Annaly Capital Management (NLY) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 19, 2016	Jun. 30, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	NLY
Entity Registrant Name	ANNALY CAPITAL MANAGEMENT INC
Entity Central Index Key	1,043,219
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		924,829,841
Entity Public Float			$ 8.7

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents (including cash pledged as collateral of $1,584,686 and $1,584,701, respectively)	[1]	$ 1,769,258	$ 1,741,244
Investments, at fair value:
Mortgage-backed securities, including pledged assets		67,233,494	82,933,606
Agency debentures (including pledged assets of $0 and $1,368,350, respectively)		152,038	1,368,350
Credit risk transfer securities (including pledged assets of $184,160 and $0, respectively)		456,510
Commercial real estate debt investments (including pledged assets of $2,911,828 and $0, respectively)	[2]	2,911,828
Investment in affiliate			143,045
Commercial real estate debt and preferred equity, held for investment (including pledged assets of $578,820 and $0, respectively)	[3]	1,348,817	1,518,165
Loans held for sale		278,600
Investments in commercial real estate		535,946	210,032
Corporate debt		488,508	166,464
Reverse repurchase agreements			100,000
Interest rate swaps, at fair value		19,642	75,225
Other derivatives, at fair value		22,066	5,499
Receivable for investments sold		121,625	1,010,094
Accrued interest and dividends receivable		231,336	278,489
Receivable for investment advisory income (including from affiliate of $0 and $10,402, respectively)			10,402
Other assets		119,422	30,486
Goodwill		71,815	94,781
Intangible assets, net		38,536	37,835
Total assets		75,190,893	88,355,367
Liabilities:
Repurchase agreements		56,230,860	71,361,926
Other secured financing		1,845,048
Convertible Senior Notes			845,295
Securitized debt of consolidated VIEs	[4]	2,540,711	260,700
Participation sold		13,286	13,693
Mortgages payable		334,707	146,553
Interest rate swaps, at fair value		1,677,571	1,608,286
Other derivatives, at fair value		49,963	8,027
Dividends payable		280,779	284,293
Payable for investments purchased		107,115	264,984
Accrued interest payable		151,843	180,501
Accounts payable and other liabilities		53,088	47,328
Total liabilities		63,284,971	75,021,586
Stockholders' Equity:
Common stock, par value $0.01 per share, 1,956,937,500 authorized, 935,929,561 and 947,643,079 issued and outstanding, respectively		9,359	9,476
Additional paid-in capital		14,675,768	14,786,509
Accumulated other comprehensive income (loss)		(377,596)	204,883
Accumulated deficit		(3,324,616)	(2,585,436)
Total stockholders' equity		11,895,974	13,328,491
Noncontrolling interest		9,948	5,290
Total equity		11,905,922	13,333,781
Total liabilities and equity		75,190,893	88,355,367
Agency Mortgage Backed Securities
Investments, at fair value:
Mortgage-backed securities, including pledged assets		65,718,224	81,565,256
Liabilities:
Repurchase agreements		55,472,998	70,047,678
Non-Agency mortgage-backed securities [Member]
Investments, at fair value:
Mortgage-backed securities, including pledged assets		906,722
7.875% Series A Cumulative Redeemable Preferred Stock
Stockholders' Equity:
Cumulative Redeemable Preferred Stock		177,088	177,088
Total equity		177,088	177,088
7.625% Series C Cumulative Redeemable Preferred Stock
Stockholders' Equity:
Cumulative Redeemable Preferred Stock		290,514	290,514
Total equity		290,514	290,514
7.50% Series D Cumulative Redeemable Preferred Stock
Stockholders' Equity:
Cumulative Redeemable Preferred Stock		445,457	445,457
Total equity		$ 445,457	$ 445,457
[1]	Includes cash of consolidated VIEs of $48.5 million and $0 at December 31, 2015 and 2014, respectively.
[2]	Includes senior securitized commercial mortgage loans of consolidated VIEs carried at fair value of $2.6 billion and $0 at December 31, 2015 and 2014, respectively.
[3]	Includes senior securitized commercial mortgage loans of a consolidated VIE with a carrying value of $262.7 million and $398.6 million carried at amortized cost, net of an allowance for losses of $0, at December 31, 2015 and 2014, respectively.
[4]	Includes securitized debt of consolidated VIEs carried at fair value of $2.4 billion and $0 at December 31, 2015 and 2014, respectively.

CONSOLIDATED STATEMENTS OF FIN3

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Cash pledged as collateral		$ 1,584,686	$ 1,584,701
Agency debentures, pledged assets		0	1,368,350
Credit risk transfer securities, pledged assets		184,160	0
Commercial real estate debt investments, pledged assets		2,911,828	0
Commercial real estate debt and preferred equity, held for investment, pledged assets	[1]	578,820	0
Receivable for investment advisory income, from affiliates		$ 0	$ 10,402
Common Stock, par value		$ 0.01	$ 0.01
Common Stock, shares authorized		1,956,937,500	1,956,937,500
Common Stock, shares issued		935,929,561	947,643,079
Common Stock, shares outstanding		935,929,561	947,643,079
Senior Secured mortgages of Consolidated VIE, carrying value		$ 262,700	$ 398,600
Cash of Consolidated VIE	[2]	1,769,258	1,741,244
Commercial real estate debt and preferred equity, held for investment, allowance for losses		0	0
Securitized debt of a consolidated VIE		2,366,878	0
FREMF Trust
Cash of Consolidated VIE		48,500	0
Non-Agency mortgage-backed securities [Member]
Mortgage-backed securities, pledged assets		$ 744,783	$ 0
7.875% Series A Cumulative Redeemable Preferred Stock
Preferred Stock, shares authorized		7,412,500	7,412,500
Preferred Stock, shares issued		7,412,500	7,412,500
Preferred Stock, shares outstanding		7,412,500	7,412,500
7.625% Series C Cumulative Redeemable Preferred Stock
Preferred Stock, shares authorized		12,650,000	12,650,000
Preferred Stock, shares issued		12,000,000	12,000,000
Preferred Stock, shares outstanding		12,000,000	12,000,000
7.50% Series D Cumulative Redeemable Preferred Stock
Preferred Stock, shares authorized		18,400,000	18,400,000
Preferred Stock, shares issued		18,400,000	18,400,000
Preferred Stock, shares outstanding		18,400,000	18,400,000
Agency Mortgage Backed Securities
Mortgage-backed securities, pledged assets		$ 60,678,548	$ 74,006,480
[1]	Includes senior securitized commercial mortgage loans of a consolidated VIE with a carrying value of $262.7 million and $398.6 million carried at amortized cost, net of an allowance for losses of $0, at December 31, 2015 and 2014, respectively.
[2]	Includes cash of consolidated VIEs of $48.5 million and $0 at December 31, 2015 and 2014, respectively.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net interest income:
Interest income		$ 2,170,697	$ 2,632,398	$ 2,918,127
Interest expense		471,596	512,659	624,714
Net interest income		1,699,101	2,119,739	2,293,413
Realized and unrealized gains (losses):
Realized gains (losses) on interest rate swaps	[1],[2]	(624,495)	(825,360)	(908,294)
Realized gains (losses) on termination of interest rate swaps		(226,462)	(779,333)	(101,862)
Unrealized gains (losses) on interest rate swaps		(124,869)	(948,755)	2,002,200
Subtotal		(975,826)	(2,553,448)	992,044
Net gains (losses) on disposal of investments		50,987	93,716	403,045
Net gains (losses) on trading assets		29,623	(245,495)	1,509
Net unrealized gains (losses) on financial instruments measured at fair value through earnings		(103,169)	(86,172)	244,730
Impairment of goodwill		(22,966)		(23,987)
Loss on previously held equity interest in CreXus				(18,896)
Subtotal		(45,525)	(237,951)	606,401
Total realized and unrealized gains (losses)		(1,021,351)	(2,791,399)	1,598,445
Other income (loss):
Investment advisory income		24,848	31,343	43,643
Dividend income from affiliate		8,636	25,189	18,575
Other income (loss)		(47,201)	(12,488)	15,916
Total other income (loss)		(13,717)	44,044	78,134
General and administrative expenses:
Compensation and management fee		150,286	155,560	167,366
Other general and administrative expenses		49,954	53,778	64,715
Total general and administrative expenses		200,240	209,338	232,081
Income (loss) before income taxes		463,793	(836,954)	3,737,911
Income taxes		(1,954)	5,325	8,213
Net income (loss)		465,747	(842,279)	3,729,698
Net income (loss) attributable to noncontrolling interest		(809)	(196)
Net income (loss)		466,556	(842,083)	3,729,698
Dividends on preferred stock		71,968	71,968	71,968
Net income (loss) available (related) to common stockholders		$ 394,588	$ (914,051)	$ 3,657,730
Net income (loss) per share available (related) to common stockholders:
Basic		$ 0.42	$ (0.96)	$ 3.86
Diluted		$ 0.42	$ (0.96)	$ 3.74
Weighted average number of common shares outstanding:
Basic		947,062,099	947,539,294	947,337,915
Diluted		947,276,742	947,539,294	995,557,026
Dividends declared per share of common stock		$ 1.20	$ 1.20	$ 1.50
Net income (loss)		$ 465,747	$ (842,279)	$ 3,729,698
Other comprehensive income (loss):
Unrealized gains (losses) on available-for-sale securities		(531,952)	3,048,291	(5,378,089)
Reclassification adjustment for net (gains) losses included in net income (loss)		(50,527)	(94,475)	(424,086)
Other comprehensive income (loss)		(582,479)	2,953,816	(5,802,175)
Comprehensive income (loss)		(116,732)	2,111,537	(2,072,477)
Comprehensive income (loss) attributable to noncontrolling interest		(809)	(196)
Comprehensive income (loss) attributable to Annaly		(115,923)	2,111,733	(2,072,477)
Dividends on preferred stock		71,968	71,968	71,968
Comprehensive income (loss) attributable to common stockholders		$ (187,891)	$ 2,039,765	$ (2,144,445)
[1]	Consists of interest expense on interest rate swaps.
[2]	Interest expense related to interest rate swaps is recorded in realized gains (losses) on interest rate swaps on the Consolidated Statements of Operations and Comprehensive Income (Loss).

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	7.875% Series A Cumulative Redeemable Preferred Stock	7.625% Series C Cumulative Redeemable Preferred Stock	7.50% Series D Cumulative Redeemable Preferred Stock	Common stock par value	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit	Accumulated deficit7.875% Series A Cumulative Redeemable Preferred Stock	Accumulated deficit7.625% Series C Cumulative Redeemable Preferred Stock	Accumulated deficit7.50% Series D Cumulative Redeemable Preferred Stock	Total stockholders' equity	Total stockholders' equity7.875% Series A Cumulative Redeemable Preferred Stock	Total stockholders' equity7.625% Series C Cumulative Redeemable Preferred Stock	Total stockholders' equity7.50% Series D Cumulative Redeemable Preferred Stock	Noncontrolling interest
Beginning balance at Dec. 31, 2012	$ 15,924,444	$ 177,088	$ 290,514	$ 445,457	$ 9,472	$ 14,740,774	$ 3,053,242	$ (2,792,103)				$ 15,924,444
Net income (loss)	3,729,698							3,729,698				3,729,698
Unrealized gains (losses) on available-for-sale securities	(5,378,089)						(5,378,089)					(5,378,089)
Reclassification adjustment for net (gains) losses included in net income (loss)	(424,086)						(424,086)					(424,086)
Exercise of stock options	2,204				2	2,202						2,204
Stock compensation expense	2,547				(2)	2,549						2,547
Net proceeds from direct purchase and dividend reinvestment	2,855				2	2,853						2,855
Contingent beneficial conversion feature on 4% Convertible Senior Notes	17,383					17,383						17,383
Disposal of subsidiary	20,923							20,923				20,923
Common dividends declared, $1.50 per share in 2013, $1.20 per share in 2014 and $1.20 per share in 2015	(1,420,856)							(1,420,856)				(1,420,856)
Ending balance at Dec. 31, 2013	12,405,055	177,088	290,514	445,457	9,474	14,765,761	(2,748,933)	(534,306)				12,405,055
Preferred dividends declared		(14,593)	(22,875)	(34,500)					$ (14,593)	$ (22,875)	$ (34,500)		$ (14,593)	$ (22,875)	$ (34,500)
Net income (loss)	(842,083)							(842,083)				(842,083)
Net income (loss) attributable to noncontrolling interest	(196)															$ (196)
Unrealized gains (losses) on available-for-sale securities	3,048,291						3,048,291					3,048,291
Reclassification adjustment for net (gains) losses included in net income (loss)	(94,475)						(94,475)					(94,475)
Stock compensation expense	1,072					1,072						1,072
Net proceeds from direct purchase and dividend reinvestment	2,370				2	2,368						2,370
Contingent beneficial conversion feature on 4% Convertible Senior Notes	17,308					17,308						17,308
Equity contributions from (distributions to) noncontrolling interest	5,486															5,486
Common dividends declared, $1.50 per share in 2013, $1.20 per share in 2014 and $1.20 per share in 2015	(1,137,079)							(1,137,079)				(1,137,079)
Ending balance at Dec. 31, 2014	13,333,781	177,088	290,514	445,457	9,476	14,786,509	204,883	(2,585,436)				13,328,491				5,290
Preferred dividends declared		(14,593)	(22,875)	(34,500)					(14,593)	(22,875)	(34,500)		(14,593)	(22,875)	(34,500)
Net income (loss)	466,556							466,556				466,556
Net income (loss) attributable to noncontrolling interest	(809)															(809)
Unrealized gains (losses) on available-for-sale securities	(531,952)						(531,952)					(531,952)
Reclassification adjustment for net (gains) losses included in net income (loss)	(50,527)						(50,527)					(50,527)
Stock compensation expense	1,156					1,156						1,156
Net proceeds from direct purchase and dividend reinvestment	2,246				2	2,244						2,246
Buyback of common stock	(114,260)				(119)	(114,141)						(114,260)
Equity contributions from (distributions to) noncontrolling interest	5,467															5,467
Common dividends declared, $1.50 per share in 2013, $1.20 per share in 2014 and $1.20 per share in 2015	(1,133,768)							(1,133,768)				(1,133,768)
Ending balance at Dec. 31, 2015	$ 11,905,922	177,088	290,514	445,457	$ 9,359	$ 14,675,768	$ (377,596)	$ (3,324,616)				$ 11,895,974				$ 9,948
Preferred dividends declared		$ (14,593)	$ (22,875)	$ (34,500)					$ (14,593)	$ (22,875)	$ (34,500)		$ (14,593)	$ (22,875)	$ (34,500)

CONSOLIDATED STATEMENTS OF STO6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividends declared per share of common stock	$ 1.20	$ 1.20	$ 1.50
7.875% Series A Cumulative Redeemable Preferred Stock
Preferred series dividends declared, per share	1.97	1.97	1.97
7.625% Series C Cumulative Redeemable Preferred Stock
Preferred series dividends declared, per share	1.91	1.91	1.91
7.50% Series D Cumulative Redeemable Preferred Stock
Preferred series dividends declared, per share	$ 1.88	$ 1.88	$ 1.88

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Cash flows from operating activities:
Net income (loss)	$ 465,747		$ (842,279)		$ 3,729,698
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of Residential Investment Securities premiums and discounts, net	793,657		664,379		973,968
Amortization of commercial real estate investment premiums and discounts, net	(1,321)		616		(238)
Amortization of intangibles	7,309		1,390		2,614
Amortization of deferred financing costs	5,419		9,951		8,152
Amortization of net origination fees and costs, net	(4,263)		(4,917)
Amortization of contingent beneficial conversion feature and equity component of Convertible Senior Notes	12,246		37,341		17,101
Depreciation expense	12,661		3,205
Net gain on sale of commercial real estate			(2,748)
Net gain on sale of commercial loans held for sale	(120)
Net (gains) losses on sales of Residential Investment Securities	(63,317)		(94,476)		(424,086)
Net (gain) loss on sale of investment in affiliate	12,450
Stock compensation expense	1,156		1,072		2,547
Impairment of goodwill	22,966				23,987
Loss on previously held equity interest in CreXus					18,896
Realized loss on disposal of subsidiary					21,041
Unrealized (gains) losses on interest rate swaps	124,869		948,755		(2,002,200)
Net unrealized (gains) losses on financial instruments measured at fair value through earnings	103,169		86,172		(244,730)
Equity in net income from unconsolidated joint venture	2,782
Distributions of cumulative earnings from unconsolidated joint venture	1,384
Net (gains) losses on trading assets	(29,623)		245,495		(1,509)
Originations of loans held for sale, net	(755,000)
Proceeds from sale of loans held for sale	458,270
Proceeds from repurchase agreements of RCap	2,029,822,000		881,680,774		1,453,216,892
Payments on repurchase agreements of RCap	(2,034,322,000)		(875,782,907)		(1,471,279,777)
Proceeds from reverse repurchase agreements	52,950,000		107,898,578		450,898,777
Payments on reverse repurchase agreements	(52,850,000)		(107,898,578)		(449,187,682)
Proceeds from securities borrowed			23,888,955		263,155,068
Payments on securities borrowed			(21,306,062)		(263,577,019)
Proceeds from securities loaned			41,939,298		484,836,546
Payments on securities loaned			(44,466,966)		(484,117,193)
Proceeds from U.S. Treasury securities			3,159,253		142,054,631
Payments on U.S. Treasury securities			(3,920,425)		(141,019,615)
Net payments on derivatives	55,214		(134,284)		(133,023)
Net change in:
Due to / from brokers			8,596		503
Other assets	(24,339)		(2,657)		3,897
Accrued interest and dividends receivable	47,893		(21,376)		141,207
Receivable for investment advisory income	10,402		(3,563)		10,891
Accrued interest payable	(28,658)		34,889		(25,975)
Accounts payable and other liabilities	2,028		987		3,909
Net cash provided by (used in) operating activities	(3,167,019)		6,128,468		(12,892,722)
Cash flows from investing activities:
Payments on purchases of Residential Investment Securities	(19,703,098)		(38,626,689)		(39,071,377)
Proceeds from sales of Residential Investment Securities	24,801,165		22,654,547		54,328,560
Principal payments on Agency mortgage-backed securities	9,926,030		8,312,784		21,748,131
Proceeds from Agency debentures called					2,147,205
Proceeds from sale of investment in affiliate	126,402
Proceeds from corporate debt called					24,252
Acquisition of CreXus					(724,889)
Purchase of securitized loans at fair value	(2,574,353)
Origination of commercial real estate investments, net	(480,450)		(246,833)		(984,743)
Proceeds from sale of commercial real estate investments	227,450
Principal payments on commercial real estate debt investments	10,820
Principal payments on securitized loans at fair value	78
Proceeds from sales of commercial real estate held for sale			26,019		20,192
Principal payments on commercial real estate investments	444,998		316,082		114,999
Purchase of investments in real estate	(274,856)		(190,743)
Investment in unconsolidated joint venture	(69,902)
Proceeds from derivatives					7,465
Purchase of equity securities	(102,198)
Proceeds from sales of equity securities	28,395
Payment on disposal of subsidiary					16,209
Net cash provided by (used in) investing activities	11,668,915		(7,802,877)		37,548,218
Cash flows from financing activities:
Proceeds from repurchase agreements	202,273,148		195,370,377		381,641,327
Principal payments on repurchase agreements	(212,904,214)		(191,687,319)		(404,583,138)
Payments on maturity of convertible senior notes	(857,541)
Proceeds from other secured financing	2,554,913
Payments on other secured financing	(709,865)
Proceeds from issuance of securitized debt	2,382,810		260,700
Principal repayments on securitized debt	(86,648)
Principal repayments on securitized loans	201
Payment of deferred financing cost	(2,608)		(6,382)
Proceeds from exercise of stock options					2,204
Net proceeds from direct purchases and dividend reinvestments	2,246		2,370		2,855
Proceeds from mortgages payable	192,375		127,325
Principal payments on participation sold	(296)		(309)		(200)
Principal payments on mortgages payable	(360)		(47)
Contributions from noncontrolling interests	6,116		5,486
Distributions to noncontrolling interests	(649)
Net payment on share repurchase	(114,260)				(141,149)
Dividends paid	(1,209,250)		(1,208,984)		(1,640,748)
Net cash provided by (used in) financing activities	(8,473,882)		2,863,217		(24,718,849)
Net (decrease) increase in cash and cash equivalents	28,014		1,188,808		(63,353)
Cash and cash equivalents, beginning of period	1,741,244	[1]	552,436		615,789
Cash and cash equivalents, end of period	1,769,258	[1]	1,741,244	[1]	552,436
Supplemental disclosure of cash flow information:
Interest received	2,965,887		3,307,238		4,035,661
Dividends received	12,684		25,189		21,624
Investment advisory income received	35,250		27,780		54,534
Interest paid (excluding interest paid on interest rate swaps)	427,632		496,033		656,648
Net interest paid on interest rate swaps	612,111		812,108		885,234
Taxes paid	1,929		8,314		10,447
Noncash investing activities:
Receivable for investments sold	121,625		1,010,094		1,193,730
Payable for investments purchased	107,115		264,984		764,131
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	(582,479)		2,953,816		(5,802,175)
Reclassification of loans held for sale to investments in commercial real estate	18,500
Noncash financing activities:
Dividends declared, not yet paid	280,779		284,293		284,230
Commercial Real Estate Portfolio Segment [Member]
Cash flows from investing activities:
Purchases of commercial real estate debt investments	(411,511)
Sales of commercial real estate debt investments	41,016
Corporate Debt Securities [Member]
Cash flows from investing activities:
Payments on purchases of corporate debt	(397,639)		(136,953)		(82,502)
Principal payments on corporate debt	$ 76,568		88,909		4,716
Convertible Senior Notes 5.00 Percent Due 2015
Noncash financing activities:
Contingent beneficial conversion feature on 4% Convertible Senior Notes			$ 17,308		$ 17,383
[1]	Includes cash of consolidated VIEs of $48.5 million and $0 at December 31, 2015 and 2014, respectively.

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2015
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Annaly Capital Management, Inc. (the “Company” or “Annaly”) is a Maryland corporation that commenced operations on February 18, 1997. The Company owns a portfolio of real estate related investments, including mortgage pass-through certificates, collateralized mortgage obligations, Agency debentures, credit risk transfer (“CRT”) securities, other securities representing interests in or obligations backed by pools of mortgage loans, commercial real estate assets and corporate debt. The Company’s principal business objectives are to generate net income for distribution to its stockholders from its investments and capital preservation. The Company is externally managed by Annaly Management Company LLC (the “Manager”). The Company’s business operations are primarily comprised of the following: - Annaly, the parent company, which invests primarily in Agency mortgage-backed securities and related derivatives to hedge these investments. Its portfolio also includes residential credit investments such as CRTs and non-Agency mortgage-backed securities. - Annaly Commercial Real Estate Group, Inc. (“ACREG,” formerly known as CreXus Investment Corp. (“CreXus”)), a wholly-owned subsidiary that was acquired during the second quarter of 2013 which specializes in acquiring, financing and managing commercial real estate loans and other commercial real estate debt, commercial mortgage- backed securities and other commercial real estate-related assets. - Annaly Middle Market Lending LLC (“MML,” formerly known as Charlesfort Capital Management LLC), a wholly- owned subsidiary which engages in corporate middle market lending transactions. - RCap Securities, Inc. (“RCap”), a wholly-owned subsidiary, which operates as a broker-dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”). The Company has elected to be taxed as a Real Estate Investment Trust (“REIT”) as defined under the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder (the “Code”).

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2015
BASIS OF PRESENTATION	2. BASIS OF PRESENTATION The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP").

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
SIGNIFICANT ACCOUNTING POLICIES	3. SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The Company has evaluated all of its investments in legal entities in order to determine if they are variable interests in Variable Interest Entities ("VIEs"). A VIE is defined as an entity in which equity investors (i) do not have the characteristics of a controlling financial interest, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A variable interest is an investment or other interest that will absorb portions of a VIE's expected losses or receive portions of the entity’s expected residual returns . To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Company considers all facts and circumstances, including the Company’s role in establishing the VIE and the Company’s ongoing rights and responsibilities. This assessment includes first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Company applies significant judgment and considers all of its economic interests, including debt and equity investments and other arrangements deemed to be variable interests, both explicit and implicit, in the VIE. This assessment requires that the Company applies judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Company. The Company performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with a VIE causes the Company’s consolidation conclusion regarding the VIE to change. Cash and Cash Equivalents Fair Value Measurements Revenue Recognition – Agency Mortgage-Backed Securities, Agency Debentures, Non-Agency Mortgage-Backed Securities and CRT Securities Agency mortgage-backed securities, Agency debentures, non-Agency mortgage-backed securities and CRT securities are referred to herein as “Residential Investment Securities.” Although the Company generally intends to hold most of its Residential Investment Securities until maturity, it may, from time to time, sell any of its Residential Investment Securities as part of the overall management of its portfolio. Residential Investment Securities classified as available-for-sale are reported at fair value with unrealized gains and losses reported as a component of other comprehensive income (loss). The fair value of Residential Investment Securities classified as available-for-sale are estimated by management and are compared to independent sources for reasonableness. Residential Investment Securities transactions are recorded on trade date, including TBA securities that meet the regular-way securities scope exception from derivative accounting. The Company previously changed its accounting policy for determining the realized gains and losses on sales of Residential Investment Securities from the average cost method to the specific identification method. The Company determined that the specific identification method was preferable because it more accurately matches gains or losses with costs and is the methodology predominantly used by its industry peers, among other considerations. The impact of the change was immaterial to the consolidated financial statements and prior periods. The Company elected the fair value option for interest-only mortgage-backed securities, non-Agency mortgage-backed securities and certain CRT securities. Interest-only securities and inverse interest-only securities are collectively referred to as “interest-only securities.” These interest-only mortgage-backed securities represent the Company’s right to receive a specified proportion of the contractual interest flows of specific mortgage-backed securities. Interest-only mortgage-backed securities, non-Agency mortgage-backed securities and certain CRT securities are measured at fair value with changes in fair value recorded as Net unrealized gains (losses) on financial instruments measured at fair value through earnings in the Company’s Consolidated Statements of Comprehensive Income (Loss). The interest-only securities are included in Agency mortgage-backed securities at fair value on the accompanying Consolidated Statements of Financial Condition. Interest income from coupon payments is accrued based on the outstanding principal amounts of the Residential Investment Securities and their contractual terms. In addition, the Company recognizes income under the retrospective method on substantially all of its Residential Investment Securities classified as available-for-sale for which it has not elected the fair value option. Premiums and discounts associated with the purchase of Residential Investment Securities are amortized or accreted into income over the remaining projected lives of the securities. Using a third-party supplied model and market information to project future cash flows and expected remaining lives of securities, the effective interest rate determined for each security is applied as if it had been in place from the security’s acquisition. The amortized cost of the investment is then adjusted to the amount that would have existed had the new effective yield been applied since the acquisition. The adjustment to amortized cost is offset with a charge or credit to interest income. Changes in interest rates and other market factors will impact prepayment speed projections. Equity Securities Derivative Instruments – Derivatives and Hedging Some derivative agreements contain provisions that allow for netting or setting off by counterparty; however, the Company elected to present related assets and liabilities on a gross basis in the Consolidated Statements of Financial Condition. Interest rate swap agreements - Interest rate swaptions - The fair value of interest rate swaptions is estimated using internal pricing models and compared to the counterparty market value. TBA Dollar Rolls - MBS Options – Futures Contracts Repurchase Agreements Transfers and Servicing Reverse repurchase agreements and repurchase agreements with the same counterparty and the same maturity are presented net in the Consolidated Statements of Financial Condition when the terms of the agreements meet the criteria to permit netting. The Company reports cash flows on repurchase agreements as financing activities in the Consolidated Statements of Cash Flows. The Company reports cash flows on reverse repurchase and repurchase agreements entered into by RCap as operating activities in the Consolidated Statements of Cash Flows. Goodwill and Intangible Assets The Company tests goodwill for impairment on an annual basis and at interim periods when events or circumstances may make it more likely than not that an impairment has occurred. If a qualitative analysis indicates that there may be an impairment, a quantitative analysis is performed. The quantitative impairment test for goodwill utilizes a two-step approach, whereby the Company compares the carrying value of each identified reporting unit to its fair value. If the carrying value of the reporting unit is greater than its fair value, the second step is performed, where the implied fair value of goodwill is compared to its carrying value. The Company recognizes an impairment charge for the amount by which the carrying amount of goodwill exceeds its fair value. An impairment of the goodwill associated with the Company’s acquisition of Fixed Income Discount Advisory Company (“FIDAC”) was recorded in the year ended December 31, 2015. Intangible assets with an estimated useful life are amortized over their expected useful lives. Convertible Senior Notes – Stock Based Compensation Income Taxes The provisions of ASC 740, Income Taxes Use of Estimates Commercial Real Estate Investments Commercial Real Estate Debt Investments - Commercial Real Estate Loans Investments in Commercial Real Estate Investments in commercial real estate are depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows: Category Term Building 30 - 40 years Site improvements 1 - 28 years The Company follows the acquisition method of accounting for acquisitions of operating real estate held for investment, where the purchase price of operating real estate is allocated to tangible assets such as land, building, site improvements and other identified intangibles such as above/below market and in-place leases. The Company applies the equity method of accounting for its investments in joint ventures where it is not considered to have a controlling financial interest. Under the equity method of accounting, the Company will recognize its share of earnings or losses of the investee in the period in which they are reported by the investee. The Company also considers whether there are any indicators of other-than-temporary impairment of joint ventures accounted for under the equity method. The Company evaluates whether real estate acquired in connection with a foreclosure (“REO”) or UCC/deed in lieu of foreclosure (herein collectively referred to as a foreclosure) constitutes a business and whether business combination accounting is applicable. Upon foreclosure of a property, the excess of the carrying value of a loan, if any, over the estimated fair value of the property, less estimated costs to sell, is charged to provision for loan losses. Investments in commercial real estate, including REO, that do not meet the criteria to be classified as held for sale are separately presented in the Consolidated Statements of Financial Condition as held for investment. Real estate held for sale is reported at the lower of its carrying value or its estimated fair value less estimated costs to sell. Once a property is determined to be held for sale, depreciation is no longer recorded. The Company's real estate portfolio (REO and real estate held for investment) is reviewed on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. A property's value is considered impaired if the Company's estimate of the aggregate future undiscounted cash flows to be generated by the property is less than the carrying value of the property. In conducting this review, the Company considers U.S. macroeconomic factors, including real estate sector conditions, together with asset specific and other factors. To the extent impairment has occurred and is considered to be other than temporary, the loss will be measured as the excess of the carrying amount of the property over the calculated fair value of the property. Revenue Recognition – Commercial Real Estate Investments - Corporate Debt Corporate Loans – Corporate Debt Securities – Other-Than-Temporary Impairment Allowance for Losses Loans and Debt Securities Acquired with Deteriorated Credit Quality Management assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment is required in this analysis. Depending on the expected recovery of its investment, the Company considers the estimated net recoverable value of the CRE Debt and Preferred Equity Investments as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the prospects for the borrower and the competitive landscape where the borrower conducts business. To determine if loan loss allowances are required on investments in corporate debt, the Company reviews the monthly and/or quarterly financial statements of the borrowers, verifies loan compliance packages if applicable and analyzes current results relative to budgets and sensitivities performed at inception of the investment. Because these determinations are based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized may differ materially from the carrying value as of the reporting date. The Company may be exposed to various levels of credit risk depending on the nature of its investments and credit enhancements, if any, supporting its assets. The Company’s core investment process includes procedures related to the initial approval and periodic monitoring of credit risk and other risks associated with each investment. The Company’s investment underwriting procedures include evaluation of the underlying borrowers’ ability to manage and operate their respective properties or companies. Management reviews loan-to-value metrics upon either the origination or the acquisition of a new investment but generally does not update the loan-to-value metrics in the course of quarterly surveillance. Management generally reviews the most recent financial information produced by the borrower, which may include, but is not limited to, net operating income (“NOI”), debt service coverage ratios, property debt yields (net cash flow or NOI divided by the amount of outstanding indebtedness), loan per unit and rent rolls relating to each of the Company’s CRE Debt and Preferred Equity Investments, and may consider other factors management deems important. Management also reviews market pricing to determine each borrower’s ability to refinance their respective assets at the maturity of each loan. Management also reviews economic trends, both macro and those affecting the property specifically, and the supply and demand of competing projects in the sub-market in which each subject property is located. Management monitors the financial condition and operating results of its corporate borrowers and continually assesses the future outlook of the borrower’s financial performance in light of industry developments, management changes and company-specific considerations. In connection with the quarterly surveillance review process, loans are assigned an internal risk rating. Effective December 31, 2015, the loan risk ratings were enhanced to conform to guidance provided by the Office of the Controller of the Currency for commercial real estate lending. The initial internal risk ratings (“Initial Ratings”) are based on loan-to-values and the net operating income debt yields of the underlying collateral of the Company’s CRE Debt and Preferred Equity Investments and based upon leverage and cash flow coverages of the borrowers’ debt and operating obligations. The final internal risk ratings are influenced by other quantitative and qualitative factors that can result in an adjustment to the Initial Ratings, subject to review and approval by the respective committee. The internal risk rating categories include “Performing”, “Closely Monitored”, “Special Mention”, “Substandard”, “Doubtful” or “Loss”. Performing loans meet all present contractual obligations. Special Mention loans exhibit potential weakness that deserves management’s close attention and if uncorrected, may result in deterioration of repayment prospects. Substandard loans are inadequately protected by sound worth and paying capacity of the obligor or of the collateral pledged with a distinct possibility that loss will be sustained if some of the deficiencies are not corrected. Doubtful loans are Substandard loans whereby collection of all contractual principal and interest is highly questionable or improbable. Loss loans are considered uncollectible. The presentation of prior period internal risk ratings have been revised to conform to the current period presentation. No allowance for loan losses was deemed necessary as of December 31, 2015 and December 31, 2014. Broker Dealer Activities In January 2014, RCap ceased its trading activity in U.S. Treasury securities, derivatives and securities borrowed and loaned transactions. Reverse Repurchase Agreements – Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could potentially have a material effect on the Company’s consolidated financial statements: Standard Description Date of Adoption Effect on the financial statements or other significant matters Standards that are not yet adopted ASU 2016-01 Financial Instruments - Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities The amendments address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. January 1, 2018 (early adoption permitted for a provision related presentation of instrument-specific credit risk of liabilities accounted for under the fair value option) Expected to impact disclosures only and not have a significant impact on the consolidated finanical statements. ASU 2015-16 Business Combinations (Topic 805) Simplifying the Accounting Measurement-Period Adjustments This amendment removes the requirement to present adjustments to provisional amounts retrospectively. The update requires that an acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to provisional amounts. January 1, 2016 (early adoption permitted) Not expected to have a significant impact on the consolidated financial statements. ASU 2015 -10, Technical Corrections and Improvements This perpetual project updates the Codification for technical corrections and improvements. January 1, 2016 (early adoption permitted), for amendments subject to transition guidance Not expected to have a significant impact on the consolidated financial statements. ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) This update removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and also removes certain disclosure requirements for these investments. January 1, 2016 (early adoption permitted) Not expected to have an impact on the consolidated financial statements. ASU 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement This update clarifies that customers should determine whether a cloud computing arrangement includes the license of software by applying the same guidance cloud service providers use. The guidance also eliminates the current requirement that customers analogize to the leasing standard when determining the asset acquired in a software licensing arrangement. January 1, 2016 (early adoption permitted) Not expected to have a significant impact on the consolidated financial statements. ASU 2015-02, Consolidation (Topic 810) Amendments to the Consolidation Analysis This update affects the following areas of the consolidation analysis: limited partnerships and similar entities, evaluation of fees paid to a decision maker or service provider as a variable interest and in determination of the primary beneficiary, effect of related parties on the primary beneficiary determination and for certain investment funds. January 1, 2016 (early adoption permitted) Not expected to have a significant impact on the consolidated financial statements. ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20 This update eliminates from GAAP the concept of extraordinary items. January 1, 2016 (early adoption permitted) Not expected to have an impact on the consolidated financial statements. ASU 2014-16, Derivatives and Hedging (Topic 815) Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or Equity This ASU provides additional guidance for evaluating whether conversion rights, redemption rights, voting rights, liquidation rights and dividend payment preferences and other features embedded in a share, including preferred stock, contain embedded derivatives requiring bifurcation. The update requires that an entity determine the nature of the host contract by considering all stated and implied terms and features in a hybrid instrument. January 1, 2016 (early adoption permitted) Not expected to have an impact on the consolidated financial statements. ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-04) Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern This ASU requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. January 1, 2017 (early adoption permitted) Not expected to have an impact on the consolidated financial statements. ASU 2014-09 , Revenue from Contracts with Customers This guidance applies to contracts with customers to transfer goods or services and contracts to transfer nonfinancial assets unless those contracts are within the scope of other standards (for example, lease transactions). January 1, 2018 Not expected to have a significant impact on the consolidated financial statements. Standard Description Date of Adoption Effect on the financial statements or other significant matters Standards that were adopted ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs This ASU requires that debt issue costs are presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement of debt issue costs are not affected. January 1, 2016 (early adoption permitted) Impacted presentation only and and not have a significant impact on the consolidated financial statements. ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update) This amendment provides SEC guidance that it would not object to filers presenting debt issue costs related to line-of-credit arrangements as an asset and ratably amortizing the costs over the term of the arrangement. June 18, 2015 (early adoption permitted) Did not have an impact on the consolidated financial statements. ASU 2015-08, Business Combinations Topic 805 Pushdown Accounting Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 This update amends the codification for SEC Staff Bulletin No. 115 November 18, 2014 Did not have an impact on the consolidated financial statements. ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting This amendment provides an acquired entity with the option to apply push down accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. November 18, 2014 Did not have a significant impact on the consolidated financial statements. ASU 2014-13, Consolidation (Topic 810) Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity This Update provides a practical expedient to measure the fair value of the financial assets and financial liabilities of a consolidated collateralized financing entity, which the reporting entity has elected to or is required to measure on a fair value basis. January 1, 2015 (early adoption permitted) The Company early adopted this ASU and applied the guidance to commercial mortgage backed securitization transactions. See "Commercial Real Estate Investments" footnote for further disclosure. ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure This update makes limited amendments to the guidance in ASC 860 on accounting for certain repurchase agreements. January 1, 2015 Impacts disclosures only and does not have a significant impact on the consolidated financial statements. ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity This ASU raises the threshold for a disposal to be treated as discontinued operations. April 1, 2015 Did not have a significant impact on the consolidated financial statements. ASU 2014-04 Receivables–Troubled Debt Restructurings by Creditors, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure This update clarifies that an in substance repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, when the creditor obtains legal title to the property upon completion of a foreclosure or the borrower conveys all interest in the property to the creditor through a deed in lieu of foreclosure or similar arrangement. January 1, 2015 Did not have a significant impact on the consolidated financial statements. ASU 2013-02, Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income This update requires the provision of information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, it requires presentation of significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. January 1, 2014 Did not have a significant impact on the consolidated financial statements. ASU 2011-11, Balance Sheet: Disclosures about Offsetting Assets and Liabilities Under this update, the Company is required to disclose both gross and net information about both instruments and transactions eligible for offset in the Company’s Consolidated Statements of Financial Condition and transactions subject to an agreement similar to a master netting arrangement. The scope includes derivatives, sale and repurchase agreements and reverse sale and repurchase agreements and securities borrowing and securities lending arrangements. January 1, 2014 Did not have a significant impact on the consolidated financial statements.

