Annaly Capital Management (NLY) 10-Q 3 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
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		1,159,697,587

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents (including cash pledged as collateral of $689,290 and $1,428,475, respectively)	[1]	$ 984,275	$ 706,589	[2]
Investments, at fair value:
Credit risk transfer securities (including pledged assets of $411,780 and $363,944, respectively)		628,942	651,764	[2]
Residential mortgage loans (including pledged assets of $723,705 and $314,746, respectively)	[3]	1,535,685	1,438,322	[2]
Mortgage servicing rights (including pledged assets of $5,153 and $5,224, respectively)		596,378	580,860	[2]
Commercial real estate debt investments (including pledged assets of $3,866,629 and $4,321,739, respectively)	[4]	2,960,323	3,089,108	[2]
Commercial real estate debt and preferred equity, held for investment (including pledged assets of $529,324 and $520,329, respectively)		1,081,295	1,029,327	[2]
Investments in commercial real estate		480,063	485,953	[2]
Corporate debt (including pledged assets of $666,682 and $600,049, respectively)		1,152,745	1,011,275	[2]
Interest rate swaps, at fair value		69,109	30,272	[2]
Other derivatives, at fair value		161,193	283,613	[2]
Reverse repurchase agreements		200,459	0	[2]
Receivable for investments sold		45,126	1,232	[2]
Accrued interest and dividends receivable		326,989	323,526	[2]
Other assets		421,448	384,117	[2]
Goodwill		71,815	71,815	[2]
Intangible assets, net		20,948	23,220	[2]
Total assets		100,382,233	101,760,050	[2]
Liabilities:
Repurchase agreements		78,015,431	77,696,343	[2]
Other secured financing		3,830,075	3,837,528	[2]
Securitized debt of consolidated VIEs	[5]	2,904,873	2,971,771	[2]
Mortgages payable		309,794	309,686	[2]
Interest rate swaps, at fair value		427,838	569,129	[2]
Other derivatives, at fair value		153,103	38,725	[2]
Dividends payable		347,897	347,876	[2]
Payable for investments purchased		91,327	656,581	[2]
Accrued interest payable		284,696	253,068	[2]
Accounts payable and other liabilities		74,264	207,770	[2]
Total liabilities		86,439,298	86,888,477	[2]
Stockholders’ Equity:
Common stock, par value $0.01 per share, 1,909,750,000 and 1,929,300,000 authorized, 1,159,657,350 and 1,159,585,078 issued and outstanding, respectively		11,597	11,596	[2]
Additional paid-in capital		17,218,191	17,221,265	[2]
Accumulated other comprehensive income (loss)		(3,000,080)	(1,126,020)	[2]
Accumulated deficit		(2,015,612)	(2,961,749)	[2]
Total stockholders’ equity		13,937,264	14,865,473	[2]
Noncontrolling interest		5,671	6,100	[2]
Total equity		13,942,935	14,871,573	[2]
Total liabilities and equity		100,382,233	101,760,050	[2]
Senior Secured mortgages of Consolidated VIE, fair value		2,700,000	2,800,000
Securitized debt of a consolidated VIE		2,904,873	2,971,771
Consolidated VIEs
ASSETS
Cash and cash equivalents (including cash pledged as collateral of $689,290 and $1,428,475, respectively)		43,200	42,300
Investments, at fair value:
Residential mortgage loans (including pledged assets of $723,705 and $314,746, respectively)		560,200	478,800
7.625% Series C Cumulative Redeemable Preferred Stock
Stockholders’ Equity:
Cumulative redeemable preferred stock		169,466	290,514	[2]
7.50% Series D Cumulative Redeemable Preferred Stock
Stockholders’ Equity:
Cumulative redeemable preferred stock		445,457	445,457	[2]
7.625% Series E Cumulative Redeemable Preferred Stock
Stockholders’ Equity:
Cumulative redeemable preferred stock		0	287,500	[2]
6.95% Series F Cumulative Redeemable Preferred Stock
Stockholders’ Equity:
Cumulative redeemable preferred stock		696,910	696,910	[2]
6.50% Series G Cumulative Redeemable Preferred Stock
Stockholders’ Equity:
Cumulative redeemable preferred stock		411,335	0	[2]
Non-Agency Mortgage-backed Securities
Investments, at fair value:
Mortgage-backed securities, including pledged assets	[6]	1,066,343	1,097,294	[2]
Non-Agency Mortgage-backed Securities | Consolidated VIEs
Investments, at fair value:
Mortgage-backed securities, including pledged assets		61,300	66,300
Agency Mortgage-Backed Securities
Investments, at fair value:
Mortgage-backed securities, including pledged assets		88,579,097	90,551,763	[2]
Liabilities:
Repurchase agreements		$ 76,963,498	$ 76,703,981
[1]	Includes cash of consolidated Variable Interest Entities (“VIEs”) of $43.2 million and $42.3 million at March 31, 2018 and December 31, 2017, respectively.
[2]	Derived from the audited consolidated financial statements at December 31, 2017.
[3]	Includes securitized residential mortgage loans transferred or pledged to a consolidated VIE carried at fair value of $560.2 million and $478.8 million at March 31, 2018 and December 31, 2017, respectively.
[4]	Includes senior securitized commercial mortgage loans of consolidated VIEs carried at fair value of $2.7 billion and $2.8 billion at March 31, 2018 and December 31, 2017, respectively.
[5]	Includes securitized debt of consolidated VIEs carried at fair value of $2.9 billion and $3.0 billion at March 31, 2018 and December 31, 2017, respectively.
[6]	Includes $61.3 million and $66.3 million at March 31, 2018 and December 31, 2017, 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 (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Cash pledged as collateral	$ 884,667	$ 579,213
Credit risk transfer securities, pledged assets	411,780	363,944
Residential mortgage loans, pledged assets	1,376,883	1,169,496
Mortgage servicing rights, pledged assets	5,153	5,224
Commercial real estate debt investments, pledged assets	2,900,098	3,070,993
Commercial real estate debt and preferred equity, held for investment, pledged assets	529,324	520,329
Corporate debt, pledged assets	$ 666,682	$ 600,049
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	1,909,750,000	1,929,300,000
Common Stock, shares issued (in shares)	1,159,657,350	1,159,585,078
Common Stock, shares outstanding (in shares)	1,159,657,350	1,159,585,078
7.625% Series C Cumulative Redeemable Preferred Stock
Preferred Stock dividend rate, percentage	7.625%	7.625%
Cumulative redeemable preferred stock, shares authorized (in shares)	12,000,000	12,000,000
Cumulative redeemable preferred stock, shares issued (in shares)	7,000,000	12,000,000
Cumulative redeemable preferred stock, shares outstanding (in shares)	7,000,000	12,000,000
7.50% Series D Cumulative Redeemable Preferred Stock
Preferred Stock dividend rate, percentage	7.50%	7.50%
Cumulative redeemable preferred stock, shares authorized (in shares)	18,400,000	18,400,000
Cumulative redeemable preferred stock, shares issued (in shares)	18,400,000	18,400,000
Cumulative redeemable preferred stock, shares outstanding (in shares)	18,400,000	18,400,000
7.625% Series E Cumulative Redeemable Preferred Stock
Preferred Stock dividend rate, percentage	7.625%	7.625%
Cumulative redeemable preferred stock, shares authorized (in shares)	11,500,000	11,500,000
Cumulative redeemable preferred stock, shares issued (in shares)	0	11,500,000
Cumulative redeemable preferred stock, shares outstanding (in shares)	0	11,500,000
6.95% Series F Cumulative Redeemable Preferred Stock
Preferred Stock dividend rate, percentage	6.95%	6.95%
Cumulative redeemable preferred stock, shares authorized (in shares)	28,800,000	28,800,000
Cumulative redeemable preferred stock, shares issued (in shares)	28,800,000	28,800,000
Cumulative redeemable preferred stock, shares outstanding (in shares)	28,800,000	28,800,000
6.50% Series G Cumulative Redeemable Preferred Stock
Preferred Stock dividend rate, percentage	6.50%	6.50%
Cumulative redeemable preferred stock, shares authorized (in shares)	19,550,000	0
Cumulative redeemable preferred stock, shares issued (in shares)	17,000,000	0
Cumulative redeemable preferred stock, shares outstanding (in shares)	17,000,000	0
Non-Agency Mortgage-backed Securities
Mortgage-backed securities, pledged assets	$ 499,271	$ 516,078
Agency Mortgage-Backed Securities
Mortgage-backed securities, pledged assets	$ 83,893,493	$ 83,628,132

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Net interest income:
Interest income		$ 879,487	$ 587,727
Interest expense		367,421	198,425
Net interest income		512,066	389,302
Realized and unrealized gains (losses):
Realized gains (losses) on interest rate swaps	[1]	(48,160)	(104,156)
Realized gains (losses) on termination or maturity of interest rate swaps		834	0
Unrealized gains (losses) on interest rate swaps		977,285	149,184
Subtotal		929,959	45,028
Net gains (losses) on disposal of investments		13,468	5,235
Net gains (losses) on trading assets		(47,145)	319
Net unrealized gains (losses) on investments measured at fair value through earnings		(51,593)	23,683
Subtotal		(85,270)	29,237
Total realized and unrealized gains (losses)		844,689	74,265
Other income (loss):
Other income (loss)		34,023	31,646
Total other income (loss)		34,023	31,646
General and administrative expenses:
Compensation and management fee		44,529	39,262
Other general and administrative expenses		17,981	14,566
Total general and administrative expenses		62,510	53,828
Income (loss) before income taxes		1,328,268	441,385
Income taxes		564	977
Net income (loss)		1,327,704	440,408
Net income (loss) attributable to noncontrolling interest		(96)	(103)
Net income (loss) attributable to Annaly		1,327,800	440,511
Dividends on preferred stock		33,766	23,473
Net income (loss) available (related) to common stockholders		$ 1,294,034	$ 417,038
Net income (loss) per share available (related) to common stockholders:
Basic (in dollars per share)		$ 1.12	$ 0.41
Diluted (in dollars per share)		$ 1.12	$ 0.41
Weighted average number of common shares outstanding:
Basic (in shares)		1,159,617,848	1,018,942,746
Diluted (in shares)		1,160,103,185	1,019,307,379
Dividends declared per share of common stock (in dollars per share)		$ 0.3	$ 0.30
Net income (loss)		$ 1,327,704	$ 440,408
Other comprehensive income (loss):
Unrealized gains (losses) on available-for-sale securities		(1,879,479)	(59,615)
Reclassification adjustment for net (gains) losses included in net income (loss)		5,419	19,417
Other comprehensive income (loss)		(1,874,060)	(40,198)
Comprehensive income (loss)		(546,356)	400,210
Comprehensive income (loss) attributable to noncontrolling interest		(96)	(103)
Comprehensive income (loss) attributable to Annaly		(546,260)	400,313
Comprehensive income (loss) attributable to common stockholders		$ (580,026)	$ 376,840
[1]	Consists of interest expense on interest rate swaps.

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total		Common stock par value	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit	Total stockholders' equity	Noncontrolling interest	7.875% Series A Cumulative Redeemable Preferred Stock	7.875% Series A Cumulative Redeemable Preferred StockPreferred Stock	7.875% Series A Cumulative Redeemable Preferred StockAccumulated deficit	7.875% Series A Cumulative Redeemable Preferred StockTotal stockholders' equity	7.625% Series C Cumulative Redeemable Preferred Stock		7.625% Series C Cumulative Redeemable Preferred StockPreferred Stock	7.625% Series C Cumulative Redeemable Preferred StockAccumulated deficit		7.625% Series C Cumulative Redeemable Preferred StockTotal stockholders' equity		7.50% Series D Cumulative Redeemable Preferred Stock	7.50% Series D Cumulative Redeemable Preferred StockPreferred Stock	7.50% Series D Cumulative Redeemable Preferred StockAccumulated deficit	7.50% Series D Cumulative Redeemable Preferred StockTotal stockholders' equity	7.625% Series E Cumulative Redeemable Preferred Stock	7.625% Series E Cumulative Redeemable Preferred StockPreferred Stock	7.625% Series E Cumulative Redeemable Preferred StockAccumulated deficit	7.625% Series E Cumulative Redeemable Preferred StockTotal stockholders' equity	6.95% Series F Cumulative Redeemable Preferred Stock	6.95% Series F Cumulative Redeemable Preferred StockPreferred Stock	6.95% Series F Cumulative Redeemable Preferred StockAccumulated deficit	6.95% Series F Cumulative Redeemable Preferred StockTotal stockholders' equity	6.50% Series G Cumulative Redeemable Preferred Stock	6.50% Series G Cumulative Redeemable Preferred StockPreferred Stock	6.50% Series G Cumulative Redeemable Preferred StockAccumulated deficit	6.50% Series G Cumulative Redeemable Preferred StockTotal stockholders' equity
Beginning balance at Dec. 31, 2016	$ 12,575,972		$ 10,189	$ 15,579,342	$ (1,085,893)	$ (3,136,017)	$ 12,568,180	$ 7,792		$ 177,088					$ 290,514						$ 445,457				$ 287,500				$ 0				$ 0
Net income (loss) attributable to Annaly	440,511					440,511	440,511
Net income (loss) attributable to noncontrolling interest	(103)							(103)
Unrealized gains (losses) on available-for-sale securities	(59,615)				(59,615)		(59,615)
Reclassification adjustment for net (gains) losses included in net income (loss)	19,417				19,417		19,417
Stock compensation expense	101			101			101
Net proceeds from direct purchase and dividend reinvestment	596		1	595			596
Equity contributions from (distributions to) noncontrolling interest	(366)							(366)
Preferred dividends declared									$ (3,648)		$ (3,648)	$ (3,648)	$ (5,719)			$ (5,719)		$ (5,719)		$ (8,625)		$ (8,625)	$ (8,625)	$ (5,481)		$ (5,481)	$ (5,481)	$ 0				$ 0
Common dividends declared, $0.90 per share	(305,691)					(305,691)	(305,691)
Ending balance at Mar. 31, 2017	12,647,349		10,190	15,580,038	(1,126,091)	(3,024,670)	12,640,026	7,323		177,088					290,514						445,457				287,500				0				0
Beginning balance at Dec. 31, 2017	14,871,573	[1]	11,596	17,221,265	(1,126,020)	(2,961,749)	14,865,473	6,100		0					290,514						445,457				287,500				696,910				0
Net income (loss) attributable to Annaly	1,327,800					1,327,800	1,327,800
Net income (loss) attributable to noncontrolling interest	(96)							(96)
Unrealized gains (losses) on available-for-sale securities	(1,879,479)				(1,879,479)		(1,879,479)
Reclassification adjustment for net (gains) losses included in net income (loss)	5,419				5,419		5,419
Stock compensation expense	133			133			133
Redemption of Preferred Stock	(412,500)			(3,952)			(412,500)						(125,000)		(121,048)									(287,500)	(287,500)
Net proceeds from direct purchase and dividend reinvestment	746		1	745			746
Net proceeds from issuance of stock	411,335						411,335																										411,335
Equity contributions from (distributions to) noncontrolling interest	(333)							(333)
Preferred dividends declared									$ 0				$ (4,316)	[2]		$ (4,316)	[2]	$ (4,316)	[2]	$ (8,625)		$ (8,625)	$ (8,625)	$ (2,253)		$ (2,253)	$ (2,253)	$ (12,510)		$ (12,510)	$ (12,510)	$ (6,062)		$ (6,062)	$ (6,062)
Common dividends declared, $0.90 per share	(347,897)					(347,897)	(347,897)
Ending balance at Mar. 31, 2018	$ 13,942,935		$ 11,597	$ 17,218,191	$ (3,000,080)	$ (2,015,612)	$ 13,937,264	$ 5,671		$ 0					$ 169,466						$ 445,457				$ 0				$ 696,910				$ 411,335
[1]	Derived from the audited consolidated financial statements at December 31, 2017.
[2]	Represents dividends declared per share for shares outstanding at March 31, 2018.

CONSOLIDATED STATEMENTS OF STO6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Dividends declared per share of common stock (in dollars per share)	$ 0.3	$ 0.30
7.875% Series A Cumulative Redeemable Preferred Stock
Preferred Stock dividend rate, percentage	7.875%	7.875%	7.875%
Preferred series dividends declared, per share (in dollars per share)	$ 0	$ 0.492
7.625% Series C Cumulative Redeemable Preferred Stock
Preferred Stock dividend rate, percentage	7.625%	7.625%	7.625%
Preferred series dividends declared, per share (in dollars per share)	$ 0.477	$ 0.477
7.50% Series D Cumulative Redeemable Preferred Stock
Preferred Stock dividend rate, percentage	7.50%	7.50%	7.50%
Preferred series dividends declared, per share (in dollars per share)	$ 0.469	$ 0.469
7.625% Series E Cumulative Redeemable Preferred Stock
Preferred Stock dividend rate, percentage	7.625%	7.625%	7.625%
Preferred series dividends declared, per share (in dollars per share)	$ 0.196	$ 0.477
6.95% Series F Cumulative Redeemable Preferred Stock
Preferred Stock dividend rate, percentage	6.95%	6.95%	6.95%
Preferred series dividends declared, per share (in dollars per share)	$ 0.434	$ 0
6.50% Series G Cumulative Redeemable Preferred Stock
Preferred Stock dividend rate, percentage	6.50%	6.50%	6.50%
Preferred series dividends declared, per share (in dollars per share)	$ 0.357	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ 1,327,704	$ 440,408
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of premiums and discounts of investments, net	92,976	201,590
Amortization of securitized debt premiums and discounts and deferred financing costs	408	340
Depreciation, amortization and other noncash expenses	5,822	7,006
Net (gains) losses on disposals of investments	(13,468)	(5,235)
Net (gains) losses on investments and derivatives	(878,547)	(173,186)
Income from unconsolidated joint ventures	618	1,031
Payments on purchases of loans held for sale	(37,190)	(54,234)
Proceeds of sales and repayments of loans held for sale	30,178	144,890
Net payments on derivatives	951,021	(738,872)
Net change in:
Other assets	(42,361)	(52,903)
Accrued interest and dividends receivable	(2,963)	3,294
Accrued interest payable	31,628	19,465
Accounts payable and other liabilities	(132,910)	(15,995)
Net cash provided by (used in) operating activities	1,332,916	(222,401)
Cash flows from investing activities:
Payments on purchases of Residential Investment Securities	(3,718,947)	(2,043,364)
Proceeds from sales of Residential Investment Securities	463,214	1,787,574
Principal payments on Residential Investment Securities	2,696,245	2,952,739
Purchase of MSRs	(249)	(7,210)
Payments on purchases of corporate debt	(230,103)	(91,749)
Principal payments on corporate debt	92,820	44,418
Originations and purchases of commercial real estate related assets	(91,647)	(142,738)
Proceeds from sales on commercial real estate related assets	9,556	11,960
Principal repayments on commercial real estate related assets	130,555	370,689
Proceeds from reverse repurchase agreements	20,050,112	21,015,000
Payments on reverse repurchase agreements	(20,250,571)	(21,015,000)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	2,813	2,042
Payments on purchases of residential mortgage loans held for investment	(167,124)	(375,367)
Proceeds from repayments from residential mortgage loans held for investment	67,384	28,308
Payments on purchases of equity securities	0	(2,104)
Net cash provided by (used in) investing activities	(945,942)	2,535,198
Cash flows from financing activities:
Proceeds from repurchase agreements and other secured financing	1,299,589,620	783,704,227
Principal payments on repurchase agreements and other secured financing	(1,299,277,944)	(786,209,502)
Proceeds from issuance of securitized debt	279,203	0
Principal repayments on securitized debt	(317,773)	(197,749)
Payment of deferred financing cost	0	(1,079)
Net proceeds from stock offerings, direct purchases and dividend reinvestments	412,081	596
Redemption of preferred stock	(412,500)	0
Principal payments on participation sold	0	(84)
Principal payments on mortgages payable	0	(18)
Net contributions/(distributions) from/(to) noncontrolling interests	(333)	(366)
Dividends paid	(381,642)	(329,147)
Net cash provided by (used in) financing activities	(109,288)	(3,033,122)
Net (decrease) increase in cash and cash equivalents	277,686	(720,325)
Cash and cash equivalents including cash pledged as collateral, beginning of period	706,589	1,539,746
Cash and cash equivalents including cash pledged as collateral, end of period	984,275	819,421
Supplemental disclosure of cash flow information:
Interest received	1,017,534	787,971
Interest paid (excluding interest paid on interest rate swaps)	320,988	223,109
Net interest paid on interest rate swaps	39,206	77,192
Taxes paid	2	0
Noncash investing activities:
Receivable for investments sold	45,126	354,126
Payable for investments purchased	91,327	340,383
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	(1,874,060)	(40,198)
Noncash financing activities:
Dividends declared, not yet paid	$ 347,897	$ 305,691

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS	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 and to preserve capital through 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 primarily 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 residential mortgage 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	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
BASIS OF PRESENTATION	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, 2017 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, 2017 . 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	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation – The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company reclassified previously presented financial information to conform to the current presentation. Variable Interest Entities – A VIE is defined as an entity in which equity investors (i) do not have the characteristics of a controlling financial interest, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A variable interest is an investment or other interest that will absorb portions of a VIE’s expected losses or receive portions of the entity’s expected residual returns . The Company has evaluated all of its investments in legal entities in order to determine if they are variable interests in VIEs. A VIE is required to be consolidated by its primary beneficiary, which is defined as the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. 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 party that makes the most significant decisions affecting the VIE or has the right to unilaterally remove those decision makers is deemed to have the power to direct the activities of the 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; and relative share of interests held across various classes within the VIE’s capital structure. 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 to change. Use of Estimates – The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Cash and Cash Equivalents – Cash and cash equivalents include cash on hand, cash held in money market funds on an overnight basis and cash pledged as collateral with counterparties. Cash deposited with clearing organizations is carried at cost, which approximates fair value. The Company also maintains collateral in the form of cash on margin with counterparties to its interest rate swaps and other derivatives. In accordance with a clearing organization’s rulebook, the Company presents the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. At March 31, 2018 , $873.4 million of variation margin was reported as a reduction to interest rate swaps, at fair value. RCap Securities, Inc., the Company’s wholly-owned broker-dealer (“RCap”) is a member of various clearing organizations with which it maintains cash required to conduct its day-to-day clearance activities. Cash and securities deposited with clearing organizations and collateral held in the form of cash on margin with counterparties to the Company’s interest rate swaps and other derivatives totaled $884.7 million and $579.2 million at March 31, 2018 and December 31, 2017 , respectively. Fair Value Measurements – The Company reports various financial instruments at fair value. A complete discussion of the methodology utilized by the Company to estimate the fair value of certain financial instruments is included in these Notes to Consolidated Financial Statements. Revenue Recognition – The revenue recognition policy by asset class is discussed below. Agency Mortgage-Backed Securities, Agency Debentures, Non-Agency Mortgage-Backed Securities and Credit Risk Transfer Securities – The Company invests in mortgage pass-through certificates, collateralized mortgage obligations and other mortgage-backed securities representing interests in or obligations backed by pools of residential or multifamily mortgage loans and certificates guaranteed by the Government National Mortgage Association (“Ginnie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”) or the Federal National Mortgage Association (“Fannie Mae”) (collectively, “Agency mortgage-backed securities”). These Agency mortgage-backed securities may include forward contracts for Agency mortgage-backed securities purchases or sales of a generic pool, on a to-be-announced basis (“TBA securities”). The Company also invests in Agency debentures issued by the Federal Home Loan Banks, Freddie Mac and Fannie Mae, as well as CRT securities. CRT securities are risk sharing instruments issued by Fannie Mae and Freddie Mac, and similarly structured transactions arranged by third party market participants. CRT securities are designed to synthetically transfer mortgage credit risk from Fannie Mae and Freddie Mac to private investors. The Company also invests in non-Agency mortgage-backed securities such as those issued in non-performing loan (“NPL”) and re-performing loan (“RPL”) securitizations. Agency mortgage-backed securities, Agency debentures, non-Agency mortgage-backed securities and CRT securities are referred to herein as “Residential Investment Securities.” Although the Company generally intends to hold most of its Residential Investment Securities until maturity, it may, from time to time, sell any of its Residential Investment Securities as part of the overall management of its portfolio. Residential Investment Securities classified as available-for-sale are reported at fair value with unrealized gains and losses reported as a component of Other comprehensive income (loss) unless the Company has elected the fair value option, where the unrealized gains and losses on these financial instruments are recorded through earnings. 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, reverse mortgages and 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, reverse mortgages and 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 multifamily 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, reverse mortgages 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. The following table 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) Reverse mortgages (2) Prospective Interest-only (2) Prospective Residential Credit CRT (2) Prospective Alt-A (2) Prospective Prime (2) Prospective Subprime (2) Prospective NPL/RPL (2) Prospective Prime Jumbo (2) Prospective Prime Jumbo interest-only (2) 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 – The Company’s residential mortgage loans are primarily comprised of performing adjustable-rate and fixed-rate whole loans. Additionally, the Company consolidates a collateralized financing entity that securitized prime adjustable-rate jumbo residential mortgage loans. The Company also consolidates a securitization trust in which it had purchased subordinated securities because it also has certain powers and rights to direct the activities of such trust. Please refer to the “Variable Interest Entities” Note for further information related to the Company’s consolidated Residential Mortgage Loan Trusts. The Company made elections to account for the investments in residential mortgage loans held in its portfolio and in the securitization trusts at fair value as these elections simplify the accounting. Residential mortgage loans are recognized at fair value on the accompanying Consolidated Statements of Financial Condition. Changes in the estimated fair value are presented in Net unrealized gains (losses) on investments measured at fair value through earnings in the Consolidated Statements of Comprehensive Income (Loss). Premiums and discounts associated with the purchase of residential mortgage loans and with those held in the securitization trusts 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 March 31, 2018 or December 31, 2017 other than real estate held by securitization trusts that the Company was required to consolidate. 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 represent the rights associated with servicing pools of residential mortgage loans, which the Company intends to hold as investments. The Company and its subsidiaries do not originate or directly service mortgage loans. Rather, these activities are carried out by duly licensed subservicers who perform substantially all servicing functions for the loans underlying the MSRs. The Company elected to account for all of its investments in MSRs at fair value. As such, they are recognized at fair value on the accompanying Consolidated Statements of Financial Condition with changes in the estimated fair value presented as a component of Net unrealized gains (losses) on investments measured at fair value through earnings in the Consolidated Statements of Comprehensive Income (Loss). Servicing income, net of servicing expenses, is reported in Other income (loss) in the Consolidated Statements of Comprehensive Income (Loss). Equity Securities – The Company may invest in equity securities that are not accounted for under the equity method or do not result in consolidation. These equity securities are required to be reported at fair value with unrealized gains and losses reported in the Consolidated Statements of Comprehensive Income (Loss) as Net gains (losses) on trading assets, unless the securities do not have readily determinable fair values. For such equity securities without readily determinable fair values, the Company has elected to apply the measurement alternative and carry the securities at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. For equity securities carried at fair value through earnings, dividends are recorded in earnings on the declaration date. Dividends from equity securities without readily determinable fair values are recognized as income when received to the extent they are distributed from net accumulated earnings. Derivative Instruments – The Company may use a variety of derivative instruments to economically hedge some of its exposure to market risks, including interest rate and prepayment risk. These instruments include, but are not limited to, interest rate swaps, options to enter into interest rate swaps (“swaptions”), TBA securities without intent to accept delivery (“TBA derivatives”), options on TBA securities (“MBS options”), U.S. Treasury and Eurodollar futures contracts and certain forward purchase commitments. The Company may also enter into other types of mortgage derivatives such as interest-only securities, credit derivatives referencing the commercial mortgage-backed securities index and synthetic total return swaps. Derivatives are accounted for in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging , which requires recognition of all derivatives as either assets or liabilities at fair value in the Consolidated Statements of Financial Condition with changes in fair value recognized in the Consolidated Statements of Comprehensive Income (Loss). The changes in the estimated fair value are presented within Net gains (losses) on trading assets with the exception of interest rate swaps which are separately presented. None of the Company’s derivative transactions have been designated as hedging instruments for accounting purposes. Some derivative agreements contain provisions that allow for netting or setting off by counterparty; however, the Company elected to present related assets and liabilities on a gross basis in the Consolidated Statements of Financial Condition. Interest Rate Swap Agreements – Interest rate swap agreements are the primary instruments used to mitigate interest rate risk. In particular, the Company uses interest rate swap agreements to manage its exposure to changing interest rates on its repurchase agreements by economically hedging cash flows associated with these borrowings. Interest rate swap agreements may or may not be cleared through a derivatives clearing organization (“DCO”). Uncleared interest rate swaps are fair valued using internal pricing models and compared to the counterparty market values. Centrally cleared interest rate swaps are fair valued using internal pricing models and compared to the DCO’s market values. We may use market agreed coupon (“MAC”) interest rate swaps in which we may receive or make a payment at the time of entering into the swap to compensate for the out of the market nature of such interest rate swap. MAC interest rate swaps are also centrally cleared and fair valued using internal pricing models and compared to the DCO’s market value. Swaptions – Swaptions are purchased or sold to mitigate the potential impact of increases or decreases in interest rates. Interest rate swaptions provide the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future. They are not centrally cleared. The premium paid or received for swaptions is reported as an asset or liability in the Consolidated Statements of Financial Condition. If a swaption expires unexercised, the realized gain (loss) on the swaption would be equal to the premium received or paid. If the Company sells or exercises a swaption, the realized gain or loss on the swaption would be equal to the difference between the cash received or the fair value of the underlying interest rate swap received and the premium paid. The fair value of swaptions is estimated using internal pricing models and compared to the counterparty market value. TBA Dollar Rolls – TBA dollar roll transactions are accounted for as a series of derivative transactions. The fair value of TBA derivatives is based on methods similar to those used to value Agency mortgage-backed securities. MBS Options – MBS options are generally options on TBA contracts, which help manage mortgage market risks and volatility while providing the potential to enhance returns. MBS options are over-the-counter traded instruments and those written on current-coupon mortgage-backed securities are typically the most liquid. MBS options are measured at fair value using internal pricing models and compared to the counterparty market value at the valuation date. Futures Contracts – Futures contracts are derivatives that track the prices of specific assets or benchmark rates. Short sales of futures contracts help to mitigate the potential impact of changes in interest rates on the portfolio performance. The Company maintains margin accounts which are settled daily with Futures Commission Merchants (“FCMs”). The margin requirement varies based on the market value of the open positions and the equity retained in the account. Futures contracts are fair valued based on exchange pricing. Forward Purchase Commitments – The Company may enter into forward purchase commitments with counterparties whereby the Company commits to purchasing residential mortgage loans at a particular price, provided the residential mortgage loans close with the counterparties. The counterparties are required to deliver the committed loans on a “best efforts” basis. Goodwill and Intangible Assets – The Company’s acquisitions are accounted for using the acquisition method. Under the acquisition method, net assets and results of operations of acquired companies are included in the consolidated financial statements from the date of acquisition. The purchase prices are allocated to the assets acquired, including identifiable intangible assets, and the liabilities assumed based on their estimated fair values at the date of acquisition. The excess of purchase price over the fair value of the net assets acquired is recognized as goodwill. Conversely, any excess of the fair value of the net assets acquired over the purchase price is recognized as a bargain purchase gain. 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. Reverse Repurchase and Repurchase Agreements – The Company finances the acquisition of a significant portion of its assets with repurchase agreements. At the inception of each transaction, the Company assesses each of the specified criteria in ASC 860, Transfers and Servicing , and has determined that each of the financing agreements meet the specified criteria in this guidance. 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 and cash flows on reverse repurchase agreements as investing activities in the Consolidated Statements of Cash Flows. Stock Based Compensation – The Company is required to measure and recognize in the consolidated financial statements the compensation cost relating to share-based payment transactions. The Company recognizes compensation expense on a straight-line basis over the requisite service period for the entire award. Income Taxes – The Company has elected to be taxed as a REIT and intends to comply with the provisions of the Code, with respect thereto. Accordingly, the Company will not be subject to federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and stock ownership tests are met. The Company and certain of its direct and indirect subsidiaries, including RCap and certain subsidiaries of ACREG and Hatteras Financial Corp., have made separate joint elections to treat these subsidiaries as taxable REIT subsidiaries (“TRSs”). As such, each of these TRSs is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon their taxable income. The provisions of ASC 740, Income Taxes (“ASC 740”), clarify the accounting for uncertainty in income taxes recognized in financial statements and prescribe a recognition threshold and measurement attribute for uncertain tax positions taken or expected to be taken on a tax return. ASC 740 also requires that interest and penalties related to unrecognized tax benefits be recognized in the financial statements. The Company does not have any unrecognized tax benefits that would affect its financial position. Thus, no accruals for penalties and interest were necessary at March 31, 2018 and December 31, 2017 . Commercial Real Estate Investments Commercial Real Estate Debt Investments – The Company’s commercial real estate debt investments are comprised of commercial mortgage-backed securities and loans held by consolidated collateralized financing entities. Commercial mortgage-backed securities are classified as available-for-sale and reported at fair value with unrealized gains and losses reported as a component of Other comprehensive income (loss), except for conduit commercial mortgage-backed securities for which the Company has elected to fair value through earnings to simplify the accounting. Management evaluates commercial mortgage-backed securities, excluding conduit commercial mortgage-backed securities, for other-than-temporary impairment at least quarterly. See the “Commercial Real Estate Investments” Note for additional information regarding the consolidated collateralized financing entities. Commercial Real Estate Loans and Preferred Equity Interests (collectively referred to as “CRE Debt and Preferred Equity Investments”) – The Company’s commercial real estate loans are comprised of fixed-rate and adjustable-rate loans. The Company designates loans as held for investment if it has the intent and ability to hold the loans until maturity or payoff. The difference between the principal amount of a loan and proceeds at acquisition is recorded as either a discount or premium. Commercial real estate loans that are designated as held for investment and are originated or purchased by the Company are carried at their outstanding principal balance, net of unamortized origination fees and costs, premiums or discounts, less an allowance for losses if necessary. Origination fees and costs, premiums or discounts are amortized into interest income over the life of the loan. 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 carried at historical cost less accumulated depreciation. Historical cost includes all costs necessary to bring the asset to the condition and location necessary for its intended use, including financing during the construction period. Costs directly related to acquisitions deemed to be business combinations are expensed. Ordinary repairs and maintenance which are not reimbursed by tenants are expensed as incurred. Major replacements and improvements that extend the useful life of the asset are capitalized and depreciated over their useful life. 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 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 – Interest income is accrued based on the outstanding principal amount of CRE Debt and Preferred Equity Investments and their contractual terms. Origination fees and costs, premiums or discounts associated with the purchase of CRE Debt and Preferred Equity Investments are amortized or accreted into interest income over the lives of the CRE Debt and Preferred Equity Investments using the effective interest method. Corporate Debt Corporate Loans – The Company’s investments in corporate loans are designated as held for investment when the Company has the intent and ability to hold the investment until maturity or payoff. These investments are carried at their principal balance outstanding plus any premiums or discounts less allowances for loan losses. Interest income from coupon payments is accrued based upon the outstanding principal amounts of the debt and its contractual terms. Premiums and discounts are amortized or accreted into interest income using the effective interest method. These investments typically take the form of senior secured loans primarily in first or second lien positions. The Company’s senior secured loans generally have stated maturities of three to eight years. In connection with these senior secured loans the Company receives a security interest in certain of the assets of the borrower and such assets support repayment of such loans. Senior secured loans are generally exposed to less amount of credit risk than more junior loans given their seniority to scheduled principal and interest and priority of security in the assets of the borrower. To date, the significant majority of the

