Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN REAL ESTATE SECURITIES (Details Narrative)

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INVESTMENTS IN REAL ESTATE SECURITIES (Details Narrative) (USD $)
In Thousands, unless otherwise specified
0 Months Ended 3 Months Ended
Mar. 06, 2014
Mar. 31, 2014
Purchase of Non-Agency RMBS   $ (1,038,721)
Purchase of Agency ARM RMBS   37,922
RMBS principal receivable   8,600
Outstanding face amount   2,866,311 [1]
Real estate securities acquired during the period with credit quality deterioration, face amount   353,000
Real estate securities acquired during the period with credit quality deterioration, expected cash flows   330,000
Real estate securities acquired during the period with credit quality deterioration, fair value   252,000
Non-Agency RMBS [Member]
   
Face amount of securities purchased 625,000 1,400,000
Purchase of Non-Agency RMBS 553,000 863,400
Face amount of securities sold   437,900
Amortized cost basis of securities sold   244,600
Proceeds from sale of real estate securities   248,500
Gain on sale of real estate securities   3,800
Percentage of mezzanine and subordinate tranche purchased 75.00%  
Mortgage loans pledged 900,000  
Outstanding face amount   1,780,864 [2]
Agency RMBS [Member]
   
Face amount of securities sold   154,200
Amortized cost basis of securities sold   162,200
Proceeds from sale of real estate securities   162,900
Gain on sale of real estate securities   700
Outstanding face amount   1,085,447 [3],[4]
Other ABS [Member]
   
Percentage of principal balance   0.20%
Outstanding face amount   207,431
Fixed Rate Securities [Member]
   
Outstanding face amount   584,000
Floating Rate Securities [Member]
   
Outstanding face amount   $ 2,300,000
[1] The total outstanding face amount was $584.0 million for fixed rate securities and $2.3 billion for floating rate securities.
[2] Includes Other ABS securities representing 0.2% of the carrying value of the Non-Agency RMBS portfolio. (See Schedule of Real Estate Securities)
[3] Includes securities issued or guaranteed by U.S. Government agencies such as the Federal National Mortgage Association ("Fannie Mae") or the Federal Home Loan Mortgage Corporation ("Freddie Mac").
[4] Amortized cost basis and carrying value include principal receivable of $8.6 million.