Annaly Capital Management (NLY) 10-K 23 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Feb. 10, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
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		1,018,949,713
Entity Public Float			$ 10.2

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents (including cash pledged as collateral of $1,428,475 and $1,584,686, respectively)	[1]	$ 1,539,746	$ 1,769,258
Investments, at fair value:
Mortgage-backed securities, including pledged assets		77,715,902	67,233,494
Agency debentures			152,038
Credit risk transfer securities (including pledged assets of $608,707 and $184,160, respectively)		724,722	456,510
Residential mortgage loans	[2]	342,289
Mortgage servicing rights (including pledged assets of $5,464 and $0, respectively)		652,216
Commercial real estate debt investments (including pledged assets of $4,321,739 and $2,911,828, respectively)	[3]	4,321,739	2,911,828
Commercial real estate debt and preferred equity, held for investment (including pledged assets of $506,997 and $578,820, respectively)	[4]	970,505	1,348,817
Commercial loans held for sale, net		114,425	278,600
Investments in commercial real estate		474,567	535,946
Corporate debt (including pledged assets of $592,871 and $0, respectively)		773,274	488,508
Interest rate swaps, at fair value		68,194	19,642
Other derivatives, at fair value		171,266	22,066
Receivable for investments sold		51,461	121,625
Accrued interest and dividends receivable		270,400	231,336
Other assets		333,063	119,422
Goodwill		71,815	71,815
Intangible assets, net		34,184	38,536
Total assets		87,905,046	75,190,893
Liabilities:
Repurchase agreements		65,215,810	56,230,860
Other secured financing		3,884,708	1,845,048
Securitized debt of consolidated VIEs	[5]	3,655,802	2,540,711
Participation sold		12,869	13,286
Mortgages payable		311,636	334,707
Interest rate swaps, at fair value		1,443,765	1,677,571
Other derivatives, at fair value		86,437	49,963
Dividends payable		305,674	280,779
Payable for investments purchased		65,041	107,115
Accrued interest payable		163,013	151,843
Accounts payable and other liabilities		184,319	53,088
Total liabilities		75,329,074	63,284,971
Stockholders' Equity:
Common stock, par value $0.01 per share, 1,945,437,500 and 1,956,937,500 authorized, 1,018,913,249 and 935,929,561 issued and outstanding, respectively		10,189	9,359
Additional paid-in capital		15,579,342	14,675,768
Accumulated other comprehensive income (loss)		(1,085,893)	(377,596)
Accumulated deficit		(3,136,017)	(3,324,616)
Total stockholders' equity		12,568,180	11,895,974
Noncontrolling interest		7,792	9,948
Total equity		12,575,972	11,905,922
Total liabilities and equity		87,905,046	75,190,893
Agency Mortgage-backed Securities
Investments, at fair value:
Mortgage-backed securities, including pledged assets		75,589,873	65,718,224
Liabilities:
Repurchase agreements		63,707,701	55,472,998
Non-Agency Mortgage-backed Securities
Investments, at fair value:
Mortgage-backed securities, including pledged assets	[6]	1,401,307	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
7.625% Series E Cumulative Redeemable Preferred Stock
Stockholders' Equity:
Cumulative redeemable preferred stock		287,500
Total equity		$ 287,500
[1]	Includes cash of consolidated VIEs of $23.2 million and $48.5 million at December 31, 2016 and 2015, respectively.
[2]	Includes securitized residential mortgage loans of a consolidated VIE carried at fair value of $165.9 million and $0 at December 31, 2016 and 2015, respectively.
[3]	Includes senior securitized commercial mortgage loans of consolidated VIEs carried at fair value of $3.9 billion and $2.6 billion at December 31, 2016 and 2015, respectively.
[4]	Includes senior securitized commercial mortgage loans of a consolidated VIE with a carrying value of $0 and $262.7 million carried at amortized cost, at December 31, 2016 and 2015, respectively.
[5]	Includes securitized debt of consolidated VIEs carried at fair value of $3.7 billion and $2.4 billion at December 31, 2016 and 2015, respectively.
[6]	Includes $88.6 million and $0 at December 31, 2016 and 2015, respectively, of non-Agency mortgage-backed securities in a consolidated VIE pledged as collateral and eliminated from the Company's Consolidated Statements of Financial Condition.

CONSOLIDATED STATEMENTS OF FIN3

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Cash pledged as collateral		$ 1,428,475	$ 1,584,686
Credit risk transfer securities, pledged assets		608,707	184,160
Residential mortgage loans, pledged assets		314,746	0
Mortgage servicing rights, pledged assets		5,464	0
Commercial real estate debt investments, pledged assets		4,321,739	2,911,828
Commercial real estate debt and preferred equity, held for investment, pledged assets		506,997	578,820
Corporate debt, pledged assets		$ 592,871	$ 0
Common Stock, par value		$ 0.01	$ 0.01
Common Stock, shares authorized		1,945,437,500	1,945,437,500
Common Stock, shares issued		1,018,913,249	935,929,561
Common Stock, shares outstanding		1,018,913,249	935,929,561
Senior Secured mortgages of Consolidated VIE, carrying value		$ 0	$ 262,700
Mortgage-backed securities, including pledged assets		77,715,902	67,233,494
Residential mortgage loans	[1]	342,289
Senior Secured mortgages of Consolidated VIE, fair value		3,900	2,600
Cash of Consolidated VIE	[2]	1,539,746	1,769,258
Securitized debt of a consolidated VIE		3,655,802	2,366,878
Agency Mortgage-backed Securities
Mortgage-backed securities, pledged assets		70,796,872	60,678,548
Mortgage-backed securities, including pledged assets		75,589,873	65,718,224
Non-Agency Mortgage-backed Securities
Mortgage-backed securities, pledged assets		1,064,603	744,783
Mortgage-backed securities, including pledged assets	[3]	$ 1,401,307	$ 906,722
7.875% Series A Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares authorized		7,412,500	7,412,500
Cumulative redeemable preferred stock, shares issued		7,412,500	7,412,500
Cumulative redeemable preferred stock, shares outstanding		7,412,500	7,412,500
7.625% Series C Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares authorized		12,650,000	12,650,000
Cumulative redeemable preferred stock, shares issued		12,000,000	12,000,000
Cumulative redeemable preferred stock, shares outstanding		12,000,000	12,000,000
7.50% Series D Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares authorized		18,400,000	18,400,000
Cumulative redeemable preferred stock, shares issued		18,400,000	18,400,000
Cumulative redeemable preferred stock, shares outstanding		18,400,000	18,400,000
7.625% Series E Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares authorized		11,500,000	11,500,000
Cumulative redeemable preferred stock, shares issued		11,500,000	11,500,000
Cumulative redeemable preferred stock, shares outstanding		11,500,000	11,500,000
FREMF Trust
Residential mortgage loans		$ 165,900	$ 0
Cash of Consolidated VIE		23,200	48,500
FREMF Trust | Non-Agency Mortgage-backed Securities
Mortgage-backed securities, including pledged assets		$ 88,600	$ 0
[1]	Includes securitized residential mortgage loans of a consolidated VIE carried at fair value of $165.9 million and $0 at December 31, 2016 and 2015, respectively.
[2]	Includes cash of consolidated VIEs of $23.2 million and $48.5 million at December 31, 2016 and 2015, respectively.
[3]	Includes $88.6 million and $0 at December 31, 2016 and 2015, respectively, of non-Agency mortgage-backed securities in a consolidated VIE pledged as collateral and eliminated from the Company's Consolidated Statements of Financial Condition.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net interest income:
Interest income		$ 2,210,951	$ 2,170,697	$ 2,632,398
Interest expense		657,752	471,596	512,659
Net interest income		1,553,199	1,699,101	2,119,739
Realized and unrealized gains (losses):
Realized gains (losses) on interest rate swaps	[1],[2]	(506,681)	(624,495)	(825,360)
Realized gains (losses) on termination of interest rate swaps		(113,941)	(226,462)	(779,333)
Unrealized gains (losses) on interest rate swaps		282,190	(124,869)	(948,755)
Subtotal		(338,432)	(975,826)	(2,553,448)
Net gains (losses) on disposal of investments		33,089	50,987	93,716
Net gains (losses) on trading assets		230,580	29,623	(245,495)
Net unrealized gains (losses) on investments measured at fair value through earnings		86,391	(103,169)	(86,172)
Bargain purchase gain		72,576
Impairment of goodwill			(22,966)
Subtotal		422,636	(45,525)	(237,951)
Total realized and unrealized gains (losses)		84,204	(1,021,351)	(2,791,399)
Other income (loss):
Investment advisory income			24,848	31,343
Dividend income from affiliate			8,636	25,189
Other income (loss)		44,144	(47,201)	(12,488)
Total other income (loss)		44,144	(13,717)	44,044
General and administrative expenses:
Compensation and management fee		151,599	150,286	155,560
Other general and administrative expenses		98,757	49,954	53,778
Total general and administrative expenses		250,356	200,240	209,338
Income (loss) before income taxes and noncontrolling interest		1,431,191	463,793	(836,954)
Income taxes		(1,595)	(1,954)	5,325
Net income (loss)		1,432,786	465,747	(842,279)
Net income (loss) attributable to noncontrolling interest		(970)	(809)	(196)
Net income (loss)		1,433,756	466,556	(842,083)
Dividends on preferred stock		82,260	71,968	71,968
Net income (loss) available (related) to common stockholders		$ 1,351,496	$ 394,588	$ (914,051)
Net income (loss) per share available (related) to common stockholders:
Basic		$ 1.39	$ 0.42	$ (0.96)
Diluted		$ 1.39	$ 0.42	$ (0.96)
Weighted average number of common shares outstanding:
Basic		969,787,583	947,062,099	947,539,294
Diluted		970,102,353	947,276,742	947,539,294
Net income (loss)		$ 1,432,786	$ 465,747	$ (842,279)
Other comprehensive income (loss):
Unrealized gains (losses) on available-for-sale securities		(686,414)	(531,952)	3,048,291
Reclassification adjustment for net (gains) losses included in net income (loss)		(21,883)	(50,527)	(94,475)
Other comprehensive income (loss)		(708,297)	(582,479)	2,953,816
Comprehensive income (loss)		724,489	(116,732)	2,111,537
Comprehensive income (loss) attributable to noncontrolling interest		(970)	(809)	(196)
Comprehensive income (loss) attributable to Annaly		725,459	(115,923)	2,111,733
Dividends on preferred stock		82,260	71,968	71,968
Comprehensive income (loss) attributable to common stockholders		$ 643,199	$ (187,891)	$ 2,039,765
[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 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	7.625% Series E 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	Accumulated deficit7.625% Series E 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	Total Stockholders' Equity7.625% Series E Cumulative Redeemable Preferred Stock	Noncontrolling interest
Beginning 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
Net income (loss) attributable to Annaly	(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, $1.20 per share	(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) attributable to Annaly	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, $1.20 per share	(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)
Net income (loss) attributable to Annaly	1,433,756								1,433,756					1,433,756
Net income (loss) attributable to noncontrolling interest	(970)																		(970)
Unrealized gains (losses) on available-for-sale securities	(686,414)							(686,414)						(686,414)
Reclassification adjustment for net (gains) losses included in net income (loss)	(21,883)							(21,883)						(21,883)
Stock compensation expense	7,047						7,047							7,047
Net proceeds from direct purchase and dividend reinvestment	2,362					2	2,360							2,362
Buyback of common stock	(102,712)					(111)	(102,601)							(102,712)
Acquisition of subsidiary	1,285,207				$ 287,500	939	996,768							1,285,207
Equity contributions from (distributions to) noncontrolling interest	(1,186)																		(1,186)
Common dividends declared, $1.20 per share	(1,162,897)								(1,162,897)					(1,162,897)
Ending balance at Dec. 31, 2016	$ 12,575,972	177,088	290,514	445,457	287,500	$ 10,189	$ 15,579,342	$ (1,085,893)	$ (3,136,017)					$ 12,568,180					$ 7,792
Preferred dividends declared		$ (14,593)	$ (22,875)	$ (34,500)	$ (10,292)					$ (14,593)	$ (22,875)	$ (34,500)	$ (10,292)		$ (14,593)	$ (22,875)	$ (34,500)	$ (10,292)

CONSOLIDATED STATEMENTS OF STO6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividends declared per share of common stock	$ 1.20	$ 1.20	$ 1.2
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
7.625% Series E Cumulative Redeemable Preferred Stock
Preferred series dividends declared, per share	$ 0.95

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014
Cash flows from operating activities:
Net income (loss)	$ 1,432,786		$ 465,747		$ (842,279)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of Residential Investment Securities premiums and discounts, net	814,575		793,657		664,379
Amortization of Residential Mortgage Loans premiums and discounts, net	942
Amortization of securitized debt premiums and discounts, net	24
Amortization of commercial real estate investment premiums and discounts, net	(2,978)		(1,321)		616
Amortization of intangibles	12,893		7,309		1,390
Amortization of deferred financing costs	1,609		5,419		9,951
Amortization of net origination fees and costs, net	(4,967)		(4,263)		(4,917)
Amortization of contingent beneficial conversion feature and equity component of Convertible Senior Notes			12,246		37,341
Depreciation expense	21,868		12,661		3,205
Bargain purchase gain	(72,576)
Net gain on sale of commercial real estate	(2,865)				(2,748)
Net gain on sale of commercial loans held for sale	74		(120)
Net (gains) losses on sales of Residential Investment Securities	(31,039)		(63,317)		(94,476)
Net (gains) losses on sales of residential mortgage loans	921
Net (gains) losses on sales of corporate debt	(180)
Net (gain) loss on sale of investment in affiliate			12,450
Stock compensation expense	7,047		1,156		1,072
Impairment of goodwill			22,966
Unrealized (gains) losses on interest rate swaps	(282,190)		124,869		948,755
Net unrealized (gains) losses on investments measured at fair value through earnings	(86,391)		103,169		86,172
Equity in net income from unconsolidated joint venture	4,592		2,782
Distributions of cumulative earnings from unconsolidated joint venture			1,384
Net (gains) losses on trading assets	(230,580)		(29,623)		245,495
Originations of loans held for sale, net			(1,231,400)
Proceeds from sale of commercial loans held for sale	164,101		458,270
Payments on purchase of residential mortgage loans	(99,590)
Proceeds from repayments from residential mortgage loans	134,959
Proceeds from repurchase agreements of RCap	2,270,520,000		2,029,822,000		881,680,774
Payments on repurchase agreements of RCap	(2,265,245,000)		(2,034,322,000)		(875,782,907)
Proceeds from reverse repurchase agreements	60,990,000		52,950,000		107,898,578
Payments on reverse repurchase agreements	(60,990,000)		(52,850,000)		(107,898,578)
Proceeds from securities borrowed					23,888,955
Payments on securities borrowed					(21,306,062)
Proceeds from securities loaned					41,939,298
Payments on securities loaned					(44,466,966)
Proceeds from U.S. Treasury securities					3,159,253
Payments on U.S. Treasury securities					(3,920,425)
Net payments on derivatives	(168,812)		55,214		(134,284)
Net change in:
Due to / from brokers	(12)				8,596
Other assets	(110,417)		(24,339)		(2,657)
Accrued interest and dividends receivable	27,712		47,893		(21,376)
Receivable for investment advisory income			10,402		(3,563)
Accrued interest payable	6,337		(28,658)		34,889
Accounts payable and other liabilities	43,020		2,028		987
Net cash provided by (used in) operating activities	6,855,863		(3,643,419)		6,128,468
Cash flows from investing activities:
Payments on purchases of Residential Investment Securities	(25,529,322)		(19,703,098)		(38,626,689)
Proceeds from sales of Residential Investment Securities	12,488,907		24,801,165		22,654,547
Principal payments on Agency mortgage-backed securities	12,470,168		9,926,030		8,312,784
Purchase of MSRs	(174,167)
Proceeds from sale of investment in affiliate			126,402
Payments on purchases of corporate debt	(399,713)		(397,639)		(136,953)
Principal payments on corporate debt	117,282		76,568		88,909
Purchases of commercial real estate debt investments	(151,862)		(411,511)
Sales of commercial real estate debt investments			41,016
Purchase of securitized loans at fair value	(1,489,268)		(2,574,353)
Origination of commercial real estate investments, net	(271,152)		(4,050)		(246,833)
Proceeds from sale of commercial real estate investments	39,530		227,450
Principal payments on commercial real estate debt investments	80,441		10,820
Principal payments on securitized loans at fair value	182,440		78
Proceeds from sales of commercial real estate held for sale					26,019
Principal payments on commercial real estate investments	654,117		444,998		316,082
Purchase of investments in real estate	(2,918)		(274,856)		(190,743)
Investment in unconsolidated joint venture	(3,645)		(69,902)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	4,620
Payments on purchase of residential mortgage loans held for investment	(65,623)
Proceeds from repayments from residential mortgage loans held for investment	18,268
Purchase of equity securities	(88,062)		(102,198)
Proceeds from sales of equity securities	16,112		28,395
Cash acquired in business combination	41,698
Net cash provided by (used in) investing activities	(2,062,149)		12,145,315		(7,802,877)
Cash flows from financing activities:
Proceeds from repurchase agreements	179,641,180		202,273,148		195,370,377
Principal payments on repurchase agreements	(186,353,987)		(212,904,214)		(191,687,319)
Payments on maturity of convertible senior notes			(857,541)
Proceeds from other secured financing	2,438,641		2,554,913
Payments on other secured financing	(438,169)		(709,865)
Proceeds from issuance of securitized debt	1,381,640		2,382,810		260,700
Principal repayments on securitized debt	(343,071)		(86,648)
Principal repayments on securitized loans			201
Payment of deferred financing cost	(3,076)		(2,608)		(6,382)
Net proceeds from direct purchases and dividend reinvestments	2,362		2,246		2,370
Proceeds from mortgages payable			192,375		127,325
Principal payments on participation sold	(336)		(296)		(309)
Principal payments on mortgages payable	(23,581)		(360)		(47)
Contributions from noncontrolling interests	14		6,116		5,486
Distributions to noncontrolling interests	(1,200)		(649)
Net payment on share repurchase	(102,712)		(114,260)
Dividends paid	(1,220,931)		(1,209,250)		(1,208,984)
Net cash provided by (used in) financing activities	(5,023,226)		(8,473,882)		2,863,217
Net (decrease) increase in cash and cash equivalents	(229,512)		28,014		1,188,808
Cash and cash equivalents, beginning of period	1,769,258	[1]	1,741,244		552,436
Cash and cash equivalents, end of period	1,539,746	[1]	1,769,258	[1]	1,741,244
Supplemental disclosure of cash flow information:
Interest received	2,968,161		2,965,887		3,307,238
Dividends received	2,520		12,684		25,189
Fees received	4,266
Investment advisory income received			35,250		27,780
Interest paid (excluding interest paid on interest rate swaps)	624,784		427,632		496,033
Net interest paid on interest rate swaps	536,674		612,111		812,108
Taxes paid	934		1,929		8,314
Noncash investing activities:
Receivable for investments sold	51,461		121,625		1,010,094
Payable for investments purchased	65,041		107,115		264,984
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	(708,297)		(582,479)		2,953,816
Reclassification of loans held for sale to investments in commercial real estate			18,500
Noncash financing activities:
Dividends declared, not yet paid	$ 305,674		$ 280,779		284,293
Convertible Senior Notes 5.00 Percent Due 2015
Noncash financing activities:
Contingent beneficial conversion feature on 4% Convertible Senior Notes					$ 17,308
[1]	Includes cash of consolidated VIEs of $23.2 million and $48.5 million at December 31, 2016 and 2015, respectively.

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
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, residential mortgage loans, mortgage servicing rights, commercial real estate assets and corporate debt. The Company’s principal business objectives are (1) to generate net income for distribution to its stockholders from its investments and (2) capital preservation. The Company is externally managed by Annaly Management Company LLC (the “Manager”). The Company’s investment groups are primarily comprised of the following: · Agency invests primarily in various types of Agency mortgage-backed securities and related derivatives to hedge these investments. · Residential credit invests primarily in non-Agency mortgage-backed assets within securitized products and residential mortgage loan markets. · Commercial real estate originates and invests in commercial mortgage loans, securities, and other commercial real estate investments. · Middle market lending provides customized debt financing to middle-market businesses. 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, 2016
Accounting Policies [Abstract]
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, 2016
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	3. SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation All intercompany balances and transactions have been eliminated in consolidation. The Company reclassified previously presented financial information so that amounts previously presented conform to the current presentation. Variable Interest Entities . 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 The Company also invests in Agency debentures issued by the Federal Home Loan Banks, Freddie Mac and Fannie Mae, as well as CRT securities. CRT securities are risk sharing instruments issued by Fannie Mae and Freddie Mac, and similarly structured transactions arranged by third party market participants. CRT securities are designed to synthetically transfer mortgage credit risk from Fannie Mae and Freddie Mac to private investors. The Company also invests in non-Agency mortgage-backed securities such as those issued in non-performing loan (“NPL”) and re-performing loan (“RPL”) securitizations. 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) unless the Company has elected the fair value option, where the unrealized gains and losses on these financial instruments are recorded through earnings (e.g., interest-only securities). 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. Gains and losses on sales of Residential Investment Securities are recorded on trade date based on the specific identification method. The Company elected the fair value option for interest-only mortgage-backed securities, non-Agency mortgage-backed securities and certain CRT securities as this election simplifies the accounting. 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 investments 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. The Company recognizes coupon income, which is a component of interest income, based upon the outstanding principal amounts of the Residential Investment Securities and their contractual terms. In addition, the Company amortizes or accretes premiums or discounts into interest income for its Agency mortgage-backed securities (other than interest-only securities), considering estimates of future principal prepayment in the calculation of the effective yield because they are probable and the timing and amount of prepayments can be reasonably estimated. The Company recalculates the effective yield as differences between anticipated and actual prepayments occur. Using third-party model and market Premiums or discounts associated with the purchase of Agency interest-only securities and residential credit securities are amortized or accreted into interest income based upon current expected future cash flows with any adjustment to yield made on a prospective basis. Interest income for Agency debentures is recognized by applying the interest method using contractual cash flows without estimating prepayments. The table below summarizes the interest income recognition methodology for Residential Investment Securities: Interest Income Methodology Agency Fixed-rate pass-through (1) Effective yield (3) Adjustable-rate pass-through (1) Effective yield (3) Collateralized Mortgage Obligation (“CMO”) (1) Effective yield (3) Debentures (1) Contractual Cash Flows Interest-only (2) Prospective Residential Credit CRT (2) Prospective Alt-A (2) Prospective Prime (2) Prospective Subprime (2) Prospective NPL/RPL (2) Prospective Prime Jumbo (2) Prospective Prime Jumbo interest-only (2) (1) (2) (3) Residential Mortgage Loans – The Company’s residential mortgage loans are primarily comprised of prime jumbo fixed and adjustable-rate residential mortgage loans acquired in connection with the Company’s acquisition of Hatteras (“Hatteras Acquisition”) and through subsequent purchases. Additionally, pursuant to the Hatteras Acquisition, the Company consolidates a collateralized financing entity that securitized prime adjustable-rate jumbo residential mortgage loans. The Company made elections to account for the investments in residential mortgage loans held in its portfolio and in the securitization trust at fair value as these elections simplify the accounting. Residential mortgage loans are recognized at fair value on the accompanying Consolidated Statements of Financial Condition. Changes in the estimated fair value are presented in Net unrealized gains (losses) on investments measured at fair value through earnings in the Consolidated Statements of Comprehensive Income (Loss). Premiums and discounts associated with the purchase of residential mortgage loans and with those held in the securitization trust are primarily amortized or accreted into interest income over their estimated remaining lives using the effective interest rates inherent in the estimated cash flows from the mortgage loans. Amortization of premiums and accretion of discounts are presented in Interest income in the Consolidated Statements of Comprehensive Income (Loss). There was no real estate acquired in settlement of residential mortgage loans as of December 31, 2016 or December 31, 2015. The Company would be considered to have received physical possession of residential real estate property collateralizing a residential mortgage loan, so that the loan is derecognized and the real estate property would be recognized, if either (i) the Company obtains legal title to the residential real estate property upon completion of a foreclosure or (ii) the borrower conveys all interest in the residential real estate property to the Company to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Mortgage Servicing Rights (“MSRs”) – MSRs represent the rights associated with servicing contracts obtained in connection with the Hatteras Acquisition or through the subsequent purchase of such rights from third parties with the intention of holding them as investments. The Company and its subsidiaries do not originate or directly service mortgage loans. Rather, the Company utilizes duly licensed subservicers to perform substantially all servicing functions for the loans underlying the MSRs. The Company elected to account for all of its investments in MSRs at fair value; as such, they are recognized at fair value on the accompanying Consolidated Statements of Financial Condition with changes in the estimated fair value presented as a component of Net unrealized gains (losses) on investments measured at fair value through earnings in the Consolidated Statements of Comprehensive Income (Loss). Servicing income, net of servicing expenses, is reported in Other income (loss) in the Consolidated Statements of Comprehensive Income (Loss). 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 Forward purchase commitments 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. Finite life intangible assets are amortized over their expected useful lives. 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. 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 If the Company intends to sell or securitize the loans and the securitization vehicle is not expected to be consolidated, they are classified as held for sale. Commercial real estate loans that are designated as held for sale are carried at the lower of amortized cost or fair value and recorded as Commercial loans held for sale, net in the accompanying Consolidated Statements of Financial Condition. Any origination fees and costs or purchase premiums or discounts are deferred and recognized upon sale. The Company determines the fair value of commercial real estate loans held for sale on an individual loan basis. The Company has elected the fair value option for multi-family mortgage loans held in securitization trusts that it was required to consolidate. Preferred equity interests are designated as held for investment and are carried at their outstanding principal balance, net of unamortized origination fees and costs, premiums or discounts, less a reserve for estimated losses if necessary. See the “Commercial Real Estate Investments” Note for additional information. Investments in Commercial Real Estate 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 - Interest income is accrued based on the outstanding principal amount of the and their contractual terms. Origination fees and costs, premiums or discounts associated with the purchase of CRE Debt and Preferred Equity Investments are amortized or accreted into interest income over the lives of the CRE Debt and Preferred Equity Investments using the interest method. Corporate Debt Corporate Loans – These investments typically take the form of senior secured loans primarily in first lien and second lien loans. The Company’s senior secured loans generally have stated maturities of three to eight years. In connection with these senior secured loans the Company receives a security interest in certain of the assets of the borrower and such assets support repayment of such loans. Senior secured loans are generally exposed to the least amount of credit risk given their seniority to scheduled principal and interest and priority of security in the assets of the borrower. To date, the significant majority of the Company’s investments have been funded term loans versus bonds. Corporate Debt Securities – Impairment of Securities and Loans Other-Than-Temporary Impairment Management evaluates available-for-sale securities and held-to-maturity debt securities for other-than-temporary impairment at least quarterly, and more frequently when economic or market conditions warrant such evaluation. When the fair value of an available-for-sale security is less than its amortized cost the security is considered impaired. For securities that are impaired, the Company determines if it (1) has the intent to sell the security, (2) is more likely than not that it will be required to sell the Allowance for Losses Loans and Debt Securities Acquired with Deteriorated Credit Quality 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, the Company's CRE Debt and Preferred Equity Investments are assigned an internal risk rating. Effective December 31, 2015, these 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 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 Nonaccrual Status – The Company did not have any impaired loans, nonaccrual loans, or loans in default as all of the loans were performing as of December 31, 2016. There were no allowances for loan losses as of December 31, 2016 and 2015. Broker Dealer Activities Reverse Repurchase Agreements – Substantially all of RCap’s reverse repurchase activity is with affiliated entities. Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”). ASUs not listed below were determined to be either not applicable, are not expected to have a significant impact on our consolidated financial statements when adopted, or did not have a significant impact on our consolidated financial statements upon adoption. Standard Description Effective Date Effect on the financial statements or other significant matters Standards that are not yet adopted ASU 2017-01 Business Combinations (Topic 805) Clarifying the Definition of a Business This update provides a screen to determine and a framework to evaluate when a set of assets and activities is a business. January 1, 2018 (early adoption permitted) The amendments are expected to result in fewer transactions being accounted for as business combinations. ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU updates the existing incurred loss model to a current expected credit loss (“CECL”) model for financial assets and net investments in leases that are not accounted for at fair value through earnings. The amendments affect loans, held-to-maturity debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures and any other financial assets not excluded from the scope. There are also limited amendments to the impairment model for available-for-sale debt securities. January 1, 2020 (early adoption permitted) The Company currently plans to adopt the new standard on its effective date. While Annaly is continuing to assess the impact the ASU will have on the consolidated financial statements, the measurement of expected credit losses under the CECL model will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts of the financial assets in scope of the model. Further, based on the amended guidance for available-for-sale debt securities, the Company: • will be required to use an allowance approach to recognize credit impairment, with the allowance to be limited to the amount by which the security’s fair value is less than its amortized cost basis; • may not consider the length of time fair value has been below amortized cost, and • may not consider recoveries of fair value after the balance sheet date when assessing whether a credit loss exists. Standard Description Effective Date Effect on the financial statements or other significant matters Standards that were adopted 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, 2016 (early adoption permitted) The Company early adopted this ASU in the first quarter of 2015 and applied the guidance to commercial mortgage backed securitization transactions. See "Variable Interest Entity" footnote for further disclosure.

