MFA Financial (MFA) 10-Q 8 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 03, 2018
Document and Entity Information
Entity Registrant Name	MFA FINANCIAL, INC.
Entity Central Index Key	1,055,160
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		398,488,368
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
Mortgage-backed securities and credit risk transfer securities		$ 6,724,893	$ 7,023,050
Mortgage servicing rights (“MSR”) related assets ($432,468 and $482,158 pledged as collateral, respectively)		455,124	492,080
Residential whole loans, at carrying value ($438,202 and $448,689 pledged as collateral, respectively) (1)	[1]	1,099,876	908,516
Residential whole loans, at fair value ($1,238,016 and $996,226 pledged as collateral, respectively) (1)	[1]	1,555,620	1,325,115
Securities obtained and pledged as collateral, at fair value		253,993	504,062
Cash and cash equivalents		214,686	449,757
Restricted cash		7,100	13,307
Other assets		303,920	238,847
Total Assets		10,615,212	10,954,734
Liabilities:
Repurchase agreements and other advances		6,558,860	6,614,701
Obligation to return securities obtained as collateral, at fair value		253,993	504,062
Payable for unsettled residential whole loans purchases		13,525	0
Other liabilities		553,403	574,335
Total Liabilities		7,379,781	7,693,098
Commitments and contingencies (See Note 10)
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; 398,429 and 397,831 shares issued and outstanding, respectively		3,984	3,978
Additional paid-in capital, in excess of par		3,227,550	3,227,304
Accumulated deficit		(578,913)	(578,950)
Accumulated other comprehensive income		582,730	609,224
Total Stockholders’ Equity		3,235,431	3,261,636
Total Liabilities and Stockholders’ Equity		10,615,212	10,954,734
Non-Agency MBS Transferred to Consolidated VIEs
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
Residential whole loans, at carrying value ($438,202 and $448,689 pledged as collateral, respectively) (1)		180,000	183,200
Residential whole loans, at fair value ($1,238,016 and $996,226 pledged as collateral, respectively) (1)		275,600	289,300
Agency MBS
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
Mortgage-backed securities and credit risk transfer securities		2,647,148	2,824,681
Non-Agency MBS
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
Mortgage-backed securities and credit risk transfer securities		3,398,254	3,533,966
Non-Agency MBS | Non-Agency MBS
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
Mortgage-backed securities and credit risk transfer securities		3,398,254	3,533,966
CRT securities
Mortgage-backed securities (“MBS”) and credit risk transfer (“CRT”) securities:
Mortgage-backed securities and credit risk transfer securities		$ 679,491	$ 664,403
[1]	Includes approximately $180.0 million and $183.2 million of Residential whole loans, at carrying value and $275.6 million and $289.3 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at March 31, 2018 and December 31, 2017, respectively. Such assets can be used only to settle the obligations of the VIEs.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
MSR Related Assets, pledged as collateral	$ 432,468,000	$ 482,158,000
Residential whole loans, at carrying value, pledged as collateral	438,202,000	448,689,000
Residential whole loans, at fair value, pledged as collateral	$ 1,238,016,000	$ 996,226,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	8,050,000	8,050,000
Preferred stock, dividend rate	7.50%	7.50%
Preferred stock, shares issued	8,000,000	8,000,000
Preferred stock, shares outstanding	8,000,000	8,000,000
Preferred stock, aggregate liquidation preference	$ 200,000,000	$ 200,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	886,950,000	886,950,000
Common stock, shares issued	398,429,000	397,831,000
Common stock, shares outstanding	398,429,000	397,831,000
Agency MBS
Securities, at fair value, pledged as collateral	$ 2,547,350,000	$ 2,727,510,000
Non-Agency MBS
Securities, at fair value, pledged as collateral	2,630,425,000	2,379,523,000
CRT securities
Securities, at fair value, pledged as collateral	$ 590,551,000	$ 595,900,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest Income:
MSR related assets	$ 7,623	$ 4,734
Residential whole loans held at carrying value	14,329	8,690
Cash and cash equivalent investments	909	355
Interest Income	103,752	117,257
Interest Expense:
Repurchase agreements and other advances	45,717	48,339
Other interest expense	4,837	2,010
Interest Expense	50,554	50,349
Net Interest Income	53,198	66,908
Other-Than-Temporary Impairments:
Total other-than-temporary impairment losses	0	(63)
Portion of loss reclassed from other comprehensive income	0	(351)
Net Impairment Losses Recognized in Earnings	0	(414)
Other Income, net:
Net gain on residential whole loans held at fair value	38,498	13,773
Net gain on sales of investment securities	8,817	9,708
Other, net	345	4,512
Other Income, net	47,660	27,993
Operating and Other Expense:
Compensation and benefits	6,748	7,793
Other general and administrative expense	3,832	4,225
Loan servicing and other related operating expenses	6,883	4,409
Operating and Other Expense	17,463	16,427
Net Income	83,395	78,060
Less Preferred Stock Dividends	3,750	3,750
Net Income Available to Common Stock and Participating Securities	$ 79,645	$ 74,310
Earnings per Common Share - Basic and Diluted (in dollars per share)	$ 0.20	$ 0.20
Dividends Declared per Share of Common Stock (in dollars per share)	$ 0.20	$ 0.2
Agency MBS
Interest Income:
Securities	$ 15,293	$ 17,894
Non-Agency MBS | Non-Agency MBS
Interest Income:
Securities	56,102	79,208
CRT securities
Interest Income:
Securities	$ 9,496	$ 6,376

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income	$ 83,395	$ 78,060
Other Comprehensive Income/(Loss):
Reclassification adjustment for MBS sales included in net income	(8,623)	(9,971)
Reclassification adjustment for other-than-temporary impairments included in net income	0	414
Derivative hedging instrument fair value changes, net	19,669	11,897
Other Comprehensive (Loss)/Income	(26,494)	20,981
Comprehensive income before preferred stock dividends	56,901	99,041
Dividends declared on preferred stock	(3,750)	(3,750)
Comprehensive Income Available to Common Stock and Participating Securities	53,151	95,291
Agency MBS
Other Comprehensive Income/(Loss):
Unrealized (loss)/gain, net	(10,052)	(8,052)
Non-Agency MBS
Other Comprehensive Income/(Loss):
Unrealized (loss)/gain, net	$ (27,488)	$ 27,521

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands		Total	Preferred StockPreferred Stock 7.50% Series B Cumulative Redeemable - Liquidation Preference $25.00 per Share	Common Stock		Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
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
Increase (Decrease) in Stockholders' Equity
Net income		78,060					78,060
Issuance of common stock, net of expenses (in shares)	[1]			1,457,000
Issuance of common stock, net of expenses	[1]	3,956		$ 9		3,947
Repurchase of shares of common stock (in shares)	[1]			(492,000)
Repurchase of shares of common stock	[1]	(3,859)				(3,859)
Equity based compensation expense		1,024				1,024
Accrued dividends attributable to stock-based awards		429				429
Dividends declared on common stock		(74,569)					(74,569)
Dividends declared on preferred stock		(3,750)					(3,750)
Dividends attributable to dividend equivalents		(227)					(227)
Change in unrealized gains on MBS, net		9,084						9,084
Derivative hedging instrument fair value changes, net		11,897						11,897
Balance (in shares) at Mar. 31, 2017			8,000,000	372,819,000
Balance at Mar. 31, 2017		3,055,947	$ 80	$ 3,728		3,030,603	(573,127)	594,663
Increase (Decrease) in Stockholders' Equity
Adjustments related to tax withholding for share-based compensation				$ 3,900
Shares paid for tax withholding for share based compensation (in shares)				492,447
Cumulative effect adjustment on adoption of new accounting standard for revenue recognition		295					295
Balance (in shares) at Dec. 31, 2017			8,000,000	397,831,000
Balance at Dec. 31, 2017		3,261,636	$ 80	$ 3,978		3,227,304	(578,950)	609,224
Increase (Decrease) in Stockholders' Equity
Net income		83,395					83,395
Issuance of common stock, net of expenses (in shares)	[1]			849,000
Issuance of common stock, net of expenses	[1]	$ 1,230		$ 6		1,224
Repurchase of shares of common stock (in shares)		0		(251,000)	[1]
Repurchase of shares of common stock	[1]	$ (1,957)				(1,957)
Equity based compensation expense		549				549
Accrued dividends attributable to stock-based awards		430				430
Dividends declared on common stock		(79,686)					(79,686)
Dividends declared on preferred stock		(3,750)					(3,750)
Dividends attributable to dividend equivalents		(217)					(217)
Change in unrealized gains on MBS, net		(46,163)						(46,163)
Derivative hedging instrument fair value changes, net		19,669						19,669
Balance (in shares) at Mar. 31, 2018			8,000,000	398,429,000
Balance at Mar. 31, 2018		$ 3,235,431	$ 80	$ 3,984		$ 3,227,550	$ (578,913)	$ 582,730
Increase (Decrease) in Stockholders' Equity
Adjustments related to tax withholding for share-based compensation				$ 2,000
Shares paid for tax withholding for share based compensation (in shares)				250,946
[1]	For the three months ended March 31, 2018 and 2017, includes approximately $2.0 million (250,946 shares) and $3.9 million (492,447 shares), respectively surrendered for tax purposes related to equity-based compensation awards.

CONSOLIDATED STATEMENTS OF CHA7

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Apr. 15, 2013	Mar. 31, 2018	Dec. 31, 2017
Preferred Stock, dividend rate		7.50%	7.50%
Preferred Stock | Preferred Stock 7.50% Series B Cumulative Redeemable - Liquidation Preference $25.00 per Share
Preferred Stock, dividend rate	7.50%	7.50%	7.50%
Preferred Stock, liquidation preference per share (in dollars per share)	$ 25	$ 25	$ 25

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows From Operating Activities:
Net income	$ 83,395,000	$ 78,060,000
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of MBS and U.S. Treasury securities	(8,817,000)	(9,708,000)
Gain on sales of real estate owned	(1,993,000)	(875,000)
Gain on liquidation of residential whole loans	(5,279,000)	(868,000)
Other-than-temporary impairment charges	0	414,000
Accretion of purchase discounts on MBS and CRT securities, residential whole loans and MSR related assets	(19,793,000)	(23,682,000)
Amortization of purchase premiums on MBS and CRT securities	5,392,000	8,029,000
Depreciation and amortization on real estate, fixed assets and other assets	423,000	210,000
Equity-based compensation expense	553,000	1,106,000
Unrealized gain on residential whole loans at fair value	(13,747,000)	(2,948,000)
(Increase)/decrease in other assets and other	(22,010,000)	7,013,000
Decrease in other liabilities	(12,228,000)	(12,392,000)
Net cash provided by operating activities	5,896,000	44,359,000
Cash Flows From Investing Activities:
Principal payments on MBS, CRT securities and MSR related assets	484,334,000	762,747,000
Proceeds from sales of MBS and U.S. Treasury securities	19,362,000	160,697,000
Purchases of MBS, CRT securities, MSR related assets and U.S. Treasury securities	(194,328,000)	(244,582,000)
Purchases of residential whole loans and capitalized advances	(513,851,000)	(5,027,000)
Principal payments on residential whole loans	71,865,000	35,453,000
Proceeds from sales of real estate owned	19,307,000	10,438,000
Purchases of real estate owned and capital improvements	(2,678,000)	(774,000)
Redemption of Federal Home Loan Bank stock	0	10,422,000
Additions to leasehold improvements, furniture and fixtures	(171,000)	(133,000)
Net cash (used in)/provided by investing activities	(116,160,000)	729,241,000
Cash Flows From Financing Activities:
Principal payments on repurchase agreements and other advances	(16,609,092,000)	(20,513,712,000)
Proceeds from borrowings under repurchase agreements and other advances	16,553,139,000	19,963,451,000
Principal payments on securitized debt	(12,817,000)	0
Payments made for settlements on interest rate swap agreements (“Swaps”)	(10,666,000)	(34,942,000)
Proceeds from settlements on Swaps	30,711,000	0
Proceeds from issuances of common stock	1,230,000	3,952,000
Dividends paid on preferred stock	(3,750,000)	(3,750,000)
Dividends paid on common stock and dividend equivalents	(79,769,000)	(74,622,000)
Net cash used in financing activities	(131,014,000)	(659,623,000)
Net (decrease)/increase in cash, cash equivalents, and restricted cash	(241,278,000)	113,977,000
Cash, cash equivalents, and restricted cash at beginning of period	463,064,000	318,575,000
Cash, cash equivalents, and restricted cash at end of period	221,786,000	432,552,000
Non-cash Investing and Financing Activities:
Net (decrease)/increase in securities obtained as collateral/obligation to return securities obtained as collateral	(248,650,000)	4,155,000
Transfer from residential whole loans to real estate owned	54,822,000	31,098,000
Dividends and dividend equivalents declared and unpaid	$ 79,905,000	$ 74,830,000

Organization

Organization	3 Months Ended
	Mar. 31, 2018
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 Note 2 ( p ))

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies ( a ) Basis of Presentation and Consolidation The interim unaudited consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted according to these SEC rules and regulations. Management believes that the disclosures included in these interim unaudited consolidated financial statements are adequate to make the information presented not misleading. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2018 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2018 should not be construed as indicative of the results to be expected for the full year. The accompanying consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with 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, CRT securities and MSR related assets (See Notes 3 and 14 ), income recognition and valuation of residential whole loans (See Notes 4 and 14 ), valuation of derivative instruments (See Notes 5 ( b ) and 14 ) 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 ( p )) 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 entities established to facilitate transactions related to the acquisition and securitization of residential whole loans as well as MBS resecuritization transactions completed in prior years. Certain prior period amounts have been reclassified to conform to the current period presentation. ( b ) MBS 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 statements 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 14 ) 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, 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 Financial Services LLC (“S&P”) or Fitch Ratings, Inc. (collectively “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 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 ) MSR Related Assets The Company has investments in financial instruments whose cash flows are considered to be largely dependent on underlying MSRs that either directly or indirectly act as collateral for the investment. These financial instruments, which are referred to as MSR related assets, are discussed in more detail below. The Company’s MSR related assets pledged as collateral against repurchase agreements are included in the consolidated balance sheets with the amounts pledged disclosed parenthetically. Purchases and sales of MSR related assets are recorded on the trade date. (See Notes 3 , 6 , 7 and 14 ) Term Notes Backed by MSR Related Collateral The Company has invested in term notes that are issued by special purpose vehicles (“SPV”) that have acquired rights to receive cash flows representing the servicing fees and/or excess servicing spread associated with certain MSRs. The Company considers payment of principal and interest on these term notes to be largely dependent on the cash flows generated by the underlying MSRs as this impacts the cash flows available to the SPV that issued the term notes. Credit risk borne by the holders of the term notes is also mitigated by structural credit support in the form of over-collateralization. Credit support is also provided by a corporate guarantee from the ultimate parent or sponsor of the SPV that is intended to provide for payment of interest and principal to the holders of the term notes should cash flows generated by the underlying MSRs be insufficient. The Company’s term notes backed by MSR related collateral are reported at fair value on the Company’s consolidated balance sheets with unrealized gains and losses excluded from earnings and reported in AOCI. Interest income is recognized on an accrual basis on the Company’s consolidated statements of operations. The Company’s valuation process for such notes considers a number of factors, including a comparable bond analysis performed by a third-party pricing service which involves determining a pricing spread at issuance of the term note. The pricing spread is used at each subsequent valuation date to determine an implied yield to maturity of the term note, which is then used to derive an indicative market value for the security. This indicative market value is further reviewed by the Company and may be adjusted to ensure it reflects a realistic exit price at the valuation date given the structural features of these securities. Other factors taken into consideration include indicative values provided by repurchase agreement counterparties, estimated changes in fair value of the related underlying MSR collateral and the financial performance of the ultimate parent or sponsoring entity of the issuer, which has provided a guarantee that is intended to provide for payment of interest and principal to the holders of the term notes should cash flows generated by the related underlying MSR collateral be insufficient. Corporate Loan The Company has entered into a loan agreement with an entity that originates loans and owns the related MSRs. Under the terms of the loan agreement, the Company has committed to lend $130.0 million of which approximately $124.2 million was drawn at March 31, 2018 . The loan is secured by certain U.S. Government, Agency and private-label MSRs, as well as other unencumbered assets owned by the borrower. The term loan is recorded on the Company’s consolidated balance sheets at the drawn amount, on which interest income is recognized on an accrual basis on the Company’s consolidated statements of operations. Commitment fees received on the undrawn amount are deferred and recognized as interest income over the remaining loan term at the time of draw. At the end of the commitment period, any remaining deferred commitment fees will be recorded as Other Income on the Company’s consolidated statements of operations. The Company evaluates the recoverability of the loan on a quarterly basis by considering various factors, including the current status of the loan, changes in fair value of the MSRs that secure the loan and the recent financial performance of the borrower. ( d ) Residential Whole Loans (including Residential Whole Loans transferred to consolidated VIEs) 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, with the majority 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. (See Notes 4 , 6 , 7 , 14 and 15 ) Residential Whole Loans at Carrying Value The Company has generally 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, these loans generally 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. Loans considered credit impaired are initially recorded at the purchase price with no allowance for loan losses. Subsequent to acquisition, the recorded amount for these loans 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 the accounting model for credit impaired loans, 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 generally 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. Under the accounting model applied to credit impaired loans, 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. 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. For the majority of these loans, there is significant uncertainty associated with estimating the timing of and amount of cash flows that will be collected. Further, the cash flows ultimately collected may be dependent on the value of the property securing the loan. Consequently, the Company considers that accounting for these loans at fair value should result in a better reflection over time of the economic returns for the majority of 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 market place. 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. (e) 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 ( l ) for Repurchase Agreements and Reverse Repurchase Agreements) ( f ) 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 counterparties as a result of reverse margin calls (i.e., margin calls made by the Company). At March 31, 2018 and December 31, 2017 , the Company had cash and cash equivalents of $214.7 million and $449.8 million , respectively. 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 $164.0 million and $354.0 million at March 31, 2018 and December 31, 2017 , respectively. (See Notes 7 and 14 ) ( g ) Restricted Cash Restricted cash represents the Company’s cash held by its counterparties in connection with certain of the Company’s repurchase agreements that is not available to the Company for general corporate purposes. Restricted cash may be applied against amounts due to repurchase agreement counterparties, or may be returned to the Company when the related collateral requirements are exceeded or at the maturity of the repurchase agreement. The Company had aggregate restricted cash held as collateral or otherwise in connection with its repurchase agreements of $7.1 million and $13.3 million at March 31, 2018 and December 31, 2017 , respectively. (See Notes 5 ( b ), 6 , 7 and 14 ) ( h ) Goodwill At March 31, 2018 and December 31, 2017 , 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 March 31, 2018 , the Company had not recognized any impairment against its goodwill. Goodwill is included in Other assets on the Company’s consolidated balance sheets. ( i ) 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 )) ( j ) 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. ( k ) Loan Securitization and Other Debt Issuance Costs Loan securitization related costs are costs associated with the issuance of beneficial interests by consolidated VIEs and incurred by the Company in connection with various financing transactions completed by the Company. Other debt issuance and related costs include costs incurred by the Company in connection with issuing 8% Senior Notes due 2042 (“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 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. ( l ) 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 14 ) 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 rep