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2018
Investments, All Other Investments [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS The following table presents characteristics for certain of the Company’s financial instruments at March 31, 2018 and December 31, 2017 . Financial Instruments (1) Balance Sheet Location Form Measurement Basis March 31, 2018 December 31, 2017 (dollars in thousands) Assets Agency mortgage-backed securities Securities Fair value, with unrealized gains (losses) through other comprehensive income $ 87,519,400 $ 89,426,437 Agency mortgage-backed securities Securities Fair value, with unrealized gains (losses) through earnings 1,059,697 1,125,326 Total agency mortgage-backed securities 88,579,097 90,551,763 Credit risk transfer securities Securities Fair value, with unrealized gains (losses) through earnings 628,942 651,764 Non-agency mortgage-backed securities Securities Fair value, with unrealized gains (losses) through earnings 1,066,343 1,097,294 Residential mortgage loans Loans Fair value, with unrealized gains (losses) through earnings 1,535,685 1,438,322 Commercial real estate debt investments Loans Fair value, with unrealized gains (losses) through earnings 2,695,513 2,826,357 Commercial real estate debt investments Securities Fair value, with unrealized gains (losses) through other comprehensive income 238,490 244,636 Commercial real estate debt investments Securities Fair value, with unrealized gains (losses) through earnings 26,320 18,115 Total commercial real estate debt investments 2,960,323 3,089,108 Commercial real estate debt and preferred equity, held for investment Loans Amortized cost 1,081,295 1,029,327 Corporate debt Loans Amortized cost 1,152,745 1,011,275 Reverse repurchase agreements Reverse repurchase agreements Amortized cost 200,459 — Liabilities Repurchase agreements Repurchase agreements Amortized cost 78,015,431 77,696,343 Other secured financing Loans Amortized cost 3,830,075 3,837,528 Securitized debt of consolidated VIEs Securities Fair value, with unrealized gains (losses) through earnings 2,904,873 2,971,771 Mortgages payable Loans Amortized cost 309,794 309,686 (1) Receivable for investments sold, Accrued interest and dividends receivable, Dividends payable, Payable for investments purchased and Accrued interest payable are accounted for at cost.

RESIDENTIAL INVESTMENT SECURITI

RESIDENTIAL INVESTMENT SECURITIES	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
RESIDENTIAL INVESTMENT SECURITIES	RESIDENTIAL INVESTMENT SECURITIES The following tables present the Company’s Residential Investment Securities portfolio that was carried at their fair value at March 31, 2018 and December 31, 2017 : March 31, 2018 Principal / Notional Remaining Premium Remaining Discount Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Agency (dollars in thousands) Fixed-rate pass-through $ 78,830,362 $ 4,563,295 $ (1,624 ) $ 83,392,033 $ 62,602 $ (2,906,925 ) $ 80,547,710 Adjustable-rate pass-through 6,321,714 292,681 (1,313 ) 6,613,082 12,301 (152,751 ) 6,472,632 Interest-only 6,656,130 1,296,294 — 1,296,294 2,593 (278,896 ) 1,019,991 Multifamily 510,063 4,730 (1,189 ) 513,604 211 (14,757 ) 499,058 Reverse mortgages 35,464 4,411 — 39,875 — (169 ) 39,706 Total Agency investments $ 92,353,733 $ 6,161,411 $ (4,126 ) $ 91,854,888 $ 77,707 $ (3,353,498 ) $ 88,579,097 Residential Credit CRT $ 579,077 $ 27,299 $ (1,215 ) $ 605,161 $ 24,195 $ (414 ) $ 628,942 Alt-A 200,819 498 (33,609 ) 167,708 12,542 (211 ) 180,039 Prime 222,366 345 (24,870 ) 197,841 17,041 (54 ) 214,828 Subprime 516,223 1,998 (75,243 ) 442,978 50,320 (792 ) 492,506 NPL/RPL 39,286 14 (94 ) 39,206 366 — 39,572 Prime Jumbo (>= 2010 Vintage) 125,902 614 (3,929 ) 122,587 195 (1,582 ) 121,200 Prime Jumbo (>= 2010 Vintage) Interest-Only 939,627 14,516 — 14,516 3,682 — 18,198 Total residential credit investments $ 2,623,300 $ 45,284 $ (138,960 ) $ 1,589,997 $ 108,341 $ (3,053 ) $ 1,695,285 Total Residential Investment Securities $ 94,977,033 $ 6,206,695 $ (143,086 ) $ 93,444,885 $ 186,048 $ (3,356,551 ) $ 90,274,382 December 31, 2017 Principal / Notional Remaining Premium Remaining Discount Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Agency (dollars in thousands) Fixed-rate pass-through $ 78,509,335 $ 4,514,815 $ (1,750 ) $ 83,022,400 $ 140,115 $ (1,178,673 ) $ 81,983,842 Adjustable-rate pass-through 6,760,991 277,212 (1,952 ) 7,036,251 15,776 (103,121 ) 6,948,906 Interest-only 6,804,715 1,326,761 — 1,326,761 1,863 (242,862 ) 1,085,762 Multifamily 490,753 5,038 (341 ) 495,450 84 (1,845 ) 493,689 Reverse mortgages 35,000 4,527 — 39,527 37 — 39,564 Total Agency investments $ 92,600,794 $ 6,128,353 $ (4,043 ) $ 91,920,389 $ 157,875 $ (1,526,501 ) $ 90,551,763 Residential Credit CRT $ 593,027 $ 25,463 $ (3,456 ) $ 615,034 $ 36,730 $ — $ 651,764 Alt-A 204,213 499 (34,000 ) 170,712 13,976 (802 ) 183,886 Prime 197,756 358 (24,158 ) 173,956 18,804 — 192,760 Subprime 554,470 2,037 (78,561 ) 477,946 56,024 (90 ) 533,880 NPL/RPL 42,585 14 (117 ) 42,482 506 — 42,988 Prime Jumbo (>= 2010 Vintage) 130,025 627 (3,956 ) 126,696 1,038 (1,112 ) 126,622 Prime Jumbo (>= 2010 Vintage) Interest-Only 989,052 15,287 — 15,287 1,871 — 17,158 Total residential credit investments $ 2,711,128 $ 44,285 $ (144,248 ) $ 1,622,113 $ 128,949 $ (2,004 ) $ 1,749,058 Total Residential Investment Securities $ 95,311,922 $ 6,172,638 $ (148,291 ) $ 93,542,502 $ 286,824 $ (1,528,505 ) $ 92,300,821 The following table presents the Company’s Agency mortgage-backed securities portfolio concentration by issuing Agency at March 31, 2018 and December 31, 2017 : Investment Type March 31, 2018 December 31, 2017 (dollars in thousands) Fannie Mae $ 62,734,494 $ 63,361,415 Freddie Mac 25,750,396 27,091,978 Ginnie Mae 94,207 98,370 Total $ 88,579,097 $ 90,551,763 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 March 31, 2018 and December 31, 2017 , according to their estimated weighted average life classifications: March 31, 2018 December 31, 2017 Weighted Average Life Estimated Fair Value Amortized Cost Estimated Fair Value Amortized Cost (dollars in thousands) Less than one year $ 10,123 $ 10,159 $ 471,977 $ 476,538 Greater than one year through five years 12,523,917 12,774,529 13,838,890 13,925,749 Greater than five years through ten years 76,865,618 79,772,617 77,273,833 78,431,852 Greater than ten years 874,724 887,580 716,121 708,363 Total $ 90,274,382 $ 93,444,885 $ 92,300,821 $ 93,542,502 The weighted average lives of the Agency mortgage-backed securities at March 31, 2018 and December 31, 2017 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 where the fair value option has not been elected, by length of time that such securities have been in a continuous unrealized loss position at March 31, 2018 and December 31, 2017 . March 31, 2018 December 31, 2017 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 $ 47,494,769 $ (1,222,887 ) 1,497 $ 39,878,158 $ (272,234 ) 1,114 12 Months or More 37,677,339 (1,851,715 ) 935 39,491,238 (1,011,405 ) 911 Total $ 85,172,108 $ (3,074,602 ) 2,432 $ 79,369,396 $ (1,283,639 ) 2,025 (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 months ended March 31, 2018 , the Company disposed of $463.4 million of Residential Investment Securities, resulting in a net realized gain of $13.0 million . During the three months ended March 31, 2017 , the Company disposed of $2.1 billion of Residential Investment Securities, resulting in a net realized gain of $1.2 million . CORPORATE DEBT The Company invests in corporate loans and corporate debt securities through AMML. The industry and rate sensitivity dispersion of the portfolio at March 31, 2018 and December 31, 2017 are as follows: Industry Dispersion March 31, 2018 December 31, 2017 Fixed Rate Floating Rate Total Fixed Rate Floating Rate Total (dollars in thousands) Aircraft and Parts $ — $ 34,797 $ 34,797 $ — $ 34,814 $ 34,814 Coating, Engraving and Allied Services — 63,245 63,245 — 64,034 64,034 Computer Programming, Data Processing & Other Computer Related Services — 209,854 209,854 — 192,946 192,946 Drugs — 38,716 38,716 — 38,708 38,708 Electronic Components & Accessories — 23,961 23,961 — 23,916 23,916 Engineering, Architectural & Surveying — 10,647 10,647 — — — Groceries and Related Products — 14,771 14,771 — 14,794 14,794 Grocery Stores — 23,512 23,512 — 23,531 23,531 Home Health Care Services — 23,660 23,660 — 23,779 23,779 Insurance Agents, Brokers and Services — 28,866 28,866 — 28,872 28,872 Management and Public Relations Services — 140,789 140,789 — 94,871 94,871 Medical and Dental Laboratories — 26,936 26,936 — 26,956 26,956 Miscellaneous Business Services — 19,703 19,703 — 19,723 19,723 Miscellaneous Equipment Rental and Leasing — 49,264 49,264 — 49,129 49,129 Miscellaneous Health and Allied Services, not elsewhere classified — 54,246 54,246 — 25,963 25,963 Miscellaneous Nonmetallic Minerals, except Fuels — 26,056 26,056 — 25,992 25,992 Miscellaneous Plastic Products — 9,920 9,920 — 9,879 9,879 Motor Vehicles and Motor Vehicle Equipment — 17,333 17,333 — — — Motor Vehicles and Motor Vehicle Parts and Supplies — 23,582 23,582 — 12,212 12,212 Offices and Clinics of Doctors of Medicine — 97,794 97,794 — 76,678 76,678 Offices and Clinics of Other Health Practitioners — 19,872 19,872 — 18,979 18,979 Public Warehousing and Storage — 50,685 50,685 — 48,890 48,890 Research, Development and Testing Services — 33,304 33,304 — 33,155 33,155 Schools and Educational Services, not elsewhere classified — 20,359 20,359 — 20,625 20,625 Services Allied with the Exchange of Securities — 14,943 14,943 — 13,960 13,960 Surgical, Medical, and Dental Instruments and Supplies — 16,677 16,677 — 29,687 29,687 Telephone Communications — 59,253 59,253 — 59,182 59,182 Total $ — $ 1,152,745 $ 1,152,745 $ — $ 1,011,275 $ 1,011,275 The table below reflects the Company’s aggregate positions by their respective place in the capital structure of the borrowers at March 31, 2018 and December 31, 2017 . March 31, 2018 December 31, 2017 (dollars in thousands) First lien loans $ 664,276 $ 582,724 Second lien loans 488,469 428,551 Total $ 1,152,745 $ 1,011,275

RESIDENTIAL MORTGAGE LOANS

RESIDENTIAL MORTGAGE LOANS	3 Months Ended
	Mar. 31, 2018
Mortgage Loans on Real Estate [Abstract]
RESIDENTIAL MORTGAGE LOANS	RESIDENTIAL MORTGAGE LOANS The following table presents the fair value and the unpaid principal balances of the residential mortgage loan portfolio at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 (dollars in thousands) Fair value $ 1,535,685 $ 1,438,322 Unpaid principal balance $ 1,527,171 $ 1,419,807 The following table provides information regarding the line items and amounts recognized in the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2018 and 2017 for these investments: Three Months Ended March 31, 2018 March 31, 2017 (dollars in thousands) Net interest income $ 13,495 $ 3,589 Net gains (losses) on disposal of investments (1,758 ) (993 ) Net unrealized gains (losses) on investments measured at fair value through earnings (9,864 ) 815 Total included in net income (loss) $ 1,873 $ 3,411 The following table provides the geographic concentrations based on the unpaid principal balances at March 31, 2018 and December 31, 2017 , for the residential mortgage loans, including loans held in securitization trusts: Geographic Concentrations of Residential Mortgage Loans March 31, 2018 December 31, 2017 Property Location % of Balance Property Location % of Balance California 52.8 % California 49.8 % Florida 8.3 % Florida 9.3 % New York 6.9 % New York 7.1 % All other (none individually greater than 5%) 32.0 % All other (none individually greater than 5%) 33.8 % Total 100.0 % Total 100.0 % The following table provides additional data on the Company’s residential mortgage loans, including loans held in securitization trusts, at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Portfolio Range Portfolio Weighted Average Portfolio Range Portfolio Weighted Average (dollars in thousands) (dollars in thousands) Unpaid principal balance $1 - $3,649 $531 $1 - $3,663 $514 Interest rate 1.88% - 7.50% 4.37% 1.63% - 7.50% 4.25% Maturity 1/1/2028 - 1/1/2058 10/2/2043 1/1/2028 - 5/1/2057 2/1/2043 FICO score at loan origination 498 - 823 749 468 - 823 748 Loan-to-value ratio at loan origination 11% - 100% 67% 11% - 100% 68% At March 31, 2018 and December 31, 2017 , approximately 73% and 78% , respectively, of the carrying value of the Company’s residential mortgage loans, including loans held in securitization trusts, were adjustable-rate.

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	3 Months Ended
	Mar. 31, 2018
Transfers and Servicing [Abstract]
MORTGAGE SERVICING RIGHTS	MORTGAGE SERVICING RIGHTS The Company invests in MSRs and has elected to carry them at fair value. The following table presents activity related to MSRs for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 March 31, 2017 (dollars in thousands) Fair value, beginning of period $ 580,860 $ 652,216 Purchases — 213 Change in fair value due to: Changes in valuation inputs or assumptions (1) 36,674 (6,233 ) Other changes, including realization of expected cash flows (21,156 ) (14,030 ) Fair value, end of period $ 596,378 $ 632,166 (1) Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates. For the three months ended March 31, 2018 and 2017 , the Company recognized $28.5 million and $34.5 million , respectively, 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	3 Months Ended
	Mar. 31, 2018
Investment Company [Abstract]
COMMERCIAL REAL ESTATE INVESTMENTS	COMMERCIAL REAL ESTATE INVESTMENTS CRE Debt and Preferred Equity Investments At March 31, 2018 and December 31, 2017 , commercial real estate investments held for investment were comprised of the following: March 31, 2018 December 31, 2017 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 $ 685,457 $ 681,819 63.2 % $ 629,143 $ 625,900 60.9 % Mezzanine loans 390,976 390,487 36.0 % 395,015 394,442 38.2 % Preferred equity 9,000 8,989 0.8 % 9,000 8,985 0.9 % Total $ 1,085,433 $ 1,081,295 100.0 % $ 1,033,158 $ 1,029,327 100.0 % (1) Carrying value includes unamortized origination fees of $4.1 million and $3.8 million at March 31, 2018 and December 31, 2017 , respectively. (2) Based on outstanding principal. Three months ended March 31, 2018 Senior Mortgages Mezzanine Loans Preferred Equity Total (dollars in thousands) Beginning balance $ 625,900 $ 394,442 $ 8,985 $ 1,029,327 Originations & advances (principal) 56,954 601 — 57,555 Principal payments (640 ) (4,640 ) — (5,280 ) Net (increase) decrease in origination fees (871 ) — — (871 ) Amortization of net origination fees 476 84 4 564 Net carrying value $ 681,819 $ 390,487 $ 8,989 $ 1,081,295 December 31, 2017 Senior Mortgages Mezzanine Loans Preferred Equity Total (dollars in thousands) Beginning balance $ 510,071 $ 451,467 $ 8,967 $ 970,505 Originations & advances (principal) 338,242 69,121 — 407,363 Principal payments (221,421 ) (127,799 ) — (349,220 ) Amortization & accretion of (premium) discounts (44 ) 28 — (16 ) Net (increase) decrease in origination fees (3,317 ) (605 ) — (3,922 ) Amortization of net origination fees 2,369 2,230 18 4,617 Net carrying value $ 625,900 $ 394,442 $ 8,985 $ 1,029,327 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 March 31, 2018 and December 31, 2017 . As such, no provision for loan losses was deemed necessary at March 31, 2018 and December 31, 2017 . March 31, 2018 Outstanding Principal Percentage of CRE Debt and Preferred Equity Portfolio Internal Ratings Investment Type Performing Performing - Closely Monitored Performing - Special Mention Substandard (1) Doubtful Loss Total (dollars in thousands) Senior mortgages $ 685,457 63.2 % $ 439,992 $ 141,275 $ 36,800 $ 67,390 $ — $ — $ 685,457 Mezzanine loans 390,976 36.0 % 216,740 56,498 117,738 — — — 390,976 Preferred equity 9,000 0.8 % — — 9,000 — — — 9,000 Total $ 1,085,433 100.0 % $ 656,732 $ 197,773 $ 163,538 $ 67,390 $ — $ — $ 1,085,433 December 31, 2017 Outstanding Principal Percentage of CRE Debt and Preferred Equity Portfolio Internal Ratings Investment Type Performing Performing - Closely Monitored Performing - Special Mention Substandard (1) Doubtful Loss Total (dollars in thousands) Senior mortgages $ 629,143 60.9 % $ 409,878 $ 115,075 $ 36,800 $ 67,390 $ — $ — $ 629,143 Mezzanine loans 395,015 38.2 % 206,169 66,498 122,348 — — — 395,015 Preferred equity 9,000 0.9 % — — 9,000 — — — 9,000 Total $ 1,033,158 100.0 % $ 616,047 $ 181,573 $ 168,148 $ 67,390 $ — $ — $ 1,033,158 (1) The Company transferred one loan to Substandard during the year ended December 31, 2017 . The downgrade in risk rating was based on the borrower’s failure to meet originally projected performance targets. The Company evaluated whether an impairment exists and determined that, based on quantitative and qualitative factors, including that the borrower is current, the Company expects repayment of contractual amounts due. At March 31, 2018 and December 31, 2017 , approximately 86% 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 real estate holdings during the three months ended March 31, 2018 and 2017 . The Company sold one of its wholly-owned triple net leased properties during the three months ended March 31, 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 March 31, 2018 is 4.4 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. March 31, 2018 December 31, 2017 (dollars in thousands) Real estate held for investment, at amortized cost Land $ 111,012 $ 111,012 Buildings and improvements 331,390 330,959 Subtotal 442,402 441,971 Less: accumulated depreciation (52,723 ) (48,920 ) Total real estate held for investment, at amortized cost, net 389,679 393,051 Equity in unconsolidated joint ventures 90,384 92,902 Investments in commercial real estate, net $ 480,063 $ 485,953 Depreciation expense was $3.7 million and $4.0 million for the three months ended March 31, 2018 and 2017 , respectively and 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 the Company 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 March 31, 2018 for consolidated investments in real estate are as follows: March 31, 2018 (dollars in thousands) 2018 (remaining) $ 22,306 2019 26,423 2020 21,708 2021 17,302 2022 12,356 Later years 20,687 $ 120,782 Mortgage loans payable at March 31, 2018 and December 31, 2017 , were as follows: March 31, 2018 Property Mortgage Carrying Value Mortgage Principal Interest Rate Fixed/Floating Rate Maturity Date Priority (dollars in thousands) Joint Ventures $ 286,471 $ 289,125 4.03% - 4.61% Fixed 2024 and 2025 First liens Tennessee 12,303 12,350 4.01% Fixed 9/6/2019 First liens Virginia 11,020 11,025 3.58% Fixed 6/6/2019 First liens Total $ 309,794 $ 312,500 December 31, 2017 Property Mortgage Carrying Value Mortgage Principal Interest Rate Fixed/Floating Rate Maturity Date Priority (dollars in thousands) Joint Ventures $ 286,373 $ 289,125 4.03% - 4.61% Fixed 2024 and 2025 First liens Tennessee 12,294 12,350 4.01% Fixed 9/6/2019 First liens Virginia 11,019 11,025 3.58% Fixed 6/6/2019 First liens Total $ 309,686 $ 312,500 The following table details future mortgage loan principal payments at March 31, 2018 : Mortgage Loan Principal Payments (dollars in thousands) 2018 (remaining) $ — 2019 23,375 2020 — 2021 — 2022 — Later years 289,125 Total $ 312,500 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 three months ended March 31, 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 the sale.

CORPORATE DEBT

CORPORATE DEBT	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
CORPORATE DEBT	RESIDENTIAL INVESTMENT SECURITIES The following tables present the Company’s Residential Investment Securities portfolio that was carried at their fair value at March 31, 2018 and December 31, 2017 : March 31, 2018 Principal / Notional Remaining Premium Remaining Discount Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Agency (dollars in thousands) Fixed-rate pass-through $ 78,830,362 $ 4,563,295 $ (1,624 ) $ 83,392,033 $ 62,602 $ (2,906,925 ) $ 80,547,710 Adjustable-rate pass-through 6,321,714 292,681 (1,313 ) 6,613,082 12,301 (152,751 ) 6,472,632 Interest-only 6,656,130 1,296,294 — 1,296,294 2,593 (278,896 ) 1,019,991 Multifamily 510,063 4,730 (1,189 ) 513,604 211 (14,757 ) 499,058 Reverse mortgages 35,464 4,411 — 39,875 — (169 ) 39,706 Total Agency investments $ 92,353,733 $ 6,161,411 $ (4,126 ) $ 91,854,888 $ 77,707 $ (3,353,498 ) $ 88,579,097 Residential Credit CRT $ 579,077 $ 27,299 $ (1,215 ) $ 605,161 $ 24,195 $ (414 ) $ 628,942 Alt-A 200,819 498 (33,609 ) 167,708 12,542 (211 ) 180,039 Prime 222,366 345 (24,870 ) 197,841 17,041 (54 ) 214,828 Subprime 516,223 1,998 (75,243 ) 442,978 50,320 (792 ) 492,506 NPL/RPL 39,286 14 (94 ) 39,206 366 — 39,572 Prime Jumbo (>= 2010 Vintage) 125,902 614 (3,929 ) 122,587 195 (1,582 ) 121,200 Prime Jumbo (>= 2010 Vintage) Interest-Only 939,627 14,516 — 14,516 3,682 — 18,198 Total residential credit investments $ 2,623,300 $ 45,284 $ (138,960 ) $ 1,589,997 $ 108,341 $ (3,053 ) $ 1,695,285 Total Residential Investment Securities $ 94,977,033 $ 6,206,695 $ (143,086 ) $ 93,444,885 $ 186,048 $ (3,356,551 ) $ 90,274,382 December 31, 2017 Principal / Notional Remaining Premium Remaining Discount Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Agency (dollars in thousands) Fixed-rate pass-through $ 78,509,335 $ 4,514,815 $ (1,750 ) $ 83,022,400 $ 140,115 $ (1,178,673 ) $ 81,983,842 Adjustable-rate pass-through 6,760,991 277,212 (1,952 ) 7,036,251 15,776 (103,121 ) 6,948,906 Interest-only 6,804,715 1,326,761 — 1,326,761 1,863 (242,862 ) 1,085,762 Multifamily 490,753 5,038 (341 ) 495,450 84 (1,845 ) 493,689 Reverse mortgages 35,000 4,527 — 39,527 37 — 39,564 Total Agency investments $ 92,600,794 $ 6,128,353 $ (4,043 ) $ 91,920,389 $ 157,875 $ (1,526,501 ) $ 90,551,763 Residential Credit CRT $ 593,027 $ 25,463 $ (3,456 ) $ 615,034 $ 36,730 $ — $ 651,764 Alt-A 204,213 499 (34,000 ) 170,712 13,976 (802 ) 183,886 Prime 197,756 358 (24,158 ) 173,956 18,804 — 192,760 Subprime 554,470 2,037 (78,561 ) 477,946 56,024 (90 ) 533,880 NPL/RPL 42,585 14 (117 ) 42,482 506 — 42,988 Prime Jumbo (>= 2010 Vintage) 130,025 627 (3,956 ) 126,696 1,038 (1,112 ) 126,622 Prime Jumbo (>= 2010 Vintage) Interest-Only 989,052 15,287 — 15,287 1,871 — 17,158 Total residential credit investments $ 2,711,128 $ 44,285 $ (144,248 ) $ 1,622,113 $ 128,949 $ (2,004 ) $ 1,749,058 Total Residential Investment Securities $ 95,311,922 $ 6,172,638 $ (148,291 ) $ 93,542,502 $ 286,824 $ (1,528,505 ) $ 92,300,821 The following table presents the Company’s Agency mortgage-backed securities portfolio concentration by issuing Agency at March 31, 2018 and December 31, 2017 : Investment Type March 31, 2018 December 31, 2017 (dollars in thousands) Fannie Mae $ 62,734,494 $ 63,361,415 Freddie Mac 25,750,396 27,091,978 Ginnie Mae 94,207 98,370 Total $ 88,579,097 $ 90,551,763 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 March 31, 2018 and December 31, 2017 , according to their estimated weighted average life classifications: March 31, 2018 December 31, 2017 Weighted Average Life Estimated Fair Value Amortized Cost Estimated Fair Value Amortized Cost (dollars in thousands) Less than one year $ 10,123 $ 10,159 $ 471,977 $ 476,538 Greater than one year through five years 12,523,917 12,774,529 13,838,890 13,925,749 Greater than five years through ten years 76,865,618 79,772,617 77,273,833 78,431,852 Greater than ten years 874,724 887,580 716,121 708,363 Total $ 90,274,382 $ 93,444,885 $ 92,300,821 $ 93,542,502 The weighted average lives of the Agency mortgage-backed securities at March 31, 2018 and December 31, 2017 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 where the fair value option has not been elected, by length of time that such securities have been in a continuous unrealized loss position at March 31, 2018 and December 31, 2017 . March 31, 2018 December 31, 2017 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 $ 47,494,769 $ (1,222,887 ) 1,497 $ 39,878,158 $ (272,234 ) 1,114 12 Months or More 37,677,339 (1,851,715 ) 935 39,491,238 (1,011,405 ) 911 Total $ 85,172,108 $ (3,074,602 ) 2,432 $ 79,369,396 $ (1,283,639 ) 2,025 (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 months ended March 31, 2018 , the Company disposed of $463.4 million of Residential Investment Securities, resulting in a net realized gain of $13.0 million . During the three months ended March 31, 2017 , the Company disposed of $2.1 billion of Residential Investment Securities, resulting in a net realized gain of $1.2 million . CORPORATE DEBT The Company invests in corporate loans and corporate debt securities through AMML. The industry and rate sensitivity dispersion of the portfolio at March 31, 2018 and December 31, 2017 are as follows: Industry Dispersion March 31, 2018 December 31, 2017 Fixed Rate Floating Rate Total Fixed Rate Floating Rate Total (dollars in thousands) Aircraft and Parts $ — $ 34,797 $ 34,797 $ — $ 34,814 $ 34,814 Coating, Engraving and Allied Services — 63,245 63,245 — 64,034 64,034 Computer Programming, Data Processing & Other Computer Related Services — 209,854 209,854 — 192,946 192,946 Drugs — 38,716 38,716 — 38,708 38,708 Electronic Components & Accessories — 23,961 23,961 — 23,916 23,916 Engineering, Architectural & Surveying — 10,647 10,647 — — — Groceries and Related Products — 14,771 14,771 — 14,794 14,794 Grocery Stores — 23,512 23,512 — 23,531 23,531 Home Health Care Services — 23,660 23,660 — 23,779 23,779 Insurance Agents, Brokers and Services — 28,866 28,866 — 28,872 28,872 Management and Public Relations Services — 140,789 140,789 — 94,871 94,871 Medical and Dental Laboratories — 26,936 26,936 — 26,956 26,956 Miscellaneous Business Services — 19,703 19,703 — 19,723 19,723 Miscellaneous Equipment Rental and Leasing — 49,264 49,264 — 49,129 49,129 Miscellaneous Health and Allied Services, not elsewhere classified — 54,246 54,246 — 25,963 25,963 Miscellaneous Nonmetallic Minerals, except Fuels — 26,056 26,056 — 25,992 25,992 Miscellaneous Plastic Products — 9,920 9,920 — 9,879 9,879 Motor Vehicles and Motor Vehicle Equipment — 17,333 17,333 — — — Motor Vehicles and Motor Vehicle Parts and Supplies — 23,582 23,582 — 12,212 12,212 Offices and Clinics of Doctors of Medicine — 97,794 97,794 — 76,678 76,678 Offices and Clinics of Other Health Practitioners — 19,872 19,872 — 18,979 18,979 Public Warehousing and Storage — 50,685 50,685 — 48,890 48,890 Research, Development and Testing Services — 33,304 33,304 — 33,155 33,155 Schools and Educational Services, not elsewhere classified — 20,359 20,359 — 20,625 20,625 Services Allied with the Exchange of Securities — 14,943 14,943 — 13,960 13,960 Surgical, Medical, and Dental Instruments and Supplies — 16,677 16,677 — 29,687 29,687 Telephone Communications — 59,253 59,253 — 59,182 59,182 Total $ — $ 1,152,745 $ 1,152,745 $ — $ 1,011,275 $ 1,011,275 The table below reflects the Company’s aggregate positions by their respective place in the capital structure of the borrowers at March 31, 2018 and December 31, 2017 . March 31, 2018 December 31, 2017 (dollars in thousands) First lien loans $ 664,276 $ 582,724 Second lien loans 488,469 428,551 Total $ 1,152,745 $ 1,011,275

