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Collateral Positions (Tables)
 12 Months Ended
Dec. 31, 2016
Transfers and Servicing [Abstract]  
Schedule of fair value of collateral pledged and collateral held
The following table summarizes the fair value of the Company’s collateral positions, which includes collateral pledged and collateral held, with respect to its borrowings under repurchase agreements, reverse repurchase agreements, derivative hedging instruments and FHLB advances at December 31, 2016 and 2015: 

 
 
December 31, 2016
 
December 31, 2015
(In Thousands)
 
Assets Pledged
 
Collateral Held
 
Assets Pledged
 
Collateral Held
Derivative Hedging Instruments:
 
 

 
 

 
 

 
 

Agency MBS
 
$
32,468

 
$
—

 
$
38,569

 
$
—

Cash (1)
 
53,849

 
—

 
70,573

 
—

 
 
86,317

 
—

 
109,142

 
—

Repurchase Agreement Borrowings:
 
 

 
 

 
 

 
 

Agency MBS
 
3,280,689

 
—

 
2,881,049

 
—

Legacy Non-Agency MBS (2)(3)
 
2,317,708

 
—

 
2,818,968

 
—

3 Year Step-up securities
 
2,660,491

 
—

 
2,625,866

 
—

U.S. Treasury securities
 
510,767

 
—

 
507,443

 
—

CRT securities
 
357,488

 
—

 
170,352

 
—

Residential whole loans
 
1,175,088

 
—

 
684,136

 
—

Cash (1)
 
4,614

 
—

 
965

 
—

 
 
10,306,845

 
—

 
9,688,779

 
—

FHLB Advances:
 
 
 
 
 
 
 
 
Agency MBS
 
227,244

 
—

 
1,612,476

 
—

 
 
227,244

 
—

 
1,612,476

 
—

Reverse Repurchase Agreements:
 
 

 
 

 
 

 
 

U.S. Treasury securities
 
—

 
510,767

 
—

 
507,443

 
 
—

 
510,767

 
—

 
507,443

Total
 
$
10,620,406

 
$
510,767

 
$
11,410,397

 
$
507,443

 
(1) Cash pledged as collateral is reported as “Restricted cash” on the Company’s consolidated balance sheets.
(2) Includes $172.4 million and $570.5 million of Legacy Non-Agency MBS acquired in connection with resecuritization transactions from consolidated VIEs at December 31, 2016 and 2015, respectively, that are eliminated from the Company’s consolidated balance sheets.
(3) In addition, at December 31, 2016 and 2015, $688.2 million and $726.7 million of Legacy Non-Agency MBS, respectively, are pledged as collateral in connection with contemporaneous repurchase and reverse repurchase agreements entered into with a single counterparty.
Schedule of additional information about assets Pledged as collateral pursuant to borrowings under repurchase agreements and Derivative Hedging Contracts
The following table presents detailed information about the Company’s assets pledged as collateral pursuant to its borrowings under repurchase agreements and other advances, and derivative hedging instruments at December 31, 2016:

 
 
December 31, 2016
 
 
Assets Pledged Under Repurchase
Agreements and Other Advances
 
Assets Pledged Against Derivative
Hedging Instruments
 
Total Fair
Value of
Assets
Pledged and
Accrued
Interest
(In Thousands)
 
Fair Value
 
Amortized
Cost
 
Accrued
Interest on
Pledged Assets
 
Fair Value/
Carrying
Value
 
Amortized
Cost
 
Accrued
Interest on
Pledged
Assets
 
Agency MBS (1)
 
$
3,507,933

 
$
3,488,904

 
$
8,654

 
$
32,468

 
$
33,216

 
$
67

 
$
3,549,122

Legacy Non-Agency MBS(2)(3)
 
2,317,708

 
1,841,401

 
8,613

 
—

 
—

 
—

 
2,326,321

3 Year Step-up securities
 
2,660,491

 
2,657,726

 
1,848

 
—

 
—

 
—

 
2,662,339

U.S. Treasuries
 
510,767

 
510,767

 
—

 
—

 
—

 
—

 
510,767

CRT securities
 
357,488

 
336,706

 
222

 
—

 
—

 
—

 
357,710

Residential whole loans (4)
 
1,175,088

 
1,162,212

 
3,248

 
—

 
—

 
—

 
1,178,336

Cash (5)
 
4,614

 
4,614

 
—

 
53,849

 
53,849

 
—

 
58,463

Total
 
$
10,534,089

 
$
10,002,330

 
$
22,585

 
$
86,317

 
$
87,065

 
$
67

 
$
10,643,058


(1)  Includes Agency MBS pledged under FHLB advances with an aggregate fair value of $227.2 million, aggregate amortized cost of $226.6 million and aggregate accrued interest of approximately $597,000 at December 31, 2016.
(2) Includes $172.4 million of Legacy Non-Agency MBS acquired in connection with resecuritization transactions from consolidated VIEs at December 31, 2016, that are eliminated from the Company’s consolidated balance sheets.
(3)  In addition, at December 31, 2016, $688.2 million of Legacy Non-Agency MBS are pledged as collateral in connection with contemporaneous repurchase and reverse repurchase agreements entered into with a single counterparty.
(4) Includes residential whole loans held at carrying value with an aggregate fair value of $440.8 million and aggregate amortized cost of $427.9 million and residential whole loans held at fair value with an aggregate fair value and amortized cost of $732.4 million.
(5) Cash pledged as collateral is reported as “Restricted cash” on the Company’s consolidated balance sheets.