RESIDENTIAL INVESTMENT SECURITI

RESIDENTIAL INVESTMENT SECURITIES	12 Months Ended
	Dec. 31, 2015
RESIDENTIAL INVESTMENT SECURITIES	4. RESIDENTIAL INVESTMENT SECURITIES The following tables present the Company’s Residential Investment Securities portfolio that were carried at their fair value as of December 31, 2015 and 2014: December 31, 2015 Agency Principal / Notional Remaining Premium Remaining Discount Amortized Cost Unrealized Gains (1) Unrealized Losses (1) Estimated Fair Value (dollars in thousands) Fixed-rate passthrough $ 57,339,705 $ 3,270,521 $ (2,832 ) $ 60,607,394 $ 400,350 $ (824,862 ) $ 60,182,882 Adjustable-rate passthrough 2,894,192 61,781 (6,427 ) 2,949,546 70,849 (10,317 ) 3,010,078 CMO 964,095 27,269 (477 ) 990,887 9,137 (12,945 ) 987,079 Debentures 158,802 - (648 ) 158,154 - (6,116 ) 152,038 Interest-only 9,499,332 1,634,312 - 1,634,312 18,699 (114,826 ) 1,538,185 Total Agency investments $ 70,856,126 $ 4,993,883 $ (10,384 ) $ 66,340,293 $ 499,035 $ (969,066 ) $ 65,870,262 Residential Credit CRT $ 476,084 $ 2,225 $ (12,840 ) $ 465,469 $ 250 $ (9,209 ) $ 456,510 Legacy (2) 378,527 773 (37,150 ) 342,150 698 (1,140 ) 341,708 NPL/RPL 354,945 19 (1,270 ) 353,694 19 (1,172 ) 352,541 New issue 197,695 566 - 198,261 - (1,060 ) 197,201 New issue interest-only 811,245 15,430 - 15,430 - (158 ) 15,272 Total residential credit securities $ 2,218,496 $ 19,013 $ (51,260 ) $ 1,375,004 $ 967 $ (12,739 ) $ 1,363,232 Total Residential Investment Securities $ 73,074,622 $ 5,012,896 $ (61,644 ) $ 67,715,297 $ 500,002 $ (981,805 ) $ 67,233,494 December 31, 2014 Agency Principal / Notional Remaining Premium Remaining Discount Amortized Cost Unrealized Gains (1) Unrealized Losses (1) Estimated Fair Value (dollars in thousands) Fixed-rate passthrough $ 69,907,363 $ 4,018,054 $ (4,096 ) $ 73,921,321 $ 791,607 $ (667,248 ) $ 74,045,680 Adjustable-rate passthrough 2,620,610 34,577 (12,574 ) 2,642,613 126,615 (303 ) 2,768,925 CMO 3,455,026 85,624 (1,530 ) 3,539,120 27,659 (38,562 ) 3,528,217 Debentures 1,408,805 - (1,376 ) 1,407,429 - (39,079 ) 1,368,350 Interest-only 8,008,538 1,230,471 - 1,230,471 36,120 (44,157 ) 1,222,434 Total Agency investments $ 85,400,342 $ 5,368,726 $ (19,576 ) $ 82,740,954 $ 982,001 $ (789,349 ) $ 82,933,606 Total Residential Investment Securities $ 85,400,342 $ 5,368,726 $ (19,576 ) $ 82,740,954 $ 982,001 $ (789,349 ) $ 82,933,606 (1) Unrealized gains and losses on Agency investments, excluding Interest-only investments, are reported as a component of other comprehensive income (loss). Unrealized gains and losses on residential credit securities and Agency Interest-only investments are generally reported in net unrealized gains (losses) on financial instruments measured at fair value through earnings in the Consolidated Statements of Comprehensive Income (Loss). (2) Legacy residential credit refers to securities whose underlying collateral was securitized prior to 2009. The following tables present the Company’s Agency mortgage-backed securities portfolio by issuing Agency concentration as of December 31, 2015 and 2014: Investment Type December 31, 2015 December 31, 2014 (dollars in thousands) Fannie Mae $ 42,647,075 $ 51,602,719 Freddie Mac 22,960,595 29,840,701 Ginnie Mae 110,554 121,836 Total $ 65,718,224 $ 81,565,256 Actual maturities of the Company’s Residential Investment Securities portfolio are generally shorter than stated contractual maturities because actual maturities of the portfolio are generally affected by periodic payments and prepayments of principal December 31, 2015 December 31, 2014 Weighted Average Life Estimated Fair Value Amortized Cost Estimated Fair Value Amortized Cost (dollars in thousands) Less than one year $ 37,862 $ 37,850 $ 43,248 $ 42,831 Greater than one year through five years 20,278,111 20,066,435 42,222,115 41,908,589 Greater than five years through ten years 46,473,701 47,174,319 40,235,618 40,347,663 Greater than ten years 443,820 436,693 432,625 441,871 Total $ 67,233,494 $ 67,715,297 $ 82,933,606 $ 82,740,954 The weighted average lives of the Agency mortgage-backed securities at December 31, 2015 and 2014 in the table above are based upon projected principal prepayment rates. The actual weighted average lives of the Agency mortgage-backed securities could be longer or shorter than projected. The following table presents the gross unrealized losses and estimated fair value of the Company’s Agency mortgage-backed securities and debentures, accounted for as available-for-sale, by length of time that such securities have been in a continuous unrealized loss position at December 31, 2015 and 2014. December 31, 2015 December 31, 2014 Estimated Fair Value (1) Gross Unrealized Losses (1) Number of Securities (1) Estimated Fair Value (1) Gross Unrealized Losses (1) Number of Securities (1) (dollars in thousands) Less than 12 Months 20,072,072 (164,259 ) 463 4,051,747 (9,930 ) 76 12 Months or More 21,705,764 (689,981 ) 189 36,424,528 (735,262 ) 281 Total 41,777,836 (854,240 ) 652 40,476,275 (745,192 ) 357 (1) Excludes Interest-only mortgage-backed securities. The decline in value of these securities is solely due to market conditions and not the quality of the assets. Substantially all of the Agency mortgage-backed securities are “AAA” rated or carry an implied “AAA” rating. The investments are not considered to be other-than-temporarily impaired because the Company currently has the ability and intent to hold the investments to maturity or for a period of time sufficient for a forecasted market price recovery up to or beyond the cost of the investments, and it is not more likely than not that the Company will be required to sell the investments before recovery of the amortized cost bases, which may be maturity. Also, the Company is guaranteed payment of the principal amount of the securities by the respective issuing government agency. During the year ended December 31, 2015, the Company disposed of $23.9 billion of Residential Investment Securities, resulting in a realized gain of $63.3 million. During the year ended December 31, 2014, the Company disposed of $22.5 billion of Residential Investment Securities, resulting in a realized gain of $94.5 million. During the year ended December 31, 2013, the Company disposed of $56.8 billion of Residential Investment Securities, resulting in a realized gain of $424.1 million. Agency interest-only mortgage-backed securities represent the right to receive a specified portion of the contractual interest flows of the underlying outstanding principal balance of specific Agency mortgage-backed securities. Agency interest-only mortgage-backed securities in the Company’s portfolio as of December 31, 2015 and 2014 had net unrealized gains (losses) of ($96.1) million and ($8.0) million and an amortized cost of $1.6 billion and $1.2 billion, respectively.

COMMERCIAL REAL ESTATE INVESTME

COMMERCIAL REAL ESTATE INVESTMENTS	12 Months Ended
	Dec. 31, 2015
COMMERCIAL REAL ESTATE INVESTMENTS	5. In September 2015, the Company originated a $592.0 million acquisition financing with respect to a 24-building New York City multifamily apartment portfolio. This financing was comprised of a $480.0 million senior mortgage loan ($476.6 million, net of origination fees), and mezzanine debt with an initial principal balance of $72.0 million and a future funding component of $20.0 million. The senior mortgage loan was held for sale as of September 30, 2015. On November 6, 2015, the Company sold $461.5 million of the senior loan to an unrelated third party and recognized $0.2 million of gain on sale. On December 11, 2015, the Company originated a $335.0 million recapitalization financing with respect to eight class A/B office properties in Orange County California. As of December 31, 2015, such financing is comprised of a $280.0 million senior mortgage loan ($278.6million, net of origination fees), and mezzanine debt with an initial principal balance of $55.0 million ($52.7 million, net of origination) and a future funding component of $30.0 million. The senior mortgage loan was held for sale as of December 31, 2015. At December 31, 2015 and 2014, commercial real estate investments held for investment were composed of the following: CRE Debt and Preferred Equity Investments December 31, 2015 December 31, 2014 Outstanding Principal Carrying Value (1) Percentage of Loan Portfolio (2) Outstanding Principal Carrying Value (1) Percentage of Loan Portfolio (2) (dollars in thousands) Senior mortgages 387,314 385,838 28.6 % 384,304 383,895 25.2 % Senior securitized mortgages (3) 263,072 262,703 19.4 % 399,541 398,634 26.3 % Mezzanine loans 582,592 578,503 43.0 % 522,474 522,731 34.4 % Preferred equity 122,444 121,773 9.0 % 214,653 212,905 14.1 % Total (4) $ 1,355,422 $ 1,348,817 100.0 % $ 1,520,972 $ 1,518,165 100.0 % (1) Carrying value includes unamortized origination fees of $8.1 million and $3.0 million as of December 31, 2015 and December 31, 2014, respectively. (2) Based on outstanding principal. (3) Assets of consolidated VIEs. (4) Excludes Loans held for sale. December 31, 2015 Senior Mortgages Senior Securitized Mortgages (1) Mezzanine Loans Preferred Equity Total (dollars in thousands) Beginning balance $ 383,895 $ 398,634 $ 522,731 $ 212,905 $ 1,518,165 Originations & advances (principal) 293,925 - 195,312 - 489,237 Principal payments (243,270 ) (136,469 ) (153,693 ) (92,210 ) (625,642 ) Sales (principal) (46,945 ) - - - (46,945 ) Amortization & accretion of (premium) discounts (142 ) - (232 ) 517 143 Net (increase) decrease in origination fees (3,702 ) (279 ) (4,806 ) - (8,787 ) Amortization of net origination fees 2,077 817 691 561 4,146 Transfers - - 18,500 - 18,500 Allowance for loan losses - - - - - Net carrying value (2) $ 385,838 $ 262,703 $ 578,503 $ 121,773 $ 1,348,817 (1) Assets of consolidated VIE. (2) Excludes Loans held for sale. December 31, 2014 Senior Mortgages Senior Securitized Mortgages (1) Subordinate Notes Mezzanine Loans Preferred Equity Total (dollars in thousands) Beginning balance $ 667,299 $ - $ 41,408 $ 628,102 $ 247,160 $ 1,583,969 Originations & advances (principal) 127,112 - - 122,742 - 249,854 Principal payments (12,756 ) - (41,059 ) (227,151 ) (35,116 ) (316,082 ) Sales (principal) - - - - - - Amortization & accretion of (premium) discounts (138 ) - (349 ) (1,093 ) 108 (1,472 ) Net (increase) decrease in origination fees (2,427 ) (116 ) - (478 ) - (3,021 ) Amortization of net origination fees 2,783 772 - 609 753 4,917 Transfers (397,978 ) 397,978 - - - - Allowance for loan losses - - - - - - Net carrying value $ 383,895 $ 398,634 $ - $ 522,731 $ 212,905 $ 1,518,165 (1) Assets of consolidated VIE. Internal CRE Debt and Preferred Equity Investment Ratings December 31, 2015 Internal Ratings Investment Type Outstanding Principal (1) Percentage of CRE Debt and Preferred Equity Portfolio Performing Closely-Monitored Special Mention Substandard Doubtful Loss Total (dollars in thousands) Senior mortgages $ 387,314 28.6 % $ 71,000 $ 283,148 $ 33,166 $ - $ - $ - $ 387,314 Senior securitized mortgages (2) 263,072 19.4 % 106,770 15,500 140,802 - - - 263,072 Mezzanine loans 582,592 43.0 % 342,493 219,969 20,130 - - - 582,592 Preferred equity 122,444 9.0 % - 81,944 40,500 - - - 122,444 $ 1,355,422 100.0 % $ 520,263 $ 600,561 $ 234,598 $ - $ - $ - $ 1,355,422 (1) Excludes Loans held for sale. (2) Assets of consolidated VIE. December 31, 2014 Internal Ratings Investment Type Outstanding Principal Percentage of CRE Debt and Preferred Equity Portfolio Performing Closely-Monitored Special Mention Substandard (1) Doubtful Loss Total (dollars in thousands) Senior mortgages $ 384,304 25.2 % $ 26,000 $ - $ 345,330 $ 12,974 $ - $ - $ 384,304 Senior securitized mortgages (2) 399,541 26.3 % 201,365 168,770 29,406 - - - 399,541 Mezzanine loans 522,474 34.4 % 442,414 58,587 21,473 - - - 522,474 Preferred equity 214,653 14.1 % 90,769 9,000 114,884 - - - 214,653 $ 1,520,972 100.0 % $ 760,548 $ 236,357 $ 511,093 $ 12,974 $ - $ - $ 1,520,972 (1) Related to one loan on non-accrual status. (2) Assets of consolidated VIE. Real Estate Acquisitions In July 2015, a joint venture, in which the Company has a 90% interest, acquired a single tenant retail property located in Chillicothe, Ohio for a purchase price of $11.0 million. The property is contiguous to a shopping center already owned by the joint venture. The property is leased to a major home improvement retail store through 2020 with three, five year extension options. The purchase price was funded with cash and a new $7.7 million, 10-year, 4.43% fixed rate interest-only mortgage loan. The fair value of the 10% non-controlling interest in the joint venture at the acquisition date was $0.4 million. The fair value of the acquisition and the related non-controlling interest was determined based on the purchase price. In August 2015, a joint venture, in which the Company has a 90% interest, acquired a multi-tenant retail property located in Largo, Florida for a purchase price of $18.9 million. The purchase price was funded with cash and a new $12.75 million, 10-year, 4.28% fixed rate interest-only mortgage loan. The fair value of the 10% non-controlling interest in the joint venture at the acquisition date was $0.7 million. The fair value of the acquisition and the related non-controlling interest was determined based on the purchase price. In October 2015, a joint venture, in which the Company has a 93.7% interest, acquired a multifamily property located in Washington DC for a purchase price of $75.0 million. The purchase price was funded with cash and a new $57.5 million, 10-year, 4.23% fixed rate interest-only mortgage loan. The fair value of the 6.3% non-controlling interest in the joint venture at the acquisition date was $1.3 million. The fair value of the acquisition and the related non-controlling interest was determined based on the purchase price. In October 2015, a joint venture, in which the Company has a 90% interest, acquired a multi-tenant retail property located in Grass Valley, California for a purchase price of $37.75 million. The purchase price was funded with cash and a new $25.90 million, 10-year, interest-only floating rate mortgage loan. The fair value of the 10% non-controlling interest in the joint venture at the acquisition date was $1.3 million. The fair value of the acquisition and the related non-controlling interest was determined based on the purchase price. In November 2015, a joint venture, in which the Company has a 95% interest, acquired a portfolio of 11 multi-tenant retail properties located in the suburbs of Dallas-Fort Worth, Texas for a purchase price of $131.95 million. The purchase price was funded with cash and two loans, an $81.32 million 10-year, 4.61% fixed rate interest-only loan and a $7.2 million one year floating rate loan. The fair value of the 5% non-controlling interest in the joint venture at the acquisition date was $2.4 million. The fair value of the acquisition and the related non-controlling interest was determined based on the purchase price. The following table summarizes acquisitions of real estate held for investment during 2015: December 31, 2015 Date of Acquisition Type Location Purchase Price Remaining Lease Term (Years) (1) (dollars in thousands) July 2015 Single Tenant Retail Ohio $ 11,000 4.8 August 2015 Multi Tenant Retail Florida $ 18,900 4.1 October 2015 Multifamily Property Washington, DC $ 75,000 0.5 October 2015 Multi Tenant Retail California $ 37,750 3.3 November 2015 Multi Tenant Retail Texas $ 131,950 3.9 (1) Does not include extension options. The aforementioned acquisitions were accounted for using the acquisition method of accounting. The Company incurred approximately $4.5 million of transaction costs in connection with the 2015 acquisitions, which were expensed during the year ended December 31, 2015 and are reflected in Other general and administrative expenses in the accompanying Consolidated Statements of Comprehensive Income (Loss). In November 2014, a joint venture, in which the Company has a 90% interest, acquired eleven retail properties located in New York, Ohio and Georgia. The purchase price was funded with cash and a new $104.0 million, ten-year, 4.03% fixed-rate interest-only mortgage loan. The following table summarizes acquisitions of real estate held for investment during the year ended December 31 Date of Acquisition Type Location Purchase Price Remaining Lease Term (Years) (1) (dollars in thousands) April 2014 Single-tenant retail Tennessee $ 19,000 8 June 2014 Multi-tenant retail Virginia $ 17,743 7 November 2014 Multi-tenant retail New York, Ohio, Georgia $ 154,000 4.6 (1) Does not include extension options. The aforementioned acquisitions were accounted for using the acquisition method of accounting. The Company incurred approximately $2.3 million of transaction costs in connection with the acquisitions, which were expensed during the year ended December 31, 2014 and are reflected in Other general and administrative expenses in the accompanying Consolidated Statements of Comprehensive Income (Loss). The following table presents the aggregate allocation of the purchase price for acquisitions during the year ended December 31, 2015: Location Ohio Florida Washington, DC California Texas (1) Total (dollars in thousands) Purchase Price Allocation: Land $ 2,282 $ 3,780 $ 31,999 $ 9,872 $ 26,390 $ 74,323 Buildings 8,256 15,120 41,115 24,109 105,560 194,160 Site improvements 639 - 690 2,182 - 3,511 Tenant Improvements 671 - - 1,362 - 2,033 Real estate held for investment 11,848 18,900 73,804 37,525 131,950 274,027 Intangible assets (liabilities): Leasehold intangible assets 1,269 - 1,196 3,891 - 6,356 Above market lease - - - 1,067 - 1,067 Below market lease value (2,117 ) - - (4,733 ) - (6,850 ) Total purchase price $ 11,000 $ 18,900 $ 75,000 $ 37,750 $ 131,950 $ 274,600 (1) The purchase price allocation is preliminary pending the receipt of information necessary to complete the valuation of certain tangible and intangible assets and liabilities and therefore subject to change. The following table presents the aggregate final allocation of the purchase price for 2014 acquisitions: Location Tennessee Virginia Joint Venture Total (dollars in thousands) Purchase Price Allocation: Land $ 3,503 $ 6,394 $ 21,441 $ 31,338 Buildings 11,960 10,862 97,680 120,502 Site improvements 1,349 1,184 12,705 15,238 Tenant Improvements - - 9,365 9,365 Real estate held for investment 16,812 18,440 141,191 176,443 Intangible assets (liabilities): Leasehold intangible assets 4,288 3,218 22,297 29,803 Above market lease - - 5,458 5,458 Below market lease value (2,100 ) (3,915 ) (14,946 ) (20,961 ) Total purchase price $ 19,000 $ 17,743 $ 154,000 $ 190,743 The weighted average amortization period for intangible assets and liabilities as of December 31, 2015 and 2014 is 7.9 years and 4.5 years, respectively. Above market leases and leasehold intangible assets are included in Other assets and below market leases are included in Accounts payable and other liabilities in the Consolidated Statements of Financial Condition. Refer to Equity Method Investments below for additional details related to real estate investment activity during the year ended December 31, 2015. Total Commercial Real Estate Investment December 31, 2015 December 31, 2014 (dollars in thousands) Real estate held for investment, at amortized cost Land $ 113,494 $ 38,117 Buildings and improvements 373,603 176,139 Subtotal 487,097 214,256 Less: accumulated depreciation (16,886 ) (4,224 ) Total real estate held for investment, at amortized cost, net 470,211 210,032 Equity in unconsolidated joint ventures 65,735 - Investments in commercial real estate, net $ 535,946 $ 210,032 Depreciation expense was $12.7 million and $3.2 million for the year ended December 31, 2015 and 2014, respectively and is included in General and administrative expenses in the Consolidated Statements of Comprehensive Income (Loss). The minimum rental amounts due under leases are generally either subject to scheduled fixed increases or adjustments. The leases generally also require that the tenants reimburse us for certain operating costs. Approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases in effect at December 31, 2015 for consolidated investments in real estate are as follows (in thousands): Rental Income December 31, 2015 (dollars in thousands) 2016 $ 37,030 2017 29,901 2018 26,100 2019 21,772 2020 17,444 Later years 53,047 $ 185,294 Mortgage loans payable as of December 31, 2015 and 2014, were as follows: December 31, 2015 Property Mortgage Carrying Value Mortgage Principal Interest Rate Fixed/Floating Rate Maturity Date Priority (dollars in thousands) Joint Ventures $ 292,658 $ 296,325 2.30% to 4.61% Floating (1) 2016 and 2025 First liens Tennessee 12,228 12,350 4.01% Fixed 6/6/2019 First liens Virginia 11,012 11,025 3.58% Fixed 9/6/2019 First liens Arizona 16,365 16,308 3.50% Fixed 1/1/2017 First liens Nevada 2,444 2,436 3.45% Floating (2) 3/29/2017 First liens $ 334,707 $ 338,444 (1) Includes a mortgage whose rate is fixed via an interest rate swap (pay fixed 4.31%, receive floating rate of L+215). (2) Includes a mortgage whose rate is fixed via an interest rate swap (pay fixed 3.45%, receive floating rate of L+200). December 31, 2014 Property Mortgage Carrying Value Mortgage Principal Interest Rate Fixed/Floating Rate Maturity Date Priority (dollars in thousands) Joint Venture $ 103,950 $ 103,950 4.03% Fixed 12/6/2024 First liens Tennessee 12,350 12,350 4.01% Fixed 6/6/2019 First liens Virginia 11,025 11,025 3.58% Fixed 9/6/2019 First liens Arizona 16,709 16,600 3.50% Fixed 1/1/2017 First liens Nevada 2,519 2,505 3.45% Floating (1) 3/29/2017 First liens $ 146,553 $ 146,430 (1) Rate is fixed via an interest rate swap (pay fixed 3.45%, receive floating rate of L+200). The following table details future mortgage loan principal payments as of December 31, 2015: Mortgage Loan Principal Payments (dollars in thousands) 2016 $ 7,600 2017 18,344 2018 - 2019 23,375 2020 - Later years 289,125 $ 338,444 Equity Method Investments In August 2015, the Company acquired a portfolio of six retail properties located in New York, Indiana, Kentucky, and Illinois through a newly formed joint venture partnership and contributed approximately $57.7 million of capital. The Company has an eighty five percent interest in the joint venture, but as all major decisions require unanimous consent by the joint venture partners, the Company is not considered to have a controlling financial interest and accounts for its investment under the equity method of accounting. In May 2015, the Company acquired a multifamily property located in Florida through a joint venture partnership and contributed approximately $12 million of capital. The Company has a seventy-five percent interest in the joint venture, but as all major decisions require unanimous consent by the joint venture partners, the Company is not considered to have a controlling financial interest and accounts for its investment under the equity method of accounting. VIE Securitization In January 2014, the Company closed NLY Commercial Mortgage Trust 2014-FL1 (the “Trust”), a $399.5 million securitization financing transaction which provides permanent, non-recourse financing collateralized by floating-rate first mortgage debt investments originated or co-originated by the Company and is not subject to margin calls. A total of $260.7 million of investment grade bonds were issued by the Trust, representing an advance rate of 65.3% at a weighted average coupon of LIBOR plus 1.74% at closing. The Company used the proceeds to originate commercial real estate investments. The Company retained bonds rated below investment grade and the interest-only bond issued by the Trust, which are referred to as the subordinate bonds. The Company incurred approximately $4.3 million of costs in connection with the securitization that have been capitalized and are being amortized to interest expense. Deferred financing costs are included in Securitized debt of consolidated VIEs in the accompanying Consolidated Statements of Financial Condition. As of December 31, 2015 the carrying value of the Trust’s assets was $262.7 million, net of $0.4 million of unamortized origination fees, which are included in Commercial real estate debt and preferred equity in the accompanying Consolidated Statements of Financial Condition. As of December 31, 2015, the carrying value of the Trust’s liabilities was $173.8 million, net of $0.5 of deferred financing costs, classified as Securitized debt of consolidated VIEs in the accompanying Consolidated Statements of Financial Condition. In February 2015, the Company purchased the junior-most tranche, Class C Certificate of the Freddie Mac securitization, FREMF Mortgage Trust 2015-KLSF (“FREMF 2015-KLSF”) for $102.1 million. The underlying portfolio is a pool of 11 floating rate multifamily mortgage loans with a cut-off principal balance of $1.4 billion. The Company was required to consolidate the FREMF 2015-KLSF Trust’s assets and liabilities of $1.4 billion and $1.3 billion, respectively, at December 31, 2015. In April 2015, the Company purchased the junior-most tranche, Class C Certificate of the Freddie Mac securitization, FREMF Mortgage Trust 2015-KF07 (“FREMF 2015-KF07”) for $89.4 million. The underlying portfolio is a pool of 40 floating rate multifamily mortgage loans with a cut-off principal balance of $1.2 billion. The Company was required to consolidate the FREMF 2015-KF07 Trust’s assets and liabilities of $1.2 billion and $1.1 billion, respectively, at December 31, 2015. FREMF 2015-KLSF and FREMF 2015-KF07 are collectively referred to herein as the FREMF Trusts. The FREMF Trusts are structured as pass-through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. The FREMF Trusts are VIEs and the Company is considered to be the primary beneficiary as a result of its ability to replace the special servicer without cause through its ownership of the Class C Certificates and its current designation as the directing certificate holder. The Company’s exposure to the obligations of the VIEs is generally limited to the Company’s investment in the FREMF Trusts of $187.1 million. Assets of the FREMF Trusts may only be used to settle obligations of the FREMF Trusts. Creditors of the FREMF Trusts have no recourse to the general credit of the Company. The Company is not contractually required to provide and has not provided any form of financial support to the FREMF Trusts. No gain or loss was recognized upon initial consolidation of the FREMF Trusts, but $0.8 million of related costs were expensed. The FREMF Trusts’ assets are included in Commercial real estate debt investments and the FREMF Trusts’ liabilities are included in Securitized debt of consolidated VIEs in the accompanying Consolidated Statements of Financial Condition. Upon consolidation, the Company elected the fair value option for the financial assets and liabilities of the FREMF Trusts in order to avoid an accounting mismatch, and to more faithfully represent the economics of its interest in the entities. The fair value option requires that changes in fair value be reflected in the Company’s Consolidated Statements of Comprehensive Income (Loss). The Company has early adopted ASU 2014-13 and applied the practical expedient fair value measurement whereby the Company determines whether the fair value of the financial assets or financial liabilities is more observable as a basis for measuring the less observable financial instruments. The Company has determined that the fair value of the financial liabilities of the FREMF Trusts are more observable, since the prices for these liabilities are primarily available from third-party pricing services utilized for multifamily mortgage-backed securities, while the individual assets of the trusts are inherently less capable of precise measurement given their illiquid nature and the limitations on available information related to these assets. Given that the Company’s methodology for valuing the financial assets of the FREMF Trusts are an aggregate fair value derived from the fair value of the of each of the financial assets in their entirety should be classified in Level 2 of the fair value measurement hierarchy. The statement of financial condition of the FREMF Trusts that is reflected in the Company’s Consolidated Statements of Financial Condition at December 31, 2015 is as follows: December 31, 2015 (dollars in thousands) Senior securitized commercial mortgages carried at fair value $ 2,554,023 Accrued interest receivable 4,994 Total assets $ 2,559,017 Liabilities and equity Securitized debt (non-recourse) at fair value $ 2,366,878 Accrued interest payable 4,183 $ 2,371,061 Equity 187,956 Total liabilities and equity $ 2,559,017 The FREMF Trust mortgage loans had an unpaid principal balance of $2.6 billion at December 31, 2015. As of December 31, 2015 there are no loans 90 days or more past due or on nonaccrual status. There is no gain or loss attributable to instrument-specific credit risk of the underlying loans or securitized debt securities as of December 31, 2015 based upon the Company’s process of monitoring events of default on the underlying mortgage loans. The statement of comprehensive income (loss) of the FREMF Trusts that is reflected in the Company’s Consolidated Statements of Comprehensive Income (Loss) at December 31, 2015 is as follows: For the period February 25, 2015 to December 31, 2015 (dollars in thousands) Net interest income: Interest income $ 39,607 Interest expense 13,584 Net interest income 26,023 Other income (loss): Unrealized gain (loss) on financial instruments at fair value (1) (4,383 ) Guarantee fees and servicing costs 13,897 Other income (loss) (18,280 ) General and administration expenses 58 Net income $ 7,685 (1) Included in Net unrealized gains (losses) on financial instruments measured at fair value through earnings. The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF Trusts as of December 31, 2015 are as follows: Securitized Loans at Fair Value Geographic Concentration of Credit Risk Property Location Principal Balance % of Balance (dollars in thousands) Texas $ 749,569 29.4 % North Carolina 537,375 21.0 % Florida 391,138 15.3 % Ohio 197,455 7.7 %

CORPORATE DEBT

CORPORATE DEBT	12 Months Ended
	Dec. 31, 2015
CORPORATE DEBT	6 . CORPORATE DEBT The Company invests in corporate loans and corporate debt securities through the MML subsidiary. The industry and rate sensitivity dispersion of the portfolio as of December 31, 2015 are as follows: Industry Dispersion Fixed Rate Floating Rate Total (dollars in thousands) Healthcare $ - $ 105,582 $ 105,582 Security services 74,682 - 74,682 Technology - 73,758 73,758 Business services - 54,536 54,536 Agriculture and protein processing - 41,979 41,979 Food & beverage - 28,286 28,286 Mining & minerals - 24,666 24,666 Consumer products - 23,222 23,222 Manufacturing - 7,475 7,475 Education services - 21,230 21,230 Pharmaceutical - 20,395 20,395 Packaging - 12,697 12,697 Total $ 74,682 $ 413,826 $ 488,508 The table below reflects the Company’s aggregate positions by their respective place in the capital structure of the borrowers as of December 31, 2015. December 31, 2015 (dollars in thousands) First lien loans $ 280,441 Second lien loans 133,385 Second lien notes 74,682 Total $ 488,508

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2015
FAIR VALUE MEASUREMENTS	7 . FAIR VALUE MEASUREMENTS The Company follows fair value guidance in accordance with GAAP to account for its financial instruments. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP requires classification of financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value on the Consolidated Statements of Financial Condition or disclosed in the related notes are categorized based on the inputs to the valuation techniques as follows Level 1– inputs to the valuation methodology are quoted prices (unadjusted) for identical assets and liabilities in active markets. Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 – inputs to the valuation methodology are unobservable and significant to overall fair value. The Company designates its financial instruments as trading, available for sale or held to maturity depending upon the type of instrument and the Company’s intent and ability to hold such instrument to maturity. Instruments classified as available for sale and trading are reported at fair value on a recurring basis. The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to assets and liabilities across the three level fair value hierarchy, with the observability of inputs determining the appropriate level. U.S. Treasury securities, futures contracts and investment in affiliate are valued using quoted prices for identical instruments in active markets. Residential Investment Securities, interest rate swaps, swaptions and other derivatives are valued using quoted prices or internally estimated prices for similar assets using internal models. The Company incorporates common market pricing methods, including a spread measurement to the Treasury curve as well as underlying characteristics of the particular security including coupon, prepayment speeds, periodic and life caps, rate reset period and expected life of the security in its estimates of fair value. Management reviews and indirectly corroborates its estimates of the fair value derived using internal models by comparing its results to independent prices provided by dealers in the securities and/or third party pricing services. Certain liquid asset classes, such as Agency fixed-rate pass-throughs, may be priced using independent sources such as quoted prices for TBA securities. The Residential Investment Securities, interest rate swap and swaption markets are considered to be active markets such that participants transact with sufficient frequency and volume to provide transparent pricing information on an ongoing basis. The liquidity of the Residential Investment Securities, interest rate swaps, swaptions, TBA derivatives and MBS options markets and the similarity of the Company’s securities to those actively traded enable the Company to observe quoted prices in the market and utilize those prices as a basis for formulating fair value measurements. Consequently, the Company has classified Residential Investment Securities, interest rate swaps, swaptions, TBA derivatives and MBS options as Level 2 inputs in the fair value Additionally, as discussed in the “Commercial Real Estate Investments” footnote, Commercial real estate debt investments carried at fair value are classified as Level 2. The following table presents the estimated fair values of financial instruments measured at fair value on a recurring basis. Level 1 Level 2 Level 3 Total December 31, 2015 (dollars in thousands) Assets: Agency mortgage-backed securities $ - $ 65,718,224 $ - $ 65,718,224 Agency debentures - 152,038 - 152,038 Credit risk transfer securities - 456,510 - 456,510 Non-Agency mortgage-backed securities - 906,722 - 906,722 Commercial real estate debt investments - 2,911,828 - 2,911,828 Interest rate swaps - 19,642 - 19,642 Other derivatives 12,443 9,623 - 22,066 Total assets $ 12,443 $ 70,174,587 $ - $ 70,187,030 Liabilities: Securitized debt of consolidated VIEs $ - $ 2,366,878 $ - $ 2,366,878 Interest rate swaps - 1,677,571 - 1,677,571 Other derivatives 32,778 17,185 - 49,963 Total liabilities $ 32,778 $ 4,061,634 $ - $ 4,094,412 Level 1 Level 2 Level 3 Total December 31, 2014 (dollars in thousands) Assets: Agency mortgage-backed securities $ - $ 81,565,256 $ - $ 81,565,256 Agency debentures - 1,368,350 - 1,368,350 Investment in affiliate 143,045 - - 143,045 Interest rate swaps - 75,225 - 75,225 Other derivatives 117 5,382 - 5,499 Total assets $ 143,162 $ 83,014,213 $ - $ 83,157,375 Liabilities: Interest rate swaps $ - $ 1,608,286 $ - $ 1,608,286 Other derivatives 3,769 4,258 - 8,027 Total liabilities $ 3,769 $ 1,612,544 $ - $ 1,616,313 GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the financial statements, for which it is practical to estimate the value. In cases where quoted market prices are not available, fair values are based upon discounted cash flows using market yields, methodologies that incorporate market-based transactions or other valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, fair values are not necessarily indicative of the amount the Company would realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts. The carrying value of short term instruments, including cash and cash equivalents, reverse repurchase agreements, repurchase agreements and other secured financing whose term is less than twelve months, generally approximates fair value due to the short term nature of the instruments. The estimated fair value of commercial real estate debt and preferred equity investments takes into consideration changes in credit spreads and interest rates from the date of origination or purchase to the reporting date. The fair value also reflects consideration of asset-specific maturity dates and other items that could have an impact on the fair value as of the reporting date. Estimates of fair value of corporate debt require the use of judgments and inputs including, but not limited to, the enterprise value of the borrower (i.e., an estimate of the total fair value of the borrower's debt and equity), the nature and realizable value of any collateral, the borrower’s ability to make payments when due and its earnings history. Management also considers factors that affect the macro and local economic markets in which the borrower operates. The fair value of repurchase agreements with remaining maturities greater than one year or with embedded optionality are valued as structured notes, with term to maturity, LIBOR rates and the Treasury curve being primary determinants of estimated fair value. The fair value of mortgages payable is calculated using the estimated yield of a new par loan to value the remaining terms in place. A par loan is created using the identical terms of the existing loan; however, the coupon is derived by using the original spread against the interpolated Treasury. The fair value of mortgages payable also reflects consideration of the value of the underlying collateral and changes in credit risk from the time the debt was originated.' The carrying value of participation sold is based on the loan’s amortized cost. The fair value of participation sold is based on the fair value of the underlying related commercial loan. The fair value of Convertible Senior Notes was determined using end of day quoted prices in active markets. The fair value of securitized debt of consolidated VIEs is determined using the average of external vendor pricing services. The following table summarizes the estimated fair value for financial assets and liabilities as of December 31, 2015 and 2014. December 31, 2015 December 31, 2014 Level in Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Financial assets: (dollars in thousands) Cash and cash equivalents 1 $ 1,769,258 $ 1,769,258 $ 1,741,244 $ 1,741,244 Reverse repurchase agreements 1 - - 100,000 100,000 Agency mortgage-backed securities 2 65,718,224 65,718,224 81,565,256 81,565,256 Agency debentures 2 152,038 152,038 1,368,350 1,368,350 Credit risk transfer securities 2 456,510 456,510 - - Non-Agency mortgage-backed securities 2 906,722 906,722 - - Commercial real estate debt investments 2 2,911,828 2,911,828 - - Investment in affiliate 1 - - 143,045 143,045 Commercial real estate debt and preferred equity, held for investment 3 1,348,817 1,350,968 1,518,165 1,528,444 Loans held for sale 3 278,600 278,600 - - Corporate debt (1) 2 488,508 470,894 166,464 166,056 Interest rate swaps 2 19,642 19,642 75,225 75,225 Other derivatives 1,2 22,066 22,066 5,499 5,499 Financial liabilities: Repurchase agreements 1,2 $ 56,230,860 $ 56,361,623 $ 71,361,926 $ 71,587,222 Other secured financing 1,2 1,845,048 1,846,095 - - Convertible Senior Notes 1 - - 845,295 863,470 Securitized debt of consolidated VIEs 2 2,540,711 2,541,193 260,700 262,061 Participation sold 2 13,286 13,138 13,693 13,655 Mortgage payable 3 334,707 339,849 146,553 146,611 Interest rate swaps 2 1,677,571 1,677,571 1,608,286 1,608,286 Other derivatives 1,2 49,963 49,963 8,027 8,027 (1) Includes a held-to-maturity debt security carried at amrtized cost of $74.7 million with a fair value of $61.3 million as of December 31, 2015.

