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Net Gain on Investments
 12 Months Ended
Dec. 31, 2016
Investments Debt And Equity Securities [Abstract]  
Net Gain on Investments

Note 26—Net Gain on Investments

Net gain (loss) on investments is summarized below:

 

 

 

Year ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

 

 

(in thousands)

 

Net gain (loss) on investments:

 

 

 

 

 

 

 

 

 

 

 

 

From non-affiliates:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

(13,168

)

 

$

(5,224

)

 

$

10,416

 

Mortgage loans at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

Distressed mortgage loans

 

 

(3,504

)

 

 

81,133

 

 

 

215,483

 

Mortgage loans held in a VIE

 

 

(1,748

)

 

 

(10,663

)

 

 

27,768

 

CRT Agreements

 

 

32,500

 

 

 

593

 

 

 

—

 

Asset-backed financing of a VIE at fair value

 

 

3,238

 

 

 

4,260

 

 

 

(8,459

)

Hedging derivatives

 

 

7,251

 

 

 

(19,353

)

 

 

(22,565

)

 

 

 

24,569

 

 

 

50,746

 

 

 

222,643

 

From PFSI—ESS

 

 

(17,394

)

 

 

3,239

 

 

 

(20,834

)

 

 

$

7,175

 

 

$

53,985

 

 

$

201,809