Mortgage Backed Securities

3 Months Ended

Mar. 31, 2017

Mortgage Backed Securities [Abstract]

Mortgage-Backed Securities

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s RMBS portfolio as of March 31, 2017 and December 31, 2016:

(in thousands)
		March 31, 2017		December 31, 2016
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	43,756	$	45,459
	Adjustable-rate Mortgages		1,947		2,062
	Fixed-rate Mortgages		3,061,957		2,826,694
	Total Pass-Through Certificates		3,107,660		2,874,215
Structured RMBS Certificates:
	Interest-Only Securities		107,214		69,726
	Inverse Interest-Only Securities		47,143		78,233
	Total Structured RMBS Certificates		154,357		147,959
Total		$	3,262,017	$	3,022,174

The following table summarizes the Company’s RMBS portfolio as of March 31, 2017 and December 31, 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)
	March 31, 2017		December 31, 2016
Greater than one year and less than five years	$	113	$	157
Greater than five years and less than ten years		234		277
Greater than or equal to ten years		3,261,670		3,021,740
Total	$	3,262,017	$	3,022,174