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Investments in Debt Securities Investments in Debt Securities (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Investment [Line Items]          
Par value of available for sale debt security $ 4,972,691   $ 4,972,691   $ 3,194,441
Investments, Unamortized Premium (Discount) 579,282   579,282   590,968
Debt Securities, Available-for-sale, Amortized Cost 5,551,973   5,551,973   3,785,409
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 164,566   164,566   21,436
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (2,751)   (2,751)   (57,381)
Debt Securities, Available-for-sale 5,713,788   5,713,788   3,749,464
Proceeds from Sale of Available-for-sale Securities 432,552 $ 370,993 432,552 $ 526,250  
Debt Securities, Available-for-sale, Realized Gain (Loss) (10,360) (12,444) (10,360) (16,219)  
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost 152,858   152,858   39,868
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value 157,963   157,963   39,808
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost 285,275   285,275   151,041
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value 289,174   289,174   152,917
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost 879,723   879,723   828,543
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value 914,413   914,413   806,015
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost 4,234,117   4,234,117   2,765,957
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value 4,352,238   4,352,238   2,750,724
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost 5,551,973   5,551,973   3,785,409
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value 5,713,788   5,713,788   3,749,464
Agency MBS          
Investment [Line Items]          
Notional balance for interest only securities 12,861,382   12,861,382   13,048,666
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value 148,736   148,736   581,440
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss $ 378   $ 378   $ 1,793
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year 14   14   28
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value $ 294,704   $ 294,704   $ 1,543,892
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss $ 2,184   $ 2,184   $ 54,260
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year 9   9   88
Non-Agency MBS          
Investment [Line Items]          
Notional balance for interest only securities $ 10,014,205   $ 10,014,205   $ 10,275,494
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value 14,490   14,490   70,876
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss $ 140   $ 140   $ 581
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year 4   4   22
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value $ 7,117   $ 7,117   $ 46,154
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss $ 51   $ 51   $ 747
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year 8   8   19
Residential Mortgage Backed Securities          
Investment [Line Items]          
Par value of available for sale debt security $ 3,096,152   $ 3,096,152   $ 2,119,495
Investments, Unamortized Premium (Discount) 82,035   82,035   56,744
Debt Securities, Available-for-sale, Amortized Cost 3,178,187   3,178,187   2,176,239
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 58,076   58,076   8,926
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (2,203)   (2,203)   (26,286)
Debt Securities, Available-for-sale 3,234,060   3,234,060   2,158,879
Commercial Mortgage Backed Securities          
Investment [Line Items]          
Par value of available for sale debt security 1,876,539   1,876,539   1,074,946
Investments, Unamortized Premium (Discount) 14,816   14,816   6,481
Debt Securities, Available-for-sale, Amortized Cost 1,891,355   1,891,355   1,081,427
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 92,686   92,686   6,554
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (269)   (269)   (29,550)
Debt Securities, Available-for-sale 1,983,772   1,983,772   1,058,431
Interest-Only-Strip          
Investment [Line Items]          
Investments, Unamortized Premium (Discount) 482,431   482,431   527,743
Debt Securities, Available-for-sale, Amortized Cost 482,431   482,431   527,743
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 13,804   13,804   5,956
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (279)   (279)   (1,545)
Debt Securities, Available-for-sale 495,956   495,956   532,154
U.S. Treasuries          
Investment [Line Items]          
Proceeds from Sale of Available-for-sale Securities 0 144,461 0 190,960  
Debt Securities, Available-for-sale, Realized Gain     0    
Debt Securities, Available-for-sale, Realized Loss 0 (4,710)   (6,433)  
Agency | Residential Mortgage Backed Securities          
Investment [Line Items]          
Par value of available for sale debt security 3,095,408   3,095,408   2,118,639
Investments, Unamortized Premium (Discount) 82,035   82,035   56,744
Debt Securities, Available-for-sale, Amortized Cost 3,177,443   3,177,443   2,175,383
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 58,044   58,044   8,902
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (2,184)   (2,184)   (26,264)
Debt Securities, Available-for-sale $ 3,233,303   $ 3,233,303   $ 2,158,021
Investments, Weighted Average Coupon Rate [1] 3.97%   3.97%   3.95%
Proceeds from Sale of Available-for-sale Securities $ 205,493 217,837 $ 205,493 217,837  
Debt Securities, Available-for-sale, Realized Loss (3,953) (7,785) (3,953) (7,785)  
Agency | Commercial Mortgage Backed Securities          
Investment [Line Items]          
Par value of available for sale debt security 1,875,117   1,875,117   $ 1,071,906
Investments, Unamortized Premium (Discount) 15,793   15,793   8,518
Debt Securities, Available-for-sale, Amortized Cost 1,890,910   1,890,910   1,080,424
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 91,994   91,994   6,141
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (269)   (269)   (29,550)
Debt Securities, Available-for-sale $ 1,982,635   $ 1,982,635   $ 1,057,015
Investments, Weighted Average Coupon Rate [1] 2.84%   2.84%   3.22%
Proceeds from Sale of Available-for-sale Securities $ 213,198 0 $ 213,198 108,758  
Debt Securities, Available-for-sale, Realized Gain   0      
Debt Securities, Available-for-sale, Realized Loss (6,493)   (6,493) (2,052)  
Agency | Interest-Only-Strip          
Investment [Line Items]          
Investments, Unamortized Premium (Discount) 267,703   267,703   $ 287,062
Debt Securities, Available-for-sale, Amortized Cost 267,703   267,703   287,062
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 8,332   8,332   4,281
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (108)   (108)   (239)
Debt Securities, Available-for-sale $ 275,927   $ 275,927   $ 291,104
Investments, Weighted Average Coupon Rate [1] 0.66%   0.66%   0.55%
Proceeds from Sale of Available-for-sale Securities $ 13,861 0 $ 13,861 0  
Debt Securities, Available-for-sale, Realized Gain 86 0 86 0  
Non-Agency | Residential Mortgage Backed Securities          
Investment [Line Items]          
Par value of available for sale debt security 744   744   $ 856
Investments, Unamortized Premium (Discount) 0   0   0
Debt Securities, Available-for-sale, Amortized Cost 744   744   856
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 32   32   24
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (19)   (19)   (22)
Debt Securities, Available-for-sale $ 757   $ 757   $ 858
Investments, Weighted Average Coupon Rate [1] 6.75%   6.75%   6.75%
Non-Agency | Commercial Mortgage Backed Securities          
Investment [Line Items]          
Par value of available for sale debt security $ 1,422   $ 1,422   $ 3,040
Investments, Unamortized Premium (Discount) (977)   (977)   (2,037)
Debt Securities, Available-for-sale, Amortized Cost 445   445   1,003
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 692   692   413
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 0   0   0
Debt Securities, Available-for-sale $ 1,137   $ 1,137   $ 1,416
Investments, Weighted Average Coupon Rate [1] 5.50%   5.50%   6.47%
Non-Agency | Interest-Only-Strip          
Investment [Line Items]          
Investments, Unamortized Premium (Discount) $ 214,728   $ 214,728   $ 240,681
Debt Securities, Available-for-sale, Amortized Cost 214,728   214,728   240,681
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 5,472   5,472   1,675
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (171)   (171)   (1,306)
Debt Securities, Available-for-sale $ 220,029   $ 220,029   $ 241,050
Investments, Weighted Average Coupon Rate [1] 0.63%   0.63%   0.57%
Proceeds from Sale of Available-for-sale Securities $ 0 8,695 $ 0 8,695  
Debt Securities, Available-for-sale, Realized Gain $ 0 $ 51 $ 0 $ 51  
[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).