MBS, CRT Securities and MSR Rel

MBS, CRT Securities and MSR Related Assets	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
MBS, CRT Securities and MSR Related Assets	MBS, CRT Securities and MSR Related Assets 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”), which have interest rates that reset annually or more frequently (collectively, “ARM-MBS”); and (iii) 15 year fixed-rate mortgage for Agency MBS and, for Non-Agency MBS, 30-year and longer-term fixed rate mortgages. In addition, the Company’s MBS are also comprised of MBS backed by securitized re-performing/non-performing loans (“RPL/NPL MBS”), where the cash flows of the bond may not reflect the contractual cash flows of the underlying collateral. The Company’s RPL/NPL MBS are generally structured with a contractual coupon step-up feature where the coupon increases up to 300 basis points at 36 months from issuance or sooner. The Company pledges a significant portion of its MBS as collateral against its borrowings under repurchase agreements and Swaps. (See Note 7 ) 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: 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. The payments of principal and interest on the CRT securities are paid by Fannie Mae or Freddie Mac, as the case may be, on a monthly basis, and are dependent on the performance of loans in a reference pool of Agency MBS securitized by the issuing entity. As an investor in a CRT security, the Company may incur a loss if losses on the mortgage loans in the reference pool exceed the credit enhancement on the underlying CRT security owned by the Company. 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 portion of its CRT securities as collateral against its borrowings under repurchase agreements. (See Note 7 ) The following tables present certain information about the Company’s MBS and CRT securities at March 31, 2018 and December 31, 2017 : March 31, 2018 (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 $ 2,038,059 $ 77,640 $ (36 ) $ — $ 2,115,663 $ 2,106,021 $ 23,283 $ (32,925 ) $ (9,642 ) Freddie Mac 534,008 20,650 — — 555,262 535,084 1,455 (21,633 ) (20,178 ) Ginnie Mae 5,865 108 — — 5,973 6,043 70 — 70 Total Agency MBS 2,577,932 98,398 (36 ) — 2,676,898 2,647,148 24,808 (54,558 ) (29,750 ) Non-Agency MBS: Expected to Recover Par (3)(4) 1,143,670 48 (22,636 ) — 1,121,082 1,145,482 24,927 (527 ) 24,400 Expected to Recover Less than Par (3) 2,439,186 — (177,023 ) (572,580 ) 1,689,583 2,252,772 563,349 (160 ) 563,189 Total Non-Agency MBS (5) 3,582,856 48 (199,659 ) (572,580 ) 2,810,665 3,398,254 588,276 (687 ) 587,589 Total MBS 6,160,788 98,446 (199,695 ) (572,580 ) 5,487,563 6,045,402 613,084 (55,245 ) 557,839 CRT securities (6) 617,351 10,012 (3,049 ) — 624,314 679,491 55,441 (264 ) 55,177 Total MBS and CRT securities $ 6,778,139 $ 108,458 $ (202,744 ) $ (572,580 ) $ 6,111,877 $ 6,724,893 $ 668,525 $ (55,509 ) $ 613,016 December 31, 2017 (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 $ 2,170,974 $ 82,271 $ (40 ) $ — $ 2,253,205 $ 2,246,600 $ 21,736 $ (28,341 ) $ (6,605 ) Freddie Mac 561,346 21,683 — — 584,920 571,748 1,624 (14,796 ) (13,172 ) Ginnie Mae 6,142 112 — — 6,254 6,333 79 — 79 Total Agency MBS 2,738,462 104,066 (40 ) — 2,844,379 2,824,681 23,439 (43,137 ) (19,698 ) Non-Agency MBS: Expected to Recover Par (3)(4) 1,128,808 50 (22,737 ) — 1,106,121 1,132,205 26,518 (434 ) 26,084 Expected to Recover Less than Par (3) 2,589,935 — (192,588 ) (593,227 ) 1,804,120 2,401,761 597,660 (19 ) 597,641 Total Non-Agency MBS (5) 3,718,743 50 (215,325 ) (593,227 ) 2,910,241 3,533,966 624,178 (453 ) 623,725 Total MBS 6,457,205 104,116 (215,365 ) (593,227 ) 5,754,620 6,358,647 647,617 (43,590 ) 604,027 CRT securities (6) 602,799 8,887 (3,550 ) — 608,136 664,403 56,290 (23 ) 56,267 Total MBS and CRT securities $ 7,060,004 $ 113,003 $ (218,915 ) $ (593,227 ) $ 6,362,756 $ 7,023,050 $ 703,907 $ (43,613 ) $ 660,294 (1) Discount designated as Credit Reserve and amounts related to OTTI are generally not expected to be accreted into interest income. Amounts disclosed at March 31, 2018 reflect Credit Reserve of $558.5 million and OTTI of $14.0 million . Amounts disclosed at December 31, 2017 reflect Credit Reserve of $579.0 million and OTTI of $14.2 million . (2) Includes principal payments receivable of $604,000 and $1.9 million at March 31, 2018 and December 31, 2017 , respectively, which are not included in the Principal/Current Face. (3) Based on managemen t ’ s current estimates of future principal cash flows expected to be received. (4) Includes RPL/NPL MBS, which at March 31, 2018 had a $935.1 million Principal/Current face, $933.2 million amortized cost and $935.2 million fair value. At December 31, 2017 , RPL/NPL MBS had a $922.0 million Principal/Current face, $920.1 million amortized cost and $923.1 million fair value. (5) At March 31, 2018 and December 31, 2017 , the Company expected to recover approximately 84% and 84% , respectively, of the then-current face amount of Non-Agency MBS. (6) Amounts disclosed at March 31, 2018 includes CRT securities with a fair value of $546.3 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $39.8 million and gross unrealized losses of approximately $264,000 at March 31, 2018 . Amounts disclosed at December 31, 2017 includes CRT securities with a fair value of $528.9 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $40.5 million and gross unrealized losses of approximately $23,000 at December 31, 2017 . 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 March 31, 2018 : Unrealized Loss Position For: Less than 12 Months 12 Months or more Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses (Dollars in Thousands) Agency MBS: Fannie Mae $ 303,575 $ 2,479 87 $ 897,700 $ 30,446 221 $ 1,201,275 $ 32,925 Freddie Mac 90,177 1,178 34 384,069 20,455 106 474,246 21,633 Total Agency MBS 393,752 3,657 121 1,281,769 50,901 327 1,675,521 54,558 Non-Agency MBS: Expected to Recover Par (1) 371,688 378 6 12,068 149 9 383,756 527 Expected to Recover Less than Par (1) 24,010 160 7 — — — 24,010 160 Total Non-Agency MBS 395,698 538 13 12,068 149 9 407,766 687 Total MBS 789,450 4,195 134 1,293,837 51,050 336 2,083,287 55,245 CRT securities (2) 39,187 264 11 — — — 39,187 264 Total MBS and CRT securities $ 828,637 $ 4,459 145 $ 1,293,837 $ 51,050 336 $ 2,122,474 $ 55,509 (1) Based on management’s current estimates of future principal cash flows expected to be received. (2) Amounts disclosed at March 31, 2018 represent CRT securities on which the fair value option has been elected. At March 31, 2018 , 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 $54.6 million at March 31, 2018 . 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 March 31, 2018 any unrealized losses on its Agency MBS were temporary. Gross unrealized losses on the Company’s Non-Agency MBS were $687,000 at March 31, 2018 . 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 did no t recognize any credit-related OTTI losses through earnings related to its Non-Agency MBS during the three months ended March 31, 2018 . The Company recognized credit-related OTTI losses through earnings related to its Non-Agency MBS of $414,000 during the three months ended March 31, 2017 . 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, 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 relative to the Company’s assumptions 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 three months ended March 31, 2018 and 2017 : Three Months Ended (In Thousands) 2018 2017 Total OTTI losses $ — $ (63 ) OTTI reclassified from OCI — (351 ) OTTI recognized in earnings $ — $ (414 ) 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. Three Months Ended (In Thousands) 2018 2017 Credit loss component of OTTI at beginning of period $ 38,337 $ 37,305 Additions for credit related OTTI not previously recognized — 63 Subsequent additional credit related OTTI recorded — 351 Credit loss component of OTTI at end of period $ 38,337 $ 37,719 Purchase Discounts on Non-Agency MBS The following tables present 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 three months ended March 31, 2018 and 2017 : Three Months Ended Three Months Ended (In Thousands) Discount Accretable (1) Discount Accretable Discount (1) Balance at beginning of period $ (593,227 ) $ (215,325 ) $ (694,241 ) $ (278,191 ) Accretion of discount — 17,216 — 21,616 Realized credit losses 8,447 — 12,324 — Purchases (535 ) 488 — — Sales 5,592 5,105 19,741 (3,897 ) Net impairment losses recognized in earnings — — (414 ) — Transfers/release of credit reserve 7,143 (7,143 ) 9,253 (9,253 ) Balance at end of period $ (572,580 ) $ (199,659 ) $ (653,337 ) $ (269,725 ) (1) Together with coupon interest, accretable purchase discount is recognized as interest income over the life of the security. Sales of MBS During the three months ended March 31, 2018 , the Company sold certain Non-Agency MBS for $19.4 million , realizing gross gains of $8.8 million . During the three months ended March 31, 2017 , the Company sold certain Non-Agency MBS for $21.6 million , realizing gross gains of $10.0 million . The Company has no continuing involvement with any of the sold MBS. MSR Related Assets ( a ) Term Notes Backed by MSR Related Collateral At March 31, 2018 and December 31, 2017 , the Company had $332.0 million and $381.8 million , respectively, of term notes issued by SPVs that have acquired rights to receive cash flows representing the servicing fees and/or excess servicing spread associated with certain MSRs. Payment of principal and interest on these term notes is considered to be largely dependent on cash flows generated by the underlying MSRs, as this impacts the cash flows available to the SPV that issued the term notes. At March 31, 2018 , these term notes had an amortized cost of $331.0 million , gross unrealized gains of $1.0 million , a weighted average yield of 5.28% and a weighted average term to maturity of 4.2 years . At December 31, 2017 , the term notes had an amortized cost of $381.0 million , gross unrealized gains of $804,000 , a weighted average yield of 5.80% and a weighted average term to maturity of 3.4 years . ( b ) Corporate Loan The Company has entered into a loan agreement with an entity that originates loans and owns the related MSRs. The loan is secured by certain U.S. Government, Agency and private-label MSRs, as well as other unencumbered assets owned by the borrower. Under the terms of the loan agreement, the Company has committed to lend $130.0 million of which approximately $124.2 million was drawn at March 31, 2018 . At March 31, 2018 , the coupon paid by the borrower on the drawn amount is 8.39% , the remaining term associated with the loan is 2.3 years and remaining commitment period on any undrawn amount is three months . During the remaining commitment period of three months , the Company receives a commitment fee of 1.5% . For the three months ended March 31, 2018 and 2017 , the Company recognized interest income of $2.5 million and $1.7 million including discount accretion and commitment fee income of $107,000 and $62,000 , respectively. Impact of AFS Securities on AOCI The following table presents the impact of the Company’s AFS securities on its AOCI for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, (In Thousands) 2018 2017 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 620,648 $ 620,403 Unrealized loss on Agency MBS, net (10,052 ) (8,052 ) Unrealized (loss)/gain on Non-Agency MBS, net (27,488 ) 27,521 Reclassification adjustment for MBS sales included in net income (8,623 ) (9,971 ) Reclassification adjustment for OTTI included in net income — (414 ) Change in AOCI from AFS securities (46,163 ) 9,084 Balance at end of period $ 574,485 $ 629,487 Interest Income on MBS, CRT Securities and MSR Related Assets The following table presents the components of interest income on the Company’s MBS, CRT securities and MSR related assets for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, (In Thousands) 2018 2017 Agency MBS Coupon interest $ 20,958 $ 26,212 Effective yield adjustment (1) (5,665 ) (8,318 ) Interest income $ 15,293 $ 17,894 Legacy Non-Agency MBS Coupon interest $ 28,835 $ 34,662 Effective yield adjustment (2) 17,201 21,442 Interest income $ 46,036 $ 56,104 RPL/NPL MBS Coupon interest $ 10,053 $ 22,929 Effective yield adjustment (1) 13 175 Interest income $ 10,066 $ 23,104 CRT securities Coupon interest $ 8,374 $ 5,257 Effective yield adjustment (2) 1,122 1,119 Interest income $ 9,496 $ 6,376 MSR related assets Coupon interest $ 7,517 $ 4,672 Effective yield adjustment (1) 106 62 Interest income $ 7,623 $ 4,734 (1) Includes amortization of premium paid net of accretion of purchase discount. For Agency MBS, RPL/NPL MBS and the corporate loan secured by MSRs, 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	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Residential Whole Loans	Residential Whole Loans Included on the Company’s consolidated balance sheets at March 31, 2018 and December 31, 2017 are approximately $2.7 billion and $2.2 billion , respectively, of residential whole loans arising from the Company’s interests in certain trusts established to acquire the loans and certain entities established in connection with its loan securitization transactions. The Company has assessed that these entities are required to be consolidated for financial reporting purposes. Residential Whole Loans, at Carrying Value Residential whole loans, at carrying value totaled approximately $1.1 billion and $908.5 million at March 31, 2018 and December 31, 2017 , 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. The Company had approximately 5,400 and 4,800 Residential whole loans held at carrying value at March 31, 2018 and December 31, 2017 , respectively. As of March 31, 2018 , the Company had established an allowance for loan losses of approximately $380,000 on its residential whole loan pools held at carrying value. For the three months ended March 31, 2018 , a net provision for loan losses of approximately $50,000 was recorded, which is included in Operating and Other expense on the Company’s consolidated statements of operations. For the three months ended March 31, 2017 , the Company recorded a net reversal of provision for loan losses of approximately $221,000 . The following table presents the activity in the Company’s allowance for loan losses on its residential whole loan pools held at carrying value for the three months ended March 31, 2018 and 2017 : (In Thousands) Three Months Ended March 31, 2018 2017 Balance at the beginning of period $ 330 $ 990 Provisions/(reversal of provisions) for loan losses 50 (221 ) Balance at the end of period $ 380 $ 769 The Company did not acquire any purchase credit impaired residential whole loans held at carrying value during the three months ended March 31, 2018 and 2017 . The following table presents accretable yield activity for the Company’s purchase credit impaired residential whole loans held at carrying value for the three months ended March 31, 2018 and 2017 : (In Thousands) Three Months Ended March 31, 2018 2017 Balance at beginning of period $ 421,872 $ 334,379 Accretion (11,031 ) (8,690 ) Liquidations and other (2,170 ) — Reclassifications from/(to) non-accretable difference, net 4,733 (138 ) Balance at end of period $ 413,404 $ 325,551 Accretable yield for purchase credit impaired 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 three months ended March 31, 2018 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 March 31, 2018 and December 31, 2017 : (Dollars in Thousands) March 31, 2018 December 31, 2017 Outstanding principal balance $ 1,769,454 $ 1,562,373 Aggregate fair value $ 1,555,620 $ 1,325,115 Number of loans 7,085 6,514 During the three months ended March 31, 2018 and 2017 the Company recorded net gains on residential whole loans held at fair value of $38.5 million and $13.8 million , respectively. The following table presents the components of Net gain on residential whole loans held at fair value for the three months ended March 31, 2018 and 2017 : (In Thousands) Three Months Ended March 31, 2018 2017 Coupon payments and other income received $ 15,397 $ 8,173 Net unrealized gains 13,747 2,948 Net gain on payoff/liquidation of loans 2,908 868 Net gain on transfers to REO 6,446 1,784 Total $ 38,498 $ 13,773

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2018
Other Assets [Abstract]
Other Assets	Other Assets The following table presents the components of the Company’s Other assets at March 31, 2018 and December 31, 2017 : (In Thousands) March 31, 2018 December 31, 2017 REO $ 182,940 $ 152,356 Interest receivable 30,353 27,415 Swaps, at fair value 1,371 679 Goodwill 7,189 7,189 Prepaid and other assets 82,067 51,208 Total Other Assets $ 303,920 $ 238,847 ( a ) Real Estate Owned At March 31, 2018 , the Company had 845 REO properties with an aggregate carrying value of $182.9 million . At December 31, 2017 , the Company had 709 REO properties with an aggregate carrying value of $152.4 million . During the three months ended March 31, 2018 and 2017 , the Company reclassified 304 and 179 mortgage loans to REO at an aggregate estimated fair value less estimated selling costs of $54.8 million and $31.1 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. From time to time, the Company also acquires REO in connection with transactions to acquire residential whole loans. At March 31, 2018 , $172.9 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 $38.7 million of residential whole loans held at carrying value and $869.3 million of residential whole loans held at fair value at March 31, 2018 . During the three months ended March 31, 2018 and 2017 , the Company sold 168 and 84 REO properties for consideration of $25.5 million and $12.7 million , realizing net gains of approximately $2.0 million and $875,000 , respectively. These amounts are included in Other, net on the Company’s consolidated statements of operations. In addition, following an updated assessment of liquidation amounts expected to be realized that was performed on all REO held at the end of the first quarters of 2018 and 2017 , downward adjustments of approximately $3.4 million and $1.8 million were recorded to reflect certain REO properties at the lower of cost or estimated fair value as of March 31, 2018 and 2017 , respectively. The following table presents the activity in the Company’s REO for the three months ended March 31, 2018 and 2017 : (In Thousands) Three Months Ended March 31, 2018 2017 Balance at beginning of period $ 152,356 $ 80,503 Adjustments to record at lower of cost or fair value (3,415 ) (1,823 ) Transfer from residential whole loans (1) 54,822 31,098 Purchases and capital improvements 2,678 774 Disposals (23,501 ) (11,844 ) Balance at end of period $ 182,940 $ 98,708 (1) Includes net gain recorded on transfer of approximately $6.4 million and $1.3 million , respectively, for the three months ended March 31, 2018 and 2017 . ( 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. The following table presents the fair value of the Company’s derivative instruments and their balance sheet location at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Derivative Instrument Designation Balance Sheet Location Notional Amount Fair Value Notional Amount Fair Value (In Thousands) Cleared Swaps (1) Hedging Assets $ 2,450,000 $ 1,371 $ 750,000 $ 679 Cleared Swaps (1) Hedging Liabilities $ 100,000 $ — $ 1,800,000 $ — (1) Cleared Swaps represent 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 The following table presents the assets pledged as collateral against the Company’s Swap contracts at March 31, 2018 and December 31, 2017 : (In Thousands) March 31, 2018 December 31, 2017 Agency MBS, at fair value $ 16,244 $ 21,756 Restricted cash — 6,405 Total assets pledged against Swaps $ 16,244 $ 28,161 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 March 31, 2018 , all of the Company’s derivatives were deemed effective for hedging purposes and no derivatives were terminated during the three months ended March 31, 2018 and 2017 . 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 the three months ended March 31, 2018 and 2017 . At March 31, 2018 , the Company had Swaps designated in hedging relationships with an aggregate notional amount of $2.6 billion and extended 24 months on average with a maximum term of approximately 65 months . During the three months ended March 31, 2018 , we did not enter into any new Swaps, nor did any Swaps amortize or expire. The following table presents information about the Company’s Swaps at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 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) Maturity (1) (Dollars in Thousands) Within 30 days $ — — % — % $ — — % — % Over 30 days to 3 months 50,000 1.45 1.88 — — — Over 3 months to 6 months 500,000 1.50 1.77 50,000 1.45 1.56 Over 6 months to 12 months 100,000 1.71 1.87 500,000 1.50 1.46 Over 12 months to 24 months 100,000 1.71 1.86 200,000 1.71 1.54 Over 24 months to 36 months 1,600,000 2.22 1.82 1,500,000 2.22 1.51 Over 36 months to 48 months 100,000 2.22 1.88 200,000 2.20 1.53 Over 48 months to 60 months — — — — — — Over 60 months to 72 months (3) 100,000 2.75 1.81 100,000 2.75 1.50 Total Swaps $ 2,550,000 2.04 % 1.82 % $ 2,550,000 2.04 % 1.50 % (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) 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 three months ended March 31, 2018 and 2017 : Three Months Ended (Dollars in Thousands) 2018 2017 Interest expense attributable to Swaps $ 2,832 $ 7,809 Weighted average Swap rate paid 2.04 % 1.88 % Weighted average Swap rate received 1.60 % 0.79 % 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 three months ended March 31, 2018 and 2017 : Three Months Ended (In Thousands) 2018 2017 AOCI from derivative hedging instruments: Balance at beginning of period $ (11,424 ) $ (46,721 ) Net gain on Swaps 19,669 11,897 Balance at end of period $ 8,245 $ (34,824 )

Repurchase Agreements and Other

Repurchase Agreements and Other Advances	3 Months Ended
	Mar. 31, 2018
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements and Other Advances	Repurchase Agreements and Other Advances Repurchase Agreements The Company’s repurchase agreements are accounted for as secured borrowings and bear interest that is generally LIBOR-based. (See Notes 2 ( l ) and 7 ) At March 31, 2018 , the Company’s borrowings under repurchase agreements had a weighted average remaining term-to-interest rate reset of 15 days and an effective repricing period of 9 months , including the impact of related Swaps. At December 31, 2017 , the Company’s borrowings under repurchase agreements had a weighted average remaining term-to-interest rate reset of 16 days and an effective repricing period of 11 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 March 31, 2018 and December 31, 2017 : (Dollars in Thousands) March 31, December 31, Repurchase agreement borrowings secured by Agency MBS $ 2,339,009 $ 2,501,340 Fair value of Agency MBS pledged as collateral under repurchase agreements $ 2,531,106 $ 2,705,754 Weighted average haircut on Agency MBS (1) 4.63 % 4.65 % Repurchase agreement borrowings secured by Legacy Non-Agency MBS $ 1,441,393 $ 1,256,033 Fair value of Legacy Non-Agency MBS pledged as collateral under repurchase agreements $ 1,897,016 $ 1,652,983 Weighted average haircut on Legacy Non-Agency MBS (1) 21.36 % 21.87 % Repurchase agreement borrowings secured by RPL/NPL MBS $ 569,271 $ 567,140 Fair value of RPL/NPL MBS pledged as collateral under repurchase agreements $ 733,409 $ 726,540 Weighted average haircut on RPL/NPL MBS (1) 22.20 % 22.05 % Repurchase agreements secured by U.S. Treasuries $ 220,912 $ 470,334 Fair value of U.S. Treasuries pledged as collateral under repurchase agreements $ 220,814 $ 472,095 Weighted average haircut on U.S. Treasuries (1) 1.33 % 1.47 % Repurchase agreements secured by CRT securities $ 467,103 $ 459,058 Fair value of CRT securities pledged as collateral under repurchase agreements $ 590,551 $ 595,900 Weighted average haircut on CRT securities (1) 21.38 % 22.16 % Repurchase agreements secured by MSR related assets $ 292,820 $ 317,255 Fair value of MSR related assets pledged as collateral under repurchase agreements $ 432,468 $ 482,158 Weighted average haircut on MSR related assets (1) 30.72 % 33.19 % Repurchase agreements secured by residential whole loans (2) $ 1,228,447 $ 1,043,747 Fair value of residential whole loans pledged as collateral under repurchase agreements $ 1,706,627 $ 1,474,704 Weighted average haircut on residential whole loans (1) 25.97 % 26.10 % (1) Haircut represents the percentage amount by which the collateral value is contractually required to exceed the loan amount. (2) Excludes $95,000 and $206,000 of unamortized debt issuance costs at March 31, 2018 and December 31, 2017 , 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 March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate Time Until Interest Rate Reset (Dollars in Thousands) Within 30 days $ 6,239,087 2.74 % $ 6,161,008 2.39 % Over 30 days to 3 months 319,868 3.04 453,899 2.76 Total repurchase agreements 6,558,955 2.76 % 6,614,907 2.42 % Less debt issuance costs 95 206 Total repurchase agreements less debt issuance costs $ 6,558,860 $ 6,614,701 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 March 31, 2018 , and does not reflect the impact of derivative contracts that hedge such repurchase agreements: March 31, 2018 Contractual Maturity Overnight Within 30 Days Over 30 Days to 3 Months Over 3 Months to 12 Months Over 12 months Total (Dollars in Thousands) Agency MBS $ — $ 2,339,009 $ — $ — $ — $ 2,339,009 Legacy Non-Agency MBS — 810,835 282,660 347,898 — 1,441,393 RPL/NPL MBS — 554,524 — 14,747 — 569,271 U.S. Treasuries — 220,912 — — — 220,912 CRT securities — 467,103 — — — 467,103 MSR related assets — 292,820 — — — 292,820 Residential whole loans — 321,355 — 907,092 — 1,228,447 Total (1) $ — $ 5,006,558 $ 282,660 $ 1,269,737 $ — $ 6,558,955 Weighted Average Interest Rate — % 2.52 % 3.04 % 3.63 % — % 2.76 % Gross amount of recognized liabilities for repurchase agreements in Note 8 $ 6,558,955 Amounts related to repurchase agreements not included in offsetting disclosure in Note 8 $ — (1) Excludes $95,000 of unamortized debt issuance costs at March 31, 2018 . The Company had repurchase agreements with 29 and 31 counterparties at March 31, 2018 and December 31, 2017 . 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 March 31, 2018 : March 31, 2018 Counterparty Rating (1) Amount at Risk (2) Weighted Average Months to Maturity for Repurchase Agreements Percent of Stockholders’ Equity Counterparty (Dollars in Thousands) Goldman Sachs (3) BBB+/A3/A $ 239,962 3 7.4 % Wells Fargo (4) A+/Aa2/AA- 239,439 4 7.4 Credit Suisse (5) BBB+/Aa2/A- 219,755 3 6.8 RBC (6) AA-/A1/AA 177,174 1 5.5 (1) As rated at March 31, 2018 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 $178.5 million at risk with Goldman Sachs Lending Partners and $61.4 million at risk with Goldman Sachs Bank USA. (4) Includes $230.3 million at risk with Wells Fargo Bank, NA and $9.2 million at risk with Wells Fargo Securities LLC. (5) Includes $115.4 million at risk with Credit Suisse AG, Cayman Islands and $104.4 million at risk with Credit Suisse. Counterparty ratings are not published for Credit Suisse AG, Cayman Islands. (6) Includes $157.6 million at risk with RBC Barbados, $15.0 million at risk with Royal of Canada and $4.5 million at risk with RBC New York. Counterparty ratings are not published for RBC Barbados and RBS Capital Market LLC. FHLB Advances In January 2016, the FHFA released its final rule amending its regulation on FHLB membership, which, among other things, provided termination rules for then current captive insurance members. As a result of such regulation, MFA Insurance was required to repay all of its outstanding FHLB advances by February 19, 2017 and its FHLB membership was terminated on such date.