ACQUISITION OF HATTERAS

ACQUISITION OF HATTERAS	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
ACQUISITION OF HATTERAS	4. ACQUISITION OF HATTERAS As previously disclosed in the Company’s filings with the SEC, on July 12, 2016 the Company completed its acquisition of Hatteras, an externally managed mortgage REIT that invested primarily in single-family residential mortgage real estate assets, for aggregate consideration to Hatteras common stockholders of $1.5 billion, consisting of $1.0 billion in equity consideration and $521.1 million in cash consideration. The Company issued 93.9 million shares of common shares as part of the consideration for the Hatteras Acquisition, which includes replacement share-based payment awards. In addition, as part of the Hatteras Acquisition, each share of Hatteras 7.625% Series A Cumulative Redeemable Preferred Stock, par value $0.001 per share (“Hatteras Preferred Share”), that was outstanding as of immediately prior to the completion of the Hatteras Acquisition was converted into one share of a newly-designated series of the Company’s preferred stock, par value $0.01 per share, which the Company classified and designated as 7.625% Series E Cumulative Redeemable Preferred Stock, and which has rights, preferences, privileges and voting powers substantially the same as a Hatteras Preferred Share. Hatteras’ portfolio of adjustable rate mortgage-backed securities is believed to be complementary to the Company’s existing portfolio. The combined capital base is believed to support continued growth of the Company’s businesses and the acquisition is believed to create efficiency and growth opportunities. The following table summarizes the aggregate consideration and preliminary fair value of the assets acquired and liabilities assumed recognized at the acquisition date, which is subject to change if new information becomes available: July 12, 2016 Consideration Transferred: (dollars in thousands) Cash $ 521,082 Common equity 997,707 Preferred shares: Exchange of Hatteras preferred stock for Annaly preferred stock 278,252 Preferred stock fair value adjustment 9,248 Preferred shares 287,500 Total consideration $ 1,806,289 Net Assets: Cash $ 562,780 Agency mortgage-backed securities, at fair value 10,863,070 Credit risk transfer securities, at fair value 116,770 Residential mortgage loans 360,447 Mortgage servicing rights 355,820 Other derivatives, at fair value 8,677 Principal receivable 438,005 Accrued interest and dividend receivable 83,814 Other assets 57,250 Total assets acquired $ 12,846,633 Repurchase agreements $ 10,422,757 Other secured financing 35,769 Securitized debt of consolidated VIEs 54,135 Other derivatives, at fair value 349,922 Dividends payable 670 Payable for investments purchased 2,643 Accrued interest payable 4,833 Accounts payable and other liabilities 97,039 Total liabilities assumed 10,967,768 Net assets acquired $ 1,878,865 Bargain purchase gain $ 72,576 For time-based restricted stock awards granted by Hatteras that fully vested as of the Hatteras Acquisition closing date, the fair value of the Company’s common stock issued in the satisfaction of these awards was included in equity consideration transferred as no post acquisition service was required. For time-based restricted stock awards granted by Hatteras that did not fully vest as of the acquisition date and require post-acquisition service, the fair value of the Company’s common stock issued as replacement awards has been allocated between the pre- and post-acquisition service period, with the amount allocated to the pre-acquisition period included in the equity consideration transferred. The amount allocated to the post-acquisition service period for the time-based restricted stock awards was $5.8 million and expensed during the third quarter of 2016 in Other general and administrative expenses in the Consolidated Statements of Comprehensive Income (Loss). Also, in connection with the Hatteras Acquisition, the Company entered into consulting agreements with certain former employees of Hatteras. During the third quarter of 2016, the Company recognized the full amount of the fees related to the consulting agreements totaling $19.9 million in Other general and administrative expenses in the Consolidated Statements of Comprehensive Income (Loss). Under the acquisition method of accounting, merger-related transaction costs (such as advisory, legal, valuation, and other professional fees) are not included as components of consideration transferred but are expensed in the periods in which the costs are incurred. Transaction costs of $48.9 million were incurred during the year ended December 31, 2016 and were included in Other general and administrative expenses in the Consolidated Statements of Comprehensive Income (Loss). The fair value and unpaid principal balance of residential mortgage loans acquired in connection with the Hatteras acquisition were $360.4 million and $350.5 million, respectively. The bargain purchase gain is the result of the mortgage REIT sector facing significant headwinds for a variety of reasons, including uncertainty regarding the outlook for interest rates and the financial markets generally. Consequently, in recent years, the price per share of Hatteras common stock has traded at a substantial discount to Hatteras’ book value per share, which made raising equity capital to fund new investments dilutive to stockholders. Because of these circumstances, Hatteras was unable to raise equity capital on acceptable terms and significantly increase its size and scale through capital market transactions. The bargain purchase is recognized in Realized and unrealized gains (losses) in the Consolidated Statements of Comprehensive Income (Loss). The Consolidated Statements of Comprehensive Income (Loss) for the year ended December 31, 2016 includes Net interest income and Net income (loss) of $61.4 million and $295.8 million, respectively, attributable to the Hatteras Acquisition. The following unaudited pro forma summary presents consolidated information of the Company, assuming the Hatteras Acquisition had occurred as of January 1, 2015 for purposes of the 2016 and 2015 pro forma disclosures presented. They include certain adjustments for the periods presented to exclude deferred swap net losses of Hatteras from net interest expense to conform to the Company’s presentation, recalculate the management fee based upon pro forma stockholders’ equity and the Company’s management fee rate, eliminate Hatteras common stock outstanding and record the issuance of the Company’s common stock to Hatteras stockholders and reflect direct costs incurred by the Company and the bargain purchase gain as if the Hatteras Acquisition occurred as of January 1, 2015. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the Hatteras Acquisition occurred on January 1, 2015 and may not be indicative of future operating results: For the Years Ended December 31, 2016 December 31, 2015 (dollars in thousands, except per share data) Net interest income $ 1,650,828 $ 1,951,417 Net income (loss) $ 1,327,653 $ 543,796 Basic earnings per common share $ 1.16 $ 0.43 Diluted earnings per common share $ 1.16 $ 0.43 For additional details regarding the terms and conditions of the Hatteras Acquisition and related matters, please refer to the Company’s other filings with the SEC that were made in connection with the Hatteras Acquisition, including the Prospectus/Offer to Exchange filed with the SEC pursuant to Rule 424(b)(3) on July 8, 2016 and the Current Report on Form 8-K filed with the SEC on July 12, 2016.

RESIDENTIAL INVESTMENT SECURITI

RESIDENTIAL INVESTMENT SECURITIES	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
RESIDENTIAL INVESTMENT SECURITIES	5. RESIDENTIAL INVESTMENT SECURITIES The following tables present the Company’s Residential Investment Securities porfolio that was carried at their fair value as of December 31, 2016 and 2015: December 31, 2016 Principal / Notional Remaining Premium Remaining Discount Amortized Cost Unrealized Gains (1) Unrealized Losses (1) Estimated Fair Value Agency (dollars in thousands) Fixed-rate pass-through $ 60,759,317 $ 3,633,354 $ (1,956 ) $ 64,390,715 $ 228,430 $ (1,307,771 ) $ 63,311,373 Adjustable-rate pass-through 10,653,109 391,267 (4,081 ) 11,040,295 47,250 (53,795 ) 11,033,751 Interest-only 8,133,805 1,436,192 - 1,436,192 4,225 (195,668 ) 1,244,749 Total Agency investments $ 79,546,231 $ 5,460,813 $ (6,037 ) $ 76,867,202 $ 279,905 $ (1,557,234 ) $ 75,589,873 Residential Credit CRT $ 690,491 $ 11,113 $ (10,907 ) $ 690,697 $ 34,046 $ (21 ) $ 724,722 Alt-A 173,108 1,068 (23,039 ) 151,137 3,721 (685 ) 154,173 Prime 248,176 287 (35,068 ) 213,395 7,050 (253 ) 220,192 Subprime 697,983 380 (96,331 ) 602,032 12,578 (1,061 ) 613,549 NPL/RPL 269,802 670 (209 ) 270,263 1,004 (429 ) 270,838 Prime Jumbo 129,453 852 (345 ) 129,960 267 (308 ) 129,919 Prime Jumbo Interest-Only 863,370 15,129 - 15,129 - (2,493 ) 12,636 Total residential credit investments $ 3,072,383 $ 29,499 $ (165,899 ) $ 2,072,613 $ 58,666 $ (5,250 ) $ 2,126,029 Total Residential Investment Securities $ 82,618,614 $ 5,490,312 $ (171,936 ) $ 78,939,815 $ 338,571 $ (1,562,484 ) $ 77,715,902 December 31, 2015 Principal / Notional Remaining Premium Remaining Discount Amortized Cost Unrealized Gains (1) Unrealized Losses (1) Estimated Fair Value Agency (dollars in thousands) Fixed-rate pass-through $ 57,339,705 $ 3,270,521 $ (2,832 ) $ 60,607,394 $ 400,350 $ (824,862 ) $ 60,182,882 Adjustable-rate pass-through 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 Alt-A 138,211 449 (14,131 ) 124,529 211 (460 ) 124,280 Prime 117,649 302 (10,916 ) 107,035 424 (81 ) 107,378 Subprime 122,667 22 (12,103 ) 110,586 63 (599 ) 110,050 NPL/RPL 354,945 19 (1,270 ) 353,694 19 (1,172 ) 352,541 Prime Jumbo 197,695 566 - 198,261 - (1,060 ) 197,201 Prime Jumbo 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 (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 reported in Net unrealized gains (losses) on investments measured at fair value through earnings in the Consolidated Statements of Comprehensive Income (Loss). The following table presents the Company’s Agency mortgage-backed securities portfolio by issuing Agency concentration as of December 31, 2016 and 2015: Investment Type December 31, 2016 December 31, 2015 (dollars in thousands) Fannie Mae $ 51,658,391 $ 42,647,075 Freddie Mac 23,858,110 22,960,595 Ginnie Mae 73,372 110,554 Total $ 75,589,873 $ 65,718,224 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 on underlying mortgages. The following table summarizes the Company’s available for sale Residential Investment Securities as of December 31, 2016 and 2015, according to their estimated weighted average life classifications: December 31, 2016 December 31, 2015 Weighted Average Life Estimated Fair Value Amortized Cost Estimated Fair Value Amortized Cost (dollars in thousands) Less than one year $ 63,510 $ 61,775 $ 37,862 $ 37,850 Greater than one year through five years 12,626,932 12,666,394 20,278,111 20,066,435 Greater than five years through ten years 56,785,601 57,738,588 46,473,701 47,174,319 Greater than ten years 8,239,859 8,473,058 443,820 436,693 Total $ 77,715,902 $ 78,939,815 $ 67,233,494 $ 67,715,297 The weighted average lives of the Agency mortgage-backed securities at December 31, 2016 and 2015 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, 2016 and 2015. December 31, 2016 December 31, 2015 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 $ 52,465,045 $ (1,094,957 ) 1,368 $ 20,072,072 $ (164,259 ) 463 12 Months or More 6,277,814 (266,609 ) 54 21,705,764 (689,981 ) 189 Total $ 58,742,859 $ (1,361,566 ) 1,422 $ 41,777,836 $ (854,240 ) 652 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, 2016, the Company disposed of $12.3 billion of Residential Investment Securities, resulting in a net realized gain of $31.0 million. During the year ended December 31, 2015, the Company disposed of $23.9 billion of Residential Investment Securities, resulting in a net 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 net realized gain of $94.5 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, 2016 and 2015 had accumulated net unrealized gains (losses) of ($191.4) million and ($96.1) million and an amortized cost of $1.4 billion and $1.6 billion, respectively.

MORTGAGE LOANS

MORTGAGE LOANS	12 Months Ended
	Dec. 31, 2016
Residential Mortgage
MORTGAGE LOANS	6. RESIDENTIAL MORTGAGE LOANS The table below presents the fair value and the unpaid principal balance of the residential mortgage loan portfolio as of December 31, 2016: (dollars in thousands) Fair value $ 342,289 Unpaid principal balance $ 338,323 The following table provides information regarding the line items and amounts recognized in the Consolidated Statements of Comprehensive Income (Loss) for the year ended December 31, 2016 for these investments: (dollars in thousands) Net gains (losses) on disposal of investments $ (922 ) Net unrealized gains (losses) on investments measured at fair value through earnings (5,614 ) Net interest income 3,452 Total included in net income (loss) $ (3,084 ) The following table provides the geographic concentrations based on the unpaid principal balances as of December 31, 2016 for the residential mortgage loans, including loans held in a securitization trust: Geographic Concentrations of Residential Mortgage Loans Property Location % of Balance California 46.3% Texas 9.6% Illinois 5.7% Florida 5.2% Washington 5.1% All other (none individually greater than 5%) 28.1% Total 100.0% The table below provides additional data on the Company’s residential mortgage loans, including loans held in a securitization trust, at December 31, 2016: December 31, 2016 Portfolio Range Portfolio Weighted Average (dollars in thousands) Unpaid principal balance $ 22 - $1,905 $ 691 Interest rate 2.50% - 6.75 % 3.72 % Maturity 4/8/2044 - 11/1/2046 8/20/2045 FICO score at loan origination 665 - 814 761 Loan-to-value ratio at loan origination 24% - 90 % 71 % As of December 31, 2016, approximately 85% of the carrying value of the Company’s residential mortgage loans, including loans held in a securitization trust, were adjustable-rate. The following table presents the activity related to residential mortgage loans for the year ended December 31, 2016: December 31, 2016 (dollars in thousands) Fair value, beginning of period $ - Obtained through Hatteras Acquisition 360,447 Purchases 165,213 Collection of principal (176,815 ) Amortization of premiums (942 ) Change in fair value (5,614 ) Fair value, end of period $ 342,289
Commercial Real Estate
MORTGAGE LOANS	SCHEDULE IV Schedule IV - Mortgage Loans on Commercial Real Estate December 31, 2016 (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: Hotel Various 26,223 1,691 1,691 8.65% N/A Interest Only 8/9/2019 Hotel Various 103,800 6,500 6,500 LIBOR+8.75% 0.2% Interest Only 2/9/2018 Hotel CA 50,000 10,000 10,000 10.25% N/A Interest Only 2/6/2019 Hotel Various 26,223 10,335 10,335 8.65% N/A Interest Only 8/9/2019 Hotel Various 103,800 25,000 25,000 LIBOR+9.95% 0.2% Interest Only 2/14/2019 Industrial Various 61,901 29,890 29,878 8.11% N/A Interest Only 6/28/2022 Mixed OH 129,890 36,816 36,816 9.5% N/A Interest Only 12/1/2023 Multi-Family NY 44,000 1,202 1,185 LIBOR+4.5% 0.2% Interest Only 2/9/2021 Multi-Family NY 446,371 54,164 53,694 7.81% N/A Interest Only 10/1/2020 Multi-Family NY 446,371 61,838 61,536 7.04% N/A Interest Only 10/1/2020 Office TX 64,312 2,944 2,944 10.25% N/A Interest Only 8/1/2018 Office TX 64,312 3,709 3,709 10.25% N/A Interest Only 8/1/2018 Office CO 13,469 6,000 6,000 10.96% N/A Interest Only 8/6/2018 Office TX 52,000 7,000 7,000 10.1% N/A Interest Only 12/1/2024 Office LA 64,000 8,700 8,700 10.75% N/A Interest Only 10/1/2023 Office CA 46,751 8,680 8,711 LIBOR+9.5% 0.25% Interest Only 3/31/2019 Office FL 52,000 9,000 8,826 LIBOR+4.2% 0.5% Interest Only 10/9/2021 Office TX 43,500 9,187 9,158 9.5% N/A Interest Only 9/1/2018 Office MD 53,637 9,942 9,935 11.7% N/A Interest Only 8/1/2017 Office MD 54,299 10,130 10,122 11.2% N/A Interest Only 8/1/2017 Office Various 190,132 18,962 18,966 LIBOR+7.5% 0.25% Interest Only 1/20/2017 Office NY 67,780 20,113 20,094 LIBOR+9.71% 0.2% Interest Only 3/2/2020 Office CA 90,000 25,723 25,581 LIBOR+4.35% 0.25% Interest Only 2/9/2021 Office CA 280,000 27,500 26,960 6.54% N/A Interest Only 1/2/2021 Office CA 280,000 38,667 38,127 7.67% N/A Interest Only 1/2/2021 Retail MA 64,500 10,000 10,000 10.14% N/A Interest Only 9/6/2023 Preferred Equity Investments: Mixed PA 26,000 9,000 8,967 11% N/A Interest Only 11/27/2018 First Mortgages: Multi-Family TX - 15,090 15,075 4.45% N/A Interest Only 10/1/2020 Multi-Family FL - 26,000 26,000 LIBOR+4.5% 0.25% Interest Only 5/9/2019 Multi-Family NC - 36,800 36,733 4.25% N/A Amortizing 11/1/2020 Multi-Family FL - 41,000 40,966 LIBOR+4.05% 0.2% Interest Only 6/5/2020 Multi-Family NY - 44,000 43,694 LIBOR+4.5% 0.2% Interest Only 2/9/2021 Office FL - 16,050 16,002 LIBOR+5% 0.2% Interest Only 12/6/2019 Office CA - 21,434 21,268 LIBOR+4% 0.2% Interest Only 3/5/2021 Office VA - 41,000 40,812 LIBOR+4.25% 0.2% Interest Only 12/9/2020 Office AZ - 45,000 44,711 LIBOR+4.35% 0.2% Interest Only 10/5/2018 Office FL - 52,000 51,523 LIBOR+4.2% 0.5% Interest Only 10/9/2021 Office NJ - 67,390 67,165 LIBOR+4.5% 0.25% Interest Only 5/9/2020 Office CA - 90,000 89,520 LIBOR+4.35% 0.25% Interest Only 2/9/2021 Retail (4) CO 12,827 16,558 16,602 5.58% N/A Amortizing 5/1/2017 First Mortgages Held for Sale: Office CA 165,000 115,000 114,425 2.91% N/A Interest Only 1/2/2021 $ 1,090,015 $ 1,084,931 (1) Represents third-party priority liens. (2) LIBOR represents the one month London Interbank Offer Rate, 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.

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	12 Months Ended
	Dec. 31, 2016
Transfers and Servicing [Abstract]
MORTGAGE SERVICING RIGHTS	7. MORTGAGE SERVICING RIGHTS In connection with the Hatteras Acquisition, the Company acquired an MSR portfolio and began investing in MSRs through Hatteras’ wholly-owned subsidiary during the third quarter of 2016. The Company elected to carry all investments in MSRs at fair value. The following table presents activity related to MSRs for the year ended December 31, 2016: December 31, 2016 (dollars in thousands) Fair value, beginning of period $ - Obtained through Hatteras Acquisition 355,820 Purchases 166,585 Change in fair value due to: Changes in valuation inputs or assumptions (1) 178,463 Other changes, including realization of expected cash flows (48,652 ) Fair value, end of period $ 652,216 (1) Principally represent changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates For the year ended December 31, 2016, the Company recognized $60.5 million of net servicing income from MSRs in Other income (loss) in the Consolidated Statements of Comprehensive Income (Loss).

COMMERCIAL REAL ESTATE INVESTME

COMMERCIAL REAL ESTATE INVESTMENTS	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
COMMERCIAL REAL ESTATE INVESTMENTS	8. COMMERCIAL REAL ESTATE INVESTMENTS 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 ($278.6 million, net of origination fees), and mezzanine debt with an initial principal balance of $55.0 million ($52.7 million, net of origination fees) and a future funding component of $30.0 million. The senior mortgage loan was held for sale as of December 31, 2015. During 2016, the Company sold $165.0 million ($164.0 million, net of origination fees) of the senior loan to unrelated third parties at carrying value. Accordingly, no gain or loss was recorded in connection with these sales. The balance of the senior loan of $115.0 million ($114.4 million, net of origination fees) remains held for sale as of December 31, 2016. At December 31, 2016 and 2015, commercial real estate investments held for investment were comprised of the following: CRE Debt and Preferred Equity Investments December 31, 2016 December 31, 2015 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 $ 512,322 $ 510,071 52.6 % $ 387,314 $ 385,838 28.6 % Senior securitized mortgages (3) - - 0.0 % 263,072 262,703 19.4 % Mezzanine loans 453,693 451,467 46.5 % 582,592 578,503 43.0 % Preferred equity 9,000 8,967 0.9 % 122,444 121,773 9.0 % Total (4) $ 975,015 $ 970,505 100.0 % $ 1,355,422 $ 1,348,817 100.0 % (1) Carrying value includes unamortized origination fees of $4.5 million and $6.9 million as of December 31, 2016 and 2015, respectively. (2) Based on outstanding principal. (3) Assets of consolidated VIEs. (4) Excludes Loans held for sale, net. December 31, 2016 Senior Mortgages Senior Securitized Mortgages (1) Mezzanine Loans Preferred Equity Total (dollars in thousands) Beginning balance $ 385,838 $ 262,703 $ 578,503 $ 121,773 $ 1,348,817 Originations & advances (principal) 211,318 - 62,390 - 273,708 Principal payments (86,310 ) (263,072 ) (191,291 ) (113,444 ) (654,117 ) Amortization & accretion of (premium) discounts (136 ) - (178 ) - (314 ) Net (increase) decrease in origination fees (2,086 ) - (472 ) - (2,558 ) Amortization of net origination fees 1,447 369 2,515 638 4,969 Net carrying value (2) $ 510,071 $ - $ 451,467 $ 8,967 $ 970,505 (1) (2) Excludes Loans held for sale, net. 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 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, net. Internal CRE Debt and Preferred Equity Investment Ratings The Company’s internal loan risk ratings are based on the guidance provided by the Office of the Comptroller of the Currency for commercial real estate lending. The Company’s internal risk rating categories include “Performing”, “Performing - Closely Monitored”, “Performing - Special Mention”, “Substandard”, “Doubtful” or “Loss”. Performing loans meet all present contractual obligations. Performing - Closely Monitored loans meet all present contractual obligations, but are transitional or could be exhibiting some weakness in both leverage and liquidity. Performing - Special Mention loans meet all present contractual obligations, but exhibit potential weakness that deserve 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 Company did not have any impaired loans, nonaccrual loans, or loans in default in the commercial loans portfolio as all of the loans were performing as of December 31, 2016 and 2015. Accordingly, no allowance for loan losses was deemed necessary as of December 31, 2016 and 2015. December 31, 2016 Internal Ratings Investment Type Outstanding Principal (1) Percentage of CRE Debt and Preferred Equity Portfolio Performing Performing - Closely Monitored Performing - Special Mention Substandard Doubtful Loss Total (dollars in thousands) Senior mortgages $ 512,322 52.6 % $ 144,434 $ 243,448 $ 124,440 $ - $ - $ - $ 512,322 Mezzanine loans 453,693 46.5 % 254,337 170,039 29,317 - - - 453,693 Preferred equity 9,000 0.9 % - - 9,000 - - - 9,000 $ 975,015 100.0 % $ 398,771 $ 413,487 $ 162,757 $ - $ - $ - $ 975,015 (1) December 31, 2015 Internal Ratings Investment Type Outstanding Principal (1) Percentage of CRE Debt and Preferred Equity Portfolio Performing Performing - Closely Monitored Performing - 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) (2) As of December 31, 2016, approximately 77% of the carrying value of the Company’s CRE Debt and Preferred Equity Investments, excluding commercial loans held for sale, were adjustable-rate. Investments in Commercial Real Estate There were no acquisitions of new real estate holdings during the year ended December 31, 2016. The following table summarizes acquisitions of real estate held for investment during 2015: Date of Acquisition Type Location Original Purchase Price Remaining Lease Term (Years) (1) (dollars in thousands) July 2015 Single Tenant Retail Ohio $ 11,000 3.9 August 2015 Multi Tenant Retail Florida $ 18,900 4.5 October 2015 Multifamily Property Washington, DC $ 75,000 1.0 October 2015 Multi Tenant Retail California $ 37,750 3.8 November 2015 Multi Tenant Retail Texas $ 131,950 4.2 (1) As of December 31, 2016. Does not include extension options. In the second quarter of 2016, the Company finalized the purchase price allocation of the eleven multi-tenant retail properties portfolio (“Texas Portfolio”) acquired in November 2015 for a total purchase price of $132.0 million and recognized $4.2 million of additional depreciation and amortization as a result. The following presents the aggregate final purchase price allocation of the Texas Portfolio: Texas (dollars in thousands) Purchase Price Allocation: Land $ 32,452 Buildings 82,552 Site improvements 5,446 Tenant Improvements 6,835 Real estate held for investment 127,285 Intangible assets (liabilities): Leasehold intangible assets 14,598 Above market lease 274 Below market lease (10,207 ) Total purchase price $ 131,950 The Company sold three non-core properties of the Texas Portfolio in June 2016 for $12.8 million and recognized a gain on sale of $0.8 million. The Company sold one of its wholly-owned triple net leased properties in November 2016 for $26.8 million and recognized a gain on sale of $2.0 million. The weighted average amortization period for intangible assets and liabilities as of December 31, 2016 is 4.7 years. 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. Total Commercial Real Estate Investment December 31, 2016 December 31, 2015 (dollars in thousands) Real estate held for investment, at amortized cost Land $ 112,675 $ 113,494 Buildings and improvements 335,945 373,603 Subtotal 448,620 487,097 Less: accumulated depreciation (34,221 ) (16,886 ) Total real estate held for investment, at amortized cost, net 414,399 470,211 Equity in unconsolidated joint ventures 60,168 65,735 Investments in commercial real estate, net $ 474,567 $ 535,946 Depreciation expense was $20.4 million and $12.7 million for the year ended December 31, 2016 and 2015, respectively and is included in Other income (loss) Rental Income 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, 2016 for consolidated investments in real estate are as follows (in thousands): December 31, 2016 (dollars in thousands) 2017 $ 30,441 2018 27,225 2019 23,231 2020 18,635 2021 14,554 Later years 26,424 $ 140,510 Mortgage loans payable as of December 31, 2016 and 2015, were as follows: December 31, 2016 Property Mortgage Carrying Value Mortgage Principal Interest Rate Fixed/Floating Rate Maturity Date Priority (dollars in thousands) Joint Ventures $ 285,993 $ 289,125 4.03% - 4.61 % Fixed 2024 and 2025 First liens Tennessee 12,261 12,350 4.01 % Fixed 9/6/2019 First liens Virginia 11,015 11,025 3.58 % Fixed 6/6/2019 First liens Arizona - - 3.50 % Fixed 1/1/2017 First liens Nevada 2,367 2,365 L+200 Floating (1) 3/29/2017 First liens $ 311,636 $ 314,865 (1) Includes a mortgage with a fixed rate via an interest rate swap (pay fixed 3.45%, receive floating rate of L+200). 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 % Fixed 2016, 2024 and 2025 First liens Tennessee 12,228 12,350 4.01 % Fixed 9/6/2019 First liens Virginia 11,012 11,025 3.58 % Fixed 6/6/2019 First liens Arizona 16,365 16,308 3.50 % Fixed 1/1/2017 First liens Nevada 2,444 2,436 L+200 Floating (1) 3/29/2017 First liens $ 334,707 $ 338,444 (1) Includes a mortgage with a fixed rate 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, 2016: Mortgage Loan Principal Payments (dollars in thousands) 2017 $ 2,365 2018 - 2019 23,375 2020 - 2021 - Later years 289,125 $ 314,865

CORPORATE DEBT

CORPORATE DEBT	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
CORPORATE DEBT	9. CORPORATE DEBT The Company invests in corporate loans and corporate debt securities through Annaly Middle Market Lending LLC (or MML). The industry and rate sensitivity dispersion of the portfolio as of December 31, 2016 and 2015 are as follows: Industry Dispersion December 31, 2016 December 31, 2015 Fixed Rate Floating Rate Total Fixed Rate Floating Rate Total (dollars in thousands) Aircraft and Parts $ - $ 32,067 $ 32,067 $ - $ - $ - Commercial Fishing - 40,600 40,600 - 41,979 41,979 Computer Programming, Data Processing & Other Computer Related Services - 146,547 146,547 - 73,758 73,758 Drugs - 34,042 34,042 - - - Drugs, Drug Proprietaries & Druggists's Sundries - - - - 43,617 43,617 Groceries and Related Products - 14,856 14,856 - 28,286 28,286 Grocery Stores - 23,761 23,761 - - - Home Health Care Services - 39,205 39,205 - 34,432 34,432 Insurance Agents, Brokers and services 4,391 73,267 77,658 - 29,221 29,221 Laboratory Apparatus and Analytical, Optical, Measuring, and Controlling Instruments - - - - 7,475 7,475 Management and Public Relations Services - 16,493 16,493 - - - Medical and Dental Laboratories - 17,292 17,292 - - - Miscellaneous Business Services 84,486 - 84,486 74,682 - 74,682 Miscellaneous Health and Allied Services, not elsewhere classified - 9,791 9,791 - 9,875 9,875 Miscellaneous Nonmetallic Minerals, except Fuels - 24,688 24,688 - 24,666 24,666 Miscellaneous Plastic Products - 27,036 27,036 - 12,697 12,697 Motor Vehicles and Motor Vehicle Parts and Supplies - 12,319 12,319 - - - Offices and Clinics of Doctors of Medicine - 83,386 83,386 - 61,275 61,275 Personnel Supply Services - 36,921 36,921 - 7,573 7,573 Research, Development and Testing Services - 17,744 17,744 - 17,742 17,742 Schools and Educational Services, not elsewhere classified - 20,979 20,979 - 21,230 21,230 Surgical, Medical, and Dental Instruments and Supplies - 13,403 13,403 - - - Total $ 88,877 $ 684,397 $ 773,274 $ 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, 2016 and 2015. December 31, 2016 December 31, 2015 (dollars in thousands) First lien loans $ 505,956 $ 280,441 Second lien loans 178,441 133,385 Second lien notes 84,486 74,682 Subordinated notes 4,391 - Total $ 773,274 $ 488,508

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	10. VARIABLE INTEREST ENTITIES In January 2014, the Company closed NLY Commercial Mortgage Trust 2014-FL1 (the “NLY Commercial Mortgage Trust”), a $399.5 million securitization financing transaction which provided 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 NLY Commercial Mortgage 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 NLY Commercial Mortgage 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 were 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, 2016, the underlying securitized debt was fully paid off, and accordingly, the remaining costs were fully amortized. The Company is considered to be the primary beneficiary of NLY Commercial Mortgage Trust as a result of its ability to remove the special servicer without cause and through its ownership of subordinated certificates. The Company did not elect the fair value option for the loans in this VIE in order to consistently account for loans it originated that are held for investment and carried at amortized cost. 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 $1.3 billion and $1.2 billion, respectively, at December 31, 2016. 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 $1.1 billion and $1.0 billion, respectively, at December 31, 2016. In February 2016, the Company purchased the junior- most tranche, Class C Certificate of the Freddie Mac securitization, FREMF Mortgage Trust 2016-KLH1 (“FREMF 2016-KLH1”) for $107.6 million, net of a $4.4 million discount to face value of $112.0 million. The underlying portfolio is a pool of 28 floating rate multifamily mortgage loans with a cut-off principal balance of $1.5 billion. The Company is required to consolidate the FREMF 2016-KLH1 Trust’s assets and liabilities of $1.5 billion and $1.4 billion, respectively, at December 31, 2016. FREMF 2015-KLSF, FREMF 2015-KF07 and FREMF 2016-KLH1 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 $281.6 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 financial liabilities, the Company has determined that the fair value of each of the financial assets in their entirety should be classified in Level 2 of the fair value measurement hierarchy. The FREMF Trusts mortgage loans had an unpaid principal balance of $3.9 billion at December 31, 2016. As of December 31, 2016 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, 2016 based upon the Company’s process of monitoring events of default on the underlying mortgage loans. The Company consolidates a residential mortgage trust that issued residential mortgage-backed securities that are collateralized by residential mortgage loans that had been transferred to the trust by one of the Company’s subsidiaries. The Company owns most of the mortgage-backed securities issued by this VIE, including the subordinate securities, and a subsidiary of the Company continues to be the servicer. As such, the Company is deemed to be the primary beneficiary of the residential mortgage trust and consolidates the entity. The Company has elected the fair value option for the financial assets and liabilities of this VIE, but has elected not to apply the practical expedient under ASU 2014-13 as prices of both the financial liabilities and financial assets of the residential mortgage trust are available from third-party pricing services. The contractual principal amount of the residential mortgage trust’s debt was $164.5 million as of December 31, 2016. In June 2016, a consolidated subsidiary of the Company (the “Borrower”) entered into a $300.0 million credit facility with a third party financial institution. The Borrower was determined to be a VIE and the Company was determined to be the primary beneficiary due to its role as collateral manager and because it holds a variable interest in the entity that could be potentially significant to the entity. The Company has transferred corporate loans with a carrying amount of $592.9 million at December 31, 2016 that are pledged as collateral for the credit facility. The transfers did not qualify for sale accounting and are reflected as an intercompany secured borrowing that is eliminated upon consolidation. As of December 31, 2016, the Borrower had an intercompany receivable of $292.6 million, which eliminates upon consolidation and an Other secured financing of $292.6 million to the third party financial institution. The Company also owns variable interests in an entity that invests in MSRs and has structured its operations, funding and capitalization into pools of assets and liabilities referred to as “silos.” Owners of variable interests in a given silo are entitled to all of the returns and risk of loss on the investments and operations of that silo and have no substantive recourse to the assets of any other silo. While the Company has power over all silos because it holds 100% of the voting interests in the entity, it is the primary beneficiary of those silos in which it holds variable interests that could be potentially significant to that silo. The Company’s exposure to the obligations of its VIEs is generally limited to the Company’s investment in the VIEs of $1.1 billion at December 31, 2016. Assets of the VIEs may only be used to settle obligations of the VIEs. Creditors of the VIEs 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 VIEs. No gain or loss was recognized upon initial consolidation of the VIEs. Interest income and expense are recognized using the effective interest method. The statements of financial condition of the Company’s VIEs that are reflected in the Company’s Consolidated Statements of Financial Condition at December 31, 2016 and 2015 are as follows: December 31, 2016 FREMF Trusts Residential Mortgage Loan Trust MSR Silos (dollars in thousands) Assets Cash and cash equivalents $ - $ - $ 23,198 Commercial real estate debt investments 3,890,807 - - Residential mortgages loans - 165,869 8,309 Mortgage servicing rights - - 652,216 Accrued interest receivable 8,690 836 - Other derivatives, at fair value - - 9 Other assets 138 - 35,540 Total assets $ 3,899,635 $ 166,705 $ 719,272 Liabilities Securitized debt (non-recourse) at fair value $ 3,609,164 $ 46,638 $ - Other secured financing - - 3,825 Other derivatives, at fair value - - 9 Accrued interest payable 4,350 107 - Accounts payable and other liabilities - 662 14,007 Total liabilities $ 3,613,514 $ 47,407 $ 17,841 December 31, 2015 FREMF Trusts NLY Commercial Mortgage Trust (dollars in thousands) Assets Cash and cash equivalents $ - $ 49,025 Commercial real estate debt investments 2,554,023 - Commercial real estate and debt and preferred equity, held for investment - 262,703 Accrued interest receivable 4,994 431 Other assets - 169 Total assets $ 2,559,017 $ 312,328 Liabilities Securitized debt (non-recourse) at fair value $ 2,366,878 $ - Securitized debt (non-recourse) at amortized cost - 173,833 Accrued interest payable 4,183 191 Accounts payable and other liabilities - 290 Total liabilities $ 2,371,061 $ 174,314 The statement of comprehensive income (loss) of the Company’s VIEs that is reflected in the Company’s Consolidated Statements of Comprehensive Income (Loss) at December 31, 2016 is as follows: For the Year Ended December 31, 2016 FREMF Trusts NLY Commercial Mortgage Trust Residential Mortgage Loan Trust MSR Silos (dollars in thousands) Net interest income: Interest income $ 94,991 $ 9,541 $ 2,292 $ 129 Interest expense 41,395 2,302 694 60 Net interest income 53,596 7,239 1,598 69 Realized gain (loss) on disposal of investments - - (505 ) 87 Unrealized gain (loss) on investments at fair value (1) (412 ) - (2,280 ) 129,355 Other income (loss) (25,290 ) - (183 ) 59,410 General and administration expenses 7 - 36 2,677 Net income (loss) $ 27,887 $ 7,239 $ (1,406 ) $ 186,244 (1) Included in Net unrealized gains (losses) on investments measured at fair value through earnings. The geographic concentrations of credit risk exceeding 5% of the total loan unpaid principal balances related to the Company’s VIEs as of December 31, 2016 are as follows: Securitized Loans at Fair Value Geographic Concentration of Credit Risk FREMF Trusts Residential Mortgage Loan Trust Property Location Principal Balance % of Balance Property Location Principal Balance % of Balance (dollars in thousands) Texas $ 682,829 17.7 % California $ 76,254 46.3 % North Carolina 537,375 13.9 % Texas 16,925 10.3 % Maryland 499,495 12.9 % Washington 10,762 6.5 % Florida 456,441 11.8 % Illinois 10,193 6.2 % Virginia 329,250 8.5 % Florida 9,362 5.7 % New York 280,925 7.3 % Other (1) 41,263 25.0 % Pennslyvania 225,810 5.8 % Ohio 197,455 5.1 % Other (1) 655,332 17.0 % Total $ 3,864,912 100.0 % $ 164,759 100.0 % (1) No individual state greater than 5%