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	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 . The Company is required to consolidate the FREMF 2015-KLSF Trust’s assets and liabilities of $549.5 million and $509.4 million , respectively, at March 31, 2018 . In April 2015, the Company purchased the junior-most tranche, Class C Certificate of the Freddie Mac securitization, FREMF Mortgage Trust 2015-KF07 (“FREMF 2015-KF07”) for $89.4 million . The underlying portfolio is a pool of 40 floating rate multifamily mortgage loans with a cut-off principal balance of $1.2 billion . The Company is required to consolidate the FREMF 2015-KF07 Trust’s assets and liabilities of $632.6 million and $587.5 million , respectively, at March 31, 2018 . In February 2016, the Company purchased the junior- most tranche, Class C Certificate of the Freddie Mac securitization, FREMF Mortgage Trust 2016-KLH1 (“FREMF 2016-KLH1”) for $107.6 million , net of a $4.4 million discount to face value of $112.0 million . The underlying portfolio is a pool of 28 floating rate multifamily mortgage loans with a cut-off principal balance of $1.5 billion . The Company is required to consolidate the FREMF 2016-KLH1 Trust’s assets and liabilities of $1.5 billion and $1.4 billion , respectively, at March 31, 2018 . FREMF 2015-KLSF, FREMF 2015-KF07 and FREMF 2016-KLH1 are collectively referred to herein as the FREMF Trusts. The FREMF Trusts are structured as pass-through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. The FREMF Trusts are VIEs and the Company is considered to be the primary beneficiary as a result of its ability to replace the special servicer without cause through its ownership of the Class C Certificates and its current designation as the directing certificate holder. The Company’s exposure to the obligations of the VIEs is generally limited to the Company’s investment in the FREMF Trusts of $198.1 million . Assets of the FREMF Trusts may only be used to settle obligations of the FREMF Trusts. Creditors of the FREMF Trusts have no recourse to the general credit of the Company. The Company is not contractually required to provide and has not provided any form of financial support to the FREMF Trusts. No gain or loss was recognized upon initial consolidation of the FREMF Trusts, but $0.8 million of related costs were expensed. The FREMF Trusts’ assets are included in Commercial real estate debt investments and the FREMF Trusts’ liabilities are included in Securitized debt of consolidated VIEs in the accompanying Consolidated Statements of Financial Condition. Upon consolidation, the Company elected the fair value option for the financial assets and liabilities of the FREMF Trusts in order to avoid an accounting mismatch, and to more faithfully represent the economics of its interest in the entities. The fair value option requires that changes in fair value be reflected in the Company’s Consolidated Statements of Comprehensive Income (Loss). The Company early adopted ASU 2014-13 and applied the practical expedient fair value measurement, whereby the Company determines whether the fair value of the financial assets or financial liabilities is more observable as a basis for measuring the less observable financial instruments. The Company has determined that the fair value of the financial liabilities of the FREMF Trusts are more observable, since the prices for these liabilities are primarily available from third-party pricing services utilized for multifamily mortgage-backed securities, while the individual assets of the trusts are inherently less capable of precise measurement given their illiquid nature and the limitations on available information related to these assets. Given that the Company’s methodology for valuing the financial assets of the FREMF Trusts are an aggregate fair value derived from the fair value of the financial liabilities, the Company has determined that the fair value of each of the financial assets in their entirety should be classified in Level 2 of the fair value measurement hierarchy. The FREMF Trusts mortgage loans had an unpaid principal balance of $2.7 billion at March 31, 2018 . At March 31, 2018 , there are no loans 90 days or more past due or on nonaccrual status. There is no gain or loss attributable to instrument-specific credit risk of the underlying loans or securitized debt securities at March 31, 2018 based upon the Company’s process of monitoring events of default on the underlying mortgage loans. The Company consolidates a residential mortgage trust that issued residential mortgage-backed securities that are collateralized by residential mortgage loans that had been transferred to the trust by one of the Company’s subsidiaries. The Company owns most of the mortgage-backed securities issued by this VIE, including the subordinate securities, and a subsidiary of the Company continues to be the master servicer. As such, the Company is deemed to be the primary beneficiary of the residential mortgage trust and consolidates the entity. The Company has elected the fair value option for the financial assets and liabilities of this VIE, but has elected not to apply the practical expedient under ASU 2014-13 as prices of both the financial liabilities and financial assets of the residential mortgage trust are available from third-party pricing services. The contractual principal amount of the residential mortgage trust’s debt held by third parties was $34.0 million at March 31, 2018 . The Company also consolidates a residential securitization trust in which it had purchased subordinated securities because its liquidation rights over the trusts became exercisable in December 2017. 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 held by third parties was $94.4 million at March 31, 2018 . In March 2018, the Company closed OBX 2018-01 Trust (“OBX Trust”), with a face value of $327.5 million . The securitization represented a financing transaction which provided non-recourse financing to the Company collateralized by residential mortgage loans purchased by the Company. A total of $279.2 million of bonds were issued to third parties and the Company retained $60.9 million of mortgage-backed securities. The Company is deemed to be the primary beneficiary and consolidates the OBX Trust because it has power to direct the activities that most significantly impact the OBX Trust’s performance and holds a variable interest that could be potentially significant to this VIE. 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 Company incurred approximately $1.5 million of costs in connection with the securitization that were expensed as incurred. The contractual principal amount of the OBX Trust’s debt held by third parties was $279.2 million at March 31, 2018 . Although the loans have been sold for bankruptcy and state law purposes, the transfers of the residential mortgage loans to the OBX Trust did not qualify for sale accounting and are reflected as an intercompany secured borrowing that is eliminated upon consolidation. 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 pledged corporate loans with a carrying amount of $457.7 million at March 31, 2018 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. At March 31, 2018 , the subsidiary had an intercompany receivable of $124.9 million , which eliminates upon consolidation and an Other secured financing of $124.9 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 $208.9 million at March 31, 2018 , which continue to be reflected in the Company’s Consolidated Statements of Financial Condition in Corporate debt. At March 31, 2018 , the subsidiary had an Other secured financing of $100.3 million to the third party financial institution. The Company also owns variable interests in an entity that invests in MSRs and has structured its operations, funding and capitalization into pools of assets and liabilities, each 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. While the Company previously held 100% of the voting interests in this entity, in August 2017, the Company sold 100% of such interests, and entered into an agreement with the entity’s affiliated portfolio manager 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 and consolidates this silo. The Company’s exposure to the obligations of its VIEs is generally limited to the Company’s investment in the VIEs of $1.5 billion at March 31, 2018 . 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 gains or losses were recognized upon consolidation of existing VIEs. Interest income and expense are recognized using the effective interest method. The statements of financial condition of the Company’s VIEs, excluding the credit facility VIEs and OBX Trust, that are reflected in the Company’s Consolidated Statements of Financial Condition at March 31, 2018 and December 31, 2017 are as follows: March 31, 2018 FREMF Trusts Residential Mortgage Loan Trusts MSR Silo (dollars in thousands) Assets Cash and cash equivalents $ — $ — $ 43,206 Commercial real estate debt investments 2,695,513 — — Residential mortgage loans — 229,278 25,206 Mortgage servicing rights — — 596,378 Accrued interest receivable 10,762 901 — Other assets — 87 35,486 Total assets $ 2,706,275 $ 230,266 $ 700,276 Liabilities Securitized debt (non-recourse) at fair value $ 2,497,410 $ 128,260 $ — Other secured financing — — 16,557 Other derivatives, at fair value — — 8 Accrued interest payable 4,668 316 — Accounts payable and other liabilities — 123 2,570 Total liabilities $ 2,502,078 $ 128,699 $ 19,135 December 31, 2017 FREMF Trusts Residential Mortgage Loan Trusts MSR Silo (dollars in thousands) Assets Cash and cash equivalents $ — $ — $ 42,293 Commercial real estate debt investments 2,826,357 — — Residential mortgage loans — 478,811 19,667 Mortgage servicing rights — — 580,860 Accrued interest receivable 10,339 1,599 — Other derivatives, at fair value — — 1 Other assets — 1,418 32,354 Total assets $ 2,836,696 $ 481,828 $ 675,175 Liabilities Securitized debt (non-recourse) at fair value $ 2,620,952 $ 350,819 $ — Other secured financing — — 10,496 Accrued interest payable 4,554 931 — Accounts payable and other liabilities — 112 4,856 Total liabilities $ 2,625,506 $ 351,862 $ 15,352 The statements of comprehensive income (loss) of the Company’s VIEs, excluding the credit facility VIEs and OBX Trust, that are reflected in the Company’s Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2018 and 2017 are as follows: For the Three Months Ended FREMF Trusts Residential Mortgage Loan Trusts MSR Silo (dollars in thousands) Net interest income: Interest income $ 23,838 $ 2,373 $ 635 Interest expense 13,834 1,759 192 Net interest income 10,004 614 443 Realized gain (loss) on disposal of investments — 2,042 (571 ) Net gains (losses) on trading assets — — 69 Net unrealized gains (losses) on investments measured at fair value through earnings 292 (816 ) 14,615 Other income (loss) (4,477 ) (77 ) 28,716 General and administration expenses — 14 472 Net income (loss) $ 5,819 $ 1,749 $ 42,800 For the Three Months Ended FREMF Trusts Residential Mortgage Loan Trusts MSR Silo (dollars in thousands) Net interest income: Interest income $ 27,719 $ 1,369 $ — Interest expense 14,576 274 65 Net interest income 13,143 1,095 (65 ) Realized gain (loss) on disposal of investments — (261 ) (509 ) Net unrealized gains (losses) on investments measured at fair value through earnings 702 982 (20,264 ) Other income (loss) (6,298 ) (97 ) 34,588 General and administration expenses — 20 1,102 Net income (loss) $ 7,547 $ 1,699 $ 12,648 The geographic concentrations of credit risk exceeding 5% of the total loan unpaid principal balances related to the Company’s VIEs, excluding the credit facility VIEs and OBX Trust, at March 31, 2018 are as follows: Securitized Loans at Fair Value Geographic Concentration of Credit Risk FREMF Trusts Residential Mortgage Loan Trusts Property Location Principal Balance % of Balance Property Location Principal Balance % of Balance (dollars in thousands) Maryland $ 494,604 18.5 % California $ 76,367 33.0 % Texas 361,641 13.6 % Florida 21,340 9.2 % Virginia 329,250 12.4 % Texas 18,357 7.9 % New York 280,925 10.5 % Illinois 15,752 6.8 % North Carolina 232,271 8.7 % New Jersey 13,290 5.7 % Pennsylvania 225,810 8.5 % Other (1) 86,430 37.4 % Massachusetts 179,440 6.7 % Ohio 156,834 5.9 % Other (1) 404,652 15.2 % Total $ 2,665,427 100.0 % $ 231,536 100.0 % (1) No individual state greater than 5% .

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	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 priority 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 securities as trading, available-for-sale or held-to-maturity depending upon the type of security and the Company’s intent and ability to hold such security to maturity. Securities 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, swaptions and other derivatives are valued using quoted prices or internally estimated prices for similar assets using internal models. The Company incorporates common market pricing methods, including a spread measurement to the Treasury curve as well as underlying characteristics of the particular security including coupon, prepayment speeds, periodic and life caps, rate reset period and expected life of the security in its estimates of fair value. Fair value estimates for residential mortgage loans are generated by a discounted cash flow model and are primarily based on observable market-based inputs including discount rates, prepayment speeds, delinquency levels, and credit losses. Management reviews and indirectly corroborates its estimates of the fair value derived using internal models by comparing its results to independent prices provided by dealers in the securities and/or third party pricing services. Certain liquid asset classes, such as Agency fixed-rate pass-throughs, may be priced using independent sources such as quoted prices for TBA securities. 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, 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. March 31, 2018 Level 1 Level 2 Level 3 Total (dollars in thousands) Assets: Agency mortgage-backed securities $ — $ 88,579,097 $ — $ 88,579,097 Credit risk transfer securities — 628,942 — 628,942 Non-Agency mortgage-backed securities — 1,066,343 — 1,066,343 Residential mortgage loans — 1,535,685 — 1,535,685 Mortgage servicing rights — — 596,378 596,378 Commercial real estate debt investments — 2,960,323 — 2,960,323 Interest rate swaps — 69,109 — 69,109 Other derivatives — 161,193 — 161,193 Total assets $ — $ 95,000,692 $ 596,378 $ 95,597,070 Liabilities: Securitized debt of consolidated VIEs $ — $ 2,904,873 $ — $ 2,904,873 Interest rate swaps — 427,838 — 427,838 Other derivatives 122,436 30,667 — 153,103 Total liabilities $ 122,436 $ 3,363,378 $ — $ 3,485,814 December 31, 2017 Level 1 Level 2 Level 3 Total (dollars in thousands) Assets: Agency mortgage-backed securities $ — $ 90,551,763 $ — $ 90,551,763 Credit risk transfer securities — 651,764 — 651,764 Non-Agency mortgage-backed securities — 1,097,294 — 1,097,294 Residential mortgage loans — 1,438,322 — 1,438,322 Mortgage servicing rights — — 580,860 580,860 Commercial real estate debt investments — 3,089,108 — 3,089,108 Interest rate swaps — 30,272 — 30,272 Other derivatives 218,361 65,252 — 283,613 Total assets $ 218,361 $ 96,923,775 $ 580,860 $ 97,722,996 Liabilities: Securitized debt of consolidated VIEs $ — $ 2,971,771 $ — $ 2,971,771 Interest rate swaps — 569,129 — 569,129 Other derivatives 12,285 26,440 — 38,725 Total liabilities $ 12,285 $ 3,567,340 $ — $ 3,579,625 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. March 31, 2018 December 31, 2017 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 4.5% - 13.3% (7.6%) Prepayment rate 4.6% - 22.3% (9.4%) Delinquency rate 0.0% - 6.0% (2.3%) Delinquency rate 0.0% - 13.0% (2.2%) Cost to service $88 - $135 ($107) Cost to service $84 - $181 ($102) (1) Represents rates, estimates and assumptions that the Company believes would be used by market participants when valuing these assets. The following table summarizes the estimated fair values for financial assets and liabilities at March 31, 2018 and December 31, 2017 . March 31, 2018 December 31, 2017 Level in Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Financial assets: (dollars in thousands) Cash and cash equivalents 1 $ 984,275 $ 984,275 $ 706,589 $ 706,589 Agency mortgage-backed securities 2 88,579,097 88,579,097 90,551,763 90,551,763 Credit risk transfer securities 2 628,942 628,942 651,764 651,764 Non-Agency mortgage-backed securities 2 1,066,343 1,066,343 1,097,294 1,097,294 Residential mortgage loans 2 1,535,685 1,535,685 1,438,322 1,438,322 Mortgage servicing rights 3 596,378 596,378 580,860 580,860 Commercial real estate debt investments 2 2,960,323 2,960,323 3,089,108 3,089,108 Commercial real estate debt and preferred equity, held for investment 3 1,081,295 1,086,872 1,029,327 1,035,095 Corporate debt 2 1,152,745 1,159,443 1,011,275 1,014,139 Interest rate swaps 2 69,109 69,109 30,272 30,272 Other derivatives 1,2 161,193 161,193 283,613 283,613 Reverse repurchase agreements 1 200,459 200,459 — — Financial liabilities: Repurchase agreements 1,2 $ 78,015,431 $ 78,015,431 $ 77,696,343 $ 77,697,828 Other secured financing 1,2 3,830,075 3,829,693 3,837,528 3,837,595 Securitized debt of consolidated VIEs 2 2,904,873 2,904,873 2,971,771 2,971,771 Mortgage payable 3 309,794 304,179 309,686 310,218 Interest rate swaps 2 427,838 427,838 569,129 569,129 Other derivatives 1,2 153,103 153,103 38,725 38,725

SECURED FINANCING

SECURED FINANCING	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
SECURED FINANCING	SECURED FINANCING The Company had outstanding $78.0 billion and $77.7 billion of repurchase agreements with weighted average borrowing rates of 1.70% and 1.89% , after giving effect to the Company’s interest rate swaps used to hedge cost of funds, and weighted average remaining maturities of 72 days and 58 days at March 31, 2018 and December 31, 2017 , respectively. At March 31, 2018 and December 31, 2017 , the repurchase agreements had the following remaining maturities, collateral types and weighted average rates: March 31, 2018 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 38,894,346 326,985 281,627 — 24,220 39,527,178 1.76 % 30 to 59 days 8,619,507 — — — — 8,619,507 1.67 % 60 to 89 days 10,215,074 — 27,972 — — 10,243,046 1.83 % 90 to 119 days 5,378,231 — — — — 5,378,231 1.63 % Over 120 days (1) 13,856,340 — — 391,129 — 14,247,469 2.19 % Total $ 76,963,498 $ 326,985 $ 309,599 $ 391,129 $ 24,220 $ 78,015,431 1.83 % December 31, 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 33,421,609 263,528 253,290 — 18,125 33,956,552 1.69 % 30 to 59 days 10,811,515 7,229 3,658 — 6,375 10,828,777 1.44 % 60 to 89 days 13,800,743 7,214 47,830 — — 13,855,787 1.59 % 90 to 119 days 10,128,006 — — — — 10,128,006 1.39 % Over 120 days (1) 8,542,108 — — 385,113 — 8,927,221 1.77 % Total $ 76,703,981 $ 277,971 $ 304,778 $ 385,113 $ 24,500 $ 77,696,343 1.61 % (1) Approximately 0% and 1% of the total repurchase agreements had a remaining maturity over 1 year at March 31, 2018 and December 31, 2017 , 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 March 31, 2018 and December 31, 2017 . Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments. March 31, 2018 December 31, 2017 Reverse Repurchase Agreements Repurchase Agreements Reverse Repurchase Agreements Repurchase Agreements (dollars in thousands) Gross Amounts $ 3,375,459 $ 81,190,431 $ 1,250,000 $ 78,946,343 Amounts Offset (3,175,000 ) (3,175,000 ) (1,250,000 ) (1,250,000 ) Netted Amounts $ 200,459 $ 78,015,431 $ — $ 77,696,343 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 March 31, 2018 , $3.6 billion of the advances matures between one to three years . At December 31, 2017 , $2.1 billion of advances from the FHLB Des Moines matured beyond three years and $1.4 billion matures between one to three years . The weighted average rate of the advances from the FHLB Des Moines was 2.05% and 1.49% at March 31, 2018 and December 31, 2017 , respectively. The Company held $147.9 million of membership and activity-based stock in the FHLB Des Moines at March 31, 2018 and December 31, 2017 , which is reported at cost and included in Other assets on the Company’s Consolidated Statements of Financial Condition. Investments pledged as collateral under secured financing arrangements and interest rate swaps had an estimated fair value and accrued interest of $87.6 billion and $275.2 million , respectively, at March 31, 2018 and $87.0 billion and $267.3 million , respectively, at December 31, 2017 .

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	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 case of MAC interest rate swaps, the Company may make or receive a payment at the time of entering into such interest rate swap to compensate for the out of market nature of such interest rate swap. Similar to other interest rate swaps, the Company may have to pledge cash or assets as collateral for the MAC interest rate swap transactions. 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 March 31, 2018 and December 31, 2017 : Derivatives Instruments Balance Sheet Location March 31, 2018 December 31, 2017 Assets: (dollars in thousands) Interest rate swaps Interest rate swaps, at fair value $ 69,109 $ 30,272 Interest rate swaptions Other derivatives, at fair value 113,701 36,150 TBA derivatives Other derivatives, at fair value 47,064 29,067 Futures contracts Other derivatives, at fair value — 218,361 Purchase commitments Other derivatives, at fair value 428 35 $ 230,302 $ 313,885 Liabilities: Interest rate swaps Interest rate swaps, at fair value $ 427,838 $ 569,129 TBA derivatives Other derivatives, at fair value 21,855 21,776 Futures contracts Other derivatives, at fair value 122,436 12,285 Purchase commitments Other derivatives, at fair value 262 157 Credit derivatives (1) Other derivatives, at fair value 8,550 4,507 $ 580,941 $ 607,854 (1) The maximum potential amount of future payments is the notional amount of $285.0 million and $125.0 million at March 31, 2018 and December 31, 2017 , respectively. The following table summarizes certain characteristics of the Company’s interest rate swaps at March 31, 2018 and December 31, 2017 : March 31, 2018 Maturity Current (1) Weighted Average Weighted Average Receive Rate Weighted Average Years to Maturity (dollars in thousands) 0 - 3 years $ 38,344,000 1.64 % 2.19 % 1.77 3 - 6 years 13,254,550 2.17 % 2.12 % 4.67 6 - 10 years 10,547,000 2.32 % 2.02 % 8.11 Greater than 10 years 3,826,400 3.65 % 1.94 % 18.22 Total / Weighted Average $ 65,971,950 2.00 % 2.13 % 4.52 December 31, 2017 Maturity Current Notional (1) Weighted Average Pay Rate (2) (3) Weighted Average Receive Rate (2) Weighted Average Years to Maturity (2) (dollars in thousands) 0 - 3 years $ 6,532,000 1.56 % 1.62 % 2.08 3 - 6 years 14,791,800 2.12 % 1.57 % 4.51 6 - 10 years 10,179,000 2.35 % 1.58 % 8.04 Greater than 10 years 3,826,400 3.65 % 1.51 % 18.47 Total / Weighted Average $ 35,329,200 2.22 % 1.58 % 6.72 (1) There were no forward starting swaps at March 31, 2018 . Notional amount includes $8.1 billion of forward starting pay fixed swaps at December 31, 2017 . (2) Excludes forward starting swaps. (3) Weighted average fixed rate on forward starting pay fixed swaps was 1.86% at December 31, 2017 . The following table presents swaptions outstanding at March 31, 2018 and December 31, 2017 . March 31, 2018 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 $ 6,000,000 2.72 % 3M LIBOR 10.33 3.88 December 31, 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 $ 6,000,000 2.62 % 3M LIBOR 9.97 4.49 The following table summarizes certain characteristics of the Company’s TBA derivatives at March 31, 2018 and December 31, 2017 : March 31, 2018 Purchase and sale contracts for derivative TBAs Notional Implied Cost Basis Implied Market Value Net Carrying Value (dollars in thousands) Purchase contracts $ 8,954,000 $ 9,107,423 $ 9,132,632 $ 25,209 December 31, 2017 Purchase and sale contracts for derivative TBAs Notional Implied Cost Basis Implied Market Value Net Carrying Value (dollars in thousands) Purchase contracts $ 15,828,000 $ 16,381,826 $ 16,390,251 $ 8,425 Sale contracts (250,000 ) (254,804 ) (255,938 ) (1,134 ) Net TBA derivatives $ 15,578,000 $ 16,127,022 $ 16,134,313 $ 7,291 The following table summarizes certain characteristics of the Company’s futures derivatives at March 31, 2018 and December 31, 2017 : March 31, 2018 Notional - Long Positions Notional - Short Positions Weighted Average Years to Maturity (dollars in thousands) U.S. Treasury futures - 5 year $ — $ (4,597,400 ) 4.42 U.S. Treasury futures - 10 year and greater — (9,154,500 ) 6.99 Total $ — $ (13,751,900 ) 6.13 December 31, 2017 Notional - Long Positions Notional - Short Positions Weighted Average Years to Maturity (dollars in thousands) 2-year swap equivalent Eurodollar contracts $ — $ (17,161,000 ) 2.00 U.S. Treasury futures - 5 year — (4,217,400 ) 4.41 U.S. Treasury futures - 10 year and greater — (4,914,500 ) 7.01 Total $ — $ (26,292,900 ) 3.32 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 March 31, 2018 and December 31, 2017 , respectively. March 31, 2018 Amounts Eligible for Offset Gross Amounts Financial Instruments Cash Collateral Net Amounts Assets: (dollars in thousands) Interest rate swaps, at fair value $ 69,109 $ (40,470 ) $ — $ 28,639 Interest rate swaptions, at fair value 113,701 — — 113,701 TBA derivatives, at fair value 47,064 (21,855 ) — 25,209 Purchase commitments 428 — — 428 Liabilities: Interest rate swaps, at fair value $ 427,838 $ (40,470 ) $ (6,856 ) $ 380,512 TBA derivatives, at fair value 21,855 (21,855 ) — — Futures contracts, at fair value 122,436 — (122,436 ) — Purchase commitments 262 — — 262 Credit derivatives 8,550 — (6,460 ) 2,090 December 31, 2017 Amounts Eligible for Offset Gross Amounts Financial Instruments Cash Collateral Net Amounts Assets: (dollars in thousands) Interest rate swaps, at fair value $ 30,272 $ (27,379 ) $ — $ 2,893 Interest rate swaptions, at fair value 36,150 — — 36,150 TBA derivatives, at fair value 29,067 (12,551 ) — 16,516 Futures contracts, at fair value 218,361 (12,285 ) — 206,076 Purchase commitments 35 — — 35 Liabilities: Interest rate swaps, at fair value $ 569,129 $ (27,379 ) $ — $ 541,750 TBA derivatives, at fair value 21,776 (12,551 ) — 9,225 Futures contracts, at fair value 12,285 (12,285 ) — — Purchase commitments 157 — — 157 Credit derivatives 4,507 — (3,520 ) 987 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 or Maturity of Interest Rate Swaps Unrealized Gains (Losses) on Interest Rate Swaps (dollars in thousands) Three Months Ended: March 31, 2018 $ (48,160 ) $ 834 $ 977,285 March 31, 2017 $ (104,156 ) $ — $ 149,184 (1) Interest expense related to interest rate swaps is recorded in Realized gains (losses) on interest rate swaps on the Consolidated Statements of Comprehensive Income (Loss). The effect of other derivative contracts on the Company’s Consolidated Statements of Comprehensive Income (Loss) is as follows: Three Months Ended March 31, 2018 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 $ (277,901 ) $ 17,917 $ (259,984 ) Net interest rate swaptions (21,434 ) 67,221 45,787 Futures 495,013 (328,512 ) 166,501 Purchase commitments — 366 366 Credit derivatives 1,513 (1,328 ) 185 Total $ (47,145 ) Three Months Ended March 31, 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 $ (60,314 ) $ 83,080 $ 22,766 Futures 973 (23,704 ) (22,731 ) Purchase commitments — 265 265 Total $ 300 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. 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 March 31, 2018 was approximately $402.7 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	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
COMMON STOCK AND PREFERRED STOCK	COMMON STOCK AND PREFERRED STOCK At March 31, 2018 , the Company’s authorized shares of capital stock, par value of $0.01 per share, consisted of 1,909,750,000 shares classified as common stock, 12,000,000 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 of Series E Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”), 28,800,000 shares classified as 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series F Preferred Stock”) and 19,550,000 shares classified as 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series G Preferred Stock”). (A) Common Stock At March 31, 2018 and December 31, 2017 , the Company had issued and outstanding 1,159,657,350 and 1,159,585,078 shares of common stock, respectively, with a par value of $0.01 per share. No options were exercised during the three months ended March 31, 2018 and 2017 . During the three months ended March 31, 2018 , the Company raised $0.7 million , by issuing 70,000 shares of common stock, through the Direct Purchase and Dividend Reinvestment Program. During the three months ended March 31, 2017 , the Company raised $0.6 million , by issuing 56,000 shares of common stock, through the Direct Purchase and Dividend Reinvestment Program. In January 2018, the Company entered into separate Distribution Agency Agreements (collectively, the “Sales Agreements”) with each of Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith, Incorporated, Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette & Woods, Inc., RBC Capital Markets, LLC and UBS Securities LLC (the “Sales Agents”). The Company may offer and sell shares of its common stock, having an aggregate offering price of up to $1.5 billion from time to time through any of the Sales Agents. The Company did not make any sales under the Sales Agreements during the three months ended March 31, 2018 . (B) Preferred Stock On August 25, 2017, the Company redeemed all 7,412,500 of its issued and outstanding shares of 7.875% Series A Cumulative Redeemable Preferred Stock (“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 March 31, 2018 and December 31, 2017 , the Company had issued and outstanding 7,000,000 and 12,000,000 shares, respectively, 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). During the three months ended March 31, 2018 , the Company redeemed 5,000,000 shares of its Series C Preferred Stock for $125.0 million . Through March 31, 2018 , the Company had declared and paid all required quarterly dividends on the Series C Preferred Stock, including $1.0 million , or $0.196 per share, for the 5,000,000 shares that were redeemed. At March 31, 2018 and December 31, 2017 , 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 March 31, 2018 , the Company had declared and paid all required quarterly dividends on the Series D Preferred Stock. At December 31, 2017 , the Company had issued and outstanding 11,500,000 shares of 7.625% 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). During the three months ended March 31, 2018 , the Company redeemed all 11,500,000 of its issued and outstanding shares of Series E Preferred Stock for $287.5 million . At March 31, 2018 and December 31, 2017 , the Company had issued and outstanding 28,800,000 shares of its Series F 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 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 (subject to the Company’s right under limited circumstances to redeem the Series F 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), 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 of the $25.00 per share liquidation preference. Through March 31, 2018 , the Company had declared and paid all required quarterly dividends on the Series F Preferred Stock. During the three months ended March 31, 2018 , the Company issued 17,000,000 shares of its 6.50% Series G Preferred Stock, liquidation preference of $25.00 per share, for gross proceeds of $425.0 million before deducting the underwriting discount and other estimated offering expenses. The Series G 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 March 31, 2023 (subject to the Company’s right under limited circumstances to redeem the Series G 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), at a fixed rate equal to 6.50% per annum of the $25.00 liquidation preference, and from and including March 31, 2023, at a floating rate equal to three-month LIBOR plus a spread of 4.172% per annum of the $25.00 per share liquidation preference. Through March 31, 2018 , the Company had declared and paid all required quarterly dividends on the Series G Preferred Stock. The Series C Preferred Stock, Series D Preferred Stock, Series F Preferred Stock and Series G 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 Three Months Ended: March 31, 2018 March 31, 2017 (dollars in thousands, except per share data) Distributions declared to common stockholders $ 347,897 $ 305,691 Distributions declared per common share $ 0.30 $ 0.30 Distributions paid to common stockholders after period end $ 347,897 $ 305,691 Distributions paid per common share after period end $ 0.30 $ 0.30 Date of distributions paid to common stockholders after period end April 30, 2018 April 28, 2017 Dividends declared to Series A Preferred stockholders $ — $ 3,648 Dividends declared per share of Series A Preferred Stock $ — $ 0.492 Dividends declared to Series C Preferred stockholders $ 4,316 $ 5,719 Dividends declared per share of Series C Preferred Stock (1) $ 0.477 $ 0.477 Dividends declared to Series D Preferred stockholders $ 8,625 $ 8,625 Dividends declared per share of Series D Preferred Stock $ 0.469 $ 0.469 Dividends declared to Series E Preferred stockholders $ 2,253 $ 5,481 Dividends declared per share of Series E Preferred Stock $ 0.196 $ 0.477 Dividends declared to Series F Preferred stockholders $ 12,510 $ — Dividends declared per share of Series F Preferred Stock $ 0.434 $ — Dividends declared to Series G Preferred stockholders $ 6,062 $ — Dividends declared per share of Series G Preferred Stock $ 0.357 $ — (1) Includes dividends declared per share for shares outstanding at March 31, 2018 .

INTEREST INCOME AND INTEREST EX

INTEREST INCOME AND INTEREST EXPENSE	3 Months Ended
	Mar. 31, 2018
Banking and Thrift, Interest [Abstract]
INTEREST INCOME AND INTEREST EXPENSE	INTEREST INCOME AND INTEREST EXPENSE The following table presents the components of the Company’s interest income and interest expense for the three months ended March 31, 2018 and 2017 . For the Three Months Ended March 31, 2018 March 31, 2017 Interest income: (dollars in thousands) Residential Investment Securities $ 779,588 $ 515,910 Residential mortgage loans 15,505 3,864 Commercial investment portfolio (1) 72,457 64,345 Reverse repurchase agreements 11,937 3,608 Total interest income 879,487 587,727 Interest expense: Repurchase agreements 331,374 173,090 Securitized debt of consolidated VIEs 15,652 14,850 Participation sold — 153 Other 20,395 10,332 Total interest expense 367,421 198,425 Net interest income $ 512,066 $ 389,302 (1) Includes commercial real estate debt, preferred equity and corporate debt.

GOODWILL

GOODWILL	3 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	GOODWILL At March 31, 2018 and December 31, 2017 , Goodwill totaled $71.8 million .