SECURED FINANCING

SECURED FINANCING	12 Months Ended
	Dec. 31, 2015
SECURED FINANCING	8. The Company had outstanding $56.2 billion and $71.4 billion of repurchase agreements with weighted average borrowing rates of 1.83% and 1.62%, after giving effect to the Company’s interest rate swaps used to hedge cost of funds, and weighted average remaining maturities of 151 days and 141 days as of December 31, 2015 and 2014, respectively. At December 31, 2015 and 2014, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates: December 31, 2015 Repurchase Agreements by Collateral Type Agency Mortgage- backed Securities Debentures CRTs Non-Agency Mortgage- backed Securities Commercial Loans Total Repurchase Agreements Weighted (dollars in thousands) 1 day $ - $ - $ - $ - $ - $ - - 2 to 29 days 20,123,464 - 83,664 260,359 - 20,467,487 0.69 % 30 to 59 days 7,898,646 - 59,189 65,374 - 8,023,209 0.74 % 60 to 89 days 4,046,593 - - 78,833 - 4,125,426 0.74 % 90 to 119 days 4,846,580 - - - - 4,846,580 0.60 % Over 120 days (1) 18,557,715 - - 31,015 179,428 18,768,158 1.33 % Total $ 55,472,998 $ - $ 142,853 $ 435,581 $ 179,428 $ 56,230,860 0.90 % December 31, 2014 Repurchase Agreements by Collateral Type Agency Mortgage- backed Securities Debentures Total Repurchase Agreements Weighted Average Rate (dollars in thousands) 1 day $ - $ - $ - - 2 to 29 days 27,604,632 749,535 28,354,167 0.35 % 30 to 59 days 17,149,787 186,682 17,336,469 0.43 % 60 to 89 days 3,662,646 378,031 4,040,677 0.38 % 90 to 119 days 2,945,495 - 2,945,495 0.50 % Over 120 days (1) 18,685,118 - 18,685,118 1.24 % Total $ 70,047,678 $ 1,314,248 $ 71,361,926 0.61 % (1) Approximately 14% and 15% of the total repurchase agreements had a remaining maturity over 1 year as of December 31, 2015 and 2014, respectively. Repurchase agreements and reverse repurchase agreements with the same counterparty and the same maturity are presented net in the Consolidated Statements of Financial Condition when the terms of the agreements permit netting. The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net December 31, 2015 December 31, 2014 Reverse Repurchase Agreements Repurchase Agreements Reverse Repurchase Agreements Repurchase Agreements (dollars in thousands) Gross Amounts $ - $ 56,230,860 $ 700,000 $ 71,961,926 Amounts Offset - - (600,000 ) (600,000 ) Netted Amounts $ - $ 56,230,860 $ 100,000 $ 71,361,926 The Company also finances a portion of its financial assets with advances from the Federal Home Loan Bank of Des Moines (“FHLB De Moines”). Borrowings from FHLB Des Moines are reported in Other secured financing in the Company’s Consolidated Statements of Financial Condition. As of December 31, 2015, $402.8 million of Other secured financing matures within 90 days and $1.4 billion extends beyond three years. Financial instruments pledged as collateral under secured financing arrangements and interest rate swaps had an estimated fair value and accrued interest of $62.3 billion and $171.7 million, respectively, at December 31, 2015 and $75.4 billion and $226.6 million, respectively, at December 31, 2014.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2015
DERIVATIVE INSTRUMENTS	9. In connection with the Company’s investment/market rate risk management strategy, the Company economically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts, which include interest rate swaps, swaptions and futures contracts. The Company may also enter into TBA derivatives, MBS options and U.S. Treasury or Eurodollar futures contracts to economically hedge its exposure to market risks. The purpose of using derivatives is to manage overall portfolio risk with the potential to generate additional income for distribution to stockholders. These derivatives are subject to changes in market values resulting from changes in interest rates, volatility, Agency mortgage-backed security spreads to U.S. Treasuries and market liquidity. The use of derivatives also creates exposure to credit risk relating to potential losses that could be recognized if the counterparties to these instruments fail to perform their obligations under the stated contract. Additionally, the Company may have to pledge cash or assets as collateral for the derivative transactions, the amount of which may vary based on the market value, notional amount and remaining term of the derivative contract. In the event of a default by the counterparty, the Company could have difficulty obtaining its Residential The table below summarizes fair value information about our derivative assets and liabilities as of December 31, 2015 and 2014: Derivatives Instruments Balance Sheet Location December 31, 2015 December 31, 2014 Assets: (dollars in thousands) Interest rate swaps Interest rate swaps, at fair value $ 19,642 $ 75,225 Interest rate swaptions Other derivatives, at fair value - 5,382 TBA derivatives Other derivatives, at fair value 9,622 - Futures contracts Other derivatives, at fair value 12,443 117 $ 41,707 $ 80,724 Liabilities: Interest rate swaps Interest rate swaps, at fair value $ 1,677,571 $ 1,608,286 TBA derivatives Other derivatives, at fair value 17,185 4,258 Futures contracts Other derivatives, at fair value 32,778 3,769 $ 1,727,534 $ 1,616,313 The following table summarizes certain characteristics of the Company’s interest rate swaps at December 31, 2015 and 2014: December 31, 2015 Maturity Current Notional (1) Weighted Average Pay Rate (2) (3) Weighted Average Receive Rate (2) Weighted Average Years to Maturity (2) (dollars in thousands) 0 - 3 years $ 3,240,436 1.85 % 0.36 % 1.80 3 - 6 years 11,675,000 1.82 % 0.55 % 4.25 6 - 10 years 11,635,250 2.44 % 0.57 % 7.92 Greater than 10 years 3,634,400 3.70 % 0.43 % 19.37 Total / Weighted Average $ 30,185,086 2.26 % 0.53 % 7.02 December 31, 2014 Maturity Current Notional (1) Weighted Average Pay Rate (2) (3) Weighted Average Receive Rate (2) Weighted Average Years to Maturity (2) (dollars in thousands) 0 - 3 years $ 2,502,505 1.63 % 0.17 % 2.64 3 - 6 years 11,138,000 2.06 % 0.22 % 5.18 6 - 10 years 13,069,200 2.67 % 0.23 % 8.57 Greater than 10 years 4,751,800 3.58 % 0.20 % 19.53 Total / Weighted Average $ 31,461,505 2.49 % 0.22 % 8.38 (1) Notional amount includes $500.0 million in forward starting pay fixed swaps as of December 31, 2015 and 2014, respectively. (2) Excludes forward starting swaps. (3) Weighted average fixed rate on forward starting pay fixed swaps was 1.44% and 3.25% as of December 31, 2015 and 2014, respectively. There were no swaptions outstanding as of December 31, 2015. The following table summarizes certain characteristics of the Company’s interest rate swaptions at December 31, 2014: December 31, 2014 Current Underlying Notional Weighted Average Underlying Pay Rate Weighted Average Underlying Receive Rate Weighted Average Underlying Years to Maturity Weighted Average Months to Expiration (dollars in thousands) Long $ 1,750,000 2.88% 3M LIBOR 9.17 3.59 The following table summarizes certain characteristics of the Company’s TBA derivatives at December 31, 2015 and 2014: December 31, 2015 Purchase and sale contracts for derivative TBAs Notional Implied Cost Basis Implied Market Value Net Carrying Value (dollars in thousands) Purchase contracts $ 13,761,000 $ 14,177,338 $ 14,169,775 $ (7,563 ) Sale contracts - - - - Net TBA derivatives $ 13,761,000 $ 14,177,338 $ 14,169,775 $ (7,563 ) December 31, 2014 Purchase and sale contracts for derivative TBAs Notional Implied Cost Basis Implied Market Value Net Carrying Value (dollars in thousands) Purchase contracts $ - $ - $ - $ - Sale contracts (375,000 ) (375,430 ) (379,688 ) (4,258 ) Net TBA derivatives $ (375,000 ) $ (375,430 ) $ (379,688 ) $ (4,258 ) The following table summarizes certain characteristics of the Company’s futures derivatives as of December 31, 2015: Notional - Long Positions Notional - Short Positions Weighted Average Years to Maturity (dollars in thousands) 2-year swap equivalent Eurodollar contracts $ - $ (7,000,000 ) 2.00 U.S. Treasury futures - 5 year - (1,847,200 ) 4.42 U.S. Treasury futures - 10 year and greater - (655,600 ) 6.92 Total $ - $ (9,502,800 ) 2.81 The Company presents derivative contracts on a gross basis on the Consolidated Statements of Financial Condition. Derivative contracts may contain legally enforceable provisions that allow for netting or setting off receivables and payables with each counterparty. The following tables present information about derivative assets and liabilities that are subject to such provisions and can potentially be offset on our Consolidated Statements of Financial Condition as of December 31, 2015 and 2014, respectively. December 31, 2015 Amounts Eligible for Offset Gross Amounts Financial Instruments Cash Collateral Net Amounts Assets: (dollars in thousands) Interest rate swaps, at fair value $ 19,642 $ (18,040 ) $ - $ 1,602 TBA derivatives, at fair value 9,622 (7,367 ) - 2,255 Futures contracts, at fair value 12,443 (10,868 ) - 1,575 Liabilities: Interest rate swaps, at fair value $ 1,677,571 $ (18,040 ) $ (913,576 ) $ 745,955 TBA derivatives, at fair value 17,185 (7,367 ) - 9,818 Futures contracts, at fair value 32,778 (10,868 ) (21,910 ) - December 31, 2014 Amounts Eligible for Offset Gross Amounts Financial Instruments Cash Collateral Net Amounts Assets: (dollars in thousands) Interest rate swaps, at fair value $ 75,225 $ (66,180 ) $ - $ 9,045 Interest rate swaptions, at fair value 5,382 - - 5,382 Futures contracts, at fair value 117 (117 ) - - Liabilities: Interest rate swaps, at fair value $ 1,608,286 $ (66,180 ) $ (869,302 ) $ 672,804 TBA derivatives, at fair value 4,258 - - 4,258 Futures contracts, at fair value 3,769 (117 ) - 3,652 The effect of interest rate swaps on the Consolidated Statements of Comprehensive Income (Loss) is as follows: Location on Consolidated Statements of Comprehensive Income (Loss) Realized Gains (Losses) on Interest Rate Swaps (1) Realized Gains (Losses) on Termination of Interest Rate Swaps Unrealized Gains (Losses on Interest Rate Swaps (dollars in thousands) For the Years Ended: December 31, 2015 $ (624,495 ) $ (226,462 ) $ (124,869 ) December 31, 2014 $ (825,360 ) $ (779,333 ) $ (948,755 ) December 31, 2013 $ (908,294 ) $ (101,862 ) $ 2,002,200 (1) Interest expense related to interest rate swaps is recorded in realized gains (losses) on interest rate swaps on the Consolidated Statements of Operations and Comprehensive Income (Loss). The effect of other derivative contracts on the Company’s Consolidated Statements of Comprehensive Income (Loss) is as follows: Year Ended December 31, 2015 Derivative Instruments Realized Gain (Loss) Unrealized Gain (Loss) Net Gains (Losses) on Trading Assets (dollars in thousands) Net TBA derivatives (1) $ 102,408 $ (3,305 ) $ 99,103 Net interest rate swaptions $ (41,016 ) $ 35,634 $ (5,382 ) U.S. Treasury futures $ (47,394 ) $ (16,681 ) $ (64,075 ) $ 29,646 Year Ended December 31, 2014 Derivative Instruments Realized Gain (Loss) Unrealized Gain (Loss) Net Gains (Losses) on Trading Assets (dollars in thousands) Net TBA derivatives (1) $ (60,091 ) $ (12,763 ) $ (72,854 ) Net interest rate swaptions $ (121,345 ) $ (20,167 ) $ (141,512 ) U.S. Treasury futures $ (30,056 ) $ (6,701 ) $ (36,757 ) $ (251,123 ) (1) Includes options on TBA securities. Certain of the Company’s derivative contracts are subject to International Swaps and Derivatives Association Master Agreements or other (i) a decline in stockholders’ equity in excess of specified thresholds or dollar amounts over set periods of time, (ii) the Company’s failure to maintain its REIT status, (iii) the Company’s failure to comply with limits on the amount of leverage, and (iv) the Company’s stock being delisted from the New York Stock Exchange (NYSE). Upon the occurrence of any one of items (i) through (iv), or another default under the agreement, the counterparty to the applicable agreement has a right to terminate the agreement in accordance with its provisions. The aggregate fair value of all derivative instruments with the aforementioned features that are in a net liability position at December 31, 2015 was approximately $1.6 billion, which represents the maximum amount the Company would be required to pay upon termination. This amount is fully collateralized.

CONVERTIBLE SENIOR NOTES

CONVERTIBLE SENIOR NOTES	12 Months Ended
	Dec. 31, 2015
CONVERTIBLE SENIOR NOTES	10. CONVERTIBLE SENIOR NOTES In 2010, the Company issued $600.0 million in aggregate principal amount of its 4% Convertible Senior Notes for net proceeds of approximately $582.0 million. In 2012, the Company repurchased $492.5 million in aggregate principal amount of its 4% Convertible Senior Notes. In February 2015, the 4% Convertible Senior Notes matured and the Company repaid the remaining 4% Convertible Senior Notes for the face amount of $107.5 million. In May 2012, the Company issued $750.0 million in aggregate principal amount of its 5% Convertible Senior Notes due 2015 for net proceeds of approximately $727.5 million. In May 2015, the 5% Convertible Senior Notes matured and the Company repaid the 5% Convertible Senior Notes for the face amount of $750.0 million.

COMMON STOCK AND PREFERRED STOC

COMMON STOCK AND PREFERRED STOCK	12 Months Ended
	Dec. 31, 2015
COMMON STOCK AND PREFERRED STOCK	11. COMMON STOCK AND PREFERRED STOCK The Company’s authorized shares of capital stock, par value of $0.01 per share, consists of 1,956,937,500 shares classified as common stock, 7,412,500 shares classified as 7.875% Series A Cumulative Redeemable Preferred Stock, 4,600,000 shares classified as 6.00% Series B Cumulative Convertible Preferred Stock, 12,650,000 shares classified as 7.625% Series C Cumulative Redeemable Preferred Stock and 18,400,000 shares classified as 7.50% Series D Cumulative Redeemable Preferred Stock. (A) Common Stock At December 31, 2015 and 2014, the Company had issued and outstanding 935,929,561 and 947,643,079 shares of common stock, with a par value of $0.01 per share. No options were exercised during the years ended December 31, 2015 and 2014, respectively. During the year During the years ended December 31, 2015, 2014 and 2013 the Company raised $2.2 million (by issuing 221,000 shares), $2.4 million (by issuing 210,000 shares) and $2.9 million (by issuing 219,000 shares), respectively, through the Direct Purchase and Dividend Reinvestment Program. In August 2015, the Company announced that its board of directors (“Board”) had authorized the repurchase of up to $1.0 billion of its outstanding common shares through December 31, 2016 (“Repurchase Program”). During the year ended December 31, 2015, the Company repurchased 11,949,530 shares of its common stock under the Repurchase Program for an aggregate amount of $114.3 million. All common shares purchased were part of a publicly announced plan in open-market transactions. In March 2012, the Company entered into six separate Distribution Agency Agreements (“Distribution Agency Agreements”) with each of Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RCap Securities, Inc. (together, the Agents). Pursuant to the terms of the Distribution Agency Agreements, the Company may sell from time to time through the Agents, as its sales agents, up to 125,000,000 shares of the Company’s common stock. The Company did not make any sales under the Distribution Agency Agreements during the years (B) Preferred Stock At December 31, 2015 and 2014, the Company had issued and outstanding 7,412,500 shares of Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), with a par value of $0.01 per share and a liquidation preference of $25.00 per share plus accrued and unpaid dividends (whether or not declared). The Series A Preferred Stock is entitled to a dividend at a rate of 7.875% per year based on the $25.00 liquidation preference before the common stock is entitled to receive any dividends. The Series A Preferred Stock is redeemable at $25.00 per share plus accrued and unpaid dividends (whether or not declared) exclusively at the Company's option commencing on April 5, 2009 (subject to the Company's right under limited circumstances to redeem the Series A Preferred Stock earlier in order to preserve its qualification as a REIT). Through December 31, 2015, the Company had declared and paid all required quarterly dividends on the Series A Preferred Stock. At December 31, 2015 and 2014, the Company had issued and outstanding 12,000,000 shares of Series C Preferred Stock, with a par value of $0.01 per share and a liquidation preference of $25.00 per share plus accrued and unpaid dividends (whether or not declared). The Series C Preferred Stock is entitled to a dividend at a rate of 7.625% per year based on the $25.00 liquidation preference before the common stock is entitled to receive any dividends. The Series C Preferred Stock is redeemable at $25.00 per share plus accrued and unpaid dividends (whether or not declared) exclusively at the Company’s option commencing on May 16, 2017 (subject to the Company’s right under limited circumstances to redeem the Series C Preferred Stock earlier in order to preserve its qualification as a REIT or under limited circumstances related to a change of control of the Company). Through December 31, 2015, the Company had declared and paid all required quarterly dividends on the Series C Preferred Stock. At December 31, 2015 and 2014, the Company had issued and outstanding 18,400,000 shares of Series D Preferred Stock, with a par value of $0.01 per share and a liquidation preference of $25.00 per share plus accrued and unpaid dividends (whether or not declared). The Series D Preferred Stock is entitled to a dividend at a rate of 7.50% per year based on the $25.00 liquidation preference before the common stock is entitled to receive any dividends. The Series D Preferred Stock is redeemable at $25.00 per share plus accrued and unpaid dividends (whether or not declared) exclusively at the Company’s option commencing on September 13, 2017 (subject to the Company’s right under limited circumstances to redeem the Series D Preferred Stock earlier in order to preserve its qualification as a REIT or under limited circumstances related to a change of control of the Company). Through December 31, 2015, the Company had declared and paid all required quarterly dividends on the Series D Preferred Stock. (C) Distributions to Stockholders During the year ended December 31, 2015, the Company declared dividends to common stockholders totaling $1.1 billion, or $1.20 per common share, of which $280.8 million, or $0.30 per common share, was paid to stockholders on January 29, 2016. During the year ended December 31, 2015, the Company declared dividends to Series A Preferred stockholders totaling approximately $14.6 million or $1.97 per share, Series C Preferred stockholders totaling approximately $22.9 million or $1.91 per share, Series D Preferred stockholders totaling approximately $34.5 million or $1.88 per share. During the year ended December 31, 2014, the Company declared dividends to common stockholders totaling $1.1 billion, or $1.20 per common share, of which $284.3 million, or $0.30 per common share, was paid to stockholders on January 29, 2015. During the year ended December 31, 2014, the Company declared dividends to Series A Preferred stockholders totaling approximately $14.6 million or $1.97 per share, Series C Preferred stockholders totaling approximately $22.9 million or $1.91 per share, Series D Preferred stockholders totaling approximately $34.5 million or $1.88 per share. During the year ended December 31, 2013, the Company declared dividends to common stockholders totaling $1.4 billion, or $1.50 per common share, of which $284.2 million, or $0.30 per common share, was paid to stockholders on January 31, 2014. During the year ended December 31, 2013, the Company declared dividends to Series A Preferred stockholders totaling approximately $14.6 million or $1.97 per share, Series C Preferred stockholders totaling approximately $22.9 million or $1.91 per share, Series D Preferred stockholders totaling approximately $34.5 million or $1.88 per share.

INTEREST INCOME AND INTEREST EX

INTEREST INCOME AND INTEREST EXPENSE	12 Months Ended
	Dec. 31, 2015
INTEREST INCOME AND INTEREST EXPENSE	12. INTEREST INCOME AND INTEREST EXPENSE The table below presents the components of the Company’s interest income and interest expense for the years ended December 31, 2015, 2014 and 2013. For the Years Ended December 31, 2015 2014 2013 Interest income: (dollars in thousands) Residential Investment Securities $ 1,963,629 $ 2,467,783 $ 2,788,354 Commercial investment portfolio (1) 203,804 161,837 81,445 U.S. Treasury securities - 1,329 29,081 Securities loaned - 114 8,788 Reverse repurchase agreements 3,264 1,335 10,459 Total interest income 2,170,697 2,632,398 2,918,127 Interest expense: Repurchase agreements 420,325 417,194 530,170 Convertible Senior Notes 29,740 87,293 67,057 U.S. Treasury securities sold, not yet purchased - 1,076 20,235 Securities borrowed - 95 6,785 Securitized debt of consolidated VIEs 20,065 6,350 - Participation sold 639 651 467 Other 827 - - Total interest expense 471,596 512,659 624,714 Net interest income $ 1,699,101 $ 2,119,739 $ 2,293,413 (1) Includes commercial real estate debt, preferred equity and corporate debt.

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2015
GOODWILL	13. GOODWILL At December 31, 2015 and 2014, goodwill totaled $71.8 million and $94.8 million, respectively. The decline in goodwill is due to a $23.0 million reduction of goodwill related to FIDAC as a result of the Company’s intention to wind down FIDAC’s investment advisory operations.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	12 Months Ended
	Dec. 31, 2015
NET INCOME (LOSS) PER COMMON SHARE	14. NET INCOME (LOSS) PER COMMON SHARE The following table presents a reconciliation of net income (loss) and shares used in calculating basic and diluted net income (loss) per share for the years ended December 31, 2015, 2014 and 2013. For the Years Ended December 31, 2015 December 31, 2014 December 31, 2013 (dollars in thousands, except per share data) Net income (loss) 465,747 (842,279 ) 3,729,698 Less: Net income (loss) attributable to noncontrolling interest (809 ) (196 ) - Net income (loss) attributable to Annaly 466,556 (842,083 ) 3,729,698 Less: Preferred stock dividends 71,968 71,968 71,968 Net income (loss) per share available (related) to common stockholders, prior to adjustment for dilutive potential common shares, if necessary 394,588 (914,051 ) 3,657,730 Add: Interest on Convertible Senior Notes, if dilutive - - 67,056 Net income (loss) available to common stockholders, as adjusted 394,588 (914,051 ) 3,724,786 Weighted average shares of common stock outstanding-basic 947,062,099 947,539,294 947,337,915 Add: Effect of stock awards and Convertible Senior Notes, if dilutive 214,643 - 48,219,111 Weighted average shares of common stock outstanding-diluted 947,276,742 947,539,294 995,557,026 Net income (loss) per share available (related) to common share: Basic $ 0.42 $ (0.96 ) $ 3.86 Diluted $ 0.42 $ (0.96 ) $ 3.74 Options to purchase 1.2 million shares, 2.3 million shares and 3.5 million shares of common stock were outstanding and considered anti-dilutive as their exercise price and option expense exceeded the average stock price for the years ended December 31, 2015, 2014 and 2013, respectively.

LONG-TERM STOCK INCENTIVE PLAN

LONG-TERM STOCK INCENTIVE PLAN	12 Months Ended
	Dec. 31, 2015
LONG-TERM STOCK INCENTIVE PLAN	15. LONG-TERM STOCK INCENTIVE PLAN The Company adopted the 2010 Equity Incentive Plan (the “Plan”), which authorizes the Compensation Committee of the Board to grant of 500,000 shares or 9.5% of the diluted outstanding shares of the Company’s common stock, up to a ceiling of 8,932,921 shares. No further awards will be made under the Prior Plan, although existing awards remain effective. Stock options were issued at the market price on the date of grant, subject to an immediate or four year vesting in four equal installments with a contractual term of 5 or 10 years. The following table sets forth activity related to the Company’s stock options awarded under the Plan: For the Years Ended December 31, 2015 December 31, 2014 Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Options outstanding at the beginning of year 2,259,335 $ 15.35 3,581,752 $ 15.44 Granted - - - - Exercised - - - - Forfeited (795,810 ) 14.72 (1,016,667 ) 15.07 Expired (294,750 ) 17.07 (305,750 ) 17.34 Options outstanding at the end of period 1,168,775 $ 15.34 2,259,335 $ 15.35 Options exercisable at the end of the period 1,168,775 $ 15.34 2,259,335 $ 15.35 The weighted average remaining contractual term was approximately 2.4 years and 3.1 years for stock options outstanding and exercisable as of December 31, 2015 and 2014, respectively. As of December 31, 2015 and 2014, there was no unrecognized compensation cost related to nonvested share-based compensation awards.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
INCOME TAXES	16. INCOME TAXES For the year ended December 31, 2015 the Company was qualified to be taxed as a REIT under Code Sections 856 through 860. As a REIT, the Company is not subject to federal income tax to the extent that it distributes its taxable income to its stockholders. To maintain qualification as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to its stockholders and meet certain other requirements such as assets it may hold, income it may generate and its stockholder composition. It is generally the Company’s policy to distribute 100% of its REIT taxable income. To the extent there is any undistributed REIT taxable income at the end of a year, the Company distributes such shortfall within the next year as permitted by the Code. For years prior to 2013, the Company retained the amount of taxable income attributable to certain employee remuneration deductions disallowed for tax purposes pursuant to Section 162(m) of the Code (“Section 162(m)”). As a result of the externalization of management effective as of July 1, 2013, the Company was not subject to the Section 162(m) disallowance for the 2013 tax year. The state and local tax jurisdictions for which the Company is subject to tax-filing obligations recognize the Company’s status as a REIT, and therefore, the Company generally does not pay income tax in such jurisdictions. The Company may, however, be subject to certain minimum state and local tax filing fees as well as certain excise, franchise or business taxes. The Company’s TRSs are subject to federal, state and local taxes. During the year ended December 31, 2015, the Company recorded a net $1.9 million income tax benefit for income and losses attributable to its TRSs. During the year ended December 31, 2014, the Company recorded a net $5.9 million income tax expense for income attributable to its TRSs. During the year ended December 31, 2013, the Company recorded a net $8.2 million income tax expense for income attributable to its TRSs. The Company’s federal, state and local tax returns from 2012 and forward remain open for examination.

LEASE COMMITMENTS AND CONTINGEN

LEASE COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
LEASE COMMITMENTS AND CONTINGENCIES	17. Commitments The Company had a non-cancelable lease for office space which commenced in May 2002 and expired in December 2014. In September 2014, the Company entered into a non-cancelable lease for office space which commenced in July 2014 and expires in September 2025. FIDAC has a lease for office space which commenced in October 2010 and expires in February 2016. The lease expense for the years ended December 31, 2015, 2014, and 2013 were $2.9 million, $3.0 million and $2.3 million, respectively. The Company’s aggregate Years Ending December 31, Lease Commitments (dollars in thousands) 2016 $ 3,575 2017 3,565 2018 3,565 2019 3,565 2020 3,652 Later years 18,343 $ 36,265 The Company had no material unfunded loan commitments as of December 31, 2015 and 2014. Contingencies From time to time, the Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company’s consolidated financial statements. There were no material contingencies as of December 31, 2015 and 2014, respectively.

RISK MANAGEMENT

RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2015
RISK MANAGEMENT	18. RISK MANAGEMENT The primary risks to the Company are liquidity, investment/market risk and credit risk. Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond the Company’s control. Changes in the general level of interest rates can affect net interest income, which is the difference between the interest income earned on Interest Earning Assets and the interest expense incurred in connection with the Interest Bearing Liabilities, by affecting the spread between the Interest Earning Assets and Interest Bearing Liabilities. Changes in the level of interest rates can also affect the value of the Interest Earning Assets and the Company’s ability to realize gains from the sale of these assets. A decline in the value of the Interest Earning Assets pledged as collateral for borrowings under repurchase agreements and derivative contracts could result in the counterparties demanding additional collateral pledges or liquidation of some of the existing collateral to reduce borrowing levels. The Company may seek to mitigate the potential financial impact by entering into interest rate agreements such as interest rate swaps, interest rate swaptions and other hedges. Weakness in the mortgage market, the shape of the yield curve and changes in the expectations for the volatility of future interest rates may adversely affect the performance and market value of the Company’s investments. This could negatively impact the Company’s book value. Furthermore, if many of the Company’s lenders are unwilling or unable to provide additional financing, the Company could be forced to sell its Residential Investment Securities at an inopportune time when prices are depressed. The Company has established policies and procedures for mitigating risks, including conducting scenario analyses and utilizing a range of hedging strategies. The payment of principal and interest on the Freddie Mac and Fannie Mae Agency mortgage-backed securities, excluding CRT securities issued by Freddie Mac and Fannie Mae, are guaranteed by those respective agencies and the payment of principal and interest on Ginnie Mae Agency mortgage-backed securities are backed by the full faith and credit of the U.S. government. Principal and interest on Agency debentures are guaranteed by the Agency issuing the debenture. Substantially all of the Company’s Residential Investment Securities have an actual or implied “AAA” rating. The Company faces credit risk on the portions of its portfolio which are not guaranteed by the respective Agency or by the full faith and credit of the U.S. government. The Company is exposed to credit risk on CRE Debt and Preferred Equity Investments, investments in commercial real estate, commercial mortgage-backed securities, CRT securities, other non-Agency mortgage-backed securities and corporate debt. The Company is exposed to risk of loss if an issuer, borrower, tenant or counterparty fails to perform its obligations under contractual terms. The Company has established policies and procedures for mitigating credit risk, including reviewing and establishing limits for credit exposure, limiting transactions with specific counterparties, maintaining qualifying collateral and continually assessing the creditworthiness of issuers, borrowers, tenants and counterparties.

RCAP REGULATORY REQUIREMENTS

RCAP REGULATORY REQUIREMENTS	12 Months Ended
	Dec. 31, 2015
RCAP REGULATORY REQUIREMENTS	19. RCAP REGULATORY REQUIREMENTS RCap is subject to regulations of the securities business that include but are not limited to trade practices, use and safekeeping of funds and securities, capital structure, recordkeeping and conduct of directors, officers and employees. As a self-clearing, registered broker dealer, RCap is required to maintain minimum net capital by FINRA. As of December 31, 2015 RCap had a minimum net capital requirement of $0.3 million. RCap consistently operates with capital in excess of its regulatory capital requirements. RCap’s regulatory net capital as defined by SEC Rule 15c3-1, as of December 31, 2015 was $398.5 million with excess net capital of $398.2 million. Additionally, RCap is subject to the customer protection requirements of SEC Rule 15c3-3. For December 31, 2015 customer reserve computation, there was no requirements to segregate securities into the special reserve account for the exclusive benefit of customers.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
RELATED PARTY TRANSACTIONS	20. RELATED PARTY TRANSACTIONS Investment in Affiliate, Available-For-Sale Equity Security In August 2015, FIDAC entered into an agreement with Chimera Investment Corporation (“Chimera”) to internalize the management of Chimera. As part of the agreement, the companies agreed to terminate the management agreement between FIDAC and Chimera effective August 5, 2015. In connection with the transaction, Annaly and Chimera entered into a share repurchase agreement pursuant to which Chimera purchased the Company’s approximately 9.0 million shares of Chimera at an aggregate price of $126.4 million. The share repurchase agreement closed in August 2015. For the year ended December 31, 2015, the Company recorded advisory fees from Chimera totaling $24.8 million. In August 2014, the management agreement between FIDAC and Chimera was amended and restated to amend certain of the terms and conditions of the prior agreement. Among other amendments to the terms of the prior agreement, effective August 8, 2014, the management fee was increased from 0.75% to 1.20% of Chimera’s gross stockholders’ equity (as defined in the amended and restated management agreement). For the years ended December 31, 2014 and 2013, the Company recorded advisory fees from Chimera totaling $31.3 million and $43.6 million, respectively. At December 31, 2015 and 2014, the Company had amounts receivable from Chimera of $0 million and $10.4 million, respectively. Management Agreement The Company and the Manager have entered into a management agreement pursuant to which the Company’s management is conducted by the Manager through the authority delegated to it in the Management Agreement and pursuant to the policies established by the Board (the “Externalization”). The management agreement was effective as of July 1, 2013 and applicable for the entire 2013 calendar year and was amended on November 5, 2014 (the management agreement, as amended, is referred to as “Management Agreement”). Under the Management Agreement, the Manager, subject to the supervision and direction of the Company’s Board, is responsible for (i) the selection, purchase and sale of assets for the Company’s investment portfolio; (ii) recommending alternative forms of capital raising; (iii) supervising the Company’s financing and hedging activities; and (iv) day to day management functions. The Manager also performs such other supervisory and management services and activities relating to the Company’s assets and operations as may be appropriate. In exchange for the management services, the Company pays the Manager a monthly management fee in an amount equal to 1/12th of 1.05% of our stockholders’ equity (as defined in the Management Agreement), and the Manager is responsible for providing personnel to manage the Company, and paying all compensation and benefit expenses associated with such personnel. All compensation and benefit expenses paid by the Company to individuals employed by the Company’s subsidiaries reduces the management fee. The Company does not pay the Manager any incentive fees. For the years ended December 31, 2015, 2014 and 2013, the compensation and management fee was $150.3 million (includes $7.5 million related to compensation expense for the employees of the Company’s subsidiaries), $155.6 million (includes $24.2 million related to compensation expense for the employees of the Company’s subsidiaries) and $167.4 million (includes $49.2 million related to compensation expense for the employees of the Company’s subsidiaries), respectively The Management Agreement provides for a two year term ending December 31, 2016 with automatic two-year renewals unless at least two-thirds of the Company’s independent directors or the holders of a majority of the Company’s outstanding shares of common stock elect to terminate the agreement in their sole discretion for any or no reason. At any time during the term or any renewal term the Company may deliver to the Manager written notice of the Company’s intention to terminate the Management Agreement. The Company must designate a date not less than one year from the date of the notice on which the Management Agreement will terminate. The Management Agreement also provides that the Manager may terminate the Management Agreement by providing to the Company prior written notice of its intention to terminate the Management Agreement no less than one year prior to the date designated by the Manager on which the Manager would cease to provide services or such earlier date as determined by the Company in its sole discretion. Effective July 1, 2013, a majority of the Company’s employees were terminated by the Company and were hired by the Manager. The Company has a limited number of employees following the Externalization, all of whom are employees of the Company’s subsidiaries for regulatory or corporate efficiency reasons. All compensation expenses associated with such retained employees reduce the amount paid to the Manager. Pursuant to a pro forma calculation that computed the management fee as though it was in effect beginning January 1, 2013, the Company paid the Manager an amount equal to the pro forma calculation minus the actual compensation paid to the Company’s and its subsidiaries’ employees from January 1, 2013 to June 30, 2013. The Management Agreement may be amended or modified by agreement between the Company and the Manager. There is no termination fee for a termination of the Management Agreement by either the Company or the Manager. Other During the year ended December 31, 2014, the Company made a one-time payment totaling $23.8 million to Chimera to resolve issues raised in derivative demand letters sent to Chimera’s board of directors. This amount is included as a component of Other income (loss) in the Company’s Consolidated Statements of Comprehensive Income (Loss).

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
SUBSEQUENT EVENTS	21. SUBSEQUENT EVENTS From January 1, 2016 through February 19, 2016, the Company repurchased 11.1 million shares under the Repurchase Program for total proceeds of $102.7 million, representing an average price per share of $9.23. Since the beginning of the fourth quarter 2015 through February 19, 2016, the Company repurchased 23.1 million shares for total proceeds of $217.0 million, representing an average price per share of $9.40. As of February 19, 2016, Truman's outstanding advances from the FHLB Des Moines increased to $3.8 billion, with a weighted average remaining maturity of 4.6 years.

