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Investments in Debt Securities (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale Securities, Par Balance $ 2,419,649   $ 2,446,491
Available-for-sale Securities, Net Premium (Discount) 704,222   736,128
Available-for-sale Debt Securities, Amortized Cost Basis 3,123,871   3,182,619
Available-for-sale Securities, Gross Unrealized Gain 12,250   17,185
Available-for-sale Securities, Gross Unrealized Loss (66,764)   (26,285)
Available-for-sale Securities, Fair Value 3,069,357   3,173,519
Available-for-sale Securities, Sale Proceeds 155,256 $ 57,164  
Available-for-sale Securities, Gross Realized Gain (Loss) (3,775) (1,708)  
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Amortized Cost Basis 26,507   4,480
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Amortized Cost Basis 198,463   208,046
Available-for-sale Securities, Debt Maturities, Rolling Year Six Through Ten, Amortized Cost Basis 1,243,105   1,334,795
Available-for-sale Securities, Debt Maturities, Rolling after Year Ten, Amortized Cost Basis 1,655,796   1,635,298
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis 3,123,871   3,182,619
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Fair Value 26,699   4,542
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value 200,395   210,727
Available-for-sale Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value 1,214,133   1,326,178
Available-for-sale Securities, Debt Maturities, Rolling after Year Ten, Fair Value 1,628,130   1,632,072
Available-for-sale Securities, Debt Maturities, Single Maturity Date 3,069,357   3,173,519
Agency MBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale Securities, Continuous Unrealized Loss Position for less than 12 months, Fair Value 1,698,318   1,293,798
Available-for-sale Securities, Continuous Unrealized Loss Position for less than 12 months, Accumulated Loss $ (41,169)   $ (9,769)
Available-for-sale Securities, Number of Securities in Continuous Unrealized Loss Position for less than 12 months 109   71
Available-for-sale Securities, Continuous Unrealized Loss Position for 12 months or longer, Fair Value $ 409,927   $ 423,698
Available-for-sale Securities, Continuous Unrealized Loss Position for 12 months or longer, Accumulated Loss $ (21,341)   $ (14,035)
Available-for-sale Securities, Number of Securities in Continuous Unrealized Loss Position for 12 months or longer 30   30
Non-Agency MBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale Securities, Continuous Unrealized Loss Position for less than 12 months, Fair Value $ 75,424   $ 51,406
Available-for-sale Securities, Continuous Unrealized Loss Position for less than 12 months, Accumulated Loss $ (730)   $ (421)
Available-for-sale Securities, Number of Securities in Continuous Unrealized Loss Position for less than 12 months 18   11
Available-for-sale Securities, Continuous Unrealized Loss Position for 12 months or longer, Fair Value $ 17,052   $ 20,414
Available-for-sale Securities, Continuous Unrealized Loss Position for 12 months or longer, Accumulated Loss $ (237)   $ (323)
Available-for-sale Securities, Number of Securities in Continuous Unrealized Loss Position for 12 months or longer 11   12
U.S. Treasuries      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale Securities, Par Balance $ 209,000   $ 148,400
Available-for-sale Securities, Net Premium (Discount) (1,917)   (133)
Available-for-sale Debt Securities, Amortized Cost Basis 207,083   148,267
Available-for-sale Securities, Gross Unrealized Gain 741   0
Available-for-sale Securities, Gross Unrealized Loss (3,289)   (1,737)
Available-for-sale Securities, Fair Value $ 204,535   $ 146,530
Available-for-sale Securities, Weighted Average Coupon 2.32%   2.13%
Available-for-sale Securities, Sale Proceeds $ 46,498 0  
Available-for-sale Securities, Gross Realized Losses (1,723) 0  
Available-for-sale Securities, Continuous Unrealized Loss Position for less than 12 months, Fair Value 96,758   $ 146,530
Available-for-sale Securities, Continuous Unrealized Loss Position for less than 12 months, Accumulated Loss $ (3,289)   $ (1,737)
Available-for-sale Securities, Number of Securities in Continuous Unrealized Loss Position for less than 12 months 1   1
CMBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale Securities, Par Balance $ 1,012,349   $ 1,150,468
Available-for-sale Securities, Net Premium (Discount) 7,235   6,407
Available-for-sale Debt Securities, Amortized Cost Basis 1,019,584   1,156,875
Available-for-sale Securities, Gross Unrealized Gain 3,038   5,812
Available-for-sale Securities, Gross Unrealized Loss (32,516)   (13,572)
Available-for-sale Securities, Fair Value 990,106   1,149,115
CMBS | Agency MBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale Securities, Par Balance 1,004,572   1,123,967