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	11. 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. Futures contracts 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. Fair value estimates for residential mortgage loans are generated by a discounted cash flow model and are primarily based on observable market-based inputs including discount rates, prepayment speeds, delinquency levels, and credit losses. 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. Residential Investment Securities, residential mortgage loans, interest rate swap and swaption markets and MBS options 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 hierarchy. The fair value of commercial mortgage-backed securities classified as available-for-sale is determined based upon quoted prices of similar assets in recent market transactions and requires the application of judgment due to differences in the underlying collateral. Consequently, as discussed in the “Commercial Real Estate Investments” Note, Commercial real estate debt investments carried at fair value are classified as Level 2. The fair value of securitized debt of consolidated VIEs is determined using the average of external vendor pricing services. The Company classifies its investments in MSRs as Level 3 in the fair value measurements hierarchy. Fair value estimates for these investments are obtained from internal models, which use significant unobservable inputs in their valuations. These valuations primarily utilize discounted cash flow models that incorporate unobservable market data inputs including prepayment rates, delinquency levels, costs to service and discount rates. Model valuations are then compared to external valuations obtained from third-party pricing providers. Management reviews the valuations received from third-party pricing providers and uses them as a point of comparison to its internally modeled values. The valuation of MSRs requires significant judgment by management and the third-party pricing providers. Assumptions used for which there is a lack of observable inputs may significantly impact the resulting fair value and therefore the Company’s financial statements. The following table presents the estimated fair values of financial instruments measured at fair value on a recurring basis. There were no transfers between levels of the fair value hierarchy during the periods presented. Level 1 Level 2 Level 3 Total December 31, 2016 (dollars in thousands) Assets: Agency mortgage-backed securities $ - $ 75,589,873 $ - $ 75,589,873 Credit risk transfer securities - 724,722 - 724,722 Non-Agency mortgage-backed securities - 1,401,307 - 1,401,307 Residential mortgage loans - 342,289 - 342,289 Mortgage servicing rights - - 652,216 652,216 Commercial real estate debt investments - 4,321,739 - 4,321,739 Interest rate swaps - 68,194 - 68,194 Other derivatives 168,209 3,057 - 171,266 Total assets $ 168,209 $ 82,451,181 $ 652,216 $ 83,271,606 Liabilities: Securitized debt of consolidated VIEs $ - $ 3,655,802 $ - $ 3,655,802 Interest rate swaps - 1,443,765 - 1,443,765 Other derivatives 24,912 61,525 - 86,437 Total liabilities $ 24,912 $ 5,161,092 $ - $ 5,186,004 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 Quantitative Information about Level 3 Fair Value Measurements The Company considers unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraph provides a general description of sensitivities of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. The effect of a change in a particular assumption in the sensitivity analysis below is considered independently of changes in any other assumptions. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply. For MSRs, in general, increases in the discount, prepayment or delinquency rates or in annual servicing costs in isolation would result in a lower fair value measurement. A decline in interest rates could lead to higher-than-expected prepayments of mortgages underlying the Company’s investments in MSRs, which in turn could result in a decline in the estimated fair value of MSRs. Refer to the Note titled “Mortgage Servicing Rights” for additional information. The table below presents information about the significant unobservable inputs used for recurring fair value measurements for Level 3 MSRs. The table does not give effect to the Company’s risk management practices that might offset risks inherent in these Level 3 investments. December 31, 2016 Range Valuation Technique Unobservable Input (1) (Weighted Average ) Discounted cash flow Discount rate 10.0% -15.0% (10.4%) Prepayment rate 5.1% - 18.8% (8.7%) Delinquency rate 0.0% - 10.0% (2.3%) Cost to service $83 - $152 ($100) (1) Fair Value Information about Financial Instruments Not Carried at Fair Value 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 following table summarizes the estimated fair value for financial assets and liabilities as of December 31, 2016 and 2015. December 31, 2016 December 31, 2015 Level in Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Financial assets: (dollars in thousands) Cash and cash equivalents 1 $ 1,539,746 $ 1,539,746 $ 1,769,258 $ 1,769,258 Agency mortgage-backed securities 2 75,589,873 75,589,873 65,718,224 65,718,224 Agency debentures 2 - - 152,038 152,038 Credit risk transfer securities 2 724,722 724,722 456,510 456,510 Non-Agency mortgage-backed securities 2 1,401,307 1,401,307 906,722 906,722 Residential mortgage loans 2 342,289 342,289 - - Mortgage servicing rights 3 652,216 652,216 - - Commercial real estate debt investments 2 4,321,739 4,321,739 2,911,828 2,911,828 Commercial real estate debt and preferred equity, held for investment 3 970,505 968,824 1,348,817 1,350,968 Commercial loans held for sale, net 3 114,425 114,425 278,600 278,600 Corporate debt (1) 2 773,274 776,310 488,508 470,894 Interest rate swaps 2 68,194 68,194 19,642 19,642 Other derivatives 1,2 171,266 171,266 22,066 22,066 Financial liabilities: Repurchase agreements 1,2 $ 65,215,810 $ 65,256,505 $ 56,230,860 $ 56,361,623 Other secured financing 1,2 3,884,708 3,885,430 1,845,048 1,846,095 Securitized debt of consolidated VIEs 2 3,655,802 3,655,802 2,540,711 2,541,193 Participation sold 2 12,869 12,827 13,286 13,138 Mortgage payable 3 311,636 312,442 334,707 339,849 Interest rate swaps 2 1,443,765 1,443,765 1,677,571 1,677,571 Other derivatives 1,2 86,437 86,437 49,963 49,963 (1) Includes a held-to-maturity debt security carried at amortized cost of $84.5 million, with a fair value of $87.8 million, and $74.7 million, with a fair value of $61.3 million, as of December 31, 2016 and 2015, respectively. The bond’s stated maturity is May 15, 2020.

SECURED FINANCING

SECURED FINANCING	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
SECURED FINANCING	12. SECURED FINANCING The Company had outstanding $65.2 billion and $56.2 billion of repurchase agreements with weighted average effective borrowing rates of 1.64% and 1.83%, after giving effect to the Company’s interest rate swaps used to hedge cost of funds, and weighted average remaining maturities of 96 days and 151 days as of December 31, 2016 and 2015, respectively. At December 31, 2016 and 2015, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates: December 31, 2016 Agency Mortgage-backed Securities CRTs Non-Agency Mortgage-backed Securities Commercial Loans Total Repurchase Agreements Weighted Average Rate (dollars in thousands) 1 day $ - $ - $ - $ - $ - - 2 to 29 days 29,657,705 358,972 377,366 - 30,394,043 0.87 % 30 to 59 days 11,373,300 80,139 241,360 - 11,694,799 1.10 % 60 to 89 days 6,966,827 13,914 101,491 - 7,082,232 1.14 % 90 to 119 days 2,063,561 - - - 2,063,561 0.89 % Over 120 days (1) 13,646,308 - - 334,867 13,981,175 1.47 % Total $ 63,707,701 $ 453,025 $ 720,217 $ 334,867 $ 65,215,810 1.07 % (1) December 31, 2015 Agency Mortgage-backed Securities CRTs Non-Agency Mortgage-backed Securities Commercial Loans Total Repurchase Agreements Weighted Average Rate (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 % (1) 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 amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition as of December 31, 2016 and 2015. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments. December 31, 2016 December 31, 2015 Reverse Repurchase Agreements Repurchase Agreements Reverse Repurchase Agreements Repurchase Agreements (dollars in thousands) Gross Amounts $ 400,000 $ 65,615,810 $ - $ 56,230,860 Amounts Offset (400,000 ) (400,000 ) - - Netted Amounts $ - $ 65,215,810 $ - $ 56,230,860 The Company also finances a portion of its financial assets with advances from the Federal Home Loan Bank of Des Moines (“FHLB Des 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, 2016, $3.6 billion of advances from the FHLB Des Moines matures beyond three years. As of December 31, 2015, $402.8 million of advances from the FHLB Des Moines matured within 90 days and $1.4 billion extended beyond three years. The weighted average rate of the advances from the FHLB Des Moines was 0.76% and 0.59% at December 31, 2016 and 2015, respectively. Financial instruments pledged as collateral under secured financing arrangements and interest rate swaps had an estimated fair value and accrued interest of $74.3 billion and $229.2 million, respectively, at December 31, 2016 and $62.3 billion and $171.7 million, respectively, at December 31, 2015.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	13. DERIVATIVE INSTRUMENTS 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 and certain forward purchase commitments 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 Investment Securities pledged as collateral as well as receiving payments in accordance with the terms of the derivative contracts. The table below summarizes fair value information about our derivative assets and liabilities as of December 31, 2016 and 2015: Derivatives Instruments Balance Sheet Location December 31, 2016 December 31, 2015 Assets: (dollars in thousands) Interest rate swaps Interest rate swaps, at fair value $ 68,194 $ 19,642 TBA derivatives Other derivatives, at fair value 2,774 9,622 Futures contracts Other derivatives, at fair value 168,209 12,444 Purchase commitments Other derivatives, at fair value 283 - $ 239,460 $ 41,708 Liabilities: Interest rate swaps Interest rate swaps, at fair value $ 1,443,765 $ 1,677,571 TBA derivatives Other derivatives, at fair value 60,972 17,185 Futures contracts Other derivatives, at fair value 24,912 32,778 Purchase commitments Other derivatives, at fair value 553 - $ 1,530,202 $ 1,727,534 The following table summarizes certain characteristics of the Company’s interest rate swaps at December 31, 2016 and 2015: December 31, 2016 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 $ 3,444,365 1.37 % 1.00 % 2.71 3 - 6 years 10,590,000 1.92 % 0.99 % 3.94 6 - 10 years 8,206,900 2.35 % 1.10 % 7.82 Greater than 10 years 3,634,400 3.70 % 0.83 % 18.36 Total / Weighted Average $ 25,875,665 2.22 % 1.02 % 6.87 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 (1) There were no forward starting swaps as of December 31, 2016. Notional amount includes $500.0 million in forward starting pay fixed swaps as of December 31, 2015. (2) Excludes forward starting swaps. (3) There were no forward starting swaps as of December 31, 2016. Weighted average fixed rate on forward starting pay fixed swaps was 1.44% as of December 31, 2015. There were no swaptions outstanding as of December 31, 2016 and 2015. The following table summarizes certain characteristics of the Company’s TBA derivatives at December 31, 2016 and 2015: December 31, 2016 Purchase and sale contracts for derivative TBAs Notional Implied Cost Basis Implied Market Value Net Carrying Value (dollars in thousands) Purchase contracts $ 11,223,000 $ 11,495,514 $ 11,437,316 $ (58,198 ) 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 ) The following table summarizes certain characteristics of the Company’s futures derivatives as of December 31, 2016 and 2015: December 31, 2016 Notional - Long Positions Notional - Short Positions Weighted Average Years to Maturity (dollars in thousands) 2-year swap equivalent Eurodollar contracts $ - $ (14,968,250 ) 2.00 U.S. Treasury futures - 5 year - (1,697,200 ) 4.42 U.S. Treasury futures - 10 year and greater - (2,250,000 ) 8.39 Total $ - $ (18,915,450 ) 2.98 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, 2016 and 2015, respectively. December 31, 2016 Amounts Eligible for Offset Gross Amounts Financial Instruments Cash Collateral Net Amounts Assets: (dollars in thousands) Interest rate swaps, at fair value $ 68,194 $ (68,194 ) $ - $ - TBA derivatives, at fair value 2,774 (2,172 ) - 602 Futures contracts, at fair value 168,209 (24,912 ) - 143,297 Purchase commitments 283 - - 283 Liabilities: Interest rate swaps, at fair value $ 1,443,765 $ (68,194 ) $ (768,877 ) $ 606,694 TBA derivatives, at fair value 60,972 (2,172 ) - 58,800 Futures contracts, at fair value 24,912 (24,912 ) - - Purchase commitments 553 - - 553 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 ) - 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, 2016 $ (506,681 ) $ (113,941 ) $ 282,190 December 31, 2015 $ (624,495 ) $ (226,462 ) $ (124,869 ) December 31, 2014 $ (825,360 ) $ (779,333 ) $ (948,755 ) (1) Interest expense related to interest rate swaps is recorded in Realized gains (losses) on interest rate swaps on the Consolidated Statements of 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, 2016 Derivative Instruments Realized Gain (Loss) Unrealized Gain (Loss) Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets (dollars in thousands) Net TBA derivatives $ 164,008 $ (50,636 ) $ 113,372 Net interest rate swaptions 4,850 - 4,850 Futures (51,148 ) 163,631 112,483 Purchase commitments - (123 ) (123 ) $ 230,582 Year Ended December 31, 2015 Derivative Instruments Realized Gain (Loss) Unrealized Gain (Loss) Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets (dollars in thousands) Net TBA derivatives $ 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 Certain of the Company’s derivative contracts are subject to International Swaps and Derivatives Association Master Agreements or other similar agreements which may contain provisions that grant counterparties certain rights with respect to the applicable agreement upon the occurrence of certain events such as (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, 2016 was approximately $1.3 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, 2016
Text Block [Abstract]
CONVERTIBLE SENIOR NOTES	14. 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, 2016
Equity [Abstract]
COMMON STOCK AND PREFERRED STOCK	15. COMMON STOCK AND PREFERRED STOCK The Company’s authorized shares of capital stock, par value of $0.01 per share, consists of 1,945,437,500 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, 18,400,000 shares classified as 7.50% Series D Cumulative Redeemable Preferred Stock, and 11,500,000 shares classified as 7.625% Series E Cumulative Redeemable Preferred Stock. (A) Common Stock At December 31, 2016 and 2015, the Company had issued and outstanding 1,018,913,249 and 935,929,561 shares of common stock, respectively, with a par value of $0.01 per share. No options were exercised during the years ended December 31, 2016, 2015, and 2014. During the years ended December 31, 2016, 2015 and 2014 the Company raised $2.4 million (by issuing 228,000 shares), $2.2 million (by issuing 221,000 shares) and $2.4 million (by issuing 210,000 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, 2016, the Company repurchased 11,132,226 shares of its common stock under the Repurchase Program for an aggregate amount of $102.7 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, 2016 and 2015, 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, 2016, the Company had declared and paid all required quarterly dividends on the Series A Preferred Stock. At December 31, 2016 and 2015, 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, 2016, the Company had declared and paid all required quarterly dividends on the Series C Preferred Stock. At December 31, 2016 and 2015, 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, 2016, the Company had declared and paid all required quarterly dividends on the Series D Preferred Stock. At December 31, 2016, the Company had issued and outstanding 11,500,000 shares of Series E Cumulative Redeemable Preferred Stock (“Series E 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 E 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 E 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 August 27, 2017 (subject to the Company’s right under limited circumstances to redeem the Series E 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). The Series E Preferred Stock was issued in July 2016 as part of the Hatteras Acquisition. Refer to the “Acquisition of Hatteras” Note for additional information. Through December 31, 2016, the Company had declared and paid all required quarterly dividends on the Series E Preferred Stock. The 7.875% Series A Preferred Stock, 7.625% Series C Preferred Stock, 7.50% Series D Preferred Stock and 7.625% Series E Preferred Stock rank senior to the common stock of the Company. (C) Distributions to Stockholders The following table provides a summary of the Company’s dividend distribution activity for the periods presented: For the Years Ended December 31, 2016 December 31, 2015 (dollars in thousands, except per share data) Distributions declared to common stockholders $ 1,162,897 $ 1,133,768 Distributions declared per common share $ 1.20 $ 1.20 Distributions paid to common stockholders after period end $ 305,674 $ 280,779 Distributions paid per common share after period end $ 0.30 $ 0.30 Date of distributions paid to common stockholders after period end January 31, 2017 January 29, 2016 Dividends declared to Series A Preferred stockholders $ 14,593 $ 14,593 Dividends declared per Series A Preferred share $ 1.97 $ 1.97 Dividends declared to Series C Preferred stockholders $ 22,875 $ 22,875 Dividends declared per Series C Preferred share $ 1.91 $ 1.91 Dividends declared to Series D Preferred stockholders $ 34,500 $ 34,500 Dividends declared per Series D Preferred share $ 1.88 $ 1.88 Dividends declared to Series E Preferred stockholders $ 10,292 $ - Dividends declared per Series E Preferred share $ 0.95 $ -

INTEREST INCOME AND INTEREST EX

INTEREST INCOME AND INTEREST EXPENSE	12 Months Ended
	Dec. 31, 2016
Banking and Thrift, Interest [Abstract]
INTEREST INCOME AND INTEREST EXPENSE	16. 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, 2016, 2015 and 2014. For the Years Ended December 31, 2016 2015 2014 Interest income: (dollars in thousands) Residential Investment Securities $ 1,944,457 $ 1,963,629 $ 2,467,783 Residential mortgage loans 4,147 - - Commercial investment portfolio (1) 252,436 203,804 161,837 U.S. Treasury securities - - 1,329 Securities loaned - - 114 Reverse repurchase agreements 9,911 3,264 1,335 Total interest income 2,210,951 2,170,697 2,632,398 Interest expense: Repurchase agreements 585,826 420,325 417,194 Convertible Senior Notes - 29,740 87,293 U.S. Treasury securities sold, not yet purchased - - 1,076 Securities borrowed - - 95 Securitized debt of consolidated VIEs 44,392 20,065 6,350 Participation sold 627 639 651 Other 26,907 827 - Total interest expense 657,752 471,596 512,659 Net interest income $ 1,553,199 $ 1,699,101 $ 2,119,739 (1)

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	17. GOODWILL At December 31, 2016 and 2015, Goodwill totaled $71.8 million. An impairment to Goodwill of $23.0 million related to FIDAC was recognized in 2015 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, 2016
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	18. 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, 2016, 2015 and 2014. For the Years Ended December 31, 2016 December 31, 2015 December 31, 2014 (dollars in thousands, except per share data) Net income (loss) $ 1,432,786 $ 465,747 $ (842,279 ) Less: Net income (loss) attributable to noncontrolling interest (970 ) (809 ) (196 ) Net income (loss) attributable to Annaly 1,433,756 466,556 (842,083 ) Less: Dividends on preferred stock 82,260 71,968 71,968 Net income (loss) per share available (related) to common stockholders, prior to adjustment for dilutive potential common shares, if necessary 1,351,496 394,588 (914,051 ) Add: Interest on Convertible Senior Notes, if dilutive - - - Net income (loss) available to common stockholders, as adjusted $ 1,351,496 $ 394,588 $ (914,051 ) Weighted average shares of common stock outstanding-basic 969,787,583 947,062,099 947,539,294 Add: Effect of stock awards and Convertible Senior Notes, if dilutive 314,770 214,643 - Weighted average shares of common stock outstanding-diluted 970,102,353 947,276,742 947,539,294 Net income (loss) per share available (related) to common share: Basic $ 1.39 $ 0.42 $ (0.96 ) Diluted $ 1.39 $ 0.42 $ (0.96 ) Options to purchase 1.1 million shares, 1.2 million shares and 2.3 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, 2016, 2015 and 2014, respectively.

LONG-TERM STOCK INCENTIVE PLAN

LONG-TERM STOCK INCENTIVE PLAN	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
LONG-TERM STOCK INCENTIVE PLAN	19. The Company adopted the 2010 Equity Incentive Plan (the “Plan”), which authorizes the Compensation Committee of the Board to grant options, stock appreciation rights, dividend equivalent rights, or other share-based awards, including restricted shares up to an aggregate of 25,000,000 shares, subject to adjustments as provided in the 2010 Equity Incentive Plan. The Company had previously adopted a long-term stock incentive plan for executive officers, key employees and non-employee directors (the “Prior Plan”). The Prior Plan authorized the Compensation Committee of the Board to grant awards, including non-qualified options as well as incentive stock options as defined under Section 422 of the Code. The Prior Plan authorized the granting of options or other awards for an aggregate of the greater 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, 2016 December 31, 2015 Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Options outstanding at the beginning of year 1,168,775 $ 15.34 2,259,335 $ 15.35 Granted - - - - Exercised - - - - Forfeited (6,400 ) 14.69 (795,810 ) 14.72 Expired (36,750 ) 12.90 (294,750 ) 17.07 Options outstanding at the end of period 1,125,625 $ 15.43 1,168,775 $ 15.34 Options exercisable at the end of the period 1,125,625 $ 15.43 1,168,775 $ 15.34 The weighted average remaining contractual term was approximately 1.5 years and 2.4 years for stock options outstanding and exercisable as of December 31, 2016 and 2015, respectively. As of December 31, 2016 and 2015, there was no unrecognized compensation cost related to nonvested share-based compensation awards.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	20. INCOME TAXES For the year ended December 31, 2016 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. 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 years ended December 31, 2016, 2015 and 2014, the Company recorded a net income tax expense (benefit) of ($1.8) million, ($1.9) million and $5.9 million, respectively, for income and losses attributable to its TRSs. The Company’s federal, state and local tax returns from 2013 and forward remain open for examination.

LEASE COMMITMENTS AND CONTINGEN

LEASE COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
LEASE COMMITMENTS AND CONTINGENCIES	21. LEASE COMMITMENTS AND CONTINGENCIES 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. The lease expense for the years ended December 31, 2016, 2015, and 2014 was $3.1 million, $2.9 million and $3.0 million, respectively. The Company’s aggregate future minimum lease payments total $32.9 million. The following table details the future lease payments: Years Ending December 31, Lease Commitments (dollars in thousands) 2017 $ 3,697 2018 3,641 2019 3,565 2020 3,652 2021 3,862 Later years 14,481 $ 32,898 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, 2016 and 2015.

RISK MANAGEMENT

RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
RISK MANAGEMENT	22. 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 investments at an inopportune time when prices are depressed. The Company has established policies and procedures for mitigating risks, including conducting scenario and sensitivity 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. The majority 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. MSR values may also be adversely impacted if overall costs to service the underlying mortgage loans increase due to borrower performance. 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, 2016
Brokers and Dealers [Abstract]
RCAP REGULATORY REQUIREMENTS	23. 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, 2016 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, 2016 was $395.5 million with excess net capital of $395.2 million.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	24. RELATED PARTY TRANSACTIONS Investment in Affiliate and Advisory Fees 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, 2016, the Company did not record any advisory fees. For the years ended December 31, 2015 and 2014, the Company recorded advisory fees from Chimera totaling $24.8 million and $31.3 million, respectively. 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). 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 was amended on November 5, 2014 and amended and restated on April 12, 2016 and restated 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 reduce the management fee. The Company does not pay the Manager any incentive fees. For the years ended December 31, 2016, 2015 and 2014, the compensation and management fee was $151.6 million (includes $8.4 million related to compensation expense for the employees of the Company’s subsidiaries), $150.3 million (includes $7.5 million related to compensation expense for the employees of the Company’s subsidiaries) and $155.6 million (includes $24.2 million related to compensation expense for the employees of the Company’s subsidiaries), respectively The Management Agreement’s current term ends on December 31, 2018 and will automatically renew for successive two-year terms 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. Following the Externalization, the Company continues to retain employees at certain 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. 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.

SUMMARIZED QUARTERLY RESULTS (U

SUMMARIZED QUARTERLY RESULTS (UNAUDITED)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
SUMMARIZED QUARTERLY RESULTS (UNAUDITED)	25. SUMMARIZED QUARTERLY RESULTS (UNAUDITED) The following is a presentation of summarized quarterly results of operations for the years ended December 31, 2016 and 2015. For the Quarters Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 (dollars in thousands, expect per share data) Interest income $ 807,022 $ 558,668 $ 457,118 $ 388,143 Interest expense 183,396 174,154 152,755 147,447 Net interest income 623,626 384,514 304,363 240,696 Total realized and unrealized gains (losses) 1,250,636 412,906 (523,785 ) (1,055,553 ) Total other income (loss) 30,918 29,271 (9,930 ) (6,115 ) Less: Total general and administrative expenses 55,453 97,737 49,221 47,945 Income before income taxes and noncontrolling interest 1,849,727 728,954 (278,573 ) (868,917 ) Less: Income taxes 1,244 (1,926 ) (76 ) (837 ) Net income (loss) 1,848,483 730,880 (278,497 ) (868,080 ) Less: Net income attributable to noncontrolling interest (87 ) (336 ) (385 ) (162 ) Less: Dividends on preferred stock 23,473 22,803 17,992 17,992 Net income (loss) available (related) to common stockholders $ 1,825,097 $ 708,413 $ (296,104 ) $ (885,910 ) Net income (loss) available (related) per share to common stockholders: Basic $ 1.79 $ 0.70 $ (0.32 ) $ (0.96 ) Diluted $ 1.79 $ 0.70 $ (0.32 ) $ (0.96 ) 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 and noncontrolling interest 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 )

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III Schedule III - Real Estate and Accumulated Depreciation December 31, 2016 (dollars in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition Property Sold Gross Amounts Carried at Close of Period 12/31/16 Location Number of Properties Encumbrances Land Buildings and Improvements Improvements Purchase Price Allocation Adjustments Capitalized Costs Property Sold 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 - (348 ) - - 3,970 14,672 18,642 (818 ) 1996 11/25/2015 39 Retail - Plano, TX 1 11,817 3,486 13,944 - (123 ) - - 4,615 12,692 17,307 (811 ) 1994 11/25/2015 39 Retail - Grapevine, TX 1 12,692 3,744 14,976 - (119 ) - - 4,713 13,888 18,601 (728 ) 1998 11/25/2015 39 Retail - Flower Mound, TX 1 13,085 3,860 15,440 - 140 - - 4,963 14,477 19,440 (812 ) 1999 11/25/2015 39 Retail - Grapevine, TX 1 9,797 2,890 11,560 15 (561 ) - - 3,931 9,972 13,903 (595 ) 1994 11/25/2015 39 Retail - Flower Mound, TX 1 7,492 2,210 8,840 - (1,003 ) - - 2,696 7,351 10,047 (613 ) 1992 11/25/2015 39 Retail - Flower Mound, TX 1 8,929 2,634 10,536 - (1,319 ) - - 3,571 8,280 11,851 (481 ) 1996 11/25/2015 39 Retail - Plano, TX 1 4,638 1,366 5,473 - (848 ) - - 1,459 4,533 5,992 (698 ) 1995 11/25/2015 39 Retail - Mesquite, TX 0 - 800 3,200 - 56 - (4,056 ) - - - - 1999 11/25/2015 39 Retail - Garland, TX 0 - 1,100 4,400 - (140 ) - (5,360 ) - - - - 2000 11/25/2015 39 Retail - Plano, TX 0 - 500 2,000 - (401 ) - (2,099 ) - - - - 2000 11/25/2015 39 Retail - Largo, FL 1 12,750 4,973 12,580 252 - - - 4,973 12,832 17,805 (915 ) 1988 8/14/2015 28 Retail - Grass Valley, CA 1 25,900 9,872 27,654 1,026 - - - 9,872 28,680 38,552 (2,111 ) 1988 10/27/2015 26 Multifamily - Washington, DC 1 57,500 31,999 41,831 820 - - - 31,999 42,651 74,650 (1,918 ) 1978, 2008 10/20/2015 29 Retail - Penfield, NY 1 23,558 4,122 22,410 260 - - - 4,122 22,670 26,792 (4,315 ) 1957 11/10/2014 25 Retail - Orchard Park, NY 1 12,888 4,189 20,628 30 - - - 4,189 20,658 24,847 (3,301 ) 1997, 2000 11/10/2014 33 Retail - Cheektowaga, NY 1 9,447 1,939 12,296 218 - - - 1,939 12,514 14,453 (1,566 ) 1978 11/10/2014 26 Retail - Amherst, NY 1 8,270 2,132 9,740 67 - - - 2,132 9,807 11,939 (1,598 ) 1986 11/10/2014 29 Retail - Ontario, NY 1 5,406 574 6,810 29 - - - 574 6,839 7,413 (932 ) 1998 11/10/2014 32 Retail - Irondequoit, NY 1 15,000 2,438 14,685 151 - - - 2,438 14,836 17,274 (2,518 ) 1972 11/10/2014 28 Retail - LeRoy, NY 1 3,492 343 4,937 13 - - - 343 4,950 5,293 (768 ) 1997 11/10/2014 30 Retail - Jamestown, NY 1 7,356 820 4,915 - - - - 820 4,915 5,735 (1,152 ) 1997 11/10/2014 30 Retail - Warsaw, NY 1 3,415 407 4,123 - - - - 407 4,123 4,530 (549 ) 1998 11/10/2014 32 Retail - Chillicothe, OH 1 7,888 1,262 10,819 - - - - 1,262 10,819 12,081 (1,307 ) 1981, 1998 11/10/2014 27 Retail - Loganville, GA 1 7,230 3,217 8,386 - - - - 3,217 8,386 11,603 (1,196 ) 1996 11/10/2014 29 Retail - Chillicothe, OH 1 7,700 2,282 9,775 - - - - 2,282 9,775 12,057 (758 ) 1995 7/22/2015 26 Retail - Newport News, VA 1 11,025 6,394 12,046 - - - - 6,394 12,046 18,440 (1,126 ) 1994 6/2/2014 36 Retail - Knoxville, TN 1 12,350 3,504 13,309 - - - - 3,504 13,309 16,813 (1,215 ) 2002 4/9/2014 35 Industrial - Las Vegas, NV 1 2,365 628 4,053 - - - - 628 4,053 4,681 (448 ) 1988, 2009 3/29/2012 38 Industrial - Phoenix, AZ 1 - 6,011 27,045 - - - (25,177 ) 1,662 6,217 7,879 (972 ) 1999 11/28/2011 27 27 $ 314,865 $ 113,494 $ 373,603 $ 2,881 $ (4,666 ) $ - $ (36,692 ) $ 112,675 $ 335,945 $ 448,620 $ (34,221 ) The following table presents our real estate activity during the year ended December 31, 2016 (in thousands): Real Estate: Beginning balance, January 1, 2016 $ 487,097 Acquisitions and improvements 2,881 Property sold (36,692 ) Purchase price allocation adjustment (4,666 ) Ending balance, December 31, 2016 $ 448,620 Accumulated Depreciation: Beginning balance, January 1, 2016 $ 16,886 Property sold (3,015 ) Depreciation 20,350 Ending balance, December 31, 2016 $ 34,221

