Annual report pursuant to Section 13 and 15(d)

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

v2.4.1.9
FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets and Liabilities Fair Value Recurring Basis (Details 1) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Assets:    
Real estate securities, available-for-sale $ 231,754us-gaap_AvailableForSaleSecuritiesDebtSecurities $ 432,993us-gaap_AvailableForSaleSecuritiesDebtSecurities
Real estate securities, pledged as collateral 407,689us-gaap_PledgedAssetsSeparatelyReportedMortgageRelatedSecuritiesAvailableForSaleOrHeldForInvestment 551,270us-gaap_PledgedAssetsSeparatelyReportedMortgageRelatedSecuritiesAvailableForSaleOrHeldForInvestment
Derivative Liabilities:    
Derivative liabilities 4,328us-gaap_DerivativeLiabilities 13,795us-gaap_DerivativeLiabilities
Carrying Value [Member]    
Assets:    
Real estate securities, available-for-sale 231,754us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember 		[1],[2] 432,933us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
Real estate securities, pledged as collateral 407,689us-gaap_PledgedAssetsSeparatelyReportedMortgageRelatedSecuritiesAvailableForSaleOrHeldForInvestment
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember 		551,270us-gaap_PledgedAssetsSeparatelyReportedMortgageRelatedSecuritiesAvailableForSaleOrHeldForInvestment
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
Derivative Liabilities:    
Interest rate swaps, treated as hedges 1,963us-gaap_CashFlowHedgeDerivativeInstrumentLiabilitiesAtFairValue
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember 		[3] 6,203us-gaap_CashFlowHedgeDerivativeInstrumentLiabilitiesAtFairValue
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember 		[3]
Interest rate swapsand TBAs, not treated as hedges 2,365us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsLiabilitiesAtFairValue
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember 		[3] 7,592us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsLiabilitiesAtFairValue
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember 		[3]
Estimated Fair Value [Member]    
Assets:    
Real estate securities, available-for-sale 231,754us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember 		[1],[2] 432,933us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
Real estate securities, pledged as collateral 407,689us-gaap_PledgedAssetsSeparatelyReportedMortgageRelatedSecuritiesAvailableForSaleOrHeldForInvestment
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember 		551,270us-gaap_PledgedAssetsSeparatelyReportedMortgageRelatedSecuritiesAvailableForSaleOrHeldForInvestment
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
Derivative Liabilities:    
Interest rate swaps, treated as hedges 1,963us-gaap_CashFlowHedgeDerivativeInstrumentLiabilitiesAtFairValue
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember 		[3] 6,203us-gaap_CashFlowHedgeDerivativeInstrumentLiabilitiesAtFairValue
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember 		[3]
Interest rate swapsand TBAs, not treated as hedges 2,365us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsLiabilitiesAtFairValue
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember 		[3] 7,592us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsLiabilitiesAtFairValue
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember 		[3]
Non-Agency RMBS [Member]    
Assets:    
Real estate securities, available-for-sale 45,035us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_ResidentialMortgageBackedSecuritiesMember 		[4],[5] 57,581us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_ResidentialMortgageBackedSecuritiesMember 		[4]
CDO Securities [Member]    
Assets:    
Real estate securities, available-for-sale 7,956us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_CollateralizedDebtObligationsMember 		[4],[5]  
FNMA/FHLMC Securities [Member]    
Assets:    
Real estate securities, available-for-sale 407,689us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_USGovernmentAgenciesDebtSecuritiesMember 		[4] 551,270us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_USGovernmentAgenciesDebtSecuritiesMember 		[4],[6]
Measured on a Recurring Basis [Member] | Level 2 [Member]    
Assets:    
Real estate securities, pledged as collateral 407,689us-gaap_PledgedAssetsSeparatelyReportedMortgageRelatedSecuritiesAvailableForSaleOrHeldForInvestment
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember 		 
Derivative Liabilities:    
Interest rate swaps, treated as hedges 1,963us-gaap_CashFlowHedgeDerivativeInstrumentLiabilitiesAtFairValue
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember 		 
Interest rate swapsand TBAs, not treated as hedges 2,365us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsLiabilitiesAtFairValue
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember 		 
Derivative liabilities 4,328us-gaap_DerivativeLiabilities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember 		 
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member]    
Assets:    
Real estate securities, available-for-sale 223,798us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember 		 
Measured on a Recurring Basis [Member] | Carrying Value [Member]    
Assets:    
Real estate securities, available-for-sale 231,754us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember 		 
Real estate securities, pledged as collateral 407,689us-gaap_PledgedAssetsSeparatelyReportedMortgageRelatedSecuritiesAvailableForSaleOrHeldForInvestment
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember 		 
Derivative Liabilities:    
Interest rate swaps, treated as hedges 1,963us-gaap_CashFlowHedgeDerivativeInstrumentLiabilitiesAtFairValue
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember 		 