SUMMARIZED QUARTERLY RESULTS (U

SUMMARIZED QUARTERLY RESULTS (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
SUMMARIZED QUARTERLY RESULTS (UNAUDITED)	22. SUMMARIZED QUARTERLY RESULTS (UNAUDITED) The following is a presentation of summarized quarterly results of operations for the years ended December 31, 2015 and 2014. For the Quarters Ended December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 (dollars in thousands, expect per share data) Interest income $ 576,580 $ 450,726 $ 624,277 $ 519,114 Interest expense 118,807 110,297 113,072 129,420 Net interest income 457,773 340,429 511,205 389,694 Total realized and unrealized gains (losses) 276,261 (909,158 ) 440,545 (828,999 ) Total other income (loss) (10,447 ) (9,675 ) (7,353 ) 13,758 Less: Total general and administrative expenses 47,836 49,457 52,009 50,938 Income before income taxes 675,751 (627,861 ) 892,388 (476,485 ) Less: Income taxes 6,085 (370 ) (7,683 ) 14 Net income (loss) 669,666 (627,491 ) 900,071 (476,499 ) Less: Net income attributable to noncontrolling interest (373 ) (197 ) (149 ) (90 ) Less: Dividends on preferred stock 17,992 17,992 17,992 17,992 Net income (loss) available (related) to common stockholders $ 652,047 $ (645,286 ) $ 882,228 $ (494,401 ) Net income (loss) available (related) per share to common stockholders: Basic $ 0.69 $ (0.68 ) $ 0.93 $ (0.52 ) Diluted $ 0.69 $ (0.68 ) $ 0.93 $ (0.52 ) For the Quarters Ended December 31, 2014 September 30, 2014 June 30, 2014 March 31, 2014 (dollars in thousands, expect per share data) Interest income $ 648,088 $ 644,579 $ 683,883 $ 655,848 Interest expense 134,512 127,069 126,107 124,971 Net interest income 513,576 517,510 557,776 530,877 Total realized and unrealized gains (losses) (1,131,930 ) (99,065 ) (856,874 ) (703,530 ) Total other income (loss) 18,327 (9,887 ) 14,923 20,681 Less: Total general and administrative expenses 58,454 51,317 50,938 58,454 Income before income taxes (658,481 ) 357,241 (335,113 ) (210,426 ) Less: Income taxes (209 ) 2,385 (852 ) 4,001 Net income (loss) (658,272 ) 354,856 (334,261 ) (214,427 ) Less: Net income attributable to noncontrolling interest (196 ) - - - Less: Dividends on preferred stock 17,992 17,992 17,992 17,992 Net income (loss) available (related) to common stockholders $ (676,068 ) $ 336,864 $ (352,253 ) $ (232,419 ) Net income (loss) available (related) per share to common stockholders: Basic $ (0.71 ) $ 0.36 $ (0.37 ) $ (0.23 ) Diluted $ (0.71 ) $ 0.35 $ (0.37 ) $ (0.23 )

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III Schedule III - Real Estate and Accumulated Depreciation December 31, 2015 (dollars in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amounts Carried at Close of Period 12/31/15 Location Number of Properties Encumbrances Land Buildings and Improvements Improvements Capitalized Costs Land Buildings and Improvements Total Accumulated Depreciation Year of Construction Date Acquired Weighted-Average Depreciable Life (in years) Retail - Carrollton, TX 1 12,875 3,798 15,192 - - 3,798 15,192 18,990 (39 ) 1996 11/25/2015 40 Retail - Plano, TX 1 11,817 3,486 13,944 - - 3,486 13,944 17,430 (36 ) 1994 11/25/2015 40 Retail - Grapevine, TX 1 12,692 3,744 14,976 - - 3,744 14,976 18,720 (32 ) 1998 11/25/2015 40 Retail - Flower Mound, TX 1 13,085 3,860 15,440 - - 3,860 15,440 19,300 (33 ) 1999 11/25/2015 40 Retail - Grapevine, TX 1 9,797 2,890 11,560 - - 2,890 11,560 14,450 (30 ) 1994 11/25/2015 40 Retail - Flower Mound, TX 1 7,492 2,210 8,840 - - 2,210 8,840 11,050 (23 ) 1992 11/25/2015 40 Retail - Flower Mound, TX 1 8,929 2,634 10,536 - - 2,634 10,536 13,170 (27 ) 1996 11/25/2015 40 Retail - Plano, TX 1 4,638 1,368 5,472 - - 1,368 5,472 6,840 (14 ) 1995 11/25/2015 40 Retail - Mesquite, TX 1 2,400 800 3,200 - - 800 3,200 4,000 (7 ) 1999 11/25/2015 40 Retail - Garland, TX 1 3,300 1,100 4,400 - - 1,100 4,400 5,500 (11 ) 2000 11/25/2015 40 Retail - Plano, TX 1 1,500 500 2,000 - - 500 2,000 2,500 (4 ) 2000 11/25/2015 40 Retail - Largo, FL 1 12,750 4,973 12,560 20 - 4,973 12,580 17,553 (251 ) 1988 8/14/2015 29 Retail - Grass Valley, CA 1 25,900 9,872 27,654 - - 9,872 27,654 37,526 (265 ) 1988 10/27/2015 27 Multifamily - Washington, DC 1 57,500 31,999 41,804 27 - 31,999 41,831 73,830 (313 ) 1978, 2008 10/20/2015 30 Retail - Penfield, NY 1 23,558 4,121 22,410 - - 4,121 22,410 26,531 (2,390 ) 1957 11/10/2014 26 Retail - Orchard Park, NY 1 12,888 4,189 20,628 - - 4,189 20,628 24,817 (1,842 ) 1997, 2000 11/10/2014 34 Retail - Cheektowaga, NY 1 9,447 1,939 12,296 - - 1,939 12,296 14,235 (1,143 ) 1978 11/10/2014 27 Retail - Amherst, NY 1 8,270 2,131 9,740 - - 2,131 9,740 11,871 (887 ) 1986 11/10/2014 30 Retail - Ontario, NY 1 5,406 574 6,810 - - 574 6,810 7,384 (502 ) 1998 11/10/2014 33 Retail - Irondequoit, NY 1 15,000 2,438 14,685 - - 2,438 14,685 17,123 (1,353 ) 1972 11/10/2014 29 Retail - LeRoy, NY 1 3,492 343 4,937 - - 343 4,937 5,280 (413 ) 1997 11/10/2014 31 Retail - Jamestown, NY 1 7,356 820 4,915 - - 820 4,915 5,735 (869 ) 1997 11/10/2014 31 Retail - Warsaw, NY 1 3,416 407 4,123 - - 407 4,123 4,530 (296 ) 1998 11/10/2014 33 Retail - Chillicothe, OH 1 7,887 1,262 10,819 - - 1,262 10,819 12,081 (704 ) 1981, 1998 11/10/2014 28 Retail - Loganville, GA 1 7,230 3,217 8,386 - - 3,217 8,386 11,603 (644 ) 1996 11/10/2014 30 Retail - Chillicothe, OH 1 7,700 2,282 9,567 209 - 2,282 9,776 12,058 (220 ) 1995 7/22/2015 27 Retail - Newport News, VA 1 11,025 6,394 12,046 - - 6,394 12,046 18,440 (690 ) 1994 6/2/2014 37 Retail - Knoxville, TN 1 12,350 3,503 13,309 - - 3,503 13,309 16,812 (773 ) 2002 4/9/2014 36 Industrial - Las Vegas, NV 1 2,436 628 4,053 - - 628 4,053 4,681 (331 ) 1988, 2009 3/29/2012 39 Industrial - Phoenix, AZ 2 16,308 6,011 27,046 - - 6,011 27,046 33,057 (2,744 ) 1998, 1999 11/28/2011 33 31 $ 338,444 $ 113,493 $ 373,348 $ 256 $ - $ 113,493 $ 373,604 $ 487,097 $ (16,886 ) The following table presents our real estate activity during the year ended December 31, 2015 (in thousands): Real Estate: Beginning balance, January 1, 2015 $ 214,257 Acquistions and improvements 274,027 Purchase price allocation adjustment (1,187 ) Ending balance, December 31, 2015 487,097 Accumulated Depreciation: Beginning balance, January 1, 2015 $ 4,224 Depreciation 12,662 Ending balance, December 31, 2015 16,886

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2015
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV Schedule IV - Mortgage Loans on Real Estate December 31, 2015 (dollars in thousands) Description Location Prior Liens (1) Face Amount Carrying Amount Interest Rate (2) Libor Floor Payment Terms Maturity Date (3) Mezzanine Debt Investments Retail Various 290,317 85,353 85,589 11.25 % N/A Amortizing 4/10/2017 Industrial Various 94,656 50,000 49,960 8.11 % N/A Interest Only 6/28/2017 Office MD 54,852 9,942 9,920 11.70 % N/A Interest Only 8/1/2017 Office MD 55,558 10,130 10,107 11.20 % N/A Interest Only 8/1/2017 Office CO 13,750 6,000 6,000 11.06 % N/A Interest Only 8/6/2018 Office TX 43,500 9,187 9,140 9.50 % N/A Interest Only 9/1/2018 Retail MA 64,500 10,000 10,000 10.00 % N/A Interest Only 9/6/2023 Office TX 71,128 3,709 3,709 10.25 % N/A Interest Only 8/1/2018 Office TX 71,128 3,709 3,709 10.25 % N/A Interest Only 8/1/2018 Office LA 64,000 8,700 8,700 10.75 % N/A Interest Only 10/1/2023 Office Various 535,812 55,479 55,461 LIBOR+7.5% 0.42 % Interest Only 1/20/2017 Mixed OH 135,476 37,023 37,023 9.50 % N/A Interest Only 12/1/2023 Hotel CA 50,000 10,000 10,000 10.25 % N/A Interest Only 2/6/2019 Hotel Various 140,900 25,000 25,003 LIBOR+9.95% 0.20 % Interest Only 2/14/2016 Office CA 65,000 37,000 36,996 LIBOR+12.55% 0.25 % Interest Only 3/1/2016 Office CA 49,200 8,700 8,746 LIBOR+9.50% 0.25 % Interest Only 3/31/2019 Hotel LA 15,500 5,000 5,000 13.50 % N/A Interest Only 8/9/2016 Hotel Various 31,400 12,375 12,387 LIBOR+8.65% 0.15 % Interest Only 8/9/2017 Office TX 52,000 7,000 7,000 10.10 % N/A Interest Only 12/1/2024 Office NY 47,645 14,259 14,121 LIBOR+9.71% 0.20 % Interest Only 3/2/2017 Hotel Various 31,400 2,025 2,025 LIBOR+8.65% 0.00 % Interest Only 8/9/2017 Hotel Various 140,900 6,500 6,500 LIBOR+8.75% 0.20 % Interest Only 2/9/2016 Multi-Family NY 461,500 56,000 54,823 8.05 % N/A Interest Only 10/1/2017 Multi-Family NY 461,500 54,500 53,744 7.82 % N/A Interest Only 10/1/2017 Office CA 280,000 27,500 26,420 10.44 % N/A Interest Only 1/2/2018 Office CA 280,000 27,500 26,420 6.84 % N/A Interest Only 1/2/2018 Preferred Equity Investments Multi-Family CA 231,500 81,944 81,494 10.00 % N/A Interest Only 9/13/2018 Multi-Family CA 70,468 31,500 31,330 10.00 % N/A Interest Only 9/13/2018 Mixed PA 26,000 9,000 8,949 11.00 % N/A Interest Only 11/27/2018 First Mortgages - Securitized: Hotel GA - 20,156 20,119 LIBOR+4.95% 0.20 % Interest Only 8/9/2016 Office OH - 38,270 38,253 LIBOR+5.50% 0.25 % Interest Only 8/9/2016 Hotel LA - 15,500 15,455 LIBOR+5.75% 1.00 % Interest Only 8/9/2016 Office OK - 17,500 17,490 LIBOR+5.75% 0.25 % Interest Only 9/6/2016 Multi-Family IL - 111,396 111,176 LIBOR+4.10% 0.20 % Interest Only 11/1/2016 Hotel LA - 9,250 9,224 LIBOR+6.5% 0.25 % Interest Only 10/1/2016 Hotel CO - 51,000 50,985 LIBOR+5.45% 0.25 % Interest Only 11/9/2016 First Mortgages: Retail (4) CO 13,137 16,868 17,048 5.58 % N/A Amortizing 5/1/2017 Office CA - 65,000 64,962 LIBOR+3.00% 0.25 % Interest Only 3/1/2016 Multi-Family FL - 26,000 26,000 LIBOR+4.50% 0.25 % Interest Only 5/9/2017 Multi-Family CA - 13,000 12,984 LIBOR+4.70% 0.20 % Interest Only 8/1/2016 Multi-Family CA - 8,000 7,990 LIBOR+4.70% 0.20 % Interest Only 8/1/2016 Office FL - 12,166 12,066 LIBOR+5.00% 0.20 % Interest Only 12/6/2017 Office NJ - 67,390 66,997 LIBOR+4.50% 0.25 % Interest Only 5/9/2018 Multi-Family FL - 41,000 40,863 LIBOR+4.05% 0.20 % Interest Only 6/5/2017 Office AZ - 45,000 44,538 4.70 % N/A Interest Only 10/5/2018 Multi-Family TX - 15,090 15,071 4.45 % N/A Interest Only 10/1/2020 Multi-Family NC - 36,800 36,713 4.25 % N/A Amortizing 11/1/2020 Office CA - 280,000 278,600 2.55 % N/A Interest Only 1/2/2018 Office VA - 41,000 40,607 4.50 % N/A Interest Only 12/9/2017 $ 3,942,727 $ 1,635,421 $ 1,627,417 (1) Represents third-party priority liens. (2) LIBOR represents the one month LIBOR, EURIBOR represents the one month Eurodollar deposit rate. (3) Assumes all extension options are exercised. (4) Includes senior position sold to third party that did not qualify for GAAP sale accounting. The Company’s economic interest is limited to a B-Note with an outstanding face of $3.7 million and a basis of approximately $1.9 million.

SIGNIFICANT ACCOUNTING POLICI32

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Principles of Consolidation	Principles of Consolidation The Company has evaluated all of its investments in legal entities in order to determine if they are variable interests in Variable Interest Entities ("VIEs"). A VIE is defined as an entity in which equity investors (i) do not have the characteristics of a controlling financial interest, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A variable interest is an investment or other interest that will absorb portions of a VIE's expected losses or receive portions of the entity’s expected residual returns . To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Company considers all facts and circumstances, including the Company’s role in establishing the VIE and the Company’s ongoing rights and responsibilities. This assessment includes first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Company applies significant judgment and considers all of its economic interests, including debt and equity investments and other arrangements deemed to be variable interests, both explicit and implicit, in the VIE. This assessment requires that the Company applies judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Company. The Company performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with a VIE causes the Company’s consolidation conclusion regarding the VIE to change.
Cash and Cash Equivalents	Cash and Cash Equivalents
Fair Value Measurements	Fair Value Measurements
Revenue Recognition	Revenue Recognition – Agency Mortgage-Backed Securities, Agency Debentures, Non-Agency Mortgage-Backed Securities and CRT Securities Agency mortgage-backed securities, Agency debentures, non-Agency mortgage-backed securities and CRT securities are referred to herein as “Residential Investment Securities.” Although the Company generally intends to hold most of its Residential Investment Securities until maturity, it may, from time to time, sell any of its Residential Investment Securities as part of the overall management of its portfolio. Residential Investment Securities classified as available-for-sale are reported at fair value with unrealized gains and losses reported as a component of other comprehensive income (loss). The fair value of Residential Investment Securities classified as available-for-sale are estimated by management and are compared to independent sources for reasonableness. Residential Investment Securities transactions are recorded on trade date, including TBA securities that meet the regular-way securities scope exception from derivative accounting. The Company previously changed its accounting policy for determining the realized gains and losses on sales of Residential Investment Securities from the average cost method to the specific identification method. The Company determined that the specific identification method was preferable because it more accurately matches gains or losses with costs and is the methodology predominantly used by its industry peers, among other considerations. The impact of the change was immaterial to the consolidated financial statements and prior periods. The Company elected the fair value option for interest-only mortgage-backed securities, non-Agency mortgage-backed securities and certain CRT securities. Interest-only securities and inverse interest-only securities are collectively referred to as “interest-only securities.” These interest-only mortgage-backed securities represent the Company’s right to receive a specified proportion of the contractual interest flows of specific mortgage-backed securities. Interest-only mortgage-backed securities, non-Agency mortgage-backed securities and certain CRT securities are measured at fair value with changes in fair value recorded as Net unrealized gains (losses) on financial instruments measured at fair value through earnings in the Company’s Consolidated Statements of Comprehensive Income (Loss). The interest-only securities are included in Agency mortgage-backed securities at fair value on the accompanying Consolidated Statements of Financial Condition. Interest income from coupon payments is accrued based on the outstanding principal amounts of the Residential Investment Securities and their contractual terms. In addition, the Company recognizes income under the retrospective method on substantially all of its Residential Investment Securities classified as available-for-sale for which it has not elected the fair value option. Premiums and discounts associated with the purchase of Residential Investment Securities are amortized or accreted into income over the remaining projected lives of the securities. Using a third-party supplied model and market information to project future cash flows and expected remaining lives of securities, the effective interest rate determined for each security is applied as if it had been in place from the security’s acquisition. The amortized cost of the investment is then adjusted to the amount that would have existed had the new effective yield been applied since the acquisition. The adjustment to amortized cost is offset with a charge or credit to interest income. Changes in interest rates and other market factors will impact prepayment speed projections.
Equity Securities	Equity Securities
Derivative Instruments	Derivative Instruments – Derivatives and Hedging Some derivative agreements contain provisions that allow for netting or setting off by counterparty; however, the Company elected to present related assets and liabilities on a gross basis in the Consolidated Statements of Financial Condition. Interest rate swap agreements - Interest rate swaptions - The fair value of interest rate swaptions is estimated using internal pricing models and compared to the counterparty market value. TBA Dollar Rolls - MBS Options – Futures Contracts
Repurchase Agreements	Repurchase Agreements Transfers and Servicing Reverse repurchase agreements and repurchase agreements with the same counterparty and the same maturity are presented net in the Consolidated Statements of Financial Condition when the terms of the agreements meet the criteria to permit netting. The Company reports cash flows on repurchase agreements as financing activities in the Consolidated Statements of Cash Flows. The Company reports cash flows on reverse repurchase and repurchase agreements entered into by RCap as operating activities in the Consolidated Statements of Cash Flows.
Goodwill and Intangible Assets	Goodwill and Intangible Assets The Company tests goodwill for impairment on an annual basis and at interim periods when events or circumstances may make it more likely than not that an impairment has occurred. If a qualitative analysis indicates that there may be an impairment, a quantitative analysis is performed. The quantitative impairment test for goodwill utilizes a two-step approach, whereby the Company compares the carrying value of each identified reporting unit to its fair value. If the carrying value of the reporting unit is greater than its fair value, the second step is performed, where the implied fair value of goodwill is compared to its carrying value. The Company recognizes an impairment charge for the amount by which the carrying amount of goodwill exceeds its fair value. An impairment of the goodwill associated with the Company’s acquisition of Fixed Income Discount Advisory Company (“FIDAC”) was recorded in the year ended December 31, 2015. Intangible assets with an estimated useful life are amortized over their expected useful lives.
Convertible Senior Notes	Convertible Senior Notes –
Stock Based Compensation	Stock Based Compensation – The Company is required to measure and recognize in the consolidated financial statements the compensation cost relating to share-based payment transactions. The Company recognizes compensation expense on a straight-line basis over the requisite service period for the entire award.
Income Taxes	Income Taxes The provisions of ASC 740, Income Taxes
Use of Estimates	Use of Estimates
Commercial Real Estate Investments	Commercial Real Estate Investments Commercial Real Estate Debt Investments - Commercial Real Estate Loans Investments in Commercial Real Estate Investments in commercial real estate are depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows: Category Term Building 30 - 40 years Site improvements 1 - 28 years The Company follows the acquisition method of accounting for acquisitions of operating real estate held for investment, where the purchase price of operating real estate is allocated to tangible assets such as land, building, site improvements and other identified intangibles such as above/below market and in-place leases. The Company applies the equity method of accounting for its investments in joint ventures where it is not considered to have a controlling financial interest. Under the equity method of accounting, the Company will recognize its share of earnings or losses of the investee in the period in which they are reported by the investee. The Company also considers whether there are any indicators of other-than-temporary impairment of joint ventures accounted for under the equity method. The Company evaluates whether real estate acquired in connection with a foreclosure (“REO”) or UCC/deed in lieu of foreclosure (herein collectively referred to as a foreclosure) constitutes a business and whether business combination accounting is applicable. Upon foreclosure of a property, the excess of the carrying value of a loan, if any, over the estimated fair value of the property, less estimated costs to sell, is charged to provision for loan losses. Investments in commercial real estate, including REO, that do not meet the criteria to be classified as held for sale are separately presented in the Consolidated Statements of Financial Condition as held for investment. Real estate held for sale is reported at the lower of its carrying value or its estimated fair value less estimated costs to sell. Once a property is determined to be held for sale, depreciation is no longer recorded. The Company's real estate portfolio (REO and real estate held for investment) is reviewed on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. A property's value is considered impaired if the Company's estimate of the aggregate future undiscounted cash flows to be generated by the property is less than the carrying value of the property. In conducting this review, the Company considers U.S. macroeconomic factors, including real estate sector conditions, together with asset specific and other factors. To the extent impairment has occurred and is considered to be other than temporary, the loss will be measured as the excess of the carrying amount of the property over the calculated fair value of the property. Revenue Recognition – Commercial Real Estate Investments -
Corporate Debt	Corporate Debt Corporate Loans – Corporate Debt Securities – Allowance for Losses Loans and Debt Securities Acquired with Deteriorated Credit Quality
Other-Than-Temporary Impairment	Other-Than-Temporary Impairment Allowance for Losses Loans and Debt Securities Acquired with Deteriorated Credit Quality Management assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment is required in this analysis. Depending on the expected recovery of its investment, the Company considers the estimated net recoverable value of the CRE Debt and Preferred Equity Investments as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the prospects for the borrower and the competitive landscape where the borrower conducts business. To determine if loan loss allowances are required on investments in corporate debt, the Company reviews the monthly and/or quarterly financial statements of the borrowers, verifies loan compliance packages if applicable and analyzes current results relative to budgets and sensitivities performed at inception of the investment. Because these determinations are based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized may differ materially from the carrying value as of the reporting date. The Company may be exposed to various levels of credit risk depending on the nature of its investments and credit enhancements, if any, supporting its assets. The Company’s core investment process includes procedures related to the initial approval and periodic monitoring of credit risk and other risks associated with each investment. The Company’s investment underwriting procedures include evaluation of the underlying borrowers’ ability to manage and operate their respective properties or companies. Management reviews loan-to-value metrics upon either the origination or the acquisition of a new investment but generally does not update the loan-to-value metrics in the course of quarterly surveillance. Management generally reviews the most recent financial information produced by the borrower, which may include, but is not limited to, net operating income (“NOI”), debt service coverage ratios, property debt yields (net cash flow or NOI divided by the amount of outstanding indebtedness), loan per unit and rent rolls relating to each of the Company’s CRE Debt and Preferred Equity Investments, and may consider other factors management deems important. Management also reviews market pricing to determine each borrower’s ability to refinance their respective assets at the maturity of each loan. Management also reviews economic trends, both macro and those affecting the property specifically, and the supply and demand of competing projects in the sub-market in which each subject property is located. Management monitors the financial condition and operating results of its corporate borrowers and continually assesses the future outlook of the borrower’s financial performance in light of industry developments, management changes and company-specific considerations. In connection with the quarterly surveillance review process, loans are assigned an internal risk rating. Effective December 31, 2015, the loan risk ratings were enhanced to conform to guidance provided by the Office of the Controller of the Currency for commercial real estate lending. The initial internal risk ratings (“Initial Ratings”) are based on loan-to-values and the net operating income debt yields of the underlying collateral of the Company’s CRE Debt and Preferred Equity Investments and based upon leverage and cash flow coverages of the borrowers’ debt and operating obligations. The final internal risk ratings are influenced by other quantitative and qualitative factors that can result in an adjustment to the Initial Ratings, subject to review and approval by the respective committee. The internal risk rating categories include “Performing”, “Closely Monitored”, “Special Mention”, “Substandard”, “Doubtful” or “Loss”. Performing loans meet all present contractual obligations. Special Mention loans exhibit potential weakness that deserves management’s close attention and if uncorrected, may result in deterioration of repayment prospects. Substandard loans are inadequately protected by sound worth and paying capacity of the obligor or of the collateral pledged with a distinct possibility that loss will be sustained if some of the deficiencies are not corrected. Doubtful loans are Substandard loans whereby collection of all contractual principal and interest is highly questionable or improbable. Loss loans are considered uncollectible. The presentation of prior period internal risk ratings have been revised to conform to the current period presentation. No allowance for loan losses was deemed necessary as of December 31, 2015 and December 31, 2014.
Broker Dealer Activities	Broker Dealer Activities In January 2014, RCap ceased its trading activity in U.S. Treasury securities, derivatives and securities borrowed and loaned transactions.
Reverse Repurchase Agreements	Reverse Repurchase Agreements –
Recent Accounting Pronouncements	Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could potentially have a material effect on the Company’s consolidated financial statements: Standard Description Date of Adoption Effect on the financial statements or other significant matters Standards that are not yet adopted ASU 2016-01 Financial Instruments - Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities The amendments address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. January 1, 2018 (early adoption permitted for a provision related presentation of instrument-specific credit risk of liabilities accounted for under the fair value option) Expected to impact disclosures only and not have a significant impact on the consolidated finanical statements. ASU 2015-16 Business Combinations (Topic 805) Simplifying the Accounting Measurement-Period Adjustments This amendment removes the requirement to present adjustments to provisional amounts retrospectively. The update requires that an acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to provisional amounts. January 1, 2016 (early adoption permitted) Not expected to have a significant impact on the consolidated financial statements. ASU 2015 -10, Technical Corrections and Improvements This perpetual project updates the Codification for technical corrections and improvements. January 1, 2016 (early adoption permitted), for amendments subject to transition guidance Not expected to have a significant impact on the consolidated financial statements. ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) This update removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and also removes certain disclosure requirements for these investments. January 1, 2016 (early adoption permitted) Not expected to have an impact on the consolidated financial statements. ASU 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement This update clarifies that customers should determine whether a cloud computing arrangement includes the license of software by applying the same guidance cloud service providers use. The guidance also eliminates the current requirement that customers analogize to the leasing standard when determining the asset acquired in a software licensing arrangement. January 1, 2016 (early adoption permitted) Not expected to have a significant impact on the consolidated financial statements. ASU 2015-02, Consolidation (Topic 810) Amendments to the Consolidation Analysis This update affects the following areas of the consolidation analysis: limited partnerships and similar entities, evaluation of fees paid to a decision maker or service provider as a variable interest and in determination of the primary beneficiary, effect of related parties on the primary beneficiary determination and for certain investment funds. January 1, 2016 (early adoption permitted) Not expected to have a significant impact on the consolidated financial statements. ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20 This update eliminates from GAAP the concept of extraordinary items. January 1, 2016 (early adoption permitted) Not expected to have an impact on the consolidated financial statements. ASU 2014-16, Derivatives and Hedging (Topic 815) Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or Equity This ASU provides additional guidance for evaluating whether conversion rights, redemption rights, voting rights, liquidation rights and dividend payment preferences and other features embedded in a share, including preferred stock, contain embedded derivatives requiring bifurcation. The update requires that an entity determine the nature of the host contract by considering all stated and implied terms and features in a hybrid instrument. January 1, 2016 (early adoption permitted) Not expected to have an impact on the consolidated financial statements. ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-04) Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern This ASU requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. January 1, 2017 (early adoption permitted) Not expected to have an impact on the consolidated financial statements. ASU 2014-09 , Revenue from Contracts with Customers This guidance applies to contracts with customers to transfer goods or services and contracts to transfer nonfinancial assets unless those contracts are within the scope of other standards (for example, lease transactions). January 1, 2018 Not expected to have a significant impact on the consolidated financial statements. Standard Description Date of Adoption Effect on the financial statements or other significant matters Standards that were adopted ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs This ASU requires that debt issue costs are presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement of debt issue costs are not affected. January 1, 2016 (early adoption permitted) Impacts presentation only and will not have a significant impact on the consolidated financial statements. ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update) This amendment provides SEC guidance that it would not object to filers presenting debt issue costs related to line-of-credit arrangements as an asset and ratably amortizing the costs over the term of the arrangement. June 18, 2015 (early adoption permitted) Did not have an impact on the consolidated financial statements. ASU 2015-08, Business Combinations Topic 805 Pushdown Accounting Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 This update amends the codification for SEC Staff Bulletin No. 115 November 18, 2014 Did not have an impact on the consolidated financial statements. ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting This amendment provides an acquired entity with the option to apply push down accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. November 18, 2014 Did not have a significant impact on the consolidated financial statements. ASU 2014-13, Consolidation (Topic 810) Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity This Update provides a practical expedient to measure the fair value of the financial assets and financial liabilities of a consolidated collateralized financing entity, which the reporting entity has elected to or is required to measure on a fair value basis. January 1, 2015 (early adoption permitted) The Company early adopted this ASU and applied the guidance to commercial mortgage backed securitization transactions. See "Commercial Real Estate Investments" footnote for further disclosure. ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure This update makes limited amendments to the guidance in ASC 860 on accounting for certain repurchase agreements. January 1, 2015 Impacts disclosures only and does not have a significant impact on the consolidated financial statements. ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity This ASU raises the threshold for a disposal to be treated as discontinued operations. April 1, 2015 Did not have a significant impact on the consolidated financial statements. ASU 2014-04 Receivables–Troubled Debt Restructurings by Creditors, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure This update clarifies that an in substance repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, when the creditor obtains legal title to the property upon completion of a foreclosure or the borrower conveys all interest in the property to the creditor through a deed in lieu of foreclosure or similar arrangement. January 1, 2015 Did not have a significant impact on the consolidated financial statements. ASU 2013-02, Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income This update requires the provision of information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, it requires presentation of significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. January 1, 2014 Did not have a significant impact on the consolidated financial statements. ASU 2011-11, Balance Sheet: Disclosures about Offsetting Assets and Liabilities Under this update, the Company is required to disclose both gross and net information about both instruments and transactions eligible for offset in the Company’s Consolidated Statements of Financial Condition and transactions subject to an agreement similar to a master netting arrangement. The scope includes derivatives, sale and repurchase agreements and reverse sale and repurchase agreements and securities borrowing and securities lending arrangements. January 1, 2014 Did not have a significant impact on the consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI33

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
Recent Accounting Pronouncements	The following table provides a brief description of recent accounting pronouncements that could potentially have a material effect on the Company’s consolidated financial statements: Standard Description Date of Adoption Effect on the financial statements or other significant matters Standards that are not yet adopted ASU 2016-01 Financial Instruments - Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities The amendments address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. January 1, 2018 (early adoption permitted for a provision related presentation of instrument-specific credit risk of liabilities accounted for under the fair value option) Expected to impact disclosures only and not have a significant impact on the consolidated finanical statements. ASU 2015-16 Business Combinations (Topic 805) Simplifying the Accounting Measurement-Period Adjustments This amendment removes the requirement to present adjustments to provisional amounts retrospectively. The update requires that an acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to provisional amounts. January 1, 2016 (early adoption permitted) Not expected to have a significant impact on the consolidated financial statements. ASU 2015 -10, Technical Corrections and Improvements This perpetual project updates the Codification for technical corrections and improvements. January 1, 2016 (early adoption permitted), for amendments subject to transition guidance Not expected to have a significant impact on the consolidated financial statements. ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) This update removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and also removes certain disclosure requirements for these investments. January 1, 2016 (early adoption permitted) Not expected to have an impact on the consolidated financial statements. ASU 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement This update clarifies that customers should determine whether a cloud computing arrangement includes the license of software by applying the same guidance cloud service providers use. The guidance also eliminates the current requirement that customers analogize to the leasing standard when determining the asset acquired in a software licensing arrangement. January 1, 2016 (early adoption permitted) Not expected to have a significant impact on the consolidated financial statements. ASU 2015-02, Consolidation (Topic 810) Amendments to the Consolidation Analysis This update affects the following areas of the consolidation analysis: limited partnerships and similar entities, evaluation of fees paid to a decision maker or service provider as a variable interest and in determination of the primary beneficiary, effect of related parties on the primary beneficiary determination and for certain investment funds. January 1, 2016 (early adoption permitted) Not expected to have a significant impact on the consolidated financial statements. ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20 This update eliminates from GAAP the concept of extraordinary items. January 1, 2016 (early adoption permitted) Not expected to have an impact on the consolidated financial statements. ASU 2014-16, Derivatives and Hedging (Topic 815) Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or Equity This ASU provides additional guidance for evaluating whether conversion rights, redemption rights, voting rights, liquidation rights and dividend payment preferences and other features embedded in a share, including preferred stock, contain embedded derivatives requiring bifurcation. The update requires that an entity determine the nature of the host contract by considering all stated and implied terms and features in a hybrid instrument. January 1, 2016 (early adoption permitted) Not expected to have an impact on the consolidated financial statements. ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-04) Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern This ASU requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. January 1, 2017 (early adoption permitted) Not expected to have an impact on the consolidated financial statements. ASU 2014-09 , Revenue from Contracts with Customers This guidance applies to contracts with customers to transfer goods or services and contracts to transfer nonfinancial assets unless those contracts are within the scope of other standards (for example, lease transactions). January 1, 2018 Not expected to have a significant impact on the consolidated financial statements. Standard Description Date of Adoption Effect on the financial statements or other significant matters Standards that were adopted ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs This ASU requires that debt issue costs are presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement of debt issue costs are not affected. January 1, 2016 (early adoption permitted) Impacted presentation only and did not have a significant impact on the consolidated financial statements. ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update) This amendment provides SEC guidance that it would not object to filers presenting debt issue costs related to line-of-credit arrangements as an asset and ratably amortizing the costs over the term of the arrangement. June 18, 2015 (early adoption permitted) Did not have an impact on the consolidated financial statements. ASU 2015-08, Business Combinations Topic 805 Pushdown Accounting Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 This update amends the codification for SEC Staff Bulletin No. 115 November 18, 2014 Did not have an impact on the consolidated financial statements. ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting This amendment provides an acquired entity with the option to apply push down accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. November 18, 2014 Did not have a significant impact on the consolidated financial statements. ASU 2014-13, Consolidation (Topic 810) Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity This Update provides a practical expedient to measure the fair value of the financial assets and financial liabilities of a consolidated collateralized financing entity, which the reporting entity has elected to or is required to measure on a fair value basis. January 1, 2015 (early adoption permitted) The Company early adopted this ASU and applied the guidance to commercial mortgage backed securitization transactions. See "Commercial Real Estate Investments" footnote for further disclosure. ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure This update makes limited amendments to the guidance in ASC 860 on accounting for certain repurchase agreements. January 1, 2015 Impacts disclosures only and does not have a significant impact on the consolidated financial statements. ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity This ASU raises the threshold for a disposal to be treated as discontinued operations. April 1, 2015 Did not have a significant impact on the consolidated financial statements. ASU 2014-04 Receivables–Troubled Debt Restructurings by Creditors, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure This update clarifies that an in substance repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, when the creditor obtains legal title to the property upon completion of a foreclosure or the borrower conveys all interest in the property to the creditor through a deed in lieu of foreclosure or similar arrangement. January 1, 2015 Did not have a significant impact on the consolidated financial statements. ASU 2013-02, Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income This update requires the provision of information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, it requires presentation of significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. January 1, 2014 Did not have a significant impact on the consolidated financial statements. ASU 2011-11, Balance Sheet: Disclosures about Offsetting Assets and Liabilities Under this update, the Company is required to disclose both gross and net information about both instruments and transactions eligible for offset in the Company’s Consolidated Statements of Financial Condition and transactions subject to an agreement similar to a master netting arrangement. The scope includes derivatives, sale and repurchase agreements and reverse sale and repurchase agreements and securities borrowing and securities lending arrangements. January 1, 2014 Did not have a significant impact on the consolidated financial statements.

RESIDENTIAL INVESTMENT SECURI34

RESIDENTIAL INVESTMENT SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Available-for-sale Securities Reconciliation	The following tables present the Company’s Residential Investment Securities portfolio that were carried at their fair value as of December 31, 2015 and 2014: December 31, 2015 Agency Principal / Notional Remaining Premium Remaining Discount Amortized Cost Unrealized Gains (1) Unrealized Losses (1) Estimated Fair Value (dollars in thousands) Fixed-rate passthrough $ 57,339,705 $ 3,270,521 $ (2,832 ) $ 60,607,394 $ 400,350 $ (824,862 ) $ 60,182,882 Adjustable-rate passthrough 2,894,192 61,781 (6,427 ) 2,949,546 70,849 (10,317 ) 3,010,078 CMO 964,095 27,269 (477 ) 990,887 9,137 (12,945 ) 987,079 Debentures 158,802 - (648 ) 158,154 - (6,116 ) 152,038 Interest-only 9,499,332 1,634,312 - 1,634,312 18,699 (114,826 ) 1,538,185 Total Agency investments $ 70,856,126 $ 4,993,883 $ (10,384 ) $ 66,340,293 $ 499,035 $ (969,066 ) $ 65,870,262 Residential Credit CRT $ 476,084 $ 2,225 $ (12,840 ) $ 465,469 $ 250 $ (9,209 ) $ 456,510 Legacy (2) 378,527 773 (37,150 ) 342,150 698 (1,140 ) 341,708 NPL/RPL 354,945 19 (1,270 ) 353,694 19 (1,172 ) 352,541 New issue 197,695 566 - 198,261 - (1,060 ) 197,201 New issue interest-only 811,245 15,430 - 15,430 - (158 ) 15,272 Total residential credit securities $ 2,218,496 $ 19,013 $ (51,260 ) $ 1,375,004 $ 967 $ (12,739 ) $ 1,363,232 Total Residential Investment Securities $ 73,074,622 $ 5,012,896 $ (61,644 ) $ 67,715,297 $ 500,002 $ (981,805 ) $ 67,233,494 December 31, 2014 Agency Principal / Notional Remaining Premium Remaining Discount Amortized Cost Unrealized Gains (1) Unrealized Losses (1) Estimated Fair Value (dollars in thousands) Fixed-rate passthrough $ 69,907,363 $ 4,018,054 $ (4,096 ) $ 73,921,321 $ 791,607 $ (667,248 ) $ 74,045,680 Adjustable-rate passthrough 2,620,610 34,577 (12,574 ) 2,642,613 126,615 (303 ) 2,768,925 CMO 3,455,026 85,624 (1,530 ) 3,539,120 27,659 (38,562 ) 3,528,217 Debentures 1,408,805 - (1,376 ) 1,407,429 - (39,079 ) 1,368,350 Interest-only 8,008,538 1,230,471 - 1,230,471 36,120 (44,157 ) 1,222,434 Total Agency investments $ 85,400,342 $ 5,368,726 $ (19,576 ) $ 82,740,954 $ 982,001 $ (789,349 ) $ 82,933,606 Total Residential Investment Securities $ 85,400,342 $ 5,368,726 $ (19,576 ) $ 82,740,954 $ 982,001 $ (789,349 ) $ 82,933,606 (1) Unrealized gains and losses on Agency investments, excluding Interest-only investments, are reported as a component of other comprehensive income (loss). Unrealized gains and losses on residential credit securities and Agency Interest-only investments are generally reported in net unrealized gains (losses) on financial instruments measured at fair value through earnings in the Consolidated Statements of Comprehensive Income (Loss). (2) Legacy residential credit refers to securities whose underlying collateral was securitized prior to 2009.
Types of Agency Mortgage Backed Securities	The following tables present the Company’s Agency mortgage-backed securities portfolio by issuing Agency concentration as of December 31, 2015 and 2014: Investment Type December 31, 2015 December 31, 2014 (dollars in thousands) Fannie Mae $ 42,647,075 $ 51,602,719 Freddie Mac 22,960,595 29,840,701 Ginnie Mae 110,554 121,836 Total $ 65,718,224 $ 81,565,256
Schedule of Residential Investment Securities by Estimated Weighted Average Life Classification	The following table summarizes the Company’s available-for-sale Residential Investment Securities as of December 31, 2015 and 2014, according to their estimated weighted average life classifications: December 31, 2015 December 31, 2014 Weighted Average Life Estimated Fair Value Amortized Cost Estimated Fair Value Amortized Cost (dollars in thousands) Less than one year $ 37,862 $ 37,850 $ 43,248 $ 42,831 Greater than one year through five years 20,278,111 20,066,435 42,222,115 41,908,589 Greater than five years through ten years 46,473,701 47,174,319 40,235,618 40,347,663 Greater than ten years 443,820 436,693 432,625 441,871 Total $ 67,233,494 $ 67,715,297 $ 82,933,606 $ 82,740,954
Schedule of Continuous Unrealized Loss Position	The following table presents the gross unrealized losses and estimated fair value of the Company’s Agency mortgage-backed securities and debentures, accounted for as available-for-sale, by length of time that such securities have been in a continuous unrealized loss position at December 31, 2015 and 2014. December 31, 2015 December 31, 2014 Estimated Fair Value (1) Gross Unrealized Losses (1) Number of Securities (1) Estimated Fair Value (1) Gross Unrealized Losses (1) Number of Securities (1) (dollars in thousands) Less than 12 Months 20,072,072 (164,259 ) 463 4,051,747 (9,930 ) 76 12 Months or More 21,705,764 (689,981 ) 189 36,424,528 (735,262 ) 281 Total 41,777,836 (854,240 ) 652 40,476,275 (745,192 ) 357 (1) Excludes Interest-only mortgage-backed securities.