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	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 months ended March 31, 2018 and 2017 . For the Three Months Ended March 31, 2018 March 31, 2017 (dollars in thousands, except per share data) Net income (loss) $ 1,327,704 $ 440,408 Net income (loss) attributable to noncontrolling interest (96 ) (103 ) Net income (loss) attributable to Annaly 1,327,800 440,511 Dividends on preferred stock 33,766 23,473 Net income (loss) available (related) to common stockholders $ 1,294,034 $ 417,038 Weighted average shares of common stock outstanding-basic 1,159,617,848 1,018,942,746 Add: Effect of stock awards, if dilutive 485,337 364,633 Weighted average shares of common stock outstanding-diluted 1,160,103,185 1,019,307,379 Net income (loss) per share available (related) to common share: Basic $ 1.12 $ 0.41 Diluted $ 1.12 $ 0.41 Options to purchase 0.8 million and 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 months ended March 31, 2018 and 2017 , respectively.

LONG-TERM STOCK INCENTIVE PLAN

LONG-TERM STOCK INCENTIVE PLAN	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
LONG-TERM STOCK INCENTIVE PLAN	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 Three Months Ended: March 31, 2018 March 31, 2017 Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Options outstanding at the beginning of year 794,125 $ 15.30 1,125,625 $ 15.43 Granted — — — — Exercised — — — — Forfeited — — — — Expired — — — — Options outstanding at the end of period 794,125 $ 15.30 1,125,625 $ 15.43 Options exercisable at the end of the period 794,125 $ 15.30 1,125,625 $ 15.43 The weighted average remaining contractual term was approximately 0.5 years and 1.2 years for stock options outstanding and exercisable at March 31, 2018 and 2017 , respectively. At March 31, 2018 and 2017 , there was no unrecognized compensation cost related to nonvested share-based compensation awards.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended March 31, 2018 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 months ended March 31, 2018 and 2017 , the Company recorded $0.6 million and $1.0 million of income tax expense, respectively, attributable to its TRSs. The Company’s federal, state and local tax returns from 2014 and forward remain open for examination. On December 22, 2017, tax legislation was enacted, informally known as the Tax Cuts and Jobs Act (the “TCJA”), that significantly changes the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their stockholders. While technical corrections or other amendments to the TCJA or administrative guidance interpreting the TCJA may be forthcoming at any time, GAAP requires the Company to apply the TCJA provisions, as written, to the Company’s consolidated financial statements in terms of recording and measuring deferred tax assets and liabilities that will be recognized in 2018 or further. Due to the timing of the enacted legislation as well as the technical corrections, amendments or administrative guidance that could clarify the treatment of certain provisions, the SEC issued guidance that allows for entities without the necessary information to complete the accounting analysis to determine a reasonable estimate of the effects of the TCJA. These amounts can then be revised once further clarity can be reached over the course of the coming year. The provisions of the TCJA, as written, which includes the change to the federal corporate income tax rate from 35% to 21%, was applied and did not have a material impact on the Company’s consolidated financial statements. To the extent technical corrections or other amendments to the TCJA or administrative guidance interpreting the TCJA are released, the Company will revisit its analysis and conclusions, if relevant.

LEASE COMMITMENTS AND CONTINGEN

LEASE COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
LEASE COMMITMENTS AND CONTINGENCIES	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 March 31, 2018 and 2017 was $0.8 million . The Company’s aggregate future minimum lease payments totaled $28.2 million . The following table details the future lease payments: Years Ending December 31, Lease Commitments (dollars in thousands) 2018 (remaining) $ 2,673 2019 3,565 2020 3,652 2021 3,862 2022 3,862 Later years 10,618 Total $ 28,232 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 March 31, 2018 and December 31, 2017 .

RISK MANAGEMENT

RISK MANAGEMENT	3 Months Ended
	Mar. 31, 2018
Text Block [Abstract]
RISK MANAGEMENT	RISK MANAGEMENT The primary risks to the Company are liquidity, investment/market risk and credit risk. Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond the Company’s control. Changes in the general level of interest rates can affect net interest income, which is the difference between the interest income earned on interest earning assets and the interest expense incurred in connection with the interest bearing liabilities, by affecting the spread between the interest earning assets and interest bearing liabilities. Changes in the level of interest rates can also affect the value of the interest earning assets and the Company’s ability to realize gains from the sale of these assets. A decline in the value of the interest earning assets pledged as collateral for borrowings under repurchase agreements and derivative contracts could result in the counterparties demanding additional collateral or liquidating 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 is 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, residential mortgage loans, CRT securities, other non-Agency mortgage-backed securities, and corporate debt. MSR values may also be adversely impacted if overall costs to service the underlying mortgage loans increase due to borrower performance. The Company is exposed to risk of loss if an issuer, borrower, tenant or counterparty fails to perform its obligations under contractual terms. The Company has established policies and procedures for mitigating credit risk, including reviewing and establishing limits for credit exposure, limiting transactions with specific counterparties, maintaining qualifying collateral and continually assessing the creditworthiness of issuers, borrowers, tenants and counterparties.

RCAP REGULATORY REQUIREMENTS

RCAP REGULATORY REQUIREMENTS	3 Months Ended
	Mar. 31, 2018
Brokers and Dealers [Abstract]
RCAP REGULATORY REQUIREMENTS	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 March 31, 2018 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 March 31, 2018 was $390.0 million with excess net capital of $389.7 million .

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	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 March 31, 2018 and 2017 , the compensation and management fee was $44.5 million and $39.3 million , respectively. At March 31, 2018 and December 31, 2017 , the Company had amounts payable to the Manager of $14.5 million and $13.8 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	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Pending Acquisition of MTGE Investment Corp. As previously disclosed in a Form 8-K filed with the SEC on May 3, 2018 (the “Merger 8-K”), on May 2, 2018, the Company, Mountain Merger Sub Corporation, a wholly-owned subsidiary of the Company (“Purchaser”), and MTGE Investment Corp. (“MTGE”) entered into an agreement and plan of merger (the “Merger Agreement”), pursuant to which, subject to the terms and conditions contained therein, the Company agreed to acquire MTGE (the “MTGE Acquisition”), an externally managed hybrid mortgage REIT, for aggregate consideration to MTGE common shareholders of approximately $900.0 million based on the closing price of the Company’s common stock on April 30, 2018. Approximately 50% of such consideration will be payable in shares of the Company’s common stock, and approximately 50% of which will be payable in cash. Purchaser will commence an exchange offer (the “Offer”) to purchase all of MTGE’s issued and outstanding shares of common stock and, upon the closing of the Offer, subject to customary closing conditions as set forth in the Merger Agreement, MTGE will be merged with and into Purchaser (the “Merger”), with Purchaser surviving the Merger. In addition, as part of the MTGE Acquisition, each share of MTGE 8.125% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (each, a “MTGE Preferred Share”), that is outstanding as of immediately prior to the completion of the MTGE Acquisition will be converted into one share of a newly-designated series of the Company’s preferred stock, par value $0.01 per share, which the Company expects will be classified and designated as 8.125% Series H Cumulative Redeemable Preferred Stock, and which will have rights, preferences, privileges and voting powers substantially the same as a MTGE Preferred Share. The closing of the MTGE Acquisition is subject to a number of conditions, including the receipt of specified regulatory approvals. Prior to closing the MTGE Acquisition, MTGE will declare a prorated common dividend to its stockholders with a record date on the fourth business day prior to the completion of the Offer, and payable upon the date of the completion of the Offer. In addition, the Company expects to declare and pay a prorated common dividend to its stockholders, with a record date on the last business day prior to the completion of the Offer. Each of the dividends will be prorated based on the number of days that elapsed since the record date for the most recent quarterly dividend paid to MTGE’s and the Company’s stockholders, respectively, and the amount of such prior quarterly dividend, as applicable. The MTGE Acquisition is expected to be completed during the third quarter of 2018. For additional details regarding the terms and conditions of the Merger Agreement and related matters, please refer to the Merger Agreement and the Merger 8-K and the other documentation filed as exhibits thereto. Additional information regarding the transactions contemplated by the Merger Agreement, including associated risks, will be contained in a registration statement on Form S-4 that the Company expects to file with the SEC in connection with the MTGE Acquisition.

SIGNIFICANT ACCOUNTING POLICI32

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
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, 2017 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, 2017 . 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.
Principles of Consolidation	Principles of Consolidation – The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company reclassified previously presented financial information to conform to the current presentation.
Variable Interest Entities	Variable Interest Entities – A VIE is defined as an entity in which equity investors (i) do not have the characteristics of a controlling financial interest, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A variable interest is an investment or other interest that will absorb portions of a VIE’s expected losses or receive portions of the entity’s expected residual returns . The Company has evaluated all of its investments in legal entities in order to determine if they are variable interests in VIEs. A VIE is required to be consolidated by its primary beneficiary, which is defined as the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. 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 party that makes the most significant decisions affecting the VIE or has the right to unilaterally remove those decision makers is deemed to have the power to direct the activities of the 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; and relative share of interests held across various classes within the VIE’s capital structure. 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 to change. The Company consolidates a residential mortgage trust that issued residential mortgage-backed securities that are collateralized by residential mortgage loans that had been transferred to the trust by one of the Company’s subsidiaries. The Company owns most of the mortgage-backed securities issued by this VIE, including the subordinate securities, and a subsidiary of the Company continues to be the master servicer. As such, the Company is deemed to be the primary beneficiary of the residential mortgage trust and consolidates the entity. The Company has elected the fair value option for the financial assets and liabilities of this VIE, but has elected not to apply the practical expedient under ASU 2014-13 as prices of both the financial liabilities and financial assets of the residential mortgage trust are available from third-party pricing services. The 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, each 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. While the Company previously held 100% of the voting interests in this entity, in August 2017, the Company sold 100% of such interests, and entered into an agreement with the entity’s affiliated portfolio manager 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 and consolidates this silo. Upon consolidation, the Company elected the fair value option for the financial assets and liabilities of the FREMF Trusts in order to avoid an accounting mismatch, and to more faithfully represent the economics of its interest in the entities. The fair value option requires that changes in fair value be reflected in the Company’s Consolidated Statements of Comprehensive Income (Loss). The Company early adopted ASU 2014-13 and applied the practical expedient fair value measurement, whereby the Company determines whether the fair value of the financial assets or financial liabilities is more observable as a basis for measuring the less observable financial instruments. The Company has determined that the fair value of the financial liabilities of the FREMF Trusts are more observable, since the prices for these liabilities are primarily available from third-party pricing services utilized for multifamily mortgage-backed securities, while the individual assets of the trusts are inherently less capable of precise measurement given their illiquid nature and the limitations on available information related to these assets. Given that the Company’s methodology for valuing the financial assets of the FREMF Trusts are an aggregate fair value derived from the fair value of the financial liabilities, the Company has determined that the fair value of each of the financial assets in their entirety should be classified in Level 2 of the fair value measurement hierarchy. The FREMF Trusts 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.
Use of Estimates	Use of Estimates – The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents – Cash and cash equivalents include cash on hand, cash held in money market funds on an overnight basis and cash pledged as collateral with counterparties. Cash deposited with clearing organizations is carried at cost, which approximates fair value. The Company also maintains collateral in the form of cash on margin with counterparties to its interest rate swaps and other derivatives. In accordance with a clearing organization’s rulebook, the Company presents the fair value of centrally cleared interest rate swaps net of variation margin pledged under such transactions. At March 31, 2018 , $873.4 million of variation margin was reported as a reduction to interest rate swaps, at fair value. RCap Securities, Inc., the Company’s wholly-owned broker-dealer (“RCap”) is a member of various clearing organizations with which it maintains cash required to conduct its day-to-day clearance activities.
Fair Value Measurements	Fair Value Measurements – The Company reports various financial instruments at fair value. A complete discussion of the methodology utilized by the Company to estimate the fair value of certain financial instruments is included in these Notes to Consolidated Financial Statements. 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 priority 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.
Revenue Recognition	Revenue Recognition – The revenue recognition policy by asset class is discussed below. Agency Mortgage-Backed Securities, Agency Debentures, Non-Agency Mortgage-Backed Securities and Credit Risk Transfer Securities – The Company invests in mortgage pass-through certificates, collateralized mortgage obligations and other mortgage-backed securities representing interests in or obligations backed by pools of residential or multifamily mortgage loans and certificates guaranteed by the Government National Mortgage Association (“Ginnie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”) or the Federal National Mortgage Association (“Fannie Mae”) (collectively, “Agency mortgage-backed securities”). These Agency mortgage-backed securities may include forward contracts for Agency mortgage-backed securities purchases or sales of a generic pool, on a to-be-announced basis (“TBA securities”). The Company also invests in Agency debentures issued by the Federal Home Loan Banks, Freddie Mac and Fannie Mae, as well as CRT securities. CRT securities are risk sharing instruments issued by Fannie Mae and Freddie Mac, and similarly structured transactions arranged by third party market participants. CRT securities are designed to synthetically transfer mortgage credit risk from Fannie Mae and Freddie Mac to private investors. The Company also invests in non-Agency mortgage-backed securities such as those issued in non-performing loan (“NPL”) and re-performing loan (“RPL”) securitizations. Agency mortgage-backed securities, Agency debentures, non-Agency mortgage-backed securities and CRT securities are referred to herein as “Residential Investment Securities.” Although the Company generally intends to hold most of its Residential Investment Securities until maturity, it may, from time to time, sell any of its Residential Investment Securities as part of the overall management of its portfolio. Residential Investment Securities classified as available-for-sale are reported at fair value with unrealized gains and losses reported as a component of Other comprehensive income (loss) unless the Company has elected the fair value option, where the unrealized gains and losses on these financial instruments are recorded through earnings. 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, reverse mortgages and 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, reverse mortgages and 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 multifamily 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, reverse mortgages 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. The following table 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) Reverse mortgages (2) Prospective Interest-only (2) Prospective Residential Credit CRT (2) Prospective Alt-A (2) Prospective Prime (2) Prospective Subprime (2) Prospective NPL/RPL (2) Prospective Prime Jumbo (2) Prospective Prime Jumbo interest-only (2) 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 – The Company’s residential mortgage loans are primarily comprised of performing adjustable-rate and fixed-rate whole loans. Additionally, the Company consolidates a collateralized financing entity that securitized prime adjustable-rate jumbo residential mortgage loans. The Company also consolidates a securitization trust in which it had purchased subordinated securities because it also has certain powers and rights to direct the activities of such trust. Please refer to the “Variable Interest Entities” Note for further information related to the Company’s consolidated Residential Mortgage Loan Trusts. The Company made elections to account for the investments in residential mortgage loans held in its portfolio and in the securitization trusts at fair value as these elections simplify the accounting. Residential mortgage loans are recognized at fair value on the accompanying Consolidated Statements of Financial Condition. Changes in the estimated fair value are presented in Net unrealized gains (losses) on investments measured at fair value through earnings in the Consolidated Statements of Comprehensive Income (Loss). Premiums and discounts associated with the purchase of residential mortgage loans and with those held in the securitization trusts 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 March 31, 2018 or December 31, 2017 other than real estate held by securitization trusts that the Company was required to consolidate. 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	MSRs – MSRs represent the rights associated with servicing pools of residential mortgage loans, which the Company intends to hold as investments. The Company and its subsidiaries do not originate or directly service mortgage loans. Rather, these activities are carried out by duly licensed subservicers who perform substantially all servicing functions for the loans underlying the MSRs. The Company elected to account for all of its investments in MSRs at fair value. As such, they are recognized at fair value on the accompanying Consolidated Statements of Financial Condition with changes in the estimated fair value presented as a component of Net unrealized gains (losses) on investments measured at fair value through earnings in the Consolidated Statements of Comprehensive Income (Loss). Servicing income, net of servicing expenses, is reported in Other income (loss) in the Consolidated Statements of Comprehensive Income (Loss).
Equity Securities	Equity Securities – The Company may invest in equity securities that are not accounted for under the equity method or do not result in consolidation. These equity securities are required to be reported at fair value with unrealized gains and losses reported in the Consolidated Statements of Comprehensive Income (Loss) as Net gains (losses) on trading assets, unless the securities do not have readily determinable fair values. For such equity securities without readily determinable fair values, the Company has elected to apply the measurement alternative and carry the securities at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. For equity securities carried at fair value through earnings, dividends are recorded in earnings on the declaration date. Dividends from equity securities without readily determinable fair values are recognized as income when received to the extent they are distributed from net accumulated earnings.
Derivative Instruments	Derivative Instruments – The Company may use a variety of derivative instruments to economically hedge some of its exposure to market risks, including interest rate and prepayment risk. These instruments include, but are not limited to, interest rate swaps, options to enter into interest rate swaps (“swaptions”), TBA securities without intent to accept delivery (“TBA derivatives”), options on TBA securities (“MBS options”), U.S. Treasury and Eurodollar futures contracts and certain forward purchase commitments. The Company may also enter into other types of mortgage derivatives such as interest-only securities, credit derivatives referencing the commercial mortgage-backed securities index and synthetic total return swaps. Derivatives are accounted for in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging , which requires recognition of all derivatives as either assets or liabilities at fair value in the Consolidated Statements of Financial Condition with changes in fair value recognized in the Consolidated Statements of Comprehensive Income (Loss). The changes in the estimated fair value are presented within Net gains (losses) on trading assets with the exception of interest rate swaps which are separately presented. None of the Company’s derivative transactions have been designated as hedging instruments for accounting purposes. Some derivative agreements contain provisions that allow for netting or setting off by counterparty; however, the Company elected to present related assets and liabilities on a gross basis in the Consolidated Statements of Financial Condition. Interest Rate Swap Agreements – Interest rate swap agreements are the primary instruments used to mitigate interest rate risk. In particular, the Company uses interest rate swap agreements to manage its exposure to changing interest rates on its repurchase agreements by economically hedging cash flows associated with these borrowings. Interest rate swap agreements may or may not be cleared through a derivatives clearing organization (“DCO”). Uncleared interest rate swaps are fair valued using internal pricing models and compared to the counterparty market values. Centrally cleared interest rate swaps are fair valued using internal pricing models and compared to the DCO’s market values. We may use market agreed coupon (“MAC”) interest rate swaps in which we may receive or make a payment at the time of entering into the swap to compensate for the out of the market nature of such interest rate swap. MAC interest rate swaps are also centrally cleared and fair valued using internal pricing models and compared to the DCO’s market value. Swaptions – Swaptions are purchased or sold to mitigate the potential impact of increases or decreases in interest rates. Interest rate swaptions provide the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future. They are not centrally cleared. The premium paid or received for swaptions is reported as an asset or liability in the Consolidated Statements of Financial Condition. If a swaption expires unexercised, the realized gain (loss) on the swaption would be equal to the premium received or paid. If the Company sells or exercises a swaption, the realized gain or loss on the swaption would be equal to the difference between the cash received or the fair value of the underlying interest rate swap received and the premium paid. The fair value of swaptions is estimated using internal pricing models and compared to the counterparty market value. TBA Dollar Rolls – TBA dollar roll transactions are accounted for as a series of derivative transactions. The fair value of TBA derivatives is based on methods similar to those used to value Agency mortgage-backed securities. MBS Options – MBS options are generally options on TBA contracts, which help manage mortgage market risks and volatility while providing the potential to enhance returns. MBS options are over-the-counter traded instruments and those written on current-coupon mortgage-backed securities are typically the most liquid. MBS options are measured at fair value using internal pricing models and compared to the counterparty market value at the valuation date. Futures Contracts – Futures contracts are derivatives that track the prices of specific assets or benchmark rates. Short sales of futures contracts help to mitigate the potential impact of changes in interest rates on the portfolio performance. The Company maintains margin accounts which are settled daily with Futures Commission Merchants (“FCMs”). The margin requirement varies based on the market value of the open positions and the equity retained in the account. Futures contracts are fair valued based on exchange pricing. Forward Purchase Commitments – The Company may enter into forward purchase commitments with counterparties whereby the Company commits to purchasing residential mortgage loans at a particular price, provided the residential mortgage loans close with the counterparties. The counterparties are required to deliver the committed loans on a “best efforts” basis.
Goodwill and Intangible Assets	Goodwill and Intangible Assets – The Company’s acquisitions are accounted for using the acquisition method. Under the acquisition method, net assets and results of operations of acquired companies are included in the consolidated financial statements from the date of acquisition. The purchase prices are allocated to the assets acquired, including identifiable intangible assets, and the liabilities assumed based on their estimated fair values at the date of acquisition. The excess of purchase price over the fair value of the net assets acquired is recognized as goodwill. Conversely, any excess of the fair value of the net assets acquired over the purchase price is recognized as a bargain purchase gain. 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.
Reverse Repurchase and Repurchase Agreements	Reverse Repurchase and Repurchase Agreements – The Company finances the acquisition of a significant portion of its assets with repurchase agreements. At the inception of each transaction, the Company assesses each of the specified criteria in ASC 860, Transfers and Servicing , and has determined that each of the financing agreements meet the specified criteria in this guidance. 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 and cash flows on reverse repurchase agreements as investing activities in the Consolidated Statements of Cash Flows.
Stock Based Compensation	Stock Based Compensation – The Company is required to measure and recognize in the consolidated financial statements the compensation cost relating to share-based payment transactions. The Company recognizes compensation expense on a straight-line basis over the requisite service period for the entire award.
Income Taxes	Income Taxes – The Company has elected to be taxed as a REIT and intends to comply with the provisions of the Code, with respect thereto. Accordingly, the Company will not be subject to federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and stock ownership tests are met. The Company and certain of its direct and indirect subsidiaries, including RCap and certain subsidiaries of ACREG and Hatteras Financial Corp., have made separate joint elections to treat these subsidiaries as taxable REIT subsidiaries (“TRSs”). As such, each of these TRSs is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon their taxable income. The provisions of ASC 740, Income Taxes (“ASC 740”), clarify the accounting for uncertainty in income taxes recognized in financial statements and prescribe a recognition threshold and measurement attribute for uncertain tax positions taken or expected to be taken on a tax return. ASC 740 also requires that interest and penalties related to unrecognized tax benefits be recognized in the financial statements. The Company does not have any unrecognized tax benefits that would affect its financial position.
Commercial Real Estate Investments	Commercial Real Estate Investments Commercial Real Estate Debt Investments – The Company’s commercial real estate debt investments are comprised of commercial mortgage-backed securities and loans held by consolidated collateralized financing entities. Commercial mortgage-backed securities are classified as available-for-sale and reported at fair value with unrealized gains and losses reported as a component of Other comprehensive income (loss), except for conduit commercial mortgage-backed securities for which the Company has elected to fair value through earnings to simplify the accounting. Management evaluates commercial mortgage-backed securities, excluding conduit commercial mortgage-backed securities, for other-than-temporary impairment at least quarterly. See the “Commercial Real Estate Investments” Note for additional information regarding the consolidated collateralized financing entities. Commercial Real Estate Loans and Preferred Equity Interests (collectively referred to as “CRE Debt and Preferred Equity Investments”) – The Company’s commercial real estate loans are comprised of fixed-rate and adjustable-rate loans. The Company designates loans as held for investment if it has the intent and ability to hold the loans until maturity or payoff. The difference between the principal amount of a loan and proceeds at acquisition is recorded as either a discount or premium. Commercial real estate loans that are designated as held for investment and are originated or purchased by the Company are carried at their outstanding principal balance, net of unamortized origination fees and costs, premiums or discounts, less an allowance for losses if necessary. Origination fees and costs, premiums or discounts are amortized into interest income over the life of the loan. 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 carried at historical cost less accumulated depreciation. Historical cost includes all costs necessary to bring the asset to the condition and location necessary for its intended use, including financing during the construction period. Costs directly related to acquisitions deemed to be business combinations are expensed. Ordinary repairs and maintenance which are not reimbursed by tenants are expensed as incurred. Major replacements and improvements that extend the useful life of the asset are capitalized and depreciated over their useful life. 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 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 – Interest income is accrued based on the outstanding principal amount of CRE Debt and Preferred Equity Investments and their contractual terms. Origination fees and costs, premiums or discounts associated with the purchase of CRE Debt and Preferred Equity Investments are amortized or accreted into interest income over the lives of the CRE Debt and Preferred Equity Investments using the effective interest method.
Corporate Debt	Corporate Debt Corporate Loans – The Company’s investments in corporate loans are designated as held for investment when the Company has the intent and ability to hold the investment until maturity or payoff. These investments are carried at their principal balance outstanding plus any premiums or discounts less allowances for loan losses. Interest income from coupon payments is accrued based upon the outstanding principal amounts of the debt and its contractual terms. Premiums and discounts are amortized or accreted into interest income using the effective interest method. These investments typically take the form of senior secured loans primarily in first or second lien positions. The Company’s senior secured loans generally have stated maturities of three to eight years. In connection with these senior secured loans the Company receives a security interest in certain of the assets of the borrower and such assets support repayment of such loans. Senior secured loans are generally exposed to less amount of credit risk than more junior loans given their seniority to scheduled principal and interest and priority of security in the assets of the borrower. To date, the significant majority of the Company’s investments in corporate debt have been funded term loans versus bonds. Corporate Debt Securities – The Company’s investments in corporate debt that are debt securities are designated as held-to-maturity when the Company has the intent and ability to hold the investment until maturity. These investments are carried at their principal balance outstanding plus any premiums or discounts less other-than-temporary impairment. Interest income from coupon payments is accrued based upon the outstanding principal amounts of the debt and its contractual terms. Premiums and discounts are amortized or accreted into interest income using the interest method.
Other-Than-Temporary Impairment	Other-Than-Temporary Impairment – Management evaluates available-for-sale securities and held-to-maturity debt securities for other-than-temporary impairment at least quarterly, and more frequently when economic or market conditions warrant such evaluation. When the fair value of an available-for-sale security is less than its amortized cost, the security is considered impaired. For securities that are impaired, the Company determines if it (1) has the intent to sell the security, (2) is more likely than not that it will be required to sell the 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.
Allowance for Losses	Allowance for Losses – The Company evaluates the need for a loss reserve on its CRE Debt and Preferred Equity Investments and its corporate loans. A provision for losses related to CRE Debt and Preferred Equity Investments and corporate loans, including those accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality , may be established when it is probable the Company will not collect amounts contractually due or all amounts previously estimated to be collectible. Management assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment is required in this analysis. Depending on the expected recovery of its investment, the Company considers the estimated net recoverable value of the CRE Debt and Preferred Equity Investments as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the prospects for the borrower and the competitive landscape where the borrower conducts business. To determine if loan loss allowances are required on investments in corporate debt, the Company reviews the monthly and/or quarterly financial statements of the borrowers, verifies loan compliance packages, if applicable, and analyzes current results relative to budgets and sensitivities performed at inception of the investment. Because these determinations are based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized may differ materially from the carrying value as of the reporting date. The Company may be exposed to various levels of credit risk depending on the nature of its investments and credit enhancements, if any, supporting its assets. The Company’s core investment process includes procedures related to the initial approval and periodic monitoring of credit risk and other risks associated with each investment. The Company’s investment underwriting procedures include evaluation of the underlying borrowers’ ability to manage and operate their respective properties or companies. Management reviews loan-to-value metrics at origination or acquisition of a new investment and if events occur that trigger re-evaluation by management. 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. The Company evaluates the need for a loss reserve on at least a quarterly basis through its surveillance review process. In connection with the surveillance review process, the Company’s CRE Debt and Preferred Equity Investments are assigned an internal risk rating. The loan risk ratings conform to 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 net operating income, debt service coverage ratios, property debt yields, loan per unit, rent rolls and other factors management deems important. A provision for loan losses may occur when it is probable the Company will not collect amounts contractually due or all amounts previously estimated to be collectible 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 – If collection of a loan’s principal or interest is in doubt or the loan is 90 days or more past due, interest income is not accrued. For nonaccrual status loans carried at fair value or held for sale, interest is not accrued, but is recognized on a cash basis. For nonaccrual status loans carried at amortized cost, if collection of principal is not in doubt, but collection of interest is in doubt, interest income is recognized on a cash basis. If collection of principal is in doubt, any interest received is applied against principal until collectability of the remaining balance is no longer in doubt; at that point, any interest income is recognized on a cash basis. Generally, a loan is returned to accrual status when the borrower has resumed paying the full amount of the scheduled contractual obligation, if all principal and interest amounts contractually due are reasonably assured of repayment within a reasonable period of time and there is a sustained period of repayment performance by the borrower.
Broker Dealer Activities	Broker Dealer Activities Reverse Repurchase and Repurchase Agreements – RCap enters into reverse repurchase agreements and repurchase agreements as part of its matched book trading activity. Reverse repurchase agreements are recorded on settlement date at the contractual amount and are collateralized by mortgage-backed or other securities. Margin calls are made by RCap as necessary based on the daily valuation of the underlying collateral as compared to the contract price. RCap generates income from the spread between what is earned on the reverse repurchase agreements and what is paid on the matched repurchase agreements. RCap’s policy is to obtain possession of collateral with a market value in excess of the principal amount loaned under reverse repurchase agreements. To ensure that the market value of the underlying collateral remains sufficient, collateral is valued daily, and RCap will require counterparties to deposit additional collateral, when necessary. All reverse repurchase activities are transacted under master repurchase agreements that give RCap the right, in the event of default, to liquidate collateral held and in some instances, to offset receivables and payables with the same counterparty. Substantially all of RCap’s reverse repurchase activity is with affiliated entities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”). ASUs not listed below were not applicable, not expected to have a significant impact on the Company’s consolidated financial statements when adopted, or did not have a significant impact on the Company’s 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 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU updates the existing incurred loss model to a current expected credit loss (“CECL”) model for financial assets and net investments in leases that are not accounted for at fair value through earnings. The amendments affect loans, held-to-maturity debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures and any other financial assets not excluded from the scope. There are also limited amendments to the impairment model for available-for-sale debt securities. January 1, 2020 (early adoption permitted) The Company currently plans to adopt the new standard on its effective date. While 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. The Company needs to complete the development of an appropriate allowance methodology, assess the impact on the consolidated financial statements and determine appropriate internal controls and financial statement disclosures. Further, based on the amended guidance for available-for-sale debt securities, the Company: • will be required to use an allowance approach to recognize credit impairment, with the allowance to be limited to the amount by which the security’s fair value is less than its amortized cost basis; • may not consider the length of time fair value has been below amortized cost, and • may not consider recoveries of fair value after the balance sheet date when assessing whether a credit loss exists. Standard Description Effective Date Effect on the financial statements or other significant matters Standards that were adopted ASU 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 The amendments are expected to result in fewer transactions being accounted for as business combinations. ASU 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments This update provides specific guidance on certain cash flow classification issues, including classification of cash receipts and payments that have aspects of more than one class of cash flows. If cash flows cannot be separated by source or use, the appropriate classification should depend on the activity that is likely to be the predominant source or use of cash flows. January 1, 2018 As a result of adopting this standard, the Company reclassified its cash flows on reverse repurchase and repurchase agreements entered into by RCap from operating activities to investing and financing activities, respectively, in the Consolidated Statements of Cash Flows. The Company applied the retrospective transition method, which resulted in reclassification of comparative periods.
Fair Value of Financial Instruments	The Company designates its securities as trading, available-for-sale or held-to-maturity depending upon the type of security and the Company’s intent and ability to hold such security to maturity. Securities 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, swaptions and other derivatives are valued using quoted prices or internally estimated prices for similar assets using internal models. The Company incorporates common market pricing methods, including a spread measurement to the Treasury curve as well as underlying characteristics of the particular security including coupon, prepayment speeds, periodic and life caps, rate reset period and expected life of the security in its estimates of fair value. Fair value estimates for residential mortgage loans are generated by a discounted cash flow model and are primarily based on observable market-based inputs including discount rates, prepayment speeds, delinquency levels, and credit losses. Management reviews and indirectly corroborates its estimates of the fair value derived using internal models by comparing its results to independent prices provided by dealers in the securities and/or third party pricing services. Certain liquid asset classes, such as Agency fixed-rate pass-throughs, may be priced using independent sources such as quoted prices for TBA securities. 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, 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.
Derivatives Hedges	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 case of MAC interest rate swaps, the Company may make or receive a payment at the time of entering into such interest rate swap to compensate for the out of market nature of such interest rate swap. Similar to other interest rate swaps, the Company may have to pledge cash or assets as collateral for the MAC interest rate swap transactions. 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.
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.

