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Residential Whole Loans (Tables)
 9 Months Ended
Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Schedule of Activity in Allowance for Loan Losses, Residential Whole Loans
The following table presents the activity in the Company’s allowance for loan losses on its residential whole loan pools at carrying value for the three and nine months ended September 30, 2016 and 2015:

 (In Thousands)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2016

2015
 
2016
 
2015
Balance at the beginning of period
 
$
1,023

 
$
587

 
$
1,165

 
$
137

Provisions/(reversal of provisions) for loan losses
 
—

 
335

 
(142
)
 
785

Balance at the end of period
 
$
1,023

 
$
922

 
$
1,023

 
$
922
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period
The following table presents information regarding estimates of the contractually required payments, the cash flows expected to be collected, and the estimated fair value of the residential whole loans held at carrying value acquired by the Company for the three and nine months ended September 30, 2016 and 2015.

 (In Thousands)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2016 (1)
 
2015
 
2016 (1)
 
2015
Contractually required principal and interest
 
$
121,818

 
$
10,646

 
$
363,144

 
$
103,950

Contractual cash flows not expected to be collected (non-accretable yield)
 
(31,648
)
 
(1,313
)
 
(66,685
)
 
(18,465
)
Expected cash flows to be collected
 
90,170

 
9,333

 
296,459

 
85,485

Interest component of expected cash flows 
(accretable yield)
 
(28,801
)
 
(3,620
)
 
(98,550
)
 
(34,901
)
Fair value at the date of acquisition
 
$
61,369

 
$
5,713

 
$
197,909

 
$
50,584



(1)  Excluded from the table above are approximately $111.2 million of residential whole loans held at carrying value for which the closing of the purchase transaction had not occurred as of September 30, 2016.
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement
The following table presents accretable yield activity for the Company’s residential whole loans held at carrying value for the three and nine months ended September 30, 2016 and 2015:

 (In Thousands)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2016 (1)
 
2015
 
2016 (1)
 
2015
Balance at beginning of period
 
$
234,527

 
$
155,574

 
$
175,271

 
$
133,012

  Additions
 
28,801

 
3,620

 
98,550

 
34,901

  Accretion
 
(5,917
)
 
(3,972
)
 
(16,112
)
 
(11,406
)
  Reclassifications from/(to) non-accretable difference, net
 
218

 
2,692

 
(80
)
 
1,407

Balance at end of period
 
$
257,629

 
$
157,914

 
$
257,629

 
$
157,914



(1)  Excluded from the table above are approximately $111.2 million of residential whole loans held at carrying value for which the closing of the purchase transaction had not occurred as of September 30, 2016.
Residential Whole Loans, Fair Value
The following table presents information regarding the Company’s residential whole loans held at fair value at September 30, 2016 and December 31, 2015:
 (Dollars in Thousands)
 
September 30, 2016 (1)
 
December 31, 2015
Outstanding principal balance
 
$
840,964

 
$
786,330

Aggregate fair value
 
$
704,462

 
$
623,276

Number of loans
 
3,205

 
3,143



(1)  Excluded from the table above are approximately $92.8 million of residential whole loans held at fair value for which the closing of the purchase transaction had not occurred as of September 30, 2016.
Residential Whole Loans, Fair Value, Component of Net gain on residential whole loans
The following table presents the components of Net gain on residential whole loans held at fair value for the three and nine months ended September 30, 2016 and 2015:
 (In Thousands)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2016
 
2015
 
2016
 
2015
Coupon payments and other income received
 
$
6,253

 
$
2,772

 
$
15,987

 
$
5,665

Net unrealized gains
 
10,913

 
2,362

 
25,529

 
3,872

Net gain on payoff/liquidation of loans
 
1,535

 
431

 
3,536

 
1,286

    Total
 
$
18,701

 
$
5,565

 
$
45,052

 
$
10,823