Collateral Positions

Collateral Positions	3 Months Ended
	Mar. 31, 2018
Collateral Positions
Collateral Positions	Collateral Positions The Company pledges securities or cash as collateral to its counterparties pursuant to its borrowings under repurchase agreements and for initial margin payments on centrally cleared Swaps. In addition, the Company receives securities or cash as collateral pursuant to financing provided under reverse repurchase agreements. The Company exchanges collateral with its counterparties based on changes in the fair value, notional amount and term of the associated repurchase agreements and Swap contracts, as applicable. In connection with these margining practices, either the Company or its counterparty may be required to pledge cash or securities as collateral. 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 and derivative hedging instruments at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 (In Thousands) Assets Pledged Collateral Held Assets Pledged Collateral Held Derivative Hedging Instruments: Agency MBS $ 16,244 $ — $ 21,756 $ — Cash (1) — — 6,405 — 16,244 — 28,161 — Repurchase Agreement Borrowings: Agency MBS 2,531,106 — 2,705,754 — Legacy Non-Agency MBS (2) 1,897,016 — 1,652,983 — RPL/NPL MBS 733,409 — 726,540 — U.S. Treasury securities 220,814 — 472,095 — CRT securities 590,551 — 595,900 — MSR related assets 432,468 — 482,158 — Residential whole loans 1,706,627 — 1,474,704 — Cash (1) 7,100 — 6,902 — 8,119,091 — 8,117,036 — Reverse Repurchase Agreements: U.S. Treasury securities — 253,993 — 504,062 — 253,993 — 504,062 Total $ 8,135,335 $ 253,993 $ 8,145,197 $ 504,062 (1) Cash pledged as collateral is reported as “Restricted cash” on the Company’s consolidated balance sheets. (2) In addition, at March 31, 2018 and December 31, 2017 , $329.8 million and $688.1 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 derivative hedging instruments at March 31, 2018 : March 31, 2018 Assets Pledged Under Repurchase Agreements 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 $ 2,531,106 $ 2,559,275 $ 6,693 $ 16,244 $ 17,097 $ 34 $ 2,554,077 Legacy Non-Agency MBS (1) 1,897,016 1,456,018 7,268 — — — 1,904,284 RPL/NPL MBS 733,409 731,571 576 — — — 733,985 U.S. Treasuries 220,814 — — — — — 220,814 CRT securities 590,551 538,092 488 — — — 591,039 MSR related assets 432,468 431,429 1,084 — — — 433,552 Residential whole loans (2) 1,706,627 1,676,218 5,655 — — — 1,712,282 Cash (3) 7,100 7,100 — — — — 7,100 Total $ 8,119,091 $ 7,399,703 $ 21,764 $ 16,244 $ 17,097 $ 34 $ 8,157,133 (1) In addition, at March 31, 2018 , $329.8 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. (2) Includes residential whole loans held at carrying value with an aggregate fair value of $468.6 million and aggregate amortized cost of $438.2 million and residential whole loans held at fair value with an aggregate fair value and amortized cost of $1.2 billion . (3) Cash pledged as collateral is reported as “Restricted cash” on the Company’s consolidated balance sheets.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 : 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 March 31, 2018 Swaps, at fair value $ 1,371 $ — $ 1,371 $ (1,371 ) $ — $ — Total $ 1,371 $ — $ 1,371 $ (1,371 ) $ — $ — December 31, 2017 Swaps, at fair value $ 679 $ — $ 679 $ (679 ) $ — $ — Total $ 679 $ — $ 679 $ (679 ) $ — $ — 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) March 31, 2018 Swaps, at fair value (2) $ — $ — $ — $ — $ — $ — Repurchase agreements (3)(4) 6,558,955 — 6,558,955 (6,551,855 ) (7,100 ) — Total $ 6,558,955 $ — $ 6,558,955 $ (6,551,855 ) $ (7,100 ) $ — December 31, 2017 Swaps, at fair value (2) $ — $ — $ — $ — $ — $ — Repurchase agreements (3)(4) 6,614,907 — 6,614,907 (6,608,005 ) (6,902 ) — Total $ 6,614,907 $ — $ 6,614,907 $ (6,608,005 ) $ (6,902 ) $ — (1) Amounts disclosed in the Financial Instruments column of the above table represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements. Amounts disclosed in the Cash Collateral Pledged column of the above table represent amounts pledged as collateral against repurchase agreements. (2) The fair value of securities pledged against the Company’s Swaps was $16.2 million and $21.8 million at March 31, 2018 and December 31, 2017 , respectively. Beginning in January 2017, variation margin payments on the Company’s cleared Swaps are treated as a legal settlement of the exposure under the Swap contract. Previously such payments were treated as collateral pledged against the exposure under the Swap contract. The effect of this change is to reduce what would have otherwise been reported as fair value of the Swap. (3) The fair value of financial instruments pledged against the Company’s repurchase agreements was $8.1 billion at both March 31, 2018 and December 31, 2017 , respectively. (4) Excludes $95,000 and $206,000 of unamortized debt issuance costs at March 31, 2018 and December 31, 2017 , respectively. Nature of Setoff Rights In the Company’s consolidated balance sheets, all balances associated with repurchase agreements 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.

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2018
Other Liabilities [Abstract]
Other Liabilities	Other Liabilities The following table presents the components of the Company’s Other liabilities at March 31, 2018 and December 31, 2017 : (In Thousands) March 31, 2018 December 31, 2017 Securitized debt (1) $ 351,278 $ 363,944 Senior Notes 96,783 96,773 Dividends and dividend equivalents payable 79,905 79,771 Accrued interest payable 11,220 12,263 Accrued expenses and other liabilities 14,217 21,584 Total Other Liabilities $ 553,403 $ 574,335 (1) Securitized debt represents third-party liabilities of consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that are eliminated in consolidation. The third-party beneficial interest holders in the VIEs have no recourse to the general credit of the Company. (See Notes 10 and 15 for further discussion.) 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies ( a ) 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 June 30, 2020. The lease provides for aggregate cash payments ranging over time of approximately $2.6 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 $32,000 , annually. ( b ) Corporate Loan The Company has entered into a loan agreement with an entity that originates loans and owns the related MSRs. The loan is secured by certain U.S. Government, Agency and private-label MSRs, as well as other unencumbered assets owned by the borrower. Under the terms of the loan agreement, the Company has committed to lend $130.0 million of which approximately $124.2 million was drawn at March 31, 2018 . ( c ) Representations and Warranties in Connection with Loan Securitization Transactions In connection with the loan securitization transactions entered into by the Company in 2017 (See Note 15 for further discussion), the Company has the obligation under certain circumstances to repurchase assets previously transferred to securitization vehicles upon breach of certain representations and warranties. As of March 31, 2018 , the Company had no reserve established for repurchases of loans and was not aware of any material unsettled repurchase claims that would require the establishment of such a reserve. ( d ) Residential Whole Loan Purchase Commitments At March 31, 2018 , the Company has agreed, subject to the completion of due diligence and customary closing conditions, to purchase residential whole loans at carrying value at an aggregate estimated purchase price of $13.5 million . The expected settlement amounts are included in the Company’s consolidated balance sheets in Residential whole loans, at carrying value, with a corresponding liability included in Payable for unsettled residential whole loan purchases.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2018
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 American 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, 2018 through March 31, 2018 : Declaration Date Record Date Payment Date Dividend Per Share February 20, 2018 March 2, 2018 March 30, 2018 $ 0.46875 ( b ) Dividends on Common Stock The following table presents cash dividends declared by the Company on its common stock from January 1, 2018 through March 31, 2018 : Declaration Date (1) Record Date Payment Date Dividend Per Share March 7, 2018 March 29, 2018 April 30, 2018 $ 0.20 (1) (1) At March 31, 2018 , the Company had accrued dividends and dividend equivalents payable of $79.9 million related to the common stock dividend declared on March 7, 2018 . ( c ) Public Offering of Common Stock The Company did not issue any common stock through public offerings during the three months ended March 31, 2018 . The table below presents information with respect to shares of the Company’s common stock issued through public offerings during the year ended December 31, 2017 . Share Issue Date Shares Issued Gross Proceeds Per Share Gross Proceeds (In Thousands, Except Per Share Amounts) May 10, 2017 23,000 $ 7.85 $ 180,550 (1) (1) The Company incurred approximately $415,000 of underwriting discounts and related expenses in connection with this equity offering. ( d ) 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 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 March 31, 2018 , 12.0 million shares of common stock remained available for issuance pursuant to the DRSPP shelf registration statement. During the three months ended March 31, 2018 , the Company issued 173,978 shares of common stock through the DRSPP, raising net proceeds of approximately $1.2 million . From the inception of the DRSPP in September 2003 through March 31, 2018 , the Company issued 33,849,955 shares pursuant to the DRSPP, raising net proceeds of $282.7 million . ( e ) 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 months ended March 31, 2018 . At March 31, 2018 , 6,616,355 shares remained authorized for repurchase under the Repurchase Program. ( f ) Accumulated Other Comprehensive Income/(Loss) The following table presents changes in the balances of each component of the Company’s AOCI for the three months ended March 31, 2018 : Three Months Ended (In Thousands) Net Unrealized Gain/(Loss) on AFS Securities Net (Loss)/Gain on Swaps Total AOCI Balance at beginning of period $ 620,648 $ (11,424 ) $ 609,224 OCI before reclassifications (37,540 ) 19,669 (17,871 ) Amounts reclassified from AOCI (1) (8,623 ) — (8,623 ) Net OCI during the period (2) (46,163 ) 19,669 (26,494 ) Balance at end of period $ 574,485 $ 8,245 $ 582,730 (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 changes in the balances of each component of the Company’s AOCI for the three months ended March 31, 2017 : Three Months Ended (In Thousands) Net Unrealized Gain/(Loss) on AFS Securities Net (Loss)/Gain on Swaps Total AOCI Balance at beginning of period $ 620,403 $ (46,721 ) $ 573,682 OCI before reclassifications 19,469 11,897 31,366 Amounts reclassified from AOCI (1) (10,385 ) — (10,385 ) Net OCI during the period (2) 9,084 11,897 20,981 Balance at end of period $ 629,487 $ (34,824 ) $ 594,663 (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 three months ended March 31, 2018 : Three Months Ended Details about AOCI Components Amounts Reclassified from AOCI Affected Line Item in the Statement (In Thousands) AFS Securities: Realized gain on sale of securities $ (8,623 ) Net gain on sales of investment securities Total AFS Securities $ (8,623 ) Total reclassifications for period $ (8,623 ) The following table presents information about the significant amounts reclassified out of the Company’s AOCI for the three months ended March 31, 2017 : Three Months Ended Details about AOCI Components Amounts Reclassified from AOCI Affected Line Item in the Statement (In Thousands) AFS Securities: Realized gain on sale of securities $ (9,971 ) Net gain on sales of investment securities OTTI recognized in earnings (414 ) Net impairment losses recognized in earnings Total AFS Securities $ (10,385 ) Total reclassifications for period $ (10,385 ) On securities for which OTTI had been recognized in prior periods, the Company did no t have any unrealized losses recorded in AOCI at March 31, 2018 and December 31, 2017 .

EPS Calculation

EPS Calculation	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018 and 2017 : Three Months Ended (In Thousands, Except Per Share Amounts) 2018 2017 Numerator: Net income $ 83,395 $ 78,060 Dividends declared on preferred stock (3,750 ) (3,750 ) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (449 ) (431 ) Net income to common stockholders - basic and diluted $ 79,196 $ 73,879 Denominator: Weighted average common shares for basic and diluted earnings per share (1) 398,317 372,579 Basic and diluted earnings per share $ 0.20 $ 0.20 (1) At March 31, 2018 , the Company had approximately 2.2 million equity instruments outstanding that were not included in the calculation of diluted EPS for the three months ended March 31, 2018 , as their inclusion would have been anti-dilutive. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $6.90 . These equity instruments may have a dilutive impact on future EPS.

Equity Compensation, Employment

Equity Compensation, Employment Agreements and Other Benefit Plans	3 Months Ended
	Mar. 31, 2018
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 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 March 31, 2018 , approximately 5.8 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. 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 March 31, 2018 are designated to be settled in shares of the Company’s common stock. The Company granted 692,500 and 758,750 RSUs during the three months ended March 31, 2018 and 2017 , respectively. During the three months ended March 31, 2018 , there were 20,000 RSUs forfeited. There were no RSUs forfeited during the three months ended March 31, 2017 . All RSUs outstanding at March 31, 2018 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 March 31, 2018 and December 31, 2017 , the Company had unrecognized compensation expense of $8.4 million and $4.1 million , respectively, related to RSUs. The unrecognized compensation expense at March 31, 2018 is expected to be recognized over a weighted average period of 2.2 years . Restricted Stock The Company did no t award any shares of restricted common stock during the three months ended March 31, 2018 and 2017 . At March 31, 2018 , the Company did no t have any unvested shares of restricted common stock outstanding. 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, terms and conditions, as the Compensation Committee may determine in its discretion. Expense Recognized for Equity-Based Compensation Instruments The following table presents the Company’s expenses related to its equity-based compensation instruments for the three months ended March 31, 2018 and 2017 : Three Months Ended (In Thousands) 2018 2017 RSUs $ 553 $ 1,056 Restricted shares of common stock — 50 Total $ 553 $ 1,106 ( b ) Employment Agreements At March 31, 2018 , 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 three months ended March 31, 2018 and 2017 : Three Months Ended (In Thousands) 2018 2017 Non-employee directors $ (49 ) $ 114 Total $ (49 ) $ 114 The following table presents the aggregate amount of income deferred by participants of the Deferred Plans through March 31, 2018 and December 31, 2017 that had not been distributed and the Company’s associated liability for such deferrals at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 (In Thousands) Undistributed Income Deferred (1) Liability Under Deferred Plans Undistributed Income Deferred (1) Liability Under Deferred Plans Non-employee directors $ 1,775 $ 2,045 $ 1,688 $ 2,056 Total $ 1,775 $ 2,045 $ 1,688 $ 2,056 (1) Represents the cumulative amounts that were deferred by participants through March 31, 2018 and December 31, 2017 , 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 three months ended March 31, 2018 and 2017 , the Company recognized expenses for matching contributions of $104,000 and $87,500 , respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2018
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 the Company’s 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 Legacy Non-Agency MBS, RPL/NPL MBS and CRT securities are valued using various market data points as described above, which management considers directly or indirectly observable parameters. Accordingly, these securities are classified as Level 2 in the fair value hierarchy. Term Notes Backed by MSR Related Collateral The Company’s valuation process for term notes backed by MSR related collateral considers a number of factors, including a comparable bond analysis performed by a third-party pricing service which involves determining a pricing spread at issuance of the term note. The pricing spread is used at each subsequent valuation date to determine an implied yield to maturity of the term note, which is used to derive an indicative market value for the security. This indicative market value is further reviewed by the Company and may be adjusted to ensure it reflects a realistic exit price at the valuation date given the structural features of these securities. At March 31, 2018 , the indicative implied yields used in the valuation of these securities ranged from 5.4% to 6.3% . The weighted average indicative yield to maturity was 5.83% . Other factors taken into consideration include indicative values provided by repurchase agreement counterparties, estimated changes in fair value of the related underlying MSR collateral and the financial performance of the ultimate parent or sponsoring entity of the issuer, which has provided a guarantee that is intended to provide for payment of interest and principal to the holders of the term notes should cash flows generated by the related underlying MSR collateral be insufficient. As this process includes significant unobservable inputs, these securities are classified as Level 3 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 that 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 As of March 31, 2018 , all of the Company’s Swaps are cleared by a central clearing house. Valuations provided by the clearing house are used for purposes of determining the fair value of the Company’s Swaps. Such valuations obtained are tested with internally developed models that apply readily observable market parameters. As the Company’s Swaps are subject to the clearing house’s margin requirements, no credit valuation adjustment was considered necessary in determining the fair value of such instruments. Beginning in January 2017, variation margin payments on the Company’s cleared Swaps are treated as a legal settlement of the exposure under the Swap contract. Previously such payments were treated as collateral pledged against the exposure under the Swap contract. The effect of this change is to reduce what would have otherwise been reported as fair value of the Swap. Swaps are classified as Level 2 in the fair value hierarchy. 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 tables present the Company’s financial instruments carried at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 , on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at March 31, 2018 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Agency MBS $ — $ 2,647,148 $ — $ 2,647,148 Non-Agency MBS — 3,398,254 — 3,398,254 CRT securities — 679,491 — 679,491 Term notes backed by MSR related collateral — — 332,040 332,040 Residential whole loans, at fair value — — 1,555,620 1,555,620 Securities obtained and pledged as collateral 253,993 — — 253,993 Swaps — 1,371 — 1,371 Total assets carried at fair value $ 253,993 $ 6,726,264 $ 1,887,660 $ 8,867,917 Liabilities: Obligation to return securities obtained as collateral $ 253,993 $ — $ — $ 253,993 Total liabilities carried at fair value $ 253,993 $ — $ — $ 253,993 Fair Value at December 31, 2017 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Agency MBS $ — $ 2,824,681 $ — $ 2,824,681 Non-Agency MBS — 3,533,966 — 3,533,966 CRT securities — 664,403 — 664,403 Term notes backed by MSR related collateral — — 381,804 381,804 Residential whole loans, at fair value — — 1,325,115 1,325,115 Securities obtained and pledged as collateral 504,062 — — 504,062 Swaps — 679 — 679 Total assets carried at fair value $ 504,062 $ 7,023,729 $ 1,706,919 $ 9,234,710 Liabilities: Obligation to return securities obtained as collateral $ 504,062 $ — $ — $ 504,062 Total liabilities carried at fair value $ 504,062 $ — $ — $ 504,062 Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis The following table presents additional information for the three months ended March 31, 2018 and 2017 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 Three Months Ended March 31, (In Thousands) 2018 2017 Balance at beginning of period $ 1,325,115 $ 814,682 Purchases and capitalized advances 311,125 5,333 Changes in fair value recorded in Net gain on residential whole loans held at fair value 13,747 2,948 Collection of principal, net of liquidation gains/losses (46,683 ) (20,043 ) Repurchases (194 ) (306 ) Transfer to REO (47,490 ) (27,462 ) Balance at end of period $ 1,555,620 $ 775,152 The following table presents additional information for the three months ended March 31, 2018 and 2017 about the Company’s investments in term notes backed by MSR related collateral held at fair value, which are classified as Level 3 and measured at fair value on a recurring basis: Term Notes Backed by MSR Related Collateral Three Months Ended March 31, (In Thousands) 2018 2017 (1) Balance at beginning of period $ 381,804 $ — Purchases 100,000 150,000 Collection of principal (150,000 ) (8,648 ) Changes in unrealized gain/losses 236 — Transfers from Level 2 to Level 3 (1) — 140,980 Balance at end of period $ 332,040 $ 282,332 (1) Investments in term notes backed by MSR related collateral were transferred from Level 2 to Level 3 during the three months ended March 31, 2017 as there had been very limited secondary market trading in these securities since issuance. Transfers between levels are deemed to take place on the first day of the reporting period in which the transfer has taken place. The Company did not transfer any assets or liabilities from one level to another during the three months ended March 31, 2018 . Fair Value Methodology for Level 3 Financial Instruments Residential Whole Loans, at Fair Value 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 March 31, 2018 and December 31, 2017 : March 31, 2018 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Residential whole loans, at fair value $ 578,652 Discounted cash flow Discount rate 5.3 % 4.5-8.1% Prepayment rate 4.1 % 0.9-13.7% Default rate 2.4 % 0.0-22.4% Loss severity 13.2 % 0.0-100.0% $ 678,643 Liquidation model Discount rate 8.9 % 6.1-50.0% Annual change in home prices 2.8 % (0.9)-10.1% Liquidation timeline (in years) 1.6 0.1-4.5 Current value of underlying properties (3) $ 823 $1-$9,900 Total $ 1,257,295 December 31, 2017 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Residential whole loans, at fair value $ 358,871 Discounted cash flow Discount rate 5.5 % 4.5-13.0% Prepayment rate 4.1 % 1.15-15.1% Default rate 2.9 % 0.0-6.5% Loss severity 13.8 % 0.0-100.0% $ 592,940 Liquidation model Discount rate 8.0 % 6.1-50.0% Annual change in home prices 2.5 % (8.0)-8.8% Liquidation timeline (in years) 1.6 0.1-4.5 Current value of underlying properties (3) $ 772 $0-$9,900 Total $ 951,811 (1) Excludes approximately $298.3 million and $373.3 million of loans for which management considers the purchase price continues to reflect the fair value of such loans at March 31, 2018 and December 31, 2017 , 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 $346,000 and $336,000 as of March 31, 2018 and December 31, 2017 , 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 March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 (In Thousands) Fair Value Unpaid Principal Balance Difference Fair Value Unpaid Principal Balance Difference Residential whole loans, at fair value Total loans $ 1,555,620 $ 1,769,454 $ (213,834 ) $ 1,325,115 $ 1,562,373 $ (237,258 ) Loans 90 days or more past due $ 995,986 $ 1,164,106 $ (168,120 ) $ 840,572 $ 1,027,818 $ (187,246 ) The following table presents the carrying values and estimated fair values of the Company’s financial instruments at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (In Thousands) Financial Assets: Agency MBS $ 2,647,148 $ 2,647,148 $ 2,824,681 $ 2,824,681 Non-Agency MBS 3,398,254 3,398,254 3,533,966 3,533,966 CRT securities 679,491 679,491 664,403 664,403 MSR related assets 455,124 456,262 492,080 493,026 Residential whole loans, at carrying value 1,099,876 1,177,643 908,516 988,688 Residential whole loans, at fair value 1,555,620 1,555,620 1,325,115 1,325,115 Securities obtained and pledged as collateral 253,993 253,993 504,062 504,062 Cash and cash equivalents 214,686 214,686 449,757 449,757 Restricted cash 7,100 7,100 13,307 13,307 Swaps 1,371 1,371 679 679 Financial Liabilities (1) : Repurchase agreements 6,558,860 6,567,752 6,614,701 6,623,255 Obligation to return securities obtained as collateral 253,993 253,993 504,062 504,062 Securitized debt 351,278 352,166 363,944 366,109 Senior Notes 96,783 101,911 96,773 103,729 (1) Carrying value of securitized debt, Senior Notes 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 discussed on pages 41 - 47 , 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 that are not reported at fair value on a recurring basis: 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 market place. 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 March 31, 2018 and December 31, 2017 , 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. Corporate Loan: The Company determines the fair value of this loan after considering recent past and expected future loan performance, recent financial performance of the borrower and estimates of the current value of the underlying collateral, which includes certain MSRs and other assets of the borrower that are pledged to secure the borrowing. The Company’s investment in this term loan is classified as Level 3 in the fair value hierarchy. 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. 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 March 31, 2018 and December 31, 2017 , the Company’s REO had an aggregate carrying value of $182.9 million and $152.4 million , and an aggregate estimated fair value of $208.3 million and $175.8 million , respectively. The Company classifies fair value measurements of REO as Level 3 in the fair value hierarchy.

