Annaly Capital Management (NLY) 10-Q 3 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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 Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		1,159,543,027

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands		Sep. 30, 2017		Dec. 31, 2016
ASSETS
Cash and cash equivalents (including cash pledged as collateral of $689,290 and $1,428,475, respectively)	[2]	$ 867,840	[1]	$ 1,539,746	[3]
Investments, at fair value:
Mortgage-backed securities, including pledged assets		87,699,304		77,715,902
Credit risk transfer securities (including pledged assets of $251,077 and $608,707, respectively)		582,938	[1]	724,722	[3]
Residential mortgage loans	[4]	895,919	[1]	342,289	[3]
Mortgage servicing rights (including pledged assets of $2,693 and $5,464, respectively)		570,218	[1]	652,216	[3]
Commercial real estate debt investments (including pledged assets of $3,866,629 and $4,321,739, respectively) (6)	[5]	3,869,110	[1]	4,321,739	[3]
Commercial real estate debt and preferred equity, held for investment (including pledged assets of $482,822 and $506,997, respectively)		981,748	[1]	970,505	[3]
Commercial loans held for sale, net	[3]			114,425
Investments in commercial real estate		470,928	[1]	474,567	[3]
Corporate debt (including pledged assets of $432,460 and $592,871, respectively)		856,110	[1]	773,274	[3]
Interest rate swaps, at fair value		12,250	[1]	68,194	[3]
Other derivatives, at fair value		266,249	[1]	171,266	[3]
Receivable for investments sold		340,033	[1]	51,461	[3]
Accrued interest and dividends receivable		293,207	[1]	270,400	[3]
Other assets		353,708	[1]	333,063	[3]
Goodwill		71,815	[1]	71,815	[3]
Intangible assets, net		25,742	[1]	34,184	[3]
Total assets		97,574,181	[1]	87,905,046	[3]
Liabilities:
Repurchase agreements		69,430,268	[1]	65,215,810	[3]
Other secured financing		3,713,256	[1]	3,884,708	[3]
Securitized debt of consolidated VIEs	[6]	3,357,929	[1]	3,655,802	[3]
Participation sold	[3]			12,869
Mortgages payable		311,886	[1]	311,636	[3]
Interest rate swaps, at fair value		606,960	[1]	1,443,765	[3]
Other derivatives, at fair value		75,529	[1]	86,437	[3]
Dividends payable		326,425	[1]	305,674	[3]
Payable for investments purchased		5,243,868	[1]	65,041	[3]
Accrued interest payable		231,611	[1]	163,013	[3]
Accounts payable and other liabilities		121,231	[1]	184,319	[3]
Total liabilities		83,418,963	[1]	75,329,074	[3]
Stockholders' Equity:
Common stock, par value $0.01 per share, 1,917,837,500 and 1,945,437,500 authorized, 1,088,083,794 and 1,018,913,249 issued and outstanding, respectively		10,881	[1]	10,189	[3]
Additional paid-in capital		16,377,805	[1]	15,579,342	[3]
Accumulated other comprehensive income (loss)		(640,149)	[1]	(1,085,893)	[3]
Accumulated deficit		(3,320,160)	[1]	(3,136,017)	[3]
Total stockholders' equity		14,148,758	[1]	12,568,180	[3]
Noncontrolling interest		6,460	[1]	7,792	[3]
Total equity		14,155,218	[1]	12,575,972	[3]
Total liabilities and equity		97,574,181	[1]	87,905,046	[3]
Agency Mortgage-backed Securities
Investments, at fair value:
Mortgage-backed securities, including pledged assets		85,889,131	[1]	75,589,873	[3]
Liabilities:
Repurchase agreements		68,431,702		63,707,701
Non-Agency Mortgage-backed Securities
Investments, at fair value:
Mortgage-backed securities, including pledged assets	[7]	1,227,235	[1]	1,401,307	[3]
7.875% Series A Cumulative Redeemable Preferred Stock
Stockholders' Equity:
Cumulative redeemable preferred stock	[3]			177,088
Total equity				177,088
7.625% Series C Cumulative Redeemable Preferred Stock
Stockholders' Equity:
Cumulative redeemable preferred stock		290,514	[1]	290,514	[3]
Total equity		290,514		290,514
7.50% Series D Cumulative Redeemable Preferred Stock
Stockholders' Equity:
Cumulative redeemable preferred stock		445,457	[1]	445,457	[3]
Total equity		445,457		445,457
7.625% Series E Cumulative Redeemable Preferred Stock
Stockholders' Equity:
Cumulative redeemable preferred stock		287,500	[1]	287,500	[3]
Total equity		287,500		$ 287,500
6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Stockholders' Equity:
Cumulative redeemable preferred stock	[1]	696,910
Total equity		$ 696,910
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Includes cash of consolidated Variable Interest Entities ("VIEs") of $40.0 million and $23.2 million at September 30, 2017 and December 31, 2016, respectively.
[3]	Derived from the audited consolidated financial statements at December 31, 2016.
[4]	Includes securitized residential mortgage loans of a consolidated VIE carried at fair value of $139.8 million and $165.9 million at September 30, 2017 and December 31, 2016, respectively.
[5]	Includes senior securitized commercial mortgage loans of consolidated VIEs carried at fair value of $3.6 billion and $3.9 billion at September 30, 2017 and December 31, 2016, respectively.
[6]	Includes securitized debt of consolidated VIEs carried at fair value of $3.4 billion and $3.7 billion at September 30, 2017 and December 31, 2016, respectively.
[7]	Includes $72.1 million and $88.6 million at September 30, 2017 and December 31, 2016, 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		Sep. 30, 2017		Dec. 31, 2016
Cash pledged as collateral		$ 689,290	[1]	$ 1,428,475	[2]
Credit risk transfer securities, pledged assets		251,077	[1]	608,707	[2]
Residential mortgage loans, pledged assets		723,705	[1]	314,746	[2]
Mortgage servicing rights, pledged assets		2,693	[1]	5,464	[2]
Commercial real estate debt investments, pledged assets		3,866,629	[1]	4,321,739	[2]
Commercial real estate debt and preferred equity, held for investment, pledged assets		482,822	[1]	506,997	[2]
Corporate debt, pledged assets		$ 432,460	[1]	$ 592,871	[2]
Common Stock, par value		$ 0.01	[1]	$ 0.01	[2]
Common Stock, shares authorized		1,917,837,500	[1]	1,945,437,500	[2]
Common Stock, shares issued		1,088,083,794	[1]	1,018,913,249	[2]
Common Stock, shares outstanding		1,088,083,794	[1]	1,018,913,249	[2]
Mortgage-backed securities, including pledged assets		$ 87,699,304		$ 77,715,902
Residential mortgage loans	[3]	895,919	[1]	342,289	[2]
Senior Secured mortgages of Consolidated VIE, fair value		3,600,000	[1]	3,900,000	[2]
Cash of Consolidated VIE	[4]	867,840	[1]	1,539,746	[2]
Securitized debt of a consolidated VIE		3,357,929	[1]	3,655,802	[2]
Agency Mortgage-backed Securities
Mortgage-backed securities, pledged assets		74,711,243	[1]	70,796,872	[2]
Mortgage-backed securities, including pledged assets		85,889,131	[1]	75,589,873	[2]
Non-Agency Mortgage-backed Securities
Mortgage-backed securities, pledged assets		670,425	[1]	1,064,603	[2]
Mortgage-backed securities, including pledged assets	[5]	1,227,235	[1]	1,401,307	[2]
Consolidated VIEs
Residential mortgage loans		139,800	[1]	165,900	[2]
Cash of Consolidated VIE		40,000	[1]	23,200	[2]
Consolidated VIEs | Non-Agency Mortgage-backed Securities
Mortgage-backed securities, including pledged assets		$ 72,100	[1]	$ 88,600	[2]
7.875% Series A Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares authorized		7,412,500	[1]	7,412,500	[2]
Cumulative redeemable preferred stock, shares issued		0	[1]	7,412,500	[2]
Cumulative redeemable preferred stock, shares outstanding		0	[1]	7,412,500	[2]
7.625% Series C Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares authorized		12,650,000	[1]	12,650,000	[2]
Cumulative redeemable preferred stock, shares issued		12,000,000	[1]	12,000,000	[2]
Cumulative redeemable preferred stock, shares outstanding		12,000,000	[1]	12,000,000	[2]
7.50% Series D Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares authorized		18,400,000	[1]	18,400,000	[2]
Cumulative redeemable preferred stock, shares issued		18,400,000	[1]	18,400,000	[2]
Cumulative redeemable preferred stock, shares outstanding		18,400,000	[1]	18,400,000	[2]
7.625% Series E Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares authorized		11,500,000	[1]	11,500,000	[2]
Cumulative redeemable preferred stock, shares issued		11,500,000	[1]	11,500,000	[2]
Cumulative redeemable preferred stock, shares outstanding		11,500,000	[1]	11,500,000	[2]
6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares authorized		32,200,000	[1]	0	[2]
Cumulative redeemable preferred stock, shares issued		28,800,000	[1]	0	[2]
Cumulative redeemable preferred stock, shares outstanding		28,800,000	[1]	0	[2]
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Derived from the audited consolidated financial statements at December 31, 2016.
[3]	Includes securitized residential mortgage loans of a consolidated VIE carried at fair value of $139.8 million and $165.9 million at September 30, 2017 and December 31, 2016, respectively.
[4]	Includes cash of consolidated Variable Interest Entities ("VIEs") of $40.0 million and $23.2 million at September 30, 2017 and December 31, 2016, respectively.
[5]	Includes $72.1 million and $88.6 million at September 30, 2017 and December 31, 2016, 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		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net interest income:
Interest income		$ 622,550	$ 558,668	$ 1,747,703	$ 1,403,929
Interest expense		268,937	174,154	689,643	474,356
Net interest income		353,613	384,514	1,058,060	929,573
Realized and unrealized gains (losses):
Realized gains (losses) on interest rate swaps	[1]	(88,211)	(124,572)	(288,837)	(402,809)
Realized gains (losses) on termination of interest rate swaps			1,337	(58)	(58,727)
Unrealized gains (losses) on interest rate swaps		56,854	256,462	28,471	(1,148,478)
Subtotal		(31,357)	133,227	(260,424)	(1,610,014)
Net gains (losses) on disposal of investments		(11,552)	14,447	(11,833)	25,307
Net gains (losses) on trading assets		154,208	162,981	140,104	370,050
Net unrealized gains (losses) on investments measured at fair value through earnings		(67,492)	29,675	(27,569)	(24,351)
Bargain purchase gain			72,576		72,576
Subtotal		75,164	279,679	100,702	443,582
Total realized and unrealized gains (losses)		43,807	412,906	(159,722)	(1,166,432)
Other income (loss):
Other income (loss)		28,282	29,271	90,793	13,226
Total other income (loss)		28,282	29,271	90,793	13,226
General and administrative expenses:
Compensation and management fee		41,993	38,709	120,193	111,754
Other general and administrative expenses		15,023	59,028	44,674	83,149
Total general and administrative expenses		57,016	97,737	164,867	194,903
Income (loss) before income taxes		368,686	728,954	824,264	(418,536)
Income taxes		1,371	(1,926)	2,019	(2,839)
Net income (loss)		367,315	730,880	822,245	(415,697)
Net income (loss) attributable to noncontrolling interest		(232)	(336)	(437)	(883)
Net income (loss) attributable to Annaly		367,547	731,216	822,682	(414,814)
Dividends on preferred stock	[2]	30,355	22,803	77,301	58,787
Net income (loss) available (related) to common stockholders		$ 337,192	$ 708,413	$ 745,381	$ (473,601)
Net income (loss) per share available (related) to common stockholders:
Basic		$ 0.31	$ 0.70	$ 0.72	$ (0.50)
Diluted		$ 0.31	$ 0.70	$ 0.72	$ (0.50)
Weighted average number of common shares outstanding:
Basic		1,072,566,395	1,007,607,893	1,037,033,076	953,301,855
Diluted		1,073,040,637	1,007,963,406	1,037,445,177	953,301,855
Dividends declared per share of common stock		$ 0.30	$ 0.30	$ 0.90	$ 0.90
Net income (loss)		$ 367,315	$ 730,880	$ 822,245	$ (415,697)
Other comprehensive income (loss):
Unrealized gains (losses) on available-for-sale securities		195,251	18,237	397,600	1,519,874
Reclassification adjustment for net (gains) losses included in net income (loss)		15,367	(15,606)	48,144	(22,601)
Other comprehensive income (loss)		210,618	2,631	445,744	1,497,273
Comprehensive income (loss)		577,933	733,511	1,267,989	1,081,576
Comprehensive income (loss) attributable to noncontrolling interest		(232)	(336)	(437)	(883)
Comprehensive income (loss) attributable to Annaly		578,165	733,847	1,268,426	1,082,459
Dividends on preferred stock	[2]	30,355	22,803	77,301	58,787
Comprehensive income (loss) attributable to common stockholders		$ 547,810	$ 711,044	$ 1,191,125	$ 1,023,672
[1]	Consists of interest expense on interest rate swaps.
[2]	Includes cumulative and undeclared dividends on the Company's Series F Preferred Stock of $8.3 million for the three and nine months ended September 30, 2017.

CONSOLIDATED STATEMENTS OF COM5

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Cumulative undeclared dividends	$ 8.3	$ 8.3	$ 0

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	6.95% Series F Fixed-to-Floating Rate 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, 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
Net income (loss) attributable to Annaly	(414,814)										(414,814)					(414,814)
Net income (loss) attributable to noncontrolling interest	(883)																				(883)
Unrealized gains (losses) on available-for-sale securities	1,519,874									1,519,874						1,519,874
Reclassification adjustment for net (gains) losses included in net income (loss)	(22,601)									(22,601)						(22,601)
Stock compensation expense	6,949								6,949							6,949
Net proceeds from direct purchase and dividend reinvestment	1,795							2	1,793							1,795
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	(924)																				(924)
Common dividends declared, $0.90 per share	(857,223)										(857,223)					(857,223)
Ending balance at Sep. 30, 2016	13,261,803		177,088	290,514	445,457	287,500		10,189	15,578,677	1,119,677	(4,655,440)					13,253,662					8,141
Preferred dividends declared			(10,944)	(17,157)	(25,875)	(4,811)						$ (10,944)	$ (17,157)	$ (25,875)	$ (4,811)		$ (10,944)	$ (17,157)	$ (25,875)	$ (4,811)
Beginning balance at Dec. 31, 2016	12,575,972	[1]	177,088	290,514	445,457	287,500		10,189	15,579,342	(1,085,893)	(3,136,017)					12,568,180					7,792
Net income (loss) attributable to Annaly	822,682										822,682					822,682
Net income (loss) attributable to noncontrolling interest	(437)																				(437)
Unrealized gains (losses) on available-for-sale securities	397,600									397,600						397,600
Reclassification adjustment for net (gains) losses included in net income (loss)	48,144									48,144						48,144
Stock compensation expense	1,276								1,276							1,276
Redemption of preferred stock	(185,312)		(177,088)						(8,224)							(185,312)
Net proceeds from direct purchase and dividend reinvestment	1,949							2	1,947							1,949
Net proceeds from issuance of common stock	804,154							690	803,464							804,154
Net proceeds from issuance of preferred stock	696,910						$ 696,910									696,910
Equity contributions from (distributions to) noncontrolling interest	(895)																				(895)
Common dividends declared, $0.90 per share	(937,825)										(937,825)					(937,825)
Ending balance at Sep. 30, 2017	$ 14,155,218	[2]		290,514	445,457	287,500	$ 696,910	$ 10,881	$ 16,377,805	$ (640,149)	$ (3,320,160)					$ 14,148,758					$ 6,460
Preferred dividends declared			$ (9,527)	$ (17,157)	$ (25,875)	$ (16,441)						$ (9,527)	$ (17,157)	$ (25,875)	$ (16,441)		$ (9,527)	$ (17,157)	$ (25,875)	$ (16,441)
[1]	Derived from the audited consolidated financial statements at December 31, 2016.
[2]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.

CONSOLIDATED STATEMENTS OF STO7

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Dividends declared per share of common stock	$ 0.30	$ 0.30	$ 0.90	$ 0.90
7.875% Series A Cumulative Redeemable Preferred Stock
Preferred series dividends declared, per share			1.477	1.477
7.625% Series C Cumulative Redeemable Preferred Stock
Preferred series dividends declared, per share			1.430	1.430
7.50% Series D Cumulative Redeemable Preferred Stock
Preferred series dividends declared, per share			1.406	1.406
7.625% Series E Cumulative Redeemable Preferred Stock
Preferred series dividends declared, per share			$ 1.430	$ 0.477

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2017		Sep. 30, 2016	Sep. 30, 2017		Sep. 30, 2016	Dec. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ 367,315		$ 730,880	$ 822,245		$ (415,697)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of Residential Investment Securities premiums and discounts, net				675,354		834,257
Amortization of Residential Mortgage Loans premiums and discounts, net				1,036
Amortization of securitized debt premiums and discounts, net				(813)
Amortization of commercial real estate investment premiums and discounts, net				(4,404)		(2,393)
Amortization of intangibles				6,965		10,446
Amortization of deferred financing costs				1,431		1,315
Amortization of net origination fees and costs, net				(3,791)		(3,925)	$ (4,969)
Depreciation expense				13,445		16,511
Bargain purchase gain			(72,576)			(72,576)
Net (gains) losses on sales of commercial real estate				(5,050)		(821)
Net (gains) losses on sales of commercial loans held for sale				3		72
Net (gains) losses on sales of Residential Investment Securities	10,200		(14,700)	14,263		(24,941)
Net (gains) losses on sales of residential mortgage loans				3,407		383
Net (gain) on sale of subsidiary				(790)
Stock compensation expense				1,276		6,949
Unrealized (gains) losses on interest rate swaps	(56,854)		(256,462)	(28,471)		1,148,478
Net unrealized (gains) losses on investments measured at fair value through earnings	67,492		(29,675)	27,569		24,351
Equity in net income from unconsolidated joint ventures				1,355		5,344
Distributions of cumulative earnings from unconsolidated joint venture				868
Net (gains) losses on trading assets	(154,208)		(162,981)	(140,104)		(370,050)
Proceeds from sale of commercial loans held for sale				114,422		134,253
Payments on purchase of residential mortgage loans				(211,009)		(73,370)
Proceeds from repayments from residential mortgage loans				196,258		107,648
Payment on purchase of corporate debt held for sale				(19,494)
Proceeds from sale of corporate debt held for sale				19,605
Proceeds from repurchase agreements of RCap				2,354,907,385		1,661,650,000
Payments on repurchase agreements of RCap				(2,350,682,385)		(1,662,100,000)
Proceeds from reverse repurchase agreements of RCap				50,280,000		48,390,000
Payments on reverse repurchase agreements of RCap				(50,280,000)		(48,390,000)
Net payments on derivatives				(732,998)		23,168
Net change in:
Due to / from brokers				(16)
Other assets				(30,371)		(72,800)
Accrued interest and dividends receivable				(17,322)		13,970
Accrued interest payable				68,598		15,729
Accounts payable and other liabilities				(43,936)		(23,162)
Net cash provided by (used in) operating activities				4,954,531		833,139
Cash flows from investing activities:
Payments on purchases of Residential Investment Securities				(25,852,497)		(13,628,516)
Proceeds from sales of Residential Investment Securities				11,598,472		8,729,912
Principal payments on Residential Investment Securities				8,971,444		8,580,353
Purchase of MSRs				(11,081)		(127,489)
Payments on purchases of corporate debt				(374,358)		(324,863)
Principal payments on corporate debt				295,380		98,542
Purchases of commercial real estate debt investments				(40,904)		(76,862)
Purchase of securitized loans at fair value						(1,489,268)
Origination of commercial real estate investments, net				(324,581)		(204,184)
Proceeds from sale of commercial real estate investments				11,960		12,750
Principal payments on commercial real estate debt investments				182,792		71,116
Principal payments on securitized loans at fair value				352,475		106,786
Principal payments on commercial real estate investments				317,114		486,435
Purchase of investments in real estate				(947)		(2,043)
Investment in unconsolidated joint venture				(22,519)		(3,109)
Distributions in excess of cumulative earnings from unconsolidated joint ventures				6,160		4,155
Payments on purchase of residential mortgage loans held for investment				(668,977)		(8,022)
Proceeds from repayments from residential mortgage loans held for investment				131,052		11,771
Purchase of equity securities				(2,104)		(88,062)
Proceeds from sales of equity securities						16,112
Cash acquired in business combination						41,697
Net payment from disposal of subsidiary				5,337
Net cash provided by (used in) investing activities				(5,425,782)		2,207,211
Cash flows from financing activities:
Proceeds from repurchase agreements				151,081,565		128,601,867
Principal payments on repurchase agreements				(151,092,107)		(133,021,365)
Proceeds from other secured financing				6,801		2,358,314
Payments on other secured financing				(178,325)		(434,458)
Proceeds from issuance of securitized debt						1,381,640
Principal repayments on securitized debt				(334,386)		(273,091)
Payment of deferred financing cost				(2,054)		(3,076)
Net proceeds from issuance of preferred stock				696,910
Redemption of preferred Stock				(185,312)
Net proceeds from direct purchases and dividend reinvestments				1,949		1,795
Net proceeds from issuance of common stock				804,154
Principal payments on participation sold				(12,827)		(230)
Principal payments on mortgages payable				(54)		(7,500)
Contributions from noncontrolling interests				19
Distributions to noncontrolling interests				(914)		(926)
Net payment on share repurchase						(102,712)
Dividends paid				(986,074)		(927,678)
Net cash provided by (used in) financing activities				(200,655)		(2,427,420)
Net (decrease) increase in cash and cash equivalents				(671,906)		612,930
Cash and cash equivalents, beginning of period				1,539,746	[1],[2]	1,769,258	1,769,258
Cash and cash equivalents, end of period	867,840	[2],[3]	2,382,188	867,840	[2],[3]	2,382,188	1,539,746	[1],[2]
Supplemental disclosure of cash flow information:
Interest received				2,460,097		2,197,880
Dividends received				3,774		1,253
Interest paid (excluding interest paid on interest rate swaps)				693,983		441,121
Net interest paid on interest rate swaps				264,965		415,223
Taxes paid				2,612		858
Noncash investing activities:
Receivable for investments sold	340,033	[3]	493,839	340,033	[3]	493,839	51,461	[1]
Payable for investments purchased	5,243,868	[3]	454,237	5,243,868	[3]	454,237	65,041	[1]
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment				445,744		1,497,273
Noncash financing activities:
Dividends declared, not yet paid	$ 326,425	[3]	$ 269,111	$ 326,425	[3]	$ 269,111	$ 305,674	[1]
[1]	Derived from the audited consolidated financial statements at December 31, 2016.
[2]	Includes cash of consolidated Variable Interest Entities ("VIEs") of $40.0 million and $23.2 million at September 30, 2017 and December 31, 2016, respectively.
[3]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2017
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 is a leading diversified capital manager that invests in and finances residential and commercial assets. The Company owns a portfolio of real estate related investments, including mortgage pass-through certificates, collateralized mortgage obligations, credit risk transfer (“CRT”) securities, other securities representing interests in or obligations backed by pools of mortgage loans, residential mortgage loans, mortgage servicing rights (“MSRs”), commercial real estate assets and corporate debt. The Company’s principal business objective is to generate net income for distribution to its stockholders through capital preservation, prudent selection of investments, and continuous management of its portfolio. The Company is externally managed by Annaly Management Company LLC (the “Manager”). The Company’s investment groups are comprised of the following: • The Annaly Agency Group invests in Agency mortgage-backed securities collateralized by residential mortgages which are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. • The Annaly Residential Credit Group invests in non-Agency residential mortgage assets within securitized product and whole loan markets. • The Annaly Commercial Real Estate Group (“ACREG”) originates and invests in commercial mortgage loans, securities, and other commercial real estate debt and equity investments. • The Annaly Middle Market Lending Group (“AMML”) provides financing to private equity backed middle market businesses across the capital structure. 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	9 Months Ended
	Sep. 30, 2017
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 U.S. generally accepted accounting principles (“GAAP”). The accompanying consolidated financial statements and related notes are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company’s most recent annual report on Form 10-K. The consolidated financial information as of December 31, 2016 has been derived from audited consolidated financial statements included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2016. In the opinion of management, all normal, recurring adjustments have been included for a fair presentation of this interim financial information. Interim period operating results may not be indicative of the operating results for a full year.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	3. Principles of Consolidation 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 apply 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 Credit Risk Transfer Securities Agency mortgage-backed securities, Agency debentures, non-Agency mortgage-backed securities and CRT securities are referred to herein as “Residential Investment Securities.” Although the Company generally intends to hold most of its Residential Investment Securities until maturity, it may, from time to time, sell any of its Residential Investment Securities as part of the overall management of its portfolio. Residential Investment Securities classified as available-for-sale are reported at fair value with unrealized gains and losses reported as a component of Other comprehensive income (loss) 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), taking into account estimates of future principal prepayments in the calculation of the effective yield. The Company recalculates the effective yield as differences between anticipated and actual prepayments occur. Using third-party model and market information to project future cash flows and expected remaining lives of securities, the effective interest rate determined for each security is applied as if it had been in place from the date of the security’s acquisition. The amortized cost of the security is then adjusted to the amount that would have existed had the new effective yield been applied since the acquisition date, which results in a cumulative premium amortization adjustment in each period. The adjustment to amortized cost is offset with a charge or credit to interest income. Changes in interest rates and other market factors will impact prepayment speed projections and the amount of premium amortization recognized in any given period. 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) Multifamily (1) Contractual Cash Flows Collateralized Mortgage Obligation (“CMO”) (1) Effective yield (3) Debentures (1) Contractual Cash Flows Interest-only (2) Prospective Residential Credit CRT (2) Prospective Legacy (2) Prospective NPL/RPL (2) Prospective New issue (2) Prospective New issue interest-only (2) Prospective (1) Changes in fair value are recognized in Other comprehensive income (loss) on the accompanying Consolidated Statements of Comprehensive Income (Loss). (2) 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). (3) 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. Residential Mortgage Loans 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 at September 30, 2017 or December 31, 2016. 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. MSRs – 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 – Swaptions – The fair value of 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. 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. 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 and Preferred Equity Interests (collectively referred to as “CRE Debt and Preferred Equity Investments”) 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. 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 Investments in commercial real estate are depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows: Category Term Building 30 - 40 years Site improvements 1 - 28 years The Company follows the acquisition method of accounting for acquisitions of operating real estate held for investment, where the purchase price of operating real estate is allocated to tangible assets such as land, building, site improvements and other identified intangibles such as above/below market and in-place leases. The Company applies the equity method of accounting for its investments in joint ventures where it is not considered to have a controlling financial interest. Under the equity method of accounting, the Company will recognize its share of earnings or losses of the investee in the period in which they are reported by the investee. The Company also considers whether there are any indicators of other-than-temporary impairment of joint ventures accounted for under the equity method. The Company evaluates whether real estate acquired in connection with a foreclosure, or deed in lieu of foreclosure, herein collectively referred to as a foreclosure, (“REO”) constitutes a business and whether business combination accounting is applicable. Upon foreclosure of a property, the excess of the carrying value of a loan, if any, over the estimated fair value of the property, less estimated costs to sell, is charged to provision for loan losses. Investments in commercial real estate, including REO, that do not meet the criteria to be classified as held for sale are separately presented in the Consolidated Statements of Financial Condition as held for investment. Real estate held for sale is reported at the lower of its carrying value or its estimated fair value less estimated costs to sell. Once a property is determined to be held for sale, depreciation is no longer recorded. The Company’s real estate portfolio (REO and real estate held for investment) is reviewed on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. A property’s value is considered impaired if the Company’s estimate of the aggregate future undiscounted cash flows to be generated by the property is less than the carrying value of the property. In conducting this review, the Company considers U.S. macroeconomic factors, including real estate sector conditions, together with asset specific and other factors. To the extent impairment has occurred and is considered to be other than temporary, the loss will be measured as the excess of the carrying amount of the property over the calculated fair value of the property. Revenue Recognition – Commercial Real Estate Investments – Corporate Debt Corporate Loans – Corporate Debt Securities Impairment of Securities and Loans Other-Than-Temporary Impairment 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 security before recovery of its amortized cost basis, or (3) does not expect to recover the entire amortized cost basis of the security. Further, the security is analyzed for credit loss (the difference between the present value of cash flows expected to be collected and the amortized cost basis). The credit loss, if any, will then be recognized in the Consolidated Statements of Comprehensive Income (Loss), while the balance of losses related to other factors will be recognized as a component of Other comprehensive income (loss). If the fair value is less than the cost of a held-to-maturity security, the Company performs an analysis to determine whether it expects to recover the entire cost basis of the security. There was no other-than-temporary impairment recognized for the three months ended September 30, 2017 and 2016. 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, 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. The loan risk ratings reflect guidance provided by the Office of the Comptroller of the Currency for commercial real estate lending. The initial internal risk ratings (“Initial Ratings”) are based on loan-to-values and the net operating income debt yields of the underlying collateral of the Company’s CRE Debt and Preferred Equity Investments and based upon leverage and cash flow coverages of the borrowers’ debt and operating obligations. The final internal risk ratings are influenced by other quantitative and qualitative factors that can result in an adjustment to the Initial Ratings, subject to review and approval by the respective committee. The internal risk rating categories include “Performing”, “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 exhibit potential weakness that deserves management’s close attention and if uncorrected, may result in deterioration of repayment prospects. Substandard loans are inadequately protected by sound worth and paying capacity of the obligor or of the collateral pledged with a distinct possibility that loss will be sustained if some of the deficiencies are not corrected. Doubtful loans are Substandard loans whereby collection of all contractual principal and interest is highly questionable or improbable. Loss loans are considered uncollectible. Nonaccrual Status – The Company did not have any impaired loans, nonaccrual loans, or loans in default as all of the loans were performing at September 30, 2017 and December 31, 2016. There were no allowances for loan losses at September 30, 2017 and December 31, 2016. Broker Dealer Activities Reverse Repurchase Agreements 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 2017-05 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets This update clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in-substance nonfinancial asset, including nonfinancial assets transferred within a legal entity to a counterparty. The ASU requires the Company to derecognize a distinct nonfinancial asset or in-substance nonfinancial asset in a partial sale transaction when it ceases to have a controlling financial interest in a legal entity that holds the asset or transfers control of the asset, with any noncontrolling interest retained recognized at fair value. Transfers of ownership interest in a consolidated subsidiary with controlling financial interest retained are accounted for as equity transactions. January 1, 2018 (early adoption permitted). The Company is evaluating the expected impact of this ASU. 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 and has developed an implementation plan, which it has begun executing. While the Company 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.

