)
 
(449,060
)
 
(454,632
)
 
(5,572
)
Total TBA securities, net
 
$
(435,229
)
 
$
(445,891
)
 
$
(451,359
)
 
$
(5,468
)
(1)
Notional amount represents the principal balance of the underlying Agency RMBS.
(2)
Cost basis represents the forward price to be paid for the underlying Agency RMBS.
(3)
Market value represents the current market value of the underlying Agency RMBS (on a forward delivery basis) as of September 30, 2013.
(4)
Net carrying value represents the difference between the market value of the TBA contract as of September 30, 2013 and the cost basis and is reported in Financial derivatives-assets at fair value and Financial derivatives-liabilities at fair value on the Consolidated Balance Sheet.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]
Gains and losses on the Company's financial derivatives for the three and nine month periods ended September 30, 2013 are summarized in the tables below (shown in thousands):
 
 
Three Month Period Ended September 30, 2013
Derivative Type
 
Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps
 
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps
 
Net Realized Gains (Losses) on Financial Derivatives
 
Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps
 
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps
 
Change in Net Unrealized Gains (Losses) on Financial Derivatives
Fixed payer interest rate swaps
 
$
49

 
$
2,451

 
$
2,500

 
$
(3,109
)
 
$
(1,420
)
 
$
(4,529
)
Fixed payer swaptions
 
 
 
—

 
—

 
 
 
(86
)
 
(86
)
TBAs
 
 
 
1,773

 
1,773

 
 
 
(7,557
)
 
(7,557
)
Total
 
$
49

 
$
4,224

 
$
4,273

 
$
(3,109
)
 
$
(9,063
)
 
$
(12,172
)

 
 
Nine Month Period Ended September 30, 2013
Derivative Type
 
Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps
 
Net Realized Gains (Losses) Other Than Periodic Settlements of Interest Rate Swaps
 
Net Realized Gains (Losses) on Financial Derivatives
 
Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps
 
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps
 
Change in Net Unrealized Gains (Losses) on Financial Derivatives
Fixed payer interest rate swaps
 
$
(20
)
 
$
2,631

 
$
2,611

 
$
(4,151
)
 
$
25,819

 
$
21,668

Fixed payer swaptions
 
 
 
—

 
—

 
 
 
(86
)
 
(86
)
TBAs
 
 
 
10,039

 
10,039

 
 
 
(5,468
)
 
(5,468
)
Total
 
$
(20
)
 
$
12,670

 
$
12,650

 
$
(4,151
)
 
$
20,265

 
$
16,114