Interest rate swapsand TBAs, not treated as hedges 2,365us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsLiabilitiesAtFairValue
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember 		 
Derivative liabilities 4,328us-gaap_DerivativeLiabilities
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember 		 
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member]    
Assets:    
Real estate securities, available-for-sale 231,754us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember 		 
Real estate securities, pledged as collateral 407,689us-gaap_PledgedAssetsSeparatelyReportedMortgageRelatedSecuritiesAvailableForSaleOrHeldForInvestment
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember 		 
Derivative Liabilities:    
Interest rate swaps, treated as hedges 1,963us-gaap_CashFlowHedgeDerivativeInstrumentLiabilitiesAtFairValue
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember 		 
Interest rate swapsand TBAs, not treated as hedges 2,365us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsLiabilitiesAtFairValue
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember 		 
Derivative liabilities 4,328us-gaap_DerivativeLiabilities
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember 		 
Measured on a Recurring Basis [Member] | CMBS [Member] | Level 3 Inputs [Member]    
Assets:    
Real estate securities, available-for-sale 178,763us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_CommercialMortgageBackedSecuritiesMember 		 
Measured on a Recurring Basis [Member] | CMBS [Member] | Carrying Value [Member]    
Assets:    
Real estate securities, available-for-sale 178,763us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_CommercialMortgageBackedSecuritiesMember 		 
Measured on a Recurring Basis [Member] | CMBS [Member] | Estimated Fair Value [Member]    
Assets:    
Real estate securities, available-for-sale 178,966us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_CommercialMortgageBackedSecuritiesMember 		 
Measured on a Recurring Basis [Member] | Non-Agency RMBS [Member] | Level 3 Inputs [Member]    
Assets:    
Real estate securities, available-for-sale 45,035us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_ResidentialMortgageBackedSecuritiesMember 		 
Measured on a Recurring Basis [Member] | Non-Agency RMBS [Member] | Carrying Value [Member]    
Assets:    
Real estate securities, available-for-sale 45,035us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_ResidentialMortgageBackedSecuritiesMember 		 
Measured on a Recurring Basis [Member] | Non-Agency RMBS [Member] | Estimated Fair Value [Member]    
Assets:    
Real estate securities, available-for-sale 45,035us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_ResidentialMortgageBackedSecuritiesMember 		 
Measured on a Recurring Basis [Member] | CDO Securities [Member] | Level 3 Inputs [Member]    
Assets:    
Real estate securities, available-for-sale 7,956us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_CollateralizedDebtObligationsMember 		[7],[8]  
Measured on a Recurring Basis [Member] | CDO Securities [Member] | Carrying Value [Member]    
Assets:    
Real estate securities, available-for-sale 7,956us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_CollateralizedDebtObligationsMember 		[7],[8]  
Measured on a Recurring Basis [Member] | CDO Securities [Member] | Estimated Fair Value [Member]    
Assets:    
Real estate securities, available-for-sale 7,956us-gaap_AvailableForSaleSecuritiesDebtSecurities
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_CollateralizedDebtObligationsMember 		[7],[8]  
Measured on a Recurring Basis [Member] | FNMA/FHLMC Securities [Member] | Level 2 [Member]    
Assets:    
Real estate securities, pledged as collateral 407,689us-gaap_PledgedAssetsSeparatelyReportedMortgageRelatedSecuritiesAvailableForSaleOrHeldForInvestment
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_USGovernmentAgenciesDebtSecuritiesMember 		 
Measured on a Recurring Basis [Member] | FNMA/FHLMC Securities [Member] | Carrying Value [Member]    
Assets:    
Real estate securities, pledged as collateral 407,689us-gaap_PledgedAssetsSeparatelyReportedMortgageRelatedSecuritiesAvailableForSaleOrHeldForInvestment
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_USGovernmentAgenciesDebtSecuritiesMember 		 
Measured on a Recurring Basis [Member] | FNMA/FHLMC Securities [Member] | Estimated Fair Value [Member]    
Assets:    
Real estate securities, pledged as collateral $ 407,689us-gaap_PledgedAssetsSeparatelyReportedMortgageRelatedSecuritiesAvailableForSaleOrHeldForInvestment
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
/ us-gaap_FairValueByMeasurementFrequencyAxis
= us-gaap_FairValueMeasurementsRecurringMember
/ us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
= us-gaap_USGovernmentAgenciesDebtSecuritiesMember 		 
[1] Measured at fair value on a recurring basis.
[2] Excludes eight CDO securities with a zero value, which had an aggregate face amount of $112.5 million.
[3] Represents derivative assets and liabilities including interest rate swaps and TBA forward contracts (Note 9).
[4] Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $113.3 million.
[5] See Note 10 regarding the estimation of fair value, which is equal to carrying value for all securities.
[6] Amortized cost basis and carrying value include no principal receivable as of December 31, 2014 and principal receivable of $4.8 million as of December 31, 2013.
[7] None of the gains (losses) recorded in earnings during the period is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date.
[8] Represents non-consolidated CDO securities, excluding eight securities with zero value, which had an aggregate face amount of $113.3 million as of December 31, 2014.