Available-for-sale Securities, Net Premium (Discount) 10,914   10,442
Available-for-sale Debt Securities, Amortized Cost Basis 1,015,486   1,134,409
Available-for-sale Securities, Gross Unrealized Gain 1,095   3,514
Available-for-sale Securities, Gross Unrealized Loss (32,516)   (13,572)
Available-for-sale Securities, Fair Value $ 984,065   $ 1,124,351
Available-for-sale Securities, Weighted Average Coupon [1] 3.05%   3.03%
Available-for-sale Securities, Sale Proceeds $ 108,758 0  
Available-for-sale Securities, Gross Realized Losses (2,052) 0  
CMBS | Non-Agency MBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale Securities, Par Balance 7,777   $ 26,501
Available-for-sale Securities, Net Premium (Discount) (3,679)   (4,035)
Available-for-sale Debt Securities, Amortized Cost Basis 4,098   22,466
Available-for-sale Securities, Gross Unrealized Gain 1,943   2,298
Available-for-sale Securities, Gross Unrealized Loss 0   0
Available-for-sale Securities, Fair Value $ 6,041   $ 24,764
Available-for-sale Securities, Weighted Average Coupon [1] 7.15%   5.47%
CMBS IO      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale Securities, Par Balance $ 0   $ 0
Available-for-sale Securities, Net Premium (Discount) 652,563   683,833
Available-for-sale Debt Securities, Amortized Cost Basis 652,563   683,833
Available-for-sale Securities, Gross Unrealized Gain 7,215   9,706
Available-for-sale Securities, Gross Unrealized Loss (1,509)   (1,017)
Available-for-sale Securities, Fair Value 658,269   692,522
CMBS IO | Agency MBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale Securities, Par Balance 0 [2]   0 [3]
Available-for-sale Securities, Net Premium (Discount) 358,471   375,361
Available-for-sale Debt Securities, Amortized Cost Basis 358,471   375,361
Available-for-sale Securities, Gross Unrealized Gain 4,175   5,238
Available-for-sale Securities, Gross Unrealized Loss (561)   (293)
Available-for-sale Securities, Fair Value $ 362,085   $ 380,306
Available-for-sale Securities, Weighted Average Coupon [1] 0.75%   0.62%
Notional balance for interest only securities $ 14,208,611   $ 14,196,122
CMBS IO | Non-Agency MBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale Securities, Par Balance [2] 0    
Available-for-sale Securities, Net Premium (Discount) 294,092   308,472
Available-for-sale Debt Securities, Amortized Cost Basis 294,092   308,472
Available-for-sale Securities, Gross Unrealized Gain 3,040   4,468
Available-for-sale Securities, Gross Unrealized Loss (948)   (724)
Available-for-sale Securities, Fair Value $ 296,184   $ 312,216
Available-for-sale Securities, Weighted Average Coupon [1] 0.71%   0.61%
Notional balance for interest only securities $ 10,944,703   $ 11,006,463
RMBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale Securities, Par Balance 1,198,300   1,147,623
Available-for-sale Securities, Net Premium (Discount) 46,341   46,021
Available-for-sale Debt Securities, Amortized Cost Basis 1,244,641   1,193,644
Available-for-sale Securities, Gross Unrealized Gain 1,256   1,667
Available-for-sale Securities, Gross Unrealized Loss (29,450)   (9,959)
Available-for-sale Securities, Fair Value 1,216,447   1,185,352
RMBS | Agency MBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale Securities, Par Balance [4] 1,197,306   1,146,553
Available-for-sale Securities, Net Premium (Discount) [4] 46,341   46,021
Available-for-sale Debt Securities, Amortized Cost Basis [4] 1,243,647   1,192,574
Available-for-sale Securities, Gross Unrealized Gain [4] 1,224   1,626
Available-for-sale Securities, Gross Unrealized Loss [4] (29,431)   (9,939)
Available-for-sale Securities, Fair Value [4] $ 1,215,440   $ 1,184,261
Available-for-sale Securities, Weighted Average Coupon [1],[4] 3.52%   3.56%
Available-for-sale Securities, Sale Proceeds $ 0 57,164  
Available-for-sale Securities, Gross Realized Losses 0 $ (1,708)  
RMBS | Non-Agency MBS      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale Securities, Par Balance 994   $ 1,070
Available-for-sale Securities, Net Premium (Discount) 0   0
Available-for-sale Debt Securities, Amortized Cost Basis 994   1,070
Available-for-sale Securities, Gross Unrealized Gain 32   41
Available-for-sale Securities, Gross Unrealized Loss (19)   (20)
Available-for-sale Securities, Fair Value $ 1,007   $ 1,091
Available-for-sale Securities, Weighted Average Coupon [1] 6.75%   6.75%
[1] The weighted average coupon (“WAC”) is the gross interest rate of the security weighted by the outstanding principal balance (or by notional balance in the case of an IO security).
[2] The notional balance for Agency CMBS IO and non-Agency CMBS IO was $14,208,611 and $10,944,703 respectively, as of March 31, 2018.
[3] The notional balance for the Agency CMBS IO and non-Agency CMBS IO was $14,196,122 and $11,006,463, respectively, as of December 31, 2017.
[4] Includes purchased securities pending settlement.