COMMERCIAL REAL ESTATE INVEST35

COMMERCIAL REAL ESTATE INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Commercial Real Estate Investments Held for Investment	At December 31, 2015 and 2014, commercial real estate investments held for investment were composed of the following: CRE Debt and Preferred Equity Investments December 31, 2015 December 31, 2014 Outstanding Principal Carrying Value (1) Percentage of Loan Portfolio (2) Outstanding Principal Carrying Value (1) Percentage of Loan Portfolio (2) (dollars in thousands) Senior mortgages 387,314 385,838 28.6 % 384,304 383,895 25.2 % Senior securitized mortgages (3) 263,072 262,703 19.4 % 399,541 398,634 26.3 % Mezzanine loans 582,592 578,503 43.0 % 522,474 522,731 34.4 % Preferred equity 122,444 121,773 9.0 % 214,653 212,905 14.1 % Total (4) $ 1,355,422 $ 1,348,817 100.0 % $ 1,520,972 $ 1,518,165 100.0 % (1) Carrying value includes unamortized origination fees of $8.1 million and $3.0 million as of December 31, 2015 and December 31, 2014, respectively. (2) Based on outstanding principal. (3) Assets of consolidated VIEs. (4) Excludes Loans held for sale. December 31, 2015 Senior Mortgages Senior Securitized Mortgages (1) Mezzanine Loans Preferred Equity Total (dollars in thousands) Beginning balance $ 383,895 $ 398,634 $ 522,731 $ 212,905 $ 1,518,165 Originations & advances (principal) 293,925 - 195,312 - 489,237 Principal payments (243,270 ) (136,469 ) (153,693 ) (92,210 ) (625,642 ) Sales (principal) (46,945 ) - - - (46,945 ) Amortization & accretion of (premium) discounts (142 ) - (232 ) 517 143 Net (increase) decrease in origination fees (3,702 ) (279 ) (4,806 ) - (8,787 ) Amortization of net origination fees 2,077 817 691 561 4,146 Transfers - - 18,500 - 18,500 Allowance for loan losses - - - - - Net carrying value (2) $ 385,838 $ 262,703 $ 578,503 $ 121,773 $ 1,348,817 (1) Assets of consolidated VIE. (2) Excludes Loans held for sale. December 31, 2014 Senior Mortgages Senior Securitized Mortgages (1) Subordinate Notes Mezzanine Loans Preferred Equity Total (dollars in thousands) Beginning balance $ 667,299 $ - $ 41,408 $ 628,102 $ 247,160 $ 1,583,969 Originations & advances (principal) 127,112 - - 122,742 - 249,854 Principal payments (12,756 ) - (41,059 ) (227,151 ) (35,116 ) (316,082 ) Sales (principal) - - - - - - Amortization & accretion of (premium) discounts (138 ) - (349 ) (1,093 ) 108 (1,472 ) Net (increase) decrease in origination fees (2,427 ) (116 ) - (478 ) - (3,021 ) Amortization of net origination fees 2,783 772 - 609 753 4,917 Transfers (397,978 ) 397,978 - - - - Allowance for loan losses - - - - - - Net carrying value $ 383,895 $ 398,634 $ - $ 522,731 $ 212,905 $ 1,518,165 (1) Assets of consolidated VIE.
Internal Loan and Preferred Equity Ratings	Internal CRE Debt and Preferred Equity Investment Ratings December 31, 2015 Internal Ratings Investment Type Outstanding Principal (1) Percentage of CRE Debt and Preferred Equity Portfolio Performing Closely-Monitored Special Mention Substandard Doubtful Loss Total (dollars in thousands) Senior mortgages $ 387,314 28.6 % $ 71,000 $ 283,148 $ 33,166 $ - $ - $ - $ 387,314 Senior securitized mortgages (2) 263,072 19.4 % 106,770 15,500 140,802 - - - 263,072 Mezzanine loans 582,592 43.0 % 342,493 219,969 20,130 - - - 582,592 Preferred equity 122,444 9.0 % - 81,944 40,500 - - - 122,444 $ 1,355,422 100.0 % $ 520,263 $ 600,561 $ 234,598 $ - $ - $ - $ 1,355,422 (1) Excludes Loans held for sale. (2) Assets of consolidated VIE. December 31, 2014 Internal Ratings Investment Type Outstanding Principal Percentage of CRE Debt and Preferred Equity Portfolio Performing Closely-Monitored Special Mention Substandard (1) Doubtful Loss Total (dollars in thousands) Senior mortgages $ 384,304 25.2 % $ 26,000 $ - $ 345,330 $ 12,974 $ - $ - $ 384,304 Senior securitized mortgages (2) 399,541 26.3 % 201,365 168,770 29,406 - - - 399,541 Mezzanine loans 522,474 34.4 % 442,414 58,587 21,473 - - - 522,474 Preferred equity 214,653 14.1 % 90,769 9,000 114,884 - - - 214,653 $ 1,520,972 100.0 % $ 760,548 $ 236,357 $ 511,093 $ 12,974 $ - $ - $ 1,520,972 (1) Related to one loan on non-accrual status. (2) Assets of consolidated VIE.
Summary of Acquisitions of Real Estate Held for Investment	The following table summarizes acquisitions of real estate held for investment during 2015: December 31, 2015 Date of Acquisition Type Location Purchase Price Remaining Lease Term (Years) (1) (dollars in thousands) July 2015 Single Tenant Retail Ohio $ 11,000 4.8 August 2015 Multi Tenant Retail Florida $ 18,900 4.1 October 2015 Multifamily Property Washington, DC $ 75,000 0.5 October 2015 Multi Tenant Retail California $ 37,750 3.3 November 2015 Multi Tenant Retail Texas $ 131,950 3.9 (1) Does not include extension options. The following table summarizes acquisitions of real estate held for investment during the year ended December 31 Date of Acquisition Type Location Purchase Price Remaining Lease Term (Years) (1) (dollars in thousands) April 2014 Single-tenant retail Tennessee $ 19,000 8 June 2014 Multi-tenant retail Virginia $ 17,743 7 November 2014 Multi-tenant retail New York, Ohio, Georgia $ 154,000 4.6 (1) Does not include extension options.
Aggregate Allocation of Purchase Price	The following table presents the aggregate allocation of the purchase price for acquisitions during the year ended December 31, 2015: Location Ohio Florida Washington, DC California Texas (1) Total (dollars in thousands) Purchase Price Allocation: Land $ 2,282 $ 3,780 $ 31,999 $ 9,872 $ 26,390 $ 74,323 Buildings 8,256 15,120 41,115 24,109 105,560 194,160 Site improvements 639 - 690 2,182 - 3,511 Tenant Improvements 671 - - 1,362 - 2,033 Real estate held for investment 11,848 18,900 73,804 37,525 131,950 274,027 Intangible assets (liabilities): Leasehold intangible assets 1,269 - 1,196 3,891 - 6,356 Above market lease - - - 1,067 - 1,067 Below market lease value (2,117 ) - - (4,733 ) - (6,850 ) Total purchase price $ 11,000 $ 18,900 $ 75,000 $ 37,750 $ 131,950 $ 274,600 (1) The purchase price allocation is preliminary pending the receipt of information necessary to complete the valuation of certain tangible and intangible assets and liabilities and therefore subject to change. The following table presents the aggregate final allocation of the purchase price for 2014 acquisitions: Location Tennessee Virginia Joint Venture Total (dollars in thousands) Purchase Price Allocation: Land $ 3,503 $ 6,394 $ 21,441 $ 31,338 Buildings 11,960 10,862 97,680 120,502 Site improvements 1,349 1,184 12,705 15,238 Tenant Improvements - - 9,365 9,365 Real estate held for investment 16,812 18,440 141,191 176,443 Intangible assets (liabilities): Leasehold intangible assets 4,288 3,218 22,297 29,803 Above market lease - - 5,458 5,458 Below market lease value (2,100 ) (3,915 ) (14,946 ) (20,961 ) Total purchase price $ 19,000 $ 17,743 $ 154,000 $ 190,743
Total Commercial Real Estate Held for Investments	Total Commercial Real Estate Investment December 31, 2015 December 31, 2014 (dollars in thousands) Real estate held for investment, at amortized cost Land $ 113,494 $ 38,117 Buildings and improvements 373,603 176,139 Subtotal 487,097 214,256 Less: accumulated depreciation (16,886 ) (4,224 ) Total real estate held for investment, at amortized cost, net 470,211 210,032 Equity in unconsolidated joint ventures 65,735 - Investments in commercial real estate, net $ 535,946 $ 210,032
Minimum Future Rentals on Noncancelable Leases	Rental Income December 31, 2015 (dollars in thousands) 2016 $ 37,030 2017 29,901 2018 26,100 2019 21,772 2020 17,444 Later years 53,047 $ 185,294
Mortgage loans payable	Mortgage loans payable as of December 31, 2015 and 2014, were as follows: December 31, 2015 Property Mortgage Carrying Value Mortgage Principal Interest Rate Fixed/Floating Rate Maturity Date Priority (dollars in thousands) Joint Ventures $ 292,658 $ 296,325 2.30% to 4.61% Floating (1) 2016 and 2025 First liens Tennessee 12,228 12,350 4.01% Fixed 6/6/2019 First liens Virginia 11,012 11,025 3.58% Fixed 9/6/2019 First liens Arizona 16,365 16,308 3.50% Fixed 1/1/2017 First liens Nevada 2,444 2,436 3.45% Floating (2) 3/29/2017 First liens $ 334,707 $ 338,444 (1) Includes a mortgage whose rate is fixed via an interest rate swap (pay fixed 4.31%, receive floating rate of L+215). (2) Includes a mortgage whose rate is fixed via an interest rate swap (pay fixed 3.45%, receive floating rate of L+200). December 31, 2014 Property Mortgage Carrying Value Mortgage Principal Interest Rate Fixed/Floating Rate Maturity Date Priority (dollars in thousands) Joint Venture $ 103,950 $ 103,950 4.03% Fixed 12/6/2024 First liens Tennessee 12,350 12,350 4.01% Fixed 6/6/2019 First liens Virginia 11,025 11,025 3.58% Fixed 9/6/2019 First liens Arizona 16,709 16,600 3.50% Fixed 1/1/2017 First liens Nevada 2,519 2,505 3.45% Floating (1) 3/29/2017 First liens $ 146,553 $ 146,430 (1) Rate is fixed via an interest rate swap (pay fixed 3.45%, receive floating rate of L+200).
Future Mortgage Loan Principal Payments	The following table details future mortgage loan principal payments as of December 31, 2015: Mortgage Loan Principal Payments (dollars in thousands) 2016 $ 7,600 2017 18,344 2018 - 2019 23,375 2020 - Later years 289,125 $ 338,444
Geographic Concentrations of Credit Risk Exceeding 5% of Total Loan Balances	The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF Trusts as of December 31, 2015 are as follows: Securitized Loans at Fair Value Geographic Concentration of Credit Risk Property Location Principal Balance % of Balance (dollars in thousands) Texas $ 749,569 29.4 % North Carolina 537,375 21.0 % Florida 391,138 15.3 % Ohio 197,455 7.7 %
FREMF Trust
Statement of financial condition of FREMF Trust Reflected the Consolidated Statements of Financial Condition	The statement of financial condition of the FREMF Trusts that is reflected in the Company’s Consolidated Statements of Financial Condition at December 31, 2015 is as follows: December 31, 2015 (dollars in thousands) Senior securitized commercial mortgages carried at fair value $ 2,554,023 Accrued interest receivable 4,994 Total assets $ 2,559,017 Liabilities and equity Securitized debt (non-recourse) at fair value $ 2,366,878 Accrued interest payable 4,183 $ 2,371,061 Equity 187,956 Total liabilities and equity $ 2,559,017
Statement of Comprehensive Income (Loss) of FREMF Trusts Reflected the Consolidated Statements of Comprehensive Income (Loss)	The statement of comprehensive income (loss) of the FREMF Trusts that is reflected in the Company’s Consolidated Statements of Comprehensive Income (Loss) at December 31, 2015 is as follows: For the period February 25, 2015 to December 31, 2015 (dollars in thousands) Net interest income: Interest income $ 39,607 Interest expense 13,584 Net interest income 26,023 Other income (loss): Unrealized gain (loss) on financial instruments at fair value (1) (4,383 ) Guarantee fees and servicing costs 13,897 Other income (loss) (18,280 ) General and administration expenses 58 Net income $ 7,685 (1) Included in Net unrealized gains (losses) on financial instruments measured at fair value through earnings.

CORPORATE DEBT (Tables)

CORPORATE DEBT (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Industry and Rate Sensitivity	The industry and rate sensitivity dispersion of the portfolio as of December 31, 2015 are as follows: Industry Dispersion Fixed Rate Floating Rate Total (dollars in thousands) Healthcare $ - $ 105,582 $ 105,582 Security services 74,682 - 74,682 Technology - 73,758 73,758 Business services - 54,536 54,536 Agriculture and protein processing - 41,979 41,979 Food & beverage - 28,286 28,286 Mining & minerals - 24,666 24,666 Consumer products - 23,222 23,222 Manufacturing - 7,475 7,475 Education services - 21,230 21,230 Pharmaceutical - 20,395 20,395 Packaging - 12,697 12,697 Total $ 74,682 $ 413,826 $ 488,508
Credit Risk [Member]
Aggregate positions by Respective Place in the Capital Structure of the Borrowers	The table below reflects the Company’s aggregate positions by their respective place in the capital structure of the borrowers as of December 31, 2015. December 31, 2015 (dollars in thousands) First lien loans $ 280,441 Second lien loans 133,385 Second lien notes 74,682 Total $ 488,508

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Fair Values, Assets and Liabilities Measured on Recurring Basis	The following table presents the estimated fair values of financial instruments measured at fair value on a recurring basis. Level 1 Level 2 Level 3 Total December 31, 2015 (dollars in thousands) Assets: Agency mortgage-backed securities $ - $ 65,718,224 $ - $ 65,718,224 Agency debentures - 152,038 - 152,038 Credit risk transfer securities - 456,510 - 456,510 Non-Agency mortgage-backed securities - 906,722 - 906,722 Commercial real estate debt investments - 2,911,828 - 2,911,828 Interest rate swaps - 19,642 - 19,642 Other derivatives 12,443 9,623 - 22,066 Total assets $ 12,443 $ 70,174,587 $ - $ 70,187,030 Liabilities: Securitized debt of consolidated VIEs $ - $ 2,366,878 $ - $ 2,366,878 Interest rate swaps - 1,677,571 - 1,677,571 Other derivatives 32,778 17,185 - 49,963 Total liabilities $ 32,778 $ 4,061,634 $ - $ 4,094,412 Level 1 Level 2 Level 3 Total December 31, 2014 (dollars in thousands) Assets: Agency mortgage-backed securities $ - $ 81,565,256 $ - $ 81,565,256 Agency debentures - 1,368,350 - 1,368,350 Investment in affiliate 143,045 - - 143,045 Interest rate swaps - 75,225 - 75,225 Other derivatives 117 5,382 - 5,499 Total assets $ 143,162 $ 83,014,213 $ - $ 83,157,375 Liabilities: Interest rate swaps $ - $ 1,608,286 $ - $ 1,608,286 Other derivatives 3,769 4,258 - 8,027 Total liabilities $ 3,769 $ 1,612,544 $ - $ 1,616,313
Schedule of Estimated Fair Value for All Financial Assets and Liabilities	The following table summarizes the estimated fair value for financial assets and liabilities as of December 31, 2015 and 2014. December 31, 2015 December 31, 2014 Level in Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Financial assets: (dollars in thousands) Cash and cash equivalents 1 $ 1,769,258 $ 1,769,258 $ 1,741,244 $ 1,741,244 Reverse repurchase agreements 1 - - 100,000 100,000 Agency mortgage-backed securities 2 65,718,224 65,718,224 81,565,256 81,565,256 Agency debentures 2 152,038 152,038 1,368,350 1,368,350 Credit risk transfer securities 2 456,510 456,510 - - Non-Agency mortgage-backed securities 2 906,722 906,722 - - Commercial real estate debt investments 2 2,911,828 2,911,828 - - Investment in affiliate 1 - - 143,045 143,045 Commercial real estate debt and preferred equity, held for investment 3 1,348,817 1,350,968 1,518,165 1,528,444 Loans held for sale 3 278,600 278,600 - - Corporate debt (1) 2 488,508 470,894 166,464 166,056 Interest rate swaps 2 19,642 19,642 75,225 75,225 Other derivatives 1,2 22,066 22,066 5,499 5,499 Financial liabilities: Repurchase agreements 1,2 $ 56,230,860 $ 56,361,623 $ 71,361,926 $ 71,587,222 Other secured financing 1,2 1,845,048 1,846,095 - - Convertible Senior Notes 1 - - 845,295 863,470 Securitized debt of consolidated VIEs 2 2,540,711 2,541,193 260,700 262,061 Participation sold 2 13,286 13,138 13,693 13,655 Mortgage payable 3 334,707 339,849 146,553 146,611 Interest rate swaps 2 1,677,571 1,677,571 1,608,286 1,608,286 Other derivatives 1,2 49,963 49,963 8,027 8,027 (1) Includes a held-to-maturity debt security carried at amrtized cost of $74.7 million with a fair value of $61.3 million as of December 31, 2015.

SECURED FINANCING (Tables)

SECURED FINANCING (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Repurchase Agreements Remaining Maturity ,Collateral Types and Weighted Average Rates	At December 31, 2015 and 2014, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates: December 31, 2015 Repurchase Agreements by Collateral Type Agency Mortgage- backed Securities Debentures CRTs Non-Agency Mortgage- backed Securities Commercial Loans Total Repurchase Agreements Weighted (dollars in thousands) 1 day $ - $ - $ - $ - $ - $ - - 2 to 29 days 20,123,464 - 83,664 260,359 - 20,467,487 0.69 % 30 to 59 days 7,898,646 - 59,189 65,374 - 8,023,209 0.74 % 60 to 89 days 4,046,593 - - 78,833 - 4,125,426 0.74 % 90 to 119 days 4,846,580 - - - - 4,846,580 0.60 % Over 120 days (1) 18,557,715 - - 31,015 179,428 18,768,158 1.33 % Total $ 55,472,998 $ - $ 142,853 $ 435,581 $ 179,428 $ 56,230,860 0.90 % December 31, 2014 Repurchase Agreements by Collateral Type Agency Mortgage- backed Securities Debentures Total Repurchase Agreements Weighted Average Rate (dollars in thousands) 1 day $ - $ - $ - - 2 to 29 days 27,604,632 749,535 28,354,167 0.35 % 30 to 59 days 17,149,787 186,682 17,336,469 0.43 % 60 to 89 days 3,662,646 378,031 4,040,677 0.38 % 90 to 119 days 2,945,495 - 2,945,495 0.50 % Over 120 days (1) 18,685,118 - 18,685,118 1.24 % Total $ 70,047,678 $ 1,314,248 $ 71,361,926 0.61 % (1) Approximately 14% and 15% of the total repurchase agreements had a remaining maturity over 1 year as of December 31, 2015 and 2014, respectively.
Summary of Gross Amounts, Amounts Offset and net Amounts of Repurchase Agreement and Reverse Repurchase Agreement	The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net December 31, 2015 December 31, 2014 Reverse Repurchase Agreements Repurchase Agreements Reverse Repurchase Agreements Repurchase Agreements (dollars in thousands) Gross Amounts $ - $ 56,230,860 $ 700,000 $ 71,961,926 Amounts Offset - - (600,000 ) (600,000 ) Netted Amounts $ - $ 56,230,860 $ 100,000 $ 71,361,926

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Summarizes Fair Value Information about Derivative Assets Liabilities	The table below summarizes fair value information about our derivative assets and liabilities as of December 31, 2015 and 2014: Derivatives Instruments Balance Sheet Location December 31, 2015 December 31, 2014 Assets: (dollars in thousands) Interest rate swaps Interest rate swaps, at fair value $ 19,642 $ 75,225 Interest rate swaptions Other derivatives, at fair value - 5,382 TBA derivatives Other derivatives, at fair value 9,622 - Futures contracts Other derivatives, at fair value 12,443 117 $ 41,707 $ 80,724 Liabilities: Interest rate swaps Interest rate swaps, at fair value $ 1,677,571 $ 1,608,286 TBA derivatives Other derivatives, at fair value 17,185 4,258 Futures contracts Other derivatives, at fair value 32,778 3,769 $ 1,727,534 $ 1,616,313
Offsetting of Derivative Assets and Liabilities	The following tables present information about derivative assets and liabilities that are subject to such provisions and can potentially be offset on our Consolidated Statements of Financial Condition as of December 31, 2015 and 2014, respectively. December 31, 2015 Amounts Eligible for Offset Gross Amounts Financial Instruments Cash Collateral Net Amounts Assets: (dollars in thousands) Interest rate swaps, at fair value $ 19,642 $ (18,040 ) $ - $ 1,602 TBA derivatives, at fair value 9,622 (7,367 ) - 2,255 Futures contracts, at fair value 12,443 (10,868 ) - 1,575 Liabilities: Interest rate swaps, at fair value $ 1,677,571 $ (18,040 ) $ (913,576 ) $ 745,955 TBA derivatives, at fair value 17,185 (7,367 ) - 9,818 Futures contracts, at fair value 32,778 (10,868 ) (21,910 ) - December 31, 2014 Amounts Eligible for Offset Gross Amounts Financial Instruments Cash Collateral Net Amounts Assets: (dollars in thousands) Interest rate swaps, at fair value $ 75,225 $ (66,180 ) $ - $ 9,045 Interest rate swaptions, at fair value 5,382 - - 5,382 Futures contracts, at fair value 117 (117 ) - - Liabilities: Interest rate swaps, at fair value $ 1,608,286 $ (66,180 ) $ (869,302 ) $ 672,804 TBA derivatives, at fair value 4,258 - - 4,258 Futures contracts, at fair value 3,769 (117 ) - 3,652
Schedule of Derivative Instruments in Statement of Operations and Comprehensive Income Loss	The effect of interest rate swaps on the Consolidated Statements of Comprehensive Income (Loss) is as follows: Location on Consolidated Statements of Comprehensive Income (Loss) Realized Gains (Losses) on Interest Rate Swaps (1) Realized Gains (Losses) on Termination of Interest Rate Swaps Unrealized Gains (Losses on Interest Rate Swaps (dollars in thousands) For the Years Ended: December 31, 2015 $ (624,495 ) $ (226,462 ) $ (124,869 ) December 31, 2014 $ (825,360 ) $ (779,333 ) $ (948,755 ) December 31, 2013 $ (908,294 ) $ (101,862 ) $ 2,002,200 (1) Interest expense related to interest rate swaps is recorded in realized gains (losses) on interest rate swaps on the Consolidated Statements of Operations and Comprehensive Income (Loss).
Effect of Other Derivative Contracts on the Consolidated Statements of Operations and Comprehensive Income (Loss)	The effect of other derivative contracts on the Company’s Consolidated Statements of Comprehensive Income (Loss) is as follows: Year Ended December 31, 2015 Derivative Instruments Realized Gain (Loss) Unrealized Gain (Loss) Net Gains (Losses) on Trading Assets (dollars in thousands) Net TBA derivatives (1) $ 102,408 $ (3,305 ) $ 99,103 Net interest rate swaptions $ (41,016 ) $ 35,634 $ (5,382 ) U.S. Treasury futures $ (47,394 ) $ (16,681 ) $ (64,075 ) $ 29,646 Year Ended December 31, 2014 Derivative Instruments Realized Gain (Loss) Unrealized Gain (Loss) Net Gains (Losses) on Trading Assets (dollars in thousands) Net TBA derivatives (1) $ (60,091 ) $ (12,763 ) $ (72,854 ) Net interest rate swaptions $ (121,345 ) $ (20,167 ) $ (141,512 ) U.S. Treasury futures $ (30,056 ) $ (6,701 ) $ (36,757 ) $ (251,123 ) (1) Includes options on TBA securities.
Interest Rate Swaps
Summary of Certain Characteristics of Derivatives	The following table summarizes certain characteristics of the Company’s interest rate swaps at December 31, 2015 and 2014: December 31, 2015 Maturity Current Notional (1) Weighted Average Pay Rate (2) (3) Weighted Average Receive Rate (2) Weighted Average Years to Maturity (2) (dollars in thousands) 0 - 3 years $ 3,240,436 1.85 % 0.36 % 1.80 3 - 6 years 11,675,000 1.82 % 0.55 % 4.25 6 - 10 years 11,635,250 2.44 % 0.57 % 7.92 Greater than 10 years 3,634,400 3.70 % 0.43 % 19.37 Total / Weighted Average $ 30,185,086 2.26 % 0.53 % 7.02 December 31, 2014 Maturity Current Notional (1) Weighted Average Pay Rate (2) (3) Weighted Average Receive Rate (2) Weighted Average Years to Maturity (2) (dollars in thousands) 0 - 3 years $ 2,502,505 1.63 % 0.17 % 2.64 3 - 6 years 11,138,000 2.06 % 0.22 % 5.18 6 - 10 years 13,069,200 2.67 % 0.23 % 8.57 Greater than 10 years 4,751,800 3.58 % 0.20 % 19.53 Total / Weighted Average $ 31,461,505 2.49 % 0.22 % 8.38 (1) Notional amount includes $500.0 million in forward starting pay fixed swaps as of December 31, 2015 and 2014, respectively. (2) Excludes forward starting swaps. (3) Weighted average fixed rate on forward starting pay fixed swaps was 1.44% and 3.25% as of December 31, 2015 and 2014, respectively.
Interest Rate Swaption
Summary of Certain Characteristics of Derivatives	There were no swaptions outstanding as of December 31, 2015. The following table summarizes certain characteristics of the Company’s interest rate swaptions at December 31, 2014: December 31, 2014 Current Underlying Notional Weighted Average Underlying Pay Rate Weighted Average Underlying Receive Rate Weighted Average Underlying Years to Maturity Weighted Average Months to Expiration (dollars in thousands) Long $ 1,750,000 2.88% 3M LIBOR 9.17 3.59
Future
Summary of Certain Characteristics of Derivatives	The following table summarizes certain characteristics of the Company’s futures derivatives as of December 31, 2015: Notional - Long Positions Notional - Short Positions Weighted Average Years to Maturity (dollars in thousands) 2-year swap equivalent Eurodollar contracts $ - $ (7,000,000 ) 2.00 U.S. Treasury futures - 5 year - (1,847,200 ) 4.42 U.S. Treasury futures - 10 year and greater - (655,600 ) 6.92 Total $ - $ (9,502,800 ) 2.81
TBA Derivatives
Summary of Certain Characteristics of Derivatives	The following table summarizes certain characteristics of the Company’s TBA derivatives at December 31, 2015 and 2014: December 31, 2015 Purchase and sale contracts for derivative TBAs Notional Implied Cost Basis Implied Market Value Net Carrying Value (dollars in thousands) Purchase contracts $ 13,761,000 $ 14,177,338 $ 14,169,775 $ (7,563 ) Sale contracts - - - - Net TBA derivatives $ 13,761,000 $ 14,177,338 $ 14,169,775 $ (7,563 ) December 31, 2014 Purchase and sale contracts for derivative TBAs Notional Implied Cost Basis Implied Market Value Net Carrying Value (dollars in thousands) Purchase contracts $ - $ - $ - $ - Sale contracts (375,000 ) (375,430 ) (379,688 ) (4,258 ) Net TBA derivatives $ (375,000 ) $ (375,430 ) $ (379,688 ) $ (4,258 )

INTEREST INCOME AND INTEREST 40

INTEREST INCOME AND INTEREST EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2015
Components of Company's Interest Income and Interest Expense	The table below presents the components of the Company’s interest income and interest expense for the years ended December 31, 2015, 2014 and 2013. For the Years Ended December 31, 2015 2014 2013 Interest income: (dollars in thousands) Residential Investment Securities $ 1,963,629 $ 2,467,783 $ 2,788,354 Commercial investment portfolio (1) 203,804 161,837 81,445 U.S. Treasury securities - 1,329 29,081 Securities loaned - 114 8,788 Reverse repurchase agreements 3,264 1,335 10,459 Total interest income 2,170,697 2,632,398 2,918,127 Interest expense: Repurchase agreements 420,325 417,194 530,170 Convertible Senior Notes 29,740 87,293 67,057 U.S. Treasury securities sold, not yet purchased - 1,076 20,235 Securities borrowed - 95 6,785 Securitized debt of consolidated VIEs 20,065 6,350 - Participation sold 639 651 467 Other 827 - - Total interest expense 471,596 512,659 624,714 Net interest income $ 1,699,101 $ 2,119,739 $ 2,293,413 (1) Includes commercial real estate debt, preferred equity and corporate debt.

NET INCOME (LOSS) PER COMMON 41

NET INCOME (LOSS) PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Net Income (Loss) Per Share Reconciliation	The following table presents a reconciliation of net income (loss) and shares used in calculating basic and diluted net income (loss) per share for the years ended December 31, 2015, 2014 and 2013. For the Years Ended December 31, 2015 December 31, 2014 December 31, 2013 (dollars in thousands, except per share data) Net income (loss) 465,747 (842,279 ) 3,729,698 Less: Net income (loss) attributable to noncontrolling interest (809 ) (196 ) - Net income (loss) attributable to Annaly 466,556 (842,083 ) 3,729,698 Less: Preferred stock dividends 71,968 71,968 71,968 Net income (loss) per share available (related) to common stockholders, prior to adjustment for dilutive potential common shares, if necessary 394,588 (914,051 ) 3,657,730 Add: Interest on Convertible Senior Notes, if dilutive - - 67,056 Net income (loss) available to common stockholders, as adjusted 394,588 (914,051 ) 3,724,786 Weighted average shares of common stock outstanding-basic 947,062,099 947,539,294 947,337,915 Add: Effect of stock awards and Convertible Senior Notes, if dilutive 214,643 - 48,219,111 Weighted average shares of common stock outstanding-diluted 947,276,742 947,539,294 995,557,026 Net income (loss) per share available (related) to common share: Basic $ 0.42 $ (0.96 ) $ 3.86 Diluted $ 0.42 $ (0.96 ) $ 3.74

LONG-TERM STOCK INCENTIVE PLAN

LONG-TERM STOCK INCENTIVE PLAN (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Issued and Outstanding Stock Options	The following table sets forth activity related to the Company’s stock options awarded under the Plan: For the Years Ended December 31, 2015 December 31, 2014 Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Options outstanding at the beginning of year 2,259,335 $ 15.35 3,581,752 $ 15.44 Granted - - - - Exercised - - - - Forfeited (795,810 ) 14.72 (1,016,667 ) 15.07 Expired (294,750 ) 17.07 (305,750 ) 17.34 Options outstanding at the end of period 1,168,775 $ 15.34 2,259,335 $ 15.35 Options exercisable at the end of the period 1,168,775 $ 15.34 2,259,335 $ 15.35

LEASE COMMITMENTS AND CONTING43

LEASE COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2015
Lease Commitments and Contingencies	The Company’s aggregate Years Ending December 31, Lease Commitments (dollars in thousands) 2016 $ 3,575 2017 3,565 2018 3,565 2019 3,565 2020 3,652 Later years 18,343 $ 36,265

SUMMARIZED QUARTERLY RESULTS 44

SUMMARIZED QUARTERLY RESULTS (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Summary of Quarterly Results of Operations	The following is a presentation of summarized quarterly results of operations for the years ended December 31, 2015 and 2014. For the Quarters Ended December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 (dollars in thousands, expect per share data) Interest income $ 576,580 $ 450,726 $ 624,277 $ 519,114 Interest expense 118,807 110,297 113,072 129,420 Net interest income 457,773 340,429 511,205 389,694 Total realized and unrealized gains (losses) 276,261 (909,158 ) 440,545 (828,999 ) Total other income (loss) (10,447 ) (9,675 ) (7,353 ) 13,758 Less: Total general and administrative expenses 47,836 49,457 52,009 50,938 Income before income taxes 675,751 (627,861 ) 892,388 (476,485 ) Less: Income taxes 6,085 (370 ) (7,683 ) 14 Net income (loss) 669,666 (627,491 ) 900,071 (476,499 ) Less: Net income attributable to noncontrolling interest (373 ) (197 ) (149 ) (90 ) Less: Dividends on preferred stock 17,992 17,992 17,992 17,992 Net income (loss) available (related) to common stockholders $ 652,047 $ (645,286 ) $ 882,228 $ (494,401 ) Net income (loss) available (related) per share to common stockholders: Basic $ 0.69 $ (0.68 ) $ 0.93 $ (0.52 ) Diluted $ 0.69 $ (0.68 ) $ 0.93 $ (0.52 ) For the Quarters Ended December 31, 2014 September 30, 2014 June 30, 2014 March 31, 2014 (dollars in thousands, expect per share data) Interest income $ 648,088 $ 644,579 $ 683,883 $ 655,848 Interest expense 134,512 127,069 126,107 124,971 Net interest income 513,576 517,510 557,776 530,877 Total realized and unrealized gains (losses) (1,131,930 ) (99,065 ) (856,874 ) (703,530 ) Total other income (loss) 18,327 (9,887 ) 14,923 20,681 Less: Total general and administrative expenses 58,454 51,317 50,938 58,454 Income before income taxes (658,481 ) 357,241 (335,113 ) (210,426 ) Less: Income taxes (209 ) 2,385 (852 ) 4,001 Net income (loss) (658,272 ) 354,856 (334,261 ) (214,427 ) Less: Net income attributable to noncontrolling interest (196 ) - - - Less: Dividends on preferred stock 17,992 17,992 17,992 17,992 Net income (loss) available (related) to common stockholders $ (676,068 ) $ 336,864 $ (352,253 ) $ (232,419 ) Net income (loss) available (related) per share to common stockholders: Basic $ (0.71 ) $ 0.36 $ (0.37 ) $ (0.23 ) Diluted $ (0.71 ) $ 0.35 $ (0.37 ) $ (0.23 )

Organization and Significant Ac

Organization and Significant Accounting Policies - Narrative (Detail) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Minimum
Schedule Of Significant Accounting Policies [Line Items]
Senior secured loans, maturity period	3 years
Maximum
Schedule Of Significant Accounting Policies [Line Items]
Senior secured loans, maturity period	8 years
Interest Rate Swaps
Schedule Of Significant Accounting Policies [Line Items]
Cash on margin with counterparty to interest rate swaps	$ 1.6	$ 1.6

Summary of Estimated Useful Liv

Summary of Estimated Useful Lives of Assets (Detail)	12 Months Ended
	Dec. 31, 2015
Building | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	30 years
Building | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	40 years
Site Improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	1 year
Site Improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	28 years

