Quarterly report pursuant to Section 13 or 15(d)

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position (Details 1)

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REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position (Details 1) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Outstanding Face Amount $ 532,730 [1],[2]  
Other Than Temporary Impairment - Amortized Cost Basis (148,978)  
Amortized Cost Basis 354,361 [3]  
Gains - Gross Unrealized 84,783  
Carrying Value 439,023 984,263
Weighted Average Rating B+ [4]  
Weighted Average Coupon 4.10%  
Weighted Average Yield 12.62%  
Weighted Average Maturity (Years) 2 years 9 months 18 days [5]  
Securities in an Unrealized Loss Position Less than Twelve Months [Member]
    
Outstanding Face Amount 15,084  
Before Impairment - Amortized Cost Basis 15,590  
Other Than Temporary Impairment - Amortized Cost Basis (1,443)  
Amortized Cost Basis 14,147  
Gross unrealized losses - less than twelve months (24)  
Carrying value - less than twelve months 14,123  
Number of securities, less than twelve months 5  
Weighted Average Rating BBB  
Weighted Average Coupon 2.31%  
Weighted Average Yield 4.97%  
Weighted Average Maturity (Years) 2 years 4 months 24 days  
Securities in an Unrealized Loss Position Greater than Twelve Months [Member]
    
Outstanding Face Amount 6,700  
Before Impairment - Amortized Cost Basis 6,519  
Amortized Cost Basis 6,519  
Gross unrealized losses - twelve months or more (97)  
Carrying value - twelve months or more 6,422  
Number of securities, greater than twelve months 2  
Weighted Average Rating B+  
Weighted Average Coupon 5.98%  
Weighted Average Yield 6.63%  
Weighted Average Maturity (Years) 4 years 4 months 24 days  
Securities in an Unrealized Loss Position [Member]
    
Outstanding Face Amount 21,784  
Before Impairment - Amortized Cost Basis 22,109  
Other Than Temporary Impairment - Amortized Cost Basis (1,443) (2,873)
Amortized Cost Basis 20,666  
Total gross unrealized losses (121)  
Carrying Value $ 20,545  
Number of securities 7  
Weighted Average Rating BB+  
Weighted Average Coupon 3.43%  
Weighted Average Yield 5.50%  
Weighted Average Maturity (Years) 3 years  
[1] The total outstanding face amount was $340.6 million for fixed rate securities and $192.1 million for floating rate securities.
[2] Net of incurred losses.
[3] Net of discounts (or gross of premiums) and after OTTI, including impairment taken during the period ended March 31, 2014.
[4] Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Ratings provided were determined by third party rating agencies, represent the most recent credit ratings available as of the reporting date and may not be current.
[5] The weighted average life is based on the timing of expected principal reduction on the assets.