SIGNIFICANT ACCOUNTING POLICI34

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation All intercompany balances and transactions have been eliminated in consolidation. The Company reclassified previously presented financial information so that amounts previously presented conform to the current presentation.
Variable Interest Entities	Variable Interest Entities . 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 The Company also invests in Agency debentures issued by the Federal Home Loan Banks, Freddie Mac and Fannie Mae, as well as CRT securities. CRT securities are risk sharing instruments issued by Fannie Mae and Freddie Mac, and similarly structured transactions arranged by third party market participants. CRT securities are designed to synthetically transfer mortgage credit risk from Fannie Mae and Freddie Mac to private investors. The Company also invests in non-Agency mortgage-backed securities such as those issued in non-performing loan (“NPL”) and re-performing loan (“RPL”) securitizations. 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) unless the Company has elected the fair value option, where the unrealized gains and losses on these financial instruments are recorded through earnings (e.g., interest-only securities). 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. Gains and losses on sales of Residential Investment Securities are recorded on trade date based on the specific identification method. The Company elected the fair value option for interest-only mortgage-backed securities, non-Agency mortgage-backed securities and certain CRT securities as this election simplifies the accounting. 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 investments 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. The Company recognizes coupon income, which is a component of interest income, based upon the outstanding principal amounts of the Residential Investment Securities and their contractual terms. In addition, the Company amortizes or accretes premiums or discounts into interest income for its Agency mortgage-backed securities (other than interest-only securities), considering estimates of future principal prepayment in the calculation of the effective yield because they are probable and the timing and amount of prepayments can be reasonably estimated. The Company recalculates the effective yield as differences between anticipated and actual prepayments occur. Using third-party model and market Premiums or discounts associated with the purchase of Agency interest-only securities and residential credit securities are amortized or accreted into interest income based upon current expected future cash flows with any adjustment to yield made on a prospective basis. Interest income for Agency debentures is recognized by applying the interest method using contractual cash flows without estimating prepayments. The table below summarizes the interest income recognition methodology for Residential Investment Securities: Interest Income Methodology Agency Fixed-rate pass-through (1) Effective yield (3) Adjustable-rate pass-through (1) Effective yield (3) Collateralized Mortgage Obligation (“CMO”) (1) Effective yield (3) Debentures (1) Contractual Cash Flows Interest-only (2) Prospective Residential Credit CRT (2) Prospective Alt-A (2) Prospective Prime (2) Prospective Subprime (2) Prospective NPL/RPL (2) Prospective Prime Jumbo (2) Prospective Prime Jumbo interest-only (2) (1) (2) (3)
Residential Mortgage Loans	Residential Mortgage Loans – The Company’s residential mortgage loans are primarily comprised of prime jumbo fixed and adjustable-rate residential mortgage loans acquired in connection with the Company’s acquisition of Hatteras (“Hatteras Acquisition”) and through subsequent purchases. Additionally, pursuant to the Hatteras Acquisition, the Company consolidates a collateralized financing entity that securitized prime adjustable-rate jumbo residential mortgage loans. The Company made elections to account for the investments in residential mortgage loans held in its portfolio and in the securitization trust at fair value as these elections simplify the accounting. Residential mortgage loans are recognized at fair value on the accompanying Consolidated Statements of Financial Condition. Changes in the estimated fair value are presented in Net unrealized gains (losses) on investments measured at fair value through earnings in the Consolidated Statements of Comprehensive Income (Loss). Premiums and discounts associated with the purchase of residential mortgage loans and with those held in the securitization trust are primarily amortized or accreted into interest income over their estimated remaining lives using the effective interest rates inherent in the estimated cash flows from the mortgage loans. Amortization of premiums and accretion of discounts are presented in Interest income in the Consolidated Statements of Comprehensive Income (Loss). There was no real estate acquired in settlement of residential mortgage loans as of December 31, 2016 or December 31, 2015. The Company would be considered to have received physical possession of residential real estate property collateralizing a residential mortgage loan, so that the loan is derecognized and the real estate property would be recognized, if either (i) the Company obtains legal title to the residential real estate property upon completion of a foreclosure or (ii) the borrower conveys all interest in the residential real estate property to the Company to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement.
Mortgage Servicing Rights ("MSRs")	Mortgage Servicing Rights (“MSRs”) – MSRs represent the rights associated with servicing contracts obtained in connection with the Hatteras Acquisition or through the subsequent purchase of such rights from third parties with the intention of holding them as investments. The Company and its subsidiaries do not originate or directly service mortgage loans. Rather, the Company utilizes duly licensed subservicers to perform substantially all servicing functions for the loans underlying the MSRs. The Company elected to account for all of its investments in MSRs at fair value; as such, they are recognized at fair value on the accompanying Consolidated Statements of Financial Condition with changes in the estimated fair value presented as a component of Net unrealized gains (losses) on investments measured at fair value through earnings in the Consolidated Statements of Comprehensive Income (Loss). Servicing income, net of servicing expenses, is reported in Other income (loss) in the Consolidated Statements of Comprehensive Income (Loss).
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 Forward purchase commitments
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. Finite life intangible assets are amortized over their expected useful lives.
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.
Convertible Senior Notes	Convertible Senior Notes –
Stock Based Compensation	Stock Based Compensation
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 If the Company intends to sell or securitize the loans and the securitization vehicle is not expected to be consolidated, they are classified as held for sale. Commercial real estate loans that are designated as held for sale are carried at the lower of amortized cost or fair value and recorded as Commercial loans held for sale, net in the accompanying Consolidated Statements of Financial Condition. Any origination fees and costs or purchase premiums or discounts are deferred and recognized upon sale. The Company determines the fair value of commercial real estate loans held for sale on an individual loan basis. The Company has elected the fair value option for multi-family mortgage loans held in securitization trusts that it was required to consolidate. Preferred equity interests are designated as held for investment and are carried at their outstanding principal balance, net of unamortized origination fees and costs, premiums or discounts, less a reserve for estimated losses if necessary. See the “Commercial Real Estate Investments” Note for additional information. Investments in Commercial Real Estate 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 - Interest income is accrued based on the outstanding principal amount of the and their contractual terms. Origination fees and costs, premiums or discounts associated with the purchase of CRE Debt and Preferred Equity Investments are amortized or accreted into interest income over the lives of the CRE Debt and Preferred Equity Investments using the interest method.
Corporate Debt	Corporate Debt Corporate Loans – These investments typically take the form of senior secured loans primarily in first lien and second lien loans. The Company’s senior secured loans generally have stated maturities of three to eight years. In connection with these senior secured loans the Company receives a security interest in certain of the assets of the borrower and such assets support repayment of such loans. Senior secured loans are generally exposed to the least amount of credit risk given their seniority to scheduled principal and interest and priority of security in the assets of the borrower. To date, the significant majority of the Company’s investments have been funded term loans versus bonds. Corporate Debt Securities –
Other-Than-Temporary Impairment	Other-Than-Temporary Impairment Management evaluates available-for-sale securities and held-to-maturity debt securities for other-than-temporary impairment at least quarterly, and more frequently when economic or market conditions warrant such evaluation. When the fair value of an available-for-sale security is less than its amortized cost the security is considered impaired. For securities that are impaired, the Company determines if it (1) has the intent to sell the security, (2) is more likely than not that it will be required to sell the
Allowance for Losses	Allowance for Losses Loans and Debt Securities Acquired with Deteriorated Credit Quality 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, the Company’s CRE Debt and Preferred Equity Investments are assigned an internal risk rating. Effective December 31, 2015, these 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 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
Nonaccrual Status	Nonaccrual Status – The Company did not have any impaired loans, nonaccrual loans, or loans in default as all of the loans were performing as of December 31, 2016. There were no allowances for loan losses as of December 31, 2016 and 2015.
Broker Dealer Activities	Broker Dealer Activities Reverse Repurchase Agreements – Substantially all of RCap’s reverse repurchase activity is with affiliated entities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”). ASUs not listed below were determined to be either not applicable, are not expected to have a significant impact on our consolidated financial statements when adopted, or did not have a significant impact on our consolidated financial statements upon adoption. Standard Description Effective Date Effect on the financial statements or other significant matters Standards that are not yet adopted ASU 2017-01 Business Combinations (Topic 805) Clarifying the Definition of a Business This update provides a screen to determine and a framework to evaluate when a set of assets and activities is a business. January 1, 2018 (early adoption permitted) The amendments are expected to result in fewer transactions being accounted for as business combinations. ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU updates the existing incurred loss model to a current expected credit loss (“CECL”) model for financial assets and net investments in leases that are not accounted for at fair value through earnings. The amendments affect loans, held-to-maturity debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures and any other financial assets not excluded from the scope. There are also limited amendments to the impairment model for available-for-sale debt securities. January 1, 2020 (early adoption permitted) The Company currently plans to adopt the new standard on its effective date. While Annaly is continuing to assess the impact the ASU will have on the consolidated financial statements, the measurement of expected credit losses under the CECL model will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts of the financial assets in scope of the model. Further, based on the amended guidance for available-for-sale debt securities, the Company: • will be required to use an allowance approach to recognize credit impairment, with the allowance to be limited to the amount by which the security’s fair value is less than its amortized cost basis; • may not consider the length of time fair value has been below amortized cost, and • may not consider recoveries of fair value after the balance sheet date when assessing whether a credit loss exists. Standard Description Effective Date Effect on the financial statements or other significant matters Standards that were adopted 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, 2016 (early adoption permitted) The Company early adopted this ASU in the first quarter of 2015 and applied the guidance to commercial mortgage backed securitization transactions. See "Variable Interest Entity" footnote for further disclosure.

SIGNIFICANT ACCOUNTING POLICI35

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Interest Income Recognition Methodology for Residential Investment Securities	The table below summarizes the interest income recognition methodology for Residential Investment Securities: Interest Income Methodology Agency Fixed-rate pass-through (1) Effective yield (3) Adjustable-rate pass-through (1) Effective yield (3) Collateralized Mortgage Obligation (“CMO”) (1) Effective yield (3) Debentures (1) Contractual Cash Flows Interest-only (2) Prospective Residential Credit CRT (2) Prospective Alt-A (2) Prospective Prime (2) Prospective Subprime (2) Prospective NPL/RPL (2) Prospective Prime Jumbo (2) Prospective Prime Jumbo interest-only (2) (1) (2) (3)
Schedule of Useful Lives of 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
Recent Accounting Pronouncements	The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”). ASUs not listed below were determined to be either not applicable, are not expected to have a significant impact on our consolidated financial statements when adopted, or did not have a significant impact on our consolidated financial statements upon adoption. Standard Description Effective Date Effect on the financial statements or other significant matters Standards that are not yet adopted ASU 2017-01 Business Combinations (Topic 805) Clarifying the Definition of a Business This update provides a screen to determine and a framework to evaluate when a set of assets and activities is a business. January 1, 2018 (early adoption permitted) The amendments are expected to result in fewer transactions being accounted for as business combinations. ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU updates the existing incurred loss model to a current expected credit loss (“CECL”) model for financial assets and net investments in leases that are not accounted for at fair value through earnings. The amendments affect loans, held-to-maturity debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures and any other financial assets not excluded from the scope. There are also limited amendments to the impairment model for available-for-sale debt securities. January 1, 2020 (early adoption permitted) The Company currently plans to adopt the new standard on its effective date. While Annaly is continuing to assess the impact the ASU will have on the consolidated financial statements, the measurement of expected credit losses under the CECL model will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts of the financial assets in scope of the model. Further, based on the amended guidance for available-for-sale debt securities, the Company: • will be required to use an allowance approach to recognize credit impairment, with the allowance to be limited to the amount by which the security’s fair value is less than its amortized cost basis; • may not consider the length of time fair value has been below amortized cost, and • may not consider recoveries of fair value after the balance sheet date when assessing whether a credit loss exists. Standard Description Effective Date Effect on the financial statements or other significant matters Standards that were adopted 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, 2016 (early adoption permitted) The Company early adopted this ASU in the first quarter of 2015 and applied the guidance to commercial mortgage backed securitization transactions. See "Variable Interest Entity" footnote for further disclosure.

ACQUISITION OF HATTERAS (Tables

ACQUISITION OF HATTERAS (Tables)	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Aggregate Consideration and Preliminary Fair Value of Assets Acquired and Liabilities Assumed	The following table summarizes the aggregate consideration and preliminary fair value of the assets acquired and liabilities assumed recognized at the acquisition date, which is subject to change if new information becomes available: July 12, 2016 Consideration Transferred: (dollars in thousands) Cash $ 521,082 Common equity 997,707 Preferred shares: Exchange of Hatteras preferred stock for Annaly preferred stock 278,252 Preferred stock fair value adjustment 9,248 Preferred shares 287,500 Total consideration $ 1,806,289 Net Assets: Cash $ 562,780 Agency mortgage-backed securities, at fair value 10,863,070 Credit risk transfer securities, at fair value 116,770 Residential mortgage loans 360,447 Mortgage servicing rights 355,820 Other derivatives, at fair value 8,677 Principal receivable 438,005 Accrued interest and dividend receivable 83,814 Other assets 57,250 Total assets acquired $ 12,846,633 Repurchase agreements $ 10,422,757 Other secured financing 35,769 Securitized debt of consolidated VIEs 54,135 Other derivatives, at fair value 349,922 Dividends payable 670 Payable for investments purchased 2,643 Accrued interest payable 4,833 Accounts payable and other liabilities 97,039 Total liabilities assumed 10,967,768 Net assets acquired $ 1,878,865 Bargain purchase gain $ 72,576
Summary of Consolidated Pro Forma Information	These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the Hatteras Acquisition occurred on January 1, 2015 and may not be indicative of future operating results: For the Years Ended December 31, 2016 December 31, 2015 (dollars in thousands, except per share data) Net interest income $ 1,650,828 $ 1,951,417 Net income (loss) $ 1,327,653 $ 543,796 Basic earnings per common share $ 1.16 $ 0.43 Diluted earnings per common share $ 1.16 $ 0.43

RESIDENTIAL INVESTMENT SECURI37

RESIDENTIAL INVESTMENT SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following tables present the Company’s Residential Investment Securities porfolio that was carried at their fair value as of December 31, 2016 and 2015: December 31, 2016 Principal / Notional Remaining Premium Remaining Discount Amortized Cost Unrealized Gains (1) Unrealized Losses (1) Estimated Fair Value Agency (dollars in thousands) Fixed-rate pass-through $ 60,759,317 $ 3,633,354 $ (1,956 ) $ 64,390,715 $ 228,430 $ (1,307,771 ) $ 63,311,373 Adjustable-rate pass-through 10,653,109 391,267 (4,081 ) 11,040,295 47,250 (53,795 ) 11,033,751 Interest-only 8,133,805 1,436,192 - 1,436,192 4,225 (195,668 ) 1,244,749 Total Agency investments $ 79,546,231 $ 5,460,813 $ (6,037 ) $ 76,867,202 $ 279,905 $ (1,557,234 ) $ 75,589,873 Residential Credit CRT $ 690,491 $ 11,113 $ (10,907 ) $ 690,697 $ 34,046 $ (21 ) $ 724,722 Alt-A 173,108 1,068 (23,039 ) 151,137 3,721 (685 ) 154,173 Prime 248,176 287 (35,068 ) 213,395 7,050 (253 ) 220,192 Subprime 697,983 380 (96,331 ) 602,032 12,578 (1,061 ) 613,549 NPL/RPL 269,802 670 (209 ) 270,263 1,004 (429 ) 270,838 Prime Jumbo 129,453 852 (345 ) 129,960 267 (308 ) 129,919 Prime Jumbo Interest-Only 863,370 15,129 - 15,129 - (2,493 ) 12,636 Total residential credit investments $ 3,072,383 $ 29,499 $ (165,899 ) $ 2,072,613 $ 58,666 $ (5,250 ) $ 2,126,029 Total Residential Investment Securities $ 82,618,614 $ 5,490,312 $ (171,936 ) $ 78,939,815 $ 338,571 $ (1,562,484 ) $ 77,715,902 December 31, 2015 Principal / Notional Remaining Premium Remaining Discount Amortized Cost Unrealized Gains (1) Unrealized Losses (1) Estimated Fair Value Agency (dollars in thousands) Fixed-rate pass-through $ 57,339,705 $ 3,270,521 $ (2,832 ) $ 60,607,394 $ 400,350 $ (824,862 ) $ 60,182,882 Adjustable-rate pass-through 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 Alt-A 138,211 449 (14,131 ) 124,529 211 (460 ) 124,280 Prime 117,649 302 (10,916 ) 107,035 424 (81 ) 107,378 Subprime 122,667 22 (12,103 ) 110,586 63 (599 ) 110,050 NPL/RPL 354,945 19 (1,270 ) 353,694 19 (1,172 ) 352,541 Prime Jumbo 197,695 566 - 198,261 - (1,060 ) 197,201 Prime Jumbo 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 (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 reported in Net unrealized gains (losses) on investments measured at fair value through earnings in the Consolidated Statements of Comprehensive Income (Loss).
Types of Agency Mortgage Backed Securities	The following table presents the Company’s Agency mortgage-backed securities portfolio by issuing Agency concentration as of December 31, 2016 and 2015: Investment Type December 31, 2016 December 31, 2015 (dollars in thousands) Fannie Mae $ 51,658,391 $ 42,647,075 Freddie Mac 23,858,110 22,960,595 Ginnie Mae 73,372 110,554 Total $ 75,589,873 $ 65,718,224
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, 2016 and 2015, according to their estimated weighted average life classifications: December 31, 2016 December 31, 2015 Weighted Average Life Estimated Fair Value Amortized Cost Estimated Fair Value Amortized Cost (dollars in thousands) Less than one year $ 63,510 $ 61,775 $ 37,862 $ 37,850 Greater than one year through five years 12,626,932 12,666,394 20,278,111 20,066,435 Greater than five years through ten years 56,785,601 57,738,588 46,473,701 47,174,319 Greater than ten years 8,239,859 8,473,058 443,820 436,693 Total $ 77,715,902 $ 78,939,815 $ 67,233,494 $ 67,715,297
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, 2016 and 2015. December 31, 2016 December 31, 2015 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 $ 52,465,045 $ (1,094,957 ) 1,368 $ 20,072,072 $ (164,259 ) 463 12 Months or More 6,277,814 (266,609 ) 54 21,705,764 (689,981 ) 189 Total $ 58,742,859 $ (1,361,566 ) 1,422 $ 41,777,836 $ (854,240 ) 652

MORTGAGE LOANS (Tables)

MORTGAGE LOANS (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value and Unpaid Principal of Residential Mortgage Loan Portfolio	The table below presents the fair value and the unpaid principal balance of the residential mortgage loan portfolio as of December 31, 2016: (dollars in thousands) Fair value $ 342,289 Unpaid principal balance $ 338,323
Summary of Comprehensive Income (Loss)	The following table provides information regarding the line items and amounts recognized in the Consolidated Statements of Comprehensive Income (Loss) for the year ended December 31, 2016 for these investments: (dollars in thousands) Net gains (losses) on disposal of investments $ (922 ) Net unrealized gains (losses) on investments measured at fair value through earnings (5,614 ) Net interest income 3,452 Total included in net income (loss) $ (3,084 )
Geographic Concentrations Based on Unpaid Principal Balances	The geographic concentrations of credit risk exceeding 5% of the total loan unpaid principal balances related to the Company’s VIEs as of December 31, 2016 are as follows: Securitized Loans at Fair Value Geographic Concentration of Credit Risk FREMF Trusts Residential Mortgage Loan Trust Property Location Principal Balance % of Balance Property Location Principal Balance % of Balance (dollars in thousands) Texas $ 682,829 17.7 % California $ 76,254 46.3 % North Carolina 537,375 13.9 % Texas 16,925 10.3 % Maryland 499,495 12.9 % Washington 10,762 6.5 % Florida 456,441 11.8 % Illinois 10,193 6.2 % Virginia 329,250 8.5 % Florida 9,362 5.7 % New York 280,925 7.3 % Other (1) 41,263 25.0 % Pennslyvania 225,810 5.8 % Ohio 197,455 5.1 % Other (1) 655,332 17.0 % Total $ 3,864,912 100.0 % $ 164,759 100.0 % (1) No individual state greater than 5%
Residential Mortgage Loans	The table below provides additional data on the Company’s residential mortgage loans, including loans held in a securitization trust, at December 31, 2016: December 31, 2016 Portfolio Range Portfolio Weighted Average (dollars in thousands) Unpaid principal balance $ 22 - $1,905 $ 691 Interest rate 2.50% - 6.75 % 3.72 % Maturity 4/8/2044 - 11/1/2046 8/20/2045 FICO score at loan origination 665 - 814 761 Loan-to-value ratio at loan origination 24% - 90 % 71 %
Schedule of Residential Mortgage Loans	The following table presents the activity related to residential mortgage loans for the year ended December 31, 2016: December 31, 2016 (dollars in thousands) Fair value, beginning of period $ - Obtained through Hatteras Acquisition 360,447 Purchases 165,213 Collection of principal (176,815 ) Amortization of premiums (942 ) Change in fair value (5,614 ) Fair value, end of period $ 342,289
Residential Mortgage Loans | Geographic Concentration Risk
Geographic Concentrations Based on Unpaid Principal Balances	The following table provides the geographic concentrations based on the unpaid principal balances as of December 31, 2016 for the residential mortgage loans, including loans held in a securitization trust: Geographic Concentrations of Residential Mortgage Loans Property Location % of Balance California 46.3% Texas 9.6% Illinois 5.7% Florida 5.2% Washington 5.1% All other (none individually greater than 5%) 28.1% Total 100.0%

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	12 Months Ended
	Dec. 31, 2016
Transfers and Servicing [Abstract]
Presentation of Activity Related to MSR	The following table presents activity related to MSRs for the year ended December 31, 2016: December 31, 2016 (dollars in thousands) Fair value, beginning of period $ - Obtained through Hatteras Acquisition 355,820 Purchases 166,585 Change in fair value due to: Changes in valuation inputs or assumptions (1) 178,463 Other changes, including realization of expected cash flows (48,652 ) Fair value, end of period $ 652,216 (1) Principally represent changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates

COMMERCIAL REAL ESTATE INVEST40

COMMERCIAL REAL ESTATE INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Commercial Real Estate Investments Held for Investment	At December 31, 2016 and 2015, commercial real estate investments held for investment were comprised of the following: CRE Debt and Preferred Equity Investments December 31, 2016 December 31, 2015 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 $ 512,322 $ 510,071 52.6 % $ 387,314 $ 385,838 28.6 % Senior securitized mortgages (3) - - 0.0 % 263,072 262,703 19.4 % Mezzanine loans 453,693 451,467 46.5 % 582,592 578,503 43.0 % Preferred equity 9,000 8,967 0.9 % 122,444 121,773 9.0 % Total (4) $ 975,015 $ 970,505 100.0 % $ 1,355,422 $ 1,348,817 100.0 % (1) Carrying value includes unamortized origination fees of $4.5 million and $6.9 million as of December 31, 2016 and 2015, respectively. (2) Based on outstanding principal. (3) Assets of consolidated VIEs. (4) Excludes Loans held for sale, net. December 31, 2016 Senior Mortgages Senior Securitized Mortgages (1) Mezzanine Loans Preferred Equity Total (dollars in thousands) Beginning balance $ 385,838 $ 262,703 $ 578,503 $ 121,773 $ 1,348,817 Originations & advances (principal) 211,318 - 62,390 - 273,708 Principal payments (86,310 ) (263,072 ) (191,291 ) (113,444 ) (654,117 ) Amortization & accretion of (premium) discounts (136 ) - (178 ) - (314 ) Net (increase) decrease in origination fees (2,086 ) - (472 ) - (2,558 ) Amortization of net origination fees 1,447 369 2,515 638 4,969 Net carrying value (2) $ 510,071 $ - $ 451,467 $ 8,967 $ 970,505 (1) (2) Excludes Loans held for sale, net. 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 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, net.
Internal Loan and Preferred Equity Ratings	Internal CRE Debt and Preferred Equity Investment Ratings December 31, 2016 Internal Ratings Investment Type Outstanding Principal (1) Percentage of CRE Debt and Preferred Equity Portfolio Performing Performing - Closely Monitored Performing - Special Mention Substandard Doubtful Loss Total (dollars in thousands) Senior mortgages $ 512,322 52.6 % $ 144,434 $ 243,448 $ 124,440 $ - $ - $ - $ 512,322 Mezzanine loans 453,693 46.5 % 254,337 170,039 29,317 - - - 453,693 Preferred equity 9,000 0.9 % - - 9,000 - - - 9,000 $ 975,015 100.0 % $ 398,771 $ 413,487 $ 162,757 $ - $ - $ - $ 975,015 (1) December 31, 2015 Internal Ratings Investment Type Outstanding Principal (1) Percentage of CRE Debt and Preferred Equity Portfolio Performing Performing - Closely Monitored Performing - 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) (2)
Summary of Acquisitions of Real Estate Held for Investment	The following table summarizes acquisitions of real estate held for investment during 2015: Date of Acquisition Type Location Original Purchase Price Remaining Lease Term (Years) (1) (dollars in thousands) July 2015 Single Tenant Retail Ohio $ 11,000 3.9 August 2015 Multi Tenant Retail Florida $ 18,900 4.5 October 2015 Multifamily Property Washington, DC $ 75,000 1.0 October 2015 Multi Tenant Retail California $ 37,750 3.8 November 2015 Multi Tenant Retail Texas $ 131,950 4.2 (1) As of December 31, 2016. Does not include extension options.
Aggregate Allocation of Final Purchase Price	The following presents the aggregate final purchase price allocation of the Texas Portfolio: Texas (dollars in thousands) Purchase Price Allocation: Land $ 32,452 Buildings 82,552 Site improvements 5,446 Tenant Improvements 6,835 Real estate held for investment 127,285 Intangible assets (liabilities): Leasehold intangible assets 14,598 Above market lease 274 Below market lease (10,207 ) Total purchase price $ 131,950
Total Commercial Real Estate Held for Investment	Total Commercial Real Estate Investment December 31, 2016 December 31, 2015 (dollars in thousands) Real estate held for investment, at amortized cost Land $ 112,675 $ 113,494 Buildings and improvements 335,945 373,603 Subtotal 448,620 487,097 Less: accumulated depreciation (34,221 ) (16,886 ) Total real estate held for investment, at amortized cost, net 414,399 470,211 Equity in unconsolidated joint ventures 60,168 65,735 Investments in commercial real estate, net $ 474,567 $ 535,946
Minimum Future Rentals on Non-cancelable Leases	Rental Income December 31, 2016 (dollars in thousands) 2017 $ 30,441 2018 27,225 2019 23,231 2020 18,635 2021 14,554 Later years 26,424 $ 140,510
Mortgage Loans Payable	Mortgage loans payable as of December 31, 2016 and 2015, were as follows: December 31, 2016 Property Mortgage Carrying Value Mortgage Principal Interest Rate Fixed/Floating Rate Maturity Date Priority (dollars in thousands) Joint Ventures $ 285,993 $ 289,125 4.03% - 4.61 % Fixed 2024 and 2025 First liens Tennessee 12,261 12,350 4.01 % Fixed 9/6/2019 First liens Virginia 11,015 11,025 3.58 % Fixed 6/6/2019 First liens Arizona - - 3.50 % Fixed 1/1/2017 First liens Nevada 2,367 2,365 L+200 Floating (1) 3/29/2017 First liens $ 311,636 $ 314,865 (1) Includes a mortgage with a fixed rate via an interest rate swap (pay fixed 3.45%, receive floating rate of L+200). 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 % Fixed 2016, 2024 and 2025 First liens Tennessee 12,228 12,350 4.01 % Fixed 9/6/2019 First liens Virginia 11,012 11,025 3.58 % Fixed 6/6/2019 First liens Arizona 16,365 16,308 3.50 % Fixed 1/1/2017 First liens Nevada 2,444 2,436 L+200 Floating (1) 3/29/2017 First liens $ 334,707 $ 338,444 (1) Includes a mortgage with a fixed rate 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, 2016: Mortgage Loan Principal Payments (dollars in thousands) 2017 $ 2,365 2018 - 2019 23,375 2020 - 2021 - Later years 289,125 $ 314,865

CORPORATE DEBT (Tables)

CORPORATE DEBT (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Industry and Rate Sensitivity	The industry and rate sensitivity dispersion of the portfolio as of December 31, 2016 and 2015 are as follows: Industry Dispersion December 31, 2016 December 31, 2015 Fixed Rate Floating Rate Total Fixed Rate Floating Rate Total (dollars in thousands) Aircraft and Parts $ - $ 32,067 $ 32,067 $ - $ - $ - Commercial Fishing - 40,600 40,600 - 41,979 41,979 Computer Programming, Data Processing & Other Computer Related Services - 146,547 146,547 - 73,758 73,758 Drugs - 34,042 34,042 - - - Drugs, Drug Proprietaries & Druggists's Sundries - - - - 43,617 43,617 Groceries and Related Products - 14,856 14,856 - 28,286 28,286 Grocery Stores - 23,761 23,761 - - - Home Health Care Services - 39,205 39,205 - 34,432 34,432 Insurance Agents, Brokers and services 4,391 73,267 77,658 - 29,221 29,221 Laboratory Apparatus and Analytical, Optical, Measuring, and Controlling Instruments - - - - 7,475 7,475 Management and Public Relations Services - 16,493 16,493 - - - Medical and Dental Laboratories - 17,292 17,292 - - - Miscellaneous Business Services 84,486 - 84,486 74,682 - 74,682 Miscellaneous Health and Allied Services, not elsewhere classified - 9,791 9,791 - 9,875 9,875 Miscellaneous Nonmetallic Minerals, except Fuels - 24,688 24,688 - 24,666 24,666 Miscellaneous Plastic Products - 27,036 27,036 - 12,697 12,697 Motor Vehicles and Motor Vehicle Parts and Supplies - 12,319 12,319 - - - Offices and Clinics of Doctors of Medicine - 83,386 83,386 - 61,275 61,275 Personnel Supply Services - 36,921 36,921 - 7,573 7,573 Research, Development and Testing Services - 17,744 17,744 - 17,742 17,742 Schools and Educational Services, not elsewhere classified - 20,979 20,979 - 21,230 21,230 Surgical, Medical, and Dental Instruments and Supplies - 13,403 13,403 - - - Total $ 88,877 $ 684,397 $ 773,274 $ 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, 2016 and 2015. December 31, 2016 December 31, 2015 (dollars in thousands) First lien loans $ 505,956 $ 280,441 Second lien loans 178,441 133,385 Second lien notes 84,486 74,682 Subordinated notes 4,391 - Total $ 773,274 $ 488,508