Recent Accounting Pronouncement

Recent Accounting Pronouncements (Detail)	12 Months Ended
	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2016-01 Financial Instruments - Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities
Description	The amendments address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments.
Date of Adoption	January 1, 2018 (early adoption permitted for a provision related presentation of instrument-specific credit risk of liabilities accounted for under the fair value option)
Effect on the financial statements or other significant matters	Yes
Accounting Standards Update 2015-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2015-16 Business Combinations (Topic 805) Simplifying the Accounting Measurement-Period Adjustments
Description	This amendment removes the requirement to present adjustments to provisional amounts retrospectively. The update requires that an acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to provisional amounts
Date of Adoption	January 1, 2016 (early adoption permitted)
Effect on the financial statements or other significant matters	No
Accounting Standards Update 2015-10 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2015-10, Technical Corrections and Improvements
Description	This perpetual project updates the Codification for technical corrections and improvements.
Date of Adoption	January 1, 2016 (early adoption permitted), for amendments subject to transition guidance
Effect on the financial statements or other significant matters	No
Accounting Standards Update 2015-07 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)
Description	This update removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and also removes certain disclosure requirements for these investments.
Date of Adoption	January 1, 2016 (early adoption permitted)
Effect on the financial statements or other significant matters	No
Accounting Standards Update 2015-05
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs
Description	This update clarifies that customers should determine whether a cloud computing arrangement includes the license of software by applying the same guidance cloud service providers use. The guidance also eliminates the current requirement that customers analogize to the leasing standard when determining the asset acquired in a software licensing arrangement.
Date of Adoption	January 1, 2016 (early adoption permitted)
Effect on the financial statements or other significant matters	No
Accounting Standards Update 2015-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2015-02, Consolidation (Topic 810) Amendments to the Consolidation Analysis
Description	This update affects the following areas of the consolidation analysis: limited partnerships and similar entities, evaluation of fees paid to a decision maker or service provider as a variable interest and in determination of the primary beneficiary, effect of related parties on the primary beneficiary determination and for certain investment funds.
Date of Adoption	January 1, 2016 (early adoption permitted)
Effect on the financial statements or other significant matters	No
Accounting Standards Update 2015-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20)
Description	This update eliminates from GAAP the concept of extraordinary items.
Date of Adoption	January 1, 2016 (early adoption permitted)
Effect on the financial statements or other significant matters	No
Accounting Standards Update 2014-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2014-16, Derivatives and Hedging (Topic 815) Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or Equity
Description	This ASU provides additional guidance for evaluating whether conversion rights, redemption rights, voting rights, liquidation rights and dividend payment preferences and other features embedded in a share, including preferred stock, contain embedded derivatives requiring bifurcation. The update requires that an entity determine the nature of the host contract by considering all stated and implied terms and features in a hybrid instrument.
Date of Adoption	January 1, 2016 (early adoption permitted)
Effect on the financial statements or other significant matters	No
Accounting Standards Update 2014-15
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Description	This ASU requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued.
Date of Adoption	January 1, 2017 (early adoption permitted)
Effect on the financial statements or other significant matters	No
Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2014-09, Revenue from Contracts with Customers
Description	This guidance applies to contracts with customers to transfer goods or services and contracts to transfer nonfinancial assets unless those contracts are within the scope of other standards (for example, lease transactions).
Date of Adoption	January 1, 2018
Effect on the financial statements or other significant matters	No
Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)
Description	This ASU requires that debt issue costs are presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement of debt issue costs are not affected.
Date of Adoption	January 1, 2016 (early adoption permitted)
Effect on the financial statements or other significant matters	Yes
Accounting Standards Update 2015-15
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2015-08, Business Combinations Topic 805 Pushdown Accounting Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115
Description	This amendment provides SEC guidance that it would not object to filers presenting debt issue costs related to line-of-credit arrangements as an asset and ratably amortizing the costs over the term of the arrangement.
Date of Adoption	June 18, 2015 (early adoption permitted)
Effect on the financial statements or other significant matters	No
Accounting Standards Update 2015-08 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2014-17 Business Combinations (Topic 805): Pushdown Accounting
Description	This update amends the codification for SEC Staff Bulletin No. 115
Date of Adoption	November 18, 2014
Effect on the financial statements or other significant matters	No
Accounting Standards Update 2014-17
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2014-13, Consolidation (Topic 810) Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity.
Description	This amendment provides an acquired entity with the option to apply push down accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity.
Date of Adoption	November 18, 2014
Effect on the financial statements or other significant matters	No
Accounting Standards Update 2014-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure.
Description	This Update provides a practical expedient to measure the fair value of the financial assets and financial liabilities of a consolidated collateralized financing entity, which the reporting entity has elected to or is required to measure on a fair value basis.
Date of Adoption	January 1, 2015 (early adoption permitted)
Effect on the financial statements or other significant matters	No
Accounting Standards Update 2014-11
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity
Description	This update makes limited amendments to the guidance in ASC 860 on accounting for certain repurchase agreements.
Date of Adoption	January 1, 2015
Effect on the financial statements or other significant matters	Yes
Accounting Standards Update 2014-04
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2014-04 Receivables–Troubled Debt Restructurings by Creditors, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure
Description	This update clarifies that an in substance repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, when the creditor obtains legal title to the property upon completion of a foreclosure or the borrower conveys all interest in the property to the creditor through a deed in lieu of foreclosure or similar arrangement.
Date of Adoption	January 1, 2015
Effect on the financial statements or other significant matters	No
Accounting Standards Update 2013-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2013-02, Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income
Description	This update requires the provision of information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, it requires presentation of significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period.
Date of Adoption	January 1, 2014
Effect on the financial statements or other significant matters	No
Accounting Standards Update 2011-11
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2011-11, Balance Sheet: Disclosures about Offsetting Assets and Liabilities
Description	Under this update, the Company is required to disclose both gross and net information about both instruments and transactions eligible for offset in the Company's Consolidated Statements of Financial Condition and transactions subject to an agreement similar to a master netting arrangement. The scope includes derivatives, sale and repurchase agreements and reverse sale and repurchase agreements and securities
Date of Adoption	January 1, 2014
Effect on the financial statements or other significant matters	No

Residential Investment Securi48

Residential Investment Securities - Portfolio (Detail) - USD ($) $ in Thousands		Dec. 31, 2015		Dec. 31, 2014
Mortgage-Backed Securities Portfolio:
Principal / Notional		$ 73,074,622		$ 85,400,342
Remaining Premium		5,012,896		5,368,726
Remaining Discount		(61,644)		(19,576)
Amortized Cost		67,715,297		82,740,954
Unrealized Gains		500,002	[1]	982,001	[2]
Unrealized Losses		(981,805)	[1]	(789,349)	[2]
Estimated Fair Value		67,233,494		82,933,606
Agency Mortgage Backed Securities
Mortgage-Backed Securities Portfolio:
Principal / Notional		70,856,126		85,400,342
Remaining Premium		4,993,883		5,368,726
Remaining Discount		(10,384)		(19,576)
Amortized Cost		66,340,293		82,740,954
Unrealized Gains		499,035	[1]	982,001	[2]
Unrealized Losses		(969,066)	[1]	(789,349)	[2]
Estimated Fair Value		65,870,262		82,933,606
Agency Mortgage Backed Securities | Fixed Rate Passthrough
Mortgage-Backed Securities Portfolio:
Principal / Notional		57,339,705		69,907,363
Remaining Premium		3,270,521		4,018,054
Remaining Discount		(2,832)		(4,096)
Amortized Cost		60,607,394		73,921,321
Unrealized Gains		400,350	[1]	791,607	[2]
Unrealized Losses		(824,862)	[1]	(667,248)	[2]
Estimated Fair Value		60,182,882		74,045,680
Agency Mortgage Backed Securities | Adjustable-rate Passthrough
Mortgage-Backed Securities Portfolio:
Principal / Notional		2,894,192		2,620,610
Remaining Premium		61,781		34,577
Remaining Discount		(6,427)		(12,574)
Amortized Cost		2,949,546		2,642,613
Unrealized Gains		70,849	[1]	126,615	[2]
Unrealized Losses		(10,317)	[1]	(303)	[2]
Estimated Fair Value		3,010,078		2,768,925
Agency Mortgage Backed Securities | CMO
Mortgage-Backed Securities Portfolio:
Principal / Notional		964,095		3,455,026
Remaining Premium		27,269		85,624
Remaining Discount		(477)		(1,530)
Amortized Cost		990,887		3,539,120
Unrealized Gains		9,137	[1]	27,659	[2]
Unrealized Losses		(12,945)	[1]	(38,562)	[2]
Estimated Fair Value		987,079		3,528,217
Agency Mortgage Backed Securities | Debentures
Mortgage-Backed Securities Portfolio:
Principal / Notional		158,802		1,408,805
Remaining Discount		(648)		(1,376)
Amortized Cost		158,154		1,407,429
Unrealized Losses		(6,116)	[1]	(39,079)	[2]
Estimated Fair Value		152,038		1,368,350
Agency Mortgage Backed Securities | Interest-only
Mortgage-Backed Securities Portfolio:
Principal / Notional		9,499,332		8,008,538
Remaining Premium		1,634,312		1,230,471
Amortized Cost		1,634,312		1,230,471
Unrealized Gains		18,699	[1]	36,120	[2]
Unrealized Losses		(114,826)	[1]	(44,157)	[2]
Estimated Fair Value		1,538,185		$ 1,222,434
Residential Credit Securities Mortgage Backed Securities [Member]
Mortgage-Backed Securities Portfolio:
Principal / Notional		2,218,496
Remaining Premium		19,013
Remaining Discount		(51,260)
Amortized Cost		1,375,004
Unrealized Gains	[1]	967
Unrealized Losses	[1]	(12,739)
Estimated Fair Value		1,363,232
Residential Credit Securities Mortgage Backed Securities [Member] | CRT
Mortgage-Backed Securities Portfolio:
Principal / Notional		476,084
Remaining Premium		2,225
Remaining Discount		(12,840)
Amortized Cost		465,469
Unrealized Gains	[1]	250
Unrealized Losses	[1]	(9,209)
Estimated Fair Value		456,510
Residential Credit Securities Mortgage Backed Securities [Member] | Legacy
Mortgage-Backed Securities Portfolio:
Principal / Notional	[3]	378,527
Remaining Premium	[3]	773
Remaining Discount	[3]	(37,150)
Amortized Cost	[3]	342,150
Unrealized Gains	[1],[3]	698
Unrealized Losses	[1],[3]	(1,140)
Estimated Fair Value	[3]	341,708
Residential Credit Securities Mortgage Backed Securities [Member] | NPL/RPL
Mortgage-Backed Securities Portfolio:
Principal / Notional		354,945
Remaining Premium		19
Remaining Discount		(1,270)
Amortized Cost		353,694
Unrealized Gains	[1]	19
Unrealized Losses	[1]	(1,172)
Estimated Fair Value		352,541
Residential Credit Securities Mortgage Backed Securities [Member] | New Issue
Mortgage-Backed Securities Portfolio:
Principal / Notional		197,695
Remaining Premium		566
Amortized Cost		198,261
Unrealized Losses	[1]	(1,060)
Estimated Fair Value		197,201
Residential Credit Securities Mortgage Backed Securities [Member] | New Issue Interest Only
Mortgage-Backed Securities Portfolio:
Principal / Notional		811,245
Remaining Premium		15,430
Amortized Cost		15,430
Unrealized Losses	[1]	(158)
Estimated Fair Value		$ 15,272
[1]	Unrealized gains and losses on Agency investments, excluding Interest-only investments, are reported as a component of other comprehensive income (loss). Unrealized gains and losses on residential credit securities and Agency Interest-only investments are generally reported in net unrealized gains (losses) on financial instruments measured at fair value through earnings in the Consolidated Statements of Comprehensive Income (Loss).
[2]	Unrealized gains and losses on Agency mortgage-backed securities and debentures are reported through Other Comprehensive Income. Unrealized gains and losses are reported through earnings on Interest-only and New issue interest-only securities.
[3]	Legacy residential credit refers to securities whose underlying collateral was securitized prior to 2009.

Component of Agency Mortgage-Ba

Component of Agency Mortgage-Backed Securities Portfolio by Issuing Agency Concentration (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Mortgage-Backed Securities Portfolio:
Estimated Fair Value	$ 67,233,494	$ 82,933,606
Fannie Mae
Mortgage-Backed Securities Portfolio:
Estimated Fair Value	42,647,075	51,602,719
Freddie Mac
Mortgage-Backed Securities Portfolio:
Estimated Fair Value	22,960,595	29,840,701
Ginnie Mae
Mortgage-Backed Securities Portfolio:
Estimated Fair Value	$ 110,554	$ 121,836

Residential Investment Securi50

Residential Investment Securities - Weighted Average Life (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value of Agency Mortgage-Backed Securities according to their estimated weighted-average life:
Less than one year	$ 37,862	$ 43,248
Greater than one year through five years	20,278,111	42,222,115
Greater than five years through ten years	46,473,701	40,235,618
Greater than ten years	443,820	432,625
Total	67,233,494	82,933,606
Amortized Cost of Agency Mortgage-Backed Securities according to their estimated weighted-average life:
Less than one year	37,850	42,831
Greater than one year through five years	20,066,435	41,908,589
Greater than five years through ten years	47,174,319	40,347,663
Greater than ten years	436,693	441,871
Total	$ 67,715,297	$ 82,740,954

Residential Investment Securi51

Residential Investment Securities - Unrealized Loss Position (Detail) $ in Thousands		Dec. 31, 2015USD ($)Securities	Dec. 31, 2014USD ($)Securities
Unrealized Loss Position For:
Estimated Fair Value	[1]	$ 41,777,836	$ 40,476,275
Gross Unrealized Losses	[1]	$ (854,240)	$ (745,192)
Number of Securities | Securities	[1]	652	357
Available For Sale Securities, Continuous Unrealized Loss Positions, Less Than 12 Months
Unrealized Loss Position For:
Estimated Fair Value	[1]	$ 20,072,072	$ 4,051,747
Gross Unrealized Losses	[1]	$ (164,259)	$ (9,930)
Number of Securities | Securities	[1]	463	76
Available For Sale Securities, Continuous Unrealized Loss Positions, Greater Than 12 Months
Unrealized Loss Position For:
Estimated Fair Value	[1]	$ 21,705,764	$ 36,424,528
Gross Unrealized Losses	[1]	$ (689,981)	$ (735,262)
Number of Securities | Securities	[1]	189	281
[1]	Excludes Interest-only mortgage-backed securities.

Residential Investment Securi52

Residential Investment Securities - Narrative (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Mortgage-Backed Securities Sold:
Residential Investment securities sold, carrying value	$ 23,900,000	$ 22,500,000	$ 56,800,000
Residential Investment securities sold, realized gain	63,300	94,500	$ 424,100
Amortized cost	67,715,297	82,740,954
Interest-only securities
Mortgage-Backed Securities Sold:
Amortized cost	1,600,000	1,200,000
Accumulated other comprehensive income (loss) | Interest-only securities
Mortgage-Backed Securities Sold:
Unrealized gains (Losses)	$ (96,100)	$ (8,000)

Commercial Real Estate Invest53

Commercial Real Estate Investments - Additional Information (Detail)

Dec. 11, 2015USD ($)

Nov. 30, 2015USD ($)PropertyLoan

Oct. 31, 2015USD ($)

Sep. 30, 2015USD ($)Building

Aug. 31, 2015USD ($)Property

Jul. 31, 2015USD ($)

May. 31, 2015USD ($)

Apr. 30, 2015USD ($)Loan

Feb. 28, 2015USD ($)Loan

Nov. 30, 2014USD ($)Property

Jan. 31, 2014USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Real Estate Properties [Line Items]

Sales of senior loan

$ 46,945,000

Purchase Price

274,600,000

$ 190,743,000

Fair value of non-controlling interest in joint venture

$ 9,948,000

$ 5,290,000

Number of retail property Acquired | Property

6

Weighted average amortization period for intangible assets and liabilities

7 years 10 months 24 days

4 years 6 months

Depreciation expense

$ 12,661,000

$ 3,205,000

Business acquisition of joint venture capital

$ 57,700,000

$ 12,000,000

69,902,000

Securitization financing transaction, purchase

$ 399,500,000

Securitization financing transaction, total

$ 260,700,000

2,540,711,000

[1]

260,700,000

[1]

Securitization financing transaction, weighted average rate

65.30%

Securitization cost

$ 4,300,000

Carrying value of trust's liabilities

173,800,000

Senior Secured mortgages of Consolidated VIE

262,700,000

398,600,000

Unamortized origination fees

400,000

Deferred financing costs

500,000

Principal balance

1,635,421,000

New York City Multifamily Apartment

Real Estate Properties [Line Items]

Funded loan for the purchase of building

$ 592,000,000

Number of building purchased | Building

24

Purchase price of the building

$ 480,000,000

FREMF Trust

Real Estate Properties [Line Items]

Exposure to the obligations of the VIE limited to the amount of investment

$ 187,100,000

Gain (Loss) recognized upon initial consolidation

0

Debt issue costs expensed

800,000

Mortgage loans, unpaid principal balance

2,600,000,000

Loans 90 days or more past due or on nonaccrual status

0

Gain (Loss) attributable to instrument- specific credit risk

0

Freddie Mac | FREMF 2015-KLSF [Member] | FREMF Trust

Real Estate Properties [Line Items]

Variable interest entity, consolidated, carrying amount, assets

1,400,000,000

Variable interest entity, consolidated, carrying amount, liabilities

1,300,000,000

Payment to purchase mortgage loans

$ 102,100,000

Freddie Mac | FREMF 2015-KF07 | FREMF Trust

Real Estate Properties [Line Items]

Variable interest entity, consolidated, carrying amount, assets

1,200,000,000

Variable interest entity, consolidated, carrying amount, liabilities

$ 1,100,000,000

Payment to purchase mortgage loans

$ 89,400,000

Freddie Mac | Floating Rate Multifamily Mortgage Loans [Member] | FREMF 2015-KLSF [Member]

Real Estate Properties [Line Items]

Number of loans in the underlying portfolio | Loan

11

Principal balance

$ 1,400,000,000

Freddie Mac | Floating Rate Multifamily Mortgage Loans [Member] | FREMF 2015-KF07

Real Estate Properties [Line Items]

Number of loans in the underlying portfolio | Loan

40

Principal balance

$ 1,200,000,000

Commercial Mortgage Trust Mo One [Member]

Real Estate Properties [Line Items]

Securitization financing transaction, variable interest rate

1.74%

Securitization financing transaction, variable interest rate description

LIBOR plus 1.74% at closing

Commercial Mortgage Loan [Member]

Real Estate Properties [Line Items]

Debt issued

$ 338,444,000

146,430,000

Commercial Mortgage Loan [Member] | New York City Multifamily Apartment

Real Estate Properties [Line Items]

Funding for senior mortgage loan

476,600,000

Future funding commitment

20,000,000

Sales of senior loan

461,500,000

Gain on sales of senior loan

200,000

Commercial Mortgage Loan [Member] | New York City Multifamily Apartment | Mezzanine Loans

Real Estate Properties [Line Items]

Debt issued

$ 72,000,000

Joint Venture [Member]

Real Estate Properties [Line Items]

Investment interest in joint venture

85.00%

75.00%

FLORIDA

Real Estate Properties [Line Items]

Purchase Price

18,900,000

FLORIDA | Multi Tenant Properties

Real Estate Properties [Line Items]

Ownership percentage

90.00%

90.00%

Purchase Price

$ 37,750,000

$ 18,900,000

$ 18,900,000

Remaining lease term

[2]

4 years 1 month 6 days

Fair value of non-controlling interest in joint venture

1,300,000

700,000

FLORIDA | Multi Tenant Properties | Ten Year Four Point Two Eight Percent Fixed Rate Interest Only Mortgage Loan

Real Estate Properties [Line Items]

Debt issued

$ 25,900,000

$ 12,750,000

Debt term

10 years

10 years

Debt instrument, interest rate

4.28%

DISTRICT OF COLUMBIA

Real Estate Properties [Line Items]

Purchase Price

$ 75,000,000

DISTRICT OF COLUMBIA | Multi Family Real Estate Properties

Real Estate Properties [Line Items]

Ownership percentage

93.70%

Purchase Price

$ 75,000,000

$ 75,000,000

Remaining lease term

[2]

6 months

Fair value of non-controlling interest in joint venture

1,300,000

DISTRICT OF COLUMBIA | Multi Family Real Estate Properties | Ten Year Four Point Two Three Percent Fixed Rate Interest Only Mortgage Loan [Member]

Real Estate Properties [Line Items]

Debt issued

$ 57,500,000

Debt term

10 years

Debt instrument, interest rate

4.23%

New York, Ohio and Georgia [Member]

Real Estate Properties [Line Items]

Number of retail property Acquired | Property

11

Percentage of ownership interest in joint venture

90.00%

New York, Ohio and Georgia [Member] | Ten Year Four Point Zero Three Percent Fixed Rate Interest Only Mortgage Loan [Member]

Real Estate Properties [Line Items]

Debt issued

$ 104,000,000

Debt term

10 years

Debt instrument, interest rate

4.03%

New York, Ohio and Georgia [Member] | Multi Tenant Properties

Real Estate Properties [Line Items]

Purchase Price

$ 154,000,000

Remaining lease term

[2]

4 years 7 months 6 days

CALIFORNIA

Real Estate Properties [Line Items]

Purchase Price

$ 37,750,000

CALIFORNIA | Commercial Mortgage Loan [Member] | Eight Class AB Office Properties In Orange Country California [Member]

Real Estate Properties [Line Items]

Funding for senior mortgage loan

$ 280,000,000

Debt issued

335,000,000

Future funding commitment

30,000,000

Funding for senior mortgage loan, net of origination fees

278,600,000

CALIFORNIA | Commercial Mortgage Loan [Member] | Eight Class AB Office Properties In Orange Country California [Member] | Mezzanine Loans

Real Estate Properties [Line Items]

Debt issued

55,000,000

Funding for senior mortgage loan, net of origination fees

$ 52,700,000

CALIFORNIA | Multi Tenant Properties

Real Estate Properties [Line Items]

Purchase Price

$ 37,750,000

Remaining lease term

[2]

3 years 3 months 18 days

OHIO

Real Estate Properties [Line Items]

Purchase Price

$ 11,000,000

OHIO | Single Tenant Properties [Member]

Real Estate Properties [Line Items]

Ownership percentage

90.00%

Purchase Price

$ 11,000,000

$ 11,000,000

Remaining lease term

[2]

4 years 9 months 18 days

Fair value of non-controlling interest in joint venture

400,000

OHIO | Single Tenant Properties [Member] | Ten Year Four Point Four Three Percent Fixed Rate Interest Only Mortgage Loan

Real Estate Properties [Line Items]

Debt issued

$ 7,700,000

Debt term

10 years

Debt instrument, interest rate

4.43%

OHIO | Single Tenant Properties [Member] | Minimum

Real Estate Properties [Line Items]

Remaining lease term

3 years

OHIO | Single Tenant Properties [Member] | Maximum

Real Estate Properties [Line Items]

Remaining lease term

5 years

TEXAS

Real Estate Properties [Line Items]

Purchase Price

[3]

$ 131,950,000

TEXAS | Multi Tenant Properties

Real Estate Properties [Line Items]

Ownership percentage

95.00%

Purchase Price

$ 131,950,000

$ 131,950,000

Remaining lease term

[2]

3 years 10 months 24 days

Fair value of non-controlling interest in joint venture

$ 2,400,000

Number of retail property Acquired | Property

11

Number of loans | Loan

2

TEXAS | Multi Tenant Properties | Ten Year Four Point Six One Percent Fixed Rate Interest Only Loan [Member]

Real Estate Properties [Line Items]

Debt issued

$ 81,320,000

Debt term

10 years

Debt instrument, interest rate

4.61%

TEXAS | Multi Tenant Properties | One Year Floating Rate Loan [Member]

Real Estate Properties [Line Items]

Debt issued

$ 7,200,000

Debt term

1 year

General and Administrative Expense [Member]

Real Estate Properties [Line Items]

Transaction costs related to acquisitions

$ 4,500,000

Depreciation expense

$ 12,700,000

$ 3,200,000

[1]

Includes securitized debt of consolidated VIEs carried at fair value of $2.4 billion and $0 at December 31, 2015 and 2014, respectively.

[2]

Does not include extension options.

[3]

The purchase price allocation is preliminary pending the receipt of information necessary to complete the valuation of certain tangible and intangible assets and liabilities and therefore subject to change.

CRE Debt and Preferred Equity I

CRE Debt and Preferred Equity Investments (Detail) - USD ($) $ in Thousands		Dec. 31, 2015		Dec. 31, 2014
Transaction to Real Estate Investments [Line Items]
Outstanding Principal		$ 73,074,622		$ 85,400,342
Carrying Value		1,627,417	[1]	1,518,165
Preferred Equity Interests
Transaction to Real Estate Investments [Line Items]
Carrying Value		121,773	[1]	212,905
Commercial Mortgage
Transaction to Real Estate Investments [Line Items]
Outstanding Principal	[1]	1,355,422		1,520,972
Carrying Value	[1],[2]	$ 1,348,817		$ 1,518,165
Percentage of Loan Portfolio	[1],[3]	100.00%		100.00%
Commercial Mortgage | Senior Mortgages
Transaction to Real Estate Investments [Line Items]
Outstanding Principal		$ 387,314		$ 384,304
Carrying Value	[2]	$ 385,838	[1]	$ 383,895
Percentage of Loan Portfolio	[3]	28.60%		25.20%
Commercial Mortgage | Senior Securitized Mortgages
Transaction to Real Estate Investments [Line Items]
Outstanding Principal	[4],[5]	$ 263,072		$ 399,541
Carrying Value	[2],[4],[5]	$ 262,703	[1]	$ 398,634
Percentage of Loan Portfolio	[3],[5]	19.40%		26.30%
Commercial Mortgage | Preferred Equity Interests
Transaction to Real Estate Investments [Line Items]
Outstanding Principal		$ 122,444		$ 214,653
Carrying Value	[2]	$ 121,773		$ 212,905
Percentage of Loan Portfolio	[3]	9.00%		14.10%
Commercial Mortgage | Mezzanine Loans
Transaction to Real Estate Investments [Line Items]
Outstanding Principal		$ 582,592		$ 522,474
Carrying Value	[2]	$ 578,503	[1]	$ 522,731
Percentage of Loan Portfolio	[3]	43.00%		34.40%
[1]	Excludes Loans held for sale.
[2]	Carrying value includes unamortized origination fees of $8.1 million and $3.0 million as of December 31, 2015 and December 31, 2014, respectively.
[3]	Based on outstanding principal.
[4]	Assets of consolidated VIE.
[5]	Assets of consolidated VIEs.

CRE Debt and Preferred Equity55

CRE Debt and Preferred Equity Investments (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Commercial Mortgage
Transaction to Real Estate Investments [Line Items]
Net origination fees	$ 8.1	$ 3

CRE Debt and Preferred Equity56

CRE Debt and Preferred Equity Investments -Based on Outstanding Principal (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014
Transaction to Real Estate Investments [Line Items]
Beginning balance		$ 1,518,165		$ 1,583,969
Originations & advances (principal)		489,237		249,854
Principal payments		(625,642)		(316,082)
Sales (principal)		(46,945)
Amortization & accretion of (premium) discounts		143		(1,472)
Net (increase) decrease in origination fees		(8,787)		(3,021)
Amortization of net origination fees		4,146		4,917
Transfers		18,500
Allowance for loan losses		0		0
Net carrying value		1,627,417	[1]	1,518,165
Preferred Equity Interests
Transaction to Real Estate Investments [Line Items]
Beginning balance		212,905		247,160
Principal payments		(92,210)		(35,116)
Amortization & accretion of (premium) discounts		517		108
Amortization of net origination fees		561		753
Allowance for loan losses		0		0
Net carrying value		121,773	[1]	212,905
Commercial Mortgage
Transaction to Real Estate Investments [Line Items]
Net carrying value	[1],[2]	1,348,817		1,518,165
Commercial Mortgage | Mezzanine Loans
Transaction to Real Estate Investments [Line Items]
Beginning balance		522,731		628,102
Originations & advances (principal)		195,312		122,742
Principal payments		(153,693)		(227,151)
Amortization & accretion of (premium) discounts		(232)		(1,093)
Net (increase) decrease in origination fees		(4,806)		(478)
Amortization of net origination fees		691		609
Transfers		18,500
Allowance for loan losses		0		0
Net carrying value	[2]	578,503	[1]	522,731
Commercial Mortgage | Senior Mortgages
Transaction to Real Estate Investments [Line Items]
Beginning balance		383,895		667,299
Originations & advances (principal)		293,925		127,112
Principal payments		(243,270)		(12,756)
Sales (principal)		(46,945)
Amortization & accretion of (premium) discounts		(142)		(138)
Net (increase) decrease in origination fees		(3,702)		(2,427)
Amortization of net origination fees		2,077		2,783
Transfers				(397,978)
Allowance for loan losses		0		0
Net carrying value	[2]	385,838	[1]	383,895
Commercial Mortgage | Senior Securitized Mortgages
Transaction to Real Estate Investments [Line Items]
Beginning balance	[3]	398,634
Principal payments	[3]	(136,469)
Net (increase) decrease in origination fees	[3]	(279)		(116)
Amortization of net origination fees	[3]	817		772
Transfers	[3]			397,978
Allowance for loan losses	[3]	0		0
Net carrying value	[2],[3],[4]	262,703	[1]	398,634
Commercial Mortgage | Preferred Equity Interests
Transaction to Real Estate Investments [Line Items]
Net carrying value	[2]	$ 121,773		212,905
Commercial Mortgage | Subordinated Notes
Transaction to Real Estate Investments [Line Items]
Beginning balance				41,408
Principal payments				(41,059)
Amortization & accretion of (premium) discounts				(349)
Allowance for loan losses				$ 0
[1]	Excludes Loans held for sale.
[2]	Carrying value includes unamortized origination fees of $8.1 million and $3.0 million as of December 31, 2015 and December 31, 2014, respectively.
[3]	Assets of consolidated VIE.
[4]	Assets of consolidated VIEs.

Internal CRE Debt and Preferred

Internal CRE Debt and Preferred Equity Ratings (Detail) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Transaction to Real Estate Investments [Line Items]
Total		$ 73,074,622	$ 85,400,342
Commercial Mortgage
Transaction to Real Estate Investments [Line Items]
Performing		520,263	760,548
Closely Monitored		600,561	236,357
Special Mention		234,598	511,093
Inter Ratings Substandard	[1]		12,974
Doubtful		0	0
Loss		0	0
Total	[2]	1,355,422	1,520,972
Commercial Mortgage | Senior Mortgages
Transaction to Real Estate Investments [Line Items]
Performing		71,000	26,000
Closely Monitored		283,148
Special Mention		33,166	345,330
Inter Ratings Substandard	[1]		12,974
Doubtful		0	0
Loss		0	0
Total		387,314	384,304
Commercial Mortgage | Senior Securitized Mortgages
Transaction to Real Estate Investments [Line Items]
Performing	[3]	106,770	201,365
Closely Monitored	[3]	15,500	168,770
Special Mention	[3]	140,802	29,406
Doubtful	[3]	0	0
Loss	[3]	0	0
Total	[3],[4]	263,072	399,541
Commercial Mortgage | Preferred Equity Interests
Transaction to Real Estate Investments [Line Items]
Performing			90,769
Closely Monitored		81,944	9,000
Special Mention		40,500	114,884
Doubtful		0	0
Loss		0	0
Total		122,444	214,653
Commercial Mortgage | Mezzanine Loans
Transaction to Real Estate Investments [Line Items]
Performing		342,493	442,414
Closely Monitored		219,969	58,587
Special Mention		20,130	21,473
Doubtful		0	0
Loss		0	0
Total		$ 582,592	$ 522,474
[1]	Related to one loan on non-accrual status.
[2]	Excludes Loans held for sale.
[3]	Assets of consolidated VIE.
[4]	Assets of consolidated VIEs.

Summary of Acquisitions of Real

Summary of Acquisitions of Real Estate Held for Investment (Detail) - USD ($) $ in Thousands		1 Months Ended				12 Months Ended
		Nov. 30, 2015	Oct. 31, 2015	Aug. 31, 2015	Jul. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Transaction to Real Estate Investments [Line Items]
Type						$ 274,856	$ 190,743
Purchase Price						$ 274,600	190,743
TENNESSEE
Transaction to Real Estate Investments [Line Items]
Purchase Price							19,000
TENNESSEE | Single Tenant Properties [Member]
Transaction to Real Estate Investments [Line Items]
Date of Acquisition						Apr. 30, 2014
Purchase Price						$ 19,000
Remaining Lease Term (Years)	[1]					8 years
VIRGINIA
Transaction to Real Estate Investments [Line Items]
Purchase Price							$ 17,743
VIRGINIA | Multi Tenant Properties
Transaction to Real Estate Investments [Line Items]
Date of Acquisition						Jun. 30, 2014
Purchase Price						$ 17,743
Remaining Lease Term (Years)	[1]					7 years
New York, Ohio and Georgia [Member] | Multi Tenant Properties
Transaction to Real Estate Investments [Line Items]
Date of Acquisition						Nov. 30, 2014
Purchase Price						$ 154,000
Remaining Lease Term (Years)	[1]					4 years 7 months 6 days
OHIO
Transaction to Real Estate Investments [Line Items]
Purchase Price						$ 11,000
OHIO | Single Tenant Properties [Member]
Transaction to Real Estate Investments [Line Items]
Date of Acquisition						Jul. 31, 2015
Type						$ 0
Purchase Price					$ 11,000	$ 11,000
Remaining Lease Term (Years)	[1]					4 years 9 months 18 days
FLORIDA
Transaction to Real Estate Investments [Line Items]
Purchase Price						$ 18,900
FLORIDA | Multi Tenant Properties
Transaction to Real Estate Investments [Line Items]
Date of Acquisition						Aug. 31, 2015
Type						$ 0
Purchase Price			$ 37,750	$ 18,900		$ 18,900
Remaining Lease Term (Years)	[1]					4 years 1 month 6 days
DISTRICT OF COLUMBIA
Transaction to Real Estate Investments [Line Items]
Purchase Price						$ 75,000
DISTRICT OF COLUMBIA | Multi Family Real Estate Properties
Transaction to Real Estate Investments [Line Items]
Date of Acquisition						Oct. 31, 2015
Type						$ 0
Purchase Price			$ 75,000			$ 75,000
Remaining Lease Term (Years)	[1]					6 months
CALIFORNIA
Transaction to Real Estate Investments [Line Items]
Purchase Price						$ 37,750
CALIFORNIA | Multi Tenant Properties
Transaction to Real Estate Investments [Line Items]
Date of Acquisition						Oct. 31, 2015
Type						$ 0
Purchase Price						$ 37,750
Remaining Lease Term (Years)	[1]					3 years 3 months 18 days
TEXAS
Transaction to Real Estate Investments [Line Items]
Purchase Price	[2]					$ 131,950
TEXAS | Multi Tenant Properties
Transaction to Real Estate Investments [Line Items]
Date of Acquisition						Nov. 30, 2015
Type						$ 0
Purchase Price		$ 131,950				$ 131,950
Remaining Lease Term (Years)	[1]					3 years 10 months 24 days
[1]	Does not include extension options.
[2]	The purchase price allocation is preliminary pending the receipt of information necessary to complete the valuation of certain tangible and intangible assets and liabilities and therefore subject to change.

Aggregate Allocation of Purchas

Aggregate Allocation of Purchase Price (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Transaction to Real Estate Investments [Line Items]
Total purchase price		$ 274,600	$ 190,743
Real Estate Investment
Transaction to Real Estate Investments [Line Items]
Total purchase price		274,027	176,443
Above Market Leases [Member]
Transaction to Real Estate Investments [Line Items]
Total purchase price		1,067	5,458
TENNESSEE
Transaction to Real Estate Investments [Line Items]
Total purchase price			19,000
TENNESSEE | Real Estate Investment
Transaction to Real Estate Investments [Line Items]
Total purchase price			16,812
VIRGINIA
Transaction to Real Estate Investments [Line Items]
Total purchase price			17,743
VIRGINIA | Real Estate Investment
Transaction to Real Estate Investments [Line Items]
Total purchase price			18,440
OHIO
Transaction to Real Estate Investments [Line Items]
Total purchase price		11,000
OHIO | Real Estate Investment
Transaction to Real Estate Investments [Line Items]
Total purchase price		11,848
FLORIDA
Transaction to Real Estate Investments [Line Items]
Total purchase price		18,900
FLORIDA | Real Estate Investment
Transaction to Real Estate Investments [Line Items]
Total purchase price		18,900
DISTRICT OF COLUMBIA
Transaction to Real Estate Investments [Line Items]
Total purchase price		75,000
DISTRICT OF COLUMBIA | Real Estate Investment
Transaction to Real Estate Investments [Line Items]
Total purchase price		73,804
CALIFORNIA
Transaction to Real Estate Investments [Line Items]
Total purchase price		37,750
CALIFORNIA | Real Estate Investment
Transaction to Real Estate Investments [Line Items]
Total purchase price		37,525
CALIFORNIA | Above Market Leases [Member]
Transaction to Real Estate Investments [Line Items]
Total purchase price		1,067
TEXAS
Transaction to Real Estate Investments [Line Items]
Total purchase price	[1]	131,950
TEXAS | Real Estate Investment
Transaction to Real Estate Investments [Line Items]
Total purchase price	[1]	131,950
Land
Transaction to Real Estate Investments [Line Items]
Total purchase price		74,323	31,338
Land | TENNESSEE
Transaction to Real Estate Investments [Line Items]
Total purchase price			3,503
Land | VIRGINIA
Transaction to Real Estate Investments [Line Items]
Total purchase price			6,394
Land | OHIO
Transaction to Real Estate Investments [Line Items]
Total purchase price		2,282
Land | FLORIDA
Transaction to Real Estate Investments [Line Items]
Total purchase price		3,780
Land | DISTRICT OF COLUMBIA
Transaction to Real Estate Investments [Line Items]
Total purchase price		31,999
Land | CALIFORNIA
Transaction to Real Estate Investments [Line Items]
Total purchase price		9,872
Land | TEXAS
Transaction to Real Estate Investments [Line Items]
Total purchase price	[1]	26,390
Building
Transaction to Real Estate Investments [Line Items]
Total purchase price		194,160	120,502
Building | TENNESSEE
Transaction to Real Estate Investments [Line Items]
Total purchase price			11,960
Building | VIRGINIA
Transaction to Real Estate Investments [Line Items]
Total purchase price			10,862
Building | OHIO
Transaction to Real Estate Investments [Line Items]
Total purchase price		8,256
Building | FLORIDA
Transaction to Real Estate Investments [Line Items]
Total purchase price		15,120
Building | DISTRICT OF COLUMBIA
Transaction to Real Estate Investments [Line Items]
Total purchase price		41,115
Building | CALIFORNIA
Transaction to Real Estate Investments [Line Items]
Total purchase price		24,109
Building | TEXAS
Transaction to Real Estate Investments [Line Items]
Total purchase price	[1]	105,560
Site Improvements
Transaction to Real Estate Investments [Line Items]
Total purchase price		3,511	15,238
Site Improvements | TENNESSEE
Transaction to Real Estate Investments [Line Items]
Total purchase price			1,349
Site Improvements | VIRGINIA
Transaction to Real Estate Investments [Line Items]
Total purchase price			1,184
Site Improvements | OHIO
Transaction to Real Estate Investments [Line Items]
Total purchase price		639
Site Improvements | DISTRICT OF COLUMBIA
Transaction to Real Estate Investments [Line Items]
Total purchase price		690
Site Improvements | CALIFORNIA
Transaction to Real Estate Investments [Line Items]
Total purchase price		2,182
Tenant Improvements [Member]
Transaction to Real Estate Investments [Line Items]
Total purchase price		2,033	9,365
Tenant Improvements [Member] | OHIO
Transaction to Real Estate Investments [Line Items]
Total purchase price		671
Tenant Improvements [Member] | CALIFORNIA
Transaction to Real Estate Investments [Line Items]
Total purchase price		1,362
Leaseholds and Leasehold Improvements [Member]
Transaction to Real Estate Investments [Line Items]
Total purchase price		6,356	29,803
Leaseholds and Leasehold Improvements [Member] | TENNESSEE
Transaction to Real Estate Investments [Line Items]
Total purchase price			4,288
Leaseholds and Leasehold Improvements [Member] | VIRGINIA
Transaction to Real Estate Investments [Line Items]
Total purchase price			3,218
Leaseholds and Leasehold Improvements [Member] | OHIO
Transaction to Real Estate Investments [Line Items]
Total purchase price		1,269
Leaseholds and Leasehold Improvements [Member] | DISTRICT OF COLUMBIA
Transaction to Real Estate Investments [Line Items]
Total purchase price		1,196
Leaseholds and Leasehold Improvements [Member] | CALIFORNIA
Transaction to Real Estate Investments [Line Items]
Total purchase price		3,891
Below Market Lease Liabilities [Member]
Transaction to Real Estate Investments [Line Items]
Total purchase price		6,850	20,961
Below Market Lease Liabilities [Member] | TENNESSEE
Transaction to Real Estate Investments [Line Items]
Total purchase price			2,100
Below Market Lease Liabilities [Member] | VIRGINIA
Transaction to Real Estate Investments [Line Items]
Total purchase price			3,915
Below Market Lease Liabilities [Member] | OHIO
Transaction to Real Estate Investments [Line Items]
Total purchase price		2,117
Below Market Lease Liabilities [Member] | CALIFORNIA
Transaction to Real Estate Investments [Line Items]
Total purchase price		$ 4,733
Joint Venture Agreement [Member]
Transaction to Real Estate Investments [Line Items]
Total purchase price			154,000
Joint Venture Agreement [Member] | Real Estate Investment
Transaction to Real Estate Investments [Line Items]
Total purchase price			141,191
Joint Venture Agreement [Member] | Above Market Leases [Member]
Transaction to Real Estate Investments [Line Items]
Total purchase price			5,458
Joint Venture Agreement [Member] | Land
Transaction to Real Estate Investments [Line Items]
Total purchase price			21,441
Joint Venture Agreement [Member] | Building
Transaction to Real Estate Investments [Line Items]
Total purchase price			97,680
Joint Venture Agreement [Member] | Site Improvements
Transaction to Real Estate Investments [Line Items]
Total purchase price			12,705
Joint Venture Agreement [Member] | Tenant Improvements [Member]
Transaction to Real Estate Investments [Line Items]
Total purchase price			9,365
Joint Venture Agreement [Member] | Leaseholds and Leasehold Improvements [Member]
Transaction to Real Estate Investments [Line Items]
Total purchase price			22,297
Joint Venture Agreement [Member] | Below Market Lease Liabilities [Member]
Transaction to Real Estate Investments [Line Items]
Total purchase price			$ 14,946
[1]	The purchase price allocation is preliminary pending the receipt of information necessary to complete the valuation of certain tangible and intangible assets and liabilities and therefore subject to change.

