MORTGAGE-BACKED SECURITIES

12 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Mortgage-Backed Securities

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s RMBS portfolio as of December 31, 2017 and2016:

(in thousands)
			2017		2016
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	27,398	$	45,459
	Adjustable-rate Mortgages		1,754		2,062
	Fixed-rate Mortgages		3,594,533		2,826,694
	Total Pass-Through Certificates		3,623,685		2,874,215
Structured RMBS Certificates:
	Interest-Only Securities		86,918		69,726
	Inverse Interest-Only Securities		34,208		78,233
	Total Structured RMBS Certificates		121,126		147,959
Total		$	3,744,811	$	3,022,174

The following table summarizes the Company’s RMBS portfolio as of December 31, 2017 and 2016, 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, 2017		December 31, 2016
Greater than one year and less than five years	$	29	$	157
Greater than five years and less than ten years		3,281		277
Greater than or equal to ten years		3,741,501		3,021,740
Total	$	3,744,811	$	3,022,174