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Statement of Financial Condition of VIEs Reflected in Consolidated Statements of Financial Condition	The statements of financial condition of the Company’s VIEs that are reflected in the Company’s Consolidated Statements of Financial Condition at December 31, 2016 and 2015 are as follows: December 31, 2016 FREMF Trusts Residential Mortgage Loan Trust MSR Silos (dollars in thousands) Assets Cash and cash equivalents $ - $ - $ 23,198 Commercial real estate debt investments 3,890,807 - - Residential mortgages loans - 165,869 8,309 Mortgage servicing rights - - 652,216 Accrued interest receivable 8,690 836 - Other derivatives, at fair value - - 9 Other assets 138 - 35,540 Total assets $ 3,899,635 $ 166,705 $ 719,272 Liabilities Securitized debt (non-recourse) at fair value $ 3,609,164 $ 46,638 $ - Other secured financing - - 3,825 Other derivatives, at fair value - - 9 Accrued interest payable 4,350 107 - Accounts payable and other liabilities - 662 14,007 Total liabilities $ 3,613,514 $ 47,407 $ 17,841 December 31, 2015 FREMF Trusts NLY Commercial Mortgage Trust (dollars in thousands) Assets Cash and cash equivalents $ - $ 49,025 Commercial real estate debt investments 2,554,023 - Commercial real estate and debt and preferred equity, held for investment - 262,703 Accrued interest receivable 4,994 431 Other assets - 169 Total assets $ 2,559,017 $ 312,328 Liabilities Securitized debt (non-recourse) at fair value $ 2,366,878 $ - Securitized debt (non-recourse) at amortized cost - 173,833 Accrued interest payable 4,183 191 Accounts payable and other liabilities - 290 Total liabilities $ 2,371,061 $ 174,314
Statement of Comprehensive Income (Loss) of VIEs Reflected in Consolidated Statements of Comprehensive Income (Loss)	The statement of comprehensive income (loss) of the Company’s VIEs that is reflected in the Company’s Consolidated Statements of Comprehensive Income (Loss) at December 31, 2016 is as follows: For the Year Ended December 31, 2016 FREMF Trusts NLY Commercial Mortgage Trust Residential Mortgage Loan Trust MSR Silos (dollars in thousands) Net interest income: Interest income $ 94,991 $ 9,541 $ 2,292 $ 129 Interest expense 41,395 2,302 694 60 Net interest income 53,596 7,239 1,598 69 Realized gain (loss) on disposal of investments - - (505 ) 87 Unrealized gain (loss) on investments at fair value (1) (412 ) - (2,280 ) 129,355 Other income (loss) (25,290 ) - (183 ) 59,410 General and administration expenses 7 - 36 2,677 Net income (loss) $ 27,887 $ 7,239 $ (1,406 ) $ 186,244 (1) Included in Net unrealized gains (losses) on investments measured at fair value through earnings.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
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. There were no transfers between levels of the fair value hierarchy during the periods presented. Level 1 Level 2 Level 3 Total December 31, 2016 (dollars in thousands) Assets: Agency mortgage-backed securities $ - $ 75,589,873 $ - $ 75,589,873 Credit risk transfer securities - 724,722 - 724,722 Non-Agency mortgage-backed securities - 1,401,307 - 1,401,307 Residential mortgage loans - 342,289 - 342,289 Mortgage servicing rights - - 652,216 652,216 Commercial real estate debt investments - 4,321,739 - 4,321,739 Interest rate swaps - 68,194 - 68,194 Other derivatives 168,209 3,057 - 171,266 Total assets $ 168,209 $ 82,451,181 $ 652,216 $ 83,271,606 Liabilities: Securitized debt of consolidated VIEs $ - $ 3,655,802 $ - $ 3,655,802 Interest rate swaps - 1,443,765 - 1,443,765 Other derivatives 24,912 61,525 - 86,437 Total liabilities $ 24,912 $ 5,161,092 $ - $ 5,186,004 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
Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Level 3 MSRs	The table below presents information about the significant unobservable inputs used for recurring fair value measurements for Level 3 MSRs. The table does not give effect to the Company’s risk management practices that might offset risks inherent in these Level 3 investments. December 31, 2016 Range Valuation Technique Unobservable Input (1) (Weighted Average ) Discounted cash flow Discount rate 10.0% -15.0% (10.4%) Prepayment rate 5.1% - 18.8% (8.7%) Delinquency rate 0.0% - 10.0% (2.3%) Cost to service $83 - $152 ($100) (1)
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, 2016 and 2015. December 31, 2016 December 31, 2015 Level in Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Financial assets: (dollars in thousands) Cash and cash equivalents 1 $ 1,539,746 $ 1,539,746 $ 1,769,258 $ 1,769,258 Agency mortgage-backed securities 2 75,589,873 75,589,873 65,718,224 65,718,224 Agency debentures 2 - - 152,038 152,038 Credit risk transfer securities 2 724,722 724,722 456,510 456,510 Non-Agency mortgage-backed securities 2 1,401,307 1,401,307 906,722 906,722 Residential mortgage loans 2 342,289 342,289 - - Mortgage servicing rights 3 652,216 652,216 - - Commercial real estate debt investments 2 4,321,739 4,321,739 2,911,828 2,911,828 Commercial real estate debt and preferred equity, held for investment 3 970,505 968,824 1,348,817 1,350,968 Commercial loans held for sale, net 3 114,425 114,425 278,600 278,600 Corporate debt (1) 2 773,274 776,310 488,508 470,894 Interest rate swaps 2 68,194 68,194 19,642 19,642 Other derivatives 1,2 171,266 171,266 22,066 22,066 Financial liabilities: Repurchase agreements 1,2 $ 65,215,810 $ 65,256,505 $ 56,230,860 $ 56,361,623 Other secured financing 1,2 3,884,708 3,885,430 1,845,048 1,846,095 Securitized debt of consolidated VIEs 2 3,655,802 3,655,802 2,540,711 2,541,193 Participation sold 2 12,869 12,827 13,286 13,138 Mortgage payable 3 311,636 312,442 334,707 339,849 Interest rate swaps 2 1,443,765 1,443,765 1,677,571 1,677,571 Other derivatives 1,2 86,437 86,437 49,963 49,963 (1) Includes a held-to-maturity debt security carried at amortized cost of $84.5 million, with a fair value of $87.8 million, and $74.7 million, with a fair value of $61.3 million, as of December 31, 2016 and 2015, respectively. The bond’s stated maturity is May 15, 2020.

SECURED FINANCING (Tables)

SECURED FINANCING (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Repurchase Agreements Remaining Maturity ,Collateral Types and Weighted Average Rates	At December 31, 2016 and 2015, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates: December 31, 2016 Agency Mortgage-backed Securities CRTs Non-Agency Mortgage-backed Securities Commercial Loans Total Repurchase Agreements Weighted Average Rate (dollars in thousands) 1 day $ - $ - $ - $ - $ - - 2 to 29 days 29,657,705 358,972 377,366 - 30,394,043 0.87 % 30 to 59 days 11,373,300 80,139 241,360 - 11,694,799 1.10 % 60 to 89 days 6,966,827 13,914 101,491 - 7,082,232 1.14 % 90 to 119 days 2,063,561 - - - 2,063,561 0.89 % Over 120 days (1) 13,646,308 - - 334,867 13,981,175 1.47 % Total $ 63,707,701 $ 453,025 $ 720,217 $ 334,867 $ 65,215,810 1.07 % (1) December 31, 2015 Agency Mortgage-backed Securities CRTs Non-Agency Mortgage-backed Securities Commercial Loans Total Repurchase Agreements Weighted Average Rate (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 % (1)
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 amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition as of December 31, 2016 and 2015. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments. December 31, 2016 December 31, 2015 Reverse Repurchase Agreements Repurchase Agreements Reverse Repurchase Agreements Repurchase Agreements (dollars in thousands) Gross Amounts $ 400,000 $ 65,615,810 $ - $ 56,230,860 Amounts Offset (400,000 ) (400,000 ) - - Netted Amounts $ - $ 65,215,810 $ - $ 56,230,860

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015: Derivatives Instruments Balance Sheet Location December 31, 2016 December 31, 2015 Assets: (dollars in thousands) Interest rate swaps Interest rate swaps, at fair value $ 68,194 $ 19,642 TBA derivatives Other derivatives, at fair value 2,774 9,622 Futures contracts Other derivatives, at fair value 168,209 12,444 Purchase commitments Other derivatives, at fair value 283 - $ 239,460 $ 41,708 Liabilities: Interest rate swaps Interest rate swaps, at fair value $ 1,443,765 $ 1,677,571 TBA derivatives Other derivatives, at fair value 60,972 17,185 Futures contracts Other derivatives, at fair value 24,912 32,778 Purchase commitments Other derivatives, at fair value 553 - $ 1,530,202 $ 1,727,534
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, 2016 and 2015, respectively. December 31, 2016 Amounts Eligible for Offset Gross Amounts Financial Instruments Cash Collateral Net Amounts Assets: (dollars in thousands) Interest rate swaps, at fair value $ 68,194 $ (68,194 ) $ - $ - TBA derivatives, at fair value 2,774 (2,172 ) - 602 Futures contracts, at fair value 168,209 (24,912 ) - 143,297 Purchase commitments 283 - - 283 Liabilities: Interest rate swaps, at fair value $ 1,443,765 $ (68,194 ) $ (768,877 ) $ 606,694 TBA derivatives, at fair value 60,972 (2,172 ) - 58,800 Futures contracts, at fair value 24,912 (24,912 ) - - Purchase commitments 553 - - 553 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 ) -
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, 2016 $ (506,681 ) $ (113,941 ) $ 282,190 December 31, 2015 $ (624,495 ) $ (226,462 ) $ (124,869 ) December 31, 2014 $ (825,360 ) $ (779,333 ) $ (948,755 ) (1) Interest expense related to interest rate swaps is recorded in Realized gains (losses) on interest rate swaps on the Consolidated Statements of 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, 2016 Derivative Instruments Realized Gain (Loss) Unrealized Gain (Loss) Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets (dollars in thousands) Net TBA derivatives $ 164,008 $ (50,636 ) $ 113,372 Net interest rate swaptions 4,850 - 4,850 Futures (51,148 ) 163,631 112,483 Purchase commitments - (123 ) (123 ) $ 230,582 Year Ended December 31, 2015 Derivative Instruments Realized Gain (Loss) Unrealized Gain (Loss) Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets (dollars in thousands) Net TBA derivatives $ 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
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, 2016 and 2015: December 31, 2016 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 $ 3,444,365 1.37 % 1.00 % 2.71 3 - 6 years 10,590,000 1.92 % 0.99 % 3.94 6 - 10 years 8,206,900 2.35 % 1.10 % 7.82 Greater than 10 years 3,634,400 3.70 % 0.83 % 18.36 Total / Weighted Average $ 25,875,665 2.22 % 1.02 % 6.87 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 (1) There were no forward starting swaps as of December 31, 2016. Notional amount includes $500.0 million in forward starting pay fixed swaps as of December 31, 2015. (2) Excludes forward starting swaps. (3) There were no forward starting swaps as of December 31, 2016. Weighted average fixed rate on forward starting pay fixed swaps was 1.44% as of December 31, 2015.
Futures Contracts
Summary of Certain Characteristics of Derivatives	The following table summarizes certain characteristics of the Company’s futures derivatives as of December 31, 2016 and 2015: December 31, 2016 Notional - Long Positions Notional - Short Positions Weighted Average Years to Maturity (dollars in thousands) 2-year swap equivalent Eurodollar contracts $ - $ (14,968,250 ) 2.00 U.S. Treasury futures - 5 year - (1,697,200 ) 4.42 U.S. Treasury futures - 10 year and greater - (2,250,000 ) 8.39 Total $ - $ (18,915,450 ) 2.98 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, 2016 and 2015: December 31, 2016 Purchase and sale contracts for derivative TBAs Notional Implied Cost Basis Implied Market Value Net Carrying Value (dollars in thousands) Purchase contracts $ 11,223,000 $ 11,495,514 $ 11,437,316 $ (58,198 ) 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 )

COMMON STOCK AND PREFERRED ST46

COMMON STOCK AND PREFERRED STOCK (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Summary of Dividend Distribution Activity	The following table provides a summary of the Company’s dividend distribution activity for the periods presented: For the Years Ended December 31, 2016 December 31, 2015 (dollars in thousands, except per share data) Distributions declared to common stockholders $ 1,162,897 $ 1,133,768 Distributions declared per common share $ 1.20 $ 1.20 Distributions paid to common stockholders after period end $ 305,674 $ 280,779 Distributions paid per common share after period end $ 0.30 $ 0.30 Date of distributions paid to common stockholders after period end January 31, 2017 January 29, 2016 Dividends declared to Series A Preferred stockholders $ 14,593 $ 14,593 Dividends declared per Series A Preferred share $ 1.97 $ 1.97 Dividends declared to Series C Preferred stockholders $ 22,875 $ 22,875 Dividends declared per Series C Preferred share $ 1.91 $ 1.91 Dividends declared to Series D Preferred stockholders $ 34,500 $ 34,500 Dividends declared per Series D Preferred share $ 1.88 $ 1.88 Dividends declared to Series E Preferred stockholders $ 10,292 $ - Dividends declared per Series E Preferred share $ 0.95 $ -

INTEREST INCOME AND INTEREST 47

INTEREST INCOME AND INTEREST EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2016
Banking and Thrift, Interest [Abstract]
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, 2016, 2015 and 2014. For the Years Ended December 31, 2016 2015 2014 Interest income: (dollars in thousands) Residential Investment Securities $ 1,944,457 $ 1,963,629 $ 2,467,783 Residential mortgage loans 4,147 - - Commercial investment portfolio (1) 252,436 203,804 161,837 U.S. Treasury securities - - 1,329 Securities loaned - - 114 Reverse repurchase agreements 9,911 3,264 1,335 Total interest income 2,210,951 2,170,697 2,632,398 Interest expense: Repurchase agreements 585,826 420,325 417,194 Convertible Senior Notes - 29,740 87,293 U.S. Treasury securities sold, not yet purchased - - 1,076 Securities borrowed - - 95 Securitized debt of consolidated VIEs 44,392 20,065 6,350 Participation sold 627 639 651 Other 26,907 827 - Total interest expense 657,752 471,596 512,659 Net interest income $ 1,553,199 $ 1,699,101 $ 2,119,739 (1)

NET INCOME (LOSS) PER COMMON 48

NET INCOME (LOSS) PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
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, 2016, 2015 and 2014. For the Years Ended December 31, 2016 December 31, 2015 December 31, 2014 (dollars in thousands, except per share data) Net income (loss) $ 1,432,786 $ 465,747 $ (842,279 ) Less: Net income (loss) attributable to noncontrolling interest (970 ) (809 ) (196 ) Net income (loss) attributable to Annaly 1,433,756 466,556 (842,083 ) Less: Dividends on preferred stock 82,260 71,968 71,968 Net income (loss) per share available (related) to common stockholders, prior to adjustment for dilutive potential common shares, if necessary 1,351,496 394,588 (914,051 ) Add: Interest on Convertible Senior Notes, if dilutive - - - Net income (loss) available to common stockholders, as adjusted $ 1,351,496 $ 394,588 $ (914,051 ) Weighted average shares of common stock outstanding-basic 969,787,583 947,062,099 947,539,294 Add: Effect of stock awards and Convertible Senior Notes, if dilutive 314,770 214,643 - Weighted average shares of common stock outstanding-diluted 970,102,353 947,276,742 947,539,294 Net income (loss) per share available (related) to common share: Basic $ 1.39 $ 0.42 $ (0.96 ) Diluted $ 1.39 $ 0.42 $ (0.96 )

LONG-TERM STOCK INCENTIVE PLAN

LONG-TERM STOCK INCENTIVE PLAN (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
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, 2016 December 31, 2015 Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Options outstanding at the beginning of year 1,168,775 $ 15.34 2,259,335 $ 15.35 Granted - - - - Exercised - - - - Forfeited (6,400 ) 14.69 (795,810 ) 14.72 Expired (36,750 ) 12.90 (294,750 ) 17.07 Options outstanding at the end of period 1,125,625 $ 15.43 1,168,775 $ 15.34 Options exercisable at the end of the period 1,125,625 $ 15.43 1,168,775 $ 15.34

LEASE COMMITMENTS AND CONTING50

LEASE COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Lease Commitments and Contingencies	The Company’s aggregate future minimum lease payments total $32.9 million. The following table details the future lease payments: Years Ending December 31, Lease Commitments (dollars in thousands) 2017 $ 3,697 2018 3,641 2019 3,565 2020 3,652 2021 3,862 Later years 14,481 $ 32,898

SUMMARIZED QUARTERLY RESULTS 51

SUMMARIZED QUARTERLY RESULTS (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Results of Operations	The following is a presentation of summarized quarterly results of operations for the years ended December 31, 2016 and 2015. For the Quarters Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 (dollars in thousands, expect per share data) Interest income $ 807,022 $ 558,668 $ 457,118 $ 388,143 Interest expense 183,396 174,154 152,755 147,447 Net interest income 623,626 384,514 304,363 240,696 Total realized and unrealized gains (losses) 1,250,636 412,906 (523,785 ) (1,055,553 ) Total other income (loss) 30,918 29,271 (9,930 ) (6,115 ) Less: Total general and administrative expenses 55,453 97,737 49,221 47,945 Income before income taxes and noncontrolling interest 1,849,727 728,954 (278,573 ) (868,917 ) Less: Income taxes 1,244 (1,926 ) (76 ) (837 ) Net income (loss) 1,848,483 730,880 (278,497 ) (868,080 ) Less: Net income attributable to noncontrolling interest (87 ) (336 ) (385 ) (162 ) Less: Dividends on preferred stock 23,473 22,803 17,992 17,992 Net income (loss) available (related) to common stockholders $ 1,825,097 $ 708,413 $ (296,104 ) $ (885,910 ) Net income (loss) available (related) per share to common stockholders: Basic $ 1.79 $ 0.70 $ (0.32 ) $ (0.96 ) Diluted $ 1.79 $ 0.70 $ (0.32 ) $ (0.96 ) 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 and noncontrolling interest 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 )

Organization and Significant Ac

Organization and Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)Property
Schedule Of Significant Accounting Policies [Line Items]
Number of real estate properties | Property	0	0
Outstanding impaired loans, nonaccrual loans, and loans in default	$ 0	$ 0
Allowance for loan losses	$ 0	0
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	$ 1,400,000,000	$ 1,600,000,000

Summary of Interest Income Reco

Summary of Interest Income Recognition Methodology for Residential Investment Securities (Detail)	12 Months Ended
	Dec. 31, 2016
Agency Mortgage-backed Securities | Fixed Rate Pass-through
Mortgage-Backed Securities Portfolio:
Interest Income Methodology	Effective yield	[1],[2]
Agency Mortgage-backed Securities | Adjustable-rate Pass-through
Mortgage-Backed Securities Portfolio:
Interest Income Methodology	Effective yield	[1],[2]
Agency Mortgage-backed Securities | CMO
Mortgage-Backed Securities Portfolio:
Interest Income Methodology	Effective yield	[1],[2]
Agency Mortgage-backed Securities | Debentures
Mortgage-Backed Securities Portfolio:
Interest Income Methodology	Contractual Cash Flows	[1]
Agency Mortgage-backed Securities | Interest-only
Mortgage-Backed Securities Portfolio:
Interest Income Methodology	Prospective	[3]
Residential Credit Securities Mortgage Backed Securities | CRT
Mortgage-Backed Securities Portfolio:
Interest Income Methodology	Prospective	[3]
Residential Credit Securities Mortgage Backed Securities | Alt-A
Mortgage-Backed Securities Portfolio:
Interest Income Methodology	Prospective	[3]
Residential Credit Securities Mortgage Backed Securities | Prime
Mortgage-Backed Securities Portfolio:
Interest Income Methodology	Prospective	[3]
Residential Credit Securities Mortgage Backed Securities | Subprime
Mortgage-Backed Securities Portfolio:
Interest Income Methodology	Prospective	[3]
Residential Credit Securities Mortgage Backed Securities | NPL/RPL
Mortgage-Backed Securities Portfolio:
Interest Income Methodology	Prospective	[3]
Residential Credit Securities Mortgage Backed Securities | Prime Jumbo
Mortgage-Backed Securities Portfolio:
Interest Income Methodology	Prospective	[3]
[1]	Changes in fair value are recognized in Other comprehensive income (loss) on the accompanying Consolidated Statements of Comprehensive Income (Loss).
[2]	Effective yield is recalculated for differences between estimated and actual prepayments and the amortized cost is adjusted as if the new effective yield had been applied since inception.
[3]	Changes in fair value are recognized in Net unrealized gains (losses) on investments measured at fair value through earnings on the accompanying Consolidated Statements of Comprehensive Income (Loss).

Summary of Estimated Useful Liv

Summary of Estimated Useful Lives of Assets (Detail)	12 Months Ended
	Dec. 31, 2016
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, 2016
Accounting Standards Update 2017-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2017-01 Business Combinations (Topic 805) Clarifying the Definition of a Business
Description	This update provides a screen to determine and a framework to evaluate when a set of assets and activities is a business.
Effective Date	Jan. 1, 2018
Effect on the financial statements or other significant matters	Yes
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
Description	This ASU updates the existing incurred loss model to a current expected credit loss ("CECL") model for financial assets and net investments in leases that are not accounted for at fair value through earnings. The amendments affect loans, held-to-maturity debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures and any other financial assets not excluded from the scope. There are also limited amendments to the impairment model for available-for-sale debt securities.
Effective Date	Jan. 1, 2020
Effect on the financial statements or other significant matters	Yes
Accounting Standards Update 2014-13
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 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.
Effective Date	Jan. 1, 2016
Effect on the financial statements or other significant matters	Yes

Acquisition of Hatteras - Addit

Acquisition of Hatteras - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Jul. 12, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Net interest income		$ 623,626	$ 384,514	$ 304,363	$ 240,696	$ 457,773	$ 340,429	$ 511,205	$ 389,694	$ 1,553,199	$ 1,699,101	$ 2,119,739
Net income (loss)		1,848,483	730,880	$ (278,497)	$ (868,080)	$ 669,666	$ (627,491)	$ 900,071	$ (476,499)	1,433,756	$ 466,556	$ (842,083)
Residential Mortgage
Business Acquisition [Line Items]
Unpaid principal balance of residential mortgage loans		338,323								338,323
Fair value of residential mortgage loans		$ 342,289								342,289
Net interest income										3,452
Net income (loss)										$ (3,084)
7.625% Series E Cumulative Redeemable Preferred Stock
Business Acquisition [Line Items]
Cumulative redeemable preferred stock, par value	$ 0.01	$ 0.01								$ 0.01
Hatteras
Business Acquisition [Line Items]
Business combination aggregate consideration transferred to common stockholders	$ 1,500,000
Business acquisition, cash consideration	$ 521,082
Cumulative redeemable preferred stock, par value	$ 0.001
Amount allocated to post acquisition service										$ 48,900
Consulting fees			$ 19,900
Net interest income										61,400
Net income (loss)										295,800
Hatteras | Residential Mortgage
Business Acquisition [Line Items]
Unpaid principal balance of residential mortgage loans	$ 360,400
Fair value of residential mortgage loans	350,500
Hatteras | Common Stock
Business Acquisition [Line Items]
Business acquisition, equity consideration	$ 997,707
Business acquisition, shares issued	93.9
Post Acquisition | Time Based Restricted Stock Awards
Business Acquisition [Line Items]
Amount allocated to post acquisition service										$ 5,800

Aggregate Consideration and Pre

Aggregate Consideration and Preliminary Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jul. 12, 2016	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Bargain purchase gain		$ 71,815	$ 71,815
Hatteras
Business Acquisition [Line Items]
Cash	$ 521,082
Total Consideration	1,806,289
Cash	562,780
Principal receivable	438,005
Accrued interest and dividend receivable	83,814
Other assets	57,250
Total assets acquired	12,846,633
Securitized debt of consolidated VIEs	54,135
Dividends payable	670
Payable for investments purchased	2,643
Accrued interest payable	4,833
Accounts payable and other liabilities	97,039
Total liabilities assumed	10,967,768
Net assets acquired	1,878,865
Bargain purchase gain	72,576
Hatteras | Common Stock
Business Acquisition [Line Items]
Equity shares	997,707
Hatteras | Preferred Stock
Business Acquisition [Line Items]
Exchange of Hatteras preferred stock for Annaly preferred stock	278,252
Preferred stock fair value adjustment	9,248
Equity shares	287,500
Hatteras | Agency Mortgage-backed Securities
Business Acquisition [Line Items]
Financial assets	10,863,070
Hatteras | Credit Risk Transfer Securities
Business Acquisition [Line Items]
Financial assets	116,770
Hatteras | Residential Mortgage
Business Acquisition [Line Items]
Financial assets	360,447
Hatteras | Mortgage Servicing Rights
Business Acquisition [Line Items]
Financial assets	355,820
Hatteras | Other Derivatives
Business Acquisition [Line Items]
Financial assets	8,677
Financial liabilities	349,922
Hatteras | Other Secured Financings
Business Acquisition [Line Items]
Financial liabilities	35,769
Hatteras | Repurchase Agreements
Business Acquisition [Line Items]
Financial liabilities	$ 10,422,757

Summary of Consolidated Pro For

Summary of Consolidated Pro Forma Information (Detail) - Hatteras - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition, Pro Forma Information [Line Items]
Net interest income	$ 1,650,828	$ 1,951,417
Net income (loss)	$ 1,327,653	$ 543,796
Basic earnings per common share	$ 1.16	$ 0.43
Diluted earnings per common share	$ 1.16	$ 0.43

Residential Investment Securi59

Residential Investment Securities - Portfolio (Detail) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Mortgage-Backed Securities Portfolio:
Estimated Fair Value		$ 77,715,902	$ 67,233,494
Residential Credit Securities Mortgage Backed Securities
Mortgage-Backed Securities Portfolio:
Principal / Notional		3,072,383	2,218,496
Remaining Premium		29,499	19,013
Remaining Discount		(165,899)	(51,260)
Amortized Cost		2,072,613	1,375,004
Amortized Cost		2,072,613	1,375,004
Unrealized Gains	[1]	58,666	967
Unrealized Losses	[1]	(5,250)	(12,739)
Estimated Fair Value		2,126,029	1,363,232
Residential Credit Securities Mortgage Backed Securities | CRT
Mortgage-Backed Securities Portfolio:
Principal / Notional		690,491	476,084
Remaining Premium		11,113	2,225
Remaining Discount		(10,907)	(12,840)
Amortized Cost		690,697	465,469
Amortized Cost		690,697	465,469
Unrealized Gains	[1]	34,046	250
Unrealized Losses	[1]	(21)	(9,209)
Estimated Fair Value		724,722	456,510
Residential Credit Securities Mortgage Backed Securities | NPL/RPL
Mortgage-Backed Securities Portfolio:
Principal / Notional		269,802	354,945
Remaining Premium		670	19
Remaining Discount		(209)	(1,270)
Amortized Cost		270,263	353,694
Amortized Cost		270,263	353,694
Unrealized Gains	[1]	1,004	19
Unrealized Losses	[1]	(429)	(1,172)
Estimated Fair Value		270,838	352,541
Residential Credit Securities Mortgage Backed Securities | Alt-A
Mortgage-Backed Securities Portfolio:
Principal / Notional		173,108	138,211
Remaining Premium		1,068	449
Remaining Discount		(23,039)	(14,131)
Amortized Cost		151,137	124,529
Amortized Cost		151,137	124,529
Unrealized Gains	[1]	3,721	211
Unrealized Losses	[1]	(685)	(460)
Estimated Fair Value		154,173	124,280
Residential Credit Securities Mortgage Backed Securities | Prime
Mortgage-Backed Securities Portfolio:
Principal / Notional		248,176	117,649
Remaining Premium		287	302
Remaining Discount		(35,068)	(10,916)
Amortized Cost		213,395	107,035
Amortized Cost		213,395	107,035
Unrealized Gains	[1]	7,050	424
Unrealized Losses	[1]	(253)	(81)
Estimated Fair Value		220,192	107,378
Residential Credit Securities Mortgage Backed Securities | Subprime
Mortgage-Backed Securities Portfolio:
Principal / Notional		697,983	122,667
Remaining Premium		380	22
Remaining Discount		(96,331)	(12,103)
Amortized Cost		602,032	110,586
Amortized Cost		602,032	110,586
Unrealized Gains	[1]	12,578	63
Unrealized Losses	[1]	(1,061)	(599)
Estimated Fair Value		613,549	110,050
Residential Credit Securities Mortgage Backed Securities | Prime Jumbo
Mortgage-Backed Securities Portfolio:
Principal / Notional		129,453	197,695
Remaining Premium		852	566
Remaining Discount		(345)
Amortized Cost		129,960	198,261
Amortized Cost		129,960	198,261
Unrealized Gains	[1]	267
Unrealized Losses	[1]	(308)	(1,060)
Estimated Fair Value		129,919	197,201
Residential Credit Securities Mortgage Backed Securities | Prime Jumbo Interest-only
Mortgage-Backed Securities Portfolio:
Principal / Notional		863,370	811,245
Remaining Premium		15,129	15,430
Amortized Cost		15,129	15,430
Amortized Cost		15,129	15,430
Unrealized Losses	[1]	(2,493)	(158)
Estimated Fair Value		12,636	15,272
Agency Securities
Mortgage-Backed Securities Portfolio:
Principal / Notional		79,546,231	70,856,126
Remaining Premium		5,460,813	4,993,883
Remaining Discount		(6,037)	(10,384)
Amortized Cost		76,867,202	66,340,293
Amortized Cost		76,867,202	66,340,293
Unrealized Gains	[1]	279,905	499,035
Unrealized Losses	[1]	(1,557,234)	(969,066)
Estimated Fair Value		75,589,873	65,870,262
Agency Securities | Fixed Rate Pass-through
Mortgage-Backed Securities Portfolio:
Principal / Notional		60,759,317	57,339,705
Remaining Premium		3,633,354	3,270,521
Remaining Discount		(1,956)	(2,832)
Amortized Cost		64,390,715	60,607,394
Amortized Cost		64,390,715	60,607,394
Unrealized Gains	[1]	228,430	400,350
Unrealized Losses	[1]	(1,307,771)	(824,862)
Estimated Fair Value		63,311,373	60,182,882
Agency Securities | Adjustable-rate Pass-through
Mortgage-Backed Securities Portfolio:
Principal / Notional		10,653,109	2,894,192
Remaining Premium		391,267	61,781
Remaining Discount		(4,081)	(6,427)
Amortized Cost		11,040,295	2,949,546
Amortized Cost		11,040,295	2,949,546
Unrealized Gains	[1]	47,250	70,849
Unrealized Losses	[1]	(53,795)	(10,317)
Estimated Fair Value		11,033,751	3,010,078
Agency Securities | Interest-only
Mortgage-Backed Securities Portfolio:
Principal / Notional		8,133,805	9,499,332
Remaining Premium		1,436,192	1,634,312
Amortized Cost		1,436,192	1,634,312
Amortized Cost		1,436,192	1,634,312
Unrealized Gains	[1]	4,225	18,699
Unrealized Losses	[1]	(195,668)	(114,826)
Estimated Fair Value		1,244,749	1,538,185
Agency Securities | CMO
Mortgage-Backed Securities Portfolio:
Principal / Notional			964,095
Remaining Premium			27,269
Remaining Discount			(477)
Amortized Cost			990,887
Amortized Cost			990,887
Unrealized Gains	[1]		9,137
Unrealized Losses	[1]		(12,945)
Estimated Fair Value			987,079
Agency Securities | Debentures
Mortgage-Backed Securities Portfolio:
Principal / Notional			158,802
Remaining Discount			(648)
Amortized Cost			158,154
Amortized Cost			158,154
Unrealized Losses	[1]		(6,116)
Estimated Fair Value			152,038
Residential Investments
Mortgage-Backed Securities Portfolio:
Principal / Notional		82,618,614	73,074,622
Remaining Premium		5,490,312	5,012,896
Remaining Discount		(171,936)	(61,644)
Amortized Cost		78,939,815	67,715,297
Amortized Cost		78,939,815	67,715,297
Unrealized Gains	[1]	338,571	500,002
Unrealized Losses	[1]	(1,562,484)	(981,805)
Estimated Fair Value		$ 77,715,902	$ 67,233,494
[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 reported in Net unrealized gains (losses) on investments measured at fair value through earnings in the Consolidated Statements of Comprehensive Income (Loss).

