Mortgage Backed Securities

12 Months Ended

Dec. 31, 2014

Mortgage Backed Securities [Abstract]

Mortgage-Backed Securities

The following table presents the Company’s RMBS portfolio as of December 31, 2014 and 2013:

(in thousands)
		December 31, 2014		December 31, 2013
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	70,400	$	76,118
	Adjustable-rate Mortgages		3,794		5,334
	Fixed-rate Mortgages		1,412,593		245,523
	Total Pass-Through Certificates		1,486,787		326,975
Structured RMBS Certificates:
	Interest-Only Securities		46,611		19,206
	Inverse Interest-Only Securities		15,773		5,042
	Total Structured RMBS Certificates		62,384		24,248
Total		$	1,549,171	$	351,223

The following table summarizes the Company’s RMBS portfolio as of December 31, 2014 and 2013, according to the contractual maturities of the securities in the portfolio. Actual maturities of RMBS investments are generally shorter than stated contractual maturities and are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal.

(in thousands)
	December 31, 2014		December 31, 2013
Greater than five years and less than ten years	$	967	$	1,521
Greater than or equal to ten years		1,548,204		349,702
Total	$	1,549,171	$	351,223