ACQUISITION OF HATTERAS

ACQUISITION OF HATTERAS	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
ACQUISITION OF HATTERAS	4. ACQUISITION OF HATTERAS As previously disclosed in the Company’s filings with the Securities and Exchange Commission (“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 stock 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 (the “Hatteras Preferred Stock”), that was outstanding 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 the Hatteras Preferred Stock. The following table summarizes the aggregate consideration and fair value of the assets acquired and liabilities assumed recognized at the acquisition date. 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 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	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
RESIDENTIAL INVESTMENT SECURITIES	5. RESIDENTIAL INVESTMENT SECURITIES The following tables present the Company’s Residential Investment Securities portfolio that was carried at fair value at September 30, 2017 and December 31, 2016: September 30, 2017 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 $ 73,190,164 $ 4,249,983 $ (1,236 ) $ 77,438,911 $ 267,534 $ (854,518 ) $ 76,851,927 Adjustable-rate pass-through 7,274,214 285,022 (2,608 ) 7,556,628 21,917 (74,739 ) 7,503,806 Interest-only 6,821,975 1,322,697 — 1,322,697 2,257 (203,082 ) 1,121,872 Multifamily 409,791 3,828 (424 ) 413,195 68 (1,737 ) 411,526 Total Agency investments $ 87,696,144 $ 5,861,530 $ (4,268 ) $ 86,731,431 $ 291,776 $ (1,134,076 ) $ 85,889,131 Residential Credit CRT $ 534,608 $ 21,083 $ (4,062 ) $ 551,629 $ 31,954 $ (645 ) $ 582,938 Alt-A 200,757 667 (33,716 ) 167,708 12,143 (126 ) 179,725 Prime 235,851 371 (33,821 ) 202,401 18,257 (17 ) 220,641 Prime Interest-only 334,298 954 — 954 — (42 ) 912 Subprime 597,658 1,885 (78,375 ) 521,168 46,750 (28 ) 567,890 NPL/RPL 104,936 86 (142 ) 104,880 420 (27 ) 105,273 Prime Jumbo (>= 2010 Vintage) 135,669 636 (3,980 ) 132,325 1,846 — 134,171 Prime Jumbo (>= 2010 Vintage) Interest-Only 1,037,547 16,174 — 16,174 2,449 — 18,623 Total residential credit investments $ 3,181,324 $ 41,856 $ (154,096 ) $ 1,697,239 $ 113,819 $ (885 ) $ 1,810,173 Total Residential Investment Securities $ 90,877,468 $ 5,903,386 $ (158,364 ) $ 88,428,670 $ 405,595 $ (1,134,961 ) $ 87,699,304 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 (>= 2010 Vintage) 129,453 852 (345 ) 129,960 267 (308 ) 129,919 Prime Jumbo (>= 2010 Vintage) 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 (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 concentration by issuing Agency at September 30, 2017 and December 31, 2016: Investment Type September 30, 2017 December 31, 2016 (dollars in thousands) Fannie Mae $ 59,635,438 $ 51,658,391 Freddie Mac 26,189,947 23,858,110 Ginnie Mae 63,746 73,372 Total $ 85,889,131 $ 75,589,873 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 at September 30, 2017 and December 31, 2016, according to their estimated weighted average life classifications: September 30, 2017 December 31, 2016 Weighted Average Life Estimated Fair Value Amortized Cost Estimated Fair Value Amortized Cost (dollars in thousands) Less than one year $ 1,330,463 $ 1,344,966 $ 63,510 $ 61,775 Greater than one year through five years 16,173,212 16,164,913 12,626,932 12,666,394 Greater than five years through ten years 69,944,328 70,675,577 56,785,601 57,738,588 Greater than ten years 251,301 243,214 8,239,859 8,473,058 Total $ 87,699,304 $ 88,428,670 $ 77,715,902 $ 78,939,815 The weighted average lives of the Agency mortgage-backed securities at September 30, 2017 and December 31, 2016 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, accounted for as available-for-sale, by length of time that such securities have been in a continuous unrealized loss position at September 30, 2017 and December 31, 2016. September 30, 2017 December 31, 2016 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 $ 49,631,846 $ (644,526 ) 1,230 $ 52,465,045 $ (1,094,957 ) 1,368 12 Months or More 8,987,810 (286,468 ) 175 6,277,814 (266,609 ) 54 Total $ 58,619,656 $ (930,994 ) 1,405 $ 58,742,859 $ (1,361,566 ) 1,422 (1) Excludes interest-only mortgage-backed securities. The decline in value of these securities is solely due to market conditions and not the quality of the assets. Substantially all of the Agency mortgage-backed securities are “AAA” rated or carry an implied “AAA” rating. The investments are not considered to be other-than-temporarily impaired because the Company currently has the ability and intent to hold the investments to maturity or for a period of time sufficient for a forecasted market price recovery up to or beyond the cost of the investments, and it is not more likely than not that the Company will be required to sell the investments before recovery of the amortized cost bases, which may be maturity. Also, the Company is guaranteed payment of the principal amount of the securities by the respective issuing government agency. During the three and nine months ended September 30, 2017, the Company disposed of $6.8 billion and $11.4 billion of Residential Investment Securities, resulting in a net realized loss of $10.2 million and $14.3 million, respectively. During the three and nine months ended September 30, 2016, the Company disposed of $3.8 billion and $9.1 billion of Residential Investment Securities, resulting in a net realized gain of $14.7 million and $24.9 million, respectively.

RESIDENTIAL MORTGAGE LOANS

RESIDENTIAL MORTGAGE LOANS	9 Months Ended
	Sep. 30, 2017
Mortgage Loans on Real Estate [Abstract]
RESIDENTIAL MORTGAGE LOANS	6. RESIDENTIAL MORTGAGE LOANS The table below presents the fair value and the unpaid principal balance of the residential mortgage loan portfolio at September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 (dollars in thousands) Fair value $ 895,919 $ 342,289 Unpaid principal balance $ 878,574 $ 338,323 The following table provides information regarding the line items and amounts recognized in the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2017 for these investments: Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 (dollars in thousands) Net gains (losses) on disposal of investments $ (2,093 ) $ (383 ) $ (3,407 ) $ (383 ) Net unrealized gains (losses) on investments measured at fair value through earnings (725 ) (493 ) 5,400 (493 ) Net interest income 8,226 1,203 18,935 1,203 Total included in net income (loss) $ 5,408 $ 327 $ 20,928 $ 327 The change in the fair value of the residential mortgage loans can be primarily attributed to changes in interest rates. The following table provides the geographic concentrations based on the unpaid principal balances at September 30, 2017 and December 31, 2016, for the residential mortgage loans, including loans held in a securitization trust: Geographic Concentrations of Residential Mortgage Loans September 30, 2017 December 31, 2016 Property Location % of Balance Property Location % of Balance California 52.8 % California 46.3 % Florida 10.3 % Texas 9.6 % New York 8.1 % Illinois 5.7 % All other (none individually greater than 5%) 28.8 % Florida 5.2 % Washington 5.1 % All other (none individually greater than 5%) 28.1 % Total 100.0 % Total 100.0 % The following table provides additional data on the Company’s residential mortgage loans, including loans held in a securitization trust, at September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 Portfolio Range Portfolio Weighted Average Portfolio Range Portfolio Weighted Average (dollars in thousands) (dollars in thousands) Unpaid principal balance $2 - $3,677 $616 $22 - $1,905 $691 Interest rate 2.38% - 7.25% 4.37% 2.50% - 6.75% 3.72% Maturity 8/1/2029 - 9/1/2047 10/9/2045 4/8/2044 - 11/1/2046 8/20/2045 FICO score at loan origination 620 - 828 754 665 - 814 761 Loan-to-value ratio at loan origination 14% - 105% 67% 24% - 90% 71% At September 30, 2017 and December 31, 2016, approximately 78% and 85%, respectively, of the carrying value of the Company’s residential mortgage loans, including loans held in a securitization trust, were adjustable-rate.

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	9 Months Ended
	Sep. 30, 2017
Transfers and Servicing [Abstract]
MORTGAGE SERVICING RIGHTS	7. MORTGAGE SERVICING RIGHTS The Company invests in MSRs and elected to carry them at fair value. The following table presents activity related to MSRs for the three and nine months ended September 30, 2017: Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 (dollars in thousands) Fair value, beginning of period $ 605,653 $ — $ 652,216 $ — Obtained through Hatteras Acquisition — 355,820 — 355,820 Purchases (1) (30 ) 131,729 (27 ) 131,729 Other 10 — 10 — Change in fair value due to: Changes in valuation inputs or assumptions (2) (19,207 ) 26,254 (34,645 ) 26,254 Other changes, including realization of expected cash flows (16,208 ) (21,634 ) (47,336 ) (21,634 ) Fair value, end of period $ 570,218 $ 492,169 $ 570,218 $ 492,169 (1) Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable. (2) Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates. For the three and nine months ended September 30, 2017, the Company recognized $31.9 million and $99.7 million, respectively, of net servicing income from MSRs in Other income (loss) in the Consolidated Statements of Comprehensive Income (Loss). For the three and nine months ended September 30, 2016, the Company recognized $26.2 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	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
COMMERCIAL REAL ESTATE INVESTMENTS	8. COMMERCIAL REAL ESTATE INVESTMENTS At September 30, 2017 and December 31, 2016, commercial real estate debt investments held for investment were comprised of the following: CRE Debt and Preferred Equity Investments September 30, 2017 December 31, 2016 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 $ 583,630 $ 580,609 59.2 % $ 512,322 $ 510,071 52.6 % Mezzanine loans 392,988 392,159 39.9 % 453,693 451,467 46.5 % Preferred equity 9,000 8,980 0.9 % 9,000 8,967 0.9 % Total (3) $ 985,618 $ 981,748 100.0 % $ 975,015 $ 970,505 100.0 % (1) Carrying value includes unamortized origination fees of $3.9 million and $4.5 million at September 30, 2017 and December 31, 2016, respectively. (2) Based on outstanding principal. (3) Excludes loans held for sale, net. Nine months ended September 30, 2017 Senior Mortgages Mezzanine Loans Preferred Equity Total (dollars in thousands) Beginning balance $ 510,071 $ 451,467 $ 8,967 $ 970,505 Originations & advances (principal) 263,916 63,801 — 327,717 Principal payments (192,608 ) (124,506 ) — (317,114 ) Amortization & accretion of (premium) discounts (43 ) 28 — (15 ) Net (increase) decrease in origination fees (2,531 ) (605 ) — (3,136 ) Amortization of net origination fees 1,804 1,974 13 3,791 Net carrying value $ 580,609 $ 392,159 $ 8,980 $ 981,748 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) 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 deserves management’s close attention and if uncorrected, may result in deterioration of repayment prospects. Substandard loans are inadequately protected by sound worth and paying capacity of the obligor or of the collateral pledged with a distinct possibility that loss will be sustained if some of the deficiencies are not corrected. Doubtful loans are Substandard loans whereby collection of all contractual principal and interest is highly questionable or improbable. Loss loans are considered uncollectible. The 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 at September 30, 2017 and December 31, 2016. Accordingly, no allowance for loan losses was deemed necessary at September 30, 2017 and December 31, 2016. September 30, 2017 Outstanding Principal Percentage of CRE Debt and Preferred Equity Portfolio Internal Ratings Investment Type Performing Performing - Closely Monitored Performing - Special Mention Substandard Doubtful Loss Total (dollars in thousands) Senior mortgages $ 583,630 59.2 % $ 364,365 $ 115,075 $ 104,190 $ — $ — $ — $ 583,630 Mezzanine loans 392,988 39.9 % 206,919 50,498 135,571 — — — 392,988 Preferred equity 9,000 0.9 % — — 9,000 — — — 9,000 Total $ 985,618 100.0 % $ 571,284 $ 165,573 $ 248,761 $ — $ — $ — $ 985,618 December 31, 2016 Outstanding Principal (1) Percentage of CRE Debt and Preferred Equity Portfolio Internal Ratings Investment Type 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 Total $ 975,015 100.0 % $ 398,771 $ 413,487 $ 162,757 $ — $ — $ — $ 975,015 (1) Excludes loans held for sale, net. At September 30, 2017 and December 31, 2016, approximately 85% and 77%, respectively, 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 commercial real estate holdings during the three and nine months ended September 30, 2017. The Company sold one of its wholly-owned triple net leased properties during the nine months ended September 30, 2017 for $12.0 million and recognized a gain on sale of $5.1 million. The weighted average amortization period for intangible assets and liabilities at September 30, 2017 is 4.5 years. Above market leases and leasehold intangible assets are included in Intangible assets, net and below market leases are included in Accounts payable and other liabilities in the Consolidated Statements of Financial Condition. September 30, 2017 December 31, 2016 (dollars in thousands) Real estate held for investment, at amortized cost Land $ 111,012 $ 112,675 Buildings and improvements 330,610 335,945 Subtotal 441,622 448,620 Less: accumulated depreciation (44,998 ) (34,221 ) Total real estate held for investment, at amortized cost, net 396,624 414,399 Equity in unconsolidated joint ventures 74,304 60,168 Investments in commercial real estate, net $ 470,928 $ 474,567 Depreciation expense was $4.0 million and $11.8 million for the three and nine months ended September 30, 2017, respectively. Depreciation expense was $5.0 million and $15.7 million for the three and nine months ended September 30, 2016, respectively. Depreciation expense is included in Other income (loss) in the Consolidated Statements of Comprehensive 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 September 30, 2017 for consolidated investments in real estate are as follows: September 30, 2017 (dollars in thousands) 2017 (remaining) $ 7,704 2018 28,986 2019 25,519 2020 20,883 2021 16,715 Later years 32,051 $ 131,858 Mortgage loans payable at September 30, 2017 and December 31, 2016, were as follows: September 30, 2017 Property Mortgage Carrying Value Mortgage Principal Interest Rate Fixed/Floating Rate Maturity Date Priority (dollars in thousands) Joint Ventures $ 286,278 $ 289,125 4.03% - 4.61% Fixed 2024 and 2025 First liens Tennessee 12,286 12,350 4.01% Fixed 9/6/2019 First liens Virginia 11,018 11,025 3.58% Fixed 6/6/2019 First liens Nevada (1) 2,304 2,311 L + 200 Floating 12/29/2017 First liens Total $ 311,886 $ 314,811 (1) The mortgage agreement contained an interest rate swap with an expiration date of March 29, 2017. Effective on March 29, 2017, the interest rate swap expired and the Company extended the maturity date of the mortgage debt to December 29, 2017. 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 Nevada 2,367 2,365 L + 200 Floating (1) 3/29/2017 First liens Total $ 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). The following table details future mortgage loan principal payments at September 30, 2017: Mortgage Loan Principal Payments (dollars in thousands) 2017 (remaining) $ 2,311 2018 — 2019 23,375 2020 — 2021 — Later years 289,125 Total $ 314,811 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. The Company previously classified the senior mortgage loan as held for sale. During the nine months ended September 30, 2017, the Company sold the remaining balance of $115.0 million ($114.4 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.

CORPORATE DEBT

CORPORATE DEBT	9 Months Ended
	Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]
CORPORATE DEBT	9. CORPORATE DEBT The Company invests in corporate loans and corporate debt securities through AMML The industry and rate sensitivity dispersion of the portfolio as of September 30, 2017 and December 31, 2016 are as follows: Industry Dispersion September 30, 2017 December 31, 2016 Fixed Rate Floating Rate Total Fixed Rate Floating Rate Total (dollars in thousands) Aircraft and Parts $ — $ 34,846 $ 34,846 $ — $ 32,067 $ 32,067 Coating, Engraving and Allied Services — 63,643 63,643 — — — Commercial Fishing — — — — 40,600 40,600 Computer Programming, Data Processing & Other Computer Related Services — 149,005 149,005 — 146,547 146,547 Drugs — 33,431 33,431 — 34,042 34,042 Electronic Components & Accessories — 23,885 23,885 — — — Groceries and Related Products — 14,803 14,803 — 14,856 14,856 Grocery Stores — 23,560 23,560 — 23,761 23,761 Home Health Care Services — 23,893 23,893 — 39,205 39,205 Insurance Agents, Brokers and Services 4,604 72,555 77,159 4,391 73,267 77,658 Management and Public Relations Services — 94,608 94,608 — 16,493 16,493 Medical and Dental Laboratories — 25,990 25,990 — 17,292 17,292 Miscellaneous Business Services — 19,754 19,754 84,486 — 84,486 Miscellaneous Equipment Rental and Leasing — 19,651 19,651 — — — Miscellaneous Health and Allied Services, not elsewhere classified — 25,982 25,982 — 9,791 9,791 Miscellaneous Nonmetallic Minerals, except Fuels — 25,931 25,931 — 24,688 24,688 Miscellaneous Plastic Products — 9,978 9,978 — 27,036 27,036 Motor Vehicles and Motor Vehicle Parts and Supplies — 12,230 12,230 — 12,319 12,319 Offices and Clinics of Doctors of Medicine — 59,991 59,991 — 83,386 83,386 Offices and Clinics of Other Health Practitioners — 7,397 7,397 — — — Personnel Supply Services — — — — 36,921 36,921 Public Warehousing and Storage — 40,900 40,900 — — — Research, Development and Testing Services — 17,732 17,732 — 17,744 17,744 Schools and Educational Services, not elsewhere classified — 20,941 20,941 — 20,979 20,979 Surgical, Medical, and Dental Instruments and Supplies — 12,961 12,961 — 13,403 13,403 Telephone Communications — 17,839 17,839 — — — Total $ 4,604 $ 851,506 $ 856,110 $ 88,877 $ 684,397 $ 773,274 The table below reflects the Company’s aggregate positions by their respective place in the capital structure of the borrowers at September 30, 2017 and December 31, 2016. September 30, 2017 December 31, 2016 (dollars in thousands) First lien loans $ 542,776 $ 505,956 Second lien loans 308,730 178,441 Second lien notes — 84,486 Subordinated notes 4,604 4,391 Total $ 856,110 $ 773,274

