Mortgage Backed Securities

3 Months Ended

Mar. 31, 2016

Mortgage Backed Securities [Abstract]

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s RMBS portfolio as of March 31, 2016 and December 31, 2015:

(in thousands)
		March 31, 2016		December 31, 2015
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	52,044	$	52,238
	Adjustable-rate Mortgages		2,939		2,976
	Fixed-rate Mortgages		1,826,562		2,000,623
	Total Pass-Through Certificates		1,881,545		2,055,837
Structured RMBS Certificates:
	Interest-Only Securities		56,607		61,574
	Inverse Interest-Only Securities		38,893		40,599
	Total Structured RMBS Certificates		95,500		102,173
Total		$	1,977,045	$	2,158,010

The following table summarizes the Company’s RMBS portfolio as of March 31, 2016 and December 31, 2015, 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, 2016		December 31, 2015
Greater than five years and less than ten years	$	711	$	835
Greater than or equal to ten years		1,976,334		2,157,175
Total	$	1,977,045	$	2,158,010

The Company generally pledges its RMBS assets as collateral under repurchase agreements. At March 31, 2016 and December 31, 2015, the Company had unpledged securities totaling $58.8 million and $62.4 million, respectively. The unpledged balance at March 31, 2016 includes unsettled security purchases with a fair value of approximately $21.5 million that will be pledged as collateral under repurchase agreements on their respective settlement dates in April 2016.