MFA Financial (MFA) 10-K 16 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Feb. 10, 2017	Jun. 30, 2016
Document and Entity Information
Entity Registrant Name	MFA FINANCIAL, INC.
Entity Central Index Key	1,055,160
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 2.7
Entity Common Stock, Shares Outstanding (in shares)		372,841,520
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
MBS and CRT securities	$ 9,969,163	$ 11,356,643
Securities obtained and pledged as collateral, at fair value	510,767	507,443
Residential whole loans, at carrying value ($427,880 and $93,692 pledged as collateral, respectively)	590,540	271,845
Residential whole loans, at fair value ($734,331, and $585,971 pledged as collateral, respectively)	814,682	623,300
Cash and cash equivalents	260,112	165,007
Restricted cash	58,463	71,538
Other assets	280,295	166,799
Total Assets	12,484,022	13,162,551
Liabilities:
Repurchase agreements and other advances	8,687,268	9,387,622
Obligation to return securities obtained as collateral, at fair value	510,767	507,443
8% Senior Notes due 2042 (“Senior Notes”)	96,733	96,697
Other liabilities	155,352	203,528
Total Liabilities	9,450,120	10,195,290
Commitments and contingencies (See Note 11)
Stockholders’ Equity:
Preferred stock, $.01 par value; 7.50% Series B cumulative redeemable; 8,050 shares authorized; 8,000 shares issued and outstanding ($200,000 aggregate liquidation preference)	80	80
Common stock, $.01 par value; 886,950 shares authorized; 371,854 and 370,584 shares issued and outstanding, respectively	3,719	3,706
Additional paid-in capital, in excess of par	3,029,062	3,019,956
Accumulated deficit	(572,641)	(572,332)
Accumulated other comprehensive income	573,682	515,851
Total Stockholders’ Equity	3,033,902	2,967,261
Total Liabilities and Stockholders’ Equity	12,484,022	13,162,551
Securitized debt	0	21,868
Agency MBS
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
MBS and CRT securities	3,738,497	4,752,244
Non-Agency MBS
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
MBS and CRT securities	5,825,816	6,420,817
Non-Agency MBS | Non-Agency MBS
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
MBS and CRT securities	5,651,412	5,822,519
Non-Agency MBS | Non-Agency MBS Transfered to Consolidated VIEs
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
MBS and CRT securities	174,404	598,298
CRT securities
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
MBS and CRT securities	$ 404,850	$ 183,582

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Residential whole loans, pledged as collateral	$ 427,880,000	$ 93,692,000
Residential whole loans, pledged as collateral, fair value	$ 734,331,000	$ 585,971,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	8,050,000	8,050,000
Preferred stock, dividend rate (as a percent)	7.50%	7.50%
Preferred stock, shares issued (in shares)	8,000,000	8,000,000
Preferred stock, shares outstanding (in shares)	8,000,000	8,000,000
Preferred stock, aggregate liquidation preference (in dollars)	$ 200,000,000	$ 200,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	886,950,000	886,950,000
Common stock, shares issued (in shares)	371,854,000	370,584,000
Common stock, shares outstanding (in shares)	371,854,000	370,584,000
Agency MBS
Mortgage backed securities pledged as collateral	$ 3,540,401,000	$ 4,532,094,000
Non-Agency MBS
Mortgage backed securities pledged as collateral	4,978,199,000	4,874,372,000
CRT securities
Mortgage backed securities pledged as collateral	$ 357,488,000	$ 170,352,000
Senior Notes
Stated interest rate	8.00%

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest Income:
Residential whole loans held at carrying value	$ 23,916	$ 16,036	$ 4,083
Cash and cash equivalent investments	774	130	89
Interest Income	457,169	492,143	463,817
Interest Expense:
Repurchase agreements and other advances	184,986	166,918	145,244
Senior Notes and other interest expense	8,369	10,030	14,564
Interest Expense	193,355	176,948	159,808
Net Interest Income	263,814	315,195	304,009
Other-Than-Temporary Impairments:
Total other-than-temporary impairment losses	(1,255)	(525)	0
Portion of loss recognized in/(reclassed from) other comprehensive income	770	(180)	0
Net Impairment Losses Recognized in Earnings	(485)	(705)	0
Other Income, net:
Net gain on residential whole loans held at fair value	59,684	17,722	116
Gain on sales of MBS	35,837	34,900	37,497
Unrealized net gains and net interest income from Linked Transactions	0	0	17,092
Other, net	13,802	(1,457)	80
Other Income, net	109,323	51,165	54,785
Operating and Other Expense:
Compensation and benefits	29,281	26,293	25,581
Other general and administrative expense	16,331	15,752	15,164
Loan servicing and other related operating expenses	14,372	10,384	3,383
Excise tax and interest	0	0	1,162
Operating and Other Expense	59,984	52,429	45,290
Net Income	312,668	313,226	313,504
Less Preferred Stock Dividends	15,000	15,000	15,000
Net Income Available to Common Stock and Participating Securities	$ 297,668	$ 298,226	$ 298,504
Earnings per Common Share - Basic and Diluted (in dollars per share)	$ 0.80	$ 0.80	$ 0.81
Agency MBS
Interest Income:
Mortgage backed securities	$ 83,069	$ 105,835	$ 142,543
Non-Agency MBS | Non-Agency MBS
Interest Income:
Mortgage backed securities	319,030	317,821	185,806
Non-Agency MBS | Non-Agency MBS Transfered to Consolidated VIEs
Interest Income:
Mortgage backed securities	15,610	45,749	130,524
CRT securities
Interest Income:
Mortgage backed securities	$ 14,770	$ 6,572	$ 772

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net Income	$ 312,668	$ 313,226	$ 313,504
Other Comprehensive Income/(Loss):
Reclassification adjustment for MBS sales included in net income	(36,922)	(37,207)	(34,948)
Reclassification adjustment for other-than-temporary impairments included in net income	(485)	(705)	0
Unrealized gain/(loss) on derivative hedging instruments, net	22,678	(10,337)	(44,292)
Reclassification of unrealized loss on de-designated derivative hedging instruments	0	0	447
Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing	0	4,537	0
Other Comprehensive Income/(Loss)	57,831	(238,602)	16,758
Comprehensive Income before preferred stock dividends	370,499	74,624	330,262
Dividends declared on preferred stock	(15,000)	(15,000)	(15,000)
Comprehensive Income Available to Common Stock and Participating Securities	355,499	59,624	315,262
Agency MBS
Other Comprehensive Income/(Loss):
Unrealized (loss)/gain on MBS, net	(9,322)	(51,332)	65,739
Non-Agency MBS
Other Comprehensive Income/(Loss):
Unrealized (loss)/gain on MBS, net	$ 81,882	$ (143,558)	$ 29,812

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Cash Flows From Operating Activities:
Net income	$ 312,668	$ 313,226	$ 313,504
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of MBS	(35,837)	(34,900)	(37,497)
Gain on sales of real estate owned	(3,229)	(76)	0
Other-than-temporary impairment charges	485	705	0
Accretion of purchase discounts on MBS and CRT securities and residential whole loans	(84,615)	(95,377)	(89,182)
Amortization of purchase premiums on MBS and CRT securities	36,725	41,624	32,052
Depreciation and amortization on real estate, fixed assets and other assets	964	860	1,191
Equity-based compensation expense	9,162	7,832	8,581
Unrealized (gain)/loss on residential whole loans at fair value	(31,254)	(6,532)	96
Increase in other assets	(112,614)	(5,407)	(9,796)
(Decrease)/increase in other liabilities	(6,943)	56,170	36,864
Net cash provided by operating activities	85,512	278,125	255,813
Cash Flows From Investing Activities:
Principal payments on MBS and CRT securities	3,339,597	2,916,807	1,939,948
Proceeds from sale of MBS	85,594	70,747	123,910
Purchases of MBS and CRT securities	(1,908,346)	(1,810,303)	(1,261,646)
Purchases of residential whole loans and capitalized advances	(677,003)	(617,017)	(356,440)
Principal payments on residential whole loans	103,997	51,427	6,017
Proceeds from sales of real estate owned	34,200	4,049	0
Redemption of Federal Home Loan Bank stock	51,400	0	0
Purchases of Federal Home Loan Bank stock	(1,805)	(60,017)	0
Additions to leasehold improvements, furniture and fixtures	(708)	(1,560)	(786)
Net cash provided by investing activities	1,026,926	554,133	451,003
Cash Flows From Financing Activities:
Principal payments on repurchase agreements and other advances	(82,408,484)	(92,012,931)	(75,939,948)
Proceeds from borrowings under repurchase agreements and other advances	81,706,806	91,614,851	75,868,039
Principal payments on securitized debt	(22,057)	(88,347)	(254,078)
Cash disbursements on financial instruments underlying Linked Transactions	0	0	(6,750,803)
Cash received from financial instruments underlying Linked Transactions	0	0	6,336,872
Payments made for margin calls on repurchase agreements and interest rate swap agreements (“Swaps”)	(177,363)	(267,200)	(208,600)
Proceeds from reverse margin calls on repurchase agreements and Swaps	192,000	215,100	132,800
Proceeds from issuances of common stock	4,660	1,218	35,639
Dividends paid on preferred stock	(15,000)	(15,000)	(15,000)
Dividends paid on common stock and dividend equivalents	(297,895)	(297,379)	(294,670)
Net cash used in financing activities	(1,017,333)	(849,688)	(1,089,749)
Net increase/(decrease) in cash and cash equivalents	95,105	(17,430)	(382,933)
Cash and cash equivalents at beginning of period	165,007	182,437	565,370
Cash and cash equivalents at end of period	260,112	165,007	182,437
Supplemental Disclosure of Cash Flow Information:
Interest paid	194,626	172,919	160,935
Non-cash Investing and Financing Activities:
MBS and CRT securities recorded upon adoption of revised accounting standard for repurchase agreement financing	0	1,917,813	0
Repurchase agreements recorded upon adoption of revised accounting standard for repurchase agreement financing	0	1,519,593	0
MBS recorded upon de-linking of Linked Transactions	0	0	86,449
Repurchase agreements recorded upon de-linking of Linked Transactions	0	0	49,095
Net increase in securities obtained as collateral/obligation to return securities obtained as collateral	5,385	32,670	135,165
Transfer from residential whole loans to real estate owned	91,896	30,104	2,904
Dividends and dividend equivalents declared and unpaid	$ 74,657	$ 74,575	$ 74,529

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands		Total	Preferred StockSeries B Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Balance (in shares) at Dec. 31, 2013			8,000,000	365,125,000
Balance at Dec. 31, 2013		$ 3,142,251	$ 80	$ 3,651	$ 2,972,369	$ (571,544)	$ 737,695
Increase (Decrease) in Stockholders' Equity
Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing		0					0
Net income		313,504				313,504
Issuance of common stock, net of expenses (in shares)				5,305,000
Issuance of common stock, net of expenses		35,640		$ 50	35,590
Repurchase of shares of common stock (in shares)	[1]			(346,000)
Repurchase of shares of common stock	[1]	(2,688)		$ 0	(2,688)
Equity based compensation expense		8,581			8,581
Accrued dividends attributable to stock-based awards		(218)			(218)
Dividends declared on common stock		(294,792)				(294,792)
Dividends declared on preferred stock		(15,000)				(15,000)
Dividends attributable to dividend equivalents		(764)				(764)
Change in unrealized gains/(losses) on MBS and CRT securities, net		60,603					60,603
Change in unrealized gains/(losses) on derivative hedging instruments, net		(43,845)					(43,845)
Balance (in shares) at Dec. 31, 2014			8,000,000	370,084,000
Balance at Dec. 31, 2014		3,203,272	$ 80	$ 3,701	3,013,634	(568,596)	754,453
Increase (Decrease) in Stockholders' Equity
Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing		4,537				(4,537)	4,537
Net income		313,226				313,226
Issuance of common stock, net of expenses (in shares)				809,000
Issuance of common stock, net of expenses		1,221		$ 5	1,216
Repurchase of shares of common stock (in shares)	[1]			(309,000)
Repurchase of shares of common stock	[1]	(2,273)			(2,273)
Equity based compensation expense		7,829			7,829
Accrued dividends attributable to stock-based awards		(450)			(450)
Dividends declared on common stock		(296,384)				(296,384)
Dividends declared on preferred stock		(15,000)				(15,000)
Dividends attributable to dividend equivalents		(1,041)				(1,041)
Change in unrealized gains/(losses) on MBS and CRT securities, net		(232,802)					(232,802)
Change in unrealized gains/(losses) on derivative hedging instruments, net		(10,337)					(10,337)
Balance (in shares) at Dec. 31, 2015			8,000,000	370,584,000
Balance at Dec. 31, 2015		2,967,261	$ 80	$ 3,706	3,019,956	(572,332)	515,851
Increase (Decrease) in Stockholders' Equity
Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing		0					0
Net income		312,668				312,668
Issuance of common stock, net of expenses (in shares)				1,758,000
Issuance of common stock, net of expenses		4,660		$ 13	4,647
Repurchase of shares of common stock (in shares)	[1]			(488,000)
Repurchase of shares of common stock	[1]	(3,551)			(3,551)
Equity based compensation expense		8,695			8,695
Accrued dividends attributable to stock-based awards		(685)			(685)
Dividends declared on common stock		(297,046)				(297,046)
Dividends declared on preferred stock		(15,000)				(15,000)
Dividends attributable to dividend equivalents		(931)				(931)
Change in unrealized gains/(losses) on MBS and CRT securities, net		35,153					35,153
Change in unrealized gains/(losses) on derivative hedging instruments, net		22,678					22,678
Balance (in shares) at Dec. 31, 2016			8,000,000	371,854,000
Balance at Dec. 31, 2016		$ 3,033,902	$ 80	$ 3,719	$ 3,029,062	$ (572,641)	$ 573,682
[1]	For the year ended December 31, 2016, includes approximately $3.6 million (487,559 shares) surrendered for tax purposes related to equity-based compensation awards. For the year ended December 31, 2015, includes approximately $2.3 million (309,206 shares) surrendered for tax purposes related to equity-based compensation awards. For the year ended December 31, 2014, includes approximately $2.7 million (345,559 shares) surrendered for tax purposes related to equity-based compensation awards.

CONSOLIDATED STATEMENTS OF CHA8

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Adjustments related to tax withholding for share-based compensation	$ 3.6	$ 2.3	$ 2.7
Shares paid for tax withholding for share based compensation	487,559	309,206	345,559
Preferred Stock, Cumulative Redeemable - dividend rate (as a percent)	7.50%	7.50%
Preferred Stock | Series B Preferred Stock
Preferred Stock, Cumulative Redeemable - dividend rate (as a percent)	7.50%
Preferred Stock, Cumulative Redeemable - Liquidation Preference per Share (in dollars per share)	$ 25

Organization

Organization	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization MFA Financial, Inc. (the “Company”) was incorporated in Maryland on July 24, 1997 and began operations on April 10, 1998. The Company has elected to be treated as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. In order to maintain its qualification as a REIT, the Company must comply with a number of requirements under federal tax law, including that it must distribute at least 90% of its annual REIT taxable income to its stockholders. The Company has elected to treat certain of its subsidiaries as a taxable REIT subsidiary (“TRS”). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate related business. (See Notes 2 ( o ) and 12 )

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies ( a ) Basis of Presentation and Consolidation The accompanying consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of 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. Although the Company’s estimates contemplate current conditions and how it expects them to change in the future, it is reasonably possible that actual conditions could differ from those estimates, which could materially impact the Company’s results of operations and its financial condition. Management has made significant estimates in several areas, including other-than-temporary impairment (“OTTI”) on MBS (See Note 3 ), valuation of MBS and CRT securities (See Notes 3 and 15 ), income recognition and valuation of residential whole loans (See Notes 4 and 15 ), valuation of derivative instruments (See Notes 5 ( b ) and 15 ) and income recognition on certain Non-Agency MBS (defined below) purchased at a discount. (See Note 3 ) In addition, estimates are used in the determination of taxable income used in the assessment of REIT compliance and contingent liabilities for related taxes, penalties and interest. (See Note 2 ( o )) Actual results could differ from those estimates. The Company has one reportable segment as it manages its business and analyzes and reports its results of operations on the basis of one operating segment; investing, on a leveraged basis, in residential mortgage assets. The consolidated financial statements of the Company include the accounts of all subsidiaries; all intercompany accounts and transactions have been eliminated. In addition, the Company consolidates the remaining special purpose entities created to facilitate resecuritization transactions completed in prior years and the acquisition of residential whole loans. Certain prior period amounts have been reclassified to conform to the current period presentation. ( b ) MBS (including Non-Agency MBS transferred to consolidated VIEs) and CRT Securities The Company has investments in residential MBS that are issued or guaranteed as to principal and/or interest by a federally chartered corporation, such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or an agency of the U.S. Government, such as the Government National Mortgage Association (“Ginnie Mae”) (collectively, “Agency MBS”), and residential MBS that are not guaranteed by any agency of the U.S. Government or any federally chartered corporation (“Non-Agency MBS”). In addition, the Company has investments in CRT securities that are issued by Fannie Mae and Freddie Mac. The coupon payments on CRT securities are paid by Fannie Mae and Freddie Mac and the principal payments received are based on the performance of loans in a reference pool of previously securitized MBS. As the loans in the underlying reference pool are paid, the principal balance of the CRT securities is paid. As an investor in a CRT security, the Company may incur a loss if certain defined credit events occur, including, for certain CRT securities, if the loans in the reference pool experience delinquencies exceeding specified thresholds. Designation The Company generally intends to hold its MBS until maturity; however, from time to time, it may sell any of its securities as part of the overall management of its business. As a result, all of the Company’s MBS are designated as “available-for-sale” (“AFS”) and, accordingly, are carried at their fair value with unrealized gains and losses excluded from earnings (except when an OTTI is recognized, as discussed below) and reported in Accumulated other comprehensive income/(loss) (“AOCI”), a component of Stockholders’ Equity. Upon the sale of an AFS security, any unrealized gain or loss is reclassified out of AOCI to earnings as a realized gain or loss using the specific identification method. The Company has elected the fair value option for certain of its CRT securities as it considers this method of accounting to more appropriately reflect the risk sharing structure of these securities. Such securities are carried at their fair value with changes in fair value included in earnings for the period and reported in Other Income, net on the Company’s consolidated statement of operations. Revenue Recognition, Premium Amortization and Discount Accretion Interest income on securities is accrued based on the outstanding principal balance and their contractual terms. Premiums and discounts associated with Agency MBS and Non-Agency MBS assessed as high credit quality at the time of purchase are amortized into interest income over the life of such securities using the effective yield method. Adjustments to premium amortization are made for actual prepayment activity. Interest income on the Non-Agency MBS that were purchased at a discount to par value and/or are considered to be of less than high credit quality is recognized based on the security’s effective interest rate which is the security’s internal rate of return (“IRR”). The IRR is determined using management’s estimate of the projected cash flows for each security, which are based on the Company’s observation of current information and events and include assumptions related to fluctuations in interest rates, prepayment speeds and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the IRR/ interest income recognized on these securities or in the recognition of OTTIs. (See Note 3 ) Based on the projected cash flows from the Company’s Non-Agency MBS purchased at a discount to par value, a portion of the purchase discount may be designated as non-accretable purchase discount (“Credit Reserve”), which effectively mitigates the Company’s risk of loss on the mortgages collateralizing such MBS and is not expected to be accreted into interest income. The amount designated as Credit Reserve may be adjusted over time, based on the actual performance of the security, its underlying collateral, actual and projected cash flow from such collateral, economic conditions and other factors. If the performance of a security with a Credit Reserve is more favorable than forecasted, a portion of the amount designated as Credit Reserve may be reallocated to accretable discount and recognized into interest income over time. Conversely, if the performance of a security with a Credit Reserve is less favorable than forecasted, the amount designated as Credit Reserve may be increased, or impairment charges and write-downs of such securities to a new cost basis could result. Determination of Fair Value for MBS and CRT Securities In determining the fair value of the Company’s MBS and CRT securities, management considers a number of observable market data points, including prices obtained from pricing services, brokers and repurchase agreement counterparties, dialogue with market participants, as well as management’s observations of market activity. (See Note 15 ) Impairments/OTTI When the fair value of an AFS security is less than its amortized cost at the balance sheet date, the security is considered impaired. The Company assesses its impaired securities on at least a quarterly basis and designates such impairments as either “temporary” or “other-than-temporary.” If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before its anticipated recovery, then the Company must recognize an OTTI through charges to earnings equal to the entire difference between the investment’s amortized cost and its fair value at the balance sheet date. If the Company does not expect to sell an other-than-temporarily impaired security, only the portion of the OTTI related to credit losses is recognized through charges to earnings with the remainder recognized through AOCI on the consolidated balance sheets. Impairments recognized through other comprehensive income/(loss) (“OCI”) do not impact earnings. Following the recognition of an OTTI through earnings, a new cost basis is established for the security and may not be adjusted for subsequent recoveries in fair value through earnings. However, OTTIs recognized through charges to earnings may be accreted back to the amortized cost basis of the security on a prospective basis through interest income. The determination as to whether an OTTI exists and, if so, the amount of credit impairment recognized in earnings is subjective, as such determinations are based on factual information available at the time of assessment as well as the Company’s estimates of the future performance and cash flow projections. As a result, the timing and amount of OTTIs constitute material estimates that are susceptible to significant change. (See Note 3 ) Non-Agency MBS that are assessed to be of less than high credit quality and on which impairments are recognized have experienced, or are expected to experience, credit-related adverse cash flow changes. The Company’s estimate of cash flows for its Non-Agency MBS is based on its review of the underlying mortgage loans securing the MBS. The Company considers information available about the past and expected future performance of underlying mortgage loans, including timing of expected future cash flows, prepayment rates, default rates, loss severities, delinquency rates, percentage of non-performing loans, Fair Isaac Corporation (“FICO”) scores at loan origination, year of origination, loan-to-value ratios (“LTVs”), geographic concentrations, as well as reports by credit rating agencies, such as Moody’s Investors Services, Inc. (“Moody’s”), Standard & Poor’s Corporation (“S&P”) or Fitch, Inc. (collectively with Moody’s and S&P, “Rating Agencies”), general market assessments, and dialogue with market participants. As a result, significant judgment is used in the Company’s analysis to determine the expected cash flows for its Non-Agency MBS. In determining the OTTI related to credit losses for securities that were purchased at significant discounts to par and/or are considered to be of less than high credit quality, the Company compares the present value of the remaining cash flows expected to be collected at the purchase date (or last date previously revised) against the present value of the cash flows expected to be collected at the current financial reporting date. The discount rate used to calculate the present value of expected future cash flows is the current yield used for income recognition purposes. Impairment assessment for Non-Agency MBS and CRT securities that were purchased at prices close to par and/or are otherwise considered to be of high credit quality involves comparing the present value of the remaining cash flows expected to be collected against the amortized cost of the security at the assessment date. The discount rate used to calculate the present value of the expected future cash flows is based on the instrument’s IRR. Balance Sheet Presentation The Company’s MBS and CRT securities pledged as collateral against repurchase agreements, Federal Home Loan Bank advances and Swaps are included on the consolidated balance sheets with the fair value of the securities pledged disclosed parenthetically. Purchases and sales of securities are recorded on the trade date. ( c ) Securities Obtained and Pledged as Collateral/Obligation to Return Securities Obtained as Collateral The Company has obtained securities as collateral under collateralized financing arrangements in connection with its financing strategy for Non-Agency MBS. Securities obtained as collateral in connection with these transactions are recorded on the Company’s consolidated balance sheets as an asset along with a liability representing the obligation to return the collateral obtained, at fair value. While beneficial ownership of securities obtained remains with the counterparty, the Company has the right to transfer the collateral obtained or to pledge it as part of a subsequent collateralized financing transaction. (See Note 2 ( k ) for Repurchase Agreements and Reverse Repurchase Agreements) ( d ) Residential Whole Loans Residential whole loans included in the Company’s consolidated balance sheets are comprised of pools of fixed and adjustable rate residential mortgage loans acquired through consolidated trusts in secondary market transactions generally at discounted purchase prices. The accounting model utilized by the Company is determined at the time each loan package is initially acquired and is generally based on the delinquency status of the majority of the underlying borrowers in the package at acquisition. The accounting model described below under “ Residential Whole Loans at Carrying Value ” is typically utilized by the Company for loans where the underlying borrower has a delinquency status of less than 60 days at the acquisition date. The accounting model described below under “ Residential Whole Loans at Fair Value ” is typically utilized by the Company for loans where the underlying borrower has a delinquency status of 60 days or more at the acquisition date. The accounting model initially applied is not subsequently changed. The Company’s residential whole loans pledged as collateral against repurchase agreements are included in the consolidated balance sheets with amounts pledged disclosed parenthetically. Purchases and sales of residential whole loans are recorded on the trade date, with amounts recorded reflecting management’s current estimate of assets that will be acquired or disposed at the closing of the transaction. This estimate is subject to revision at the closing of the transaction, pending the outcome of due diligence performed prior to closing. Recorded amounts of residential whole loans for which the closing of the purchase transaction is yet to occur are not eligible to be pledged as collateral against any repurchase agreement financing until the closing of the purchase transaction. Residential Whole Loans at Carrying Value Notwithstanding that the majority of these loans are considered to be performing substantially in accordance with their current contractual terms and conditions, the Company has elected to account for these loans as credit impaired as they were acquired at discounted prices that reflect, in part, the impaired credit history of the borrower. Substantially all of the borrowers have previously experienced payment delinquencies and the amount owed on the mortgage loan may exceed the value of the property pledged as collateral. Consequently, the Company has assessed that these loans have a higher likelihood of default than newly originated mortgage loans with LTVs of 80% or less to creditworthy borrowers. The Company believes that amounts paid to acquire these loans represent fair market value at the date of acquisition. Such loans are initially recorded at fair value with no allowance for loan losses. Subsequent to acquisition, the recorded amount reflects the original investment amount, plus accretion of interest income, less principal and interest cash flows received. These loans are presented on the Company’s consolidated balance sheets at carrying value, which reflects the recorded amount reduced by any allowance for loan losses established subsequent to acquisition. Under the application of this accounting model, the Company may aggregate into pools loans acquired in the same fiscal quarter that are assessed as having similar risk characteristics. For each pool established, or on an individual loans basis for loans not aggregated into pools, the Company estimates at acquisition and periodically on at least a quarterly basis, the principal and interest cash flows expected to be collected. The difference between the cash flows expected to be collected and the carrying amount of the loans is referred to as the “accretable yield.” This amount is accreted as interest income over the life of the loans using an effective interest rate (level yield) methodology. Interest income recorded each period reflects the amount of accretable yield recognized and not the coupon interest payments received on the underlying loans. The difference between contractually required principal and interest payments and the cash flows expected to be collected is referred to as the “non-accretable difference,” and includes estimates of both the effect of prepayments and expected credit losses over the life of the underlying loans. A decrease in expected cash flows in subsequent periods may indicate impairment at the pool and/or individual loan level, thus requiring the establishment of an allowance for loan losses by a charge to the provision for loan losses. The allowance for loan losses represents the present value of cash flows expected at acquisition, adjusted for any increases due to changes in estimated cash flows, that are subsequently no longer expected to be received at the relevant measurement date. A significant increase in expected cash flows in subsequent periods first reduces any previously recognized allowance for loan losses and then will result in a recalculation in the amount of accretable yield. The adjustment of accretable yield due to a significant increase in expected cash flows is accounted for prospectively as a change in estimate and results in reclassification from nonaccretable difference to accretable yield. (See Notes 4 and 16 ) Residential Whole Loans at Fair Value Certain of the Company’s residential whole loans are presented at fair value on its consolidated balance sheets as a result of a fair value election made at time of acquisition. Given the significant uncertainty associated with estimating the timing of and amount of cash flows associated with these loans that will be collected, and that the cash flows ultimately collected may be dependent on the value of the property securing the loan, the Company considers that accounting for these loans at fair value should result in a better reflection over time of the economic returns from these loans. The Company determines the fair value of its residential whole loans held at fair value after considering portfolio valuations obtained from a third-party who specializes in providing valuations of residential mortgage loans and trading activity observed in the marketplace. Subsequent changes in fair value are reported in current period earnings and presented in Net gain on residential whole loans held at fair value on the Company’s consolidated statements of operations. Cash received reflecting coupon payments on residential whole loans held at fair value is not included in Interest Income, but rather is presented in Net gain on residential whole loans held at fair value on the Company’s consolidated statements of operations. Cash outflows associated with loan related advances made by the Company on behalf of the borrower are included in the basis of the loan and are reflected in Net gain on residential whole loans held at fair value. (See Notes 4 and 15 ) ( e ) Cash and Cash Equivalents Cash and cash equivalents include cash on deposit with financial institutions and investments in money market funds, all of which have original maturities of three months or less. Cash and cash equivalents may also include cash pledged as collateral to the Company by its repurchase agreement and/or Swap counterparties as a result of reverse margin calls (i.e., margin calls made by the Company). The Company did not hold any cash pledged by its counterparties at December 31, 2016 or 2015 . The Company’s investments in overnight money market funds, which are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency were $208.9 million and $120.4 million at December 31, 2016 and 2015 , respectively. (See Notes 7 and 15 ) ( f ) Restricted Cash Restricted cash represents the Company’s cash held by its counterparties as collateral or otherwise in connection with the Company’s Swaps and/or repurchase agreements. Restricted cash is not available to the Company for general corporate purposes, but may be applied against amounts due to counterparties to the Company’s repurchase agreements and/or Swaps, or may be returned to the Company when the related collateral requirements are exceeded or at the maturity of the Swap or repurchase agreement. The Company had aggregate restricted cash held as collateral or otherwise in connection with its Swaps and repurchase agreements of $58.5 million and $71.5 million at December 31, 2016 and 2015 , respectively. (See Notes 5 ( b ), 6 , 7 and 15 ) ( g ) Goodwill At December 31, 2016 and 2015 , the Company had goodwill of $7.2 million , which represents the unamortized portion of the excess of the fair value of its common stock issued over the fair value of net assets acquired in connection with its formation in 1998. Goodwill is tested for impairment at least annually, or more frequently under certain circumstances, at the entity level. Through December 31, 2016 , the Company had not recognized any impairment against its goodwill. Goodwill is included in Other assets on the Company’s consolidated balance sheets. ( h ) Real Estate Owned (“REO”) REO represents real estate acquired by the Company, including through foreclosure, deed in lieu of foreclosure, or purchased in connection with the acquisition of residential whole loans. REO acquired through foreclosure or deed in lieu of foreclosure is initially recorded at fair value less estimated selling costs. REO acquired in connection with the acquisition of residential whole loans is initially recorded at its purchase price. Subsequent to acquisition, REO is reported, at each reporting date, at the lower of the current carrying amount or fair value less estimated selling costs and for presentation purposes is included in Other assets on the Company’s consolidated balance sheets. Changes in fair value that result in an adjustment to the reported amount of an REO property that has a fair value at or below its carrying amount are reported in Other Income, net on the Company’s consolidated statements of operations. (See Note 5 ( a )) ( i ) Depreciation Leasehold Improvements and Other Depreciable Assets Depreciation is computed on the straight-line method over the estimated useful life of the related assets or, in the case of leasehold improvements, over the shorter of the useful life or the lease term. Furniture, fixtures, computers and related hardware have estimated useful lives ranging from five to eight years at the time of purchase. ( j ) Resecuritization and Other Debt Issuance Costs Resecuritization related costs are costs associated with the issuance of beneficial interests by consolidated VIEs and incurred by the Company in connection with various resecuritization transactions completed by the Company. Other debt issuance and related costs include costs incurred by the Company in connection with issuing Senior Notes and certain other repurchase agreement financings. These costs may include underwriting, rating agency, legal, accounting and other fees. Such costs, which reflect deferred charges, are included on the Company’s consolidated balance sheets as a direct deduction from the corresponding debt liability. These deferred charges are amortized as an adjustment to interest expense using the effective interest method. For resecuritization financings, amortization is based upon the actual repayments of the associated beneficial interests issued to third parties. For Senior Notes and other repurchase agreement financings, such costs are amortized over the shorter of the period to the expected or stated legal maturity of the debt instruments. The Company periodically reviews the recoverability of these deferred costs and in the event an impairment charge is required, such amount will be included in Operating and Other Expense on the Company’s consolidated statements of operations. ( k ) Repurchase Agreements and Other Advances Repurchase Agreements The Company finances the holdings of a significant portion of its residential mortgage assets with repurchase agreements. Under repurchase agreements, the Company sells securities to a lender and agrees to repurchase the same securities in the future for a price that is higher than the original sale price. The difference between the sale price that the Company receives and the repurchase price that the Company pays represents interest paid to the lender. Although legally structured as sale and repurchase transactions, the Company accounts for repurchase agreements as secured borrowings. Under its repurchase agreements, the Company pledges its securities as collateral to secure the borrowing, which is equal in value to a specified percentage of the fair value of the pledged collateral, while the Company retains beneficial ownership of the pledged collateral. At the maturity of a repurchase financing, unless the repurchase financing is renewed with the same counterparty, the Company is required to repay the loan, including any accrued interest and concurrently receives back its pledged collateral from the lender. With the consent of the lender, the Company may renew a repurchase financing at the then prevailing financing terms. Margin calls, whereby a lender requires that the Company pledge additional securities or cash as collateral to secure borrowings under its repurchase financing with such lender, are routinely experienced by the Company when the value of the MBS pledged as collateral declines as a result of principal amortization and prepayments or due to changes in market interest rates, spreads or other market conditions. The Company also may make margin calls on counterparties when collateral values increase. The Company’s repurchase financings typically have terms ranging from one month to six months at inception, but may also have longer or shorter terms. Should a counterparty decide not to renew a repurchase financing at maturity, the Company must either refinance elsewhere or be in a position to satisfy the obligation. If, during the term of a repurchase financing, a lender should default on its obligation, the Company might experience difficulty recovering its pledged assets which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged by the Company to such lender, including accrued interest receivable or such collateral. (See Notes 6 , 7 and 15 ) In addition to the repurchase agreement financing arrangements discussed above, as part of its financing strategy for Non-Agency MBS, the Company has entered into contemporaneous repurchase and reverse repurchase agreements with a single counterparty. Under a typical reverse repurchase agreement, the Company buys securities from a borrower for cash and agrees to sell the same securities in the future for a price that is higher than the original purchase price. The difference between the purchase price the Company originally paid and the sale price represents interest received from the borrower. In contrast, the contemporaneous repurchase and reverse repurchase transactions effectively resulted in the Company pledging Non-Agency MBS as collateral to the counterparty in connection with the repurchase agreement financing and obtaining U.S. Treasury securities as collateral from the same counterparty in connection with the reverse repurchase agreement. No net cash was exchanged between the Company and counterparty at the inception of the transactions. Securities obtained and pledged as collateral are recorded as an asset on the Company’s consolidated balance sheets. Interest income is recorded on the reverse repurchase agreement and interest expense is recorded on the repurchase agreement on an accrual basis. Both the Company and the counterparty have the right to make daily margin calls based on changes in the value of the collateral obtained and/or pledged. The Company’s liability to the counterparty in connection with this financing arrangement is recorded on the Company’s consolidated balance sheets and disclosed as “Obligation to return securities obtained as collateral, at fair value.” (See Note 2 ( c )) Federal Home Loan Bank (“FHLB”) Advances FHLB advances are secured financing transactions and are carried at their contractual amounts. The ability to borrow from the FHLB is subject to the Company’s continued creditworthiness, pledging of sufficient eligible collateral to secure advances, and compliance with certain agreements with the FHLB. The amount of collateral pledged to the FHLB to secure advances is subject to periodic adjustment based on changes in the fair value of the collateral. Accrued interest payable on FHLB advances is included in Other liabilities on the Company’s consolidated balance sheets. (See Notes 6 , 7 and 15 ) In addition, as a condition to membership in the FHLB, the Company’s wholly-owned subsidiary, MFA Insurance, Inc. (“MFA Insurance”) is required to purchase and hold a certain amount of FHLB stock, which is based, in part, upon the outstanding principal balance of advances from the FHLB. FHLB stock is considered a non-marketable investment, is carried at cost and is subject to recoverability testing under applicable accounting standards. This stock can only be redeemed or sold at its par value, and only to the FHLB. Accordingly, when evaluating FHLB stock for impairment, the Company considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. FHLB stock is included in Other assets on the Company’s consolidated balance sheets. ( l ) Equity-Based Compensation Compensation expense for equity-based awards that are subject to vesting conditions, is recognized ratably over the vesting period of such awards, based upon the fair value of such awards at the grant date. With respect to awards granted in 2009 and prior years, the Company applied a zero forfeiture rate for these awards, as they were granted to a limited number of employees, and historical forfeitures have been minimal. Forfeitures, or an indication that forfeitures are expected to occur, may result in a revised forfeiture rate and would be accounted for prospectively as a change in estimate. From 2011 through 2013, the Company granted certain restricted stock units (“RSUs”) that vested annually over a one or three -year period, provided that certain criteria were met, which were based on a formula tied to the Company’s achievement of average total stockholder return during that three -year period. Starting in January 2014, the Company has made annual grants of RSUs certain of which cliff vest after a three -year period and others of which cliff vest after a three -year period, subject to the achievement of certain performance criteria based on a formula tied to the Company’s achievement of average total stockholder return during that three-year period. The features in these awards related to the attainment of total stockholder return over a specified period constitute a “market condition” which impacts the amount of compensation expense recognized for these awards. Specifically, the uncertainty regarding the achievement of the market condition was reflected in the grant date fair valuation of the RSUs, which in addition to estimates regarding the amount of RSUs expected to be forfeited during the associated service period, determined the amount of compensation expense recognized. The amount of compensation expense recognized was not dependent on whether the market condition was or will be achieved, while differences in actual forfeiture experience relative to estimated forfeitures results in adjustments to the timing and amount of compensation expense recognized. The Company has awarded dividend equivalents that may be granted as a sepa

