Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE - Assets and Liabilities Fair Value Recurring Basis (Details 1)

v3.3.0.814
FAIR VALUE - Assets and Liabilities Fair Value Recurring Basis (Details 1)
Sep. 30, 2015
USD ($)
contract
Secutiy
Dec. 31, 2014
USD ($)
Derivative assets:    
Real estate securities, available-for-sale: $ 9,183,000  
Real estate securities, pledged as collateral 370,342,000 $ 407,689,000
TBAs, not treated as hedges 3,712,000 0
Derivative assets total 3,712,000 0
Derivative liabilities:    
TBAs, not treated as hedges 6,124,000 4,328,000
Derivative liabilities total 6,124,000 4,328,000
Carrying Value [Member]    
Derivative assets:    
Real estate securities, pledged as collateral 370,342,000  
TBAs, not treated as hedges 3,712,000  
Derivative assets total 3,712,000  
Derivative liabilities:    
TBAs, not treated as hedges 6,124,000  
Estimated Fair Value [Member]    
Derivative assets:    
Real estate securities, pledged as collateral 370,342,000  
TBAs, not treated as hedges [1] 3,712,000  
Derivative liabilities:    
TBAs, not treated as hedges 6,124,000  
Derivative liabilities total 6,124,000  
Non-consolidated CDO Securities [Member]    
Derivative liabilities:    
Outstanding Face Amount 0  
CMBS [Member]    
Derivative assets:    
Real estate securities, available-for-sale: 42,562,000  
Derivative liabilities:    
Outstanding Face Amount 70,284,000  
Non-Agency RMBS [Member]    
Derivative assets:    
Real estate securities, available-for-sale: $ 9,763,000  
Derivative liabilities:    
Number of Securities | contract 9  
Outstanding Face Amount $ 16,688,000  
CDO Securities [Member]    
Derivative assets:    
Real estate securities, available-for-sale: [2] $ 9,183,000  
Derivative liabilities:    
Number of Securities | contract 2  
Outstanding Face Amount [3] $ 14,575,000  
FNMA/FHLMC Securities [Member]    
Derivative assets:    
Real estate securities, available-for-sale: $ 61,508,000  
Derivative liabilities:    
Number of Securities | contract 2  
Outstanding Face Amount $ 354,806,000  
Level 2 - Observable [Member]    
Derivative assets:    
Real estate securities, pledged as collateral 370,342,000  
Level 2 - Observable [Member] | Carrying Value [Member]    
Derivative assets:    
TBAs, not treated as hedges 3,712,000  
Derivative assets total 3,712,000  
Level 2 - Observable [Member] | Estimated Fair Value [Member]    
Derivative liabilities:    
TBAs, not treated as hedges 6,124,000  
Derivative liabilities total 6,124,000  
Level 2 - Observable [Member] | CMBS [Member]    
Derivative assets:    
Real estate securities, available-for-sale: 0  
Level 2 - Observable [Member] | Non-Agency RMBS [Member]    
Derivative assets:    
Real estate securities, available-for-sale: 0  
Level 2 - Observable [Member] | CDO Securities [Member]    
Derivative assets:    
Real estate securities, available-for-sale: [2] 0  
Level 2 - Observable [Member] | FNMA/FHLMC Securities [Member]    
Derivative assets:    
Real estate securities, available-for-sale: 0  
Level 3 Inputs - Unobservable [Member]    
Derivative assets:    
Real estate securities, pledged as collateral 0  
Level 3 Inputs - Unobservable [Member] | Carrying Value [Member]    
Derivative assets:    
TBAs, not treated as hedges 0  
Derivative assets total 0  
Level 3 Inputs - Unobservable [Member] | Estimated Fair Value [Member]    
Derivative liabilities:    
TBAs, not treated as hedges 0  
Derivative liabilities total 0  
Level 3 Inputs - Unobservable [Member] | CMBS [Member]    
Derivative assets:    
Real estate securities, available-for-sale: 42,562,000  
Level 3 Inputs - Unobservable [Member] | Non-Agency RMBS [Member]    
Derivative assets:    
Real estate securities, available-for-sale: 9,763,000  
Level 3 Inputs - Unobservable [Member] | CDO Securities [Member]    
Derivative assets:    
Real estate securities, available-for-sale: [2] 0  
Level 3 Inputs - Unobservable [Member] | FNMA/FHLMC Securities [Member]    
Derivative assets:    
Real estate securities, available-for-sale: 52,325,000  
Level 3 Internal Pricing [Member]    
Derivative assets:    
Real estate securities, pledged as collateral 0  
Level 3 Internal Pricing [Member] | Carrying Value [Member]    
Derivative assets:    
TBAs, not treated as hedges 0  
Derivative assets total 0  
Level 3 Internal Pricing [Member] | Estimated Fair Value [Member]    
Derivative liabilities:    
TBAs, not treated as hedges 0  
Derivative liabilities total 0  
Level 3 Internal Pricing [Member] | CMBS [Member]    
Derivative assets:    
Real estate securities, available-for-sale: 0  
Level 3 Internal Pricing [Member] | Non-Agency RMBS [Member]    
Derivative assets:    
Real estate securities, available-for-sale: 0  
Level 3 Internal Pricing [Member] | CDO Securities [Member]    
Derivative assets:    
Real estate securities, available-for-sale: [2] 9,183,000  
Level 3 Internal Pricing [Member] | FNMA/FHLMC Securities [Member]    
Derivative assets:    
Real estate securities, available-for-sale: 9,183,000  
Measured on a Recurring Basis [Member]    
Derivative assets:    
Real estate securities, pledged as collateral [4] 370,342,000  
Measured on a Recurring Basis [Member] | Carrying Value [Member]    
Derivative assets:    
TBAs, not treated as hedges [1] 3,712,000 $ 0
Derivative assets total 3,712,000  
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member]    
Derivative liabilities:    
Derivative liabilities total 6,124,000  
Measured on a Recurring Basis [Member] | CMBS [Member]    
Derivative assets:    
Real estate securities, available-for-sale: [4] 42,562,000  
Measured on a Recurring Basis [Member] | Non-Agency RMBS [Member]    
Derivative assets:    
Real estate securities, available-for-sale: [4] 9,763,000  
Measured on a Recurring Basis [Member] | CDO Securities [Member]    
Derivative assets:    
Real estate securities, available-for-sale: [4] 9,183,000  
Measured on a Recurring Basis [Member] | FNMA/FHLMC Securities [Member]    
Derivative assets:    
Real estate securities, available-for-sale: 61,508,000  
Not designated as hedging instrument [Member] | Measured on a Recurring Basis [Member] | Estimated Fair Value [Member]    
Derivative liabilities:    
TBAs, not treated as hedges $ 6,124,000  
Unlevered Real Estate Securities [Member] | Other [Member]    
Derivative liabilities:    
Number of Securities | Secutiy 8  
Outstanding Face Amount [5] $ 37,347,000  
Excluded from face amount of unlevered real estate securities $ 115,500,000  
[1] Represents derivative assets and liabilities including TBA forward contracts (Note 12).
[2] Represents non-consolidated CDO securities, excluding eight securities with zero value, which had an aggregate face amount of $115.5 million as of September 30, 2015.
[3] (E)Represents non-consolidated CDO securities, excluding 8 securities with zero value, which had an aggregate face amount of $115.5 million.
[4] (A)See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.
[5] Excludes eight securities with zero value, which had an aggregate face amount of $115.5 million.