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	10. VARIABLE INTEREST ENTITIES 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 at settlement. 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 September 30, 2017. 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 at settlement. The Company was required to consolidate the FREMF 2015-KF07 Trust’s assets and liabilities of $0.7 billion and $0.7 billion, respectively, at September 30, 2017. 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 at settlement. The Company was required to consolidate the FREMF 2016-KLH1Trust’s assets and liabilities of $1.5 billion and $1.4 billion, respectively, at September 30, 2017. 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. 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 represent more faithfully the economics of its interests 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 applies the practical expedient fair value measurement under ASU 2014-13, 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 $3.5 billion at September 30, 2017. At September 30, 2017, 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 at September 30, 2017 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. 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 to third parties was $38.4 million at September 30, 2017. In June 2016, a consolidated subsidiary of the Company entered into a $300.0 million credit facility with a third party financial institution. The subsidiary was deemed 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 $432.5 million at September 30, 2017 that are pledged as collateral for this 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 September 30, 2017, the subsidiary had an intercompany receivable of $116.2 million, which eliminates upon consolidation and Other secured financing of $116.2 million to the third party financial institution. In July 2017, a consolidated subsidiary of the Company entered into a $150.0 million credit facility with a third party financial institution. The subsidiary was deemed to be a VIE and the Company was determined to be the primary beneficiary due to its role as servicer and because it holds a variable interest in the entity that could potentially be significant to the entity. The Company has transferred corporate loans to the subsidiary with a carrying amount of $193.6 million at September 30, 2017, which continue to be reflected in the Company’s Consolidated Statements of Financial Condition in Corporate debt. 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 a “silo.” 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. In August 2017, the Company sold 100% of its voting interests in the entity, and entered into an agreement with the portfolio manager of the entity giving the Company the power over the silo in which it owns all of the beneficial interests. As a result, the Company is considered to be the primary beneficiary of that silo. The Company’s exposure to the obligations of its consolidated VIEs is generally limited to the Company’s investment in the VIEs of $1.0 billion at September 30, 2017. 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 September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 FREMF Trusts Residential Mortgage Loan Trust MSR Silo (dollars in thousands) Assets Cash and cash equivalents $ — $ — $ 40,040 Commercial real estate debt investments 3,578,631 — — Residential mortgages loans — 139,824 19,787 Mortgage servicing rights — — 570,218 Accrued interest receivable 10,407 713 — Other assets — — 22,555 Total assets $ 3,589,038 $ 140,537 $ 652,600 Liabilities Securitized debt (non-recourse) at fair value $ 3,319,381 $ 38,548 $ — Other secured financing — — 8,772 Other derivatives, at fair value — — 10 Accrued interest payable 4,934 88 — Accounts payable and other liabilities — 105 3,035 Total liabilities $ 3,324,315 $ 38,741 $ 11,817 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 The statements of comprehensive income (loss) of the Company’s VIEs that are reflected in the Company’s Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2017 are as follows: For the Three Months Ended FREMF Trusts Residential Mortgage Loan Trust MSR Silo (dollars in thousands) Net interest income: Interest income $ 28,841 $ 1,145 $ 514 Interest expense 15,791 282 121 Net interest income 13,050 863 393 Realized gain (loss) on disposal of investments — (229 ) (1,430 ) Net gains (losses) on trading assets — — (19 ) Net unrealized gains (losses) on investments measured at fair value through earnings (2,256 ) (20 ) (36,226 ) Other income (loss) (6,073 ) (89 ) 32,001 General and administration expenses (1 ) 34 560 Net income (loss) $ 4,722 $ 491 $ (5,841 ) For the Nine Months Ended FREMF Trusts Residential Mortgage Loan Trust MSR Silo (dollars in thousands) Net interest income: Interest income $ 81,508 $ 3,685 $ 1,005 Interest expense 42,046 854 243 Net interest income 39,462 2,831 762 Realized gain (loss) on disposal of investments — (611 ) (1,915 ) Net gains (losses) on trading assets — — (17 ) Net unrealized gains (losses) on investments measured at fair value through earnings 2,833 1,682 (83,340 ) Other income (loss) (18,595 ) (280 ) 99,927 General and administration expenses — 71 2,500 Net income (loss) $ 23,700 $ 3,551 $ 12,917 The geographic concentrations of credit risk exceeding 5% of the total loan unpaid principal balances related to the Company’s VIEs at September 30, 2017 are as follows: FREMF Trusts Residential Mortgage Loan Trust Property Location Principal Balance % of Balance Property Location Principal Balance % of Balance (dollars in thousands) Texas $ 541,210 15.4 % California $ 63,283 46.0 % North Carolina 537,375 15.3 % Texas 15,401 11.2 % Maryland 499,495 14.2 % Illinois 9,781 7.1 % Virginia 329,250 9.4 % Washington 9,136 6.6 % Florida 303,796 8.6 % Florida 8,715 6.3 % New York 280,925 8.0 % Other (1) 31,130 22.8 % Pennsylvania 225,810 6.4 % Ohio 197,455 5.6 % Massachusetts 179,440 5.1 % Other (1) 417,681 12.0 % Total $ 3,512,437 100.0 % $ 137,446 100.0 % (1) No individual state greater than 5%.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2017
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. Residential Investment Securities, interest rate swaps 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. Futures contracts are valued using quoted prices for identical instruments in active markets and are classified as Level 1. 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. For the fair value of securitized debt of consolidated VIEs, refer to the Note titled “Variable Interest Entities” for additional information. 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 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 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 tables present 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 September 30, 2017 (dollars in thousands) Assets: Agency mortgage-backed securities $ — $ 85,889,131 $ — $ 85,889,131 Credit risk transfer securities — 582,938 — 582,938 Non-Agency mortgage-backed securities — 1,227,235 — 1,227,235 Residential mortgage loans — 895,919 — 895,919 Mortgage servicing rights — — 570,218 570,218 Commercial real estate debt investments — 3,869,110 — 3,869,110 Interest rate swaps — 12,250 — 12,250 Other derivatives 206,431 59,818 — 266,249 Total assets $ 206,431 $ 92,536,401 $ 570,218 $ 93,313,050 Liabilities: Securitized debt of consolidated VIEs $ — $ 3,357,929 $ — $ 3,357,929 Interest rate swaps — 606,960 — 606,960 Other derivatives 31,642 43,887 — 75,529 Total liabilities $ 31,642 $ 4,008,776 $ — $ 4,040,418 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 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. September 30, 2017 December 31, 2016 Range Range Valuation Technique Unobservable Input (1) (Weighted Average) Unobservable Input (1) (Weighted Average) Discounted cash flow Discount rate 10.0% -15.0% (10.4%) Discount rate 10.0% -15.0% (10.4%) Prepayment rate 5.5% - 25.9% (11.3%) Prepayment rate 5.1% - 18.8% (8.7%) Delinquency rate 0.0% - 11.0% (2.1%) Delinquency rate 0.0% - 10.0% (2.3%) Cost to service $84 - $170 ($102) Cost to service $83 - $152 ($100) (1) Represents rates, estimates and assumptions that the Company believes would be used by market participants when valuing these assets. 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 fixed-rate 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 at September 30, 2017 and December 31, 2016. September 30, 2017 December 31, 2016 Level in Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Financial assets: (dollars in thousands) Cash and cash equivalents (1) 1 $ 867,840 $ 867,840 $ 1,539,746 $ 1,539,746 Agency mortgage-backed securities 2 85,889,131 85,889,131 75,589,873 75,589,873 Credit risk transfer securities 2 582,938 582,938 724,722 724,722 Non-Agency mortgage-backed securities 2 1,227,235 1,227,235 1,401,307 1,401,307 Residential mortgage loans 2 895,919 895,919 342,289 342,289 Mortgage servicing rights 3 570,218 570,218 652,216 652,216 Commercial real estate debt investments 2 3,869,110 3,869,110 4,321,739 4,321,739 Commercial real estate debt and preferred equity, held for investment 3 981,748 985,543 970,505 968,824 Commercial loans held for sale, net 3 — — 114,425 114,425 Corporate debt (2) 2 856,110 858,949 773,274 776,310 Interest rate swaps (1) 2 12,250 12,250 68,194 68,194 Other derivatives 1,2 266,249 266,249 171,266 171,266 Financial liabilities: Repurchase agreements 1,2 $ 69,430,268 $ 69,432,478 $ 65,215,810 $ 65,256,505 Other secured financing 1,2 3,713,256 3,713,652 3,884,708 3,885,430 Securitized debt of consolidated VIEs 2 3,357,929 3,357,929 3,655,802 3,655,802 Participation sold 2 — — 12,869 12,827 Mortgage payable 3 311,886 315,141 311,636 312,442 Interest rate swaps (1) 2 606,960 606,960 1,443,765 1,443,765 Other derivatives 1,2 75,529 75,529 86,437 86,437 (1) As a result of a change to a clearing organization’s rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. (2) Includes a held-to-maturity debt security carried at amortized cost of $84.5 million, with a fair value of $87.8 million, at December 31, 2016. The bond was repaid in April 2017.

SECURED FINANCING

SECURED FINANCING	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
SECURED FINANCING	12. SECURED FINANCING The Company had outstanding $69.4 billion and $65.2 billion of repurchase agreements with weighted average borrowing rates of 1.88% and 1.64%, after giving effect to the Company’s interest rate swaps used to hedge cost of funds, and weighted average remaining maturities of 65 days and 96 days at September 30, 2017 and December 31, 2016, respectively. At September 30, 2017 and December 31, 2016, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates: September 30, 2017 Agency Mortgage- backed Securities CRTs Non-Agency Mortgage-backed Securities Commercial Loans Commercial Mortgage- backed Securities Total Repurchase Agreements Weighted Average Rate (dollars in thousands) 1 day $ — $ — $ — $ — $ — $ — — 2 to 29 days 32,663,775 157,200 335,915 — 19,539 33,176,429 1.34 % 30 to 59 days 6,574,730 7,261 — — 6,248 6,588,239 1.34 % 60 to 89 days 15,758,297 28,886 86,275 — — 15,873,458 1.39 % 90 to 119 days 3,306,328 — — — — 3,306,328 1.40 % Over 120 days (1) 10,128,572 — — 357,242 — 10,485,814 1.48 % Total $ 68,431,702 $ 193,347 $ 422,190 $ 357,242 $ 25,787 $ 69,430,268 1.38 % 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) Approximately 3% and 7% of the total repurchase agreements had a remaining maturity over 1 year at September 30, 2017 and December 31, 2016, respectively. Repurchase agreements and reverse repurchase agreements with the same counterparty and the same maturity are presented net in the Consolidated Statements of Financial Condition when the terms of the agreements permit netting. The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at September 30, 2017 and December 31, 2016. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments. September 30, 2017 December 31, 2016 Reverse Repurchase Agreements Repurchase Agreements Reverse Repurchase Agreements Repurchase Agreements (dollars in thousands) Gross Amounts $ 1,875,000 $ 71,305,268 $ 400,000 $ 65,615,810 Amounts Offset (1,875,000 ) (1,875,000 ) (400,000 ) (400,000 ) Netted Amounts $ — $ 69,430,268 $ — $ 65,215,810 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. At September 30, 2017, $3.5 billion of the advances from the FHLB Des Moines extends beyond three years and $90.0 million matures between one to three years. At December 31, 2016, $3.6 billion matured beyond three years. The weighted average rate of the advances from the FHLB Des Moines was 1.41% and 0.76% at September 30, 2017 and December 31, 2016, respectively. Financial instruments pledged as collateral under secured financing arrangements and interest rate swaps had an estimated fair value and accrued interest of $77.6 billion and $236.2 million, respectively, at September 30, 2017 and $74.3 billion and $229.2 million, respectively, at December 31, 2016.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
	Sep. 30, 2017
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 and terms 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 at September 30, 2017 and December 31, 2016: Derivatives Instruments Balance Sheet Location September 30, 2017 December 31, 2016 Assets: (dollars in thousands) Interest rate swaps Interest rate swaps, at fair value $ 12,250 $ 68,194 Interest rate swaptions Other derivatives, at fair value 37,037 — TBA derivatives Other derivatives, at fair value 22,641 2,774 Futures contracts Other derivatives, at fair value 206,431 168,209 Purchase commitments Other derivatives, at fair value 123 283 Credit derivatives Other derivatives, at fair value 17 — $ 278,499 $ 239,460 Liabilities: Interest rate swaps Interest rate swaps, at fair value $ 606,960 $ 1,443,765 TBA derivatives Other derivatives, at fair value 40,876 60,972 Futures contracts Other derivatives, at fair value 31,642 24,912 Purchase commitments Other derivatives, at fair value 221 553 Credit derivatives Other derivatives, at fair value 2,790 — $ 682,489 $ 1,530,202 The following table summarizes certain characteristics of the Company’s interest rate swaps at September 30, 2017 and December 31, 2016: September 30, 2017 Maturity Current Notional (1) Weighted Average Pay Rate Weighted Average Receive Rate Weighted Average Years to Maturity (dollars in thousands) 0 to 3 years $ 8,617,000 1.72 % 1.36 % 2.45 >3 to 6 years 10,609,050 2.17 % 1.31 % 4.59 >6 to 10 years 9,805,000 2.41 % 1.40 % 7.74 Greater than 10 years 3,826,400 3.65 % 1.28 % 18.72 Total / Weighted Average $ 32,857,450 2.27 % 1.35 % 6.44 December 31, 2016 Maturity Current Notional (1) Weighted Average Pay Rate Weighted Average Receive Rate Weighted Average Years to Maturity (dollars in thousands) 0 to 3 years $ 3,444,365 1.37 % 1.00 % 2.71 >3 to 6 years 10,590,000 1.92 % 0.99 % 3.94 >6 to 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 (1) There were no forward starting swaps at September 30, 2017 and December 31, 2016. The following table presents swaptions outstanding at September 30, 2017. There were no swaptions at December 31, 2016. September 30, 2017 Current Underlying Notional Weighted Average Underlying Pay Rate Weighted Average Underlying Receive Rate Weighted Average Underlying Years to Maturity Weighted Average Months to Expiration (dollars in thousands) Long $ 4,000,000 2.57 % 3M LIBOR 9.96 6.88 The following table summarizes certain characteristics of the Company’s TBA derivatives at September 30, 2017 and December 31, 2016: September 30, 2017 Purchase and sale contracts for derivative TBAs Notional Implied Cost Basis Implied Market Value Net Carrying Value (dollars in thousands) Purchase contracts $ 19,960,000 $ 20,844,380 $ 20,826,145 $ (18,235 ) 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 ) The following table summarizes certain characteristics of the Company’s futures derivatives at September 30, 2017 and December 31, 2016 : September 30, 2017 Notional - Long Positions Notional - Short Positions Weighted Average Years to Maturity (dollars in thousands) 2-year swap equivalent Eurodollar contracts $ — $ (17,080,875 ) 2.00 U.S. Treasury futures - 5 year — (4,217,400 ) 4.41 U.S. Treasury futures - 10 year and greater — (4,646,000 ) 7.03 Total $ — $ (25,944,275 ) 3.29 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 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 at September 30, 2017 and December 31, 2016, respectively. September 30, 2017 Amounts Eligible for Offset Gross Amounts Financial Instruments Cash Collateral Net Amounts Assets: (dollars in thousands) Interest rate swaps, at fair value (1) $ 12,250 $ (10,998 ) $ — $ 1,252 Interest rate swaptions, at fair value 37,037 — — 37,037 TBA derivatives, at fair value 22,641 (20,688 ) — 1,953 Futures contracts, at fair value 206,431 (31,642 ) — 174,789 Purchase commitments 123 — — 123 Credit derivatives 17 (17 ) — — Liabilities: Interest rate swaps, at fair value (1) $ 606,960 $ (10,998 ) $ — $ 595,962 TBA derivatives, at fair value 40,876 (20,688 ) — 20,188 Futures contracts, at fair value 31,642 (31,642 ) — — Purchase commitments 221 — — 221 Credit derivatives 2,790 (17 ) (300 ) 2,473 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 (1) As a result of a change to a clearing organization’s rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. 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) Three Months Ended: September 30, 2017 $ (88,211 ) $ — $ 56,854 September 30, 2016 $ (124,572 ) $ 1,337 $ 256,462 Nine Months Ended: September 30, 2017 $ (288,837 ) $ (58 ) $ 28,471 September 30, 2016 $ (402,809 ) $ (58,727 ) $ (1,148,478 ) (1) Interest expense related to the Company’s 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: Three Months Ended September 30, 2017 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 (1) $ 110,067 $ 29,728 $ 139,795 Net interest rate swaptions — (9,137 ) (9,137 ) Futures (70,054 ) 92,784 22,730 Purchase commitments — (108 ) (108 ) Credit derivatives 495 433 928 Total $ 154,208 Three Months Ended September 30, 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 (1) $ 174,086 $ (78,677 ) $ 95,409 Net interest rate swaptions 4,180 93 4,273 Futures (47,035 ) 110,218 63,183 Purchase commitments — 116 116 Total $ 162,981 Nine Months Ended September 30, 2017 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 (1) $ 215,529 $ 39,964 $ 255,493 Net interest rate swaptions — (19,574 ) (19,574 ) Futures (128,478 ) 31,492 (96,986 ) Purchase commitments — 165 165 Credit derivatives 632 356 988 Total $ 140,086 Nine Months Ended September 30, 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 (1) $ 492,450 $ 66,376 $ 558,826 Net interest rate swaptions 4,180 93 4,273 Futures (169,716 ) (23,465 ) (193,181 ) Purchase commitments — 116 116 Total $ 370,034 (1) Includes options on TBA contracts. 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 September 30, 2017 was approximately $416.3 million, which represents the maximum amount the Company would be required to pay upon termination. This amount is fully collateralized.

COMMON STOCK AND PREFERRED STOC

COMMON STOCK AND PREFERRED STOCK	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
COMMON STOCK AND PREFERRED STOCK	14. COMMON STOCK AND PREFERRED STOCK At September 30, 2017, the Company’s authorized shares of capital stock, par value of $0.01 per share, consisted of 1,917,837,500 shares classified as common stock, 7,412,500 shares classified as 7.875% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), 12,650,000 shares classified as 7.625% Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”), 18,400,000 shares classified as 7.50% Series D Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”), 11,500,000 shares classified as 7.625% Series E Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”) and 32,200,000 shares classified as 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series F Preferred Stock”). (A) Common Stock At September 30, 2017 and December 31, 2016, the Company had issued and outstanding 1,088,083,794 and 1,018,913,249 shares of common stock, respectively, with a par value of $0.01 per share. No options were exercised during the nine months ended September 30, 2017 and 2016. In July 2016, the Company issued 93.9 million shares of common stock as part of the consideration for the Hatteras Acquisition. During the three months ended September 30, 2017, the Company closed the public offering of an original issuance of 60,000,000 shares of common stock for gross proceeds of approximately $709.8 million before deducting offering expenses. In connection with the offering, the Company granted the underwriters a thirty-day option to purchase up to an additional 9,000,000 shares of common stock, which the underwriters exercised in full resulting in an additional $106.5 million in gross proceeds before deducting offering expenses. During the nine months ended September 30, 2017, the Company raised $1.9 million, by issuing 169,000 shares of common stock, through the Direct Purchase and Dividend Reinvestment Program. During the nine months ended September 30, 2016, the Company raised $1.8 million, by issuing 172,000 shares of common stock, 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 nine months ended September 30, 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 shares of common stock 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 nine months ended September 30, 2017 and 2016. (B) Preferred Stock On August 25, 2017, the Company redeemed all 7,412,500 of its issued and outstanding shares of Series A Preferred Stock for $187.5 million. The cash redemption amount for each share of Series A Preferred Stock was $25.00 plus accrued and unpaid dividends to, and including, the redemption date of August 25, 2017. At December 31, 2016, the Company had issued and outstanding 7,412,500 shares of 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 was entitled to a dividend at a rate of 7.875% per year based on the $25.00 liquidation preference before the common stock was entitled to receive any dividends. At September 30, 2017 and December 31, 2016, 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 September 30, 2017, the Company had declared and paid all required quarterly dividends on the Series C Preferred Stock. At September 30, 2017 and December 31, 2016, 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 7.5% 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 September 30, 2017, the Company had declared and paid all required quarterly dividends on the Series D Preferred Stock. At September 30, 2017 and 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 September 30, 2017, the Company had declared and paid all required quarterly dividends on the Series E Preferred Stock. During the three months ended September 30, 2017, the Company issued 28,800,000 shares of its 6.95% Series F Preferred Stock, liquidation preference of $25.00 per share, for gross proceeds of $720.0 million before deducting the underwriting discount and other estimated offering expenses. The Series F 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 from and including the original issue date to, but excluding September 30, 2022, at a fixed rate equal to 6.95% per annum of the $25.00 liquidation preference, and from and including September 30, 2022, at a floating rate equal to three-month LIBOR plus a spread of 4.993% per annum. The Series A Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock and Series F 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 Nine Months Ended September 30, 2017 September 30, 2016 (dollars in thousands, except per share data) Distributions declared to common stockholders $ 937,825 $ 857,223 Distributions declared per common share $ 0.90 $ 0.90 Distributions paid to common stockholders after period end $ 326,425 $ 269,111 Distributions paid per common share after period end $ 0.30 $ 0.26 Date of distributions paid to common stockholders after period end October 31, 2017 October 31, 2016 Dividends declared to Series A Preferred stockholders $ 9,527 $ 10,944 Dividends declared per share of Series A Preferred Stock $ 1.477 $ 1.477 Dividends declared to Series C Preferred stockholders $ 17,157 $ 17,157 Dividends declared per share of Series C Preferred Stock $ 1.430 $ 1.430 Dividends declared to Series D Preferred stockholders $ 25,875 $ 25,875 Dividends declared per share of Series D Preferred Stock $ 1.406 $ 1.406 Dividends declared to Series E Preferred stockholders $ 16,441 $ 4,811 Dividends declared per share of Series E Preferred Stock $ 1.430 $ 0.477 Cumulative and undeclared dividends on the Company’s Series F Preferred stock were $8.3 million and zero for the nine months ended September 30, 2017 and 2016, respectively.

INTEREST INCOME AND INTEREST EX

INTEREST INCOME AND INTEREST EXPENSE	9 Months Ended
	Sep. 30, 2017
Banking and Thrift, Interest [Abstract]
INTEREST INCOME AND INTEREST EXPENSE	15. INTEREST INCOME AND INTEREST EXPENSE The table below presents the components of the Company’s interest income and interest expense for the three and nine months ended September 30, 2017 and 2016. For the Three Months Ended For the Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Interest income: (dollars in thousands) Residential Investment Securities $ 540,436 $ 493,226 $ 1,515,654 $ 1,203,793 Residential mortgage loans 8,509 1,608 19,790 1,608 Commercial investment portfolio (1) 67,790 61,240 200,288 191,005 Reverse repurchase agreements 5,815 2,594 11,971 7,523 Total interest income 622,550 558,668 1,747,703 1,403,929 Interest expense: Repurchase agreements 237,669 154,083 607,910 423,150 Securitized debt of consolidated VIEs 16,072 12,046 42,899 32,305 Participation sold — 157 195 472 Other 15,196 7,868 38,639 18,429 Total interest expense 268,937 174,154 689,643 474,356 Net interest income $ 353,613 $ 384,514 $ 1,058,060 $ 929,573 (1)

GOODWILL

GOODWILL	9 Months Ended
	Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	16. GOODWILL At September 30, 2017 and December 31, 2016, goodwill totaled $71.8 million.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	17. 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 three and nine months ended September 30, 2017 and 2016. For the Three Months Ended For the Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 (dollars in thousands, except per share data) Net income (loss) $ 367,315 $ 730,880 $ 822,245 $ (415,697 ) Net income (loss) attributable to noncontrolling interest (232 ) (336 ) (437 ) (883 ) Net income (loss) attributable to Annaly 367,547 731,216 822,682 (414,814 ) Dividends on preferred stock (1) 30,355 22,803 77,301 58,787 Net income (loss) available (related) to common stockholders $ 337,192 $ 708,413 $ 745,381 $ (473,601 ) Weighted average shares of common stock outstanding-basic 1,072,566,395 1,007,607,893 1,037,033,076 953,301,855 Add: Effect of stock awards, if dilutive 474,242 355,513 412,101 — Weighted average shares of common stock outstanding-diluted 1,073,040,637 1,007,963,406 1,037,445,177 953,301,855 Net income (loss) per share available (related) to common share: Basic $ 0.31 $ 0.70 $ 0.72 $ (0.50 ) Diluted $ 0.31 $ 0.70 $ 0.72 $ (0.50 ) (1) Includes cumulative and undeclared dividends on the Company’s Series F Preferred Stock of $8.3 million for the three and nine months ended September 30, 2017. Options to purchase 0.8 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 three and nine months ended September 30, 2017. Options to purchase 1.1 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 three and nine months ended September 30, 2016.

LONG-TERM STOCK INCENTIVE PLAN

LONG-TERM STOCK INCENTIVE PLAN	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
LONG-TERM STOCK INCENTIVE PLAN	18. LONG-TERM STOCK INCENTIVE PLAN The Company maintains 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 Nine Months Ended September 30, 2017 September 30, 2016 Number of Shares Exercise Price Number of Shares Exercise Price Options outstanding at the beginning of period 1,125,625 $ 15.43 1,168,775 $ 15.34 Granted — — — — Exercised — — — — Forfeited (117,000 ) 15.85 (6,400 ) 14.69 Expired (199,500 ) 15.74 (36,750 ) 12.90 Options outstanding at the end of period 809,125 $ 15.29 1,125,625 $ 15.43 Options exercisable at the end of period 809,125 $ 15.29 1,125,625 $ 15.43 The weighted average remaining contractual term was approximately 1.0 year and 1.7 years for stock options outstanding and exercisable at September 30, 2017 and 2016, respectively. At September 30, 2017 and 2016, there was no unrecognized compensation cost related to nonvested share-based compensation awards.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	19. INCOME TAXES For the three months ended September 30, 2017 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 that relate to, among other things, 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 three and nine months ended September 30, 2017, the Company recorded $1.4 million and $2.0 million of income tax expense, respectively, attributable to its TRSs. During the three and nine months ended September 30, 2016, the Company recorded $1.9 million and $2.8 million of income tax benefit, respectively, attributable to its TRSs. The Company’s federal, state and local tax returns from 2014 and forward remain open for examination.

LEASE COMMITMENTS AND CONTINGEN

LEASE COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
LEASE COMMITMENTS AND CONTINGENCIES	20. LEASE COMMITMENTS AND CONTINGENCIES Commitments 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 each of the three months ended September 30, 2017 and 2016 was $0.8 million. The Company’s aggregate future minimum lease payments totaled $30.0 million. The following table details the future lease payments: Years Ending December 31, Lease Commitments (dollars in thousands) 2017 (remaining) $ 891 2018 3,565 2019 3,565 2020 3,652 2021 3,862 Later years 14,480 Total $ 30,015 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 at September 30, 2017 and December 31, 2016.

RISK MANAGEMENT

RISK MANAGEMENT	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
RISK MANAGEMENT	21. 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 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, is guaranteed by those respective agencies and the payment of principal and interest on Ginnie Mae Agency mortgage-backed securities is backed by the full faith and credit of the U.S. government. Principal and interest on Agency debentures is guaranteed by the Agency issuing the debenture. The majority of the Company’s Agency mortgage-backed 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, residential mortgage loans, 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	9 Months Ended
	Sep. 30, 2017
Brokers and Dealers [Abstract]
RCAP REGULATORY REQUIREMENTS	22. 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. At September 30, 2017, 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, at September 30, 2017 was $394.8 million with excess net capital of $394.5 million.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	23. RELATED PARTY TRANSACTIONS 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 (the management agreement, as amended and restated, is referred to as “Management Agreement”). Under the Management Agreement, the Manager, subject to the supervision and direction of the Company’s Board, is responsible for (i) the selection, purchase and sale of assets for the Company’s investment portfolio; (ii) recommending alternative forms of capital raising; (iii) supervising the Company’s financing and hedging activities; and (iv) day to day management functions. The Manager also performs such other supervisory and management services and activities relating to the Company’s assets and operations as may be appropriate. In exchange for the management services, the Company pays the Manager a monthly management fee in an amount equal to 1/12th of 1.05% of our stockholders’ equity (as defined in the Management Agreement), and the Manager is responsible for providing personnel to manage the Company, and paying all compensation and benefit expenses associated with such personnel. The Company does not pay the Manager any incentive fees. For the three months ended September 30, 2017 and 2016, the compensation and management fee was $42.0 million and $38.7 million, respectively. For the nine months ended September 30, 2017 and 2016, the compensation and management fee was $120.2 million and $111.8 million, respectively. At September 30, 2017 and December 31, 2016, the Company had amounts payable to the Manager of $13.8 million and $11.2 million, 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	24. SUBSEQUENT EVENTS On October 11, 2017, the Company closed the public offering of an original issuance of 65,000,000 shares of common stock for gross proceeds of $780.0 million before deducting underwriting discounts and estimated offering expenses. In connection with the offering, the Company granted the underwriters a thirty-day option to purchase up to an additional 9,750,000 shares of common stock, which the underwriters partially exercised. On October 13, 2017, the Company closed the sale of an additional 6,450,700 shares of common stock pursuant to the underwriters’ overallotment option for additional gross proceeds of $77.4 million before deducting underwriting discounts and estimated offering expenses. On October 31, 2017, the Company filed Articles Supplementary (the “Articles Supplementary”) to the Charter of the Company (the “Charter”) with the State Department of Assessments and Taxation of Maryland, which Articles Supplementary were accepted for record. The Articles Supplementary reclassified and designated (1) 7,412,500 authorized but unissued shares of the Company’s Series A Preferred Stock, $0.01 par value per share, without designation as to series or class, as shares of undesignated common stock, $0.01 par value per share (the “Common Stock”), of the Company; (2) 650,000 authorized but unissued shares of the Company’s Series C Preferred Stock, $0.01 par value per share, as shares of undesignated Common Stock; and (3) 3,400,000 authorized but unissued shares of the Company’s Series F Preferred Stock, $0.01 par value per share, as shares of undesignated Common Stock. Following the filing of the Articles Supplementary, the total number of shares of capital stock which the Company has authority to issue is 2,000,000,000, consisting of 1,929,300,000 shares of Common Stock; 12,000,000 shares Series C Preferred Stock; 18,400,000 shares of Series D Preferred Stock, $0.01 par value per share; 11,500,000 shares of Series E Preferred Stock, $0.01 par value per share; and 28,800,000 shares of Series F Preferred Stock.