SIGNIFICANT ACCOUNTING POLICI33

SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Interest Income Recognition Methodology for Residential Investment Securities	The following table 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) Reverse mortgages (2) Prospective Interest-only (2) Prospective Residential Credit CRT (2) Prospective Alt-A (2) Prospective Prime (2) Prospective Subprime (2) Prospective NPL/RPL (2) Prospective Prime Jumbo (2) Prospective Prime Jumbo interest-only (2) 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	ASUs not listed below were not applicable, not expected to have a significant impact on the Company’s consolidated financial statements when adopted, or did not have a significant impact on the Company’s 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 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU updates the existing incurred loss model to a current expected credit loss (“CECL”) model for financial assets and net investments in leases that are not accounted for at fair value through earnings. The amendments affect loans, held-to-maturity debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures and any other financial assets not excluded from the scope. There are also limited amendments to the impairment model for available-for-sale debt securities. January 1, 2020 (early adoption permitted) The Company currently plans to adopt the new standard on its effective date. While 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. The Company needs to complete the development of an appropriate allowance methodology, assess the impact on the consolidated financial statements and determine appropriate internal controls and financial statement disclosures. Further, based on the amended guidance for available-for-sale debt securities, the Company: • will be required to use an allowance approach to recognize credit impairment, with the allowance to be limited to the amount by which the security’s fair value is less than its amortized cost basis; • may not consider the length of time fair value has been below amortized cost, and • may not consider recoveries of fair value after the balance sheet date when assessing whether a credit loss exists. Standard Description Effective Date Effect on the financial statements or other significant matters Standards that were adopted ASU 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 The amendments are expected to result in fewer transactions being accounted for as business combinations. ASU 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments This update provides specific guidance on certain cash flow classification issues, including classification of cash receipts and payments that have aspects of more than one class of cash flows. If cash flows cannot be separated by source or use, the appropriate classification should depend on the activity that is likely to be the predominant source or use of cash flows. January 1, 2018 As a result of adopting this standard, the Company reclassified its cash flows on reverse repurchase and repurchase agreements entered into by RCap from operating activities to investing and financing activities, respectively, in the Consolidated Statements of Cash Flows. The Company applied the retrospective transition method, which resulted in reclassification of comparative periods.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Investments, All Other Investments [Abstract]
Summary of Characteristics of Financial Instruments	The following table presents characteristics for certain of the Company’s financial instruments at March 31, 2018 and December 31, 2017 . Financial Instruments (1) Balance Sheet Location Form Measurement Basis March 31, 2018 December 31, 2017 (dollars in thousands) Assets Agency mortgage-backed securities Securities Fair value, with unrealized gains (losses) through other comprehensive income $ 87,519,400 $ 89,426,437 Agency mortgage-backed securities Securities Fair value, with unrealized gains (losses) through earnings 1,059,697 1,125,326 Total agency mortgage-backed securities 88,579,097 90,551,763 Credit risk transfer securities Securities Fair value, with unrealized gains (losses) through earnings 628,942 651,764 Non-agency mortgage-backed securities Securities Fair value, with unrealized gains (losses) through earnings 1,066,343 1,097,294 Residential mortgage loans Loans Fair value, with unrealized gains (losses) through earnings 1,535,685 1,438,322 Commercial real estate debt investments Loans Fair value, with unrealized gains (losses) through earnings 2,695,513 2,826,357 Commercial real estate debt investments Securities Fair value, with unrealized gains (losses) through other comprehensive income 238,490 244,636 Commercial real estate debt investments Securities Fair value, with unrealized gains (losses) through earnings 26,320 18,115 Total commercial real estate debt investments 2,960,323 3,089,108 Commercial real estate debt and preferred equity, held for investment Loans Amortized cost 1,081,295 1,029,327 Corporate debt Loans Amortized cost 1,152,745 1,011,275 Reverse repurchase agreements Reverse repurchase agreements Amortized cost 200,459 — Liabilities Repurchase agreements Repurchase agreements Amortized cost 78,015,431 77,696,343 Other secured financing Loans Amortized cost 3,830,075 3,837,528 Securitized debt of consolidated VIEs Securities Fair value, with unrealized gains (losses) through earnings 2,904,873 2,971,771 Mortgages payable Loans Amortized cost 309,794 309,686 (1) Receivable for investments sold, Accrued interest and dividends receivable, Dividends payable, Payable for investments purchased and Accrued interest payable are accounted for at cost.

RESIDENTIAL INVESTMENT SECURI35

RESIDENTIAL INVESTMENT SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following tables present the Company’s Residential Investment Securities portfolio that was carried at their fair value at March 31, 2018 and December 31, 2017 : March 31, 2018 Principal / Notional Remaining Premium Remaining Discount Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Agency (dollars in thousands) Fixed-rate pass-through $ 78,830,362 $ 4,563,295 $ (1,624 ) $ 83,392,033 $ 62,602 $ (2,906,925 ) $ 80,547,710 Adjustable-rate pass-through 6,321,714 292,681 (1,313 ) 6,613,082 12,301 (152,751 ) 6,472,632 Interest-only 6,656,130 1,296,294 — 1,296,294 2,593 (278,896 ) 1,019,991 Multifamily 510,063 4,730 (1,189 ) 513,604 211 (14,757 ) 499,058 Reverse mortgages 35,464 4,411 — 39,875 — (169 ) 39,706 Total Agency investments $ 92,353,733 $ 6,161,411 $ (4,126 ) $ 91,854,888 $ 77,707 $ (3,353,498 ) $ 88,579,097 Residential Credit CRT $ 579,077 $ 27,299 $ (1,215 ) $ 605,161 $ 24,195 $ (414 ) $ 628,942 Alt-A 200,819 498 (33,609 ) 167,708 12,542 (211 ) 180,039 Prime 222,366 345 (24,870 ) 197,841 17,041 (54 ) 214,828 Subprime 516,223 1,998 (75,243 ) 442,978 50,320 (792 ) 492,506 NPL/RPL 39,286 14 (94 ) 39,206 366 — 39,572 Prime Jumbo (>= 2010 Vintage) 125,902 614 (3,929 ) 122,587 195 (1,582 ) 121,200 Prime Jumbo (>= 2010 Vintage) Interest-Only 939,627 14,516 — 14,516 3,682 — 18,198 Total residential credit investments $ 2,623,300 $ 45,284 $ (138,960 ) $ 1,589,997 $ 108,341 $ (3,053 ) $ 1,695,285 Total Residential Investment Securities $ 94,977,033 $ 6,206,695 $ (143,086 ) $ 93,444,885 $ 186,048 $ (3,356,551 ) $ 90,274,382 December 31, 2017 Principal / Notional Remaining Premium Remaining Discount Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Agency (dollars in thousands) Fixed-rate pass-through $ 78,509,335 $ 4,514,815 $ (1,750 ) $ 83,022,400 $ 140,115 $ (1,178,673 ) $ 81,983,842 Adjustable-rate pass-through 6,760,991 277,212 (1,952 ) 7,036,251 15,776 (103,121 ) 6,948,906 Interest-only 6,804,715 1,326,761 — 1,326,761 1,863 (242,862 ) 1,085,762 Multifamily 490,753 5,038 (341 ) 495,450 84 (1,845 ) 493,689 Reverse mortgages 35,000 4,527 — 39,527 37 — 39,564 Total Agency investments $ 92,600,794 $ 6,128,353 $ (4,043 ) $ 91,920,389 $ 157,875 $ (1,526,501 ) $ 90,551,763 Residential Credit CRT $ 593,027 $ 25,463 $ (3,456 ) $ 615,034 $ 36,730 $ — $ 651,764 Alt-A 204,213 499 (34,000 ) 170,712 13,976 (802 ) 183,886 Prime 197,756 358 (24,158 ) 173,956 18,804 — 192,760 Subprime 554,470 2,037 (78,561 ) 477,946 56,024 (90 ) 533,880 NPL/RPL 42,585 14 (117 ) 42,482 506 — 42,988 Prime Jumbo (>= 2010 Vintage) 130,025 627 (3,956 ) 126,696 1,038 (1,112 ) 126,622 Prime Jumbo (>= 2010 Vintage) Interest-Only 989,052 15,287 — 15,287 1,871 — 17,158 Total residential credit investments $ 2,711,128 $ 44,285 $ (144,248 ) $ 1,622,113 $ 128,949 $ (2,004 ) $ 1,749,058 Total Residential Investment Securities $ 95,311,922 $ 6,172,638 $ (148,291 ) $ 93,542,502 $ 286,824 $ (1,528,505 ) $ 92,300,821
Types of Agency Mortgage Backed Securities	The following table presents the Company’s Agency mortgage-backed securities portfolio concentration by issuing Agency at March 31, 2018 and December 31, 2017 : Investment Type March 31, 2018 December 31, 2017 (dollars in thousands) Fannie Mae $ 62,734,494 $ 63,361,415 Freddie Mac 25,750,396 27,091,978 Ginnie Mae 94,207 98,370 Total $ 88,579,097 $ 90,551,763
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 March 31, 2018 and December 31, 2017 , according to their estimated weighted average life classifications: March 31, 2018 December 31, 2017 Weighted Average Life Estimated Fair Value Amortized Cost Estimated Fair Value Amortized Cost (dollars in thousands) Less than one year $ 10,123 $ 10,159 $ 471,977 $ 476,538 Greater than one year through five years 12,523,917 12,774,529 13,838,890 13,925,749 Greater than five years through ten years 76,865,618 79,772,617 77,273,833 78,431,852 Greater than ten years 874,724 887,580 716,121 708,363 Total $ 90,274,382 $ 93,444,885 $ 92,300,821 $ 93,542,502
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 where the fair value option has not been elected, by length of time that such securities have been in a continuous unrealized loss position at March 31, 2018 and December 31, 2017 . March 31, 2018 December 31, 2017 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 $ 47,494,769 $ (1,222,887 ) 1,497 $ 39,878,158 $ (272,234 ) 1,114 12 Months or More 37,677,339 (1,851,715 ) 935 39,491,238 (1,011,405 ) 911 Total $ 85,172,108 $ (3,074,602 ) 2,432 $ 79,369,396 $ (1,283,639 ) 2,025 (1) Excludes interest-only mortgage-backed securities.

RESIDENTIAL MORTGAGE LOANS (Tab

RESIDENTIAL MORTGAGE LOANS (Tables)	3 Months Ended
	Mar. 31, 2018
Mortgage Loans on Real Estate [Abstract]
Fair Value and Unpaid Principal of Residential Mortgage Loan Portfolio	The following table presents the fair value and the unpaid principal balances of the residential mortgage loan portfolio at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 (dollars in thousands) Fair value $ 1,535,685 $ 1,438,322 Unpaid principal balance $ 1,527,171 $ 1,419,807
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 months ended March 31, 2018 and 2017 for these investments: Three Months Ended March 31, 2018 March 31, 2017 (dollars in thousands) Net interest income $ 13,495 $ 3,589 Net gains (losses) on disposal of investments (1,758 ) (993 ) Net unrealized gains (losses) on investments measured at fair value through earnings (9,864 ) 815 Total included in net income (loss) $ 1,873 $ 3,411
Geographic Concentrations Based on Unpaid Principal Balances	The following table provides the geographic concentrations based on the unpaid principal balances at March 31, 2018 and December 31, 2017 , for the residential mortgage loans, including loans held in securitization trusts: Geographic Concentrations of Residential Mortgage Loans March 31, 2018 December 31, 2017 Property Location % of Balance Property Location % of Balance California 52.8 % California 49.8 % Florida 8.3 % Florida 9.3 % New York 6.9 % New York 7.1 % All other (none individually greater than 5%) 32.0 % All other (none individually greater than 5%) 33.8 % Total 100.0 % Total 100.0 % The geographic concentrations of credit risk exceeding 5% of the total loan unpaid principal balances related to the Company’s VIEs, excluding the credit facility VIEs and OBX Trust, at March 31, 2018 are as follows: Securitized Loans at Fair Value Geographic Concentration of Credit Risk FREMF Trusts Residential Mortgage Loan Trusts Property Location Principal Balance % of Balance Property Location Principal Balance % of Balance (dollars in thousands) Maryland $ 494,604 18.5 % California $ 76,367 33.0 % Texas 361,641 13.6 % Florida 21,340 9.2 % Virginia 329,250 12.4 % Texas 18,357 7.9 % New York 280,925 10.5 % Illinois 15,752 6.8 % North Carolina 232,271 8.7 % New Jersey 13,290 5.7 % Pennsylvania 225,810 8.5 % Other (1) 86,430 37.4 % Massachusetts 179,440 6.7 % Ohio 156,834 5.9 % Other (1) 404,652 15.2 % Total $ 2,665,427 100.0 % $ 231,536 100.0 % (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 securitization trusts, at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Portfolio Range Portfolio Weighted Average Portfolio Range Portfolio Weighted Average (dollars in thousands) (dollars in thousands) Unpaid principal balance $1 - $3,649 $531 $1 - $3,663 $514 Interest rate 1.88% - 7.50% 4.37% 1.63% - 7.50% 4.25% Maturity 1/1/2028 - 1/1/2058 10/2/2043 1/1/2028 - 5/1/2057 2/1/2043 FICO score at loan origination 498 - 823 749 468 - 823 748 Loan-to-value ratio at loan origination 11% - 100% 67% 11% - 100% 68%

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	3 Months Ended
	Mar. 31, 2018
Transfers and Servicing [Abstract]
Presentation of Activity Related to MSR	The following table presents activity related to MSRs for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 March 31, 2017 (dollars in thousands) Fair value, beginning of period $ 580,860 $ 652,216 Purchases — 213 Change in fair value due to: Changes in valuation inputs or assumptions (1) 36,674 (6,233 ) Other changes, including realization of expected cash flows (21,156 ) (14,030 ) Fair value, end of period $ 596,378 $ 632,166 (1) Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates.

COMMERCIAL REAL ESTATE INVEST38

COMMERCIAL REAL ESTATE INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Investment Company [Abstract]
Commercial Real Estate Investments Held for Investment	At March 31, 2018 and December 31, 2017 , commercial real estate investments held for investment were comprised of the following: March 31, 2018 December 31, 2017 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 $ 685,457 $ 681,819 63.2 % $ 629,143 $ 625,900 60.9 % Mezzanine loans 390,976 390,487 36.0 % 395,015 394,442 38.2 % Preferred equity 9,000 8,989 0.8 % 9,000 8,985 0.9 % Total $ 1,085,433 $ 1,081,295 100.0 % $ 1,033,158 $ 1,029,327 100.0 % (1) Carrying value includes unamortized origination fees of $4.1 million and $3.8 million at March 31, 2018 and December 31, 2017 , respectively. (2) Based on outstanding principal. Three months ended March 31, 2018 Senior Mortgages Mezzanine Loans Preferred Equity Total (dollars in thousands) Beginning balance $ 625,900 $ 394,442 $ 8,985 $ 1,029,327 Originations & advances (principal) 56,954 601 — 57,555 Principal payments (640 ) (4,640 ) — (5,280 ) Net (increase) decrease in origination fees (871 ) — — (871 ) Amortization of net origination fees 476 84 4 564 Net carrying value $ 681,819 $ 390,487 $ 8,989 $ 1,081,295 December 31, 2017 Senior Mortgages Mezzanine Loans Preferred Equity Total (dollars in thousands) Beginning balance $ 510,071 $ 451,467 $ 8,967 $ 970,505 Originations & advances (principal) 338,242 69,121 — 407,363 Principal payments (221,421 ) (127,799 ) — (349,220 ) Amortization & accretion of (premium) discounts (44 ) 28 — (16 ) Net (increase) decrease in origination fees (3,317 ) (605 ) — (3,922 ) Amortization of net origination fees 2,369 2,230 18 4,617 Net carrying value $ 625,900 $ 394,442 $ 8,985 $ 1,029,327
Internal Loan and Preferred Equity Ratings	March 31, 2018 Outstanding Principal Percentage of CRE Debt and Preferred Equity Portfolio Internal Ratings Investment Type Performing Performing - Closely Monitored Performing - Special Mention Substandard (1) Doubtful Loss Total (dollars in thousands) Senior mortgages $ 685,457 63.2 % $ 439,992 $ 141,275 $ 36,800 $ 67,390 $ — $ — $ 685,457 Mezzanine loans 390,976 36.0 % 216,740 56,498 117,738 — — — 390,976 Preferred equity 9,000 0.8 % — — 9,000 — — — 9,000 Total $ 1,085,433 100.0 % $ 656,732 $ 197,773 $ 163,538 $ 67,390 $ — $ — $ 1,085,433 December 31, 2017 Outstanding Principal Percentage of CRE Debt and Preferred Equity Portfolio Internal Ratings Investment Type Performing Performing - Closely Monitored Performing - Special Mention Substandard (1) Doubtful Loss Total (dollars in thousands) Senior mortgages $ 629,143 60.9 % $ 409,878 $ 115,075 $ 36,800 $ 67,390 $ — $ — $ 629,143 Mezzanine loans 395,015 38.2 % 206,169 66,498 122,348 — — — 395,015 Preferred equity 9,000 0.9 % — — 9,000 — — — 9,000 Total $ 1,033,158 100.0 % $ 616,047 $ 181,573 $ 168,148 $ 67,390 $ — $ — $ 1,033,158 (1) The Company transferred one loan to Substandard during the year ended December 31, 2017 . The downgrade in risk rating was based on the borrower’s failure to meet originally projected performance targets. The Company evaluated whether an impairment exists and determined that, based on quantitative and qualitative factors, including that the borrower is current, the Company expects repayment of contractual amounts due.
Total Commercial Real Estate Held for Investment	March 31, 2018 December 31, 2017 (dollars in thousands) Real estate held for investment, at amortized cost Land $ 111,012 $ 111,012 Buildings and improvements 331,390 330,959 Subtotal 442,402 441,971 Less: accumulated depreciation (52,723 ) (48,920 ) Total real estate held for investment, at amortized cost, net 389,679 393,051 Equity in unconsolidated joint ventures 90,384 92,902 Investments in commercial real estate, net $ 480,063 $ 485,953
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 March 31, 2018 for consolidated investments in real estate are as follows: March 31, 2018 (dollars in thousands) 2018 (remaining) $ 22,306 2019 26,423 2020 21,708 2021 17,302 2022 12,356 Later years 20,687 $ 120,782
Mortgage Loans Payable	Mortgage loans payable at March 31, 2018 and December 31, 2017 , were as follows: March 31, 2018 Property Mortgage Carrying Value Mortgage Principal Interest Rate Fixed/Floating Rate Maturity Date Priority (dollars in thousands) Joint Ventures $ 286,471 $ 289,125 4.03% - 4.61% Fixed 2024 and 2025 First liens Tennessee 12,303 12,350 4.01% Fixed 9/6/2019 First liens Virginia 11,020 11,025 3.58% Fixed 6/6/2019 First liens Total $ 309,794 $ 312,500 December 31, 2017 Property Mortgage Carrying Value Mortgage Principal Interest Rate Fixed/Floating Rate Maturity Date Priority (dollars in thousands) Joint Ventures $ 286,373 $ 289,125 4.03% - 4.61% Fixed 2024 and 2025 First liens Tennessee 12,294 12,350 4.01% Fixed 9/6/2019 First liens Virginia 11,019 11,025 3.58% Fixed 6/6/2019 First liens Total $ 309,686 $ 312,500
Future Mortgage Loan Principal Payments	The following table details future mortgage loan principal payments at March 31, 2018 : Mortgage Loan Principal Payments (dollars in thousands) 2018 (remaining) $ — 2019 23,375 2020 — 2021 — 2022 — Later years 289,125 Total $ 312,500

CORPORATE DEBT (Tables)

CORPORATE DEBT (Tables)	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule of Industry and Rate Sensitivity	The industry and rate sensitivity dispersion of the portfolio at March 31, 2018 and December 31, 2017 are as follows: Industry Dispersion March 31, 2018 December 31, 2017 Fixed Rate Floating Rate Total Fixed Rate Floating Rate Total (dollars in thousands) Aircraft and Parts $ — $ 34,797 $ 34,797 $ — $ 34,814 $ 34,814 Coating, Engraving and Allied Services — 63,245 63,245 — 64,034 64,034 Computer Programming, Data Processing & Other Computer Related Services — 209,854 209,854 — 192,946 192,946 Drugs — 38,716 38,716 — 38,708 38,708 Electronic Components & Accessories — 23,961 23,961 — 23,916 23,916 Engineering, Architectural & Surveying — 10,647 10,647 — — — Groceries and Related Products — 14,771 14,771 — 14,794 14,794 Grocery Stores — 23,512 23,512 — 23,531 23,531 Home Health Care Services — 23,660 23,660 — 23,779 23,779 Insurance Agents, Brokers and Services — 28,866 28,866 — 28,872 28,872 Management and Public Relations Services — 140,789 140,789 — 94,871 94,871 Medical and Dental Laboratories — 26,936 26,936 — 26,956 26,956 Miscellaneous Business Services — 19,703 19,703 — 19,723 19,723 Miscellaneous Equipment Rental and Leasing — 49,264 49,264 — 49,129 49,129 Miscellaneous Health and Allied Services, not elsewhere classified — 54,246 54,246 — 25,963 25,963 Miscellaneous Nonmetallic Minerals, except Fuels — 26,056 26,056 — 25,992 25,992 Miscellaneous Plastic Products — 9,920 9,920 — 9,879 9,879 Motor Vehicles and Motor Vehicle Equipment — 17,333 17,333 — — — Motor Vehicles and Motor Vehicle Parts and Supplies — 23,582 23,582 — 12,212 12,212 Offices and Clinics of Doctors of Medicine — 97,794 97,794 — 76,678 76,678 Offices and Clinics of Other Health Practitioners — 19,872 19,872 — 18,979 18,979 Public Warehousing and Storage — 50,685 50,685 — 48,890 48,890 Research, Development and Testing Services — 33,304 33,304 — 33,155 33,155 Schools and Educational Services, not elsewhere classified — 20,359 20,359 — 20,625 20,625 Services Allied with the Exchange of Securities — 14,943 14,943 — 13,960 13,960 Surgical, Medical, and Dental Instruments and Supplies — 16,677 16,677 — 29,687 29,687 Telephone Communications — 59,253 59,253 — 59,182 59,182 Total $ — $ 1,152,745 $ 1,152,745 $ — $ 1,011,275 $ 1,011,275
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 March 31, 2018 and December 31, 2017 . March 31, 2018 December 31, 2017 (dollars in thousands) First lien loans $ 664,276 $ 582,724 Second lien loans 488,469 428,551 Total $ 1,152,745 $ 1,011,275

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2018
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, excluding the credit facility VIEs and OBX Trust, that are reflected in the Company’s Consolidated Statements of Financial Condition at March 31, 2018 and December 31, 2017 are as follows: March 31, 2018 FREMF Trusts Residential Mortgage Loan Trusts MSR Silo (dollars in thousands) Assets Cash and cash equivalents $ — $ — $ 43,206 Commercial real estate debt investments 2,695,513 — — Residential mortgage loans — 229,278 25,206 Mortgage servicing rights — — 596,378 Accrued interest receivable 10,762 901 — Other assets — 87 35,486 Total assets $ 2,706,275 $ 230,266 $ 700,276 Liabilities Securitized debt (non-recourse) at fair value $ 2,497,410 $ 128,260 $ — Other secured financing — — 16,557 Other derivatives, at fair value — — 8 Accrued interest payable 4,668 316 — Accounts payable and other liabilities — 123 2,570 Total liabilities $ 2,502,078 $ 128,699 $ 19,135 December 31, 2017 FREMF Trusts Residential Mortgage Loan Trusts MSR Silo (dollars in thousands) Assets Cash and cash equivalents $ — $ — $ 42,293 Commercial real estate debt investments 2,826,357 — — Residential mortgage loans — 478,811 19,667 Mortgage servicing rights — — 580,860 Accrued interest receivable 10,339 1,599 — Other derivatives, at fair value — — 1 Other assets — 1,418 32,354 Total assets $ 2,836,696 $ 481,828 $ 675,175 Liabilities Securitized debt (non-recourse) at fair value $ 2,620,952 $ 350,819 $ — Other secured financing — — 10,496 Accrued interest payable 4,554 931 — Accounts payable and other liabilities — 112 4,856 Total liabilities $ 2,625,506 $ 351,862 $ 15,352
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, excluding the credit facility VIEs and OBX Trust, that are reflected in the Company’s Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2018 and 2017 are as follows: For the Three Months Ended FREMF Trusts Residential Mortgage Loan Trusts MSR Silo (dollars in thousands) Net interest income: Interest income $ 23,838 $ 2,373 $ 635 Interest expense 13,834 1,759 192 Net interest income 10,004 614 443 Realized gain (loss) on disposal of investments — 2,042 (571 ) Net gains (losses) on trading assets — — 69 Net unrealized gains (losses) on investments measured at fair value through earnings 292 (816 ) 14,615 Other income (loss) (4,477 ) (77 ) 28,716 General and administration expenses — 14 472 Net income (loss) $ 5,819 $ 1,749 $ 42,800 For the Three Months Ended FREMF Trusts Residential Mortgage Loan Trusts MSR Silo (dollars in thousands) Net interest income: Interest income $ 27,719 $ 1,369 $ — Interest expense 14,576 274 65 Net interest income 13,143 1,095 (65 ) Realized gain (loss) on disposal of investments — (261 ) (509 ) Net unrealized gains (losses) on investments measured at fair value through earnings 702 982 (20,264 ) Other income (loss) (6,298 ) (97 ) 34,588 General and administration expenses — 20 1,102 Net income (loss) $ 7,547 $ 1,699 $ 12,648
Geographic Concentrations Based on Unpaid Principal Balances	The following table provides the geographic concentrations based on the unpaid principal balances at March 31, 2018 and December 31, 2017 , for the residential mortgage loans, including loans held in securitization trusts: Geographic Concentrations of Residential Mortgage Loans March 31, 2018 December 31, 2017 Property Location % of Balance Property Location % of Balance California 52.8 % California 49.8 % Florida 8.3 % Florida 9.3 % New York 6.9 % New York 7.1 % All other (none individually greater than 5%) 32.0 % All other (none individually greater than 5%) 33.8 % Total 100.0 % Total 100.0 % The geographic concentrations of credit risk exceeding 5% of the total loan unpaid principal balances related to the Company’s VIEs, excluding the credit facility VIEs and OBX Trust, at March 31, 2018 are as follows: Securitized Loans at Fair Value Geographic Concentration of Credit Risk FREMF Trusts Residential Mortgage Loan Trusts Property Location Principal Balance % of Balance Property Location Principal Balance % of Balance (dollars in thousands) Maryland $ 494,604 18.5 % California $ 76,367 33.0 % Texas 361,641 13.6 % Florida 21,340 9.2 % Virginia 329,250 12.4 % Texas 18,357 7.9 % New York 280,925 10.5 % Illinois 15,752 6.8 % North Carolina 232,271 8.7 % New Jersey 13,290 5.7 % Pennsylvania 225,810 8.5 % Other (1) 86,430 37.4 % Massachusetts 179,440 6.7 % Ohio 156,834 5.9 % Other (1) 404,652 15.2 % Total $ 2,665,427 100.0 % $ 231,536 100.0 % (1) No individual state greater than 5% .

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
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. March 31, 2018 Level 1 Level 2 Level 3 Total (dollars in thousands) Assets: Agency mortgage-backed securities $ — $ 88,579,097 $ — $ 88,579,097 Credit risk transfer securities — 628,942 — 628,942 Non-Agency mortgage-backed securities — 1,066,343 — 1,066,343 Residential mortgage loans — 1,535,685 — 1,535,685 Mortgage servicing rights — — 596,378 596,378 Commercial real estate debt investments — 2,960,323 — 2,960,323 Interest rate swaps — 69,109 — 69,109 Other derivatives — 161,193 — 161,193 Total assets $ — $ 95,000,692 $ 596,378 $ 95,597,070 Liabilities: Securitized debt of consolidated VIEs $ — $ 2,904,873 $ — $ 2,904,873 Interest rate swaps — 427,838 — 427,838 Other derivatives 122,436 30,667 — 153,103 Total liabilities $ 122,436 $ 3,363,378 $ — $ 3,485,814 December 31, 2017 Level 1 Level 2 Level 3 Total (dollars in thousands) Assets: Agency mortgage-backed securities $ — $ 90,551,763 $ — $ 90,551,763 Credit risk transfer securities — 651,764 — 651,764 Non-Agency mortgage-backed securities — 1,097,294 — 1,097,294 Residential mortgage loans — 1,438,322 — 1,438,322 Mortgage servicing rights — — 580,860 580,860 Commercial real estate debt investments — 3,089,108 — 3,089,108 Interest rate swaps — 30,272 — 30,272 Other derivatives 218,361 65,252 — 283,613 Total assets $ 218,361 $ 96,923,775 $ 580,860 $ 97,722,996 Liabilities: Securitized debt of consolidated VIEs $ — $ 2,971,771 $ — $ 2,971,771 Interest rate swaps — 569,129 — 569,129 Other derivatives 12,285 26,440 — 38,725 Total liabilities $ 12,285 $ 3,567,340 $ — $ 3,579,625
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. March 31, 2018 December 31, 2017 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 4.5% - 13.3% (7.6%) Prepayment rate 4.6% - 22.3% (9.4%) Delinquency rate 0.0% - 6.0% (2.3%) Delinquency rate 0.0% - 13.0% (2.2%) Cost to service $88 - $135 ($107) Cost to service $84 - $181 ($102) (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 values for financial assets and liabilities at March 31, 2018 and December 31, 2017 . March 31, 2018 December 31, 2017 Level in Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Financial assets: (dollars in thousands) Cash and cash equivalents 1 $ 984,275 $ 984,275 $ 706,589 $ 706,589 Agency mortgage-backed securities 2 88,579,097 88,579,097 90,551,763 90,551,763 Credit risk transfer securities 2 628,942 628,942 651,764 651,764 Non-Agency mortgage-backed securities 2 1,066,343 1,066,343 1,097,294 1,097,294 Residential mortgage loans 2 1,535,685 1,535,685 1,438,322 1,438,322 Mortgage servicing rights 3 596,378 596,378 580,860 580,860 Commercial real estate debt investments 2 2,960,323 2,960,323 3,089,108 3,089,108 Commercial real estate debt and preferred equity, held for investment 3 1,081,295 1,086,872 1,029,327 1,035,095 Corporate debt 2 1,152,745 1,159,443 1,011,275 1,014,139 Interest rate swaps 2 69,109 69,109 30,272 30,272 Other derivatives 1,2 161,193 161,193 283,613 283,613 Reverse repurchase agreements 1 200,459 200,459 — — Financial liabilities: Repurchase agreements 1,2 $ 78,015,431 $ 78,015,431 $ 77,696,343 $ 77,697,828 Other secured financing 1,2 3,830,075 3,829,693 3,837,528 3,837,595 Securitized debt of consolidated VIEs 2 2,904,873 2,904,873 2,971,771 2,971,771 Mortgage payable 3 309,794 304,179 309,686 310,218 Interest rate swaps 2 427,838 427,838 569,129 569,129 Other derivatives 1,2 153,103 153,103 38,725 38,725

SECURED FINANCING (Tables)

SECURED FINANCING (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Repurchase Agreements Remaining Maturity ,Collateral Types and Weighted Average Rates	At March 31, 2018 and December 31, 2017 , the repurchase agreements had the following remaining maturities, collateral types and weighted average rates: March 31, 2018 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 38,894,346 326,985 281,627 — 24,220 39,527,178 1.76 % 30 to 59 days 8,619,507 — — — — 8,619,507 1.67 % 60 to 89 days 10,215,074 — 27,972 — — 10,243,046 1.83 % 90 to 119 days 5,378,231 — — — — 5,378,231 1.63 % Over 120 days (1) 13,856,340 — — 391,129 — 14,247,469 2.19 % Total $ 76,963,498 $ 326,985 $ 309,599 $ 391,129 $ 24,220 $ 78,015,431 1.83 % December 31, 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 33,421,609 263,528 253,290 — 18,125 33,956,552 1.69 % 30 to 59 days 10,811,515 7,229 3,658 — 6,375 10,828,777 1.44 % 60 to 89 days 13,800,743 7,214 47,830 — — 13,855,787 1.59 % 90 to 119 days 10,128,006 — — — — 10,128,006 1.39 % Over 120 days (1) 8,542,108 — — 385,113 — 8,927,221 1.77 % Total $ 76,703,981 $ 277,971 $ 304,778 $ 385,113 $ 24,500 $ 77,696,343 1.61 % (1) Approximately 0% and 1% of the total repurchase agreements had a remaining maturity over 1 year at March 31, 2018 and December 31, 2017 , 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 March 31, 2018 and December 31, 2017 . Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments. March 31, 2018 December 31, 2017 Reverse Repurchase Agreements Repurchase Agreements Reverse Repurchase Agreements Repurchase Agreements (dollars in thousands) Gross Amounts $ 3,375,459 $ 81,190,431 $ 1,250,000 $ 78,946,343 Amounts Offset (3,175,000 ) (3,175,000 ) (1,250,000 ) (1,250,000 ) Netted Amounts $ 200,459 $ 78,015,431 $ — $ 77,696,343