Use of Special Purpose Entities

Use of Special Purpose Entities and Variable Interest Entities	3 Months Ended
	Mar. 31, 2018
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 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. The Company has entered into several financing transactions that resulted in the Company consolidating as VIEs the SPEs that were created to facilitate these transactions. See Note 2 ( s ) for a discussion of the accounting policies applied to the consolidation of VIEs and transfers of financial assets in connection with financing transactions. The Company has engaged in loan securitizations and in prior years, MBS resecuritization transactions, primarily for the purpose of obtaining improved overall financing terms as well as non-recourse financing on a portion of its residential whole loan and Non-Agency MBS portfolios. 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 assets transferred to the VIEs. Loan Securitization Transactions During the year ended December 31, 2017 , the Company completed two loan securitization transactions. As a part of the transactions, the Company sold residential whole loans with an aggregate unpaid principal balance of $620.9 million (including $193.3 million of loans at carrying value and $296.5 million of loans at fair value) to two entities which the Company consolidates as VIEs. In connection with the transactions, third-party investors purchased $382.8 million face amount of senior and mezzanine bonds (“Senior Bonds”) with a weighted average fixed coupon of 3.12% . As a result of the transactions, the Company acquired $127.0 million face amount of rated and non-rated certificates issued by the securitization vehicle, and received $382.8 million in cash, excluding expenses, accrued interest, and underwriting fees. The following table summarizes the key details of the loan securitization transactions the Company has been involved in to date: (Dollars in Thousands) December 2017 June 2017 Name of Entity (Consolidated as a VIE) MFA 2017-NPL1, LLC MFA 2017-RPL 1 Aggregate unpaid principal balance of residential whole loans sold $ 401,076 $ 219,848 Face amount of Senior Bonds issued by the VIE and purchased by third-party investors $ 235,000 $ 147,847 Outstanding amount of Senior Bonds at March 31, 2018 $ 226,409 $ 127,059 Weighted average fixed rate for Senior Bonds issued 3.35 % (1) 2.75 % Face amount of Senior Support Certificates received by the Company (2) $ 55,000 $ 72,001 Cash received $ 235,000 $ 147,845 (1) The Senior Bond sold in connection with this securitization transaction contains a contractual coupon step-up feature whereby the coupon increases by 300 basis points at 36 months from issuance if the bond is not redeemed before such date. (2) Provides credit support to the Senior Bonds sold to third-party investors in the securitization transactions. As of March 31, 2018 and December 31, 2017 , as a result of the transactions described above, securitized loans with a carrying value of approximately $180.0 million and $183.2 million are included in “Residential whole loans, at carrying value,” securitized loans with a fair value of approximately $275.6 million and $289.3 million are included in “Residential whole loans, at fair value,” and REO with a carrying value approximately $12.6 million and $5.5 million are included in “Other assets” on the Company’s consolidated balance sheets, respectively. As of March 31, 2018 and December 31, 2017 , the aggregate carrying value of Senior Bonds issued by consolidated VIEs was $351.3 million and $363.9 million , respectively. These Senior Bonds are disclosed as “Securitized debt” and are included in Other liabilities on the Company’s consolidated balance sheets. The holders of the securitized debt have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances to repurchase assets from the VIE upon the breach of certain representations and warranties with respect to the residential whole loans sold to the VIE. In the absence of such a breach, the Company has no obligation to provide any other explicit or implicit support to any VIE. The Company concluded that the entities created to facilitate the loan securitization transactions are VIEs. The Company then completed an analysis of whether each VIE created to facilitate the securitization transactions 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 the loan securitization transactions. Prior to the completion of the Company’s first MBS 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. Residential Whole Loans (including Residential Whole Loans transferred to consolidated VIEs) Included on the Company’s consolidated balance sheets as of March 31, 2018 and December 31, 2017 are a total of $2.7 billion and $2.2 billion of residential whole loans, of which approximately $1.1 billion and $908.5 million are reported at carrying value and $1.6 billion and $1.3 billion are reported at fair value, respectively. The inclusion of these assets arises from the Company’s interests in certain trusts established to acquire the loans and entities established in connection with its loan securitization transactions. The Company has assessed that these entities are required to be consolidated. During the three months ended March 31, 2018 and 2017 , the Company recognized interest income from residential whole loans reported at carrying value of approximately $14.3 million and $8.7 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 the three months ended March 31, 2018 and 2017 of approximately $38.5 million and $13.8 million , respectively, which amounts are included in Other Income, net on the Company’s consolidated statements of operations. (See Note 4 )

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The interim unaudited consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted according to these SEC rules and regulations. Management believes that the disclosures included in these interim unaudited consolidated financial statements are adequate to make the information presented not misleading. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2018 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2018 should not be construed as indicative of the results to be expected for the full year. The accompanying consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with 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, CRT securities and MSR related assets (See Notes 3 and 14 ), income recognition and valuation of residential whole loans (See Notes 4 and 14 ), valuation of derivative instruments (See Notes 5 ( b ) and 14 ) 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 ( p )) 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 entities established to facilitate transactions related to the acquisition and securitization of residential whole loans as well as MBS resecuritization transactions completed in prior years. Certain prior period amounts have been reclassified to conform to the current period presentation.
MBS and CRT Securities	MBS 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 statements 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 14 ) 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, 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 Financial Services LLC (“S&P”) or Fitch Ratings, Inc. (collectively “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 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.
MSR Related Assets	MSR Related Assets The Company has investments in financial instruments whose cash flows are considered to be largely dependent on underlying MSRs that either directly or indirectly act as collateral for the investment. These financial instruments, which are referred to as MSR related assets, are discussed in more detail below. The Company’s MSR related assets pledged as collateral against repurchase agreements are included in the consolidated balance sheets with the amounts pledged disclosed parenthetically. Purchases and sales of MSR related assets are recorded on the trade date. (See Notes 3 , 6 , 7 and 14 ) Term Notes Backed by MSR Related Collateral The Company has invested in term notes that are issued by special purpose vehicles (“SPV”) that have acquired rights to receive cash flows representing the servicing fees and/or excess servicing spread associated with certain MSRs. The Company considers payment of principal and interest on these term notes to be largely dependent on the cash flows generated by the underlying MSRs as this impacts the cash flows available to the SPV that issued the term notes. Credit risk borne by the holders of the term notes is also mitigated by structural credit support in the form of over-collateralization. Credit support is also provided by a corporate guarantee from the ultimate parent or sponsor of the SPV that is intended to provide for payment of interest and principal to the holders of the term notes should cash flows generated by the underlying MSRs be insufficient. The Company’s term notes backed by MSR related collateral are reported at fair value on the Company’s consolidated balance sheets with unrealized gains and losses excluded from earnings and reported in AOCI. Interest income is recognized on an accrual basis on the Company’s consolidated statements of operations. The Company’s valuation process for such notes considers a number of factors, including a comparable bond analysis performed by a third-party pricing service which involves determining a pricing spread at issuance of the term note. The pricing spread is used at each subsequent valuation date to determine an implied yield to maturity of the term note, which is then used to derive an indicative market value for the security. This indicative market value is further reviewed by the Company and may be adjusted to ensure it reflects a realistic exit price at the valuation date given the structural features of these securities. Other factors taken into consideration include indicative values provided by repurchase agreement counterparties, estimated changes in fair value of the related underlying MSR collateral and the financial performance of the ultimate parent or sponsoring entity of the issuer, which has provided a guarantee that is intended to provide for payment of interest and principal to the holders of the term notes should cash flows generated by the related underlying MSR collateral be insufficient. Corporate Loan The Company has entered into a loan agreement with an entity that originates loans and owns the related MSRs. Under the terms of the loan agreement, the Company has committed to lend $130.0 million of which approximately $124.2 million was drawn at March 31, 2018 . The loan is secured by certain U.S. Government, Agency and private-label MSRs, as well as other unencumbered assets owned by the borrower. The term loan is recorded on the Company’s consolidated balance sheets at the drawn amount, on which interest income is recognized on an accrual basis on the Company’s consolidated statements of operations. Commitment fees received on the undrawn amount are deferred and recognized as interest income over the remaining loan term at the time of draw. At the end of the commitment period, any remaining deferred commitment fees will be recorded as Other Income on the Company’s consolidated statements of operations. The Company evaluates the recoverability of the loan on a quarterly basis by considering various factors, including the current status of the loan, changes in fair value of the MSRs that secure the loan and the recent financial performance of the borrower.
Residential Whole Loans (including Residential Whole Loans transferred to consolidated VIEs)	Residential Whole Loans (including Residential Whole Loans transferred to consolidated VIEs) 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, with the majority 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. (See Notes 4 , 6 , 7 , 14 and 15 ) Residential Whole Loans at Carrying Value The Company has generally 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, these loans generally 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. Loans considered credit impaired are initially recorded at the purchase price with no allowance for loan losses. Subsequent to acquisition, the recorded amount for these loans 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 the accounting model for credit impaired loans, 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 generally 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. Under the accounting model applied to credit impaired loans, 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. 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. For the majority of these loans, there is significant uncertainty associated with estimating the timing of and amount of cash flows that will be collected. Further, the cash flows ultimately collected may be dependent on the value of the property securing the loan. Consequently, the Company considers that accounting for these loans at fair value should result in a better reflection over time of the economic returns for the majority of 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 market place. 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.
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.
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 counterparties as a result of reverse margin calls (i.e., margin calls made by the Company). At March 31, 2018 and December 31, 2017 , the Company had cash and cash equivalents of $214.7 million and $449.8 million , respectively.
Restricted Cash	Restricted Cash Restricted cash represents the Company’s cash held by its counterparties in connection with certain of the Company’s repurchase agreements that is not available to the Company for general corporate purposes. Restricted cash may be applied against amounts due to repurchase agreement counterparties, or may be returned to the Company when the related collateral requirements are exceeded or at the maturity of the repurchase agreement.
Goodwill	Goodwill At March 31, 2018 and December 31, 2017 , 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 March 31, 2018 , the Company had not recognized any impairment against its goodwill. Goodwill is included in Other assets on the Company’s consolidated balance sheets.
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.
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.
Loan Securitization and Other Debt Issuance Costs	Loan Securitization and Other Debt Issuance Costs Loan securitization related costs are costs associated with the issuance of beneficial interests by consolidated VIEs and incurred by the Company in connection with various financing transactions completed by the Company. Other debt issuance and related costs include costs incurred by the Company in connection with issuing 8% Senior Notes due 2042 (“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 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 14 ) 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 ( e )) Federal Home Loan Bank (“FHLB”) Advances In January 2016, the Federal Housing Finance Agency (the “FHFA”) released its final rule amending its regulation on FHLB membership, which, among other things, provided termination rules for then current captive insurance members. As a result of such regulation, the Company’s wholly-owned subsidiary, MFA Insurance, Inc. (“MFA Insurance”) was required to repay all of its outstanding FHLB advances by February 19, 2017 and its FHLB membership was terminated on such date. FHLB advances were secured financing transactions and were carried at their contractual amounts.
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. For certain awards granted prior to January 1, 2017, compensation expense recognized included the impact of estimated forfeitures, with any changes in estimated forfeiture rates accounted for as a change in estimate. Upon adoption of new accounting guidance that was effective for the Company on January 1, 2017, the Company made a policy election to account for forfeitures as they occur. 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 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 is recognized as compensation expense over the relevant vesting period. The amount of compensation expense recognized is not dependent on whether the market condition was or will be achieved. The Company makes dividend equivalent payments in connection with certain of its equity-based awards. 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 Company’s Equity Compensation Plan (the “Equity Plan”), and they are paid in cash or other consideration at such times and in accordance with such rules, terms and conditions, as the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) may determine in its discretion. Payments pursuant to dividend equivalents are generally 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.
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 an estimate of 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 estimated 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.
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 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% 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 domestic 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 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 for the three months ended March 31, 2018 and 2017 , 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 March 31, 2018 , December 31, 2017 , or March 31, 2017 . The Company filed its 2016 tax return prior to October 16, 2017. The Company’s tax returns for tax years 2014 through 2016 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. 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. Beginning in January 2017, variation margin payments on the Company’s Swaps that have been novated to a clearing house are treated as a legal settlement of the exposure under the Swap contract. Previously such payments were treated as collateral pledged against the exposure under the Swap contract. The effect of this change is to reduce what would have otherwise been reported as fair value of the Swap. As of March 31, 2018 , all of the Company’s Swaps have been novated to a central clearing house. 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.
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.
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 entered into several financing transactions which resulted in the Company consolidating the VIEs that were created to facilitate these transactions. In determining the accounting treatment to be applied to these 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 transfers of the underlying assets would qualify as sale or should be accounted for as secured financings under GAAP. (See Note 15 ) 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 2018 Compensation - Stock Compensation - Scope of Modification Accounting In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-09, Scope of Modification Accounting (“ASU 2017-09”). The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Pursuant to this ASU, an entity should account for the effects of a modification unless all of the following are met: (1) the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the original award immediately before the original award is modified; (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and (3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award date is modified. The Company adopted ASU 2017-09 on January 1, 2018 and its adoption did not have an impact on its financial position or financial statement disclosures. Statement of Cash Flows - Restricted Cash In November 2016, the FASB issued ASU 2016-18, Restricted Cash (“ASU 2016-18”). ASU 2016-18 clarifies how entities should present restricted cash and restricted cash equivalents in the statement of cash flows with the objective of reducing the existing diversity in practice. The amendments in ASU 2016-18 require restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of period total amounts shown on the statement of cash flows. The Company adopted ASU 2016-18 on January 1, 2018 and its adoption did not have a significant impact on its financial position or financial statement disclosures. Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). The amendments in ASU 2016-15 provide guidance for eight specific cash flow classification issues, certain cash receipts and cash payments on the statement of cash flows with the objective of reducing the existing diversity in practice. The Company adopted ASU 2016-15 on January 1, 2018 and its adoption did not have a significant impact on its financial position or financial statement disclosures. Financial Instruments - Overall - Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). The amendments in this ASU affect all entities that hold financial assets or owe financial liabilities, and address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The classification and measurement guidance of investments in debt securities and loans are not affected by the amendments in this ASU. ASU 2016-01 was effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company’s adoption of this ASU on January 1, 2018 did not have a significant impact on the Company’s financial position or financial statement disclosures as the classification and measurement of its investments in debt securities and loans were not affected by the amendments in this ASU. Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). The ASU requires an entity to recognize revenue in an amount that reflects the consideration to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 replaced most existing revenue recognition guidance in GAAP when it became effective. The Company adopted this ASU on January 1, 2018 and its adoption did not have a material impact on the Company’s financial position or financial statement disclosures as the majority of the Company’s revenues are generated by financial instruments that are explicitly scoped out of this ASU. On adoption of the new standard on January 1, 2018, the Company recorded a transition adjustment, under the modified retrospective approach, of approximately $295,000 to the opening balance of retained earnings in order to reflect the recognition of a gain on sale of REO that was previously deferred under the prior accounting guidance.

MBS, CRT Securities and MSR R25

MBS, CRT Securities and MSR Related Assets (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 : March 31, 2018 (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 $ 2,038,059 $ 77,640 $ (36 ) $ — $ 2,115,663 $ 2,106,021 $ 23,283 $ (32,925 ) $ (9,642 ) Freddie Mac 534,008 20,650 — — 555,262 535,084 1,455 (21,633 ) (20,178 ) Ginnie Mae 5,865 108 — — 5,973 6,043 70 — 70 Total Agency MBS 2,577,932 98,398 (36 ) — 2,676,898 2,647,148 24,808 (54,558 ) (29,750 ) Non-Agency MBS: Expected to Recover Par (3)(4) 1,143,670 48 (22,636 ) — 1,121,082 1,145,482 24,927 (527 ) 24,400 Expected to Recover Less than Par (3) 2,439,186 — (177,023 ) (572,580 ) 1,689,583 2,252,772 563,349 (160 ) 563,189 Total Non-Agency MBS (5) 3,582,856 48 (199,659 ) (572,580 ) 2,810,665 3,398,254 588,276 (687 ) 587,589 Total MBS 6,160,788 98,446 (199,695 ) (572,580 ) 5,487,563 6,045,402 613,084 (55,245 ) 557,839 CRT securities (6) 617,351 10,012 (3,049 ) — 624,314 679,491 55,441 (264 ) 55,177 Total MBS and CRT securities $ 6,778,139 $ 108,458 $ (202,744 ) $ (572,580 ) $ 6,111,877 $ 6,724,893 $ 668,525 $ (55,509 ) $ 613,016 December 31, 2017 (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 $ 2,170,974 $ 82,271 $ (40 ) $ — $ 2,253,205 $ 2,246,600 $ 21,736 $ (28,341 ) $ (6,605 ) Freddie Mac 561,346 21,683 — — 584,920 571,748 1,624 (14,796 ) (13,172 ) Ginnie Mae 6,142 112 — — 6,254 6,333 79 — 79 Total Agency MBS 2,738,462 104,066 (40 ) — 2,844,379 2,824,681 23,439 (43,137 ) (19,698 ) Non-Agency MBS: Expected to Recover Par (3)(4) 1,128,808 50 (22,737 ) — 1,106,121 1,132,205 26,518 (434 ) 26,084 Expected to Recover Less than Par (3) 2,589,935 — (192,588 ) (593,227 ) 1,804,120 2,401,761 597,660 (19 ) 597,641 Total Non-Agency MBS (5) 3,718,743 50 (215,325 ) (593,227 ) 2,910,241 3,533,966 624,178 (453 ) 623,725 Total MBS 6,457,205 104,116 (215,365 ) (593,227 ) 5,754,620 6,358,647 647,617 (43,590 ) 604,027 CRT securities (6) 602,799 8,887 (3,550 ) — 608,136 664,403 56,290 (23 ) 56,267 Total MBS and CRT securities $ 7,060,004 $ 113,003 $ (218,915 ) $ (593,227 ) $ 6,362,756 $ 7,023,050 $ 703,907 $ (43,613 ) $ 660,294 (1) Discount designated as Credit Reserve and amounts related to OTTI are generally not expected to be accreted into interest income. Amounts disclosed at March 31, 2018 reflect Credit Reserve of $558.5 million and OTTI of $14.0 million . Amounts disclosed at December 31, 2017 reflect Credit Reserve of $579.0 million and OTTI of $14.2 million . (2) Includes principal payments receivable of $604,000 and $1.9 million at March 31, 2018 and December 31, 2017 , respectively, which are not included in the Principal/Current Face. (3) Based on managemen t ’ s current estimates of future principal cash flows expected to be received. (4) Includes RPL/NPL MBS, which at March 31, 2018 had a $935.1 million Principal/Current face, $933.2 million amortized cost and $935.2 million fair value. At December 31, 2017 , RPL/NPL MBS had a $922.0 million Principal/Current face, $920.1 million amortized cost and $923.1 million fair value. (5) At March 31, 2018 and December 31, 2017 , the Company expected to recover approximately 84% and 84% , respectively, of the then-current face amount of Non-Agency MBS. (6) Amounts disclosed at March 31, 2018 includes CRT securities with a fair value of $546.3 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $39.8 million and gross unrealized losses of approximately $264,000 at March 31, 2018 . Amounts disclosed at December 31, 2017 includes CRT securities with a fair value of $528.9 million for which the fair value option has been elected. Such securities had gross unrealized gains of approximately $40.5 million and gross unrealized losses of approximately $23,000 at December 31, 2017 .
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 March 31, 2018 : Unrealized Loss Position For: Less than 12 Months 12 Months or more Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses (Dollars in Thousands) Agency MBS: Fannie Mae $ 303,575 $ 2,479 87 $ 897,700 $ 30,446 221 $ 1,201,275 $ 32,925 Freddie Mac 90,177 1,178 34 384,069 20,455 106 474,246 21,633 Total Agency MBS 393,752 3,657 121 1,281,769 50,901 327 1,675,521 54,558 Non-Agency MBS: Expected to Recover Par (1) 371,688 378 6 12,068 149 9 383,756 527 Expected to Recover Less than Par (1) 24,010 160 7 — — — 24,010 160 Total Non-Agency MBS 395,698 538 13 12,068 149 9 407,766 687 Total MBS 789,450 4,195 134 1,293,837 51,050 336 2,083,287 55,245 CRT securities (2) 39,187 264 11 — — — 39,187 264 Total MBS and CRT securities $ 828,637 $ 4,459 145 $ 1,293,837 $ 51,050 336 $ 2,122,474 $ 55,509 (1) Based on management’s current estimates of future principal cash flows expected to be received. (2) Amounts disclosed at March 31, 2018 represent CRT securities on which the fair value option has been elected.
Schedule of composition of OTTI charges recorded	The following table presents the composition of OTTI charges recorded by the Company for the three months ended March 31, 2018 and 2017 : Three Months Ended (In Thousands) 2018 2017 Total OTTI losses $ — $ (63 ) OTTI reclassified from OCI — (351 ) OTTI recognized in earnings $ — $ (414 )
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. Three Months Ended (In Thousands) 2018 2017 Credit loss component of OTTI at beginning of period $ 38,337 $ 37,305 Additions for credit related OTTI not previously recognized — 63 Subsequent additional credit related OTTI recorded — 351 Credit loss component of OTTI at end of period $ 38,337 $ 37,719
Schedule of changes in the components of the purchase discount on Non-Agency MBS	The following tables present 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 three months ended March 31, 2018 and 2017 : Three Months Ended Three Months Ended (In Thousands) Discount Accretable (1) Discount Accretable Discount (1) Balance at beginning of period $ (593,227 ) $ (215,325 ) $ (694,241 ) $ (278,191 ) Accretion of discount — 17,216 — 21,616 Realized credit losses 8,447 — 12,324 — Purchases (535 ) 488 — — Sales 5,592 5,105 19,741 (3,897 ) Net impairment losses recognized in earnings — — (414 ) — Transfers/release of credit reserve 7,143 (7,143 ) 9,253 (9,253 ) Balance at end of period $ (572,580 ) $ (199,659 ) $ (653,337 ) $ (269,725 ) (1) Together with coupon interest, accretable purchase discount is recognized as interest income over the life of the security.
Schedule of impact of AFS on AOCI	The following table presents the impact of the Company’s AFS securities on its AOCI for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, (In Thousands) 2018 2017 AOCI from AFS securities: Unrealized gain on AFS securities at beginning of period $ 620,648 $ 620,403 Unrealized loss on Agency MBS, net (10,052 ) (8,052 ) Unrealized (loss)/gain on Non-Agency MBS, net (27,488 ) 27,521 Reclassification adjustment for MBS sales included in net income (8,623 ) (9,971 ) Reclassification adjustment for OTTI included in net income — (414 ) Change in AOCI from AFS securities (46,163 ) 9,084 Balance at end of period $ 574,485 $ 629,487
Schedule of interest income on MBS, CRT Securities and MSR Related Assets	The following table presents the components of interest income on the Company’s MBS, CRT securities and MSR related assets for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, (In Thousands) 2018 2017 Agency MBS Coupon interest $ 20,958 $ 26,212 Effective yield adjustment (1) (5,665 ) (8,318 ) Interest income $ 15,293 $ 17,894 Legacy Non-Agency MBS Coupon interest $ 28,835 $ 34,662 Effective yield adjustment (2) 17,201 21,442 Interest income $ 46,036 $ 56,104 RPL/NPL MBS Coupon interest $ 10,053 $ 22,929 Effective yield adjustment (1) 13 175 Interest income $ 10,066 $ 23,104 CRT securities Coupon interest $ 8,374 $ 5,257 Effective yield adjustment (2) 1,122 1,119 Interest income $ 9,496 $ 6,376 MSR related assets Coupon interest $ 7,517 $ 4,672 Effective yield adjustment (1) 106 62 Interest income $ 7,623 $ 4,734 (1) Includes amortization of premium paid net of accretion of purchase discount. For Agency MBS, RPL/NPL MBS and the corporate loan secured by MSRs, 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)	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule of Activity in Allowance for Loan Losses, Residential Whole Loans	The following table presents the activity in the Company’s allowance for loan losses on its residential whole loan pools held at carrying value for the three months ended March 31, 2018 and 2017 : (In Thousands) Three Months Ended March 31, 2018 2017 Balance at the beginning of period $ 330 $ 990 Provisions/(reversal of provisions) for loan losses 50 (221 ) Balance at the end of period $ 380 $ 769
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement	The following table presents accretable yield activity for the Company’s purchase credit impaired residential whole loans held at carrying value for the three months ended March 31, 2018 and 2017 : (In Thousands) Three Months Ended March 31, 2018 2017 Balance at beginning of period $ 421,872 $ 334,379 Accretion (11,031 ) (8,690 ) Liquidations and other (2,170 ) — Reclassifications from/(to) non-accretable difference, net 4,733 (138 ) Balance at end of period $ 413,404 $ 325,551
Residential Whole Loans, Fair Value	The following table presents information regarding the Company’s residential whole loans held at fair value at March 31, 2018 and December 31, 2017 : (Dollars in Thousands) March 31, 2018 December 31, 2017 Outstanding principal balance $ 1,769,454 $ 1,562,373 Aggregate fair value $ 1,555,620 $ 1,325,115 Number of loans 7,085 6,514
Residential Whole Loans, Fair Value, Component of Net gain on residential whole loans	The following table presents the components of Net gain on residential whole loans held at fair value for the three months ended March 31, 2018 and 2017 : (In Thousands) Three Months Ended March 31, 2018 2017 Coupon payments and other income received $ 15,397 $ 8,173 Net unrealized gains 13,747 2,948 Net gain on payoff/liquidation of loans 2,908 868 Net gain on transfers to REO 6,446 1,784 Total $ 38,498 $ 13,773