SIGNIFICANT ACCOUNTING POLICI33

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation
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 apply 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 Credit Risk Transfer Securities Agency mortgage-backed securities, Agency debentures, non-Agency mortgage-backed securities and CRT securities are referred to herein as “Residential Investment Securities.” Although the Company generally intends to hold most of its Residential Investment Securities until maturity, it may, from time to time, sell any of its Residential Investment Securities as part of the overall management of its portfolio. Residential Investment Securities classified as available-for-sale are reported at fair value with unrealized gains and losses reported as a component of Other comprehensive income (loss) 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), taking into account estimates of future principal prepayments in the calculation of the effective yield. The Company recalculates the effective yield as differences between anticipated and actual prepayments occur. Using third-party model and market information to project future cash flows and expected remaining lives of securities, the effective interest rate determined for each security is applied as if it had been in place from the date of the security’s acquisition. The amortized cost of the security is then adjusted to the amount that would have existed had the new effective yield been applied since the acquisition date, which results in a cumulative premium amortization adjustment in each period. The adjustment to amortized cost is offset with a charge or credit to interest income. Changes in interest rates and other market factors will impact prepayment speed projections and the amount of premium amortization recognized in any given period. 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) Multifamily (1) Contractual Cash Flows Collateralized Mortgage Obligation (“CMO”) (1) Effective yield (3) Debentures (1) Contractual Cash Flows Interest-only (2) Prospective Residential Credit CRT (2) Prospective Legacy (2) Prospective NPL/RPL (2) Prospective New issue (2) Prospective New issue interest-only (2) Prospective (1) Changes in fair value are recognized in Other comprehensive income (loss) on the accompanying Consolidated Statements of Comprehensive Income (Loss). (2) 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). (3) 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.
Residential Mortgage Loans	Residential Mortgage Loans 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 at September 30, 2017 or December 31, 2016. 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.
MSRs	MSRs –
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 – Swaptions – The fair value of 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. 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.
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 and Preferred Equity Interests (collectively referred to as “CRE Debt and Preferred Equity Investments”) 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. 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 Investments in commercial real estate are depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows: Category Term Building 30 - 40 years Site improvements 1 - 28 years The Company follows the acquisition method of accounting for acquisitions of operating real estate held for investment, where the purchase price of operating real estate is allocated to tangible assets such as land, building, site improvements and other identified intangibles such as above/below market and in-place leases. The Company applies the equity method of accounting for its investments in joint ventures where it is not considered to have a controlling financial interest. Under the equity method of accounting, the Company will recognize its share of earnings or losses of the investee in the period in which they are reported by the investee. The Company also considers whether there are any indicators of other-than-temporary impairment of joint ventures accounted for under the equity method. The Company evaluates whether real estate acquired in connection with a foreclosure, or deed in lieu of foreclosure, herein collectively referred to as a foreclosure, (“REO”) constitutes a business and whether business combination accounting is applicable. Upon foreclosure of a property, the excess of the carrying value of a loan, if any, over the estimated fair value of the property, less estimated costs to sell, is charged to provision for loan losses. Investments in commercial real estate, including REO, that do not meet the criteria to be classified as held for sale are separately presented in the Consolidated Statements of Financial Condition as held for investment. Real estate held for sale is reported at the lower of its carrying value or its estimated fair value less estimated costs to sell. Once a property is determined to be held for sale, depreciation is no longer recorded. The Company’s real estate portfolio (REO and real estate held for investment) is reviewed on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. A property’s value is considered impaired if the Company’s estimate of the aggregate future undiscounted cash flows to be generated by the property is less than the carrying value of the property. In conducting this review, the Company considers U.S. macroeconomic factors, including real estate sector conditions, together with asset specific and other factors. To the extent impairment has occurred and is considered to be other than temporary, the loss will be measured as the excess of the carrying amount of the property over the calculated fair value of the property. Revenue Recognition – Commercial Real Estate Investments –
Corporate Debt	Corporate Debt Corporate Loans – Corporate Debt Securities
Other-Than-Temporary Impairment	Other-Than-Temporary Impairment 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 security before recovery of its amortized cost basis, or (3) does not expect to recover the entire amortized cost basis of the security. Further, the security is analyzed for credit loss (the difference between the present value of cash flows expected to be collected and the amortized cost basis). The credit loss, if any, will then be recognized in the Consolidated Statements of Comprehensive Income (Loss), while the balance of losses related to other factors will be recognized as a component of Other comprehensive income (loss). If the fair value is less than the cost of a held-to-maturity security, the Company performs an analysis to determine whether it expects to recover the entire cost basis of the security. There was no other-than-temporary impairment recognized for the three months ended September 30, 2017 and 2016.
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, 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. The loan risk ratings reflect guidance provided by the Office of the Comptroller of the Currency for commercial real estate lending. The initial internal risk ratings (“Initial Ratings”) are based on loan-to-values and the net operating income debt yields of the underlying collateral of the Company’s CRE Debt and Preferred Equity Investments and based upon leverage and cash flow coverages of the borrowers’ debt and operating obligations. The final internal risk ratings are influenced by other quantitative and qualitative factors that can result in an adjustment to the Initial Ratings, subject to review and approval by the respective committee. The internal risk rating categories include “Performing”, “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 exhibit potential weakness that deserves management’s close attention and if uncorrected, may result in deterioration of repayment prospects. Substandard loans are inadequately protected by sound worth and paying capacity of the obligor or of the collateral pledged with a distinct possibility that loss will be sustained if some of the deficiencies are not corrected. Doubtful loans are Substandard loans whereby collection of all contractual principal and interest is highly questionable or improbable. Loss loans are considered uncollectible.
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 at September 30, 2017 and December 31, 2016. There were no allowances for loan losses at September 30, 2017 and December 31, 2016.
Broker Dealer Activities	Broker Dealer Activities Reverse Repurchase Agreements
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 2017-05 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets This update clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in-substance nonfinancial asset, including nonfinancial assets transferred within a legal entity to a counterparty. The ASU requires the Company to derecognize a distinct nonfinancial asset or in-substance nonfinancial asset in a partial sale transaction when it ceases to have a controlling financial interest in a legal entity that holds the asset or transfers control of the asset, with any noncontrolling interest retained recognized at fair value. Transfers of ownership interest in a consolidated subsidiary with controlling financial interest retained are accounted for as equity transactions. January 1, 2018 (early adoption permitted). The Company is evaluating the expected impact of this ASU. 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 and has developed an implementation plan, which it has begun executing. While the Company 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.

SIGNIFICANT ACCOUNTING POLICI34

SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2017
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) Multifamily (1) Contractual Cash Flows Collateralized Mortgage Obligation (“CMO”) (1) Effective yield (3) Debentures (1) Contractual Cash Flows Interest-only (2) Prospective Residential Credit CRT (2) Prospective Legacy (2) Prospective NPL/RPL (2) Prospective New issue (2) Prospective New issue interest-only (2) Prospective (1) Changes in fair value are recognized in Other comprehensive income (loss) on the accompanying Consolidated Statements of Comprehensive Income (Loss). (2) 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). (3) 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.
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 2017-05 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets This update clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in-substance nonfinancial asset, including nonfinancial assets transferred within a legal entity to a counterparty. The ASU requires the Company to derecognize a distinct nonfinancial asset or in-substance nonfinancial asset in a partial sale transaction when it ceases to have a controlling financial interest in a legal entity that holds the asset or transfers control of the asset, with any noncontrolling interest retained recognized at fair value. Transfers of ownership interest in a consolidated subsidiary with controlling financial interest retained are accounted for as equity transactions. January 1, 2018 (early adoption permitted). The Company is evaluating the expected impact of this ASU. 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 and has developed an implementation plan, which it has begun executing. While the Company 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.

ACQUISITION OF HATTERAS (Tables

ACQUISITION OF HATTERAS (Tables)	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Aggregate Consideration and Preliminary Fair Value of Assets Acquired and Liabilities Assumed	The following table summarizes the aggregate consideration and fair value of the assets acquired and liabilities assumed recognized at the acquisition date. 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

RESIDENTIAL INVESTMENT SECURI36

RESIDENTIAL INVESTMENT SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following tables present the Company’s Residential Investment Securities portfolio that was carried at fair value at September 30, 2017 and December 31, 2016: September 30, 2017 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 $ 73,190,164 $ 4,249,983 $ (1,236 ) $ 77,438,911 $ 267,534 $ (854,518 ) $ 76,851,927 Adjustable-rate pass-through 7,274,214 285,022 (2,608 ) 7,556,628 21,917 (74,739 ) 7,503,806 Interest-only 6,821,975 1,322,697 — 1,322,697 2,257 (203,082 ) 1,121,872 Multifamily 409,791 3,828 (424 ) 413,195 68 (1,737 ) 411,526 Total Agency investments $ 87,696,144 $ 5,861,530 $ (4,268 ) $ 86,731,431 $ 291,776 $ (1,134,076 ) $ 85,889,131 Residential Credit CRT $ 534,608 $ 21,083 $ (4,062 ) $ 551,629 $ 31,954 $ (645 ) $ 582,938 Alt-A 200,757 667 (33,716 ) 167,708 12,143 (126 ) 179,725 Prime 235,851 371 (33,821 ) 202,401 18,257 (17 ) 220,641 Prime Interest-only 334,298 954 — 954 — (42 ) 912 Subprime 597,658 1,885 (78,375 ) 521,168 46,750 (28 ) 567,890 NPL/RPL 104,936 86 (142 ) 104,880 420 (27 ) 105,273 Prime Jumbo (>= 2010 Vintage) 135,669 636 (3,980 ) 132,325 1,846 — 134,171 Prime Jumbo (>= 2010 Vintage) Interest-Only 1,037,547 16,174 — 16,174 2,449 — 18,623 Total residential credit investments $ 3,181,324 $ 41,856 $ (154,096 ) $ 1,697,239 $ 113,819 $ (885 ) $ 1,810,173 Total Residential Investment Securities $ 90,877,468 $ 5,903,386 $ (158,364 ) $ 88,428,670 $ 405,595 $ (1,134,961 ) $ 87,699,304 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 (>= 2010 Vintage) 129,453 852 (345 ) 129,960 267 (308 ) 129,919 Prime Jumbo (>= 2010 Vintage) 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 (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 concentration by issuing Agency at September 30, 2017 and December 31, 2016: Investment Type September 30, 2017 December 31, 2016 (dollars in thousands) Fannie Mae $ 59,635,438 $ 51,658,391 Freddie Mac 26,189,947 23,858,110 Ginnie Mae 63,746 73,372 Total $ 85,889,131 $ 75,589,873
Schedule of Residential Investment Securities by Estimated Weighted Average Life Classification	The following table summarizes the Company’s available-for-sale Residential Investment Securities at September 30, 2017 and December 31, 2016, according to their estimated weighted average life classifications: September 30, 2017 December 31, 2016 Weighted Average Life Estimated Fair Value Amortized Cost Estimated Fair Value Amortized Cost (dollars in thousands) Less than one year $ 1,330,463 $ 1,344,966 $ 63,510 $ 61,775 Greater than one year through five years 16,173,212 16,164,913 12,626,932 12,666,394 Greater than five years through ten years 69,944,328 70,675,577 56,785,601 57,738,588 Greater than ten years 251,301 243,214 8,239,859 8,473,058 Total $ 87,699,304 $ 88,428,670 $ 77,715,902 $ 78,939,815
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, accounted for as available-for-sale, by length of time that such securities have been in a continuous unrealized loss position at September 30, 2017 and December 31, 2016. September 30, 2017 December 31, 2016 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 $ 49,631,846 $ (644,526 ) 1,230 $ 52,465,045 $ (1,094,957 ) 1,368 12 Months or More 8,987,810 (286,468 ) 175 6,277,814 (266,609 ) 54 Total $ 58,619,656 $ (930,994 ) 1,405 $ 58,742,859 $ (1,361,566 ) 1,422 (1) Excludes interest-only mortgage-backed securities.

RESIDENTIAL MORTGAGE LOANS (Tab

RESIDENTIAL MORTGAGE LOANS (Tables)	9 Months Ended
	Sep. 30, 2017
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 at September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 (dollars in thousands) Fair value $ 895,919 $ 342,289 Unpaid principal balance $ 878,574 $ 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 three and nine months ended September 30, 2017 for these investments: Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 (dollars in thousands) Net gains (losses) on disposal of investments $ (2,093 ) $ (383 ) $ (3,407 ) $ (383 ) Net unrealized gains (losses) on investments measured at fair value through earnings (725 ) (493 ) 5,400 (493 ) Net interest income 8,226 1,203 18,935 1,203 Total included in net income (loss) $ 5,408 $ 327 $ 20,928 $ 327
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 at September 30, 2017 are as follows: FREMF Trusts Residential Mortgage Loan Trust Property Location Principal Balance % of Balance Property Location Principal Balance % of Balance (dollars in thousands) Texas $ 541,210 15.4 % California $ 63,283 46.0 % North Carolina 537,375 15.3 % Texas 15,401 11.2 % Maryland 499,495 14.2 % Illinois 9,781 7.1 % Virginia 329,250 9.4 % Washington 9,136 6.6 % Florida 303,796 8.6 % Florida 8,715 6.3 % New York 280,925 8.0 % Other (1) 31,130 22.8 % Pennsylvania 225,810 6.4 % Ohio 197,455 5.6 % Massachusetts 179,440 5.1 % Other (1) 417,681 12.0 % Total $ 3,512,437 100.0 % $ 137,446 100.0 % (1) No individual state greater than 5%.
Residential Mortgage Loans	The following table provides additional data on the Company’s residential mortgage loans, including loans held in a securitization trust, at September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 Portfolio Range Portfolio Weighted Average Portfolio Range Portfolio Weighted Average (dollars in thousands) (dollars in thousands) Unpaid principal balance $2 - $3,677 $616 $22 - $1,905 $691 Interest rate 2.38% - 7.25% 4.37% 2.50% - 6.75% 3.72% Maturity 8/1/2029 - 9/1/2047 10/9/2045 4/8/2044 - 11/1/2046 8/20/2045 FICO score at loan origination 620 - 828 754 665 - 814 761 Loan-to-value ratio at loan origination 14% - 105% 67% 24% - 90% 71%
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 at September 30, 2017 and December 31, 2016, for the residential mortgage loans, including loans held in a securitization trust: Geographic Concentrations of Residential Mortgage Loans September 30, 2017 December 31, 2016 Property Location % of Balance Property Location % of Balance California 52.8 % California 46.3 % Florida 10.3 % Texas 9.6 % New York 8.1 % Illinois 5.7 % All other (none individually greater than 5%) 28.8 % Florida 5.2 % Washington 5.1 % All other (none individually greater than 5%) 28.1 % Total 100.0 % Total 100.0 %

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	9 Months Ended
	Sep. 30, 2017
Transfers and Servicing [Abstract]
Presentation of Activity Related to MSR	The following table presents activity related to MSRs for the three and nine months ended September 30, 2017: Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 (dollars in thousands) Fair value, beginning of period $ 605,653 $ — $ 652,216 $ — Obtained through Hatteras Acquisition — 355,820 — 355,820 Purchases (1) (30 ) 131,729 (27 ) 131,729 Other 10 — 10 — Change in fair value due to: Changes in valuation inputs or assumptions (2) (19,207 ) 26,254 (34,645 ) 26,254 Other changes, including realization of expected cash flows (16,208 ) (21,634 ) (47,336 ) (21,634 ) Fair value, end of period $ 570,218 $ 492,169 $ 570,218 $ 492,169 (1) Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable. (2) Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates.

COMMERCIAL REAL ESTATE INVEST39

COMMERCIAL REAL ESTATE INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Commercial Real Estate Investments Held for Investment	CRE Debt and Preferred Equity Investments September 30, 2017 December 31, 2016 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 $ 583,630 $ 580,609 59.2 % $ 512,322 $ 510,071 52.6 % Mezzanine loans 392,988 392,159 39.9 % 453,693 451,467 46.5 % Preferred equity 9,000 8,980 0.9 % 9,000 8,967 0.9 % Total (3) $ 985,618 $ 981,748 100.0 % $ 975,015 $ 970,505 100.0 % (1) Carrying value includes unamortized origination fees of $3.9 million and $4.5 million at September 30, 2017 and December 31, 2016, respectively. (2) Based on outstanding principal. (3) Excludes loans held for sale, net. Nine months ended September 30, 2017 Senior Mortgages Mezzanine Loans Preferred Equity Total (dollars in thousands) Beginning balance $ 510,071 $ 451,467 $ 8,967 $ 970,505 Originations & advances (principal) 263,916 63,801 — 327,717 Principal payments (192,608 ) (124,506 ) — (317,114 ) Amortization & accretion of (premium) discounts (43 ) 28 — (15 ) Net (increase) decrease in origination fees (2,531 ) (605 ) — (3,136 ) Amortization of net origination fees 1,804 1,974 13 3,791 Net carrying value $ 580,609 $ 392,159 $ 8,980 $ 981,748 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) Assets of consolidated VIE. (2) Excludes loans held for sale, net.
Internal Loan and Preferred Equity Ratings	September 30, 2017 Outstanding Principal Percentage of CRE Debt and Preferred Equity Portfolio Internal Ratings Investment Type Performing Performing - Closely Monitored Performing - Special Mention Substandard Doubtful Loss Total (dollars in thousands) Senior mortgages $ 583,630 59.2 % $ 364,365 $ 115,075 $ 104,190 $ — $ — $ — $ 583,630 Mezzanine loans 392,988 39.9 % 206,919 50,498 135,571 — — — 392,988 Preferred equity 9,000 0.9 % — — 9,000 — — — 9,000 Total $ 985,618 100.0 % $ 571,284 $ 165,573 $ 248,761 $ — $ — $ — $ 985,618 December 31, 2016 Outstanding Principal (1) Percentage of CRE Debt and Preferred Equity Portfolio Internal Ratings Investment Type 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 Total $ 975,015 100.0 % $ 398,771 $ 413,487 $ 162,757 $ — $ — $ — $ 975,015 (1) Excludes loans held for sale, net.
Total Commercial Real Estate Held for Investment	September 30, 2017 December 31, 2016 (dollars in thousands) Real estate held for investment, at amortized cost Land $ 111,012 $ 112,675 Buildings and improvements 330,610 335,945 Subtotal 441,622 448,620 Less: accumulated depreciation (44,998 ) (34,221 ) Total real estate held for investment, at amortized cost, net 396,624 414,399 Equity in unconsolidated joint ventures 74,304 60,168 Investments in commercial real estate, net $ 470,928 $ 474,567
Minimum Future Rentals on Non-cancelable Leases	Approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases in effect at September 30, 2017 for consolidated investments in real estate are as follows: September 30, 2017 (dollars in thousands) 2017 (remaining) $ 7,704 2018 28,986 2019 25,519 2020 20,883 2021 16,715 Later years 32,051 $ 131,858
Mortgage Loans Payable	Mortgage loans payable at September 30, 2017 and December 31, 2016, were as follows: September 30, 2017 Property Mortgage Carrying Value Mortgage Principal Interest Rate Fixed/Floating Rate Maturity Date Priority (dollars in thousands) Joint Ventures $ 286,278 $ 289,125 4.03% - 4.61% Fixed 2024 and 2025 First liens Tennessee 12,286 12,350 4.01% Fixed 9/6/2019 First liens Virginia 11,018 11,025 3.58% Fixed 6/6/2019 First liens Nevada (1) 2,304 2,311 L + 200 Floating 12/29/2017 First liens Total $ 311,886 $ 314,811 (1) The mortgage agreement contained an interest rate swap with an expiration date of March 29, 2017. Effective on March 29, 2017, the interest rate swap expired and the Company extended the maturity date of the mortgage debt to December 29, 2017. 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 Nevada 2,367 2,365 L + 200 Floating (1) 3/29/2017 First liens Total $ 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).
Future Mortgage Loan Principal Payments	The following table details future mortgage loan principal payments at September 30, 2017: Mortgage Loan Principal Payments (dollars in thousands) 2017 (remaining) $ 2,311 2018 — 2019 23,375 2020 — 2021 — Later years 289,125 Total $ 314,811

CORPORATE DEBT (Tables)

CORPORATE DEBT (Tables)	9 Months Ended
	Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Schedule of Industry and Rate Sensitivity	The industry and rate sensitivity dispersion of the portfolio as of September 30, 2017 and December 31, 2016 are as follows: Industry Dispersion September 30, 2017 December 31, 2016 Fixed Rate Floating Rate Total Fixed Rate Floating Rate Total (dollars in thousands) Aircraft and Parts $ — $ 34,846 $ 34,846 $ — $ 32,067 $ 32,067 Coating, Engraving and Allied Services — 63,643 63,643 — — — Commercial Fishing — — — — 40,600 40,600 Computer Programming, Data Processing & Other Computer Related Services — 149,005 149,005 — 146,547 146,547 Drugs — 33,431 33,431 — 34,042 34,042 Electronic Components & Accessories — 23,885 23,885 — — — Groceries and Related Products — 14,803 14,803 — 14,856 14,856 Grocery Stores — 23,560 23,560 — 23,761 23,761 Home Health Care Services — 23,893 23,893 — 39,205 39,205 Insurance Agents, Brokers and Services 4,604 72,555 77,159 4,391 73,267 77,658 Management and Public Relations Services — 94,608 94,608 — 16,493 16,493 Medical and Dental Laboratories — 25,990 25,990 — 17,292 17,292 Miscellaneous Business Services — 19,754 19,754 84,486 — 84,486 Miscellaneous Equipment Rental and Leasing — 19,651 19,651 — — — Miscellaneous Health and Allied Services, not elsewhere classified — 25,982 25,982 — 9,791 9,791 Miscellaneous Nonmetallic Minerals, except Fuels — 25,931 25,931 — 24,688 24,688 Miscellaneous Plastic Products — 9,978 9,978 — 27,036 27,036 Motor Vehicles and Motor Vehicle Parts and Supplies — 12,230 12,230 — 12,319 12,319 Offices and Clinics of Doctors of Medicine — 59,991 59,991 — 83,386 83,386 Offices and Clinics of Other Health Practitioners — 7,397 7,397 — — — Personnel Supply Services — — — — 36,921 36,921 Public Warehousing and Storage — 40,900 40,900 — — — Research, Development and Testing Services — 17,732 17,732 — 17,744 17,744 Schools and Educational Services, not elsewhere classified — 20,941 20,941 — 20,979 20,979 Surgical, Medical, and Dental Instruments and Supplies — 12,961 12,961 — 13,403 13,403 Telephone Communications — 17,839 17,839 — — — Total $ 4,604 $ 851,506 $ 856,110 $ 88,877 $ 684,397 $ 773,274
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 at September 30, 2017 and December 31, 2016. September 30, 2017 December 31, 2016 (dollars in thousands) First lien loans $ 542,776 $ 505,956 Second lien loans 308,730 178,441 Second lien notes — 84,486 Subordinated notes 4,604 4,391 Total $ 856,110 $ 773,274

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 FREMF Trusts Residential Mortgage Loan Trust MSR Silo (dollars in thousands) Assets Cash and cash equivalents $ — $ — $ 40,040 Commercial real estate debt investments 3,578,631 — — Residential mortgages loans — 139,824 19,787 Mortgage servicing rights — — 570,218 Accrued interest receivable 10,407 713 — Other assets — — 22,555 Total assets $ 3,589,038 $ 140,537 $ 652,600 Liabilities Securitized debt (non-recourse) at fair value $ 3,319,381 $ 38,548 $ — Other secured financing — — 8,772 Other derivatives, at fair value — — 10 Accrued interest payable 4,934 88 — Accounts payable and other liabilities — 105 3,035 Total liabilities $ 3,324,315 $ 38,741 $ 11,817 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
Statement of Comprehensive Income (Loss) of VIEs Reflected in Consolidated Statements of Comprehensive Income (Loss)	The statements of comprehensive income (loss) of the Company’s VIEs that are reflected in the Company’s Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2017 are as follows: For the Three Months Ended FREMF Trusts Residential Mortgage Loan Trust MSR Silo (dollars in thousands) Net interest income: Interest income $ 28,841 $ 1,145 $ 514 Interest expense 15,791 282 121 Net interest income 13,050 863 393 Realized gain (loss) on disposal of investments — (229 ) (1,430 ) Net gains (losses) on trading assets — — (19 ) Net unrealized gains (losses) on investments measured at fair value through earnings (2,256 ) (20 ) (36,226 ) Other income (loss) (6,073 ) (89 ) 32,001 General and administration expenses (1 ) 34 560 Net income (loss) $ 4,722 $ 491 $ (5,841 ) For the Nine Months Ended FREMF Trusts Residential Mortgage Loan Trust MSR Silo (dollars in thousands) Net interest income: Interest income $ 81,508 $ 3,685 $ 1,005 Interest expense 42,046 854 243 Net interest income 39,462 2,831 762 Realized gain (loss) on disposal of investments — (611 ) (1,915 ) Net gains (losses) on trading assets — — (17 ) Net unrealized gains (losses) on investments measured at fair value through earnings 2,833 1,682 (83,340 ) Other income (loss) (18,595 ) (280 ) 99,927 General and administration expenses — 71 2,500 Net income (loss) $ 23,700 $ 3,551 $ 12,917