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summarizes Fair Value Information about Derivative Assets Liabilities	The table below summarizes fair value information about our derivative assets and liabilities at March 31, 2018 and December 31, 2017 : Derivatives Instruments Balance Sheet Location March 31, 2018 December 31, 2017 Assets: (dollars in thousands) Interest rate swaps Interest rate swaps, at fair value $ 69,109 $ 30,272 Interest rate swaptions Other derivatives, at fair value 113,701 36,150 TBA derivatives Other derivatives, at fair value 47,064 29,067 Futures contracts Other derivatives, at fair value — 218,361 Purchase commitments Other derivatives, at fair value 428 35 $ 230,302 $ 313,885 Liabilities: Interest rate swaps Interest rate swaps, at fair value $ 427,838 $ 569,129 TBA derivatives Other derivatives, at fair value 21,855 21,776 Futures contracts Other derivatives, at fair value 122,436 12,285 Purchase commitments Other derivatives, at fair value 262 157 Credit derivatives (1) Other derivatives, at fair value 8,550 4,507 $ 580,941 $ 607,854 (1) The maximum potential amount of future payments is the notional amount of $285.0 million and $125.0 million at March 31, 2018 and December 31, 2017 , respectively.
Summary of Certain Characteristics of Derivatives	The following table summarizes certain characteristics of the Company’s TBA derivatives at March 31, 2018 and December 31, 2017 : March 31, 2018 Purchase and sale contracts for derivative TBAs Notional Implied Cost Basis Implied Market Value Net Carrying Value (dollars in thousands) Purchase contracts $ 8,954,000 $ 9,107,423 $ 9,132,632 $ 25,209 December 31, 2017 Purchase and sale contracts for derivative TBAs Notional Implied Cost Basis Implied Market Value Net Carrying Value (dollars in thousands) Purchase contracts $ 15,828,000 $ 16,381,826 $ 16,390,251 $ 8,425 Sale contracts (250,000 ) (254,804 ) (255,938 ) (1,134 ) Net TBA derivatives $ 15,578,000 $ 16,127,022 $ 16,134,313 $ 7,291 The following table summarizes certain characteristics of the Company’s futures derivatives at March 31, 2018 and December 31, 2017 : March 31, 2018 Notional - Long Positions Notional - Short Positions Weighted Average Years to Maturity (dollars in thousands) U.S. Treasury futures - 5 year $ — $ (4,597,400 ) 4.42 U.S. Treasury futures - 10 year and greater — (9,154,500 ) 6.99 Total $ — $ (13,751,900 ) 6.13 December 31, 2017 Notional - Long Positions Notional - Short Positions Weighted Average Years to Maturity (dollars in thousands) 2-year swap equivalent Eurodollar contracts $ — $ (17,161,000 ) 2.00 U.S. Treasury futures - 5 year — (4,217,400 ) 4.41 U.S. Treasury futures - 10 year and greater — (4,914,500 ) 7.01 Total $ — $ (26,292,900 ) 3.32 The following table presents swaptions outstanding at March 31, 2018 and December 31, 2017 . March 31, 2018 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 $ 6,000,000 2.72 % 3M LIBOR 10.33 3.88 December 31, 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 $ 6,000,000 2.62 % 3M LIBOR 9.97 4.49 The following table summarizes certain characteristics of the Company’s interest rate swaps at March 31, 2018 and December 31, 2017 : March 31, 2018 Maturity Current (1) Weighted Average Weighted Average Receive Rate Weighted Average Years to Maturity (dollars in thousands) 0 - 3 years $ 38,344,000 1.64 % 2.19 % 1.77 3 - 6 years 13,254,550 2.17 % 2.12 % 4.67 6 - 10 years 10,547,000 2.32 % 2.02 % 8.11 Greater than 10 years 3,826,400 3.65 % 1.94 % 18.22 Total / Weighted Average $ 65,971,950 2.00 % 2.13 % 4.52 December 31, 2017 Maturity Current Notional (1) Weighted Average Pay Rate (2) (3) Weighted Average Receive Rate (2) Weighted Average Years to Maturity (2) (dollars in thousands) 0 - 3 years $ 6,532,000 1.56 % 1.62 % 2.08 3 - 6 years 14,791,800 2.12 % 1.57 % 4.51 6 - 10 years 10,179,000 2.35 % 1.58 % 8.04 Greater than 10 years 3,826,400 3.65 % 1.51 % 18.47 Total / Weighted Average $ 35,329,200 2.22 % 1.58 % 6.72 (1) There were no forward starting swaps at March 31, 2018 . Notional amount includes $8.1 billion of forward starting pay fixed swaps at December 31, 2017 . (2) Excludes forward starting swaps. (3) Weighted average fixed rate on forward starting pay fixed swaps was 1.86% at December 31, 2017 .
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 March 31, 2018 and December 31, 2017 , respectively. March 31, 2018 Amounts Eligible for Offset Gross Amounts Financial Instruments Cash Collateral Net Amounts Assets: (dollars in thousands) Interest rate swaps, at fair value $ 69,109 $ (40,470 ) $ — $ 28,639 Interest rate swaptions, at fair value 113,701 — — 113,701 TBA derivatives, at fair value 47,064 (21,855 ) — 25,209 Purchase commitments 428 — — 428 Liabilities: Interest rate swaps, at fair value $ 427,838 $ (40,470 ) $ (6,856 ) $ 380,512 TBA derivatives, at fair value 21,855 (21,855 ) — — Futures contracts, at fair value 122,436 — (122,436 ) — Purchase commitments 262 — — 262 Credit derivatives 8,550 — (6,460 ) 2,090 December 31, 2017 Amounts Eligible for Offset Gross Amounts Financial Instruments Cash Collateral Net Amounts Assets: (dollars in thousands) Interest rate swaps, at fair value $ 30,272 $ (27,379 ) $ — $ 2,893 Interest rate swaptions, at fair value 36,150 — — 36,150 TBA derivatives, at fair value 29,067 (12,551 ) — 16,516 Futures contracts, at fair value 218,361 (12,285 ) — 206,076 Purchase commitments 35 — — 35 Liabilities: Interest rate swaps, at fair value $ 569,129 $ (27,379 ) $ — $ 541,750 TBA derivatives, at fair value 21,776 (12,551 ) — 9,225 Futures contracts, at fair value 12,285 (12,285 ) — — Purchase commitments 157 — — 157 Credit derivatives 4,507 — (3,520 ) 987
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 or Maturity of Interest Rate Swaps Unrealized Gains (Losses) on Interest Rate Swaps (dollars in thousands) Three Months Ended: March 31, 2018 $ (48,160 ) $ 834 $ 977,285 March 31, 2017 $ (104,156 ) $ — $ 149,184 (1) Interest expense related to interest rate swaps is recorded in Realized gains (losses) on interest rate swaps on the Consolidated Statements of Comprehensive Income (Loss).
Effect of Other Derivative Contracts on the Consolidated Statements of Operations and Comprehensive Income (Loss)	The effect of other derivative contracts on the Company’s Consolidated Statements of Comprehensive Income (Loss) is as follows: Three Months Ended March 31, 2018 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 $ (277,901 ) $ 17,917 $ (259,984 ) Net interest rate swaptions (21,434 ) 67,221 45,787 Futures 495,013 (328,512 ) 166,501 Purchase commitments — 366 366 Credit derivatives 1,513 (1,328 ) 185 Total $ (47,145 ) Three Months Ended March 31, 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 $ (60,314 ) $ 83,080 $ 22,766 Futures 973 (23,704 ) (22,731 ) Purchase commitments — 265 265 Total $ 300

COMMON STOCK AND PREFERRED ST44

COMMON STOCK AND PREFERRED STOCK (Tables)	3 Months Ended
	Mar. 31, 2018
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 Three Months Ended: March 31, 2018 March 31, 2017 (dollars in thousands, except per share data) Distributions declared to common stockholders $ 347,897 $ 305,691 Distributions declared per common share $ 0.30 $ 0.30 Distributions paid to common stockholders after period end $ 347,897 $ 305,691 Distributions paid per common share after period end $ 0.30 $ 0.30 Date of distributions paid to common stockholders after period end April 30, 2018 April 28, 2017 Dividends declared to Series A Preferred stockholders $ — $ 3,648 Dividends declared per share of Series A Preferred Stock $ — $ 0.492 Dividends declared to Series C Preferred stockholders $ 4,316 $ 5,719 Dividends declared per share of Series C Preferred Stock (1) $ 0.477 $ 0.477 Dividends declared to Series D Preferred stockholders $ 8,625 $ 8,625 Dividends declared per share of Series D Preferred Stock $ 0.469 $ 0.469 Dividends declared to Series E Preferred stockholders $ 2,253 $ 5,481 Dividends declared per share of Series E Preferred Stock $ 0.196 $ 0.477 Dividends declared to Series F Preferred stockholders $ 12,510 $ — Dividends declared per share of Series F Preferred Stock $ 0.434 $ — Dividends declared to Series G Preferred stockholders $ 6,062 $ — Dividends declared per share of Series G Preferred Stock $ 0.357 $ — (1) Includes dividends declared per share for shares outstanding at March 31, 2018 .

INTEREST INCOME AND INTEREST 45

INTEREST INCOME AND INTEREST EXPENSE (Tables)	3 Months Ended
	Mar. 31, 2018
Banking and Thrift, Interest [Abstract]
Components of Company's Interest Income and Interest Expense	The following table presents the components of the Company’s interest income and interest expense for the three months ended March 31, 2018 and 2017 . For the Three Months Ended March 31, 2018 March 31, 2017 Interest income: (dollars in thousands) Residential Investment Securities $ 779,588 $ 515,910 Residential mortgage loans 15,505 3,864 Commercial investment portfolio (1) 72,457 64,345 Reverse repurchase agreements 11,937 3,608 Total interest income 879,487 587,727 Interest expense: Repurchase agreements 331,374 173,090 Securitized debt of consolidated VIEs 15,652 14,850 Participation sold — 153 Other 20,395 10,332 Total interest expense 367,421 198,425 Net interest income $ 512,066 $ 389,302 (1) Includes commercial real estate debt, preferred equity and corporate debt.

NET INCOME (LOSS) PER COMMON 46

NET INCOME (LOSS) PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2018
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 months ended March 31, 2018 and 2017 . For the Three Months Ended March 31, 2018 March 31, 2017 (dollars in thousands, except per share data) Net income (loss) $ 1,327,704 $ 440,408 Net income (loss) attributable to noncontrolling interest (96 ) (103 ) Net income (loss) attributable to Annaly 1,327,800 440,511 Dividends on preferred stock 33,766 23,473 Net income (loss) available (related) to common stockholders $ 1,294,034 $ 417,038 Weighted average shares of common stock outstanding-basic 1,159,617,848 1,018,942,746 Add: Effect of stock awards, if dilutive 485,337 364,633 Weighted average shares of common stock outstanding-diluted 1,160,103,185 1,019,307,379 Net income (loss) per share available (related) to common share: Basic $ 1.12 $ 0.41 Diluted $ 1.12 $ 0.41

LONG-TERM STOCK INCENTIVE PLAN

LONG-TERM STOCK INCENTIVE PLAN (Tables)	3 Months Ended
	Mar. 31, 2018
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 Three Months Ended: March 31, 2018 March 31, 2017 Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Options outstanding at the beginning of year 794,125 $ 15.30 1,125,625 $ 15.43 Granted — — — — Exercised — — — — Forfeited — — — — Expired — — — — Options outstanding at the end of period 794,125 $ 15.30 1,125,625 $ 15.43 Options exercisable at the end of the period 794,125 $ 15.30 1,125,625 $ 15.43

LEASE COMMITMENTS AND CONTING48

LEASE COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2018
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) 2018 (remaining) $ 2,673 2019 3,565 2020 3,652 2021 3,862 2022 3,862 Later years 10,618 Total $ 28,232

SIGNIFICANT ACCOUNTING POLICI49

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Schedule Of Significant Accounting Policies [Line Items]
Real estate acquired in settlement of residential mortgage loans	$ 0		$ 0
Other-than-temporary impairment recognized	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]
Centrally cleared interest rate swaps at fair value, reduction	$ 873,400,000
Cash on margin with counterparty to interest rate swaps	$ 884,700,000		$ 579,200,000

SIGNIFICANT ACCOUNTING POLICI50

SIGNIFICANT ACCOUNTING POLICIES - Summary of Estimated Useful Lives of Assets (Details)	3 Months Ended
	Mar. 31, 2018
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

FINANCIAL INSTRUMENTS - Summary

FINANCIAL INSTRUMENTS - Summary of Characteristics of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Assets	$ 100,382,233	$ 101,760,050	[1]
Liabilities	86,439,298	86,888,477	[1]
Total agency mortgage-backed securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Assets	88,579,097	90,551,763
Residential mortgage backed securities, recognized through comprehensive income
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Assets	87,519,400	89,426,437
Residential mortgage backed securities, recognized trough earnings
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Assets	1,059,697	1,125,326
Credit risk transfer securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Assets	628,942	651,764
Non-agency mortgage-backed securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Assets	1,066,343	1,097,294
Residential mortgage loans
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Assets	1,535,685	1,438,322
Total commercial real estate debt investments
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Assets	2,960,323	3,089,108
Commercial real estate debt investment, loans, recognized though earnings
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Assets	2,695,513	2,826,357
Commercial real estate debt investment, securities, recognized through comprehensive income
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Assets	238,490	244,636
Commercial real estate debt investment, securities, recognized through earnings
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Assets	26,320	18,115
Commercial real estate debt and preferred equity, held for investment
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Assets	1,081,295	1,029,327
Corporate debt
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Assets	1,152,745	1,011,275
Reverse repurchase agreements
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Assets	200,459	0
Repurchase agreements
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Liabilities	78,015,431	77,696,343
Other secured financing
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Liabilities	3,830,075	3,837,528
Securitized debt of consolidated VIEs
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Liabilities	2,904,873	2,971,771
Mortgages payable
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Liabilities	$ 309,794	$ 309,686
[1]	Derived from the audited consolidated financial statements at December 31, 2017.

RESIDENTIAL INVESTMENT SECURI52

RESIDENTIAL INVESTMENT SECURITIES - Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Agency Securities
Mortgage-Backed Securities Portfolio [Line Items]
Principal / Notional	$ 92,353,733	$ 92,600,794
Remaining Premium	6,161,411	6,128,353
Remaining Discount	(4,126)	(4,043)
Amortized Cost	91,854,888	91,920,389
Unrealized Gains	77,707	157,875
Unrealized Losses	(3,353,498)	(1,526,501)
Estimated Fair Value	88,579,097	90,551,763
Agency Securities | Fixed-rate pass-through
Mortgage-Backed Securities Portfolio [Line Items]
Principal / Notional	78,830,362	78,509,335
Remaining Premium	4,563,295	4,514,815
Remaining Discount	(1,624)	(1,750)
Amortized Cost	83,392,033	83,022,400
Unrealized Gains	62,602	140,115
Unrealized Losses	(2,906,925)	(1,178,673)
Estimated Fair Value	80,547,710	81,983,842
Agency Securities | Adjustable-rate pass-through
Mortgage-Backed Securities Portfolio [Line Items]
Principal / Notional	6,321,714	6,760,991
Remaining Premium	292,681	277,212
Remaining Discount	(1,313)	(1,952)
Amortized Cost	6,613,082	7,036,251
Unrealized Gains	12,301	15,776
Unrealized Losses	(152,751)	(103,121)
Estimated Fair Value	6,472,632	6,948,906
Agency Securities | Interest-only
Mortgage-Backed Securities Portfolio [Line Items]
Principal / Notional	6,656,130	6,804,715
Remaining Premium	1,296,294	1,326,761
Remaining Discount	0	0
Amortized Cost	1,296,294	1,326,761
Unrealized Gains	2,593	1,863
Unrealized Losses	(278,896)	(242,862)
Estimated Fair Value	1,019,991	1,085,762
Agency Securities | Multifamily
Mortgage-Backed Securities Portfolio [Line Items]
Principal / Notional	510,063	490,753
Remaining Premium	4,730	5,038
Remaining Discount	(1,189)	(341)
Amortized Cost	513,604	495,450
Unrealized Gains	211	84
Unrealized Losses	(14,757)	(1,845)
Estimated Fair Value	499,058	493,689
Agency Securities | Reverse mortgages
Mortgage-Backed Securities Portfolio [Line Items]
Principal / Notional	35,464	35,000
Remaining Premium	4,411	4,527
Remaining Discount	0	0
Amortized Cost	39,875	39,527
Unrealized Gains	0	37
Unrealized Losses	(169)	0
Estimated Fair Value	39,706	39,564
Residential Credit Securities Mortgage Backed Securities
Mortgage-Backed Securities Portfolio [Line Items]
Principal / Notional	2,623,300	2,711,128
Remaining Premium	45,284	44,285
Remaining Discount	(138,960)	(144,248)
Amortized Cost	1,589,997	1,622,113
Unrealized Gains	108,341	128,949
Unrealized Losses	(3,053)	(2,004)
Estimated Fair Value	1,695,285	1,749,058
Residential Credit Securities Mortgage Backed Securities | CRT
Mortgage-Backed Securities Portfolio [Line Items]
Principal / Notional	579,077	593,027
Remaining Premium	27,299	25,463
Remaining Discount	(1,215)	(3,456)
Amortized Cost	605,161	615,034
Unrealized Gains	24,195	36,730
Unrealized Losses	(414)	0
Estimated Fair Value	628,942	651,764
Residential Credit Securities Mortgage Backed Securities | Alt-A
Mortgage-Backed Securities Portfolio [Line Items]
Principal / Notional	200,819	204,213
Remaining Premium	498	499
Remaining Discount	(33,609)	(34,000)
Amortized Cost	167,708	170,712
Unrealized Gains	12,542	13,976
Unrealized Losses	(211)	(802)
Estimated Fair Value	180,039	183,886
Residential Credit Securities Mortgage Backed Securities | Prime
Mortgage-Backed Securities Portfolio [Line Items]
Principal / Notional	222,366	197,756
Remaining Premium	345	358
Remaining Discount	(24,870)	(24,158)
Amortized Cost	197,841	173,956
Unrealized Gains	17,041	18,804
Unrealized Losses	(54)	0
Estimated Fair Value	214,828	192,760
Residential Credit Securities Mortgage Backed Securities | Subprime
Mortgage-Backed Securities Portfolio [Line Items]
Principal / Notional	516,223	554,470
Remaining Premium	1,998	2,037
Remaining Discount	(75,243)	(78,561)
Amortized Cost	442,978	477,946
Unrealized Gains	50,320	56,024
Unrealized Losses	(792)	(90)
Estimated Fair Value	492,506	533,880
Residential Credit Securities Mortgage Backed Securities | NPL/RPL
Mortgage-Backed Securities Portfolio [Line Items]
Principal / Notional	39,286	42,585
Remaining Premium	14	14
Remaining Discount	(94)	(117)
Amortized Cost	39,206	42,482
Unrealized Gains	366	506
Unrealized Losses	0	0
Estimated Fair Value	39,572	42,988
Residential Credit Securities Mortgage Backed Securities | Prime Jumbo ( 2010 Vintage)
Mortgage-Backed Securities Portfolio [Line Items]
Principal / Notional	125,902	130,025
Remaining Premium	614	627
Remaining Discount	(3,929)	(3,956)
Amortized Cost	122,587	126,696
Unrealized Gains	195	1,038
Unrealized Losses	(1,582)	(1,112)
Estimated Fair Value	121,200	126,622
Residential Credit Securities Mortgage Backed Securities | Prime Jumbo ( 2010 Vintage) Interest-Only
Mortgage-Backed Securities Portfolio [Line Items]
Principal / Notional	939,627	989,052
Remaining Premium	14,516	15,287
Remaining Discount	0	0
Amortized Cost	14,516	15,287
Unrealized Gains	3,682	1,871
Unrealized Losses	0	0
Estimated Fair Value	18,198	17,158
Residential Investments
Mortgage-Backed Securities Portfolio [Line Items]
Principal / Notional	94,977,033	95,311,922
Remaining Premium	6,206,695	6,172,638
Remaining Discount	(143,086)	(148,291)
Amortized Cost	93,444,885	93,542,502
Unrealized Gains	186,048	286,824
Unrealized Losses	(3,356,551)	(1,528,505)
Estimated Fair Value	$ 90,274,382	$ 92,300,821

RESIDENTIAL INVESTMENT SECURI53

RESIDENTIAL INVESTMENT SECURITIES - Component of Agency Mortgage-Backed Securities Portfolio by Issuing Agency Concentration (Details) - Agency Mortgage-Backed Securities - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Mortgage-Backed Securities Portfolio [Line Items]
Estimated Fair Value	$ 88,579,097	$ 90,551,763	[1]
Fannie Mae
Mortgage-Backed Securities Portfolio [Line Items]
Estimated Fair Value	62,734,494	63,361,415
Freddie Mac
Mortgage-Backed Securities Portfolio [Line Items]
Estimated Fair Value	25,750,396	27,091,978
Ginnie Mae
Mortgage-Backed Securities Portfolio [Line Items]
Estimated Fair Value	$ 94,207	$ 98,370
[1]	Derived from the audited consolidated financial statements at December 31, 2017.

RESIDENTIAL INVESTMENT SECURI54

RESIDENTIAL INVESTMENT SECURITIES - Weighted Average Life (Details) - Residential Investments - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Estimated Fair Value
Less than one year	$ 10,123	$ 471,977
Greater than one year through five years	12,523,917	13,838,890
Greater than five years through ten years	76,865,618	77,273,833
Greater than ten years	874,724	716,121
Total	90,274,382	92,300,821
Amortized Cost
Less than one year	10,159	476,538
Greater than one year through five years	12,774,529	13,925,749
Greater than five years through ten years	79,772,617	78,431,852
Greater than ten years	887,580	708,363
Total	$ 93,444,885	$ 93,542,502

RESIDENTIAL INVESTMENT SECURI55

RESIDENTIAL INVESTMENT SECURITIES - Unrealized Loss Position (Details) $ in Thousands	Mar. 31, 2018USD ($)security	Dec. 31, 2017USD ($)security
Unrealized Loss Position For:
Estimated Fair Value	$ 85,172,108	$ 79,369,396
Gross Unrealized Losses	$ (3,074,602)	$ (1,283,639)
Number of Securities (security) | security	2,432	2,025
Available For Sale Securities, Continuous Unrealized Loss Positions, Less Than 12 Months
Unrealized Loss Position For:
Estimated Fair Value	$ 47,494,769	$ 39,878,158
Gross Unrealized Losses	$ (1,222,887)	$ (272,234)
Number of Securities (security) | security	1,497	1,114
Available For Sale Securities, Continuous Unrealized Loss Positions, Greater Than 12 Months
Unrealized Loss Position For:
Estimated Fair Value	$ 37,677,339	$ 39,491,238
Gross Unrealized Losses	$ (1,851,715)	$ (1,011,405)
Number of Securities (security) | security	935	911

RESIDENTIAL INVESTMENT SECURI56

RESIDENTIAL INVESTMENT SECURITIES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Gain (Loss) on Investments [Line Items]
Residential Investment securities sold, carrying value	$ 463.4	$ 2,100
Residential Investment securities sold, net realized gain	$ 13	$ 1.2

RESIDENTIAL MORTGAGE LOANS - Fa

RESIDENTIAL MORTGAGE LOANS - Fair Value and Unpaid Principal of Residential Mortgage Loan Portfolio (Details) - Residential Mortgage - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Mortgage Loans on Real Estate [Line Items]
Fair value	$ 1,535,685	$ 1,438,322
Unpaid principal balance	$ 1,527,171	$ 1,419,807

RESIDENTIAL MORTGAGE LOANS - Su

RESIDENTIAL MORTGAGE LOANS - Summary of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Mortgage Loans on Real Estate [Line Items]
Net interest income	$ 512,066	$ 389,302
Net gains (losses) on disposal of investments	13,468	5,235
Total included in net income (loss)	1,327,800	440,511
Residential Mortgage
Mortgage Loans on Real Estate [Line Items]
Net interest income	13,495	3,589
Net gains (losses) on disposal of investments	(1,758)	(993)
Net unrealized gains (losses) on investments measured at fair value through earnings	(9,864)	815
Total included in net income (loss)	$ 1,873	$ 3,411

RESIDENTIAL MORTGAGE LOANS - Ge

RESIDENTIAL MORTGAGE LOANS - Geographic Concentrations Based on Unpaid Principal Balances (Details) - Residential mortgage loans - Geographic Concentration Risk	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Mortgage Loans on Real Estate [Line Items]
Geographic Concentrations of Residential Mortgage Loans	100.00%	100.00%
California
Mortgage Loans on Real Estate [Line Items]
Geographic Concentrations of Residential Mortgage Loans	52.80%	49.80%
Florida
Mortgage Loans on Real Estate [Line Items]
Geographic Concentrations of Residential Mortgage Loans	8.30%	9.30%
New York
Mortgage Loans on Real Estate [Line Items]
Geographic Concentrations of Residential Mortgage Loans	6.90%	7.10%
All other (none individually greater than 5%)
Mortgage Loans on Real Estate [Line Items]
Geographic Concentrations of Residential Mortgage Loans	32.00%	33.80%

RESIDENTIAL MORTGAGE LOANS - 60

RESIDENTIAL MORTGAGE LOANS - Summary of Residential Mortgage Loans (Details) - Residential Mortgage $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)point	Dec. 31, 2017USD ($)point
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 1,527,171	$ 1,419,807
Minimum
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 1	$ 1
Interest rate	1.88%	1.63%
FICO score at loan origination | point	498	468
Loan-to-value ratio at loan origination	11.00%	11.00%
Maximum
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 3,649	$ 3,663
Interest rate	7.50%	7.50%
FICO score at loan origination | point	823	823
Loan-to-value ratio at loan origination	100.00%	100.00%
Portfolio Weighted Average
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 531	$ 514
Interest rate	4.37%	4.25%
FICO score at loan origination | point	749	748
Loan-to-value ratio at loan origination	67.00%	68.00%

RESIDENTIAL MORTGAGE LOANS - Ad

RESIDENTIAL MORTGAGE LOANS - Additional Information (Details)	Mar. 31, 2018	Dec. 31, 2017
Residential Mortgage
Mortgage Loans on Real Estate [Line Items]
Percent of adjustable-rate loans	73.00%	78.00%

MORTGAGE SERVICING RIGHTS - Pre

MORTGAGE SERVICING RIGHTS - Presentation of Activity Related to MSR (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value, beginning of period	$ 580,860	$ 652,216
Change in fair value due to:
Changes in valuation inputs or assumptions	36,674	(6,233)
Other changes, including realization of expected cash flows	(21,156)	(14,030)
Fair value, end of period	596,378	632,166
Purchased Servicing Rights
Servicing Asset at Fair Value, Amount [Roll Forward]
Purchases	$ 0	$ 213

MORTGAGE SERVICING RIGHTS - Add

MORTGAGE SERVICING RIGHTS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Transfers and Servicing [Abstract]
Service income fee	$ 28.5	$ 34.5

COMMERCIAL REAL ESTATE INVEST64

COMMERCIAL REAL ESTATE INVESTMENTS - CRE Debt and Preferred Equity Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Line Items]
Carrying Value	$ 1,081,295	$ 1,029,327	$ 970,505
Carrying value, unamortized origination fees	4,100	3,800
Preferred Equity Interests
Real Estate [Line Items]
Carrying Value	8,989	8,985	8,967
Commercial Mortgage
Real Estate [Line Items]
Outstanding Principal	1,085,433	1,033,158
Carrying Value	$ 1,081,295	$ 1,029,327
Percentage of Loan Portfolio	100.00%	100.00%
Commercial Mortgage | Mezzanine Loans
Real Estate [Line Items]
Outstanding Principal	$ 390,976	$ 395,015
Carrying Value	$ 390,487	$ 394,442	451,467
Percentage of Loan Portfolio	36.00%	38.20%
Commercial Mortgage | Senior Mortgages
Real Estate [Line Items]
Outstanding Principal	$ 685,457	$ 629,143
Carrying Value	$ 681,819	$ 625,900	$ 510,071
Percentage of Loan Portfolio	63.20%	60.90%
Commercial Mortgage | Preferred Equity Interests
Real Estate [Line Items]
Outstanding Principal	$ 9,000	$ 9,000
Carrying Value	$ 8,989	$ 8,985
Percentage of Loan Portfolio	0.80%	0.90%

COMMERCIAL REAL ESTATE INVEST65

COMMERCIAL REAL ESTATE INVESTMENTS - CRE Debt and Preferred Equity Investments - Based on Outstanding Principal (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Movement in Mortgage Loans on Real Estate [Roll Forward]
Net carrying value, beginning balance	$ 1,029,327	$ 970,505
Originations & advances (principal)	57,555	407,363
Principal payments	(5,280)	(349,220)
Amortization & accretion of (premium) discounts		(16)
Net (increase) decrease in origination fees	(871)	(3,922)
Amortization of net origination fees	564	4,617
Net carrying value, ending balance	1,081,295	1,029,327
Preferred Equity Interests
Movement in Mortgage Loans on Real Estate [Roll Forward]
Net carrying value, beginning balance	8,985	8,967
Originations & advances (principal)	0	0
Principal payments	0	0
Amortization & accretion of (premium) discounts		0
Net (increase) decrease in origination fees	0	0
Amortization of net origination fees	4	18
Net carrying value, ending balance	8,989	8,985
Commercial Mortgage
Movement in Mortgage Loans on Real Estate [Roll Forward]
Net carrying value, beginning balance	1,029,327
Net carrying value, ending balance	1,081,295	1,029,327
Commercial Mortgage | Mezzanine Loans
Movement in Mortgage Loans on Real Estate [Roll Forward]
Net carrying value, beginning balance	394,442	451,467
Originations & advances (principal)	601	69,121
Principal payments	(4,640)	(127,799)
Amortization & accretion of (premium) discounts		28
Net (increase) decrease in origination fees	0	(605)
Amortization of net origination fees	84	2,230
Net carrying value, ending balance	390,487	394,442
Commercial Mortgage | Senior Mortgages
Movement in Mortgage Loans on Real Estate [Roll Forward]
Net carrying value, beginning balance	625,900	510,071
Originations & advances (principal)	56,954	338,242
Principal payments	(640)	(221,421)
Amortization & accretion of (premium) discounts		(44)
Net (increase) decrease in origination fees	(871)	(3,317)
Amortization of net origination fees	476	2,369
Net carrying value, ending balance	681,819	625,900
Commercial Mortgage | Preferred Equity Interests
Movement in Mortgage Loans on Real Estate [Roll Forward]
Net carrying value, beginning balance	8,985
Net carrying value, ending balance	$ 8,989	$ 8,985

COMMERCIAL REAL ESTATE INVEST66

COMMERCIAL REAL ESTATE INVESTMENTS - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)property	Mar. 31, 2017USD ($)property	Dec. 31, 2017USD ($)	Dec. 11, 2015USD ($)property
Real Estate Properties [Line Items]
Outstanding impaired loans, nonaccrual loans, and loans in default	$ 0		$ 0
Allowance for loan losses	$ 0		$ 0
Loans receivable with variable rates of interest	86.00%		86.00%
Number of commercial real estate acquired (property) | property	0	0
Number of wholly owned real estate properties sold (property) | property		1
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 4 months 15 days
Eight Class AB Office Properties In Orange Country California | California
Real Estate Properties [Line Items]
Number of real estate properties (property) | property				8
Commercial Mortgage Loan
Real Estate Properties [Line Items]
Debt issued	$ 312,500,000		$ 312,500,000
Commercial Mortgage Loan | Eight Class AB Office Properties In Orange Country California | California
Real Estate Properties [Line Items]
Debt issued				$ 335,000,000
Gain or loss on sales of senior loan	0
Commercial Mortgage Loan | Eight Class AB Office Properties In Orange Country California | California | Senior Loans
Real Estate Properties [Line Items]
Remaining senior loans held for sale	115,000,000
Remaining senior loans held for sale, net of origination fees	114,400,000
General and Administrative Expense
Real Estate Properties [Line Items]
Depreciation expense	$ 3,700,000	$ 4,000,000

COMMERCIAL REAL ESTATE INVEST67

COMMERCIAL REAL ESTATE INVESTMENTS - Internal CRE Debt and Preferred Equity Ratings (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)loan	Mar. 31, 2018USD ($)
Real Estate [Line Items]
Number of transferred investments (loan) | loan	1
Commercial Mortgage
Real Estate [Line Items]
Percentage of CRE Debt and Preferred Equity Portfolio	100.00%	100.00%
Performing	$ 616,047	$ 656,732
Performing - Closely Monitored	181,573	197,773
Performing - Special Mention	168,148	163,538
Substandard	67,390	67,390
Doubtful	0	0
Loss	0	0
Total	$ 1,033,158	$ 1,085,433
Commercial Mortgage | Mezzanine Loans
Real Estate [Line Items]
Percentage of CRE Debt and Preferred Equity Portfolio	38.20%	36.00%
Performing	$ 206,169	$ 216,740
Performing - Closely Monitored	66,498	56,498
Performing - Special Mention	122,348	117,738
Substandard	0	0
Doubtful	0	0
Loss	0	0
Total	$ 395,015	$ 390,976
Commercial Mortgage | Senior Mortgages
Real Estate [Line Items]
Percentage of CRE Debt and Preferred Equity Portfolio	60.90%	63.20%
Performing	$ 409,878	$ 439,992
Performing - Closely Monitored	115,075	141,275
Performing - Special Mention	36,800	36,800
Substandard	67,390	67,390
Doubtful	0	0
Loss	0	0
Total	$ 629,143	$ 685,457
Commercial Mortgage | Preferred Equity Interests
Real Estate [Line Items]
Percentage of CRE Debt and Preferred Equity Portfolio	0.90%	0.80%
Performing	$ 0	$ 0
Performing - Closely Monitored	0	0
Performing - Special Mention	9,000	9,000
Substandard	0	0
Doubtful	0	0
Loss	0	0
Total	$ 9,000	$ 9,000

COMMERCIAL REAL ESTATE INVEST68

COMMERCIAL REAL ESTATE INVESTMENTS - Total Commercial Real Estate Held for Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real estate held for investment, at amortized cost
Real estate held for investment, at amortized cost	$ 442,402	$ 441,971
Less: accumulated depreciation	(52,723)	(48,920)
Total real estate held for investment, at amortized cost, net	389,679	393,051
Equity in unconsolidated joint ventures	90,384	92,902
Investments in commercial real estate, net	480,063	485,953	[1]
Land
Real estate held for investment, at amortized cost
Real estate held for investment, at amortized cost	111,012	111,012
Buildings and improvements
Real estate held for investment, at amortized cost
Real estate held for investment, at amortized cost	$ 331,390	$ 330,959
[1]	Derived from the audited consolidated financial statements at December 31, 2017.