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2018
Other Assets [Abstract]
Schedule of other assets	The following table presents the components of the Company’s Other assets at March 31, 2018 and December 31, 2017 : (In Thousands) March 31, 2018 December 31, 2017 REO $ 182,940 $ 152,356 Interest receivable 30,353 27,415 Swaps, at fair value 1,371 679 Goodwill 7,189 7,189 Prepaid and other assets 82,067 51,208 Total Other Assets $ 303,920 $ 238,847
Schedule of activity for real estate owned	The following table presents the activity in the Company’s REO for the three months ended March 31, 2018 and 2017 : (In Thousands) Three Months Ended March 31, 2018 2017 Balance at beginning of period $ 152,356 $ 80,503 Adjustments to record at lower of cost or fair value (3,415 ) (1,823 ) Transfer from residential whole loans (1) 54,822 31,098 Purchases and capital improvements 2,678 774 Disposals (23,501 ) (11,844 ) Balance at end of period $ 182,940 $ 98,708 (1) Includes net gain recorded on transfer of approximately $6.4 million and $1.3 million , respectively, for the three months ended March 31, 2018 and 2017 .
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 March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Derivative Instrument Designation Balance Sheet Location Notional Amount Fair Value Notional Amount Fair Value (In Thousands) Cleared Swaps (1) Hedging Assets $ 2,450,000 $ 1,371 $ 750,000 $ 679 Cleared Swaps (1) Hedging Liabilities $ 100,000 $ — $ 1,800,000 $ — (1) Cleared Swaps represent 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 March 31, 2018 and December 31, 2017 : (In Thousands) March 31, 2018 December 31, 2017 Agency MBS, at fair value $ 16,244 $ 21,756 Restricted cash — 6,405 Total assets pledged against Swaps $ 16,244 $ 28,161
Schedule of information about swaps	The following table presents information about the Company’s Swaps at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 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) Maturity (1) (Dollars in Thousands) Within 30 days $ — — % — % $ — — % — % Over 30 days to 3 months 50,000 1.45 1.88 — — — Over 3 months to 6 months 500,000 1.50 1.77 50,000 1.45 1.56 Over 6 months to 12 months 100,000 1.71 1.87 500,000 1.50 1.46 Over 12 months to 24 months 100,000 1.71 1.86 200,000 1.71 1.54 Over 24 months to 36 months 1,600,000 2.22 1.82 1,500,000 2.22 1.51 Over 36 months to 48 months 100,000 2.22 1.88 200,000 2.20 1.53 Over 48 months to 60 months — — — — — — Over 60 months to 72 months (3) 100,000 2.75 1.81 100,000 2.75 1.50 Total Swaps $ 2,550,000 2.04 % 1.82 % $ 2,550,000 2.04 % 1.50 % (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) 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 three months ended March 31, 2018 and 2017 : Three Months Ended (Dollars in Thousands) 2018 2017 Interest expense attributable to Swaps $ 2,832 $ 7,809 Weighted average Swap rate paid 2.04 % 1.88 % Weighted average Swap rate received 1.60 % 0.79 %
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 three months ended March 31, 2018 and 2017 : Three Months Ended (In Thousands) 2018 2017 AOCI from derivative hedging instruments: Balance at beginning of period $ (11,424 ) $ (46,721 ) Net gain on Swaps 19,669 11,897 Balance at end of period $ 8,245 $ (34,824 )

Repurchase Agreements and Oth28

Repurchase Agreements and Other Advances (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Repurchase Agreements [Abstract]
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 March 31, 2018 and December 31, 2017 : (Dollars in Thousands) March 31, December 31, Repurchase agreement borrowings secured by Agency MBS $ 2,339,009 $ 2,501,340 Fair value of Agency MBS pledged as collateral under repurchase agreements $ 2,531,106 $ 2,705,754 Weighted average haircut on Agency MBS (1) 4.63 % 4.65 % Repurchase agreement borrowings secured by Legacy Non-Agency MBS $ 1,441,393 $ 1,256,033 Fair value of Legacy Non-Agency MBS pledged as collateral under repurchase agreements $ 1,897,016 $ 1,652,983 Weighted average haircut on Legacy Non-Agency MBS (1) 21.36 % 21.87 % Repurchase agreement borrowings secured by RPL/NPL MBS $ 569,271 $ 567,140 Fair value of RPL/NPL MBS pledged as collateral under repurchase agreements $ 733,409 $ 726,540 Weighted average haircut on RPL/NPL MBS (1) 22.20 % 22.05 % Repurchase agreements secured by U.S. Treasuries $ 220,912 $ 470,334 Fair value of U.S. Treasuries pledged as collateral under repurchase agreements $ 220,814 $ 472,095 Weighted average haircut on U.S. Treasuries (1) 1.33 % 1.47 % Repurchase agreements secured by CRT securities $ 467,103 $ 459,058 Fair value of CRT securities pledged as collateral under repurchase agreements $ 590,551 $ 595,900 Weighted average haircut on CRT securities (1) 21.38 % 22.16 % Repurchase agreements secured by MSR related assets $ 292,820 $ 317,255 Fair value of MSR related assets pledged as collateral under repurchase agreements $ 432,468 $ 482,158 Weighted average haircut on MSR related assets (1) 30.72 % 33.19 % Repurchase agreements secured by residential whole loans (2) $ 1,228,447 $ 1,043,747 Fair value of residential whole loans pledged as collateral under repurchase agreements $ 1,706,627 $ 1,474,704 Weighted average haircut on residential whole loans (1) 25.97 % 26.10 % (1) Haircut represents the percentage amount by which the collateral value is contractually required to exceed the loan amount. (2) Excludes $95,000 and $206,000 of unamortized debt issuance costs at March 31, 2018 and December 31, 2017 , 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 March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate Time Until Interest Rate Reset (Dollars in Thousands) Within 30 days $ 6,239,087 2.74 % $ 6,161,008 2.39 % Over 30 days to 3 months 319,868 3.04 453,899 2.76 Total repurchase agreements 6,558,955 2.76 % 6,614,907 2.42 % Less debt issuance costs 95 206 Total repurchase agreements less debt issuance costs $ 6,558,860 $ 6,614,701
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 March 31, 2018 , and does not reflect the impact of derivative contracts that hedge such repurchase agreements: March 31, 2018 Contractual Maturity Overnight Within 30 Days Over 30 Days to 3 Months Over 3 Months to 12 Months Over 12 months Total (Dollars in Thousands) Agency MBS $ — $ 2,339,009 $ — $ — $ — $ 2,339,009 Legacy Non-Agency MBS — 810,835 282,660 347,898 — 1,441,393 RPL/NPL MBS — 554,524 — 14,747 — 569,271 U.S. Treasuries — 220,912 — — — 220,912 CRT securities — 467,103 — — — 467,103 MSR related assets — 292,820 — — — 292,820 Residential whole loans — 321,355 — 907,092 — 1,228,447 Total (1) $ — $ 5,006,558 $ 282,660 $ 1,269,737 $ — $ 6,558,955 Weighted Average Interest Rate — % 2.52 % 3.04 % 3.63 % — % 2.76 % Gross amount of recognized liabilities for repurchase agreements in Note 8 $ 6,558,955 Amounts related to repurchase agreements not included in offsetting disclosure in Note 8 $ — (1) Excludes $95,000 of unamortized debt issuance costs at March 31, 2018 .
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 March 31, 2018 : March 31, 2018 Counterparty Rating (1) Amount at Risk (2) Weighted Average Months to Maturity for Repurchase Agreements Percent of Stockholders’ Equity Counterparty (Dollars in Thousands) Goldman Sachs (3) BBB+/A3/A $ 239,962 3 7.4 % Wells Fargo (4) A+/Aa2/AA- 239,439 4 7.4 Credit Suisse (5) BBB+/Aa2/A- 219,755 3 6.8 RBC (6) AA-/A1/AA 177,174 1 5.5 (1) As rated at March 31, 2018 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 $178.5 million at risk with Goldman Sachs Lending Partners and $61.4 million at risk with Goldman Sachs Bank USA. (4) Includes $230.3 million at risk with Wells Fargo Bank, NA and $9.2 million at risk with Wells Fargo Securities LLC. (5) Includes $115.4 million at risk with Credit Suisse AG, Cayman Islands and $104.4 million at risk with Credit Suisse. Counterparty ratings are not published for Credit Suisse AG, Cayman Islands. (6) Includes $157.6 million at risk with RBC Barbados, $15.0 million at risk with Royal of Canada and $4.5 million at risk with RBC New York. Counterparty ratings are not published for RBC Barbados and RBS Capital Market LLC.

Collateral Positions (Tables)

Collateral Positions (Tables)	3 Months Ended
	Mar. 31, 2018
Collateral Positions
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 and derivative hedging instruments at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 (In Thousands) Assets Pledged Collateral Held Assets Pledged Collateral Held Derivative Hedging Instruments: Agency MBS $ 16,244 $ — $ 21,756 $ — Cash (1) — — 6,405 — 16,244 — 28,161 — Repurchase Agreement Borrowings: Agency MBS 2,531,106 — 2,705,754 — Legacy Non-Agency MBS (2) 1,897,016 — 1,652,983 — RPL/NPL MBS 733,409 — 726,540 — U.S. Treasury securities 220,814 — 472,095 — CRT securities 590,551 — 595,900 — MSR related assets 432,468 — 482,158 — Residential whole loans 1,706,627 — 1,474,704 — Cash (1) 7,100 — 6,902 — 8,119,091 — 8,117,036 — Reverse Repurchase Agreements: U.S. Treasury securities — 253,993 — 504,062 — 253,993 — 504,062 Total $ 8,135,335 $ 253,993 $ 8,145,197 $ 504,062 (1) Cash pledged as collateral is reported as “Restricted cash” on the Company’s consolidated balance sheets. (2) In addition, at March 31, 2018 and December 31, 2017 , $329.8 million and $688.1 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 derivative hedging instruments at March 31, 2018 : March 31, 2018 Assets Pledged Under Repurchase Agreements 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 $ 2,531,106 $ 2,559,275 $ 6,693 $ 16,244 $ 17,097 $ 34 $ 2,554,077 Legacy Non-Agency MBS (1) 1,897,016 1,456,018 7,268 — — — 1,904,284 RPL/NPL MBS 733,409 731,571 576 — — — 733,985 U.S. Treasuries 220,814 — — — — — 220,814 CRT securities 590,551 538,092 488 — — — 591,039 MSR related assets 432,468 431,429 1,084 — — — 433,552 Residential whole loans (2) 1,706,627 1,676,218 5,655 — — — 1,712,282 Cash (3) 7,100 7,100 — — — — 7,100 Total $ 8,119,091 $ 7,399,703 $ 21,764 $ 16,244 $ 17,097 $ 34 $ 8,157,133 (1) In addition, at March 31, 2018 , $329.8 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. (2) Includes residential whole loans held at carrying value with an aggregate fair value of $468.6 million and aggregate amortized cost of $438.2 million and residential whole loans held at fair value with an aggregate fair value and amortized cost of $1.2 billion . (3) Cash pledged as collateral is reported as “Restricted cash” on the Company’s consolidated balance sheets.

Offsetting Assets and Liabili30

Offsetting Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Offsetting [Abstract]
Schedule of information about certain assets that are subject to master netting arrangements (or similar agreements)	(1) Amounts disclosed in the Financial Instruments column of the above table represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements. Amounts disclosed in the Cash Collateral Pledged column of the above table represent amounts pledged as collateral against repurchase 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 March 31, 2018 and December 31, 2017 : 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 March 31, 2018 Swaps, at fair value $ 1,371 $ — $ 1,371 $ (1,371 ) $ — $ — Total $ 1,371 $ — $ 1,371 $ (1,371 ) $ — $ — December 31, 2017 Swaps, at fair value $ 679 $ — $ 679 $ (679 ) $ — $ — Total $ 679 $ — $ 679 $ (679 ) $ — $ —
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) March 31, 2018 Swaps, at fair value (2) $ — $ — $ — $ — $ — $ — Repurchase agreements (3)(4) 6,558,955 — 6,558,955 (6,551,855 ) (7,100 ) — Total $ 6,558,955 $ — $ 6,558,955 $ (6,551,855 ) $ (7,100 ) $ — December 31, 2017 Swaps, at fair value (2) $ — $ — $ — $ — $ — $ — Repurchase agreements (3)(4) 6,614,907 — 6,614,907 (6,608,005 ) (6,902 ) — Total $ 6,614,907 $ — $ 6,614,907 $ (6,608,005 ) $ (6,902 ) $ — (1) Amounts disclosed in the Financial Instruments column of the above table represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements. Amounts disclosed in the Cash Collateral Pledged column of the above table represent amounts pledged as collateral against repurchase agreements. (2) The fair value of securities pledged against the Company’s Swaps was $16.2 million and $21.8 million at March 31, 2018 and December 31, 2017 , respectively. Beginning in January 2017, variation margin payments on the Company’s cleared Swaps are treated as a legal settlement of the exposure under the Swap contract. Previously such payments were treated as collateral pledged against the exposure under the Swap contract. The effect of this change is to reduce what would have otherwise been reported as fair value of the Swap. (3) The fair value of financial instruments pledged against the Company’s repurchase agreements was $8.1 billion at both March 31, 2018 and December 31, 2017 , respectively. (4) Excludes $95,000 and $206,000 of unamortized debt issuance costs at March 31, 2018 and December 31, 2017 , respectively.

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Other Liabilities [Abstract]
Other Liabilities	The following table presents the components of the Company’s Other liabilities at March 31, 2018 and December 31, 2017 : (In Thousands) March 31, 2018 December 31, 2017 Securitized debt (1) $ 351,278 $ 363,944 Senior Notes 96,783 96,773 Dividends and dividend equivalents payable 79,905 79,771 Accrued interest payable 11,220 12,263 Accrued expenses and other liabilities 14,217 21,584 Total Other Liabilities $ 553,403 $ 574,335 (1) Securitized debt represents third-party liabilities of consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that are eliminated in consolidation. The third-party beneficial interest holders in the VIEs have no recourse to the general credit of the Company. (See Notes 10 and 15 for further discussion.)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Schedule of preferred stock dividend declaration and payment	The following table presents cash dividends declared by the Company on its Series B Preferred Stock from January 1, 2018 through March 31, 2018 : Declaration Date Record Date Payment Date Dividend Per Share February 20, 2018 March 2, 2018 March 30, 2018 $ 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, 2018 through March 31, 2018 : Declaration Date (1) Record Date Payment Date Dividend Per Share March 7, 2018 March 29, 2018 April 30, 2018 $ 0.20 (1) (1) At March 31, 2018 , the Company had accrued dividends and dividend equivalents payable of $79.9 million related to the common stock dividend declared on March 7, 2018
Schedule of sale of stock	The table below presents information with respect to shares of the Company’s common stock issued through public offerings during the year ended December 31, 2017 . Share Issue Date Shares Issued Gross Proceeds Per Share Gross Proceeds (In Thousands, Except Per Share Amounts) May 10, 2017 23,000 $ 7.85 $ 180,550 (1) (1) The Company incurred approximately $415,000 of underwriting discounts and related expenses in connection with this equity offering.
Schedule of changes in balances of 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 three months ended March 31, 2018 : Three Months Ended (In Thousands) Net Unrealized Gain/(Loss) on AFS Securities Net (Loss)/Gain on Swaps Total AOCI Balance at beginning of period $ 620,648 $ (11,424 ) $ 609,224 OCI before reclassifications (37,540 ) 19,669 (17,871 ) Amounts reclassified from AOCI (1) (8,623 ) — (8,623 ) Net OCI during the period (2) (46,163 ) 19,669 (26,494 ) Balance at end of period $ 574,485 $ 8,245 $ 582,730 (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 changes in the balances of each component of the Company’s AOCI for the three months ended March 31, 2017 : Three Months Ended (In Thousands) Net Unrealized Gain/(Loss) on AFS Securities Net (Loss)/Gain on Swaps Total AOCI Balance at beginning of period $ 620,403 $ (46,721 ) $ 573,682 OCI before reclassifications 19,469 11,897 31,366 Amounts reclassified from AOCI (1) (10,385 ) — (10,385 ) Net OCI during the period (2) 9,084 11,897 20,981 Balance at end of period $ 629,487 $ (34,824 ) $ 594,663 (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 three months ended March 31, 2018 : Three Months Ended Details about AOCI Components Amounts Reclassified from AOCI Affected Line Item in the Statement (In Thousands) AFS Securities: Realized gain on sale of securities $ (8,623 ) Net gain on sales of investment securities Total AFS Securities $ (8,623 ) Total reclassifications for period $ (8,623 ) The following table presents information about the significant amounts reclassified out of the Company’s AOCI for the three months ended March 31, 2017 : Three Months Ended Details about AOCI Components Amounts Reclassified from AOCI Affected Line Item in the Statement (In Thousands) AFS Securities: Realized gain on sale of securities $ (9,971 ) Net gain on sales of investment securities OTTI recognized in earnings (414 ) Net impairment losses recognized in earnings Total AFS Securities $ (10,385 ) Total reclassifications for period $ (10,385 )

EPS Calculation (Tables)

EPS Calculation (Tables)	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018 and 2017 : Three Months Ended (In Thousands, Except Per Share Amounts) 2018 2017 Numerator: Net income $ 83,395 $ 78,060 Dividends declared on preferred stock (3,750 ) (3,750 ) Dividends, dividend equivalents and undistributed earnings allocated to participating securities (449 ) (431 ) Net income to common stockholders - basic and diluted $ 79,196 $ 73,879 Denominator: Weighted average common shares for basic and diluted earnings per share (1) 398,317 372,579 Basic and diluted earnings per share $ 0.20 $ 0.20 (1) At March 31, 2018 , the Company had approximately 2.2 million equity instruments outstanding that were not included in the calculation of diluted EPS for the three months ended March 31, 2018 , as their inclusion would have been anti-dilutive. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $6.90 . These equity instruments may have a dilutive impact on future EPS.

Equity Compensation, Employme34

Equity Compensation, Employment Agreements and Other Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2018
Compensation Related Costs [Abstract]
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 three months ended March 31, 2018 and 2017 : Three Months Ended (In Thousands) 2018 2017 RSUs $ 553 $ 1,056 Restricted shares of common stock — 50 Total $ 553 $ 1,106
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 three months ended March 31, 2018 and 2017 : Three Months Ended (In Thousands) 2018 2017 Non-employee directors $ (49 ) $ 114 Total $ (49 ) $ 114
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 March 31, 2018 and December 31, 2017 that had not been distributed and the Company’s associated liability for such deferrals at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 (In Thousands) Undistributed Income Deferred (1) Liability Under Deferred Plans Undistributed Income Deferred (1) Liability Under Deferred Plans Non-employee directors $ 1,775 $ 2,045 $ 1,688 $ 2,056 Total $ 1,775 $ 2,045 $ 1,688 $ 2,056 (1) Represents the cumulative amounts that were deferred by participants through March 31, 2018 and December 31, 2017 , which had not been distributed through such respective date.

Fair Value of Financial Instr35

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 , on the consolidated balance sheets by the valuation hierarchy, as previously described: Fair Value at March 31, 2018 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Agency MBS $ — $ 2,647,148 $ — $ 2,647,148 Non-Agency MBS — 3,398,254 — 3,398,254 CRT securities — 679,491 — 679,491 Term notes backed by MSR related collateral — — 332,040 332,040 Residential whole loans, at fair value — — 1,555,620 1,555,620 Securities obtained and pledged as collateral 253,993 — — 253,993 Swaps — 1,371 — 1,371 Total assets carried at fair value $ 253,993 $ 6,726,264 $ 1,887,660 $ 8,867,917 Liabilities: Obligation to return securities obtained as collateral $ 253,993 $ — $ — $ 253,993 Total liabilities carried at fair value $ 253,993 $ — $ — $ 253,993 Fair Value at December 31, 2017 (In Thousands) Level 1 Level 2 Level 3 Total Assets: Agency MBS $ — $ 2,824,681 $ — $ 2,824,681 Non-Agency MBS — 3,533,966 — 3,533,966 CRT securities — 664,403 — 664,403 Term notes backed by MSR related collateral — — 381,804 381,804 Residential whole loans, at fair value — — 1,325,115 1,325,115 Securities obtained and pledged as collateral 504,062 — — 504,062 Swaps — 679 — 679 Total assets carried at fair value $ 504,062 $ 7,023,729 $ 1,706,919 $ 9,234,710 Liabilities: Obligation to return securities obtained as collateral $ 504,062 $ — $ — $ 504,062 Total liabilities carried at fair value $ 504,062 $ — $ — $ 504,062
Schedule of significant unobservable inputs used in fair value measurement of residential whole loans	The following table presents additional information for the three months ended March 31, 2018 and 2017 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 Three Months Ended March 31, (In Thousands) 2018 2017 Balance at beginning of period $ 1,325,115 $ 814,682 Purchases and capitalized advances 311,125 5,333 Changes in fair value recorded in Net gain on residential whole loans held at fair value 13,747 2,948 Collection of principal, net of liquidation gains/losses (46,683 ) (20,043 ) Repurchases (194 ) (306 ) Transfer to REO (47,490 ) (27,462 ) Balance at end of period $ 1,555,620 $ 775,152 The following table presents additional information for the three months ended March 31, 2018 and 2017 about the Company’s investments in term notes backed by MSR related collateral held at fair value, which are classified as Level 3 and measured at fair value on a recurring basis: Term Notes Backed by MSR Related Collateral Three Months Ended March 31, (In Thousands) 2018 2017 (1) Balance at beginning of period $ 381,804 $ — Purchases 100,000 150,000 Collection of principal (150,000 ) (8,648 ) Changes in unrealized gain/losses 236 — Transfers from Level 2 to Level 3 (1) — 140,980 Balance at end of period $ 332,040 $ 282,332 (1) Investments in term notes backed by MSR related collateral were transferred from Level 2 to Level 3 during the three months ended March 31, 2017 as there had been very limited secondary market trading in these securities since issuance. Transfers between levels are deemed to take place on the first day of the reporting period in which the transfer has taken place.
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 March 31, 2018 and December 31, 2017 : March 31, 2018 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Residential whole loans, at fair value $ 578,652 Discounted cash flow Discount rate 5.3 % 4.5-8.1% Prepayment rate 4.1 % 0.9-13.7% Default rate 2.4 % 0.0-22.4% Loss severity 13.2 % 0.0-100.0% $ 678,643 Liquidation model Discount rate 8.9 % 6.1-50.0% Annual change in home prices 2.8 % (0.9)-10.1% Liquidation timeline (in years) 1.6 0.1-4.5 Current value of underlying properties (3) $ 823 $1-$9,900 Total $ 1,257,295 December 31, 2017 (Dollars in Thousands) Fair Value (1) Valuation Technique Unobservable Input Weighted Average (2) Range Residential whole loans, at fair value $ 358,871 Discounted cash flow Discount rate 5.5 % 4.5-13.0% Prepayment rate 4.1 % 1.15-15.1% Default rate 2.9 % 0.0-6.5% Loss severity 13.8 % 0.0-100.0% $ 592,940 Liquidation model Discount rate 8.0 % 6.1-50.0% Annual change in home prices 2.5 % (8.0)-8.8% Liquidation timeline (in years) 1.6 0.1-4.5 Current value of underlying properties (3) $ 772 $0-$9,900 Total $ 951,811 (1) Excludes approximately $298.3 million and $373.3 million of loans for which management considers the purchase price continues to reflect the fair value of such loans at March 31, 2018 and December 31, 2017 , 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 $346,000 and $336,000 as of March 31, 2018 and December 31, 2017 , 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 March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 (In Thousands) Fair Value Unpaid Principal Balance Difference Fair Value Unpaid Principal Balance Difference Residential whole loans, at fair value Total loans $ 1,555,620 $ 1,769,454 $ (213,834 ) $ 1,325,115 $ 1,562,373 $ (237,258 ) Loans 90 days or more past due $ 995,986 $ 1,164,106 $ (168,120 ) $ 840,572 $ 1,027,818 $ (187,246 )
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 March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (In Thousands) Financial Assets: Agency MBS $ 2,647,148 $ 2,647,148 $ 2,824,681 $ 2,824,681 Non-Agency MBS 3,398,254 3,398,254 3,533,966 3,533,966 CRT securities 679,491 679,491 664,403 664,403 MSR related assets 455,124 456,262 492,080 493,026 Residential whole loans, at carrying value 1,099,876 1,177,643 908,516 988,688 Residential whole loans, at fair value 1,555,620 1,555,620 1,325,115 1,325,115 Securities obtained and pledged as collateral 253,993 253,993 504,062 504,062 Cash and cash equivalents 214,686 214,686 449,757 449,757 Restricted cash 7,100 7,100 13,307 13,307 Swaps 1,371 1,371 679 679 Financial Liabilities (1) : Repurchase agreements 6,558,860 6,567,752 6,614,701 6,623,255 Obligation to return securities obtained as collateral 253,993 253,993 504,062 504,062 Securitized debt 351,278 352,166 363,944 366,109 Senior Notes 96,783 101,911 96,773 103,729 (1) Carrying value of securitized debt, Senior Notes and certain repurchase agreements is net of associated debt issuance costs.

