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Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Assets carried at fair value    
Investment securities available for sale $ 724,720 $ 816,647
Fair Value, Measurements, Recurring    
Assets carried at fair value    
Investments in unconsolidated entities 67,571 38,496
Total 8,167,136 9,548,101
Liabilities carried at fair value    
Total 6,820,401 8,049,516
Level 1 | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Total 10,758 471
Liabilities carried at fair value    
Total 1,242 1,231
Level 2 | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Total 942,737 1,105,026
Liabilities carried at fair value    
Total 258 232
Level 3    
Assets carried at fair value    
Investments in unconsolidated entities [1] 87,558 48,490
Level 3 | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Investments in unconsolidated entities 67,571 38,496
Total 7,213,641 8,442,604
Liabilities carried at fair value    
Total 6,818,901 8,048,053
Agency RMBS | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Investment securities available for sale 713,116 779,505
Agency RMBS | Level 2 | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Investment securities available for sale 713,116 779,505
Non-Agency RMBS | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Investment securities available for sale 1,567 1,939
Non-Agency RMBS | Level 2 | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Investment securities available for sale 1,567 1,939
CLOs | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Investment securities available for sale   35,203
CLOs | Level 2 | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Investment securities available for sale   35,203
U.S. Treasury Bills | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Investment securities available for sale 10,037  
U.S. Treasury Bills | Level 1 | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Investment securities available for sale 10,037  
CMBS | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Investment securities available for sale 40,734 38,594
CMBS | Level 3 | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Investment securities available for sale 40,734 38,594
Multi-family loans held in securitization trusts | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Multi-family loans held in securitization trusts 7,105,336 8,365,514
Multi-family loans held in securitization trusts | Level 3 | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Multi-family loans held in securitization trusts 7,105,336 8,365,514
Multi-family collateralized debt obligations, at fair value | Fair Value, Measurements, Recurring    
Liabilities carried at fair value    
Multi-family collateralized debt obligations 6,818,901 8,048,053
Multi-family collateralized debt obligations, at fair value | Level 3 | Fair Value, Measurements, Recurring    
Liabilities carried at fair value    
Multi-family collateralized debt obligations 6,818,901 8,048,053
TBA securities | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Derivative assets 226,929 284,971
TBA securities | Level 2 | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Derivative assets 226,929 284,971
Options on US Treasury Futures | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Derivative assets 15 92
Options on US Treasury Futures | Level 1 | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Derivative assets 15 92
US Treasury Futures | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Derivative assets   379
US Treasury Futures | Level 1 | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Derivative assets   379
Interest Rate Swap Future | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Derivative assets 706 0
Liabilities carried at fair value    
Derivative liabilities 0 331
Interest Rate Swap Future | Level 1 | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Derivative assets 706 0
Liabilities carried at fair value    
Derivative liabilities 0 331
Interest Rate Swap | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Derivative assets 304 1,135
Liabilities carried at fair value    
Derivative liabilities 258 232
Interest Rate Swap | Level 2 | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Derivative assets 304 1,135
Liabilities carried at fair value    
Derivative liabilities 258 232
Swaption | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Derivative assets 821 2,273
Swaption | Level 2 | Fair Value, Measurements, Recurring    
Assets carried at fair value    
Derivative assets 821 2,273
Eurodollar Future | Fair Value, Measurements, Recurring    
Liabilities carried at fair value    
Derivative liabilities 1,242 900
Eurodollar Future | Level 1 | Fair Value, Measurements, Recurring    
Liabilities carried at fair value    
Derivative liabilities $ 1,242 $ 900
[1] Includes investments in unconsolidated entities accounted for under the fair value option with a carrying value of $67.6 million and $38.5 million at December 31, 2015 and December 31, 2014, respectively.