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Values, Assets and Liabilities Measured on Recurring Basis	The following tables present 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 September 30, 2017 (dollars in thousands) Assets: Agency mortgage-backed securities $ — $ 85,889,131 $ — $ 85,889,131 Credit risk transfer securities — 582,938 — 582,938 Non-Agency mortgage-backed securities — 1,227,235 — 1,227,235 Residential mortgage loans — 895,919 — 895,919 Mortgage servicing rights — — 570,218 570,218 Commercial real estate debt investments — 3,869,110 — 3,869,110 Interest rate swaps — 12,250 — 12,250 Other derivatives 206,431 59,818 — 266,249 Total assets $ 206,431 $ 92,536,401 $ 570,218 $ 93,313,050 Liabilities: Securitized debt of consolidated VIEs $ — $ 3,357,929 $ — $ 3,357,929 Interest rate swaps — 606,960 — 606,960 Other derivatives 31,642 43,887 — 75,529 Total liabilities $ 31,642 $ 4,008,776 $ — $ 4,040,418 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
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. September 30, 2017 December 31, 2016 Range Range Valuation Technique Unobservable Input (1) (Weighted Average) Unobservable Input (1) (Weighted Average) Discounted cash flow Discount rate 10.0% -15.0% (10.4%) Discount rate 10.0% -15.0% (10.4%) Prepayment rate 5.5% - 25.9% (11.3%) Prepayment rate 5.1% - 18.8% (8.7%) Delinquency rate 0.0% - 11.0% (2.1%) Delinquency rate 0.0% - 10.0% (2.3%) Cost to service $84 - $170 ($102) Cost to service $83 - $152 ($100) (1) Represents rates, estimates and assumptions that the Company believes would be used by market participants when valuing these assets.
Schedule of Estimated Fair Value for All Financial Assets and Liabilities	The following table summarizes the estimated fair value for financial assets and liabilities at September 30, 2017 and December 31, 2016. September 30, 2017 December 31, 2016 Level in Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Financial assets: (dollars in thousands) Cash and cash equivalents (1) 1 $ 867,840 $ 867,840 $ 1,539,746 $ 1,539,746 Agency mortgage-backed securities 2 85,889,131 85,889,131 75,589,873 75,589,873 Credit risk transfer securities 2 582,938 582,938 724,722 724,722 Non-Agency mortgage-backed securities 2 1,227,235 1,227,235 1,401,307 1,401,307 Residential mortgage loans 2 895,919 895,919 342,289 342,289 Mortgage servicing rights 3 570,218 570,218 652,216 652,216 Commercial real estate debt investments 2 3,869,110 3,869,110 4,321,739 4,321,739 Commercial real estate debt and preferred equity, held for investment 3 981,748 985,543 970,505 968,824 Commercial loans held for sale, net 3 — — 114,425 114,425 Corporate debt (2) 2 856,110 858,949 773,274 776,310 Interest rate swaps (1) 2 12,250 12,250 68,194 68,194 Other derivatives 1,2 266,249 266,249 171,266 171,266 Financial liabilities: Repurchase agreements 1,2 $ 69,430,268 $ 69,432,478 $ 65,215,810 $ 65,256,505 Other secured financing 1,2 3,713,256 3,713,652 3,884,708 3,885,430 Securitized debt of consolidated VIEs 2 3,357,929 3,357,929 3,655,802 3,655,802 Participation sold 2 — — 12,869 12,827 Mortgage payable 3 311,886 315,141 311,636 312,442 Interest rate swaps (1) 2 606,960 606,960 1,443,765 1,443,765 Other derivatives 1,2 75,529 75,529 86,437 86,437 (1) As a result of a change to a clearing organization’s rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. (2) Includes a held-to-maturity debt security carried at amortized cost of $84.5 million, with a fair value of $87.8 million, at December 31, 2016. The bond was repaid in April 2017.

SECURED FINANCING (Tables)

SECURED FINANCING (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Repurchase Agreements Remaining Maturity ,Collateral Types and Weighted Average Rates	At September 30, 2017 and December 31, 2016, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates: September 30, 2017 Agency Mortgage- backed Securities CRTs Non-Agency Mortgage-backed Securities Commercial Loans Commercial Mortgage- backed Securities Total Repurchase Agreements Weighted Average Rate (dollars in thousands) 1 day $ — $ — $ — $ — $ — $ — — 2 to 29 days 32,663,775 157,200 335,915 — 19,539 33,176,429 1.34 % 30 to 59 days 6,574,730 7,261 — — 6,248 6,588,239 1.34 % 60 to 89 days 15,758,297 28,886 86,275 — — 15,873,458 1.39 % 90 to 119 days 3,306,328 — — — — 3,306,328 1.40 % Over 120 days (1) 10,128,572 — — 357,242 — 10,485,814 1.48 % Total $ 68,431,702 $ 193,347 $ 422,190 $ 357,242 $ 25,787 $ 69,430,268 1.38 % 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) Approximately 3% and 7% of the total repurchase agreements had a remaining maturity over 1 year at September 30, 2017 and December 31, 2016, respectively.
Summary of Gross Amounts, Amounts Offset and net Amounts of Repurchase Agreement and Reverse Repurchase Agreement	The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at September 30, 2017 and December 31, 2016. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments. September 30, 2017 December 31, 2016 Reverse Repurchase Agreements Repurchase Agreements Reverse Repurchase Agreements Repurchase Agreements (dollars in thousands) Gross Amounts $ 1,875,000 $ 71,305,268 $ 400,000 $ 65,615,810 Amounts Offset (1,875,000 ) (1,875,000 ) (400,000 ) (400,000 ) Netted Amounts $ — $ 69,430,268 $ — $ 65,215,810

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Summarizes Fair Value Information about Derivative Assets Liabilities	The table below summarizes fair value information about our derivative assets and liabilities at September 30, 2017 and December 31, 2016: Derivatives Instruments Balance Sheet Location September 30, 2017 December 31, 2016 Assets: (dollars in thousands) Interest rate swaps Interest rate swaps, at fair value $ 12,250 $ 68,194 Interest rate swaptions Other derivatives, at fair value 37,037 — TBA derivatives Other derivatives, at fair value 22,641 2,774 Futures contracts Other derivatives, at fair value 206,431 168,209 Purchase commitments Other derivatives, at fair value 123 283 Credit derivatives Other derivatives, at fair value 17 — $ 278,499 $ 239,460 Liabilities: Interest rate swaps Interest rate swaps, at fair value $ 606,960 $ 1,443,765 TBA derivatives Other derivatives, at fair value 40,876 60,972 Futures contracts Other derivatives, at fair value 31,642 24,912 Purchase commitments Other derivatives, at fair value 221 553 Credit derivatives Other derivatives, at fair value 2,790 — $ 682,489 $ 1,530,202
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 at September 30, 2017 and December 31, 2016, respectively. September 30, 2017 Amounts Eligible for Offset Gross Amounts Financial Instruments Cash Collateral Net Amounts Assets: (dollars in thousands) Interest rate swaps, at fair value (1) $ 12,250 $ (10,998 ) $ — $ 1,252 Interest rate swaptions, at fair value 37,037 — — 37,037 TBA derivatives, at fair value 22,641 (20,688 ) — 1,953 Futures contracts, at fair value 206,431 (31,642 ) — 174,789 Purchase commitments 123 — — 123 Credit derivatives 17 (17 ) — — Liabilities: Interest rate swaps, at fair value (1) $ 606,960 $ (10,998 ) $ — $ 595,962 TBA derivatives, at fair value 40,876 (20,688 ) — 20,188 Futures contracts, at fair value 31,642 (31,642 ) — — Purchase commitments 221 — — 221 Credit derivatives 2,790 (17 ) (300 ) 2,473 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 (1) As a result of a change to a clearing organization’s rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value.
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) Three Months Ended: September 30, 2017 $ (88,211 ) $ — $ 56,854 September 30, 2016 $ (124,572 ) $ 1,337 $ 256,462 Nine Months Ended: September 30, 2017 $ (288,837 ) $ (58 ) $ 28,471 September 30, 2016 $ (402,809 ) $ (58,727 ) $ (1,148,478 ) (1) Interest expense related to the Company’s 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: Three Months Ended September 30, 2017 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 (1) $ 110,067 $ 29,728 $ 139,795 Net interest rate swaptions — (9,137 ) (9,137 ) Futures (70,054 ) 92,784 22,730 Purchase commitments — (108 ) (108 ) Credit derivatives 495 433 928 Total $ 154,208 Three Months Ended September 30, 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 (1) $ 174,086 $ (78,677 ) $ 95,409 Net interest rate swaptions 4,180 93 4,273 Futures (47,035 ) 110,218 63,183 Purchase commitments — 116 116 Total $ 162,981 Nine Months Ended September 30, 2017 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 (1) $ 215,529 $ 39,964 $ 255,493 Net interest rate swaptions — (19,574 ) (19,574 ) Futures (128,478 ) 31,492 (96,986 ) Purchase commitments — 165 165 Credit derivatives 632 356 988 Total $ 140,086 Nine Months Ended September 30, 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 (1) $ 492,450 $ 66,376 $ 558,826 Net interest rate swaptions 4,180 93 4,273 Futures (169,716 ) (23,465 ) (193,181 ) Purchase commitments — 116 116 Total $ 370,034 (1) Includes options on TBA contracts.
Interest Rate Swaps
Summary of Certain Characteristics of Derivatives	The following table summarizes certain characteristics of the Company’s interest rate swaps at September 30, 2017 and December 31, 2016: September 30, 2017 Maturity Current Notional (1) Weighted Average Pay Rate Weighted Average Receive Rate Weighted Average Years to Maturity (dollars in thousands) 0 to 3 years $ 8,617,000 1.72 % 1.36 % 2.45 >3 to 6 years 10,609,050 2.17 % 1.31 % 4.59 >6 to 10 years 9,805,000 2.41 % 1.40 % 7.74 Greater than 10 years 3,826,400 3.65 % 1.28 % 18.72 Total / Weighted Average $ 32,857,450 2.27 % 1.35 % 6.44 December 31, 2016 Maturity Current Notional (1) Weighted Average Pay Rate Weighted Average Receive Rate Weighted Average Years to Maturity (dollars in thousands) 0 to 3 years $ 3,444,365 1.37 % 1.00 % 2.71 >3 to 6 years 10,590,000 1.92 % 0.99 % 3.94 >6 to 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 (1) There were no forward starting swaps at September 30, 2017 and December 31, 2016.
Interest Rate Swaption
Summary of Certain Characteristics of Derivatives	The following table presents swaptions outstanding at September 30, 2017. There were no swaptions at December 31, 2016. September 30, 2017 Current Underlying Notional Weighted Average Underlying Pay Rate Weighted Average Underlying Receive Rate Weighted Average Underlying Years to Maturity Weighted Average Months to Expiration (dollars in thousands) Long $ 4,000,000 2.57 % 3M LIBOR 9.96 6.88
Futures Contracts
Summary of Certain Characteristics of Derivatives	The following table summarizes certain characteristics of the Company’s futures derivatives at September 30, 2017 and December 31, 2016 : September 30, 2017 Notional - Long Positions Notional - Short Positions Weighted Average Years to Maturity (dollars in thousands) 2-year swap equivalent Eurodollar contracts $ — $ (17,080,875 ) 2.00 U.S. Treasury futures - 5 year — (4,217,400 ) 4.41 U.S. Treasury futures - 10 year and greater — (4,646,000 ) 7.03 Total $ — $ (25,944,275 ) 3.29 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
TBA Derivatives
Summary of Certain Characteristics of Derivatives	The following table summarizes certain characteristics of the Company’s TBA derivatives at September 30, 2017 and December 31, 2016: September 30, 2017 Purchase and sale contracts for derivative TBAs Notional Implied Cost Basis Implied Market Value Net Carrying Value (dollars in thousands) Purchase contracts $ 19,960,000 $ 20,844,380 $ 20,826,145 $ (18,235 ) 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 )

COMMON STOCK AND PREFERRED ST45

COMMON STOCK AND PREFERRED STOCK (Tables)	9 Months Ended
	Sep. 30, 2017
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 Nine Months Ended September 30, 2017 September 30, 2016 (dollars in thousands, except per share data) Distributions declared to common stockholders $ 937,825 $ 857,223 Distributions declared per common share $ 0.90 $ 0.90 Distributions paid to common stockholders after period end $ 326,425 $ 269,111 Distributions paid per common share after period end $ 0.30 $ 0.26 Date of distributions paid to common stockholders after period end October 31, 2017 October 31, 2016 Dividends declared to Series A Preferred stockholders $ 9,527 $ 10,944 Dividends declared per share of Series A Preferred Stock $ 1.477 $ 1.477 Dividends declared to Series C Preferred stockholders $ 17,157 $ 17,157 Dividends declared per share of Series C Preferred Stock $ 1.430 $ 1.430 Dividends declared to Series D Preferred stockholders $ 25,875 $ 25,875 Dividends declared per share of Series D Preferred Stock $ 1.406 $ 1.406 Dividends declared to Series E Preferred stockholders $ 16,441 $ 4,811 Dividends declared per share of Series E Preferred Stock $ 1.430 $ 0.477

INTEREST INCOME AND INTEREST 46

INTEREST INCOME AND INTEREST EXPENSE (Tables)	9 Months Ended
	Sep. 30, 2017
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 three and nine months ended September 30, 2017 and 2016. For the Three Months Ended For the Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Interest income: (dollars in thousands) Residential Investment Securities $ 540,436 $ 493,226 $ 1,515,654 $ 1,203,793 Residential mortgage loans 8,509 1,608 19,790 1,608 Commercial investment portfolio (1) 67,790 61,240 200,288 191,005 Reverse repurchase agreements 5,815 2,594 11,971 7,523 Total interest income 622,550 558,668 1,747,703 1,403,929 Interest expense: Repurchase agreements 237,669 154,083 607,910 423,150 Securitized debt of consolidated VIEs 16,072 12,046 42,899 32,305 Participation sold — 157 195 472 Other 15,196 7,868 38,639 18,429 Total interest expense 268,937 174,154 689,643 474,356 Net interest income $ 353,613 $ 384,514 $ 1,058,060 $ 929,573 (1)

NET INCOME (LOSS) PER COMMON 47

NET INCOME (LOSS) PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2017
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 three and nine months ended September 30, 2017 and 2016. For the Three Months Ended For the Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 (dollars in thousands, except per share data) Net income (loss) $ 367,315 $ 730,880 $ 822,245 $ (415,697 ) Net income (loss) attributable to noncontrolling interest (232 ) (336 ) (437 ) (883 ) Net income (loss) attributable to Annaly 367,547 731,216 822,682 (414,814 ) Dividends on preferred stock (1) 30,355 22,803 77,301 58,787 Net income (loss) available (related) to common stockholders $ 337,192 $ 708,413 $ 745,381 $ (473,601 ) Weighted average shares of common stock outstanding-basic 1,072,566,395 1,007,607,893 1,037,033,076 953,301,855 Add: Effect of stock awards, if dilutive 474,242 355,513 412,101 — Weighted average shares of common stock outstanding-diluted 1,073,040,637 1,007,963,406 1,037,445,177 953,301,855 Net income (loss) per share available (related) to common share: Basic $ 0.31 $ 0.70 $ 0.72 $ (0.50 ) Diluted $ 0.31 $ 0.70 $ 0.72 $ (0.50 ) (1) Includes cumulative and undeclared dividends on the Company’s Series F Preferred Stock of $8.3 million for the three and nine months ended September 30, 2017.

LONG-TERM STOCK INCENTIVE PLAN

LONG-TERM STOCK INCENTIVE PLAN (Tables)	9 Months Ended
	Sep. 30, 2017
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 Nine Months Ended September 30, 2017 September 30, 2016 Number of Shares Exercise Price Number of Shares Exercise Price Options outstanding at the beginning of period 1,125,625 $ 15.43 1,168,775 $ 15.34 Granted — — — — Exercised — — — — Forfeited (117,000 ) 15.85 (6,400 ) 14.69 Expired (199,500 ) 15.74 (36,750 ) 12.90 Options outstanding at the end of period 809,125 $ 15.29 1,125,625 $ 15.43 Options exercisable at the end of period 809,125 $ 15.29 1,125,625 $ 15.43

LEASE COMMITMENTS AND CONTING49

LEASE COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Lease Commitments and Contingencies	The following table details the future lease payments: Years Ending December 31, Lease Commitments (dollars in thousands) 2017 (remaining) $ 891 2018 3,565 2019 3,565 2020 3,652 2021 3,862 Later years 14,480 Total $ 30,015

Significant Accounting Polici50

Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Schedule Of Significant Accounting Policies [Line Items]
Real estate acquired in settlement of residential mortgage loans	$ 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	$ 689,300,000	$ 1,400,000,000
Centrally cleared interest rate swaps at fair value, reduction	$ 752,400,000

Summary of Interest Income Reco

Summary of Interest Income Recognition Methodology for Residential Investment Securities (Detail)	9 Months Ended
	Sep. 30, 2017
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 | Multifamily
Mortgage-Backed Securities Portfolio:
Interest Income Methodology	Contractual Cash Flows	[1]
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 | Legacy
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 | New Issue
Mortgage-Backed Securities Portfolio:
Interest Income Methodology	Prospective	[3]
Residential Credit Securities Mortgage Backed Securities | New Issue Interest Only
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)	9 Months Ended
	Sep. 30, 2017
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)	9 Months Ended
	Sep. 30, 2017
Accounting Standards Update 2017-05
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Standard	ASU 2017-05 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets
Description	This update clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in-substance nonfinancial asset, including nonfinancial assets transferred within a legal entity to a counterparty. The ASU requires the Company to derecognize a distinct nonfinancial asset or in-substance nonfinancial asset in a partial sale transaction when it ceases to have a controlling financial interest in a legal entity that holds the asset or transfers control of the asset, with any noncontrolling interest retained recognized at fair value. Transfers of ownership interest in a consolidated subsidiary with controlling financial interest retained are accounted for as equity transactions.
Effective Date	Jan. 1, 2018
Effect on the financial statements or other significant matters	Yes
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

Acquisition of Hatteras - Addit

Acquisition of Hatteras - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Jul. 12, 2016	Sep. 30, 2017
7.625% Series E Cumulative Redeemable Preferred Stock
Business Acquisition [Line Items]
Cumulative redeemable preferred stock, par value	$ 0.01	$ 0.01
Preferred Stock dividend rate, percentage		7.625%
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
Preferred Stock dividend rate, percentage	7.625%
Hatteras | Common Stock
Business Acquisition [Line Items]
Business acquisition, equity consideration	$ 997,707
Business acquisition, shares issued	93.9

Aggregate Consideration and Pre

Aggregate Consideration and Preliminary Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jul. 12, 2016	Sep. 30, 2016	Sep. 30, 2016
Business Acquisition [Line Items]
Bargain purchase gain		$ 72,576	$ 72,576
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

Residential Investment Securi56

Residential Investment Securities - Portfolio (Detail) - USD ($) $ in Thousands		Sep. 30, 2017	Dec. 31, 2016
Mortgage-Backed Securities Portfolio:
Amortized Cost		$ 88,428,670	$ 78,939,815
Amortized Cost		88,428,670	78,939,815
Estimated Fair Value		87,699,304	77,715,902
Residential Credit Securities Mortgage Backed Securities
Mortgage-Backed Securities Portfolio:
Principal / Notional		3,181,324	3,072,383
Remaining Premium		41,856	29,499
Remaining Discount		(154,096)	(165,899)
Amortized Cost		1,697,239	2,072,613
Amortized Cost		1,697,239	2,072,613
Unrealized Gains	[1]	113,819	58,666
Unrealized Losses	[1]	(885)	(5,250)
Estimated Fair Value		1,810,173	2,126,029
Residential Credit Securities Mortgage Backed Securities | CRT
Mortgage-Backed Securities Portfolio:
Principal / Notional		534,608	690,491
Remaining Premium		21,083	11,113
Remaining Discount		(4,062)	(10,907)
Amortized Cost		551,629	690,697
Amortized Cost		551,629	690,697
Unrealized Gains	[1]	31,954	34,046
Unrealized Losses	[1]	(645)	(21)
Estimated Fair Value		582,938	724,722
Residential Credit Securities Mortgage Backed Securities | Alt-A
Mortgage-Backed Securities Portfolio:
Principal / Notional		200,757	173,108
Remaining Premium		667	1,068
Remaining Discount		(33,716)	(23,039)
Amortized Cost		167,708	151,137
Amortized Cost		167,708	151,137
Unrealized Gains	[1]	12,143	3,721
Unrealized Losses	[1]	(126)	(685)
Estimated Fair Value		179,725	154,173
Residential Credit Securities Mortgage Backed Securities | Prime
Mortgage-Backed Securities Portfolio:
Principal / Notional		235,851	248,176
Remaining Premium		371	287
Remaining Discount		(33,821)	(35,068)
Amortized Cost		202,401	213,395
Amortized Cost		202,401	213,395
Unrealized Gains	[1]	18,257	7,050
Unrealized Losses	[1]	(17)	(253)
Estimated Fair Value		220,641	220,192
Residential Credit Securities Mortgage Backed Securities | Prime Interest-only
Mortgage-Backed Securities Portfolio:
Principal / Notional		334,298
Remaining Premium		954
Amortized Cost		954
Amortized Cost		954
Unrealized Losses	[1]	(42)
Estimated Fair Value		912
Residential Credit Securities Mortgage Backed Securities | Subprime
Mortgage-Backed Securities Portfolio:
Principal / Notional		597,658	697,983
Remaining Premium		1,885	380
Remaining Discount		(78,375)	(96,331)
Amortized Cost		521,168	602,032
Amortized Cost		521,168	602,032
Unrealized Gains	[1]	46,750	12,578
Unrealized Losses	[1]	(28)	(1,061)
Estimated Fair Value		567,890	613,549
Residential Credit Securities Mortgage Backed Securities | NPL/RPL
Mortgage-Backed Securities Portfolio:
Principal / Notional		104,936	269,802
Remaining Premium		86	670
Remaining Discount		(142)	(209)
Amortized Cost		104,880	270,263
Amortized Cost		104,880	270,263
Unrealized Gains	[1]	420	1,004
Unrealized Losses	[1]	(27)	(429)
Estimated Fair Value		105,273	270,838
Residential Credit Securities Mortgage Backed Securities | Prime Jumbo (>= 2010 Vintage)
Mortgage-Backed Securities Portfolio:
Principal / Notional		135,669	129,453
Remaining Premium		636	852
Remaining Discount		(3,980)	(345)
Amortized Cost		132,325	129,960
Amortized Cost		132,325	129,960
Unrealized Gains	[1]	1,846	267
Unrealized Losses	[1]		(308)
Estimated Fair Value		134,171	129,919
Residential Credit Securities Mortgage Backed Securities | Prime Jumbo (>= 2010 Vintage) Interest-Only
Mortgage-Backed Securities Portfolio:
Principal / Notional		1,037,547	863,370
Remaining Premium		16,174	15,129
Amortized Cost		16,174	15,129
Amortized Cost		16,174	15,129
Unrealized Gains	[1]	2,449
Unrealized Losses	[1]		(2,493)
Estimated Fair Value		18,623	12,636
Agency Securities
Mortgage-Backed Securities Portfolio:
Principal / Notional		87,696,144	79,546,231
Remaining Premium		5,861,530	5,460,813
Remaining Discount		(4,268)	(6,037)
Amortized Cost		86,731,431	76,867,202
Amortized Cost		86,731,431	76,867,202
Unrealized Gains	[1]	291,776	279,905
Unrealized Losses	[1]	(1,134,076)	(1,557,234)
Estimated Fair Value		85,889,131	75,589,873
Agency Securities | Fixed Rate Pass-through
Mortgage-Backed Securities Portfolio:
Principal / Notional		73,190,164	60,759,317
Remaining Premium		4,249,983	3,633,354
Remaining Discount		(1,236)	(1,956)
Amortized Cost		77,438,911	64,390,715
Amortized Cost		77,438,911	64,390,715
Unrealized Gains	[1]	267,534	228,430
Unrealized Losses	[1]	(854,518)	(1,307,771)
Estimated Fair Value		76,851,927	63,311,373
Agency Securities | Adjustable-rate Pass-through
Mortgage-Backed Securities Portfolio:
Principal / Notional		7,274,214	10,653,109
Remaining Premium		285,022	391,267
Remaining Discount		(2,608)	(4,081)
Amortized Cost		7,556,628	11,040,295
Amortized Cost		7,556,628	11,040,295
Unrealized Gains	[1]	21,917	47,250
Unrealized Losses	[1]	(74,739)	(53,795)
Estimated Fair Value		7,503,806	11,033,751
Agency Securities | Interest-only
Mortgage-Backed Securities Portfolio:
Principal / Notional		6,821,975	8,133,805
Remaining Premium		1,322,697	1,436,192
Amortized Cost		1,322,697	1,436,192
Amortized Cost		1,322,697	1,436,192
Unrealized Gains	[1]	2,257	4,225
Unrealized Losses	[1]	(203,082)	(195,668)
Estimated Fair Value		1,121,872	1,244,749
Agency Securities | Multifamily
Mortgage-Backed Securities Portfolio:
Principal / Notional		409,791
Remaining Premium		3,828
Remaining Discount		(424)
Amortized Cost		413,195
Amortized Cost		413,195
Unrealized Gains	[1]	68
Unrealized Losses	[1]	(1,737)
Estimated Fair Value		411,526
Residential Investments
Mortgage-Backed Securities Portfolio:
Principal / Notional		90,877,468	82,618,614
Remaining Premium		5,903,386	5,490,312
Remaining Discount		(158,364)	(171,936)
Amortized Cost		88,428,670	78,939,815
Amortized Cost		88,428,670	78,939,815
Unrealized Gains	[1]	405,595	338,571
Unrealized Losses	[1]	(1,134,961)	(1,562,484)
Estimated Fair Value		$ 87,699,304	$ 77,715,902
[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 Concentration by Issuing Agency (Detail) - USD ($) $ in Thousands	Sep. 30, 2017		Dec. 31, 2016
Mortgage-Backed Securities Portfolio:
Estimated Fair Value	$ 87,699,304		$ 77,715,902
Agency Mortgage-backed Securities
Mortgage-Backed Securities Portfolio:
Estimated Fair Value	85,889,131	[1]	75,589,873	[2]
Agency Mortgage-backed Securities | Fannie Mae
Mortgage-Backed Securities Portfolio:
Estimated Fair Value	59,635,438		51,658,391
Agency Mortgage-backed Securities | Freddie Mac
Mortgage-Backed Securities Portfolio:
Estimated Fair Value	26,189,947		23,858,110
Agency Mortgage-backed Securities | Ginnie Mae
Mortgage-Backed Securities Portfolio:
Estimated Fair Value	$ 63,746		$ 73,372
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Derived from the audited consolidated financial statements at December 31, 2016.