Use of Special Purpose Entiti36

Use of Special Purpose Entities and Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2018
Use of Special Purpose Entities and Variable Interest Entities
Summary of key details related to securitization transactions	The following table summarizes the key details of the loan securitization transactions the Company has been involved in to date: (Dollars in Thousands) December 2017 June 2017 Name of Entity (Consolidated as a VIE) MFA 2017-NPL1, LLC MFA 2017-RPL 1 Aggregate unpaid principal balance of residential whole loans sold $ 401,076 $ 219,848 Face amount of Senior Bonds issued by the VIE and purchased by third-party investors $ 235,000 $ 147,847 Outstanding amount of Senior Bonds at March 31, 2018 $ 226,409 $ 127,059 Weighted average fixed rate for Senior Bonds issued 3.35 % (1) 2.75 % Face amount of Senior Support Certificates received by the Company (2) $ 55,000 $ 72,001 Cash received $ 235,000 $ 147,845 (1) The Senior Bond sold in connection with this securitization transaction contains a contractual coupon step-up feature whereby the coupon increases by 300 basis points at 36 months from issuance if the bond is not redeemed before such date. (2) Provides credit support to the Senior Bonds sold to third-party investors in the securitization transactions.

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of reportable segments | segment	1
Number of operating segments | segment	1
Corporate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commitment to lend | $	$ 130
Amount drawn | $	$ 124.2

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Residential Whole Loans) (Details)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Number of days considered to classify loans delinquent	60 days
LTV ratio percentage (or less than)	80.00%

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 214,686	$ 449,757
Overnight money market funds	164,000	354,000
Restricted cash	$ 7,100	$ 13,307

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Goodwill) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Goodwill	$ 7,189	$ 7,189

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Depreciation) (Details) - Furniture, fixtures, computers and related hardwares	3 Months Ended
	Mar. 31, 2018
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 Accoun42

Summary of Significant Accounting Policies (Repurchase Agreements) (Details)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Repurchase financing period, low end of range	1 month
Repurchase financing period, high end of range	6 months

Summary of Significant Accoun43

Summary of Significant Accounting Policies (Equity Based Compensation) (Details) - RSUs	36 Months Ended	51 Months Ended
	Dec. 31, 2013	Mar. 31, 2018
Share based compensation
Vesting period of restricted share units (RSUs)		3 years
Period for measuring market condition of award	3 years	3 years
Minimum
Share based compensation
Vesting period of restricted share units (RSUs)	1 year
Maximum
Share based compensation
Vesting period of restricted share units (RSUs)	3 years

Summary of Significant Accoun44

Summary of Significant Accounting Policies (Income Tax) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accounting Policies [Abstract]
Percentage of annual REIT taxable income distributed to stockholders	100.00%
REIT income tax expense	$ 0
Deferred income tax expense (benefit)	$ 0	$ 0

Summary of Significant Accoun45

Summary of Significant Accounting Policies (Accounting Standards Adopted in 2018) (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment on adoption of new accounting standard for revenue recognition		$ 295
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment on adoption of new accounting standard for revenue recognition		$ 295
Retained Earnings | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment on adoption of new accounting standard for revenue recognition	$ 295

MBS, CRT Securities and MSR R46

MBS, CRT Securities and MSR Related Assets (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Minimum term of fixed rate mortgages underlying MBS, years	15 years
Available-for-sale securities, continuous unrealized loss position, accumulated loss	$ 55,509,000
Reclassification adjustment for OTTI included in net income	0	$ 414,000
Agency MBS
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, continuous unrealized loss position, accumulated loss	$ 54,558,000
RPL/NPL MBS
Schedule of Available-for-sale Securities [Line Items]
Debt instrument, basis spread on variable rate	3.00%
Debt instrument, coupon step-up period	36 months
Non-Agency MBS
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, continuous unrealized loss position, accumulated loss	$ 687,000

MBS, CRT Securities and MSR R47

MBS, CRT Securities and MSR Related Assets (MBS and CRT Securities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Principal/ Current Face	$ 6,778,139		$ 7,060,004
Purchase Premiums	108,458		113,003
Accretable Purchase Discounts	(202,744)		(218,915)
Discount Designated as Credit Reserve and OTTI	(572,580)		(593,227)
Amortized Cost	6,111,877		6,362,756
Fair Value	6,724,893		7,023,050
Gross Unrealized Gains	668,525		703,907
Gross Unrealized Losses	55,509		43,613
Net Unrealized Gain/(Loss)	613,016		660,294
Principal payments receivable	604		1,900
Total MBS
Schedule of Available-for-sale Securities [Line Items]
Principal/ Current Face	6,160,788		6,457,205
Purchase Premiums	98,446		104,116
Accretable Purchase Discounts	(199,695)		(215,365)
Discount Designated as Credit Reserve and OTTI	(572,580)		(593,227)
Amortized Cost	5,487,563		5,754,620
Fair Value	6,045,402		6,358,647
Gross Unrealized Gains	613,084		647,617
Gross Unrealized Losses	55,245		43,590
Net Unrealized Gain/(Loss)	557,839		604,027
Agency MBS
Schedule of Available-for-sale Securities [Line Items]
Principal/ Current Face	2,577,932		2,738,462
Purchase Premiums	98,398		104,066
Accretable Purchase Discounts	(36)		(40)
Discount Designated as Credit Reserve and OTTI	0		0
Amortized Cost	2,676,898		2,844,379
Fair Value	2,647,148		2,824,681
Gross Unrealized Gains	24,808		23,439
Gross Unrealized Losses	54,558		43,137
Net Unrealized Gain/(Loss)	(29,750)		(19,698)
Agency MBS | Fannie Mae
Schedule of Available-for-sale Securities [Line Items]
Principal/ Current Face	2,038,059		2,170,974
Purchase Premiums	77,640		82,271
Accretable Purchase Discounts	(36)		(40)
Discount Designated as Credit Reserve and OTTI	0		0
Amortized Cost	2,115,663		2,253,205
Fair Value	2,106,021		2,246,600
Gross Unrealized Gains	23,283		21,736
Gross Unrealized Losses	32,925		28,341
Net Unrealized Gain/(Loss)	(9,642)		(6,605)
Agency MBS | Freddie Mac
Schedule of Available-for-sale Securities [Line Items]
Principal/ Current Face	534,008		561,346
Purchase Premiums	20,650		21,683
Accretable Purchase Discounts	0		0
Discount Designated as Credit Reserve and OTTI	0		0
Amortized Cost	555,262		584,920
Fair Value	535,084		571,748
Gross Unrealized Gains	1,455		1,624
Gross Unrealized Losses	21,633		14,796
Net Unrealized Gain/(Loss)	(20,178)		(13,172)
Agency MBS | Ginnie Mae
Schedule of Available-for-sale Securities [Line Items]
Principal/ Current Face	5,865		6,142
Purchase Premiums	108		112
Accretable Purchase Discounts	0		0
Discount Designated as Credit Reserve and OTTI	0		0
Amortized Cost	5,973		6,254
Fair Value	6,043		6,333
Gross Unrealized Gains	70		79
Gross Unrealized Losses	0		0
Net Unrealized Gain/(Loss)	70		79
Non-Agency MBS
Schedule of Available-for-sale Securities [Line Items]
Principal/ Current Face	3,582,856		3,718,743
Purchase Premiums	48		50
Accretable Purchase Discounts	(199,659)		(215,325)
Discount Designated as Credit Reserve and OTTI	(572,580)		(593,227)
Amortized Cost	2,810,665		2,910,241
Fair Value	3,398,254		3,533,966
Gross Unrealized Gains	588,276		624,178
Gross Unrealized Losses	687		453
Net Unrealized Gain/(Loss)	587,589		623,725
Credit reserve	558,500	$ 579,000
OTTI	14,000		14,200
Non-Agency MBS | Expected to Recover Par
Schedule of Available-for-sale Securities [Line Items]
Principal/ Current Face	1,143,670		1,128,808
Purchase Premiums	48		50
Accretable Purchase Discounts	(22,636)		(22,737)
Discount Designated as Credit Reserve and OTTI	0		0
Amortized Cost	1,121,082		1,106,121
Fair Value	1,145,482		1,132,205
Gross Unrealized Gains	24,927		26,518
Gross Unrealized Losses	527		434
Net Unrealized Gain/(Loss)	24,400		26,084
Non-Agency MBS | Expected to Recover Less Than Par
Schedule of Available-for-sale Securities [Line Items]
Principal/ Current Face	2,439,186		2,589,935
Purchase Premiums	0		0
Accretable Purchase Discounts	(177,023)		(192,588)
Discount Designated as Credit Reserve and OTTI	(572,580)		(593,227)
Amortized Cost	1,689,583		1,804,120
Fair Value	2,252,772		2,401,761
Gross Unrealized Gains	563,349		597,660
Gross Unrealized Losses	160		19
Net Unrealized Gain/(Loss)	$ 563,189		$ 597,641
Percentage of current face amount of Non-Agency MBS to be recovered	84.00%		84.00%
CRT securities
Schedule of Available-for-sale Securities [Line Items]
Principal/ Current Face	$ 617,351		$ 602,799
Purchase Premiums	10,012		8,887
Accretable Purchase Discounts	(3,049)		(3,550)
Discount Designated as Credit Reserve and OTTI	0		0
Amortized Cost	624,314		608,136
Fair Value	679,491		664,403
Gross Unrealized Gains	55,441		56,290
Gross Unrealized Losses	264		23
Net Unrealized Gain/(Loss)	55,177		56,267
CRT securities | Fair value option elected, debt securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value	546,300		528,900
Gross Unrealized Gains	39,800		40,500
Gross Unrealized Losses	264		23
RPL/NPL MBS
Schedule of Available-for-sale Securities [Line Items]
Principal/ Current Face	935,100		922,000
Amortized Cost	933,200		920,100
Fair Value	$ 935,200		$ 923,100

MBS, CRT Securities and MSR R48

MBS, CRT Securities and MSR Related Assets (Unrealized Losses) (Details) $ in Thousands	Mar. 31, 2018USD ($)security
Fair Value
Less than 12 Months	$ 828,637
12 Months or more	1,293,837
Total	2,122,474
Unrealized Losses
Less than 12 Months	4,459
12 Months or more	51,050
Total	$ 55,509
Number of Securities
Less than 12 months (in security) | security	145
12 months or more (in security) | security	336
Agency MBS
Fair Value
Less than 12 Months	$ 393,752
12 Months or more	1,281,769
Total	1,675,521
Unrealized Losses
Less than 12 Months	3,657
12 Months or more	50,901
Total	$ 54,558
Number of Securities
Less than 12 months (in security) | security	121
12 months or more (in security) | security	327
Agency MBS | Fannie Mae
Fair Value
Less than 12 Months	$ 303,575
12 Months or more	897,700
Total	1,201,275
Unrealized Losses
Less than 12 Months	2,479
12 Months or more	30,446
Total	$ 32,925
Number of Securities
Less than 12 months (in security) | security	87
12 months or more (in security) | security	221
Agency MBS | Freddie Mac
Fair Value
Less than 12 Months	$ 90,177
12 Months or more	384,069
Total	474,246
Unrealized Losses
Less than 12 Months	1,178
12 Months or more	20,455
Total	$ 21,633
Number of Securities
Less than 12 months (in security) | security	34
12 months or more (in security) | security	106
Non-Agency MBS
Fair Value
Less than 12 Months	$ 395,698
12 Months or more	12,068
Total	407,766
Unrealized Losses
Less than 12 Months	538
12 Months or more	149
Total	$ 687
Number of Securities
Less than 12 months (in security) | security	13
12 months or more (in security) | security	9
Non-Agency MBS | Expected to Recover Par
Fair Value
Less than 12 Months	$ 371,688
12 Months or more	12,068
Total	383,756
Unrealized Losses
Less than 12 Months	378
12 Months or more	149
Total	$ 527
Number of Securities
Less than 12 months (in security) | security	6
12 months or more (in security) | security	9
Non-Agency MBS | Expected to Recover Less Than Par
Fair Value
Less than 12 Months	$ 24,010
12 Months or more	0
Total	24,010
Unrealized Losses
Less than 12 Months	160
12 Months or more	0
Total	$ 160
Number of Securities
Less than 12 months (in security) | security	7
12 months or more (in security) | security	0
Total MBS
Fair Value
Less than 12 Months	$ 789,450
12 Months or more	1,293,837
Total	2,083,287
Unrealized Losses
Less than 12 Months	4,195
12 Months or more	51,050
Total	$ 55,245
Number of Securities
Less than 12 months (in security) | security	134
12 months or more (in security) | security	336
CRT securities
Fair Value
Less than 12 Months	$ 39,187
12 Months or more	0
Total	39,187
Unrealized Losses
Less than 12 Months	264
12 Months or more	0
Total	$ 264
Number of Securities
Less than 12 months (in security) | security	11
12 months or more (in security) | security	0

MBS, CRT Securities and MSR R49

MBS, CRT Securities and MSR Related Assets (Composition of OTTI Charges) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Total OTTI losses	$ 0	$ (63)
OTTI reclassified from OCI	0	(351)
Net Impairment Losses Recognized in Earnings	$ 0	$ (414)

MBS, CRT Securities and MSR R50

MBS, CRT Securities and MSR Related Assets (Credit Loss Component of OTTI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Credit loss component of OTTI at beginning of period	$ 38,337	$ 37,305
Additions for credit related OTTI not previously recognized	0	63
Subsequent additional credit related OTTI recorded	0	351
Credit loss component of OTTI at end of period	$ 38,337	$ 37,719

MBS, CRT Securities and MSR R51

MBS, CRT Securities and MSR Related Assets (Purchase Discounts) (Details) - Non-Agency MBS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Discount Designated as Credit Reserve and OTTI
Changes in the components of the purchase discount on Non-Agency MBS
Balance at beginning of period	$ (593,227)	$ (694,241)
Accretion of discount	0	0
Realized credit losses	8,447	12,324
Purchases	(535)	0
Sales	5,592	19,741
Net impairment losses recognized in earnings	0	(414)
Transfers/release of credit reserve	7,143	9,253
Balance at end of period	(572,580)	(653,337)
Accretable Discount
Changes in the components of the purchase discount on Non-Agency MBS
Balance at beginning of period	(215,325)	(278,191)
Accretion of discount	17,216	21,616
Realized credit losses	0	0
Purchases	488	0
Sales	5,105	(3,897)
Net impairment losses recognized in earnings	0	0
Transfers/release of credit reserve	(7,143)	(9,253)
Balance at end of period	$ (199,659)	$ (269,725)

MBS, CRT Securities and MSR R52

MBS, CRT Securities and MSR Related Assets (Impact of AFS Securities on AOCI) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AOCI from AFS Securities:
Unrealized gain on AFS securities at beginning of period	$ 620,648,000	$ 620,403,000
Reclassification adjustment for MBS sales included in net income	(8,623,000)	(9,971,000)
Reclassification adjustment for OTTI included in net income	0	(414,000)
Change in AOCI from AFS securities	(46,163,000)	9,084,000
Balance at end of period	574,485,000	629,487,000
Agency MBS
AOCI from AFS Securities:
Unrealized (loss)/gain on AFS securities, net	(10,052,000)	(8,052,000)
Non-Agency MBS
AOCI from AFS Securities:
Unrealized (loss)/gain on AFS securities, net	$ (27,488,000)	$ 27,521,000

MBS, CRT Securities and MSR R53

MBS, CRT Securities and MSR Related Assets (Sale of MBS) (Details) - Non-Agency MBS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sale of MBS categorized as available-for-sale	$ 19.4	$ 21.6
Gains on sales of MBS	$ 8.8	$ 10

MBS, CRT Securities and MSR R54

MBS, CRT Securities and MSR Related Assets (MSR Related Assets - Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Term notes backed by MSR related collateral
Schedule of Available-for-sale Securities [Line Items]
Term notes backed by MSR related collateral	$ 332,000		$ 381,800
Amortized costs	331,000		381,000
Gross unrealized gains	$ 1,000		$ 804
Weighted average yield	5.28%		5.80%
Weighted average to maturity	4 years 2 months 12 days		3 years 5 months 4 days
Corporate Loan
Schedule of Available-for-sale Securities [Line Items]
Commitment to lend	$ 130,000
Amount drawn	$ 124,200
Interest coupon rate	8.39%
Remaining term	2 years 3 months
Commitment period on undrawn amount	3 months
Commitment fee income	1.50%
Interest income	$ 2,500	$ 1,700
Discount accretion	$ 107	$ 62

MBS, CRT Securities and MSR R55

MBS, CRT Securities and MSR Related Assets (Interest Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Agency MBS
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	$ 20,958	$ 26,212
Effective yield adjustment	(5,665)	(8,318)
Interest income	15,293	17,894
Legacy Non-Agency MBS
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	28,835	34,662
Effective yield adjustment	17,201	21,442
Interest income	46,036	56,104
RPL/NPL MBS
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	10,053	22,929
Effective yield adjustment	13	175
Interest income	10,066	23,104
CRT securities
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	8,374	5,257
Effective yield adjustment	1,122	1,119
Interest income	9,496	6,376
MSR related assets
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	7,517	4,672
Effective yield adjustment	106	62
Interest income	$ 7,623	$ 4,734

Residential Whole Loans (Narrat

Residential Whole Loans (Narrative) (Details)		3 Months Ended
		Mar. 31, 2018USD ($)loan	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)
Investments, Debt and Equity Securities [Abstract]
Total residential whole loans		$ 2,700,000,000		$ 2,200,000,000
Residential whole loans at carrying value	[1]	$ 1,099,876,000		$ 908,516,000
Number of Residential whole loans at carrying value | loan		5,400		4,800
Allowance for loan losses, residential whole loan at carrying value		$ 380,000	$ 769,000	$ 330,000	$ 990,000
(Reversal) of provisions for loan losses		$ 50,000	$ (221,000)
[1]	Includes approximately $180.0 million and $183.2 million of Residential whole loans, at carrying value and $275.6 million and $289.3 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at March 31, 2018 and December 31, 2017, respectively. Such assets can be used only to settle the obligations of the VIEs.