MBS and CRT Securities

MBS and CRT Securities	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
MBS and CRT Securities	MBS and CRT Securities Agency and Non-Agency MBS The Company’s MBS are comprised of Agency MBS and Non-Agency MBS which include MBS issued prior to 2008 (“Legacy Non-Agency MBS”). These MBS are secured by: (i) hybrid mortgages (“Hybrids”), which have interest rates that are fixed for a specified period of time and, thereafter, generally adjust annually to an increment over a specified interest rate index; (ii) adjustable-rate mortgages (“ARMs”); (iii) mortgages that have interest rates that reset more frequently (collectively, “ARM-MBS”); and (iv) 15 year and longer-term fixed rate mortgages. In addition, the Company also holds MBS that are structured with a contractual coupon step-up feature where the coupon increases up to 300 basis points at 36 months from issuance or sooner (“3 Year Step-up securities”). The majority of the Company’s 3 Year Step-up securities are backed by securitized re-performing and non-performing loans and the cash flows of the bond may not reflect the contractual cash flows of the underlying collateral. The Company pledges a significant portion of its MBS as collateral against its borrowings under repurchase agreements, FHLB advances and Swaps. Non-Agency MBS that were accounted for as components of Linked Transactions prior to 2015 are not reflected in the tables for prior periods set forth in this note, as they were accounted for as derivatives. New accounting guidance that was effective for the Company on January 1, 2015 prospectively eliminated the use of Linked Transaction accounting. (See Note 5 ( b )) Agency MBS: Agency MBS are guaranteed as to principal and/or interest by a federally chartered corporation, such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government, such as Ginnie Mae. The payment of principal and/or interest on Ginnie Mae MBS is explicitly backed by the full faith and credit of the U.S. Government. Since the third quarter of 2008, Fannie Mae and Freddie Mac have been under the conservatorship of the Federal Housing Finance Agency, which significantly strengthened the backing for these government-sponsored entities. Non-Agency MBS (including Non-Agency MBS transferred to consolidated VIEs): The Company’s Non-Agency MBS are primarily secured by pools of residential mortgages, which are not guaranteed by an agency of the U.S. Government or any federally chartered corporation. Credit risk associated with Non-Agency MBS is regularly assessed as new information regarding the underlying collateral becomes available and based on updated estimates of cash flows generated by the underlying collateral. CRT Securities CRT securities are debt obligations issued by Fannie Mae and Freddie Mac. While the coupon payments are paid by Fannie Mae or Freddie Mac on a monthly basis, the payment of principal is dependent on the performance of loans in a reference pool of MBS securitized by Fannie Mae or Freddie Mac. As principal on loans in the reference pool are paid, principal payments on the securities are made and the principal balances of the securities are reduced. Consequently, CRT securities mirror the payment and prepayment behavior of the mortgage loans in the reference pool. As an investor in a CRT security, the Company may incur a loss if certain defined credit events occur, including, for certain CRT securities, if the loans in the reference pool experience delinquencies exceeding specified thresholds. The Company assesses the credit risk associated with CRT securities by assessing the current and expected future performance of the associated reference pool. The Company pledges a significant portion of its CRT securities as collateral against its borrowings under repurchase agreements. CRT securities that were accounted for as components of Linked Transactions prior to 2015 are not reflected in the tables for prior periods set forth in this note, as they were accounted for as derivatives. (See Note 5 ( b )) The following tables present certain information about the Company’s MBS and CRT securities at December 31, 2016 and 2015 : December 31, 2016 (In Thousands) Principal/ Current Face Purchase Premiums Accretable Purchase Discounts Discount Designated as Credit Reserve and OTTI (1) Amortized Cost (2) Fair Value Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gain/(Loss) Agency MBS: Fannie Mae $ 2,879,807 $ 108,310 $ (51 ) $ — $ 2,988,066 $ 3,014,464 $ 45,706 $ (19,308 ) $ 26,398 Freddie Mac 693,945 26,736 — — 723,285 716,209 4,809 (11,885 ) (7,076 ) Ginnie Mae 7,550 136 — — 7,686 7,824 138 — 138 Total Agency MBS 3,581,302 135,182 (51 ) — 3,719,037 3,738,497 50,653 (31,193 ) 19,460 Non-Agency MBS: Expected to Recover Par (3)(4) 2,847,398 57 (24,273 ) — 2,823,182 2,847,291 26,477 (2,368 ) 24,109 Expected to Recover Less than Par (3) 3,359,200 — (253,918 ) (694,241 ) 2,411,041 2,978,525 570,318 (2,834 ) 567,484 Total Non-Agency MBS (5) 6,206,598 57 (278,191 ) (694,241 ) 5,234,223 5,825,816 596,795 (5,202 ) 591,593 Total MBS 9,787,900 135,239 (278,242 ) (694,241 ) 8,953,260 9,564,313 647,448 (36,395 ) 611,053 CRT securities (6) 384,993 3,312 (5,557 ) — 382,748 404,850 22,105 (3 ) 22,102 Total MBS and CRT securities $ 10,172,893 $ 138,551 $ (283,799 ) $ (694,241 ) $ 9,336,008 $ 9,969,163 $ 669,553 $ (36,398 ) $ 633,155 December 31, 2015 (In Thousands) Principal/ Current Face Purchase Premiums Accretable Purchase Discounts Discount Designated as Credit Reserve and OTTI (1) Amortized Cost (2) Fair Value Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gain/(Loss) Agency MBS: Fannie Mae $ 3,690,020 $ 139,243 $ (59 ) $ — $ 3,829,204 $ 3,865,485 $ 62,111 $ (25,830 ) $ 36,281 Freddie Mac 851,087 32,680 — — 884,798 877,109 6,906 (14,595 ) (7,689 ) Ginnie Mae 9,296 164 — — 9,460 9,650 190 — 190 Total Agency MBS 4,550,403 172,087 (59 ) — 4,723,462 4,752,244 69,207 (40,425 ) 28,782 Non-Agency MBS: Expected to Recover Par (3)(4) 2,906,878 73 (31,576 ) — 2,875,375 2,878,532 23,300 (20,143 ) 3,157 Expected to Recover Less than Par (3) 4,054,615 — (280,606 ) (787,541 ) 2,986,468 3,542,285 564,031 (8,214 ) 555,817 Total Non-Agency MBS (5) 6,961,493 73 (312,182 ) (787,541 ) 5,861,843 6,420,817 587,331 (28,357 ) 558,974 Total MBS 11,511,896 172,160 (312,241 ) (787,541 ) 10,585,305 11,173,061 656,538 (68,782 ) 587,756 CRT securities 192,000 — (5,689 ) — 186,311 183,582 418 (3,147 ) (2,729 ) Total MBS and CRT securities $ 11,703,896 $ 172,160 $ (317,930 ) $ (787,541 ) $ 10,771,616 $ 11,356,643 $ 656,956 $ (71,929 ) $ 585,027 (1) Discount designated as Credit Reserve and amounts related to OTTI are generally not expected to be accreted into interest income. Amounts disclosed at December 31, 2016 reflect Credit Reserve of $675.6 million and OTTI of $18.6 million . Amounts disclosed at December 31, 2015 reflect Credit Reserve of $766.0 million and OTTI of $21.5 million . (2) Includes principal payments receivable of $2.6 million and $1.0 million at December 31, 2016 and 2015 , respectively, which are not included in the Principal/Current Face. (3) Based on management ’ s current estimates of future principal cash flows expected to be received. (4) At December 31, 2016 , 3 Year Step-up securities had a $2.7 billion Principal/Current face, $2.7 billion amortized cost and $2.7 billion fair value. At December 31, 2015 , 3 Year Step-up securities had a $2.6 billion Principal/Current face, $2.6 billion amortized cost and $2.6 billion fair value. (5) At December 31, 2016 and 2015 , the Company expected to recover approximately 89% and 89% , respectively, of the then-current face amount of Non-Agency MBS. (6) Amounts disclosed at December 31, 2016 includes CRT securities with a fair value of $271.2 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $12.7 million and net unrealized losses of approximately $3,000 at December 31, 2016 . Amounts disclosed at December 31, 2015 includes CRT securities with a fair value of $62.2 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $332,000 , gross unrealized losses of approximately $555,000 and net unrealized losses of approximately $223,000 at December 31, 2015 . Unrealized Losses on MBS and CRT Securities The following table presents information about the Company’s MBS and CRT securities that were in an unrealized loss position at December 31, 2016 : Unrealized Loss Position For: Less than 12 Months 12 Months or more Total (Dollars in Thousands) Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Agency MBS: Fannie Mae $ 380,834 $ 3,207 76 $ 933,019 $ 16,101 156 $ 1,313,853 $ 19,308 Freddie Mac 276,595 4,838 47 248,498 7,047 65 525,093 11,885 Total Agency MBS 657,429 8,045 123 1,181,517 23,148 221 1,838,946 31,193 Non-Agency MBS: Expected to Recover Par (1) 691,114 1,426 19 196,431 942 14 887,545 2,368 Expected to Recover Less than Par (1) 37,344 310 8 94,320 2,524 14 131,664 2,834 Total Non-Agency MBS 728,458 1,736 27 290,751 3,466 28 1,019,209 5,202 Total MBS 1,385,887 9,781 150 1,472,268 26,614 249 2,858,155 36,395 CRT securities (2) 2,503 3 1 — — — 2,503 3 Total MBS and CRT securities $ 1,388,390 $ 9,784 151 $ 1,472,268 $ 26,614 249 $ 2,860,658 $ 36,398 (1) Based on management’s current estimates of future principal cash flows expected to be received. (2) Amounts disclosed at December 31, 2016 includes CRT securities with a fair value of $2.5 million for which the fair value option has been elected. Such securities have unrealized losses of $3,000 at December 31, 2016 . At December 31, 2016 , the Company did not intend to sell any of its investments that were in an unrealized loss position, and it is “more likely than not” that the Company will not be required to sell these securities before recovery of their amortized cost basis, which may be at their maturity. Gross unrealized losses on the Company’s Agency MBS were $31.2 million at December 31, 2016 . Agency MBS are issued by Government Sponsored Entities (“GSEs”) and enjoy either the implicit or explicit backing of the full faith and credit of the U.S. Government. While the Company’s Agency MBS are not rated by any rating agency, they are currently perceived by market participants to be of high credit quality, with risk of default limited to the unlikely event that the U.S. Government would not continue to support the GSEs. Given the credit quality inherent in Agency MBS, the Company does not consider any of the current impairments on its Agency MBS to be credit related. In assessing whether it is more likely than not that it will be required to sell any impaired security before its anticipated recovery, which may be at its maturity, the Company considers for each impaired security, the significance of each investment, the amount of impairment, the projected future performance of such impaired securities, as well as the Company’s current and anticipated leverage capacity and liquidity position. Based on these analyses, the Company determined that at December 31, 2016 any unrealized losses on its Agency MBS were temporary. Gross unrealized losses on the Company’s Non-Agency MBS (including Non-Agency MBS transferred to consolidated VIEs) were $5.2 million at December 31, 2016 . Based upon the most recent evaluation, the Company does not consider these unrealized losses to be indicative of OTTI and does not believe that these unrealized losses are credit related, but are rather a reflection of current market yields and/or marketplace bid-ask spreads. The Company has reviewed its Non-Agency MBS that are in an unrealized loss position to identify those securities with losses that are other-than-temporary based on an assessment of changes in expected cash flows for such securities, which considers recent bond performance and, where possible, expected future performance of the underlying collateral. The Company recognized credit-related OTTI losses through earnings related to its Non-Agency MBS of $485,000 and $705,000 during the years ended December 31, 2016 and 2015 . The Company did not recognize any credit-related OTTI losses through earnings related to its investments during the year ended 2014 . Non-Agency MBS on which OTTI is recognized have experienced, or are expected to experience, credit-related adverse cash flow changes. The Company’s estimate of cash flows for these Non-Agency MBS is based on its review of the underlying mortgage loans securing these MBS. The Company considers information available about the structure of the securitization, including structural credit enhancement, if any, and the past and expected future performance of underlying mortgage loans, including timing of expected future cash flows, prepayment rates, default rates, loss severities, delinquency rates, percentage of non-performing loans, FICO scores at loan origination, year of origination, LTVs, geographic concentrations, as well as Rating Agency reports, general market assessments, and dialogue with market participants. Changes in the Company’s evaluation of each of these factors impacts the cash flows expected to be collected at the OTTI assessment date. For Non-Agency MBS purchased at a discount to par that were assessed for and had no OTTI recorded this period, such cash flow estimates indicated that the amount of expected losses decreased compared to the previous OTTI assessment date. These positive cash flow changes are primarily driven by recent improvements in LTVs due to loan amortization and home price appreciation, which, in turn, positively impacts the Company’s estimates of default rates and loss severities for the underlying collateral. In addition, voluntary prepayments (i.e. loans that prepay in full with no loss) have generally trended higher for these MBS which also positively impacts the Company’s estimate of expected loss. Overall, the combination of higher voluntary prepayments and lower LTVs supports the Company’s assessment that such MBS are not other-than-temporarily impaired. The following table presents the composition of OTTI charges recorded by the Company for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, (In Thousands) 2016 2015 2014 Total OTTI losses $ (1,255 ) $ (525 ) $ — OTTI recognized in/(reclassified from) OCI 770 (180 ) — OTTI recognized in earnings $ (485 ) $ (705 ) $ — The following table presents a roll-forward of the credit loss component of OTTI on the Company’s Non-Agency MBS for which a non-credit component of OTTI was previously recognized in OCI. Changes in the credit loss component of OTTI are presented based upon whether the current period is the first time OTTI was recorded on a security or a subsequent OTTI charge was recorded. For the Year Ended December 31, (In Thousands) 2016 2015 2014 Credit loss component of OTTI at beginning of period $ 36,820 $ 36,115 $ 36,115 Additions for credit related OTTI not previously recognized 314 461 — Subsequent additional credit related OTTI recorded 171 244 — Credit loss component of OTTI at end of period $ 37,305 $ 36,820 $ 36,115 Purchase Discounts on Non-Agency MBS The following table presents the changes in the components of the Company’s purchase discount on its Non-Agency MBS between purchase discount designated as Credit Reserve and OTTI and accretable purchase discount for the years ended December 31, 2016 and 2015 : For the Year Ended December 31, 2016 2015 (In Thousands) Discount Designated as Credit Reserve and OTTI Accretable Discount (1) Discount Designated as Credit Reserve and OTTI Accretable Discount (1) Balance at beginning of period $ (787,541 ) $ (312,182 ) $ (900,557 ) $ (399,564 ) Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing — — (15,543 ) 1,832 Impact of RMBS Issuer settlement (2) — (59,900 ) — — Accretion of discount — 80,548 — 93,173 Realized credit losses 64,217 — 80,821 — Purchases (25,999 ) 13,094 (1,200 ) (4,925 ) Sales 17,863 37,953 8,525 38,420 Net impairment losses recognized in earnings (485 ) — (705 ) — Transfers/release of credit reserve 37,704 (37,704 ) 41,118 (41,118 ) Balance at end of period $ (694,241 ) $ (278,191 ) $ (787,541 ) $ (312,182 ) (1) Together with coupon interest, accretable purchase discount is recognized as interest income over the life of the security. (2) Includes the impact of approximately $61.8 million and $7.0 million of cash proceeds (a one-time payment) received by the Company during the year ended December 31, 2016 in connection with the settlements of litigation related to certain Countrywide and Citigroup sponsored residential mortgage backed securitization trusts, respectively. Impact of AFS Securities on AOCI The following table presents the impact of the Company’s AFS securities on its AOCI for the years ended December 31, 2016 , 2015 , and 2014 : For the Year Ended December 31, (In Thousands) 2016 2015 2014 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 585,250 $ 813,515 $ 752,912 Unre alized (loss)/gain on Age ncy MBS, net (9,322 ) (51,332 ) 65,739 Unrealized gain/(loss) on Non-Agency MBS, net 81,882 (143,558 ) 29,812 Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing — 4,537 — Reclassification adjustment for MBS sales included in net income (36,922 ) (37,207 ) (34,948 ) Reclassification adjustment for OTTI included in net income (485 ) (705 ) — Change in AOCI from AFS securities 35,153 (228,265 ) 60,603 Balance at end of period $ 620,403 $ 585,250 $ 813,515 Sales of MBS During 2016 , the Company sold certain Non-Agency MBS for $85.6 million , realizing gross gains of $35.8 million . During 2015 , the Company sold certain Non-Agency MBS for $70.7 million , realizing gross gains of $34.9 million . During 2014 , the Company sold certain Non-Agency MBS for $123.9 million realizing gross gains of $37.5 million . The Company has no continuing involvement with any of the sold MBS. Interest Income on MBS and CRT Securities The following table presents components of interest income on the Company’s MBS and CRT securities for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, (In Thousands) 2016 2015 2014 Agency MBS Coupon interest $ 119,966 $ 147,066 $ 189,355 Effective yield adjustment (1) (36,897 ) (41,231 ) (46,812 ) Interest income $ 83,069 $ 105,835 $ 142,543 Legacy Non-Agency MBS Coupon interest $ 154,057 $ 183,349 $ 212,073 Effective yield adjustment (2) 78,443 91,003 103,491 Interest income $ 232,500 $ 274,352 $ 315,564 3 Year Step-up securities Coupon interest $ 100,032 $ 87,429 $ 898 Effective yield adjustment (1) 2,108 1,789 (132 ) Interest income $ 102,140 $ 89,218 $ 766 CRT securities Coupon interest $ 13,023 $ 5,844 $ 665 Effective yield adjustment (2) 1,747 728 107 Interest income $ 14,770 $ 6,572 $ 772 (1) Includes amortization of premium paid net of accretion of purchase discount. For Agency MBS and 3 Year Step-up securities, interest income is recorded at an effective yield, which reflects net premium amortization/accretion based on actual prepayment activity. (2) The effective yield adjustment is the difference between the net income calculated using the net yield, which is based on management’s estimates of the amount and timing of future cash flows, less the current coupon yield.

Residential Whole Loans

Residential Whole Loans	12 Months Ended
	Dec. 31, 2016
Residential Whole Loans [Abstract]
Residential Whole Loans	Residential Whole Loans Included on the Company’s consolidated balance sheets as of December 31, 2016 and 2015 are approximately $1.4 billion and $895.1 million , respectively, of residential whole loans arising from the Company’s 100% equity interest in certificates issued by certain trusts established to acquire the loans. Based on its evaluation of these interests and other factors, the Company has determined that the trusts are required to be consolidated for financial reporting purposes. Residential Whole Loans at Carrying Value Residential whole loans at carrying value totaled approximately $590.5 million and $271.8 million at December 31, 2016 and 2015 , respectively. The carrying value reflects the original investment amount, plus accretion of interest income, less principal and interest cash flows received. The carrying value is reduced by any allowance for loan losses established subsequent to acquisition. As of December 31, 2016 the Company had established an allowance for loan losses of approximately $1.0 million on its residential whole loan pools held at carrying value. For the year ended December 31, 2016 , a net reversal of provision for loan losses of approximately $175,000 was recorded, which is included in Operating and Other expense on the Company’s consolidated statements of operations. For the years ended December 31, 2015 and 2014 , a net provision for loan losses of approximately $1.0 million and $137,000 was recorded, respectively. The following table presents the activity in the Company’s allowance for loan losses on its residential whole loan pools at carrying value for the years ended December 31, 2016 , 2015 and 2014 : (In Thousands) For the Year Ended December 31, 2016 2015 2014 Balance at the beginning of period $ 1,165 $ 137 $ — (Reversal of provisions)/provisions for loan losses (175 ) 1,028 137 Balance at the end of period $ 990 $ 1,165 $ 137 The following table presents information regarding estimates of the contractually required payments, the cash flows expected to be collected, and the estimated fair value of the residential whole loans held at carrying value acquired by the Company for the years ended December 31, 2016 , 2015 and 2014 : (In Thousands) For the Year Ended December 31, 2016 2015 Contractually required principal and interest $ 662,747 $ 160,806 Contractual cash flows not expected to be collected (non-accretable yield) (117,694 ) (27,040 ) Expected cash flows to be collected 545,053 133,766 Interest component of expected cash flows (accretable yield) (181,534 ) (51,413 ) Fair value at the date of acquisition $ 363,519 $ 82,353 The following table presents accretable yield activity for the Company’s residential whole loans held at carrying value for the years ended December 31, 2016 and 2015 : (In Thousands) For the Year Ended December 31, 2016 2015 Balance at beginning of period $ 175,271 $ 133,012 Additions 181,534 51,413 Accretion (23,916 ) (15,511 ) Reclassifications from non-accretable difference, net 1,490 6,357 Balance at end of period $ 334,379 $ 175,271 Accretable yield for residential whole loans is the excess of loan cash flows expected to be collected over the purchase price. The cash flows expected to be collected represent the Company’s estimate of the amount and timing of undiscounted principal and interest cash flows. Additions include accretable yield estimates for purchases made during the period and reclassification to accretable yield from non-accretable yield. Accretable yield is reduced by accretion during the period. The reclassifications between accretable and non-accretable yield and the accretion of interest income are based on changes in estimates regarding loan performance and the value of the underlying real estate securing the loans. In future periods, as the Company updates estimates of cash flows expected to be collected from the loans and the underlying collateral, the accretable yield may change. Therefore, the amount of accretable income recorded during the year ended December 31, 2016 is not necessarily indicative of future results. Residential Whole Loans at Fair Value Certain of the Company’s residential whole loans are presented at fair value on its consolidated balance sheets as a result of a fair value election made at time of acquisition. Subsequent changes in fair value are reported in current period earnings and presented in Net gain on residential whole loans held at fair value on the Company’s consolidated statements of operations. The following table presents information regarding the Company’s residential whole loans held at fair value at December 31, 2016 and 2015 : (Dollars in Thousands) December 31, 2016 December 31, 2015 Outstanding principal balance $ 966,276 $ 786,330 Aggregate fair value $ 814,682 $ 623,276 Number of loans 3,812 3,143 During the years ended December 31, 2016 , 2015 and 2014 , the Company recorded net gains on residential whole loans held at fair value of $59.7 million , $17.7 million and $116,000 , respectively. The following table presents the components of Net gain on residential whole loans held at fair value for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, (In Thousands) 2016 2015 2014 Coupon payments and other income received $ 23,017 $ 9,304 $ 504 Net unrealized gains/(losses) 31,254 6,539 (427 ) Net gain on payoff/liquidation of loans 5,413 1,879 39 Total $ 59,684 $ 17,722 $ 116

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2016
Other Assets [Abstract]
Other Assets	Other Assets The following table presents the components of the Company’s Other assets at December 31, 2016 and 2015 : (In Thousands) December 31, 2016 December 31, 2015 REO $ 80,503 $ 28,026 Interest receivable 27,795 29,002 Swaps, at fair value 233 1,127 Goodwill 7,189 7,189 Prepaid and other assets 164,575 101,455 Total Other Assets $ 280,295 $ 166,799 Real Estate Owned At December 31, 2016 , the Company had 447 REO properties with an aggregate carrying value of $80.5 million . At December 31, 2015 , the Company had 182 REO properties with an aggregate carrying value of $28.0 million . During the years ended December 31, 2016 and 2015 , the Company reclassified 517 and 186 mortgage loans to REO at an aggregate estimated fair value less estimated selling costs of $91.9 million and $30.1 million , respectively at the time of transfer. Such transfers occur when the Company takes possession of the property by foreclosing on the borrower or completes a “deed-in-lieu of foreclosure” transaction. At December 31, 2016 , $79.3 million of residential real estate property was held by the Company that was acquired either through a completed foreclosure proceeding or from completion of a deed-in-lieu of foreclosure or similar legal agreement. In addition, formal foreclosure proceedings were in process with respect to $29.6 million of residential whole loans at carrying value and $501.8 million of residential whole loans at fair value at December 31, 2016 . During the year ended December 31, 2016 , the Company sold 256 REO properties for consideration of $37.9 million , realizing net gains of approximately $3.2 million . During the year ended December 31, 2015 , the Company sold 63 REO properties for consideration of $6.5 million , realizing net gains of approximately $76,000 . These amounts are included in Other, net on the Company’s consolidated statements of operations. The Company did no t sell any REO properties during the year ended December 31, 2014 . In addition, following an updated assessment of liquidation amounts expected to be realized that was performed on all REO held at the end of each quarter during the years ended December 31, 2016 and 2015 , an aggregate downward adjustment of approximately $7.5 million and $3.5 million was recorded to reflect certain REO properties at the lower of cost or estimated fair value for the years ended December 31, 2016 and 2015 , respectively. The following table presents the activity in the Company’s REO for the years ended December 31, 2016 and 2015 : For the Year Ended December 31, (In Thousands) 2016 2015 Balance at beginning of period $ 28,026 $ 5,492 Adjustments to record at lower of cost or fair value (7,527 ) (3,475 ) Transfer from residential whole loans (1) 91,896 30,104 Purchases and capital improvements 2,825 2,461 Disposals (34,717 ) (6,556 ) Balance at end of period $ 80,503 $ 28,026 (1) Includes net gain recorded on transfer of approximately $2.9 million and $1.7 million , respectively, for the years ended December 31, 2016 and 2015 . ( b ) Derivative Instruments The Company’s derivative instruments are currently comprised of Swaps, which are designated as cash flow hedges against the interest rate risk associated with its borrowings. Prior to 2015 , the Company had also entered into Linked Transactions, which were not designated as hedging instruments. (See Notes 2 ( p ) and below) The following table presents the fair value of the Company’s derivative instruments and their balance sheet location at December 31, 2016 and 2015 : December 31, 2016 2015 Derivative Instrument Designation Balance Sheet Location Notional Amount Fair Value Notional Amount Fair Value (In Thousands) Non-cleared legacy Swaps (1) Hedging Assets $ 350,000 $ 233 $ 450,000 $ 1,127 Non-cleared legacy Swaps (1) Hedging Liabilities $ — $ — $ 50,000 $ (59 ) Cleared Swaps (2) Hedging Liabilities $ 2,550,000 $ (46,954 ) $ 2,550,000 $ (70,467 ) (1) Non-cleared legacy Swaps include Swaps executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. (2) Cleared Swaps include Swaps executed bilaterally with a counterparty in the over-the-counter market but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Swaps Consistent with market practice, the Company has agreements with its Swap counterparties that provide for the posting of collateral based on the fair values of its derivative contracts. Through this margining process, either the Company or its derivative counterparty may be required to pledge cash or securities as collateral. In addition, Swaps novated to and cleared by a central clearing house are subject to initial margin requirements. Certain derivative contracts provide for cross collateralization with repurchase agreements with the same counterparty. A number of the Company’s Swap contracts include financial covenants, which, if breached, could cause an event of default or early termination event to occur under such agreements. Such financial covenants include minimum net worth requirements and maximum debt-to-equity ratios. If the Company were to cause an event of default or trigger an early termination event pursuant to one of its Swap contracts, the counterparty to such agreement may have the option to terminate all of its outstanding Swap contracts with the Company and, if applicable, any close-out amount due to the counterparty upon termination of the Swap contracts would be immediately payable by the Company. The Company was in compliance with all of its financial covenants through December 31, 2016 . At December 31, 2016 , the aggregate fair value of assets needed to immediately settle Swap contracts that were in a liability position to the Company, if so required, was approximately $48.0 million , including accrued interest payable of approximately $1.0 million . The following table presents the assets pledged as collateral against the Company’s Swap contracts at December 31, 2016 and 2015 : December 31, (In Thousands) 2016 2015 Agency MBS, at fair value $ 32,468 $ 38,569 Restricted cash 53,849 70,573 Total assets pledged against Swaps $ 86,317 $ 109,142 The Company’s derivative hedging instruments, or a portion thereof, could become ineffective in the future if the associated repurchase agreements that such derivatives hedge fail to exist or fail to have terms that match those of the derivatives that hedge such borrowings. At December 31, 2016 , all of the Company’s derivatives were deemed effective for hedging purposes and no derivatives were terminated during the years ended December 31, 2016 and 2015 . The Company’s Swaps designated as hedging transactions have the effect of modifying the repricing characteristics of the Company’s repurchase agreements and cash flows for such liabilities. To date, no cost has been incurred at the inception of a Swap (except for certain transaction fees related to entering into Swaps cleared though a central clearing house), pursuant to which the Company agrees to pay a fixed rate of interest and receive a variable interest rate, generally based on one -month or three -month London Interbank Offered Rate (“LIBOR”), on the notional amount of the Swap. The Company did not recognize any change in the value of its existing Swaps designated as hedges through earnings as a result of hedge ineffectiveness during any of the three years ended December 31, 2016 . At December 31, 2016 , the Company had Swaps designated in hedging relationships with an aggregate notional amount of $2.9 billion , which had net unrealized losses of $46.7 million , and extended 35 months on average with a maximum term of approximately 80 months . The following table presents certain information with respect to the Company’s Swap activity during the year ended December 31, 2016 : (Dollars in Thousands) December 31, 2016 New Swaps: Aggregate notional amount $ — Weighted average fixed-pay rate — % Initial maturity date N/A Number of new Swaps — Swaps amortized/expired: Aggregate notional amount $ 150,000 Weighted average fixed-pay rate 1.03 % The following table presents information about the Company’s Swaps at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Maturity (1) Notional Amount Weighted Average Fixed-Pay Interest Rate Weighted Average Variable Interest Rate (2) Notional Amount Weighted Average Fixed-Pay Interest Rate Weighted Average Variable Interest Rate (2) (Dollars in Thousands) Within 30 days $ — — % — % $ 50,000 2.13 % 0.42 % Over 30 days to 3 months 50,000 0.67 0.64 — — — Over 3 months to 6 months 300,000 0.57 0.66 — — — Over 6 months to 12 months — — — 100,000 0.48 0.32 Over 12 months to 24 months 550,000 1.49 0.71 350,000 0.58 0.27 Over 24 months to 36 months 200,000 1.71 0.76 550,000 1.49 0.32 Over 36 months to 48 months 1,500,000 2.22 0.74 200,000 1.71 0.42 Over 48 months to 60 months 200,000 2.20 0.75 1,500,000 2.22 0.36 Over 60 months to 72 months — — — 200,000 2.20 0.30 Over 72 months to 84 months (3) 100,000 2.75 0.74 — — — Over 84 months — — — 100,000 2.75 0.40 Total Swaps $ 2,900,000 1.87 % 0.72 % $ 3,050,000 1.82 % 0.34 % (1) Each maturity category reflects contractual amortization and/or maturity of notional amounts. (2) Reflects the benchmark variable rate due from the counterparty at the date presented, which rate adjusts monthly or quarterly based on one-month or three-month LIBOR, respectively. (3) At December 31, 2016, reflects one Swap with a maturity date of July 2023. The following table presents the net impact of the Company’s derivative hedging instruments on its interest expense and the weighted average interest rate paid and received for such Swaps for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, (Dollars in Thousands) 2016 2015 2014 Interest expense attributable to Swaps $ 40,898 $ 53,759 $ 69,842 Weighted average Swap rate paid 1.82 % 1.86 % 1.93 % Weighted average Swap rate received 0.48 % 0.19 % 0.16 % Impact of Derivative Hedging Instruments on AOCI The following table presents the impact of the Company’s derivative hedging instruments on its AOCI for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, (In Thousands) 2016 2015 2014 AOCI from derivative hedging instruments: Balance at beginning of period $ (69,399 ) $ (59,062 ) $ (15,217 ) Unrealized gain/(loss) on Swaps, net 22,678 (10,337 ) (44,292 ) Reclassification of unrealized loss on de-designated Swaps — — 447 Balance at end of period $ (46,721 ) $ (69,399 ) $ (59,062 ) Counterparty Credit Risk from Use of Swaps By using Swaps, the Company is exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, the Company’s counterparty credit risk is equal to the amount reported as a derivative asset on its consolidated balance sheets to the extent that amount exceeds collateral obtained from the counterparty or, if in a net liability position, the extent to which collateral posted exceeds the liability to the counterparty. The amounts reported as a derivative asset/(liability) are derivative contracts in a gain/(loss) position, and to the extent subject to master netting arrangements, net of derivatives in a loss/(gain) position with the same counterparty and collateral received/(pledged). The Company attempts to minimize counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate. Counterparty credit risk related to the Company’s Swaps is considered in determining the fair value of such derivatives and in its assessment of hedge effectiveness. Linked Transactions Prior to January 1, 2015, the Company’s Linked Transactions had been evaluated on a combined basis, reported as forward (derivative) instruments and presented as assets on the Company’s consolidated balance sheets at fair value. The fair value of Linked Transactions reflected the value of the underlying Non-Agency MBS, linked repurchase agreement borrowings and accrued interest receivable/payable on such instruments. The Company’s Linked Transactions were not designated as hedging instruments and, as a result, the change in the fair value and net interest income from Linked Transactions had been reported in Other Income, net on the Company’s consolidated statements of operations. New accounting guidance that was effective for the Company on January 1, 2015 prospectively eliminated the use of Linked Transaction accounting. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Accordingly, on adoption of the new standard on January 1, 2015, the Company reclassified $1.9 billion of Non-Agency MBS and $4.6 million of CRT securities that were previously reported as a component of Linked Transactions to Non-Agency MBS and CRT securities, respectively on the consolidated balance sheet. In addition, liabilities of $1.5 billion that were previously presented as a component of Linked Transactions were reclassified to Repurchase agreements on the consolidated balance sheet. Furthermore, an amount of $4.5 million representing net unrealized gains on securities previously reported as a component of Linked Transactions as of December 31, 2014 was reclassified from Accumulated deficit to AOCI. These reclassification adjustments had no net impact on the Company’s overall Total Stockholders’ Equity. The following table presents certain information about the components of the unrealized net gains and net interest income from Linked Transactions included in the Company’s consolidated statements of operations for the year ended December 31, 2014 : (In Thousands) For the Year Ended December 31, 2014 Interest income attributable to MBS underlying Linked Transactions $ 24,443 Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions (8,028 ) Change in fair value of Linked Transactions included in earnings 677 Unrealized net gains and net interest income from Linked Transactions $ 17,092 c ) Interest Receivable The following table presents the Company’s interest receivable by investment category at December 31, 2016 and 2015 : December 31, (In Thousands) 2016 2015 MBS interest receivable: Fannie Mae $ 7,402 $ 8,999 Freddie Mac 1,802 2,177 Ginnie Mae 14 15 Non-Agency MBS 13,435 15,438 Total MBS interest receivable 22,653 26,629 Residential whole loans 4,415 2,259 CRT securities 254 92 Money market and other investments 473 22 Total interest receivable $ 27,795 $ 29,002

Repurchase Agreements and Other

Repurchase Agreements and Other Advances	12 Months Ended
	Dec. 31, 2016
Repurchase Agreements
Repurchase Agreements and Other Advances	Repurchase Agreements and Other Advances Repurchase Agreements The Company’s repurchase agreements are accounted for as secured borrowings and are collateralized by the Company’s MBS, U.S. Treasury securities (obtained as part of a reverse repurchase agreement), CRT securities, residential whole loans and cash, and bear interest that is generally LIBOR-based. (See Notes 2 ( k ) and 7 ) At December 31, 2016 , the Company’s borrowings under repurchase agreements had a weighted average remaining term-to-interest rate reset of 19 days and an effective repricing period of 12 months , including the impact of related Swaps. At December 31, 2015 , the Company’s borrowings under repurchase agreements had a weighted average remaining term-to-interest rate reset of 21 days and an effective repricing period of 18 months , including the impact of related Swaps. The following table presents information with respect to the Company’s borrowings under repurchase agreements and associated assets pledged as collateral at December 31, 2016 and 2015 : (Dollars in Thousands) December 31, 2016 December 31, 2015 Repurchase agreement borrowings secured by Agency MBS $ 3,095,020 $ 2,727,542 Fair value of Agency MBS pledged as collateral under repurchase agreements $ 3,280,689 $ 2,881,049 Weighted average haircut on Agency MBS (1) 4.67 % 4.67 % Repurchase agreement borrowings secured by Legacy Non-Agency MBS $ 1,690,937 $ 1,960,222 Fair value of Legacy Non-Agency MBS pledged as collateral under repurchase agreements (2) $ 2,317,708 $ 2,818,968 Weighted average haircut on Legacy Non-Agency MBS (1) 24.01 % 25.84 % Repurchase agreement borrowings secured by 3 Year Step-up securities $ 2,078,684 $ 2,080,163 Fair value of 3 Year Step-up securities pledged as collateral under repurchase agreements $ 2,660,491 $ 2,625,866 Weighted average haircut on 3 Year Step-up securities (1) 22.28 % 21.05 % Repurchase agreements secured by U.S. Treasuries $ 504,572 $ 504,760 Fair value of U.S. Treasuries pledged as collateral under repurchase agreements $ 510,767 $ 507,443 Weighted average haircut on U.S. Treasuries (1) 1.60 % 1.60 % Repurchase agreements secured by CRT securities $ 271,205 $ 128,465 Fair value of CRT securities pledged as collateral under repurchase agreements $ 357,488 $ 170,352 Weighted average haircut on CRT securities (1) 23.22 % 25.04 % Repurchase agreements secured by residential whole loans (3) $ 832,060 $ 487,750 Fair value of residential whole loans pledged as collateral under repurchase agreements $ 1,175,088 $ 684,136 Weighted average haircut on residential whole loans (1) 25.03 % 27.69 % (1) Haircut represents the percentage amount by which the collateral value is contractually required to exceed the loan amount (2) Includes $172.4 million and $570.5 million of Legacy Non-Agency MBS acquired from consolidated VIEs at December 31, 2016 and 2015 , respectively, that are eliminated from the Company’s consolidated balance sheets. (3) Excludes $210,000 and $1.3 million of unamortized debt issuance costs at December 31, 2016 and 2015 , respectively. The following table presents repricing information about the Company’s borrowings under repurchase agreements, which does not reflect the impact of associated derivative hedging instruments, at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Time Until Interest Rate Reset Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Within 30 days $ 7,284,062 1.77 % $ 7,054,483 1.44 % Over 30 days to 3 months 1,188,416 1.91 734,955 1.79 Over 3 months to 12 months — — 99,464 2.36 Total repurchase agreements $ 8,472,478 1.79 % $ 7,888,902 1.48 % Less debt issuance costs $ 210 $ 1,280 Total repurchase agreements less debt issuance costs $ 8,472,268 $ 7,887,622 The following table presents contractual maturity information about the Company’s borrowings under repurchase agreements, all of which are accounted for as secured borrowings, at December 31, 2016 and does not reflect the impact of derivative contracts that hedge such repurchase agreements: December 31, 2016 Contractual Maturity Agency MBS Legacy Non-Agency MBS 3 Year Step-up Securities U.S. Treasuries CRT Securities Residential Whole Loans Total (1) Weighted Average Interest Rate (Dollars in Thousands) Overnight $ — $ — $ — $ — $ — $ — $ — — % Within 30 days 2,768,277 1,006,956 1,379,254 504,572 267,316 — 5,926,375 1.67 Over 30 days to 3 months 326,743 433,244 467,873 — 3,889 117,839 1,349,588 1.76 Over 3 months to 12 months — 250,737 231,557 — — 714,221 1,196,515 2.72 Over 12 months — — — — — — — — Total $ 3,095,020 $ 1,690,937 $ 2,078,684 $ 504,572 $ 271,205 $ 832,060 $ 8,472,478 1.79 % Gross amount of recognized liabilities for repurchase agreements in Note 8 $ 8,472,268 Amounts related to repurchase agreements not included in offsetting disclosure in Note 8 $ — (1) Excludes $210,000 of unamortized debt issuance costs at December 31, 2016 . The Company had repurchase agreements with 31 and 27 counterparties at December 31, 2016 and 2015 , respectively. The following table presents information with respect to each counterparty under repurchase agreements for which the Company had greater than 5% of stockholders’ equity at risk in the aggregate at December 31, 2016 : December 31, 2016 Counterparty Counterparty Rating (1) Amount at Risk (2) Weighted Average Months to Maturity for Repurchase Agreements Percent of Stockholders’ Equity (Dollars in Thousands) Wells Fargo (3) AA-/Aa2/AA $ 388,455 4 12.8 % RBC (4) AA-/Aa3/AA 274,261 1 9.0 Goldman Sachs BBB+/A3/A 211,377 2 7.0 Credit Suisse (5) BBB+/Aa2/A- 191,594 3 6.3 UBS (6) A+/A1/A+ 167,127 6 5.5 (1) As rated at December 31, 2016 by S&P, Moody’s and Fitch, Inc., respectively. The counterparty rating presented is the lowest published for these entities. (2) The amount at risk reflects the difference between (a) the amount loaned to the Company through repurchase agreements, including interest payable, and (b) the cash and the fair value of the securities pledged by the Company as collateral, including accrued interest receivable on such securities. (3) Includes $295.3 million at risk with Wells Fargo Bank, NA and $93.2 million at risk with Wells Fargo Securities LLC. (4) Includes $238.2 million at risk with RBC Barbados, $30.4 million at risk with Royal Bank of Canada and $5.7 million at risk with RBC Capital Markets LLC. Counterparty ratings are not published for RBC Barbados and RBC Capital Markets LLC. (5) Includes $141.8 million at risk with Credit Suisse AG, Cayman Islands and $49.8 million at risk with Credit Suisse. Counterparty ratings are not published for Credit Suisse AG, Cayman Islands. (6) Includes Non-Agency MBS pledged as collateral with contemporaneous repurchase and reverse repurchase agreements. FHLB Advances As of December 31, 2016 and 2015 , MFA Insurance had $215.0 million and $1.5 billion in outstanding long-term secured FHLB advances with a weighted average borrowing rate of 0.78% and 0.50% , respectively. At December 31, 2016 , the FHLB advances had a weighted average term to maturity of 3.67 years . However, MFA Insurance is required by amendments to FHLB membership regulations to terminate its membership and repay the outstanding advances by February 19, 2017. The Company’s FHLB advances outstanding at December 31, 2016 were all repaid in January 2017. Interest payable on outstanding FHLB advances at December 31, 2016 and 2015 totaled approximately $42,000 and $508,000 , respectively, and is included in Other liabilities on the Company’s consolidated balance sheets.