Component of Agency Mortgage-Ba

Component of Agency Mortgage-Backed Securities Portfolio by Issuing Agency Concentration (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Mortgage-Backed Securities Portfolio:
Estimated Fair Value	$ 77,715,902	$ 67,233,494
Agency Mortgage-backed Securities
Mortgage-Backed Securities Portfolio:
Estimated Fair Value	75,589,873	65,718,224
Agency Mortgage-backed Securities | Fannie Mae
Mortgage-Backed Securities Portfolio:
Estimated Fair Value	51,658,391	42,647,075
Agency Mortgage-backed Securities | Freddie Mac
Mortgage-Backed Securities Portfolio:
Estimated Fair Value	23,858,110	22,960,595
Agency Mortgage-backed Securities | Ginnie Mae
Mortgage-Backed Securities Portfolio:
Estimated Fair Value	$ 73,372	$ 110,554

Residential Investment Securi61

Residential Investment Securities - Weighted Average Life (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value of Agency Mortgage-Backed Securities according to their estimated weighted-average life:
Less than one year	$ 63,510	$ 37,862
Greater than one year through five years	12,626,932	20,278,111
Greater than five years through ten years	56,785,601	46,473,701
Greater than ten years	8,239,859	443,820
Total	77,715,902	67,233,494
Amortized Cost of Agency Mortgage-Backed Securities according to their estimated weighted-average life:
Less than one year	61,775	37,850
Greater than one year through five years	12,666,394	20,066,435
Greater than five years through ten years	57,738,588	47,174,319
Greater than ten years	8,473,058	436,693
Total	$ 78,939,815	$ 67,715,297

Residential Investment Securi62

Residential Investment Securities - Unrealized Loss Position (Detail) $ in Thousands	Dec. 31, 2016USD ($)Securities	Dec. 31, 2015USD ($)Securities
Unrealized Loss Position For:
Estimated Fair Value	$ 58,742,859	$ 41,777,836
Gross Unrealized Losses	$ (1,361,566)	$ (854,240)
Number of Securities | Securities	1,422	652
Available For Sale Securities, Continuous Unrealized Loss Positions, Less Than 12 Months
Unrealized Loss Position For:
Estimated Fair Value	$ 52,465,045	$ 20,072,072
Gross Unrealized Losses	$ (1,094,957)	$ (164,259)
Number of Securities | Securities	1,368	463
Available For Sale Securities, Continuous Unrealized Loss Positions, Greater Than 12 Months
Unrealized Loss Position For:
Estimated Fair Value	$ 6,277,814	$ 21,705,764
Gross Unrealized Losses	$ (266,609)	$ (689,981)
Number of Securities | Securities	54	189

Residential Investment Securi63

Residential Investment Securities - Narrative (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Mortgage-Backed Securities Sold:
Residential Investment securities sold, carrying value	$ 12,300	$ 23,900	$ 22,500
Residential Investment securities sold, net realized gain	31	63.3	$ 94.5
Interest-only securities
Mortgage-Backed Securities Sold:
Amortized cost	1,400	1,600
Accumulated other comprehensive income (loss) | Interest-only securities
Mortgage-Backed Securities Sold:
Unrealized gains (Losses)	$ (191.4)	$ (96.1)

Fair Value and Unpaid Principal

Fair Value and Unpaid Principal of Residential Mortgage Loan Portfolio (Detail) - Residential Mortgage $ in Thousands	Dec. 31, 2016USD ($)
Mortgage Loans on Real Estate [Line Items]
Fair value	$ 342,289
Unpaid principal balance	$ 338,323

Summary of Comprehensive Income

Summary of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Net gains (losses) on disposal of investments									$ 31,039	$ 63,317	$ 94,476
Net interest income	$ 623,626	$ 384,514	$ 304,363	$ 240,696	$ 457,773	$ 340,429	$ 511,205	$ 389,694	1,553,199	1,699,101	2,119,739
Net income (loss)	$ 1,848,483	$ 730,880	$ (278,497)	$ (868,080)	$ 669,666	$ (627,491)	$ 900,071	$ (476,499)	1,433,756	$ 466,556	$ (842,083)
Residential Mortgage
Mortgage Loans on Real Estate [Line Items]
Net gains (losses) on disposal of investments									(922)
Net unrealized gains (losses) on investments measured at fair value through earnings									(5,614)
Net interest income									3,452
Net income (loss)									$ (3,084)

Geographic Concentrations Based

Geographic Concentrations Based on Unpaid Principal Balances (Detail) - Residential Mortgage Loans - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Percent of Balance	100.00%
CALIFORNIA
Mortgage Loans on Real Estate [Line Items]
Percent of Balance	46.30%
TEXAS
Mortgage Loans on Real Estate [Line Items]
Percent of Balance	9.60%
ILLINOIS
Mortgage Loans on Real Estate [Line Items]
Percent of Balance	5.70%
FLORIDA
Mortgage Loans on Real Estate [Line Items]
Percent of Balance	5.20%
WASHINGTON
Mortgage Loans on Real Estate [Line Items]
Percent of Balance	5.10%
Other
Mortgage Loans on Real Estate [Line Items]
Percent of Balance	28.10%

Residential Mortgage Loans (Det

Residential Mortgage Loans (Detail) - Residential Mortgage $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 338,323
Minimum
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 22
Interest rate	2.50%
Maturity	Apr. 8, 2044
FICO score at loan origination	665
Loan-to-value ratio at loan origination	24.00%
Maximum
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 1,905
Interest rate	6.75%
Maturity	Nov. 1, 2046
FICO score at loan origination	814
Loan-to-value ratio at loan origination	90.00%
Weighted Average
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 691
Interest rate	3.72%
Maturity	Aug. 20, 2045
FICO score at loan origination	761
Loan-to-value ratio at loan origination	71.00%

Residential Mortgage Loans - Na

Residential Mortgage Loans - Narrative (Detail)	Dec. 31, 2016
Residential Mortgage
Mortgage Loans on Real Estate [Line Items]
Percent of adjustable-rate loans	85.00%

Schedule of Residential Mortgag

Schedule of Residential Mortgage Loans (Detail) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Collection of principal		$ (164,500)	$ (654,117)	$ (625,642)
Fair value, end of period	[1]	342,289	342,289
Residential Mortgage
Mortgage Loans on Real Estate [Line Items]
Purchases			165,213
Collection of principal			(176,815)
Amortization of premiums			(942)
Change in fair value			(5,614)
Fair value, end of period		$ 342,289	342,289
Hatteras | Residential Mortgage
Mortgage Loans on Real Estate [Line Items]
Obtained through Hatteras Acquisition			$ 360,447
[1]	Includes securitized residential mortgage loans of a consolidated VIE carried at fair value of $165.9 million and $0 at December 31, 2016 and 2015, respectively.

Presentation of Activity Relate

Presentation of Activity Related to MSR (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Change in fair value due to:
Changes in valuation inputs or assumptions	$ 178,463	[1]
Other changes, including realization of expected cash flows	(48,652)
Fair value, end of period	652,216
Purchased Servicing Rights
Servicing Assets at Fair Value [Line Items]
Fair value, additions	166,585
Hatteras
Servicing Assets at Fair Value [Line Items]
Fair value, additions	$ 355,820
[1]	Principally represent changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates.

Mortgage Servicing Rights - Add

Mortgage Servicing Rights - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Transfers and Servicing [Abstract]
Service income fee	$ 60.5

Commercial Real Estate Invest72

Commercial Real Estate Investments - Additional Information (Detail)	1 Months Ended		12 Months Ended
	Nov. 30, 2016USD ($)Property	Jun. 30, 2016USD ($)Property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 11, 2015USD ($)	Sep. 30, 2015Property
Real Estate Properties [Line Items]
Sales of senior loan				$ 46,945,000
Gain on sales of senior loan			$ (921,000)
Outstanding impaired loans, nonaccrual loans, and loans in default			0	0
Allowance for loan losses			$ 0	0
Loans receivable with variable rates of interest			77.00%
Gain (loss) on sale of properties			$ 2,865,000		$ 2,748,000
Weighted average amortization period for intangible assets and liabilities			4 years 8 months 12 days
Depreciation expense			$ 21,868,000	12,661,000	$ 3,205,000
General and Administrative Expense
Real Estate Properties [Line Items]
Depreciation expense			20,400,000	12,700,000
Commercial Mortgage Loan
Real Estate Properties [Line Items]
Debt issued			314,865,000	338,444,000
CALIFORNIA | Commercial Mortgage Loan | Eight Class AB Office Properties In Orange Country California
Real Estate Properties [Line Items]
Funding for senior mortgage loan, net of origination fees				278,600,000
Future funding commitment				30,000,000
Funding for senior mortgage loan, net of origination fees				280,000,000
Debt issued						$ 335,000,000
CALIFORNIA | Commercial Mortgage Loan | Eight Class AB Office Properties In Orange Country California | Mezzanine Loans
Real Estate Properties [Line Items]
Funding for senior mortgage loan, net of origination fees				52,700,000
Debt issued				$ 55,000,000
CALIFORNIA | Commercial Mortgage Loan | Senior Loans | Eight Class AB Office Properties In Orange Country California
Real Estate Properties [Line Items]
Sales of senior loan			165,000,000
Gain on sales of senior loan			0
Outstanding impaired loans, nonaccrual loans, and loans in default			164,000,000
Remaining senior loans held for sale			115,000,000
Remaining senior loans held for sale, net of origination fees			114,400,000
Multi Tenant Retail Properties
Real Estate Properties [Line Items]
Number of multi-tenant retail properties acquired | Property							11,000
Total purchase price			132,000,000
Additional depreciation and amortization			4,200,000
Number of non-core properties sold | Property	1	3
Properties sold	$ 26,800,000	$ 12,800,000
Gain (loss) on sale of properties	$ 2,000,000	$ 800,000
Multi Tenant Retail Properties | CALIFORNIA
Real Estate Properties [Line Items]
Total purchase price			$ 37,750,000

CRE Debt and Preferred Equity I

CRE Debt and Preferred Equity Investments (Detail) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Real Estate [Line Items]
Carrying Value	[1]	$ 1,084,931	$ 1,348,817
Preferred Equity Interests
Real Estate [Line Items]
Carrying Value	[1]	8,967	121,773
Commercial Mortgage
Real Estate [Line Items]
Outstanding Principal	[1]	975,015	1,355,422
Carrying Value	[1],[2]	$ 970,505	$ 1,348,817
Percentage of Loan Portfolio	[1],[3]	100.00%	100.00%
Commercial Mortgage | Mezzanine Loans
Real Estate [Line Items]
Outstanding Principal		$ 453,693	$ 582,592
Carrying Value	[1],[2]	$ 451,467	$ 578,503
Percentage of Loan Portfolio	[3]	46.50%	43.00%
Commercial Mortgage | Senior Mortgages
Real Estate [Line Items]
Outstanding Principal		$ 512,322	$ 387,314
Carrying Value	[1],[2]	$ 510,071	$ 385,838
Percentage of Loan Portfolio	[3]	52.60%	28.60%
Commercial Mortgage | Senior Securitized Mortgages
Real Estate [Line Items]
Outstanding Principal	[4],[5]		$ 263,072
Carrying Value	[1],[2],[4],[5]		$ 262,703
Percentage of Loan Portfolio	[3],[5]	0.00%	19.40%
Commercial Mortgage | Preferred Equity Interests
Real Estate [Line Items]
Outstanding Principal		$ 9,000	$ 122,444
Carrying Value	[2]	$ 8,967	$ 121,773
Percentage of Loan Portfolio	[3]	0.90%	9.00%
[1]	Excludes Loans held for sale, net.
[2]	Carrying value includes unamortized origination fees of $4.5 million and $6.9 million as of December 31, 2016 and 2015, respectively.
[3]	Based on outstanding principal.
[4]	Assets of consolidated VIE.
[5]	Assets of consolidated VIEs.

CRE Debt and Preferred Equity74

CRE Debt and Preferred Equity Investments (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties Base Purchase Price [Abstract]
Carrying value, unamortized origination fees	$ 4.5	$ 6.9

CRE Debt and Preferred Equity75

CRE Debt and Preferred Equity Investments -Based on Outstanding Principal (Detail) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Line Items]
Beginning balance		$ 1,348,817	$ 1,348,817	$ 1,518,165
Originations & advances (principal)			273,708	489,237
Principal payments		(164,500)	(654,117)	(625,642)
Sales (principal)				(46,945)
Amortization & accretion of (premium) discounts			(314)	143
Net (increase) decrease in origination fees			(2,558)	(8,787)
Amortization of net origination fees			4,967	4,263	$ 4,917
Transfers				18,500
Net carrying value	[1]	1,084,931	1,084,931	1,348,817
Preferred Equity Interests
Real Estate [Line Items]
Beginning balance		121,773	121,773	212,905
Principal payments			(113,444)	(92,210)
Amortization & accretion of (premium) discounts				517
Amortization of net origination fees			638	561
Net carrying value	[1]	8,967	8,967	121,773
Commercial Mortgage
Real Estate [Line Items]
Net carrying value	[1],[2]	970,505	970,505	1,348,817
Commercial Mortgage | Mezzanine Loans
Real Estate [Line Items]
Beginning balance		578,503	578,503	522,731
Originations & advances (principal)			62,390	195,312
Principal payments			(191,291)	(153,693)
Amortization & accretion of (premium) discounts			(178)	(232)
Net (increase) decrease in origination fees			(472)	(4,806)
Amortization of net origination fees			2,515	691
Transfers				18,500
Net carrying value	[1],[2]	451,467	451,467	578,503
Commercial Mortgage | Senior Mortgages
Real Estate [Line Items]
Beginning balance		385,838	385,838	383,895
Originations & advances (principal)			211,318	293,925
Principal payments			(86,310)	(243,270)
Sales (principal)				(46,945)
Amortization & accretion of (premium) discounts			(136)	(142)
Net (increase) decrease in origination fees			(2,086)	(3,702)
Amortization of net origination fees			1,447	2,077
Net carrying value	[1],[2]	510,071	510,071	385,838
Commercial Mortgage | Senior Securitized Mortgages
Real Estate [Line Items]
Beginning balance	[3]	262,703	262,703	398,634
Principal payments	[3]		(263,072)	(136,469)
Net (increase) decrease in origination fees	[3]			(279)
Amortization of net origination fees	[3]		369	817
Net carrying value	[1],[2],[3],[4]			262,703
Commercial Mortgage | Preferred Equity Interests
Real Estate [Line Items]
Net carrying value	[2]	$ 8,967	$ 8,967	$ 121,773
[1]	Excludes Loans held for sale, net.
[2]	Carrying value includes unamortized origination fees of $4.5 million and $6.9 million as of December 31, 2016 and 2015, respectively.
[3]	Assets of consolidated VIE.
[4]	Assets of consolidated VIEs.

Internal CRE Debt and Preferred

Internal CRE Debt and Preferred Equity Ratings (Detail) - Commercial Mortgage - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Real Estate [Line Items]
Performing		$ 398,771	$ 520,263
Performing Closely Monitored		413,487	600,561
Performing Special Mention		162,757	234,598
Internal Rating Substandard		0	0
Doubtful		0	0
Loss		0	0
Total	[1]	975,015	1,355,422
Mezzanine Loans
Real Estate [Line Items]
Performing		254,337	342,493
Performing Closely Monitored		170,039	219,969
Performing Special Mention		29,317	20,130
Internal Rating Substandard		0	0
Doubtful		0	0
Loss		0	0
Total		453,693	582,592
Senior Mortgages
Real Estate [Line Items]
Performing		144,434	71,000
Performing Closely Monitored		243,448	283,148
Performing Special Mention		124,440	33,166
Internal Rating Substandard		0	0
Doubtful		0	0
Loss		0	0
Total		512,322	387,314
Senior Securitized Mortgages
Real Estate [Line Items]
Performing	[2]		106,770
Performing Closely Monitored	[2]		15,500
Performing Special Mention	[2]		140,802
Internal Rating Substandard	[2]		0
Doubtful	[2]		0
Loss	[2]		0
Total	[2],[3]		263,072
Preferred Equity Interests
Real Estate [Line Items]
Performing Closely Monitored			81,944
Performing Special Mention		9,000	40,500
Internal Rating Substandard		0	0
Doubtful		0	0
Loss		0	0
Total		$ 9,000	$ 122,444
[1]	Excludes Loans held for sale, net.
[2]	Assets of consolidated VIE.
[3]	Assets of consolidated VIEs.

Summary of Acquisitions of Real

Summary of Acquisitions of Real Estate Held for Investment (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Multi Tenant Retail Properties
Real Estate [Line Items]
Original Purchase Price	$ 132,000
OHIO | Single Tenant Properties
Real Estate [Line Items]
Date of Acquisition	Jul. 31, 2015
Original Purchase Price	$ 11,000
Remaining Lease Term (Years)	3 years 10 months 24 days	[1]
FLORIDA | Multi Tenant Retail Properties
Real Estate [Line Items]
Date of Acquisition	Aug. 31, 2015
Original Purchase Price	$ 18,900
Remaining Lease Term (Years)	4 years 6 months	[1]
DISTRICT OF COLUMBIA | Multifamily Property
Real Estate [Line Items]
Date of Acquisition	Oct. 31, 2015
Original Purchase Price	$ 75,000
Remaining Lease Term (Years)	1 year	[1]
CALIFORNIA | Multi Tenant Retail Properties
Real Estate [Line Items]
Date of Acquisition	Oct. 31, 2015
Original Purchase Price	$ 37,750
Remaining Lease Term (Years)	3 years 9 months 18 days	[1]
TEXAS
Real Estate [Line Items]
Original Purchase Price	$ 131,950
TEXAS | Multi Tenant Retail Properties
Real Estate [Line Items]
Date of Acquisition	Nov. 30, 2015
Original Purchase Price	$ 131,950
Remaining Lease Term (Years)	4 years 2 months 12 days	[1]
[1]	As of December 31, 2016. Does not include extension options.

Aggregate Allocation of Purchas

Aggregate Allocation of Purchase Price (Detail) - TEXAS $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Real Estate [Line Items]
Total purchase price	$ 131,950
Real Estate Investment
Real Estate [Line Items]
Total purchase price	127,285
Above Market Leases
Real Estate [Line Items]
Total purchase price	274
Land
Real Estate [Line Items]
Total purchase price	32,452
Building
Real Estate [Line Items]
Total purchase price	82,552
Site Improvements
Real Estate [Line Items]
Total purchase price	5,446
Tenant Improvements
Real Estate [Line Items]
Total purchase price	6,835
Leaseholds and Leasehold Improvements
Real Estate [Line Items]
Total purchase price	14,598
Below Market Lease Liabilities
Real Estate [Line Items]
Total purchase price	$ 10,207

Total Commercial Real Estate He

Total Commercial Real Estate Held for Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real estate held for investment, at amortized cost
Real estate held for investment, at amortized cost	$ 448,620	$ 487,097
Less: accumulated depreciation	(34,221)	(16,886)
Total real estate held for investment, at amortized cost, net	414,399	470,211
Equity in unconsolidated joint ventures	60,168	65,735
Investments in commercial real estate, net	474,567	535,946
Land
Real estate held for investment, at amortized cost
Real estate held for investment, at amortized cost	112,675	113,494
Building Improvements
Real estate held for investment, at amortized cost
Real estate held for investment, at amortized cost	$ 335,945	$ 373,603

Minimum Future Rentals to be Re

Minimum Future Rentals to be Received on Noncancelable Operating Leases (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Leases [Abstract]
2,017	$ 30,441
2,018	27,225
2,019	23,231
2,020	18,635
2,021	14,554
Later years	26,424
Operating Leases, Future Minimum Payments Receivable, Total	$ 140,510

Mortgage Loans Payable (Detail)

Mortgage Loans Payable (Detail) - Commercial Mortgage Loan - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value		$ 311,636	$ 334,707
Mortgage Principal		314,865	338,444
Joint Venture | Minimum
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value		285,993	292,658
Mortgage Principal		$ 289,125	$ 296,325
Interest rate		4.03%	2.30%
Fixed/Floating Rate		Fixed
Maturity Date		Dec. 31, 2024	Dec. 31, 2024
Priority		First liens
Joint Venture | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		4.64%	4.61%
Fixed/Floating Rate		Fixed
Maturity Date		Dec. 31, 2025	Dec. 31, 2025
Three Thousand One Hundred South Mall
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value		$ 12,261	$ 12,228
Mortgage Principal		$ 12,350	$ 12,350
Interest rate		4.01%	4.01%
Fixed/Floating Rate		Fixed
Maturity Date		Sep. 6, 2019	Sep. 6, 2019
Priority		First liens
Twelve Thousand One Hundred Fifty-One Jefferson
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value		$ 11,015	$ 11,012
Mortgage Principal		$ 11,025	$ 11,025
Interest rate		3.58%	3.58%
Fixed/Floating Rate		Fixed
Maturity Date		Jun. 6, 2019	Jun. 6, 2019
Priority		First liens
ARIZONA
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value			$ 16,365
Mortgage Principal			$ 16,308
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		$ 2,367	$ 2,444
Mortgage Principal		$ 2,365	$ 2,436
Interest rate		3.45%	3.45%
Fixed/Floating Rate	[1]	Floating
Maturity Date		Mar. 29, 2017	Mar. 29, 2017
Priority		First liens
[1]	Includes a mortgage with a fixed rate 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, 2016USD ($)
Debt Disclosure [Abstract]
2,017	$ 2,365
2,018	0
2,019	23,375
2,020	0
2,021	0
Later years	289,125
Long-term Debt, Total	$ 314,865

Schedule of Industry and Rate S

Schedule of Industry and Rate Sensitivity (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	$ 773,274	$ 488,508
Commercial Fishing
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	40,600	41,979
Drugs
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	34,042
Grocery Stores
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,761
Home Health Care Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	39,205	34,432
Miscellaneous Business Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	84,486	74,682
Miscellaneous Plastic Products
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	27,036	12,697
Aircraft and Parts
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	32,067
Computer Programming, Data Processing and Other Computer Related Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	146,547	73,758
Drugs, Drug Proprietaries and Druggists Sundries
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt		43,617
Groceries and Related Products
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	14,856	28,286
Insurance Agents, Brokers and Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	77,658	29,221
Laboratory Apparatus and Analytical, Optical, Measuring, and Controlling Instruments
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt		7,475
Management and Public Relations
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	16,493
Medical and Dental Laboratories
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	17,292
Miscellaneous Health and Allied Services, Not Elsewhere Classified
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	9,791	9,875
Miscellaneous Nonmetallic Minerals, Except Fuels
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	24,688	24,666
Motor Vehicles and Motor Vehicle Parts and Supplies
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	12,319
Offices and Clinics of Doctors of Medicine
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	83,386	61,275
Personnel Supply Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	36,921	7,573
Research, Development and Testing Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	17,744	17,742
Schools and Educational Services, Not Elsewhere Classified
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	20,979	21,230
Surgical, Medical, and Dental Instruments and Supplies
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	13,403
Fixed Rate
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	88,877	74,682
Fixed Rate | Miscellaneous Business Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	84,486	74,682
Fixed Rate | Insurance Agents, Brokers and Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	4,391
Floating Rate
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	684,397	413,826
Floating Rate | Commercial Fishing
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	40,600	41,979
Floating Rate | Drugs
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	34,042
Floating Rate | Grocery Stores
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,761
Floating Rate | Home Health Care Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	39,205	34,432
Floating Rate | Miscellaneous Plastic Products
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	27,036	12,697
Floating Rate | Aircraft and Parts
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	32,067
Floating Rate | Computer Programming, Data Processing and Other Computer Related Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	146,547	73,758
Floating Rate | Drugs, Drug Proprietaries and Druggists Sundries
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt		43,617
Floating Rate | Groceries and Related Products
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	14,856	28,286
Floating Rate | Insurance Agents, Brokers and Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	73,267	29,221
Floating Rate | Laboratory Apparatus and Analytical, Optical, Measuring, and Controlling Instruments
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt		7,475
Floating Rate | Management and Public Relations
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	16,493
Floating Rate | Medical and Dental Laboratories
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	17,292
Floating Rate | Miscellaneous Health and Allied Services, Not Elsewhere Classified
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	9,791	9,875
Floating Rate | Miscellaneous Nonmetallic Minerals, Except Fuels
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	24,688	24,666
Floating Rate | Motor Vehicles and Motor Vehicle Parts and Supplies
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	12,319
Floating Rate | Offices and Clinics of Doctors of Medicine
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	83,386	61,275
Floating Rate | Personnel Supply Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	36,921	7,573
Floating Rate | Research, Development and Testing Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	17,744	17,742
Floating Rate | Schools and Educational Services, Not Elsewhere Classified
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	20,979	$ 21,230
Floating Rate | Surgical, Medical, and Dental Instruments and Supplies
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	$ 13,403

Aggregate Positions in Capital

Aggregate Positions in Capital Structure of Borrowers (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total	$ 773,274	$ 488,508
Subordinated Debt
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total	4,391
First Lien
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total	505,956	280,441
Second Lien
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total	178,441	133,385
Corporate Debt Securities
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total	$ 84,486	$ 74,682

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail)		Dec. 31, 2016USD ($)	Feb. 29, 2016USD ($)Loan	Apr. 30, 2015USD ($)Loan	Feb. 28, 2015USD ($)Loan	Jan. 31, 2014USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2016USD ($)
Variable Interest Entity [Line Items]
Securitization financing transaction, total	[1]	$ 3,655,802,000					$ 3,655,802,000	$ 2,540,711,000
Securitization financing transaction, variable interest rate							77.00%
Securitization cost						$ 4,300,000
Face value		1,090,015,000					$ 1,090,015,000
Payments to purchase mortgage loans							99,590,000
Exposure to obligations of VIEs		1,100,000,000					1,100,000,000
Gain (Loss) recognized upon initial consolidation							0
Contractual principal amount of residential mortgage trust debt		164,500,000					654,117,000	625,642,000
Other secured financings		3,884,708,000					$ 3,884,708,000	$ 1,845,048,000
Freddie Mac | Floating Rate Multifamily Mortgage Loans | FREMF 2015-KLSF
Variable Interest Entity [Line Items]
Number of loans in the underlying portfolio | Loan					11
Face value					$ 1,400,000,000
Freddie Mac | Floating Rate Multifamily Mortgage Loans | FREMF 2015-KF07
Variable Interest Entity [Line Items]
Number of loans in the underlying portfolio | Loan				40
Face value				$ 1,200,000,000
Freddie Mac | Floating Rate Multifamily Mortgage Loans | FREMF 2016-KLH1
Variable Interest Entity [Line Items]
Number of loans in the underlying portfolio | Loan			28
Face value			$ 1,500,000,000
NLY Commercial Mortgage Trust
Variable Interest Entity [Line Items]
Securitization financing transaction, purchase						399,500,000
Securitization financing transaction, total						$ 260,700,000
Securitization financing transaction, weighted average rate						65.30%
Securitization financing transaction, variable interest rate						1.74%
Securitization financing transaction, variable interest rate description							LIBOR plus 1.74% at closing
FREMF Trust
Variable Interest Entity [Line Items]
Exposure to obligations of VIEs		281,600,000					$ 281,600,000
Gain (Loss) recognized upon initial consolidation							0
Debt issue costs expensed							800,000
Mortgage loans, unpaid principal balance		3,900,000,000					3,900,000,000
Loans 90 days or more past due or on nonaccrual status		0					0
Gain (Loss) attributable to instrument- specific credit risk							0
FREMF Trust | Freddie Mac | FREMF 2015-KLSF
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets		1,300,000,000					1,300,000,000
Variable interest entity, consolidated, carrying amount, liabilities		1,200,000,000					1,200,000,000
Payments to purchase mortgage loans					$ 102,100,000
FREMF Trust | Freddie Mac | FREMF 2015-KF07
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets		1,100,000,000					1,100,000,000
Variable interest entity, consolidated, carrying amount, liabilities		1,000,000,000					1,000,000,000
Payments to purchase mortgage loans				$ 89,400,000
FREMF Trust | Freddie Mac | FREMF 2016-KLH1
Variable Interest Entity [Line Items]
Face value			112,000,000
Variable interest entity, consolidated, carrying amount, assets		1,500,000,000					1,500,000,000
Variable interest entity, consolidated, carrying amount, liabilities		1,400,000,000					1,400,000,000
Payments to purchase mortgage loans			107,600,000
Discounted value			$ 4,400,000
Borrower
Variable Interest Entity [Line Items]
Credit facility, maximum borrowing capacity									$ 300,000,000
Other secured financings		292,600,000					292,600,000
Borrower | Consolidation, Eliminations
Variable Interest Entity [Line Items]
Intercompany receivable		292,600,000					292,600,000
Borrower | Corporate Debt Securities
Variable Interest Entity [Line Items]
Transferred loans pledged as collateral for credit facility		$ 592,900,000					$ 592,900,000
Pingora
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage		100.00%
[1]	Includes securitized debt of consolidated VIEs carried at fair value of $3.7 billion and $2.4 billion at December 31, 2016 and 2015, respectively.

Statement of Financial Conditio

Statement of Financial Condition of VIEs Reflected in Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands		Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents		$ 1,539,746	[1]	$ 1,769,258	[1]	$ 1,741,244	$ 552,436
Commercial real estate debt investments	[2]	4,321,739		2,911,828
Residential mortgages loans	[3]	342,289
Commercial real estate and debt and preferred equity, held for investment	[4]	970,505		1,348,817
Mortgage servicing rights		652,216
Other assets		333,063		119,422
Total assets		87,905,046		75,190,893
Liabilities
Other secured financing		3,884,708		1,845,048
Other derivatives, at fair value		86,437		49,963
Accrued interest payable		163,013		151,843
Total liabilities		75,329,074		63,284,971
FREMF Trust
ASSETS
Cash and cash equivalents		23,200		48,500
Commercial real estate debt investments		3,890,807		2,554,023
Residential mortgages loans		165,900		0
Accrued interest receivable		8,690
Accrued interest receivable				4,994
Other assets		138
Total assets		3,899,635		2,559,017
Liabilities
Securitized debt (non-recourse) at fair value		3,609,164		2,366,878
Accrued interest payable		4,350		4,183
Total liabilities		3,613,514		2,371,061
NLY Commercial Mortgage Trust
ASSETS
Cash and cash equivalents				49,025
Commercial real estate and debt and preferred equity, held for investment				262,703
Accrued interest receivable				431
Other assets				169
Total assets				312,328
Liabilities
Securitized debt (non-recourse) at amortized cost				173,833
Accrued interest payable				191
Accounts payable and other liabilities				290
Total liabilities				$ 174,314
Residential Mortgage Loan Trust
ASSETS
Residential mortgages loans		165,869
Accrued interest receivable		836
Total assets		166,705
Liabilities
Securitized debt (non-recourse) at fair value		46,638
Accrued interest payable		107
Accounts payable and other liabilities		662
Total liabilities		47,407
Mortgage Servicing Rights Silos
ASSETS
Cash and cash equivalents		23,198
Residential mortgages loans		8,309
Mortgage servicing rights		652,216
Accrued interest receivable		9
Other assets		35,540
Total assets		719,272
Liabilities
Other secured financing		3,825
Other derivatives, at fair value		9
Accounts payable and other liabilities		14,007
Total liabilities		$ 17,841
[1]	Includes cash of consolidated VIEs of $23.2 million and $48.5 million at December 31, 2016 and 2015, respectively.
[2]	Includes senior securitized commercial mortgage loans of consolidated VIEs carried at fair value of $3.9 billion and $2.6 billion at December 31, 2016 and 2015, respectively.
[3]	Includes securitized residential mortgage loans of a consolidated VIE carried at fair value of $165.9 million and $0 at December 31, 2016 and 2015, respectively.
[4]	Includes senior securitized commercial mortgage loans of a consolidated VIE with a carrying value of $0 and $262.7 million carried at amortized cost, at December 31, 2016 and 2015, respectively.