Residential Whole Loans (Provis

Residential Whole Loans (Provision for Loan Losses) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Allowance for Loan and Lease Losses [Roll Forward]
Balance at the beginning of period	$ 330,000	$ 990,000
Provisions/(reversal of provisions) for loan losses	50,000	(221,000)
Balance at the end of period	$ 380,000	$ 769,000

Residential Whole Loans (Carryi

Residential Whole Loans (Carrying Value Accretable Yield Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Residential Whole Loans Accretable Yield [Roll Forward]
Balance at beginning of period	$ 421,872	$ 334,379
Accretion	(11,031)	(8,690)
Liquidations and other	(2,170)	0
Reclassifications from/(to) non-accretable difference, net	4,733	(138)
Balance at end of period	$ 413,404	$ 325,551

Residential Whole Loans (Fair V

Residential Whole Loans (Fair Value) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)loan	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)loan
Investments, Debt and Equity Securities [Abstract]
Outstanding principal balance	$ 1,769,454		$ 1,562,373
Aggregate fair value	$ 1,555,620		$ 1,325,115
Number of loans | loan	7,085		6,514
Net gain on residential whole loans held at fair value	$ 38,498	$ 13,773

Residential Whole Loans (Fair60

Residential Whole Loans (Fair Value Components of Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Coupon payments and other income received	$ 15,397	$ 8,173
Net unrealized gains	13,747	2,948
Net gain on payoff/liquidation of loans	2,908	868
Net gain on transfers to REO	6,446	1,784
Total	$ 38,498	$ 13,773

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Other Assets [Abstract]
REO	$ 182,940	$ 152,356	$ 98,708	$ 80,503
Interest receivable	30,353	27,415
Swaps, at fair value	1,371	679
Goodwill	7,189	7,189
Prepaid and other assets	82,067	51,208
Total Other Assets	$ 303,920	$ 238,847

Other Assets (Real Estate Owned

Other Assets (Real Estate Owned) (Details)	3 Months Ended
	Mar. 31, 2018USD ($)property	Mar. 31, 2017USD ($)property	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Number of real estate owned properties | property	845		709
Real estate owned	$ 182,940,000	$ 98,708,000	$ 152,356,000	$ 80,503,000
Number of real estate properties reclassified to REO during period | property	304	179
Mortgage loans reclassified to REO	$ 54,822,000	$ 31,098,000
Residential Whole Loans acquired through foreclosure ordered in lieu	$ 172,900,000
Number of REO properties sold during period | property	168	84
Proceeds from sale of real estate owned	$ 25,500,000	$ 12,700,000
Gains/(losses) on sales of real estate owned	1,993,000	875,000
Adjustments to record at lower of cost or fair value	3,415,000	1,823,000
Estimated Fair Value
Real Estate Properties [Line Items]
Mortgage loans reclassified to REO	54,800,000	$ 31,100,000
Mortgage loans in process of foreclosure	869,300,000
Carrying Value
Real Estate Properties [Line Items]
Mortgage loans in process of foreclosure	$ 38,700,000

Other Assets (Real Estate Own63

Other Assets (Real Estate Owned - Activity) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Real Estate Owned [Roll Forward]
Balance at beginning of period	$ 152,356	$ 80,503
Adjustments to record at lower of cost or fair value	(3,415)	(1,823)
Transfer from residential whole loans	54,822	31,098
Purchases and capital improvements	2,678	774
Disposals	(23,501)	(11,844)
Balance at end of period	182,940	98,708
Gain recorded on transfer from residential whole loans to real estate owned	$ 6,400	$ 1,300

Other Assets (Derivative Instru

Other Assets (Derivative Instruments - Balance Sheet Location) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivative Instruments
Derivative assets, fair value	$ 1,371	$ 679
Cleared Interest Rate Swap | Hedging | Assets
Derivative Instruments
Notional amount of derivative assets	2,450,000	750,000
Derivative assets, fair value	1,371	679
Cleared Interest Rate Swap | Hedging | Liabilities
Derivative Instruments
Notional amount of derivative liabilities	100,000	1,800,000
Derivative liabilities, at fair value	$ 0	$ 0

Other Assets (Derivative Inst65

Other Assets (Derivative Instruments) (Details 2) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)derivative	Mar. 31, 2017USD ($)derivative	Dec. 31, 2017USD ($)
Derivative [Line Items]
Assets pledged	$ 8,135,335		$ 8,145,197
Number of terminated derivatives | derivative	0	0
Interest expense attributable to Swaps	$ 50,554	$ 50,349
AOCI from derivative hedging instruments:
Balance at beginning of period	(11,424)	(46,721)
Net gain on Swaps	19,669	11,897
Balance at end of period	8,245	(34,824)
Interest Rate Contract
Derivative [Line Items]
Assets pledged	16,244		28,161
Interest Rate Contract | Agency MBS, at fair value
Derivative [Line Items]
Assets pledged	16,244		21,756
Interest Rate Contract | Restricted cash
Derivative [Line Items]
Assets pledged	0		6,405
Swaps, at fair value
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 2,550,000		$ 2,550,000
Weighted average fixed-pay rate	2.04%		2.04%
Weighted Average Variable Interest Rate	1.82%		1.50%
Interest expense attributable to Swaps	$ 2,832	$ 7,809
Weighted average Swap rate paid	2.04%	1.88%
Weighted average Swap rate received	1.60%	0.79%
Swaps, at fair value | Derivative Maturity Over 84 Months [Member]
Derivative [Line Items]
Number of instruments held | derivative	1
Swaps, at fair value | Within 30 days
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 0		$ 0
Weighted average fixed-pay rate	0.00%		0.00%
Weighted Average Variable Interest Rate	0.00%		0.00%
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	1.45%		0.00%
Weighted Average Variable Interest Rate	1.88%		0.00%
Swaps, at fair value | Over 3 months to 6 months
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 500,000		$ 50,000
Weighted average fixed-pay rate	1.50%		1.45%
Weighted Average Variable Interest Rate	1.77%		1.56%
Swaps, at fair value | Over 6 months to 12 months
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 100,000		$ 500,000
Weighted average fixed-pay rate	1.71%		1.50%
Weighted Average Variable Interest Rate	1.87%		1.46%
Swaps, at fair value | Over 12 months to 24 months
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 100,000		$ 200,000
Weighted average fixed-pay rate	1.71%		1.71%
Weighted Average Variable Interest Rate	1.86%		1.54%
Swaps, at fair value | Over 24 months to 36 months
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 1,600,000		$ 1,500,000
Weighted average fixed-pay rate	2.22%		2.22%
Weighted Average Variable Interest Rate	1.82%		1.51%
Swaps, at fair value | Over 36 months to 48 months
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 100,000		$ 200,000
Weighted average fixed-pay rate	2.22%		2.20%
Weighted Average Variable Interest Rate	1.88%		1.53%
Swaps, at fair value | Over 48 months to 60 months
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 0		$ 0
Weighted average fixed-pay rate	0.00%		0.00%
Weighted Average Variable Interest Rate	0.00%		0.00%
Swaps, at fair value | Over 60 months to 72 months (3)
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 100,000		$ 100,000
Weighted average fixed-pay rate	2.75%		2.75%
Weighted Average Variable Interest Rate	1.81%		1.50%
Swaps, at fair value | Hedging
Derivative [Line Items]
Aggregate notional amount of derivatives	$ 2,600,000
Average maturity term of swaps	24 months
Swaps, at fair value | Minimum | LIBOR
Derivative [Line Items]
Derivative, variable interest rate, term	1 month
Swaps, at fair value | Maximum | Hedging
Derivative [Line Items]
Maximum maturity term of swaps	65 months
Swaps, at fair value | Maximum | LIBOR
Derivative [Line Items]
Derivative, variable interest rate, term	3 months

Repurchase Agreements and Oth66

Repurchase Agreements and Other Advances (Borrowings Under Repurchase Agreement And Associated Assets Pledged as Collateral)(Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance expense	$ 95		$ 206
Securities Sold under Agreements to Repurchase
Assets Sold under Agreements to Repurchase [Line Items]
Weighted average remaining term-to-interest rate reset of borrowings under repurchase agreements, days	15 days	16 days
Effective repricing period, months	9 months	11 months
Balance of repurchase agreements	$ 6,558,955		6,614,907
Unamortized debt issuance expense	95		206
Agency MBS | Securities Sold under Agreements to Repurchase
Assets Sold under Agreements to Repurchase [Line Items]
Balance of repurchase agreements	2,339,009		2,501,340
Fair value of securities pledged as collateral under repurchase agreements	$ 2,531,106		$ 2,705,754
Weighted average haircut (percent)	4.63%		4.65%
Non-Agency MBS | Securities Sold under Agreements to Repurchase
Assets Sold under Agreements to Repurchase [Line Items]
Balance of repurchase agreements	$ 1,441,393		$ 1,256,033
Fair value of securities pledged as collateral under repurchase agreements	$ 1,897,016		$ 1,652,983
Weighted average haircut (percent)	21.36%		21.87%
RPL/NPL MBS | Securities Sold under Agreements to Repurchase
Assets Sold under Agreements to Repurchase [Line Items]
Balance of repurchase agreements	$ 569,271		$ 567,140
Fair value of securities pledged as collateral under repurchase agreements	$ 733,409		$ 726,540
Weighted average haircut (percent)	22.20%		22.05%
U.S. Treasury securities | Securities Sold under Agreements to Repurchase
Assets Sold under Agreements to Repurchase [Line Items]
Balance of repurchase agreements	$ 220,912		$ 470,334
Fair value of securities pledged as collateral under repurchase agreements	$ 220,814		$ 472,095
Weighted average haircut (percent)	1.33%		1.47%
CRT securities | Securities Sold under Agreements to Repurchase
Assets Sold under Agreements to Repurchase [Line Items]
Balance of repurchase agreements	$ 467,103		$ 459,058
Fair value of securities pledged as collateral under repurchase agreements	$ 590,551		$ 595,900
Weighted average haircut (percent)	21.38%		22.16%
MSR related assets | Securities Sold under Agreements to Repurchase
Assets Sold under Agreements to Repurchase [Line Items]
Balance of repurchase agreements	$ 292,820		$ 317,255
Fair value of securities pledged as collateral under repurchase agreements	$ 432,468		$ 482,158
Weighted average haircut (percent)	30.72%		33.19%
Residential whole loans | Securities Sold under Agreements to Repurchase
Assets Sold under Agreements to Repurchase [Line Items]
Balance of repurchase agreements	$ 1,228,447		$ 1,043,747
Fair value of securities pledged as collateral under repurchase agreements	$ 1,706,627		$ 1,474,704
Weighted average haircut (percent)	25.97%		26.10%

Repurchase Agreements and Oth67

Repurchase Agreements and Other Advances (Borrowings Under Repurchase Agreement) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Less unamortized debt issuance costs	$ 95	$ 206
Amounts related to repurchase agreements not included in offsetting disclosure in Note 8	0
Repurchase Agreement Borrowings
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	$ 6,558,955	$ 6,614,907
Weighted Average Interest Rate	2.76%	2.42%
Less unamortized debt issuance costs	$ 95	$ 206
Total repurchase agreements less debt issuance costs	6,558,860	6,614,701
Repurchase Agreement Borrowings | Overnight
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	$ 0
Weighted Average Interest Rate	0.00%
Repurchase Agreement Borrowings | Within 30 Days
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	$ 5,006,558
Weighted Average Interest Rate	2.52%
Repurchase Agreement Borrowings | Over 30 Days to 3 Months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	$ 282,660
Weighted Average Interest Rate	3.04%
Repurchase Agreement Borrowings | Over 3 Months to 12 Months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	$ 1,269,737
Weighted Average Interest Rate	3.63%
Repurchase Agreement Borrowings | Over 12 months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	$ 0
Weighted Average Interest Rate	0.00%
Repurchase Agreement Borrowings | Agency MBS
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	$ 2,339,009	2,501,340
Repurchase Agreement Borrowings | Agency MBS | Overnight
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | Agency MBS | Within 30 Days
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	2,339,009
Repurchase Agreement Borrowings | Agency MBS | Over 30 Days to 3 Months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | Agency MBS | Over 3 Months to 12 Months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | Agency MBS | Over 12 months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | Legacy Non-Agency MBS
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	1,441,393	1,256,033
Repurchase Agreement Borrowings | Legacy Non-Agency MBS | Overnight
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | Legacy Non-Agency MBS | Within 30 Days
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	810,835
Repurchase Agreement Borrowings | Legacy Non-Agency MBS | Over 30 Days to 3 Months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	282,660
Repurchase Agreement Borrowings | Legacy Non-Agency MBS | Over 3 Months to 12 Months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	347,898
Repurchase Agreement Borrowings | Legacy Non-Agency MBS | Over 12 months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | RPL/NPL MBS
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	569,271	567,140
Repurchase Agreement Borrowings | RPL/NPL MBS | Overnight
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | RPL/NPL MBS | Within 30 Days
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	554,524
Repurchase Agreement Borrowings | RPL/NPL MBS | Over 30 Days to 3 Months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | RPL/NPL MBS | Over 3 Months to 12 Months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	14,747
Repurchase Agreement Borrowings | RPL/NPL MBS | Over 12 months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | U.S. Treasuries
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	220,912	470,334
Repurchase Agreement Borrowings | U.S. Treasuries | Overnight
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | U.S. Treasuries | Within 30 Days
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	220,912
Repurchase Agreement Borrowings | U.S. Treasuries | Over 30 Days to 3 Months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | U.S. Treasuries | Over 3 Months to 12 Months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | U.S. Treasuries | Over 12 months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | CRT securities
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	467,103	459,058
Repurchase Agreement Borrowings | CRT securities | Overnight
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | CRT securities | Within 30 Days
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	467,103
Repurchase Agreement Borrowings | CRT securities | Over 30 Days to 3 Months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | CRT securities | Over 3 Months to 12 Months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | CRT securities | Over 12 months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | MSR related assets
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	292,820	317,255
Repurchase Agreement Borrowings | MSR related assets | Overnight
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | MSR related assets | Within 30 Days
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	292,820
Repurchase Agreement Borrowings | MSR related assets | Over 30 Days to 3 Months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | MSR related assets | Over 3 Months to 12 Months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | MSR related assets | Over 12 months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | Residential whole loans
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	1,228,447	1,043,747
Repurchase Agreement Borrowings | Residential whole loans | Overnight
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | Residential whole loans | Within 30 Days
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	321,355
Repurchase Agreement Borrowings | Residential whole loans | Over 30 Days to 3 Months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | Residential whole loans | Over 3 Months to 12 Months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	907,092
Repurchase Agreement Borrowings | Residential whole loans | Over 12 months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	0
Repurchase Agreement Borrowings | Within 30 days
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	$ 6,239,087	$ 6,161,008
Weighted Average Interest Rate	2.74%	2.39%
Repurchase Agreement Borrowings | Over 30 days to 3 months
Schedule of Available-for-sale Securities [Line Items]
Balance of repurchase agreements	$ 319,868	$ 453,899
Weighted Average Interest Rate	3.04%	2.76%

Repurchase Agreements and Oth68

Repurchase Agreements and Other Advances (Counterparty for Repurchase Agreement) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)counterparty	Dec. 31, 2017counterparty
Repurchase agreements counterparty risk
Number of counterparties | counterparty	29	31
Threshold of stockholders' equity at risk with single counterparty to repurchase agreements or linked transactions (greater than) (percent)	5.00%
Goldman Sachs
Repurchase agreements counterparty risk
Amount at Risk	$ 239,962
Weighted Average Months to Maturity for Repurchase Agreements	3 months
Percent of Stockholders’ Equity	7.40%
Goldman Sachs Lending Partners
Repurchase agreements counterparty risk
Amount at Risk	$ 178,500
Goldman Sachs Bank USA
Repurchase agreements counterparty risk
Amount at Risk	61,400
Wells Fargo
Repurchase agreements counterparty risk
Amount at Risk	$ 239,439
Weighted Average Months to Maturity for Repurchase Agreements	4 months
Percent of Stockholders’ Equity	7.40%
Wells Fargo Bank
Repurchase agreements counterparty risk
Amount at Risk	$ 230,300
Wells Fargo Securities LLC
Repurchase agreements counterparty risk
Amount at Risk	9,200
Credit Suisse
Repurchase agreements counterparty risk
Amount at Risk	$ 219,755
Weighted Average Months to Maturity for Repurchase Agreements	3 months
Percent of Stockholders’ Equity	6.80%
Credit Suisse AG
Repurchase agreements counterparty risk
Amount at Risk	$ 115,400
Credit Suisse
Repurchase agreements counterparty risk
Amount at Risk	104,400
RBC
Repurchase agreements counterparty risk
Amount at Risk	$ 177,174
Weighted Average Months to Maturity for Repurchase Agreements	1 month
Percent of Stockholders’ Equity	5.50%
RBC Barbados
Repurchase agreements counterparty risk
Amount at Risk	$ 157,600
Royal Bank of Canada
Repurchase agreements counterparty risk
Amount at Risk	15,000
RBC Capital Markets LLC
Repurchase agreements counterparty risk
Amount at Risk	$ 4,500

Collateral Positions (Details)

Collateral Positions (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Collateral Positions
Assets Pledged	$ 8,135,335	$ 8,145,197
Collateral Held	253,993	504,062
Derivative Hedging Instruments
Collateral Positions
Assets Pledged	16,244	28,161
Collateral Held	0	0
Derivative Hedging Instruments | Agency MBS
Collateral Positions
Assets Pledged	16,244	21,756
Collateral Held	0	0
Derivative Hedging Instruments | Cash
Collateral Positions
Assets Pledged	0	6,405
Collateral Held	0	0
Repurchase Agreement Borrowings
Collateral Positions
Assets Pledged	8,119,091	8,117,036
Collateral Held	0	0
Repurchase Agreement Borrowings | Agency MBS
Collateral Positions
Assets Pledged	2,531,106	2,705,754
Collateral Held	0	0
Repurchase Agreement Borrowings | Legacy Non-Agency MBS
Collateral Positions
Assets Pledged	1,897,016	1,652,983
Collateral Held	0	0
Non-Agency MBS pledged as collateral in connection with contemporaneous repurchase and reverse repurchase agreements entered into with a single counterparty	329,800	688,100
Repurchase Agreement Borrowings | RPL/NPL MBS
Collateral Positions
Assets Pledged	733,409	726,540
Collateral Held	0	0
Repurchase Agreement Borrowings | U.S. Treasury securities
Collateral Positions
Assets Pledged	220,814	472,095
Collateral Held	0	0
Repurchase Agreement Borrowings | CRT securities
Collateral Positions
Assets Pledged	590,551	595,900
Collateral Held	0	0
Repurchase Agreement Borrowings | MSR related assets
Collateral Positions
Assets Pledged	432,468	482,158
Collateral Held	0	0
Repurchase Agreement Borrowings | Residential whole loans
Collateral Positions
Assets Pledged	1,706,627	1,474,704
Collateral Held	0	0
Repurchase Agreement Borrowings | Cash
Collateral Positions
Assets Pledged	7,100	6,902
Collateral Held	0	0
Reverse Repurchase Agreements
Collateral Positions
Assets Pledged	0	0
Collateral Held	253,993	504,062
Reverse Repurchase Agreements | U.S. Treasury securities
Collateral Positions
Assets Pledged	0	0
Collateral Held	$ 253,993	$ 504,062

Collateral Positions (Details 2

Collateral Positions (Details 2) $ in Thousands	Mar. 31, 2018USD ($)
Collateral Positions
Total Fair Value of Assets Pledged and Accrued Interest	$ 8,157,133
Agency MBS
Collateral Positions
Total Fair Value of Assets Pledged and Accrued Interest	2,554,077
Legacy Non-Agency MBS
Collateral Positions
Total Fair Value of Assets Pledged and Accrued Interest	1,904,284
RPL/NPL MBS
Collateral Positions
Total Fair Value of Assets Pledged and Accrued Interest	733,985
U.S. Treasury securities
Collateral Positions
Total Fair Value of Assets Pledged and Accrued Interest	220,814
CRT securities
Collateral Positions
Total Fair Value of Assets Pledged and Accrued Interest	591,039
MSR related assets
Collateral Positions
Total Fair Value of Assets Pledged and Accrued Interest	433,552
Residential whole loans
Collateral Positions
Total Fair Value of Assets Pledged and Accrued Interest	1,712,282
Cash
Collateral Positions
Total Fair Value of Assets Pledged and Accrued Interest	7,100
Repurchase Agreements and Other Advances
Collateral Positions
Fair Value	8,119,091
Amortized Cost	7,399,703
Accrued Interest on Pledged Assets	21,764
Repurchase Agreements and Other Advances | Agency MBS
Collateral Positions
Fair Value	2,531,106
Amortized Cost	2,559,275
Accrued Interest on Pledged Assets	6,693
Repurchase Agreements and Other Advances | Legacy Non-Agency MBS
Collateral Positions
Fair Value	1,897,016
Amortized Cost	1,456,018
Accrued Interest on Pledged Assets	7,268
Non-Agency MBS pledged as collateral in connection with contemporaneous repurchase and reverse repurchase agreements entered into with a single counterparty	329,800
Repurchase Agreements and Other Advances | RPL/NPL MBS
Collateral Positions
Fair Value	733,409
Amortized Cost	731,571
Accrued Interest on Pledged Assets	576
Repurchase Agreements and Other Advances | U.S. Treasury securities
Collateral Positions
Fair Value	220,814
Amortized Cost	0
Accrued Interest on Pledged Assets	0
Repurchase Agreements and Other Advances | CRT securities
Collateral Positions
Fair Value	590,551
Amortized Cost	538,092
Accrued Interest on Pledged Assets	488
Repurchase Agreements and Other Advances | MSR related assets
Collateral Positions
Fair Value	432,468
Amortized Cost	431,429
Accrued Interest on Pledged Assets	1,084
Repurchase Agreements and Other Advances | Residential whole loans
Collateral Positions
Fair Value	1,706,627
Amortized Cost	1,676,218
Accrued Interest on Pledged Assets	5,655
Repurchase Agreements and Other Advances | Cash
Collateral Positions
Fair Value	7,100
Amortized Cost	7,100
Accrued Interest on Pledged Assets	0
Derivative Hedging Instruments
Collateral Positions
Fair Value	16,244
Amortized Cost	17,097
Accrued Interest on Pledged Assets	34
Derivative Hedging Instruments | Agency MBS
Collateral Positions
Fair Value	16,244
Amortized Cost	17,097
Accrued Interest on Pledged Assets	34
Derivative Hedging Instruments | Legacy Non-Agency MBS
Collateral Positions
Fair Value	0
Amortized Cost	0
Accrued Interest on Pledged Assets	0
Derivative Hedging Instruments | RPL/NPL MBS
Collateral Positions
Fair Value	0
Amortized Cost	0
Accrued Interest on Pledged Assets	0
Derivative Hedging Instruments | U.S. Treasury securities
Collateral Positions
Fair Value	0
Amortized Cost	0
Accrued Interest on Pledged Assets	0
Derivative Hedging Instruments | CRT securities
Collateral Positions
Fair Value	0
Amortized Cost	0
Accrued Interest on Pledged Assets	0
Derivative Hedging Instruments | MSR related assets
Collateral Positions
Fair Value	0
Amortized Cost	0
Accrued Interest on Pledged Assets	0
Derivative Hedging Instruments | Residential whole loans
Collateral Positions
Fair Value	0
Amortized Cost	0
Accrued Interest on Pledged Assets	0
Derivative Hedging Instruments | Cash
Collateral Positions
Fair Value	0
Amortized Cost	0
Accrued Interest on Pledged Assets	0
Carrying Value | Repurchase Agreements and Other Advances | Residential whole loans
Collateral Positions
Fair Value	468,600
Amortized Cost	438,200
Total Fair Value of Assets Pledged and Accrued Interest	$ 1,200,000

Offsetting Assets and Liabili71

Offsetting Assets and Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)counterparty	Dec. 31, 2017USD ($)
Swaps, at fair value
Gross Amounts of Recognized Assets	$ 1,371	$ 679
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	1,371	679
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(1,371)	(679)
Cash Collateral Received	0	0
Net Amount	0	0
Swaps, at fair value
Gross Amounts of Recognized Liabilities	0	0
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	0	0
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	0	0
Cash Collateral Pledged	0	0
Net Amount	0	0
Repurchase agreements
Gross Amounts of Recognized Liabilities	6,558,955	6,614,907
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	6,558,955	6,614,907
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(6,551,855)	(6,608,005)
Cash Collateral Pledged	(7,100)	(6,902)
Net Amount	0	0
Total
Gross Amounts of Recognized Liabilities	6,558,955	6,614,907
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	6,558,955	6,614,907
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	(6,551,855)	(6,608,005)
Cash Collateral Pledged	(7,100)	(6,902)
Net Amount	0	0
Additional disclosures
Fair value of securities pledged against the swaps	16,200	21,800
Fair value of financial instruments pledged against the repurchase agreements and other advances	8,100,000	8,100,000
Unamortized debt issuance expense	$ 95	206
Number of repurchase agreement counterparties with unconditional right of setoff | counterparty	1
Swaps, at fair value
Swaps, at fair value
Gross Amounts of Recognized Assets	$ 1,371	679
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	1,371	679
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(1,371)	(679)
Cash Collateral Received	0	0
Net Amount	$ 0	$ 0

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Other Liabilities [Abstract]
Securitized debt	$ 351,278	$ 363,944
Senior Notes	96,783	96,773
Dividends and dividend equivalents payable	79,905	79,771	$ 74,830
Accrued interest payable	11,220	12,263
Accrued expenses and other liabilities	14,217	21,584
Total Other Liabilities	$ 553,403	$ 574,335

Other Liabilities (Senior Notes

Other Liabilities (Senior Notes) (Details) - Senior Notes - USD ($)	Apr. 11, 2012	Mar. 31, 2018
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 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 (as a percent)		8.31%
Redemption price as percentage of principal amount		100.00%

Commitments and Contingencies (

Commitments and Contingencies (Lease Commitments) (Details)	3 Months Ended
	Mar. 31, 2018USD ($)lease
Lease Commitments
Number of operating leases | lease	2
Corporate headquarters
Lease Commitments
Irrevocable standby letter of credit provided to landlord	$ 785,000
Corporate headquarters | High end of range
Lease Commitments
Aggregate annual lease payments	2,600,000
Off-site back-up facility | High end of range
Lease Commitments
Aggregate annual lease payments	$ 32,000