Collateral Positions

Collateral Positions	12 Months Ended
	Dec. 31, 2016
Transfers and Servicing [Abstract]
Collateral Positions	Collateral Positions The Company pledges securities or cash as collateral to its counterparties pursuant to its borrowings under repurchase agreements, FHLB advances and its derivative contracts that are in an unrealized loss position, and it receives securities or cash as collateral pursuant to financing provided under reverse repurchase agreements and certain of its derivative contracts in an unrealized gain position. The Company exchanges collateral with its counterparties based on changes in the fair value, notional amount and term of the associated repurchase agreements, FHLB advances and derivative contracts, as applicable. Through this margining process, either the Company or its counterparty may be required to pledge cash or securities as collateral. In addition, Swaps novated to and cleared by a central clearing house are subject to initial margin requirements. When the Company’s pledged collateral exceeds the required margin, the Company may initiate a reverse margin call, at which time the counterparty may either return the excess collateral, or provide collateral to the Company in the form of cash or equivalent securities. The following table summarizes the fair value of the Company’s collateral positions, which includes collateral pledged and collateral held, with respect to its borrowings under repurchase agreements, reverse repurchase agreements, derivative hedging instruments and FHLB advances at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 (In Thousands) Assets Pledged Collateral Held Assets Pledged Collateral Held Derivative Hedging Instruments: Agency MBS $ 32,468 $ — $ 38,569 $ — Cash (1) 53,849 — 70,573 — 86,317 — 109,142 — Repurchase Agreement Borrowings: Agency MBS 3,280,689 — 2,881,049 — Legacy Non-Agency MBS (2)(3) 2,317,708 — 2,818,968 — 3 Year Step-up securities 2,660,491 — 2,625,866 — U.S. Treasury securities 510,767 — 507,443 — CRT securities 357,488 — 170,352 — Residential whole loans 1,175,088 — 684,136 — Cash (1) 4,614 — 965 — 10,306,845 — 9,688,779 — FHLB Advances: Agency MBS 227,244 — 1,612,476 — 227,244 — 1,612,476 — Reverse Repurchase Agreements: U.S. Treasury securities — 510,767 — 507,443 — 510,767 — 507,443 Total $ 10,620,406 $ 510,767 $ 11,410,397 $ 507,443 (1) Cash pledged as collateral is reported as “Restricted cash” on the Company’s consolidated balance sheets. (2) Includes $172.4 million and $570.5 million of Legacy Non-Agency MBS acquired in connection with resecuritization transactions from consolidated VIEs at December 31, 2016 and 2015 , respectively, that are eliminated from the Company’s consolidated balance sheets. (3) In addition, at December 31, 2016 and 2015 , $688.2 million and $726.7 million of Legacy Non-Agency MBS, respectively, are pledged as collateral in connection with contemporaneous repurchase and reverse repurchase agreements entered into with a single counterparty. The following table presents detailed information about the Company’s assets pledged as collateral pursuant to its borrowings under repurchase agreements and other advances, and derivative hedging instruments at December 31, 2016 : December 31, 2016 Assets Pledged Under Repurchase Agreements and Other Advances Assets Pledged Against Derivative Hedging Instruments Total Fair Value of Assets Pledged and Accrued Interest (In Thousands) Fair Value Amortized Cost Accrued Interest on Pledged Assets Fair Value/ Carrying Value Amortized Cost Accrued Interest on Pledged Assets Agency MBS (1) $ 3,507,933 $ 3,488,904 $ 8,654 $ 32,468 $ 33,216 $ 67 $ 3,549,122 Legacy Non-Agency MBS (2)(3) 2,317,708 1,841,401 8,613 — — — 2,326,321 3 Year Step-up securities 2,660,491 2,657,726 1,848 — — — 2,662,339 U.S. Treasuries 510,767 510,767 — — — — 510,767 CRT securities 357,488 336,706 222 — — — 357,710 Residential whole loans (4) 1,175,088 1,162,212 3,248 — — — 1,178,336 Cash (5) 4,614 4,614 — 53,849 53,849 — 58,463 Total $ 10,534,089 $ 10,002,330 $ 22,585 $ 86,317 $ 87,065 $ 67 $ 10,643,058 (1) Includes Agency MBS pledged under FHLB advances with an aggregate fair value of $227.2 million , aggregate amortized cost of $226.6 million and aggregate accrued interest of approximately $597,000 at December 31, 2016 . (2) Includes $172.4 million of Legacy Non-Agency MBS acquired in connection with resecuritization transactions from consolidated VIEs at December 31, 2016 , that are eliminated from the Company’s consolidated balance sheets. (3) In addition, at December 31, 2016 , $688.2 million of Legacy Non-Agency MBS are pledged as collateral in connection with contemporaneous repurchase and reverse repurchase agreements entered into with a single counterparty. (4) Includes residential whole loans held at carrying value with an aggregate fair value of $440.8 million and aggregate amortized cost of $427.9 million and residential whole loans held at fair value with an aggregate fair value and amortized cost of $732.4 million . (5) Cash pledged as collateral is reported as “Restricted cash” on the Company’s consolidated balance sheets.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2016
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities The following tables present information about certain assets and liabilities that are subject to master netting arrangements (or similar agreements) and may potentially be offset on the Company’s consolidated balance sheets at December 31, 2016 and 2015 : Offsetting of Financial Assets and Derivative Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount (In Thousands) Financial Instruments Cash Collateral Received December 31, 2016 Swaps, at fair value $ 233 $ — $ 233 $ (233 ) $ — $ — Total $ 233 $ — $ 233 $ (233 ) $ — $ — December 31, 2015 Swaps, at fair value $ 1,127 $ — $ 1,127 $ (1,127 ) $ — $ — Total $ 1,127 $ — $ 1,127 $ (1,127 ) $ — $ — Offsetting of Financial Liabilities and Derivative Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount (In Thousands) Financial Instruments (1) Cash Collateral Pledged (1) December 31, 2016 Swaps, at fair value (2) $ 46,954 $ — $ 46,954 $ — $ (46,954 ) $ — Repurchase agreements and other advances (3)(4) 8,687,478 — 8,687,478 (8,682,864 ) (4,614 ) — Total $ 8,734,432 $ — $ 8,734,432 $ (8,682,864 ) $ (51,568 ) $ — December 31, 2015 Swaps, at fair value (2) $ 70,526 $ — $ 70,526 $ — $ (70,526 ) $ — Repurchase agreements and other advances (3)(4) 9,388,902 — 9,388,902 (9,387,937 ) (965 ) — Total $ 9,459,428 $ — $ 9,459,428 $ (9,387,937 ) $ (71,491 ) $ — (1) Amounts disclosed in the Financial Instruments column of the table above represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements and other advances, and derivative transactions. Amounts disclosed in the Cash Collateral Pledged column of the table above represent amounts pledged as collateral against derivative transactions and repurchase agreements, and exclude excess collateral of $6.9 million and $47,000 at December 31, 2016 and 2015 , respectively. (2) The fair value of securities pledged against the Company’s Swaps was $32.5 million and $38.6 million at December 31, 2016 and 2015 , respectively. (3) The fair value of financial instruments pledged against the Company’s repurchase agreements and other advances was $10.5 billion and $11.3 billion at December 31, 2016 and 2015 , respectively. (4) Excludes $210,000 and $1.3 million of unamortized debt issuance costs at December 31, 2016 and 2015 , respectively. Nature of Setoff Rights In the Company’s consolidated balance sheets, all balances associated with the repurchase agreement and derivative transactions are presented on a gross basis. Certain of the Company’s repurchase agreement and derivative transactions are governed by underlying agreements that generally provide for a right of setoff in the event of default or in the event of a bankruptcy of either party to the transaction. For one repurchase agreement counterparty, the underlying agreements provide for an unconditional right of setoff.

Senior Notes

Senior Notes	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Senior Notes	Senior Notes On April 11, 2012, the Company issued $100.0 million in aggregate principal amount of its Senior Notes in an underwritten public offering. The total net proceeds to the Company from the offering of the Senior Notes were approximately $96.6 million , after deducting offering expenses and the underwriting discount. The Senior Notes bear interest at a fixed rate of 8.00% per year, paid quarterly in arrears on January 15, April 15, July 15 and October 15 of each year and will mature on April 15, 2042. The Senior Notes have an effective interest rate, including the impact of amortization to interest expense of debt issuance costs, of 8.31% . The Company may redeem the Senior Notes, in whole or in part, at any time on or after April 15, 2017, at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest to, but not excluding, the redemption date. The Senior Notes are the Company’s senior unsecured obligations and are subordinate to all of the Company’s secured indebtedness, which includes the Company’s repurchase agreements, obligation to return securities obtained as collateral, and other financing arrangements, to the extent of the value of the collateral securing such indebtedness.

Other Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2016
Other Liabilities [Abstract]
Other Liabilities	Other Liabilities The following table presents the components of the Company’s Other liabilities at December 31, 2016 and 2015 : (In Thousands) December 31, 2016 December 31, 2015 Accrued interest payable $ 14,129 $ 16,949 Swaps, at fair value 46,954 70,526 Dividends and dividend equivalents payable 74,657 74,575 Securitized debt — 21,868 Accrued expenses and other liabilities 19,612 19,610 Total Other Liabilities $ 155,352 $ 203,528

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Commitments The Company pays monthly rent pursuant to two operating leases. The lease term for the Company’s headquarters in New York, New York extends through May 31, 2020. The lease provides for aggregate cash payments ranging over time of approximately $2.5 million per year, paid on a monthly basis, exclusive of escalation charges. In addition, as part of this lease agreement, the Company has provided the landlord a $785,000 irrevocable standby letter of credit fully collateralized by cash. The letter of credit may be drawn upon by the landlord in the event that the Company defaults under certain terms of the lease. In addition, the Company has a lease through December 31, 2021 for its off-site back-up facility located in Rockville Centre, New York, which provides for, among other things, lease payments totaling approximately $32,000 , annually. The Company recognized lease expense of $2.5 million , $2.6 million and $2.5 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, which is included in Other general and administrative expense within the consolidated statements of operations. At December 31, 2016 , the contractual minimum rental payments (exclusive of possible rent escalation charges and normal recurring charges for maintenance, insurance and taxes) were as follows: Year Ended December 31, Minimum Rental Payments (In Thousands) 2017 $ 2,553 2018 2,553 2019 2,553 2020 1,082 2021 32 Total $ 8,773

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity ( a ) Preferred Stock On April 15, 2013, the Company completed the issuance of 8.0 million shares of its 7.50% Series B Cumulative Redeemable Preferred Stock (“Series B 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, in an underwritten public offering. The Company’s Series B Preferred Stock is entitled to receive a dividend at a rate of 7.50% per year on the $25.00 liquidation preference before the Company’s common stock is paid any dividends and is senior to the Company’s common stock with respect to distributions upon liquidation, dissolution or winding up. Dividends on the Series B Preferred Stock are payable quarterly in arrears on or about March 31, June 30, September 30 and December 31 of each year. The Series B Preferred Stock is redeemable at $25.00 per share plus accrued and unpaid dividends (whether or not authorized or declared) exclusively at the Company’s option commencing on April 15, 2018 (subject to the Company’s right, under limited circumstances, to redeem the Series B Preferred Stock prior to that date in order to preserve its qualification as a REIT) and upon certain specified change in control transactions in which the Company’s common stock and the acquiring or surviving entity common securities would not be listed on the New York Stock Exchange (the “NYSE”), the NYSE MKT or NASDAQ, or any successor exchange. The Series B Preferred Stock generally does not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, the Series B Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board of Directors (the “Board”), until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of the Series B Preferred Stock cannot be made without the affirmative vote of holders of at least 66 2/3% of the outstanding shares of Series B Preferred Stock. The following table presents cash dividends declared by the Company on its Series B Preferred Stock from January 1, 2014 through December 31, 2016 : Year Declaration Date Record Date Payment Date Dividend Per Share 2016 November 22, 2016 December 6, 2016 December 30, 2016 $0.46875 August 12, 2016 September 2, 2016 September 30, 2016 0.46875 May 18, 2016 June 3, 2016 June 30, 2016 0.46875 February 12, 2016 February 29, 2016 March 31, 2016 0.46875 2015 November 19, 2015 December 3, 2015 December 31, 2015 $0.46875 August 24, 2015 September 9, 2015 September 30, 2015 0.46875 May 18, 2015 June 2, 2015 June 30, 2015 0.46875 February 13, 2015 February 27, 2015 March 31, 2015 0.46875 2014 November 21, 2014 December 5, 2014 December 31, 2014 $0.46875 August 25, 2014 September 8, 2014 September 30, 2014 0.46875 May 19, 2014 June 10, 2014 June 30, 2014 0.46875 February 14, 2014 February 28, 2014 March 31, 2014 0.46875 ( b ) Dividends on Common Stock The following table presents cash dividends declared by the Company on its common stock from January 1, 2014 through December 31, 2016 : Year Declaration Date Record Date Payment Date Dividend Per Share 2016 December 14, 2016 December 28, 2016 January 31, 2017 $0.20 (1) September 15, 2016 September 28, 2016 October 31, 2016 0.20 June 14, 2016 June 28, 2016 July 29, 2016 0.20 March 11, 2016 March 28, 2016 April 29, 2016 0.20 2015 December 9, 2015 December 28, 2015 January 29, 2016 $0.20 September 17, 2015 September 29, 2015 October 30, 2015 0.20 June 15, 2015 June 29, 2015 July 31, 2015 0.20 March 13, 2015 March 27, 2015 April 30, 2015 0.20 2014 December 9, 2014 December 26, 2014 January 30, 2015 $0.20 September 17, 2014 September 29, 2014 October 31, 2014 0.20 June 13, 2014 June 27, 2014 July 31, 2014 0.20 March 10, 2014 March 28, 2014 April 30, 2014 0.20 (1) At December 31, 2016 , the Company had accrued dividends and dividend equivalents payable of $74.7 million related to the common stock dividend declared on December 14, 2016. In general, the Company’s common stock dividends have been characterized as ordinary income to its stockholders for income tax purposes. However, a portion of the Company’s common stock dividends may, from time to time, be characterized as capital gains or return of capital. For the years ended December 31, 2016 and 2015 , a portion of the Company’s common stock dividends were deemed to be capitalized gains. For the year ended December 31, 2014 , our common stock dividends were characterized as ordinary income to stockholders. ( c ) Discount Waiver, Direct Stock Purchase and Dividend Reinvestment Plan (“DRSPP”) On September 16, 2016, the Company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission (“SEC”) under the Securities Act of 1933, as amended (the “1933 Act”), for the purpose of registering additional common stock for sale through its DRSPP. Pursuant to Rule 462(e) of the 1933 Act, this shelf registration statement became effective automatically upon filing with the SEC and, when combined with the unused portion of the Company’s previous DRSPP shelf registration statements, registered an aggregate of 15 million shares of common stock. The Company’s DRSPP is designed to provide existing stockholders and new investors with a convenient and economical way to purchase shares of common stock through the automatic reinvestment of dividends and/or optional cash investments. At December 31, 2016 , 14.5 million shares of common stock remained available for issuance pursuant to the DRSPP shelf registration statement. During the years ended December 31, 2016 , 2015 and 2014 , the Company issued 653,793 , 162,373 and 4,526,855 shares of common stock through the DRSPP, raising net proceeds of approximately $4.7 million , $1.2 million and $35.6 million , respectively. From the inception of the DRSPP in September 2003 through December 31, 2016 , the Company issued 31,382,785 shares pursuant to the DRSPP, raising net proceeds of $262.9 million . ( d ) Stock Repurchase Program As previously disclosed, in August 2005, the Company’s Board authorized a stock repurchase program (the “Repurchase Program”) to repurchase up to 4.0 million shares of its outstanding common stock. The Board reaffirmed such authorization in May 2010. In December 2013, the Board increased the number of shares authorized under the Repurchase Program to an aggregate of 10.0 million . Such authorization does not have an expiration date and, at present, there is no intention to modify or otherwise rescind such authorization. Subject to applicable securities laws, repurchases of common stock under the Repurchase Program are made at times and in amounts as the Company deems appropriate, (including, in our discretion, through the use of one or more plans adopted under Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended (the “1934 Act”)) using available cash resources. Shares of common stock repurchased by the Company under the Repurchase Program are cancelled and, until reissued by the Company, are deemed to be authorized but unissued shares of the Company’s common stock. The Repurchase Program may be suspended or discontinued by the Company at any time and without prior notice. The Company did not repurchase any shares of its common stock during the three years ended December 31, 2016 . At December 31, 2016 , 6,616,355 shares remained authorized for repurchase under the Repurchase Program. ( e ) Accumulated Other Comprehensive Income/(Loss) The following table presents changes in the balances of each component of the Company’s AOCI for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, 2016 2015 2014 (In Thousands) Net Unrealized Gain/(Loss) on AFS Securities Net Unrealized Gain/(Loss) on Swaps Total AOCI Net Unrealized Gain/(Loss) on AFS Securities Net Total AOCI Net Net Total AOCI Balance at beginning of period $ 585,250 $ (69,399 ) $ 515,851 $ 813,515 $ (59,062 ) $ 754,453 $ 752,912 $ (15,217 ) $ 737,695 OCI before reclassifications 72,560 22,678 95,238 (194,890 ) (10,337 ) (205,227 ) 95,551 (44,292 ) 51,259 Amounts reclassified from AOCI (1) (37,407 ) — (37,407 ) (37,912 ) — (37,912 ) (34,948 ) 447 (34,501 ) Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing — — — 4,537 — 4,537 — — — Net OCI during period (2) 35,153 22,678 57,831 (228,265 ) (10,337 ) (238,602 ) 60,603 (43,845 ) 16,758 Balance at end of period $ 620,403 $ (46,721 ) $ 573,682 $ 585,250 $ (69,399 ) $ 515,851 $ 813,515 $ (59,062 ) $ 754,453 (1) See separate table below for details about these reclassifications. (2) For further information regarding changes in OCI, see the Company’s consolidated statements of comprehensive income/(loss). The following table presents information about the significant amounts reclassified out of the Company’s AOCI for the years ended December 31, 2016 , 2015 , and 2014 : For the Year Ended December 31, 2016 2015 2014 Details about AOCI Components Amounts Reclassified from AOCI Affected Line Item in the Statement (In Thousands) AFS Securities: Realized gain on sale of securities $ (36,922 ) $ (37,207 ) $ (34,948 ) Gain on sales of MBS OTTI recognized in earnings (485 ) (705 ) — Net impairment losses recognized in earnings Total AFS Securities (37,407 ) (37,912 ) (34,948 ) Swaps designated as cash flow hedges: De-designated Swaps — — 447 Other, net Total Swaps designated as cash flow hedges — — 447 Total reclassifications for period $ (37,407 ) $ (37,912 ) $ (34,501 ) At December 31, 2016 and 2015 , the Company had unrealized losses recorded in AOCI of $1.7 million and $1.3 million , respectively, on securities for which OTTI had been recognized in earnings in prior periods.

EPS Calculation

EPS Calculation	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
EPS Calculation	EPS Calculation The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, (In Thousands, Except Per Share Amounts) 2016 2015 2014 Numerator: Net income $ 312,668 $ 313,226 $ 313,504 Dividends declared on preferred stock (15,000 ) (15,000 ) (15,000 ) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (1,628 ) (1,539 ) (1,106 ) Net income available to common stockholders - basic and diluted $ 296,040 $ 296,687 $ 297,398 Denominator: Weighted average common shares for basic and diluted earnings per share (1) 371,122 372,114 369,048 Basic and diluted earnings per share $ 0.80 $ 0.80 $ 0.81 (1) At December 31, 2016 , the Company had an aggregate of 2.0 million equity instruments outstanding that were not included in the calculation of diluted EPS for the year ended December 31, 2016 , as their inclusion would have been anti-dilutive. These equity instruments were comprised of approximately 29,000 shares of restricted common stock with a weighted average grant date fair value of $7.12 and approximately $2.0 million RSUs with a weighted average grant date fair value of $6.85 . These equity instruments may have a dilutive impact on future EPS.

Equity Compensation, Employment

Equity Compensation, Employment Agreements and Other Benefit Plans	12 Months Ended
	Dec. 31, 2016
Compensation Related Costs [Abstract]
Equity Compensation, Employment Agreements and Other Benefit Plans	Equity Compensation, Employment Agreements and Other Benefit Plans ( a ) Equity Compensation Plan In accordance with the terms of the Company’s Equity Compensation Plan (the “Equity Plan”), which was adopted by the Company’s stockholders on May 21, 2015 (and which amended and restated the Company’s 2010 Equity Compensation Plan), directors, officers and employees of the Company and any of its subsidiaries and other persons expected to provide significant services for the Company and any of its subsidiaries are eligible to receive grants of stock options (“Options”), restricted stock, RSUs, dividend equivalent rights and other stock-based awards under the Equity Plan. Subject to certain exceptions, stock-based awards relating to a maximum of 12.0 million shares of common stock may be granted under the Equity Plan; forfeitures and/or awards that expire unexercised do not count towards this limit. At December 31, 2016 , approximately 8.2 million shares of common stock remained available for grant in connection with stock-based awards under the Equity Plan. A participant may generally not receive stock-based awards in excess of 1.5 million shares of common stock in any one year and no award may be granted to any person who, assuming exercise of all Options and payment of all awards held by such person, would own or be deemed to own more than 9.8% of the outstanding shares of the Company’s common stock. Unless previously terminated by the Board, awards may be granted under the Equity Plan until May 20, 2025. Dividend Equivalents A dividend equivalent is a right to receive a distribution equal to the dividend distributions that would be paid on a share of the Company’s common stock. Dividend equivalents may be granted as a separate instrument or may be a right associated with the grant of another award (e.g., an RSU) under the Equity Plan, and they are paid in cash or other consideration at such times and in accordance with such rules, as the Compensation Committee of the Board (the “Compensation Committee”) shall determine in its discretion. Payments made on the Company’s outstanding dividend equivalent rights that have been granted as a separate instrument are charged to Stockholders’ Equity when common stock dividends are declared to the extent that such equivalents are expected to vest. The Company made payments in respect of such separate instruments of approximately $5,000 , $16,000 and $69,000 during the years ended December 31, 2016 , 2015 and 2014 , respectively. At December 31, 2016 , there were no dividend equivalent rights outstanding, which had been awarded separately from, but in connection with, grants of RSUs made in prior years. The following table presents information about the Company’s dividend equivalents rights awarded as separate instruments at and for each of the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, 2016 2015 2014 Number of Dividend Equivalent Rights Outstanding at beginning of year: 8,215 24,402 218,225 Granted — — — Cancelled, forfeited or expired (8,215 ) (16,187 ) (193,823 ) Outstanding at end of year — 8,215 24,402 The weighted average grant date fair value of the dividend equivalent rights in the above table is $2.77 . The determination of the weighted average grant date fair value of these awards required the Company to estimate certain valuation inputs. In determining the fair value for these awards granted in 2011, the Company applied: (i) a weighted average volatility estimate of approximately 31% , which was determined considering historic volatility in the price of Company’s common stock over the six -year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s common stock at the grant date; (ii) a weighted average risk-free rate of 2.23% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards; and (iii) an estimated annual dividend yield of 13% . Options Pursuant to Section 422(b) of the Code, in order for Options granted under the Equity Plan and vesting in any one calendar year to qualify as an incentive stock option (“ISO”) for tax purposes, the market value of the common stock to be received upon exercise of such Options as determined on the date of grant shall not exceed $100,000 during such calendar year. The exercise price of an ISO may not be lower than 100% (or 110% in the case of an ISO granted to a 10% stockholder) of the fair market value of the Company’s common stock on the date of grant. The exercise price for any other type of Option issued under the Equity Plan may not be less than the fair market value on the date of grant. Each Option is exercisable after the period or periods specified in the award agreement, which will generally not exceed ten years from the date of grant. The Company did no t grant any stock options during the three years ended December 31, 2016 . At December 31, 2016 , the Company had no Options outstanding. The following table presents information about the Company’s Options at and for the year ended December 31, 2014 : For the Year Ended December 31, 2014 Number of Options Weighted Average Exercise Price Outstanding at beginning of year: 5,000 $ 8.40 Granted — — Cancelled, forfeited or expired (5,000 ) 8.40 Exercised — — Outstanding at end of year — $ — Options exercisable at end of year — $ — Restricted Stock At December 31, 2016 and December 31, 2015 , the Company had unrecognized compensation expense of approximately $203,000 and $807,000 , respectively, related to the unvested shares of restricted common stock. The Company had accrued dividends payable of approximately $55,000 and $193,000 on unvested shares of restricted stock at December 31, 2016 and December 31, 2015 , respectively. The total fair value of restricted shares vested during the years ended December 31, 2016 , 2015 and 2014 was approximately $4.3 million , $4.3 million and $5.7 million , respectively. The unrecognized compensation expense at December 31, 2016 is expected to be recognized over a weighted average period of one year . The following table presents information with respect to the Company’s restricted stock for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, 2016 2015 2014 Shares of Restricted Stock Weighted Average Grant Date Fair Value (1) Shares of Restricted Stock Weighted Average Grant Date Fair Value (1) Shares of Restricted Stock Weighted Average Grant Date Fair Value (1) Outstanding at beginning of year: 110,920 $ 7.41 243,948 $ 7.48 443,967 $ 7.50 Granted 487,216 7.66 497,007 6.83 491,797 8.29 Vested (2) (567,851 ) 7.64 (629,212 ) 6.98 (690,397 ) 8.07 Cancelled/forfeited (1,317 ) 7.12 (823 ) 7.74 (1,419 ) 7.58 Outstanding at end of year 28,968 $ 7.12 110,920 $ 7.41 243,948 $ 7.48 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date. (2) All restrictions associated with restricted stock are removed on vesting. Restricted Stock Units Under the terms of the Equity Plan, RSUs are instruments that provide the holder with the right to receive, subject to the satisfaction of conditions set by the Compensation Committee at the time of grant, a payment of a specified value, which may be a share of the Company’s common stock, the fair market value of a share of the Company’s common stock, or such fair market value to the extent in excess of an established base value, on the applicable settlement date. Although the Equity Plan permits the Company to issue RSUs that can settle in cash, all of the Company’s outstanding RSUs as of December 31, 2016 are designated to be settled in shares of the Company’s common stock. All RSUs outstanding at December 31, 2016 may be entitled to receive dividend equivalent payments depending on the terms and conditions of the award either in cash at the time dividends are paid by the Company, or for certain performance-based RSU awards, as a grant of stock at the time such awards are settled. At December 31, 2016 and 2015 , the Company had unrecognized compensation expense of $3.6 million and $4.0 million , respectively, related to RSUs. The unrecognized compensation expense at December 31, 2016 is expected to be recognized over a weighted average period of 1.6 years. A 0% forfeiture rate was assumed with respect to unvested RSUs at December 31, 2016 . The following table presents information with respect to the Company’s RSUs during the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, 2016 RSUs With Service Condition Weighted Average Grant Date Fair Value RSUs With Market and Service Conditions Weighted Average Grant Date Fair Value Total RSUs Total Weighted Average Grant Date Fair Value Outstanding at beginning of year: 1,138,930 $ 7.71 736,800 $ 5.66 1,875,730 $ 6.90 Granted (1) 420,695 6.81 307,500 4.81 728,195 5.96 Settled (360,326 ) 7.75 (175,500 ) 5.21 (535,826 ) 6.92 Cancelled/forfeited (5,000 ) 7.32 (5,000 ) 5.27 (10,000 ) 6.29 Outstanding at end of year 1,194,299 $ 7.38 863,800 $ 5.45 2,058,099 $ 6.57 RSUs vested but not settled at end of year 617,518 $ 7.45 293,800 $ 5.83 911,318 $ 6.93 RSUs unvested at end of year 576,781 $ 7.30 570,000 $ 5.25 1,146,781 $ 6.28 For the Year Ended December 31, 2015 RSUs With Service Condition Weighted Average Grant Date Fair Value RSUs With Market and Service Conditions Weighted Average Grant Date Fair Value Total RSUs Total Outstanding at beginning of year: 769,174 $ 7.55 449,300 $ 5.61 1,218,474 $ 6.84 Granted (2) 390,804 7.96 291,250 5.73 682,054 7.01 Settled (17,298 ) 6.60 — — (17,298 ) 6.60 Cancelled/forfeited (3,750 ) 7.97 (3,750 ) 5.73 (7,500 ) 6.85 Outstanding at end of year 1,138,930 $ 7.71 736,800 $ 5.66 1,875,730 $ 6.90 RSUs vested but not settled at end of year 554,023 $ 7.83 175,500 $ 5.21 729,523 $ 7.20 RSUs unvested at end of year 584,907 $ 7.59 561,300 $ 5.80 1,146,207 $ 6.71 For the Year Ended December 31, 2014 RSUs With Service Condition Weighted Average Grant Date Fair Value RSUs With Market and Service Conditions Weighted Average Grant Date Fair Value Total RSUs Total Outstanding at beginning of year: 490,099 $ 7.75 287,719 $ 4.32 777,818 $ 6.48 Granted (3) 357,015 7.22 273,800 5.87 630,815 6.64 Settled (72,873 ) 7.28 (14,465 ) 4.71 (87,338 ) 6.86 Cancelled/forfeited (5,067 ) 7.36 (97,754 ) 2.67 (102,821 ) 2.90 Outstanding at end of year 769,174 $ 7.55 449,300 $ 5.61 1,218,474 $ 6.84 RSUs vested but not settled at end of year 467,638 $ 7.81 175,500 $ 5.21 643,138 $ 7.10 RSUs unvested at end of year 301,536 $ 7.15 273,800 $ 5.87 575,336 $ 6.54 (1) The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 615,000 of these awards granted in 2016, the Company applied: (i) a weighted average volatility estimate of approximately 17% , which was determined considering historic volatility in the price of Company’s common stock over the three -year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s common stock at the grant date; (ii) a weighted average risk-free rate of 1.20% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards; and (iii) an estimated annual dividend yield of 11% . The weighted average grant date fair value for the remaining 113,195 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date of $7.20 . There are no post vesting conditions on these awards. (2) The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 582,500 of these awards granted in 2015, the Company applied: (i) a weighted average volatility estimate of approximately 18% , which was determined considering historic volatility in the price of Company’s common stock over the three -year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s common stock at the grant date; (ii) a weighted average risk-free rate of 0.90% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards; and (iii) an estimated annual dividend yield of 9% . The weighted average grant date fair value for the remaining 99,554 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date ranging from $7.93 to $7.97 . There are no post vesting conditions on these awards. (3) The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 547,600 of these awards granted in 2014, the Company applied: (i) a weighted average volatility estimate of approximately 22% , which was determined considering historic volatility in the price of Company’s common stock over the three -year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s common stock at the grant date; (ii) a weighted average risk-free rate of 0.73% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards; and (iii) an estimated annual dividend yield of 8% . The weighted average grant date fair value for the remaining 83,215 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date ranging from $7.19 to $8.16 . There are no post vesting conditions on these awards. Expense Recognized for Equity-Based Compensation Instruments The following table presents the Company’s expenses related to its equity-based compensation instruments for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, (In Thousands) 2016 2015 2014 Restricted shares of common stock $ 4,326 $ 4,373 $ 5,553 RSUs (1) 4,792 3,377 2,886 Dividend equivalent rights 44 82 146 Total $ 9,162 $ 7,832 $ 8,585 (1) RSU expense for the year ended December 31, 2014 includes approximately $500,000 for a one-time grant to the Company ’ s chief executive officer. ( b ) Employment Agreements At December 31, 2016 , the Company had employment agreements with four of its officers, with varying terms that provide for, among other things, base salary, bonus and change-in-control payments upon the occurrence of certain triggering events. ( c ) Deferred Compensation Plans The Company administers deferred compensation plans for its senior officers and non-employee directors (collectively, the “Deferred Plans”), pursuant to which participants may elect to defer up to 100% of certain cash compensation. The Deferred Plans are designed to align participants’ interests with those of the Company’s stockholders. Amounts deferred under the Deferred Plans are considered to be converted into “stock units” of the Company. Stock units do not represent stock of the Company, but rather are a liability of the Company that changes in value as would equivalent shares of the Company’s common stock. Deferred compensation liabilities are settled in cash at the termination of the deferral period, based on the value of the stock units at that time. The Deferred Plans are non-qualified plans under the Employee Retirement Income Security Act of 1974 and, as such, are not funded. Prior to the time that the deferred accounts are settled, participants are unsecured creditors of the Company. The Company’s liability for stock units in the Deferred Plans is based on the market price of the Company’s common stock at the measurement date. The following table presents the Company’s expenses related to its Deferred Plans for its non-employee directors and senior officers for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, (In Thousands) 2016 2015 2014 Non-employee directors $ 231 $ (59 ) $ 69 Total $ 231 $ (59 ) $ 69 The Company distributed cash of $122,000 , $109,000 and $119,000 to the participants of the Deferred Plans during the years ended December 31, 2016 , 2015 and 2014 , respectively. The following table presents the aggregate amount of income deferred by participants of the Deferred Plans through December 31, 2016 and 2015 that had not been distributed and the Company’s associated liability for such deferrals at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 (In Thousands) Undistributed Income Deferred (1) Liability Under Deferred Plans Undistributed Income Deferred (1) Liability Under Deferred Plans Non-employee directors $ 1,066 $ 1,263 $ 601 $ 614 Total $ 1,066 $ 1,263 $ 601 $ 614 (1) Represents the cumulative amounts that were deferred by participants through December 31, 2016 and 2015 , which had not been distributed through such respective date. ( d ) Savings Plan The Company sponsors a tax-qualified employee savings plan (the “Savings Plan”) in accordance with Section 401(k) of the Code. Subject to certain restrictions, all of the Company’s employees are eligible to make tax deferred contributions to the Savings Plan subject to limitations under applicable law. Participant’s accounts are self-directed and the Company bears the costs of administering the Savings Plan. The Company matches 100% of the first 3% of eligible compensation deferred by employees and 50% of the next 2% , subject to a maximum as provided by the Code. The Company has elected to operate the Savings Plan under the applicable safe harbor provisions of the Code, whereby among other things, the Company must make contributions for all participating employees and all matches contributed by the Company immediately vest 100% . For the years ended December 31, 2016 , 2015 and 2014 , the Company recognized expenses for matching contributions of $359,000 , $309,000 and $237,000 , respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows: Level 1 — Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or 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 the fair value measurement. The following describes the valuation methodologies used for the Company’s financial instruments measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy. Securities Obtained and Pledged as Collateral/Obligation to Return Securities Obtained as Collateral The fair value of U.S. Treasury securities obtained as collateral and the associated obligation to return securities obtained as collateral are based upon prices obtained from a third-party pricing service, which are indicative of market activity. Securities obtained as collateral are classified as Level 1 in the fair value hierarchy. MBS and CRT securities The Company determines the fair value of its Agency MBS, based upon prices obtained from third-party pricing services, which are indicative of market activity and repurchase agreement counterparties. For Agency MBS, the valuation methodology of the Company’s third-party pricing services incorporate commonly used market pricing methods, trading activity observed in the marketplace and other data inputs. The methodology also considers the underlying characteristics of each security, which are also observable inputs, including: collateral vintage, coupon, maturity date, loan age, reset date, collateral type, periodic and life cap, geography, and prepayment speeds. Management analyzes pricing data received from third-party pricing services and compares it to other indications of fair value including data received from repurchase agreement counterparties and its own observations of trading activity observed in the marketplace. In determining the fair value of its Non-Agency MBS and CRT securities, management considers a number of observable market data points, including prices obtained from pricing services and brokers as well as dialogue with market participants. In valuing Non-Agency MBS, the Company understands that pricing services use observable inputs that include, in addition to trading activity observed in the marketplace, loan delinquency data, credit enhancement levels and vintage, which are taken into account to assign pricing factors such as spread and prepayment assumptions. For tranches of Legacy Non-Agency MBS that are cross-collateralized, performance of all collateral groups involved in the tranche are considered. The Company collects and considers current market intelligence on all major markets, including benchmark security evaluations and bid-lists from various sources, when available. The Company’s MBS and CRT securities are valued using various market data points as described above, which management considers directly or indirectly observable parameters. Accordingly, the Company’s MBS and CRT securities are classified as Level 2 in the fair value hierarchy. Residential Whole Loans, at Fair Value The Company determines the fair value of its residential whole loans held at fair value after considering valuations obtained from a third-party who specializes in providing valuations of residential mortgage loans trading activity observed in the marketplace. The Company’s residential whole loans held at fair value are classified as Level 3 in the fair value hierarchy. Swaps The Company determines the fair value of non-centrally cleared Swaps considering valuations obtained from a third-party pricing service. For Swaps that are cleared by a central clearing house, valuations provided by the clearing house are used. All valuations obtained are tested with internally developed models that apply readily observable market parameters. The Company considers the creditworthiness of both the Company and its counterparties, along with collateral provisions contained in each derivative agreement, from the perspective of both the Company and its counterparties. All of the Company’s Swaps are subject either to bilateral collateral arrangements, or for cleared Swaps, to the clearing house’s margin requirements. Consequently, no credit valuation adjustment was made in determining the fair value of such instruments. Swaps are classified as Level 2 in the fair value hierarchy. The following tables present the Company’s financial instruments carried at fair value on a recurring basis as of December 31, 2016 and 2015 , on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at December 31, 2016 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Agency MBS $ — $ 3,738,497 $ — $ 3,738,497 Non-Agency MBS, including MBS transferred to consolidated VIEs — 5,825,816 — 5,825,816 CRT securities — 404,850 — 404,850 Securities obtained and pledged as collateral 510,767 — — 510,767 Residential whole loans, at fair value — — 814,682 814,682 Swaps — 233 — 233 Total assets carried at fair value $ 510,767 $ 9,969,396 $ 814,682 $ 11,294,845 Liabilities: Swaps $ — $ 46,954 $ — $ 46,954 Obligation to return securities obtained as collateral 510,767 — — 510,767 Total liabilities carried at fair value $ 510,767 $ 46,954 $ — $ 557,721 Fair Value at December 31, 2015 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Agency MBS $ — $ 4,752,244 $ — $ 4,752,244 Non-Agency MBS, including MBS transferred to consolidated VIEs — 6,420,817 — 6,420,817 CRT securities — 183,582 — 183,582 Securities obtained and pledged as collateral 507,443 — — 507,443 Residential whole loans, at fair value — — 623,276 623,276 Swaps — 1,127 — 1,127 Total assets carried at fair value $ 507,443 $ 11,357,770 $ 623,276 $ 12,488,489 Liabilities: Swaps $ — $ 70,526 $ — $ 70,526 Obligation to return securities obtained as collateral 507,443 — — 507,443 Total liabilities carried at fair value $ 507,443 $ 70,526 $ — $ 577,969 Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis The following table presents additional information for the years ended December 31, 2016 and 2015 about the Company’s residential whole loans, at fair value, which are classified as Level 3 and measured at fair value on a recurring basis: Residential Whole Loans, at Fair Value For the Year Ended December 31, (In Thousands) 2016 2015 Balance at beginning of period $ 623,276 $ 143,472 Purchases and capitalized advances 316,407 534,574 Changes in fair value recorded in Net gain on residential whole loans held at fair value 31,254 6,539 Collection of principal, net of liquidation gains/losses (66,694 ) (34,767 ) Repurchases (2,909 ) — Transfer to REO (86,652 ) (26,542 ) Balance at end of period $ 814,682 $ 623,276 The Company did not transfer any assets or liabilities from one level to another during the years ended December 31, 2016 and 2015 . Fair Value Methodology for Level 3 Financial Instruments The following tables present a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s residential whole loans held at fair value for which it has utilized Level 3 inputs to determine fair value as of December 31, 2016 and 2015 : December 31, 2016 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Residential whole loans, at fair value $ 253,287 Discounted cash flow Discount rate 6.6 % 5.0-7.7% Prepayment rate 7.6 % 0.0-12.0% Default rate 2.9 % 0.0-9.7% Loss severity 13.0 % 0.0-77.5% $ 516,014 Liquidation model Discount rate 7.7 % 6.8-26.9% Annual change in home prices 1.7 % (9.2)-7.7% Liquidation timeline (in years) 1.6 0.1-4.4 Current value of underlying properties (3) $ 634 $5-$4,900 Total $ 769,301 December 31, 2015 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Residential whole loans, at fair value $ 113,166 Discounted cash flow Discount rate 7.0 % 6.0-8.7% Prepayment rate 6.6 % 0.3-11.1% Default rate 3.1 % 0.0-9.1% Loss severity 17.03 % 10.0-79.4% $ 392,557 Liquidation model Discount rate 6.9 % 6.8-10.0% Annual change in home prices 1.3 % (5.5)-6.1% Liquidation timeline (in years) 1.6 0.7-4.4 Current value of underlying properties (3) $ 626 $14-$3,500 Total $ 505,723 (1) Excludes approximately $45.4 million and $117.6 million of loans for which management considers the purchase price continues to reflect the fair value of such loans at December 31, 2016 and 2015 , respectively. (2) Amounts are weighted based on the fair value of the underlying loan. (3) The simple average value of the properties underlying residential whole loans held at fair value valued via a liquidation model was approximately $320,000 and $305,000 as of December 31, 2016 and 2015 , respectively. The following table presents the difference between the fair value and the aggregate unpaid principal balance of the Company’s residential whole loans for which the fair value option was elected at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 (In Thousands) Fair Value Unpaid Principal Balance Difference Fair Value Unpaid Principal Balance Difference Residential whole loans, at fair value Total loans $ 814,682 $ 966,174 $ (151,492 ) $ 623,276 $ 786,330 $ (163,054 ) Loans 90 days or more past due $ 570,025 $ 695,282 $ (125,257 ) $ 493,640 $ 637,459 $ (143,819 ) Changes to the valuation methodologies used with respect to the Company’s financial instruments are reviewed by management to ensure any such changes result in appropriate exit price valuations. The Company will refine its valuation methodologies as markets and products develop and pricing methodologies evolve. The methods described above may produce fair value estimates that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with those used by market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of the measurement date, which may include periods of market dislocation, during which price transparency may be reduced. The Company reviews the classification of its financial instruments within the fair value hierarchy on a quarterly basis, and management may conclude that its financial instruments should be reclassified to a different level in the future. The following table presents the carrying values and estimated fair values of the Company’s financial instruments at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 (In Thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Agency MBS $ 3,738,497 $ 3,738,497 $ 4,752,244 $ 4,752,244 Non-Agency MBS, including MBS transferred to consolidated VIEs 5,825,816 5,825,816 6,420,817 6,420,817 CRT securities 404,850 404,850 183,582 183,582 Securities obtained and pledged as collateral 510,767 510,767 507,443 507,443 Residential whole loans, at carrying value 590,540 621,548 271,845 289,696 Residential whole loans, at fair value 814,682 814,682 623,276 623,276 Cash and cash equivalents 260,112 260,112 165,007 165,007 Restricted cash 58,463 58,463 71,538 71,538 Swaps 233 233 1,127 1,127 Financial Liabilities (1) : Repurchase agreements 8,472,268 8,472,078 7,887,622 7,828,115 FHLB advances 215,000 215,000 1,500,000 1,500,000 Securitized debt — — 21,868 22,057 Obligation to return securities obtained as collateral 510,767 510,767 507,443 507,443 Senior Notes 96,733 101,111 96,697 101,391 Swaps 46,954 46,954 70,526 70,526 (1) Carrying value of Senior Notes, Securitized debt and certain Repurchase agreements is net of associated debt issuance costs. In addition to the methodologies used to determine the fair value of the Company’s financial assets and liabilities reported at fair value on a recurring basis, as previously described, the following methods and assumptions were used by the Company in arriving at the fair value of the Company’s other financial instruments presented in the above table: Residential Whole Loans at Carrying Value: The Company determines the fair value of its residential whole loans held at carrying value after considering portfolio valuations obtained from a third-party who specializes in providing valuations of residential mortgage loans and trading activity observed in the marketplace. The Company’s residential whole loans held at carrying value are classified as Level 3 in the fair value hierarchy. Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents and restricted cash are comprised of cash held in overnight money market investments and demand deposit accounts. At December 31, 2016 and 2015 , the Company’s money market funds were invested in securities issued by the U.S. Government, or its agencies, instrumentalities, and sponsored entities, and repurchase agreements involving the securities described above. Given the overnight term and assessed credit risk, the Company’s investments in money market funds are determined to have a fair value equal to their carrying value. Repurchase Agreements: The fair value of repurchase agreements reflects the present value of the contractual cash flows discounted at market interest rates at the valuation date for repurchase agreements with a term equivalent to the remaining term to interest rate repricing, which may be at maturity. Such interest rates are estimated based on LIBOR rates observed in the market. The Company’s repurchase agreements are classified as Level 2 in the fair value hierarchy. FHLB Advances: FHLB advances reflect collateralized borrowings at variable market interest rates that reset on a monthly basis. Accordingly, the carrying amount of FHLB advances are considered to approximate fair value. The Company’s FHLB advances are classified as Level 2 in the fair value hierarchy. Securitized Debt: In determining the fair value of securitized debt, management considers a number of observable market data points, including prices obtained from pricing services and brokers as well as dialogue with market participants. Accordingly, the Company’s securitized debt is classified as Level 2 in the fair value hierarchy. Senior Notes: The fair value of the Senior Notes is determined using the end of day market price quoted on the NYSE at the reporting date. The Company’s Senior Notes are classified as Level 1 in the fair value hierarchy. The Company holds REO at the lower of the current carrying amount or fair value less estimated selling costs. At December 31, 2016 , the Company’s REO had an aggregate carrying value of $80.5 million and aggregate estimated fair value of $91.1 million . The Company’s REO is classified as Level 3 in the fair value hierarchy.