Residential Investment Securi58

Residential Investment Securities - Weighted Average Life (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value of Agency Mortgage-Backed Securities according to their estimated weighted-average life:
Less than one year	$ 1,330,463	$ 63,510
Greater than one year through five years	16,173,212	12,626,932
Greater than five years through ten years	69,944,328	56,785,601
Greater than ten years	251,301	8,239,859
Total	87,699,304	77,715,902
Amortized Cost of Agency Mortgage-Backed Securities according to their estimated weighted-average life:
Less than one year	1,344,966	61,775
Greater than one year through five years	16,164,913	12,666,394
Greater than five years through ten years	70,675,577	57,738,588
Greater than ten years	243,214	8,473,058
Amortized Cost	$ 88,428,670	$ 78,939,815

Residential Investment Securi59

Residential Investment Securities - Unrealized Loss Position (Detail) $ in Thousands		Sep. 30, 2017USD ($)Security	Dec. 31, 2016USD ($)Security
Investment Company [Abstract]
Less than 12 Months, Estimated Fair Value	[1]	$ 49,631,846	$ 52,465,045
12 Months or More, Estimated Fair Value	[1]	8,987,810	6,277,814
Estimated Fair Value	[1]	58,619,656	58,742,859
Less than 12 Months, Gross Unrealized Losses	[1]	(644,526)	(1,094,957)
12 Months or More, Gross Unrealized Losses	[1]	(286,468)	(266,609)
Gross Unrealized Losses	[1]	$ (930,994)	$ (1,361,566)
Less than 12 Months, Number of Securities | Security	[1]	1,230	1,368
12 Months or More, Number of Securities | Security	[1]	175	54
Number of Securities | Security	[1]	1,405	1,422
[1]	Excludes interest-only mortgage-backed securities.

Residential Investment Securi60

Residential Investment Securities - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Residential Investment securities sold, carrying value	$ 6,800,000	$ 3,800,000	$ 11,400,000	$ 9,100,000
Net gains (losses) on sales of Residential Investment Securities	$ (10,200)	$ 14,700	$ (14,263)	$ 24,941

Fair Value and Unpaid Principal

Fair Value and Unpaid Principal of Residential Mortgage Loan Portfolio (Detail) - Residential Mortgage - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Fair value	$ 895,919	$ 342,289
Unpaid principal balance	$ 878,574	$ 338,323

Summary of Comprehensive Income

Summary of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Mortgage Loans on Real Estate [Line Items]
Net gains (losses) on disposal of investments	$ (11,552)	$ 14,447	$ (11,833)	$ 25,307
Net unrealized gains (losses) on investments measured at fair value through earnings	(67,492)	29,675	(27,569)	(24,351)
Net interest income	353,613	384,514	1,058,060	929,573
Net income (loss) attributable to Annaly	367,547	731,216	822,682	(414,814)
Residential Mortgage
Mortgage Loans on Real Estate [Line Items]
Net gains (losses) on disposal of investments	(2,093)	(383)	(3,407)	(383)
Net unrealized gains (losses) on investments measured at fair value through earnings	(725)	(493)	5,400	(493)
Net interest income	8,226	1,203	18,935	1,203
Net income (loss) attributable to Annaly	$ 5,408	$ 327	$ 20,928	$ 327

Geographic Concentrations Based

Geographic Concentrations Based on Unpaid Principal Balances (Detail) - Residential Mortgage Loans - Geographic Concentration Risk	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Percent of Balance	100.00%	100.00%
CALIFORNIA
Mortgage Loans on Real Estate [Line Items]
Percent of Balance	52.80%	46.30%
NEW YORK
Mortgage Loans on Real Estate [Line Items]
Percent of Balance	8.10%
TEXAS
Mortgage Loans on Real Estate [Line Items]
Percent of Balance		9.60%
Other
Mortgage Loans on Real Estate [Line Items]
Percent of Balance	28.80%	28.10%
ILLINOIS
Mortgage Loans on Real Estate [Line Items]
Percent of Balance		5.70%
FLORIDA
Mortgage Loans on Real Estate [Line Items]
Percent of Balance	10.30%	5.20%
WASHINGTON
Mortgage Loans on Real Estate [Line Items]
Percent of Balance		5.10%

Residential Mortgage Loans (Det

Residential Mortgage Loans (Detail) - Residential Mortgage $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017USD ($)Point	Dec. 31, 2016USD ($)Point
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 878,574	$ 338,323
Minimum
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 2	$ 22
Interest rate	2.38%	2.50%
Maturity	Aug. 1, 2029	Apr. 8, 2044
FICO score at loan origination | Point	620	665
Loan-to-value ratio at loan origination	14.00%	24.00%
Maximum
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 3,677	$ 1,905
Interest rate	7.25%	6.75%
Maturity	Sep. 1, 2047	Nov. 1, 2046
FICO score at loan origination | Point	828	814
Loan-to-value ratio at loan origination	105.00%	90.00%
Weighted Average
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 616	$ 691
Interest rate	4.37%	3.72%
Maturity	Oct. 9, 2045	Aug. 20, 2045
FICO score at loan origination | Point	754	761
Loan-to-value ratio at loan origination	67.00%	71.00%

Residential Mortgage Loans - Na

Residential Mortgage Loans - Narrative (Detail)	Sep. 30, 2017	Dec. 31, 2016
Residential Mortgage
Mortgage Loans on Real Estate [Line Items]
Percent of adjustable-rate loans	78.00%	85.00%

Presentation of Activity Relate

Presentation of Activity Related to MSR (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Servicing Assets at Fair Value [Line Items]
Fair value, beginning of period		$ 605,653		$ 652,216
Purchases	[1]	(30)	$ 131,729	(27)	$ 131,729
Other		10		10
Change in fair value due to:
Changes in valuation inputs or assumption	[2]	(19,207)	26,254	(34,645)	26,254
Other changes, including realization of expected cash flows		(16,208)	(21,634)	(47,336)	(21,634)
Fair value, end of period		$ 570,218	492,169	$ 570,218	492,169
Hatteras
Servicing Assets at Fair Value [Line Items]
Obtained through acquisition			$ 355,820		$ 355,820
[1]	Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable.
[2]	Principally represents 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) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Other income (loss)
Servicing Assets at Fair Value [Line Items]
Service income fee	$ 31.9	$ 26.2	$ 99.7	$ 26.2

CRE Debt and Preferred Equity I

CRE Debt and Preferred Equity Investments (Detail) - USD ($) $ in Thousands		Sep. 30, 2017		Dec. 31, 2016		Dec. 31, 2015
Real Estate [Line Items]
Carrying Value		$ 981,748		$ 970,505	[1]	$ 1,348,817
Preferred Equity Interests
Real Estate [Line Items]
Carrying Value		8,980		8,967	[1]	121,773
Commercial Mortgage
Real Estate [Line Items]
Outstanding Principal	[1]	985,618		975,015
Carrying Value	[1],[2]	$ 981,748		$ 970,505
Percentage of Loan Portfolio	[1],[3]	100.00%		100.00%
Commercial Mortgage | Mezzanine Loans
Real Estate [Line Items]
Outstanding Principal		$ 392,988		$ 453,693
Carrying Value		$ 392,159	[2]	$ 451,467	[1],[2]	578,503
Percentage of Loan Portfolio	[3]	39.90%		46.50%
Commercial Mortgage | Senior Mortgages
Real Estate [Line Items]
Outstanding Principal		$ 583,630		$ 512,322
Carrying Value		$ 580,609	[2]	$ 510,071	[1],[2]	$ 385,838
Percentage of Loan Portfolio	[3]	59.20%		52.60%
Commercial Mortgage | Preferred Equity Interests
Real Estate [Line Items]
Outstanding Principal		$ 9,000		$ 9,000
Carrying Value	[2]	$ 8,980		$ 8,967
Percentage of Loan Portfolio	[3]	0.90%		0.90%
[1]	Excludes loans held for sale, net.
[2]	Carrying value includes unamortized origination fees of $3.9 million and $4.5 million at September 30, 2017 and December 31, 2016, respectively.
[3]	Based on outstanding principal.

CRE Debt and Preferred Equity69

CRE Debt and Preferred Equity Investments (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Investment Company [Abstract]
Carrying value, unamortized origination fees	$ 3.9	$ 4.5

CRE Debt and Preferred Equity70

CRE Debt and Preferred Equity Investments - Based on Outstanding Principal (Detail) - USD ($) $ in Thousands		9 Months Ended			12 Months Ended
		Sep. 30, 2017		Sep. 30, 2016	Dec. 31, 2016
Real Estate [Line Items]
Net carrying value, beginning balance		$ 970,505	[1]	$ 1,348,817	$ 1,348,817
Originations & advances (principal)		327,717			273,708
Principal payments		(317,114)			(654,117)
Amortization & accretion of (premium) discounts		(15)			(314)
Net (increase) decrease in origination fees		(3,136)			(2,558)
Amortization of net origination fees		3,791		3,925	4,969
Net carrying value, ending balance		981,748			970,505	[1]
Preferred Equity Interests
Real Estate [Line Items]
Net carrying value, beginning balance		8,967	[1]	121,773	121,773
Principal payments					(113,444)
Amortization of net origination fees		13			638
Net carrying value, ending balance		8,980			8,967	[1]
Commercial Mortgage
Real Estate [Line Items]
Net carrying value, beginning balance	[1],[2]	970,505
Net carrying value, ending balance	[1],[2]	981,748			970,505
Commercial Mortgage | Mezzanine Loans
Real Estate [Line Items]
Net carrying value, beginning balance		451,467	[1],[2]	578,503	578,503
Originations & advances (principal)		63,801			62,390
Principal payments		(124,506)			(191,291)
Amortization & accretion of (premium) discounts		28			(178)
Net (increase) decrease in origination fees		(605)			(472)
Amortization of net origination fees		1,974			2,515
Net carrying value, ending balance	[2]	392,159			451,467	[1]
Commercial Mortgage | Senior Mortgages
Real Estate [Line Items]
Net carrying value, beginning balance		510,071	[1],[2]	385,838	385,838
Originations & advances (principal)		263,916			211,318
Principal payments		(192,608)			(86,310)
Amortization & accretion of (premium) discounts		(43)			(136)
Net (increase) decrease in origination fees		(2,531)			(2,086)
Amortization of net origination fees		1,804			1,447
Net carrying value, ending balance	[2]	580,609			510,071	[1]
Commercial Mortgage | Senior Securitized Mortgages
Real Estate [Line Items]
Net carrying value, beginning balance	[3]			$ 262,703	262,703
Principal payments	[3]				(263,072)
Amortization of net origination fees	[3]				369
Commercial Mortgage | Preferred Equity Interests
Real Estate [Line Items]
Net carrying value, beginning balance	[2]	8,967
Net carrying value, ending balance	[2]	$ 8,980			$ 8,967
[1]	Excludes loans held for sale, net.
[2]	Carrying value includes unamortized origination fees of $3.9 million and $4.5 million at September 30, 2017 and December 31, 2016, respectively.
[3]	Assets of consolidated VIE.

Commercial Real Estate Invest71

Commercial Real Estate Investments - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 11, 2015
Real Estate Properties [Line Items]
Outstanding impaired loans, nonaccrual loans, and loans in default	$ 0		$ 0		$ 0
Allowance for loan losses	$ 0		0		$ 0
Proceeds from sale of wholly-owned triple net leased properties			12,000,000
Gain on sale of wholly-owned triple net leased properties			$ 5,100,000
Weighted average amortization period for intangible assets and liabilities			4 years 6 months
Depreciation expense			$ 13,445,000	$ 16,511,000
Gain or loss on sales of senior loan			$ (3,407,000)	(383,000)
Commercial Mortgage Loan
Real Estate Properties [Line Items]
Percent of adjustable rate loans	85.00%		85.00%		77.00%
Debt issued	$ 314,811,000		$ 314,811,000		$ 314,865,000
Other income (loss)
Real Estate Properties [Line Items]
Depreciation expense	4,000,000	$ 5,000,000	11,800,000	$ 15,700,000
CALIFORNIA | Commercial Mortgage Loan | Eight Class AB Office Properties In Orange Country California
Real Estate Properties [Line Items]
Debt issued						$ 335,000,000
Gain or loss on sales of senior loan			0
Senior Loans | CALIFORNIA | Commercial Mortgage Loan | Eight Class AB Office Properties In Orange Country California
Real Estate Properties [Line Items]
Remaining senior loans held for sale	115,000,000		115,000,000
Remaining senior loans held for sale, net of origination fees	$ 114,400,000		$ 114,400,000

Internal CRE Debt and Preferred

Internal CRE Debt and Preferred Equity Ratings (Detail) - Commercial Mortgage - USD ($) $ in Thousands		Sep. 30, 2017	Dec. 31, 2016
Real Estate [Line Items]
Percentage of Loan Portfolio		100.00%	100.00%
Performing		$ 571,284	$ 398,771
Performing Closely Monitored		165,573	413,487
Performing Special Mention		248,761	162,757
Internal Rating Substandard		0	0
Doubtful		0	0
Loss		0	0
Total	[1]	$ 985,618	$ 975,015
Mezzanine Loans
Real Estate [Line Items]
Percentage of Loan Portfolio		39.90%	46.50%
Performing		$ 206,919	$ 254,337
Performing Closely Monitored		50,498	170,039
Performing Special Mention		135,571	29,317
Internal Rating Substandard		0	0
Doubtful		0	0
Loss		0	0
Total		$ 392,988	$ 453,693
Senior Mortgages
Real Estate [Line Items]
Percentage of Loan Portfolio		59.20%	52.60%
Performing		$ 364,365	$ 144,434
Performing Closely Monitored		115,075	243,448
Performing Special Mention		104,190	124,440
Internal Rating Substandard		0	0
Doubtful		0	0
Loss		0	0
Total		$ 583,630	$ 512,322
Preferred Equity Interests
Real Estate [Line Items]
Percentage of Loan Portfolio		0.90%	0.90%
Performing Special Mention		$ 9,000	$ 9,000
Internal Rating Substandard		0	0
Doubtful		0	0
Loss		0	0
Total		$ 9,000	$ 9,000
[1]	Excludes loans held for sale, net.

Total Commercial Real Estate He

Total Commercial Real Estate Held for Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2017		Dec. 31, 2016
Real estate held for investment, at amortized cost
Real estate held for investment, at amortized cost	$ 441,622		$ 448,620
Less: accumulated depreciation	(44,998)		(34,221)
Total real estate held for investment, at amortized cost, net	396,624		414,399
Equity in unconsolidated joint ventures	74,304		60,168
Investments in commercial real estate, net	470,928	[1]	474,567	[2]
Land
Real estate held for investment, at amortized cost
Real estate held for investment, at amortized cost	111,012		112,675
Building and Improvements
Real estate held for investment, at amortized cost
Real estate held for investment, at amortized cost	$ 330,610		$ 335,945
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Derived from the audited consolidated financial statements at December 31, 2016.

Minimum Future Rentals to be Re

Minimum Future Rentals to be Received on Noncancelable Operating Leases (Detail) $ in Thousands	Sep. 30, 2017USD ($)
Leases [Abstract]
2017 (remaining)	$ 7,704
2,018	28,986
2,019	25,519
2,020	20,883
2,021	16,715
Later years	32,051
Operating Leases, Future Minimum Payments Receivable, Total	$ 131,858

Mortgage Loans Payable (Detail)

Mortgage Loans Payable (Detail) - Commercial Mortgage Loan - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2017		Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value		$ 311,886		$ 311,636
Mortgage Principal		314,811		314,865
Joint Venture
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value		286,278		285,993
Mortgage Principal		$ 289,125		$ 289,125
Fixed/Floating Rate		Fixed
Priority		First liens
Joint Venture | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest rate		4.03%		4.03%
Maturity Date		Dec. 31, 2024		Dec. 31, 2024
Joint Venture | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest rate		4.61%		4.61%
Maturity Date		Dec. 31, 2025		Dec. 31, 2025
TENNESSEE
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value		$ 12,286		$ 12,261
Mortgage Principal		$ 12,350		$ 12,350
Interest rate		4.01%		4.01%
Fixed/Floating Rate		Fixed
Maturity Date		Sep. 6, 2019		Jun. 9, 2019
Priority		First liens
VIRGINIA
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value		$ 11,018		$ 11,015
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
NEVADA
Mortgage Loans on Real Estate [Line Items]
Interest Rate, Floating		L + 200
Mortgage Carrying Value		$ 2,304	[1]	$ 2,367
Mortgage Principal		$ 2,311	[1]	$ 2,365
Fixed/Floating Rate	[1]	Floating
Maturity Date		Dec. 29, 2017	[1]	Mar. 29, 2017
Priority	[1]	First liens
[1]	The mortgage agreement contained an interest rate swap with an expiration date of March 29, 2017. Effective on March 29, 2017, the interest rate swap expired and the Company extended the maturity date of the mortgage debt to December 29, 2017.

Future Mortgage Loan Principal

Future Mortgage Loan Principal Payments (Detail) $ in Thousands	Sep. 30, 2017USD ($)
Debt Disclosure [Abstract]
2017 (remaining)	$ 2,311
2,018	0
2,019	23,375
2,020	0
2,021	0
Later years	289,125
Long-term Debt, Total	$ 314,811

Schedule of Industry and Rate S

Schedule of Industry and Rate Sensitivity (Detail) - USD ($) $ in Thousands	Sep. 30, 2017		Dec. 31, 2016
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	$ 856,110	[1]	$ 773,274	[2]
Aircraft and Parts
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	34,846		32,067
Coating, Engraving and Allied Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	63,643
Commercial Fishing
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt			40,600
Computer Programming, Data Processing and Other Computer Related Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	149,005		146,547
Drugs
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	33,431		34,042
Electronic Components & Accessories
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,885
Groceries and Related Products
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	14,803		14,856
Grocery Stores
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,560		23,761
Home Health Care Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,893		39,205
Insurance Agents, Brokers and Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	77,159		77,658
Management and Public Relations
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	94,608		16,493
Medical and Dental Laboratories
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	25,990		17,292
Miscellaneous Business Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	19,754		84,486
Miscellaneous Equipment Rental and Leasing
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	19,651
Miscellaneous Health and Allied Services, Not Elsewhere Classified
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	25,982		9,791
Miscellaneous Nonmetallic Minerals, Except Fuels
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	25,931		24,688
Miscellaneous Plastic Products
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	9,978		27,036
Motor Vehicles and Motor Vehicle Parts and Supplies
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	12,230		12,319
Offices and Clinics of Doctors of Medicine
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	59,991		83,386
Offices and Clinics of Other Health Practitioners
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	7,397
Personnel Supply Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt			36,921
Public Warehousing and Storage
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	40,900
Research, Development and Testing Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	17,732		17,744
Schools and Educational Services, Not Elsewhere Classified
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	20,941		20,979
Surgical, Medical, and Dental Instruments and Supplies
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	12,961		13,403
Telephone Communications
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	17,839
Fixed Rate
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	4,604		88,877
Fixed Rate | Insurance Agents, Brokers and Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	4,604		4,391
Fixed Rate | Miscellaneous Business Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt			84,486
Floating Rate
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	851,506		684,397
Floating Rate | Aircraft and Parts
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	34,846		32,067
Floating Rate | Coating, Engraving and Allied Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	63,643
Floating Rate | Commercial Fishing
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt			40,600
Floating Rate | Computer Programming, Data Processing and Other Computer Related Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	149,005		146,547
Floating Rate | Drugs
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	33,431		34,042
Floating Rate | Electronic Components & Accessories
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,885
Floating Rate | Groceries and Related Products
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	14,803		14,856
Floating Rate | Grocery Stores
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,560		23,761
Floating Rate | Home Health Care Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,893		39,205
Floating Rate | Insurance Agents, Brokers and Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	72,555		73,267
Floating Rate | Management and Public Relations
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	94,608		16,493
Floating Rate | Medical and Dental Laboratories
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	25,990		17,292
Floating Rate | Miscellaneous Business Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	19,754
Floating Rate | Miscellaneous Equipment Rental and Leasing
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	19,651
Floating Rate | Miscellaneous Health and Allied Services, Not Elsewhere Classified
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	25,982		9,791
Floating Rate | Miscellaneous Nonmetallic Minerals, Except Fuels
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	25,931		24,688
Floating Rate | Miscellaneous Plastic Products
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	9,978		27,036
Floating Rate | Motor Vehicles and Motor Vehicle Parts and Supplies
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	12,230		12,319
Floating Rate | Offices and Clinics of Doctors of Medicine
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	59,991		83,386
Floating Rate | Offices and Clinics of Other Health Practitioners
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	7,397
Floating Rate | Personnel Supply Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt			36,921
Floating Rate | Public Warehousing and Storage
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	40,900
Floating Rate | Research, Development and Testing Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	17,732		17,744
Floating Rate | Schools and Educational Services, Not Elsewhere Classified
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	20,941		20,979
Floating Rate | Surgical, Medical, and Dental Instruments and Supplies
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	12,961		$ 13,403
Floating Rate | Telephone Communications
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	$ 17,839
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Derived from the audited consolidated financial statements at December 31, 2016.

Aggregate Positions in Capital

Aggregate Positions in Capital Structure of Borrowers (Detail) - USD ($) $ in Thousands	Sep. 30, 2017		Dec. 31, 2016
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total	$ 856,110	[1]	$ 773,274	[2]
Loans | First Lien
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total	542,776		505,956
Loans | Second Lien
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total	308,730		178,441
Notes | Second Lien
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total			84,486
Subordinated Debt | Notes
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total	$ 4,604		$ 4,391
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Derived from the audited consolidated financial statements at December 31, 2016.

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail)	Aug. 31, 2017	Feb. 29, 2016USD ($)Loan	Apr. 30, 2015USD ($)Loan	Feb. 28, 2015USD ($)Loan	Sep. 30, 2017USD ($)		Sep. 30, 2016USD ($)	Jul. 31, 2017USD ($)	Dec. 31, 2016USD ($)	[2]	Jun. 30, 2016USD ($)
Variable Interest Entity [Line Items]
Payments to purchase mortgage loans					$ 211,009,000		$ 73,370,000
Other secured financings					3,713,256,000	[1]			$ 3,884,708,000
Exposure to obligations of VIEs					1,000,000,000
Gain (Loss) recognized upon initial consolidation					0
Disposal Group
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage sold	100.00%
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
Consolidated VIEs
Variable Interest Entity [Line Items]
Credit facility, maximum borrowing capacity								$ 150,000,000
Consolidated VIEs | FREMF Trusts
Variable Interest Entity [Line Items]
Mortgage loans, unpaid principal balance					3,500,000,000
Loans 90 days or more past due or on nonaccrual status					0
Gain (Loss) attributable to instrument- specific credit risk					0
Consolidated VIEs | Residential Mortgage Loan Trust
Variable Interest Entity [Line Items]
Mortgage loans, unpaid principal balance					38,400,000
Consolidated VIEs | Borrower
Variable Interest Entity [Line Items]
Credit facility, maximum borrowing capacity											$ 300,000,000
Other secured financings					116,200,000
Consolidated VIEs | Borrower | Consolidation, Eliminations
Variable Interest Entity [Line Items]
Intercompany receivable					116,200,000
Consolidated VIEs | Corporate Debt Securities
Variable Interest Entity [Line Items]
Transferred corporate loans					193,600,000
Consolidated VIEs | Corporate Debt Securities | Borrower
Variable Interest Entity [Line Items]
Transferred loans pledged as collateral for credit facility					432,500,000
Consolidated VIEs | Freddie Mac | FREMF 2015-KLSF
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets					1,300,000,000
Variable interest entity, consolidated, carrying amount, liabilities					1,200,000,000
Payments to purchase mortgage loans				$ 102,100,000
Consolidated VIEs | Freddie Mac | FREMF 2015-KF07
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets					700,000,000
Variable interest entity, consolidated, carrying amount, liabilities					700,000,000
Payments to purchase mortgage loans			$ 89,400,000
Consolidated VIEs | 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
Variable interest entity, consolidated, carrying amount, liabilities					$ 1,400,000,000
Payments to purchase mortgage loans		107,600,000
Discounted value		$ 4,400,000
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Derived from the audited consolidated financial statements at December 31, 2016.

