MORTGAGE-BACKED SECURITIES

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s RMBS portfolio as of March 31, 2019 and December 31, 2018:

(in thousands)
		March 31, 2019		December 31, 2018
Pass-Through RMBS Certificates:
	Adjustable-rate Mortgages	$	1,217	$	1,437
	Fixed-rate Mortgages		2,245,280		2,130,974
	Fixed-rate CMOs		717,995		741,926
	Total Pass-Through Certificates		2,964,492		2,874,337
Structured RMBS Certificates:
	Interest-Only Securities		99,804		116,415
	Inverse Interest-Only Securities		24,218		23,751
	Total Structured RMBS Certificates		124,022		140,166
Total		$	3,088,514	$	3,014,503

The following table summarizes the Company’s RMBS portfolio as of March 31, 2019 and December 31, 2018, 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, 2019		December 31, 2018
Greater than five years and less than ten years	$	2,681	$	5,696
Greater than or equal to ten years		3,085,833		3,008,807
Total	$	3,088,514	$	3,014,503