Use of Special Purpose Entities

Use of Special Purpose Entities and Variable Interest Entities	12 Months Ended
	Dec. 31, 2016
Use of Special Purpose Entities and Variable Interest Entities
Use of Special Purpose Entities and Variable Interest Entities	Use of Special Purpose Entities and Variable Interest Entities A Special Purpose Entity (“SPE”) is an entity designed to fulfill a specific limited need of the company that organized it. SPEs are often used to facilitate transactions that involve securitizing financial assets or resecuritizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to a SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business, through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and, depending on the overall structure of the transaction, may benefit from various forms of credit enhancement such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. Resecuritization transactions The Company has in prior years entered into several resecuritization transactions that resulted in the Company consolidating as VIEs the SPEs that were created to facilitate the transactions and to which the underlying assets in connection with the resecuritizations were transferred. See Note 2 ( r ) for a discussion of the accounting policies applied to the consolidation of VIEs and transfers of financial assets in connection with resecuritization transactions. The Company has engaged in resecuritization transactions primarily for the purpose of obtaining non-recourse financing on a portion of its Non-Agency MBS portfolio, as well as refinancing a portion of its Non-Agency MBS portfolio on improved terms. Notwithstanding the Company’s participation in these transactions, the risks facing the Company are largely unchanged as the Company remains economically exposed to the first loss position on the underlying MBS transferred to the VIEs. The activities that can be performed by an entity created to facilitate a resecuritization transaction are generally specified in the entity’s formation documents. Those documents do not permit the entity, any beneficial interest holder in the entity, or any other party associated with the entity to cause the entity to sell or replace the assets held by the entity, or limit such ability to when specific events of default occur. The Company concluded that the entities created to facilitate these resecuritization transactions are VIEs. The Company then completed an analysis of whether each VIE created to facilitate the resecuritization transaction should be consolidated by the Company, based on consideration of its involvement in each VIE, including the design and purpose of the SPE, and whether its involvement reflected a controlling financial interest that resulted in the Company being deemed the primary beneficiary of each VIE. In determining whether the Company would be considered the primary beneficiary, the following factors were assessed: • Whether the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE; and • Whether the Company has a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. Based on its evaluation of the factors discussed above, including its involvement in the purpose and design of the entity, the Company determined that it was required to consolidate each VIE created to facilitate these resecuritization transactions. As of December 31, 2016 and 2015 , the aggregate fair value of the Non-Agency MBS that were resecuritized as described above was $174.4 million and $598.3 million , respectively. These assets are included in the Company’s consolidated balance sheets and disclosed as “Non-Agency MBS transferred to consolidated VIEs, at fair value”. During the year ended December 31, 2016 , the principal balance for the WFMLT Series 2012-RR1 A1 Bond was paid-off, thereby reducing the aggregate outstanding balance of credit support provided for the senior Non-Agency MBS sold to third-party investors in resecuritization transactions (“Senior Bonds”) issued by consolidated VIEs to zero . As of December 31, 2015 , the aggregate outstanding balance of Senior Bonds issued by consolidated VIEs was $22.1 million . These Senior Bonds are included in Other liabilities on the Company’s consolidated balance sheets and disclosed as “Securitized debt.” During the first quarter of 2016, the Company entered into an agreement to amend the Trust Agreement of the DMSI 2010-RS2 Trust (the “Trust”) in order to facilitate the unwind of this resecuritization transaction. Concurrent with the amendment to the Trust Agreement, the Company entered into a transaction to exchange the remaining beneficial interests issued by the Trust and held by the Company for the underlying securities that had previously been transferred to and held by the Trust. During the third quarter of 2016 and subsequent to completion of any final Trust distributions, the remaining beneficial interests were cancelled and the Trust was terminated . For financial reporting purposes, the exchange transaction and termination of this financing structure did not result in any gain or loss to the Company as this resecuritization was accounted for as a financing transaction. However, for purposes of determining REIT taxable income, this resecuritization transaction was originally accounted for as a sale of the underlying securities to the Trust and acquisition of beneficial interests issued by the Trust. Because the fair value of the underlying securities received exceeded the Company’s tax basis in the remaining beneficial interests at the exchange date, the unwind of this resecuritization structure resulted in the Company recognizing taxable income currently estimated to be approximately $70.9 million or $0.19 per common share. In addition, the underlying securities originally transferred as part of this resecuritization are reported as Non-Agency MBS in the Company’s consolidated balance sheets at December 31, 2016 and interest income from the underlying securities from the date of exchange transaction through December 31, 2016 is reported as Interest income from Non-Agency MBS in the Company’s consolidated statements of operations. Prior to the completion of the Company’s first resecuritization transaction in October 2010, the Company had not transferred assets to VIEs or QSPEs and other than acquiring MBS issued by such entities, had no other involvement with VIEs or QSPEs. Residential Whole Loans Included on the Company’s consolidated balance sheets as of December 31, 2016 and 2015 are a total of $1.4 billion and $895.1 million of residential whole loans, of which approximately $590.5 million and $271.8 million are reported at carrying value and $814.7 million and $623.3 million are reported at fair value, respectively. The inclusion of these assets arises from the Company’s 100% equity interest in certain trusts established to acquire the loans. Based on its evaluation of its 100% interest in these trusts and other factors, the Company has determined that the trusts are required to be consolidated for financial reporting purposes. During 2016 , 2015 and 2014 , the Company recognized interest income from residential whole loans reported at carrying value of approximately $23.9 million , $16.0 million and $4.1 million , respectively, which is included in Interest Income on the Company’s consolidated statements of operations. In addition, the Company recognized net gains on residential whole loans held at fair value during 2016 , 2015 and 2014 of approximately $59.7 million , $17.7 million and $116,000 , respectively, which amounts are included in Other Income, net on the Company’s consolidated statements of operations. (See Note 4 )

Summary of Quarterly Results of

Summary of Quarterly Results of Operations (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Results of Operations (Unaudited)	Summary of Quarterly Results of Operations (Unaudited) 2016 Quarter Ended (In Thousands, Except per Share Amounts) March 31 June 30 September 30 December 31 Interest income $ 117,418 $ 114,507 $ 112,716 $ 112,528 Interest expense (47,600 ) (47,720 ) (48,167 ) (49,868 ) Net interest income 69,818 66,787 64,549 62,660 Net impairment losses recognized in earnings — — (485 ) — Net gain on residential whole loans held at fair value 11,881 14,470 18,701 14,632 Gain on sales of MBS 9,745 9,241 7,083 9,768 Other income 1,085 3,319 8,117 1,281 Operating and other expense (14,459 ) (14,867 ) (14,954 ) (15,704 ) Net income 78,070 78,950 83,011 72,637 Preferred stock dividends (3,750 ) (3,750 ) (3,750 ) (3,750 ) Net income available to common stock and participating securities $ 74,320 $ 75,200 $ 79,261 $ 68,887 Earnings per Common Share - Basic and Diluted $ 0.20 $ 0.20 $ 0.21 $ 0.18 2015 Quarter Ended (In Thousands, Except per Share Amounts) March 31 June 30 September 30 December 31 Interest income $ 129,943 $ 123,995 $ 119,706 $ 118,499 Interest expense (43,940 ) (42,849 ) (43,703 ) (46,456 ) Net interest income 86,003 81,146 76,003 72,043 Net impairment losses recognized in earnings (407 ) (298 ) — — Net gain on residential whole loans held at fair value 2,034 3,224 5,565 6,899 Gain on sales of MBS 6,435 7,617 11,196 9,652 Other income/(loss) 311 (678 ) (259 ) (831 ) Operating and other expense (12,202 ) (12,940 ) (12,995 ) (14,292 ) Net income 82,174 78,071 79,510 73,471 Preferred stock dividends (3,750 ) (3,750 ) (3,750 ) (3,750 ) Net income available to common stock and participating securities $ 78,424 $ 74,321 $ 75,760 $ 69,721 Earnings per Common Share - Basic and Diluted $ 0.21 $ 0.20 $ 0.20 $ 0.19

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Mortgage Loans on Real Estate December 31, 2016 Asset Type Number Interest Rate Maturity Date Range Balance Sheet Reported Amount Principal Amount of Loans Subject to Delinquent Principal or Interest (Dollars in Thousands) Residential Whole Loans at Carrying Value Original loan balance $0 - $149,999 1,189 0.00% - 13.08% 3/1/2011-9/1/2057 $ 82,718 $ 16,826 Original loan balance $150,000 - $299,999 1,107 1.00% - 11.00% 2/1/2016-11/1/2064 168,636 19,800 Original loan balance $300,000 - $449,999 469 1.31% - 9.75% 3/1/2018-5/1/2062 126,681 15,258 Original loan balance greater than $449,999 461 1.25% - 8.50% 9/1/2018-12/1/2057 212,505 24,258 3,226 $ 590,540 $ 76,142 Residential Whole Loans at Fair Value Original loan balance $0 - $149,999 1,268 1.00% - 14.99% 2/1/2004-10/1/2056 $ 101,448 $ 71,868 Original loan balance $150,000 - $299,999 1,324 1.80% - 12.38% 6/1/2012-2/1/2057 217,555 176,177 Original loan balance $300,000 - $449,999 621 1.87% - 11.00% 7/1/2013-7/1/2056 176,389 155,087 Original loan balance greater than $449,999 599 0.00% - 10.88% 9/1/2013-12/1/2056 319,290 292,150 3,812 $ 814,682 $ 695,282 7,038 $ 1,405,222 $ 771,424 Reconciliation of Balance Sheet Reported Amounts of Mortgage Loans on Real Estate The following table summarizes the changes in the carrying amounts of residential whole loans during the year ended December 31, 2016 : For the Year Ended December 31, 2016 (In Thousands) Residential Whole Loans at Carrying Value Residential Whole Loans at Fair Value Beginning Balance $ 271,845 $ 623,276 Additions during period: Purchases and capitalized advances 363,089 316,407 Yield accreted 23,916 N/A Deductions during period: Collection of principal (44,692 ) (66,694 ) Collection of interest (21,428 ) N/A Changes in fair value recorded in Gain on loans recorded at fair value N/A 31,254 Provision for loan loss 175 N/A Repurchases — (2,909 ) Transfer to REO (2,365 ) (86,652 ) Ending Balance $ 590,540 $ 814,682

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of 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. Although the Company’s estimates contemplate current conditions and how it expects them to change in the future, it is reasonably possible that actual conditions could differ from those estimates, which could materially impact the Company’s results of operations and its financial condition. Management has made significant estimates in several areas, including other-than-temporary impairment (“OTTI”) on MBS (See Note 3 ), valuation of MBS and CRT securities (See Notes 3 and 15 ), income recognition and valuation of residential whole loans (See Notes 4 and 15 ), valuation of derivative instruments (See Notes 5 ( b ) and 15 ) and income recognition on certain Non-Agency MBS (defined below) purchased at a discount. (See Note 3 ) In addition, estimates are used in the determination of taxable income used in the assessment of REIT compliance and contingent liabilities for related taxes, penalties and interest. (See Note 2 ( o )) Actual results could differ from those estimates. The Company has one reportable segment as it manages its business and analyzes and reports its results of operations on the basis of one operating segment; investing, on a leveraged basis, in residential mortgage assets. The consolidated financial statements of the Company include the accounts of all subsidiaries; all intercompany accounts and transactions have been eliminated. In addition, the Company consolidates the remaining special purpose entities created to facilitate resecuritization transactions completed in prior years and the acquisition of residential whole loans. Certain prior period amounts have been reclassified to conform to the current period presentation.
MBS (including Non-Agency MBS transferred to consolidated VIEs) and CRT Securities	MBS (including Non-Agency MBS transferred to consolidated VIEs) and CRT Securities The Company has investments in residential MBS that are issued or guaranteed as to principal and/or interest by a federally chartered corporation, such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or an agency of the U.S. Government, such as the Government National Mortgage Association (“Ginnie Mae”) (collectively, “Agency MBS”), and residential MBS that are not guaranteed by any agency of the U.S. Government or any federally chartered corporation (“Non-Agency MBS”). In addition, the Company has investments in CRT securities that are issued by Fannie Mae and Freddie Mac. The coupon payments on CRT securities are paid by Fannie Mae and Freddie Mac and the principal payments received are based on the performance of loans in a reference pool of previously securitized MBS. As the loans in the underlying reference pool are paid, the principal balance of the CRT securities is paid. As an investor in a CRT security, the Company may incur a loss if certain defined credit events occur, including, for certain CRT securities, if the loans in the reference pool experience delinquencies exceeding specified thresholds. Designation The Company generally intends to hold its MBS until maturity; however, from time to time, it may sell any of its securities as part of the overall management of its business. As a result, all of the Company’s MBS are designated as “available-for-sale” (“AFS”) and, accordingly, are carried at their fair value with unrealized gains and losses excluded from earnings (except when an OTTI is recognized, as discussed below) and reported in Accumulated other comprehensive income/(loss) (“AOCI”), a component of Stockholders’ Equity. Upon the sale of an AFS security, any unrealized gain or loss is reclassified out of AOCI to earnings as a realized gain or loss using the specific identification method. The Company has elected the fair value option for certain of its CRT securities as it considers this method of accounting to more appropriately reflect the risk sharing structure of these securities. Such securities are carried at their fair value with changes in fair value included in earnings for the period and reported in Other Income, net on the Company’s consolidated statement of operations. Revenue Recognition, Premium Amortization and Discount Accretion Interest income on securities is accrued based on the outstanding principal balance and their contractual terms. Premiums and discounts associated with Agency MBS and Non-Agency MBS assessed as high credit quality at the time of purchase are amortized into interest income over the life of such securities using the effective yield method. Adjustments to premium amortization are made for actual prepayment activity. Interest income on the Non-Agency MBS that were purchased at a discount to par value and/or are considered to be of less than high credit quality is recognized based on the security’s effective interest rate which is the security’s internal rate of return (“IRR”). The IRR is determined using management’s estimate of the projected cash flows for each security, which are based on the Company’s observation of current information and events and include assumptions related to fluctuations in interest rates, prepayment speeds and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the IRR/ interest income recognized on these securities or in the recognition of OTTIs. (See Note 3 ) Based on the projected cash flows from the Company’s Non-Agency MBS purchased at a discount to par value, a portion of the purchase discount may be designated as non-accretable purchase discount (“Credit Reserve”), which effectively mitigates the Company’s risk of loss on the mortgages collateralizing such MBS and is not expected to be accreted into interest income. The amount designated as Credit Reserve may be adjusted over time, based on the actual performance of the security, its underlying collateral, actual and projected cash flow from such collateral, economic conditions and other factors. If the performance of a security with a Credit Reserve is more favorable than forecasted, a portion of the amount designated as Credit Reserve may be reallocated to accretable discount and recognized into interest income over time. Conversely, if the performance of a security with a Credit Reserve is less favorable than forecasted, the amount designated as Credit Reserve may be increased, or impairment charges and write-downs of such securities to a new cost basis could result. Determination of Fair Value for MBS and CRT Securities In determining the fair value of the Company’s MBS and CRT securities, management considers a number of observable market data points, including prices obtained from pricing services, brokers and repurchase agreement counterparties, dialogue with market participants, as well as management’s observations of market activity. (See Note 15 ) Impairments/OTTI When the fair value of an AFS security is less than its amortized cost at the balance sheet date, the security is considered impaired. The Company assesses its impaired securities on at least a quarterly basis and designates such impairments as either “temporary” or “other-than-temporary.” If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before its anticipated recovery, then the Company must recognize an OTTI through charges to earnings equal to the entire difference between the investment’s amortized cost and its fair value at the balance sheet date. If the Company does not expect to sell an other-than-temporarily impaired security, only the portion of the OTTI related to credit losses is recognized through charges to earnings with the remainder recognized through AOCI on the consolidated balance sheets. Impairments recognized through other comprehensive income/(loss) (“OCI”) do not impact earnings. Following the recognition of an OTTI through earnings, a new cost basis is established for the security and may not be adjusted for subsequent recoveries in fair value through earnings. However, OTTIs recognized through charges to earnings may be accreted back to the amortized cost basis of the security on a prospective basis through interest income. The determination as to whether an OTTI exists and, if so, the amount of credit impairment recognized in earnings is subjective, as such determinations are based on factual information available at the time of assessment as well as the Company’s estimates of the future performance and cash flow projections. As a result, the timing and amount of OTTIs constitute material estimates that are susceptible to significant change. (See Note 3 ) Non-Agency MBS that are assessed to be of less than high credit quality and on which impairments are recognized have experienced, or are expected to experience, credit-related adverse cash flow changes. The Company’s estimate of cash flows for its Non-Agency MBS is based on its review of the underlying mortgage loans securing the MBS. The Company considers information available about the past and expected future performance of underlying mortgage loans, including timing of expected future cash flows, prepayment rates, default rates, loss severities, delinquency rates, percentage of non-performing loans, Fair Isaac Corporation (“FICO”) scores at loan origination, year of origination, loan-to-value ratios (“LTVs”), geographic concentrations, as well as reports by credit rating agencies, such as Moody’s Investors Services, Inc. (“Moody’s”), Standard & Poor’s Corporation (“S&P”) or Fitch, Inc. (collectively with Moody’s and S&P, “Rating Agencies”), general market assessments, and dialogue with market participants. As a result, significant judgment is used in the Company’s analysis to determine the expected cash flows for its Non-Agency MBS. In determining the OTTI related to credit losses for securities that were purchased at significant discounts to par and/or are considered to be of less than high credit quality, the Company compares the present value of the remaining cash flows expected to be collected at the purchase date (or last date previously revised) against the present value of the cash flows expected to be collected at the current financial reporting date. The discount rate used to calculate the present value of expected future cash flows is the current yield used for income recognition purposes. Impairment assessment for Non-Agency MBS and CRT securities that were purchased at prices close to par and/or are otherwise considered to be of high credit quality involves comparing the present value of the remaining cash flows expected to be collected against the amortized cost of the security at the assessment date. The discount rate used to calculate the present value of the expected future cash flows is based on the instrument’s IRR. Balance Sheet Presentation The Company’s MBS and CRT securities pledged as collateral against repurchase agreements, Federal Home Loan Bank advances and Swaps are included on the consolidated balance sheets with the fair value of the securities pledged disclosed parenthetically. Purchases and sales of securities are recorded on the trade date.
Securities Obtained and Pledged as Collateral/Obligation to Return Securities Obtained as Collateral	Securities Obtained and Pledged as Collateral/Obligation to Return Securities Obtained as Collateral The Company has obtained securities as collateral under collateralized financing arrangements in connection with its financing strategy for Non-Agency MBS. Securities obtained as collateral in connection with these transactions are recorded on the Company’s consolidated balance sheets as an asset along with a liability representing the obligation to return the collateral obtained, at fair value. While beneficial ownership of securities obtained remains with the counterparty, the Company has the right to transfer the collateral obtained or to pledge it as part of a subsequent collateralized financing transaction. (See Note 2 ( k ) for Repurchase Agreements and Reverse Repurchase Agreements)
Residential Whole Loans	Residential Whole Loans Residential whole loans included in the Company’s consolidated balance sheets are comprised of pools of fixed and adjustable rate residential mortgage loans acquired through consolidated trusts in secondary market transactions generally at discounted purchase prices. The accounting model utilized by the Company is determined at the time each loan package is initially acquired and is generally based on the delinquency status of the majority of the underlying borrowers in the package at acquisition. The accounting model described below under “ Residential Whole Loans at Carrying Value ” is typically utilized by the Company for loans where the underlying borrower has a delinquency status of less than 60 days at the acquisition date. The accounting model described below under “ Residential Whole Loans at Fair Value ” is typically utilized by the Company for loans where the underlying borrower has a delinquency status of 60 days or more at the acquisition date. The accounting model initially applied is not subsequently changed. The Company’s residential whole loans pledged as collateral against repurchase agreements are included in the consolidated balance sheets with amounts pledged disclosed parenthetically. Purchases and sales of residential whole loans are recorded on the trade date, with amounts recorded reflecting management’s current estimate of assets that will be acquired or disposed at the closing of the transaction. This estimate is subject to revision at the closing of the transaction, pending the outcome of due diligence performed prior to closing. Recorded amounts of residential whole loans for which the closing of the purchase transaction is yet to occur are not eligible to be pledged as collateral against any repurchase agreement financing until the closing of the purchase transaction. Residential Whole Loans at Carrying Value Notwithstanding that the majority of these loans are considered to be performing substantially in accordance with their current contractual terms and conditions, the Company has elected to account for these loans as credit impaired as they were acquired at discounted prices that reflect, in part, the impaired credit history of the borrower. Substantially all of the borrowers have previously experienced payment delinquencies and the amount owed on the mortgage loan may exceed the value of the property pledged as collateral. Consequently, the Company has assessed that these loans have a higher likelihood of default than newly originated mortgage loans with LTVs of 80% or less to creditworthy borrowers. The Company believes that amounts paid to acquire these loans represent fair market value at the date of acquisition. Such loans are initially recorded at fair value with no allowance for loan losses. Subsequent to acquisition, the recorded amount reflects the original investment amount, plus accretion of interest income, less principal and interest cash flows received. These loans are presented on the Company’s consolidated balance sheets at carrying value, which reflects the recorded amount reduced by any allowance for loan losses established subsequent to acquisition. Under the application of this accounting model, the Company may aggregate into pools loans acquired in the same fiscal quarter that are assessed as having similar risk characteristics. For each pool established, or on an individual loans basis for loans not aggregated into pools, the Company estimates at acquisition and periodically on at least a quarterly basis, the principal and interest cash flows expected to be collected. The difference between the cash flows expected to be collected and the carrying amount of the loans is referred to as the “accretable yield.” This amount is accreted as interest income over the life of the loans using an effective interest rate (level yield) methodology. Interest income recorded each period reflects the amount of accretable yield recognized and not the coupon interest payments received on the underlying loans. The difference between contractually required principal and interest payments and the cash flows expected to be collected is referred to as the “non-accretable difference,” and includes estimates of both the effect of prepayments and expected credit losses over the life of the underlying loans. A decrease in expected cash flows in subsequent periods may indicate impairment at the pool and/or individual loan level, thus requiring the establishment of an allowance for loan losses by a charge to the provision for loan losses. The allowance for loan losses represents the present value of cash flows expected at acquisition, adjusted for any increases due to changes in estimated cash flows, that are subsequently no longer expected to be received at the relevant measurement date. A significant increase in expected cash flows in subsequent periods first reduces any previously recognized allowance for loan losses and then will result in a recalculation in the amount of accretable yield. The adjustment of accretable yield due to a significant increase in expected cash flows is accounted for prospectively as a change in estimate and results in reclassification from nonaccretable difference to accretable yield. (See Notes 4 and 16 ) Residential Whole Loans at Fair Value Certain of the Company’s residential whole loans are presented at fair value on its consolidated balance sheets as a result of a fair value election made at time of acquisition. Given the significant uncertainty associated with estimating the timing of and amount of cash flows associated with these loans that will be collected, and that the cash flows ultimately collected may be dependent on the value of the property securing the loan, the Company considers that accounting for these loans at fair value should result in a better reflection over time of the economic returns from these loans. The Company determines the fair value of its residential whole loans held at fair value after considering portfolio valuations obtained from a third-party who specializes in providing valuations of residential mortgage loans and trading activity observed in the marketplace. Subsequent changes in fair value are reported in current period earnings and presented in Net gain on residential whole loans held at fair value on the Company’s consolidated statements of operations. Cash received reflecting coupon payments on residential whole loans held at fair value is not included in Interest Income, but rather is presented in Net gain on residential whole loans held at fair value on the Company’s consolidated statements of operations. Cash outflows associated with loan related advances made by the Company on behalf of the borrower are included in the basis of the loan and are reflected in Net gain on residential whole loans held at fair value. (See Notes 4 and 15 )
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on deposit with financial institutions and investments in money market funds, all of which have original maturities of three months or less. Cash and cash equivalents may also include cash pledged as collateral to the Company by its repurchase agreement and/or Swap counterparties as a result of reverse margin calls (i.e., margin calls made by the Company). The Company did not hold any cash pledged by its counterparties at December 31, 2016 or 2015 .
Restricted Cash	Restricted Cash Restricted cash represents the Company’s cash held by its counterparties as collateral or otherwise in connection with the Company’s Swaps and/or repurchase agreements. Restricted cash is not available to the Company for general corporate purposes, but may be applied against amounts due to counterparties to the Company’s repurchase agreements and/or Swaps, or may be returned to the Company when the related collateral requirements are exceeded or at the maturity of the Swap or repurchase agreement.
Goodwill	Goodwill At December 31, 2016 and 2015 , the Company had goodwill of $7.2 million , which represents the unamortized portion of the excess of the fair value of its common stock issued over the fair value of net assets acquired in connection with its formation in 1998. Goodwill is tested for impairment at least annually, or more frequently under certain circumstances, at the entity level. Through December 31, 2016 , the Company had not recognized any impairment against its goodwill.
Real Estate Owned (REO)	Real Estate Owned (“REO”) REO represents real estate acquired by the Company, including through foreclosure, deed in lieu of foreclosure, or purchased in connection with the acquisition of residential whole loans. REO acquired through foreclosure or deed in lieu of foreclosure is initially recorded at fair value less estimated selling costs. REO acquired in connection with the acquisition of residential whole loans is initially recorded at its purchase price. Subsequent to acquisition, REO is reported, at each reporting date, at the lower of the current carrying amount or fair value less estimated selling costs and for presentation purposes is included in Other assets on the Company’s consolidated balance sheets. Changes in fair value that result in an adjustment to the reported amount of an REO property that has a fair value at or below its carrying amount are reported in Other Income, net on the Company’s consolidated statements of operations. (See Note 5 ( a ))
Depreciation	Depreciation Leasehold Improvements and Other Depreciable Assets Depreciation is computed on the straight-line method over the estimated useful life of the related assets or, in the case of leasehold improvements, over the shorter of the useful life or the lease term. Furniture, fixtures, computers and related hardware have estimated useful lives ranging from five to eight years at the time of purchase.
Resecuritization and Senior Notes Related Costs	Resecuritization and Other Debt Issuance Costs Resecuritization related costs are costs associated with the issuance of beneficial interests by consolidated VIEs and incurred by the Company in connection with various resecuritization transactions completed by the Company. Other debt issuance and related costs include costs incurred by the Company in connection with issuing Senior Notes and certain other repurchase agreement financings. These costs may include underwriting, rating agency, legal, accounting and other fees. Such costs, which reflect deferred charges, are included on the Company’s consolidated balance sheets as a direct deduction from the corresponding debt liability. These deferred charges are amortized as an adjustment to interest expense using the effective interest method. For resecuritization financings, amortization is based upon the actual repayments of the associated beneficial interests issued to third parties. For Senior Notes and other repurchase agreement financings, such costs are amortized over the shorter of the period to the expected or stated legal maturity of the debt instruments. The Company periodically reviews the recoverability of these deferred costs and in the event an impairment charge is required, such amount will be included in Operating and Other Expense on the Company’s consolidated statements of operations.
Repurchase Agreements and Other Advances	Repurchase Agreements and Other Advances Repurchase Agreements The Company finances the holdings of a significant portion of its residential mortgage assets with repurchase agreements. Under repurchase agreements, the Company sells securities to a lender and agrees to repurchase the same securities in the future for a price that is higher than the original sale price. The difference between the sale price that the Company receives and the repurchase price that the Company pays represents interest paid to the lender. Although legally structured as sale and repurchase transactions, the Company accounts for repurchase agreements as secured borrowings. Under its repurchase agreements, the Company pledges its securities as collateral to secure the borrowing, which is equal in value to a specified percentage of the fair value of the pledged collateral, while the Company retains beneficial ownership of the pledged collateral. At the maturity of a repurchase financing, unless the repurchase financing is renewed with the same counterparty, the Company is required to repay the loan, including any accrued interest and concurrently receives back its pledged collateral from the lender. With the consent of the lender, the Company may renew a repurchase financing at the then prevailing financing terms. Margin calls, whereby a lender requires that the Company pledge additional securities or cash as collateral to secure borrowings under its repurchase financing with such lender, are routinely experienced by the Company when the value of the MBS pledged as collateral declines as a result of principal amortization and prepayments or due to changes in market interest rates, spreads or other market conditions. The Company also may make margin calls on counterparties when collateral values increase. The Company’s repurchase financings typically have terms ranging from one month to six months at inception, but may also have longer or shorter terms. Should a counterparty decide not to renew a repurchase financing at maturity, the Company must either refinance elsewhere or be in a position to satisfy the obligation. If, during the term of a repurchase financing, a lender should default on its obligation, the Company might experience difficulty recovering its pledged assets which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged by the Company to such lender, including accrued interest receivable or such collateral. (See Notes 6 , 7 and 15 ) In addition to the repurchase agreement financing arrangements discussed above, as part of its financing strategy for Non-Agency MBS, the Company has entered into contemporaneous repurchase and reverse repurchase agreements with a single counterparty. Under a typical reverse repurchase agreement, the Company buys securities from a borrower for cash and agrees to sell the same securities in the future for a price that is higher than the original purchase price. The difference between the purchase price the Company originally paid and the sale price represents interest received from the borrower. In contrast, the contemporaneous repurchase and reverse repurchase transactions effectively resulted in the Company pledging Non-Agency MBS as collateral to the counterparty in connection with the repurchase agreement financing and obtaining U.S. Treasury securities as collateral from the same counterparty in connection with the reverse repurchase agreement. No net cash was exchanged between the Company and counterparty at the inception of the transactions. Securities obtained and pledged as collateral are recorded as an asset on the Company’s consolidated balance sheets. Interest income is recorded on the reverse repurchase agreement and interest expense is recorded on the repurchase agreement on an accrual basis. Both the Company and the counterparty have the right to make daily margin calls based on changes in the value of the collateral obtained and/or pledged. The Company’s liability to the counterparty in connection with this financing arrangement is recorded on the Company’s consolidated balance sheets and disclosed as “Obligation to return securities obtained as collateral, at fair value.” (See Note 2 ( c ))
Federal Home Loan Bank (“FHLB”) Advances	Federal Home Loan Bank (“FHLB”) Advances FHLB advances are secured financing transactions and are carried at their contractual amounts. The ability to borrow from the FHLB is subject to the Company’s continued creditworthiness, pledging of sufficient eligible collateral to secure advances, and compliance with certain agreements with the FHLB. The amount of collateral pledged to the FHLB to secure advances is subject to periodic adjustment based on changes in the fair value of the collateral. Accrued interest payable on FHLB advances is included in Other liabilities on the Company’s consolidated balance sheets. (See Notes 6 , 7 and 15 ) In addition, as a condition to membership in the FHLB, the Company’s wholly-owned subsidiary, MFA Insurance, Inc. (“MFA Insurance”) is required to purchase and hold a certain amount of FHLB stock, which is based, in part, upon the outstanding principal balance of advances from the FHLB. FHLB stock is considered a non-marketable investment, is carried at cost and is subject to recoverability testing under applicable accounting standards. This stock can only be redeemed or sold at its par value, and only to the FHLB. Accordingly, when evaluating FHLB stock for impairment, the Company considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. FHLB stock is included in Other assets on the Company’s consolidated balance sheets.
Equity-Based Compensation	Equity-Based Compensation Compensation expense for equity-based awards that are subject to vesting conditions, is recognized ratably over the vesting period of such awards, based upon the fair value of such awards at the grant date. With respect to awards granted in 2009 and prior years, the Company applied a zero forfeiture rate for these awards, as they were granted to a limited number of employees, and historical forfeitures have been minimal. Forfeitures, or an indication that forfeitures are expected to occur, may result in a revised forfeiture rate and would be accounted for prospectively as a change in estimate. From 2011 through 2013, the Company granted certain restricted stock units (“RSUs”) that vested annually over a one or three -year period, provided that certain criteria were met, which were based on a formula tied to the Company’s achievement of average total stockholder return during that three -year period. Starting in January 2014, the Company has made annual grants of RSUs certain of which cliff vest after a three -year period and others of which cliff vest after a three -year period, subject to the achievement of certain performance criteria based on a formula tied to the Company’s achievement of average total stockholder return during that three-year period. The features in these awards related to the attainment of total stockholder return over a specified period constitute a “market condition” which impacts the amount of compensation expense recognized for these awards. Specifically, the uncertainty regarding the achievement of the market condition was reflected in the grant date fair valuation of the RSUs, which in addition to estimates regarding the amount of RSUs expected to be forfeited during the associated service period, determined the amount of compensation expense recognized. The amount of compensation expense recognized was not dependent on whether the market condition was or will be achieved, while differences in actual forfeiture experience relative to estimated forfeitures results in adjustments to the timing and amount of compensation expense recognized. The Company has awarded dividend equivalents that may be granted as a separate instrument or may be a right associated with the grant of another equity-based award. Compensation expense for separately awarded dividend equivalents is based on the grant date fair value of such awards and is recognized over the vesting period. Payments pursuant to these dividend equivalents are charged to Stockholders’ Equity. Payments pursuant to dividend equivalents that are attached to equity-based awards are charged to Stockholders’ Equity to the extent that the attached equity awards are expected to vest. Compensation expense is recognized for payments made for dividend equivalents to the extent that the attached equity awards do not or are not expected to vest and grantees are not required to return payments of dividends or dividend equivalents to the Company. (See Notes 2 ( m ) and 14 )
Earnings per Common Share ("EPS")	Earnings per Common Share (“EPS”) Basic EPS is computed using the two-class method, which includes the weighted-average number of shares of common stock outstanding during the period and other securities that participate in dividends, such as the Company’s unvested restricted stock and RSUs that have non-forfeitable rights to dividends and dividend equivalents attached to/associated with RSUs and vested stock options to arrive at total common equivalent shares. In applying the two-class method, earnings are allocated to both shares of common stock and securities that participate in dividends based on their respective weighted-average shares outstanding for the period. For the diluted EPS calculation, common equivalent shares are further adjusted for the effect of dilutive unexercised stock options and RSUs outstanding that are unvested and have dividends that are subject to forfeiture using the treasury stock method. Under the treasury stock method, common equivalent shares are calculated assuming that all dilutive common stock equivalents are exercised and the proceeds, along with future compensation expenses associated with such instruments, are used to repurchase shares of the Company’s outstanding common stock at the average market price during the reported period. (See Note 13 )
Comprehensive Income/(Loss)	Comprehensive Income/(Loss) The Company’s comprehensive income/(loss) available to common stock and participating securities includes net income, the change in net unrealized gains/(losses) on its AFS securities and derivative hedging instruments, (to the extent that such changes are not recorded in earnings), adjusted by realized net gains/(losses) reclassified out of AOCI for sold AFS securities and de-designated derivative hedging instruments and is reduced by dividends declared on the Company’s preferred stock and issuance costs of redeemed preferred stock.
U.S. Federal Income Taxes	U.S. Federal Income Taxes The Company has elected to be taxed as a REIT under the provisions of the Internal Revenue Code of 1986, as amended, (the “Code”) and the corresponding provisions of state law. The Company expects to operate in a manner that will enable it to satisfy the various requirements to maintain its status as a REIT for federal income tax purposes. In order to maintain its status as a REIT, the Company must, among other things, distribute at least 90% of its REIT taxable income (excluding net long-term capital gains) to stockholders in the timeframe permitted by the Code. As long as the Company maintains its status as a REIT, the Company will not be subject to regular federal income tax to the extent that it distributes 100% of its REIT taxable income (including net long-term capital gains) to its stockholders within the permitted timeframe. Should this not occur, the Company would be subject to federal taxes at prevailing corporate tax rates on the difference between its REIT taxable income and the amounts deemed to be distributed for that tax year. As the Company’s objective is to distribute 100% of its REIT taxable income to its stockholders within the permitted timeframe, no provision for current or deferred income taxes has been made in the accompanying consolidated financial statements. Should the Company incur a liability for corporate income tax, such amounts would be recorded as REIT income tax expense on the Company’s consolidated statements of operations. Furthermore, if the Company fails to distribute during each calendar year, or by the end of January following the calendar year in the case of distributions with declaration and record dates falling in the last three months of the calendar year, at least the sum of (i) 85% of its REIT ordinary income for such year, (ii) 95% of its REIT capital gain income for such year, and (iii) any undistributed taxable income from prior periods, the Company would be subject to a 4% nondeductible excise tax on the excess of the required distribution over the amounts actually distributed. To the extent that the Company incurs interest, penalties or related excise taxes in connection with its tax obligations, including as a result of its assessment of uncertain tax positions, such amounts will be included in Operating and Other Expense on the Company’s consolidated statements of operations. In addition, the Company has elected to treat certain of its subsidiaries as a TRS. In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. Generally, a TRS is subject to U.S. federal, state and local corporate income taxes. Since a portion of the Company’s business may be conducted through one or more TRS, its income earned by TRS may be subject to corporate income taxation. To maintain the Company’s REIT election, no more than 25% (or, for 2018 and subsequent taxable years, 20%) of the value of a REIT’s assets at the end of each calendar quarter may consist of stock or securities in TRS. For purposes of the determination of U. S. federal and state income taxes, the Company’s subsidiaries that elected to be treated as a TRS record current or deferred income taxes based on differences (both permanent and timing) between the determination of their taxable income and net income under GAAP. No deferred tax benefit was recorded by the Company in 2016 or 2015 , as a valuation allowance for the full amount of the associated deferred tax asset was recognized as its recovery is not considered more likely than not. Based on its analysis of any potential uncertain tax positions, the Company concluded that it does not have any material uncertain tax positions that meet the relevant recognition or measurement criteria as of December 31, 2016 , 2015 or 2014 . The Company filed its 2015 tax return prior to September 15, 2016 . The Company’s tax returns for tax years 2011 and 2013 through 2015 are open to examination.
Derivative Financial Instruments	Derivative Financial Instruments The Company may use a variety of derivative instruments to economically hedge a portion of its exposure to market risks, including interest rate risk and prepayment risk. The objective of the Company’s risk management strategy is to reduce fluctuations in net book value over a range of interest rate scenarios. In particular, the Company attempts to mitigate the risk of the cost of its variable rate liabilities increasing during a period of rising interest rates. The Company’s derivative instruments are currently comprised of Swaps, which are designated as cash flow hedges against the interest rate risk associated with its borrowings. Prior to 2015, the Company’s derivative financial instruments also included Linked Transactions, which were not designated as hedging instruments. New accounting guidance that was effective for the Company on January 1, 2015 prospectively eliminated the use of Linked Transaction accounting. (See Note 5 ( b )) Swaps The Company documents its risk-management policies, including objectives and strategies, as they relate to its hedging activities and the relationship between the hedging instrument and the hedged liability for all Swaps designated as hedging transactions. The Company assesses, both at inception of a hedge and on a quarterly basis thereafter, whether or not the hedge is “highly effective.” Swaps are carried on the Company’s consolidated balance sheets at fair value, in Other assets, if their fair value is positive, or in Other liabilities, if their fair value is negative. Changes in the fair value of the Company’s Swaps designated in hedging transactions are recorded in OCI provided that the hedge remains effective. Changes in fair value for any ineffective amount of a Swap are recognized in earnings. The Company has not recognized any change in the value of its existing Swaps designated as hedges through earnings as a result of hedge ineffectiveness. The Company discontinues hedge accounting on a prospective basis and recognizes changes in fair value through earnings when: (i) it is determined that the derivative is no longer effective in offsetting cash flows of a hedged item (including forecasted transactions); (ii) it is no longer probable that the forecasted transaction will occur; or (iii) it is determined that designating the derivative as a hedge is no longer appropriate. Although permitted under certain circumstances, the Company does not offset cash collateral receivables or payables against its net derivative positions. (See Notes 5(b), 7 and 15) Linked Transactions Prior to 2015, it was presumed that the initial transfer of a financial asset (i.e., the purchase of an MBS by the Company) and contemporaneous repurchase financing of such security with the same counterparty were considered part of the same arrangement, or a “linked transaction,” unless certain criteria were met. The two components of a linked transaction (security purchase and repurchase financing) were not reported separately but were evaluated on a combined basis and reported as a forward (derivative) contract and were presented as “Linked Transactions” on the Company’s consolidated balance sheets. Changes in the fair value of the assets and liabilities underlying Linked Transactions and associated interest income and expense were reported as “Unrealized net gains/(losses) and net interest income from Linked Transactions” on the Company’s consolidated statements of operations and were not included in OCI. However, if certain criteria were met, the initial transfer (i.e., the purchase of a security by the Company) and repurchase financing were not treated as a Linked Transaction and would have been evaluated and reported separately as an MBS purchase and MBS repurchase financing. When or if a transaction was no longer considered to be linked, the security and repurchase financing were reported on a gross basis. In this case, the fair value of the MBS at the time the transactions were no longer considered linked became the cost basis of the MBS, and the income recognition yield for such MBS was calculated prospectively using this new cost basis. New accounting guidance that was effective for the Company on January 1, 2015 prospectively eliminated the use of Linked Transaction accounting as described above. This resulted in changes subsequent to January 1, 2015 to the presentation of assets and liabilities, and revenues and expenses of Non-Agency MBS and associated repurchase agreements that had been accounted for as Linked Transactions prior to that date. The changes include the presentation of Non-Agency MBS and associated repurchase agreements as separate assets and liabilities, rather than on a combined basis on the Company’s consolidated balance sheets. In addition, starting in 2015, interest income related to the securities and interest expense related to the associated repurchase agreements are separately presented and included in the determination of the Company’s net interest income on its consolidated statement of operations. Further, the previous treatment of Linked Transactions as forward (derivative) instruments recorded at fair value at the end of each period, with changes in fair value included in net income, was discontinued and effective January 1, 2015, MBS that were previously accounted for as components of Linked Transactions are accounted for on a consistent basis with other MBS held by the Company as AFS securities. (See Note 5 ( b ))
Fair Value Measurements and the Fair Value Option for Financial Assets and Financial Liabilities	Fair Value Measurements and the Fair Value Option for Financial Assets and Financial Liabilities The Company’s presentation of fair value for its financial assets and liabilities is determined within a framework that stipulates that the fair value of a financial asset or liability is an exchange price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. The transaction to sell the asset or transfer the liability is a hypothetical transaction at the measurement date, considered from the perspective of a market participant that holds the asset or owes the liability. This definition of fair value focuses on exit price and prioritizes the use of market-based inputs over entity-specific inputs when determining fair value. In addition, the framework for measuring fair value establishes a three-level hierarchy for fair value measurements based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. In addition to the financial instruments that it is required to report at fair value, the Company has elected the fair value option for certain of its residential whole loans and CRT securities at time of acquisition. Subsequent changes in the fair value of these loans and CRT securities are reported in Net gain on residential whole loans held at fair value and Other income, net respectively on the Company’s consolidated statements of operations. A decision to elect the fair value option for an eligible financial instrument, which may be made on an instrument by instrument basis, is irrevocable. (See Notes 2 ( d ), 4 and 15 )
Variable Interest Entities	Variable Interest Entities An entity is referred to as a VIE if it meets at least one of the following criteria: (i) the entity has equity that is insufficient to permit the entity to finance its activities without additional subordinated financial support of other parties; or (ii) as a group, the holders of the equity investment at risk lack (a) the power to direct the activities of an entity that most significantly impact the entity’s economic performance; (b) the obligation to absorb the expected losses; or (c) the right to receive the expected residual returns; or (iii) have disproportional voting rights and the entity’s activities are conducted on behalf of the investor that has disproportionately few voting rights. The Company consolidates a VIE when it has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE. The Company has in prior years entered into several resecuritization transactions which resulted in the Company consolidating the VIEs that were created to facilitate the transactions and to which the underlying assets in connection with the resecuritizations were transferred. In determining the accounting treatment to be applied to these resecuritization transactions, the Company concluded that the entities used to facilitate these transactions were VIEs and that they should be consolidated. If the Company had determined that consolidation was not required, it would have then assessed whether the transfer of the underlying assets would qualify as a sale or should be accounted for as secured financings under GAAP. Prior to the completion of its initial resecuritization transaction in October 2010, the Company had not transferred assets to VIEs or Qualifying Special Purpose Entities (“QSPEs”) and other than acquiring MBS issued by such entities, had no other involvement with VIEs or QSPEs. (See Note 16 ) The Company also includes on its consolidated balance sheets certain financial assets and liabilities that are acquired/issued by trusts and /or other special purpose entities that have been evaluated as being required to be consolidated by the Company under the applicable accounting guidance.
Offering Costs Related to Issuance and Redemption of Preferred Stock	Offering Costs Related to Issuance and Redemption of Preferred Stock Offering costs related to issuance of preferred stock are recorded as a reduction in Additional paid-in capital, a component of Stockholders’ Equity, at the time such preferred stock is issued. On redemption of preferred stock, any excess of the fair value of the consideration transferred to the holders of the preferred stock over the carrying amount of the preferred stock in the Company’s consolidated balance sheets is included in the determination of Net Income Available to Common Stock and Participating Securities in the calculation of EPS.
New Accounting Standards and Interpretations	New Accounting Standards and Interpretations Accounting Standards Adopted in 2016 Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt issued at a discount. The recognition and measurement guidance of debt issuance costs are not affected by the amendments in this ASU. ASU 2015-03 requires retrospective application and was effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. While the Company’s adoption of ASU 2015-03 beginning on January 1, 2016, did not have a material impact on the Company’s financial position, it did result in changes, subsequent to adoption, to the presentation of assets and liabilities prior to that date. On adoption of the new standard on January 1, 2016, the Company reclassified debt issuance costs of $3.3 million related to Senior Notes, $1.3 million related to repurchase agreements and $189,000 related to its Securitized debt from Other assets and presented them as a reduction in the corresponding liability on its consolidated balance sheet. Consolidation - Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). The amendments in this ASU change the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a VIE, and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. It also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities. At the effective date, all previous consolidation analyses that the guidance affects must be reconsidered. ASU 2015-02 was effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company’s adoption of ASU 2015-02 on January 1, 2016 did not have an impact on the Company’s consolidated financial statements. Presentation of Financial Statements - Going Concern In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). The amendments in this ASU provide guidance in GAAP about management’s responsibility to evaluate whether there is a substantial doubt about an entity’s going concern and to provide related footnote disclosures. In connection with preparing financial statements for each annual and interim reporting period, an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). ASU 2014-15 was effective for the Company for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. The adoption of ASU 2014-15 did not have any impact on the Company’s financial position or financial statement disclosures.