Statement of Financial Conditio

Statement of Financial Condition of VIEs Reflected in Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands		Sep. 30, 2017		Dec. 31, 2016		Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents		$ 867,840	[1],[2]	$ 1,539,746	[2],[3]	$ 2,382,188	$ 1,769,258
Commercial real estate debt investments	[4]	3,869,110	[1]	4,321,739	[3]
Residential mortgages loans	[5]	895,919	[1]	342,289	[3]
Mortgage servicing rights		570,218	[1]	652,216	[3]
Other assets		353,708	[1]	333,063	[3]
Total assets		97,574,181	[1]	87,905,046	[3]
Liabilities
Other secured financing		3,713,256	[1]	3,884,708	[3]
Other derivatives, at fair value		75,529		86,437
Accrued interest payable		231,611	[1]	163,013	[3]
Total liabilities		83,418,963	[1]	75,329,074	[3]
Consolidated VIEs
ASSETS
Cash and cash equivalents		40,000	[1]	23,200	[3]
Residential mortgages loans		139,800	[1]	165,900	[3]
Consolidated VIEs | FREMF Trusts
ASSETS
Commercial real estate debt investments		3,578,631		3,890,807
Accrued interest receivable		10,407		8,690
Other assets				138
Total assets		3,589,038		3,899,635
Liabilities
Securitized debt (non-recourse) at fair value		3,319,381		3,609,164
Accrued interest payable		4,934		4,350
Total liabilities		3,324,315		3,613,514
Consolidated VIEs | Residential Mortgage Loan Trust
ASSETS
Residential mortgages loans		139,824		165,869
Accrued interest receivable		713		836
Total assets		140,537		166,705
Liabilities
Securitized debt (non-recourse) at fair value		38,548		46,638
Accrued interest payable		88		107
Accounts payable and other liabilities		105		662
Total liabilities		38,741		47,407
Consolidated VIEs | Mortgage Servicing Rights Silos
ASSETS
Cash and cash equivalents		40,040		23,198
Residential mortgages loans		19,787		8,309
Mortgage servicing rights		570,218		652,216
Other derivatives, at fair value				9
Other assets		22,555		35,540
Total assets		652,600		719,272
Liabilities
Other secured financing		8,772		3,825
Other derivatives, at fair value		10		9
Accounts payable and other liabilities		3,035		14,007
Total liabilities		$ 11,817		$ 17,841
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Includes cash of consolidated Variable Interest Entities ("VIEs") of $40.0 million and $23.2 million at September 30, 2017 and December 31, 2016, respectively.
[3]	Derived from the audited consolidated financial statements at December 31, 2016.
[4]	Includes senior securitized commercial mortgage loans of consolidated VIEs carried at fair value of $3.6 billion and $3.9 billion at September 30, 2017 and December 31, 2016, respectively.
[5]	Includes securitized residential mortgage loans of a consolidated VIE carried at fair value of $139.8 million and $165.9 million at September 30, 2017 and December 31, 2016, 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net interest income:
Interest income	$ 622,550	$ 558,668	$ 1,747,703	$ 1,403,929
Interest expense	268,937	174,154	689,643	474,356
Net interest income	353,613	384,514	1,058,060	929,573
Net gains (losses) on trading assets	154,208	162,981	140,104	370,050
Other income (loss)	28,282	29,271	90,793	13,226
Net income (loss)	367,315	$ 730,880	822,245	$ (415,697)
Consolidated VIEs | FREMF Trusts
Net interest income:
Interest income	28,841		81,508
Interest expense	15,791		42,046
Net interest income	13,050		39,462
Net unrealized gains (losses) on investments measured at fair value through earnings	(2,256)		2,833
Other income (loss)	(6,073)		(18,595)
General and administration expenses	(1)
Net income (loss)	4,722		23,700
Consolidated VIEs | Residential Mortgage Loan Trust
Net interest income:
Interest income	1,145		3,685
Interest expense	282		854
Net interest income	863		2,831
Realized gain (loss) on disposal of investments	(229)		(611)
Net unrealized gains (losses) on investments measured at fair value through earnings	(20)		1,682
Other income (loss)	(89)		(280)
General and administration expenses	34		71
Net income (loss)	491		3,551
Consolidated VIEs | Mortgage Servicing Rights Silos
Net interest income:
Interest income	514		1,005
Interest expense	121		243
Net interest income	393		762
Realized gain (loss) on disposal of investments	(1,430)		(1,915)
Net gains (losses) on trading assets	(19)		(17)
Net unrealized gains (losses) on investments measured at fair value through earnings	(36,226)		(83,340)
Other income (loss)	32,001		99,927
General and administration expenses	560		2,500
Net income (loss)	$ (5,841)		$ 12,917

Geographic Concentrations of Cr

Geographic Concentrations of Credit Risk Exceeding 5% of Total Loan Unpaid Principal Balances (Detail) - Consolidated VIEs $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Residential Mortgage Loan Trust
Concentration Risk [Line Items]
Principal Balance	$ 137,446
Residential Mortgage Loan Trust | CALIFORNIA
Concentration Risk [Line Items]
Principal Balance	63,283
Residential Mortgage Loan Trust | TEXAS
Concentration Risk [Line Items]
Principal Balance	15,401
Residential Mortgage Loan Trust | ILLINOIS
Concentration Risk [Line Items]
Principal Balance	9,781
Residential Mortgage Loan Trust | WASHINGTON
Concentration Risk [Line Items]
Principal Balance	9,136
Residential Mortgage Loan Trust | FLORIDA
Concentration Risk [Line Items]
Principal Balance	8,715
Residential Mortgage Loan Trust | Other
Concentration Risk [Line Items]
Principal Balance	31,130	[1]
FREMF Trusts
Concentration Risk [Line Items]
Principal Balance	3,512,437
FREMF Trusts | TEXAS
Concentration Risk [Line Items]
Principal Balance	541,210
FREMF Trusts | FLORIDA
Concentration Risk [Line Items]
Principal Balance	303,796
FREMF Trusts | Other
Concentration Risk [Line Items]
Principal Balance	417,681	[1]
FREMF Trusts | NORTH CAROLINA
Concentration Risk [Line Items]
Principal Balance	537,375
FREMF Trusts | MARYLAND
Concentration Risk [Line Items]
Principal Balance	499,495
FREMF Trusts | VIRGINIA
Concentration Risk [Line Items]
Principal Balance	329,250
FREMF Trusts | NEW YORK
Concentration Risk [Line Items]
Principal Balance	280,925
FREMF Trusts | PENNSYLVANIA
Concentration Risk [Line Items]
Principal Balance	225,810
FREMF Trusts | OHIO
Concentration Risk [Line Items]
Principal Balance	197,455
FREMF Trusts | MASSACHUSETTS
Concentration Risk [Line Items]
Principal Balance	$ 179,440
Securitized Loans | Residential Mortgage Loan Trust | Geographic Concentration Risk
Concentration Risk [Line Items]
Percent of Balance	100.00%
Securitized Loans | Residential Mortgage Loan Trust | Geographic Concentration Risk | CALIFORNIA
Concentration Risk [Line Items]
Percent of Balance	46.00%
Securitized Loans | Residential Mortgage Loan Trust | Geographic Concentration Risk | TEXAS
Concentration Risk [Line Items]
Percent of Balance	11.20%
Securitized Loans | Residential Mortgage Loan Trust | Geographic Concentration Risk | ILLINOIS
Concentration Risk [Line Items]
Percent of Balance	7.10%
Securitized Loans | Residential Mortgage Loan Trust | Geographic Concentration Risk | WASHINGTON
Concentration Risk [Line Items]
Percent of Balance	6.60%
Securitized Loans | Residential Mortgage Loan Trust | Geographic Concentration Risk | FLORIDA
Concentration Risk [Line Items]
Percent of Balance	6.30%
Securitized Loans | Residential Mortgage Loan Trust | Geographic Concentration Risk | Other
Concentration Risk [Line Items]
Percent of Balance	22.80%	[1]
Securitized Loans | FREMF Trusts | Geographic Concentration Risk
Concentration Risk [Line Items]
Percent of Balance	100.00%
Securitized Loans | FREMF Trusts | Geographic Concentration Risk | TEXAS
Concentration Risk [Line Items]
Percent of Balance	15.40%
Securitized Loans | FREMF Trusts | Geographic Concentration Risk | FLORIDA
Concentration Risk [Line Items]
Percent of Balance	8.60%
Securitized Loans | FREMF Trusts | Geographic Concentration Risk | Other
Concentration Risk [Line Items]
Percent of Balance	12.00%	[1]
Securitized Loans | FREMF Trusts | Geographic Concentration Risk | NORTH CAROLINA
Concentration Risk [Line Items]
Percent of Balance	15.30%
Securitized Loans | FREMF Trusts | Geographic Concentration Risk | MARYLAND
Concentration Risk [Line Items]
Percent of Balance	14.20%
Securitized Loans | FREMF Trusts | Geographic Concentration Risk | VIRGINIA
Concentration Risk [Line Items]
Percent of Balance	9.40%
Securitized Loans | FREMF Trusts | Geographic Concentration Risk | NEW YORK
Concentration Risk [Line Items]
Percent of Balance	8.00%
Securitized Loans | FREMF Trusts | Geographic Concentration Risk | PENNSYLVANIA
Concentration Risk [Line Items]
Percent of Balance	6.40%
Securitized Loans | FREMF Trusts | Geographic Concentration Risk | OHIO
Concentration Risk [Line Items]
Percent of Balance	5.60%
Securitized Loans | FREMF Trusts | Geographic Concentration Risk | MASSACHUSETTS
Concentration Risk [Line Items]
Percent of Balance	5.10%
[1]	No individual state greater than 5%.

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair value transfers between levels	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Detail) - USD ($) $ in Thousands		Sep. 30, 2017		Jun. 30, 2017	Dec. 31, 2016		Sep. 30, 2016
Assets:
Mortgage-backed securities		$ 87,699,304			$ 77,715,902
Credit risk transfer securities		582,938	[1]		724,722	[2]
Mortgage servicing rights		570,218		$ 605,653	652,216		$ 492,169
Commercial real estate debt investments	[3]	3,869,110	[1]		4,321,739	[2]
Interest rate swaps		12,250	[1]		68,194	[2]
Other derivatives		266,249			171,266
Total assets		93,313,050			83,271,606
Liabilities:
Securitized debt of consolidated VIEs		3,357,929	[1]		3,655,802	[2]
Interest rate swaps		606,960	[1]		1,443,765	[2]
Other derivatives		75,529			86,437
Total liabilities		4,040,418			5,186,004
Agency Mortgage-backed Securities
Assets:
Mortgage-backed securities		85,889,131	[1]		75,589,873	[2]
Non-Agency Mortgage-backed Securities
Assets:
Mortgage-backed securities	[4]	1,227,235	[1]		1,401,307	[2]
Residential Mortgage
Assets:
Residential mortgage loans		895,919			342,289
Level 1
Assets:
Other derivatives		206,431			168,209
Total assets		206,431			168,209
Liabilities:
Other derivatives		31,642			24,912
Total liabilities		31,642			24,912
Level 2
Assets:
Credit risk transfer securities		582,938			724,722
Commercial real estate debt investments		3,869,110			4,321,739
Interest rate swaps		12,250			68,194
Other derivatives		59,818			3,057
Total assets		92,536,401			82,451,181
Liabilities:
Securitized debt of consolidated VIEs		3,357,929			3,655,802
Interest rate swaps		606,960			1,443,765
Other derivatives		43,887			61,525
Total liabilities		4,008,776			5,161,092
Level 2 | Agency Mortgage-backed Securities
Assets:
Mortgage-backed securities		85,889,131			75,589,873
Level 2 | Non-Agency Mortgage-backed Securities
Assets:
Mortgage-backed securities		1,227,235			1,401,307
Level 2 | Residential Mortgage
Assets:
Residential mortgage loans		895,919			342,289
Level 3
Assets:
Mortgage servicing rights		570,218			652,216
Total assets		$ 570,218			$ 652,216
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Derived from the audited consolidated financial statements at December 31, 2016.
[3]	Includes senior securitized commercial mortgage loans of consolidated VIEs carried at fair value of $3.6 billion and $3.9 billion at September 30, 2017 and December 31, 2016, respectively.
[4]	Includes $72.1 million and $88.6 million at September 30, 2017 and December 31, 2016, 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 - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2017	Dec. 31, 2016
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Unobservable input, discount rate	[1]	10.00%	10.00%
Unobservable input, prepayment rate	[1]	5.50%	5.10%
Unobservable input, delinquency rate	[1]	0.00%	0.00%
Unobservable input, cost to service	[1]	$ 84	$ 83
Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Unobservable input, discount rate	[1]	15.00%	15.00%
Unobservable input, prepayment rate	[1]	25.90%	18.80%
Unobservable input, delinquency rate	[1]	11.00%	10.00%
Unobservable input, cost to service	[1]	$ 170	$ 152
Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Unobservable input, discount rate	[1]	10.40%	10.40%
Unobservable input, prepayment rate	[1]	11.30%	8.70%
Unobservable input, delinquency rate	[1]	2.10%	2.30%
Unobservable input, cost to service	[1]	$ 102	$ 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		Sep. 30, 2017		Dec. 31, 2016
Financial assets:
Mortgage-backed securities		$ 87,699,304		$ 77,715,902
Credit risk transfer securities		582,938	[1]	724,722	[2]
Residential mortgage loans	[3]	895,919	[1]	342,289	[2]
Mortgage servicing rights		570,218	[1]	652,216	[2]
Commercial real estate debt investments	[4]	3,869,110	[1]	4,321,739	[2]
Interest rate swaps		12,250	[1]	68,194	[2]
Other derivatives		266,249		171,266
Financial liabilities:
Other secured financing		3,713,256	[1]	3,884,708	[2]
Securitized debt of consolidated VIEs	[5]	3,357,929	[1]	3,655,802	[2]
Other derivatives		75,529		86,437
Interest rate swaps		606,960	[1]	1,443,765	[2]
Non-Agency Mortgage-backed Securities
Financial assets:
Mortgage-backed securities	[6]	1,227,235	[1]	1,401,307	[2]
Agency Mortgage-backed Securities
Financial assets:
Mortgage-backed securities		85,889,131	[1]	75,589,873	[2]
Level 1
Financial assets:
Other derivatives		206,431		168,209
Financial liabilities:
Other derivatives		31,642		24,912
Level 2
Financial assets:
Credit risk transfer securities		582,938		724,722
Commercial real estate debt investments		3,869,110		4,321,739
Interest rate swaps		12,250		68,194
Other derivatives		59,818		3,057
Financial liabilities:
Other derivatives		43,887		61,525
Interest rate swaps		606,960		1,443,765
Level 2 | Non-Agency Mortgage-backed Securities
Financial assets:
Mortgage-backed securities		1,227,235		1,401,307
Level 2 | Agency Mortgage-backed Securities
Financial assets:
Mortgage-backed securities		85,889,131		75,589,873
Estimate of Fair Value, Fair Value Disclosure
Financial assets:
Commercial loans held for sale, net				114,425
Estimate of Fair Value, Fair Value Disclosure | Level 1
Financial assets:
Cash and cash equivalents	[7]	867,840		1,539,746
Other derivatives		266,249		171,266
Financial liabilities:
Repurchase agreements		69,432,478		65,256,505
Other secured financing		3,713,652		3,885,430
Other derivatives		75,529		86,437
Estimate of Fair Value, Fair Value Disclosure | Level 2
Financial assets:
Residential mortgage loans		895,919		342,289
Credit risk transfer securities		582,938		724,722
Commercial real estate debt investments		3,869,110		4,321,739
Corporate debt	[8]	858,949		776,310
Interest rate swaps	[7]	12,250		68,194
Other derivatives		266,249		171,266
Financial liabilities:
Repurchase agreements		69,432,478		65,256,505
Other secured financing		3,713,652		3,885,430
Securitized debt of consolidated VIEs		3,357,929		3,655,802
Other derivatives		75,529		86,437
Participation sold				12,827
Interest rate swaps	[7]	606,960		1,443,765
Estimate of Fair Value, Fair Value Disclosure | Level 2 | Non-Agency Mortgage-backed Securities
Financial assets:
Mortgage-backed securities		1,227,235		1,401,307
Estimate of Fair Value, Fair Value Disclosure | Level 2 | Agency Mortgage-backed Securities
Financial assets:
Mortgage-backed securities		85,889,131		75,589,873
Estimate of Fair Value, Fair Value Disclosure | Level 3
Financial assets:
Mortgage servicing rights		570,218		652,216
Commercial real estate debt and preferred equity, held for investment		985,543		968,824
Financial liabilities:
Mortgage payable		315,141		312,442
Carrying (Reported) Amount, Fair Value Disclosure
Financial assets:
Commercial loans held for sale, net				114,425
Carrying (Reported) Amount, Fair Value Disclosure | Level 1
Financial assets:
Cash and cash equivalents	[7]	867,840		1,539,746
Other derivatives		266,249		171,266
Financial liabilities:
Repurchase agreements		69,430,268		65,215,810
Other secured financing		3,713,256		3,884,708
Other derivatives		75,529		86,437
Carrying (Reported) Amount, Fair Value Disclosure | Level 2
Financial assets:
Credit risk transfer securities		582,938		724,722
Residential mortgage loans		895,919		342,289
Commercial real estate debt investments		3,869,110		4,321,739
Corporate debt	[8]	856,110		773,274
Interest rate swaps	[7]	12,250		68,194
Other derivatives		266,249		171,266
Financial liabilities:
Repurchase agreements		69,430,268		65,215,810
Other secured financing		3,713,256		3,884,708
Securitized debt of consolidated VIEs		3,357,929		3,655,802
Other derivatives		75,529		86,437
Participation sold				12,869
Interest rate swaps	[7]	606,960		1,443,765
Carrying (Reported) Amount, Fair Value Disclosure | Level 2 | Non-Agency Mortgage-backed Securities
Financial assets:
Mortgage-backed securities		1,227,235		1,401,307
Carrying (Reported) Amount, Fair Value Disclosure | Level 2 | Agency Mortgage-backed Securities
Financial assets:
Mortgage-backed securities		85,889,131		75,589,873
Carrying (Reported) Amount, Fair Value Disclosure | Level 3
Financial assets:
Mortgage servicing rights		570,218		652,216
Commercial real estate debt and preferred equity, held for investment		981,748		970,505
Financial liabilities:
Mortgage payable		$ 311,886		$ 311,636
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Derived from the audited consolidated financial statements at December 31, 2016.
[3]	Includes securitized residential mortgage loans of a consolidated VIE carried at fair value of $139.8 million and $165.9 million at September 30, 2017 and December 31, 2016, respectively.
[4]	Includes senior securitized commercial mortgage loans of consolidated VIEs carried at fair value of $3.6 billion and $3.9 billion at September 30, 2017 and December 31, 2016, respectively.
[5]	Includes securitized debt of consolidated VIEs carried at fair value of $3.4 billion and $3.7 billion at September 30, 2017 and December 31, 2016, respectively.
[6]	Includes $72.1 million and $88.6 million at September 30, 2017 and December 31, 2016, 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.
[7]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value.
[8]	Includes a held-to-maturity debt security carried at amortized cost of $84.5 million, with a fair value of $87.8 million, at December 31, 2016. The bond was repaid in April 2017.

Estimated Fair Values for All87

Estimated Fair Values for All Financial Assets and Liabilities (Parenthetical) (Detail) $ in Millions	Dec. 31, 2016USD ($)
Fair Value Disclosures [Abstract]
Held-to-maturity debt security, amortized cost	$ 84.5
Held-to-maturity debt security, fair value	$ 87.8

Secured Financing - Additional

Secured Financing - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2017		Dec. 31, 2016
Repurchase Agreements:
Repurchase agreements - outstanding	$ 69,430,268	[1]	$ 65,215,810	[2]
Repurchase agreements - weighted average effective borrowing rates	1.88%		1.64%
Repurchase agreements - weighted average remaining maturities (in days)	65 days		96 days
Other secured financing long term, amount	$ 3,713,256	[1]	$ 3,884,708	[2]
Secured financings and interest rate swaps - collateral held, estimated fair value	77,600,000		74,300,000
Secured financings and interest rate swaps - collateral held, accrued interest	$ 236,200		229,200
Minimum
Repurchase Agreements:
Other secured financing amount, long term, expiration period	3 years
Maximum
Repurchase Agreements:
Other secured financing amount, long term, expiration period	8 years
Maturity Period Beyond Three Years
Repurchase Agreements:
Other secured financing long term, amount	$ 90,000		$ 3,600,000
Other secured financing amount, long term, expiration period	3 years		3 years
Maturity Period Beyond Three Years | Minimum
Repurchase Agreements:
Other secured financing amount, long term, expiration period	1 year
Maturity Period Beyond Three Years | Maximum
Repurchase Agreements:
Other secured financing amount, long term, expiration period	3 years
FHLB De Moines
Repurchase Agreements:
Debt weighted average interest rate	1.41%		0.76%
FHLB De Moines | Maturity Period Beyond Three Years
Repurchase Agreements:
Other secured financing long term, amount	$ 3,500,000
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Derived from the audited consolidated financial statements at December 31, 2016.

Repurchase Agreements - Remaini

Repurchase Agreements - Remaining Maturities, Collateral Types and Weighted Average Rate (Detail) - USD ($) $ in Thousands		Sep. 30, 2017		Dec. 31, 2016
Repurchase Agreements:
Repurchase agreements		$ 69,430,268	[1]	$ 65,215,810	[2]
Weighted average rate		1.38%		1.07%
Credit Risk Transfer Securities
Repurchase Agreements:
Repurchase agreements		$ 193,347		$ 453,025
Non Agency MBS
Repurchase Agreements:
Repurchase agreements		422,190		720,217
Commercial Loan
Repurchase Agreements:
Repurchase agreements		357,242		334,867
Agency Mortgage-backed Securities
Repurchase Agreements:
Repurchase agreements		68,431,702		63,707,701
Commercial Mortgage-backed Securities
Repurchase Agreements:
Repurchase agreements		25,787
2 to 29 days
Repurchase Agreements:
Repurchase agreements		$ 33,176,429		$ 30,394,043
Weighted average rate		1.34%		0.87%
2 to 29 days | Credit Risk Transfer Securities
Repurchase Agreements:
Repurchase agreements		$ 157,200		$ 358,972
2 to 29 days | Non Agency MBS
Repurchase Agreements:
Repurchase agreements		335,915		377,366
2 to 29 days | Agency Mortgage-backed Securities
Repurchase Agreements:
Repurchase agreements		32,663,775		29,657,705
2 to 29 days | Commercial Mortgage-backed Securities
Repurchase Agreements:
Repurchase agreements		19,539
30 to 59 days
Repurchase Agreements:
Repurchase agreements		$ 6,588,239		$ 11,694,799
Weighted average rate		1.34%		1.10%
30 to 59 days | Credit Risk Transfer Securities
Repurchase Agreements:
Repurchase agreements		$ 7,261		$ 80,139
30 to 59 days | Non Agency MBS
Repurchase Agreements:
Repurchase agreements				241,360
30 to 59 days | Agency Mortgage-backed Securities
Repurchase Agreements:
Repurchase agreements		6,574,730		11,373,300
30 to 59 days | Commercial Mortgage-backed Securities
Repurchase Agreements:
Repurchase agreements		6,248
60 to 89 days
Repurchase Agreements:
Repurchase agreements		$ 15,873,458		$ 7,082,232
Weighted average rate		1.39%		1.14%
60 to 89 days | Credit Risk Transfer Securities
Repurchase Agreements:
Repurchase agreements		$ 28,886		$ 13,914
60 to 89 days | Non Agency MBS
Repurchase Agreements:
Repurchase agreements		86,275		101,491
60 to 89 days | Agency Mortgage-backed Securities
Repurchase Agreements:
Repurchase agreements		15,758,297		6,966,827
90 to 119 days
Repurchase Agreements:
Repurchase agreements		$ 3,306,328		$ 2,063,561
Weighted average rate		1.40%		0.89%
90 to 119 days | Agency Mortgage-backed Securities
Repurchase Agreements:
Repurchase agreements		$ 3,306,328		$ 2,063,561
Over 120 days
Repurchase Agreements:
Repurchase agreements	[3]	$ 10,485,814		$ 13,981,175
Weighted average rate	[3]	1.48%		1.47%
Over 120 days | Commercial Loan
Repurchase Agreements:
Repurchase agreements	[3]	$ 357,242		$ 334,867
Over 120 days | Agency Mortgage-backed Securities
Repurchase Agreements:
Repurchase agreements	[3]	$ 10,128,572		$ 13,646,308
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Derived from the audited consolidated financial statements at December 31, 2016.
[3]	Approximately 3% and 7% of the total repurchase agreements had a remaining maturity over 1 year at September 30, 2017 and December 31, 2016, respectively.

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	9 Months Ended		12 Months Ended
	Sep. 30, 2017		Dec. 31, 2016
Disclosure of Repurchase Agreements [Abstract]
Gross amounts -reverse repurchase agreements	$ 1,875,000		$ 400,000
Amounts offset - reverse repurchase agreement	(1,875,000)		(400,000)
Netted amounts -reverse repurchase	0		0
Gross amounts -repurchase agreement	71,305,268		65,615,810
Amounts offset -repurchase agreement	(1,875,000)		(400,000)
Netted amounts -repurchase agreement	$ 69,430,268	[1]	$ 65,215,810	[2]
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Derived from the audited consolidated financial statements at December 31, 2016.

