Mortgage Backed Securities

3 Months Ended

Mar. 31, 2015

Mortgage Backed Securities [Abstract]

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s RMBS portfolio as of March 31, 2015 and December 31, 2014:

(in thousands)
		March 31, 2015		December 31, 2014
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	69,619	$	70,400
	Adjustable-rate Mortgages		3,755		3,794
	Fixed-rate Mortgages		1,522,833		1,412,593
	Total Pass-Through Certificates		1,596,207		1,486,787
Structured RMBS Certificates:
	Interest-Only Securities		65,232		46,611
	Inverse Interest-Only Securities		15,182		15,773
	Total Structured RMBS Certificates		80,414		62,384
Total		$	1,676,621	$	1,549,171

The following table summarizes the Company’s RMBS portfolio as of March 31, 2015 and December 31, 2014, 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)
	March 31, 2015		December 31, 2014
Greater than five years and less than ten years	$	766	$	967
Greater than or equal to ten years		1,675,855		1,548,204
Total	$	1,676,621	$	1,549,171

The Company generally pledges its RMBS assets as collateral under repurchase agreements. At March 31, 2015 and December 31, 2014, the Company had unpledged securities totaling $129.7 million and $31.9 million, respectively. The unpledged balance at March 31, 2015 includes unsettled security purchases with a fair value of approximately $79.3 million that will be pledged as collateral under repurchase agreements on their settlement dates in April 2015.