MBS and CRT Securities (Tables)

MBS and CRT Securities (Tables)	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule of information about MBS and CRT Securities	The following tables present certain information about the Company’s MBS and CRT securities at December 31, 2016 and 2015 : December 31, 2016 (In Thousands) Principal/ Current Face Purchase Premiums Accretable Purchase Discounts Discount Designated as Credit Reserve and OTTI (1) Amortized Cost (2) Fair Value Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gain/(Loss) Agency MBS: Fannie Mae $ 2,879,807 $ 108,310 $ (51 ) $ — $ 2,988,066 $ 3,014,464 $ 45,706 $ (19,308 ) $ 26,398 Freddie Mac 693,945 26,736 — — 723,285 716,209 4,809 (11,885 ) (7,076 ) Ginnie Mae 7,550 136 — — 7,686 7,824 138 — 138 Total Agency MBS 3,581,302 135,182 (51 ) — 3,719,037 3,738,497 50,653 (31,193 ) 19,460 Non-Agency MBS: Expected to Recover Par (3)(4) 2,847,398 57 (24,273 ) — 2,823,182 2,847,291 26,477 (2,368 ) 24,109 Expected to Recover Less than Par (3) 3,359,200 — (253,918 ) (694,241 ) 2,411,041 2,978,525 570,318 (2,834 ) 567,484 Total Non-Agency MBS (5) 6,206,598 57 (278,191 ) (694,241 ) 5,234,223 5,825,816 596,795 (5,202 ) 591,593 Total MBS 9,787,900 135,239 (278,242 ) (694,241 ) 8,953,260 9,564,313 647,448 (36,395 ) 611,053 CRT securities (6) 384,993 3,312 (5,557 ) — 382,748 404,850 22,105 (3 ) 22,102 Total MBS and CRT securities $ 10,172,893 $ 138,551 $ (283,799 ) $ (694,241 ) $ 9,336,008 $ 9,969,163 $ 669,553 $ (36,398 ) $ 633,155 December 31, 2015 (In Thousands) Principal/ Current Face Purchase Premiums Accretable Purchase Discounts Discount Designated as Credit Reserve and OTTI (1) Amortized Cost (2) Fair Value Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gain/(Loss) Agency MBS: Fannie Mae $ 3,690,020 $ 139,243 $ (59 ) $ — $ 3,829,204 $ 3,865,485 $ 62,111 $ (25,830 ) $ 36,281 Freddie Mac 851,087 32,680 — — 884,798 877,109 6,906 (14,595 ) (7,689 ) Ginnie Mae 9,296 164 — — 9,460 9,650 190 — 190 Total Agency MBS 4,550,403 172,087 (59 ) — 4,723,462 4,752,244 69,207 (40,425 ) 28,782 Non-Agency MBS: Expected to Recover Par (3)(4) 2,906,878 73 (31,576 ) — 2,875,375 2,878,532 23,300 (20,143 ) 3,157 Expected to Recover Less than Par (3) 4,054,615 — (280,606 ) (787,541 ) 2,986,468 3,542,285 564,031 (8,214 ) 555,817 Total Non-Agency MBS (5) 6,961,493 73 (312,182 ) (787,541 ) 5,861,843 6,420,817 587,331 (28,357 ) 558,974 Total MBS 11,511,896 172,160 (312,241 ) (787,541 ) 10,585,305 11,173,061 656,538 (68,782 ) 587,756 CRT securities 192,000 — (5,689 ) — 186,311 183,582 418 (3,147 ) (2,729 ) Total MBS and CRT securities $ 11,703,896 $ 172,160 $ (317,930 ) $ (787,541 ) $ 10,771,616 $ 11,356,643 $ 656,956 $ (71,929 ) $ 585,027 (1) Discount designated as Credit Reserve and amounts related to OTTI are generally not expected to be accreted into interest income. Amounts disclosed at December 31, 2016 reflect Credit Reserve of $675.6 million and OTTI of $18.6 million . Amounts disclosed at December 31, 2015 reflect Credit Reserve of $766.0 million and OTTI of $21.5 million . (2) Includes principal payments receivable of $2.6 million and $1.0 million at December 31, 2016 and 2015 , respectively, which are not included in the Principal/Current Face. (3) Based on management ’ s current estimates of future principal cash flows expected to be received. (4) At December 31, 2016 , 3 Year Step-up securities had a $2.7 billion Principal/Current face, $2.7 billion amortized cost and $2.7 billion fair value. At December 31, 2015 , 3 Year Step-up securities had a $2.6 billion Principal/Current face, $2.6 billion amortized cost and $2.6 billion fair value. (5) At December 31, 2016 and 2015 , the Company expected to recover approximately 89% and 89% , respectively, of the then-current face amount of Non-Agency MBS. (6) Amounts disclosed at December 31, 2016 includes CRT securities with a fair value of $271.2 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $12.7 million and net unrealized losses of approximately $3,000 at December 31, 2016 . Amounts disclosed at December 31, 2015 includes CRT securities with a fair value of $62.2 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $332,000 , gross unrealized losses of approximately $555,000 and net unrealized losses of approximately $223,000 at December 31, 2015 .
Schedule of information about MBS and CRT Securities that were in an unrealized loss position	The following table presents information about the Company’s MBS and CRT securities that were in an unrealized loss position at December 31, 2016 : Unrealized Loss Position For: Less than 12 Months 12 Months or more Total (Dollars in Thousands) Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Agency MBS: Fannie Mae $ 380,834 $ 3,207 76 $ 933,019 $ 16,101 156 $ 1,313,853 $ 19,308 Freddie Mac 276,595 4,838 47 248,498 7,047 65 525,093 11,885 Total Agency MBS 657,429 8,045 123 1,181,517 23,148 221 1,838,946 31,193 Non-Agency MBS: Expected to Recover Par (1) 691,114 1,426 19 196,431 942 14 887,545 2,368 Expected to Recover Less than Par (1) 37,344 310 8 94,320 2,524 14 131,664 2,834 Total Non-Agency MBS 728,458 1,736 27 290,751 3,466 28 1,019,209 5,202 Total MBS 1,385,887 9,781 150 1,472,268 26,614 249 2,858,155 36,395 CRT securities (2) 2,503 3 1 — — — 2,503 3 Total MBS and CRT securities $ 1,388,390 $ 9,784 151 $ 1,472,268 $ 26,614 249 $ 2,860,658 $ 36,398 (1) Based on management’s current estimates of future principal cash flows expected to be received. (2) Amounts disclosed at December 31, 2016 includes CRT securities with a fair value of $2.5 million for which the fair value option has been elected. Such securities have unrealized losses of $3,000 at December 31, 2016 .
Schedule of composition of OTTI charges recorded	The following table presents the composition of OTTI charges recorded by the Company for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, (In Thousands) 2016 2015 2014 Total OTTI losses $ (1,255 ) $ (525 ) $ — OTTI recognized in/(reclassified from) OCI 770 (180 ) — OTTI recognized in earnings $ (485 ) $ (705 ) $ —
Schedule of changes in credit loss component of OTTI	The following table presents a roll-forward of the credit loss component of OTTI on the Company’s Non-Agency MBS for which a non-credit component of OTTI was previously recognized in OCI. Changes in the credit loss component of OTTI are presented based upon whether the current period is the first time OTTI was recorded on a security or a subsequent OTTI charge was recorded. For the Year Ended December 31, (In Thousands) 2016 2015 2014 Credit loss component of OTTI at beginning of period $ 36,820 $ 36,115 $ 36,115 Additions for credit related OTTI not previously recognized 314 461 — Subsequent additional credit related OTTI recorded 171 244 — Credit loss component of OTTI at end of period $ 37,305 $ 36,820 $ 36,115
Schedule of changes in the components of the purchase discount on Non-Agency MBS	The following table presents the changes in the components of the Company’s purchase discount on its Non-Agency MBS between purchase discount designated as Credit Reserve and OTTI and accretable purchase discount for the years ended December 31, 2016 and 2015 : For the Year Ended December 31, 2016 2015 (In Thousands) Discount Designated as Credit Reserve and OTTI Accretable Discount (1) Discount Designated as Credit Reserve and OTTI Accretable Discount (1) Balance at beginning of period $ (787,541 ) $ (312,182 ) $ (900,557 ) $ (399,564 ) Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing — — (15,543 ) 1,832 Impact of RMBS Issuer settlement (2) — (59,900 ) — — Accretion of discount — 80,548 — 93,173 Realized credit losses 64,217 — 80,821 — Purchases (25,999 ) 13,094 (1,200 ) (4,925 ) Sales 17,863 37,953 8,525 38,420 Net impairment losses recognized in earnings (485 ) — (705 ) — Transfers/release of credit reserve 37,704 (37,704 ) 41,118 (41,118 ) Balance at end of period $ (694,241 ) $ (278,191 ) $ (787,541 ) $ (312,182 ) (1) Together with coupon interest, accretable purchase discount is recognized as interest income over the life of the security. (2) Includes the impact of approximately $61.8 million and $7.0 million of cash proceeds (a one-time payment) received by the Company during the year ended December 31, 2016 in connection with the settlements of litigation related to certain Countrywide and Citigroup sponsored residential mortgage backed securitization trusts, respectively.
Schedule of impact of Available-for-Sale Securities on AOCI	The following table presents the impact of the Company’s AFS securities on its AOCI for the years ended December 31, 2016 , 2015 , and 2014 : For the Year Ended December 31, (In Thousands) 2016 2015 2014 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 585,250 $ 813,515 $ 752,912 Unre alized (loss)/gain on Age ncy MBS, net (9,322 ) (51,332 ) 65,739 Unrealized gain/(loss) on Non-Agency MBS, net 81,882 (143,558 ) 29,812 Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing — 4,537 — Reclassification adjustment for MBS sales included in net income (36,922 ) (37,207 ) (34,948 ) Reclassification adjustment for OTTI included in net income (485 ) (705 ) — Change in AOCI from AFS securities 35,153 (228,265 ) 60,603 Balance at end of period $ 620,403 $ 585,250 $ 813,515
Schedule of interest income on MBS and CRT Securities	The following table presents components of interest income on the Company’s MBS and CRT securities for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, (In Thousands) 2016 2015 2014 Agency MBS Coupon interest $ 119,966 $ 147,066 $ 189,355 Effective yield adjustment (1) (36,897 ) (41,231 ) (46,812 ) Interest income $ 83,069 $ 105,835 $ 142,543 Legacy Non-Agency MBS Coupon interest $ 154,057 $ 183,349 $ 212,073 Effective yield adjustment (2) 78,443 91,003 103,491 Interest income $ 232,500 $ 274,352 $ 315,564 3 Year Step-up securities Coupon interest $ 100,032 $ 87,429 $ 898 Effective yield adjustment (1) 2,108 1,789 (132 ) Interest income $ 102,140 $ 89,218 $ 766 CRT securities Coupon interest $ 13,023 $ 5,844 $ 665 Effective yield adjustment (2) 1,747 728 107 Interest income $ 14,770 $ 6,572 $ 772 (1) Includes amortization of premium paid net of accretion of purchase discount. For Agency MBS and 3 Year Step-up securities, interest income is recorded at an effective yield, which reflects net premium amortization/accretion based on actual prepayment activity. (2) The effective yield adjustment is the difference between the net income calculated using the net yield, which is based on management’s estimates of the amount and timing of future cash flows, less the current coupon yield.

Residential Whole Loans (Tables

Residential Whole Loans (Tables)	12 Months Ended
	Dec. 31, 2016
Residential Whole Loans [Abstract]
Schedule of Residential Whole Loan Pools at Carrying Value Allowance for Loan Losses Activity	The following table presents the activity in the Company’s allowance for loan losses on its residential whole loan pools at carrying value for the years ended December 31, 2016 , 2015 and 2014 : (In Thousands) For the Year Ended December 31, 2016 2015 2014 Balance at the beginning of period $ 1,165 $ 137 $ — (Reversal of provisions)/provisions for loan losses (175 ) 1,028 137 Balance at the end of period $ 990 $ 1,165 $ 137
Schedule of Residential Whole Loans at Carrying Value Acquired During Period	The following table presents information regarding estimates of the contractually required payments, the cash flows expected to be collected, and the estimated fair value of the residential whole loans held at carrying value acquired by the Company for the years ended December 31, 2016 , 2015 and 2014 : (In Thousands) For the Year Ended December 31, 2016 2015 Contractually required principal and interest $ 662,747 $ 160,806 Contractual cash flows not expected to be collected (non-accretable yield) (117,694 ) (27,040 ) Expected cash flows to be collected 545,053 133,766 Interest component of expected cash flows (accretable yield) (181,534 ) (51,413 ) Fair value at the date of acquisition $ 363,519 $ 82,353
Schedule of Residential Whole Loans at Carrying Value Accretable Yield Activity	The following table presents accretable yield activity for the Company’s residential whole loans held at carrying value for the years ended December 31, 2016 and 2015 : (In Thousands) For the Year Ended December 31, 2016 2015 Balance at beginning of period $ 175,271 $ 133,012 Additions 181,534 51,413 Accretion (23,916 ) (15,511 ) Reclassifications from non-accretable difference, net 1,490 6,357 Balance at end of period $ 334,379 $ 175,271
Residential Whole Loans, Fair Value	The following table presents information regarding the Company’s residential whole loans held at fair value at December 31, 2016 and 2015 : (Dollars in Thousands) December 31, 2016 December 31, 2015 Outstanding principal balance $ 966,276 $ 786,330 Aggregate fair value $ 814,682 $ 623,276 Number of loans 3,812 3,143
Residential Whole Loans, Fair Vale, Components of Net Income	The following table presents the components of Net gain on residential whole loans held at fair value for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, (In Thousands) 2016 2015 2014 Coupon payments and other income received $ 23,017 $ 9,304 $ 504 Net unrealized gains/(losses) 31,254 6,539 (427 ) Net gain on payoff/liquidation of loans 5,413 1,879 39 Total $ 59,684 $ 17,722 $ 116

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Other Assets [Abstract]
Schedule of other assets	The following table presents the components of the Company’s Other assets at December 31, 2016 and 2015 : (In Thousands) December 31, 2016 December 31, 2015 REO $ 80,503 $ 28,026 Interest receivable 27,795 29,002 Swaps, at fair value 233 1,127 Goodwill 7,189 7,189 Prepaid and other assets 164,575 101,455 Total Other Assets $ 280,295 $ 166,799
Schedule of activity for real estate owned	The following table presents the activity in the Company’s REO for the years ended December 31, 2016 and 2015 : For the Year Ended December 31, (In Thousands) 2016 2015 Balance at beginning of period $ 28,026 $ 5,492 Adjustments to record at lower of cost or fair value (7,527 ) (3,475 ) Transfer from residential whole loans (1) 91,896 30,104 Purchases and capital improvements 2,825 2,461 Disposals (34,717 ) (6,556 ) Balance at end of period $ 80,503 $ 28,026 (1) Includes net gain recorded on transfer of approximately $2.9 million and $1.7 million , respectively, for the years ended December 31, 2016 and 2015 .
Schedule of derivative instruments and balance sheet location	The following table presents the fair value of the Company’s derivative instruments and their balance sheet location at December 31, 2016 and 2015 : December 31, 2016 2015 Derivative Instrument Designation Balance Sheet Location Notional Amount Fair Value Notional Amount Fair Value (In Thousands) Non-cleared legacy Swaps (1) Hedging Assets $ 350,000 $ 233 $ 450,000 $ 1,127 Non-cleared legacy Swaps (1) Hedging Liabilities $ — $ — $ 50,000 $ (59 ) Cleared Swaps (2) Hedging Liabilities $ 2,550,000 $ (46,954 ) $ 2,550,000 $ (70,467 ) (1) Non-cleared legacy Swaps include Swaps executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. (2) Cleared Swaps include Swaps executed bilaterally with a counterparty in the over-the-counter market but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties.
Schedule of assets pledged as collateral against derivative contracts	The following table presents the assets pledged as collateral against the Company’s Swap contracts at December 31, 2016 and 2015 : December 31, (In Thousands) 2016 2015 Agency MBS, at fair value $ 32,468 $ 38,569 Restricted cash 53,849 70,573 Total assets pledged against Swaps $ 86,317 $ 109,142
Schedule of information about swap activity	The following table presents certain information with respect to the Company’s Swap activity during the year ended December 31, 2016 : (Dollars in Thousands) December 31, 2016 New Swaps: Aggregate notional amount $ — Weighted average fixed-pay rate — % Initial maturity date N/A Number of new Swaps — Swaps amortized/expired: Aggregate notional amount $ 150,000 Weighted average fixed-pay rate 1.03 %
Schedule of information about swaps	The following table presents information about the Company’s Swaps at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Maturity (1) Notional Amount Weighted Average Fixed-Pay Interest Rate Weighted Average Variable Interest Rate (2) Notional Amount Weighted Average Fixed-Pay Interest Rate Weighted Average Variable Interest Rate (2) (Dollars in Thousands) Within 30 days $ — — % — % $ 50,000 2.13 % 0.42 % Over 30 days to 3 months 50,000 0.67 0.64 — — — Over 3 months to 6 months 300,000 0.57 0.66 — — — Over 6 months to 12 months — — — 100,000 0.48 0.32 Over 12 months to 24 months 550,000 1.49 0.71 350,000 0.58 0.27 Over 24 months to 36 months 200,000 1.71 0.76 550,000 1.49 0.32 Over 36 months to 48 months 1,500,000 2.22 0.74 200,000 1.71 0.42 Over 48 months to 60 months 200,000 2.20 0.75 1,500,000 2.22 0.36 Over 60 months to 72 months — — — 200,000 2.20 0.30 Over 72 months to 84 months (3) 100,000 2.75 0.74 — — — Over 84 months — — — 100,000 2.75 0.40 Total Swaps $ 2,900,000 1.87 % 0.72 % $ 3,050,000 1.82 % 0.34 % (1) Each maturity category reflects contractual amortization and/or maturity of notional amounts. (2) Reflects the benchmark variable rate due from the counterparty at the date presented, which rate adjusts monthly or quarterly based on one-month or three-month LIBOR, respectively. (3) At December 31, 2016, reflects one Swap with a maturity date of July 2023.
Schedule of interest expense and the weighted average interest rate paid and received on swaps	The following table presents the net impact of the Company’s derivative hedging instruments on its interest expense and the weighted average interest rate paid and received for such Swaps for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, (Dollars in Thousands) 2016 2015 2014 Interest expense attributable to Swaps $ 40,898 $ 53,759 $ 69,842 Weighted average Swap rate paid 1.82 % 1.86 % 1.93 % Weighted average Swap rate received 0.48 % 0.19 % 0.16 %
Schedule of impact of hedging instruments on AOCI	The following table presents the impact of the Company’s derivative hedging instruments on its AOCI for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, (In Thousands) 2016 2015 2014 AOCI from derivative hedging instruments: Balance at beginning of period $ (69,399 ) $ (59,062 ) $ (15,217 ) Unrealized gain/(loss) on Swaps, net 22,678 (10,337 ) (44,292 ) Reclassification of unrealized loss on de-designated Swaps — — 447 Balance at end of period $ (46,721 ) $ (69,399 ) $ (59,062 )
Schedule of information about the components of the unrealized net gains/(losses) and net interest income from Linked Transactions	The following table presents certain information about the components of the unrealized net gains and net interest income from Linked Transactions included in the Company’s consolidated statements of operations for the year ended December 31, 2014 : (In Thousands) For the Year Ended December 31, 2014 Interest income attributable to MBS underlying Linked Transactions $ 24,443 Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions (8,028 ) Change in fair value of Linked Transactions included in earnings 677 Unrealized net gains and net interest income from Linked Transactions $ 17,092
Schedule of company's interest receivable by investment category	The following table presents the Company’s interest receivable by investment category at December 31, 2016 and 2015 : December 31, (In Thousands) 2016 2015 MBS interest receivable: Fannie Mae $ 7,402 $ 8,999 Freddie Mac 1,802 2,177 Ginnie Mae 14 15 Non-Agency MBS 13,435 15,438 Total MBS interest receivable 22,653 26,629 Residential whole loans 4,415 2,259 CRT securities 254 92 Money market and other investments 473 22 Total interest receivable $ 27,795 $ 29,002

Repurchase Agreements and Oth31

Repurchase Agreements and Other Advances (Tables)	12 Months Ended
	Dec. 31, 2016
Repurchase Agreements
Schedule of Company's borrowings under repurchase agreements and associated assets pledged as collateral	The following table presents information with respect to the Company’s borrowings under repurchase agreements and associated assets pledged as collateral at December 31, 2016 and 2015 : (Dollars in Thousands) December 31, 2016 December 31, 2015 Repurchase agreement borrowings secured by Agency MBS $ 3,095,020 $ 2,727,542 Fair value of Agency MBS pledged as collateral under repurchase agreements $ 3,280,689 $ 2,881,049 Weighted average haircut on Agency MBS (1) 4.67 % 4.67 % Repurchase agreement borrowings secured by Legacy Non-Agency MBS $ 1,690,937 $ 1,960,222 Fair value of Legacy Non-Agency MBS pledged as collateral under repurchase agreements (2) $ 2,317,708 $ 2,818,968 Weighted average haircut on Legacy Non-Agency MBS (1) 24.01 % 25.84 % Repurchase agreement borrowings secured by 3 Year Step-up securities $ 2,078,684 $ 2,080,163 Fair value of 3 Year Step-up securities pledged as collateral under repurchase agreements $ 2,660,491 $ 2,625,866 Weighted average haircut on 3 Year Step-up securities (1) 22.28 % 21.05 % Repurchase agreements secured by U.S. Treasuries $ 504,572 $ 504,760 Fair value of U.S. Treasuries pledged as collateral under repurchase agreements $ 510,767 $ 507,443 Weighted average haircut on U.S. Treasuries (1) 1.60 % 1.60 % Repurchase agreements secured by CRT securities $ 271,205 $ 128,465 Fair value of CRT securities pledged as collateral under repurchase agreements $ 357,488 $ 170,352 Weighted average haircut on CRT securities (1) 23.22 % 25.04 % Repurchase agreements secured by residential whole loans (3) $ 832,060 $ 487,750 Fair value of residential whole loans pledged as collateral under repurchase agreements $ 1,175,088 $ 684,136 Weighted average haircut on residential whole loans (1) 25.03 % 27.69 % (1) Haircut represents the percentage amount by which the collateral value is contractually required to exceed the loan amount (2) Includes $172.4 million and $570.5 million of Legacy Non-Agency MBS acquired from consolidated VIEs at December 31, 2016 and 2015 , respectively, that are eliminated from the Company’s consolidated balance sheets. (3) Excludes $210,000 and $1.3 million of unamortized debt issuance costs at December 31, 2016 and 2015 , respectively.
Schedule of repricing information about borrowings under repurchase agreements	The following table presents repricing information about the Company’s borrowings under repurchase agreements, which does not reflect the impact of associated derivative hedging instruments, at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Time Until Interest Rate Reset Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Within 30 days $ 7,284,062 1.77 % $ 7,054,483 1.44 % Over 30 days to 3 months 1,188,416 1.91 734,955 1.79 Over 3 months to 12 months — — 99,464 2.36 Total repurchase agreements $ 8,472,478 1.79 % $ 7,888,902 1.48 % Less debt issuance costs $ 210 $ 1,280 Total repurchase agreements less debt issuance costs $ 8,472,268 $ 7,887,622
Schedule of contractual maturity information about repurchase agreements	The following table presents contractual maturity information about the Company’s borrowings under repurchase agreements, all of which are accounted for as secured borrowings, at December 31, 2016 and does not reflect the impact of derivative contracts that hedge such repurchase agreements: December 31, 2016 Contractual Maturity Agency MBS Legacy Non-Agency MBS 3 Year Step-up Securities U.S. Treasuries CRT Securities Residential Whole Loans Total (1) Weighted Average Interest Rate (Dollars in Thousands) Overnight $ — $ — $ — $ — $ — $ — $ — — % Within 30 days 2,768,277 1,006,956 1,379,254 504,572 267,316 — 5,926,375 1.67 Over 30 days to 3 months 326,743 433,244 467,873 — 3,889 117,839 1,349,588 1.76 Over 3 months to 12 months — 250,737 231,557 — — 714,221 1,196,515 2.72 Over 12 months — — — — — — — — Total $ 3,095,020 $ 1,690,937 $ 2,078,684 $ 504,572 $ 271,205 $ 832,060 $ 8,472,478 1.79 % Gross amount of recognized liabilities for repurchase agreements in Note 8 $ 8,472,268 Amounts related to repurchase agreements not included in offsetting disclosure in Note 8 $ — (1) Excludes $210,000 of unamortized debt issuance costs at December 31, 2016 .
Schedule of information about counterparty for repurchase agreements for which the entity had greater than 5% of stockholders' equity at risk	The following table presents information with respect to each counterparty under repurchase agreements for which the Company had greater than 5% of stockholders’ equity at risk in the aggregate at December 31, 2016 : December 31, 2016 Counterparty Counterparty Rating (1) Amount at Risk (2) Weighted Average Months to Maturity for Repurchase Agreements Percent of Stockholders’ Equity (Dollars in Thousands) Wells Fargo (3) AA-/Aa2/AA $ 388,455 4 12.8 % RBC (4) AA-/Aa3/AA 274,261 1 9.0 Goldman Sachs BBB+/A3/A 211,377 2 7.0 Credit Suisse (5) BBB+/Aa2/A- 191,594 3 6.3 UBS (6) A+/A1/A+ 167,127 6 5.5 (1) As rated at December 31, 2016 by S&P, Moody’s and Fitch, Inc., respectively. The counterparty rating presented is the lowest published for these entities. (2) The amount at risk reflects the difference between (a) the amount loaned to the Company through repurchase agreements, including interest payable, and (b) the cash and the fair value of the securities pledged by the Company as collateral, including accrued interest receivable on such securities. (3) Includes $295.3 million at risk with Wells Fargo Bank, NA and $93.2 million at risk with Wells Fargo Securities LLC. (4) Includes $238.2 million at risk with RBC Barbados, $30.4 million at risk with Royal Bank of Canada and $5.7 million at risk with RBC Capital Markets LLC. Counterparty ratings are not published for RBC Barbados and RBC Capital Markets LLC. (5) Includes $141.8 million at risk with Credit Suisse AG, Cayman Islands and $49.8 million at risk with Credit Suisse. Counterparty ratings are not published for Credit Suisse AG, Cayman Islands. (6) Includes Non-Agency MBS pledged as collateral with contemporaneous repurchase and reverse repurchase agreements.