Summary of Fair Value Informati

Summary of Fair Value Information about Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2017		Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Interest rate swaps, at fair value	$ 12,250	[1]	$ 68,194	[2]
Other derivatives, at fair value	266,249	[1]	171,266	[2]
Derivative assets	278,499		239,460
Other derivatives, at fair value	75,529	[1]	86,437	[2]
Interest rate swaps, at fair value	606,960	[1]	1,443,765	[2]
Derivative liabilities	682,489		1,530,202
Futures Contracts
Derivatives, Fair Value [Line Items]
Other derivatives, at fair value	206,431		168,209
Derivative assets	206,431		168,209
Other derivatives, at fair value	31,642		24,912
Derivative liabilities	31,642		24,912
Purchase Commitments
Derivatives, Fair Value [Line Items]
Other derivatives, at fair value	123		283
Derivative assets	123		283
Other derivatives, at fair value	221		553
Derivative liabilities	221		553
Interest Rate Swaption
Derivatives, Fair Value [Line Items]
Other derivatives, at fair value	37,037
Derivative assets	37,037
TBA Derivatives
Derivatives, Fair Value [Line Items]
Other derivatives, at fair value	22,641		2,774
Derivative assets	22,641		2,774
Other derivatives, at fair value	40,876		60,972
Derivative liabilities	40,876		$ 60,972
Credit Derivatives
Derivatives, Fair Value [Line Items]
Other derivatives, at fair value	17
Derivative assets	17
Other derivatives, at fair value	2,790
Derivative liabilities	$ 2,790
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Derived from the audited consolidated financial statements at December 31, 2016.

Summary of Characteristics of I

Summary of Characteristics of Interest Rate Swaps (Detail) - Interest Rate Swaps - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Derivative Instruments:
Current Notional	$ 32,857,450	$ 25,875,665
Weighted Average Pay Rate	2.27%	2.22%
Weighted Average Receive Rate	1.35%	1.02%
Weighted Average Years to Maturity	6 years 5 months 9 days	6 years 10 months 14 days
0 to 3 years
Derivative Instruments:
Derivative Instruments minimum maturity period	0 years	0 years
Derivative Instruments maximum maturity period	3 years	3 years
Current Notional	$ 8,617,000	$ 3,444,365
Weighted Average Pay Rate	1.72%	1.37%
Weighted Average Receive Rate	1.36%	1.00%
Weighted Average Years to Maturity	2 years 5 months 12 days	2 years 8 months 16 days
>3 to 6 years
Derivative Instruments:
Derivative Instruments minimum maturity period	3 years	3 years
Derivative Instruments maximum maturity period	6 years	6 years
Current Notional	$ 10,609,050	$ 10,590,000
Weighted Average Pay Rate	2.17%	1.92%
Weighted Average Receive Rate	1.31%	0.99%
Weighted Average Years to Maturity	4 years 7 months 2 days	3 years 11 months 8 days
>6 to 10 years
Derivative Instruments:
Derivative Instruments minimum maturity period	6 years	6 years
Derivative Instruments maximum maturity period	10 years	10 years
Current Notional	$ 9,805,000	$ 8,206,900
Weighted Average Pay Rate	2.41%	2.35%
Weighted Average Receive Rate	1.40%	1.10%
Weighted Average Years to Maturity	7 years 8 months 26 days	7 years 9 months 25 days
Greater than 10 years
Derivative Instruments:
Derivative Instruments minimum maturity period	10 years	10 years
Current Notional	$ 3,826,400	$ 3,634,400
Weighted Average Pay Rate	3.65%	3.70%
Weighted Average Receive Rate	1.28%	0.83%
Weighted Average Years to Maturity	18 years 8 months 19 days	18 years 4 months 9 days

Summary of Characteristics of93

Summary of Characteristics of Interest Rate Swaps (Parenthetical) (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Forward Starting Pay Fixed Swaps
Derivative Instruments:
Notional amount	$ 0	$ 0

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Derivative Instruments:
Derivative instruments, net liability position, aggregate fair value	$ 416,300,000
Interest Rate Swaption
Derivative Instruments:
Notional		$ 0

Summary of Swaptions Outstandin

Summary of Swaptions Outstanding (Detail) - Interest Rate Swaption - USD ($)	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Current Underlying Notional		$ 0
Long
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Current Underlying Notional	$ 4,000,000,000
Weighted Average Underlying Pay Rate	2.57%
Weighted Average Underlying Receive Rate	3M LIBOR
Weighted Average Underlying Years to Maturity	9 years 11 months 15 days
Weighted Average Months to Expiration	6 years 10 months 17 days

Summary of Characteristics of T

Summary of Characteristics of TBA Derivatives (Detail) - TBA Derivatives - Long - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Derivative Instruments:
Notional	$ 19,960,000,000	$ 11,223,000,000
Implied Cost Basis	20,844,380,000	11,495,514,000
Implied Market Value	20,826,145,000	11,437,316,000
Carrying Value	$ (18,235,000)	$ (58,198,000)

Summary of Certain Characterist

Summary of Certain Characteristics of Futures Derivatives (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
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	$ 17,080,875	$ 14,968,250
U.S. Treasury Futures | 5 Year
Derivative Instruments:
Derivative Instruments, maturity period	5 years	5 years
Weighted Average Years to Maturity	4 years 4 months 28 days	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	7 years 11 days	8 years 4 months 20 days
U.S. Treasury Futures | Short | 5 Year
Derivative Instruments:
Notional	$ 4,217,400	$ 1,697,200
U.S. Treasury Futures | Short | 10 Year and Greater
Derivative Instruments:
Notional	$ 4,646,000	$ 2,250,000
Futures Contracts
Derivative Instruments:
Weighted Average Years to Maturity	3 years 3 months 15 days	2 years 11 months 23 days
Futures Contracts | Short
Derivative Instruments:
Notional	$ 25,944,275	$ 18,915,450

Offsetting of Derivative Assets

Offsetting of Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Offsetting Assets [Line Items]
Gross Amounts, Assets	$ 278,499	$ 239,460
Gross Amounts, Liabilities	682,489	1,530,202
Futures Contracts
Offsetting Assets [Line Items]
Gross Amounts, Assets	206,431	168,209
Amounts Eligible for Offset -Financial Instruments, Assets	(31,642)	(24,912)
Amounts Eligible for Offset-Cash Collateral, Assets	0	0
Net Amounts, Assets	174,789	143,297
Gross Amounts, Liabilities	31,642	24,912
Amounts Eligible for Offset-Financial Instruments, Liabilities	(31,642)	(24,912)
Purchase Commitments
Offsetting Assets [Line Items]
Gross Amounts, Assets	123	283
Amounts Eligible for Offset-Cash Collateral, Assets	0	0
Net Amounts, Assets	123	283
Gross Amounts, Liabilities	221	553
Net Amounts, Liabilities	221	553
Interest Rate Swaps
Offsetting Assets [Line Items]
Gross Amounts, Assets	12,250	68,194
Amounts Eligible for Offset -Financial Instruments, Assets	(10,998)	(68,194)
Amounts Eligible for Offset-Cash Collateral, Assets	0	0
Net Amounts, Assets	1,252
Gross Amounts, Liabilities	606,960	1,443,765
Amounts Eligible for Offset-Financial Instruments, Liabilities	(10,998)	(68,194)
Amounts Eligible for Offset -Cash Collateral, Liabilities		(768,877)
Net Amounts, Liabilities	595,962	606,694
Interest Rate Swaption
Offsetting Assets [Line Items]
Gross Amounts, Assets	37,037
Amounts Eligible for Offset-Cash Collateral, Assets	0
Net Amounts, Assets	37,037
TBA Derivatives
Offsetting Assets [Line Items]
Gross Amounts, Assets	22,641	2,774
Amounts Eligible for Offset -Financial Instruments, Assets	(20,688)	(2,172)
Amounts Eligible for Offset-Cash Collateral, Assets	0	0
Net Amounts, Assets	1,953	602
Gross Amounts, Liabilities	40,876	60,972
Amounts Eligible for Offset-Financial Instruments, Liabilities	(20,688)	(2,172)
Net Amounts, Liabilities	20,188	$ 58,800
Credit Derivatives
Offsetting Assets [Line Items]
Gross Amounts, Assets	17
Amounts Eligible for Offset -Financial Instruments, Assets	(17)
Amounts Eligible for Offset-Cash Collateral, Assets	0
Gross Amounts, Liabilities	2,790
Amounts Eligible for Offset-Financial Instruments, Liabilities	(17)
Amounts Eligible for Offset -Cash Collateral, Liabilities	(300)
Net Amounts, Liabilities	$ 2,473

Derivative Instruments - Effect

Derivative Instruments - Effect of Interest Rate Swaps on Consolidated Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Realized gains (losses) on interest rate swaps	[1]	$ (88,211)	$ (124,572)	$ (288,837)	$ (402,809)
Realized gain (losses) on termination of interest rate swaps			1,337	(58)	(58,727)
Unrealized gains (losses) on interest rate swaps		$ 56,854	$ 256,462	$ 28,471	$ (1,148,478)
[1]	Consists of interest expense on interest rate swaps.

Effect of Other Derivative Cont

Effect of Other Derivative Contracts on the Consolidated Statements of Operations and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative Instruments:
Unrealized Gain (Loss)		$ 56,854	$ 256,462	$ 28,471	$ (1,148,478)
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets		154,208	162,981	140,086	370,034
U.S. Treasury Futures
Derivative Instruments:
Realized Gain (Loss)		(70,054)	(47,035)	(128,478)	(169,716)
Unrealized Gain (Loss)		92,784	110,218	31,492	(23,465)
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets		22,730	63,183	(96,986)	(193,181)
Purchase Commitments
Derivative Instruments:
Unrealized Gain (Loss)		(108)	116	165	116
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets		(108)	116	165	116
TBA Derivatives
Derivative Instruments:
Realized Gain (Loss)	[1]	110,067	174,086	215,529	492,450
Unrealized Gain (Loss)	[1]	29,728	(78,677)	39,964	66,376
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets	[1]	139,795	95,409	255,493	558,826
Interest Rate Swaption
Derivative Instruments:
Realized Gain (Loss)			4,180		4,180
Unrealized Gain (Loss)		(9,137)	93	(19,574)	93
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets		(9,137)	$ 4,273	(19,574)	$ 4,273
Credit Derivatives
Derivative Instruments:
Realized Gain (Loss)		495		632
Unrealized Gain (Loss)		433		356
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets		$ 928		$ 988
[1]	Includes options on TBA contracts.

Common Stock and Preferred S101

Common Stock and Preferred Stock - Additional Information (Detail) - USD ($)	Aug. 25, 2017	Jul. 12, 2016	Sep. 30, 2017		Sep. 30, 2017		Sep. 30, 2016	Dec. 31, 2016		Aug. 31, 2015
Class of Stock [Line Items]
Common Stock, par value			$ 0.01	[1]	$ 0.01	[1]		$ 0.01	[2]
Common Stock, shares authorized			1,917,837,500	[1]	1,917,837,500	[1]		1,945,437,500	[2]
Common Stock, shares issued			1,088,083,794	[1]	1,088,083,794	[1]		1,018,913,249	[2]
Common Stock, shares outstanding			1,088,083,794	[1]	1,088,083,794	[1]		1,018,913,249	[2]
Options exercised under incentive plans, shares					0		0
Direct purchase and dividend reinvestment program - value raised					$ 1,949,000		$ 1,795,000
Direct purchase and dividend reinvestment program - issued shares of common stock					169,000		172,000
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
Redemption of Series A cumulative preferred stock					$ 185,312,000
IPO [Member]
Class of Stock [Line Items]
Common stock shares issued			60,000,000
Gross proceeds on sale of common stock			$ 709,800,000
Over-Allotment Option
Class of Stock [Line Items]
Gross proceeds on sale of common stock			$ 106,500,000
Stock Issued for underwriter			9,000,000
Hatteras
Class of Stock [Line Items]
Preferred Stock, par value		$ 0.001
Preferred Stock dividend rate, percentage		7.625%
Hatteras | Common Stock
Class of Stock [Line Items]
Business acquisition, shares issued		93,900,000
7.875% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized			7,412,500	[1]	7,412,500	[1]		7,412,500	[2]
Number of shares redeemed	7,412,500
Redemption of Series A cumulative preferred stock	$ 187,500,000				$ 177,088,000
Preferred Stock redeemable price, per share	$ 25							$ 25
Preferred Stock redemption date					Aug. 25, 2017
Preferred Stock, shares issued			0	[1]	0	[1]		7,412,500	[2]
Preferred Stock, shares outstanding			0	[1]	0	[1]		7,412,500	[2]
Preferred Stock, par value								$ 0.01
Preferred Stock liquidation preference, per share								$ 25
Preferred Stock dividend rate, percentage								7.875%
7.625% Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized			12,650,000	[1]	12,650,000	[1]		12,650,000	[2]
Preferred Stock redeemable price, per share			$ 25		$ 25			$ 25
Preferred Stock, shares issued			12,000,000	[1]	12,000,000	[1]		12,000,000	[2]
Preferred Stock, shares outstanding			12,000,000	[1]	12,000,000	[1]		12,000,000	[2]
Preferred Stock, par value			$ 0.01		$ 0.01			$ 0.01
Preferred Stock liquidation preference, per share			$ 25		$ 25			$ 25
Preferred Stock dividend rate, percentage					7.625%			7.625%
Preferred Stock redemption period start date					May 16, 2017
7.50% Series D Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized			18,400,000	[1]	18,400,000	[1]		18,400,000	[2]
Preferred Stock redeemable price, per share			$ 25		$ 25			$ 25
Preferred Stock, shares issued			18,400,000	[1]	18,400,000	[1]		18,400,000	[2]
Preferred Stock, shares outstanding			18,400,000	[1]	18,400,000	[1]		18,400,000	[2]
Preferred Stock, par value			$ 0.01		$ 0.01			$ 0.01
Preferred Stock liquidation preference, per share			$ 25		$ 25			$ 25
Preferred Stock dividend rate, percentage					7.50%			7.50%
Preferred Stock redemption period start date					Sep. 13, 2017
7.625% Series E Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized			11,500,000	[1]	11,500,000	[1]		11,500,000	[2]
Preferred Stock redeemable price, per share			$ 25		$ 25
Preferred Stock, shares issued			11,500,000	[1]	11,500,000	[1]		11,500,000	[2]
Preferred Stock, shares outstanding			11,500,000	[1]	11,500,000	[1]		11,500,000	[2]
Preferred Stock, par value		$ 0.01	$ 0.01		$ 0.01
Preferred Stock liquidation preference, per share			$ 25		$ 25
Preferred Stock dividend rate, percentage					7.625%
Preferred Stock redemption period start date					Aug. 27, 2017
6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized			32,200,000	[1]	32,200,000	[1]		0	[2]
Preferred Stock redeemable price, per share			$ 25		$ 25
Preferred Stock, shares issued			28,800,000	[1]	28,800,000	[1]		0	[2]
Preferred Stock, shares outstanding			28,800,000	[1]	28,800,000	[1]		0	[2]
Preferred Stock liquidation preference, per share			$ 25		$ 25
Preferred Stock dividend rate, percentage					6.95%
Gross proceeds on sale of preferred stock			$ 720,000,000
Cumulative undeclared dividends			$ 8,300,000		$ 8,300,000		$ 0
6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | Commencing from and including the original issue date to, but excluding September 30, 2022
Class of Stock [Line Items]
Preferred Stock liquidation preference, per share			$ 25		$ 25
Preferred Stock dividend rate, percentage					6.95%
6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | From and including September 30, 2022 | London Interbank Offered Rate (LIBOR)
Class of Stock [Line Items]
Preferred stock floating dividend rate basis					Three-month LIBOR
Preferred stock floating dividend rate spread					4.993%
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Derived from the audited consolidated financial statements at December 31, 2016.

Summary of Dividend Distributio

Summary of Dividend Distribution Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Dividends Payable [Line Items]
Distributions declared to common stockholders			$ 937,825	$ 857,223
Distributions declared per common share	$ 0.30	$ 0.30	$ 0.90	$ 0.90
Distributions paid to common stockholders after period end			$ 326,425	$ 269,111
Distributions paid per common share after period end			$ 0.30	$ 0.26
Date of distributions paid to common stockholders after period end			Oct. 31, 2017	Oct. 31, 2016
7.875% Series A Cumulative Redeemable Preferred Stock
Dividends Payable [Line Items]
Preferred dividends declared			$ 9,527	$ 10,944
Preferred series dividends declared, per share			$ 1.477	$ 1.477
7.625% Series C Cumulative Redeemable Preferred Stock
Dividends Payable [Line Items]
Preferred dividends declared			$ 17,157	$ 17,157
Preferred series dividends declared, per share			$ 1.430	$ 1.430
7.50% Series D Cumulative Redeemable Preferred Stock
Dividends Payable [Line Items]
Preferred dividends declared			$ 25,875	$ 25,875
Preferred series dividends declared, per share			$ 1.406	$ 1.406
7.625% Series E Cumulative Redeemable Preferred Stock
Dividends Payable [Line Items]
Preferred dividends declared			$ 16,441	$ 4,811
Preferred series dividends declared, per share			$ 1.430	$ 0.477

Components of Company's Interes

Components of Company's Interest Income and Interest Expense (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Interest income:
Residential Investment Securities		$ 540,436	$ 493,226	$ 1,515,654	$ 1,203,793
Residential mortgage loans		8,509	1,608	19,790	1,608
Commercial investment portfolio	[1]	67,790	61,240	200,288	191,005
Reverse repurchase agreements		5,815	2,594	11,971	7,523
Total interest income		622,550	558,668	1,747,703	1,403,929
Interest expense:
Repurchase agreements		237,669	154,083	607,910	423,150
Securitized debt of consolidated VIEs		16,072	12,046	42,899	32,305
Participation sold			157	195	472
Other		15,196	7,868	38,639	18,429
Total interest expense		268,937	174,154	689,643	474,356
Net interest income		$ 353,613	$ 384,514	$ 1,058,060	$ 929,573
[1]	Includes commercial real estate debt, preferred equity and corporate debt.

Goodwill - Additional Informati

Goodwill - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2017		Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 71,815	[1]	$ 71,815	[2]
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Derived from the audited consolidated financial statements at December 31, 2016.

Schedule of Net Income (Loss) p

Schedule of Net Income (Loss) per Share Reconciliation (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Net income (loss)		$ 367,315	$ 730,880	$ 822,245	$ (415,697)
Net income (loss) attributable to noncontrolling interest		(232)	(336)	(437)	(883)
Net income (loss) attributable to Annaly		367,547	731,216	822,682	(414,814)
Dividends on preferred stock	[1]	30,355	22,803	77,301	58,787
Net income (loss) available (related) to common stockholders		$ 337,192	$ 708,413	$ 745,381	$ (473,601)
Weighted average shares of common stock outstanding-basic		1,072,566,395	1,007,607,893	1,037,033,076	953,301,855
Add: Effect of stock awards, if dilutive		474,242	355,513	412,101
Weighted average shares of common stock outstanding-diluted		1,073,040,637	1,007,963,406	1,037,445,177	953,301,855
Net income (loss) per share available (related) to common share:
Basic		$ 0.31	$ 0.70	$ 0.72	$ (0.50)
Diluted		$ 0.31	$ 0.70	$ 0.72	$ (0.50)
[1]	Includes cumulative and undeclared dividends on the Company's Series F Preferred Stock of $8.3 million for the three and nine months ended September 30, 2017.

Schedule of Net Income (Loss106

Schedule of Net Income (Loss) per Share Reconciliation (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Cumulative undeclared dividends	$ 8.3	$ 8.3	$ 0

Net Income (Loss) Per Common107

Net Income (Loss) Per Common Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Options to purchase common stock outstanding that would be considered anti-dilutive	0.8	1.1	0.8	1.1

Long-Term Stock Incentive Plans

Long-Term Stock Incentive Plans - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)Installmentshares	Sep. 30, 2016USD ($)
Long-Term Stock Incentive Plans:
Weighted average remaining contractual term of stock options outstanding, years	1 year	1 year 8 months 12 days
Weighted average remaining contractual term of stock options exercisable, years	1 year	1 year 8 months 12 days
Unrecognized compensation cost | $	$ 0	$ 0
Equity Incentive Plan 2010
Long-Term Stock Incentive Plans:
Long-term stock compensation - ceiling shares	25,000,000
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
Stock Options
Long-Term Stock Incentive Plans:
Long-term stock compensation - vesting period	4 years
Long-term stock compensation - vesting installments | Installment	4
Stock Options | Minimum
Long-Term Stock Incentive Plans:
Long-term stock compensation - contractual term	5 years
Stock Options | Maximum
Long-Term Stock Incentive Plans:
Long-term stock compensation - contractual term	10 years

Issued and Outstanding Stock Op

Issued and Outstanding Stock Options (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding at the beginning of period	1,125,625	1,168,775
Granted	0	0
Exercised	0	0
Forfeited	(117,000)	(6,400)
Expired	(199,500)	(36,750)
Options outstanding at the end of period	809,125	1,125,625
Options exercisable at the end of period	809,125	1,125,625
Options outstanding at the beginning of period, weighted average exercise price	$ 15.43	$ 15.34
Granted	0	0
Exercised	0	0
Forfeited	15.85	14.69
Expired	15.74	12.90
Options outstanding at the end of period, weighted average exercise price	15.29	15.43
Options exercisable at the end of period, exercise price	$ 15.29	$ 15.43

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Taxes:
REIT Taxable income distributed	100.00%
Income tax expense (benefit) attributable to TRSs	$ 1,371	$ (1,926)	$ 2,019	$ (2,839)
Years federal and state tax returns remain open for examination			2,014
Minimum
Income Taxes:
REIT Taxable income distributed	90.00%
Taxable REIT Subsidiary
Income Taxes:
Income tax expense (benefit) attributable to TRSs	$ 1,371	$ (1,926)	$ 2,019	$ (2,839)

Lease Commitments and Contin111

Lease Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Leases [Abstract]
Lease expense	$ 800	$ 800
Aggregate future minimum lease payments	$ 30,015

Lease Commitments and Contin112

Lease Commitments and Contingencies (Detail) $ in Thousands	Sep. 30, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Lease Commitment - 2017 remaining	$ 891
Lease Commitment - 2018	3,565
Lease Commitment - 2019	3,565
Lease Commitment - 2020	3,652
Lease Commitment - 2021	3,862
Lease Commitment - Later years	14,480
Aggregate future minimum lease payments	$ 30,015

RCap Regulatory Requirements -

RCap Regulatory Requirements - Additional Information (Detail) - RCap	Sep. 30, 2017USD ($)
RCAP Regulatory Requirements:
Minimum net capital requirement	$ 300,000
Regulatory net capital	394,800,000
Regulatory net capital, excess net capital	$ 394,500,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Compensation and management fee	$ 41,993	$ 38,709	$ 120,193	$ 111,754
Management Agreement
Basis for management fee			Amount equal to 1/12th of 1.05% of our stockholders' equity
Compensation and management fee	42,000	$ 38,700	$ 120,200	$ 111,800
Management fee payable	$ 13,800		$ 13,800		$ 11,200
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.
Management Agreement | Minimum
Management agreement, required period to terminate from the date of the notice			1 year

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Oct. 13, 2017	Oct. 11, 2017	Sep. 30, 2017		Oct. 31, 2017	Dec. 31, 2016		Jul. 12, 2016
Subsequent Event [Line Items]
Common Stock, shares authorized			1,917,837,500	[1]		1,945,437,500	[2]
7.875% Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred Stock, shares authorized			7,412,500	[1]		7,412,500	[2]
Preferred Stock, par value						$ 0.01
7.625% Series C Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred Stock, shares authorized			12,650,000	[1]		12,650,000	[2]
Preferred Stock, par value			$ 0.01			$ 0.01
6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred Stock, shares authorized			32,200,000	[1]		0	[2]
7.50% Series D Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred Stock, shares authorized			18,400,000	[1]		18,400,000	[2]
Preferred Stock, par value			$ 0.01			$ 0.01
7.625% Series E Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred Stock, shares authorized			11,500,000	[1]		11,500,000	[2]
Preferred Stock, par value			$ 0.01					$ 0.01
Over-Allotment Option
Subsequent Event [Line Items]
Gross proceeds on sale of common stock			$ 106.5
Stock Issued for underwriter			9,000,000
Subsequent Event
Subsequent Event [Line Items]
Common stock shares issued		65,000,000
Gross proceeds on sale of common stock		$ 780
Common Stock, shares authorized					2,000,000,000
Common Stock, shares authorized					1,929,300,000
Subsequent Event | 7.875% Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Authorized but unissued shares of preferred stock reclassified to undesignated common stock					7,412,500
Subsequent Event | 7.625% Series C Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Authorized but unissued shares of preferred stock reclassified to undesignated common stock					650,000
Preferred Stock, shares authorized					12,000,000
Subsequent Event | 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Authorized but unissued shares of preferred stock reclassified to undesignated common stock					3,400,000
Preferred Stock, shares authorized					28,800,000
Subsequent Event | 7.50% Series D Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred Stock, shares authorized					18,400,000
Preferred Stock, par value					$ 0.01
Subsequent Event | 7.625% Series E Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred Stock, shares authorized					11,500,000
Subsequent Event | Over-Allotment Option
Subsequent Event [Line Items]
Gross proceeds on sale of common stock	$ 77.4
option to purchase common stock for underwriters	9,750,000
Stock Issued for underwriter	6,450,700
[1]	As a result of a change to a clearing organization's rulebook effective January 3, 2017, beginning with the first quarter 2017 and in subsequent periods the Company is presenting the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. The variation margin was previously reported under cash and cash equivalents and is currently reported as a reduction to interest rate swaps, at fair value. Balances reported prior to the effective date will not be adjusted.
[2]	Derived from the audited consolidated financial statements at December 31, 2016.