COMMERCIAL REAL ESTATE INVEST69

COMMERCIAL REAL ESTATE INVESTMENTS - Minimum Future Rentals to be Received on Noncancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2018USD ($)
Investment Company [Abstract]
2018 (remaining)	$ 22,306
2,019	26,423
2,020	21,708
2,021	17,302
2,022	12,356
Later years	20,687
Total minimum future rental receivable	$ 120,782

COMMERCIAL REAL ESTATE INVEST70

COMMERCIAL REAL ESTATE INVESTMENTS - Mortgage Loans Payable (Details) - Commercial Mortgage Loan - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value	$ 309,794	$ 309,686
Mortgage Principal	312,500	312,500
Three Thousand One Hundred South Mall
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value	12,303	12,294
Mortgage Principal	$ 12,350	$ 12,350
Interest Rate	4.014%	4.014%
Twelve Thousand One Hundred Fifty-One Jefferson
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value	$ 11,020	$ 11,019
Mortgage Principal	$ 11,025	$ 11,025
Interest Rate	3.578%	3.578%
Joint Venture
Mortgage Loans on Real Estate [Line Items]
Mortgage Carrying Value	$ 286,471	$ 286,373
Mortgage Principal	$ 289,125	$ 289,125
Joint Venture | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.03%	4.03%
Joint Venture | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.61%	4.61%

COMMERCIAL REAL ESTATE INVEST71

COMMERCIAL REAL ESTATE INVESTMENTS - Future Mortgage Loan Principal Payments (Details) $ in Thousands	Mar. 31, 2018USD ($)
Investment Company [Abstract]
2018 (remaining)	$ 0
2,019	23,375
2,020	0
2,021	0
2,022	0
Later years	289,125
Total	$ 312,500

CORPORATE DEBT - Schedule of In

CORPORATE DEBT - Schedule of Industry and Rate Sensitivity (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	$ 1,152,745	$ 1,011,275	[1]
Aircraft and Parts
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	34,797	34,814
Coating, Engraving and Allied Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	63,245	64,034
Computer Programming, Data Processing & Other Computer Related Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	209,854	192,946
Drugs
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	38,716	38,708
Electronic Components & Accessories
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,961	23,916
Engineering, Architectural & Surveying
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	10,647	0
Groceries and Related Products
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	14,771	14,794
Grocery Stores
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,512	23,531
Home Health Care Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,660	23,779
Insurance Agents, Brokers and Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	28,866	28,872
Management and Public Relations Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	140,789	94,871
Medical and Dental Laboratories
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	26,936	26,956
Miscellaneous Business Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	19,703	19,723
Miscellaneous Equipment Rental and Leasing
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	49,264	49,129
Miscellaneous Health and Allied Services, not elsewhere classified
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	54,246	25,963
Miscellaneous Nonmetallic Minerals, except Fuels
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	26,056	25,992
Miscellaneous Plastic Products
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	9,920	9,879
Motor Vehicles and Motor Vehicle Equipment
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	17,333	0
Motor Vehicles and Motor Vehicle Parts and Supplies
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,582	12,212
Offices and Clinics of Doctors of Medicine
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	97,794	76,678
Offices and Clinics of Other Health Practitioners
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	19,872	18,979
Public Warehousing and Storage
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	50,685	48,890
Research, Development and Testing Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	33,304	33,155
Schools and Educational Services, not elsewhere classified
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	20,359	20,625
Services Allied with the Exchange of Securities
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	14,943	13,960
Surgical, Medical, and Dental Instruments and Supplies
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	16,677	29,687
Telephone Communications
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	59,253	59,182
Fixed Rate
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Aircraft and Parts
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Coating, Engraving and Allied Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Computer Programming, Data Processing & Other Computer Related Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Drugs
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Electronic Components & Accessories
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Engineering, Architectural & Surveying
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Groceries and Related Products
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Grocery Stores
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Home Health Care Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Insurance Agents, Brokers and Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Management and Public Relations Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Medical and Dental Laboratories
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Miscellaneous Business Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Miscellaneous Equipment Rental and Leasing
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Miscellaneous Health and Allied Services, not elsewhere classified
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Miscellaneous Nonmetallic Minerals, except Fuels
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Miscellaneous Plastic Products
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Motor Vehicles and Motor Vehicle Equipment
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Motor Vehicles and Motor Vehicle Parts and Supplies
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Offices and Clinics of Doctors of Medicine
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Offices and Clinics of Other Health Practitioners
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Public Warehousing and Storage
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Research, Development and Testing Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Schools and Educational Services, not elsewhere classified
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Services Allied with the Exchange of Securities
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Surgical, Medical, and Dental Instruments and Supplies
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Fixed Rate | Telephone Communications
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	0	0
Floating Rate
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	1,152,745	1,011,275
Floating Rate | Aircraft and Parts
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	34,797	34,814
Floating Rate | Coating, Engraving and Allied Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	63,245	64,034
Floating Rate | Computer Programming, Data Processing & Other Computer Related Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	209,854	192,946
Floating Rate | Drugs
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	38,716	38,708
Floating Rate | Electronic Components & Accessories
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,961	23,916
Floating Rate | Engineering, Architectural & Surveying
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	10,647	0
Floating Rate | Groceries and Related Products
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	14,771	14,794
Floating Rate | Grocery Stores
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,512	23,531
Floating Rate | Home Health Care Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,660	23,779
Floating Rate | Insurance Agents, Brokers and Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	28,866	28,872
Floating Rate | Management and Public Relations Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	140,789	94,871
Floating Rate | Medical and Dental Laboratories
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	26,936	26,956
Floating Rate | Miscellaneous Business Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	19,703	19,723
Floating Rate | Miscellaneous Equipment Rental and Leasing
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	49,264	49,129
Floating Rate | Miscellaneous Health and Allied Services, not elsewhere classified
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	54,246	25,963
Floating Rate | Miscellaneous Nonmetallic Minerals, except Fuels
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	26,056	25,992
Floating Rate | Miscellaneous Plastic Products
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	9,920	9,879
Floating Rate | Motor Vehicles and Motor Vehicle Equipment
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	17,333	0
Floating Rate | Motor Vehicles and Motor Vehicle Parts and Supplies
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	23,582	12,212
Floating Rate | Offices and Clinics of Doctors of Medicine
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	97,794	76,678
Floating Rate | Offices and Clinics of Other Health Practitioners
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	19,872	18,979
Floating Rate | Public Warehousing and Storage
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	50,685	48,890
Floating Rate | Research, Development and Testing Services
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	33,304	33,155
Floating Rate | Schools and Educational Services, not elsewhere classified
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	20,359	20,625
Floating Rate | Services Allied with the Exchange of Securities
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	14,943	13,960
Floating Rate | Surgical, Medical, and Dental Instruments and Supplies
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	16,677	29,687
Floating Rate | Telephone Communications
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt	$ 59,253	$ 59,182
[1]	Derived from the audited consolidated financial statements at December 31, 2017.

CORPORATE DEBT - Aggregate Posi

CORPORATE DEBT - Aggregate Positions in Capital Structure of Borrowers (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total	$ 1,152,745	$ 1,011,275	[1]
First lien loans
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total	664,276	582,724
Second lien loans
Schedule of Held-to-maturity Securities [Line Items]
Corporate debt, total	$ 488,469	$ 428,551
[1]	Derived from the audited consolidated financial statements at December 31, 2017.

VARIABLE INTEREST ENTITIES - Ad

VARIABLE INTEREST ENTITIES - Additional Information (Details)		1 Months Ended				3 Months Ended		12 Months Ended
		Mar. 31, 2018USD ($)	Feb. 29, 2016USD ($)loan	Apr. 30, 2015USD ($)loan	Feb. 28, 2015USD ($)loan	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)		Aug. 31, 2017	Jul. 31, 2017USD ($)	Jun. 30, 2016USD ($)
Variable Interest Entity [Line Items]
Exposure to obligations of VIEs		$ 198,100,000				$ 198,100,000
Contractual principal amount of residential mortgage trust debt						5,280,000		$ 349,220,000
Residential mortgage loans	[1]	1,535,685,000				1,535,685,000		1,438,322,000	[2]
Securitized debt of consolidated VIEs	[3]	2,904,873,000				2,904,873,000		2,971,771,000	[2]
General and administration expenses						62,510,000	$ 53,828,000
Other secured financings		3,830,075,000				3,830,075,000		3,837,528,000	[2]
Consolidated VIEs
Variable Interest Entity [Line Items]
Exposure to obligations of VIEs		1,489,300,000				1,489,300,000
Gain (loss) recognized upon initial consolidation						0
Debt issue costs expensed						800,000
Residential mortgage loans		560,200,000				560,200,000		478,800,000
FREMF 2015-KLSF | Freddie Mac | Floating Rate Multifamily Mortgage Loans
Variable Interest Entity [Line Items]
Number of loans in the underlying portfolio (loan) | loan					11
Face value					$ 1,400,000,000
FREMF 2015-KLSF | Freddie Mac | Consolidated VIEs
Variable Interest Entity [Line Items]
Payments to purchase mortgage loans					$ 102,100,000
FREMF 2015-KF07 | Freddie Mac | Floating Rate Multifamily Mortgage Loans
Variable Interest Entity [Line Items]
Number of loans in the underlying portfolio (loan) | loan				40
Face value				$ 1,200,000,000
FREMF 2015-KF07 | Freddie Mac | Consolidated VIEs
Variable Interest Entity [Line Items]
Payments to purchase mortgage loans				$ 89,400,000
FREMF 2016-KLH1 | Freddie Mac | Floating Rate Multifamily Mortgage Loans
Variable Interest Entity [Line Items]
Number of loans in the underlying portfolio (loan) | loan			28
Face value			$ 1,500,000,000
FREMF 2016-KLH1 | Freddie Mac | Consolidated VIEs
Variable Interest Entity [Line Items]
Payments to purchase mortgage loans			107,600,000
Face value			112,000,000
Discounted value			$ 4,400,000
FREMF Trusts | Consolidated VIEs
Variable Interest Entity [Line Items]
Mortgage loans, unpaid principal balance		2,700,000,000				2,700,000,000
Gain (loss) attributable to instrument- specific credit risk						0
Residential mortgage loans		0				0		0
General and administration expenses						0	0
Other secured financings		0				0		0
FREMF Trusts | Consolidated VIEs | 90 days or more past due
Variable Interest Entity [Line Items]
Loans 90 days or more past due or on nonaccrual status		0				0
Residential Mortgage Loan Trusts | Consolidated VIEs
Variable Interest Entity [Line Items]
Mortgage loans, unpaid principal balance		94,400,000				94,400,000
Contractual principal amount of residential mortgage trust debt						34,000,000
Residential mortgage loans		229,278,000				229,278,000		478,811,000
General and administration expenses						14,000	$ 20,000
Other secured financings		0				0		0
Borrower | Consolidation, Eliminations
Variable Interest Entity [Line Items]
Intercompany receivable		124,900,000				124,900,000
Borrower | Consolidated VIEs
Variable Interest Entity [Line Items]
Credit facility, maximum borrowing capacity												$ 300,000,000
Borrower | Consolidated VIEs | July 2017 Credit Facility
Variable Interest Entity [Line Items]
Credit facility, maximum borrowing capacity											$ 150,000,000
Borrower | Consolidated VIEs | Corporate debt | July 2017 Credit Facility
Variable Interest Entity [Line Items]
Transferred loans pledged as collateral for credit facility		208,900,000				208,900,000
Other secured financings		100,300,000				100,300,000
Pingora
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage										100.00%
Real Estate Investment Trust One | FREMF 2015-KLSF | Freddie Mac | Consolidated VIEs
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, liabilities								509,400,000
Real Estate Investment Trust One | FREMF 2016-KLH1 | Freddie Mac | Consolidated VIEs
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets								$ 549,500,000
Real Estate Investment Trust Two | Freddie Mac | Consolidated VIEs
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets		632,600,000				632,600,000
Variable interest entity, consolidated, carrying amount, liabilities		587,500,000				587,500,000
Real Estate Investment Trust Three | Freddie Mac | Consolidated VIEs
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, carrying amount, assets		1,500,000,000				1,500,000,000
Variable interest entity, consolidated, carrying amount, liabilities		1,400,000,000				1,400,000,000
Borrower
Variable Interest Entity [Line Items]
Other secured financings		124,900,000				124,900,000
Borrower | Corporate debt
Variable Interest Entity [Line Items]
Transferred loans pledged as collateral for credit facility		457,700,000				457,700,000
OBX Trust | Consolidated VIEs
Variable Interest Entity [Line Items]
Residential mortgage loans		327,500,000				327,500,000
Securitized debt of consolidated VIEs		279,200,000				279,200,000
General and administration expenses		1,500,000
OBX Trust | Consolidated VIEs | Consolidation, Eliminations
Variable Interest Entity [Line Items]
Non-Agency mortgage-backed securities		$ 60,900,000				$ 60,900,000
[1]	Includes securitized residential mortgage loans transferred or pledged to a consolidated VIE carried at fair value of $560.2 million and $478.8 million at March 31, 2018 and December 31, 2017, respectively.
[2]	Derived from the audited consolidated financial statements at December 31, 2017.
[3]	Includes securitized debt of consolidated VIEs carried at fair value of $2.9 billion and $3.0 billion at March 31, 2018 and December 31, 2017, respectively.

VARIABLE INTEREST ENTITIES - St

VARIABLE INTEREST ENTITIES - Statement of Financial Condition of VIEs Reflected in Consolidated Statements of Financial Condition (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	[1]	$ 984,275	$ 706,589	[2]
Commercial real estate debt investments	[3]	2,960,323	3,089,108	[2]
Residential mortgage loans	[4]	1,535,685	1,438,322	[2]
Mortgage servicing rights		596,378	580,860	[2]
Accrued interest receivable		326,989	323,526	[2]
Other derivatives, at fair value		161,193	283,613	[2]
Other assets		421,448	384,117	[2]
Total assets		100,382,233	101,760,050	[2]
Liabilities
Other secured financing		3,830,075	3,837,528	[2]
Other derivatives, at fair value		153,103	38,725	[2]
Accrued interest payable		284,696	253,068	[2]
Accounts payable and other liabilities		74,264	207,770	[2]
Total liabilities		86,439,298	86,888,477	[2]
Consolidated VIEs
ASSETS
Cash and cash equivalents		43,200	42,300
Residential mortgage loans		560,200	478,800
Consolidated VIEs | FREMF Trusts
ASSETS
Cash and cash equivalents		0	0
Commercial real estate debt investments		2,695,513	2,826,357
Residential mortgage loans		0	0
Mortgage servicing rights		0	0
Accrued interest receivable		10,762	10,339
Other derivatives, at fair value			0
Other assets		0	0
Total assets		2,706,275	2,836,696
Liabilities
Securitized debt (non-recourse) at fair value		2,497,410	2,620,952
Other secured financing		0	0
Other derivatives, at fair value		0
Accrued interest payable		4,668	4,554
Accounts payable and other liabilities		0	0
Total liabilities		2,502,078	2,625,506
Consolidated VIEs | Residential Mortgage Loan Trusts
ASSETS
Cash and cash equivalents		0	0
Commercial real estate debt investments		0	0
Residential mortgage loans		229,278	478,811
Mortgage servicing rights		0	0
Accrued interest receivable		901	1,599
Other derivatives, at fair value			0
Other assets		87	1,418
Total assets		230,266	481,828
Liabilities
Securitized debt (non-recourse) at fair value		128,260	350,819
Other secured financing		0	0
Other derivatives, at fair value		0
Accrued interest payable		316	931
Accounts payable and other liabilities		123	112
Total liabilities		128,699	351,862
Consolidated VIEs | Mortgage Servicing Rights Silos
ASSETS
Cash and cash equivalents		43,206	42,293
Commercial real estate debt investments		0	0
Residential mortgage loans		25,206	19,667
Mortgage servicing rights		596,378	580,860
Accrued interest receivable		0	0
Other derivatives, at fair value			1
Other assets		35,486	32,354
Total assets		700,276	675,175
Liabilities
Securitized debt (non-recourse) at fair value		0	0
Other secured financing		16,557	10,496
Other derivatives, at fair value		8
Accrued interest payable		0	0
Accounts payable and other liabilities		2,570	4,856
Total liabilities		$ 19,135	$ 15,352
[1]	Includes cash of consolidated Variable Interest Entities (“VIEs”) of $43.2 million and $42.3 million at March 31, 2018 and December 31, 2017, respectively.
[2]	Derived from the audited consolidated financial statements at December 31, 2017.
[3]	Includes senior securitized commercial mortgage loans of consolidated VIEs carried at fair value of $2.7 billion and $2.8 billion at March 31, 2018 and December 31, 2017, respectively.
[4]	Includes securitized residential mortgage loans transferred or pledged to a consolidated VIE carried at fair value of $560.2 million and $478.8 million at March 31, 2018 and December 31, 2017, respectively.

VARIABLE INTEREST ENTITIES - 76

VARIABLE INTEREST ENTITIES - Statement of Comprehensive Income (Loss) of VIEs Reflected in Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net interest income:
Interest income	$ 879,487	$ 587,727
Interest expense	367,421	198,425
Net interest income	512,066	389,302
Other income (loss)	34,023	31,646
General and administration expenses	62,510	53,828
Net income (loss)	1,327,704	440,408
Consolidated VIEs | FREMF Trusts
Net interest income:
Interest income	23,838	27,719
Interest expense	13,834	14,576
Net interest income	10,004	13,143
Realized gain (loss) on disposal of investments	0	0
Net gains (losses) on trading assets	0
Net unrealized gains (losses) on investments measured at fair value through earnings	292	702
Other income (loss)	(4,477)	(6,298)
General and administration expenses	0	0
Net income (loss)	5,819	7,547
Consolidated VIEs | Residential Mortgage Loan Trusts
Net interest income:
Interest income	2,373	1,369
Interest expense	1,759	274
Net interest income	614	1,095
Realized gain (loss) on disposal of investments	2,042	(261)
Net gains (losses) on trading assets	0
Net unrealized gains (losses) on investments measured at fair value through earnings	(816)	982
Other income (loss)	(77)	(97)
General and administration expenses	14	20
Net income (loss)	1,749	1,699
Consolidated VIEs | Mortgage Servicing Rights Silos
Net interest income:
Interest income	635	0
Interest expense	192	65
Net interest income	443	(65)
Realized gain (loss) on disposal of investments	(571)	(509)
Net gains (losses) on trading assets	69
Net unrealized gains (losses) on investments measured at fair value through earnings	14,615	(20,264)
Other income (loss)	28,716	34,588
General and administration expenses	472	1,102
Net income (loss)	$ 42,800	$ 12,648

VARIABLE INTEREST ENTITIES - Ge

VARIABLE INTEREST ENTITIES - Geographic Concentrations of Credit Risk Exceeding 5% of Total Loan Unpaid Principal Balances (Details) - Consolidated VIEs $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
FREMF Trusts
Concentration Risk [Line Items]
Principal Balance	$ 2,665,427
FREMF Trusts | Maryland
Concentration Risk [Line Items]
Principal Balance	494,604
FREMF Trusts | Texas
Concentration Risk [Line Items]
Principal Balance	361,641
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 | North Carolina
Concentration Risk [Line Items]
Principal Balance	232,271
FREMF Trusts | Pennsylvania
Concentration Risk [Line Items]
Principal Balance	225,810
FREMF Trusts | Massachusetts
Concentration Risk [Line Items]
Principal Balance	179,440
FREMF Trusts | Ohio
Concentration Risk [Line Items]
Principal Balance	156,834
FREMF Trusts | Other
Concentration Risk [Line Items]
Principal Balance	$ 404,652
FREMF Trusts | Securitized Loans | Geographic Concentration Risk
Concentration Risk [Line Items]
Percentage of balance	100.00%
FREMF Trusts | Securitized Loans | Geographic Concentration Risk | Maryland
Concentration Risk [Line Items]
Percentage of balance	18.50%
FREMF Trusts | Securitized Loans | Geographic Concentration Risk | Texas
Concentration Risk [Line Items]
Percentage of balance	13.60%
FREMF Trusts | Securitized Loans | Geographic Concentration Risk | Virginia
Concentration Risk [Line Items]
Percentage of balance	12.40%
FREMF Trusts | Securitized Loans | Geographic Concentration Risk | New York
Concentration Risk [Line Items]
Percentage of balance	10.50%
FREMF Trusts | Securitized Loans | Geographic Concentration Risk | North Carolina
Concentration Risk [Line Items]
Percentage of balance	8.70%
FREMF Trusts | Securitized Loans | Geographic Concentration Risk | Pennsylvania
Concentration Risk [Line Items]
Percentage of balance	8.50%
FREMF Trusts | Securitized Loans | Geographic Concentration Risk | Massachusetts
Concentration Risk [Line Items]
Percentage of balance	6.70%
FREMF Trusts | Securitized Loans | Geographic Concentration Risk | Ohio
Concentration Risk [Line Items]
Percentage of balance	5.90%
FREMF Trusts | Securitized Loans | Geographic Concentration Risk | Other
Concentration Risk [Line Items]
Percentage of balance	15.20%
Residential Mortgage Loan Trusts
Concentration Risk [Line Items]
Principal Balance	$ 231,536
Residential Mortgage Loan Trusts | California
Concentration Risk [Line Items]
Principal Balance	76,367
Residential Mortgage Loan Trusts | Texas
Concentration Risk [Line Items]
Principal Balance	18,357
Residential Mortgage Loan Trusts | Florida
Concentration Risk [Line Items]
Principal Balance	21,340
Residential Mortgage Loan Trusts | Illinois
Concentration Risk [Line Items]
Principal Balance	15,752
Residential Mortgage Loan Trusts | NEW JERSEY
Concentration Risk [Line Items]
Principal Balance	13,290
Residential Mortgage Loan Trusts | Other
Concentration Risk [Line Items]
Principal Balance	$ 86,430
Residential Mortgage Loan Trusts | Securitized Loans | Geographic Concentration Risk
Concentration Risk [Line Items]
Percentage of balance	100.00%
Residential Mortgage Loan Trusts | Securitized Loans | Geographic Concentration Risk | California
Concentration Risk [Line Items]
Percentage of balance	33.00%
Residential Mortgage Loan Trusts | Securitized Loans | Geographic Concentration Risk | Texas
Concentration Risk [Line Items]
Percentage of balance	7.90%
Residential Mortgage Loan Trusts | Securitized Loans | Geographic Concentration Risk | Florida
Concentration Risk [Line Items]
Percentage of balance	9.20%
Residential Mortgage Loan Trusts | Securitized Loans | Geographic Concentration Risk | Illinois
Concentration Risk [Line Items]
Percentage of balance	6.80%
Residential Mortgage Loan Trusts | Securitized Loans | Geographic Concentration Risk | NEW JERSEY
Concentration Risk [Line Items]
Percentage of balance	5.70%
Residential Mortgage Loan Trusts | Securitized Loans | Geographic Concentration Risk | Other
Concentration Risk [Line Items]
Percentage of balance	37.40%

FAIR VALUE MEASUREMENTS - Estim

FAIR VALUE MEASUREMENTS - Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017		Mar. 31, 2017	Dec. 31, 2016
Assets:
Agency mortgage-backed securities		$ 88,579,097	$ 90,551,763
Credit risk transfer securities		628,942	651,764	[1]
Mortgage servicing rights		596,378	580,860		$ 632,166	$ 652,216
Commercial real estate debt investments	[2]	2,960,323	3,089,108	[1]
Interest rate swaps		69,109	30,272	[1]
Other derivatives		161,193	283,613
Total assets		95,597,070	97,722,996
Liabilities:
Securitized debt of consolidated VIEs		2,904,873	2,971,771
Interest rate swaps		427,838	569,129	[1]
Other derivatives		153,103	38,725
Total liabilities		3,485,814	3,579,625
Non-Agency Mortgage-backed Securities
Assets:
Non-Agency mortgage-backed securities	[3]	1,066,343	1,097,294	[1]
Residential Mortgage
Assets:
Residential mortgage loans		1,535,685	1,438,322
Level 1
Assets:
Agency mortgage-backed securities		0	0
Credit risk transfer securities		0	0
Mortgage servicing rights		0	0
Commercial real estate debt investments		0	0
Interest rate swaps		0	0
Other derivatives		0	218,361
Total assets		0	218,361
Liabilities:
Securitized debt of consolidated VIEs		0	0
Interest rate swaps		0	0
Other derivatives		122,436	12,285
Total liabilities		122,436	12,285
Level 1 | Non-Agency Mortgage-backed Securities
Assets:
Non-Agency mortgage-backed securities		0	0
Level 1 | Residential Mortgage
Assets:
Residential mortgage loans		0	0
Level 2
Assets:
Agency mortgage-backed securities		88,579,097	90,551,763
Credit risk transfer securities		628,942	651,764
Mortgage servicing rights		0	0
Commercial real estate debt investments		2,960,323	3,089,108
Interest rate swaps		69,109	30,272
Other derivatives		161,193	65,252
Total assets		95,000,692	96,923,775
Liabilities:
Securitized debt of consolidated VIEs		2,904,873	2,971,771
Interest rate swaps		427,838	569,129
Other derivatives		30,667	26,440
Total liabilities		3,363,378	3,567,340
Level 2 | Non-Agency Mortgage-backed Securities
Assets:
Non-Agency mortgage-backed securities		1,066,343	1,097,294
Level 2 | Residential Mortgage
Assets:
Residential mortgage loans		1,535,685	1,438,322
Level 3
Assets:
Agency mortgage-backed securities		0	0
Credit risk transfer securities		0	0
Mortgage servicing rights		596,378	580,860
Commercial real estate debt investments		0	0
Interest rate swaps		0	0
Other derivatives		0	0
Total assets		596,378	580,860
Liabilities:
Securitized debt of consolidated VIEs		0	0
Interest rate swaps		0	0
Other derivatives		0	0
Total liabilities		0	0
Level 3 | Non-Agency Mortgage-backed Securities
Assets:
Non-Agency mortgage-backed securities		0	0
Level 3 | Residential Mortgage
Assets:
Residential mortgage loans		$ 0	$ 0
[1]	Derived from the audited consolidated financial statements at December 31, 2017.
[2]	Includes senior securitized commercial mortgage loans of consolidated VIEs carried at fair value of $2.7 billion and $2.8 billion at March 31, 2018 and December 31, 2017, respectively.
[3]	Includes $61.3 million and $66.3 million at March 31, 2018 and December 31, 2017, 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.

FAIR VALUE MEASUREMENTS - Infor

FAIR VALUE MEASUREMENTS - Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Level 3 MSRs (Details) - Fair Value, Measurements, Recurring - Level 3 - Mortgage Servicing Rights - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Unobservable input, discount rate	10.00%	10.00%
Unobservable input, prepayment rate	4.50%	4.60%
Unobservable input, delinquency rate	0.00%	0.00%
Unobservable input, cost to service	$ 88	$ 84
Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Unobservable input, discount rate	15.00%	15.00%
Unobservable input, prepayment rate	13.30%	22.30%
Unobservable input, delinquency rate	6.00%	13.00%
Unobservable input, cost to service	$ 135	$ 181
Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Unobservable input, discount rate	10.40%	10.40%
Unobservable input, prepayment rate	7.60%	9.40%
Unobservable input, delinquency rate	2.30%	2.20%
Unobservable input, cost to service	$ 107	$ 102

FAIR VALUE MEASUREMENTS - Est80

FAIR VALUE MEASUREMENTS - Estimated Fair Values for All Financial Assets and Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Financial assets:
Agency mortgage-backed securities		$ 88,579,097	$ 90,551,763
Credit risk transfer securities		628,942	651,764	[1]
Residential mortgage loans	[2]	1,535,685	1,438,322	[1]
Mortgage servicing rights		596,378	580,860	[1]
Commercial real estate debt investments	[3]	2,960,323	3,089,108	[1]
Interest rate swaps		69,109	30,272	[1]
Other derivatives		161,193	283,613
Reverse repurchase agreements		200,459	0	[1]
Financial liabilities:
Other secured financing		3,830,075	3,837,528	[1]
Securitized debt of consolidated VIEs	[4]	2,904,873	2,971,771	[1]
Interest rate swaps		427,838	569,129	[1]
Other derivatives		153,103	38,725
Level 1
Financial assets:
Agency mortgage-backed securities		0	0
Credit risk transfer securities		0	0
Commercial real estate debt investments		0	0
Interest rate swaps		0	0
Other derivatives		0	218,361
Financial liabilities:
Interest rate swaps		0	0
Other derivatives		122,436	12,285
Level 2
Financial assets:
Agency mortgage-backed securities		88,579,097	90,551,763
Credit risk transfer securities		628,942	651,764
Commercial real estate debt investments		2,960,323	3,089,108
Interest rate swaps		69,109	30,272
Other derivatives		161,193	65,252
Financial liabilities:
Interest rate swaps		427,838	569,129
Other derivatives		30,667	26,440
Level 3
Financial assets:
Agency mortgage-backed securities		0	0
Credit risk transfer securities		0	0
Commercial real estate debt investments		0	0
Interest rate swaps		0	0
Other derivatives		0	0
Financial liabilities:
Interest rate swaps		0	0
Other derivatives		0	0
Carrying Value | Level 1
Financial assets:
Cash and cash equivalents		984,275	706,589
Reverse repurchase agreements		200,459	0
Carrying Value | Level 2
Financial assets:
Agency mortgage-backed securities		88,579,097	90,551,763
Credit risk transfer securities		628,942	651,764
Non-Agency mortgage-backed securities		1,066,343	1,097,294
Residential mortgage loans		1,535,685	1,438,322
Commercial real estate debt investments		2,960,323	3,089,108
Corporate debt		1,152,745	1,011,275
Interest rate swaps		69,109	30,272
Other derivatives		161,193	283,613
Financial liabilities:
Repurchase agreements		78,015,431	77,696,343
Other secured financing		3,830,075	3,837,528
Securitized debt of consolidated VIEs		2,904,873	2,971,771
Interest rate swaps		427,838	569,129
Other derivatives		153,103	38,725
Carrying Value | Level 3
Financial assets:
Mortgage servicing rights		596,378	580,860
Commercial real estate debt and preferred equity, held for investment		1,081,295	1,029,327
Financial liabilities:
Mortgage payable		309,794	309,686
Fair Value | Level 1
Financial assets:
Cash and cash equivalents		984,275	706,589
Reverse repurchase agreements		200,459	0
Fair Value | Level 2
Financial assets:
Agency mortgage-backed securities		88,579,097	90,551,763
Credit risk transfer securities		628,942	651,764
Non-Agency mortgage-backed securities		1,066,343	1,097,294
Residential mortgage loans		1,535,685	1,438,322
Commercial real estate debt investments		2,960,323	3,089,108
Corporate debt		1,159,443	1,014,139
Interest rate swaps		69,109	30,272
Other derivatives		161,193	283,613
Financial liabilities:
Repurchase agreements		78,015,431	77,697,828
Other secured financing		3,829,693	3,837,595
Securitized debt of consolidated VIEs		2,904,873	2,971,771
Interest rate swaps		427,838	569,129
Other derivatives		153,103	38,725
Fair Value | Level 3
Financial assets:
Mortgage servicing rights		596,378	580,860
Commercial real estate debt and preferred equity, held for investment		1,086,872	1,035,095
Financial liabilities:
Mortgage payable		$ 304,179	$ 310,218
[1]	Derived from the audited consolidated financial statements at December 31, 2017.
[2]	Includes securitized residential mortgage loans transferred or pledged to a consolidated VIE carried at fair value of $560.2 million and $478.8 million at March 31, 2018 and December 31, 2017, respectively.
[3]	Includes senior securitized commercial mortgage loans of consolidated VIEs carried at fair value of $2.7 billion and $2.8 billion at March 31, 2018 and December 31, 2017, respectively.
[4]	Includes securitized debt of consolidated VIEs carried at fair value of $2.9 billion and $3.0 billion at March 31, 2018 and December 31, 2017, respectively.