Total Commercial Real Estate He

Total Commercial Real Estate Held for Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real estate held for investment, at amortized cost
Real estate held for investment, at amortized cost	$ 487,097	$ 214,256
Less: accumulated depreciation	(16,886)	(4,224)
Total real estate held for investment, at amortized cost, net	470,211	210,032
Equity in unconsolidated joint ventures	65,735
Investments in commercial real estate, net	535,946	210,032
Land
Real estate held for investment, at amortized cost
Real estate held for investment, at amortized cost	113,494	38,117
Building Improvements
Real estate held for investment, at amortized cost
Real estate held for investment, at amortized cost	$ 373,603	$ 176,139

Minimum Future Rentals to be Re

Minimum Future Rentals to be Received on Noncancelable Operating Leases (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Operating Leased Assets [Line Items]
2,016	$ 37,030
2,017	29,901
2,018	26,100
2,019	21,772
2,020	17,444
Later years	53,047
Operating Leases, Future Minimum Payments Receivable, Total	$ 185,294

Mortgage Loans Payable (Detail)

Mortgage Loans Payable (Detail) - Commercial Mortgage Loan [Member] - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value		$ 334,707	$ 146,553
Mortgage Principal		338,444	146,430
Joint Venture [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value			103,950
Mortgage Principal			$ 103,950
Interest rate			4.03%
Maturity Date			Dec. 6, 2024
Joint Venture [Member] | Minimum
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value		292,658
Mortgage Principal		$ 296,325
Interest rate		2.30%
Fixed/Floating Rate	[1]	Floating
Maturity Date		Dec. 31, 2016
Priority		First liens
Joint Venture [Member] | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		4.61%
Fixed/Floating Rate		Floating
Maturity Date		Dec. 31, 2025
Three Thousand One Hundred South Mall [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value		$ 12,228	$ 12,350
Mortgage Principal		$ 12,350	$ 12,350
Interest rate		4.01%	4.01%
Fixed/Floating Rate		Fixed
Maturity Date		Jun. 6, 2019	Jun. 6, 2019
Priority		First liens
Twelve Thousand One Hundred Fifty-One Jefferson [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value		$ 11,012	$ 11,025
Mortgage Principal		$ 11,025	$ 11,025
Interest rate		3.58%	3.58%
Fixed/Floating Rate		Fixed
Maturity Date		Sep. 6, 2019	Sep. 6, 2019
Priority		First liens
ARIZONA
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value		$ 16,365	$ 16,709
Mortgage Principal		$ 16,308	$ 16,600
Interest rate		3.50%	3.50%
Fixed/Floating Rate		Fixed
Maturity Date		Jan. 1, 2017	Jan. 1, 2017
Priority		First liens
NEVADA
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value		$ 2,444	$ 2,519
Mortgage Principal		$ 2,436	$ 2,505
Interest rate		3.45%	3.45%
Fixed/Floating Rate	[2]	Floating
Maturity Date		Mar. 29, 2017	Mar. 29, 2017
Priority		First liens
[1]	Includes a mortgage whose rate is fixed via an interest rate swap (pay fixed 4.31%, receive floating rate of L+215).
[2]	Includes a mortgage whose rate is fixed via an interest rate swap (pay fixed 3.45%, receive floating rate of L+200).

Future Mortgage Loan Principal

Future Mortgage Loan Principal Payments (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Schedule Of Long Term Debt Maturities [Line Items]
2,016	$ 7,600
2,017	18,344
2,018	0
2,019	23,375
2,020	0
Later years	289,125
Long-term Debt, Total	$ 338,444

Statement of Financial Conditio

Statement of Financial Condition of FREMF Trust Reflected the Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Total assets	$ 75,190,893	$ 88,355,367
Liabilities and equity
Accrued interest payable	151,843	180,501
Total liabilities	63,284,971	75,021,586
Equity	11,895,974	13,328,491
Total liabilities and equity	75,190,893	$ 88,355,367
FREMF Trust
Variable Interest Entity [Line Items]
Senior securitized commercial mortgages carried at fair value	2,554,023
Accrued interest receivable	4,994
Total assets	2,559,017
Liabilities and equity
Securitized debt (non-recourse) at fair value	2,366,878
Accrued interest payable	4,183
Total liabilities	2,371,061
Equity	187,956
Total liabilities and equity	$ 2,559,017

Statement of Comprehensive Inco

Statement of Comprehensive Income (Loss) of FREMF Trusts Reflected the Consolidated Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net interest income:
Interest income		$ 576,580	$ 450,726	$ 624,277	$ 519,114	$ 648,088	$ 644,579	$ 683,883	$ 655,848	$ 2,170,697	$ 2,632,398	$ 2,918,127
Interest expense		118,807	110,297	113,072	129,420	134,512	127,069	126,107	124,971	471,596	512,659	624,714
Net interest income		$ 457,773	$ 340,429	$ 511,205	$ 389,694	$ 513,576	$ 517,510	$ 557,776	$ 530,877	1,699,101	2,119,739	2,293,413
Other income (loss):
General and administration expenses										200,240	209,338	232,081
Net income (loss)										465,747	$ (842,279)	$ 3,729,698
FREMF Trust
Net interest income:
Interest income										39,607
Interest expense										13,584
Net interest income										26,023
Other income (loss):
Unrealized gain (loss) on financial instruments at fair value	[1]									(4,383)
Guarantee fees and servicing costs										13,897
Other income (loss)										(18,280)
General and administration expenses										58
Net income (loss)										$ 7,685
[1]	Included in Net unrealized gains (losses) on financial instruments measured at fair value through earnings.

Geographic Concentrations of Cr

Geographic Concentrations of Credit Risk Exceeding 5% of Total Loan Balances (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
TEXAS
Concentration Risk [Line Items]
Principal Balance	$ 749,569
TEXAS | Securitized Loans [Member] | Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage Balance	29.40%
FLORIDA
Concentration Risk [Line Items]
Principal Balance	$ 391,138
FLORIDA | Securitized Loans [Member] | Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage Balance	15.30%
OHIO
Concentration Risk [Line Items]
Principal Balance	$ 197,455
OHIO | Securitized Loans [Member] | Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage Balance	7.70%
NORTH CAROLINA
Concentration Risk [Line Items]
Principal Balance	$ 537,375
NORTH CAROLINA | Securitized Loans [Member] | Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage Balance	21.00%

Schedule of Industry and Rate S

Schedule of Industry and Rate Sensitivity (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	$ 488,508	$ 166,464
Healthcare [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	105,582
Security Services [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	74,682
Technology [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	73,758
Business Services [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	54,536
Agriculture And Protein Processing [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	41,979
Food And Beverage [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	28,286
Mining And Minerals [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	24,666
Consumer Products [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,222
Manufacturing [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	7,475
Education [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	21,230
Pharmaceutical [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	20,395
Packaging [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	12,697
Fixed Rate [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	74,682
Fixed Rate [Member] | Security Services [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	74,682
Floating Rate [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	413,826
Floating Rate [Member] | Healthcare [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	105,582
Floating Rate [Member] | Technology [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	73,758
Floating Rate [Member] | Business Services [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	54,536
Floating Rate [Member] | Agriculture And Protein Processing [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	41,979
Floating Rate [Member] | Food And Beverage [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	28,286
Floating Rate [Member] | Mining And Minerals [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	24,666
Floating Rate [Member] | Consumer Products [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,222
Floating Rate [Member] | Manufacturing [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	7,475
Floating Rate [Member] | Education [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	21,230
Floating Rate [Member] | Pharmaceutical [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	20,395
Floating Rate [Member] | Packaging [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	$ 12,697

Aggregate Positions in Capital

Aggregate Positions in Capital Structure of Borrowers (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total	$ 488,508	$ 166,464
First Lien [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total	280,441
Second Lien [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total	133,385
Corporate Debt Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total	$ 74,682

Fair Value Measurements (Detail

Fair Value Measurements (Detail) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Assets:
Agency mortgage-backed securities		$ 65,718,224	$ 81,565,256
Agency debentures		152,038	1,368,350
Credit risk transfer securities		456,510
Investment in affiliate			143,045
Non-Agency mortgage-backed securities		67,233,494	82,933,606
Commercial real estate debt investments	[1]	2,911,828
Interest rate swaps		19,642	75,225
Other derivatives		22,066	5,499
Total Assets		70,187,030	83,157,375
Liabilities:
Securitized debt of consolidated VIEs		2,366,878	0
Interest rate swaps		1,677,571	1,608,286
Other derivatives		49,963	8,027
Total liabilities		4,094,412	1,616,313
Non-Agency mortgage-backed securities [Member]
Assets:
Non-Agency mortgage-backed securities		906,722
Level 1
Assets:
Investment in affiliate			143,045
Other derivatives		12,443	117
Total Assets		12,443	143,162
Liabilities:
Other derivatives		32,778	3,769
Total liabilities		32,778	3,769
Level 2
Assets:
Agency mortgage-backed securities		65,718,224	81,565,256
Agency debentures		152,038	1,368,350
Credit risk transfer securities		456,510
Commercial real estate debt investments		2,911,828
Interest rate swaps		19,642	75,225
Other derivatives		9,623	5,382
Total Assets		70,174,587	83,014,213
Liabilities:
Securitized debt of consolidated VIEs		2,366,878
Interest rate swaps		1,677,571	1,608,286
Other derivatives		17,185	4,258
Total liabilities		4,061,634	$ 1,612,544
Level 2 | Non-Agency mortgage-backed securities [Member]
Assets:
Non-Agency mortgage-backed securities		$ 906,722
[1]	Includes senior securitized commercial mortgage loans of consolidated VIEs carried at fair value of $2.6 billion and $0 at December 31, 2015 and 2014, respectively.

Estimated Fair Values for All F

Estimated Fair Values for All Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands		Dec. 31, 2015		Dec. 31, 2014		Jan. 31, 2014
Financial assets:
Agency mortgage-backed securities		$ 65,718,224		$ 81,565,256
Agency debentures		152,038		1,368,350
Credit risk transfer securities		456,510
Commercial real estate debt investments	[1]	2,911,828
Investment in affiliate				143,045
Interest rate swaps		41,707		80,724
Other derivatives		22,066		5,499
Financial liabilities:
Other secured financing		1,845,048
Securitized debt of consolidated VIE		2,540,711	[2]	260,700	[2]	$ 260,700
Interest rate swaps		1,727,534		1,616,313
Other derivatives		49,963		8,027
Level 1
Financial assets:
Investment in affiliate				143,045
Other derivatives		12,443		117
Financial liabilities:
Other derivatives		32,778		3,769
Level 2
Financial assets:
Agency mortgage-backed securities		65,718,224		81,565,256
Agency debentures		152,038		1,368,350
Credit risk transfer securities		456,510
Commercial real estate debt investments		2,911,828
Other derivatives		9,623		5,382
Financial liabilities:
Other derivatives		17,185		4,258
Estimate of Fair Value, Fair Value Disclosure | Level 1
Financial assets:
Cash and cash equivalents		1,769,258		1,741,244
Reverse repurchase agreements				100,000
Investment in affiliate				143,045
Financial liabilities:
Convertible Senior Notes				863,470
Estimate of Fair Value, Fair Value Disclosure | Level 2
Financial assets:
Agency mortgage-backed securities		65,718,224		81,565,256
Agency debentures		152,038		1,368,350
Credit risk transfer securities		456,510
Non-Agency mortgage-backed securities		906,722
Commercial real estate debt investments		2,911,828
Corporate debt	[3]	470,894		166,056
Interest rate swaps		19,642		75,225
Financial liabilities:
Other secured financing		1,846,095
Securitized debt of consolidated VIE		2,541,193		262,061
Participation sold		13,138		13,655
Interest rate swaps		1,677,571		1,608,286
Estimate of Fair Value, Fair Value Disclosure | Level 3
Financial assets:
Commercial real estate debt and preferred equity, held for investment		1,350,968		1,528,444
Loans held for sale		278,600
Financial liabilities:
Mortgage payable		339,849		146,611
Estimate of Fair Value, Fair Value Disclosure | Level 1, Level 2
Financial assets:
Other derivatives		22,066		5,499
Financial liabilities:
Repurchase agreements		56,361,623		71,587,222
Other derivatives		49,963		8,027
Carrying (Reported) Amount, Fair Value Disclosure | Level 1
Financial assets:
Cash and cash equivalents		1,769,258		1,741,244
Reverse repurchase agreements				100,000
Investment in affiliate				143,045
Financial liabilities:
Convertible Senior Notes				845,295
Carrying (Reported) Amount, Fair Value Disclosure | Level 2
Financial assets:
Agency mortgage-backed securities		65,718,224		81,565,256
Agency debentures		152,038		1,368,350
Credit risk transfer securities		456,510
Non-Agency mortgage-backed securities		906,722
Commercial real estate debt investments		2,911,828
Corporate debt	[3]	488,508		166,464
Interest rate swaps		19,642		75,225
Financial liabilities:
Other secured financing		1,845,048
Securitized debt of consolidated VIE		2,540,711		260,700
Participation sold		13,286		13,693
Interest rate swaps		1,677,571		1,608,286
Carrying (Reported) Amount, Fair Value Disclosure | Level 3
Financial assets:
Commercial real estate debt and preferred equity, held for investment		1,348,817		1,518,165
Loans held for sale		278,600
Financial liabilities:
Mortgage payable		334,707		146,553
Carrying (Reported) Amount, Fair Value Disclosure | Level 1, Level 2
Financial assets:
Other derivatives		22,066		5,499
Financial liabilities:
Repurchase agreements		56,230,860		71,361,926
Other derivatives		$ 49,963		$ 8,027
[1]	Includes senior securitized commercial mortgage loans of consolidated VIEs carried at fair value of $2.6 billion and $0 at December 31, 2015 and 2014, respectively.
[2]	Includes securitized debt of consolidated VIEs carried at fair value of $2.4 billion and $0 at December 31, 2015 and 2014, respectively.
[3]	Includes a held-to-maturity debt security carried at amrtized cost of $74.7 million with a fair value of $61.3 million as of December 31, 2015.

Estimated Fair Values for All71

Estimated Fair Values for All Financial Assets and Liabilities (Parenthetical) (Detail) $ in Millions	Dec. 31, 2015USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Held-to-maturity debt security, fair value	$ 61.3
Held-to-maturity debt security, amortized cost	$ 74.7

Repurchase Agreements - Narrati

Repurchase Agreements - Narrative (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Repurchase Agreements:
Repurchase agreements - outstanding	$ 56,230,860	$ 71,361,926
Repurchase agreements - weighted average borrowing rates	1.83%	1.62%
Repurchase agreements - weighted average remaining maturities (in days)	151 days	141 days
Other secured financing long term, amount	$ 1,845,048
Secured financings and interest rate swaps - collateral held, estimated fair value	62,300,000	$ 75,400,000
Secured financings and interest rate swaps - collateral held, accrued interest	171,700	$ 226,600
FHLB De Moines [Member] | Matured Within 90 Days [Member]
Repurchase Agreements:
Other secured financing long term, amount	$ 402,800
Other secured financing short term amount, expiration period	90 days
FHLB De Moines [Member] | Maturity Period Beyond Three Years [Member]
Repurchase Agreements:
Other secured financing long term, amount	$ 1,400,000
Other secured financing short term amount, expiration period	3 years

Repurchase Agreements - Remaini

Repurchase Agreements - Remaining Maturities, Collateral Types and Weighted Average Rate (Detail) - USD ($) $ in Thousands		Dec. 31, 2015		Dec. 31, 2014
Repurchase Agreements:
Repurchase agreements		$ 56,230,860		$ 71,361,926
Weighted Average Rate		0.90%		0.61%
Debentures
Repurchase Agreements:
Repurchase agreements				$ 1,314,248
Credit Risk Transfer Securities
Repurchase Agreements:
Repurchase agreements		$ 142,853
Non Agency MBS
Repurchase Agreements:
Repurchase agreements		435,581
Commercial Loan [Member]
Repurchase Agreements:
Repurchase agreements		179,428
Agency Mortgage Backed Securities
Repurchase Agreements:
Repurchase agreements		55,472,998		70,047,678
2 to 29 days
Repurchase Agreements:
Repurchase agreements		$ 20,467,487		$ 28,354,167
Weighted Average Rate		0.69%		0.35%
2 to 29 days | Debentures
Repurchase Agreements:
Repurchase agreements				$ 749,535
2 to 29 days | Credit Risk Transfer Securities
Repurchase Agreements:
Repurchase agreements		$ 83,664
2 to 29 days | Non Agency MBS
Repurchase Agreements:
Repurchase agreements		260,359
2 to 29 days | Agency Mortgage Backed Securities
Repurchase Agreements:
Repurchase agreements		20,123,464		27,604,632
30 to 59 days
Repurchase Agreements:
Repurchase agreements		$ 8,023,209		$ 17,336,469
Weighted Average Rate		0.74%		0.43%
30 to 59 days | Debentures
Repurchase Agreements:
Repurchase agreements				$ 186,682
30 to 59 days | Credit Risk Transfer Securities
Repurchase Agreements:
Repurchase agreements		$ 59,189
30 to 59 days | Non Agency MBS
Repurchase Agreements:
Repurchase agreements		65,374
30 to 59 days | Agency Mortgage Backed Securities
Repurchase Agreements:
Repurchase agreements		7,898,646		17,149,787
60 to 89 days
Repurchase Agreements:
Repurchase agreements		$ 4,125,426		$ 4,040,677
Weighted Average Rate		0.74%		0.38%
60 to 89 days | Debentures
Repurchase Agreements:
Repurchase agreements				$ 378,031
60 to 89 days | Non Agency MBS
Repurchase Agreements:
Repurchase agreements		$ 78,833
60 to 89 days | Agency Mortgage Backed Securities
Repurchase Agreements:
Repurchase agreements		4,046,593		3,662,646
90 to 119 days
Repurchase Agreements:
Repurchase agreements		$ 4,846,580		$ 2,945,495
Weighted Average Rate		0.60%		0.50%
90 to 119 days | Agency Mortgage Backed Securities
Repurchase Agreements:
Repurchase agreements		$ 4,846,580		$ 2,945,495
Over 120 days
Repurchase Agreements:
Repurchase agreements	[1]	$ 18,768,158		$ 18,685,118
Weighted Average Rate		1.33%	[1]	1.24%
Over 120 days | Non Agency MBS
Repurchase Agreements:
Repurchase agreements	[1]	$ 31,015
Over 120 days | Commercial Loan [Member]
Repurchase Agreements:
Repurchase agreements	[1]	179,428
Over 120 days | Agency Mortgage Backed Securities
Repurchase Agreements:
Repurchase agreements	[1]	$ 18,557,715		$ 18,685,118
[1]	Approximately 14% and 15% of the total repurchase agreements had a remaining maturity over 1 year as of December 31, 2015 and 2014, respectively.

Repurchase Agreements - Remai74

Repurchase Agreements - Remaining Maturities, Collateral Types and Weighted Average Rate (Parenthetical) (Detail)	Dec. 31, 2015	Dec. 31, 2014
Repurchase Agreements:
Percentage of repurchase agreements, with remaining maturity over one year	14.00%	15.00%

Summary of Gross Amounts, Amoun

Summary of Gross Amounts, Amounts Offset and net Amounts of Repurchase Agreement and Reverse Repurchase Agreement (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Repurchase Agreements:
Gross amounts -reverse repurchase agreements		$ 700,000
Amounts offset - reverse repurchase agreement		(600,000)
Netted amounts -reverse repurchase		100,000
Gross amounts -repurchase agreement	$ 56,230,860	71,961,926
Amounts offset -repurchase agreement		(600,000)
Netted amounts -repurchase agreement	$ 56,230,860	$ 71,361,926

Summary of Fair Value Informati

Summary of Fair Value Information about Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Interest rate swaps, at fair value	$ 19,642	$ 75,225
Other derivatives, at fair value	22,066	5,499
Derivative assets	41,707	80,724
Other derivatives, at fair value	49,963	8,027
Interest rate swaps, at fair value	1,677,571	1,608,286
Derivative liabilities	1,727,534	1,616,313
Future
Derivatives, Fair Value [Line Items]
Other derivatives, at fair value	12,443	117
Other derivatives, at fair value	32,778	3,769
Interest Rate Swaption
Derivatives, Fair Value [Line Items]
Other derivatives, at fair value		5,382
TBA Derivatives
Derivatives, Fair Value [Line Items]
Other derivatives, at fair value	9,622
Other derivatives, at fair value	$ 17,185	$ 4,258

Summary of Characteristics of I

Summary of Characteristics of Interest Rate Swaps (Detail) - Interest Rate Swaps - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments:
Current Notional	[1]	$ 30,185,086	$ 31,461,505
Weighted Average Pay Rate	[2],[3]	2.26%	2.49%
Weighted Average Receive Rate	[2]	0.53%	0.22%
Average Years to Maturity	[2]	7 years 7 days	8 years 4 months 17 days
0 - 3 years
Derivative Instruments:
Derivative Instruments minimum maturity period		0 years	0 years
Derivative Instruments maximum maturity period		3 years	3 years
Current Notional	[1]	$ 3,240,436	$ 2,502,505
Weighted Average Pay Rate	[2],[3]	1.85%	1.63%
Weighted Average Receive Rate	[2]	0.36%	0.17%
Average Years to Maturity	[2]	1 year 9 months 18 days	2 years 7 months 21 days
3 - 6 years
Derivative Instruments:
Derivative Instruments minimum maturity period		3 years	3 years
Derivative Instruments maximum maturity period		6 years	6 years
Current Notional	[1]	$ 11,675,000	$ 11,138,000
Weighted Average Pay Rate	[2],[3]	1.82%	2.06%
Weighted Average Receive Rate	[2]	0.55%	0.22%
Average Years to Maturity	[2]	4 years 3 months	5 years 2 months 5 days
6 - 10 years
Derivative Instruments:
Derivative Instruments minimum maturity period		6 years	6 years
Derivative Instruments maximum maturity period		10 years	10 years
Current Notional	[1]	$ 11,635,250	$ 13,069,200
Weighted Average Pay Rate	[2],[3]	2.44%	2.67%
Weighted Average Receive Rate	[2]	0.57%	0.23%
Average Years to Maturity	[2]	7 years 11 months 1 day	8 years 6 months 26 days
Greater than 10 years
Derivative Instruments:
Derivative Instruments minimum maturity period		10 years	10 years
Current Notional	[1]	$ 3,634,400	$ 4,751,800
Weighted Average Pay Rate	[2],[3]	3.70%	3.58%
Weighted Average Receive Rate	[2]	0.43%	0.20%
Average Years to Maturity	[2]	19 years 4 months 13 days	19 years 6 months 11 days
[1]	Notional amount includes $500.0 million in forward starting pay fixed swaps as of December 31, 2015 and 2014, respectively.
[2]	Excludes forward starting swaps.
[3]	Weighted average fixed rate on forward starting pay fixed swaps was 1.44% and 3.25% as of December 31, 2015 and 2014, respectively.

Summary of Characteristics of78

Summary of Characteristics of Interest Rate Swaps (Parenthetical) (Detail) - Forward Starting Pay Fixed Swaps - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments:
Notional amount	$ 500	$ 500
Weighted average fixed rate	1.44%	3.25%

Summary of Characteristics of79

Summary of Characteristics of Interest Rate Swaptions (Detail) - Interest Rate Swaption - Long - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments:
Current Underlying Notional	$ 1,750,000	$ 1,750,000
Underlying Pay Rate		2.88%
Underlying Receive Rate	3M LIBOR
Years to Maturity		9 years 2 months 1 day
Months to Expiration		3 years 7 months 2 days

Summary of Characteristics of T

Summary of Characteristics of TBA Derivatives (Detail) - TBA Derivatives - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments:
Notional	$ 13,761,000	$ 375,000
Implied Cost Basis	14,177,338	375,430
Implied Market Value	14,169,775	379,688
Carrying Value	(7,563)	4,258
Long
Derivative Instruments:
Notional	13,761,000
Implied Cost Basis	14,177,338
Implied Market Value	14,169,775
Carrying Value	$ (7,563)
Short
Derivative Instruments:
Notional		375,000
Implied Cost Basis		375,430
Implied Market Value		379,688
Carrying Value		$ 4,258

Summary of Certain Characterist

Summary of Certain Characteristics of Derivatives (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Swap Equivalent Eurodollar Futures Contract | 2-year
Derivative Instruments:
Derivative Instruments, maturity period	2 years
Average Years to Maturity	2 years
Us Treasury futures | 5 year
Derivative Instruments:
Derivative Instruments, maturity period	5 years
Average Years to Maturity	4 years 5 months 1 day
Us Treasury futures | 10 year and greater
Derivative Instruments:
Derivative Instruments minimum maturity period	10 years
Average Years to Maturity	6 years 11 months 1 day
Future
Derivative Instruments:
Average Years to Maturity	2 years 9 months 22 days
Short | Swap Equivalent Eurodollar Futures Contract | 2-year
Derivative Instruments:
Notional	$ 7,000,000
Short | Us Treasury futures | 5 year
Derivative Instruments:
Notional	1,847,200
Short | Us Treasury futures | 10 year and greater
Derivative Instruments:
Notional	655,600
Short | Future
Derivative Instruments:
Notional	$ 9,502,800

Offsetting of Derivative Assets

Offsetting of Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Offsetting Assets [Line Items]
Gross Amounts, Liabilities	$ 49,963	$ 8,027
Future
Offsetting Assets [Line Items]
Gross Amounts, Assets	12,443	117
Amounts Eligible for Offset -Financial Instruments, Assets	(10,868)	(117)
Amounts Eligible for Offset-Cash Collateral, Assets	0	0
Net Amounts, Assets	1,575
Gross Amounts, Liabilities	32,778	3,769
Amounts Eligible for Offset-Financial Instruments, Liabilities	(10,868)	(117)
Amounts Eligible for Offset -Cash Collateral, Liabilities	(21,910)
Net Amounts, Liabilities		3,652
Interest Rate Swaps
Offsetting Assets [Line Items]
Gross Amounts, Assets	19,642	75,225
Amounts Eligible for Offset -Financial Instruments, Assets	(18,040)	(66,180)
Amounts Eligible for Offset-Cash Collateral, Assets	0	0
Net Amounts, Assets	1,602	9,045
Gross Amounts, Liabilities	1,677,571	1,608,286
Amounts Eligible for Offset-Financial Instruments, Liabilities	(18,040)	(66,180)
Amounts Eligible for Offset -Cash Collateral, Liabilities	(913,576)	(869,302)
Net Amounts, Liabilities	745,955	672,804
TBA Derivatives
Offsetting Assets [Line Items]
Gross Amounts, Assets	9,622
Amounts Eligible for Offset -Financial Instruments, Assets	(7,367)
Amounts Eligible for Offset-Cash Collateral, Assets	0
Net Amounts, Assets	2,255
Gross Amounts, Liabilities	17,185	4,258
Amounts Eligible for Offset-Financial Instruments, Liabilities	(7,367)
Net Amounts, Liabilities	$ 9,818	4,258
Interest Rate Swaption
Offsetting Assets [Line Items]
Gross Amounts, Assets		5,382
Amounts Eligible for Offset-Cash Collateral, Assets		0
Net Amounts, Assets		$ 5,382

Derivative Instruments - Effect

Derivative Instruments - Effect of Interest Rate Swaps on Consolidated Statements of Comprehensive Income Loss (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Effect of Derivatives on Statement of Operations and Comprehensive Income:
Realized gains (losses) on interest rate swaps	[1],[2]	$ (624,495)	$ (825,360)	$ (908,294)
Realized gain (losses) on termination of interest rate swaps		(226,462)	(779,333)	(101,862)
Unrealized gains (losses) on interest rate swaps		$ (124,869)	$ (948,755)	$ 2,002,200
[1]	Consists of interest expense on interest rate swaps.
[2]	Interest expense related to interest rate swaps is recorded in realized gains (losses) on interest rate swaps on the Consolidated Statements of Operations and Comprehensive Income (Loss).

Effect of Other Derivative Cont

Effect of Other Derivative Contracts on the Consolidated Statements of Operations and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments:
Unrealized Gain (Loss)		$ (124,869)	$ (948,755)	$ 2,002,200
Net Gains (Losses) on Trading Assets		29,646	(251,123)
Us Treasury futures
Derivative Instruments:
Realized Gain (Loss)		(47,394)	(30,056)
Unrealized Gain (Loss)		(16,681)	(6,701)
Net Gains (Losses) on Trading Assets		(64,075)	(36,757)
TBA Derivatives
Derivative Instruments:
Realized Gain (Loss)	[1]	102,408	(60,091)
Unrealized Gain (Loss)	[1]	(3,305)	(12,763)
Net Gains (Losses) on Trading Assets	[1]	99,103	(72,854)
Interest Rate Swaption
Derivative Instruments:
Realized Gain (Loss)		(41,016)	(121,345)
Unrealized Gain (Loss)		35,634	(20,167)
Net Gains (Losses) on Trading Assets		$ (5,382)	$ (141,512)
[1]	Includes options on TBA securities.

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Detail) $ in Billions	Dec. 31, 2015USD ($)
Derivative Instruments:
Derivative instruments, net liability position, aggregate fair value	$ 1.6

Convertible Senior Notes - Narr

Convertible Senior Notes - Narrative (Detail) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2015	May. 31, 2012	Dec. 31, 2015	Dec. 31, 2010	May. 31, 2015	Dec. 31, 2012
Convertible Senior Notes:
Repayment of convertible senior notes			$ 857,541
Convertible Senior Notes 4.00 Percent Due 2015
Convertible Senior Notes:
Issued convertible senior notes, aggregate principal amount				$ 600,000
Senior debt maturity date				2015-02
Issued convertible senior notes, interest rate				4.00%
Issued convertible senior notes, net proceeds following underwriting expenses				$ 582,000
Repurchase of Convertible senior notes						$ 492,500
Repayment of convertible senior notes	$ 107,500
Convertible Senior Notes 5.00 Percent Due 2015
Convertible Senior Notes:
Issued convertible senior notes, aggregate principal amount		$ 750,000
Issued convertible senior notes, interest rate		5.00%
Issued convertible senior notes, net proceeds following underwriting expenses		$ 727,500
Debt instrument face amount					$ 750,000

Common Stock and Preferred St87

Common Stock and Preferred Stock - Narrative (Detail) - USD ($)	Jan. 29, 2016	Jan. 29, 2015	Jan. 31, 2014	Feb. 19, 2016	Feb. 19, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Aug. 31, 2015
Class of Stock [Line Items]
Common Stock, par value						$ 0.01	$ 0.01
Common Stock, shares authorized						1,956,937,500	1,956,937,500
Common Stock, shares issued						935,929,561	947,643,079
Common Stock, shares outstanding						935,929,561	947,643,079
Options exercised under incentive plans, shares						0	0	166,000
Aggregate exercise price of options exercised under incentive plans								$ 2,200,000
Direct purchase and dividend reinvestment program - value raised						$ 2,246,000	$ 2,370,000	$ 2,855,000
Direct purchase and dividend reinvestment program - issued shares						221,000	210,000	219,000
Common stock repurchase program, authorized amount									$ 1,000,000,000
Common stock repurchase program, repurchased share						11,949,530
Common stock repurchase program, repurchased value						$ 114,300,000
Description of common stock equity distribution agreement						In March 2012, the Company entered into six separate Distribution Agency Agreements ("Distribution Agency Agreements") with each of Merrill Lynch; Pierce, Fenner & Smith Incorporated; Credit Suisse Securities (USA) LLC; Goldman, Sachs & Co.; J.P. Morgan Securities LLC; Morgan Stanley & Co. LLC; and RCap Securities, Inc. (together, the Agents).
Date of Distribution Agency Agreement with six separate Agents						2012-03
Number of common shares authorized for issuance under the Distribution Agency Agreement						125,000,000	125,000,000	125,000,000
Common stock - dividend declared						$ 1,133,768,000	$ 1,137,079,000	$ 1,420,856,000
Dividends payable, date to be paid						Jan. 29, 2016	Jan. 29, 2015	Jan. 31, 2014
Dividends declared per share of common stock						$ 1.20	$ 1.20	$ 1.50
Payment to dividends		$ 284,300,000	$ 284,200,000			$ 1,209,250,000	$ 1,208,984,000	$ 1,640,748,000
Payment to dividends, per share		$ 0.30	$ 0.30
Subsequent Event [Member]
Class of Stock [Line Items]
Common stock repurchase program, repurchased share				11,100,000	23,100,000
Payment to dividends	$ 280,800,000
Payment to dividends, per share	$ 0.30
7.625% Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized						12,650,000	12,650,000
Preferred Stock, shares issued						12,000,000	12,000,000
Preferred Stock, shares outstanding						12,000,000	12,000,000
Preferred Stock, par value						$ 0.01	$ 0.01
Preferred Stock liquidation preference, per share						$ 25	$ 25
Preferred Stock dividend rate, percentage						7.625%	7.625%
Preferred Stock redeemable price, per share						$ 25	$ 25
Preferred Stock redemption date						May 16, 2017
Preferred dividends declared						$ 22,875,000	$ 22,875,000	$ 22,875,000
Preferred series dividends declared, per share						$ 1.91	$ 1.91	$ 1.91
7.50% Series D Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized						18,400,000	18,400,000
Preferred Stock, shares issued						18,400,000	18,400,000
Preferred Stock, shares outstanding						18,400,000	18,400,000
Preferred Stock, par value						$ 0.01	$ 0.01
Preferred Stock liquidation preference, per share						$ 25	$ 25
Preferred Stock dividend rate, percentage						7.50%	7.50%
Preferred Stock redeemable price, per share						$ 25	$ 25
Preferred Stock redemption date						Sep. 13, 2017
Preferred dividends declared						$ 34,500,000	$ 34,500,000	$ 34,500,000
Preferred series dividends declared, per share						$ 1.88	$ 1.88	$ 1.88
7.875% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized						7,412,500	7,412,500
Preferred Stock, shares issued						7,412,500	7,412,500
Preferred Stock, shares outstanding						7,412,500	7,412,500
Preferred Stock, par value						$ 0.01	$ 0.01
Preferred Stock liquidation preference, per share						$ 25	$ 25
Preferred Stock dividend rate, percentage						7.875%	7.875%
Preferred Stock redeemable price, per share						$ 25	$ 25
Preferred Stock redemption date						Apr. 5, 2009
Preferred dividends declared						$ 14,593,000	$ 14,593,000	$ 14,593,000
Preferred series dividends declared, per share						$ 1.97	$ 1.97	$ 1.97
6.00% Series B Cumulative Convertible Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized						4,600,000

Components of Company's Interes

Components of Company's Interest Income and Interest Expense (Detail) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest income:
Residential Investment Securities										$ 1,963,629	$ 2,467,783	$ 2,788,354
Commercial investment portfolio	[1]									203,804	161,837	81,445
U.S. Treasury securities											1,329	29,081
Securities loaned											114	8,788
Reverse repurchase agreements										3,264	1,335	10,459
Total interest income		$ 576,580	$ 450,726	$ 624,277	$ 519,114	$ 648,088	$ 644,579	$ 683,883	$ 655,848	2,170,697	2,632,398	2,918,127
Interest expense:
Repurchase agreements										420,325	417,194	530,170
Convertible Senior Notes										29,740	87,293	67,057
U.S. Treasury securities sold, not yet purchased											1,076	20,235
Securities borrowed											95	6,785
Securitized debt of consolidated VIEs										20,065	6,350
Participation sold										639	651	467
Other										827
Total interest expense		118,807	110,297	113,072	129,420	134,512	127,069	126,107	124,971	471,596	512,659	624,714
Net interest income		$ 457,773	$ 340,429	$ 511,205	$ 389,694	$ 513,576	$ 517,510	$ 557,776	$ 530,877	$ 1,699,101	$ 2,119,739	$ 2,293,413
[1]	Includes commercial real estate debt, preferred equity and corporate debt.