Commitments and Contingencies75

Commitments and Contingencies (Corporate Loans) (Details) - Corporate Loan $ in Millions	Mar. 31, 2018USD ($)
Other Commitments [Line Items]
Commitment to lend	$ 130
Amount drawn	$ 124.2

Commitments and Contingencies76

Commitments and Contingencies (Residential Whole Loan Purchase Commitments) (Details) $ in Millions	Mar. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Excluded amount, unsettled purchases, residential whole loans, at carrying value	$ 13.5

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	Mar. 07, 2018$ / shares	Feb. 20, 2018$ / shares	Apr. 15, 2013$ / sharesshares	Mar. 31, 2018USD ($)directorquarter$ / sharesshares	Mar. 31, 2017USD ($)$ / shares	Dec. 31, 2017USD ($)$ / sharesshares	Sep. 30, 2017USD ($)shares	Sep. 16, 2016shares	Dec. 31, 2013shares	Aug. 31, 2005shares
Stockholders' Equity
Preferred stock, shares issued				8,000,000		8,000,000
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01		$ 0.01
Preferred stock, dividend rate				7.50%		7.50%
Maximum quarters without dividends to get voting rights, in quarters | quarter				6
Common stock, cash dividends declared (in dollars per share) | $ / shares	$ 0.20			$ 0.20	$ 0.2
Dividends and dividend equivalents declared and unpaid | $				$ 79,905	$ 74,830	$ 79,771
Aggregate number of shares of common stock authorized (in shares)				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
Repurchase of shares of common stock (in shares)				0
Number of remaining shares authorized to be repurchased under the Repurchase Program (in shares)				6,616,355
DRSPP
Stockholders' Equity
Aggregate number of shares of common stock authorized (in shares)								15,000,000
Shares of common stock authorized and available for issuance (in shares)				12,000,000
Common shares issued through DRSPP (in shares)				173,978			33,849,955
Net proceeds from shares issued through DRSPP | $				$ 1,200			$ 282,700
Series B
Stockholders' Equity
Dividend declared per share, preferred stock (in dollars per share) | $ / shares		$ 0.46875
Preferred Stock | Series B
Stockholders' Equity
Preferred stock, shares issued			8,000,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01
Preferred stock, liquidation preference (in dollars per share) | $ / shares			$ 25	$ 25		$ 25
Preferred stock, dividend rate			7.50%	7.50%		7.50%
Preferred stock, redemption price (in dollars per share) | $ / shares			$ 25
Number of additional directors that can be elected by preferred stock holders | director				2
Minimum percentage of preferred shareholders required for approval (percent)			66.67%

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - Public Offering $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Subsidiary, Sale of Stock [Line Items]
Shares Issued | shares	23,000,000
Gross Proceeds Per Share (USD per share) | $ / shares	$ 7.85
Gross Proceeds	$ 180,550
Issuance costs	$ 415

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Components of accumulated other comprehensive income/(loss)
Amounts reclassified from AOCI	$ 8,623	$ 10,385
Net OCI during the period	(26,494)	20,981
Net Unrealized Gain/(Loss) on AFS Securities
Components of accumulated other comprehensive income/(loss)
Balance at beginning of period	620,648	620,403
OCI before reclassifications	(37,540)	19,469
Amounts reclassified from AOCI	(8,623)	(10,385)
Net OCI during the period	(46,163)	9,084
Balance at end of period	574,485	629,487
Net (Loss)/Gain on Swaps
Components of accumulated other comprehensive income/(loss)
Balance at beginning of period	(11,424)	(46,721)
OCI before reclassifications	19,669	11,897
Amounts reclassified from AOCI	0	0
Net OCI during the period	19,669	11,897
Balance at end of period	8,245	(34,824)
Total AOCI
Components of accumulated other comprehensive income/(loss)
Balance at beginning of period	609,224	573,682
OCI before reclassifications	(17,871)	31,366
Amounts reclassified from AOCI	(8,623)	(10,385)
Net OCI during the period	(26,494)	20,981
Balance at end of period	$ 582,730	$ 594,663

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Amounts Reclassified from AOCI
Net Income Available to Common Stock and Participating Securities	$ 79,645	$ 74,310
Total reclassifications for period	(8,623)	(10,385)
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	0		$ 0
Amounts Reclassified from AOCI | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest
Amounts Reclassified from AOCI
Realized gain on sale of securities	(8,623)	(9,971)
OTTI recognized in earnings		(414)
Net Income Available to Common Stock and Participating Securities	$ (8,623)	$ (10,385)

EPS Calculation (Details)

EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net income	$ 83,395	$ 78,060
Dividends declared on preferred stock	(3,750)	(3,750)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(449)	(431)
Net income to common stockholders - basic and diluted	$ 79,196	$ 73,879
Denominator:
Weighted average common shares for basic and diluted earnings per share (in shares)	398,317	372,579
Basic and diluted earnings per share (in dollars per share)	$ 0.20	$ 0.20
Anti-dilutive securities excluded from diluted earnings per share calculations (in shares)	2,200
RSUs
Denominator:
Weighted average grant date fair value (in dollars per share)	$ 6.90

Equity Compensation, Employme82

Equity Compensation, Employment Agreements and Other Benefit Plans (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Share based compensation
Maximum shares authorized for grant	12,000,000
Shares available for grant (in shares)	5,800,000
RSUs
Share based compensation
Awards granted (in shares)	692,500	758,750
Forfeitures (in shares)	20,000	0
Unrecognized compensation cost	$ 8.4		$ 4.1
Period for recognizing unrecognized compensation cost	2 years 2 months 19 days
Restricted shares of common stock
Share based compensation
Awards granted (in shares)	0	0
Share-based awards outstanding (in shares)	0
Equity Compensation Plan
Share based compensation
Maximum number of common shares that can be granted to participant in any one year	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, Employme83

Equity Compensation, Employment Agreements and Other Benefit Plans (Allocated Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share based compensation
Allocated expense	$ 553	$ 1,106
RSUs
Share based compensation
Allocated expense	553	1,056
Restricted shares of common stock
Share based compensation
Allocated expense	$ 0	$ 50

Equity Compensation, Employme84

Equity Compensation, Employment Agreements and Other Benefit Plans (Details 2) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)officer	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
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	100.00%
Non-employee directors	$ (49)	$ 114
Undistributed Income Deferred	1,775		$ 1,688
Liability Under Deferred Plans	2,045		2,056
Deferred Compensation Plans | Non-employee directors
Deferred Compensation Activity
Non-employee directors	(49)	114
Undistributed Income Deferred	1,775		1,688
Liability Under Deferred Plans	$ 2,045		$ 2,056
Savings Plan
Deferred Compensation Activity
Employer contribution percentage on first 3 percent of eligible compensation deferred by employees (percent)	100.00%
Percentage of eligible compensation deferred by employees qualifying for 100 percent matching contribution (percent)	3.00%
Employer contribution percentage on next 2 percent of eligible compensation deferred by employees (percent)	50.00%
Percentage of eligible compensation deferred by employees qualifying for 50 percent matching contribution (percent)	2.00%
Percentage of employer matching contributions that vest immediately (percent)	100.00%
Expenses for matching contributions	$ 104	$ 88

Fair Value of Financial Instr85

Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Carrying value and estimated fair value of financial instruments
Real estate owned	$ 182,940	$ 152,356	$ 98,708	$ 80,503
Other real estate, fair value	$ 208,300	$ 175,800
Term notes backed by MSR related collateral
Carrying value and estimated fair value of financial instruments
Fair value assumption, weighted average yield to maturity	5.83%
Minimum | Term notes backed by MSR related collateral
Carrying value and estimated fair value of financial instruments
Fair value assumptions, implied yields	5.40%
Maximum | Term notes backed by MSR related collateral
Carrying value and estimated fair value of financial instruments
Fair value assumptions, implied yields	6.30%

Fair Value of Financial Instr86

Fair Value of Financial Instruments (Fair Value Hierarchy) (Details) - USD ($)		Mar. 31, 2018	Dec. 31, 2017
Assets:
Available-for-sale securities		$ 6,724,893,000	$ 7,023,050,000
Residential whole loans, at fair value	[1]	1,555,620,000	1,325,115,000
Securities obtained and pledged as collateral		253,993,000	504,062,000
Swaps		1,371,000	679,000
Liabilities:
Obligation to return securities obtained as collateral		253,993,000	504,062,000
Agency MBS
Assets:
Available-for-sale securities		2,647,148,000	2,824,681,000
Non-Agency MBS
Assets:
Available-for-sale securities		3,398,254,000	3,533,966,000
CRT securities
Assets:
Available-for-sale securities		679,491,000	664,403,000
Term notes backed by MSR related collateral
Assets:
Term notes backed by MSR related collateral		332,000,000	381,800,000
Recurring basis
Assets:
Securities obtained and pledged as collateral		253,993,000	504,062,000
Swaps		1,371,000	679,000
Total assets carried at fair value		8,867,917,000	9,234,710,000
Liabilities:
Obligation to return securities obtained as collateral		253,993,000	504,062,000
Total liabilities carried at fair value		253,993,000	504,062,000
Recurring basis | Agency MBS
Assets:
Available-for-sale securities		2,647,148,000	2,824,681,000
Recurring basis | Non-Agency MBS
Assets:
Available-for-sale securities		3,398,254,000	3,533,966,000
Recurring basis | CRT securities
Assets:
Available-for-sale securities		679,491,000	664,403,000
Recurring basis | Term notes backed by MSR related collateral
Assets:
Term notes backed by MSR related collateral		332,040,000	381,804,000
Recurring basis | Residential whole loans
Assets:
Residential whole loans, at fair value		1,555,620,000	1,325,115,000
Level 1 | Recurring basis
Assets:
Securities obtained and pledged as collateral		253,993,000	504,062,000
Swaps		0	0
Total assets carried at fair value		253,993,000	504,062,000
Liabilities:
Obligation to return securities obtained as collateral		253,993,000	504,062,000
Total liabilities carried at fair value		253,993,000	504,062,000
Level 1 | Recurring basis | Agency MBS
Assets:
Available-for-sale securities		0	0
Level 1 | Recurring basis | Non-Agency MBS
Assets:
Available-for-sale securities		0	0
Level 1 | Recurring basis | CRT securities
Assets:
Available-for-sale securities		0	0
Level 1 | Recurring basis | Term notes backed by MSR related collateral
Assets:
Term notes backed by MSR related collateral		0	0
Level 1 | Recurring basis | Residential whole loans
Assets:
Residential whole loans, at fair value		0	0
Level 2
Components of financial instruments carried at fair value
Credit valuation adjustment to derivative liabilities		0
Credit valuation adjustment to derivative assets		0
Level 2 | Recurring basis
Assets:
Securities obtained and pledged as collateral		0	0
Swaps		1,371,000	679,000
Total assets carried at fair value		6,726,264,000	7,023,729,000
Liabilities:
Obligation to return securities obtained as collateral		0	0
Total liabilities carried at fair value		0	0
Level 2 | Recurring basis | Agency MBS
Assets:
Available-for-sale securities		2,647,148,000	2,824,681,000
Level 2 | Recurring basis | Non-Agency MBS
Assets:
Available-for-sale securities		3,398,254,000	3,533,966,000
Level 2 | Recurring basis | CRT securities
Assets:
Available-for-sale securities		679,491,000	664,403,000
Level 2 | Recurring basis | Term notes backed by MSR related collateral
Assets:
Term notes backed by MSR related collateral		0	0
Level 2 | Recurring basis | Residential whole loans
Assets:
Residential whole loans, at fair value		0	0
Level 3 | Recurring basis
Assets:
Securities obtained and pledged as collateral		0	0
Swaps		0	0
Total assets carried at fair value		1,887,660,000	1,706,919,000
Liabilities:
Obligation to return securities obtained as collateral		0	0
Total liabilities carried at fair value		0	0
Level 3 | Recurring basis | Agency MBS
Assets:
Available-for-sale securities		0	0
Level 3 | Recurring basis | Non-Agency MBS
Assets:
Available-for-sale securities		0	0
Level 3 | Recurring basis | CRT securities
Assets:
Available-for-sale securities		0	0
Level 3 | Recurring basis | Term notes backed by MSR related collateral
Assets:
Term notes backed by MSR related collateral		332,040,000	381,804,000
Level 3 | Recurring basis | Residential whole loans
Assets:
Residential whole loans, at fair value		$ 1,555,620,000	$ 1,325,115,000
[1]	Includes approximately $180.0 million and $183.2 million of Residential whole loans, at carrying value and $275.6 million and $289.3 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at March 31, 2018 and December 31, 2017, respectively. Such assets can be used only to settle the obligations of the VIEs.

Fair Value of Financial Instr87

Fair Value of Financial Instruments (Level 3 Assets) (Details) - Recurring basis - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Residential Whole Loans, at Fair Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 1,325,115	$ 814,682
Purchases and capitalized advances	311,125	5,333
Changes in fair value recorded in Net gain on residential whole loans held at fair value	13,747	2,948
Collection of principal, net of liquidation gains/losses	(46,683)	(20,043)
Repurchases	(194)	(306)
Transfers	(47,490)	(27,462)
Balance at end of period	1,555,620	775,152
Term Notes Backed by MSR Related Collateral
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	381,804	0
Purchases and capitalized advances	100,000	150,000
Collection of principal, net of liquidation gains/losses	(150,000)	(8,648)
Changes in unrealized gain/losses	236	0
Transfers from Level 2 to Level 3 (1)	0	140,980
Balance at end of period	$ 332,040	$ 282,332

Fair Value of Financial Instr88

Fair Value of Financial Instruments (Fair Value Methodology) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential whole loans, at fair value	$ 1,257,295	$ 951,811
Loan purchases excluded from Level 3 fair value methodology disclosures	298,300	373,300
Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential whole loans, at fair value	578,652	358,871
Liquidation model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential whole loans, at fair value	678,643	592,940
Residential loans, simple average, amount	$ 346	$ 336
Residential whole loans | Level 3 | Discounted cash flow | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate (percent)	4.50%	4.50%
Prepayment rate (percent)	0.90%	1.20%
Default rate (percent)	0.00%	0.00%
Loss severity (percent)	0.00%	0.00%
Residential whole loans | Level 3 | Discounted cash flow | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate (percent)	8.10%	13.00%
Prepayment rate (percent)	13.70%	15.10%
Default rate (percent)	22.40%	6.50%
Loss severity (percent)	100.00%	100.00%
Residential whole loans | Level 3 | Discounted cash flow | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate (percent)	5.30%	5.50%
Prepayment rate (percent)	4.10%	4.10%
Default rate (percent)	2.40%	2.90%
Loss severity (percent)	13.20%	13.80%
Residential whole loans | Level 3 | Liquidation model | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate (percent)	6.10%	6.10%
Annual change in home prices (percent)	(0.90%)	(8.00%)
Liquidation timeline (in years)	1 month 6 days	1 month 6 days
Current value of underlying properties	$ 1	$ 0
Residential whole loans | Level 3 | Liquidation model | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate (percent)	50.00%	50.00%
Annual change in home prices (percent)	10.10%	8.80%
Liquidation timeline (in years)	4 years 6 months	4 years 6 months
Current value of underlying properties	$ 9,900	$ 9,900
Residential whole loans | Level 3 | Liquidation model | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate (percent)	8.90%	8.00%
Annual change in home prices (percent)	2.80%	2.50%
Liquidation timeline (in years)	1 year 7 months 6 days	1 year 7 months 6 days
Current value of underlying properties	$ 823	$ 772

Fair Value of Financial Instr89

Fair Value of Financial Instruments (Fair Value vs Unpaid Principal Balance) (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Residential Whole Loans, Fair Value	[1]	$ 1,555,620	$ 1,325,115
Total Residential Whole Loans, Unpaid Principal Balance		1,769,454	1,562,373
Residential whole loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Residential Whole Loans, Fair Value		1,555,620	1,325,115
Total Residential Whole Loans, Unpaid Principal Balance		1,769,454	1,562,373
Total Residential Whole Loans, Difference		(213,834)	(237,258)
Residential Whole Loans 90 days or more past due, Fair Value		995,986	840,572
Residential Whole Loans 90 days or more past due, Unpaid Principal Balance		1,164,106	1,027,818
Residential Whole Loans 90 days or more past due, Difference		$ (168,120)	$ (187,246)
[1]	Includes approximately $180.0 million and $183.2 million of Residential whole loans, at carrying value and $275.6 million and $289.3 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at March 31, 2018 and December 31, 2017, respectively. Such assets can be used only to settle the obligations of the VIEs.

Fair Value of Financial Instr90

Fair Value of Financial Instruments (Carrying Value vs Fair Value) (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Carrying value and estimated fair value of financial instruments
Other real estate, fair value		$ 208,300	$ 175,800
Financial Assets:
Available-for-sale securities		6,724,893	7,023,050
MSR related assets		455,124	492,080
Residential whole loans, at carrying value	[1]	1,099,876	908,516
Residential whole loans, at fair value	[1]	1,555,620	1,325,115
Securities obtained and pledged as collateral		253,993	504,062
Restricted cash		7,100	13,307
Swaps		1,371	679
Financial Liabilities (1):
Obligation to return securities obtained as collateral		253,993	504,062
Securitized debt		351,278	363,944
Senior Notes		96,783	96,773
Carrying Value
Financial Assets:
MSR related assets		455,124	492,080
Securities obtained and pledged as collateral		253,993	504,062
Cash and cash equivalents		214,686	449,757
Restricted cash		7,100	13,307
Swaps		1,371	679
Financial Liabilities (1):
Repurchase agreements		6,558,860	6,614,701
Obligation to return securities obtained as collateral		253,993	504,062
Securitized debt		351,278	363,944
Senior Notes		96,783	96,773
Estimated Fair Value
Financial Assets:
MSR related assets		456,262	493,026
Securities obtained and pledged as collateral		253,993	504,062
Cash and cash equivalents		214,686	449,757
Restricted cash		7,100	13,307
Swaps		1,371	679
Financial Liabilities (1):
Repurchase agreements		6,567,752	6,623,255
Obligation to return securities obtained as collateral		253,993	504,062
Securitized debt		352,166	366,109
Senior Notes		101,911	103,729
Agency MBS
Financial Assets:
Available-for-sale securities		2,647,148	2,824,681
Agency MBS | Carrying Value
Financial Assets:
Available-for-sale securities		2,647,148	2,824,681
Agency MBS | Estimated Fair Value
Financial Assets:
Available-for-sale securities		2,647,148	2,824,681
Non-Agency MBS
Financial Assets:
Available-for-sale securities		3,398,254	3,533,966
Non-Agency MBS | Carrying Value
Financial Assets:
Available-for-sale securities		3,398,254	3,533,966
Non-Agency MBS | Estimated Fair Value
Financial Assets:
Available-for-sale securities		3,398,254	3,533,966
CRT securities
Financial Assets:
Available-for-sale securities		679,491	664,403
CRT securities | Carrying Value
Financial Assets:
Available-for-sale securities		679,491	664,403
CRT securities | Estimated Fair Value
Financial Assets:
Available-for-sale securities		679,491	664,403
Residential whole loans | Carrying Value
Financial Assets:
Residential whole loans, at carrying value		1,099,876	908,516
Residential whole loans, at fair value		1,555,620	1,325,115
Residential whole loans | Estimated Fair Value
Financial Assets:
Residential whole loans, at carrying value		1,177,643	988,688
Residential whole loans, at fair value		$ 1,555,620	$ 1,325,115
[1]	Includes approximately $180.0 million and $183.2 million of Residential whole loans, at carrying value and $275.6 million and $289.3 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at March 31, 2018 and December 31, 2017, respectively. Such assets can be used only to settle the obligations of the VIEs.

Use of Special Purpose Entiti91

Use of Special Purpose Entities and Variable Interest Entities (Narrative) (Details) - USD ($)		3 Months Ended		12 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Variable Interest Entity [Line Items]
Residential whole loans, aggregate fair value		$ 1,555,620,000		$ 1,325,115,000
Residential whole loans at carrying value	[1]	1,099,876,000		908,516,000
Residential whole loans, at fair value	[1]	1,555,620,000		1,325,115,000
Securitized debt		351,278,000		363,944,000
Available-for-sale securities		6,724,893,000		7,023,050,000
Total residential whole loans		2,700,000,000		2,200,000,000
Interest income residential whole loans held at carrying value		14,329,000	$ 8,690,000
Net gain on residential whole loans held at fair value		38,498,000	$ 13,773,000
Non-Agency MBS
Variable Interest Entity [Line Items]
Available-for-sale securities		3,398,254,000		3,533,966,000
Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Residential whole loans, aggregate fair value				620,900,000
Residential whole loans, carrying value				193,300,000
Residential whole loans, fair value				296,500,000
Residential whole loans at carrying value		180,000,000		183,200,000
Residential whole loans, at fair value		275,600,000		289,300,000
Securitized debt		351,300,000		363,900,000
Senior Notes | Asset-backed Securities, Securitized Loans and Receivables | Trust, ownership in residential whole loans
Variable Interest Entity [Line Items]
Principal amount of Securitized debt				$ 382,800,000
Weighted average interest rate				3.12%
Rated and Non-Rated Certificates | Asset-backed Securities, Securitized Loans and Receivables | Trust, ownership in residential whole loans
Variable Interest Entity [Line Items]
Principal amount of Securitized debt				$ 127,000,000
Proceeds from issuance of debt				382,800,000
Other Assets | Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Real estate owned at fair value		$ 12,600,000		$ 5,500,000
[1]	Includes approximately $180.0 million and $183.2 million of Residential whole loans, at carrying value and $275.6 million and $289.3 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at March 31, 2018 and December 31, 2017, respectively. Such assets can be used only to settle the obligations of the VIEs.

Use of Special Purpose Entiti92

Use of Special Purpose Entities and Variable Interest Entities (Loan Securitization Transaction) (Details) - USD ($)	1 Months Ended		12 Months Ended
	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2017	Mar. 31, 2018
Variable Interest Entity [Line Items]
Aggregate fair value	$ 1,325,115,000		$ 1,325,115,000	$ 1,555,620,000
Senior Notes	96,773,000		96,773,000	$ 96,783,000
Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Aggregate fair value	620,900,000		620,900,000
MFA 2017-NPL1, LLC | Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Aggregate fair value	401,076,000		401,076,000
Senior Notes	$ 226,409,000		$ 226,409,000
Weighted average interest rate	3.35%		3.35%
Cash received	$ 235,000,000
Debt instrument, basis spread on variable rate			300.00%
Debt instrument, coupon step-up period			36 months
MFA 2017-RPL 1 | Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Aggregate fair value		$ 219,848,000
Senior Notes		$ 127,059,000
Weighted average interest rate		2.75%
Cash received		$ 147,845,000
Rated and Non-Rated Certificates | MFA 2017-NPL1, LLC | Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Principal amount of Securitized debt	55,000,000		$ 55,000,000
Rated and Non-Rated Certificates | MFA 2017-RPL 1 | Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Principal amount of Securitized debt		72,001,000
Senior Notes | MFA 2017-NPL1, LLC | Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Principal amount of Securitized debt	$ 235,000,000		$ 235,000,000
Senior Notes | MFA 2017-RPL 1 | Asset-backed Securities, Securitized Loans and Receivables
Variable Interest Entity [Line Items]
Principal amount of Securitized debt		$ 147,847,000