Statement of Comprehensive Inco

Statement of Comprehensive Income (Loss) of VIEs Reflected in Consolidated Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net interest income:
Interest income		$ 807,022	$ 558,668	$ 457,118	$ 388,143	$ 576,580	$ 450,726	$ 624,277	$ 519,114	$ 2,210,951	$ 2,170,697	$ 2,632,398
Interest expense		183,396	174,154	152,755	147,447	118,807	110,297	113,072	129,420	657,752	471,596	512,659
Net interest income		$ 623,626	$ 384,514	$ 304,363	$ 240,696	$ 457,773	$ 340,429	$ 511,205	$ 389,694	1,553,199	1,699,101	2,119,739
Realized gain (loss) on disposal of investments											(12,450)
Other income (loss)										44,144	(13,717)	44,044
General and administration expenses										250,356	200,240	209,338
Net income (loss)										1,432,786	$ 465,747	$ (842,279)
FREMF Trust
Net interest income:
Interest income										94,991
Interest expense										41,395
Net interest income										53,596
Unrealized gain (loss) on investments at fair value	[1]									(412)
Other income (loss)										(25,290)
General and administration expenses										7
Net income (loss)										27,887
NLY Commercial Mortgage Trust
Net interest income:
Interest income										9,541
Interest expense										2,302
Net interest income										7,239
Net income (loss)										7,239
Residential Mortgage Loan Trust
Net interest income:
Interest income										2,292
Interest expense										694
Net interest income										1,598
Realized gain (loss) on disposal of investments										(505)
Unrealized gain (loss) on investments at fair value	[1]									(2,280)
Other income (loss)										(183)
General and administration expenses										36
Net income (loss)										(1,406)
Mortgage Servicing Rights Silos
Net interest income:
Interest income										129
Interest expense										60
Net interest income										69
Realized gain (loss) on disposal of investments										87
Unrealized gain (loss) on investments at fair value	[1]									129,355
Other income (loss)										59,410
General and administration expenses										2,677
Net income (loss)										$ 186,244
[1]	Included in Net unrealized gains (losses) on investments measured at fair value through earnings.

Geographic Concentrations of Cr

Geographic Concentrations of Credit Risk Exceeding 5% of Total Loan Unpaid Principal Balances (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Residential Mortgage Loan Trust
Concentration Risk [Line Items]
Principal Balance	$ 164,759
Residential Mortgage Loan Trust | TEXAS
Concentration Risk [Line Items]
Principal Balance	76,254
Residential Mortgage Loan Trust | NORTH CAROLINA
Concentration Risk [Line Items]
Principal Balance	16,925
Residential Mortgage Loan Trust | MARYLAND
Concentration Risk [Line Items]
Principal Balance	10,762
Residential Mortgage Loan Trust | FLORIDA
Concentration Risk [Line Items]
Principal Balance	10,193
Residential Mortgage Loan Trust | VIRGINIA
Concentration Risk [Line Items]
Principal Balance	9,362
Residential Mortgage Loan Trust | NEW YORK
Concentration Risk [Line Items]
Principal Balance	$ 41,263
Residential Mortgage Loan Trust | Securitized Loans | Geographic Concentration Risk
Concentration Risk [Line Items]
Percent of Balance	100.00%
Residential Mortgage Loan Trust | Securitized Loans | Geographic Concentration Risk | TEXAS
Concentration Risk [Line Items]
Percent of Balance	46.30%
Residential Mortgage Loan Trust | Securitized Loans | Geographic Concentration Risk | NORTH CAROLINA
Concentration Risk [Line Items]
Percent of Balance	10.30%
Residential Mortgage Loan Trust | Securitized Loans | Geographic Concentration Risk | MARYLAND
Concentration Risk [Line Items]
Percent of Balance	6.50%
Residential Mortgage Loan Trust | Securitized Loans | Geographic Concentration Risk | FLORIDA
Concentration Risk [Line Items]
Percent of Balance	6.20%
Residential Mortgage Loan Trust | Securitized Loans | Geographic Concentration Risk | VIRGINIA
Concentration Risk [Line Items]
Percent of Balance	5.70%
Residential Mortgage Loan Trust | Securitized Loans | Geographic Concentration Risk | NEW YORK
Concentration Risk [Line Items]
Percent of Balance	25.00%
FREMF Trust
Concentration Risk [Line Items]
Principal Balance	$ 3,864,912
FREMF Trust | TEXAS
Concentration Risk [Line Items]
Principal Balance	682,829
FREMF Trust | NORTH CAROLINA
Concentration Risk [Line Items]
Principal Balance	537,375
FREMF Trust | MARYLAND
Concentration Risk [Line Items]
Principal Balance	499,495
FREMF Trust | FLORIDA
Concentration Risk [Line Items]
Principal Balance	456,441
FREMF Trust | VIRGINIA
Concentration Risk [Line Items]
Principal Balance	329,250
FREMF Trust | NEW YORK
Concentration Risk [Line Items]
Principal Balance	280,925
FREMF Trust | PENNSYLVANIA
Concentration Risk [Line Items]
Principal Balance	225,810
FREMF Trust | OHIO
Concentration Risk [Line Items]
Principal Balance	197,455
FREMF Trust | Other
Concentration Risk [Line Items]
Principal Balance	$ 655,332	[1]
FREMF Trust | Securitized Loans | Geographic Concentration Risk
Concentration Risk [Line Items]
Percent of Balance	100.00%
FREMF Trust | Securitized Loans | Geographic Concentration Risk | TEXAS
Concentration Risk [Line Items]
Percent of Balance	17.70%
FREMF Trust | Securitized Loans | Geographic Concentration Risk | NORTH CAROLINA
Concentration Risk [Line Items]
Percent of Balance	13.90%
FREMF Trust | Securitized Loans | Geographic Concentration Risk | MARYLAND
Concentration Risk [Line Items]
Percent of Balance	12.90%
FREMF Trust | Securitized Loans | Geographic Concentration Risk | FLORIDA
Concentration Risk [Line Items]
Percent of Balance	11.80%
FREMF Trust | Securitized Loans | Geographic Concentration Risk | VIRGINIA
Concentration Risk [Line Items]
Percent of Balance	8.50%
FREMF Trust | Securitized Loans | Geographic Concentration Risk | NEW YORK
Concentration Risk [Line Items]
Percent of Balance	7.30%
FREMF Trust | Securitized Loans | Geographic Concentration Risk | PENNSYLVANIA
Concentration Risk [Line Items]
Percent of Balance	5.80%
FREMF Trust | Securitized Loans | Geographic Concentration Risk | OHIO
Concentration Risk [Line Items]
Percent of Balance	5.10%
FREMF Trust | Securitized Loans | Geographic Concentration Risk | Other
Concentration Risk [Line Items]
Percent of Balance	17.00%	[1]
[1]	No individual state greater than 5%

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Debt instrument, fair value disclosure	$ 0	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Detail) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Assets:
Agency mortgage-backed securities		$ 75,589,873	$ 65,718,224
Non-Agency mortgage-backed securities		77,715,902	67,233,494
Agency debentures			152,038
Credit risk transfer securities		724,722	456,510
Non-Agency mortgage-backed securities		1,401,307
Mortgage servicing rights		652,216
Commercial real estate debt investments	[1]	4,321,739	2,911,828
Interest rate swaps		68,194	19,642
Other derivatives		171,266	22,066
Total assets		83,271,606	70,187,030
Liabilities:
Securitized debt of consolidated VIEs		3,655,802	2,366,878
Interest rate swaps		1,443,765	1,677,571
Other derivatives		86,437	49,963
Total liabilities		5,186,004	4,094,412
Non-Agency Mortgage-backed Securities
Assets:
Non-Agency mortgage-backed securities	[2]	1,401,307	906,722
Residential Mortgage
Assets:
Residential mortgage loans		342,289
Level 1
Assets:
Other derivatives		168,209	12,443
Total assets		168,209	12,443
Liabilities:
Other derivatives		24,912	32,778
Total liabilities		24,912	32,778
Level 2
Assets:
Agency mortgage-backed securities		75,589,873	65,718,224
Agency debentures			152,038
Credit risk transfer securities		724,722	456,510
Non-Agency mortgage-backed securities		1,401,307
Commercial real estate debt investments		4,321,739	2,911,828
Interest rate swaps		68,194	19,642
Other derivatives		3,057	9,623
Total assets		82,451,181	70,174,587
Liabilities:
Securitized debt of consolidated VIEs		3,655,802	2,366,878
Interest rate swaps		1,443,765	1,677,571
Other derivatives		61,525	17,185
Total liabilities		5,161,092	4,061,634
Level 2 | Non-Agency Mortgage-backed Securities
Assets:
Non-Agency mortgage-backed securities			$ 906,722
Level 2 | Residential Mortgage
Assets:
Residential mortgage loans		342,289
Level 3
Assets:
Mortgage servicing rights		652,216
Total assets		$ 652,216
[1]	Includes senior securitized commercial mortgage loans of consolidated VIEs carried at fair value of $3.9 billion and $2.6 billion at December 31, 2016 and 2015, respectively.
[2]	Includes $88.6 million and $0 at December 31, 2016 and 2015, respectively, of non-Agency mortgage-backed securities in a consolidated VIE pledged as collateral and eliminated from the Company's Consolidated Statements of Financial Condition.

Information about Significant U

Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Level 3 MSRs (Detail) - Fair Value, Measurements, Recurring - Level 3 - Mortgage Servicing Rights	12 Months Ended
	Dec. 31, 2016USD ($)	[1]
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Unobservable input, discount rate	10.00%
Unobservable input, prepayment rate	5.10%
Unobservable input, delinquency rate	0.00%
Unobservable input, cost to service	$ 83
Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Unobservable input, discount rate	15.00%
Unobservable input, prepayment rate	18.80%
Unobservable input, delinquency rate	10.00%
Unobservable input, cost to service	$ 152
Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Unobservable input, discount rate	10.40%
Unobservable input, prepayment rate	8.70%
Unobservable input, delinquency rate	2.30%
Unobservable input, cost to service	$ 100
[1]	Represents rates, estimates and assumptions that the Company believes would be used by market participants when valuing these assets.

Estimated Fair Values for All F

Estimated Fair Values for All Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Estimate of Fair Value, Fair Value Disclosure
Financial assets:
Commercial loans held for sale, net		$ 114,425	$ 278,600
Estimate of Fair Value, Fair Value Disclosure | Level 1
Financial assets:
Cash and cash equivalents		1,539,746	1,769,258
Estimate of Fair Value, Fair Value Disclosure | Level 2
Financial assets:
Agency mortgage-backed securities		75,589,873	65,718,224
Agency debentures			152,038
Credit risk transfer securities		724,722	456,510
Non-Agency mortgage-backed securities		1,401,307	906,722
Commercial real estate debt investments		4,321,739	2,911,828
Corporate debt		776,310	470,894
Interest rate swaps		68,194	19,642
Residential mortgage loans		342,289
Financial liabilities:
Securitized debt of consolidated VIEs		3,655,802	2,541,193
Participation sold		12,827	13,138
Interest rate swaps		1,443,765	1,677,571
Estimate of Fair Value, Fair Value Disclosure | Level 3
Financial assets:
Mortgage servicing rights		652,216
Commercial real estate debt and preferred equity, held for investment		968,824	1,350,968
Financial liabilities:
Mortgage payable		312,442	339,849
Estimate of Fair Value, Fair Value Disclosure | Level 1, Level 2
Financial assets:
Other derivatives		171,266	22,066
Financial liabilities:
Repurchase agreements		65,256,505	56,361,623
Other secured financing		3,885,430	1,846,095
Other derivatives		86,437	49,963
Carrying (Reported) Amount, Fair Value Disclosure
Financial assets:
Commercial loans held for sale, net		114,425	278,600
Carrying (Reported) Amount, Fair Value Disclosure | Level 1
Financial assets:
Cash and cash equivalents		1,539,746	1,769,258
Carrying (Reported) Amount, Fair Value Disclosure | Level 2
Financial assets:
Agency mortgage-backed securities		75,589,873	65,718,224
Agency debentures			152,038
Credit risk transfer securities		724,722	456,510
Non-Agency mortgage-backed securities		1,401,307	906,722
Residential mortgage loans		342,289
Commercial real estate debt investments		4,321,739	2,911,828
Corporate debt		773,274	488,508
Interest rate swaps	[1]	68,194	19,642
Financial liabilities:
Securitized debt of consolidated VIEs		3,655,802	2,540,711
Participation sold		12,869	13,286
Interest rate swaps		1,443,765	1,677,571
Carrying (Reported) Amount, Fair Value Disclosure | Level 3
Financial assets:
Mortgage servicing rights		652,216
Commercial real estate debt and preferred equity, held for investment		970,505	1,348,817
Financial liabilities:
Mortgage payable		311,636	334,707
Carrying (Reported) Amount, Fair Value Disclosure | Level 1, Level 2
Financial assets:
Other derivatives		171,266	22,066
Financial liabilities:
Repurchase agreements		65,215,810	56,230,860
Other secured financing		3,884,708	1,845,048
Other derivatives		86,437	49,963
Agency mortgage-backed securities		75,589,873	65,718,224
Agency debentures			152,038
Credit risk transfer securities		724,722	456,510
Non-Agency mortgage-backed securities		1,401,307
Residential mortgage loans	[2]	342,289
Mortgage servicing rights		652,216
Commercial real estate debt investments	[3]	4,321,739	2,911,828
Interest rate swaps		68,194	19,642
Other derivatives		171,266	22,066
Other secured financing		3,884,708	1,845,048
Securitized debt of consolidated VIEs	[4]	3,655,802	2,540,711
Interest rate swaps		1,443,765	1,677,571
Other derivatives		86,437	49,963
Level 1
Financial assets:
Other derivatives		168,209	12,443
Financial liabilities:
Other derivatives		24,912	32,778
Level 2
Financial assets:
Agency mortgage-backed securities		75,589,873	65,718,224
Agency debentures			152,038
Credit risk transfer securities		724,722	456,510
Non-Agency mortgage-backed securities		1,401,307
Commercial real estate debt investments		4,321,739	2,911,828
Interest rate swaps		68,194	19,642
Other derivatives		3,057	9,623
Financial liabilities:
Interest rate swaps		1,443,765	1,677,571
Other derivatives		$ 61,525	$ 17,185
[1]	Includes a held-to-maturity debt security carried at amortized cost of $84.5 million, with a fair value of $87.8 million, and $74.7 million, with a fair value of $61.3 million, as of December 31, 2016 and 2015, respectively. The bond's stated maturity is May 15, 2020.
[2]	Includes securitized residential mortgage loans of a consolidated VIE carried at fair value of $165.9 million and $0 at December 31, 2016 and 2015, respectively.
[3]	Includes senior securitized commercial mortgage loans of consolidated VIEs carried at fair value of $3.9 billion and $2.6 billion at December 31, 2016 and 2015, respectively.
[4]	Includes securitized debt of consolidated VIEs carried at fair value of $3.7 billion and $2.4 billion at December 31, 2016 and 2015, respectively.

Estimated Fair Values for All93

Estimated Fair Values for All Financial Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Held-to-maturity debt security, fair value	$ 87.8	$ 61.3
Held-to-maturity debt security, amortized cost	$ 84.5	$ 74.7
Held-to-maturity debt security, stated maturity date	May 15, 2020

Secured Financing - Additional

Secured Financing - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Repurchase Agreements:
Repurchase agreements - outstanding	$ 65,215,810	$ 56,230,860
Repurchase agreements - weighted average effective borrowing rates	1.64%	1.83%
Repurchase agreements - weighted average remaining maturities (in days)	96 days	151 days
Other secured financing long term, amount	$ 3,884,708	$ 1,845,048
Secured financings and interest rate swaps - collateral held, estimated fair value	74,300,000	62,300,000
Secured financings and interest rate swaps - collateral held, accrued interest	$ 229,200	$ 171,700
FHLB De Moines
Repurchase Agreements:
Debt weighted average interest rate	0.76%	0.59%
FHLB De Moines | Maturity Period Beyond Three Years
Repurchase Agreements:
Other secured financing long term, amount	$ 3,600,000	$ 1,400,000
Other secured financing short term amount, expiration period	3 years	3 years
FHLB De Moines | Matured Within 90 Days
Repurchase Agreements:
Other secured financing long term, amount		$ 402,800,000
Other secured financing short term amount, expiration period		90 days

Repurchase Agreements - Remaini

Repurchase Agreements - Remaining Maturities, Collateral Types and Weighted Average Rate (Detail) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Repurchase Agreements:
Repurchase agreements		$ 65,215,810	$ 56,230,860
Weighted Average Rate		1.07%	0.90%
Credit Risk Transfer Securities
Repurchase Agreements:
Repurchase agreements		$ 453,025	$ 142,853
Non Agency MBS
Repurchase Agreements:
Repurchase agreements		720,217	435,581
Commercial Loan
Repurchase Agreements:
Repurchase agreements		334,867	179,428
Agency Mortgage-backed Securities
Repurchase Agreements:
Repurchase agreements		63,707,701	55,472,998
2 to 29 days
Repurchase Agreements:
Repurchase agreements		$ 30,394,043	$ 20,467,487
Weighted Average Rate		0.87%	0.69%
2 to 29 days | Credit Risk Transfer Securities
Repurchase Agreements:
Repurchase agreements		$ 358,972	$ 83,664
2 to 29 days | Non Agency MBS
Repurchase Agreements:
Repurchase agreements		377,366	260,359
2 to 29 days | Agency Mortgage-backed Securities
Repurchase Agreements:
Repurchase agreements		29,657,705	20,123,464
30 to 59 days
Repurchase Agreements:
Repurchase agreements		$ 11,694,799	$ 8,023,209
Weighted Average Rate		1.10%	0.74%
30 to 59 days | Credit Risk Transfer Securities
Repurchase Agreements:
Repurchase agreements		$ 80,139	$ 59,189
30 to 59 days | Non Agency MBS
Repurchase Agreements:
Repurchase agreements		241,360	65,374
30 to 59 days | Agency Mortgage-backed Securities
Repurchase Agreements:
Repurchase agreements		11,373,300	7,898,646
60 to 89 days
Repurchase Agreements:
Repurchase agreements		$ 7,082,232	$ 4,125,426
Weighted Average Rate		1.14%	0.74%
60 to 89 days | Credit Risk Transfer Securities
Repurchase Agreements:
Repurchase agreements		$ 13,914
60 to 89 days | Non Agency MBS
Repurchase Agreements:
Repurchase agreements		101,491	$ 78,833
60 to 89 days | Agency Mortgage-backed Securities
Repurchase Agreements:
Repurchase agreements		6,966,827	4,046,593
90 to 119 days
Repurchase Agreements:
Repurchase agreements		$ 2,063,561	$ 4,846,580
Weighted Average Rate		0.89%	0.60%
90 to 119 days | Agency Mortgage-backed Securities
Repurchase Agreements:
Repurchase agreements		$ 2,063,561	$ 4,846,580
Over 120 days
Repurchase Agreements:
Repurchase agreements	[1]	$ 13,981,175	$ 18,768,158
Weighted Average Rate	[1]	1.47%	1.33%
Over 120 days | Non Agency MBS
Repurchase Agreements:
Repurchase agreements	[1]		$ 31,015
Over 120 days | Commercial Loan
Repurchase Agreements:
Repurchase agreements	[1]	$ 334,867	179,428
Over 120 days | Agency Mortgage-backed Securities
Repurchase Agreements:
Repurchase agreements	[1]	$ 13,646,308	$ 18,557,715
[1]	Approximately 7% and 15% of the total repurchase agreements had a remaining maturity over 1 year as of December 31, 2016 and December 31, 2015, respectively.

Repurchase Agreements - Remai96

Repurchase Agreements - Remaining Maturities, Collateral Types and Weighted Average Rate (Parenthetical) (Detail)	Dec. 31, 2016	Dec. 31, 2015
Disclosure of Repurchase Agreements [Abstract]
Percentage of repurchase agreements, with remaining maturity over one year	7.00%	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, 2016	Dec. 31, 2015
Disclosure of Repurchase Agreements [Abstract]
Gross amounts -reverse repurchase agreements	$ 400,000
Amounts offset - reverse repurchase agreement	(400,000)
Netted amounts -reverse repurchase	0	$ 0
Gross amounts -repurchase agreement	65,615,810	56,230,860
Amounts offset -repurchase agreement	(400,000)
Netted amounts -repurchase agreement	$ 65,215,810	$ 56,230,860

Summary of Fair Value Informati

Summary of Fair Value Information about Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Interest rate swaps, at fair value	$ 68,194	$ 19,642
Other derivatives, at fair value	171,266	22,066
Derivative assets	239,460	41,708
Interest rate swaps, at fair value	1,443,765	1,677,571
Other derivatives, at fair value	86,437	49,963
Derivative liabilities	1,530,202	1,727,534
Futures Contracts
Derivatives, Fair Value [Line Items]
Other derivatives, at fair value	168,209	12,444
Other derivatives, at fair value	24,912	32,778
Purchase Commitments
Derivatives, Fair Value [Line Items]
Other derivatives, at fair value	283
Other derivatives, at fair value	553
TBA Derivatives
Derivatives, Fair Value [Line Items]
Other derivatives, at fair value	2,774	9,622
Other derivatives, at fair value	$ 60,972	$ 17,185

Summary of Characteristics of I

Summary of Characteristics of Interest Rate Swaps (Detail) - Interest Rate Swaps - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments:
Current Notional	[1]	$ 25,875,665	$ 30,185,086
Weighted Average Pay Rate	[2],[3]	2.22%	2.26%
Weighted Average Receive Rate	[2]	1.02%	0.53%
Weighted Average Years to Maturity	[2]	6 years 10 months 13 days	7 years 7 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]	$ 3,444,365	$ 3,240,436
Weighted Average Pay Rate	[2],[3]	1.37%	1.85%
Weighted Average Receive Rate	[2]	1.00%	0.36%
Weighted Average Years to Maturity	[2]	2 years 8 months 16 days	1 year 9 months 18 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]	$ 10,590,000	$ 11,675,000
Weighted Average Pay Rate	[2],[3]	1.92%	1.82%
Weighted Average Receive Rate	[2]	0.99%	0.55%
Weighted Average Years to Maturity	[2]	3 years 11 months 9 days	4 years 3 months
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]	$ 8,206,900	$ 11,635,250
Weighted Average Pay Rate	[2],[3]	2.35%	2.44%
Weighted Average Receive Rate	[2]	1.10%	0.57%
Weighted Average Years to Maturity	[2]	7 years 9 months 26 days	7 years 11 months 1 day
Greater than 10 years
Derivative Instruments:
Derivative Instruments minimum maturity period		10 years	10 years
Current Notional	[1]	$ 3,634,400	$ 3,634,400
Weighted Average Pay Rate	[2],[3]	3.70%	3.70%
Weighted Average Receive Rate	[2]	0.83%	0.43%
Weighted Average Years to Maturity	[2]	18 years 4 months 10 days	19 years 4 months 13 days
[1]	There were no forward starting swaps as of December 31, 2016. Notional amount includes $500.0 million in forward starting pay fixed swaps as of December 31, 2015.
[2]	Excludes forward starting swaps.
[3]	There were no forward starting swaps as of December 31, 2016. Weighted average fixed rate on forward starting pay fixed swaps was 1.44% as of December 31, 2015.

Summary of Characteristics o100

Summary of Characteristics of Interest Rate Swaps (Parenthetical) (Detail) - Forward Starting Pay Fixed Swaps - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments:
Notional amount	$ 0	$ 500,000,000
Weighted average fixed rate	0.00%	1.44%

Summary of Characteristics of T

Summary of Characteristics of TBA Derivatives (Detail) - TBA Derivatives - Long - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments:
Notional	$ 11,223,000,000	$ 13,761,000,000
Implied Cost Basis	11,495,514,000	14,177,338,000
Implied Market Value	11,437,316,000	14,169,775,000
Carrying Value	$ (58,198,000)	$ (7,563,000)

Summary of Certain Characterist

Summary of Certain Characteristics of Futures Derivatives (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Swap Equivalent Eurodollar Futures Contract | 2 Year
Derivative Instruments:
Derivative Instruments, maturity period	2 years	2 years
Weighted Average Years to Maturity	2 years	2 years
Swap Equivalent Eurodollar Futures Contract | Short | 2 Year
Derivative Instruments:
Notional	$ 14,968,250	$ 7,000,000
U.S. Treasury Futures | 5 Year
Derivative Instruments:
Derivative Instruments, maturity period	5 years	5 years
Weighted Average Years to Maturity	4 years 5 months 1 day	4 years 5 months 1 day
U.S. Treasury Futures | 10 Year and Greater
Derivative Instruments:
Derivative Instruments minimum maturity period	10 years	10 years
Weighted Average Years to Maturity	8 years 4 months 21 days	6 years 11 months 1 day
U.S. Treasury Futures | Short | 5 Year
Derivative Instruments:
Notional	$ 1,697,200	$ 1,847,200
U.S. Treasury Futures | Short | 10 Year and Greater
Derivative Instruments:
Notional	$ 2,250,000	$ 655,600
Futures Contracts
Derivative Instruments:
Weighted Average Years to Maturity	2 years 11 months 23 days	2 years 9 months 22 days
Futures Contracts | Short
Derivative Instruments:
Notional	$ 18,915,450	$ 9,502,800

Offsetting of Derivative Assets

Offsetting of Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Offsetting Assets [Line Items]
Gross Amounts, Liabilities	$ 86,437	$ 49,963
Futures Contracts
Offsetting Assets [Line Items]
Gross Amounts, Assets	168,209	12,443
Amounts Eligible for Offset -Financial Instruments, Assets	(24,912)	(10,868)
Amounts Eligible for Offset-Cash Collateral, Assets	0	0
Net Amounts, Assets	143,297	1,575
Gross Amounts, Liabilities	24,912	32,778
Amounts Eligible for Offset-Financial Instruments, Liabilities	(24,912)	(10,868)
Amounts Eligible for Offset -Cash Collateral, Liabilities		(21,910)
Purchase Commitments
Offsetting Assets [Line Items]
Gross Amounts, Assets	283
Amounts Eligible for Offset-Cash Collateral, Assets	0
Net Amounts, Assets	283
Gross Amounts, Liabilities	553
Net Amounts, Liabilities	553
Interest Rate Swaps
Offsetting Assets [Line Items]
Gross Amounts, Assets	68,194	19,642
Amounts Eligible for Offset -Financial Instruments, Assets	(68,194)	(18,040)
Amounts Eligible for Offset-Cash Collateral, Assets	0	0
Net Amounts, Assets		1,602
Gross Amounts, Liabilities	1,443,765	1,677,571
Amounts Eligible for Offset-Financial Instruments, Liabilities	(68,194)	(18,040)
Amounts Eligible for Offset -Cash Collateral, Liabilities	(768,877)	(913,576)
Net Amounts, Liabilities	606,694	745,955
TBA Derivatives
Offsetting Assets [Line Items]
Gross Amounts, Assets	2,774	9,622
Amounts Eligible for Offset -Financial Instruments, Assets	(2,172)	(7,367)
Amounts Eligible for Offset-Cash Collateral, Assets	0	0
Net Amounts, Assets	602	2,255
Gross Amounts, Liabilities	60,972	17,185
Amounts Eligible for Offset-Financial Instruments, Liabilities	(2,172)	(7,367)
Net Amounts, Liabilities	$ 58,800	$ 9,818

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, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Realized gains (losses) on interest rate swaps	[1],[2]	$ (506,681)	$ (624,495)	$ (825,360)
Realized gain (losses) on termination of interest rate swaps		(113,941)	(226,462)	(779,333)
Unrealized gains (losses) on interest rate swaps		$ 282,190	$ (124,869)	$ (948,755)
[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 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, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments:
Unrealized Gain (Loss)	$ 282,190	$ (124,869)	$ (948,755)
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets	230,582	29,646
U.S. Treasury Futures
Derivative Instruments:
Realized Gain (Loss)	(51,148)	(47,394)
Unrealized Gain (Loss)	163,631	(16,681)
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets	112,483	(64,075)
Purchase Commitments
Derivative Instruments:
Unrealized Gain (Loss)	(123)
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets	(123)
TBA Derivatives
Derivative Instruments:
Realized Gain (Loss)	164,008	102,408
Unrealized Gain (Loss)	(50,636)	(3,305)
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets	113,372	99,103
Interest Rate Swaption
Derivative Instruments:
Realized Gain (Loss)	4,850	(41,016)
Unrealized Gain (Loss)		35,634
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets	$ 4,850	$ (5,382)

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) $ in Billions	Dec. 31, 2016USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instruments, net liability position, aggregate fair value	$ 1.3

Convertible Senior Notes - Addi

Convertible Senior Notes - Additional Information (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 S108

Common Stock and Preferred Stock - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jul. 12, 2016	Aug. 31, 2015
Class of Stock [Line Items]
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	1,945,437,500	1,945,437,500
Common Stock, shares issued	1,018,913,249	935,929,561
Common Stock, shares outstanding	1,018,913,249	935,929,561
Options exercised under incentive plans, shares	0	0
Direct purchase and dividend reinvestment program - value raised	$ 2,362,000	$ 2,246,000	$ 2,370,000
Direct purchase and dividend reinvestment program - issued shares	228,000	221,000	210,000
Common stock repurchase program, authorized amount					$ 1,000,000,000
Common stock repurchase program, repurchased share	11,132,226
Common stock repurchase program, repurchased value	$ 102,700,000
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
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
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
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
7.625% Series E Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized	11,500,000	11,500,000
Preferred Stock, shares issued	11,500,000	11,500,000
Preferred Stock, shares outstanding	11,500,000	11,500,000
Preferred Stock, par value	$ 0.01			$ 0.01
Preferred Stock liquidation preference, per share	$ 25
Preferred Stock dividend rate, percentage	7.625%
Preferred Stock redeemable price, per share	$ 25
Preferred Stock redemption date	Aug. 27, 2017
6.00% Series B Cumulative Convertible Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized	4,600,000

Summary of Dividend Distributio

Summary of Dividend Distribution Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Distributions declared to common stockholders	$ 1,162,897	$ 1,133,768	$ 1,137,079
Distributions declared per common share	$ 1.20	$ 1.20	$ 1.2
Distributions paid to common stockholders after period end	$ 305,674	$ 280,779
Distributions paid per common share after period end	$ 0.30	$ 0.30
Date of distributions paid to common stockholders after period end	Jan. 31, 2017	Jan. 29, 2016
7.875% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred dividends declared	$ 14,593	$ 14,593	$ 14,593
Preferred series dividends declared, per share	$ 1.97	$ 1.97	$ 1.97
7.625% Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred dividends declared	$ 22,875	$ 22,875	$ 22,875
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 dividends declared	$ 34,500	$ 34,500	$ 34,500
Preferred series dividends declared, per share	$ 1.88	$ 1.88	$ 1.88
7.625% Series E Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred dividends declared	$ 10,292
Preferred series dividends declared, per share	$ 0.95