Goodwill - Additional Informati

Goodwill - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill	$ 71,815	$ 94,781
Reduction of goodwill related to FIDAC	$ (23,000)

Schedule of Net Income (Loss) P

Schedule of Net Income (Loss) Per Share Reconciliation (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Income Per Common Share:
Net income (loss)									$ 465,747	$ (842,279)	$ 3,729,698
Less: Net income (loss) attributable to noncontrolling interest	$ (373)	$ (197)	$ (149)	$ (90)	$ (196)				(809)	(196)
Net income (loss) attributable to Annaly	669,666	(627,491)	900,071	(476,499)	(658,272)	$ 354,856	$ (334,261)	$ (214,427)	466,556	(842,083)	3,729,698
Less: Preferred stock dividends	17,992	17,992	17,992	17,992	17,992	17,992	17,992	17,992	71,968	71,968	71,968
Net income (loss) per share available (related) to common stockholders, prior to adjustment for dilutive potential common shares, if necessary	$ 652,047	$ (645,286)	$ 882,228	$ (494,401)	$ (676,068)	$ 336,864	$ (352,253)	$ (232,419)	394,588	(914,051)	3,657,730
Add: Interest on Convertible Senior Notes, if dilutive											67,056
Net income (loss) available to common stockholders, as adjusted									$ 394,588	$ (914,051)	$ 3,724,786
Weighted average shares of common stock outstanding-basic									947,062,099	947,539,294	947,337,915
Add: Effect of stock awards and Convertible Senior Notes, if dilutive									214,643		48,219,111
Weighted average shares of common stock outstanding-diluted									947,276,742	947,539,294	995,557,026
Net income (loss) per share available (related) to common share:
Basic	$ 0.69	$ (0.68)	$ 0.93	$ (0.52)	$ (0.71)	$ 0.36	$ (0.37)	$ (0.23)	$ 0.42	$ (0.96)	$ 3.86
Diluted	$ 0.69	$ (0.68)	$ 0.93	$ (0.52)	$ (0.71)	$ 0.35	$ (0.37)	$ (0.23)	$ 0.42	$ (0.96)	$ 3.74

Net Income Per Common Share - N

Net Income Per Common Share - Narrative (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Income Per Common Share:
Options to purchase common stock outstanding that would be considered anti-dilutive	1.2	2.3	3.5

Long-Term Stock Incentive Plans

Long-Term Stock Incentive Plans - Narrative (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Long-Term Stock Incentive Plans:
Weighted average remaining contractual term of stock options outstanding, years	2 years 4 months 24 days	3 years 1 month 6 days
Weighted average remaining contractual term of stock options exercisable, years	2 years 4 months 24 days	3 years 1 month 6 days
Unrecognized compensation cost	$ 0	$ 0
Equity Incentive Plan 2010
Long-Term Stock Incentive Plans:
Long-term stock compensation - ceiling shares	25,000,000
Stock Options
Long-Term Stock Incentive Plans:
Long-term stock compensation - vesting period	4 years
Long-term stock compensation - vesting installments	4 years
Long-term stock compensation - minimum contractual term	5 years
Long-term stock compensation - maximum contractual term	10 years
The Prior Plan | Minimum
Long-Term Stock Incentive Plans:
Long-term stock compensation - ceiling shares	500,000
Long-term stock compensation - granting of options authorized, percent of diluted outstanding common stock	9.50%
The Prior Plan | Maximum
Long-Term Stock Incentive Plans:
Long-term stock compensation - ceiling shares	8,932,921

Issued and Outstanding Stock Op

Issued and Outstanding Stock Options (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Long-Term Stock Incentive Plans:
Options outstanding at the beginning of year	2,259,335	3,581,752
Granted	0	0
Exercised	0	0	(166,000)
Forfeited	(795,810)	(1,016,667)
Expired	(294,750)	(305,750)
Options outstanding at the end of period	1,168,775	2,259,335	3,581,752
Options exercisable at the end of the period	1,168,775	2,259,335
Options outstanding at the beginning of year, weighted average exercise price	$ 15.35	$ 15.44
Granted	0	0
Exercised	0	0
Forfeited	14.72	15.07
Expired	17.07	17.34
Options outstanding at the end of period, weighted average exercise price	15.34	15.35	$ 15.44
Options exercisable at the end of the period, exercise price	$ 15.34	$ 15.35

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes:
REIT Taxable income distributed									100.00%
Income tax expense for income attributable to its TRSs.	$ 6,085	$ (370)	$ (7,683)	$ 14	$ (209)	$ 2,385	$ (852)	$ 4,001	$ (1,954)	$ 5,325	$ 8,213
Years federal and state tax returns remain open for examination									2,012
Taxable REIT Subsidiary [Member]
Income Taxes:
Income tax expense for income attributable to its TRSs.									$ 1,900	$ (5,900)	$ (8,200)

Lease Commitments And Conting95

Lease Commitments And Contingencies - Narrative (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Lease Commitments and Contingencies:
Aggregate future net minimum lease payments	$ 36.3
Lease expense	$ 2.9	$ 3	$ 2.3

Lease Commitments And Conting96

Lease Commitments And Contingencies (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Lease Commitments and Contingencies:
Lease Commitment - 2016	$ 3,575
Lease Commitment - 2017	3,565
Lease Commitment - 2018	3,565
Lease Commitment - 2019	3,565
Lease Commitment - 2020	3,652
Lease Commitment - Later years	18,343
Aggregate future minimum lease payments	$ 36,265

RCap Regulatory Requirements -

RCap Regulatory Requirements - Narrative (Detail)	Dec. 31, 2015USD ($)
RCAP Regulatory Requirements:
Minimum net capital requirement	$ 300,000
Regulatory net capital	398,500,000
Regulatory net capital, excess net capital	$ 398,200,000

Related Party Transactions - Na

Related Party Transactions - Narrative (Detail) - USD ($) $ in Thousands	Aug. 05, 2015	Nov. 05, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Aug. 31, 2014	Aug. 07, 2014
Shares repurchased, shares			11,949,530
Shares repurchased, value			$ 114,300
Receivable for advisory and service fees, from affiliates			0	$ 10,402
Compensation and management fee			$ 150,286	155,560	$ 167,366
Chimera
One-time payment made to related party				23,800
Amendment Agreement
Basis for management fee		Amount equal to 1/12th of 1.05% of stockholders' equity
Management Agreement, term		2 years
Term of management agreement expiration date		Dec. 31, 2016
Renewal term		2 years
Management agreement, termination, description			At least two-thirds of the Company's independent directors or the holders of a majority of the Company's outstanding shares of common stock elect to terminate the agreement in their sole discretion for any or no reason.
Amendment Agreement | Minimum
Management agreement, required period to terminate from the date of the notice		1 year
Chimera
Shares repurchased, shares	9,000,000
Shares repurchased, value	$ 126,400
Share repurchase agreement expiration period	2015-08
Advisory fees from affiliate			$ 24,800	31,300	43,600
Effective date			Aug. 8, 2014
Management fee percentage						120.00%	75.00%
Receivable for advisory and service fees, from affiliates			$ 0	10,400
Management Agreement
Compensation and management fee			150,300	155,600	167,400
Management fee payable			12,100	11,000
Management Agreement | Subsidiaries
Compensation expense			$ 7,500	$ 24,200	$ 49,200

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	2 Months Ended	5 Months Ended	12 Months Ended
	Feb. 19, 2016	Feb. 19, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Repurchase of common stock, shares			11,949,530
Subsequent Event [Member]
Subsequent Event [Line Items]
Repurchase of common stock, shares	11,100,000	23,100,000
Proceeds from share repurchase program	$ 102.7	$ 217
Repurchase of common stock, price per share	$ 9.23	$ 9.40
Weighted average remaining maturity,FHLB Des Moines	4 years 4 months 24 days
Subsequent Event [Member] | Maximum
Subsequent Event [Line Items]
Outstanding advances, FHLB Des Moines	$ 3,800

Summarized Quarterly Results (D

Summarized Quarterly Results (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest income	$ 576,580	$ 450,726	$ 624,277	$ 519,114	$ 648,088	$ 644,579	$ 683,883	$ 655,848	$ 2,170,697	$ 2,632,398	$ 2,918,127
Interest expense	118,807	110,297	113,072	129,420	134,512	127,069	126,107	124,971	471,596	512,659	624,714
Net interest income	457,773	340,429	511,205	389,694	513,576	517,510	557,776	530,877	1,699,101	2,119,739	2,293,413
Total realized and unrealized gains (losses)	276,261	(909,158)	440,545	(828,999)	(1,131,930)	(99,065)	(856,874)	(703,530)	(1,021,351)	(2,791,399)	1,598,445
Total other income (loss)	(10,447)	(9,675)	(7,353)	13,758	18,327	(9,887)	14,923	20,681
Less: Total general and administrative expenses	47,836	49,457	52,009	50,938	58,454	51,317	50,938	58,454
Income (loss) before income taxes	675,751	(627,861)	892,388	(476,485)	(658,481)	357,241	(335,113)	(210,426)	463,793	(836,954)	3,737,911
Less: Income taxes	6,085	(370)	(7,683)	14	(209)	2,385	(852)	4,001	(1,954)	5,325	8,213
Net income (loss)	669,666	(627,491)	900,071	(476,499)	(658,272)	354,856	(334,261)	(214,427)	466,556	(842,083)	3,729,698
Less: Net income attributable to noncontrolling interest	(373)	(197)	(149)	(90)	(196)				(809)	(196)
Less: Dividends on preferred stock	17,992	17,992	17,992	17,992	17,992	17,992	17,992	17,992	71,968	71,968	71,968
Net income (loss) available (related) to common stockholders	$ 652,047	$ (645,286)	$ 882,228	$ (494,401)	$ (676,068)	$ 336,864	$ (352,253)	$ (232,419)	$ 394,588	$ (914,051)	$ 3,657,730
Net income (loss) available (related) per share to common stockholders:
Basic	$ 0.69	$ (0.68)	$ 0.93	$ (0.52)	$ (0.71)	$ 0.36	$ (0.37)	$ (0.23)	$ 0.42	$ (0.96)	$ 3.86
Diluted	$ 0.69	$ (0.68)	$ 0.93	$ (0.52)	$ (0.71)	$ 0.35	$ (0.37)	$ (0.23)	$ 0.42	$ (0.96)	$ 3.74

Schedule III - Real Estate a101

Schedule III - Real Estate and Accumulated Depreciation (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	31
Encumbrances	$ 338,444
Initial Cost, Land	113,493
Initial Cost , Buildings and Improvements	373,348
Cost Capitalized Subsequent to Acquisition, Improvement	256
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	113,493
Gross Amounts, Buildings and Improvements	373,604
Total	487,097
Accumulated Depreciation	$ (16,886)	$ (4,224)
TEXAS | Retail - Carrollton, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 12,875
Initial Cost, Land	3,798
Initial Cost , Buildings and Improvements	15,192
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	3,798
Gross Amounts, Buildings and Improvements	15,192
Total	18,990
Accumulated Depreciation	$ (39)
Year of Construction	1,996
Date Acquired	Nov. 25, 2015
Life (in years)	40 years
TEXAS | Retail - Plano, TX | Group One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 11,817
Initial Cost, Land	3,486
Initial Cost , Buildings and Improvements	13,944
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	3,486
Gross Amounts, Buildings and Improvements	13,944
Total	17,430
Accumulated Depreciation	$ (36)
Year of Construction	1,994
Date Acquired	Nov. 25, 2015
Life (in years)	40 years
TEXAS | Retail - Grapevine, TX | Group One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 12,692
Initial Cost, Land	3,744
Initial Cost , Buildings and Improvements	14,976
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	3,744
Gross Amounts, Buildings and Improvements	14,976
Total	18,720
Accumulated Depreciation	$ (32)
Year of Construction	1,998
Date Acquired	Nov. 25, 2015
Life (in years)	40 years
TEXAS | Retail - Flower Mound, TX | Group One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 13,085
Initial Cost, Land	3,860
Initial Cost , Buildings and Improvements	15,440
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	3,860
Gross Amounts, Buildings and Improvements	15,440
Total	19,300
Accumulated Depreciation	$ (33)
Year of Construction	1,999
Date Acquired	Nov. 25, 2015
Life (in years)	40 years
WASHINGTON | Group One [Member] | Multifamily [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 57,500
Initial Cost, Land	31,999
Initial Cost , Buildings and Improvements	41,804
Cost Capitalized Subsequent to Acquisition, Improvement	27
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	31,999
Gross Amounts, Buildings and Improvements	41,831
Total	73,830
Accumulated Depreciation	$ (313)
Year of Construction	1,978
Date Acquired	Oct. 20, 2015
Life (in years)	30 years
WASHINGTON | Group Two [Member] | Multifamily [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	$ 0
Year of Construction	2,008
Retail Site [Member] | TEXAS | Retail - Plano, TX | Group Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 4,638
Initial Cost, Land	1,368
Initial Cost , Buildings and Improvements	5,472
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	1,368
Gross Amounts, Buildings and Improvements	5,472
Total	6,840
Accumulated Depreciation	$ (14)
Year of Construction	1,995
Date Acquired	Nov. 25, 2015
Life (in years)	40 years
Retail Site [Member] | TEXAS | Retail - Plano, TX | Group Three [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 1,500
Initial Cost, Land	500
Initial Cost , Buildings and Improvements	2,000
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	500
Gross Amounts, Buildings and Improvements	2,000
Total	2,500
Accumulated Depreciation	$ (4)
Year of Construction	2,000
Date Acquired	Nov. 25, 2015
Life (in years)	40 years
Retail Site [Member] | TEXAS | Retail - Grapevine, TX | Group Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 9,797
Initial Cost, Land	2,890
Initial Cost , Buildings and Improvements	11,560
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	2,890
Gross Amounts, Buildings and Improvements	11,560
Total	14,450
Accumulated Depreciation	$ (30)
Year of Construction	1,994
Date Acquired	Nov. 25, 2015
Life (in years)	40 years
Retail Site [Member] | TEXAS | Retail - Flower Mound, TX | Group Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 7,492
Initial Cost, Land	2,210
Initial Cost , Buildings and Improvements	8,840
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	2,210
Gross Amounts, Buildings and Improvements	8,840
Total	11,050
Accumulated Depreciation	$ (23)
Year of Construction	1,992
Date Acquired	Nov. 25, 2015
Life (in years)	40 years
Retail Site [Member] | TEXAS | Retail - Flower Mound, TX | Group Three [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 8,929
Initial Cost, Land	2,634
Initial Cost , Buildings and Improvements	10,536
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	2,634
Gross Amounts, Buildings and Improvements	10,536
Total	13,170
Accumulated Depreciation	$ (27)
Year of Construction	1,996
Date Acquired	Nov. 25, 2015
Life (in years)	40 years
Retail Site [Member] | TEXAS | Retail - Mesquite, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 2,400
Initial Cost, Land	800
Initial Cost , Buildings and Improvements	3,200
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	800
Gross Amounts, Buildings and Improvements	3,200
Total	4,000
Accumulated Depreciation	$ (7)
Year of Construction	1,999
Date Acquired	Nov. 25, 2015
Life (in years)	40 years
Retail Site [Member] | TEXAS | Retail - Garland, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 3,300
Initial Cost, Land	1,100
Initial Cost , Buildings and Improvements	4,400
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	1,100
Gross Amounts, Buildings and Improvements	4,400
Total	5,500
Accumulated Depreciation	$ (11)
Year of Construction	2,000
Date Acquired	Nov. 25, 2015
Life (in years)	40 years
Retail Site [Member] | FLORIDA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 12,750
Initial Cost, Land	4,973
Initial Cost , Buildings and Improvements	12,560
Cost Capitalized Subsequent to Acquisition, Improvement	20
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	4,973
Gross Amounts, Buildings and Improvements	12,580
Total	17,553
Accumulated Depreciation	$ (251)
Year of Construction	1,988
Date Acquired	Aug. 14, 2015
Life (in years)	29 years
Retail Site [Member] | CALIFORNIA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 25,900
Initial Cost, Land	9,872
Initial Cost , Buildings and Improvements	27,654
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	9,872
Gross Amounts, Buildings and Improvements	27,654
Total	37,526
Accumulated Depreciation	$ (265)
Year of Construction	1,988
Date Acquired	Oct. 27, 2015
Life (in years)	27 years
Retail Site [Member] | NEW YORK | Retail - Penfield - NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 23,558
Initial Cost, Land	4,121
Initial Cost , Buildings and Improvements	22,410
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	4,121
Gross Amounts, Buildings and Improvements	22,410
Total	26,531
Accumulated Depreciation	$ (2,390)
Year of Construction	1,957
Date Acquired	Nov. 10, 2014
Life (in years)	26 years
Retail Site [Member] | NEW YORK | Retail - Orchard Park - NY | Group One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 12,888
Initial Cost, Land	4,189
Initial Cost , Buildings and Improvements	20,628
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	4,189
Gross Amounts, Buildings and Improvements	20,628
Total	24,817
Accumulated Depreciation	$ (1,842)
Year of Construction	1,197
Date Acquired	Nov. 10, 2014
Life (in years)	34 years
Retail Site [Member] | NEW YORK | Retail - Orchard Park - NY | Group Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	$ 0
Year of Construction	2,000
Retail Site [Member] | NEW YORK | Retail - Cheektowaga - NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 9,447
Initial Cost, Land	1,939
Initial Cost , Buildings and Improvements	12,296
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	1,939
Gross Amounts, Buildings and Improvements	12,296
Total	14,235
Accumulated Depreciation	$ (1,143)
Year of Construction	1,978
Date Acquired	Nov. 10, 2014
Life (in years)	27 years
Retail Site [Member] | NEW YORK | Retail - Amherst - NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 8,270
Initial Cost, Land	2,131
Initial Cost , Buildings and Improvements	9,740
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	2,131
Gross Amounts, Buildings and Improvements	9,740
Total	11,871
Accumulated Depreciation	$ (887)
Year of Construction	1,986
Date Acquired	Nov. 10, 2014
Life (in years)	30 years
Retail Site [Member] | NEW YORK | Retail - Ontario - NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 5,406
Initial Cost, Land	574
Initial Cost , Buildings and Improvements	6,810
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	574
Gross Amounts, Buildings and Improvements	6,810
Total	7,384
Accumulated Depreciation	$ (502)
Year of Construction	1,998
Date Acquired	Nov. 10, 2014
Life (in years)	33 years
Retail Site [Member] | NEW YORK | Retail - Irondequoit - NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 15,000
Initial Cost, Land	2,438
Initial Cost , Buildings and Improvements	14,685
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	2,438
Gross Amounts, Buildings and Improvements	14,685
Total	17,123
Accumulated Depreciation	$ (1,353)
Year of Construction	1,972
Date Acquired	Nov. 10, 2014
Life (in years)	29 years
Retail Site [Member] | NEW YORK | Retail - LeRoy - NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 3,492
Initial Cost, Land	343
Initial Cost , Buildings and Improvements	4,937
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	343
Gross Amounts, Buildings and Improvements	4,937
Total	5,280
Accumulated Depreciation	$ (413)
Year of Construction	1,997
Date Acquired	Nov. 10, 2014
Life (in years)	31 years
Retail Site [Member] | NEW YORK | Retail - Jamestown - NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 7,356
Initial Cost, Land	820
Initial Cost , Buildings and Improvements	4,915
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	820
Gross Amounts, Buildings and Improvements	4,915
Total	5,735
Accumulated Depreciation	$ (869)
Year of Construction	1,997
Date Acquired	Nov. 10, 2014
Life (in years)	31 years
Retail Site [Member] | NEW YORK | Retail - Warsaw - NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 3,416
Initial Cost, Land	407
Initial Cost , Buildings and Improvements	4,123
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	407
Gross Amounts, Buildings and Improvements	4,123
Total	4,530
Accumulated Depreciation	$ (296)
Year of Construction	1,998
Date Acquired	Nov. 10, 2014
Life (in years)	33 years
Retail Site [Member] | OHIO | Group One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 7,887
Initial Cost, Land	1,262
Initial Cost , Buildings and Improvements	10,819
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	1,262
Gross Amounts, Buildings and Improvements	10,819
Total	12,081
Accumulated Depreciation	$ (704)
Year of Construction	1,981
Date Acquired	Nov. 10, 2014
Life (in years)	28 years
Retail Site [Member] | OHIO | Group Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 7,700
Initial Cost, Land	2,282
Initial Cost , Buildings and Improvements	9,567
Cost Capitalized Subsequent to Acquisition, Improvement	209
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	2,282
Gross Amounts, Buildings and Improvements	9,776
Total	12,058
Accumulated Depreciation	$ (220)
Year of Construction	1,995
Date Acquired	Jul. 22, 2015
Life (in years)	27 years
Retail Site [Member] | GEORGIA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 7,230
Initial Cost, Land	3,217
Initial Cost , Buildings and Improvements	8,386
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	3,217
Gross Amounts, Buildings and Improvements	8,386
Total	11,603
Accumulated Depreciation	$ (644)
Year of Construction	1,996
Date Acquired	Nov. 10, 2014
Life (in years)	30 years
Retail Site [Member] | VIRGINIA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 11,025
Initial Cost, Land	6,394
Initial Cost , Buildings and Improvements	12,046
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	6,394
Gross Amounts, Buildings and Improvements	12,046
Total	18,440
Accumulated Depreciation	$ (690)
Year of Construction	1,994
Date Acquired	Jun. 2, 2014
Life (in years)	37 years
Retail Site [Member] | TENNESSEE
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 12,350
Initial Cost, Land	3,503
Initial Cost , Buildings and Improvements	13,309
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	3,503
Gross Amounts, Buildings and Improvements	13,309
Total	16,812
Accumulated Depreciation	$ (773)
Year of Construction	2,002
Date Acquired	Apr. 9, 2014
Life (in years)	36 years
Industrial Property [Member] | NEVADA | Group One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 2,436
Initial Cost, Land	628
Initial Cost , Buildings and Improvements	4,053
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	628
Gross Amounts, Buildings and Improvements	4,053
Total	4,681
Accumulated Depreciation	$ (331)
Year of Construction	1,988
Date Acquired	Mar. 29, 2012
Life (in years)	39 years
Industrial Property [Member] | NEVADA | Group Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	$ 0
Year of Construction	2,009
Industrial Property [Member] | ARIZONA | Group One [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	2
Encumbrances	$ 16,308
Initial Cost, Land	6,011
Initial Cost , Buildings and Improvements	27,046
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	6,011
Gross Amounts, Buildings and Improvements	27,046
Total	33,057
Accumulated Depreciation	$ (2,744)
Year of Construction	1,998
Date Acquired	Nov. 28, 2011
Life (in years)	33 years
Industrial Property [Member] | ARIZONA | Group Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	$ 0
Year of Construction	1,999

Schedule III - Real Estate a102

Schedule III - Real Estate and Accumulated Depreciation (Real Estate Activity) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Beginning balance, January 1, 2015	$ 214,257
Acquistions and improvements	274,027
Purchase price allocation adjustment	(1,187)
Ending balance, December 31, 2015	487,097
Accumulated Depreciation:
Beginning balance, January 1, 2015	4,224
Depreciation	12,662
Ending balance, December 31, 2015	$ 16,886

Schedule IV - Mortgage Loans103

Schedule IV - Mortgage Loans on Real Estate (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Prior Liens	[1]	$ 3,942,727
Face Amount		1,635,421
Carrying Amount		$ 1,627,417	[2]	$ 1,518,165
Mezzanine Debt Investments | Various States | Retail Site [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		11.25%
Prior Liens	[1]	$ 290,317
Face Amount		85,353
Carrying Amount		$ 85,589
Payment Terms M		Amortizing
Maturity Date	[3]	Apr. 10, 2017
Mezzanine Debt Investments | Various States | Industrial Property [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		8.11%
Prior Liens	[1]	$ 94,656
Face Amount		50,000
Carrying Amount		$ 49,960
Payment Terms M		Interest Only
Maturity Date	[3]	Jun. 28, 2017
Mezzanine Debt Investments | Various States | Group One [Member] | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		9.95%
Libor Floor		0.20%
Prior Liens	[1]	$ 140,900
Face Amount		25,000
Carrying Amount		$ 25,003
Payment Terms M		Interest Only
Maturity Date	[3]	Feb. 14, 2016
Mezzanine Debt Investments | Various States | Group Two [Member] | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		8.65%
Libor Floor		0.15%
Prior Liens	[1]	$ 31,400
Face Amount		12,375
Carrying Amount		$ 12,387
Payment Terms M		Interest Only
Maturity Date	[3]	Aug. 9, 2017
Mezzanine Debt Investments | Various States | Group Three [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		7.50%
Libor Floor		0.42%
Prior Liens	[1]	$ 535,812
Face Amount		55,479
Carrying Amount		$ 55,461
Payment Terms M		Interest Only
Maturity Date	[3]	Jan. 20, 2017
Mezzanine Debt Investments | Various States | Group Three [Member] | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		8.65%
Libor Floor		0.00%
Prior Liens	[1]	$ 31,400
Face Amount		2,025
Carrying Amount		$ 2,025
Payment Terms M		Interest Only
Maturity Date	[3]	Aug. 9, 2017
Mezzanine Debt Investments | Various States | Group Four [Member] | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		8.75%
Libor Floor		0.20%
Prior Liens	[1]	$ 140,900
Face Amount		6,500
Carrying Amount		$ 6,500
Payment Terms M		Interest Only
Maturity Date	[3]	Feb. 9, 2016
Mezzanine Debt Investments | MARYLAND | Group One [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		11.70%
Prior Liens	[1]	$ 54,852
Face Amount		9,942
Carrying Amount		$ 9,920
Payment Terms M		Interest Only
Maturity Date	[3]	Aug. 1, 2017
Mezzanine Debt Investments | MARYLAND | Group Two [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		11.20%
Prior Liens	[1]	$ 55,558
Face Amount		10,130
Carrying Amount		$ 10,107
Payment Terms M		Interest Only
Maturity Date	[3]	Aug. 1, 2017
Mezzanine Debt Investments | COLORADO | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		11.06%
Prior Liens	[1]	$ 13,750
Face Amount		6,000
Carrying Amount		$ 6,000
Payment Terms M		Interest Only
Maturity Date	[3]	Aug. 6, 2018
Mezzanine Debt Investments | TEXAS | Group One [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		9.50%
Prior Liens	[1]	$ 43,500
Face Amount		9,187
Carrying Amount		$ 9,140
Payment Terms M		Interest Only
Maturity Date	[3]	Sep. 1, 2018
Mezzanine Debt Investments | TEXAS | Group Two [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		10.25%
Prior Liens	[1]	$ 71,128
Face Amount		3,709
Carrying Amount		$ 3,709
Payment Terms M		Interest Only
Maturity Date	[3]	Aug. 1, 2018
Mezzanine Debt Investments | TEXAS | Group Three [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		10.25%
Prior Liens	[1]	$ 71,128
Face Amount		3,709
Carrying Amount		$ 3,709
Payment Terms M		Interest Only
Maturity Date	[3]	Aug. 1, 2018
Mezzanine Debt Investments | TEXAS | Group Four [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		10.10%
Prior Liens	[1]	$ 52,000
Face Amount		7,000
Carrying Amount		$ 7,000
Payment Terms M		Interest Only
Maturity Date	[3]	Dec. 1, 2024
Mezzanine Debt Investments | MASSACHUSETTS | Retail Site [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		10.00%
Prior Liens	[1]	$ 64,500
Face Amount		10,000
Carrying Amount		$ 10,000
Payment Terms M		Interest Only
Maturity Date	[3]	Sep. 6, 2023
Mezzanine Debt Investments | LOUISIANA | Group One [Member] | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		13.50%
Prior Liens	[1]	$ 15,500
Face Amount		5,000
Carrying Amount		$ 5,000
Payment Terms M		Interest Only
Maturity Date	[3]	Aug. 9, 2016
Mezzanine Debt Investments | LOUISIANA | Group Two [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		10.75%
Prior Liens	[1]	$ 64,000
Face Amount		8,700
Carrying Amount		$ 8,700
Payment Terms M		Interest Only
Maturity Date	[3]	Oct. 1, 2023
Mezzanine Debt Investments | OHIO | Mixed Use [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		9.50%
Prior Liens	[1]	$ 135,476
Face Amount		37,023
Carrying Amount		$ 37,023
Payment Terms M		Interest Only
Maturity Date	[3]	Dec. 1, 2023
Mezzanine Debt Investments | CALIFORNIA | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		10.25%
Prior Liens	[1]	$ 50,000
Face Amount		10,000
Carrying Amount		$ 10,000
Payment Terms M		Interest Only
Maturity Date	[3]	Feb. 6, 2019
Mezzanine Debt Investments | CALIFORNIA | Group One [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		12.55%
Libor Floor		0.25%
Prior Liens	[1]	$ 65,000
Face Amount		37,000
Carrying Amount		$ 36,996
Payment Terms M		Interest Only
Maturity Date	[3]	Mar. 1, 2016
Mezzanine Debt Investments | CALIFORNIA | Group Two [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		9.50%
Libor Floor		0.25%
Prior Liens	[1]	$ 49,200
Face Amount		8,700
Carrying Amount		$ 8,746
Payment Terms M		Interest Only
Maturity Date	[3]	Mar. 31, 2019
Mezzanine Debt Investments | CALIFORNIA | Group Three [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		10.44%
Prior Liens	[1]	$ 280,000
Face Amount		27,500
Carrying Amount		$ 26,420
Payment Terms M		Interest Only
Maturity Date	[3]	Jan. 2, 2018
Mezzanine Debt Investments | CALIFORNIA | Group Four [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		6.84%
Prior Liens	[1]	$ 280,000
Face Amount		27,500
Carrying Amount		$ 26,420
Payment Terms M		Interest Only
Maturity Date	[3]	Jan. 2, 2018
Mezzanine Debt Investments | NEW YORK | Group One [Member] | Multifamily [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		8.05%
Prior Liens	[1]	$ 461,500
Face Amount		56,000
Carrying Amount		$ 54,823
Payment Terms M		Interest Only
Maturity Date	[3]	Oct. 1, 2017
Mezzanine Debt Investments | NEW YORK | Group Two [Member] | Multifamily [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		7.82%
Prior Liens	[1]	$ 461,500
Face Amount		54,500
Carrying Amount		$ 53,744
Payment Terms M		Interest Only
Maturity Date	[3]	Oct. 1, 2017
Mezzanine Debt Investments | NEW YORK | Group Two [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		9.71%
Libor Floor		0.20%
Prior Liens	[1]	$ 47,645
Face Amount		14,259
Carrying Amount		$ 14,121
Payment Terms M		Interest Only
Maturity Date	[3]	Mar. 2, 2017
Preferred Equity Interests | CALIFORNIA | Group One [Member] | Multifamily [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		10.00%
Prior Liens	[1]	$ 231,500
Face Amount		81,944
Carrying Amount		$ 81,494
Payment Terms M		Interest Only
Maturity Date	[3]	Sep. 13, 2018
Preferred Equity Interests | CALIFORNIA | Group Two [Member] | Multifamily [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		10.00%
Prior Liens	[1]	$ 70,468
Face Amount		31,500
Carrying Amount		$ 31,330
Payment Terms M		Interest Only
Maturity Date	[3]	Sep. 13, 2018
Preferred Equity Interests | PENNSYLVANIA | Mixed Use [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		11.00%
Prior Liens	[1]	$ 26,000
Face Amount		9,000
Carrying Amount		$ 8,949
Payment Terms M		Interest Only
Maturity Date	[3]	Nov. 27, 2018
First Mortgage Securitized [Member] | COLORADO | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		5.45%
Libor Floor		0.25%
Face Amount		$ 51,000
Carrying Amount		$ 50,985
Payment Terms M		Interest Only
Maturity Date	[3]	Nov. 9, 2016
First Mortgage Securitized [Member] | LOUISIANA | Group One [Member] | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		5.75%
Libor Floor		1.00%
Face Amount		$ 15,500
Carrying Amount		$ 15,455
Payment Terms M		Interest Only
Maturity Date	[3]	Aug. 9, 2016
First Mortgage Securitized [Member] | LOUISIANA | Group Two [Member] | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		6.50%
Libor Floor		0.25%
Face Amount		$ 9,250
Carrying Amount		$ 9,224
Payment Terms M		Interest Only
Maturity Date	[3]	Oct. 1, 2016
First Mortgage Securitized [Member] | OHIO | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		5.50%
Libor Floor		0.25%
Face Amount		$ 38,270
Carrying Amount		$ 38,253
Payment Terms M		Interest Only
Maturity Date	[3]	Aug. 9, 2016
First Mortgage Securitized [Member] | GEORGIA | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		4.95%
Libor Floor		0.20%
Face Amount		$ 20,156
Carrying Amount		$ 20,119
Payment Terms M		Interest Only
Maturity Date	[3]	Aug. 9, 2016
First Mortgage Securitized [Member] | OKLAHOMA | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		5.75%
Libor Floor		0.25%
Face Amount		$ 17,500
Carrying Amount		$ 17,490
Payment Terms M		Interest Only
Maturity Date	[3]	Sep. 6, 2016
First Mortgage Securitized [Member] | ILLINOIS | Multifamily [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		4.10%
Libor Floor		0.20%
Face Amount		$ 111,396
Carrying Amount		$ 111,176
Payment Terms M		Interest Only
Maturity Date	[3]	Nov. 1, 2016
First Mortgage [Member] | COLORADO | Retail Site [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		5.58%
Prior Liens	[1],[4]	$ 13,137
Face Amount	[4]	16,868
Carrying Amount	[4]	$ 17,048
Payment Terms M	[4]	Amortizing
Maturity Date	[3],[4]	May 1, 2017
First Mortgage [Member] | TEXAS | Group One [Member] | Multifamily [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		4.45%
Face Amount		$ 15,090
Carrying Amount		$ 15,071
Payment Terms M		Interest Only
Maturity Date	[3]	Oct. 1, 2020
First Mortgage [Member] | CALIFORNIA | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Face Amount		$ 65,000
Carrying Amount		$ 64,962
Payment Terms M		Interest Only
Maturity Date	[3]	Mar. 1, 2016
First Mortgage [Member] | CALIFORNIA | Group One [Member] | Multifamily [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		4.70%
Libor Floor		0.20%
Face Amount		$ 13,000
Carrying Amount		$ 12,984
Payment Terms M		Interest Only
Maturity Date	[3]	Aug. 1, 2016
First Mortgage [Member] | CALIFORNIA | Group One [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		2.55%
Libor Plus- Interest Rate		3.00%
Libor Floor		0.25%
Face Amount		$ 280,000
Carrying Amount		$ 278,600
Payment Terms M		Interest Only
Maturity Date	[3]	Jan. 2, 2018
First Mortgage [Member] | CALIFORNIA | Group Two [Member] | Multifamily [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		4.70%
Libor Floor		0.20%
Face Amount		$ 8,000
Carrying Amount		$ 7,990
Payment Terms M		Interest Only
Maturity Date	[3]	Aug. 1, 2016
First Mortgage [Member] | FLORIDA | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Face Amount		$ 12,166
Carrying Amount		$ 12,066
Payment Terms M		Interest Only
Maturity Date	[3]	Dec. 6, 2017
First Mortgage [Member] | FLORIDA | Group One [Member] | Multifamily [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		4.50%
Libor Floor		0.25%
Face Amount		$ 26,000
Carrying Amount		$ 26,000
Payment Terms M		Interest Only
Maturity Date	[3]	May 9, 2017
First Mortgage [Member] | FLORIDA | Group Two [Member] | Multifamily [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		4.05%
Libor Floor		0.20%
Face Amount		$ 41,000
Carrying Amount		$ 40,863
Payment Terms M		Interest Only
Maturity Date	[3]	Jun. 5, 2017
First Mortgage [Member] | FLORIDA | Group Two [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		5.00%
Libor Floor		0.20%
First Mortgage [Member] | NEW JERSEY | Group Two [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate		4.50%
Libor Floor		0.25%
Face Amount		$ 67,390
Carrying Amount		$ 66,997
Payment Terms M		Interest Only
Maturity Date	[3]	May 9, 2018
First Mortgage [Member] | ARIZONA | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Face Amount		$ 45,000
Carrying Amount		$ 44,538
Payment Terms M		Interest Only
Maturity Date	[3]	Oct. 5, 2018
First Mortgage [Member] | ARIZONA | Group One [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		4.70%
First Mortgage [Member] | NORTH CAROLINA | Group Two [Member] | Multifamily [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		4.25%
Face Amount		$ 36,800
Carrying Amount		$ 36,713
Payment Terms M		Amortizing
Maturity Date	[3]	Nov. 1, 2020
First Mortgage [Member] | VIRGINIA | Group Two [Member] | Office Building [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		4.50%
Face Amount		$ 41,000
Carrying Amount		$ 40,607
Payment Terms M		Interest Only
Maturity Date	[3]	Dec. 9, 2017
[1]	Represents third-party priority liens.
[2]	Excludes Loans held for sale.
[3]	Assumes all extension options are exercised.
[4]	Includes senior position sold to third party that did not qualify for GAAP sale accounting. The Company's economic interest is limited to a B-Note with an outstanding face of $3.8 million and a basis of approximately $1.9 million..

Schedule IV - Mortgage Loans104

Schedule IV - Mortgage Loans on Real Estate (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015		Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 1,635,421
Carrying Amount	1,627,417	[1]	$ 1,518,165
First Mortgage [Member] | Term B Notes [Member] | Retail Site [Member] | COLORADO
Mortgage Loans on Real Estate [Line Items]
Face Amount	3,800
Carrying Amount	$ 1,900
[1]	Excludes Loans held for sale.