MORTGAGE-BACKED SECURITIES

3 Months Ended

Mar. 31, 2018

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 March 31, 2018 and December 31, 2017:

(in thousands)
		March 31, 2018		December 31, 2017
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	26,482	$	27,398
	Adjustable-rate Mortgages		1,754		1,754
	Fixed-rate Mortgages		3,569,133		3,594,533
	Total Pass-Through Certificates		3,597,369		3,623,685
Structured RMBS Certificates:
	Interest-Only Securities		120,199		86,918
	Inverse Interest-Only Securities		28,216		34,208
	Total Structured RMBS Certificates		148,415		121,126
Total		$	3,745,784	$	3,744,811

The following table summarizes the Company’s RMBS portfolio as of March 31, 2018 and December 31, 2017, 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, 2018		December 31, 2017
Greater than one year and less than five years	$	15	$	29
Greater than five years and less than ten years		3,049		3,281
Greater than or equal to ten years		3,742,720		3,741,501
Total	$	3,745,784	$	3,744,811

The Company generally pledges its RMBS assets as collateral under repurchase agreements. At March 31, 2018 and December 31, 2017, the Company had unpledged securities totaling $102.1 million and $32.3 million, respectively. The unpledged balance at March 31, 2018 includes unsettled security purchases with a fair value of approximately $14.6 million that will be pledged as collateral under repurchase agreements on their respective settlement dates in April 2018.