SECURED FINANCING - Additional

SECURED FINANCING - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Repurchase Agreements:
Repurchase agreements	$ 78,015,431	$ 77,696,343	[1]
Repurchase agreements - weighted average effective borrowing rates	1.70%	1.89%
Repurchase agreements - weighted average remaining maturities	72 days	58 days
Other secured financing long term, amount	$ 3,830,075	$ 3,837,528	[1]
Secured financings and interest rate swaps - collateral held, estimated fair value	87,600,000	87,000,000
Secured financings and interest rate swaps - collateral held, accrued interest	$ 275,200	$ 267,300
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
FHLB De Moines
Repurchase Agreements:
Debt weighted average interest rate	2.05%	1.49%
Stock held in FHLB	$ 147,900
Maturity Period Beyond Three Years
Repurchase Agreements:
Other secured financing long term, amount		$ 2,100,000
Other secured financing amount, long term, expiration period		3 years
Maturity Period Beyond Three Years | Minimum
Repurchase Agreements:
Other secured financing amount, long term, expiration period	1 year	1 year
Maturity Period Beyond Three Years | Maximum
Repurchase Agreements:
Other secured financing amount, long term, expiration period	3 years	3 years
Maturity Period Beyond Three Years | FHLB De Moines | Debt Instrument, Maturity, Period Two
Repurchase Agreements:
Other secured financing long term, amount	$ 3,600,000	$ 1,400,000
[1]	Derived from the audited consolidated financial statements at December 31, 2017.

SECURED FINANCING - Repurchase

SECURED FINANCING - Repurchase Agreements - Remaining Maturities, Collateral Types and Weighted Average Rate (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Repurchase Agreements:
Repurchase agreements	$ 78,015,431	$ 77,696,343	[1]
Weighted Average Rate	1.83%	1.61%
Percentage of total repurchase agreements with remaining maturity of 1 year	0.00%	1.00%
Credit risk transfer securities
Repurchase Agreements:
Repurchase agreements	$ 326,985	$ 277,971
Non Agency MBS
Repurchase Agreements:
Repurchase agreements	309,599	304,778
Commercial Loan
Repurchase Agreements:
Repurchase agreements	391,129	385,113
Agency Mortgage-Backed Securities
Repurchase Agreements:
Repurchase agreements	76,963,498	76,703,981
Commercial Mortgage-Backed Securities
Repurchase Agreements:
Repurchase agreements	24,220	24,500
1 day
Repurchase Agreements:
Repurchase agreements	$ 0	$ 0
Weighted Average Rate	0.00%	0.00%
1 day | Credit risk transfer securities
Repurchase Agreements:
Repurchase agreements	$ 0	$ 0
1 day | Non Agency MBS
Repurchase Agreements:
Repurchase agreements	0	0
1 day | Commercial Loan
Repurchase Agreements:
Repurchase agreements	0	0
1 day | Agency Mortgage-Backed Securities
Repurchase Agreements:
Repurchase agreements	0	0
1 day | Commercial Mortgage-Backed Securities
Repurchase Agreements:
Repurchase agreements	0	0
2 to 29 days
Repurchase Agreements:
Repurchase agreements	$ 39,527,178	$ 33,956,552
Weighted Average Rate	1.76%	1.69%
2 to 29 days | Credit risk transfer securities
Repurchase Agreements:
Repurchase agreements	$ 326,985	$ 263,528
2 to 29 days | Non Agency MBS
Repurchase Agreements:
Repurchase agreements	281,627	253,290
2 to 29 days | Commercial Loan
Repurchase Agreements:
Repurchase agreements	0	0
2 to 29 days | Agency Mortgage-Backed Securities
Repurchase Agreements:
Repurchase agreements	38,894,346	33,421,609
2 to 29 days | Commercial Mortgage-Backed Securities
Repurchase Agreements:
Repurchase agreements	24,220	18,125
30 to 59 days
Repurchase Agreements:
Repurchase agreements	$ 8,619,507	$ 10,828,777
Weighted Average Rate	1.67%	1.44%
30 to 59 days | Credit risk transfer securities
Repurchase Agreements:
Repurchase agreements	$ 0	$ 7,229
30 to 59 days | Non Agency MBS
Repurchase Agreements:
Repurchase agreements	0	3,658
30 to 59 days | Commercial Loan
Repurchase Agreements:
Repurchase agreements	0	0
30 to 59 days | Agency Mortgage-Backed Securities
Repurchase Agreements:
Repurchase agreements	8,619,507	10,811,515
30 to 59 days | Commercial Mortgage-Backed Securities
Repurchase Agreements:
Repurchase agreements	0	6,375
60 to 89 days
Repurchase Agreements:
Repurchase agreements	$ 10,243,046	$ 13,855,787
Weighted Average Rate	1.83%	1.59%
60 to 89 days | Credit risk transfer securities
Repurchase Agreements:
Repurchase agreements	$ 0	$ 7,214
60 to 89 days | Non Agency MBS
Repurchase Agreements:
Repurchase agreements	27,972	47,830
60 to 89 days | Commercial Loan
Repurchase Agreements:
Repurchase agreements	0	0
60 to 89 days | Agency Mortgage-Backed Securities
Repurchase Agreements:
Repurchase agreements	10,215,074	13,800,743
60 to 89 days | Commercial Mortgage-Backed Securities
Repurchase Agreements:
Repurchase agreements	0	0
90 to 119 days
Repurchase Agreements:
Repurchase agreements	$ 5,378,231	$ 10,128,006
Weighted Average Rate	1.63%	1.39%
90 to 119 days | Credit risk transfer securities
Repurchase Agreements:
Repurchase agreements	$ 0	$ 0
90 to 119 days | Non Agency MBS
Repurchase Agreements:
Repurchase agreements	0	0
90 to 119 days | Commercial Loan
Repurchase Agreements:
Repurchase agreements	0	0
90 to 119 days | Agency Mortgage-Backed Securities
Repurchase Agreements:
Repurchase agreements	5,378,231	10,128,006
90 to 119 days | Commercial Mortgage-Backed Securities
Repurchase Agreements:
Repurchase agreements	0	0
Over 120 days
Repurchase Agreements:
Repurchase agreements	$ 14,247,469	$ 8,927,221
Weighted Average Rate	2.19%	1.77%
Over 120 days | Credit risk transfer securities
Repurchase Agreements:
Repurchase agreements	$ 0	$ 0
Over 120 days | Non Agency MBS
Repurchase Agreements:
Repurchase agreements	0	0
Over 120 days | Commercial Loan
Repurchase Agreements:
Repurchase agreements	391,129	385,113
Over 120 days | Agency Mortgage-Backed Securities
Repurchase Agreements:
Repurchase agreements	13,856,340	8,542,108
Over 120 days | Commercial Mortgage-Backed Securities
Repurchase Agreements:
Repurchase agreements	$ 0	$ 0
[1]	Derived from the audited consolidated financial statements at December 31, 2017.

SECURED FINANCING - Summary of

SECURED FINANCING - Summary of Gross Amounts, Amounts Offset and Net Amounts of Repurchase Agreement and Reverse Repurchase Agreement (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Gross amounts -reverse repurchase agreements	$ 3,375,459	$ 1,250,000
Amounts offset - reverse repurchase agreement	(3,175,000)	(1,250,000)
Netted amounts -reverse repurchase	200,459	0	[1]
Gross amounts -repurchase agreement	81,190,431	78,946,343
Amounts offset -repurchase agreement	(3,175,000)	(1,250,000)
Repurchase agreements	$ 78,015,431	$ 77,696,343	[1]
[1]	Derived from the audited consolidated financial statements at December 31, 2017.

DERIVATIVE INSTRUMENTS - Summar

DERIVATIVE INSTRUMENTS - Summary of Fair Value Information about Derivative Assets and Liabilities (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Assets:
Interest rate swaps, at fair value	$ 69,109,000	$ 30,272,000	[1]
Other derivatives, at fair value	161,193,000	283,613,000	[1]
Derivative assets	230,302,000	313,885,000
Liabilities:
Interest rate swaps, at fair value	427,838,000	569,129,000	[1]
Other derivatives, at fair value	153,103,000	38,725,000	[1]
Derivative liabilities	580,941,000	607,854,000
Futures contracts
Assets:
Other derivatives, at fair value	0	218,361,000
Derivative assets		218,361,000
Liabilities:
Other derivatives, at fair value	122,436,000	12,285,000
Derivative liabilities	122,436,000	12,285,000
Purchase commitments
Assets:
Other derivatives, at fair value	428,000	35,000
Derivative assets	428,000	35,000
Liabilities:
Other derivatives, at fair value	262,000	157,000
Derivative liabilities	262,000	157,000
Interest rate swaptions
Assets:
Other derivatives, at fair value	113,701,000	36,150,000
Derivative assets	113,701,000	36,150,000
TBA derivatives
Assets:
Other derivatives, at fair value	47,064,000	29,067,000
Derivative assets	47,064,000	29,067,000
Liabilities:
Other derivatives, at fair value	21,855,000	21,776,000
Derivative liabilities	21,855,000	21,776,000
Notional		15,578,000,000
Credit derivatives
Liabilities:
Other derivatives, at fair value	8,550,000	4,507,000
Derivative liabilities	8,550,000	4,507,000
Notional	$ 285,000,000	$ 125,000,000
[1]	Derived from the audited consolidated financial statements at December 31, 2017.

DERIVATIVE INSTRUMENTS - Summ85

DERIVATIVE INSTRUMENTS - Summary of Characteristics of Interest Rate Swaps (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Interest Rate Swaps
Derivative Instruments:
Current Notional	$ 65,971,950,000	$ 35,329,200,000
Weighted Average Pay Rate	2.00%	2.22%
Weighted Average Receive Rate	2.13%	1.58%
Weighted Average Years to Maturity	4 years 6 months 7 days	6 years 8 months 19 days
Interest Rate Swaps | Weighted Average
Derivative Instruments:
Fixed rate on forward starting pay swaps		1.86%
Interest Rate Swaps | 0 - 3 years
Derivative Instruments:
Derivative Instruments minimum maturity period	0 years	0 years
Derivative Instruments maximum maturity period	3 years	3 years
Current Notional	$ 38,344,000,000	$ 6,532,000,000
Weighted Average Pay Rate	1.64%	1.56%
Weighted Average Receive Rate	2.19%	1.62%
Weighted Average Years to Maturity	1 year 9 months 8 days	2 years 29 days
Interest Rate Swaps | 3 - 6 years
Derivative Instruments:
Derivative Instruments minimum maturity period	3 years	3 years
Derivative Instruments maximum maturity period	6 years	6 years
Current Notional	$ 13,254,550,000	$ 14,791,800,000
Weighted Average Pay Rate	2.17%	2.12%
Weighted Average Receive Rate	2.12%	1.57%
Weighted Average Years to Maturity	4 years 8 months 1 day	4 years 6 months 4 days
Interest Rate Swaps | 6 - 10 years
Derivative Instruments:
Derivative Instruments minimum maturity period	6 years	6 years
Derivative Instruments maximum maturity period	10 years	10 years
Current Notional	$ 10,547,000,000	$ 10,179,000,000
Weighted Average Pay Rate	2.32%	2.35%
Weighted Average Receive Rate	2.02%	1.58%
Weighted Average Years to Maturity	8 years 1 month 9 days	8 years 15 days
Interest Rate Swaps | Greater than 10 years
Derivative Instruments:
Derivative Instruments minimum maturity period	10 years	10 years
Current Notional	$ 3,826,400,000	$ 3,826,400,000
Weighted Average Pay Rate	3.65%	3.65%
Weighted Average Receive Rate	1.94%	1.51%
Weighted Average Years to Maturity	18 years 2 months 20 days	18 years 5 months 19 days
Forward Starting Pay Fixed Swaps
Derivative Instruments:
Current Notional	$ 0	$ 8,100,000,000

DERIVATIVE INSTRUMENTS - Summ86

DERIVATIVE INSTRUMENTS - Summary of Swaptions Outstanding (Details) - Interest rate swaptions - Long - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Current Notional	$ 6,000,000	$ 6,000,000
Weighted Average Underlying Pay Rate	2.72%	2.62%
Weighted Average Underlying Years to Maturity	10 years 4 months	9 years 11 months 19 days
Weighted Average Months to Expiration	3 months 27 days	4 months 15 days

DERIVATIVE INSTRUMENTS - Summ87

DERIVATIVE INSTRUMENTS - Summary of Characteristics of TBA Derivatives (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Forward Starting Pay Fixed Swaps
Notional
Notional	$ 0	$ 8,100,000,000
TBA derivatives
Notional
Notional		15,578,000,000
Implied Cost Basis		16,127,022,000
Implied Market Value		16,134,313,000
Net Carrying Value		7,291,000
TBA derivatives | Purchase contracts
Notional
Purchase contracts	8,954,000,000	15,828,000,000
Implied Cost Basis	9,107,423,000	16,381,826,000
Implied Market Value	9,132,632,000	16,390,251,000
Net Carrying Value	$ 25,209,000	8,425,000
TBA derivatives | Sale contracts
Notional
Sale contracts		(250,000,000)
Implied Cost Basis		(254,804,000)
Implied Market Value		(255,938,000)
Net Carrying Value		$ (1,134,000)

DERIVATIVE INSTRUMENTS - Summ88

DERIVATIVE INSTRUMENTS - Summary of Certain Characteristics of Futures Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Swap Equivalent Eurodollar Futures Contract | 2 Year
Derivative Instruments:
Derivative Instruments, maturity period	2 years	2 years
Weighted Average Years to Maturity		2 years
Swap Equivalent Eurodollar Futures Contract | Long | 2 Year
Derivative Instruments:
Notional		$ 0
Swap Equivalent Eurodollar Futures Contract | Sale contracts | 2 Year
Derivative Instruments:
Notional		$ (17,161,000)
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 30 days	4 years 4 months 28 days
U.S. Treasury Futures | 10 Year and Greater
Derivative Instruments:
Derivative Instruments minimum maturity period	10 years	10 years
Weighted Average Years to Maturity	6 years 11 months 28 days	7 years 4 days
U.S. Treasury Futures | Long | 5 Year
Derivative Instruments:
Notional	$ 0	$ 0
U.S. Treasury Futures | Long | 10 Year and Greater
Derivative Instruments:
Notional	0	0
U.S. Treasury Futures | Sale contracts | 5 Year
Derivative Instruments:
Notional	(4,597,400)	(4,217,400)
U.S. Treasury Futures | Sale contracts | 10 Year and Greater
Derivative Instruments:
Notional	$ (9,154,500)	$ (4,914,500)
Futures contracts
Derivative Instruments:
Weighted Average Years to Maturity	6 years 1 month 16 days	3 years 3 months 26 days
Futures contracts | Long
Derivative Instruments:
Notional	$ 0	$ 0
Futures contracts | Sale contracts
Derivative Instruments:
Notional	$ (13,751,900)	$ (26,292,900)

DERIVATIVE INSTRUMENTS - Offset

DERIVATIVE INSTRUMENTS - Offsetting of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Gross Amounts	$ 230,302	$ 313,885
Liabilities:
Gross Amounts	580,941	607,854
Futures contracts
Assets:
Gross Amounts		218,361
Amounts Eligible for Offset -Financial Instruments		(12,285)
Amounts Eligible for Offset-Cash Collateral		0
Net Amounts		206,076
Liabilities:
Gross Amounts	122,436	12,285
Amounts Eligible for Offset-Financial Instruments	0	(12,285)
Amounts Eligible for Offset -Cash Collateral	(122,436)	0
Net Amounts	0	0
Purchase commitments
Assets:
Gross Amounts	428	35
Amounts Eligible for Offset -Financial Instruments	0	0
Amounts Eligible for Offset-Cash Collateral	0	0
Net Amounts	428	35
Liabilities:
Gross Amounts	262	157
Amounts Eligible for Offset-Financial Instruments	0	0
Amounts Eligible for Offset -Cash Collateral	0	0
Net Amounts	262	157
Interest Rate Swaps
Assets:
Gross Amounts	69,109	30,272
Amounts Eligible for Offset -Financial Instruments	(40,470)	(27,379)
Amounts Eligible for Offset-Cash Collateral	0	0
Net Amounts	28,639	2,893
Liabilities:
Gross Amounts	427,838	569,129
Amounts Eligible for Offset-Financial Instruments	(40,470)	(27,379)
Amounts Eligible for Offset -Cash Collateral	(6,856)	0
Net Amounts	380,512	541,750
Interest rate swaptions
Assets:
Gross Amounts	113,701	36,150
Amounts Eligible for Offset -Financial Instruments	0	0
Amounts Eligible for Offset-Cash Collateral	0	0
Net Amounts	113,701	36,150
TBA derivatives
Assets:
Gross Amounts	47,064	29,067
Amounts Eligible for Offset -Financial Instruments	(21,855)	(12,551)
Amounts Eligible for Offset-Cash Collateral	0	0
Net Amounts	25,209	16,516
Liabilities:
Gross Amounts	21,855	21,776
Amounts Eligible for Offset-Financial Instruments	(21,855)	(12,551)
Amounts Eligible for Offset -Cash Collateral	0	0
Net Amounts	0	9,225
Credit derivatives
Liabilities:
Gross Amounts	8,550	4,507
Amounts Eligible for Offset-Financial Instruments	0	0
Amounts Eligible for Offset -Cash Collateral	(6,460)	(3,520)
Net Amounts	$ 2,090	$ 987

DERIVATIVE INSTRUMENTS - Effect

DERIVATIVE INSTRUMENTS - Effect of Interest Rate Swaps on Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Realized gains (losses) on interest rate swaps	[1]	$ (48,160)	$ (104,156)
Realized gains (losses) on termination or maturity of interest rate swaps		834	0
Unrealized gains (losses) on interest rate swaps		$ 977,285	$ 149,184
[1]	Consists of interest expense on interest rate swaps.

DERIVATIVE INSTRUMENTS - Effe91

DERIVATIVE INSTRUMENTS - Effect of Other Derivative Contracts on the Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments:
Unrealized Gain (Loss)	$ 977,285	$ 149,184
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets	(47,145)	300
U.S. Treasury Futures
Derivative Instruments:
Realized Gain (Loss)	495,013	973
Unrealized Gain (Loss)	(328,512)	(23,704)
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets	166,501	(22,731)
Purchase commitments
Derivative Instruments:
Realized Gain (Loss)	0	0
Unrealized Gain (Loss)	366	265
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets	366	265
TBA derivatives
Derivative Instruments:
Realized Gain (Loss)	(277,901)	(60,314)
Unrealized Gain (Loss)	17,917	83,080
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets	(259,984)	$ 22,766
Interest rate swaptions
Derivative Instruments:
Realized Gain (Loss)	(21,434)
Unrealized Gain (Loss)	67,221
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets	45,787
Credit derivatives
Derivative Instruments:
Realized Gain (Loss)	1,513
Unrealized Gain (Loss)	(1,328)
Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Trading Assets	$ 185

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Details) $ in Millions	Mar. 31, 2018USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instruments, net liability position, aggregate fair value	$ 402.7

COMMON STOCK AND PREFERRED ST93

COMMON STOCK AND PREFERRED STOCK - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 25, 2017	Jan. 31, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Class of Stock [Line Items]
Common Stock, par value (in dollars per share)			$ 0.01		$ 0.01
Common Stock, shares authorized (in shares)			1,909,750,000		1,929,300,000
Common Stock, shares issued (in shares)			1,159,657,350		1,159,585,078
Common Stock, shares outstanding (in shares)			1,159,657,350		1,159,585,078
Options exercised under incentive plans (In shares)			0	0
Direct purchase and dividend reinvestment program - value raised			$ 746	$ 596
Direct purchase and dividend reinvestment program - issued shares of common stock (in shares)			70,000	56,000
Redemption of preferred stock			$ 412,500
At-the-market Sale Program
Class of Stock [Line Items]
Aggregate stock offering price		$ 1,500,000
7.625% Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized (in shares)			12,000,000		12,000,000
Preferred Stock dividend rate, percentage			7.625%	7.625%	7.625%
Preferred stock redeemed (in shares)			5,000,000
Redemption of preferred stock			$ 125,000
Preferred stock dividends paid			$ 1,000
Preferred stock, dividends paid (in dollars per share)			$ 0.196
Preferred stock, redemption price (in dollars per share)			$ 25
Preferred Stock, shares issued (in shares)			7,000,000		12,000,000
Preferred Stock, shares outstanding (in shares)			7,000,000		12,000,000
Preferred Stock, par value (in dollars per share)			$ 0.01		$ 0.01
Preferred Stock liquidation preference, per share (in dollars per share)			$ 25		$ 25
7.50% Series D Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized (in shares)			18,400,000		18,400,000
Preferred Stock dividend rate, percentage			7.50%	7.50%	7.50%
Preferred stock, redemption price (in dollars per share)			$ 25
Preferred Stock, shares issued (in shares)			18,400,000		18,400,000
Preferred Stock, shares outstanding (in shares)			18,400,000		18,400,000
Preferred Stock, par value (in dollars per share)			$ 0.01		$ 0.01
Preferred Stock liquidation preference, per share (in dollars per share)			$ 25		$ 25
6.95% Series F Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized (in shares)			28,800,000		28,800,000
Preferred Stock dividend rate, percentage			6.95%	6.95%	6.95%
Preferred stock, redemption price (in dollars per share)			$ 25
Preferred Stock, shares issued (in shares)			28,800,000		28,800,000
Preferred Stock, shares outstanding (in shares)			28,800,000		28,800,000
Preferred Stock, par value (in dollars per share)			$ 0.01		$ 0.01
Preferred Stock liquidation preference, per share (in dollars per share)			$ 25		$ 25
Number of shares issued during period (in shares)			28,800,000		28,800,000
Preferred stock, basis spread			4.993%
6.50% Series G Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized (in shares)			19,550,000		0
Preferred Stock dividend rate, percentage			6.50%	6.50%	6.50%
Preferred stock, redemption price (in dollars per share)			$ 25
Preferred Stock, shares issued (in shares)			17,000,000		0
Preferred Stock, shares outstanding (in shares)			17,000,000		0
Preferred Stock liquidation preference, per share (in dollars per share)			$ 25
Number of shares issued during period (in shares)			17,000,000
Preferred stock, basis spread			4.172%
Proceeds from stock issuance, before discounts and offering expenses			$ 425,000
7.875% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred Stock dividend rate, percentage			7.875%	7.875%	7.875%
Preferred stock redeemed (in shares)	7,412,500
Redemption of preferred stock	$ 187,500
Preferred stock, redemption price (in dollars per share)					$ 25
7.625% Series E Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized (in shares)			11,500,000		11,500,000
Preferred Stock dividend rate, percentage			7.625%	7.625%	7.625%
Preferred stock redeemed (in shares)			11,500,000
Redemption of preferred stock			$ 287,500
Preferred Stock, shares issued (in shares)			0		11,500,000
Preferred Stock, shares outstanding (in shares)			0		11,500,000
Preferred Stock, par value (in dollars per share)					$ 0.01
Preferred Stock liquidation preference, per share (in dollars per share)					$ 25

COMMON STOCK AND PREFERRED ST94

COMMON STOCK AND PREFERRED STOCK - Summary of Dividend Distribution Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018		Mar. 31, 2017
Dividends Payable [Line Items]
Distributions declared to common stockholders	$ 347,897		$ 305,691
Distributions declared per common share (in dollars per share)	$ 0.3		$ 0.30
Distributions paid to common stockholders after period end	$ 347,897		$ 305,691
Distributions paid per common share after period end (in dollars per share)	$ 0.3		$ 0.3
7.875% Series A Cumulative Redeemable Preferred Stock
Dividends Payable [Line Items]
Preferred dividends declared	$ 0		$ 3,648
Preferred series dividends declared, per share (in dollars per share)	$ 0		$ 0.492
7.625% Series C Cumulative Redeemable Preferred Stock
Dividends Payable [Line Items]
Preferred dividends declared	$ 4,316	[1]	$ 5,719
Preferred series dividends declared, per share (in dollars per share)	$ 0.477		$ 0.477
7.50% Series D Cumulative Redeemable Preferred Stock
Dividends Payable [Line Items]
Preferred dividends declared	$ 8,625		$ 8,625
Preferred series dividends declared, per share (in dollars per share)	$ 0.469		$ 0.469
7.625% Series E Cumulative Redeemable Preferred Stock
Dividends Payable [Line Items]
Preferred dividends declared	$ 2,253		$ 5,481
Preferred series dividends declared, per share (in dollars per share)	$ 0.196		$ 0.477
6.95% Series F Cumulative Redeemable Preferred Stock
Dividends Payable [Line Items]
Preferred dividends declared	$ 12,510		$ 0
Preferred series dividends declared, per share (in dollars per share)	$ 0.434		$ 0
6.50% Series G Cumulative Redeemable Preferred Stock
Dividends Payable [Line Items]
Preferred dividends declared	$ 6,062		$ 0
Preferred series dividends declared, per share (in dollars per share)	$ 0.357		$ 0
[1]	Represents dividends declared per share for shares outstanding at March 31, 2018.

INTEREST INCOME AND INTEREST 95

INTEREST INCOME AND INTEREST EXPENSE - Components of Company's Interest Income and Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest income:
Residential Investment Securities	$ 779,588	$ 515,910
Residential mortgage loans	15,505	3,864
Commercial investment portfolio	72,457	64,345
Reverse repurchase agreements	11,937	3,608
Total interest income	879,487	587,727
Interest expense:
Repurchase agreements	331,374	173,090
Securitized debt of consolidated VIEs	15,652	14,850
Participation sold	0	153
Other	20,395	10,332
Total interest expense	367,421	198,425
Net interest income	$ 512,066	$ 389,302

GOODWILL - Additional Informati

GOODWILL - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 71,815	$ 71,815	[1]
[1]	Derived from the audited consolidated financial statements at December 31, 2017.

NET INCOME (LOSS) PER COMMON 97

NET INCOME (LOSS) PER COMMON SHARE - Schedule of Net Income (Loss) per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Net income (loss)	$ 1,327,704	$ 440,408
Net income (loss) attributable to noncontrolling interest	(96)	(103)
Net income (loss) attributable to Annaly	1,327,800	440,511
Dividends on preferred stock	33,766	23,473
Net income (loss) available (related) to common stockholders	$ 1,294,034	$ 417,038
Weighted average shares of common stock outstanding-basic (in shares)	1,159,617,848	1,018,942,746
Add: Effect of stock awards, if dilutive (in shares)	485,337	364,633
Weighted average shares of common stock outstanding-diluted (in shares)	1,160,103,185	1,019,307,379
Net income (loss) per share available (related) to common share:
Basic (in dollars per share)	$ 1.12	$ 0.41
Diluted (in dollars per share)	$ 1.12	$ 0.41

NET INCOME (LOSS) PER COMMON 98

NET INCOME (LOSS) PER COMMON SHARE - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Options to purchase common stock outstanding that would be considered anti-dilutive (in shares)	0.8	1.1

LONG-TERM STOCK INCENTIVE PLA99

LONG-TERM STOCK INCENTIVE PLAN - Additional Information (Details)	3 Months Ended
	Mar. 31, 2018USD ($)installmentshares	Mar. 31, 2017USD ($)
Long-Term Stock Incentive Plans:
Weighted average remaining contractual term of stock options outstanding, years	6 months	1 year 2 months
Weighted average remaining contractual term of stock options exercisable, years	6 months	1 year 2 months 12 days
Unrecognized compensation cost | $	$ 0	$ 0
The Prior Plan | Minimum
Long-Term Stock Incentive Plans:
Long-term stock compensation - ceiling shares (in 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 (in 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) | 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
Equity Incentive Plan 2010
Long-Term Stock Incentive Plans:
Long-term stock compensation - ceiling shares (in shares)	25,000,000

LONG-TERM STOCK INCENTIVE PL100

LONG-TERM STOCK INCENTIVE PLAN - Issued and Outstanding Stock Options (Details) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Number of Shares
Options outstanding at the beginning of period (in shares)	794,125	1,125,625
Granted (in shares)	0	0
Exercised (in shares)	0	0
Forfeited (in shares)	0	0
Expired (in shares)	0	0
Options outstanding at the end of period (in shares)	794,125	1,125,625
Options exercisable at the end of period (in shares)	794,125	1,125,625
Weighted Average Exercise Price
Options outstanding at the beginning of period (in dollars per share)	$ 15.30	$ 15.43
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	0	0
Forfeited (in dollars per share)	0	0
Expired (in dollars per share)	0	0
Options outstanding at the end of period (in dollars per share)	15.30	15.43
Options exercisable at the end of period (in dollars per share)	$ 15.30	$ 15.43

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
REIT Taxable income distributed	100.00%
Income Taxes:
Income tax expense (benefit) attributable to TRSs	$ 564	$ 977
Taxable REIT Subsidiary
Income Taxes:
Income tax expense (benefit) attributable to TRSs	$ 600	$ 1,000

LEASE COMMITMENTS AND CONTIN102

LEASE COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Lease expense	$ 800	$ 800
Aggregate future minimum lease payments	28,232
Contingencies	$ 0		$ 0

LEASE COMMITMENTS AND CONTIN103

LEASE COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018 (remaining)	$ 2,673
2,019	3,565
2,020	3,652
2,021	3,862
2,022	3,862
Later years	10,618
Total	$ 28,232

RCAP REGULATORY REQUIREMENTS -

RCAP REGULATORY REQUIREMENTS - Additional Information (Details) - RCap $ in Millions	Mar. 31, 2018USD ($)
RCAP Regulatory Requirements:
Minimum net capital requirement	$ 0.3
Regulatory net capital	390
Regulatory net capital, excess net capital	$ 389.7

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Ratio of percentage of stockholders' equity	0.000875
Ratio of independent directors or holders of a majority of the outstanding shares	0.0066666667
Compensation and management fee	$ 44,529	$ 39,262
Management Agreement
Related Party Transaction [Line Items]
Compensation and management fee	44,500	$ 39,300
Management fee payable	$ 14,500		$ 13,800
Renewal term	2 years
Management Agreement | Minimum
Related Party Transaction [Line Items]
Management agreement, required period to terminate from the date of the notice	1 year

SUBSEQUENT EVENTS - Additional

SUBSEQUENT EVENTS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	May 02, 2018	May 01, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
8.125% Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred Stock dividend rate, percentage			7.875%	7.875%	7.875%
Forecast | Mountain Merger Sub Corporation | 8.125% Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred Stock, par value (in dollars per share)		$ 0.01
Preferred Stock dividend rate, percentage		8.125%
Forecast | Mountain Merger Sub Corporation
Subsequent Event [Line Items]
Consideration for business acquisition	$ 900
Percentage of consideration in shares	50.00%
Percentage of consideration in cash payment	50.00%
Forecast | Mountain Merger Sub Corporation | 8.125% Series H Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred Stock, par value (in dollars per share)		$ 0.01
Preferred Stock dividend rate, percentage		8.125%