Agency Securities, Available for Sale (Tables)

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities

At December 31, 2015, we had the following securities in an unrealized gain or loss position as presented below. The components of the carrying value of our Agency Securities at December 31, 2015 are also presented below. Our Agency Securities had a weighted average coupon of 3.47% at December 31, 2015.

December 31, 2015	Amortized Cost		Gross Unrealized Loss			Gross Unrealized Gain		Fair Value		Percent of Total
Fannie Mae
ARMs&Hybrids	$	46,512	$	(210	)	$	486	$	46,788	0.38	%
Multi-Family MBS	2,182,156		(30,879		)	7,312		2,158,589		17.32
10 Year Fixed	91,752		(362		)	605		91,995		0.74
15 Year Fixed	4,302,585		(10,462		)	5,498		4,297,621		34.49
20 Year Fixed	2,692,310		(25,429		)	5,289		2,672,170		21.44
25 Year Fixed	18,488		(128		)	—		18,360		0.15
30 Year Fixed	1,447,835		(6,645		)	492		1,441,682		11.56
Total Fannie Mae	$	10,781,638	$	(74,115	)	$	19,682	$	10,727,205	86.08	%
Freddie Mac
ARMs&Hybrids	12,738		(46		)	197		12,889		0.10
10 Year Fixed	37,657		(92		)	652		38,217		0.31
15 Year Fixed	192,982		(995		)	310		192,297		1.54
20 Year Fixed	1,443,652		(16,380		)	4,006		1,431,278		11.49
Total Freddie Mac	$	1,687,029	$	(17,513	)	$	5,165	$	1,674,681	13.44	%
Ginnie Mae
ARMs&Hybrids	59,877		(610		)	69		59,336		0.48
15 Year Fixed	314		—			20		334		0.00
Total Ginnie Mae	$	60,191	$	(610	)	$	89	$	59,670	0.48	%
Total Agency Securities	$	12,528,858	$	(92,238	)	$	24,936	$	12,461,556	100.00	%

At March 31, 2016, we had the following Agency Securities in an unrealized gain or loss position as presented below. The components of the carrying value of our Agency Securities at March 31, 2016 are also presented below. Our Agency Securities had a weighted average coupon of 3.51% at March 31, 2016.

March 31, 2016	Amortized Cost		Gross Unrealized Loss			Gross Unrealized Gain		Fair Value		Percent of Total
Fannie Mae
ARMs & Hybrids	$	43,992	$	(103	)	$	372	$	44,261	0.42	%
Multi-Family MBS	1,501,472		—			57,340		1,558,812		14.88
10 Year Fixed	171,556		(164		)	1,539		172,931		1.65
15 Year Fixed	3,478,018		(134		)	40,669		3,518,553		33.59
20 Year Fixed	2,340,415		(3,460		)	13,266		2,350,221		22.44
25 Year Fixed	17,798		(10		)	28		17,816		0.17
30 Year Fixed	1,217,468		(45		)	10,121		1,227,544		11.73
Total Fannie Mae	$	8,770,719	$	(3,916	)	$	123,335	$	8,890,138	84.88	%
Freddie Mac
10 Year Fixed	81,795		(60		)	1,538		83,273		0.80
15 Year Fixed	87,086		(1		)	1,254		88,339		0.84
20 Year Fixed	1,357,383		(5,398		)	6,631		1,358,616		12.97
Total Freddie Mac	$	1,526,264	$	(5,459	)	$	9,423	$	1,530,228	14.61	%
Ginnie Mae
ARMs & Hybrids	54,000		(729		)	43		53,314		0.51
10 Year Fixed	308		—			22		330		0.00
Total Ginnie Mae	$	54,308	$	(729	)	$	65	$	53,644	0.51	%
Total Agency Securities	$	10,351,291	$	(10,104	)	$	132,823	$	10,474,010	100.00	%

Investments Classified by Contractual Maturity Date

The following table summarizes the weighted average lives of our Agency Securities at March 31, 2016 and December 31, 2015.

	March 31, 2016				December 31, 2015
Weighted Average Life of all Agency Securities	Fair Value		Amortized Cost		Fair Value		Amortized Cost
Less than one year	$	16	$	16	$	19	$	19
Greater than or equal to one year and less than three years	67,434		67,080		30,189		30,375
Greater than or equal to three years and less than five years	7,452,538		7,396,947		6,037,851		6,039,218
Greater than or equal to five years	2,954,022		2,887,248		6,393,497		6,459,246
Total Agency Securities	$	10,474,010	$	10,351,291	$	12,461,556	$	12,528,858

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

The following table presents the unrealized losses and estimated fair value of our Agency Securities by length of time that such securities have been in a continuous unrealized loss position at March 31, 2016 and December 31, 2015.

	Unrealized Loss Position For:
	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
March 31, 2016	$	575,246	$	(1,068	)	$	1,537,449	$	(9,036	)	$	2,112,695	$	(10,104	)
December 31, 2015	$	7,105,363	$	(58,799	)	$	1,861,211	$	(33,439	)	$	8,966,574	$	(92,238	)