Collateral Positions (Tables)

Collateral Positions (Tables)	12 Months Ended
	Dec. 31, 2016
Transfers and Servicing [Abstract]
Schedule of fair value of collateral pledged and collateral held	The following table summarizes the fair value of the Company’s collateral positions, which includes collateral pledged and collateral held, with respect to its borrowings under repurchase agreements, reverse repurchase agreements, derivative hedging instruments and FHLB advances at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 (In Thousands) Assets Pledged Collateral Held Assets Pledged Collateral Held Derivative Hedging Instruments: Agency MBS $ 32,468 $ — $ 38,569 $ — Cash (1) 53,849 — 70,573 — 86,317 — 109,142 — Repurchase Agreement Borrowings: Agency MBS 3,280,689 — 2,881,049 — Legacy Non-Agency MBS (2)(3) 2,317,708 — 2,818,968 — 3 Year Step-up securities 2,660,491 — 2,625,866 — U.S. Treasury securities 510,767 — 507,443 — CRT securities 357,488 — 170,352 — Residential whole loans 1,175,088 — 684,136 — Cash (1) 4,614 — 965 — 10,306,845 — 9,688,779 — FHLB Advances: Agency MBS 227,244 — 1,612,476 — 227,244 — 1,612,476 — Reverse Repurchase Agreements: U.S. Treasury securities — 510,767 — 507,443 — 510,767 — 507,443 Total $ 10,620,406 $ 510,767 $ 11,410,397 $ 507,443 (1) Cash pledged as collateral is reported as “Restricted cash” on the Company’s consolidated balance sheets. (2) Includes $172.4 million and $570.5 million of Legacy Non-Agency MBS acquired in connection with resecuritization transactions from consolidated VIEs at December 31, 2016 and 2015 , respectively, that are eliminated from the Company’s consolidated balance sheets. (3) In addition, at December 31, 2016 and 2015 , $688.2 million and $726.7 million of Legacy Non-Agency MBS, respectively, are pledged as collateral in connection with contemporaneous repurchase and reverse repurchase agreements entered into with a single counterparty.
Schedule of additional information about assets Pledged as collateral pursuant to borrowings under repurchase agreements and Derivative Hedging Contracts	The following table presents detailed information about the Company’s assets pledged as collateral pursuant to its borrowings under repurchase agreements and other advances, and derivative hedging instruments at December 31, 2016 : December 31, 2016 Assets Pledged Under Repurchase Agreements and Other Advances Assets Pledged Against Derivative Hedging Instruments Total Fair Value of Assets Pledged and Accrued Interest (In Thousands) Fair Value Amortized Cost Accrued Interest on Pledged Assets Fair Value/ Carrying Value Amortized Cost Accrued Interest on Pledged Assets Agency MBS (1) $ 3,507,933 $ 3,488,904 $ 8,654 $ 32,468 $ 33,216 $ 67 $ 3,549,122 Legacy Non-Agency MBS (2)(3) 2,317,708 1,841,401 8,613 — — — 2,326,321 3 Year Step-up securities 2,660,491 2,657,726 1,848 — — — 2,662,339 U.S. Treasuries 510,767 510,767 — — — — 510,767 CRT securities 357,488 336,706 222 — — — 357,710 Residential whole loans (4) 1,175,088 1,162,212 3,248 — — — 1,178,336 Cash (5) 4,614 4,614 — 53,849 53,849 — 58,463 Total $ 10,534,089 $ 10,002,330 $ 22,585 $ 86,317 $ 87,065 $ 67 $ 10,643,058 (1) Includes Agency MBS pledged under FHLB advances with an aggregate fair value of $227.2 million , aggregate amortized cost of $226.6 million and aggregate accrued interest of approximately $597,000 at December 31, 2016 . (2) Includes $172.4 million of Legacy Non-Agency MBS acquired in connection with resecuritization transactions from consolidated VIEs at December 31, 2016 , that are eliminated from the Company’s consolidated balance sheets. (3) In addition, at December 31, 2016 , $688.2 million of Legacy Non-Agency MBS are pledged as collateral in connection with contemporaneous repurchase and reverse repurchase agreements entered into with a single counterparty. (4) Includes residential whole loans held at carrying value with an aggregate fair value of $440.8 million and aggregate amortized cost of $427.9 million and residential whole loans held at fair value with an aggregate fair value and amortized cost of $732.4 million . (5) Cash pledged as collateral is reported as “Restricted cash” on the Company’s consolidated balance sheets.

Offsetting Assets and Liabili33

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2016
Offsetting [Abstract]
Schedule of information about certain assets that are subject to master netting arrangements (or similar agreements)	The following tables present information about certain assets and liabilities that are subject to master netting arrangements (or similar agreements) and may potentially be offset on the Company’s consolidated balance sheets at December 31, 2016 and 2015 : Offsetting of Financial Assets and Derivative Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount (In Thousands) Financial Instruments Cash Collateral Received December 31, 2016 Swaps, at fair value $ 233 $ — $ 233 $ (233 ) $ — $ — Total $ 233 $ — $ 233 $ (233 ) $ — $ — December 31, 2015 Swaps, at fair value $ 1,127 $ — $ 1,127 $ (1,127 ) $ — $ — Total $ 1,127 $ — $ 1,127 $ (1,127 ) $ — $ —
Schedule of information about certain liabilities that are subject to master netting arrangements (or similar agreements)	Offsetting of Financial Liabilities and Derivative Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount (In Thousands) Financial Instruments (1) Cash Collateral Pledged (1) December 31, 2016 Swaps, at fair value (2) $ 46,954 $ — $ 46,954 $ — $ (46,954 ) $ — Repurchase agreements and other advances (3)(4) 8,687,478 — 8,687,478 (8,682,864 ) (4,614 ) — Total $ 8,734,432 $ — $ 8,734,432 $ (8,682,864 ) $ (51,568 ) $ — December 31, 2015 Swaps, at fair value (2) $ 70,526 $ — $ 70,526 $ — $ (70,526 ) $ — Repurchase agreements and other advances (3)(4) 9,388,902 — 9,388,902 (9,387,937 ) (965 ) — Total $ 9,459,428 $ — $ 9,459,428 $ (9,387,937 ) $ (71,491 ) $ — (1) Amounts disclosed in the Financial Instruments column of the table above represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements and other advances, and derivative transactions. Amounts disclosed in the Cash Collateral Pledged column of the table above represent amounts pledged as collateral against derivative transactions and repurchase agreements, and exclude excess collateral of $6.9 million and $47,000 at December 31, 2016 and 2015 , respectively. (2) The fair value of securities pledged against the Company’s Swaps was $32.5 million and $38.6 million at December 31, 2016 and 2015 , respectively. (3) The fair value of financial instruments pledged against the Company’s repurchase agreements and other advances was $10.5 billion and $11.3 billion at December 31, 2016 and 2015 , respectively. (4) Excludes $210,000 and $1.3 million of unamortized debt issuance costs at December 31, 2016 and 2015 , respectively.

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2016
Other Liabilities [Abstract]
Other Liabilities	The following table presents the components of the Company’s Other liabilities at December 31, 2016 and 2015 : (In Thousands) December 31, 2016 December 31, 2015 Accrued interest payable $ 14,129 $ 16,949 Swaps, at fair value 46,954 70,526 Dividends and dividend equivalents payable 74,657 74,575 Securitized debt — 21,868 Accrued expenses and other liabilities 19,612 19,610 Total Other Liabilities $ 155,352 $ 203,528

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of contractual minimum rental payments	At December 31, 2016 , the contractual minimum rental payments (exclusive of possible rent escalation charges and normal recurring charges for maintenance, insurance and taxes) were as follows: Year Ended December 31, Minimum Rental Payments (In Thousands) 2017 $ 2,553 2018 2,553 2019 2,553 2020 1,082 2021 32 Total $ 8,773

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of cash dividends declared on Series B preferred stock	The following table presents cash dividends declared by the Company on its Series B Preferred Stock from January 1, 2014 through December 31, 2016 : Year Declaration Date Record Date Payment Date Dividend Per Share 2016 November 22, 2016 December 6, 2016 December 30, 2016 $0.46875 August 12, 2016 September 2, 2016 September 30, 2016 0.46875 May 18, 2016 June 3, 2016 June 30, 2016 0.46875 February 12, 2016 February 29, 2016 March 31, 2016 0.46875 2015 November 19, 2015 December 3, 2015 December 31, 2015 $0.46875 August 24, 2015 September 9, 2015 September 30, 2015 0.46875 May 18, 2015 June 2, 2015 June 30, 2015 0.46875 February 13, 2015 February 27, 2015 March 31, 2015 0.46875 2014 November 21, 2014 December 5, 2014 December 31, 2014 $0.46875 August 25, 2014 September 8, 2014 September 30, 2014 0.46875 May 19, 2014 June 10, 2014 June 30, 2014 0.46875 February 14, 2014 February 28, 2014 March 31, 2014 0.46875
Schedule of cash dividends declared on common stock	The following table presents cash dividends declared by the Company on its common stock from January 1, 2014 through December 31, 2016 : Year Declaration Date Record Date Payment Date Dividend Per Share 2016 December 14, 2016 December 28, 2016 January 31, 2017 $0.20 (1) September 15, 2016 September 28, 2016 October 31, 2016 0.20 June 14, 2016 June 28, 2016 July 29, 2016 0.20 March 11, 2016 March 28, 2016 April 29, 2016 0.20 2015 December 9, 2015 December 28, 2015 January 29, 2016 $0.20 September 17, 2015 September 29, 2015 October 30, 2015 0.20 June 15, 2015 June 29, 2015 July 31, 2015 0.20 March 13, 2015 March 27, 2015 April 30, 2015 0.20 2014 December 9, 2014 December 26, 2014 January 30, 2015 $0.20 September 17, 2014 September 29, 2014 October 31, 2014 0.20 June 13, 2014 June 27, 2014 July 31, 2014 0.20 March 10, 2014 March 28, 2014 April 30, 2014 0.20 (1) At December 31, 2016 , the Company had accrued dividends and dividend equivalents payable of $74.7 million related to the common stock dividend declared on December 14, 2016.
Schedule of changes in balances in each component of the entity's AOCI	The following table presents changes in the balances of each component of the Company’s AOCI for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, 2016 2015 2014 (In Thousands) Net Unrealized Gain/(Loss) on AFS Securities Net Unrealized Gain/(Loss) on Swaps Total AOCI Net Unrealized Gain/(Loss) on AFS Securities Net Total AOCI Net Net Total AOCI Balance at beginning of period $ 585,250 $ (69,399 ) $ 515,851 $ 813,515 $ (59,062 ) $ 754,453 $ 752,912 $ (15,217 ) $ 737,695 OCI before reclassifications 72,560 22,678 95,238 (194,890 ) (10,337 ) (205,227 ) 95,551 (44,292 ) 51,259 Amounts reclassified from AOCI (1) (37,407 ) — (37,407 ) (37,912 ) — (37,912 ) (34,948 ) 447 (34,501 ) Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing — — — 4,537 — 4,537 — — — Net OCI during period (2) 35,153 22,678 57,831 (228,265 ) (10,337 ) (238,602 ) 60,603 (43,845 ) 16,758 Balance at end of period $ 620,403 $ (46,721 ) $ 573,682 $ 585,250 $ (69,399 ) $ 515,851 $ 813,515 $ (59,062 ) $ 754,453 (1) See separate table below for details about these reclassifications. (2) For further information regarding changes in OCI, see the Company’s consolidated statements of comprehensive income/(loss).
Information about the significant amounts reclassified out of the entity's AOCI	The following table presents information about the significant amounts reclassified out of the Company’s AOCI for the years ended December 31, 2016 , 2015 , and 2014 : For the Year Ended December 31, 2016 2015 2014 Details about AOCI Components Amounts Reclassified from AOCI Affected Line Item in the Statement (In Thousands) AFS Securities: Realized gain on sale of securities $ (36,922 ) $ (37,207 ) $ (34,948 ) Gain on sales of MBS OTTI recognized in earnings (485 ) (705 ) — Net impairment losses recognized in earnings Total AFS Securities (37,407 ) (37,912 ) (34,948 ) Swaps designated as cash flow hedges: De-designated Swaps — — 447 Other, net Total Swaps designated as cash flow hedges — — 447 Total reclassifications for period $ (37,407 ) $ (37,912 ) $ (34,501 )

EPS Calculation (Tables)

EPS Calculation (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of reconciliation of the earnings and shares used in calculating basic and diluted EPS	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, (In Thousands, Except Per Share Amounts) 2016 2015 2014 Numerator: Net income $ 312,668 $ 313,226 $ 313,504 Dividends declared on preferred stock (15,000 ) (15,000 ) (15,000 ) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (1,628 ) (1,539 ) (1,106 ) Net income available to common stockholders - basic and diluted $ 296,040 $ 296,687 $ 297,398 Denominator: Weighted average common shares for basic and diluted earnings per share (1) 371,122 372,114 369,048 Basic and diluted earnings per share $ 0.80 $ 0.80 $ 0.81 (1) At December 31, 2016 , the Company had an aggregate of 2.0 million equity instruments outstanding that were not included in the calculation of diluted EPS for the year ended December 31, 2016 , as their inclusion would have been anti-dilutive. These equity instruments were comprised of approximately 29,000 shares of restricted common stock with a weighted average grant date fair value of $7.12 and approximately $2.0 million RSUs with a weighted average grant date fair value of $6.85 . These equity instruments may have a dilutive impact on future EPS.

Equity Compensation, Employme38

Equity Compensation, Employment Agreements and Other Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2016
Compensation Related Costs [Abstract]
Schedule of dividend equivalent rights activity	The following table presents information about the Company’s dividend equivalents rights awarded as separate instruments at and for each of the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, 2016 2015 2014 Number of Dividend Equivalent Rights Outstanding at beginning of year: 8,215 24,402 218,225 Granted — — — Cancelled, forfeited or expired (8,215 ) (16,187 ) (193,823 ) Outstanding at end of year — 8,215 24,402
Schedule of stock options activity	The following table presents information about the Company’s Options at and for the year ended December 31, 2014 : For the Year Ended December 31, 2014 Number of Options Weighted Average Exercise Price Outstanding at beginning of year: 5,000 $ 8.40 Granted — — Cancelled, forfeited or expired (5,000 ) 8.40 Exercised — — Outstanding at end of year — $ — Options exercisable at end of year — $ —
Schedule of restricted stock activity	The following table presents information with respect to the Company’s restricted stock for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, 2016 2015 2014 Shares of Restricted Stock Weighted Average Grant Date Fair Value (1) Shares of Restricted Stock Weighted Average Grant Date Fair Value (1) Shares of Restricted Stock Weighted Average Grant Date Fair Value (1) Outstanding at beginning of year: 110,920 $ 7.41 243,948 $ 7.48 443,967 $ 7.50 Granted 487,216 7.66 497,007 6.83 491,797 8.29 Vested (2) (567,851 ) 7.64 (629,212 ) 6.98 (690,397 ) 8.07 Cancelled/forfeited (1,317 ) 7.12 (823 ) 7.74 (1,419 ) 7.58 Outstanding at end of year 28,968 $ 7.12 110,920 $ 7.41 243,948 $ 7.48 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date. (2) All restrictions associated with restricted stock are removed on vesting.
Schedule of restricted stock units activity	The following table presents information with respect to the Company’s RSUs during the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, 2016 RSUs With Service Condition Weighted Average Grant Date Fair Value RSUs With Market and Service Conditions Weighted Average Grant Date Fair Value Total RSUs Total Weighted Average Grant Date Fair Value Outstanding at beginning of year: 1,138,930 $ 7.71 736,800 $ 5.66 1,875,730 $ 6.90 Granted (1) 420,695 6.81 307,500 4.81 728,195 5.96 Settled (360,326 ) 7.75 (175,500 ) 5.21 (535,826 ) 6.92 Cancelled/forfeited (5,000 ) 7.32 (5,000 ) 5.27 (10,000 ) 6.29 Outstanding at end of year 1,194,299 $ 7.38 863,800 $ 5.45 2,058,099 $ 6.57 RSUs vested but not settled at end of year 617,518 $ 7.45 293,800 $ 5.83 911,318 $ 6.93 RSUs unvested at end of year 576,781 $ 7.30 570,000 $ 5.25 1,146,781 $ 6.28 For the Year Ended December 31, 2015 RSUs With Service Condition Weighted Average Grant Date Fair Value RSUs With Market and Service Conditions Weighted Average Grant Date Fair Value Total RSUs Total Outstanding at beginning of year: 769,174 $ 7.55 449,300 $ 5.61 1,218,474 $ 6.84 Granted (2) 390,804 7.96 291,250 5.73 682,054 7.01 Settled (17,298 ) 6.60 — — (17,298 ) 6.60 Cancelled/forfeited (3,750 ) 7.97 (3,750 ) 5.73 (7,500 ) 6.85 Outstanding at end of year 1,138,930 $ 7.71 736,800 $ 5.66 1,875,730 $ 6.90 RSUs vested but not settled at end of year 554,023 $ 7.83 175,500 $ 5.21 729,523 $ 7.20 RSUs unvested at end of year 584,907 $ 7.59 561,300 $ 5.80 1,146,207 $ 6.71 For the Year Ended December 31, 2014 RSUs With Service Condition Weighted Average Grant Date Fair Value RSUs With Market and Service Conditions Weighted Average Grant Date Fair Value Total RSUs Total Outstanding at beginning of year: 490,099 $ 7.75 287,719 $ 4.32 777,818 $ 6.48 Granted (3) 357,015 7.22 273,800 5.87 630,815 6.64 Settled (72,873 ) 7.28 (14,465 ) 4.71 (87,338 ) 6.86 Cancelled/forfeited (5,067 ) 7.36 (97,754 ) 2.67 (102,821 ) 2.90 Outstanding at end of year 769,174 $ 7.55 449,300 $ 5.61 1,218,474 $ 6.84 RSUs vested but not settled at end of year 467,638 $ 7.81 175,500 $ 5.21 643,138 $ 7.10 RSUs unvested at end of year 301,536 $ 7.15 273,800 $ 5.87 575,336 $ 6.54 (1) The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 615,000 of these awards granted in 2016, the Company applied: (i) a weighted average volatility estimate of approximately 17% , which was determined considering historic volatility in the price of Company’s common stock over the three -year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s common stock at the grant date; (ii) a weighted average risk-free rate of 1.20% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards; and (iii) an estimated annual dividend yield of 11% . The weighted average grant date fair value for the remaining 113,195 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date of $7.20 . There are no post vesting conditions on these awards. (2) The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 582,500 of these awards granted in 2015, the Company applied: (i) a weighted average volatility estimate of approximately 18% , which was determined considering historic volatility in the price of Company’s common stock over the three -year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s common stock at the grant date; (ii) a weighted average risk-free rate of 0.90% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards; and (iii) an estimated annual dividend yield of 9% . The weighted average grant date fair value for the remaining 99,554 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date ranging from $7.93 to $7.97 . There are no post vesting conditions on these awards. (3) The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 547,600 of these awards granted in 2014, the Company applied: (i) a weighted average volatility estimate of approximately 22% , which was determined considering historic volatility in the price of Company’s common stock over the three -year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s common stock at the grant date; (ii) a weighted average risk-free rate of 0.73% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards; and (iii) an estimated annual dividend yield of 8% . The weighted average grant date fair value for the remaining 83,215 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date ranging from $7.19 to $8.16 . There are no post vesting conditions on these awards.
Schedule of expenses related to equity-based compensation	The following table presents the Company’s expenses related to its equity-based compensation instruments for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, (In Thousands) 2016 2015 2014 Restricted shares of common stock $ 4,326 $ 4,373 $ 5,553 RSUs (1) 4,792 3,377 2,886 Dividend equivalent rights 44 82 146 Total $ 9,162 $ 7,832 $ 8,585 (1) RSU expense for the year ended December 31, 2014 includes approximately $500,000 for a one-time grant to the Company ’ s chief executive officer.
Schedule of expenses related to deferred compensation plans	The following table presents the Company’s expenses related to its Deferred Plans for its non-employee directors and senior officers for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, (In Thousands) 2016 2015 2014 Non-employee directors $ 231 $ (59 ) $ 69 Total $ 231 $ (59 ) $ 69
Schedule of aggregate income deferred by participants and associated liability under deferred compensation plans	The following table presents the aggregate amount of income deferred by participants of the Deferred Plans through December 31, 2016 and 2015 that had not been distributed and the Company’s associated liability for such deferrals at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 (In Thousands) Undistributed Income Deferred (1) Liability Under Deferred Plans Undistributed Income Deferred (1) Liability Under Deferred Plans Non-employee directors $ 1,066 $ 1,263 $ 601 $ 614 Total $ 1,066 $ 1,263 $ 601 $ 614 (1) Represents the cumulative amounts that were deferred by participants through December 31, 2016 and 2015 , which had not been distributed through such respective date.

Fair Value of Financial Instr39

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of financial instruments carried at fair value by valuation hierarchy	The following tables present the Company’s financial instruments carried at fair value on a recurring basis as of December 31, 2016 and 2015 , on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at December 31, 2016 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Agency MBS $ — $ 3,738,497 $ — $ 3,738,497 Non-Agency MBS, including MBS transferred to consolidated VIEs — 5,825,816 — 5,825,816 CRT securities — 404,850 — 404,850 Securities obtained and pledged as collateral 510,767 — — 510,767 Residential whole loans, at fair value — — 814,682 814,682 Swaps — 233 — 233 Total assets carried at fair value $ 510,767 $ 9,969,396 $ 814,682 $ 11,294,845 Liabilities: Swaps $ — $ 46,954 $ — $ 46,954 Obligation to return securities obtained as collateral 510,767 — — 510,767 Total liabilities carried at fair value $ 510,767 $ 46,954 $ — $ 557,721 Fair Value at December 31, 2015 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Agency MBS $ — $ 4,752,244 $ — $ 4,752,244 Non-Agency MBS, including MBS transferred to consolidated VIEs — 6,420,817 — 6,420,817 CRT securities — 183,582 — 183,582 Securities obtained and pledged as collateral 507,443 — — 507,443 Residential whole loans, at fair value — — 623,276 623,276 Swaps — 1,127 — 1,127 Total assets carried at fair value $ 507,443 $ 11,357,770 $ 623,276 $ 12,488,489 Liabilities: Swaps $ — $ 70,526 $ — $ 70,526 Obligation to return securities obtained as collateral 507,443 — — 507,443 Total liabilities carried at fair value $ 507,443 $ 70,526 $ — $ 577,969
Schedule of significant unobservable inputs used in fair value measurement of residential whole loans	The following table presents additional information for the years ended December 31, 2016 and 2015 about the Company’s residential whole loans, at fair value, which are classified as Level 3 and measured at fair value on a recurring basis: Residential Whole Loans, at Fair Value For the Year Ended December 31, (In Thousands) 2016 2015 Balance at beginning of period $ 623,276 $ 143,472 Purchases and capitalized advances 316,407 534,574 Changes in fair value recorded in Net gain on residential whole loans held at fair value 31,254 6,539 Collection of principal, net of liquidation gains/losses (66,694 ) (34,767 ) Repurchases (2,909 ) — Transfer to REO (86,652 ) (26,542 ) Balance at end of period $ 814,682 $ 623,276
Schedule of quantitative information about significant unobservable inputs	The following tables present a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s residential whole loans held at fair value for which it has utilized Level 3 inputs to determine fair value as of December 31, 2016 and 2015 : December 31, 2016 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Residential whole loans, at fair value $ 253,287 Discounted cash flow Discount rate 6.6 % 5.0-7.7% Prepayment rate 7.6 % 0.0-12.0% Default rate 2.9 % 0.0-9.7% Loss severity 13.0 % 0.0-77.5% $ 516,014 Liquidation model Discount rate 7.7 % 6.8-26.9% Annual change in home prices 1.7 % (9.2)-7.7% Liquidation timeline (in years) 1.6 0.1-4.4 Current value of underlying properties (3) $ 634 $5-$4,900 Total $ 769,301 December 31, 2015 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Residential whole loans, at fair value $ 113,166 Discounted cash flow Discount rate 7.0 % 6.0-8.7% Prepayment rate 6.6 % 0.3-11.1% Default rate 3.1 % 0.0-9.1% Loss severity 17.03 % 10.0-79.4% $ 392,557 Liquidation model Discount rate 6.9 % 6.8-10.0% Annual change in home prices 1.3 % (5.5)-6.1% Liquidation timeline (in years) 1.6 0.7-4.4 Current value of underlying properties (3) $ 626 $14-$3,500 Total $ 505,723 (1) Excludes approximately $45.4 million and $117.6 million of loans for which management considers the purchase price continues to reflect the fair value of such loans at December 31, 2016 and 2015 , respectively. (2) Amounts are weighted based on the fair value of the underlying loan. (3) The simple average value of the properties underlying residential whole loans held at fair value valued via a liquidation model was approximately $320,000 and $305,000 as of December 31, 2016 and 2015 , respectively.
Schedule of residential whole loans, fair value and aggregate unpaid principal, fair value option elected	The following table presents the difference between the fair value and the aggregate unpaid principal balance of the Company’s residential whole loans for which the fair value option was elected at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 (In Thousands) Fair Value Unpaid Principal Balance Difference Fair Value Unpaid Principal Balance Difference Residential whole loans, at fair value Total loans $ 814,682 $ 966,174 $ (151,492 ) $ 623,276 $ 786,330 $ (163,054 ) Loans 90 days or more past due $ 570,025 $ 695,282 $ (125,257 ) $ 493,640 $ 637,459 $ (143,819 )
Schedule of carrying value and fair value of financial instruments	The following table presents the carrying values and estimated fair values of the Company’s financial instruments at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 (In Thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Agency MBS $ 3,738,497 $ 3,738,497 $ 4,752,244 $ 4,752,244 Non-Agency MBS, including MBS transferred to consolidated VIEs 5,825,816 5,825,816 6,420,817 6,420,817 CRT securities 404,850 404,850 183,582 183,582 Securities obtained and pledged as collateral 510,767 510,767 507,443 507,443 Residential whole loans, at carrying value 590,540 621,548 271,845 289,696 Residential whole loans, at fair value 814,682 814,682 623,276 623,276 Cash and cash equivalents 260,112 260,112 165,007 165,007 Restricted cash 58,463 58,463 71,538 71,538 Swaps 233 233 1,127 1,127 Financial Liabilities (1) : Repurchase agreements 8,472,268 8,472,078 7,887,622 7,828,115 FHLB advances 215,000 215,000 1,500,000 1,500,000 Securitized debt — — 21,868 22,057 Obligation to return securities obtained as collateral 510,767 510,767 507,443 507,443 Senior Notes 96,733 101,111 96,697 101,391 Swaps 46,954 46,954 70,526 70,526 (1) Carrying value of Senior Notes, Securitized debt and certain Repurchase agreements is net of associated debt issuance costs.

Summary of Quarterly Results 40

Summary of Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Results of Operations (Unaudited)	2016 Quarter Ended (In Thousands, Except per Share Amounts) March 31 June 30 September 30 December 31 Interest income $ 117,418 $ 114,507 $ 112,716 $ 112,528 Interest expense (47,600 ) (47,720 ) (48,167 ) (49,868 ) Net interest income 69,818 66,787 64,549 62,660 Net impairment losses recognized in earnings — — (485 ) — Net gain on residential whole loans held at fair value 11,881 14,470 18,701 14,632 Gain on sales of MBS 9,745 9,241 7,083 9,768 Other income 1,085 3,319 8,117 1,281 Operating and other expense (14,459 ) (14,867 ) (14,954 ) (15,704 ) Net income 78,070 78,950 83,011 72,637 Preferred stock dividends (3,750 ) (3,750 ) (3,750 ) (3,750 ) Net income available to common stock and participating securities $ 74,320 $ 75,200 $ 79,261 $ 68,887 Earnings per Common Share - Basic and Diluted $ 0.20 $ 0.20 $ 0.21 $ 0.18 2015 Quarter Ended (In Thousands, Except per Share Amounts) March 31 June 30 September 30 December 31 Interest income $ 129,943 $ 123,995 $ 119,706 $ 118,499 Interest expense (43,940 ) (42,849 ) (43,703 ) (46,456 ) Net interest income 86,003 81,146 76,003 72,043 Net impairment losses recognized in earnings (407 ) (298 ) — — Net gain on residential whole loans held at fair value 2,034 3,224 5,565 6,899 Gain on sales of MBS 6,435 7,617 11,196 9,652 Other income/(loss) 311 (678 ) (259 ) (831 ) Operating and other expense (12,202 ) (12,940 ) (12,995 ) (14,292 ) Net income 82,174 78,071 79,510 73,471 Preferred stock dividends (3,750 ) (3,750 ) (3,750 ) (3,750 ) Net income available to common stock and participating securities $ 78,424 $ 74,321 $ 75,760 $ 69,721 Earnings per Common Share - Basic and Diluted $ 0.21 $ 0.20 $ 0.20 $ 0.19

Summary of Significant Accoun41

Summary of Significant Accounting Policies - Residential Whole Loans, Cash and Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)segment	Dec. 31, 2015USD ($)
Accounting Policies [Abstract]
Number of reportable segments | segment	1
Number of operating segments | segment	1
Number of days considered to classify loans delinquent (less than)	60 days
LTV percentage (or less)	80.00%
Overnight money market funds	$ 208,900	$ 120,400
Restricted cash	58,463	71,538
Goodwill	$ 7,189	$ 7,189

Summary of Significant Accoun42

Summary of Significant Accounting Policies - Depreciation (Details) - Furniture, fixtures, computers and related hardwares	12 Months Ended
	Dec. 31, 2016
Low end of range
Estimated useful life of long-lived assets
Estimated useful life	5 years
High end of range
Estimated useful life of long-lived assets
Estimated useful life	8 years

Summary of Significant Accoun43

Summary of Significant Accounting Policies - Repurchase Agreements (Details)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Repurchase financing period, low end of range	1 month
Repurchase financing period, high end of range	6 months

Summary of Significant Accoun44

Summary of Significant Accounting Policies - Equity-Based Compensation, Taxes, Derivatives (Details)	12 Months Ended		36 Months Ended
	Dec. 31, 2016USD ($)component	Dec. 31, 2014	Dec. 31, 2013
Share based compensation
Forfeiture rate assumption for equity based awards granted in 2009 and prior years (as a percent)	0.00%
Income Tax Disclosure
Percentage of annual REIT taxable income intended to be distributed to stockholders	100.00%
Income tax expense | $	$ 0
Derivative Instruments
Number of components of linked transactions | component	2
Restricted Stock Units
Share based compensation
Vesting period of restricted share units (RSUs)		3 years	3 years
Restricted Stock Units | Minimum
Share based compensation
Vesting period of restricted share units (RSUs)			1 year
Restricted Stock Units | Maximum
Share based compensation
Vesting period of restricted share units (RSUs)			3 years

Summary of Significant Accoun45

Summary of Significant Accounting Policies - New Accounting Standards and Interpretations (Details) - Accounting Standards Update 2015-03 $ in Thousands	Dec. 31, 2016USD ($)
Senior Notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ 3,300
Repurchase Agreements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	1,300
Secured Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	189
Other Noncurrent Assets | Senior Notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	(3,300)
Other Noncurrent Assets | Repurchase Agreements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	(1,300)
Other Noncurrent Assets | Secured Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ (189)

MBS and CRT Securities (Details

MBS and CRT Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Information about MBS and CRT securities
Minimum term of fixed rate mortgages underlying MBS	15 years
Principal/ Current Face	$ 10,172,893,000	$ 11,703,896,000
Purchase Premiums	138,551,000	172,160,000
Accretable Purchase Discounts	(283,799,000)	(317,930,000)
Discount Designated as Credit Reserve and OTTI	(694,241,000)	(787,541,000)
Amortized Cost	9,336,008,000	10,771,616,000
Fair Value	9,969,163,000	11,356,643,000
Gross Unrealized Gains	669,553,000	656,956,000
Gross Unrealized Losses	(36,398,000)	(71,929,000)
Net Unrealized Gain/(Loss)	633,155,000	585,027,000
Principal payments receivable	2,600,000	1,000,000
Agency MBS
Information about MBS and CRT securities
Principal/ Current Face	3,581,302,000	4,550,403,000
Purchase Premiums	135,182,000	172,087,000
Accretable Purchase Discounts	(51,000)	(59,000)
Discount Designated as Credit Reserve and OTTI	0	0
Amortized Cost	3,719,037,000	4,723,462,000
Fair Value	3,738,497,000	4,752,244,000
Gross Unrealized Gains	50,653,000	69,207,000
Gross Unrealized Losses	(31,193,000)	(40,425,000)
Net Unrealized Gain/(Loss)	19,460,000	28,782,000
Agency MBS | Fannie Mae
Information about MBS and CRT securities
Principal/ Current Face	2,879,807,000	3,690,020,000
Purchase Premiums	108,310,000	139,243,000
Accretable Purchase Discounts	(51,000)	(59,000)
Discount Designated as Credit Reserve and OTTI	0	0
Amortized Cost	2,988,066,000	3,829,204,000
Fair Value	3,014,464,000	3,865,485,000
Gross Unrealized Gains	45,706,000	62,111,000
Gross Unrealized Losses	(19,308,000)	(25,830,000)
Net Unrealized Gain/(Loss)	26,398,000	36,281,000
Agency MBS | Freddie Mac
Information about MBS and CRT securities
Principal/ Current Face	693,945,000	851,087,000
Purchase Premiums	26,736,000	32,680,000
Accretable Purchase Discounts	0	0
Discount Designated as Credit Reserve and OTTI	0	0
Amortized Cost	723,285,000	884,798,000
Fair Value	716,209,000	877,109,000
Gross Unrealized Gains	4,809,000	6,906,000
Gross Unrealized Losses	(11,885,000)	(14,595,000)
Net Unrealized Gain/(Loss)	(7,076,000)	(7,689,000)
Agency MBS | Ginnie Mae
Information about MBS and CRT securities
Principal/ Current Face	7,550,000	9,296,000
Purchase Premiums	136,000	164,000
Accretable Purchase Discounts	0	0
Discount Designated as Credit Reserve and OTTI	0	0
Amortized Cost	7,686,000	9,460,000
Fair Value	7,824,000	9,650,000
Gross Unrealized Gains	138,000	190,000
Gross Unrealized Losses	0	0
Net Unrealized Gain/(Loss)	138,000	190,000
Non-Agency MBS
Information about MBS and CRT securities
Principal/ Current Face	6,206,598,000	6,961,493,000
Purchase Premiums	57,000	73,000
Accretable Purchase Discounts	(278,191,000)	(312,182,000)
Discount Designated as Credit Reserve and OTTI	(694,241,000)	(787,541,000)
Amortized Cost	5,234,223,000	5,861,843,000
Fair Value	5,825,816,000	6,420,817,000
Gross Unrealized Gains	596,795,000	587,331,000
Gross Unrealized Losses	(5,202,000)	(28,357,000)
Net Unrealized Gain/(Loss)	591,593,000	558,974,000
Credit Reserve	675,600,000	766,000,000
OTTI	18,600,000	21,500,000
Non-Agency MBS | Expected to Recover Par
Information about MBS and CRT securities
Principal/ Current Face	2,847,398,000	2,906,878,000
Purchase Premiums	57,000	73,000
Accretable Purchase Discounts	(24,273,000)	(31,576,000)
Discount Designated as Credit Reserve and OTTI	0	0
Amortized Cost	2,823,182,000	2,875,375,000
Fair Value	2,847,291,000	2,878,532,000
Gross Unrealized Gains	26,477,000	23,300,000
Gross Unrealized Losses	(2,368,000)	(20,143,000)
Net Unrealized Gain/(Loss)	24,109,000	3,157,000
Non-Agency MBS | Expected to Recover Less Than Par
Information about MBS and CRT securities
Principal/ Current Face	3,359,200,000	4,054,615,000
Purchase Premiums	0	0
Accretable Purchase Discounts	(253,918,000)	(280,606,000)
Discount Designated as Credit Reserve and OTTI	(694,241,000)	(787,541,000)
Amortized Cost	2,411,041,000	2,986,468,000
Fair Value	2,978,525,000	3,542,285,000
Gross Unrealized Gains	570,318,000	564,031,000
Gross Unrealized Losses	(2,834,000)	(8,214,000)
Net Unrealized Gain/(Loss)	$ 567,484,000	$ 555,817,000
Current face amount of non-Agency MBS expected to be recovered (percent)	89.00%	89.00%
Total MBS
Information about MBS and CRT securities
Principal/ Current Face	$ 9,787,900,000	$ 11,511,896,000
Purchase Premiums	135,239,000	172,160,000
Accretable Purchase Discounts	(278,242,000)	(312,241,000)
Discount Designated as Credit Reserve and OTTI	(694,241,000)	(787,541,000)
Amortized Cost	8,953,260,000	10,585,305,000
Fair Value	9,564,313,000	11,173,061,000
Gross Unrealized Gains	647,448,000	656,538,000
Gross Unrealized Losses	(36,395,000)	(68,782,000)
Net Unrealized Gain/(Loss)	611,053,000	587,756,000
CRT securities
Information about MBS and CRT securities
Principal/ Current Face	384,993,000	192,000,000
Purchase Premiums	3,312,000	0
Accretable Purchase Discounts	(5,557,000)	(5,689,000)
Discount Designated as Credit Reserve and OTTI	0	0
Amortized Cost	382,748,000	186,311,000
Fair Value	404,850,000	183,582,000
Gross Unrealized Gains	22,105,000	418,000
Gross Unrealized Losses	(3,000)	(3,147,000)
Net Unrealized Gain/(Loss)	$ 22,102,000	(2,729,000)
3 Year Step-up securities
Information about MBS and CRT securities
Basis points for coupon step-up	300.00%
Coupon step-up period	36 months
Principal/ Current Face	$ 2,700,000,000	2,600,000,000
Amortized Cost	2,700,000,000	2,600,000,000
Fair Value	2,700,000,000	2,600,000,000
Debt Securities | CRT securities
Information about MBS and CRT securities
Fair Value	271,200,000	62,200,000
Gross Unrealized Gains	12,700,000	332,000
Gross Unrealized Losses	(3,000)	(555,000)
Net Unrealized Gain/(Loss)	$ (3,000)	$ (223,000)