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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest income:
Residential Investment Securities										$ 1,944,457	$ 1,963,629	$ 2,467,783
Residential mortgage loans										4,147
Commercial investment portfolio	[1]									252,436	203,804	161,837
U.S. Treasury securities												1,329
Securities loaned												114
Reverse repurchase agreements										9,911	3,264	1,335
Total interest income		$ 807,022	$ 558,668	$ 457,118	$ 388,143	$ 576,580	$ 450,726	$ 624,277	$ 519,114	2,210,951	2,170,697	2,632,398
Interest expense:
Repurchase agreements										585,826	420,325	417,194
Convertible Senior Notes											29,740	87,293
U.S. Treasury securities sold, not yet purchased												1,076
Securities borrowed												95
Securitized debt of consolidated VIEs										44,392	20,065	6,350
Participation sold										627	639	651
Other										26,907	827
Total interest expense		183,396	174,154	152,755	147,447	118,807	110,297	113,072	129,420	657,752	471,596	512,659
Net interest income		$ 623,626	$ 384,514	$ 304,363	$ 240,696	$ 457,773	$ 340,429	$ 511,205	$ 389,694	$ 1,553,199	$ 1,699,101	$ 2,119,739
[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, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 71,815	$ 71,815
Impairment of goodwill	$ 22,966

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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Net income (loss)									$ 1,432,786	$ 465,747	$ (842,279)
Less: Net income (loss) attributable to noncontrolling interest	$ (87)	$ (336)	$ (385)	$ (162)	$ (373)	$ (197)	$ (149)	$ (90)	(970)	(809)	(196)
Net income (loss) attributable to Annaly	1,848,483	730,880	(278,497)	(868,080)	669,666	(627,491)	900,071	(476,499)	1,433,756	466,556	(842,083)
Less: Dividends on preferred stock	23,473	22,803	17,992	17,992	17,992	17,992	17,992	17,992	82,260	71,968	71,968
Net income (loss) per share available (related) to common stockholders, prior to adjustment for dilutive potential common shares, if necessary	$ 1,825,097	$ 708,413	$ (296,104)	$ (885,910)	$ 652,047	$ (645,286)	$ 882,228	$ (494,401)	1,351,496	394,588	(914,051)
Add: Interest on Convertible Senior Notes, if dilutive									0	0	0
Net income (loss) available to common stockholders, as adjusted									$ 1,351,496	$ 394,588	$ (914,051)
Weighted average shares of common stock outstanding-basic									969,787,583	947,062,099	947,539,294
Add: Effect of stock awards and Convertible Senior Notes, if dilutive									314,770	214,643
Weighted average shares of common stock outstanding-diluted									970,102,353	947,276,742	947,539,294
Net income (loss) per share available (related) to common share:
Basic	$ 1.79	$ 0.70	$ (0.32)	$ (0.96)	$ 0.69	$ (0.68)	$ 0.93	$ (0.52)	$ 1.39	$ 0.42	$ (0.96)
Diluted	$ 1.79	$ 0.70	$ (0.32)	$ (0.96)	$ 0.69	$ (0.68)	$ 0.93	$ (0.52)	$ 1.39	$ 0.42	$ (0.96)

Net Income Per Common Share - A

Net Income Per Common Share - Additional Information (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Options to purchase common stock outstanding that would be considered anti-dilutive	1.1	1.2	2.3

Long-Term Stock Incentive Plans

Long-Term Stock Incentive Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Long-Term Stock Incentive Plans:
Weighted average remaining contractual term of stock options outstanding, years	1 year 6 months	2 years 4 months 24 days
Weighted average remaining contractual term of stock options exercisable, years	1 year 6 months	2 years 4 months 24 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, 2016	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding at the beginning of year	1,168,775	2,259,335
Granted	0	0
Exercised	0	0
Forfeited	(6,400)	(795,810)
Expired	(36,750)	(294,750)
Options outstanding at the end of period	1,125,625	1,168,775
Options exercisable at the end of the period	1,125,625	1,168,775
Options outstanding at the beginning of year, weighted average exercise price	$ 15.34	$ 15.35
Granted	0	0
Exercised	0	0
Forfeited	14.69	14.72
Expired	12.90	17.07
Options outstanding at the end of period, weighted average exercise price	15.43	15.34
Options exercisable at the end of period, exercise price	$ 15.43	$ 15.34

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes:
REIT Taxable income distributed									100.00%
Income tax expense (benefit) for income and losses attributable to TRSs	$ 1,244	$ (1,926)	$ (76)	$ (837)	$ 6,085	$ (370)	$ (7,683)	$ 14	$ (1,595)	$ (1,954)	$ 5,325
Years federal and state tax returns remain open for examination									2,013
Taxable REIT Subsidiary
Income Taxes:
Income tax expense (benefit) for income and losses attributable to TRSs									$ (1,800)	$ (1,900)	$ 5,900

Lease Commitments and Contin117

Lease Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Leases [Abstract]
Aggregate future net minimum lease payments	$ 32.9
Lease expense	$ 3.1	$ 2.9	$ 3

Lease Commitments and Contin118

Lease Commitments and Contingencies (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Lease Commitment - 2017	$ 3,697
Lease Commitment - 2018	3,641
Lease Commitment - 2019	3,565
Lease Commitment - 2020	3,652
Lease Commitment - 2021	3,862
Lease Commitment - Later years	14,481
Aggregate future minimum lease payments	$ 32,898

RCap Regulatory Requirements -

RCap Regulatory Requirements - Additional Information (Detail)	Dec. 31, 2016USD ($)
Regulatory Capital Requirements [Abstract]
Minimum net capital requirement	$ 300,000
Regulatory net capital	395,500,000
Regulatory net capital, excess net capital	$ 395,200,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Aug. 05, 2015	Nov. 05, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Aug. 31, 2014	Aug. 07, 2014
Shares repurchased, shares			11,132,226
Shares repurchased, value			$ 102,700,000
Compensation and management fee			$ 151,599,000	$ 150,286,000	$ 155,560,000
Amendment Agreement
Basis for management fee			Amount equal to 1/12th of 1.05% of our stockholders' equity
Term of management agreement expiration date		Dec. 31, 2018
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	$ 126,400,000
Share repurchase agreement expiration period	2015-08
Advisory fees from affiliate			$ 0	24,800,000	31,300,000
Effective date			Aug. 8, 2014
Management fee percentage						1.20%	0.75%
Management Agreement
Compensation and management fee			$ 151,600,000	150,300,000	155,600,000
Management fee payable			11,200,000	12,100,000
Management Agreement | Subsidiaries
Compensation expense			$ 8,400,000	$ 7,500,000	$ 24,200,000

Summarized Quarterly Results (D

Summarized Quarterly Results (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Interest income	$ 807,022	$ 558,668	$ 457,118	$ 388,143	$ 576,580	$ 450,726	$ 624,277	$ 519,114	$ 2,210,951	$ 2,170,697	$ 2,632,398
Interest expense	183,396	174,154	152,755	147,447	118,807	110,297	113,072	129,420	657,752	471,596	512,659
Net interest income	623,626	384,514	304,363	240,696	457,773	340,429	511,205	389,694	1,553,199	1,699,101	2,119,739
Total realized and unrealized gains (losses)	1,250,636	412,906	(523,785)	(1,055,553)	276,261	(909,158)	440,545	(828,999)	84,204	(1,021,351)	(2,791,399)
Total other income (loss)	30,918	29,271	(9,930)	(6,115)	(10,447)	(9,675)	(7,353)	13,758
Less: Total general and administrative expenses	55,453	97,737	49,221	47,945	47,836	49,457	52,009	50,938
Income (loss) before income taxes and noncontrolling interest	1,849,727	728,954	(278,573)	(868,917)	675,751	(627,861)	892,388	(476,485)	1,431,191	463,793	(836,954)
Less: Income taxes	1,244	(1,926)	(76)	(837)	6,085	(370)	(7,683)	14	(1,595)	(1,954)	5,325
Net income (loss)	1,848,483	730,880	(278,497)	(868,080)	669,666	(627,491)	900,071	(476,499)	1,433,756	466,556	(842,083)
Less: Net income attributable to noncontrolling interest	(87)	(336)	(385)	(162)	(373)	(197)	(149)	(90)	(970)	(809)	(196)
Less: Dividends on preferred stock	23,473	22,803	17,992	17,992	17,992	17,992	17,992	17,992	82,260	71,968	71,968
Net income (loss) available (related) to common stockholders	$ 1,825,097	$ 708,413	$ (296,104)	$ (885,910)	$ 652,047	$ (645,286)	$ 882,228	$ (494,401)	$ 1,351,496	$ 394,588	$ (914,051)
Net income (loss) available (related) per share to common stockholders:
Basic	$ 1.79	$ 0.70	$ (0.32)	$ (0.96)	$ 0.69	$ (0.68)	$ 0.93	$ (0.52)	$ 1.39	$ 0.42	$ (0.96)
Diluted	$ 1.79	$ 0.70	$ (0.32)	$ (0.96)	$ 0.69	$ (0.68)	$ 0.93	$ (0.52)	$ 1.39	$ 0.42	$ (0.96)

Schedule III - Real Estate a122

Schedule III - Real Estate and Accumulated Depreciation (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	27
Encumbrances	$ 314,865
Initial Cost, Land	113,494
Initial Cost , Buildings and Improvements	373,603
Cost Capitalized Subsequent to Acquisition, Improvement	2,881
Cost Capitalized Subsequent to Acquisition, Purchase Price Allocation Adjustments	(4,666)
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Property sold	(36,692)
Gross Amounts, Land	112,675
Gross Amounts, Buildings and Improvements	335,945
Total	448,620
Accumulated Depreciation	$ (34,221)	$ (16,886)
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, Purchase Price Allocation Adjustments	(348)
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	3,970
Gross Amounts, Buildings and Improvements	14,672
Total	18,642
Accumulated Depreciation	$ (818)
Year of Construction	1,996
Date Acquired	Nov. 25, 2015
Life (in years)	39 years
TEXAS | Retail - Plano, TX | Group One
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, Purchase Price Allocation Adjustments	(123)
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	4,615
Gross Amounts, Buildings and Improvements	12,692
Total	17,307
Accumulated Depreciation	$ (811)
Year of Construction	1,994
Date Acquired	Nov. 25, 2015
Life (in years)	39 years
TEXAS | Retail - Grapevine, TX | Group One
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, Purchase Price Allocation Adjustments	(119)
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	4,713
Gross Amounts, Buildings and Improvements	13,888
Total	18,601
Accumulated Depreciation	$ (728)
Year of Construction	1,998
Date Acquired	Nov. 25, 2015
Life (in years)	39 years
TEXAS | Retail - Flower Mound, TX | Group One
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, Purchase Price Allocation Adjustments	140
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	4,963
Gross Amounts, Buildings and Improvements	14,477
Total	19,440
Accumulated Depreciation	$ (812)
Year of Construction	1,999
Date Acquired	Nov. 25, 2015
Life (in years)	39 years
Retail Site | TEXAS | Retail - Plano, TX | Group Two
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 4,638
Initial Cost, Land	1,366
Initial Cost , Buildings and Improvements	5,473
Cost Capitalized Subsequent to Acquisition, Purchase Price Allocation Adjustments	(848)
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	1,459
Gross Amounts, Buildings and Improvements	4,533
Total	5,992
Accumulated Depreciation	$ (698)
Year of Construction	1,995
Date Acquired	Nov. 25, 2015
Life (in years)	39 years
Retail Site | TEXAS | Retail - Plano, TX | Group Three
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	0
Initial Cost, Land	$ 500
Initial Cost , Buildings and Improvements	2,000
Cost Capitalized Subsequent to Acquisition, Purchase Price Allocation Adjustments	(401)
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Property sold	$ (2,099)
Year of Construction	2,000
Date Acquired	Nov. 25, 2015
Life (in years)	39 years
Retail Site | TEXAS | Retail - Grapevine, TX | Group Two
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, Improvement	15
Cost Capitalized Subsequent to Acquisition, Purchase Price Allocation Adjustments	(561)
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	3,931
Gross Amounts, Buildings and Improvements	9,972
Total	13,903
Accumulated Depreciation	$ (595)
Year of Construction	1,994
Date Acquired	Nov. 25, 2015
Life (in years)	39 years
Retail Site | TEXAS | Retail - Flower Mound, TX | Group Two
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, Purchase Price Allocation Adjustments	(1,003)
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	2,696
Gross Amounts, Buildings and Improvements	7,351
Total	10,047
Accumulated Depreciation	$ (613)
Year of Construction	1,992
Date Acquired	Nov. 25, 2015
Life (in years)	39 years
Retail Site | TEXAS | Retail - Flower Mound, TX | Group Three
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, Purchase Price Allocation Adjustments	(1,319)
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	3,571
Gross Amounts, Buildings and Improvements	8,280
Total	11,851
Accumulated Depreciation	$ (481)
Year of Construction	1,996
Date Acquired	Nov. 25, 2015
Life (in years)	39 years
Retail Site | TEXAS | Retail - Mesquite, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	0
Initial Cost, Land	$ 800
Initial Cost , Buildings and Improvements	3,200
Cost Capitalized Subsequent to Acquisition, Purchase Price Allocation Adjustments	56
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Property sold	$ (4,056)
Year of Construction	1,999
Date Acquired	Nov. 25, 2015
Life (in years)	39 years
Retail Site | TEXAS | Retail - Garland, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	0
Initial Cost, Land	$ 1,100
Initial Cost , Buildings and Improvements	4,400
Cost Capitalized Subsequent to Acquisition, Purchase Price Allocation Adjustments	(140)
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Property sold	$ (5,360)
Year of Construction	2,000
Date Acquired	Nov. 25, 2015
Life (in years)	39 years
Retail Site | 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	12,580
Cost Capitalized Subsequent to Acquisition, Improvement	252
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	4,973
Gross Amounts, Buildings and Improvements	12,832
Total	17,805
Accumulated Depreciation	$ (915)
Year of Construction	1,988
Date Acquired	Aug. 14, 2015
Life (in years)	28 years
Retail Site | 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, Improvement	1,026
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	9,872
Gross Amounts, Buildings and Improvements	28,680
Total	38,552
Accumulated Depreciation	$ (2,111)
Year of Construction	1,988
Date Acquired	Oct. 27, 2015
Life (in years)	26 years
Retail Site | 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	4,122
Initial Cost , Buildings and Improvements	22,410
Cost Capitalized Subsequent to Acquisition, Improvement	260
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	4,122
Gross Amounts, Buildings and Improvements	22,670
Total	26,792
Accumulated Depreciation	$ (4,315)
Year of Construction	1,957
Date Acquired	Nov. 10, 2014
Life (in years)	25 years
Retail Site | NEW YORK | Retail - Orchard Park - NY | Group One
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, Improvement	30
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	4,189
Gross Amounts, Buildings and Improvements	20,658
Total	24,847
Accumulated Depreciation	$ (3,301)
Year of Construction	1,997
Date Acquired	Nov. 10, 2014
Life (in years)	33 years
Retail Site | NEW YORK | Retail - Orchard Park - NY | Group Two
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 | 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, Improvement	218
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	1,939
Gross Amounts, Buildings and Improvements	12,514
Total	14,453
Accumulated Depreciation	$ (1,566)
Year of Construction	1,978
Date Acquired	Nov. 10, 2014
Life (in years)	26 years
Retail Site | 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	2,132
Initial Cost , Buildings and Improvements	9,740
Cost Capitalized Subsequent to Acquisition, Improvement	67
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	2,132
Gross Amounts, Buildings and Improvements	9,807
Total	11,939
Accumulated Depreciation	$ (1,598)
Year of Construction	1,986
Date Acquired	Nov. 10, 2014
Life (in years)	29 years
Retail Site | 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, Improvement	29
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	574
Gross Amounts, Buildings and Improvements	6,839
Total	7,413
Accumulated Depreciation	$ (932)
Year of Construction	1,998
Date Acquired	Nov. 10, 2014
Life (in years)	32 years
Retail Site | 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, Improvement	151
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	2,438
Gross Amounts, Buildings and Improvements	14,836
Total	17,274
Accumulated Depreciation	$ (2,518)
Year of Construction	1,972
Date Acquired	Nov. 10, 2014
Life (in years)	28 years
Retail Site | 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, Improvement	13
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	343
Gross Amounts, Buildings and Improvements	4,950
Total	5,293
Accumulated Depreciation	$ (768)
Year of Construction	1,997
Date Acquired	Nov. 10, 2014
Life (in years)	30 years
Retail Site | 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	$ (1,152)
Year of Construction	1,997
Date Acquired	Nov. 10, 2014
Life (in years)	30 years
Retail Site | NEW YORK | Retail - Warsaw - NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 3,415
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	$ (549)
Year of Construction	1,998
Date Acquired	Nov. 10, 2014
Life (in years)	32 years
Retail Site | OHIO | Group One
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 7,888
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	$ (1,307)
Year of Construction	1,981
Date Acquired	Nov. 10, 2014
Life (in years)	27 years
Retail Site | OHIO | Group Two
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	$ 0
Year of Construction	1,998
Retail Site | OHIO | Group Three
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	9,775
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	2,282
Gross Amounts, Buildings and Improvements	9,775
Total	12,057
Accumulated Depreciation	$ (758)
Year of Construction	1,995
Date Acquired	Jul. 22, 2015
Life (in years)	26 years
Retail Site | 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	$ (1,196)
Year of Construction	1,996
Date Acquired	Nov. 10, 2014
Life (in years)	29 years
Retail Site | 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	$ (1,126)
Year of Construction	1,994
Date Acquired	Jun. 2, 2014
Life (in years)	36 years
Retail Site | TENNESSEE
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 12,350
Initial Cost, Land	3,504
Initial Cost , Buildings and Improvements	13,309
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	3,504
Gross Amounts, Buildings and Improvements	13,309
Total	16,813
Accumulated Depreciation	$ (1,215)
Year of Construction	2,002
Date Acquired	Apr. 9, 2014
Life (in years)	35 years
Multifamily | WASHINGTON | Group One
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	41,831
Cost Capitalized Subsequent to Acquisition, Improvement	820
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Gross Amounts, Land	31,999
Gross Amounts, Buildings and Improvements	42,651
Total	74,650
Accumulated Depreciation	$ (1,918)
Year of Construction	1,978
Date Acquired	Oct. 20, 2015
Life (in years)	29 years
Multifamily | WASHINGTON | Group Two
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	$ 0
Year of Construction	2,008
Industrial Property | NEVADA | Group One
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 2,365
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	$ (448)
Year of Construction	1,988
Date Acquired	Mar. 29, 2012
Life (in years)	38 years
Industrial Property | NEVADA | Group Two
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 | ARIZONA | Group One
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Initial Cost, Land	$ 6,011
Initial Cost , Buildings and Improvements	27,045
Cost Capitalized Subsequent to Acquisition, Capitalized Costs	0
Property sold	(25,177)
Gross Amounts, Land	1,662
Gross Amounts, Buildings and Improvements	6,217
Total	7,879
Accumulated Depreciation	$ (972)
Year of Construction	1,999
Date Acquired	Nov. 28, 2011
Life (in years)	27 years

Schedule III - Real Estate a123

Schedule III - Real Estate and Accumulated Depreciation (Real Estate Activity) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Beginning balance, January 1, 2016	$ 487,097
Acquisitions and improvements	2,881
Property sold	(36,692)
Purchase price allocation adjustment	(4,666)
Ending balance, December 31, 2016	448,620
Accumulated Depreciation:
Beginning balance, January 1, 2016	16,886
Property sold	(3,015)
Depreciation	20,350
Ending balance, December 31, 2016	$ 34,221

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Commercial Real Estate (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Face Amount		$ 1,090,015
Carrying Amount	[1]	1,084,931	$ 1,348,817
Office Building | CALIFORNIA
Mortgage Loans on Real Estate [Line Items]
Prior Liens	[2]	165,000
Face Amount		115,000
Carrying Amount		$ 114,425
Payment Terms		Interest Only
Maturity Date	[3]	Jan. 2, 2021
First Mortgage | Multifamily | NEW YORK
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	4.50%
Face Amount		$ 44,000
Carrying Amount		$ 43,694
Payment Terms		Interest Only
Maturity Date	[3]	Sep. 2, 2021
First Mortgage | Multifamily | NEW YORK | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.20%
Real Estate Debt Investments | Retail Site | MASSACHUSETTS
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	10.14%
Prior Liens	[2]	$ 64,500
Face Amount		10,000
Carrying Amount		$ 10,000
Payment Terms		Interest Only
Maturity Date	[3]	Sep. 6, 2023
Real Estate Debt Investments | Hotel | Various States | Group One
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	8.65%
Prior Liens	[2]	$ 26,223
Face Amount		1,691
Carrying Amount		$ 1,691
Payment Terms		Interest Only
Maturity Date	[3]	Aug. 9, 2019
Real Estate Debt Investments | Hotel | Various States | Group Two
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	8.75%
Prior Liens	[2]	$ 103,800
Face Amount		6,500
Carrying Amount		$ 6,500
Payment Terms		Interest Only
Maturity Date	[3]	Feb. 9, 2018
Real Estate Debt Investments | Hotel | Various States | Group Three
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	8.65%
Prior Liens	[2]	$ 26,223
Face Amount		10,335
Carrying Amount		$ 10,335
Payment Terms		Interest Only
Maturity Date	[3]	Aug. 9, 2019
Real Estate Debt Investments | Hotel | Various States | Group Four
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	9.95%
Prior Liens	[2]	$ 103,800
Face Amount		25,000
Carrying Amount		$ 25,000
Payment Terms		Interest Only
Maturity Date	[3]	Feb. 14, 2019
Real Estate Debt Investments | Hotel | Various States | Minimum | Group Two
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.20%
Real Estate Debt Investments | Hotel | Various States | Minimum | Group Four
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.20%
Real Estate Debt Investments | Hotel | CALIFORNIA
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	10.25%
Prior Liens	[2]	$ 50,000
Face Amount		10,000
Carrying Amount		$ 10,000
Payment Terms		Interest Only
Maturity Date	[3]	Feb. 6, 2019
Real Estate Debt Investments | Industrial Property | Various States
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	8.11%
Prior Liens	[2]	$ 61,901
Face Amount		29,890
Carrying Amount		$ 29,878
Payment Terms		Interest Only
Maturity Date	[3]	Jun. 28, 2022
Real Estate Debt Investments | Mixed Use | OHIO
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	9.50%
Prior Liens	[2]	$ 129,890
Face Amount		36,816
Carrying Amount		$ 36,816
Payment Terms		Interest Only
Maturity Date	[3]	Dec. 1, 2023
Real Estate Debt Investments | Multifamily | NEW YORK
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	4.50%
Prior Liens	[2]	$ 44,000
Face Amount		1,202
Carrying Amount		$ 1,185
Payment Terms		Interest Only
Maturity Date	[3]	Feb. 9, 2021
Real Estate Debt Investments | Multifamily | NEW YORK | Group One
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	7.81%
Prior Liens	[2]	$ 446,371
Face Amount		54,164
Carrying Amount		$ 53,694
Payment Terms		Interest Only
Maturity Date	[3]	Oct. 1, 2020
Real Estate Debt Investments | Multifamily | NEW YORK | Group Two
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	7.04%
Prior Liens	[2]	$ 446,371
Face Amount		61,838
Carrying Amount		$ 61,536
Payment Terms		Interest Only
Maturity Date	[3]	Oct. 1, 2020
Real Estate Debt Investments | Multifamily | NEW YORK | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.20%
Real Estate Debt Investments | Office Building | COLORADO
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	10.96%
Prior Liens	[2]	$ 13,469
Face Amount		6,000
Carrying Amount		$ 6,000
Payment Terms		Interest Only
Maturity Date	[3]	Aug. 6, 2018
Real Estate Debt Investments | Office Building | Various States
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	7.50%
Prior Liens	[2]	$ 190,132
Face Amount		18,962
Carrying Amount		$ 18,966
Payment Terms		Interest Only
Maturity Date	[3]	Jan. 20, 2017
Real Estate Debt Investments | Office Building | Various States | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.25%
Real Estate Debt Investments | Office Building | CALIFORNIA
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	9.50%
Prior Liens	[2]	$ 46,751
Face Amount		8,680
Carrying Amount		$ 8,711
Payment Terms		Interest Only
Maturity Date	[3]	Mar. 31, 2019
Real Estate Debt Investments | Office Building | CALIFORNIA | Group One
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	4.35%
Prior Liens	[2]	$ 90,000
Face Amount		25,723
Carrying Amount		$ 25,581
Payment Terms		Interest Only
Maturity Date	[3]	Feb. 9, 2021
Real Estate Debt Investments | Office Building | CALIFORNIA | Group Two
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	6.54%
Prior Liens	[2]	$ 280,000
Face Amount		27,500
Carrying Amount		$ 26,960
Payment Terms		Interest Only
Maturity Date	[3]	Jan. 2, 2021
Real Estate Debt Investments | Office Building | CALIFORNIA | Group Three
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	7.67%
Prior Liens	[2]	$ 280,000
Face Amount		38,667
Carrying Amount		$ 38,127
Payment Terms		Interest Only
Maturity Date	[3]	Jan. 2, 2021
Real Estate Debt Investments | Office Building | CALIFORNIA | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.25%
Real Estate Debt Investments | Office Building | CALIFORNIA | Minimum | Group One
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.25%
Real Estate Debt Investments | Office Building | NEW YORK
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	9.71%
Prior Liens	[2]	$ 67,780
Face Amount		20,113
Carrying Amount		$ 20,094
Payment Terms		Interest Only
Maturity Date	[3]	Mar. 2, 2020
Real Estate Debt Investments | Office Building | NEW YORK | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.20%
Real Estate Debt Investments | Office Building | TEXAS | Group One
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	10.25%
Prior Liens	[2]	$ 64,312
Face Amount		2,944
Carrying Amount		$ 2,944
Payment Terms		Interest Only
Maturity Date	[3]	Aug. 1, 2018
Real Estate Debt Investments | Office Building | TEXAS | Group Two
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	10.25%
Prior Liens	[2]	$ 64,312
Face Amount		3,709
Carrying Amount		$ 3,709
Payment Terms		Interest Only
Maturity Date	[3]	Aug. 1, 2018
Real Estate Debt Investments | Office Building | TEXAS | Group Three
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	10.10%
Prior Liens	[2]	$ 52,000
Face Amount		7,000
Carrying Amount		$ 7,000
Payment Terms		Interest Only
Maturity Date	[3]	Dec. 1, 2024
Real Estate Debt Investments | Office Building | TEXAS | Group Four
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	9.50%
Prior Liens	[2]	$ 43,500
Face Amount		9,187
Carrying Amount		$ 9,158
Payment Terms		Interest Only
Maturity Date	[3]	Sep. 1, 2018
Real Estate Debt Investments | Office Building | LOUISIANA
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	10.75%
Prior Liens	[2]	$ 64,000
Face Amount		8,700
Carrying Amount		$ 8,700
Payment Terms		Interest Only
Maturity Date	[3]	Oct. 1, 2023
Real Estate Debt Investments | Office Building | FLORIDA
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	4.20%
Prior Liens	[2]	$ 52,000
Face Amount		9,000
Carrying Amount		$ 8,826
Payment Terms		Interest Only
Maturity Date	[3]	Oct. 9, 2021
Real Estate Debt Investments | Office Building | FLORIDA | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.50%
Real Estate Debt Investments | Office Building | MARYLAND | Group One
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	11.70%
Prior Liens	[2]	$ 53,637
Face Amount		9,942
Carrying Amount		$ 9,935
Payment Terms		Interest Only
Maturity Date	[3]	Aug. 1, 2017
Real Estate Debt Investments | Office Building | MARYLAND | Group Two
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	11.20%
Prior Liens	[2]	$ 54,299
Face Amount		10,130
Carrying Amount		$ 10,122
Payment Terms		Interest Only
Maturity Date	[3]	Aug. 1, 2017
Preferred Equity Interests | Mixed Use | PENNSYLVANIA
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	11.00%
Prior Liens	[2]	$ 26,000
Face Amount		9,000
Carrying Amount		$ 8,967
Payment Terms		Interest Only
Maturity Date	[3]	Nov. 27, 2018
First Mortgage Securitized | Retail Site | COLORADO
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4],[5]	5.58%
Prior Liens	[2],[5]	$ 12,827
Face Amount	[5]	16,558
Carrying Amount	[5]	$ 16,602
Payment Terms	[5]	Amortizing
Maturity Date	[3],[5]	May 1, 2017
First Mortgage Securitized | Multifamily | TEXAS
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	4.45%
Face Amount		$ 15,090
Carrying Amount		$ 15,075
Payment Terms		Interest Only
Maturity Date	[3]	Oct. 1, 2020
First Mortgage Securitized | Multifamily | FLORIDA | Group One
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	4.50%
Face Amount		$ 26,000
Carrying Amount		$ 26,000
Payment Terms		Interest Only
Maturity Date	[3]	May 9, 2019
First Mortgage Securitized | Multifamily | FLORIDA | Group Two
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	4.05%
Face Amount		$ 41,000
Carrying Amount		$ 40,966
Payment Terms		Interest Only
Maturity Date	[3]	Jun. 5, 2020
First Mortgage Securitized | Multifamily | FLORIDA | Minimum | Group One
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.25%
First Mortgage Securitized | Multifamily | FLORIDA | Minimum | Group Two
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.20%
First Mortgage Securitized | Multifamily | NORTH CAROLINA
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	4.25%
Face Amount		$ 36,800
Carrying Amount		$ 36,733
Payment Terms		Amortizing
Maturity Date	[3]	Nov. 1, 2020
First Mortgage Securitized | Office Building | CALIFORNIA | Group One
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	4.00%
Face Amount		$ 21,434
Carrying Amount		$ 21,268
Payment Terms		Interest Only
Maturity Date	[3]	Mar. 5, 2021
First Mortgage Securitized | Office Building | CALIFORNIA | Group Two
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	4.35%
Face Amount		$ 90,000
Carrying Amount		$ 89,520
Payment Terms		Interest Only
Maturity Date	[3]	Sep. 2, 2021
First Mortgage Securitized | Office Building | CALIFORNIA | Minimum | Group One
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.20%
First Mortgage Securitized | Office Building | CALIFORNIA | Minimum | Group Two
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.25%
First Mortgage Securitized | Office Building | FLORIDA | Group One
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	5.00%
Face Amount		$ 16,050
Carrying Amount		$ 16,002
Payment Terms		Interest Only
Maturity Date	[3]	Dec. 6, 2019
First Mortgage Securitized | Office Building | FLORIDA | Group Two
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	4.20%
Face Amount		$ 52,000
Carrying Amount		$ 51,523
Payment Terms		Interest Only
Maturity Date	[3]	Oct. 9, 2021
First Mortgage Securitized | Office Building | FLORIDA | Minimum | Group One
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.20%
First Mortgage Securitized | Office Building | FLORIDA | Minimum | Group Two
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.50%
First Mortgage Securitized | Office Building | VIRGINIA
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	4.25%
Face Amount		$ 41,000
Carrying Amount		$ 40,812
Payment Terms		Interest Only
Maturity Date	[3]	Dec. 9, 2020
First Mortgage Securitized | Office Building | VIRGINIA | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.20%
First Mortgage Securitized | Office Building | ARIZONA
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	4.35%
Face Amount		$ 45,000
Carrying Amount		$ 44,711
Payment Terms		Interest Only
Maturity Date	[3]	May 10, 2018
First Mortgage Securitized | Office Building | ARIZONA | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.20%
First Mortgage Securitized | Office Building | NEW JERSEY
Mortgage Loans on Real Estate [Line Items]
Libor Plus- Interest Rate	[4]	4.50%
Face Amount		$ 67,390
Carrying Amount		$ 67,165
Payment Terms		Interest Only
Maturity Date	[3]	May 9, 2020
First Mortgage Securitized | Office Building | NEW JERSEY | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	0.25%
First Mortgage Held For Sale | Office Building | CALIFORNIA
Mortgage Loans on Real Estate [Line Items]
Interest Rate	[4]	2.91%
[1]	Excludes Loans held for sale, net.
[2]	Represents third-party priority liens.
[3]	Assumes all extension options are exercised.
[4]	LIBOR represents the one month London Interbank Offer Rate, EURIBOR represents the one month Eurodollar deposit rate.
[5]	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.

Schedule IV - Mortgage Loans125

Schedule IV - Mortgage Loans on Commercial Real Estate (Parenthetical) (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 1,090,015
Retail Site | Term B Notes | COLORADO | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Face Amount	$ 3,700