MBS and CRT Securities (Detai47

MBS and CRT Securities (Details 2) $ in Thousands	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)Security	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)Security	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Fair Value
Less than 12 months		$ 1,388,390								$ 1,388,390
12 months or more		1,472,268								1,472,268
Total		2,860,658								2,860,658
Unrealized Losses
Less than 12 months		9,784								9,784
12 months or more		26,614								26,614
Total		$ 36,398								$ 36,398
Number of Securities
Less than 12 Months | Security		151								151
12 Months or more | Security		249								249
Unrealized losses		$ 36,398				$ 71,929				$ 36,398	$ 71,929
OTTI charges recorded
Total OTTI losses										(1,255)	(525)	$ 0
OTTI recognized in/(reclassified from) OCI										770	(180)	0
Net Impairment Losses Recognized in Earnings		0	$ (485)	$ 0	$ 0	0	$ 0	$ (298)	$ (407)	(485)	(705)	0
Roll-forward of the credit loss component of OTTI
Credit loss component of OTTI at beginning of period					36,820				36,115	36,820	36,115	36,115
Additions for credit related OTTI not previously recognized										314	461	0
Subsequent additional credit related OTTI recorded										171	244	0
Credit loss component of OTTI at end of period	$ 36,115	37,305				36,820				37,305	36,820	36,115
Changes in the components of the purchase discount on Non-Agency MBS
Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing	4,500									0	4,537	0
Accumulated other comprehensive income from MBS and CRT securities:
Unrealized gain on AFS securities at beginning of period					585,250				813,515	585,250	813,515	752,912
Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing	4,500									0	4,537	0
Reclassification adjustment for MBS sales included in net income										(36,922)	(37,207)	(34,948)
Reclassification adjustment for OTTI included in net income										(485)	(705)	0
Change in AOCI from AFS securities										35,153	(228,265)	60,603
Balance at end of period	813,515	620,403				585,250				620,403	585,250	813,515
Agency MBS
Fair Value
Less than 12 months		657,429								657,429
12 months or more		1,181,517								1,181,517
Total		1,838,946								1,838,946
Unrealized Losses
Less than 12 months		8,045								8,045
12 months or more		23,148								23,148
Total		$ 31,193								$ 31,193
Number of Securities
Less than 12 Months | Security		123								123
12 Months or more | Security		221								221
Unrealized losses		$ 31,193				40,425				$ 31,193	40,425
Accumulated other comprehensive income from MBS and CRT securities:
Unrealized (loss)/gain on MBS, net										(9,322)	(51,332)	65,739
MBS and CRT securities Interest Income
Coupon interest										119,966	147,066	189,355
Effective yield adjustment										(36,897)	(41,231)	(46,812)
Interest income										83,069	105,835	142,543
Agency MBS | Fannie Mae
Fair Value
Less than 12 months		380,834								380,834
12 months or more		933,019								933,019
Total		1,313,853								1,313,853
Unrealized Losses
Less than 12 months		3,207								3,207
12 months or more		16,101								16,101
Total		$ 19,308								$ 19,308
Number of Securities
Less than 12 Months | Security		76								76
12 Months or more | Security		156								156
Unrealized losses		$ 19,308				25,830				$ 19,308	25,830
Agency MBS | Freddie Mac
Fair Value
Less than 12 months		276,595								276,595
12 months or more		248,498								248,498
Total		525,093								525,093
Unrealized Losses
Less than 12 months		4,838								4,838
12 months or more		7,047								7,047
Total		$ 11,885								$ 11,885
Number of Securities
Less than 12 Months | Security		47								47
12 Months or more | Security		65								65
Unrealized losses		$ 11,885				14,595				$ 11,885	14,595
Non-Agency MBS
Fair Value
Less than 12 months		728,458								728,458
12 months or more		290,751								290,751
Total		1,019,209								1,019,209
Unrealized Losses
Less than 12 months		1,736								1,736
12 months or more		3,466								3,466
Total		$ 5,202								$ 5,202
Number of Securities
Less than 12 Months | Security		27								27
12 Months or more | Security		28								28
Unrealized losses		$ 5,202				28,357				$ 5,202	28,357
OTTI losses										(485)	(705)	0
Accumulated other comprehensive income from MBS and CRT securities:
Unrealized (loss)/gain on MBS, net										81,882	(143,558)	29,812
Sales of MBS
Proceeds from sale of mortgage backed securities (MBS) categorized as available-for-sale										85,600	70,700	123,900
Gain (loss) on sales of mortgage backed securities (MBS)										35,800	34,900	37,500
Non-Agency MBS | Discount Designated as Credit Reserve and OTTI
Changes in the components of the purchase discount on Non-Agency MBS
Balance at beginning of period					(787,541)				(900,557)	(787,541)	(900,557)
Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing										0	(15,543)
Impact of RMBS Issuer settlement										0	0
Accretion of discount										0	0
Realized credit losses										64,217	80,821
Purchases										(25,999)	(1,200)
Sales										17,863	8,525
Net impairment losses recognized in earnings										(485)	(705)
Transfers/release of credit reserve										37,704	41,118
Balance at end of period	(900,557)	(694,241)				(787,541)				(694,241)	(787,541)	(900,557)
Accumulated other comprehensive income from MBS and CRT securities:
Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing										0	(15,543)
Non-Agency MBS | Accretable Discount
Changes in the components of the purchase discount on Non-Agency MBS
Balance at beginning of period					$ (312,182)				$ (399,564)	(312,182)	(399,564)
Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing										0	1,832
Impact of RMBS Issuer settlement										(59,900)	0
Accretion of discount										80,548	93,173
Realized credit losses										0	0
Purchases										13,094	(4,925)
Sales										37,953	38,420
Net impairment losses recognized in earnings										0	0
Transfers/release of credit reserve										(37,704)	(41,118)
Balance at end of period	$ (399,564)	(278,191)				(312,182)				(278,191)	(312,182)	(399,564)
Accumulated other comprehensive income from MBS and CRT securities:
Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing										0	1,832
Non-Agency MBS | Expected to Recover Par
Fair Value
Less than 12 months		691,114								691,114
12 months or more		196,431								196,431
Total		887,545								887,545
Unrealized Losses
Less than 12 months		1,426								1,426
12 months or more		942								942
Total		$ 2,368								$ 2,368
Number of Securities
Less than 12 Months | Security		19								19
12 Months or more | Security		14								14
Unrealized losses		$ 2,368				20,143				$ 2,368	20,143
Non-Agency MBS | Expected to Recover Less Than Par
Fair Value
Less than 12 months		37,344								37,344
12 months or more		94,320								94,320
Total		131,664								131,664
Unrealized Losses
Less than 12 months		310								310
12 months or more		2,524								2,524
Total		$ 2,834								$ 2,834
Number of Securities
Less than 12 Months | Security		8								8
12 Months or more | Security		14								14
Unrealized losses		$ 2,834				8,214				$ 2,834	8,214
Total MBS
Fair Value
Less than 12 months		1,385,887								1,385,887
12 months or more		1,472,268								1,472,268
Total		2,858,155								2,858,155
Unrealized Losses
Less than 12 months		9,781								9,781
12 months or more		26,614								26,614
Total		$ 36,395								$ 36,395
Number of Securities
Less than 12 Months | Security		150								150
12 Months or more | Security		249								249
Unrealized losses		$ 36,395				68,782				$ 36,395	68,782
Legacy Non-Agency MBS
MBS and CRT securities Interest Income
Coupon interest										154,057	183,349	212,073
Effective yield adjustment										78,443	91,003	103,491
Interest income										232,500	274,352	315,564
3 Year Step-up securities
MBS and CRT securities Interest Income
Coupon interest										100,032	87,429	898
Effective yield adjustment										2,108	1,789	(132)
Interest income										102,140	89,218	766
CRT securities
Fair Value
Less than 12 months		2,503								2,503
12 months or more		0								0
Total		2,503								2,503
Unrealized Losses
Less than 12 months		3								3
12 months or more		0								0
Total		$ 3								$ 3
Number of Securities
Less than 12 Months | Security		1								1
12 Months or more | Security		0								0
Unrealized losses		$ 3				3,147				$ 3	3,147
MBS and CRT securities Interest Income
Coupon interest										13,023	5,844	665
Effective yield adjustment										1,747	728	107
Interest income										14,770	6,572	$ 772
Debt Securities | CRT securities
Fair Value
Total		2,500								2,500
Number of Securities
Unrealized losses		$ 3				$ 555				3	$ 555
Countrywide
Changes in the components of the purchase discount on Non-Agency MBS
Proceeds from legal settlements										61,800
Citigroup
Changes in the components of the purchase discount on Non-Agency MBS
Proceeds from legal settlements										$ 7,000

Residential Whole Loans - Narra

Residential Whole Loans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Residential Whole Loans [Abstract]
Residential Whole Loans	$ 1,400,000				$ 895,100				$ 1,400,000	$ 895,100
Equity interest in certificates	100.00%								100.00%
Residential whole loans at carrying value	$ 590,540				271,845				$ 590,540	271,845
Allowance for loan leases	990				1,165				990	1,165	$ 137	$ 0
(Reversal of provisions)/provisions for loan losses									(175)	1,028	137
Net gain on residential whole loans held at fair value	$ 14,632	$ 18,701	$ 14,470	$ 11,881	$ 6,899	$ 5,565	$ 3,224	$ 2,034	$ 59,684	$ 17,722	$ 116

Residential Whole Loans at Carr

Residential Whole Loans at Carrying Value-Provision for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Allowance for Loan and Lease Losses [Roll Forward]
Balance at the beginning of period	$ 1,165	$ 137	$ 0
(Reversal of provisions)/provisions for loan losses	(175)	1,028	137
Balance at the end of period	$ 990	$ 1,165	$ 137

Residential Whole Loans at Ca50

Residential Whole Loans at Carrying Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Residential Whole Loans [Abstract]
Contractually required principal and interest	$ 662,747	$ 160,806
Contractual cash flows not expected to be collected (non-accretable yield)	(117,694)	(27,040)
Expected cash flows to be collected	545,053	133,766
Interest component of expected cash flows (accretable yield)	(181,534)	(51,413)
Fair value at the date of acquisition	$ 363,519	$ 82,353

Residential Whole Loans at Ca51

Residential Whole Loans at Carrying Value Accretable Yield Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Residential Whole Loans [Roll Forward]
Accretable yield, beginning balance	$ 175,271	$ 133,012
Additions	181,534	51,413
Accretion	(23,916)	(15,511)
Reclassifications from non-accretable difference, net	1,490	6,357
Accretable yield, ending balance	$ 334,379	$ 175,271

Residential Whole Loans - Fair

Residential Whole Loans - Fair Value (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Outstanding principal balance | $	$ 966,276	$ 786,330
Aggregate fair value | $	$ 814,682	$ 623,276
Residential whole loans
Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	7,038
Residential whole loans | Estimated fair value
Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	3,812	3,143

Residential Whole Loans-Fair Va

Residential Whole Loans-Fair Value Components of Net Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Residential Whole Loans [Abstract]
Coupon payments and other income received									$ 23,017	$ 9,304	$ 504
Net unrealized gains/(losses)									31,254	6,539	(427)
Net gain on payoff/liquidation of loans									5,413	1,879	39
Total	$ 14,632	$ 18,701	$ 14,470	$ 11,881	$ 6,899	$ 5,565	$ 3,224	$ 2,034	$ 59,684	$ 17,722	$ 116

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Assets [Abstract]
REO	$ 80,503	$ 28,026	$ 5,492
Interest receivable	27,795	29,002
Swaps, at fair value	233	1,127
Goodwill	7,189	7,189
Prepaid and other assets	164,575	101,455
Total Other Assets	$ 280,295	$ 166,799

Other Assets - Real Estate Owne

Other Assets - Real Estate Owned (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)property
Real Estate Owned Properties [Line Items]
Number of real estate owned properties | property	447	182
Other real estate	$ 80,500	$ 28,000
Number of real estate properties reclassified to REO during period | property	517	186
Transfer from residential whole loans (1)	$ 91,896	$ 30,104	$ 2,904
Residential Whole Loans acquired through foreclosure ordered in lieu	$ 79,300
Number of REO properties sold during period | property	256	63	0
Proceeds from sale of real estate owned	$ 37,900	$ 6,500
Gains/(losses) on sales of real estate owned	3,229	76	$ 0
Adjustments to record at lower of cost or fair value	7,527	3,475
Estimated fair value
Real Estate Owned Properties [Line Items]
Transfer from residential whole loans (1)	91,900	$ 30,100
Mortgage loans in process of foreclosure	501,800
Carrying value
Real Estate Owned Properties [Line Items]
Mortgage loans in process of foreclosure	$ 29,600

Other Assets - Real Estate Ow56

Other Assets - Real Estate Owned - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate Owned [Roll Forward]
Balance at beginning of period	$ 28,026	$ 5,492
Adjustments to record at lower of cost or fair value	(7,527)	(3,475)
Transfer from residential whole loans	91,896	30,104	$ 2,904
Purchases and capital improvements	2,825	2,461
Disposals	(34,717)	(6,556)
Balance at end of period	80,503	28,026	$ 5,492
Gain recorded on transfer from residential whole loans to real estate owned	$ 2,900	$ 1,700

Other Assets - Derivative Instr

Other Assets - Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments
Derivative assets, fair value	$ 233	$ 1,127
Non-cleared Interest Rate Swap | Hedging | Assets
Derivative Instruments
Notional amount of derivative assets	350,000	450,000
Derivative assets, fair value	233	1,127
Non-cleared Interest Rate Swap | Hedging | Liabilities
Derivative Instruments
Notional amount of derivative liabilities	0	50,000
Derivative liabilities, at fair value	0	(59)
Cleared Interest Rate Swap | Hedging | Liabilities
Derivative Instruments
Notional amount of derivative liabilities	2,550,000	2,550,000
Derivative liabilities, at fair value	$ (46,954)	$ (70,467)

Other Assets - Derivative Ins58

Other Assets - Derivative Instruments (Details 2) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)derivative	Dec. 31, 2015USD ($)derivative	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Derivative [Line Items]
Assets Pledged												$ 10,620,406	$ 11,410,397
Number of terminated derivatives | derivative									0	0
Net unrealized gains (losses)	$ (46,721)			$ (69,399)	$ (69,399)			$ (59,062)	$ (69,399)	$ (59,062)	$ (15,217)	(46,721)	(69,399)
Interest expense attributable to Swaps	49,868	$ 48,167	$ 47,720	47,600	46,456	$ 43,703	$ 42,849	43,940	193,355	176,948	159,808
AOCI from derivative hedging instruments:
Balance at beginning of period				$ (69,399)				$ (59,062)	(69,399)	(59,062)	(15,217)
Unrealized gain/(loss) on Swaps, net									22,678	(10,337)	(44,292)
Balance at end of period	(46,721)				$ (69,399)				$ (46,721)	(69,399)	(59,062)
Interest Rate Contract
Derivative [Line Items]
Aggregate fair value of assets needed to immediately settle												48,000
Associated accrued interest payable												1,000
Assets Pledged												86,317	109,142
Interest Rate Contract | Agency MBS, at fair value
Derivative [Line Items]
Assets Pledged												32,468	38,569
Interest Rate Contract | Restricted cash
Derivative [Line Items]
Assets Pledged												53,849	70,573
Swaps, at fair value
Derivative [Line Items]
Aggregate notional amount of derivatives												$ 2,900,000	$ 3,050,000
Average maturity term of swaps									35 months
Weighted average fixed-pay rate												1.87%	1.82%
Weighted Average Variable Interest Rate												0.72%	0.34%
Interest expense attributable to Swaps									$ 40,898	$ 53,759	$ 69,842
Weighted average Swap rate paid									1.82%	1.86%	1.93%
Weighted average Swap rate received									0.48%	0.19%	0.16%
Swaps, at fair value | Within 30 days
Derivative [Line Items]
Aggregate notional amount of derivatives												$ 0	$ 50,000
Weighted average fixed-pay rate												0.00%	2.13%
Weighted Average Variable Interest Rate												0.00%	0.42%
Swaps, at fair value | Over 30 days to 3 months
Derivative [Line Items]
Aggregate notional amount of derivatives												$ 50,000	$ 0
Weighted average fixed-pay rate												0.67%	0.00%
Weighted Average Variable Interest Rate												0.64%	0.00%
Swaps, at fair value | Over 3 months to 6 months
Derivative [Line Items]
Aggregate notional amount of derivatives												$ 300,000	$ 0
Weighted average fixed-pay rate												0.57%	0.00%
Weighted Average Variable Interest Rate												0.66%	0.00%
Swaps, at fair value | Over 6 months to 12 months
Derivative [Line Items]
Aggregate notional amount of derivatives												$ 0	$ 100,000
Weighted average fixed-pay rate												0.00%	0.48%
Weighted Average Variable Interest Rate												0.00%	0.32%
Swaps, at fair value | Over 12 months to 24 months
Derivative [Line Items]
Aggregate notional amount of derivatives												$ 550,000	$ 350,000
Weighted average fixed-pay rate												1.49%	0.58%
Weighted Average Variable Interest Rate												0.71%	0.27%
Swaps, at fair value | Over 24 months to 36 months
Derivative [Line Items]
Aggregate notional amount of derivatives												$ 200,000	$ 550,000
Weighted average fixed-pay rate												1.71%	1.49%
Weighted Average Variable Interest Rate												0.76%	0.32%
Swaps, at fair value | Over 36 months to 48 months
Derivative [Line Items]
Aggregate notional amount of derivatives												$ 1,500,000	$ 200,000
Weighted average fixed-pay rate												2.22%	1.71%
Weighted Average Variable Interest Rate												0.74%	0.42%
Swaps, at fair value | Over 48 months to 60 months
Derivative [Line Items]
Aggregate notional amount of derivatives												$ 200,000	$ 1,500,000
Weighted average fixed-pay rate												2.20%	2.22%
Weighted Average Variable Interest Rate												0.75%	0.36%
Swaps, at fair value | Over 60 months to 72 months
Derivative [Line Items]
Aggregate notional amount of derivatives												$ 0	$ 200,000
Weighted average fixed-pay rate												0.00%	2.20%
Weighted Average Variable Interest Rate												0.00%	0.30%
Swaps, at fair value | Over 72 months to 84 months
Derivative [Line Items]
Aggregate notional amount of derivatives												$ 100,000	$ 0
Weighted average fixed-pay rate												2.75%	0.00%
Weighted Average Variable Interest Rate												0.74%	0.00%
Swaps, at fair value | Over 84 months
Derivative [Line Items]
Aggregate notional amount of derivatives												$ 0	$ 100,000
Weighted average fixed-pay rate												0.00%	2.75%
Weighted Average Variable Interest Rate												0.00%	0.40%
Swaps, at fair value | Hedging
Derivative [Line Items]
Net unrealized gains (losses)	(46,700)								$ (46,700)			$ (46,700)
AOCI from derivative hedging instruments:
Balance at end of period	$ (46,700)								$ (46,700)
Swaps, at fair value | Minimum | LIBOR
Derivative [Line Items]
Derivative, variable interest rate, term									1 month
Swaps, at fair value | Maximum
Derivative [Line Items]
Maximum maturity term of swaps									80 months
Swaps, at fair value | Maximum | LIBOR
Derivative [Line Items]
Derivative, variable interest rate, term									3 months
New Swaps:
Derivative [Line Items]
Aggregate notional amount									$ 0
Weighted average fixed-pay rate												0.00%
Number of new Swaps | derivative									0
Swaps amortized/expired:
Derivative [Line Items]
Aggregate notional amount									$ 150,000
Swaps amortized/expired: | YTD
Derivative [Line Items]
Weighted average fixed-pay rate												1.03%

Other Assets - Derivative Ins59

Other Assets - Derivative Instruments (Details 3) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Assets [Abstract]
MBS securities recorded upon adoption of revised accounting standard			$ 1,900,000
CRT securities recorded upon adoption of revised accounting standard			4,600
Repurchase agreements recorded upon adoption of revised accounting standard for repurchase agreement financing		$ 0	1,519,593	$ 0
Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing	$ 4,500	$ 0	$ 4,537	$ 0

Other Assets - Derivative Ins60

Other Assets - Derivative Instruments (Details 4) - Linked Transactions $ in Thousands	12 Months Ended
	Dec. 31, 2014USD ($)
Derivative [Line Items]
Interest income attributable to MBS underlying Linked Transactions	$ 24,443
Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions	(8,028)
Change in fair value of Linked Transactions included in earnings	677
Unrealized net gains and net interest income from Linked Transactions	$ 17,092

Other Assets - Interest Receiva

Other Assets - Interest Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Interest receivable by investment category
Total interest receivable	$ 27,795	$ 29,002
Total MBS
Interest receivable by investment category
Total interest receivable	22,653	26,629
Fannie Mae
Interest receivable by investment category
Total interest receivable	7,402	8,999
Freddie Mac
Interest receivable by investment category
Total interest receivable	1,802	2,177
Ginnie Mae
Interest receivable by investment category
Total interest receivable	14	15
Non-Agency MBS
Interest receivable by investment category
Total interest receivable	13,435	15,438
Residential whole loans
Interest receivable by investment category
Total interest receivable	4,415	2,259
CRT securities
Interest receivable by investment category
Total interest receivable	254	92
Money market and other investments
Interest receivable by investment category
Total interest receivable	$ 473	$ 22

Repurchase Agreements and Oth62

Repurchase Agreements and Other Advances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016
Repurchase Agreements
Unamortized debt issuance expense	$ 210	$ 1,300
Total repurchase agreements less debt issuance costs	$ 8,472,268
Repurchase agreements
Repurchase Agreements
Weighted average remaining term-to-interest rate reset of borrowings under repurchase agreements	19 days	21 days
Effective repricing period	12 months	18 months
Repurchase agreements	$ 8,472,478	$ 7,888,902	$ 8,472,478
Unamortized debt issuance expense	210	1,280
Total repurchase agreements less debt issuance costs	$ 8,472,268	$ 7,887,622
Weighted Average Interest Rate	1.79%	1.48%
Repurchase agreements | Within 30 days
Repurchase Agreements
Repurchase agreements	$ 7,284,062	$ 7,054,483
Weighted Average Interest Rate	1.77%	1.44%
Repurchase agreements | Over 30 days to 3 months
Repurchase Agreements
Repurchase agreements	$ 1,188,416	$ 734,955
Weighted Average Interest Rate	1.91%	1.79%
Repurchase agreements | Over 3 months to 12 months
Repurchase Agreements
Repurchase agreements	$ 0	$ 99,464
Weighted Average Interest Rate	0.00%	2.36%
Repurchase agreements | Agency MBS
Repurchase Agreements
Repurchase agreements	$ 3,095,020	$ 2,727,542	3,095,020
Fair Value of assets pledged as collateral under repurchase agreements	$ 3,280,689	$ 2,881,049
Weighted average haircut rate	4.67%	4.67%
Repurchase agreements | Non-Agency MBS
Repurchase Agreements
Repurchase agreements	$ 1,690,937	$ 1,960,222	1,690,937
Fair Value of assets pledged as collateral under repurchase agreements	$ 2,317,708	$ 2,818,968
Weighted average haircut rate	24.01%	25.84%
Non-Agency MBS acquired from consolidated VIEs	$ 172,400	$ 570,500
Repurchase agreements | 3 Year Step-up securities
Repurchase Agreements
Repurchase agreements	2,078,684	2,080,163	2,078,684
Fair Value of assets pledged as collateral under repurchase agreements	$ 2,660,491	$ 2,625,866
Weighted average haircut rate	22.28%	21.05%
Repurchase agreements | U.S. Treasuries
Repurchase Agreements
Repurchase agreements	$ 504,572	$ 504,760	504,572
Fair Value of assets pledged as collateral under repurchase agreements	$ 510,767	$ 507,443
Weighted average haircut rate	1.60%	1.60%
Repurchase agreements | CRT securities
Repurchase Agreements
Repurchase agreements	$ 271,205	$ 128,465	271,205
Fair Value of assets pledged as collateral under repurchase agreements	$ 357,488	$ 170,352
Weighted average haircut rate	23.22%	25.04%
Repurchase agreements | Residential whole loans
Repurchase Agreements
Repurchase agreements	$ 832,060	$ 487,750	$ 832,060
Fair Value of assets pledged as collateral under repurchase agreements	$ 1,175,088	$ 684,136
Weighted average haircut rate	25.03%	27.69%

Repurchase Agreements and Oth63

Repurchase Agreements and Other Advances (Details 2) $ in Thousands	Dec. 31, 2016USD ($)counterparty	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)counterparty
Information about MBS and CRT securities
Gross amount of recognized liabilities for repurchase agreements in Note 8	$ 8,472,268
Amounts related to repurchase agreements not included in offsetting disclosure in Note 8	0
Unamortized debt issuance expense	$ 210		$ 1,300
Repurchase agreements, number of counterparties | counterparty	31		27
Threshold percent of stockholders' equity at risk with single counterparty to repurchase agreements or Linked Transactions (greater than)	5.00%
Repurchase agreements
Information about MBS and CRT securities
Repurchase agreements	$ 8,472,478	$ 8,472,478	$ 7,888,902
Weighted Average Interest Rate	1.79%		1.48%
Gross amount of recognized liabilities for repurchase agreements in Note 8	$ 8,472,268		$ 7,887,622
Unamortized debt issuance expense	210		1,280
Repurchase agreements | Agency MBS
Information about MBS and CRT securities
Repurchase agreements	3,095,020	3,095,020	2,727,542
Repurchase agreements | Non-Agency MBS
Information about MBS and CRT securities
Repurchase agreements	1,690,937	1,690,937	1,960,222
Repurchase agreements | 3 Year Step-up securities
Information about MBS and CRT securities
Repurchase agreements	2,078,684	2,078,684	2,080,163
Repurchase agreements | U.S. Treasuries
Information about MBS and CRT securities
Repurchase agreements	504,572	504,572	504,760
Repurchase agreements | CRT securities
Information about MBS and CRT securities
Repurchase agreements	271,205	271,205	128,465
Repurchase agreements | Residential whole loans
Information about MBS and CRT securities
Repurchase agreements	832,060	$ 832,060	$ 487,750
Overnight | Repurchase agreements
Information about MBS and CRT securities
Repurchase agreements	$ 0
Weighted Average Interest Rate	0.00%
Overnight | Repurchase agreements | Agency MBS
Information about MBS and CRT securities
Repurchase agreements	$ 0
Overnight | Repurchase agreements | Non-Agency MBS
Information about MBS and CRT securities
Repurchase agreements	0
Overnight | Repurchase agreements | 3 Year Step-up securities
Information about MBS and CRT securities
Repurchase agreements	0
Overnight | Repurchase agreements | U.S. Treasuries
Information about MBS and CRT securities
Repurchase agreements	0
Overnight | Repurchase agreements | CRT securities
Information about MBS and CRT securities
Repurchase agreements	0
Overnight | Repurchase agreements | Residential whole loans
Information about MBS and CRT securities
Repurchase agreements	0
Within 30 days | Repurchase agreements
Information about MBS and CRT securities
Repurchase agreements	$ 5,926,375
Weighted Average Interest Rate	1.67%
Within 30 days | Repurchase agreements | Agency MBS
Information about MBS and CRT securities
Repurchase agreements	$ 2,768,277
Within 30 days | Repurchase agreements | Non-Agency MBS
Information about MBS and CRT securities
Repurchase agreements	1,006,956
Within 30 days | Repurchase agreements | 3 Year Step-up securities
Information about MBS and CRT securities
Repurchase agreements	1,379,254
Within 30 days | Repurchase agreements | U.S. Treasuries
Information about MBS and CRT securities
Repurchase agreements	504,572
Within 30 days | Repurchase agreements | CRT securities
Information about MBS and CRT securities
Repurchase agreements	267,316
Within 30 days | Repurchase agreements | Residential whole loans
Information about MBS and CRT securities
Repurchase agreements	0
Over 30 days to 90 days | Repurchase agreements
Information about MBS and CRT securities
Repurchase agreements	$ 1,349,588
Weighted Average Interest Rate	1.76%
Over 30 days to 90 days | Repurchase agreements | Agency MBS
Information about MBS and CRT securities
Repurchase agreements	$ 326,743
Over 30 days to 90 days | Repurchase agreements | Non-Agency MBS
Information about MBS and CRT securities
Repurchase agreements	433,244
Over 30 days to 90 days | Repurchase agreements | 3 Year Step-up securities
Information about MBS and CRT securities
Repurchase agreements	467,873
Over 30 days to 90 days | Repurchase agreements | U.S. Treasuries
Information about MBS and CRT securities
Repurchase agreements	0
Over 30 days to 90 days | Repurchase agreements | CRT securities
Information about MBS and CRT securities
Repurchase agreements	3,889
Over 30 days to 90 days | Repurchase agreements | Residential whole loans
Information about MBS and CRT securities
Repurchase agreements	117,839
Over 90 days to 12 months | Repurchase agreements
Information about MBS and CRT securities
Repurchase agreements	$ 1,196,515
Weighted Average Interest Rate	2.72%
Over 90 days to 12 months | Repurchase agreements | Agency MBS
Information about MBS and CRT securities
Repurchase agreements	$ 0
Over 90 days to 12 months | Repurchase agreements | Non-Agency MBS
Information about MBS and CRT securities
Repurchase agreements	250,737
Over 90 days to 12 months | Repurchase agreements | 3 Year Step-up securities
Information about MBS and CRT securities
Repurchase agreements	231,557
Over 90 days to 12 months | Repurchase agreements | U.S. Treasuries
Information about MBS and CRT securities
Repurchase agreements	0
Over 90 days to 12 months | Repurchase agreements | CRT securities
Information about MBS and CRT securities
Repurchase agreements	0
Over 90 days to 12 months | Repurchase agreements | Residential whole loans
Information about MBS and CRT securities
Repurchase agreements	714,221
Over 12 months | Repurchase agreements
Information about MBS and CRT securities
Repurchase agreements	$ 0
Weighted Average Interest Rate	0.00%
Over 12 months | Repurchase agreements | Agency MBS
Information about MBS and CRT securities
Repurchase agreements	$ 0
Over 12 months | Repurchase agreements | Non-Agency MBS
Information about MBS and CRT securities
Repurchase agreements	0
Over 12 months | Repurchase agreements | 3 Year Step-up securities
Information about MBS and CRT securities
Repurchase agreements	0
Over 12 months | Repurchase agreements | U.S. Treasuries
Information about MBS and CRT securities
Repurchase agreements	0
Over 12 months | Repurchase agreements | CRT securities
Information about MBS and CRT securities
Repurchase agreements	0
Over 12 months | Repurchase agreements | Residential whole loans
Information about MBS and CRT securities
Repurchase agreements	$ 0

Repurchase Agreements and Oth64

Repurchase Agreements and Other Advances (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
FHLB Advances
Long-term federal home loan bank advances	$ 215,000	$ 1,500,000
Federal home loan bank, advances, maturity period, variable rate	3 years 8 months 1 day
Accrued interest payable	$ 14,129	16,949
Wells Fargo
Repurchase agreements counterparty risk
Amount at risk	$ 388,455
Weighted Average Months to Maturity for Repurchase Agreements	4 months
Percent of Stockholders’ Equity	12.80%
Wells Fargo Bank
Repurchase agreements counterparty risk
Amount at risk	$ 295,300
Wells Fargo Securities LLC
Repurchase agreements counterparty risk
Amount at risk	93,200
RBC
Repurchase agreements counterparty risk
Amount at risk	$ 274,261
Weighted Average Months to Maturity for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	9.00%
RBC Barbados
Repurchase agreements counterparty risk
Amount at risk	$ 238,200
Royal Bank of Canada
Repurchase agreements counterparty risk
Amount at risk	30,400
RBC Capital Markets LLC
Repurchase agreements counterparty risk
Amount at risk	5,700
Goldman Sachs
Repurchase agreements counterparty risk
Amount at risk	$ 211,377
Weighted Average Months to Maturity for Repurchase Agreements	2 months
Percent of Stockholders’ Equity	7.00%
Credit Suisse
Repurchase agreements counterparty risk
Amount at risk	$ 191,594
Weighted Average Months to Maturity for Repurchase Agreements	3 months
Percent of Stockholders’ Equity	6.30%
Credit Suisse AG
Repurchase agreements counterparty risk
Amount at risk	$ 141,800
Credit Suisse Cayman Islands
Repurchase agreements counterparty risk
Amount at risk	49,800
UBS
Repurchase agreements counterparty risk
Amount at risk	$ 167,127
Weighted Average Months to Maturity for Repurchase Agreements	6 months
Percent of Stockholders’ Equity	5.50%
Federal Home Loan Bank Advances
FHLB Advances
Accrued interest payable	$ 42	$ 508
Weighted average
FHLB Advances
Federal home loan bank, weighted average interest rate	0.78%	0.50%

Collateral Positions (Details)

Collateral Positions (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Pledged	$ 10,620,406	$ 11,410,397
Collateral Held	510,767	507,443
Derivative Hedging Instruments
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Pledged	86,317	109,142
Collateral Held	0	0
Repurchase Agreement Borrowings
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Pledged	10,306,845	9,688,779
Collateral Held	0	0
Federal Home Loan Bank Advances
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Pledged	227,244	1,612,476
Collateral Held	0	0
Reverse Repurchase Agreements
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Pledged	0	0
Collateral Held	510,767	507,443
Agency MBS | Derivative Hedging Instruments
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Pledged	32,468	38,569
Collateral Held	0	0
Agency MBS | Repurchase Agreement Borrowings
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Pledged	3,280,689	2,881,049
Collateral Held	0	0
Agency MBS | Federal Home Loan Bank Advances
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Pledged	227,244	1,612,476
Collateral Held	0	0
Legacy Non-Agency MBS | Repurchase Agreement Borrowings
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Pledged	2,317,708	2,818,968
Collateral Held	0	0
3 Year Step-up securities | Repurchase Agreement Borrowings
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Pledged	2,660,491	2,625,866
Collateral Held	0	0
U.S. Treasury securities | Repurchase Agreement Borrowings
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Pledged	510,767	507,443
Collateral Held	0	0
U.S. Treasury securities | Reverse Repurchase Agreements
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Pledged	0	0
Collateral Held	510,767	507,443
CRT securities | Repurchase Agreement Borrowings
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Pledged	357,488	170,352
Collateral Held	0	0
Residential whole loans | Repurchase Agreement Borrowings
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Pledged	1,175,088	684,136
Collateral Held	0	0
Cash | Derivative Hedging Instruments
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Pledged	53,849	70,573
Collateral Held	0	0
Cash | Repurchase Agreement Borrowings
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets Pledged	4,614	965
Collateral Held	0	0
Non-Agency MBS | Repurchase Agreement Borrowings
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Non-Agency MBS acquired from consolidated VIEs	172,400	570,500
Non-Agency MBS pledged as collateral in connection with contemporaneous repurchase and reverse repurchase agreements entered into with a single counterparty	$ 688,200	$ 726,700

Collateral Positions (Details 2

Collateral Positions (Details 2) $ in Thousands	Dec. 31, 2016USD ($)
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total Fair Value of Assets Pledged and Accrued Interest	$ 10,643,058
Assets Pledged Under Repurchase Agreements and Other Advances
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	10,534,089
Amortized Cost	10,002,330
Accrued Interest on Pledged Assets	22,585
Derivative Hedging Instruments
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	86,317
Amortized Cost	87,065
Accrued Interest on Pledged Assets	67
Agency MBS
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total Fair Value of Assets Pledged and Accrued Interest	3,549,122
Agency MBS | Assets Pledged Under Repurchase Agreements and Other Advances
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	3,507,933
Amortized Cost	3,488,904
Accrued Interest on Pledged Assets	8,654
Agency MBS | Assets Pledged Under Repurchase Agreements and Other Advances | Federal Home Loan Bank Advances
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	227,200
Amortized Cost	226,600
Accrued Interest on Pledged Assets	597
Agency MBS | Derivative Hedging Instruments
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	32,468
Amortized Cost	33,216
Accrued Interest on Pledged Assets	67
Legacy Non-Agency MBS
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total Fair Value of Assets Pledged and Accrued Interest	2,326,321
Legacy Non-Agency MBS | Assets Pledged Under Repurchase Agreements and Other Advances
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	2,317,708
Amortized Cost	1,841,401
Accrued Interest on Pledged Assets	8,613
Non-Agency MBS pledged as collateral in connection with contemporaneous repurchase and reverse repurchase agreements entered into with a single counterparty	688,200
Legacy Non-Agency MBS | Derivative Hedging Instruments
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	0
Amortized Cost	0
Accrued Interest on Pledged Assets	0
3 Year Step-up securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total Fair Value of Assets Pledged and Accrued Interest	2,662,339
3 Year Step-up securities | Assets Pledged Under Repurchase Agreements and Other Advances
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	2,660,491
Amortized Cost	2,657,726
Accrued Interest on Pledged Assets	1,848
3 Year Step-up securities | Derivative Hedging Instruments
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	0
Amortized Cost	0
Accrued Interest on Pledged Assets	0
U.S. Treasury securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total Fair Value of Assets Pledged and Accrued Interest	510,767
U.S. Treasury securities | Assets Pledged Under Repurchase Agreements and Other Advances
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	510,767
Amortized Cost	510,767
Accrued Interest on Pledged Assets	0
U.S. Treasury securities | Derivative Hedging Instruments
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	0
Amortized Cost	0
Accrued Interest on Pledged Assets	0
CRT securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total Fair Value of Assets Pledged and Accrued Interest	357,710
CRT securities | Assets Pledged Under Repurchase Agreements and Other Advances
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	357,488
Amortized Cost	336,706
Accrued Interest on Pledged Assets	222
CRT securities | Derivative Hedging Instruments
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	0
Amortized Cost	0
Accrued Interest on Pledged Assets	0
Residential whole loans
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total Fair Value of Assets Pledged and Accrued Interest	1,178,336
Residential whole loans | Assets Pledged Under Repurchase Agreements and Other Advances
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	1,175,088
Amortized Cost	1,162,212
Accrued Interest on Pledged Assets	3,248
Residential whole loans | Derivative Hedging Instruments
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	0
Amortized Cost	0
Accrued Interest on Pledged Assets	0
Cash
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total Fair Value of Assets Pledged and Accrued Interest	58,463
Cash | Assets Pledged Under Repurchase Agreements and Other Advances
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	4,614
Amortized Cost	4,614
Accrued Interest on Pledged Assets	0
Cash | Derivative Hedging Instruments
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	53,849
Amortized Cost	53,849
Accrued Interest on Pledged Assets	0
Fair Value, Estimate Not Practicable, Carrying (Reported) Amount | Residential whole loans | Assets Pledged Under Repurchase Agreements and Other Advances
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Fair Value	440,800
Amortized Cost	427,900
Total Fair Value of Assets Pledged and Accrued Interest	$ 732,400

Offsetting Assets and Liabili67

Offsetting Assets and Liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)counterparty	Dec. 31, 2015USD ($)
Derivative hedging instruments, at fair value
Gross Amounts of Recognized Assets	$ 233	$ 1,127
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	233	1,127
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(233)	(1,127)
Cash Collateral Received	0	0
Net Amount	0	0
Swaps, at fair value
Gross Amounts of Recognized Liabilities	46,954	70,526
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	46,954	70,526
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	0	0
Cash Collateral Pledged	(46,954)	(70,526)
Net Amount	0	0
Repurchase agreements and other advances
Gross Amounts of Recognized Liabilities	8,687,478	9,388,902
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	8,687,478	9,388,902
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(8,682,864)	(9,387,937)
Cash Collateral Pledged	(4,614)	(965)
Net Amount	0	0
Total
Gross Amounts of Recognized Liabilities	8,734,432	9,459,428
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	8,734,432	9,459,428
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(8,682,864)	(9,387,937)
Cash Collateral Pledged	(51,568)	(71,491)
Net Amount	0	0
Additional disclosures
Derivatives, excess collateral	6,900	47
Fair value of securities pledged against the swaps	32,500	38,600
Fair value of securities pledged against the repurchase agreements	10,500,000	11,300,000
Unamortized debt issuance expense	$ 210	1,300
Number of repurchase agreement counterparties with unconditional right of setoff | counterparty	1
Swaps
Derivative hedging instruments, at fair value
Gross Amounts of Recognized Assets	$ 233	1,127
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	233	1,127
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(233)	(1,127)
Cash Collateral Received	0	0
Net Amount	$ 0	$ 0

Senior Notes (Details)

Senior Notes (Details) - Senior Unsecured Notes - USD ($)	Apr. 11, 2012	Dec. 31, 2016
Senior Notes
Aggregate principal amount	$ 100,000,000
Proceed from senior notes net of offering expenses and underwriting discount	$ 96,600,000
Stated interest rate		8.00%
Effective interest rate		8.31%
Redemption price as percentage of principal amount		100.00%

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Liabilities [Abstract]
Accrued interest payable	$ 14,129	$ 16,949
Swaps, at fair value	46,954	70,526
Dividends and dividend equivalents declared and unpaid	74,657	74,575	$ 74,529
Securitized debt	0	21,868
Accrued expenses and other liabilities	19,612	19,610
Total Other Liabilities	$ 155,352	$ 203,528

Commitments and Contingencies70

Commitments and Contingencies (Details)	12 Months Ended
	Dec. 31, 2016USD ($)lease	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Lease Commitments
Number of operating leases | lease	2
Lease expense	$ 2,500,000	$ 2,600,000	$ 2,500,000
Minimum Rental Payments
2,017	2,553,000
2,018	2,553,000
2,019	2,553,000
2,020	1,082,000
2,021	32,000
Total	8,773,000
Corporate headquarters
Lease Commitments
Aggregate cash payments, operating leases	2,500,000
Irrevocable standby letter of credit provided to landlord	785,000
Off-site back-up facility
Lease Commitments
Aggregate cash payments, operating leases	$ 32,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	Dec. 14, 2016$ / shares	Nov. 22, 2016$ / shares	Sep. 15, 2016$ / shares	Aug. 12, 2016$ / shares	Jun. 14, 2016$ / shares	May 18, 2016$ / shares	Mar. 11, 2016$ / shares	Feb. 12, 2016$ / shares	Dec. 09, 2015$ / shares	Nov. 19, 2015$ / shares	Sep. 17, 2015$ / shares	Aug. 24, 2015$ / shares	Jun. 15, 2015$ / shares	May 18, 2015$ / shares	Mar. 13, 2015$ / shares	Feb. 13, 2015$ / shares	Dec. 09, 2014$ / shares	Nov. 21, 2014$ / shares	Sep. 17, 2014$ / shares	Aug. 25, 2014$ / shares	Jun. 13, 2014$ / shares	May 19, 2014$ / shares	Mar. 10, 2014$ / shares	Feb. 14, 2014$ / shares	Apr. 15, 2013$ / sharesshares	Dec. 31, 2016USD ($)quarterdirector$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2013shares	Aug. 08, 2013shares	Aug. 31, 2005shares
Dividends on Preferred Stock
Preferred stock, shares issued (in shares)																										8,000,000	8,000,000		8,000,000	8,000,000
Preferred stock, dividend rate (as a percent)																									7.50%	7.50%	7.50%
Preferred stock, par value (in dollars per share) | $ / shares																										$ 0.01	$ 0.01		$ 0.01	$ 0.01
Maximum quarters without dividends to get voting rights, in quarters | quarter																										6
Minimum percentage of preferred shareholders required for approval																										66.67%
Dividends on Common Stock
Common stock, cash dividends declared (in dollars per share) | $ / shares	$ 0.20		$ 0.20		$ 0.20		$ 0.20		$ 0.20		$ 0.20		$ 0.20		$ 0.20		$ 0.20		$ 0.20		$ 0.20		$ 0.20
Dividends payable | $																										$ 74,657	$ 74,575	$ 74,529	$ 74,657	$ 74,657
Common stock, shares authorized (in shares)																										886,950,000	886,950,000		886,950,000	886,950,000
Number of shares authorized to be repurchased under the Repurchase Program (in shares)																															10,000,000		4,000,000
Number of shares repurchased through the Company's publicly announced stock repurchase program (in shares)																													0
Number of remaining shares authorized to be repurchased under the Repurchase Program (in shares)																										6,616,355			6,616,355	6,616,355
DRSPP
Dividends on Common Stock
Common stock, shares authorized (in shares)																																15,000,000
Shares of common stock authorized and available for issuance																										14,500,000			14,500,000	14,500,000
Shares issued																										653,793	162,373	4,526,855		31,382,785
Net proceeds | $																										$ 4,700	$ 1,200	$ 35,600		$ 262,900
Series B Preferred Stock
Dividends on Preferred Stock
Preferred stock, cash dividends declared (in dollars per share) | $ / shares		$ 0.46875		$ 0.46875		$ 0.46875		$ 0.46875		$ 0.46875		$ 0.46875		$ 0.46875		$ 0.46875		$ 0.46875		$ 0.46875		$ 0.46875		$ 0.46875
Preferred Stock | Series B Preferred Stock
Dividends on Preferred Stock
Preferred stock, shares issued (in shares)																									8,000,000
Preferred stock, dividend rate (as a percent)																									7.50%	7.50%
Preferred stock, par value (in dollars per share) | $ / shares																									$ 0.01
Preferred stock, liquidation preference (in dollars per share) | $ / shares																									25	$ 25			$ 25	$ 25
Preferred stock, redemption price (in dollars per share) | $ / shares																									$ 25
Number of additional directors that can be elected by preferred stock holders | director																										2

Stockholders' Equity - AOCI (De

Stockholders' Equity - AOCI (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, beginning balance		$ 515,851
Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing	$ 4,500	0	$ 4,537	$ 0
AOCI, ending balance		573,682	515,851
Net Unrealized Gain/(Loss) on AFS Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, beginning balance		585,250	813,515	752,912
OCI before reclassifications		72,560	(194,890)	95,551
Amounts reclassified from AOCI		(37,407)	(37,912)	(34,948)
Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing		0	4,537	0
Net OCI during the period		35,153	(228,265)	60,603
AOCI, ending balance	813,515	620,403	585,250	813,515
Net Unrealized Gain/(Loss) on Swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, beginning balance		(69,399)	(59,062)	(15,217)
OCI before reclassifications		22,678	(10,337)	(44,292)
Amounts reclassified from AOCI		0	0	447
Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing		0	0	0
Net OCI during the period		22,678	(10,337)	(43,845)
AOCI, ending balance	(59,062)	(46,721)	(69,399)	(59,062)
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, beginning balance		515,851	754,453	737,695
OCI before reclassifications		95,238	(205,227)	51,259
Amounts reclassified from AOCI		(37,407)	(37,912)	(34,501)
Cumulative effect adjustment on adoption of revised accounting standard for repurchase agreement financing		0	4,537	0
Net OCI during the period		57,831	(238,602)	16,758
AOCI, ending balance	$ 754,453	$ 573,682	$ 515,851	$ 754,453

Stockholders' Equity - AOCI Rec

Stockholders' Equity - AOCI Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Realized gain on sale of securities									$ (36,922)	$ (37,207)	$ (34,948)
OTTI recognized in earnings	$ 0	$ (485)	$ 0	$ 0	$ 0	$ 0	$ (298)	$ (407)	(485)	(705)	0
Total Swaps designated as cash flow hedges									0	0	447
Accumulated Other Comprehensive Income/(Loss)
Unrealized losses recorded in AOCI on securities for which Other-than-temporary impairments had been recognized in earnings in prior periods	$ 1,700				$ 1,300				1,700	1,300
Available for sale MBS
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for period									(37,407)	(37,912)	(34,948)
Amounts Reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
OTTI recognized in earnings									(485)	(705)	0
Total AFS Securities									(37,407)	(37,912)	(34,948)
Total Swaps designated as cash flow hedges									0	0	447
Total reclassifications for period									(37,407)	(37,912)	(34,501)
Amounts Reclassified from AOCI | De-designated Swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total Swaps designated as cash flow hedges									0	0	447
Amounts Reclassified from AOCI | Available for sale MBS
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Realized gain on sale of securities									$ (36,922)	$ (37,207)	$ (34,948)

EPS Calculation (Details)

EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net income	$ 72,637	$ 83,011	$ 78,950	$ 78,070	$ 73,471	$ 79,510	$ 78,071	$ 82,174	$ 312,668	$ 313,226	$ 313,504
Dividends declared on preferred stock									(15,000)	(15,000)	(15,000)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities									(1,628)	(1,539)	(1,106)
Net income available to common stockholders - basic and diluted									$ 296,040	$ 296,687	$ 297,398
Denominator:
Weighted average common shares for basic and diluted earnings per share									371,122	372,114	369,048	[1]
Basic and diluted earnings per share (in dollars per share)	$ 0.18	$ 0.21	$ 0.20	$ 0.20	$ 0.19	$ 0.20	$ 0.20	$ 0.21	$ 0.80	$ 0.80	$ 0.81
Anti-dilutive securities excluded from diluted earnings per share calculations (in shares)									2,000
Restricted common stock
Denominator:
Anti-dilutive securities excluded from diluted earnings per share calculations (in shares)									29
Weighted average grant date fair value (in dollars per share)	7.12								$ 7.12
Restricted Stock Units
Denominator:
Anti-dilutive securities excluded from diluted earnings per share calculations (in shares)									2,000
Weighted average grant date fair value (in dollars per share)	$ 6.85								$ 6.85
[1]	At December 31, 2016, the Company had an aggregate of 2.0 million equity instruments outstanding that were not included in the calculation of diluted EPS for the year ended December 31, 2016, as their inclusion would have been anti-dilutive. These equity instruments were comprised of approximately 29,000 shares of restricted common stock with a weighted average grant date fair value of $7.12 and approximately $2.0 million RSUs with a weighted average grant date fair value of $6.85. These equity instruments may have a dilutive impact on future EPS.

Equity Compensation, Employme75

Equity Compensation, Employment Agreements and Other Benefit Plans (Details) - USD ($)	12 Months Ended			48 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share based compensation
Maximum shares authorized for grant (in shares)					12,000,000
Shares available for grant					8,200,000
Weighted Average Exercise Price
Accrued Dividends Payable					$ 74,657,000	$ 74,575,000	$ 74,529,000
Fair value assumptions
Expense related to equity-based compensation instruments	$ 9,162,000	$ 7,832,000	$ 8,585,000
DER
Share based compensation
Payments attributable to DERs	$ 5,000	$ 16,000	$ 69,000
Number of shares outstanding (in shares)	8,215	24,402	218,225	0	0	8,215	24,402
Activity and related information
Outstanding at beginning of year (in shares)	8,215	24,402	218,225
Granted (in shares)	0	0	0
Cancelled, forfeited or expired (in shares)	(8,215)	(16,187)	(193,823)
Outstanding at end of year (in shares)	0	8,215	24,402	0
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 2.77
Fair value assumptions
Weighted average volatility estimated (as a percent)	31.00%
Expected term	6 years
Weighted average risk-free rate (as a percent)	2.23%
Estimated annual dividend yield (as a percent)	13.00%
Expense related to equity-based compensation instruments	$ 44,000	$ 82,000	$ 146,000
Stock options
Activity and related information
Period to determine market value of the common stock to qualify as an incentive stock option for tax purposes	1 year
Maximum grant date market value of the common stock to be received upon exercise of options in one calendar year	$ 100,000
Exercise price of an ISO relative to fair market value on the grant date, minimum (as a percent)	100.00%
Exercise price of an ISO granted to a 10% stockholder relative to fair market value on the grant date, minimum (as a percent)	110.00%
Percentage of stockholders to whom 110% of ISO is granted	10.00%
Maximum period for exercise of stock options	10 years
Aggregate intrinsic value of total stock options Outstanding					$ 0
Stock options activity
Outstanding at beginning of year (in shares)		0	5,000
Granted (in shares)			0	0
Cancelled, forfeited or expired (in shares)			(5,000)
Exercised (in shares)			0
Outstanding at end of year (in shares)			0
Options exercisable at end of year (in shares)			0
Weighted Average Exercise Price
Outstanding at beginning of year (in dollars per share)		$ 0	$ 8.40
Granted (in dollars per share)			0
Cancelled, forfeited or expired (in dollars per share)			8.40
Exercised (in dollars per share)			0
Outstanding at end of year (in dollars per share)			$ 0
Options exercisable at end of year (in dollars per share)							$ 0
Restricted Stock
Share based compensation
Number of shares outstanding (in shares)	110,920	243,948	443,967	28,968	28,968	110,920	243,948
Activity and related information
Outstanding at beginning of year (in shares)	110,920	243,948	443,967
Granted (in shares)	487,216	497,007	491,797
Vested (in shares)	(567,851)	(629,212)	(690,397)
Cancelled, forfeited or expired (in shares)	(1,317)	(823)	(1,419)
Outstanding at end of year (in shares)	28,968	110,920	243,948	28,968
Weighted Average Exercise Price
Unrecognized compensation cost					$ 203,000	$ 807,000
Accrued Dividends Payable					$ 55,000	$ 193,000
Total fair value of stock vested	$ 4,300,000	$ 4,300,000	$ 5,700,000
Period for recognizing unrecognized compensation cost	1 year
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 7.41	$ 7.48	$ 7.50
Granted (in dollars per share)	7.66	6.83	8.29
Vested (in dollars per share)	7.64	6.98	8.07
Cancelled/forfeited (in dollars per share)	7.12	7.74	7.58
Outstanding at end of year (in dollars per share)	$ 7.12	$ 7.41	$ 7.48	$ 7.12
Fair value assumptions
Expense related to equity-based compensation instruments	$ 4,326,000	$ 4,373,000	$ 5,553,000
Restricted Stock Units
Share based compensation
Number of shares outstanding (in shares)	1,875,730	1,218,474	777,818	2,058,099	2,058,099	1,875,730	1,218,474
Activity and related information
Outstanding at beginning of year (in shares)	1,875,730	1,218,474	777,818
Granted (in shares)	728,195	682,054	630,815
Settled (in shares)	(535,826)	(17,298)	(87,338)
Cancelled, forfeited or expired (in shares)	(10,000)	(7,500)	(102,821)
Outstanding at end of year (in shares)	2,058,099	1,875,730	1,218,474	2,058,099
Vested but not settled at end of year (in shares)					911,318	729,523	643,138
Unvested at end of period (in shares)					1,146,781	1,146,207	575,336
Weighted Average Exercise Price
Unrecognized compensation cost					$ 3,600,000	$ 4,000,000
Period for recognizing unrecognized compensation cost	1 year 7 months 21 days
Weighted average forfeiture rate of unvested RSUs (as a percent)	0.00%
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 6.90	$ 6.84	$ 6.48
Granted (in dollars per share)	5.96	7.01	6.64
Settled (in dollars per share)	6.92	6.60	6.86
Cancelled/forfeited (in dollars per share)	6.29	6.85	2.90
Outstanding at end of year (in dollars per share)	$ 6.57	$ 6.90	$ 6.84	$ 6.57
Vested but not settled at end of year (in dollars per share)					$ 6.93	$ 7.20	$ 7.10
Unvested at end of year (in dollars per share)					$ 6.28	$ 6.71	$ 6.54
Fair value assumptions
Expense related to equity-based compensation instruments	$ 4,792,000	$ 3,377,000	$ 2,886,000
Restricted Stock Units | Chief Executive Officer
Fair value assumptions
Expense related to equity-based compensation instruments			$ 500,000
RSUs With Service Condition
Share based compensation
Number of shares outstanding (in shares)	1,138,930	769,174	490,099	1,194,299	1,194,299	1,138,930	769,174
Activity and related information
Outstanding at beginning of year (in shares)	1,138,930	769,174	490,099
Granted (in shares)	420,695	390,804	357,015
Settled (in shares)	(360,326)	(17,298)	(72,873)
Cancelled, forfeited or expired (in shares)	(5,000)	(3,750)	(5,067)
Outstanding at end of year (in shares)	1,194,299	1,138,930	769,174	1,194,299
Vested but not settled at end of year (in shares)					617,518	554,023	467,638
Unvested at end of period (in shares)					576,781	584,907	301,536
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 7.71	$ 7.55	$ 7.75
Granted (in dollars per share)	6.81	7.96	7.22
Settled (in dollars per share)	7.75	6.60	7.28
Cancelled/forfeited (in dollars per share)	7.32	7.97	7.36
Outstanding at end of year (in dollars per share)	$ 7.38	$ 7.71	$ 7.55	$ 7.38
Vested but not settled at end of year (in dollars per share)					$ 7.45	$ 7.83	$ 7.81
Unvested at end of year (in dollars per share)					$ 7.30	$ 7.59	$ 7.15
RSUs With Market and Service Conditions
Share based compensation
Number of shares outstanding (in shares)	736,800	449,300	287,719	863,800	863,800	736,800	449,300
Activity and related information
Outstanding at beginning of year (in shares)	736,800	449,300	287,719
Granted (in shares)	307,500	291,250	273,800
Settled (in shares)	(175,500)	0	(14,465)
Cancelled, forfeited or expired (in shares)	(5,000)	(3,750)	(97,754)
Outstanding at end of year (in shares)	863,800	736,800	449,300	863,800
Vested but not settled at end of year (in shares)					293,800	175,500	175,500
Unvested at end of period (in shares)					570,000	561,300	273,800
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 5.66	$ 5.61	$ 4.32
Granted (in dollars per share)	4.81	5.73	5.87
Settled (in dollars per share)	5.21	0	4.71
Cancelled/forfeited (in dollars per share)	5.27	5.73	2.67
Outstanding at end of year (in dollars per share)	$ 5.45	$ 5.66	$ 5.61	$ 5.45
Vested but not settled at end of year (in dollars per share)					$ 5.83	$ 5.21	$ 5.21
Unvested at end of year (in dollars per share)					5.25	5.80	5.87
RSUs with Service Condition and both Service and Market Conditions
Activity and related information
Granted (in shares)	615,000	582,500	547,600
Fair value assumptions
Weighted average volatility estimated (as a percent)	17.00%	18.00%	22.00%
Expected term	3 years	3 years	3 years
Weighted average risk-free rate (as a percent)	1.20%	0.90%	0.73%
Estimated annual dividend yield (as a percent)	11.00%	9.00%	8.00%
RSUs with Service Condition, weighted average grant date fair value based on share closing price
Activity and related information
Granted (in shares)	113,195	99,554	83,215
Fair value assumptions
Common stock, closing price (in dollars per share)					$ 7.20
RSUs with Service Condition, weighted average grant date fair value based on share closing price | Minimum
Fair value assumptions
Common stock, closing price (in dollars per share)						7.93	7.19
RSUs with Service Condition, weighted average grant date fair value based on share closing price | Maximum
Fair value assumptions
Common stock, closing price (in dollars per share)						$ 7.97	$ 8.16
Equity Compensation Plan
Share based compensation
Maximum number of common shares that can be granted to participant in any one year (in shares)	1,500,000
Period during which a participant can be awarded the maximum number of shares allowable under the Plan	1 year
Maximum percentage of common shares that can be owned or deemed to be owned by a participant (more than)	9.80%

Equity Compensation, Employme76

Equity Compensation, Employment Agreements and Other Benefit Plans - Deferred Compensation and Savings Plans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)officer	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Deferred compensation activity
Number of officers having employment agreements with the company | officer	4
Deferred Compensation Plans
Deferred compensation activity
Deferrable compensation by the employee, maximum (as a percent)	100.00%
Expenses related to Deferred Plans	$ 231	$ (59)	$ 69
Cash distributed to the participants	122	109	119
Undistributed income deferred	1,066	601
Liability Under Deferred Plans	1,263	614
Deferred Compensation Plans | Non-employee directors
Deferred compensation activity
Expenses related to Deferred Plans	231	(59)	69
Undistributed income deferred	1,066	601
Liability Under Deferred Plans	$ 1,263	614
Savings Plan
Deferred compensation activity
Employer contribution percentage on first 3 percent of eligible compensation deferred by employees	100.00%
Percentage of eligible compensation deferred by employees qualifying for 100 percent matching contribution	3.00%
Employer contribution percentage on next 2 percent of eligible compensation deferred by employees	50.00%
Percentage of eligible compensation deferred by employees qualifying for 50 percent matching contribution	2.00%
Percentage of employer matching contributions that vest immediately	100.00%
Expenses for matching contributions	$ 359	$ 309	$ 237

Fair Value of Financial Instr77

Fair Value of Financial Instruments - Assets and Liabilities on Recurring Basis (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Assets:
MBS and CRT securities	$ 9,969,163,000	$ 11,356,643,000
Securities obtained and pledged as collateral, at fair value	510,767,000	507,443,000
Residential whole loans, at fair value	814,682,000	623,300,000
Swaps	233,000	1,127,000
Liabilities:
Obligation to return securities obtained as collateral	510,767,000	507,443,000
Agency MBS
Assets:
MBS and CRT securities	3,738,497,000	4,752,244,000
Non-Agency MBS
Assets:
MBS and CRT securities	5,825,816,000	6,420,817,000
CRT securities
Assets:
MBS and CRT securities	404,850,000	183,582,000
Level 2
Components of financial instruments carried at fair value
Derivative credit risk valuation adjustment	0
Recurring basis
Assets:
Securities obtained and pledged as collateral, at fair value	510,767,000	507,443,000
Swaps	233,000	1,127,000
Total assets carried at fair value	11,294,845,000	12,488,489,000
Liabilities:
Swaps	46,954,000	70,526,000
Obligation to return securities obtained as collateral	510,767,000	507,443,000
Total liabilities carried at fair value	557,721,000	577,969,000
Recurring basis | Agency MBS
Assets:
MBS and CRT securities	3,738,497,000	4,752,244,000
Recurring basis | Non-Agency MBS
Assets:
MBS and CRT securities	5,825,816,000	6,420,817,000
Recurring basis | CRT securities
Assets:
MBS and CRT securities	404,850,000	183,582,000
Recurring basis | Residential whole loans
Assets:
Residential whole loans, at fair value	814,682,000	623,276,000
Recurring basis | Level 1
Assets:
Securities obtained and pledged as collateral, at fair value	510,767,000	507,443,000
Swaps	0	0
Total assets carried at fair value	510,767,000	507,443,000
Liabilities:
Swaps	0	0
Obligation to return securities obtained as collateral	510,767,000	507,443,000
Total liabilities carried at fair value	510,767,000	507,443,000
Recurring basis | Level 1 | Agency MBS
Assets:
MBS and CRT securities	0	0
Recurring basis | Level 1 | Non-Agency MBS
Assets:
MBS and CRT securities	0	0
Recurring basis | Level 1 | CRT securities
Assets:
MBS and CRT securities	0	0
Recurring basis | Level 1 | Residential whole loans
Assets:
Residential whole loans, at fair value	0	0
Recurring basis | Level 2
Assets:
Securities obtained and pledged as collateral, at fair value	0	0
Swaps	233,000	1,127,000
Total assets carried at fair value	9,969,396,000	11,357,770,000
Liabilities:
Swaps	46,954,000	70,526,000
Obligation to return securities obtained as collateral	0	0
Total liabilities carried at fair value	46,954,000	70,526,000
Recurring basis | Level 2 | Agency MBS
Assets:
MBS and CRT securities	3,738,497,000	4,752,244,000
Recurring basis | Level 2 | Non-Agency MBS
Assets:
MBS and CRT securities	5,825,816,000	6,420,817,000
Recurring basis | Level 2 | CRT securities
Assets:
MBS and CRT securities	404,850,000	183,582,000
Recurring basis | Level 2 | Residential whole loans
Assets:
Residential whole loans, at fair value	0	0
Recurring basis | Level 3
Assets:
Securities obtained and pledged as collateral, at fair value	0	0
Swaps	0	0
Total assets carried at fair value	814,682,000	623,276,000
Liabilities:
Swaps	0	0
Obligation to return securities obtained as collateral	0	0
Total liabilities carried at fair value	0	0
Recurring basis | Level 3 | Agency MBS
Assets:
MBS and CRT securities	0	0
Recurring basis | Level 3 | Non-Agency MBS
Assets:
MBS and CRT securities	0	0
Recurring basis | Level 3 | CRT securities
Assets:
MBS and CRT securities	0	0
Recurring basis | Level 3 | Residential whole loans
Assets:
Residential whole loans, at fair value	$ 814,682,000	$ 623,276,000

Fair Value of Financial Instr78

Fair Value of Financial Instruments - Level 3 (Details) - Residential whole loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 623,276	$ 143,472
Purchases and capitalized advances	316,407	534,574
Changes in fair value recorded in Net gain on residential whole loans held at fair value	31,254	6,539
Collection of principal, net of liquidation gains/losses	(66,694)	(34,767)
Repurchases	(2,909)	0
Transfer to REO	(86,652)	(26,542)
Balance at end of period	$ 814,682	$ 623,276

Fair Value of Financial Instr79

Fair Value of Financial Instruments - Fair Value Methodology for Level 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Unobservable Input
Residential whole loans, at fair value	$ 769,301	$ 505,723
Loans which management considers the purchase price continues to reflect the fair value	45,400	117,600
Discounted cash flow
Unobservable Input
Residential whole loans, at fair value	253,287	113,166
Liquidation model
Unobservable Input
Residential whole loans, at fair value	516,014	392,557
Residential loans, simple average, amount	$ 320	$ 305
Residential whole loans | Level 3 | Discounted cash flow | Minimum
Unobservable Input
Discount rate	5.00%	6.00%
Prepayment rate	0.00%	0.30%
Default rate	0.00%	0.00%
Loss severity	0.00%	10.00%
Residential whole loans | Level 3 | Discounted cash flow | Maximum
Unobservable Input
Discount rate	7.70%	8.70%
Prepayment rate	12.00%	11.10%
Default rate	9.70%	9.10%
Loss severity	77.50%	79.40%
Residential whole loans | Level 3 | Discounted cash flow | Weighted Average
Unobservable Input
Discount rate	6.60%	7.00%
Prepayment rate	7.60%	6.60%
Default rate	2.90%	3.10%
Loss severity	13.00%	17.03%
Residential whole loans | Level 3 | Liquidation model | Minimum
Unobservable Input
Discount rate	6.80%	6.80%
Annual change in home prices	(9.20%)	(5.50%)
Liquidation timeline	1 month 6 days	8 months 12 days
Current value of underlying properties	$ 5	$ 14
Residential whole loans | Level 3 | Liquidation model | Maximum
Unobservable Input
Discount rate	26.90%	10.00%
Annual change in home prices	7.70%	6.10%
Liquidation timeline	4 years 4 months 24 days	4 years 4 months 24 days
Current value of underlying properties	$ 4,900	$ 3,500
Residential whole loans | Level 3 | Liquidation model | Weighted Average
Unobservable Input
Discount rate	7.70%	6.90%
Annual change in home prices	1.70%	1.30%
Liquidation timeline	1 year 7 months 6 days	1 year 7 months 6 days
Current value of underlying properties	$ 634	$ 626

Fair Value of Financial Instr80

Fair Value of Financial Instruments - Difference Between Fair Value and Unpaid Principal Balance (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Total loans, Fair Value	$ 814,682	$ 623,300
Total loans, Unpaid Principal Balance	966,276	786,330
Residential whole loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Total loans, Fair Value	814,682	623,276
Total loans, Unpaid Principal Balance	966,174	786,330
Total loans, Difference	(151,492)	(163,054)
Loans 90 days or more past due, Fair Value	570,025	493,640
Loans 90 days or more past due, Unpaid Principal Balance	695,282	637,459
Loans 90 days or more past due, Difference	$ (125,257)	$ (143,819)

Fair Value of Financial Instr81

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Financial Assets:
MBS and CRT securities	$ 9,969,163	$ 11,356,643
Securities obtained and pledged as collateral, at fair value	510,767	507,443
Residential whole loans, at carrying value	590,540	271,845
Residential whole loans, at fair value	814,682	623,300
Restricted cash	58,463	71,538
Swaps	233	1,127
Financial Liabilities:
Obligation to return securities obtained as collateral	510,767	507,443
Senior Notes	96,733	96,697
Carrying value
Financial Assets:
Securities obtained and pledged as collateral, at fair value	510,767	507,443
Cash and cash equivalents	260,112	165,007
Restricted cash	58,463	71,538
Swaps	233	1,127
Financial Liabilities:
Repurchase agreements	8,472,268	7,887,622
FHLB advances	215,000	1,500,000
Securitized debt	0	21,868
Obligation to return securities obtained as collateral	510,767	507,443
Senior Notes	96,733	96,697
Swaps	46,954	70,526
Estimated fair value
Financial Assets:
Securities obtained and pledged as collateral, at fair value	510,767	507,443
Cash and cash equivalents	260,112	165,007
Restricted cash	58,463	71,538
Swaps	233	1,127
Financial Liabilities:
Repurchase agreements	8,472,078	7,828,115
FHLB advances	215,000	1,500,000
Securitized debt	0	22,057
Obligation to return securities obtained as collateral	510,767	507,443
Senior Notes	101,111	101,391
Swaps	46,954	70,526
Agency MBS
Financial Assets:
MBS and CRT securities	3,738,497	4,752,244
Agency MBS | Carrying value
Financial Assets:
MBS and CRT securities	3,738,497	4,752,244
Agency MBS | Estimated fair value
Financial Assets:
MBS and CRT securities	3,738,497	4,752,244
Non-Agency MBS
Financial Assets:
MBS and CRT securities	5,825,816	6,420,817
Non-Agency MBS | Carrying value
Financial Assets:
MBS and CRT securities	5,825,816	6,420,817
Non-Agency MBS | Estimated fair value
Financial Assets:
MBS and CRT securities	5,825,816	6,420,817
CRT securities
Financial Assets:
MBS and CRT securities	404,850	183,582
CRT securities | Carrying value
Financial Assets:
MBS and CRT securities	404,850	183,582
CRT securities | Estimated fair value
Financial Assets:
MBS and CRT securities	404,850	183,582
Residential whole loans | Carrying value
Financial Assets:
Residential whole loans, at carrying value	590,540	271,845
Residential whole loans, at fair value	814,682	623,276
Residential whole loans | Estimated fair value
Financial Assets:
Residential whole loans, at carrying value	621,548	289,696
Residential whole loans, at fair value	$ 814,682	$ 623,276

Fair Value of Financial Instr82

Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Other real estate	$ 80.5	$ 28
Other real estate, fair value	$ 91.1

Use of Special Purpose Entiti83

Use of Special Purpose Entities and Variable Interest Entities (Details) - USD ($)	3 Months Ended								9 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Special purpose entities and variable interest entities
MBS and CRT securities	$ 9,969,163,000				$ 11,356,643,000					$ 9,969,163,000	$ 11,356,643,000
Residential Whole Loans	1,400,000,000				895,100,000					1,400,000,000	895,100,000
Residential whole loans, at carrying value	590,540,000				271,845,000					590,540,000	271,845,000
Residential whole loans, at fair value	$ 814,682,000				623,300,000					$ 814,682,000	623,300,000
Equity interest in certificates	100.00%									100.00%
Interest income residential whole loans									$ 16,000,000	$ 23,916,000	16,036,000	$ 4,083,000
Net gain on residential whole loans held at fair value	$ 14,632,000	$ 18,701,000	$ 14,470,000	$ 11,881,000	6,899,000	$ 5,565,000	$ 3,224,000	$ 2,034,000		59,684,000	17,722,000	$ 116,000
Non-Agency MBS
Special purpose entities and variable interest entities
MBS and CRT securities	5,825,816,000				6,420,817,000					5,825,816,000	6,420,817,000
Non-Agency MBS Transfered to Consolidated VIEs
Special purpose entities and variable interest entities
Taxable income currently estimated										$ 70,900,000
Taxable income currently estimated per share (in USD per share)										$ 0.19
Non-Agency MBS Transfered to Consolidated VIEs | Non-Agency MBS
Special purpose entities and variable interest entities
MBS and CRT securities	174,400,000				598,300,000					$ 174,400,000	598,300,000
WFMLT Series 2012-RR1
Special purpose entities and variable interest entities
Securitized debt	$ 0				$ 22,100,000					$ 0	$ 22,100,000
Trust, Ownership in Residential Whole Loans
Special purpose entities and variable interest entities
Equity interest in certificates	100.00%									100.00%

Summary of Quarterly Results 84

Summary of Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Interest income	$ 112,528	$ 112,716	$ 114,507	$ 117,418	$ 118,499	$ 119,706	$ 123,995	$ 129,943	$ 457,169	$ 492,143	$ 463,817
Interest expense	(49,868)	(48,167)	(47,720)	(47,600)	(46,456)	(43,703)	(42,849)	(43,940)	(193,355)	(176,948)	(159,808)
Net Interest Income	62,660	64,549	66,787	69,818	72,043	76,003	81,146	86,003	263,814	315,195	304,009
Net Impairment Losses Recognized in Earnings	0	(485)	0	0	0	0	(298)	(407)	(485)	(705)	0
Net gain on residential whole loans held at fair value	14,632	18,701	14,470	11,881	6,899	5,565	3,224	2,034	59,684	17,722	116
Gain on sales of MBS	9,768	7,083	9,241	9,745	9,652	11,196	7,617	6,435	35,837	34,900	37,497
Other income	1,281	8,117	3,319	1,085	(831)	(259)	(678)	311
Operating and other expense	(15,704)	(14,954)	(14,867)	(14,459)	(14,292)	(12,995)	(12,940)	(12,202)	(59,984)	(52,429)	(45,290)
Net Income	72,637	83,011	78,950	78,070	73,471	79,510	78,071	82,174	312,668	313,226	313,504
Preferred stock dividends	(3,750)	(3,750)	(3,750)	(3,750)	(3,750)	(3,750)	(3,750)	(3,750)	(15,000)	(15,000)	(15,000)
Net Income Available to Common Stock and Participating Securities	$ 68,887	$ 79,261	$ 75,200	$ 74,320	$ 69,721	$ 75,760	$ 74,321	$ 78,424	$ 297,668	$ 298,226	$ 298,504
Earnings per Common Share - Basic and Diluted (in dollars per share)	$ 0.18	$ 0.21	$ 0.20	$ 0.20	$ 0.19	$ 0.20	$ 0.20	$ 0.21	$ 0.80	$ 0.80	$ 0.81

Schedule IV - Mortgage Loans 85

Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)loan
Movement in Mortgage Loans on Real Estate [Roll Forward]
Residential whole loans, at carrying value, beginning balance	$ 271,845
Residential whole loans, at fair value, beginning balance	623,300
Residential whole loans, at carrying value, ending balance	590,540	$ 271,845
Residential whole loans, at fair value, ending balance	$ 814,682	623,300
Residential whole loans
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	7,038
Balance Sheet Reported Amount	$ 1,405,222
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 771,424
Residential whole loans | Carrying value
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	3,226
Balance Sheet Reported Amount	$ 590,540
Principal Amount of Loans Subject to Delinquent Principal or Interest	76,142
Movement in Mortgage Loans on Real Estate [Roll Forward]
Residential whole loans, at carrying value, beginning balance	271,845
Purchases and capitalized advances	363,089
Yield accreted	23,916
Collection of principal	(44,692)
Collection of interest	(21,428)
Provision for loan loss	175
Repurchases	0
Transfer to REO	(2,365)
Residential whole loans, at carrying value, ending balance	$ 590,540	$ 271,845
Residential whole loans | Fair value
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	3,812	3,143
Balance Sheet Reported Amount	$ 814,682
Principal Amount of Loans Subject to Delinquent Principal or Interest	695,282
Movement in Mortgage Loans on Real Estate [Roll Forward]
Residential whole loans, at fair value, beginning balance	623,276
Purchases and capitalized advances	316,407
Collection of principal	(66,694)
Changes in fair value recorded in gain/(loss) on loans recorded at fair value	31,254
Repurchases	(2,909)
Transfer to REO	(86,652)
Residential whole loans, at fair value, ending balance	$ 814,682	$ 623,276
Original loan balance $0 - $149,999 | Residential whole loans | Carrying value
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	1,189
Balance Sheet Reported Amount	$ 82,718
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 16,826
Original loan balance $0 - $149,999 | Residential whole loans | Carrying value | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	0.00%
Original loan balance $0 - $149,999 | Residential whole loans | Carrying value | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	13.08%
Original loan balance $0 - $149,999 | Residential whole loans | Fair value
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	1,268
Balance Sheet Reported Amount	$ 101,448
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 71,868
Original loan balance $0 - $149,999 | Residential whole loans | Fair value | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.00%
Original loan balance $0 - $149,999 | Residential whole loans | Fair value | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	14.99%
Original loan balance $150,000 - $299,999 | Residential whole loans | Carrying value
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	1,107
Balance Sheet Reported Amount	$ 168,636
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 19,800
Original loan balance $150,000 - $299,999 | Residential whole loans | Carrying value | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.00%
Original loan balance $150,000 - $299,999 | Residential whole loans | Carrying value | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.00%
Original loan balance $150,000 - $299,999 | Residential whole loans | Fair value
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	1,324
Balance Sheet Reported Amount	$ 217,555
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 176,177
Original loan balance $150,000 - $299,999 | Residential whole loans | Fair value | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.80%
Original loan balance $150,000 - $299,999 | Residential whole loans | Fair value | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.38%
Original loan balance $300,000 - $449,999 | Residential whole loans | Carrying value
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	469
Balance Sheet Reported Amount	$ 126,681
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 15,258
Original loan balance $300,000 - $449,999 | Residential whole loans | Carrying value | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.31%
Original loan balance $300,000 - $449,999 | Residential whole loans | Carrying value | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.75%
Original loan balance $300,000 - $449,999 | Residential whole loans | Fair value
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	621
Balance Sheet Reported Amount	$ 176,389
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 155,087
Original loan balance $300,000 - $449,999 | Residential whole loans | Fair value | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.87%
Original loan balance $300,000 - $449,999 | Residential whole loans | Fair value | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.00%
Original loan balance greater than $449,999 | Residential whole loans | Carrying value
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	461
Balance Sheet Reported Amount	$ 212,505
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 24,258
Original loan balance greater than $449,999 | Residential whole loans | Carrying value | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.25%
Original loan balance greater than $449,999 | Residential whole loans | Carrying value | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.50%
Original loan balance greater than $449,999 | Residential whole loans | Fair value
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	599
Balance Sheet Reported Amount	$ 319,290
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 292,150
Original loan balance greater than $449,999 | Residential whole loans | Fair value | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	0.00%
Original loan balance greater than $449,999 | Residential whole loans | Fair value | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.88%